Copart, Inc. entered into a Second Amended and Restated Credit Agreement by and among Copart, certain subsidiaries of Copart party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent. The Second Amended and Restated Credit Agreement amends and restates certain terms of the First Amended and Restated Credit Agreement, dated as of July 21, 2020, by and among Copart, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent (as successor in interest to Wells Fargo Bank, National Association) (the “Existing Credit Agreement”). The changes to the Existing Credit Agreement included in the Second Amended and Restated Credit Agreement provide for, among other things, an increase in the secured revolving credit commitments previously available under the Existing Credit Agreement by $200.0 million, bringing the aggregate principal amount of the revolving credit commitments under the Second and Amended and Restated Credit Agreement to $1,250.0 million, an increase to the letter of credit sublimit from $60.0 million to $100.0 million, addition of Copart UK Limited, CPRT GmbH and Copart Autos España, S.L.U., each a wholly-owned direct or indirect foreign subsidiary of Copart, as borrowers thereunder, addition of the ability to borrow under the Second and Amended and Restated Credit Agreement in certain foreign currencies including Pounds Sterling, Euro and Canadian Dollars, extension of the maturity date of the revolving credit facility under the Existing Credit Agreement from July 21, 2023 to December 21, 2026, replacing the LIBOR interest rate applicable to U.S. Dollar denominated borrowings with a SOFR-based interest rate and changing the pricing levels with respect to the revolving loans as further described below. The Second and Amended and Restated Credit Agreement provides for a $1,250.0 million revolving credit facility maturing on December 21, 2026 (including up to $550.0 million equivalent of borrowings in Pounds Sterling, Euro and Canadian Dollars) with a $150.0 million equivalent sub-facility available to CPRT GmbH, a $150.0 million equivalent sub-facility available to Copart Autos España, S.L.U. and a $250.0 million equivalent sub-facility available to Copart UK Limited. Borrowings under the Second Amended and Restated Credit Agreement bear interest based on, at option, either the applicable fixed rate plus 1.00% to 1.75% or the daily rate plus 0.0% to 0.75%, in each case, depending on Copart’s consolidated total net leverage ratio. Additionally, the unused revolving commitments under the Second Amended and Restated Credit Agreement are subject to the payment of a customary commitment fee at a range of 0.175% to 0.275%, depending on Copart’s consolidated total net leverage ratio.