NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” HAVE BEEN OMITTED FROM THIS
EXHIBIT AS THESE PORTIONS ARE NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE
HARM IF PUBLICLY DISCLOSED.  

 

 

Exhibit 10.1

 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED
INVENTORY FINANCING AGREEMENT, FIFTH AMENDED AND RESTATED

PROGRAM TERMS LETTER, AND FOURTH AMENDED AND RESTATED

[****]

 

THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED INVENTORY FINANCING
AGREEMENT, FIFTH AMENDED AND RESTATED PROGRAM TERMS LETTER, AND FOURTH AMENDED
AND RESTATED [****] (this “Amendment”) dated as of November 8, 2019, is made to
that certain FOURTH AMENDED AND RESTATED INVENTORY FINANCING AGREEMENT (as
amended, supplemented, restated or modified, the “IFA”) by and among WELLS FARGO
COMMERCIAL DISTRIBUTION FINANCE, LLC (“CDF”) as Agent (in such capacity as
agent, the “Agent”) for the several financial institutions that may from time to
time become party thereto (collectively, “Lenders,” and individually, each a
“Lender”) and Dealers that may from time to time become party thereto
(collectively, “Dealers” and individually, each a “Dealer”) and for itself as a
Lender, and such Lenders, FIFTH AMENDED AND RESTATED  PROGRAM TERMS LETTER (as
amended, restated, supplemented or otherwise modified from time to time, the
“PTL”) by and among CDF and Dealers, and FOURTH AMENDED AND RESTATED [****] (as
amended, restated, supplemented or otherwise modified from time to time, the
“[****],” and together with the IFA and PTL, the “Agreements”) by and among
Agent and Existing Dealers (as defined below), each dated as of October 26,
2018. All capitalized terms not otherwise defined in this Amendment shall have
the respective meanings assigned to them in the IFA.

Recitals

A.Agent, Lenders and Dealers desire to make certain amendments to the Agreements
in accordance with the terms and conditions of this Amendment.

Agreement

NOW, THEREFORE, in consideration of the premises and of the mutual promises
contained herein and in the Agreement the receipt and sufficiency of which is
hereby acknowledged, Agent and Dealers agree as follows:

1.IFA Amendments:

 

a.The defined term “Maximum Aggregate Credit Amount” in Section 1 of the IFA is
hereby deleted in its entirety and replaced with the following:

“Maximum Aggregate Credit Amount” means an aggregate total of four hundred forty
million dollars ($440,000,000.00).

b.The defined term “Settlement Date” in Section 1 of the IFA is hereby amended
to replace the term “Settlement Date” with the term “Reporting Date” and each
reference to Settlement Date in the IFA is hereby deemed to be a reference to
Reporting Date.

 

c.The following clause (xi) is added to Section 2(a) of the IFA:

1

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“(xi)Agent may, in its Permitted Discretion, adjust any advance rates for any
Vendor that is not an Approved Vendor, provided that, with respect to a Vendor
that was previously an Approved Vendor and is no longer an Approved Vendor
(including, for the avoidance of doubt, Azimut-Benetti S.p.A., but excluding the
Benetti brand), if (A) Dealers’ Tangible Net Worth is greater than two hundred
fifty million dollars ($250,000,000.00) and (B) Dealers’ Liquidity exceeds
twenty five million dollars ($25,000,000.00) (clauses (A) and (B), collectively,
the “Advance Adjustment Criteria”), such adjustment shall not decrease any such
advance rate by more than ten percentage points.  “Liquidity” shall be defined
as (Y) Dealers’ unrestricted cash plus (Z) the lesser of (1) the Pre-Owned
Inventory Sublimit (as defined below) or (2) (a) the Specific Pre-Owned Sublimit
(as defined below) less the total amount of Loans outstanding with respect to
pre-owned inventory with applicable valuations of seven hundred fifty thousand
dollars ($750,000.00) or more plus (b) borrowing base availability (as
calculated on the most recent borrowing base certificate delivered to Agent
pursuant to the terms of the Program Terms Letter).

d.Section 2(b) of the IFA is hereby deleted in its entirety and replaced with
the following:

“(b)Pre-Owned Inventory Advances and Sublimits.  Subject to the overall Maximum
Aggregate Credit Amount set forth above and the terms and conditions of this
Agreement, on and after the Closing Date, Lenders severally and not jointly may
make Loans to Dealers with respect to pre-owned units of inventory; provided
that such cash advances shall not exceed the Pre-Owned Inventory Sublimit and
must comply with the pre-owned inventory advance terms set forth
herein.  Regardless of the amount of credit available to Dealers under the
Maximum Aggregate Credit Amount hereunder, the total amount of Loans outstanding
with respect to used or pre-owned inventory shall not exceed forty-five million
dollars ($45,000,000.00) (the “Pre-Owned Inventory Sublimit”).  Within such
Pre-Owned Inventory Sublimit, (i) any Loans with respect to units with
applicable valuations of seven hundred fifty thousand dollars ($750,000.00) or
more shall require unit specific documentation (including an advance request
form), (ii) no more than thirty-five million dollars ($35,000,000.00) of such
Pre-Owned Inventory Sublimit shall be used by Dealers to finance pre-owned
inventory with applicable valuations of less than seven hundred fifty thousand
dollars ($750,000.00) (the “Other Pre-Owned Sublimit”), and (iii) no more than
twenty million dollars ($20,000,000.00) of such Pre-Owned Inventory Sublimit
shall be used by Dealers to finance pre-owned inventory with applicable
valuations of seven hundred fifty thousand dollars ($750,000.00) or more (the
“Specific Pre-Owned Sublimit”).”

e.Section 2(c) of the IFA is hereby deleted in its entirety and replaced with
the following:

“(c)Advance Rates; Approvals.  The advance rates with respect to pre-owned
inventory as well as additional details of the financing program are set forth
in the Program Terms Letter, the terms of which are incorporated herein by this
reference. Upon thirty (30) days’ notice to Dealers, Agent may adjust the
advance rates set forth in the Program Terms Letter (i) for Approved Vendors as
provided in Section 2(a)(x) and (ii) for all other Vendors as provided in
Section 2(a)(xi).  This Agreement concerns the extension of credit, and not the
provision of goods or services.  An “Approval” shall be defined as Agent’s
indication to a Vendor that the Lenders will provide financing to Dealers with
respect to a particular Invoice or Invoices.”

