Document:

EX-10.1

 Exhibit 10.1 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 This First Amendment to
Credit Agreement (this “Amendment”) dated and effective as of August 2, 2013, is by and among (a) ENERNOC, INC., a Delaware corporation (the “Borrower”), (b) each of the several banks
and other financial institutions or entities party to this Agreement as a “Lender” hereunder (each a “Lender” and, collectively, the “Lenders”), including SILICON VALLEY BANK
(“SVB”), (c) SVB, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), (d) SVB, as the Issuing Lender, and
(e) SVB, as the Swingline Lender. 
 W I T N E S S E T H: 

WHEREAS, the parties hereto are party to that certain Credit Agreement dated as of April 18, 2013 (as amended,
modified, supplemented or restated and in effect from time to time, the “Credit Agreement”); and 
 WHEREAS, the parties hereto have agreed to modify and amend certain terms and conditions of the Credit Agreement, subject to the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 1. Capitalized Terms. All capitalized terms used herein and not otherwise defined shall have the
same meaning herein as in the Credit Agreement. 
 2. Amendment to Section 7.6(b)(ii) of the Credit Agreement. The
Credit Agreement is hereby amended by deleting the following text appearing as the second proviso in Section 7.6(b)(ii) thereof: 
 “provided further that the aggregate amount of repurchases under this clause (ii) shall not exceed (i) $0.00 during the period commencing on the Closing Date through
and including June 30, 2013, (ii) $5,000,000 in the aggregate during the period commencing on the July 1, 2013 through and including September 30, 2013 or (iii) $10,000,000 in the aggregate during the period commencing on
the Closing Date through and including the date of the Discharge of the Obligations.” 
 and inserting the following
definition in lieu thereof: 
 “provided further that the aggregate amount of
repurchases under this clause (ii) shall not exceed $30,000,000 in the aggregate during the period commencing on the Closing Date through and including the date of the Discharge of the Obligations.” 

  
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 3. Conditions Precedent to Effectiveness. This Amendment shall not be effective until
each of the following conditions precedent have been fulfilled to the satisfaction of the Administrative Agent: 
  

	 	(a)	This Amendment shall have been duly executed and delivered by the respective parties hereto. The Administrative Agent shall have received a fully executed copy hereof
and of each other document required hereunder. 

  

	 	(b)	All necessary consents and approvals to this Amendment shall have been obtained. 

 

	 	(c)	After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. 

 

	 	(d)	After giving effect to this Amendment, the representations and warranties herein and in the Credit Agreement and the other Loan Documents shall be true and correct in
all respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date). 

 

	 	(e)	All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be
in form and substance satisfactory to the Administrative Agent, in its sole discretion. 

 4. Representations
and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a)
It (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified reasonably could be expected to have a
Material Adverse Effect on the Borrower or its business, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan
Documents to which it is a party and to carry out the transactions contemplated thereby. 
 (b) The execution, delivery, and
performance by it of this Amendment and the performance by it of each Loan Document to which it is or will be a party (i) have been duly authorized by all necessary action (ii) do not and will not (A) violate any provision of federal,
state or local law, rule or regulation, or any order, judgment, decree, writ, injunction or award of any arbitrator, court or Governmental Authority finding on it or its Subsidiaries, the governing documents of it or its Subsidiaries, or any order,
judgment or decree of any court or other Governmental Authority binding on it or its Subsidiaries, (B) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material Contractual
Obligation of it or its Subsidiaries, except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse

  
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Effect on the Borrower or its business, (C) result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of any Group Member, other than
Liens permitted by the terms of the Credit Agreement, or (D) require any approval of any Group Member’s interest holders or any approval or consent of any Person under any material Contractual Obligation of any Group Member, other than
consents or approvals that have been obtained and that are still in force and effect and except, in the case of material Contractual Obligations, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably
be expected to have a Material Adverse Effect on the Borrower or its business. 
 (c) No authorization or approval or other
action by, and no notice to or filing with, a Governmental Authority is required in connection with the due execution, delivery and performance by it of this Amendment or any other Loan Document to which it is or will be a party. 

(d) This Amendment is, and each other Loan Document to which it is or will be a party, when executed and delivered by each Person that is
a party thereto, will be the legally valid and binding obligation of such Person, enforceable against such Person in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally. 
 (e) No injunction, writ,
restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against any Group Member. 

(f) The representations and warranties set forth in this Amendment, the Credit Agreement, as amended by this Amendment and after giving
effect hereto, and the other Loan Documents to which it is a party are true and correct in all respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an
earlier date). 
 (g) This Amendment has been entered into without force or duress, of the free will of the Borrower, and the
decision of the Borrower to enter into this Amendment is a fully informed decision and the Borrower is aware of all legal and other ramifications of each decision. 
 (h) The Borrower has read and understands this Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this
Amendment, has read this Amendment in full and final form, and has been advised by its counsel of its rights and obligations hereunder and thereunder. 
 5. Ratification of Collateral Information Certificate. The Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Collateral
Information Certificate dated as of April 18, 2013, delivered by the Borrower to the 

  
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Administrative Agent, as updated by that certain First Updated Collateral Information Certificate attached hereto as Exhibit 1, and acknowledges, confirms and agrees the disclosures and
information the Borrower provided to the Administrative Agent in said Collateral Information Certificate, as updated, have not changed, as of the date hereof. 
 6. Payment of Costs and Fees. The Borrower shall pay to the Administrative Agent and each Lender all reasonable costs, out-of-pocket expenses, and fees and charges of every kind in connection with
the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto. In addition thereto, the Borrower agrees to reimburse the Administrative Agent and each Lender on demand for its reasonable
costs arising out of this Amendment and all documents or instruments relating hereto (which costs include, without limitation, the reasonable fees and expenses of any attorneys retained by the Administrative Agent or any Lender). 

7. Release by Group Members. The Borrower hereby acknowledges and agrees that as of the date hereof to the knowledge of the
Borrower, the Borrower has no offsets, defenses, claims, or counterclaims against the Administrative Agent or any Lender with respect to the Obligations, or otherwise, and that if the Borrower now has, or ever did have, any offsets, defenses,
claims, or counterclaims against the Administrative Agent or any Lender, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES the Administrative Agent and each Lender from any liability
thereunder. 
 8. Choice of Law. This Amendment and the rights of the parties hereunder, shall be determined under,
governed by, and construed in accordance with the laws of the State of New York. 
 9. Amendments. This Amendment cannot
be altered, amended, changed or modified in any respect or particular unless each such alteration, amendment, change or modification shall have been agreed to by each of the parties and reduced to writing in its entirety and signed and delivered by
each party. 
 10. Counterpart Execution. This Amendment may be executed in any number of counterparts, all of which when
taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method
of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall
deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

11. Effect on Loan Documents. 
 (a) The Credit Agreement, as amended hereby, and each of the other Loan Documents shall be and remain in full force and effect in accordance with their respective terms

  
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and hereby are ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or
waiver of any right, power, or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document. The consents, modifications and other agreements herein are limited to the specifics hereof (including facts or
occurrences on which the same are based), shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse any non-compliance with the Loan Documents, and shall not operate as a consent or
waiver to any matter under the Loan Documents. Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and other Loan Documents shall remain unchanged and in full force and effect. The execution, delivery
and performance of this Amendment shall not operate as a waiver of or, except as expressly set forth herein, as an amendment of, any right, power or remedy of the Lenders in effect prior to the date hereof. The amendments, consents, modifications
and other agreements set forth herein are limited to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, and except as expressly set forth herein, shall neither excuse any
future non-compliance with the Credit Agreement, nor operate as a waiver of any Default or Event of Default. To the extent any terms or provisions of this Amendment conflict with those of the Credit Agreement or other Loan Documents, the terms and
provisions of this Amendment shall control. 
 (b) Upon and after the Amendment Closing Date, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. 

(c) To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or
conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

 (d) This Amendment is a Loan Document. 
 (e) Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”. 
 12. Entire Agreement. This Amendment, and terms and provisions hereof, the Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto
with respect to the subject matter hereof and supersedes any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 

  
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 13. Integration. This Amendment, together with the other Loan Documents, incorporates
all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

14. Reaffirmation of Obligations. The Borrower hereby reaffirms its obligations under each Loan Document to which it is a party.
The Borrower hereby further ratifies and reaffirms the validity and enforceability of all of the Liens heretofore granted, pursuant to and in connection with the Collateral Agreement or any other Loan Document to the Administrative Agent on behalf
and for the benefit of the Lenders and the Issuing Lender, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges that all of such Liens, and all collateral heretofore pledged
as security for such obligations, continues to be and remain collateral for such obligations from and after the date hereof. 

15. Ratification. The Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit
Agreement and the Loan Documents effective as of the date hereof and as amended hereby. 
 16. Severability. In case any
provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 

 

					
	BORROWER
	
	ENERNOC, INC.
		
	By:	 	 /s/ Neil Moses

		 	Name:	 	Neil Moses
		 	Title:	 	Chief Financial Officer

  
 [Signature
page to First Amendment to Credit Agreement] 

 
					
	SILICON VALLEY BANK,
	as Administrative Agent, Issuing Lender, and as a Lender
		
	By:	 	 /s/ Philip T. Silvia III

		 	Name:	 	Philip T. Silvia III
		 	Title:	 	Director
	
	COMERICA BANK,
as a Lender
		
	By:	 	 /s/ Paula J. Howell

		 	Name:	 	Paula J. Howell
		 	Title:	 	Senior Vice President

  
 [Signature
page to First Amendment to Credit Agreement] 

 The each of the undersigned hereby: 

(i) acknowledges and agrees to the foregoing Amendment and hereby ratifies, confirms and reaffirms, all and singular, the terms and
conditions of the Guarantee and Collateral Agreement dated as of April 18, 2013 (the “GCA”), and 
 (ii)
acknowledges, confirms and agrees that the (a) guarantee set forth in Section 2.1 of the GCA shall remain in full force and effect and shall in no way be limited by the execution of this Amendment, or any other documents, instruments
and/or agreements executed and/or delivered in connection herewith, and (b) the Secured Obligations of the undersigned pursuant to the GCA, without limitation, all Obligations of the under the Loan Documents. 

 

					
	COGENT ENERGY, INC.
		
	By:	 	 /s/ Kevin Bligh

		 	Name:	 	Kevin Bligh
		 	Title:	 	Treasurer
	
	M2M COMMUNICATIONS CORPORATION
		
	By:	 	 /s/ Kevin Bligh

		 	Name:	 	Kevin Bligh
		 	Title:	 	Treasurer
	
	GLOBAL ENERGY PARTNERS, INC.
		
