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Exhibit 10.3

SEVENTH AMENDMENT TO  AMENDED AND RESTATED INVENTORY FINANCING AND SECURITY AGREEMENT

I.  Parties

This Seventh Amendment to Amended and Restated Inventory Financing and Security Agreement (“Amendment”) is effective as of November 2, 2018, and is made by and among the following parties:

A. Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New Jersey), a Utah chartered state bank (“Bank”), with a business office located at 5851 Legacy Circle, Suite 200, Plano, TX 75024; and

B. Ally Financial Inc., a Delaware entity (“Ally”) with a business office located at 5851 Legacy Circle, Suite 200, Plano, TX 75024 (together with Bank, the “Ally Parties,” and Bank and Ally each being an “Ally Party”); and

C. Carvana, LLC, an Arizona limited liability company, with its principal executive office located at 4020 East Indian School Road, Phoenix, AZ 85018 (the “Dealership”).

II.  Recitals

The essential facts relied on by Bank, Ally and the Dealership as true and complete, and giving rise to this Agreement, are as follows:

A. The Ally Parties and the Dealership are parties to an Amended and Restated Inventory Financing and Security Agreement, effective as of July 27, 2015, as amended by certain documents and agreements, including, but not necessarily limited to, the following:

(i) a Letter Agreement, dated December 30, 2015, by and among the Ally Parties, the Dealership, Ernest C. Garcia II, and 2014 Fidel Family Trust;
(ii) an Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of December 30, 2015;
(iii) a Third Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of November 9, 2016;
(iv) a Fourth Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of March 31, 2017;
(v) a Fifth Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of June 5, 2017; and
(vi) a Sixth Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of August 4, 2017

(collectively, the “IFSA”).

B. The parties desire to amend the IFSA as outlined in this Amendment.

III.  Agreement

In consideration of the premises and the mutual promises in this Amendment, which are acknowledged to be sufficient, the Ally Parties and the Dealership agree to the following:

A. Capitalized terms used but not defined in this Amendment have the meanings given to them in the IFSA.

B. In connection with the Dealership’s request that the Ally Parties extend their commitment to provide financing, each of the Ally Parties commits to provide Inventory Financing to Dealership until October 31, 2020 (the “Extended Expiration Date”).  At least 45 calendar days before the Extended Expiration Date, Dealership may request the Ally Parties extend this commitment by an additional period, and the Ally Parties may, in their sole

 discretion, so extend the commitment.  If the Ally Parties extend the commitment term, then, at least 45 calendar days before the end of such term, the Dealership may request the Ally Parties extend the commitment, and the Ally Parties may, in their sole discretion, further extend the commitment.  This modifies Subsection III.A(2)(a) of the IFSA.

C. Section III.A.3 of the IFSA is amended and restated in its entirety as follows:

3. Amount of the Credit Line.  The aggregate amount of the credit available pursuant to this Agreement (the “Credit Line”) shall be as follows:

(a) From August 4, 2017 through December 31, 2017 — $275,000,000.00;

(b) From January 1, 2018 through November 1, 2018 — $350,000,000.00; and

(c) From November 2, 2018 through October 31, 2020 — $650,000,000.00.

D. Dealership will pay the Ally Parties a one-time non-refundable “Seventh Amendment Commitment Fee” equal to [***], payable on the effective date of this Amendment.

E. Effective as of November 2, 2018, the Interest rate is 1‐M LIBOR Index Rate plus an “Increment” of 340 basis points.  This modifies Subsection III.B(1) of the IFSA.

F. Section III.B(1) of the IFSA is further amended by adding the following at the end of such subsection:

The parties acknowledge that London Interbank Offered Rate (“LIBOR”) may be phased out in the future.  In the event that the Ally Parties will no longer utilize a LIBOR-based rate for this Credit Line, the “1-M LIBOR Index Rate” will be re-defined as the successor base or reference rate applicable to this Credit Line designated by the Ally Parties in their reasonable discretion.  In such event, the Increment may also be adjusted by the Ally Parties so that the total interest rate paid by the Dealership immediately after the conversion from the LIBOR-based rate will approximate the total interest rate paid by the Dealership immediately prior to the conversion.  The Dealership will be notified of these changes, which will be made without requiring the necessity of an amendment to this Agreement.

G. All other provisions of the IFSA remain unchanged and in full force and effect as written.  In the event of a conflict between the terms of the IFSA and this Amendment, the terms of this Amendment prevail.

H.      Except as provided above, the IFSA and all other agreements between each of the Ally Parties and the Dealership remain in full force and effect as written.

I. If any provision of this Amendment is held to be invalid or unenforceable by a court of competent jurisdiction, all other provisions remain valid and enforceable.

J. This Amendment:

a. May be modified only by a writing signed by all parties.

b. May be signed in counterparts, each of which is deemed an original, and all of which taken together constitute one and the same agreement.  The signatures of the parties, exchanged via fax or e-mail, shall constitute and be deemed original signatures for all purposes.

c. Binds and inures to the benefit of the parties and their respective successors and assigns.

d. Constitutes the entire agreement of the parties with respect to its subject matter.
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[***]   Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed by its duly authorized representative effective the date first written above.