2

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f.Section 3(a) of the IFA is hereby amended by adding the following to the end
of such section:

“Notwithstanding anything to the contrary contained herein, including without
limitation the provisions of Section 17 hereof, without the consent of Lenders,
CDF may change any aspect or portion of any Transaction Statement at any time,
provided that such change is not inconsistent with the terms and conditions of
this Agreement.”

g.Section 6(b)(viii) of the IFA is hereby deleted in its entirety and replaced
with the following:

 

“(viii)upon Agent’s request, (i) at any time the aggregate Obligations with
respect to any Collateral or Dealer located in Ohio exceeds twelve million
dollars ($12,000,000.00), deliver to Agent immediately upon such request (and
Agent may retain) each certificate of title or statement of origin issued for
such Collateral and (ii) at any time during the continuance of a Default,
deliver to Agent immediately upon such request (and Agent may retain) each
certificate of title or statement of origin issued for Collateral financed by
any one or more Lenders;”

 

h.Section 6(d)(iv) of the IFA is hereby deleted in its entirety and replaced
with the following:

 

“(iv)change the nature of its business in any material manner or its legal
structure or be a party to a merger or consolidation (other than a merger or
consolidation of a Dealer with or into another Dealer), divide itself pursuant
to Section 18-217 of the Delaware Limited Liability Company Act or any similar
law or statute or change its type of organization, its jurisdiction of
incorporation or organization, or its organizational identification number, if
any, or acquire any Person (an “Acquired Person”) or a substantial portion of
the assets of any Person (“Acquired Assets”), except that Dealers may acquire an
Acquired Person or Acquired Assets, if (A) Dealers provide Agent with thirty
(30) days’ prior written notice of such acquisition, accompanied by a
certificate of Dealers’ chief financial officer that such acquisition complies
with the conditions of this Section 6(d)(iv) and copies of pro forma financial
statements and projections giving effect to such acquisition, (B) immediately
after any such acquisition of an Acquired Person, such Acquired Person becomes a
party to this Agreement as a Dealer by executing and delivering to Agent such
documents and agreements as Agent may reasonably require, at Dealers’ cost and
expense, (C) immediately after any such acquisition of Acquired Assets, Agent
shall continue to have, on behalf of Lenders a first-priority perfected security
interest in such Acquired Assets that constitute “Collateral” (as defined
herein) and the other Collateral, (D) at the time of such acquisition and after
giving effect thereto, neither a Default nor an event which, with the giving of
notice, the passage of time, or both, would result in a Default, shall have
occurred and be continuing, (E) before and after giving effect to such
acquisition, as illustrated by the pro forma financial statements and
projections provided to Agent pursuant to clause (A) above, Dealers shall be in
compliance with the financial covenants set forth in Section 6(c) as of the most
recently ended fiscal quarter and the next four fiscal quarters ending after
such acquisition, (F) the

3

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total acquisition cost of such Acquired Person or Acquired Assets (including,
without limitation, acquired inventory) shall not exceed ten million dollars
($10,000,000) individually or twenty-five million dollars ($25,000,000) in the
aggregate in any rolling twelve-month period for all such Acquired Persons and
Acquired Assets, collectively; provided, however, if such acquisition does not
comply with this clause (F), then Agent shall not unreasonably withhold its
consent to such acquisition, and (G) at the time of such acquisition,
Availability shall be at least five million dollars ($5,000,000) and the sum of
Dealers’ cash, plus the balance of the [****] (as defined in the [****]
Agreement), plus Availability shall be at least fifteen million dollars
($15,000,000); provided, however, that notwithstanding anything in this Section
to the contrary, MarineMax Vacations, Ltd. shall not be required to become a
party to this Agreement as a Dealer;”

 

i.Section 8(d) of the IFA is hereby deleted in its entirety and replaced with
the following:

“(d) within thirty (30) days after Dealers’ year-end, Dealers’ financial
projections for the next fiscal year on a consolidated basis;”

j.Section 8(g) of the IFA is hereby deleted in its entirety and replaced with
the following:

“(g) concurrently with the delivery of the financial statements required to be
delivered under clauses (a) and (b), above, a trigger compliance and advance
adjustment criteria certificate in the form attached hereto as Exhibit G (the
“Trigger Compliance and Advance Adjustment Criteria Certificate”), setting forth
a calculation of Fixed Charge Coverage Ratio and  TTM EBITDA (each as defined in
the Program Terms Letter), Tangible Net Worth and the Advance Adjustment
Criteria, executed by an officer of Dealers.”

k.The following clause (d) is hereby added to Section 17 of the IFA:

“(d)Notwithstanding the foregoing, Agent, with the consent of the Dealers, may
amend, modify or supplement any Loan Document without the consent of any Lender
or the Required Lenders in order to correct, amend or cure any inconsistency or
defect or correct any typographical error or other manifest error in any Loan
Document, and such amendment, modification or supplement shall become effective
without any further action or consent of any other party to any Loan Document if
the same is not objected to in writing by the Required Lenders within five
Business Days following receipt of notice thereof.  Furthermore, notwithstanding
anything to the contrary herein, with the consent of Agent at the request of the
Dealers (without the need to obtain any consent of any Lender), any Loan
Document may be amended to add terms that are favorable to the Lenders (as
reasonably determined by Agent).”

l.Section 19 of the IFA is hereby deleted in its entirety and replaced with the
following:

 

“19.Term and Termination.  Unless sooner terminated as provided in this
Agreement, the term of this Agreement shall commence on the date hereof and

4

--------------------------------------------------------------------------------

 

continue until October 30, 2022 and, if Agent provides written notice to Dealers
of Agent’s intent to renew the current term at least (ninety) 90 days prior to
the end of the then current term, at Agent’s election, subject to Section
17(a)(ii) above, the term of this Agreement shall automatically renew for up to
two successive one year periods thereafter.  Upon termination of this Agreement,
all Obligations shall become immediately due and payable without notice or
demand.  Upon any termination, Dealers shall remain fully and jointly and
severally liable to each Lender for all Obligations owed to such Lender,
including without limitation all fees, expenses and charges, arising prior to or
after termination, and each Lender’s rights and remedies and security interest,
if any, shall continue until all Obligations to such Lender hereunder are paid
and all obligations of Dealers are performed in full.  All waivers and
indemnifications in Agent’s and each Lender’s favor, and the agreement to
arbitrate, set forth in this Agreement will survive any termination of this
Agreement.”

 

m.Exhibits A, C, E and G of the IFA are hereby deleted in their entirety and
replaced with Exhibits A, C, E and G attached hereto.

