Document:

hzo-ex42_6.htm

 

EXHIBIT 4.2

DESCRIPTION OF THE COMPANY’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934

 

The following is a brief description of the common stock, par value $0.001 per share (the “Common Stock”) of MarineMax, Inc. (the “Company”), which is the only security of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934.

Description of Common Stock

The following description of the Common Stock, related provisions of the Company’s Articles of Incorporation (the “Articles”) and Bylaws (the “Bylaws”) and applicable Florida law is qualified in its entirety by, and should be read in conjunction with, the Articles, the Bylaws, and applicable Florida law.

Authorized Capital Stock

The authorized capital stock of the Company consists of 40,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”).  There are no shares of Preferred Stock currently outstanding.

Common Stock

Fully Paid and Nonassessable

All of the outstanding shares of the Company’s Common Stock are fully paid and non-assessable.

Voting Rights

Holders of Common Stock are entitled to one vote per share on all matters to be voted upon by the shareholders.  Holders of Common Stock are not entitled to cumulate votes for the election of directors.

Dividends

Subject to preferences that may be applicable to any outstanding Preferred Stock, the holders of Common Stock are entitled to receive such dividends, if any, as may be declared from time to time by the members of the board of directors of the Company (the “Board”) out of funds legally available therefor.

Right to Receive Distributions Upon Liquidation, Dissolution or Winding Up of the Company

In the event of the liquidation, dissolution or winding up of the Company, the holders of Common Stock are entitled to share ratably in all assets remaining after payment of liabilities, 

 

 

subject to prior distribution rights of any Preferred Stock then outstanding.

No Preemptive or Similar Rights

The Common Stock has no preemptive or conversion rights or other subscription rights.  There are no redemption or sinking fund provisions applicable to the Common Stock.

Certain Anti-Takeover Effects

General

Provisions of the Company’s Articles and Bylaws are intended to enhance continuity and stability in our Board and in our policies, but may have the effect of delaying or preventing a change in control or making it more difficult to remove incumbent management, even if such transactions could be beneficial to the interests of shareholders.  A summary description of these provisions follows: 

Classified Board

Pursuant to the Company’s Articles, the Company has a staggered Board.  The Company’s Articles provide that our Board is divided into three classes.  The term of our Class II directors expires at our 2021 annual meeting of shareholders, the term of our Class III directors expires at our 2022 annual meeting of shareholders, and the term of our Class I directors expires at our 2023 annual meeting of shareholders.  At each of our annual meetings of shareholders, the successors of the class of directors whose term expires at the meeting of shareholders will be elected for a three-year term, one class being elected each year by our shareholders. We believe that the three-year terms help to ensure the continuity and stability of our management and policies, which we believe are beneficial to shareholders.

Authority to Issue Preferred Stock 

Our Board may issue, without shareholder approval, up to 1,000,000 shares of Preferred Stock, and fix the rights and preferences thereof, without a further vote of the shareholders, which may prevent a takeover. The purpose of authorizing the Board to issue preferred stock and determine its powers, rights, privileges and preferences is to eliminate delays associated with a shareholder vote on specific issuances. The issuance of preferred stock provides flexibility in connection with possible acquisitions and other corporate purposes. 

 

Other Provisions of Our Articles and Bylaws 

The Articles also provide that directors may only be removed for cause and upon the affirmative vote of 66 2/3% or more of the voting interest of shareholders entitled to vote.  The Articles also contain advance notice requirements by shareholders for director nominations and other actions to be taken at annual meetings. The Articles and Bylaws 

 

 

also grant our Board, or the affirmative vote of at least 66 2/3% of the voting interest of shareholders, the power to adopt, amend or repeal the Bylaws.  The Articles also contain a higher vote threshold for affiliated and control-share acquisitions.  Subject to certain limitations stated in the Articles, the affirmative vote of not less than 66 2/3% of the voting shares, excluding those beneficially owned by a Related Person (as defined in the Articles) who is party to the Business Combination (as defined in the Articles), shall be required for the approval or authorization of any Business Combination. In addition, certain of our officers and managers have employment agreements containing certain provisions that call for substantial payments to be made to such employees in certain circumstances upon a change in control.