	By:	 	 /s/ Kevin Bligh

		 	Name:	 	Kevin Bligh
		 	Title:	 	TreasurerEX-10.21M

 Exhibit 10.21(m) 
 NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST. 
 AMENDED
AND RESTATED 
 INVENTORY FINANCING AGREEMENT 
 This Amended and Restated Inventory Financing Agreement (as from time to time amended and together with any Transaction Statements, as hereinafter defined, this “Agreement”) is among GE
Commercial Distribution Finance Corporation (“CDF”), with its chief executive office and principal place of business at 5595 Trillium Boulevard, Hoffman Estates, Illinois 60192, and the persons listed in the section of this
Agreement entitled “List of Dealers” (each, individually, a “Dealer” and, collectively, “Dealers”). 
 RECITALS 
 (a) Dealers do business together or are related entities. 

(b) Dealers desired to have one common credit facility instead of separate credit facilities and obtained such a facility from CDF
pursuant to that certain Inventory Financing Agreement dated as of June 24, 2010 (the “Existing Financing Agreement”). 
 (c) Dealers have requested that CDF increase such credit facility and CDF is willing to do so upon the terms and conditions set forth in this Agreement. 

(d) This Agreement amends and restates the Existing Financing Agreement in its entirety. The parties acknowledge that the principal amount
outstanding under the credit facility as of the close of business on the day prior to the date hereof is $121,901,333.18. 
 1.
Extensions of Credit. 
 (a) CGI Payoff Advance. Dealers hereby represent that, as of the date
hereof, Dealers are indebted to CGI Finance, Inc. (“CGI”) in the aggregate principal amount of $11,395,114.20, which funds were used by Dealers to purchase 9 units of Azimut brand inventory (“Existing Azimut
Inventory”). Within ten (10) days following satisfaction of the Payoff Conditions (defined herein), CDF agrees to make available to Dealers an advance in the amount set forth in the payoff letter described in Section (i) below
(which amount, for purposes of clarification, may differ from the amount set forth above) (the “CGI Payoff Advance”), to be used, together with funds from Dealers, to repay all indebtedness owing CGI in full. CDF’s obligation
to make the CGI Payoff Advance is subject to CDF’s receipt of the following, satisfactory to CDF in its sole discretion (the “Payoff Conditions”): (i) a payoff letter from CGI, (ii) a termination of that certain
Intercreditor Agreement between CDF and CGI, (iii) releases from CGI of all security interests and liens on the Existing Azimut Inventory, (iv) evidence that CDF has a perfected first lien security interest in the Existing Azimut
Inventory, (v) evidence that there are no actions, proceedings, or unresolved disputes pending or threatened against Azimut by current customers of CDF, unless approved by CDF, and (vi) documents executed by Azimut, which were requested by
CDF in order to establish Azimut as a Vendor, including a program terms letter and vendor agreement. Upon satisfaction of the Payoff Conditions, Azimut shall be added to Exhibit A as an Existing Vendor. 

  

					
	Inventory Financing Agreement	  		  	

 (b) Floor Plan Advances. Subject to the terms and conditions of this
Agreement, CDF agrees to thereafter make available to Dealers extensions of credit on a revolving basis in such amounts as Dealers may from time to time request up to an aggregate total of two hundred five million dollars ($205,000,000.00) (the
“Maximum Credit Amount”), minus (i) the outstanding amount of Approvals (as defined below) and (ii) the aggregate outstanding amount of any other Obligations of Dealers to CDF, to purchase inventory, which will be subject
to a purchase money security interest in favor of CDF, from Dealers’ existing vendors identified on Exhibit A to this Agreement and any additional vendors acceptable to CDF in its sole discretion (such existing vendors and additional
vendors, in each case until any such vendor shall be disapproved by written notice from CDF due to (x) such vendor’s failure to comply with any law, rule, regulation, order or decree; (y) such vendor’s failure to comply with any
internal policies and procedures of CDF or any CDF Affiliate (as defined below) relating to import or export controls, anti-money laundering, anti-terrorism, securities law, banking law or regulation, fraud statutes and other similar laws and
regulations and codes of ethical conduct (collectively, “Internal Policies”); or (z) any circumstance which may make CDF’s disbursement of any advance to such vendor illegal or otherwise in violation of any law, rule,
regulation, order or decree applicable to CDF or any Internal Policies, each, a “Vendor” and, collectively, “Vendors”) and for other purposes (including the Pre-Owned Inventory Sublimit described below);
provided, however, that (1) repayments from time to time of the outstanding balance of the indebtedness hereunder shall be available to be reborrowed pursuant to the terms and conditions of this Agreement; (2) if the
Obligations hereunder outstanding at any time or from time to time exceed the Maximum Credit Amount, Dealers shall immediately (but in any event within two (2) Business Days) repay the Obligations in such amount necessary to eliminate such
excess; provided that, in its reasonable discretion, CDF may immediately cease to make loans and/or to issue Approvals until such repayment occurs, and (3) notwithstanding anything else contained in this Agreement, (I) CDF may, in
its reasonable discretion, immediately cease to make loans and/or to issue Approvals (x) upon the occurrence and during the continuance of any Default or upon the occurrence and during the continuance of any event which, with the giving of
notice, the passage of time, or both would result in a Default, or (y) if any remittance for any Obligations is dishonored when first presented for payment, until such payment is honored; and (II) upon termination of this Agreement, Dealers
shall repay to CDF all Obligations hereunder, plus interest accrued to the date of payment. If a Vendor is disapproved for any reason set forth above, such disapproval will only affect Dealers’ ability to request, and CDF’s obligation to
fund, subsequent advances and will not require immediate repayment of previous advances with respect to inventory purchased from such disapproved Vendor. As of the Closing Date, all outstanding advances under the Existing Financing Agreement shall
be deemed advances under this Agreement. 
 (c) Pre-Owned Inventory Advances and Sublimits. Subject to the
overall Maximum Credit Amount set forth above and the terms and conditions of this Agreement, on and after the date hereof (the “Closing Date”), CDF agrees to make cash advances 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
Credit Amount hereunder, CDF shall not provide extensions of credit to Dealers in excess of forty million dollars ($40,000,000.00) with respect to used or pre-owned inventory (the “Pre-Owned Inventory Sublimit”). Within such
Pre-Owned Inventory Sublimit, (A) any advances with respect to units with applicable valuations of five hundred thousand dollars ($500,000.00) or more shall require unit specific documentation (including an advance request form), (B) CDF
will not advance Dealers more than thirty million dollars ($30,000,000.00) of such Pre-Owned Inventory Sublimit for used or pre-owned inventory with applicable valuations of less than five hundred thousand dollars ($500,000.00) (the “Other
Pre-Owned Sublimit”), and (C) CDF will not advance Dealers more than twenty million dollars ($20,000,000.00) of such Pre-Owned Inventory Sublimit for used or pre-owned inventory with applicable valuations of five hundred thousand
dollars ($500,000.00) or more (the “Specific Pre-Owned Sublimit”). 

  

					
	Inventory Financing Agreement	  	2	  	

 NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST. 

 

 (d) 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 any program terms letter executed by the parties hereto from time to time (collectively, the “Program Terms Letter”), the terms of which are
incorporated herein by this reference. An “Approval” shall be defined as CDF’s indication to a Vendor that CDF is willing to provide financing to Dealers with respect to a particular invoice or invoices. Notwithstanding the
foregoing, if any particular Vendor shall be the subject of any bankruptcy, reorganization, insolvency, receivership, dissolution, liquidation or similar proceeding, then CDF may reduce the applicable advance rates set forth in the Program Terms
Letter with respect to any inventory sold by such Vendor after the date of such proceeding by up to ten percent (10%), or twenty percent (20%) for inventory that has a value in excess of $750,000. This Agreement concerns the extension of
credit, and not the provision of goods or services. 
 (e) Re-Advances. Subject to the overall Maximum
Credit Amount set forth above and the terms and conditions of this Agreement, on and after the Closing Date, CDF agrees to make cash advances to Dealers with respect to units of inventory (excluding used or pre-owned inventory) financed by CDF
pursuant to Section 1(a) or 1(b) of this Agreement for which Dealers may have previously made payments to CDF; provided that such units of inventory have not previously been repaid in full, and further provided such cash advances shall
not exceed (a) 100% of the original invoice amount with respect to such units, less (b) any curtailment amounts that have been required to be made by cash payment, offset, application of a Curtailment Offset under and as defined in that
certain [****], dated the date hereof, between CDF and Dealers (as further amended, supplemented or otherwise modified from time to time, the “[****]”), or otherwise with respect to such units; provided, further, that such
cash advances, in the aggregate, shall not exceed the Re-Advance Sublimit specified in the Program Terms Letter or, if not specified in such Program Terms Letter, twenty-five percent (25%) of the Maximum Credit Amount within any thirty
(30) day period. 
 2. Financing Terms. Certain financial terms of any advance which CDF makes under this Agreement
are set forth in the Program Terms Letter. In connection with financing an item of inventory for any Dealer, CDF will transmit or otherwise send to Dealer a “Transaction Statement” which is a record that may be authenticated and
transmitted by CDF to such Dealer from time to time which identifies the Collateral financed and/or the advance made and the terms and conditions of repayment of such advance as provided in this Agreement. Dealers agree that a Dealer’s failure
to notify CDF in writing of any objection to a Transaction Statement within thirty (30) days after a Transaction Statement is transmitted or otherwise sent to such Dealer shall constitute Dealers’ (a) acceptance thereof,
(b) agreement that CDF is financing such inventory at Dealers’ request, and (c) agreement that such Transaction Statement will be incorporated herein by reference to the extent not inconsistent with the terms hereof. To the extent any
Transaction Statement is inconsistent with the terms hereof, this Agreement (including any applicable Program Terms Letter) shall govern and control. If any Dealer objects to any Transaction Statement, such Dealer and CDF will work in good faith to
resolve such objection within sixty (60) days after the applicable Transaction Statement is transmitted or otherwise sent to such Dealer. However, notwithstanding such objection, Dealers will pay CDF for such inventory in accordance with this
Agreement. With respect to any advance CDF makes to a Vendor on behalf of a Dealer, CDF may apply against any such amount owed to Vendor any amount CDF is owed from such Vendor with respect to Free Floor Periods (each, a “CDF
Credit”) or any other amounts CDF is owed from such Vendor. Notwithstanding the foregoing, Dealers agree to pay the full amount reflected on any Transaction Statement. 