 

 

2.PTL Amendments:

 

a.The second paragraph under the section entitled “Advance Request” is hereby
deleted in its entirety and replaced with the following:

 

5

--------------------------------------------------------------------------------

 

“In addition, each advance with respect to any advance request for Aquila brand
inventory, Ocean Alexander brand inventory, Galeon brand inventory or Benetti
brand inventory shall be requested as follows and accompanied by the following
documentation for each item of such inventory:

 

(a)Each advance request for Aquila brand inventory, Galeon brand inventory or
Benetti brand inventory shall be requested within fifteen (15) Business Days of
clearing United States Customs

(b)Each advance request for Ocean Alexander brand inventory shall be requested
within the earlier of:  

(i) fifteen (15) Business Days following payment in full to Alexander Marine
Company, Ltd, or

(ii) delivery of the inventory to Dealer

(c)A copy of the original invoice from:

(i)  Sino Eagle Yacht Co., Ltd. for Aquila brand inventory

(ii) Alexander Marine Company, Ltd. for Ocean Alexander brand inventory

(iii) Galeon, LLP for  Galeon brand inventory

(iv) Azimut-Benetti S.p.A for Benetti brand inventory

(d)Either a Manufacturer’s Statement of Origin (MSO) or Builder’s  Certificate

(e)Evidence that each such item of inventory has cleared United States Customs

(f)Evidence that MarineMax has paid:

(i) Sino Eagle Yacht Co., Ltd. in full for each such item of Aquila brand
inventory,

(ii) Alexander Marine Company, Ltd. in full for each such item of Ocean
Alexander brand inventory

(iii) Galeon, LLP.  in full for each such item of Galeon brand inventory

(iv) Azimut-Benetti S.p.A in full for each such item of  Benetti brand
inventory”

b.The first paragraph under the section entitled “Floorplan Advance Rate” is
hereby deleted in its entirety and replaced with the following:

“For new inventory (excluding Azimut brand new inventory (for the avoidance of
doubt, when used herein, the term “Azimut brand new inventory” and “Azimut brand
inventory” shall not include Benetti brand inventory), Benetti brand new
inventory, Aquila brand new inventory, Ocean Alexander brand new inventory, and
Galeon brand new inventory), 100% of invoice amount, including freight (if
included on original invoice), subject to Availability.”

c.The following paragraph is added to the section entitled “Floorplan Advance
Rate” of the PTL:

“For Benetti brand new inventory: 60% of invoice amount for all inventory
subject to a maximum of [****] in the aggregate advanced at any one time, and
further subject to Availability.  Notwithstanding the foregoing, with respect to
that certain 125 ft. Benetti unit (the “Benetti Unit”) to be financed by
Lenders, the following conditions shall apply:  (a) the maximum amount Lenders
shall fund with respect to such Benetti Unit shall be 50% of the invoice amount
of such Benetti Unit and (b) prior to any such funding, Agent shall have
received evidence in form and substance acceptable to Agent that Dealer owns
such Benetti Unit free and clear of all Liens, including any Liens of the
Azimut-Benetti S.p.A.”

d.Clause (i)(b)(2) of the definition of “Availability” in the section entitled
“Floorplan Advance Rate” of the PTL is hereby deleted in its entirety and
replaced with the following:

 

“(2) if the Fixed Charge Coverage ratio is less than 1.2x or TTM EBITDA is less
than [****], in each case as shown on the most recent Trigger Compliance
Certificate delivered pursuant to Section 8(g) of the Inventory Financing
Agreement, 100% of Total Eligible Inventory shown on the most recent inventory
certificate, less the lesser of (x) [****] and (y) 10% of Total Eligible
Inventory shown on such inventory certificate (such lesser amount, the
“Collateral Block”) ((b)(1) or (2), as applicable, the “Net Eligible Inventory
Amount”),”

 

e.The first two paragraphs under the section entitled “Concentration Limits” are
hereby deleted in their entirety and replaced with the following:

“If the number of units of inventory (new and pre-owned) financed by any one or
more Lenders which are not Pre-Sold and which have an Outstanding Amount >
$250,000.00 exceeds [****] of total number of units of inventory financed by
such Lender or Lenders, then immediate payment shall be required and applied to
the oldest units of such inventory financed by such Lender or Lenders to the
extent

6

--------------------------------------------------------------------------------

 

required to reduce the number of such units to [****] or less.  “Outstanding
Amount” means the outstanding amount financed by any one or more Lenders for
such unit, minus any portion of the Required Amount (as defined in the [****])
funded to the [****] with respect to curtailments for such unit.  For purposes
of determining the concentration limits, units of inventory financed by any one
or more Lenders shall include, without limitation, each unit of pre-owned
inventory with a valuation < $750,000.00 identified on the current borrowing
base certificate.  

If the units of inventory (new and pre-owned) financed by any one or more
Lenders which are not Pre-Sold and which have an Outstanding Amount >
$750,000.00 exceed [****] in the aggregate (of which no more [****] in the
aggregate may be Azimut brand and no more than [****] in the aggregate may be
Benetti brand), then immediate payment shall be required and applied to the
oldest units of such inventory financed by such Lender or Lenders to the extent
required to reduce the Outstanding Amount to [****] or less for such inventory
(and [****] or less for Azimut brand inventory and [****] or less for Benetti
brand inventory).  In no event shall any one or more Lenders finance more than
the greater of [****] units or [****] of such inventory that exceeds 72 ft., and
which are not Pre-Sold.”

f.Exhibits A, B and C of the PTL are hereby deleted in their entirety and
replaced with Exhibits A, B and C attached hereto.

 

3.[****] Amendments:

 

a.[****]

 

 

4.

Release. In consideration of the agreements of Agent contained in this Amendment
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, each Dealer (collectively, the “Releasors”), on
behalf of itself and its successors, assigns, and other legal representatives,
hereby absolutely, unconditionally and irrevocably releases, remises and forever
discharges Agent and each Lender, each of their successors and assigns, each of
their respective affiliates, and their respective affiliates’ present and former
shareholders, members, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents and other representatives (Agent, Lenders
and all such other Persons being hereinafter referred to collectively as the
“Releasees,” and individually as a “Releasee”), of and from all demands,
actions, causes of action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and
any and all other claims, counterclaims, defenses, rights of set-off, demands
and liabilities whatsoever (individually a “Claim” and collectively, “Claims”)
of every name and nature, either known or unknown, both at law and in equity,
which Releasors, or any of them, or any of their successors, assigns or other
legal representatives may now or hereafter own, hold, have or claim to have
against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause or thing whatsoever which arises at any time on or
prior to the date hereof, including, without limitation, for or on the account
of, or in relation to, or in any way in connection with the IFA, the other
Agreements, any other Loan Document or any of other agreement, document, or
instrument related thereto or transactions thereunder or related thereto.

 

 

5.

References. Each reference in the Agreements and the Loan Documents to the
Agreements shall be deemed to refer to the Agreements as amended by this
Amendment.

7

--------------------------------------------------------------------------------

 

 

 

6.

Ratification.  Dealers hereby ratify and confirm the Agreements, as amended
hereby, and each other Loan Document executed by such Dealer in all respects.
All terms and provisions of the Agreements not specifically amended by this
Amendment shall remain unchanged and in full force and effect.