These provisions of the Articles and the Bylaws could discourage potential acquisition proposals and could delay or prevent a change in control of the Company.  These provisions are intended, however, to: (i) enhance the likelihood of continuity and stability in the composition of the Board and in the policies formulated by the Board and to discourage certain types of transactions that may involve an actual or threatened change of control of the Company that may negatively impact shareholder value; (ii) reduce the Company’s vulnerability to an unsolicited acquisition proposal and encourage persons seeking to acquire control of us to first negotiate with our Board; and (iii) discourage certain tactics that may be used in proxy fights.  However, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares that could result from actual or rumored takeover attempts.  Such provisions also may have the effect of preventing changes in our management. We believe that the benefits of increased protection against an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging such proposals. Among other things, enhanced ability to negotiate such proposals could result in an improvement of their terms.

Transfer Agent

The transfer agent for the Common Stock is American Stock Transfer & Trust Company, LLC.

Listing

The Company’s Common Stock is listed on NYSE under the trading symbol “HZO.”hzo-ex107a_778.htm

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 10.7(a)

 

SEVENTH AMENDED AND RESTATED

PROGRAM TERMS LETTER

 

July 9, 2021

 

			
	
MarineMax, Inc.

MarineMax East, Inc.

MarineMax Services, Inc.

MarineMax Northeast LLC

Boating Gear Center, LLC

US Liquidators, LLC

Newcoast Financial Services, LLC

My Web Services, LLC

MarineMax Charter Services, LLC

[****]

Gulfport Marina, LLC

FWW, LLC

Fraser Yachts Florida, Inc.

Fraser Yachts California

BY Holdings, LLC

MarineMax KW, LLC
	
Northrop and Johnson Yachts-Ships LLC

Northrop & Johnson California, Inc.

Perfect Yacht Charter LLC

N & J Media LLC

Northrop & Johnson Holding LLC.

N & J Group, LLC

Private Insurance Services LLC

Skipper Marine, LLC

Skipper Bud’s of Illinois, LLC

Skipper Marine of Madison, LLC

Skipper Marine of Fox Valley, LLC
	
Skipper Marine of Chicago-Land, LLC

Skipper Marine of Michigan, LLC

Skipper Marine of Ohio, LLC

Silver Seas Yachts, LLC

Silver Seas California, Inc.

MarineMax Products, Inc.

KCS International, Inc.

Nisswa Marine, Inc.

 

2600 McCormick Drive

Clearwater, FL  33759

Attn: Mike McLamb

 

 

RE:  Wholesale Marine Products Finance Program

 

Dear Mike:

 

This Program Terms Letter outlines the terms of your marine financing program with 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 to the Loan and Security Agreement (as defined below) or may from time to time become party thereto (collectively, the “Lenders” and individually each a “Lender”) and for itself as a Lender.  This program will apply to all outstanding invoices financed by any one or more Lenders pursuant to that certain Sixth Amended and Restated Program Terms Letter dated May 20, 2020, among CDF and Dealers (as amended from time to time, the “Existing PTL”) and to all invoices financed on or after the date hereof. This Program Terms Letter amends and restates the Existing PTL in its entirety. 

 

This Program Terms Letter supplements that certain Amended and Restated Loan and Security Agreement, dated as of the date hereof, among Agent, Lenders and Dealers (the “Loan and Security Agreement”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Loan and Security Agreement.

 

The following sets forth the terms of your financing program:

 

				
	
A. Rates and Terms
	
 

	
 
	
 

	
Effective Program Dates:
	
Applies to all outstanding invoices and advances financed by any one or more Lenders pursuant to the Existing PTL and all invoices financed by any one or more Lenders on or after the date hereof.    

 

Seventh Amended and Restated Program Terms Letter

 

 

				
	
 
	
 

	
Subsidy Period:
	
As determined by manufacturer program (if applicable).

	
 
	
 

	
Eligible Inventory Collateral:
	
All marine product inventory of the Dealers (other than spare parts), subject to the eligibility requirements set forth below.  