  

					
	Inventory Financing Agreement	  	3	  	

 3. Security Interest. 

(a) Each Dealer hereby grants to CDF a security interest in all of the Collateral as security for all Obligations to CDF
under this Agreement. 
 (b) “Collateral” means all personal property of each Dealer, whether
such property or such Dealer’s right, title or interest therein or thereto is now owned or existing or hereafter acquired or arising, and wherever located, including without limitation, all Accounts, Inventory, Equipment, other Goods, General
Intangibles (including without limitation, Payment Intangibles), Chattel Paper (whether tangible or electronic), Instruments (including without limitation, Promissory Notes), Deposit Accounts, Investment Property and Documents, any cash collateral
such Dealer may have paid to CDF, and all Products and Proceeds of the foregoing; provided that “Collateral” shall exclude (i) all Fixtures (other than Goods affixed to Inventory) and (ii) all equipment leases and
agreements between Dealers and vendors, but only to the extent such leases and agreements prohibit or restrict such Dealers from granting a security interest therein and such prohibition or restriction is not ineffective under Article 9 of the
Illinois Uniform Commercial Code or any other applicable law, rule or regulation; provided, further, that “Collateral” shall include (x) all Accounts and General Intangibles arising under such equipment leases and
agreements between Dealers and vendors and (y) all payments and other property received or receivable in connection with any sale or other disposition of such leases and agreements. Without limiting the foregoing, the Collateral includes each
Dealer’s right to all Vendor Credits (as defined below). Similarly, the Collateral includes, without limitation, all books and records, electronic or otherwise, which evidence or otherwise relate to any of the foregoing property, and all
computers, disks, tapes, media and other devices in which such records are stored. For purposes of this Section 3 only, capitalized terms used in this Section 3, which are not otherwise defined, shall have the meanings given to them in
Article 9 of the Illinois Uniform Commercial Code. 
 (c) “Obligations” means all indebtedness
and other obligations of any nature whatsoever of each Dealer to CDF and/or to any person that at any time directly or indirectly controls, is controlled by, or is under common control with CDF, any and all direct and indirect subsidiaries,
affiliates and parent companies of CDF and any and all direct and indirect subsidiaries, affiliates and parent companies of any such person (each, a “CDF Affiliate”), whether such indebtedness or other obligations arise under this
Agreement or any other existing or future agreement between or among any one or more Dealers, CDF and/or a CDF Affiliate or otherwise, and whether for principal, interest, fees, expenses, indemnification obligations or otherwise, and whether such
indebtedness or other obligations are existing, future, direct, indirect, acquired, contractual, noncontractual, joint and/or several, fixed, contingent or otherwise. 

  

					
	Inventory Financing Agreement	  	4	  	

 (d) “Vendor Credits” means all of each Dealer’s rights
to any price protection payments, rebates, discounts, credits, factory holdbacks, incentive payments and other amounts which at any time are due a Dealer from a Vendor. 

(e) CDF will not exercise sole dominion and control over any Deposit Account included in the Collateral except as
contemplated by Section 12 of this Agreement after a Default. 
 4. Representations and Warranties. Each Dealer
represents and warrants that at the time of execution of this Agreement and at the time of each approval and each advance hereunder: 
 (a) such Dealer is in good standing in its jurisdiction of organization and is qualified to transact business in each other jurisdiction in which the nature of its business or property requires such
qualification, unless failure to so qualify could not result, individually or in the aggregate, in a Material Adverse Effect (as defined below); 
 (b) such Dealer does not conduct business under any trade styles or trade names except as disclosed by such Dealer to CDF in writing and except to the extent that such conduct could not result,
individually or in the aggregate, in a Material Adverse Effect; 
 (c) such Dealer has all the necessary
authority to enter into and perform this Agreement, and the execution, delivery and performance of this Agreement will not violate (i) such Dealer’s organizational documents, (ii) any agreement binding upon it, unless such violation
could not result, individually or in the aggregate, in a Material Adverse Effect, or (iii) any law, rule, regulation, order or decree, unless such violation could not result, individually or in the aggregate, in a Material Adverse Effect;

 (d) such Dealer keeps its records respecting accounts and chattel paper at its chief executive office
identified below and keeps the Collateral only at locations permitted by Section 5(b)(xiii) of this Agreement; 
 (e) this Agreement correctly sets forth such Dealer’s true legal name, the type of its organization, the jurisdiction in which such Dealer is incorporated or otherwise organized, and such
Dealer’s organizational identification number, if any, in each case, as of the date hereof; 
 (f) all
information supplied by such Dealer to CDF, including any financial, credit or accounting statements or application for credit, in connection with this Agreement is true, correct and complete in all material respects; 

(g) all advances and other transactions hereunder are for business purposes and not for personal, family, household or any
other consumer purposes; 
 (h) such Dealer has good title to all Collateral in which it purports to have any
interest; 

  

					
	Inventory Financing Agreement	  	5	  	

 (i) there are no actions or proceedings pending or threatened against
Dealers which could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect; and 
 (j) on the Closing Date, neither a Default nor an event which, with the giving of notice, the passage of time, or both, would result in a Default has occurred and is continuing, and, at the time of each
approval and each advance hereunder, a Default has not occurred and is not continuing. 
 “Material Adverse
Effect” means a material adverse effect in (i) Dealers’ business, operations or financial condition, taken as a whole, (ii) the performance and enforceability of this Agreement, (iii) any portion of the Collateral in
excess of one million dollars ($1,000,000.00), or (iv) the perfection and priority of CDF’s Liens in the Collateral. 

5. Covenants. 
 (a) Until sold as permitted by this Agreement, each Dealer shall own all of its Collateral financed by CDF free and clear of all liens, security interests, claims and other encumbrances, whether arising
by agreement or operation of law (collectively “Liens”), other than: 
 (i) Liens in favor of
CDF; 
 (ii) purchase money Liens on Dealers’ new inventory manufactured by vendors that have been
disapproved by CDF; 
 (iii) Liens on Dealers’ new, used and pre-owned inventory manufactured by vendors
that have been disapproved by CDF; provided that such Liens are subject to subordination or intercreditor agreements in form and substance acceptable to CDF, in its sole discretion, whereby CDF subordinates its Liens in such inventory;

 (iv) Liens for taxes, assessments or other governmental charges that are not due or payable or that are due or
payable, but are being diligently contested in good faith by appropriate proceedings; provided that such contested taxes, assessments or other governmental charges do not exceed five hundred thousand dollars ($500,000.00) in aggregate at any time;

 (v) Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of
business for sums not yet due or payable; provided, however, that Liens of landlords are permitted only to the extent that such Liens are subordinate to the Liens in favor of CDF pursuant to an agreement in form and substance
acceptable to CDF or if such subordination is not required pursuant to the terms of the Program Terms Letter; 

(vi) Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment
insurance or other forms of governmental insurance or benefits; 

  

					
	Inventory Financing Agreement	  	6	  	

 (vii) existing Liens identified in Exhibit B to this Agreement, but
only to the extent securing the indebtedness identified in such Exhibit; provided that the amount of such indebtedness does not exceed the outstanding amounts thereof on the date of this Agreement; 

(viii) Liens for capital leases and equipment financing in a combined aggregate amount not exceeding ten million dollars
($10,000,000.00), but only to the extent encumbering the property leased under such capital leases or acquired with the proceeds of such equipment financing; and 

(ix) Liens on or with respect to cash collateral to secure (a) obligations to depository institutions with respect to
deposit and treasury management services provided by such institutions to Dealers of up to one million dollars ($1,000,000.00) in the aggregate, and (b) reimbursement obligations under letters of credit of up to three million five hundred
thousand dollars ($3,500,000.00) in the aggregate; provided that the amount of cash collateral securing the obligations described in clauses (a) and (b) of this Section 5(a)(ix) shall not exceed three million five hundred
thousand dollars ($3,500,000.00) in the aggregate at any time. 
 (b) Each Dealer will: 

(i) keep all Collateral at locations permitted by Section 5(b)(xiii) of this Agreement and keep all tangible
Collateral in good order, repair and operating condition and insured as required herein; 
 (ii) promptly file
all tax returns required by law and promptly pay all taxes, fees, and other governmental charges for which it is liable, including without limitation all governmental charges against the Collateral or this Agreement; 

(iii) permit CDF and its designees, without notice, to inspect the Collateral (including, without limitation, each
certificate of title or statement of origin issued for Collateral financed by CDF) during normal business hours and at any other time CDF deems desirable (and such Dealer hereby grants CDF and its designees an irrevocable license to enter such
Dealer’s business locations during normal business hours without notice to such Dealer to account for and inspect all Collateral and to examine and copy such Dealer’s books and records related to the Collateral); 

(iv) keep complete and accurate records of its business, including inventory, accounts and sales; and permit CDF and its
designees to inspect and copy such records upon request; 
 (v) furnish CDF with such additional information
regarding the Collateral and such Dealer’s business and financial condition as CDF may from time to time reasonably request (including without limitation financial statements and projections more frequently than set forth below); 

(vi) immediately notify CDF of any material adverse change in the Dealers’ business, operations or financial
condition taken as a whole or any reduction in the aggregate value of the Collateral of five hundred thousand dollars ($500,000.00) or more; 

  

					
	Inventory Financing Agreement	  	7	  	

 (vii) execute (or cause any third party in possession of Collateral to
execute) all documents CDF requests to perfect and maintain CDF’s security interest in the Collateral; 

(viii) upon CDF’s request, (i) at any time the aggregate Obligations with respect to any Collateral or Dealer
located in Ohio exceeds eight million dollars ($8,000,000.00), deliver to CDF immediately upon such request (and CDF may retain) each certificate of title or statement of origin issued for such Collateral financed by CDF, and (ii) at any time
during the continuance of a Default, deliver to CDF immediately upon such request (and CDF may retain) each certificate of title or statement of origin issued for Collateral financed by CDF; 

(ix) at all times be duly organized, existing, in good standing, qualified and licensed to do business in each
jurisdiction in which the nature of its business or property so requires; 
 (x) notify CDF of the commencement
of any material legal proceedings against such Dealer; 
 (xi) comply with all laws, rules and regulations
applicable to such Dealer, including without limitation, the USA PATRIOT ACT and all laws, rules and regulations relating to import or export controls or anti-money laundering; 

(xii) conduct business only under such trade styles and trade names as such Dealer has disclosed to CDF in writing prior
to such conduct; 
 (xiii) only permit Eligible Inventory Collateral to be located at, or in-transit domestically
to and from, locations described in Exhibit C to this Agreement and at such other locations in the United States disclosed to CDF in writing at least fifteen (15) days prior to such Dealer’s use of such location (but excluding the
locations of any consigned inventory), unless CDF otherwise agrees to such location or consignment in writing (collectively, the “Permitted Locations”); provided that such fifteen (15) day notice and CDF approval shall
not be required for inventory (including consigned inventory not financed by CDF hereunder) with an aggregate invoice amount of less than five million dollars ($5,000,000.00) located at other locations (including locations outside of the United
States, but excluding boat shows) for up to thirty (30) days per unit and, provided, further, that such notice shall be reduced to one (1) day and CDF approval shall not be required for inventory (excluding consigned
inventory) with an aggregate invoice amount of less than five million dollars ($5,000,000.00) located at boat shows for up to thirty (30) days; 
 (xiv) provide to CDF, when requested by CDF, a copy of such Dealer’s organizational documents, and will provide to CDF any subsequent amendments thereto bearing indicia of filing from the appropriate
governmental authority, or such other documents verifying such Dealer’s true and correct legal name as CDF may request from time to time; and 

  