 

 

7.

Conditions Precedent to Effectiveness of Amendment.  This Amendment shall not be
effective unless and until each of the following conditions precedent has been
satisfied or waived in the sole and absolute discretion of Agent:

 

 

a.

Agent shall have received this Amendment, duly executed by each of the parties
hereto.

 

 

b.

Agent shall have reimbursed Agent for all of its costs and expenses incurred in
connection with this Amendment and all documents related hereto in accordance
with the provisions of Section 15 of the IFA.

 

 

c.

Agent shall have received an opinion of counsel from counsel to Dealers (other
than Fraser Yachts California, Inc. (“Fraser Yachts”)) in form and substance
acceptable to Agent.

 

 

d.

Agent shall have received a certificate of each Dealer (other than Fraser
Yachts) certifying as to (A) all corporate actions taken and consents made by
Dealers to authorize the transactions provided for or contemplated under this
Amendment and the execution, delivery and performance of the Loan Documents to
which they are a party; (B) the names of the officers or employees of each
Dealer authorized to sign the Loan Documents to which they are a party, together
with a sample of the true signature of each such Person (Agent may conclusively
rely on such certificates until formally advised by a like certificate of any
changes therein) and (C) the Certificate or Articles of Organization or
Formation and Operating Agreement or Bylaws  of each Dealer as restated or
amended to the date of this Amendment and (D) certificates of good standing for
each Dealer in the jurisdiction of its establishment.

 

 

8.

Post-Closing Covenant.  Within ninety (90) days of the date hereof, Agent shall
have received: (A) an opinion of counsel from counsel to Fraser Yachts, (B) a
ratification agreement executed by Fraser Yachts, and (C) a certificate
certifying as to the items set forth in Section 7(d)(A) – (D), above, in each
case in form and substance acceptable to Agent.  Breach of this covenant shall
constitute a Default as defined under the IFA.

 

 

9.

Assignment. This Amendment shall be binding upon, inure to the benefit of and be
enforceable by the parties hereto and their participants, successors and
assigns.

 

 

10.

Counterparts. This Amendment may be executed in any number of counterparts, each
of which counterparts, once they are executed and delivered, shall be deemed to
be an original and all of which counterparts, taken together, shall constitute
but one and the same agreement.  This Amendment may be executed by any party to
this Amendment by original signature, facsimile and/or electronic signature.

[Signature pages follow]

 

8

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date first above written.

DEALERS:

 

MARINEMAX, INC.,

a Florida corporation

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

Executive Vice President, Chief Financial Officer, Secretary,

 

 

 

MARINEMAX EAST, INC.,

a Delaware corporation

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary, Treasurer

 

 

 

MARINEMAX SERVICES, INC.,

a Delaware corporation

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

Vice President, Secretary, Treasurer

 

 

 

MARINEMAX NORTHEAST, LLC,

a Delaware limited liability company

By: MARINEMAX EAST, INC.

      the sole member of MarineMax Northeast, LLC

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary, Treasurer

 

 

[Signature Page to Second Amendment to IFA, PTL, and [****]]

--------------------------------------------------------------------------------

 

BOATING GEAR CENTER, LLC

a Delaware limited liability company

 

By: MARINEMAX EAST, INC.,

      the sole member of Boating Gear Center, LLC

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary, Treasurer

 

 

 

US LIQUIDATORS, LLC

 

a Delaware limited liability company

By: MARINEMAX, INC.

      the sole member of US Liquidators, LLC

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

Executive Vice President, Chief Financial Officer, Secretary,

 

 

 

MY WEB SERVICES, LLC,

a Delaware limited liability company

 

By: MARINEMAX EAST, INC.,

       the sole member of My Web Services, LLC

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary and Treasurer,

 

 

 

MARINEMAX CHARTER SERVICES, LLC,

a Delaware limited liability company

By: MARINEMAX EAST, INC.,

       the sole member of MarineMax Charter Services,

       LLC

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary, Treasurer

 

 

[Signature Page to Second Amendment to IFA, PTL, and [****]]

--------------------------------------------------------------------------------

 

 

 

NEWCOAST FINANCIAL SERVICES, LLC,

 

a Delaware limited liability company

By: MARINEMAX EAST, INC.

      the sole member of Newcoast Financial Services, LLC

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary, Treasurer

 

 

 

[****],

a Florida limited liability company

 

By: MY WEB SERVICES, LLC,

       the sole member of [****]

       By: MARINEMAX EAST, INC.,

       the sole member of My Web Services, LLC

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary and Treasurer

 

Tax ID:

27-4689836

 

Org. ID (if any):   4933499

 

 

 

GULFPORT MARINA, LLC,

a Delaware limited liability company

By: MARINEMAX EAST, INC.,

       the sole member of Gulfport Marina, LLC

 

 

 

By:

/s/ Michael H. McLamb

 

Print Name:

Michael H. McLamb

 

Title:

President, Secretary and Treasurer

 

Tax ID:

27-4689836

 

Org. ID (if any):   4933499

 

 

 

 

 

 

[Signature Page to Second Amendment to IFA, PTL, and [****]]

--------------------------------------------------------------------------------

 

 

FWW, LLC,

a Florida limited liability company

By: MARINEMAX EAST, INC.

      the sole member of FWW, LLC

 

By:

/s/ Michael H. McLamb

Print Name:

Michael H. McLamb

Title:

President, Secretary, Treasurer

 

 

FRASER YACHTS FLORIDA, INC.,

a Florida corporation

 

By:

/s/ Jeanne Bruss

Print Name:

Jeanne Bruss

Title:

Secretary

 

 

FRASER YACHTS CALIFORNIA, INC.,

a California corporation

 

 

By:

/s/ Jeanne Bruss

Print Name:

Jeanne Bruss

Title:

Secretary

 

 

 

 

[Signature Page to Second Amendment to IFA, PTL, and [****]]

--------------------------------------------------------------------------------

 

 

 

AGENT AND LENDER:

 

 

WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC

 

 

By:

/s/ Thomas M. Adamski

Print Name:

Thomas M. Adamski

Title:

Duly Authorized Signatory

 

 

LENDERS:

 

 

BANK OF THE WEST, INC.

 

 

By:

/s/ Tim McKevitt    

Print Name:

Tim McKevitt

Title:

VP – Relationship Manager

 

 

M&T BANK

 

 

By:

/s/ Brendan Kelly

Print Name:

Brendan Kelly

Title:

VP

 

 

BRANCH BANKING AND TRUST COMPANY

 

By:

/s/ David Miller

Print Name:

David Miller

Title:

VP

 

[Signature Page to Secondt Amendment to IFA, PTL, and [****]]

--------------------------------------------------------------------------------

 

Exhibit A to IFA

Existing Approved Vendors

 

 

 

Vendor

Brand

BRUNSWICK CORPORATION

BAYLINER
BOSTON WHALER
HARRIS FLOTEBOTE
MERCURY
SEA RAY

CREST MARINE LLC

CREST

GRADY-WHITE BOATS, INC.

