Document:

Exhibit

Exhibit 10.1
ELEVENTH AMENDMENT TO AMENDED AND RESTATED 
MASTER REPURCHASE AGREEMENT
THIS ELEVENTH AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of July 24, 2019 (the “Effective Date”), is made and entered into among NVR MORTGAGE FINANCE, INC., a Virginia corporation (the “Seller”), U.S. BANK NATIONAL ASSOCIATION, as agent (in such capacity, the “Agent”) and a Buyer, and the other Buyers (the “Buyers”).
RECITALS
A.    The Seller and the Buyers are parties to an Amended and Restated Master Repurchase Agreement dated as of August 2, 2011 as amended by a First Amendment to Amended and Restated Master Repurchase Agreement dated as of August 1, 2012, a Second Amendment to Amended and Restated Master Repurchase Agreement dated as of November 13, 2012, a Third Amendment to Amended and Restated Master Repurchase Agreement dated as of November 29, 2012, a Fourth Amendment to Amended and Restated Master Repurchase Agreement dated as of July 31, 2013, a Fifth Amendment to Amended and Restated Master Repurchase Agreement dated as of July 30, 2014, a Sixth Amendment to Amended and Restated Master Repurchase Agreement dated as of July 29, 2015, a Seventh Amendment to Amended and Restated Master Purchase Agreement dated as of January 18, 2016, an Eighth Amendment to Amended and Restated Master Purchase Agreement dated as of July 27, 2016, a Ninth Amendment to Amended and Restated Master Purchase Agreement dated as of July 26, 2017, and a Tenth Amendment to Amended and Restated Master Repurchase Agreement dated July 25, 2018 (as further amended, restated or otherwise modified from time to time, the “Repurchase Agreement”); and 
B.    The Seller and the Buyers now desire to amend certain provisions of the Repurchase Agreement as set forth herein.
AGREEMENT
In consideration of the premises herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, all parties hereto agree as follows:
Section 1.    Definitions.  Capitalized terms used and not otherwise defined in this Amendment have the meanings specified in the Repurchase Agreement.
Section 2.    Amendments.  The Repurchase Agreement is hereby amended as follows:  
2.1    Definitions.  Section 1.2 of the Repurchase Agreement is hereby amended by adding or amending and restating, as applicable, the following defined terms to read in their entireties as follows:

 “Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“LIBOR Margin” means 1.85%.
“Termination Date” means the earlier of (i) July 22, 2020, and (ii) the date when the Buyers’ Commitments are terminated pursuant to this Agreement, by order of any Governmental Authority or by operation of law.
2.2    Full Disclosure.  Section 15.2(s) of the Repurchase Agreement is amended and restated in its entirety as follows:
(s)    Full Disclosure.  Each material fact or condition relating to the Repurchase Documents and the Central Elements has been disclosed in writing to the Agent.  All information previously furnished by the Seller and its Subsidiaries to the Agent in connection with the Repurchase Documents was and all information furnished in the future by the Seller and its Subsidiaries to the Agent or Buyers will be true and accurate in all material respects or based on reasonable estimates on the date the information is stated or certified.  To the best knowledge of the Seller, neither the financial statements referred to in Section 15.2(f) , nor any Request/Confirmation, market analysis report, officer’s certificate or any other report or statement delivered by the Seller and its Subsidiaries to the Agent in connection with this Agreement, contains any untrue statement of material fact.  The information included in the most recently delivered Beneficial Ownership Certification is true and correct in all respects.  
2.3    Beneficial Ownership Reporting.  Section 16.5 of the Repurchase Agreement is amended by adding a new clause (i) thereto, to read as follows:
(i)    (i) Upon request of the Administrative Agent, a Beneficial Ownership Certification, and (ii) any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.
2.4    Tangible Net Worth Ratio.  Section 17.13 of the Repurchase Agreement is hereby amended and restated to read in its entirety as follows:
17.13.    Tangible Net Worth Ratio.   At all times, the ratio of (i) Total Liabilities to (ii) Adjusted Tangible Net Worth shall not be more than 14.0 to 1.0
2.5    Certain ERISA Matters.  Section 22 of the Repurchase Agreement is amended by adding a new Section 22.20 thereto, to read as follows: 
22.20     Certain ERISA Matters.  