	
 
	
 

	
Ineligible Inventory

Collateral:
	
The following inventory shall not be eligible for inclusion in the Borrowing Base:

 

Inventory which is subject to or encumbered by any Lien or security interest other than a Lien permitted pursuant to Section 6(a) of the Loan and Security Agreement

 

Inventory which is stored on a bailment, consignment, warehouse or similar third party arrangement, unless you comply with Agent’s documentation requirements with respect thereto and Agent otherwise agrees in writing

 

Offshore inventory

 

Inventory that has not cleared United Stated Customs

 

Inventory not located in a Permitted Location, subject to Section 6(b)(xiii) of the Loan and Security Agreement

 

Inventory held at a location leased by you if you have not delivered to Agent a landlord lien waiver or subordination in form acceptable to Agent. As an alternative, such inventory can be treated as eligible to the extent Agent has established a Rent Reserve with respect to such location.

 

Pre-owned inventory if low wholesale values cannot be determined via NADA, Yachtworld.com, survey, or other source acceptable to Agent, unless Agent and Dealers agree on a value

 

Inventory held by KCS International Inc. or MarineMax Products, Inc.

 

Inventory manufactured by or branded under KCS International Inc. that is greater than 72ft. in length.

 

 

	
Dealer Rate:

 

 

 

 

 
	
The effective dealer interest rate for any month (after the manufacturer subsidy period expires, if applicable) shall be LIBOR plus 3.45%.  

 

The Dealer Rate will be recalculated monthly based on changes in LIBOR.

 

	
Performance Rebate:

 

 

 
	
So long as Dealer remains in compliance with all the terms and conditions of the Loan and Security Agreement, this Program Terms Letter and all other agreements or instruments by and between Dealer, Agent and any one or more Lenders, beginning the date hereof through the calendar quarter ending June 30, 2021, and for each calendar quarter thereafter, Agent, on behalf of Lenders, will pay you a rebate to be paid quarterly in an amount equal to 1.25% of the average daily balance of outstanding Obligations owed to Lenders for the prior quarter (the “Performance Rebate”).  Such rebate will be subject to the following:

 

1. Such rebates will be paid within 30 days following the end of the applicable quarter.

 

2. The average daily balance of outstanding Obligations will be calculated as the sum of the daily balance of outstanding Obligations for each day in the applicable quarter divided by the number of days in the applicable quarter.

 

Seventh Amended and Restated Program Terms Letter

 

 

				
	
 

	
Unused Line Fee:
	
Dealer will be charged a monthly Unused Line Fee in an amount equal to 0.10% multiplied by the Unused Line, calculated based on the actual number of days in the calendar month in a year of 360 days.  Unused Line is the Maximum Aggregate Credit Amount, minus the average daily balance of outstanding Obligations owed to Agent and Lenders.  Billed monthly. 

	
 

	
Maturity Period:
	
Invoices financed for new inventory by any one or more Lenders are considered due in full at 1080 days from original invoice date, except that invoices financed by any one or more Lenders related to all Azimut-Benetti S.p.A., Galeon, LLP., Alexander Marine Company, Ltd., and Sino Eagle Yacht Co., Ltd. are considered due in full at 1080 days from the original funding date.

 

Invoices financed for pre-owned (trade in or used) inventory by any one or more Lenders are considered due in full at 361 days from the date Dealer acquires such unit (“Acquisition Date”).

	
 
	
 

	
Advance Request:
	
Each advance shall be made pursuant to a completed written advance request in the form attached hereto as Exhibit A (together with all attachments required thereby, an “Advance Request Form”) or such other form as Agent and Dealers may agree.