GRADY-WHITE

MASTERCRAFT BOAT COMPANY, LLC

AVIARA
MASTERCRAFT

NAUTIC STAR, LLC

NAUTICSTAR

NAUTIQUE BOAT COMPANY, INC.

SKI NAUTIQUE

PONTOON BOAT, LLC

BENNINGTON

REC BOAT HOLDINGS, LLC

SCARAB

SEMINOLE MARINE, INC.

SAILFISH

SCOUT BOATS, INC.

SCOUT

SPORTSMAN BOATS MANUFACTURING, INC.

SPORTSMAN

TIGE BOATS, INC.

TIGE

WELLCRAFT, LLC

WELLCRAFT

 

 

Trailer Vendors

 

EZ LOADER CUSTOM BOAT TRAILERS, INC.
EZ LOADER BOAT TRAILERS, INC.

EZ LOADER

MAGIC TILT TRAILERS, INC.

MAGIC TILT

MCCLAIN TRAILERS, INC.

MCCLAIN

VENTURE TRAILERS, INC.

VENTURE

 

 

 

--------------------------------------------------------------------------------

 

Exhibit C to IFA

Permitted Locations

 

 

 

 

 

 

 

 

Location Name

Lot Code

Address Line 1

City

State

Zip Code

Phone Numbers

MarineMax Gulf Shores Parkway

OB

3829 Gulf Shores Parkway

Gulf Shores

AL

36542

251-981-1113

MarineMax Norwalk

CT1

130 Water Street

Norwalk

CT

06854

888-254-1796

MarineMax Connecticut

CT2

627 Boston Post Road

Westbrook

CT

06498

860-399-5581

MarineMax Brevard (Cocoa)

BVD

1410 King Street

Cocoa

FL

32922

321-636-3142

MarineMax Sarasota Retail Sales

CIT

1601 Ken Thompson Parkway

Sarasota

FL

34236

941-388-4411

MarineMax Clearwater

CW

18025 US 19 North

Clearwater

FL

33764

727-536-2628

MarineMax Jacksonville Beach

FL3

2079 Beach Boulevard

Jacksonville Beach

FL

32250

904-338-9970

MarineMax Panama City

FL7

3605 Thomas Drive

Panama City Beach

FL

32408

850-234-6533

MarineMax Ft Myers

FT

14070 McGregor Boulevard

Fort Myers

FL

33919

239-481-8200

MarineMax Ft Myers

FT

14030 McGregor Boulevard

Fort Myers

FL

33919

239-454-2628

MarineMax Ft Lauderdale

HAT

2301 SE 17th Street, Pier 66 Marina

Fort Lauderdale

FL

33316

954-779-1905

MarineMax Pensacola

KM

1901 Cypress Street

Pensacola

FL

32502

850-477-1112

MarineMax Miami

MIA

700 NE 79th Street

Miami

FL

33138

305-758-5786

MarineMax - Miami Service

MIA

840 NE 78th Street

Miami

FL

33138

305-758-5786

Corporate Headquarters

MM

2600 McCormick Drive, Suite 200

Clearwater

FL

33759

727-531-1700

MarineMax St Petersburg Yacht and Service Center

MYSC

6810 Gulfport Boulevard

South Pasadena

FL

33707

727-343-6520

MarineMax Dania Beach

MYSD

490 Taylor Lane

Dania Beach

Fl

33004

954-926-0309

MarineMax Naples Retail Sales

NAP

1146 6th Avenue South

Naples

FL

34102

239-262-1000

MarineMax Palm Beach

NPB

2385 PGA Boulevard

Palm Beach Gardens

FL

33410

561-694-5815

MarineMax of Orlando

OLN

455 S Lake Destiny Road

Orlando

FL

32810

407-660-2628

MarineMax Ocean Reef

ORC

2 Fishing Village Drive

Key Largo

FL

33037

305-367-3969

MarineMax Cape Haze (Palm Island)

PMI

7090 Placida Road

Cape Haze

FL

33946

941-697-2161

MarineMax Pompano Beach Retail Sales

POM

700 South Federal Highway

Pompano Beach

FL

33062

954-783-9555

MarineMax Pompano Yacht Center

PYC

750 South Federal Highway

Pompano Beach

FL

33062

954-618-0440

MarineMax Stuart Sales and Service

STU

2370 SW Palm City Road

Stuart

FL

34994

772-287-4495

 

--------------------------------------------------------------------------------

 