					
	Inventory Financing Agreement	  	8	  	

 (xv) only permit MarineMax Vacations, Ltd. to hold Eligible Inventory
Collateral with an aggregate invoice amount of not more than two million dollars ($2,000,000); provided that such inventory shall at all times be used by MarineMax Vacations, Ltd. in connection with its charter business or businesses directly
related thereto. 
 (c) Financial Covenants. Dealers covenant and agree that, so long as any of the
Obligations to CDF remain outstanding or this Agreement remains in effect, even if no Obligations to CDF are outstanding, Dealers shall: 
 (i) maintain at all times a ratio of Debt to Tangible Net Worth of not more than 2.75 to 1.0 measured as of fiscal quarter end June 30, 2013 and each successive fiscal quarter end thereafter; and

 (ii) maintain at all times a Current Ratio of not less than 1.2 to 1.0 as of fiscal quarter end June 30,
2013 and each successive fiscal quarter end thereafter. 
 For purposes of this Section 5(c), in each case calculated for
Dealers on a consolidated basis: “Current Ratio” shall mean the ratio, calculated in accordance with generally accepted accounting principles as of the date hereof (“GAAP”), of (A) current assets determined in
accordance with GAAP to (B) current liabilities determined in accordance with GAAP less balloon payments due on real estate loans which CDF in its reasonable discretion expects to be refinanced; “Debt” shall mean all
obligations, contingent or otherwise, which, in accordance with GAAP, should be classified on the balance sheet as liabilities, and in any event including capital leases, Contingent Liabilities that are required to be disclosed and quantified in
notes to financial statements in accordance with GAAP, and liabilities secured by any Lien on any property regardless of whether such secured liability is with or without recourse; “Tangible Net Worth” shall mean the
shareholders’ equity determined in accordance with GAAP, minus items treated as intangible assets under GAAP, amounts owing by any employee, officer or other affiliate, other than draws to commissioned and seasonally compensated employees and
advances made for customary travel expenses incurred in the conduct of Dealers’ business, and any other assets that cannot be identified as tangible assets to CDF’s reasonable satisfaction; and “Contingent Liabilities”
shall mean any obligation, contingent or otherwise, of any Dealer guaranteeing or having the economic effect of guaranteeing any Debt or obligation of another in any manner, whether directly or indirectly, including without limitation any obligation
of such Dealer, direct or indirect, (X) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or any security for the payment thereof, (Y) to purchase property or services for the purpose of assuring the
owner of such Debt of its payment, or (Z) to maintain the solvency, working capital, equity, cash flow, fixed charge or other coverage ratio, or any other financial condition of the primary obligor so as to enable the primary obligor to pay any
Debt or to comply with any agreement relating to any Debt or obligation. 

  

					
	Inventory Financing Agreement	  	9	  	

 NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST. 

 

 (d) No Dealer will, without CDF’s prior written consent:

 (i) use (except for demonstration purposes), rent, lease, sell, transfer, consign (except consigned inventory
located at locations permitted by Section 5(b)(xiii) of this Agreement), license, encumber or otherwise dispose of any Collateral except for sales of inventory at retail in the ordinary course of such Dealer’s business and except for
Collateral with an aggregate value not exceeding five hundred thousand dollars ($500,000.00) in any one calendar year; 
 (ii) sell or otherwise transfer inventory to a Dealer Affiliate (as defined below), except in accordance with
 Section 5(e) of this Agreement; 

(iii) engage in any other material transaction not in the ordinary course of such Dealer’s business with respect to
the Collateral or which would result, individually or in the aggregate, in a Material Adverse Effect; 
 (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) or change its type of organization, its
jurisdiction of incorporation or organization, or its organizational identification number, if any, or acquire any person or entity (an “Acquired Person”) or a substantial portion of the assets of any person or entity
(“Acquired Assets”), except that Dealers may acquire an Acquired Person or Acquired Assets, if (A) Dealers provide CDF 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 5(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 CDF such documents and agreements as CDF may reasonably require, at Dealers’ cost and expense,
(C) immediately after any such acquisition of Acquired Assets, CDF shall continue to have 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 CDF pursuant to clause (A) above, Dealers shall be in compliance with the financial covenants set
forth in Section 5(c) as of the most recently ended fiscal quarter and the next four fiscal quarters ending after such acquisition, (F) the 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 CDF shall not unreasonably withhold its consent to such acquisition, and (G) at the time of such acquisition, Availability (as defined in the
Program Terms Letter) 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 [****]), 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. 

  

					
	Inventory Financing Agreement	  	10	  	

 (v) change its name or conduct business under a trade style or trade name
other than those disclosed by such Dealer to CDF in writing without giving CDF at least thirty (30) days’ prior written notice thereof; 
 (vi) change its chief executive office or office where it keeps its records with respect to accounts or chattel paper; 

(vii) change the state in which it is incorporated or otherwise organized (except upon thirty (30) days’ prior
written notice to CDF); 
 (viii) finance on a secured basis with any Vendor or any third party the acquisition
of inventory of the same brand as any new inventory financed or to be financed by CDF; 
 (ix) store Collateral
financed by CDF with any third party except for Collateral at locations permitted by Section 5(b)(xiii) of this Agreement; 
 (x) incur secured or unsecured debt in excess of one hundred thirty million dollars ($130,000,000.00), excluding debt incurred pursuant to this Agreement; or 

(xi) pay cash dividends or make other cash distributions with respect to or repurchase Stock of Dealers in an aggregate
amount during the term of this Agreement in excess of Dealers’ cumulative net income (incurred from March 31, 2013 through the term hereof) plus thirty million dollars ($30,000,000.00). For purposes of this Agreement,
“Stock” means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or
profit interests in or equivalents (regardless of how designated) of or in a person (other than an individual), whether voting or non-voting. 
 For purposes of this Agreement, a “Dealer Affiliate” means any person that: (i) directly or indirectly controls, is controlled by or is under common control with a Dealer,
(ii) directly or indirectly owns 5% or more of a Dealer, (iii) is a director, partner, manager, or officer of a Dealer or an affiliate of a Dealer, or (iv) any natural person related to a Dealer or an affiliate of a Dealer.

 (e) Notwithstanding the provisions of Section 5(d)(ii) of this Agreement, a Dealer may sell or otherwise
transfer inventory to another Dealer who is a signatory to this Agreement. The parties agree that any such inventory that is sold or otherwise transferred at any time by one Dealer to another shall be and remain Collateral and shall continue to
secure the Obligations. 

  

					
	Inventory Financing Agreement	  	11	  	

 (f) Each Dealer, within ten (10) days of the end of each calendar year,
will provide a list of all locations where Collateral is or may be kept, including information as to whether the property is owned or leased, any Liens or other encumbrances on such property, and if leased, the name of the lessor, the lease term,
and any other information CDF shall request. If any Collateral location is subject to a mortgage, deed of trust, or other Lien in favor of any person other than CDF, except any Lien permitted by Section 5(a) of this Agreement, Dealers agree to
promptly obtain an agreement from such person, waiving such person’s Lien on the Collateral and providing CDF reasonable access thereto, in form and substance acceptable to CDF and duly executed and delivered by such person. 

6. Insurance. 
 (a) All risk of loss, damage to or destruction of Collateral shall at all times be on Dealers. Each Dealer shall keep all of its tangible Collateral insured for full value against all insurable risks,
under policies delivered to CDF, on terms and with insurers reasonably acceptable to CDF, with CDF as the loss payee (with respect to any claim in excess of two hundred fifty thousand dollars ($250,000.00) per occurrence), assignee or additional
insured, as appropriate. Such insurance shall be subject to cancellation or change only (i) upon ten (10) days written notice to CDF for non-payment of premium or (ii) upon thirty (30) days written notice to CDF for all other
reasons, and shall provide that CDF’s interests will not be impaired by any failure of Dealers to comply with the terms of such insurance or by any exercise of remedies by CDF with respect to the property insured. With respect to any claim
during the continuance of any Default, CDF is authorized, but not required, to act as attorney-in-fact for each Dealer in adjusting and settling any insurance claims
under any such policy and in endorsing any checks or drafts drawn by insurers. To facilitate the exercise of such rights by CDF, each Dealer has executed and delivered to CDF a Power of Attorney, which CDF agrees not to exercise any rights under
unless a Default has occurred and is continuing. In addition, at any time (before and after the occurrence of any Default), (A) each Dealer shall promptly remit to CDF in the form received, with all necessary endorsements, all proceeds of such
insurance which such Dealer may receive, and (B) CDF, at its election, shall either apply any proceeds of insurance it may receive toward payment of the Obligations or pay such proceeds to such Dealer or any other Dealer. 

(b) Except as otherwise required by Section 6(a) of this Agreement, Dealers shall (i) keep their insurable
property adequately insured at all times by financially sound and reputable insurers to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies similarly situated and in
the same or similar businesses, (ii) maintain in full force and effect public liability and workers compensation insurance, in amounts customary for such similar companies to cover normal risks, by insurers reasonably satisfactory to CDF, and
(iii) maintain such other insurance as may be required by law or reasonably requested by CDF. Dealers shall deliver evidence of renewal of each insurance policy on or before the date of its expiration, and from time to time shall deliver to
CDF, on or before the date hereof, and thereafter upon demand, evidence of the maintenance of such insurance. Dealers shall delivery promptly to CDF copies of all reports provided to insurers by any Dealer. 

  

					
	Inventory Financing Agreement	  	12	  	

 (c) The following notice is given pursuant to Section 180/15 of the
Collateral Protection Act set forth in Chapter 815 Section 180/1 of the Illinois Compiled Statutes; nothing contained in such notice shall be deemed to limit or modify the terms of this Agreement: UNLESS DEALER PROVIDES EVIDENCE OF THE
INSURANCE COVERAGE REQUIRED BY DEALERS’ AGREEMENT WITH CDF, CDF MAY PURCHASE INSURANCE AT DEALERS’ EXPENSE TO PROTECT CDF’S INTEREST IN SUCH DEALER’S COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT SUCH DEALER’S
INTEREST. THE COVERAGE THAT CDF PURCHASES MAY NOT PAY ANY CLAIM THAT SUCH DEALER MAKES OR ANY CLAIM THAT IS MADE AGAINST SUCH DEALER IN CONNECTION WITH THE COLLATERAL. SUCH DEALER MAY LATER CANCEL ANY INSURANCE PURCHASED BY CDF, BUT ONLY AFTER
PROVIDING CDF EVIDENCE THAT SUCH DEALER HAS OBTAINED INSURANCE AS REQUIRED UNDER THIS AGREEMENT. IF CDF PURCHASES INSURANCE FOR ANY COLLATERAL, DEALERS WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE, INCLUDING THE INSURANCE PREMIUM, INTEREST
AND ANY OTHER CHARGES CDF MAY IMPOSE IN CONNECTION WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO DEALERS’ TOTAL OUTSTANDING BALANCE
OR OBLIGATION. THE COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF INSURANCE A DEALER MAY BE ABLE TO OBTAIN ON ITS OWN. 