 

	
 
	
 

	
Inventory Advance Rate:
	
Other than with respect to inventory manufactured by or branded under KCS International Inc., new inventory that is 72ft or less in length will be subject to the following advance rates applied to the original invoice amount beginning from the original invoice date (or, with respect to Azimut-Benetti S.p.A, Ocean Alexander, Galeon, and Aquila Inventory, from the original funding date):

 

0-180 days – 100%

181-360 days – 90%

361-540 days – 80%

541-720 days – 70%

721-900 days – 60%

901-1079 days – 50%

1080+ days – 0%

 

With respect to inventory manufactured by or branded under KCS International Inc., new inventory that is 72ft or less in length will be subject to the following advance rates applied to the original invoice amount beginning from the original invoice date: 

 

0-180 days – 62%

181-360 days – 52%

361-540 days – 42%

541-720 days – 32%

721-900 days – 22%

901-1079 days – 12%

1080+ days – 0%

 

 

New inventory that is greater than 72ft in length (other than such inventory manufactured by or branded under KCS International Inc.)  will be subject to the following advance rates applied to the original invoice amount beginning from the original invoice date (or, with respect to Azimut-Benetti S.p.A, Ocean Alexander, Galeon, and Aquila Inventory, from the original funding date):

 

0-180 days – 80%

181-360 days – 70%

361-540 days – 60%

541-720 days – 50%

721-900 days – 40%

901-1079 days – 30%

1080+ days – 0%

 

Pre-owned (trade in or used) inventory will be subject to the following advance rates from the Acquisition Date on the acquisition cost:

 

0-180 days: 85%

181-360 days: 75%

361+ days: 0%

 

The Advance Rate with respect to pre-owned inventory may be subject to a Pre-Owned Inventory Reserve implemented from time to time in Agent’s discretion.  “Pre-Owned Inventory Reserve” is defined and calculated as the low wholesale value determined via NADA, Yachtworld.com, survey or other source acceptable to Agent minus the MarineMax Pre-owned Inventory Cost, divided by the low wholesale value determined via NADA, Yachtworld.com, survey or other source acceptable to Agent, as a percentage.  “MarineMax Pre-owned Inventory Cost” is defined as Dealer’s internal valuation for pre-owned inventory (as set forth on the monthly inventory certificate and Borrowing Base Certificate).

Seventh Amended and Restated Program Terms Letter

 

 

				
	
 
	
 

	
Total Eligible Inventory Sublimits:

 

 
	
Aggregate of all units with a valuation > $750,000$250,000,000

Aggregate of all units > 72 feet     $75,000,000

Inventory purchased from a Foreign OEM 

(excluding Azimut and Galeon brands)$125,000,000

Pre-owned units  $75,000,000

	
 
	
 

	
 
	
 

	
B. General Terms
	
 

	
 
	
 

	
Audit/Inspection Fees:

 
	
Pre-closing and annual audit costs will be paid by Dealers.  Actual floorcheck expenses for inventory inspections will be paid by Agent, provided that if results of the inspections are not satisfactory to Agent, in its reasonable discretion, then additional inspection expenses will be paid by Dealers.

	
 
	
 

	
MSO’s/Titles:
	
All pre-owned titles and documentation must show all prior liens released.

	
 
	
 

	
Insurance Certificates:
	
On or before the date hereof, Dealer shall deliver to Agent certificates of insurance satisfying the requirements set forth in Section 6 of the Loan and Security Agreement.

	
 
	
 

	
Audit/Inspection Frequency:
	
6 x per year

 

All locations will be inspected annually at a minimum

 

During each inspection, Agent will inspect multiple locations wherein at least 45% of Total Eligible Inventory is located.  

 

MSO and Preowned Title audits to be conducted every 180 days and additional audits/inspections at any other time at Agent’s discretion. The audit/inspection schedule set forth in this section is approximate and Agent may audit on a different schedule at Agent’s discretion, without any requirement to modify this Program Terms Letter.

Seventh Amended and Restated Program Terms Letter

 

 

				
	
 
	
 

	
COMS Non-Usage Fee:
	
Dealers will be charged $1,000 in the aggregate per month for any month during which Dealers do not use the CDF COMS on-line payment system for Dealers’ primary method of payment to Agent.