MarineMax Venice Retail Sales

VEN

1485 S Tamiami Trail

Venice

FL

34285

941-485-3388

MarineMax Cumming

SM2

1860 Bald Ridge Marine Road

Cumming

GA

30041

770-781-9370

MarineMax Danvers

NE2

10 Hutchinson Drive

Danvers

MA

01923

781-395-0050

MarineMax Baltimore Yacht Sales and Service Center

MD4

1800 S Clinton Street

Baltimore

MD

21224

410-732-1260

MarineMax Bayport

CMB

200 Fifth Avenue South

Bayport

MN

55003

651-351-9621

MarineMax Rogers

CMR

20300 County Road 81, PO Box 250

Rogers

MN

55374

763-428-4126

MarineMax Excelsior

CMZ

141 Minnetonka Boulevard

Excelsior

MN

55331

952-346-4857

MarineMax Lake Ozark

LOZ

3070 Bagnell Dam Boulevard

Lake Ozark

MO

65049

573-365-5382

MarineMax Osage Beach

MCP

4543 Osage Beach Parkway

Osage Beach

MO

65065

573-348-1299

MarineMax Southport Marina

NC6

606 West Street, Suite 107

Southport

NC

28461

201-515-4122

MarineMax Wrightsville Beach

SB

130 Short Street

Wrightsville Beach

NC

28480

910-256-8100

MarineMax Brick

BNJ

1500 Riverside Drive

Brick

NJ

08724

732-840-2100

MarineMax Lake Hopatcong

HOP

134 Espanong Road

Lake Hopatcong

NJ

07849

973-663-2045

MarineMax Brant Beach Service

MBB

20 W 44th Street

Brant Beach

NJ

08008

609-494-2838

MarineMax Ship Bottom

MLB

214 W 9th Street

Ship Bottom

NJ

08008

609-494-2102

MarineMax Mays Landing Service

MML

1201 Somers Point, Route 559

Egg Harbor

NJ

08234

609-625-1099

MarineMax Somers Point

MSP

600 Bay Avenue

Somers Point

NJ

08244

609-926-0600

MarineMax Huntington

NY5

155 West Shore Road

Huntington

NY

11743

631-424-2710

MarineMax Manhattan

NY6

Chelsea Piers, Pier 59, 23rd Street and the Hudson River

New York

NY

10011

212-336-7873

MarineMax Catawba Island

TCM

1991 NE Catawba Road

Port Clinton

OH

43452

419-797-4492

MarineMax Wakefield

NE3

362 Pond Street

Wakefield

RI

2879

781-875-3619

MarineMax Newport

RI1

10 Bowen's Wharf

Newport

RI

2840

401-849-2243

MarineMax Lewisville/Dallas

DAL

1490 N Stemmons Freeway

Lewisville

TX

75067

972-436-9979

MarineMax Lewisville Yachts and Service

LLV

1481 E Hill Park Road

Lewisville

TX

75056

972-436-9979

MarineMax Lake Texoma

LTX

120 Texoma Harbor Drive

Pottsboro

TX

75076

972-436-9979

MarineMax Seabrook

NAS

3001 NASA Parkway

Seabrook

TX

77586

281-326-4224

MarineMax Lake Wylie

HM2

310 Blucher Circle

Lake Wylie

SC

29710

803-831-2101

MarineMax Thunderbolt

HM7

3518 Old Tybee Road

Thunderbolt

GA

31410

912-897-9881

 

--------------------------------------------------------------------------------

 

MarineMax Thunderbolt

HM7

188 Old Tybee Road

Thunderbolt

GA

31410

912-897-9881

MarineMax Cornelius

HM1

9209 Westmoreland Road

Cornelius

NC

28031

704-892-9676

MarineMax Greenville

HM3

14 Burty Road

Greenville

SC

29605

864-236-9005

MarineMax Charleston

HM5

142 Sportsman's Island Drive

Charleston

SC

29492

843-747-1889

MarineMax Island Marine Center

IM1

2602 Shore Rd (Rte 9)

Ocean View

NJ

08230

609-624-1117

MarineMax Boston

NE1

64 Washington St

Quincy

MA

02169

617-288-1000

MarineMax Miami Beach Marina

MIB

300 Alton Rd

Miami Beach

FL

33139

305-921-0002

Catawba Isand Club

TCM

4235 East Beachclub Rd

Port Clinton

OH

43452

419-797-4492

MarineMax North Somers Point

IM1

7 Kapella Ave

Somers Point

NJ

08244

609-926-0600

MarineMax Grand Lake

GLC

28251 S 561 Road

Monkey Island

OK

74331

918-782-3277

MarineMax Grand Lake

GLC

56300 E 280 Rd

Monkey Island

OK

74331

918-782-3277

MarineMax Fort Walton Beach

FWB

6-22 Miracle Strip Pkwy

Fort Walton Beach

FL

32548

850-760-0300

MarineMax Sail and Ski Center

SSA

12971 Research Blvd

Austin

TX

78750

512-258-0733

MarineMax Sail and Ski Center

SAN

141 Balcones North

San Antonio

TX

78201

210-734-8199

 

 

16406 Stewart Rd

Austin

TX

78734

 

 

 

5400 Hudson Bend Rd

Austin

TX

78734

 

 

 

15911 Edwards Dr

Austin

TX

78734

 

MarineMax Sail and Ski Center

LBJ

15616 Stewart Rd

Lakeway

TX

78734

512-266-1515

 

 

 

 

--------------------------------------------------------------------------------

 

EXHIBIT E to IFA

Lender’s Allocations and Ratable Share

Lender

Allocation

Ratable Share

CDF

$240,000,000

54.545454545%

Bank of the West, Inc.

$50,000,000

11.363636364%

M&T Bank

$115,000,000

26.136363636%

Branch Banking & Trust Company

$35,000,000

7.954545455%

TOTAL

$440,000,000

100.000000000%

 

 

--------------------------------------------------------------------------------

 

EXHIBIT G to IFA

Trigger Compliance and Advance Adjustment Criteria Certificate

 

 

 

 

 

 

Calculations Based on period ended:

MM/DD/YY

 

 

 

 

 

 

 

 

 

PYTD

FYE

CYTD

TTM

($000s)

MM/DD/YY

MM/DD/YY

MM/DD/YY

MM/DD/YY

net income

 

 

 

                    -  

add back: taxes

 

 

 

                    -  

add back: interest

 

 

 

                    -  

add back: depreciation / amortization

 

 

 

                    -  

add back: one-time acquisition costs

 

 

 

                    -  

add back: non-cash stock-based compensation

 

 

 

                    -  

less: non-recurring gains / non-cash items / tax credits

 

 

 

                    -  

EBITDA

 

 

 

                    -  

less: Capital Expenditures

 

 

 

                    -  

EBITDA less Capital Expenditures

 

 

 

                    -  

 

 

 

 

 

cash interest

 

 

 

                    -  

scheduled principal payments

 

 

 

 

cash income taxes

 

 

 

                    -  

dividends / distributions

 

 

 

                    -  

Fixed Charges

 

 

 

                    -  

 

 

 

 

 

FCCR

 

 

 

#DIV/0!

 

 

 

 

 

 

 

 

 

 

a) Consolidated Shareholders Equity of the Borrowers

 

 

 

                    -  

Less: GAAP Intangibles

 

 

 

 

i) Goodwill

 

 

 

                    -  

ii) Patents

 

 

 

                    -  

iii) Trademarks

 

 

 

                    -  

iv) Other Intangibles

 

 

 

                    -  

b) Total Intangibles (I + ii + iii + iv)

 

 

 

                    -  

c) Related accounts receivable and loans excluding allowed draws

 

 

 

                    -  

d) Tangible Net Worth (a - b - c)

 

 

 

                    -  

 

 

 

 

 

Net Income (cumulative, after 6/30/18)

 

 

 

                    -  

 

--------------------------------------------------------------------------------

 

multiply by 75%

 

 

 

                    -  

plus: $200MM

 

 

 

        200,000

Required TNW (greater of $200MM or 75% of cumulative NI + $200MM)

 

 

 

        200,000

 

 

 

 

 

 

 

 

 

 

Specific Pre-Owned Sublimit

 

 

 

           20,000

less: Outstanding pre-owned inventory with valuations >= $750M

 

 

 

                    -  

Excess Available on Specific Pre-Owned Sublimit

 

 

 

           20,000

plus: Borrowing Base Availability

 

 

 

                    -  

Pre-owned Availability (lesser of i) $45MM or ii) Excess Available on Specific
PO Sublimit + Borrowing Base Availability)

 

 

 

           20,000

plus: Unrestricted cash

 

 

 

 

Liquidity

 

 

 

           20,000

 

 

 

 

 

Collateral Block Triggers

 

 

 

Compliant?