7. Financial Statements. Unless waived by CDF, Dealers will deliver to CDF, in a form reasonably satisfactory to CDF:
(a) Dealers’ audited year-end balance sheet and audited annual profit and loss statement for each fiscal year after the date hereof, prepared on a consolidated basis, within twenty (20) days after the same are prepared but in no event
later than one hundred and twenty (120) days after the end of each fiscal year, accompanied by an unqualified opinion of independent certified public accountants acceptable to CDF; (b) within sixty (60) days after the end of each of
such Dealers’ fiscal quarters, a reasonably detailed balance sheet and income statement as of the last day of such quarter covering Dealers’ operations on a consolidated basis for such quarter; (c) within thirty (30) days after
the end of Dealers’ fiscal months, a reasonably detailed balance sheet and income statement as of the last day of such month covering Dealers’ operations for such month, on a consolidated basis; (d) within thirty (30) days prior
to Dealers’ year-end, Dealers’ financial projections for the next fiscal year on a consolidated basis; (e) concurrently with the delivery of the financial statements required to be delivered under clauses (a) and (b), above, a
compliance certificate in the form attached hereto as Exhibit D, executed by an officer of Dealers, and (f) within ten (10) days after CDF’s reasonable request, any other information relating to the Collateral or the financial
condition of any Dealer or Dealers. Each Dealer represents that all financial statements and information which have been or may hereafter be delivered by Dealers are and will be true and correct in all material respects and, with respect to all
quarterly and annual financial statements, prepared in accordance with GAAP consistently applied in all material respects, and there has been no material adverse change in the financial or business condition of Dealers, taken as a whole, since the
submission to CDF of such financial statements, and Dealers acknowledge CDF’s reliance thereon. 

  

					
	Inventory Financing Agreement	  	13	  	

 8. Payment Terms. Each Dealer will pay CDF the principal amount of the Obligations
owed CDF on each item of Collateral financed by CDF upon the occurrence of any of the following events, subject to the Program Terms Letter: (a) when such Collateral is lost, stolen or materially damaged and such loss or damage is the subject
of an insurance claim payable to CDF as loss payee, (i) a portion of the principal amount of the Obligations with respect to such Collateral equal to such principal amount, minus the insurance claim amount (net of any applicable deductible)
immediately after such loss or damage or after the determination of the claim amount or the deductible amount, as applicable, and (ii) the remaining principal amount of the Obligations with respect to such Collateral immediately upon the
earlier of (A) receipt of any proceeds of such insurance (including, without limitation, receipt of any proceeds made payable to such Dealer and CDF jointly) or rejection or denial of such claim and (B) thirty (30) days (or such later
date as CDF may agree in writing) after such loss or damage; (b) when such Collateral is lost, stolen or materially damaged and such loss or damage is not the subject of an insurance claim payable to CDF as loss payee, immediately after such
loss or damage; (c) when Collateral is sold, transferred, rented, leased, consigned (unless Dealer has complied with CDF’s documentation requirements and CDF has consented in writing to such consignment arrangement), otherwise disposed of,
or its payment term has matured, immediately upon the earlier of (i) Dealer’s receipt of the proceeds thereof, and (ii) seven (7) calendar days after such occurrence; and (d) when otherwise required under the terms of this
Agreement. In addition, each Dealer will pay CDF the required principal amount of the Obligations owed CDF on each item of Collateral financed by CDF in strict accordance with any curtailment schedule or other curtailment or repayment provisions for
such Collateral as described in the Program Terms Letter. The initial payment terms, curtailment terms and advance rates with respect to Dealers’ financing program hereunder are set forth in the Program Terms Letter. Subsequent financing
program terms, or changes to Dealers’ then current financing program terms, may be set forth in an amended Program Terms Letter executed by the parties hereto. If a Dealer is required to make immediate payment to CDF of any past due obligation
discovered during any Collateral review, or at any other time, CDF’s acceptance of such payment shall not be construed to have waived or amended the terms of its financing program. Each Dealer will send all payments to CDF as directed. CDF may
apply: (1) payments to reduce finance charges first and then principal, regardless of a Dealer’s instructions; and (2) principal payments to the oldest (earliest) invoice for Collateral financed by CDF, but, in any event, all
principal payments, may, in CDF’s sole discretion, first be applied to such Collateral which is sold, lost, stolen, damaged, rented, leased, or otherwise disposed of or unaccounted for. Any Vendor Credit granted to any Dealer for any Collateral
will not reduce the Obligations Dealers owe CDF until CDF has received payment therefor in cash. Each Dealer will: (A) pay CDF even if any Collateral is defective or fails to conform to any warranties extended by any third party; and
(B) indemnify and hold CDF harmless against all claims and defenses asserted by any buyer of any Collateral. Each Dealer waives all rights of setoff such Dealer may have against CDF. Any payment hereunder which would otherwise be due on a day
which is not a Business Day, shall be due on the next succeeding Business Day, with such extension of time included in any calculation of applicable finance charges. In addition to the other provisions of this Agreement, in order to adequately
secure Dealers’ Obligations to CDF, Dealers shall, at CDF’s request, immediately pay CDF the amount necessary to reduce the sum of outstanding advances hereunder to an amount which does not exceed the amount available to be borrowed
pursuant to the provisions of the Program Terms Letter. For purposes of this Agreement, “Business Day” means any day the Federal Reserve Bank of Chicago is open for the transaction of business. 

  

					
	Inventory Financing Agreement	  	14	  	

 9. Calculation of Charges. 

(a) Dealers shall pay fees, charges and interest (collectively, “Charges”) with respect to each advance
in accordance with this Agreement and pursuant to the terms of the Program Terms Letter. Dealers shall pay CDF its customary Charges for any check or other item which is returned unpaid to CDF. Unless otherwise provided in this Agreement, the
following additional provisions shall be applicable to Charges: (i) any reference to “One month Libor” rate shall mean for any calendar month the “One month Libor” rate published in the “Money Rates” column
of The Wall Street Journal on the first Business Day of such month; (ii) all Charges shall be paid by Dealers monthly pursuant to the terms of the billing statement in which such Charges appear; (iii) interest on each advance and
principal amount of the Obligations related thereto shall be computed each calendar month on the sum of the daily balances thereof during such month divided by thirty (30) and (A) in the case where a monthly rate of interest is provided
for, multiplied by the monthly rate provided for in this Agreement; or (B) in the case where an annual rate of interest is provided for, multiplied by one-twelfth of the annual rate provided for in this Agreement; or (C) in the case where
a daily rate of interest is provided for, multiplied by such daily rate and multiplied by thirty (30); (iv) interest on an advance shall begin to accrue on the Start Date which shall be defined as the earlier of: (A) the invoice date
referred to in the Vendor’s invoice; or (B) the ship date referred to in the Vendor’s invoice; or (C) the date CDF makes such advance; provided, however, if a Vendor fails to fully pay, by honoring or paying any CDF
Credit or otherwise, the interest or other cost of financing such inventory during the period between the Start Date and the end of the Free Floor Period (as defined below), then Dealers shall pay such interest to CDF on demand as if there were no
Free Floor Period with respect to such inventory; (v) for the purpose of computing Charges, any payment will be credited pursuant to CDF’s payment recognition policy, as in effect from time to time; and (vi) advances or any part
thereof not paid when due (and Charges not paid when due, at the option of CDF, shall become part of the principal amount of the Obligations and) shall bear interest at the Default Rate (as defined below). For purposes of this Agreement, the
following definitions shall apply: “Default Rate” shall mean the lesser of 3% per annum above the rate in effect immediately prior to the Default or the highest lawful contract rate of interest permitted under applicable law;
“Free Floor Period” shall mean a period equal to the number of days during which a Vendor agrees to assume the cost of financing Collateral purchased by a Dealer by granting CDF a CDF Credit. 

(b) CDF intends to strictly conform to the usury laws governing this Agreement. Regardless of any provision contained
herein, in any Transaction Statement, or in any other document, CDF shall never be deemed to have contracted for, charged or be entitled to receive, collect or apply as interest, any amount in excess of the maximum amount allowed by applicable law.
If CDF ever receives any amount which, if considered to be interest, would exceed the maximum amount permitted by law, CDF will apply such excess amount to the reduction of the unpaid principal balance which any Dealer owes, and then will pay any
remaining excess to such Dealer. In determining whether the interest paid or payable exceeds the highest lawful rate, Dealers and CDF shall, to the maximum extent permitted under applicable law, (1) characterize any non-principal payment (other
than payments which are expressly designated as interest payments hereunder) as an expense or fee rather than as interest, (2) exclude voluntary pre-payments and the effect thereof, and (3) spread the total amount of interest throughout
the entire term of this Agreement so that the interest rate is uniform throughout such term. CDF will recognize and credit payments made by check, ACH, federal wire, or other acceptable means, according to its payment recognition policies from time
to time in effect, or as otherwise agreed. Information regarding CDF payment recognition policies is available from Dealers’ CDF representative or the CDF website, or will be communicated pursuant to Section 10(b) of this Agreement.

  

					
	Inventory Financing Agreement	  	15	  	

 10. Billing Statement/Fees; Right to Modify Charges and Other Terms. 

(a) CDF will transmit or otherwise send to each Dealer a monthly billing statement identifying all
charges due on such Dealer’s account with CDF. The charges specified on each billing statement will be (1) due and payable no later than the fifteenth (15th) day of the month in which such billing statement is transmitted to or received by Dealer, and (2) an
account stated, unless CDF receives a Dealer’s written objection thereto within fifteen (15) days after it is transmitted or otherwise sent to Dealers. If CDF does not receive, by the 25th day of any given month, payment of all charges accrued to a
Dealer’s account with CDF during the immediately preceding month, Dealers will (to the extent allowed by law and if requested by CDF) pay CDF a late fee equal to the greater of five dollars ($5.00) or five percent (5%) of the amount of
such charges (payment of such fee does not waive the default caused by the late payment). CDF may adjust the billing statement at any time to conform to applicable law and this Agreement. 