	
 
	
 

	
Late Payment Fee:
	
Under the terms of your financing agreement with Agent and Lenders, you are to remit payment to Agent on behalf of Lenders immediately upon the earlier of (i) your receipt of the proceeds of any sale or other disposition of any unit of collateral financed by any one or more Lenders, and (ii) 7 calendar days after such sale or other disposition.  If it is discovered that a unit of collateral is sold or otherwise disposed of without payment remitted to Agent on behalf of Lenders (Sold out of Trust “SOT”), whether as the result of an inventory collateral inspection or otherwise, Agent may, in its sole discretion, charge you the following late payment fee on a monthly basis for each SOT item:

 

	
 
	
Day 1- 7 after the retail sale of the unit
	
 
	
On the 8th day after the retail sale of the unit

	
$0.00
	
 
	
.25% of the outstanding invoice amount per unit per month

	
 
	
 

	
NSF Fee:
	
You will be charged a fee of $25 for each check or other item that is returned unpaid.

 

Please note that the fees and charges referred to above such as the Late Payment Fee and NSF Fee are not intended to be Agent’s or any Lender’s sole remedies for those events, and if you fail to meet any of your obligations under your agreements with or Agent and/or any one or more Lenders, Agent and each Lender specifically reserves all other rights and remedies legally available to it.

 

Seventh Amended and Restated Program Terms Letter

 

 

 

 

Customer Online Management System (COMS):

Agent encourages use of COMS, our Internet payment/floorplan system.  Agent will assist you in the installation of the system and provide you with training, free of charge.  Internet payments are processed via an ACH transaction and at no cost to you.  You can view the system’s capabilities at https://sec2.cdfconnect.com/coms.

 

Application of Terms:  

	
•
	
The terms set forth in this Program Terms Letter shall apply only to loans by Lenders under the Loan and Security Agreement (defined above), and will not apply to any other Wells Fargo Commercial Distribution Finance, LLC platform or joint venture (i.e. RV, Suzuki, Polaris Acceptance, Brunswick Acceptance Company, LLC, etc.) or any loans with any Lender Affiliate. 

 

Confidentiality Agreement:

The rates and terms set forth in this letter are for your benefit and shall be held in the strictest confidence by you; provided that you may disclose the terms hereof to the extent required by applicable laws or regulations if you provide Agent with prior written notice of such disclosure, work with Agent in good faith to redact any information herein requested by Agent, and provide Agent with an opportunity to seek a protective order with respect to such information.  Subject to the foregoing, you will take all reasonable precautions to assure the confidentiality of this information is not released to any third party.  

 

Please ACKNOWLEDGE YOUR ACCEPTANCE OF YOUR FINANCING TERMS AND RETURN TO AGENT. 

 

tHANK YOU FOR THE OPPORTUNITY TO FINANCE YOUR INVENTORY NEEDS.

 

WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC,

as Agent for Lenders

 

By: ______________________________________________

Name:

Title: Duly Authorized Signatory 

 

[Note to MarineMax: Please fill in the signature box with the name and conformed signature of the signatory.]

Seventh Amended and Restated Program Terms Letter

 

 

ACCEPTED AS OF THE DATE FIRST ABOVE WRITTEN:

 

 

		
	
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 

	
 

 

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 

 

[Signature Page to Seventh Amended and Restated PTL]

 

 

 

				
	
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 
	
	
 

 

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 

	
 

 

 

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 
	

 

 

[Signature Page to Seventh Amended and Restated PTL]

 

 

 

		
	
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

a California corporation

	
By:
	
/s/ Jeanne Bruss

	
Print Name:
	
Jeanne Bruss

	
Title:
	
Secretary

	
 

 

 

MARINEMAX KW, LLC,

a Florida limited liability company

By:  MARINEMAX, INC.

the sole member of MarineMax KW, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

 

		
	
BY HOLDINGS, LLC,

a Florida limited liability company

By:  MARINEMAX, INC.

the sole member of BY Holdings, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

 

			
	
 

 

 

 

 

 

 

 

 

 

NORTHROP & JOHNSON YACHTS-SHIPS LLC,

a Florida limited liability company

By:  FRASER YACHTS FLORIDA, INC.

the sole member of Northrop & Johnson Yachts-Ships LLC

[Signature Page to Seventh Amended and Restated PTL]

 

 

			
	
By:
	
/s/ Jeanne Bruss

	
Print Name:
	
Jeanne Bruss

	
Title:
	