EBITDA [****]

 

 

 

NO

FCCR [****]

 

 

 

#DIV/0!

 

 

 

 

 

 

 

 

 

 

advance adjustment trigger (re: Approved Vendors)

 

 

 

Compliant?

TNW [****]

 

 

 

NO

 

 

 

 

 

Advance Adjustment Criteria

 

 

 

Compliant?

TNW [****]

 

 

 

NO

Liquidity [****]

 

 

 

NO

 

 

 

 

 

MarineMax, Inc.

 

 

 

 

By:     ___________________________________

 

 

 

 

Title:  ___________________________________

 

 

 

 

 

--------------------------------------------------------------------------------

 

Exhibit A to PTL

Advance Request Form

 

Wells Fargo Commercial Distribution Finance, LLC

10 S. Wacker Dr., 20th Floor

Chicago, IL 60606

 

Re:

Fourth Amended and Restated Inventory Financing Agreement, dated October 26,
2018, among MarineMax, Inc. (“Dealer Agent”), the other Dealers party thereto
(collectively, together with Dealer Agent, “Dealers”) Wells Fargo Commercial
Distribution Finance, LLC (in its individual capacity, “CDF”) as Agent (CDF, in
such capacity as agent, is herein referred to as “Agent”) for the several
financial institutions that are parties thereto or that may from time to time
become party to thereto  (collectively, the “Lenders” and individually each a
“Lender”) and for itself as a Lender, and such Lenders, as amended, modified,
restated or replaced from time to time (the “Agreement”)

Ladies and Gentlemen:

The undersigned is agent for Dealers under the Agreement and as such is
authorized to make and deliver this advance request (this “Request”) on behalf
of Dealers pursuant to Section 1 of the Agreement.  All capitalized terms used,
but not defined, herein have the meanings provided in the Agreement.

Dealers hereby request that Lenders make an advance on ________________, 20____
of $______________________ to Dealers under the terms of the Agreement with
respect to the following (check one):

 

__________

pre-owned inventory units with applicable valuations of seven hundred fifty
thousand dollars ($750,000.00) or more (“Specific Pre-Owned Items”), subject to
the Pre-Owned Inventory Sublimit and Availability (as defined in the Agreement).

 

__________

pre-owned inventory units with applicable valuations of less than seven hundred
fifty thousand dollars ($750,000.00) (“Other Pre-Owned Items”), subject to the
Pre-Owned Inventory Sublimit and Availability.

 

__________

units of inventory (excluding used or pre-owned inventory) for which Dealers
have previously made payments to Agent on behalf of Lenders (“Re-Advance
Items”), subject to the Re-Advance Sublimit and Availability.

The undersigned hereby represents, warrants and certifies that, as of the date
hereof,

(a)each representation and warranty made to Agent and Lenders by or on behalf of
any Dealer is true and correct as of the date hereof, except to the extent that
such representation or warranty expressly relates to an earlier date, in which
event such representation or warranty was true and correct as of such earlier
date;

 

--------------------------------------------------------------------------------

 

(b)neither a Default nor any event which with the giving of notice, the passage
of time or both would result in a Default has occurred and is continuing or
would reasonably be expected to result after giving effect to the advance
requested hereby [except _______ ______________________];

(c)after giving effect to the advance requested hereby, the aggregate
outstanding amount of the Obligations (i) will not exceed the lesser of (I) the
Maximum Aggregate Credit Amount minus the outstanding amount of Approvals and
(II) the Net Eligible Inventory Amount minus the amount of any Reserves, (ii)
with respect to pre-owned inventory will not exceed the Pre-Owned Inventory
Sublimit, (iii) with respect to Specific Pre-Owned Items will not exceed the
Specific Pre-Owned Sublimit, (iv) with respect to Other Pre-Owned Items will not
exceed the Other Pre-Owned Sublimit, and (v) with respect to Re-Advance Items,
will not exceed the Re-Advance Sublimit;

(d)if this Request relates to Specific Pre-Owned Items, Exhibit A hereto sets
forth, for each Specific Pre-Owned Item, (i) the Dealer who owns such item, (ii)
the location of such item, (iii) the year, make and model, serial number, engine
model, horsepower and serial for such item, (iv) the NADA low wholesale value
and the advance amount requested therefor, and (v) copies of the reports and
documents listed on Exhibit A as “Required Documents”;

(e)if this Request relates to Other Pre-Owned Items, Exhibit B hereto sets forth
(i) the date of the most recent borrowing base certificate and the borrowing
base amount shown thereon, (ii) borrowing base availability as of the date
hereof, and (ii) borrowing base availability after the advance request hereby;

(f)if this Request relates to Re-Advance Items, Exhibit C hereto sets forth (i)
the specific Re-Advance Items supporting such advance, identified by
manufacturer, original invoice number, and original invoice date and (ii) the
original invoice amount, outstanding amount of Obligations with respect to such
Re-Advance Item, and the re-advance amount requested therefor;

(g)each Specific Pre-Owned Item, Other Pre-Owned Item and Re-Advance Item, as
applicable, is owned by the Dealer identified on the Exhibits attached hereto,
free and clear of all Liens, and Agent holds a first and prior Lien on such
Collateral as collateral agent for the Lenders pursuant to the Agreement, and
such Collateral is in good saleable condition (normal wear and tear excepted);
and

(h)The terms and conditions of the Agreement apply to this Request.

Executed this ____ day of _______________, _____.

MarineMax, Inc.,

a Florida corporation

 

By:

Its:

Typed Name:

 

 

--------------------------------------------------------------------------------

 

 

Exhibit A to Advance Request Form

Specific Pre-Owned Items

 

RE:  USED       TRADE-IN           (CIRCLE ONE)

 

AGENT FOR DEALERS     MARINE MAX                           DEALER
NUMBER____________

 

UNIT
LOCATION  ___________________________________________________________________________

 

YEAR  ________MAKE/MODEL__________________________________________________

 

BOAT SERIAL
NUMBER______________________________________________________________________

 

ENGINE MODEL, HORSEPOWER & SERIAL

 

                                              

NADA (ABOS or BUC) LOW WHOLESALE VALUE FOR BOAT & ENGINE $____________VALUE
X        %

 

$_____________

 

DOLLAR AMOUNT OF USED/TRADE REQUEST TO BE ADVANCED $____________________

 

REQUIRED
DOCUMENTS:                                                                                                              

*Attach copy of customer contract for trade-in units/bill of sale and proof of
payment for used units.

*Attach copy of completed Title Documents(front and rear) evidencing the boat is
free and clear of all liens.