(b) CDF may charge one or more fees in connection with the servicing and administration of a Dealer’s account, as set
forth herein and in the Program Terms Letter. 
 11. Default. The occurrence of one or more of the following events shall
constitute a default by Dealers (a “Default”): 
 (a) a Dealer shall either (1) fail to pay
any principal amount of Obligations owed to CDF when due (without any grace period) or (2) fail to pay any interest or other Obligations owed to CDF within fifteen (15) days after the due date therefore; 

(b) any representation made to CDF by or on behalf of Dealers shall not be true when made; 

(c) if a Dealer shall breach any covenant (other than any covenant contained in Section 5(c) of this Agreement),
warranty or agreement to or with CDF and such breach shall not be cured within thirty (30) days after the earlier of (i) knowledge thereof by an officer of any Dealer and (ii) written notice of such breach is delivered by CDF to any
Dealer; provided that, if such breach is subject to cure and Dealers are diligently pursuing cure by appropriate means at the end of such thirty (30) days, then Dealers shall have an additional thirty (30) days thereafter to
complete the cure of such breach; provided, however, that, if such breach is of the covenant contained in Section 5(h) of this Agreement, the cure periods set forth herein shall not apply and such breach shall immediately result
in a Default hereunder; 
 (d) Dealers shall breach any covenant contained in Section 5(c) of this Agreement
as of the end of two (2) consecutive fiscal months or as of the end of more than two (2) months in any twelve (12) month period; 
 (e) a Dealer (including, if a Dealer is a partnership or limited liability company, any partner or member of a Dealer) shall die, become insolvent or generally fail to pay its debts as they become due or,
if a business, shall cease to do business as a going concern other than mergers or consolidations permitted by Section 5(d)(iv) of this Agreement; 
 (f) any letter of credit provided by a Dealer to CDF with respect to any Obligations or Collateral shall terminate or not be renewed at least sixty (60) days prior to its stated expiration or
maturity; 
 (g) a Dealer abandons any Collateral with an aggregate value exceeding five hundred thousand dollars
($500,000.00) in any twelve (12) month period; 

  

					
	Inventory Financing Agreement	  	16	  	

 NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST. 

 

 (h) a Dealer shall make an assignment for the benefit of creditors, or
commence a proceeding with respect to itself under any bankruptcy, reorganization, arrangement, insolvency, receivership, dissolution or liquidation statute or similar law of any jurisdiction, or any such proceeding shall be commenced against it or
any of its property and such proceeding commenced against it or any of its property shall not be dismissed or otherwise discharged within sixty (60) days thereafter (an “Automatic Default”); 

(i) an attachment, sale or seizure shall be issued or shall be executed against assets of any Dealer with a value
exceeding five hundred thousand dollars ($500,000.00) in the aggregate in any twelve (12) month period; 

(j) a Dealer shall file or authorize the filing of any correction or termination statement with respect to any Uniform
Commercial Code (the “UCC”) filing made by CDF in connection herewith; 
 (k) any third party
shall file any correction or termination statement with respect to any UCC filing made by CDF in connection herewith and Dealers shall fail to perfect CDF’s security interest in the Collateral and re-establish the first-priority thereof within
thirty (30) days after the filing of such correction or termination statement; 
 (l) a material adverse
change shall occur in the business, operations or financial condition of Dealers, taken as a whole; 

(m) (i) a Dealer fails to make any payment in excess of [****] when due with respect to any debt owed to any third
party (including CDF Affiliates) of [****] or more in the aggregate and such failure shall continue after any applicable notice, grace or cure period therefor; or (ii) a default shall occur, or a Dealer shall give or receive notice of default,
with respect to any debt owed to any third party (including CDF Affiliates) of one million dollars ($1,000,000.00) or more in the aggregate and such default shall entitle such third party to declare such debt due and payable prior to its stated
maturity or to exercise any other right or remedy or take any adverse action with respect thereto; or (iii) a default shall occur, or a Dealer shall give or receive notice of default, with respect to any debt owed to any third party (including
CDF Affiliates) of two hundred fifty thousand dollars ($250,000.00) or more in the aggregate and such third party shall have declared such debt due and payable prior to its stated maturity or exercised any other right or remedy or taken any adverse
action with respect thereto; 
 (n) any final judgment against any Dealer for the payment of one million dollars
($1,000,000.00) or more in excess of insurance, and such judgment shall remain unstayed and unpaid for over thirty (30) days; or 
 (o) any events shall occur which, but for the dollar thresholds set forth in this Section 11, would constitute Defaults hereunder and, in the aggregate, such events relate to asset values, Collateral
values, or payments in excess of two million dollars ($2,000,000.00) in any twelve (12) month period. 

  

					
	Inventory Financing Agreement	  	17	  	

 12. Rights and Remedies Upon Default. Upon the occurrence of a Default, CDF shall
have all rights and remedies of a secured party under the UCC as in effect in any applicable jurisdiction and other applicable law and all the rights and remedies set forth in this Agreement. Upon the occurrence of a Default, CDF may terminate any
obligations it has under this Agreement and any outstanding credit approvals immediately and/or declare any and all Obligations immediately due and payable without notice or demand. Each Dealer waives notice of intent to accelerate, and of
acceleration of any Obligations. Upon the occurrence of a Default, CDF may exercise control over any Deposit Accounts (as defined in Article 9 of the Illinois Uniform Commercial Code) included in the Collateral and apply any balances on deposit
therein to the Obligations in such order and amount as CDF may elect. Upon the occurrence of a Default, CDF may enter any premises of any one or more of Dealers, with or without process of law, without force, to search for, take possession of, and
remove the Collateral, or any part thereof. Upon the occurrence of a Default, if CDF requests, each Dealer shall cease disposition of and shall assemble the Collateral and make it available to CDF, at Dealers’ expense, at a convenient place or
places designated by CDF. Upon the occurrence of a Default, CDF may take possession of the Collateral or any part thereof on any one or more of Dealers’ premises and cause it to remain there at Dealers’ expense, pending sale or other
disposition. Each Dealer agrees that the sale of inventory by CDF to a person who is liable to CDF under a guaranty, endorsement, repurchase agreement or the like shall not be deemed to be a transfer subject to UCC §9-618 or any similar
provision of any other applicable law, and each Dealer waives any provision of such laws to that effect. Each Dealer agrees that the repurchase of inventory by a Vendor pursuant to a repurchase agreement with CDF shall be a commercially reasonable
method of disposition. Dealers shall be jointly and severally liable to CDF for any deficiency resulting from CDF’s disposition of any Collateral, including without limitation a repurchase by a Vendor, regardless of any subsequent disposition
thereof. No Dealer is a beneficiary of, nor has any right to require CDF to enforce, any repurchase agreement. Any notice of a disposition shall be deemed reasonably and properly given if given to a Dealer at least ten (10) days before such
disposition. If a Dealer fails to perform any of its obligations under this Agreement, CDF may perform the same in any form or manner CDF in its reasonable discretion deems necessary or desirable, and all monies paid by CDF in connection therewith
shall be additional Obligations and shall be immediately due and payable without notice together with interest payable on demand at the Default Rate. All of CDF’s rights and remedies shall be cumulative. At CDF’s request, or without
request in the event of an Automatic Default, each Dealer shall pay all Vendor Credits to CDF as soon as the same are received for application to the Obligations. Each Dealer authorizes CDF to collect such amounts directly from Vendors and, upon
request of CDF, shall instruct Vendors to pay CDF directly. Each Dealer irrevocably waives any requirement that CDF retain possession and not dispose of any Collateral until after an arbitration hearing, arbitration award, confirmation, trial or
final judgment or appeal thereof. During the continuation of a Default, CDF’s election to extend or not extend credit to a Dealer is solely at CDF’s discretion. If a Default is in effect, and without regard to whether CDF has accelerated
any Obligations, CDF may, without notice, apply the Default Rate. 
 13. Power of Attorney. Each Dealer authorizes CDF
to: (a) file financing statements describing CDF as “Secured Party,” such Dealer as “Debtor” and indicating the Collateral; (b) authenticate, execute or endorse on behalf of such Dealer any instruments, chattel paper,
certificates of title, manufacturer statements of origin, builder’s certificate, financing statements and amendments thereto, or other notices or records comprising or related to Collateral or evidencing financing under the Agreement or
evidencing or maintaining the perfection of the security interest granted hereby, as attorney-in-fact for such Dealer; and (c) supply any omitted information and
correct errors in any documents between CDF and such Dealer. This power of attorney and the other powers of attorney granted herein are irrevocable and coupled with an interest. 

  

					
	Inventory Financing Agreement	  	18	  	

 14. Collection and Other Costs. Dealers shall pay to CDF on demand all reasonable
attorneys’ fees and legal expenses and other costs and expenses incurred by CDF in connection with establishing, perfecting, maintaining perfection of, protecting and enforcing its Lien on the Collateral and collecting any Obligations, or in
connection with the negotiation and execution of this Agreement and any modification thereof, any Default or in connection with any action or proceeding under any bankruptcy or insolvency laws or incurred pursuant to an arbitration proceeding
involving a Dealer or any Collateral. All fees, expenses, costs and other amounts described in this Section 14 shall constitute Obligations, shall be secured by the Collateral and interest shall accrue thereon at the Default Rate. 

15. Information. Each Dealer irrevocably authorizes CDF to investigate and make inquiries of former, current, or future creditors
or other persons and credit bureaus regarding or relating to Dealers (including, to the extent permitted by law, any equity holders of any Dealer, unless the equity of such Dealer is publicly-traded on a recognized exchange). CDF may provide to any
CDF Affiliate or any third parties any financial, credit or other information regarding Dealers that CDF may at any time possess, whether such information was supplied by Dealers to CDF or otherwise obtained by CDF. Further, each Dealer irrevocably
authorizes and instructs any third parties (including without limitation, any Vendors or customers of Dealers) to provide to CDF any credit, financial or other information regarding Dealers that such third parties may at any time possess, whether
such information was supplied by any Dealer to such third parties or otherwise obtained by such third parties. 
 16.
Dealers’ Claims Against Vendors. No Dealer will assert against CDF any claim or defense such Dealer may have against any Vendor whether for breach of contract, warranty, misrepresentation, failure to ship, lack of authority, or
otherwise, including without limitation claims or defenses based upon charge backs, credit memos, rebates, price protection payments or returns. Any such claims or defenses or other claims or defenses a Dealer may have against a Vendor shall not
affect Dealers’ liabilities or obligations to CDF. 
 17. Term and Termination. Unless sooner terminated as provided
in this Agreement, the term of this Agreement shall commence on the date hereof and continue until June 28, 2016 and, if CDF provides written notice to Dealers of CDF’s intent to renew the current term at least (ninety) 90 days prior to
the end of the then current term, at CDF’s sole election and subject to Dealer’s consent, the term of this Agreement shall automatically renew for up to two successive one year periods thereafter. Upon termination of this Agreement, all
Obligations to CDF hereunder shall become immediately due and payable without notice or demand. Upon any termination, Dealers shall remain fully and jointly and severally liable to CDF for all Obligations hereunder, including without limitation all
fees, expenses and charges, arising prior to or after termination, and all of CDF’s rights and remedies and its security interest shall continue until all Obligations to CDF hereunder are paid and all obligations of Dealers to CDF hereunder are
performed in full. All waivers and indemnifications in CDF’s favor, and the agreement to arbitrate, set forth in this Agreement will survive any termination of this Agreement. 

18. Binding Effect; Participations. No Dealer may assign its interest in this Agreement without CDF’s prior written consent.
CDF may assign or participate CDF’s interest, in whole or in part, without Dealers’ consent; provided that CDF shall retain a majority interest in this Agreement and shall not agree to modify the voting rights of participants as
previously disclosed in writing to Dealer, unless a Default or any event which, with the giving of notice, the passage of time, or both would result in a Default, shall have occurred and be continuing at the time of such assignment or participation.
This Agreement will protect and bind CDF’s and each Dealer’s respective heirs, representatives, successors and assigns, as the case may be. 