Secretary

	
 

 

NORTHROP & JOHNSON CALIFORNIA INC.,

a California corporation

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Chief Financial Officer 

	
 

 

PERFECT YACHT CHARTER, LLC,

a Delaware limited liability company

By:  MARINEMAX , INC.

the sole member of Perfect Yacht Charter, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

	
 

 

N & J MEDIA, LLC,

a Florida limited liability company

By:  MARINEMAX , INC.

the sole member of N & J Media, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

	
 

 

NORTHROP & JOHNSON HOLDING LLC,

a Florida limited liability company

By:  MARINEMAX , INC.

the sole member of Northrop & Johnson Holding LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

	
 

 

 

 

 

 

 

 

 

N & J GROUP, LLC,

a Florida limited liability company

By:  NORTHROP & JOHNSON HOLDING LLC.

the sole member of N & J Group, LLC

By:  MARINEMAX, INC.

the sole member of Northrop & Johnson Holding LLC

[Signature Page to Seventh Amended and Restated PTL]

 

 

			
	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

	
 

 

PRIVATE INSURANCE SERVICES, LLC,

a Florida limited liability company

By:  MARINEMAX , INC.

the sole member of Private Insurance Services, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

	
 

 

SKIPPER MARINE, LLC,

a Wisconsin limited liability company

By:  MARINEMAX , INC.

the sole member of Skipper Marine, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

 

SKIPPER BUD’S OF ILLINOIS,LLC.,

An Illinois corporation

By:  MARINEMAX , INC.

the sole member of Skipper Bud’s of Illinois, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

 

SKIPPER MARINE OF MADISON, LLC,

a Wisconsin limited liability company

By:  MARINEMAX , INC.

the sole member of Skipper Marine of Madison, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

 

 

 

 

 

SKIPPER MARINE OF FOX VALLEY, LLC,

a Wisconsin limited liability company

By:  MARINEMAX , INC.

the sole member of Skipper Marine of Fox Valley, LLC

[Signature Page to Seventh Amended and Restated PTL]

 

 

			
	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

 

SKIPPER MARINE OF CHICAGO-LAND, LLC,

An Illinois limited liability company

By:  MARINEMAX , INC.

the sole member of Skipper Marine of Chicago-Land, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
SKIPPER MARINE OF MICHIGAN, LLC,

a Michigan limited liability company

By:  MARINEMAX , INC.

the sole member of Skipper Marine of Michigan, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

 

SKIPPER MARINE OF OHIO, LLC,

An Ohio limited liability company

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Director, and as such, collectively with the other Director, Manager

	
By:
	
/s/ W. Brett McGill

	
Print Name:
	
W. Brett McGill

	
Title:
	
Director, and as such, collectively with the other Director, Manager

 

		
	
 

SILVER SEAS YACHTS, LLC,

An Arizona limited liability company

By:  MARINEMAX , INC.

the sole member of Silver Seas Yachts, LLC

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

 

 

 

 

SILVER SEAS CALIFORNIA, INC.,

a Florida corporation

[Signature Page to Seventh Amended and Restated PTL]

 

 

		
	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer 

 

 

		
	
MARINEMAX PRODUCTS, INC.,

a Florida corporation

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer

 

 

		
	
KCS INTERNATIONAL INC.,

A Wisconsin corporation

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer

 

 

		
	
NISSWA MARINE, INC.,

A Minnesota corporation

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer

 

 

[Signature Page to Seventh Amended and Restated PTL]

 

 

 

 

 

Exhibit A

Advance Request Form

 

Wells Fargo Commercial Distribution Finance, LLC

10 S. Wacker Dr., 20th Floor

Chicago, IL 60606

 

	
Re:
	
Loan and Security Agreement, dated May 20, 2020, 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.

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 will not exceed the lesser of (i) the Maximum Aggregate Credit Amount minus the outstanding amount of Approvals and (ii) the Borrowing Base minus the outstanding amount of Approvals and any Reserves;

 

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

Executed this ____ day of _______________, _____.

MarineMax, Inc.,

a Florida corporation

 

By:

Its:

Typed Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]