(a)     Each Buyer (x) represents and warrants, as of the date such Person became a Buyer party hereto, to, and (y) covenants, from the date such Person became a Buyer party hereto to the date such Person ceases being a Buyer party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Seller or any Subsidiary, that at least one of the following is and will be true: 
(i)     such Buyer is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Buyer’s entrance into, participation in, administration of and performance of the Transactions, the Commitments or this Agreement, 
(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Buyer’s entrance into, participation in, administration of and performance of the Transactions, the Commitments and this Agreement, 
(iii)    (A) such Buyer is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Buyer to enter into, participate in, administer and perform the Transactions, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Transactions, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Buyer, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Buyer’s entrance into, participation in, administration of and performance of the Transactions, the Commitments and this Agreement, or 
(iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Buyer.
(b)    In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Buyer or (2) a Buyer has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Buyer further (x) represents and warrants, as of the date such Person became a Buyer party hereto, to, and (y) covenants, from the date such Person became a Buyer party hereto to the date such Person ceases being a Buyer party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Seller or any Subsidiary, that the Administrative Agent is not a fiduciary with respect to the assets of such Buyer involved in such Buyer’s 

entrance into, participation in, administration of and performance of the Transactions, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Repurchase Document or any documents related hereto or thereto).
2.6    Exhibits and Schedules.  Exhibit C and Schedule AI to the Repurchase Agreement is amended and restated in its entirety to read as set forth on Exhibit C and Schedule AI, respectively, to this Amendment.
Section 3.    Representations, Warranties, Authority, No Adverse Claim.  
3.1    Reassertion of Representations and Warranties, No Default.  The Seller hereby represents and warrants that on and as of the date hereof and after giving effect to this Amendment (a) all of the representations and warranties in the Repurchase Agreement are true, correct, and complete in all respects as of the date hereof as though made on and as of such date, except for changes permitted by the terms of the Repurchase Agreement, and (b) there will exist no Default or Event of Default under the Repurchase Agreement, as amended by this Amendment, on such date that the Buyers have not waived.  
3.2    Authority, No Conflict, No Consent Required.  The Seller represents and warrants that it has the power, legal right, and authority to enter into this Amendment and has duly authorized by proper corporate action the execution and delivery of this Amendment and none of the agreements herein contravenes or constitutes a default under any agreement, instrument, or indenture to which the Seller is a party or a signatory, any provision of the Seller’s articles of incorporation or bylaws, or any other agreement or requirement of law or results in the imposition of any Lien on any of its property under any agreement binding on or applicable to the Seller or any of its property except, if any, in favor of the Buyers.  The Seller represents and warrants that no consent, approval, or authorization of or registration or declaration with any Person, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Seller of this Amendment or the performance of obligations of the Seller herein described, except for those that the Seller has obtained or provided and as to which the Seller has delivered certified copies of documents evidencing each such action to the Buyers.
3.3    No Adverse Claim.  The Seller hereby warrants, acknowledges, and agrees that no events have taken place and no circumstances exist at the date hereof that would give the Seller a basis to assert a defense, offset, or counterclaim to any claim of the Agent or the Buyers with respect to the Seller’s obligations under the Repurchase Agreement as amended by this Amendment. 
Section 4.    Conditions Precedent.  The effectiveness of the amendments hereunder shall be subject to satisfaction of the following conditions precedent:

4.1    The Agent shall have received the following documents in a quantity sufficient that the Seller and each Buyer may each have a fully executed original of each such document:
(a)    this Amendment duly executed by the Seller, the Agent, and the Buyers; 
(b)    a certificate of the Secretary or an Assistant Secretary of the Seller certifying (i) that there has been no change to Seller’s articles of incorporation or bylaws since copies of the same were delivered to the Agent on August 5, 2008; (ii) as to a copy attached thereto of resolutions authorizing the execution, delivery, and performance of this Amendment, and the other documents and agreements executed and delivered in connection herewith; and (iii) as to the names, incumbency, and specimen signatures of the persons authorized to execute this Amendment on behalf of the Seller; and
(c)    such other documents as the Agent reasonably requests.
4.2    The Seller shall have paid any outstanding Agent’s Fees and any other fees then due under Article 9 of the Repurchase Agreement.
Section 5.    Miscellaneous.
5.1    Ratifications.  The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Repurchase Agreement and the other Repurchase Documents.  Except as expressly modified and superseded by this Amendment, the terms and provisions of the Repurchase Agreement and each other Repurchase Document are ratified and confirmed and shall continue in full force and effect.
5.2    Survival.  The representations and warranties made by the Seller in this Amendment shall survive the execution and delivery of this Amendment.
5.3    Reference to Repurchase Agreement.  Each of the Repurchase Documents, including the Repurchase Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Repurchase Agreement as amended hereby, is hereby amended so that any reference in such Repurchase Document to the Repurchase Agreement shall refer to the Repurchase Agreement as amended and modified hereby.
5.4    Applicable Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York as applicable to the Repurchase Agreement.
5.5    Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the Agent, the Buyers, the Seller, and their respective successors and 

assigns, except that the Seller may not assign or transfer any of its rights or obligations hereunder without the prior written consent of each of the Buyers.
5.6    Counterparts.  This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.
5.7    Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
5.8    ENTIRE AGREEMENT.  THIS AMENDMENT AND THE OTHER REPURCHASE DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the date first written above.
	
			
	NVR MORTGAGE FINANCE, INC., as Seller

	By:
	/s/ Eugene J. Bredow
	 

	Name:
	Eugene J. Bredow
	 

	Title:
	President
	 

	 
	 
	 

[Signature Page to Eleventh Amendment to 
Amended and Restated Master Repurchase Agreement]

	
			
	U.S. BANK NATIONAL ASSOCIATION, as Agent and as a Buyer

	By:
	/s/ Edwin D. Jenkins
	 

	Name:
	Edwin D. Jenkins
	 

	Title:
	Senior Vice President
	 

	 
	 
	 

[Signature Page to Eleventh Amendment to 
Amended and Restated Master Repurchase Agreement]

SCHEDULE AI to
ELEVENTH Amendment to
Amended and Restated
Master Repurchase Agreement

SCHEDULE AI 
TO MASTER REPURCHASE AGREEMENT

	
					
	Approved Investors List

	Investor
	S&P CP Rating
	Moody's CP Rating
	Related Parent Company
	Product Approval

	Bayview Acquisitions, LLC
	N/A
	N/A
	 
	Conforming

	Caliber Funding
	N/A
	N/A
	 
	Conforming

	Dollar Bank 
	N/A
	N/A
	 
	Non-Conforming/
Conforming

	Federal Home Loan Mortgage Corp
	N/A
	N/A
	 
	Conforming

	Federal National Mortgage Assoc. 
	N/A
	N/A
	 
	Conforming

	First National Bank of Pennsylvania 
	N/A
	P-2
	FNB Corporation
	Non-Conforming/
Conforming

	Ginnie Mae Securities
	A-1
	N/A
	 
	Conforming

	Huntington National Bank of Columbus OH
	N/A
	N/A
	Huntington National Bancshares, Inc.
	Non-Conforming/
Conforming

	Lakeview Loan Servicing
	 
	 
	 
	Non-Conforming/
Conforming

	Merchants Mortgage
	 
	 
	Merchants Bank of Indiana
	Non-Conforming/
Conforming

	NASA Federal Credit Union
	 
	 
	 
	Non-Conforming/ Conforming

	Northpoint
	 
	 
	 
	Non-Conforming/
Conforming

	PennyMac Corporation
	N/A
	N/A
	PennyMac Mortgage Inv Trust
	Non-Conforming/
Conforming

	Pentagon Federal Credit Union, Alexandria VA 
	N/A
	N/A
	 
	Non-Conforming/
Conforming

	Roundpoint Mortgage Servicing Corp
	N/A
	N/A
	 
	Conforming

	Sandy Spring Bank of Olney MD
	N/A
	N/A
	 
	Non-Conforming/
Conforming

	U.S. Bank Home Mortgage
	A-1
	P-1
	 
	Non-Conforming/
Conforming

	U.S. Department of Agriculture
	 
	 
	 