																		
		Ally Bank 			Carvana, LLC 	
	Signature: 	/s/ Stephen B. Gambrel 		Signature: 	/s/ Paul Breaux 	
	By (Print): 	Stephen B. Gambrel 		By (Print): 	Paul Breaux 	
	Title: 	Authorized Representative 		Title: 	General Counsel and Vice President 	
	Date: 	11/2/2018		Date: 	11/2/2018	
						
		Ally Financial Inc. 				
	Signature: 	/s/ Stephen B. Gambrel 				
	By (Print): 	Stephen B. Gambrel 				
	Title: 	Authorized Representative 				
	Date: 	11/2/2018Document

Exhibit 10.4

FIRST AMENDMENT TO 
MASTER SALE-LEASEBACK AGREEMENT

I.          PARTIES

This First Amendment to the Master Sale-Leaseback Agreement (“Amendment”) is effective as of November 1, 2018, and is made by and between the following parties:

A. CARVANA, LLC, an Arizona limited liability company (“Carvana”) and 

B. VMRE, LLC, a Delaware limited liability company (“VMRE”).  

II.        RECITALS

The essential facts relied on by Carvana and VMRE as true and complete, and giving rise to this Amendment, are as follows:

A. Carvana and VMRE are parties to a certain Master Sale-Leaseback Agreement, effective as of November 3, 2017 (“MSLA”).

B. Under the terms of the MSLA, Carvana agreed to sell, convey, transfer, assign, and deliver to VMRE, and VMRE agreed to accept from Carvana all of Carvana’s right, title, and interest in certain Properties.

C. The parties desire to amend the MSLA as outlined in this Amendment.  

III.       AGREEMENT

Carvana and VMRE agree to the following:

1. Capitalized terms used but not defined in this Amendment have the meanings given to them in the MSLA.

2. Section 3.1 of the MSLA is amended and restated in its entirety as follows:

Purchase Facility.  Commencing as of the Effective Date and continuing through the third anniversary of the Effective Date (the “Facility Term”), and subject to the terms of this Agreement, VMRE shall purchase Properties from Carvana from time to time, provided that at no time during the Facility Term will the aggregate amount of the Purchase Price for the Properties purchased by VMRE exceed $75,000,000 (the “Facility Cap”).  Additionally, the sum of the aggregate amount of the Purchase Price of the Properties purchased by VMRE and the amount not yet disbursed under Budgets approved pursuant to the applicable Disbursement Agreements shall not exceed $100,000,000.  The Properties to be purchased by VMRE shall be limited to (a) Properties used by Carvana in the operation of Carvana’s Business related to the fulfilling of the purchases of automobiles by customers utilizing automobile “vending machines” and (b) one non-vending machine Property related to the operation of Carvana’s Business of inspecting, repairing, reconditioning and storing vehicles (the “Permitted Operations”), unless otherwise explicitly consented to by VMRE in writing.  To the extent that any Property is repurchased from VMRE during the Facility Term pursuant to Section 3.5, the amount paid to VMRE (but not exceeding the Purchase Price) (x) shall not be included in any calculation of the aforementioned limitation set forth in this Section 3.1 and (y) may be reallocated to permit the purchase of additional Properties and/or Improvements during the Facility Term up to, but not exceeding the Facility Cap.

4. As consideration for extending the Facility Term, Carvana shall pay VMRE a one-time non-refundable “First Amendment Commitment Fee” equal to [***] of the Facility Cap in the amount of [***], which amount shall be paid by Carvana upon execution of this Amendment.  

5. All other provisions of the MSLA remain unchanged and in full force and effect as written.  In the event of a conflict between the terms of the MSLA and this Amendment, the terms of this Amendment shall prevail.

6. If any provision of this Amendment is held to be invalid or unenforceable by a court of competent jurisdiction, all other provisions shall remain valid and enforceable.

7. This Amendment:

a. May be modified only by a writing signed by both parties.

b. May be signed in counterparts, each of which is deemed an original, and all of which taken together constitute one and the same agreement.  The signatures of the parties, exchanged via e-mail, shall constitute and be deemed original signatures for all purposes.

c. Binds and inures to the benefit of the parties and their respective successors and assigns.

d. Constitutes the entire agreement of the parties with respect to its subject matter.

[Remainder of page intentionally left blank; signature page to follow]

[***]    Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed by its duly authorized representative effective the date first written above:

															
		CARVANA, LLC, 			
		an Arizona limited liability company 			
		BY: 	/s/ Paul Breaux 		
		PRINT NAME: 	Paul Breaux 		
		TITLE: 	General Counsel 		
					
		VMRE, LLC, 			
		a Delaware limited liability company 			
		BY: 	[***] 		
		PRINT NAME: 	[***] 		
		TITLE: 	[***] 		

[***]    Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

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