*Attach copy of survey/internal condition report

*Attach copy of internal valuation report

*Attach copy of Coast Guard documentation, abstract of title, and bill of sale

 

Specific Pre-Owned Sublimit$20,000,000 (1)

 

Outstanding Amount with Respect to Specific

Pre-Owned Items____________________(2)

 

Amount of Advance Requested

[not > $2,500,000.00]____________________(3)

 

Outstanding Amount with Respect to Specific Pre-Owned

After Requested Advance

[(2) + (3)]____________________(4)

 

--------------------------------------------------------------------------------

 

 

 

Specific Pre-Owned Sublimit Availability After

Requested Advance

[(1) – (4)]____________________(5)

 

Pre-Owned Inventory Sublimit$45,000,000(6)

 

Outstanding Amount with Respect to Other Pre-Owned

Items ____________________(7)

 

Outstanding Amount with Respect to Specific Pre-Owned

Items and Other Pre-Owned Items After Requested Advance

[(5) + (7)]____________________(8)

 

Pre-Owned Inventory Sublimit Availability After

Requested Advance

[(6) – (8)]____________________(9)

 

 

 

 

--------------------------------------------------------------------------------

 

 

Exhibit B to Advance Request Form

Other Pre-Owned Items

 

Borrowing Base Certificate Date   ____________________

 

Borrowing Base Amount____________________(1)

 

Other Pre-Owned Sublimit$35,000,000 (2)

 

Other Pre-Owned Line of Credit

[Lesser of (1) or (2)]____________________(3)

 

Outstanding Amount with Respect to Other Pre-Owned____________________(4)

 

Borrowing Base Availability (Payment Required)

[(3) - (4)]____________________(5)

 

Amount of Advance Requested____________________(6)

 

Outstanding Amount with Respect to Other Pre-Owned

After Requested Advance

[(4) + (6)]____________________(7)

 

Percentage of Borrowing Base Amount

[(7) / (1)] (must be ≤ 80% if certificate date not request

date and ≤ 100% if certificate date is request date) ____________________%(8)

 

Borrowing Base Availability After Requested Advance

[(1) – (7)]____________________(9)

 

Pre-Owned Inventory Sublimit$45,000,000(10)

 

Outstanding Amount with Respect to Specific Pre-Owned

Items ____________________(11)

 

Outstanding Amount with Respect to Specific Pre-Owned

Items and Other Pre-Owned Items After Requested Advance

[(7) + (11)]____________________(12)

 

Pre-Owned Inventory Sublimit Availability

[(10) – (12)]____________________(13)

 

 

 

--------------------------------------------------------------------------------

 

 

Exhibit C to Advance Request Form

Re-Advance Items

 

DEALER NAME ______________________________________   DEALER NUMBER____________

 

UNIT
LOCATION  __________________________________________________________________

 

MANUFACTURER _________________________________________________________________

BOAT SERIAL NUMBER ____________________________________________________________

 

BOAT MODEL& SERIAL_________________

 

ORIGINAL INVOICE NUMBER______________________________

 

ORIGINAL INVOICE DATE______________________________

 

ORIGINAL INVOICE AMOUNT______________________________

 

OUTSTANDING AMOUNT WITH

RESPECT TO RE-ADVANCE ITEM______________________________

 

RE-ADVANCE AMOUNT REQUESTED______________________________

 

 

 

Re-Advance Sublimit____________________ (1)

 

Re-Advance Amounts within prior 30 Days____________________(2)

 

Amount of Advance Requested____________________(3)

 

Re-Advance Amounts within prior 30 Days After

Requested Advance

[(2) + (3)]____________________(4)

 

Re-Advance Sublimit Availability After Requested

Advance

[(1) – (4)]____________________(5)

 

 

--------------------------------------------------------------------------------

 

 

Exhibit B to PTL

Borrowing Base Certificate Form

 

 

 

Wells Fargo Commercial Distribution Finance LLC

 

Pre-Owned Inventory Borrowing Base Certificate

 

 

 

 

 

 

 

Agent for Dealers:

MarineMax, Inc.

 

Collateral Report Date:

 

 

Maximum Credit Amount:

$              440,000,000.00

 

Certificate Date:

 

 

 

 

 

Certificate Number:

2

 

 

 

 

 

 

 

 

 

 

 

 

Pre-owned Inventory with valuations < $750,000.00

 

 

 

 

Age of Collateral

Collateral Total

 

Advance Rate

Borrowing Base

 

0 - 180 days

$                                     -  

 

75%

$                            -  

 

181 - 360 days

$                                          -  

 

67%

$                            -  

 

361+ days

$                                          -  

 

0%

$                           -  

 

Total

$                                          -  

 

 

$                            -  

 

 

 

 

 

 

 

 

 

 

Gross Borrowing Base

$                           -  

 

 

 

 

 

 

 

 

 

 

Pre-owned Inventory Reserve (%)

0%

 

 

 

 

 

 

 

 

 

 

Pre-owned Inventory Reserve ($)

$                            -  

 

 

 

 

 

 

 

 

 

 

Net Eligible Collateral

$                           -  

 

 

 

 

 

 

 

 

 

 

Other Pre-owned Sublimit

$ 35,000,000.00

 

 

 

 

 

 

 

 

Pre-owned Inventory Line of Credit for valuations < $750,000.00

$                             -  

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

Pre-owned Obligations Outstanding

$                             -  

 

 

 

 

 

 

 

 

Borrowing Base Availability (Payment Required)

$                              -  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This Monthly Inventory Certificate and supporting documentation (collectively,
this "Certificate") is delivered in accordance with that certain Fourth Amended
and Restated Inventory Financing Agreement (the "Agreement"; capitalized terms
used herein and not otherwise defined shall have the same definition as set
forth in the Agreement), dated October 26, 2018,  between Wells Fargo Commercial
Distribution Finance LLC (f/k/a GE Commercial Distribution Finance LLC, as Agent
and Lender ("Agent"), the other Lenders party thereto from time to time (along
with Agent, the “Lenders”), MarineMax, Inc. (“MarineMax”) and the other Dealers
party thereto (collectively, the "Dealers"), as from time to time amended. By
executing this Certificate, MarineMax, individually and on behalf of the other
Dealers, (a) represents and warrants to Agent and the Lenders that the
information contained in this Certificate is true and correct in all material
respects and that no Default has occurred, including, but not limited to,
violation of any of the financial covenants contained in the Agreement, and (b)
hereby ratifies, confirms and affirms all of the terms, conditions and
provisions of the Agreement.

 

Agent:

MarineMax, Inc.

 

 

 

 

 

 

 

 

 

 

Signature:

 

 

 

 

 

 

 

 

 

 

 

Date:

 

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

Exhibit C to PTL

Monthly Inventory Certificate Form

 

 

[****]