	Conforming 

	Wells Fargo Bank, N.A.
	A-1
	P-1
	 
	Non-Conforming/
Conforming

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Approved Investors List

	Housing Agencies

	Delaware State Housing Agency
	N/A
	N/A
	 
	Conforming

	District of Columbia Housing Finance Agency
	N/A
	N/A
	 
	Conforming

	Florida State Housing 
	N/A
	N/A
	 
	Conforming

	HFA of Hillsborough County
	N/A
	N/A
	 
	Conforming

	Housing Opportunities Commission
	N/A
	N/A
	 
	Conforming

	Illinois Housing Development Authority 
	N/A
	N/A
	 
	Conforming

	Indiana Housing & Community Development Authority
	N/A
	N/A
	 
	Conforming

	Maryland Community Development
	N/A
	N/A
	 
	Conforming

	
					
	National Homebuyers Fund
	N/A
	N/A
	Master Servicer - USBHM
	Conforming

	New Jersey Housing & Mortgage Finance
	N/A
	N/A
	 
	Conforming

	North Carolina Housing Finance
	N/A
	N/A
	 
	Conforming

	Ohio Housing Finance Agency
	N/A
	N/A
	 
	Conforming

	Pennsylvania Housing Finance Agency
	N/A
	N/A
	 
	Conforming

	Port of Cincinnati Greater Development Authority
	N/A
	N/A
	Master Servicer - USBHM
	Conforming

	South Carolina State Housing Finance
	N/A
	N/A
	 
	Conforming

	State of New York Mortgage Agency
	N/A
	N/A
	 
	Conforming

	Tennessee Housing Development Agency
	N/A
	N/A
	 
	Conforming

	Virginia Housing Development Authority
	N/A
	N/A
	 
	Conforming

	West Virginia Housing Finance
	N/A
	N/A
	 
	Conforming

EXHIBIT C TO
ELEVENTH AMENDMENT TO
AMENDED AND RESTATED
MASTER REPURCHASE AGREEMENT

EXHIBIT C
TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

FORM OF OFFICER’S CERTIFICATE WITH COMPUTATIONS
TO SHOW COMPLIANCE OR NON-COMPLIANCE WITH
CERTAIN FINANCIAL COVENANTS

OFFICER’S CERTIFICATE

AGENT:    U.S. Bank National Association
SELLER:    NVR MORTGAGE FINANCE, INC.
SUBJECT PERIOD:       ended     , 20___
DATE:      , 20___

This certificate is delivered to the Agent and the Buyers under the Amended and Restated Master Repurchase Agreement dated as of August 2, 2011 (as supplemented, amended or restated from time to time, the “Current Repurchase Agreement”), among the Seller, the Agent, and the Buyers from time to time party thereto.  Unless they are otherwise defined in this request, terms defined in the Current Repurchase Agreement have the same meanings here as there.
The undersigned certifies to the Agent that on the date of this certificate that:
1.    The undersigned is an incumbent officer of the Seller, holding the title stated below the undersigned’s signature below.
2.    The Seller’s Financial Statements that are attached to this certificate were prepared in accordance with GAAP (except that interim Financial Statements exclude notes to Financial Statements and statements of changes to stockholders’ equity and are subject to year-end adjustments) and (subject to the aforesaid proviso as to interim Financial Statements) present fairly the Seller’s financial condition and results of operations as of _________________ for that month (the “Subject Period”) and for the year to that date.
3.    The undersigned supervised a review of the Seller’s activities during the Subject Period in respect of the following matters and has determined the following:
(a)    except to the extent that a representation or warranty speaks to a specific date, the representations and warranties of the Seller in the Current Repurchase Agreement and the other Repurchase Documents are true and correct in all material respects, other than the changes, if any, described on the attached Annex A;

(b)    no event has occurred that could reasonably be expected to have a materially adverse effect on any of the Central Elements of the Seller;
(c)    the Seller has complied with all of its obligations under the Repurchase Documents, other than the deviations, if any, described on the attached Annex A; 
(d)    no Event of Default has occurred that has not been declared by the Agent in writing to have been cured or waived, and no Default has occurred that has not been cured before becoming an Event of Default, other than those Events of Default and/or Defaults, if any, described on the attached Annex A; and 
(e)    compliance by the Seller with the financial covenants in Sections 17.12, 17.13, 17.14, and 17.15 of the Current Repurchase Agreement and the HUD Compare Ratio are accurately calculated on the attached Annex A.
	