  

					
	Inventory Financing Agreement	  	19	  	

 19. Notices. Except as required by law or as otherwise provided herein, all notices
or other communications to be given under the Agreement or under the UCC shall be in writing served either personally, by deposit with a reputable overnight courier with charges prepaid, or by deposit in the United States mail, first-class postage prepaid or provided for, addressed to Dealers at their chief executive offices shown below or to any office to which CDF sends billing statements, or to CDF at its address shown in the preamble
hereto, to the attention of its Credit Department, or at such other address designated by such party by notice to the other. Any such communication shall be deemed to have been given upon delivery in the case of personal delivery, one Business Day
after deposit with an overnight courier or three (3) Business Days after deposit in the United States mail except that any notice of change of address shall not be effective until actually received. 

20. Severability. If any provision of this Agreement or its application is invalid or unenforceable, the remainder of this
Agreement will not be impaired or affected and will remain binding and enforceable. 
 21. Receipt of Agreement. Each
Dealer acknowledges that it has received a true and complete copy of this Agreement. Each Dealer has read and understands this Agreement. Notwithstanding anything herein to the contrary, CDF may rely on any facsimile copy, electronic data
transmission, or electronic data storage of: this Agreement, any Transaction Statement, billing statement, financing statement, authorization to pre-file financing statements, invoice from a Vendor, financial statements or other reports, which will
be deemed an original, and the best evidence thereof for all purposes. 
 22. Acceptance by CDF. CDF may accept this
Agreement by issuance of an approval to a Vendor for the purchase of inventory by Dealers or by making an advance hereunder. 

23. Miscellaneous. Time is of the essence regarding each Dealer’s performance of its obligations to CDF. Each Dealer’s
liability to CDF is direct and unconditional and will not be affected by the release or nonperfection of any security interest granted hereunder. CDF may refrain from or postpone enforcement of this Agreement or any other agreements between CDF and
a Dealer without prejudice, and the failure to strictly enforce these agreements will not create a course of dealing which waives, amends or modifies such agreements. Any waiver by CDF of a Default shall only be effective if in writing signed by CDF
and transmitted to a Dealer. The express terms of this Agreement will not be modified by any course of dealing, usage of trade, or custom of trade which may deviate from the terms hereof. If a Dealer fails to pay any taxes, fees or other obligations
which may materially impair CDF’s interest in the Collateral, or fails to keep any Collateral insured, CDF may, but shall not be required to, pay such amounts. Such paid amounts will be: (a) additional Obligations which Dealers owe to CDF,
which are subject to finance charges as provided herein and shall be secured by the Collateral; and (b) due and payable immediately in full upon demand to Dealers. Section titles used herein are for convenience only, and do not define or limit
the contents of any Section. All words used herein shall be understood and construed to be of such number and gender as the circumstances may require. This Agreement may be validly executed in one or more multiple counterpart signature pages. This
Agreement shall be construed without presumption for or against any party who drafted all or any portion of this Agreement. No modification of this Agreement shall bind CDF unless in a writing signed by CDF and transmitted to Dealers. Among other
symbols, CDF hereby adopts “GE Commercial Distribution Finance Corporation,” “GE Commercial Distribution Finance,” “GECDF” or “CDF” as evidence of its intent to authenticate a record. 

  

					
	Inventory Financing Agreement	  	20	  	

 24. List of Dealers. The following persons are parties to this Agreement as Dealers:

  

					
	 DEALER NAME
	  	 TYPE OF ENTITY
	  	 JURISDICTION

	MarineMax, Inc.	  	corporation	  	Delaware
	MarineMax East, Inc.	  	corporation	  	Delaware
	MarineMax Services, Inc.	  	corporation	  	Delaware
	MarineMax Northeast, LLC	  	limited liability company	  	Delaware
	Boating Gear Center, LLC	  	limited liability company	  	Delaware
	US Liquidators, LLC	  	limited liability company	  	Delaware
	 Newcoast Financial Services, LLC

My Web Services, LLC
 MarineMax Charter Services,
LLC
	  	 limited liability company

limited liability company
 limited liability
company
	  	 Delaware
 Delaware

Delaware

 25. Limitation of Remedies and Damages. In the event there is any dispute under this Agreement,
the aggrieved party shall not be entitled to exemplary or punitive damages so that the aggrieved party’s remedy in connection with any action arising under or in any way related to this Agreement shall be limited to a breach of contract action
and any damages in connection therewith are limited to actual and direct damages, except that CDF may seek equitable relief in connection with any judicial repossession of, or temporary restraining order with respect to, the Collateral. 

26. BINDING ARBITRATION. 
 (a) Arbitrable Claims. Except as otherwise specified below, all actions, disputes, claims and controversies under common law, statutory law or in equity of any type or nature whatsoever, whether
arising before or after the date of this Agreement, and whether directly or indirectly relating to: (i) this Agreement and/or any amendments and addenda hereto, or the breach, invalidity or termination hereof; (ii) any previous or
subsequent agreement between CDF and any one or more Dealers; (iii) any act committed by CDF or by any parent company, subsidiary or affiliated company of CDF (the “CDF Companies”), or by any employee, agent, officer or
director of a CDF Company whether or not arising within the scope and course of employment or other contractual representation of the CDF Companies provided that such act arises under a relationship, transaction or dealing between CDF and any one or
more Dealers; and/or (iv) any other relationship, transaction or dealing between or among CDF and any one or more Dealers (collectively the “Disputes”), will be subject to and resolved by binding arbitration. Notwithstanding
the foregoing, the parties agree that either party may pursue claims against the other that do not exceed Fifteen Thousand Dollars ($15,000.00) in the aggregate in a court of competent jurisdiction. Service of arbitration claims shall be acceptable
if made by U.S. mail or overnight delivery to the address for the party described herein. 

  

					
	Inventory Financing Agreement	  	21	  	

 (b) Administrative Body. All arbitration hereunder will be conducted
in accordance with the Commercial Arbitration Rules of either: (i) The American Arbitration Association (“AAA”); or (ii) United States Arbitration & Mediation (“USA&M”). The party first filing
an arbitration claim shall designate which arbitration forum and rules are to be applied for all disputes between the parties. The arbitration rules are currently found at www.adr.org for AAA, and at www.usam-midwest.com for USA&M. AAA claims
may be filed in any AAA office. Claims filed with USA&M shall be filed in its Midwest office located at 720 Olive Street, Suite 2020, St. Louis, Missouri 63101. All arbitrator(s) selected will be attorneys with at least five (5) years
secured transactions experience. A panel of three arbitrators shall hear all claims exceeding One Million Dollars ($1,000,000.00), exclusive of interest, costs and attorneys’ fees. The arbitrator(s) will decide if any inconsistency exists
between the rules of the applicable arbitral forum and the arbitration provisions contained herein. If such inconsistency exists, the arbitration provisions contained herein will control and supersede such rules. The arbitrator shall follow the
terms of this Agreement and the applicable law, including without limitation, the attorney-client privilege and the attorney work product doctrine. 
 (c) Hearings. Each party hereby consents to a documentary hearing for all arbitration claims by submitting the dispute to the arbitrator(s) by written briefs and affidavits, along with relevant
documents. However, arbitration claims will be submitted by way of an oral hearing if any party requests an oral hearing within forty (40) days after service of the claim and that party remits the appropriate deposit for fees and arbitrator
compensation within ten (10) days of making the request. Each party agrees that failure to timely pay all fees and arbitrator compensation billed to the party requesting the oral hearing will be deemed such party’s consent to submitting
the Dispute to the arbitrator on documents and such party’s waiver of its request for an oral hearing. The site of all oral arbitration hearings will be in the Division of the Federal Judicial District in which the designated arbitration
association maintains a regional office that is closest to Dealers. 
 (d) Discovery. Discovery permitted
in any arbitration proceeding commenced hereunder is limited as follows. No later than forty (40) days after the filing and service of a claim for arbitration, the parties in contested cases will exchange detailed statements setting forth the
facts supporting the claim(s) and all defenses to be raised during the arbitration, and a list of all exhibits and witnesses. No later than twenty-one (21) days prior to the oral arbitration hearing, the parties will exchange a final list of
all exhibits and all witnesses, including any designation of any expert witness(es) together with a summary of their testimony; a copy of all documents and a detailed description of any property to be introduced at the hearing. Under no
circumstances will the use of interrogatories, requests for admission, requests for the production of documents or the taking of depositions be permitted. However, in the event of the designation of any expert witness(es), the following will occur:
(i) all information and documents relied upon by the expert witness(es) will be delivered to the opposing party; (ii) the opposing party will be permitted to depose the expert witness(es); (iii) the opposing party will be permitted to
designate rebuttal expert witness(es); and (iv) the arbitration hearing will be continued to the earliest possible date that enables the foregoing limited discovery to be accomplished. 

(e) Exemplary or Punitive Damages. The arbitrator(s) will not have the authority to award exemplary or punitive
damages. 

  

					
	Inventory Financing Agreement	  	22	  	

 (f) Confidentiality of Awards. All arbitration proceedings, including
testimony or evidence at hearings, will be kept confidential, although any award or order rendered by the arbitrator(s) pursuant to the terms of this Agreement may be confirmed as a judgment or order in any state or federal court of competent
jurisdiction within the federal judicial district which includes the residence of the party against whom such award or order was entered. This Agreement concerns transactions involving commerce among the several states. The Federal Arbitration Act,
Title 9 U.S.C. Sections 1 et seq., as amended (“FAA”) will govern all arbitration(s) and confirmation proceedings hereunder. 
 (g) Prejudgment and Provisional Remedies. Nothing herein will be construed to prevent CDF’s or a Dealer’s use of bankruptcy, receivership, injunction, repossession, replevin, claim and
delivery, sequestration, seizure, attachment, foreclosure, and/or any other prejudgment or provisional action or remedy relating to any Collateral for any current or future debt owed by either party to the other. Any such action or remedy will not
waive CDF’s or a Dealer’s right to compel arbitration of any Dispute. 
 (h) Attorneys’
Fees. If either a Dealer or CDF brings any other action for judicial relief with respect to any Dispute (other than those set forth in Sections 26(a) or 26(g) of this Agreement), the party bringing such action will be liable for and immediately
pay all of the other party’s costs and expenses (including attorneys’ fees) incurred to stay or dismiss such action and remove or refer such Dispute to arbitration. If either a Dealer or CDF brings or appeals an action to vacate or modify
an arbitration award and such party does not prevail, such party will pay all costs and expenses, including attorneys’ fees, incurred by the other party in defending such action. Additionally, if a Dealer sues CDF or institutes any arbitration
claim or counterclaim against CDF in which CDF is the prevailing party, Dealers will pay all costs and expenses (including attorneys’ fees) incurred by CDF in the course of defending such action or proceeding. 