			
	NVR MORTGAGE FINANCE, INC., as Seller

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	 
	 
	 

ANNEX A TO OFFICER’S CERTIFICATE
1.    Describe changes to representations and warranties, if any - clause 3(a) of attached Officer’s Certificate; if none, so state:

2.    Describe deviations from compliance with obligations, if any - clause 3(c) of attached Officer’s Certificate; if none, so state:

3.    Describe Defaults or Events of Default, if any - clause 3(d) of attached Officer’s Certificate; if none, so state:

4.    Calculate compliance with covenants in Sections 17.12, 17.13, 17.14, and 17.15 of the Current Repurchase Agreement and the HUD Compare Ratio - clause 3(e) of attached Officer’s Certificate:
(a)    Section 17.12.  The Seller’s Adjusted Tangible Net Worth as of __________ is $____________________ (the minimum under Section 17.12 is $14,000,000).
Adjusted Tangible Net Worth
	
		
	Consolidated Assets: 
	$ _________________

	Minus Debt (excluding Qualified Subordinated Debt):
	$ __________________

	Minus Contingent Indebtedness:
	$ __________________

	Minus Intangible Assets:
	$ __________________

	Minus Affiliate Receivables:
	$ __________________

	        ADJUSTED TANGIBLE NET WORTH:
	$ __________________

(b)    Section 17.13.  The ratio of Seller’s Total Liabilities to Adjusted Tangible Net Worth on a consolidated basis with its Subsidiaries, measured monthly, is ___ to 1.0 (the maximum ratio under Section 17.13 is 14.0:1.0).

Leverage Ratio
	
		
	Total Liabilities (excluding Qualified Subordinated Debt): 
	$ ____________

	Adjusted Tangible Net Worth:
	$ ____________

	        LEVERAGE RATIO:
	_____ To 1.0

(c)    Section 17.14.  The Seller’s Pre-FAS 133 Net Income measured at the end of _________  for the twelve consecutive months then ended is $______(the minimum under Section 17.14 is $2,000,000).
Pre-FAS 133 Net Income
	
		
	Consolidated Net Income (in accordance with GAAP):
	$ _______________

	Plus/Minus FAS-133 Adjustment
(calculated as of the end of the most recent fiscal quarter)
	$ _______________

	Plus/Minus Tax Adjustment
	$ _______________

	        PRE-FAS 133 NET INCOME:
	$ _______________

(d)    Section 17.15.  The Seller’s liquidity (unrestricted cash, Cash Equivalents and unused portion of the Maximum Aggregate Commitment), for the month ended __________________, 20__, was $_____________ (the minimum under Section 17.15 is $10,000,000).
Liquidity
	
		
	Unencumbered cash and cash equivalents:
	$ _______________

	Plus Unused availability (lesser of (i) aggregate Purchase Value - aggregate Purchase Price, or (ii) Maximum Aggregate Commitment - aggregate Purchase Price):
	$ _______________

	        LIQUIDITY:
	$ _______________

(e)    HUD Compare Ratio.  The Seller’s HUD Compare Ratio, as of the last Business Day of the period covered by this certificate, was _____ to 1.00.

	
		
	Ratio (expressed as a percentage of):

	percentage of Seller’s Mortgage Loan originations under the FHA single family mortgage insurance program that were seriously delinquent or were claim terminated in the first two years after origination
	_______%

	to

	percentage of all Mortgage Loan originations under the FHA single family mortgage insurance program that were seriously delinquent or were claim terminated in the first two years after origination
	_______%

	Ratio (two year):
	________

5.    Describe and give details regarding (i) notices received by Seller requesting or demanding that Seller repurchase (or pay indemnity or other compensation in respect of) Mortgage Loans previously sold or otherwise disposed of by the Seller to any Investor or other Person pursuant to any express or implied repurchase or indemnity obligation as per Section 16.5, and (ii) actual repurchase and indemnity payments made by Seller to any Person.  (attach schedule or explanation).

6.    Provide the information specified below concerning other repurchase, reverse repurchase and asset warehousing facilities:
	
					
	 
	 
	Facility #1
	Facility #2
	Facility #3

	LENDER / PROVIDER
	 
	 
	 

	COLLATERAL AGENT
	 
	 
	 

	COMMITTED AMOUNT
	 
	 
	 

	UNCOMMITTED AMOUNT
	 
	 
	 

	AMOUNT OUTSTANDING
	 
	 
	 

	MATURITY DATE
	 
	 
	 

	 
	Pricing
	 
	 
	 

	 
	Libor Floor
	 
	 
	 

	 
	Collateral Fees
	 
	 
	 

	 
	Facility Fee
	 
	 
	 

	 
	Non-Use Fee
	 
	 
	 

	ELIGIBLE COLLATERAL
	 
	 
	 

	 
	Eligible Collateral #1: Agency/conforming (incl. 40-year loans)
	 
	 
	 

	 
	Eligible Collateral #2: Jumbo
	 
	 
	 

	 
	Eligible Collateral #3: 
	 
	 
	 

	 
	Eligible Collateral #4: 
	 
	 
	 

	 
	Eligible Collateral #5: 
	 
	 
	 

	 
	Eligible Collateral #6: 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	COVENANTS
	 
	 
	 

	 
	Covenant #1  Net Worth
	 
	 
	 

	 
	Covenant #2  Leverage
	 
	 
	 

	 
	Covenant #3  Liquidity
	 
	 
	 

	 
	Covenant #4  Net income
	 
	 
	 

	MARK-TO-MARKET PROVISION
	 
	 
	 

	ADDITIONAL INDEBTEDNESS ALLOWED
	 
	 
	 

	ADDITIONAL LIENS ALLOWED
	 
	 
	 

	DIVIDENDS / DISTRIBUTIONS ALLOWED
	 
	 
	 

	CROSS-DEFAULTED
	 
	 
	 

	PERSONAL GUARANTY (Y/N?)
	 
	 
	 

	E and O Coverage Amount
	 
	 
	 

	Fidelity Bond Coverage
	 
	 
	 

	 
	 
	 
	 
	 

Attachment to Exhibit C
Purchased Loans Curtailment Report
(List Purchased Loans on which unscheduled principal payment, prepayment or reduction of more than one regularly scheduled principal and interest installment payment was received since last monthly report and resulting new Principal Balance.)Exhibit

Exhibit 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT

This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of June 7, 2019 but made effective as of May 1, 2019 (this “Amendment”) is by and among ASBURY AUTOMOTIVE GROUP, INC., a Delaware corporation (“Company”), certain Subsidiaries of the Company party to the Credit Agreement (as defined below), as borrowers (each such Subsidiary, a “Borrower” and collectively, the “Borrowers”), and BANK OF AMERICA, N.A., as lender (the “Lender”) under that certain Credit and Security Agreement dated as of November 13, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used hut not defined in this Amendment shall have the meanings that are set forth in the Credit Agreement.

W I TN E S S E T H:

WHEREAS, Company, Borrowers and the Lender desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein; and

WHEREAS, the Lender is willing to agree to such amendments on the terms, subject to the conditions and to the extent set forth herein

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1 AMENDMENTS

1.1    Amendment to Credit Agreement:

(a)    Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Applicable Rate” included therein and inserting the following in lieu thereof:
“Applicable Rate” means a per annum rate equal to:

		
	(a)
	with respect to Eurodollar Rate Loans, 1.50%; and

		
	(b)
	with respect to Base Rate Loans, 0.50%.

(b)    Section 1.01 of the Credit Agreement is hereby amended by adding the following new definition to such section in appropriate alphabetical order: 
“Covered Entity” has the meaning specified in Section 9.20.
(c)    Section 1.01 of the Credit Agreement is hereby amended by adding the following sentence at the end of the definition of “Collateral Substitution”:
“Upon the effectiveness of a Collateral Substitution, the respective Removed Property shall immediately cease to be a Financed Property.”