(i) Limitations. Any arbitration proceeding must be instituted: (i) with respect to any Dispute for the
collection of any debt owed by either party to the other, within two (2) years after the date the last payment by or on behalf of the payor was received and applied in respect of such debt by the payee; and (ii) with respect to any other
Dispute, within two (2) years after the date the incident giving rise thereto occurred, whether or not any damage was sustained or capable of ascertainment or either party knew of such incident. Failure to institute an arbitration proceeding
within such period will constitute an absolute bar and waiver to the institution of any proceeding, whether arbitration or a court proceeding, with respect to such Dispute. Notwithstanding the foregoing, this limitations provision will be suspended
temporarily as of the date any of the following events occur and will not resume until the date following the date either party is no longer subject to (A) bankruptcy, (B) receivership, (C) any proceeding regarding an assignment for
the benefit of creditors, or (D) any legal proceeding, civil or criminal, which prohibits either party from foreclosing any interest it might have in the collateral of the other party. 

(j) Survival After Termination. The agreement to arbitrate will survive the termination of this Agreement.

  

					
	Inventory Financing Agreement	  	23	  	

 27. Multiple Dealers; Joint and Several Liability; Designation of Authorized
Representatives. 
 (a) All advances by CDF to and all other Obligations of any Dealer shall constitute one
general obligation of all of the Dealers. Notwithstanding anything herein to the contrary, the Dealers shall be primarily and jointly and severally liable for all Obligations of any Dealer to CDF. Notwithstanding the foregoing, if and to the extent
a Dealer is deemed to be a guarantor of another Dealer hereunder, such Dealer’s liability for any credit extended to or for the benefit of such other Dealer shall be deemed to be a guaranty of payment and performance, and not merely a guaranty
of collection. To the fullest extent permitted by law, each Dealer hereby waives promptness, diligence, notice of acceptance, and any other notices of any nature whatsoever with respect to any of the Obligations to CDF under this Agreement, and any
requirement that CDF protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against any other Dealer, any other person or any Collateral. Each Dealer agrees that any
rights of subrogation, indemnification, reimbursement or any similar rights it may have against any other Dealer with respect to its liability hereunder or otherwise, whether such rights arise under an express or implied contract or by operation of
law, shall be subject, junior and subordinate in all respect to all Obligations of such Dealer to CDF hereunder and that the enforcement of such rights shall be stayed until such time as the Dealers shall have indefeasibly paid in full all of the
Obligations to CDF hereunder and CDF shall be under no duty to extend credit to or for the benefit of any Dealer. The liability of each Dealer shall be absolute and unconditional irrespective of (i) any change in the time, manner or place of
payment of, or in any other term of, any of the Obligations, or any other amendment or waiver of or any consent to departure from this Agreement or any other agreement between or among any one or more of the Dealers and CDF, (ii) any exchange,
release or non-perfection of any Collateral or any release or amendment or waiver of or consent to departure from any other guaranty or any release of any guarantor or any other person liable in whole or in part for all or any of the Obligations to
CDF under this Agreement, (iii) the disallowance or avoidance of all or any portion of CDF’s claim(s) for repayment of the Obligations of any Dealer to CDF hereunder or of CDF’s interest in any security for such Obligations, or
(iv) any other circumstance which might otherwise constitute a defense available to, or discharge of, a Dealer or a guarantor or any other surety. 
 (b) Each Dealer (each, a “Principal”) hereby appoints each other Dealer (each, an “Agent”) as the Principal’s agent and attorney-in-fact (1) to take any action,
(2) to execute any document or instrument, (3) to consent or agree to any amendment or other modification of this Agreement and/or any other agreements between or among any one or more of the Dealers and CDF and/or any waiver of or
departure from any of the terms hereof or thereof, (4) to perform any Obligation to CDF under this Agreement of the Principal, and (5) to give or receive any notice by or to any Dealer hereunder or thereunder; and in each case without
regard to whether any such action is done in the name of an Agent or a Principal and, if done in the name of an Agent, without regard to whether such Agent’s capacity as agent or attorney-in-fact is so designated. Without limiting the
generality of the foregoing, an Agent may request extensions of credit to or on behalf of any one or more of the Dealers and/or incur any 
 other Obligations for the account of any one or more of the Dealers, and in any such event all of the Dealers shall be fully and jointly and severally bound by and liable for the actions of such Agent.
CDF shall be entitled to rely absolutely and without duty of inquiry or investigation upon any agreement, request, communication or other notice given by an Agent under this Agreement and/or any other agreements between or among any one or more of
the Dealers and CDF (including without limitation, any request by an Agent to make credit extensions to or on behalf of itself and/or any one or more other Dealers) until three (3) Business Days after CDF shall have received written notice from
each Principal of the revocation of this agency and power of attorney, which revocation shall constitute a Default. 

  

					
	Inventory Financing Agreement	  	24	  	

 NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST. 

 

 (c) Each Dealer hereby authorizes any officer (and the Cash Manager and
Treasury Manager in connection with (i) remittances to and from the [****], and (ii) requests pre-owned investnory advances pursuant to Section 1(c) of this Agreement) to act on behalf of such Dealer in connection with this Agreement,
the certificates and documents contemplated hereby, and the transactions referenced herein and therein. CDF shall be entitled to rely absolutely and without duty of inquiry or investigation upon any agreement, request, communication or other notice
given by such authorized persons under this Agreement and/or any other agreements between or among any one or more of the Dealers and CDF (including without limitation, any request by such authorized representative to make credit extensions to or on
behalf of such Dealer) until three (3) Business Days after CDF shall have received written notice from such Dealer of the revocation of such person’s authority and the identity of each additional person authorized to act on behalf of such
Dealer thereafter. 
 28. Governing Law. This Agreement and all agreements between or among Dealers and CDF have been
substantially negotiated and will be substantially performed in the state of Illinois. Accordingly, all Disputes will be governed by, and construed in accordance with, the laws of such state, except to the extent inconsistent with the provisions of
the FAA, which will control and govern all arbitration proceedings hereunder. 
 29. INVALIDITY/UNENFORCEABILITY OF BINDING
ARBITRATION. IF THIS AGREEMENT IS FOUND TO BE NOT SUBJECT TO ARBITRATION, ANY LEGAL PROCEEDING WITH RESPECT TO ANY DISPUTE WILL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE WITHOUT A JURY. DEALERS AND CDF WAIVE ANY RIGHT TO A JURY
TRIAL IN ANY SUCH PROCEEDING. SIMILARLY, IF THIS AGREEMENT OR A PARTICULAR DISPUTE HEREUNDER IS NOT SUBJECT TO ARBITRATION, DEALERS HEREBY CONSENT TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURT LOCATED WITHIN ILLINOIS AND WAIVE ANY
OBJECTION WHICH DEALERS MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY ACTION OR PROCEEDING IN ANY SUCH COURT. 
 [Remainder of page blank] 

  

					
	Inventory Financing Agreement	  	25	  	

 THIS CONTRACT CONTAINS BINDING ARBITRATION, 

JURY WAIVER AND PUNITIVE DAMAGE WAIVER PROVISIONS. 
 Dated: June 28, 2013. 
  

					
	MARINEMAX, INC.	 	
			
	By:	 	/s/ Kurt M. Frahn	 	
		 	  
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Vice President of Finance, Treasurer and Assistant Secretary	 	
	Tax ID:	 	59-3496957	 	
	Org. ID (if any): 2849981 8100	 	
		
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 	Suite 300
		 	Clearwater, FL 33764
		
	MARINEMAX EAST, INC.	 	
			
	By:	 	/s/ Kurt M. Frahn	 	
		 	  
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	94-3382331	 	
	Org. ID (if any): 3332179 8100	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 	Suite 300
		 	Clearwater, FL 33764
		
	MARINEMAX SERVICES, INC.	 	
			
	By:	 	/s/ Kurt M. Frahn	 	
		 	  
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	74-2979572	 	
	Org. ID (if any): 3331764 8100	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 	Suite 300
		 	Clearwater, FL 33764

  

					
	Inventory Financing Agreement	  		  	

					
	MARINEMAX NORTHEAST, LLC	 	
			
	By:	 	/s/ Kurt M. Frahn	 	
		 	  
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	26-0668571	 	
	Org. ID (if any): 4402087 8100	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 	Suite 300
		 	Clearwater, FL 33764
		
	BOATING GEAR CENTER, LLC	 	
	 By: MARINEMAX EAST, INC., the sole member of
 Boating Gear Center, LLC
	 	
			
	By:	 	/s/ Kurt M. Frahn	 	
		 	  
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	20-2113374	 	
	Org. ID (if any): 3908460 8100	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 	Suite 300
		 	Clearwater, FL 33764
		
	US LIQUIDATORS, LLC	 	
			
	By:	 	/s/ Kurt M. Frahn	 	
		 	  
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	20-5817473	 	
	Org. ID (if any): 4242668 8100	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 	Suite 300
		 	Clearwater, FL 33764

  

  

					
	Inventory Financing Agreement	 		 	

 MY WEB SERVICES, LLC 
  

					
	By: MARINEMAX, INC., the sole member of My Web Services, LLC	 	
			
	By:	 	 /s/ Kurt M. Frahn
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	 Vice President of Finance, Treasurer
 and Assistant Secretary
	 	
	Tax ID:	 	27-4689836	 	
	Org. ID (if any): 4933499	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 		 	Suite 300
		 	Clearwater, FL 33764

 MARINEMAX CHARTER SERVICES, LLC 
  

					
	By: MARINEMAX EAST, INC., the sole member of MarineMax Charter Services, LLC	 	
			
	By:	 	 /s/ Kurt M. Frahn
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	45-3265782	 	
	Org. ID (if any): 5037331	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 		 	Suite 300
		 	Clearwater, FL 33764

  

					
	NEWCOAST FINANCIAL SERVICES, LLC	 	
			
	By:	 	 /s/ Kurt M. Frahn
	 	
	Print Name:	 	Kurt M. Frahn	 	
	Title:	 	Assistant Secretary	 	
	Tax ID:	 	59-3529057	 	
	Org. ID (if any): 2920730 8100	 	
	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
		 		 	Suite 300
		 	Clearwater, FL 33764

  

  

					
	Inventory Financing Agreement	 		 	

			
	 GE COMMERCIAL DISTRIBUTION FINANCE
 CORPORATION

		
	By:	 	 /s/ Don Grabowski

	Print Name:	 	Don Grabowski
	Title:	 	Underwriting Manager

  

  

					
	Inventory Financing Agreement	 		 	

 Exhibit A 
 Existing Vendors 

  

					
	Inventory Financing Agreement	  	A-1	  	

 Exhibit B 
 Existing Liens 

  

					
	Inventory Financing Agreement	  	B-1	  	

 Exhibit C 
 Permitted Locations 

  

					
	Inventory Financing Agreement	  	C-1	  	

 Exhibit D 
 Form of Compliance Certificate 

  

					
	Inventory Financing Agreement	  	D-1

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