1

(d)    Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Financed Property” included therein and inserting the following in lieu thereof:
“Financed Property” means a real property parcel (and improvements related thereto) which (a) is owned in fee by a Borrower and located at or near a dealership or otherwise used or to be used by a dealership in its business, (b) is located in any state of the United States of America or the District of Columbia, (c) has been identified as a Financed Property with respect to any Loans on the applicable Loan Notice and (d) is one of the properties identified on Schedule 2.01 or an Added Property that has been added pursuant to a Collateral Substitution in accordance with the terms hereof.  The Lender may revise Schedule 2.01 from time to time to (i) add any Added Property that has been added to the Property Pool, (ii) delete any Removed Property that has been removed from the Property Pool or (iii) delete any property that has been sold, transferred or otherwise disposed of in a Permitted Financed Property Disposition.

(e)    Article V of the Credit Agreement is hereby amended by adding the following new Section 5.29 at the end of such article:
5.29 Covered Entities.  No Loan Party is a Covered Entity.
(f)    Section 9.19 of the Credit Agreement is hereby amended by adding the following sentence at the end of such section:
“Upon a Permitted Financed Property Disposition, the property sold, transferred or otherwise disposed of in such Permitted Financed Property Disposition shall immediately cease to be a Financed Property.”
(g)    Article IX of the Credit Agreement is hereby amended by adding the following new Section 9.20 at the end of such article:
9.20 Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 
(a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support 

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(and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.  
(b)    As used in this Section 9.20, the following terms have the following meanings:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
SECTION 2. CONDITIONS PRECEDENT TO EFFECTIVENESS

2.1    The effectiveness of this Amendment is conditioned upon the Bank’s receipt of the following items, in form and content acceptable to the Bank:

		
	(a)
	Execution and delivery of a counterpart hereof by Company, each Borrower and Lender.

		
	(b)
	Upon the request of the Bank, each Borrower shall have provided to the Bank, and the Bank shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act.

		
	(c)
	If any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, it shall have provided a Beneficial Ownership Certification to the Bank if so requested.

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SECTION 3.    MISCELLANEOUS

3.1    Binding Effect. This Amendment shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Lender.

3.2    Severability. In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

3.3     Effect on Credit Agreement. Except as specifically amended by this Amendment, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed. The parties agree that in the event of any conflict between this Amendment and the provisions of the Credit Agreement, this Amendment shall control.

3.4    No Waiver. The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Lender under the Credit Agreement. This Amendment is limited to the matters expressly referred to herein and shall not constitute an amendment or waiver of, or an indication of the Lender's willingness to amend or waive, any other provisions of the Credit Agreement or the same provisions for any other date or purpose.

3.5    Headings. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

3.6    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

3.7    Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall he deemed an original, but all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed signature page of this Amendment by facsimile transmission or electronic mail shall be as effective as delivery of a manually executed counterpart hereof.

(Signature Pages Follow)

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

BORROWERS:
ASBURY AUTOMOTIVE TEXAS REAL ESTATE HOLDINGS L.L.C.
ASBURY IN CHEV, LLC
ASBURY IN HON, LLC
ATLANTA REAL ESTATE HOLDINGS L.L.C.
CROWN CHH L.L.C.
CROWN FDO L.L.C.
MCDAVID AUSTIN-ACRA, L.L.C.
MCDAVID FRISCO-HON, L.L.C.
MCDAVID HOUSTON-NISS, L.L.C.
Q AUTOMOTIVE CUMMING GA,

	
		
	By:
	/s/ Matthew Pettoni

	Name:
	Matthew Pettoni

	Title:
	Treasurer

ASBURY AUTOMOTIVE GROUP, INC.
	
		
	By:
	/s/ Matthew Pettoni

	Name:
	Matthew Pettoni

	Title:
	VP & Treasurer

ASBURY AUTOMOTIVE – 2018 REAL ESTATE LOAN
Signature Page for First Amendment to Credit Agreement

LENDER:
BANK OF AMERICA, N.A.
	
		
	By:
	/s/ David T. Smith

	Name:
	David T. Smith

	Title:
	Senior Vice President

ASBURY AUTOMOTIVE – 2018 REAL ESTATE LOAN
Signature Page for First Amendment to Credit Agreement

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