Document:

EX-10.4

 Exhibit 10.4 

(Local Currency—Single Jurisdiction) 
  

 
 International Swap Dealers Association, Inc. 

MASTER AGREEMENT 
 dated as
of July 17, 2012 
 SUNTRUST BANK and MALIBU BOATS, LLC 

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement
(the “Master Agreement”), which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 

Accordingly, the parties agree as follows:— 
  

	1.	Interpretation 

 (a) Definitions. The terms defined in Section 12 and in the Schedule
will have the meanings therein specified for the purpose of this Master Agreement. 
 (b) Inconsistency. In the event of any inconsistency
between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule),
such Confirmation will prevail for the purpose of the relevant Transaction. 
 (c) Single Agreement. All Transactions are entered into in
reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 

 

	2.	Obligations 

 (a) General Conditions. 

(i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this
Agreement. 
 (ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in
the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will
be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or
Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement. 

 Copyright © 1992 by International Swap Dealers Association, Inc. 

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 (b) Change of Account. Either party may change its account for receiving a payment or delivery by
giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 

(c) Netting. If on any date amounts would otherwise be payable:— 

(i) in the same currency; and 

(ii) in respect of the same Transaction, 
 by
each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the
aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over
the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts
payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such
date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of branches or offices through which the parties make and receive payments or deliveries. 

(d) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of
daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation required to be
settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 
  

	3.	Representations 

 Each party represents to the other party (which representations will be deemed to be
repeated by each party on each date on which a Transaction is entered into) that:— 
 (a) Basic Representations. 

(i) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation
and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute this Agreement and any
other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this
Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorize such execution, delivery and performance; 

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to
it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

  

					
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 (iv) Consents. All governmental and other consents that are required to have been
obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute
its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b)
Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (c) Absence of
Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is
identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 
  

	4.	Agreements 

 Each party agrees with the other that, so long as either party has or may have any
obligation under this Agreement or under any Credit Support Document to which it is a party:— 
 (a) Furnish Specified Information. It
will deliver to the other party any forms, documents or certificates specified in the Schedule or any Confirmation by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

(b) Maintain Authorizations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to
comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
  

	5.	Events of Default and Termination Events 

 (a) Events of Default. The occurrence at any
time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such
party:— 
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or
delivery under Section 2(a)(i) or 2(d) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to
make any payment under this Agreement or delivery under Section 2(a)(i) or 2(d) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)) to be complied with or performed by the party in accordance with
this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 

  

					
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 (iii) Credit Support Default. 

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with
or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force
and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written
consent of the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in
part, or challenges the validity of, such Credit Support Document; 
 (iv) Misrepresentation. A representation made or repeated
or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to
have been made or repeated; 
 (v) Default under Specified Transaction. The party, any Credit Support Provider of such party or
any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an
early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on
early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in
part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or
existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more
agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified
Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or
such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any
applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or
any applicable Specified Entity of such party:— 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or 

  

					
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presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or
liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than
pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or
substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it
which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or 
 (viii) Merger Without Assumption. The party or any Credit Support Provider of
such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer:— 

(1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this
Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 

(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting,
surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The occurrence at any time with respect to
a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, and, if specified to be applicable, a
Credit Event Upon Merger if the event is specified pursuant to (ii) below or an Additional Termination Event if the event is specified pursuant to (iii) below:— 

(i) Illegality. Due to the adoption of, or any change in, any applicable law after the date on which a Transaction is entered
into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after such date, it becomes unlawful (other than as a result of a breach by
the party of Section 4(b)) for such party (which will be the Affected Party):— 
 (1) to perform any absolute or contingent
obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 

(2) to perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit
Support Provider) has under any Credit Support Document relating to such Transaction; 
 (ii) Credit Event Upon Merger. If
“Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or
into, or transfers all or substantially all its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially
weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

  

					
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 (iii) Additional Termination Event. If any “Additional Termination Event”
is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation).

 (c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also
constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  

	6.	Early Termination 

 (a) Right to Terminate Following Event of Default. If at any time an
Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the
relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule
as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5),
(6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
 (b) Right to Terminate Following Termination Event. 

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party,
specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require. 

(ii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) occurs and there are two Affected Parties, each party
will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 

(iii) Right to Terminate. If:— 

(1) an agreement under Section 6(b)(ii) has not been effected with respect to all Affected Transactions within 30 days after an Affected
Party gives notice under Section 6(b)(i); or 
 (2) an Illegality other than that referred to in Section 6(b)(ii), a Credit Event
Upon Merger or an Additional Termination Event occurs, 
 either party in the case of an Illegality, any Affected Party in the case of an
Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 

(c) Effect of Designation. 

(i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date
so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 

  

					
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 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further
payments or deliveries under Section 2(a)(i) or 2(d) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early
Termination Date shall be determined pursuant to Section 6(e). 
 (d) Calculations. 

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will
make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount
payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation,
the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 
 (ii)
Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which
is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of
a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment), from (and including) the relevant Early Termination Date to (but excluding) the date
such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election
in the Schedule of a payment measure, either “Market Quotation” or “Loss,” and a payment method, either the “First Method” or the “Second Method.” If the parties fail to designate a payment measure or payment
method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method,” as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off. 
 (i) Events of Default. If the Early Termination Date results from an Event of
Default:— 
 (1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay
to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Unpaid Amounts owing to the Non-defaulting Party
over (B) the Unpaid Amounts owing to the Defaulting Party. 
 (2) First Method and Loss. If the First Method and Loss apply, the
Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 

(3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the
sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Unpaid Amounts owing to the Non-defaulting Party less (B) the Unpaid Amounts owing to the Defaulting Party. If that amount
is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss
in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

  

					
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 (ii) Termination Events. If the Early Termination Date results from a Termination
Event:— 
 (1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party
and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions. 

(2) Two Affected Parties. If there are two Affected Parties:— 

(A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will
be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount
(“Y”) and (b) the Unpaid Amounts owing to X less (II) the Unpaid Amounts owing to Y; and 
 (B) if Loss applies, each party
will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the
party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 
 (iii) Adjustment
for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as
are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment
determined under Section 6(d)(ii). 
 (iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount
recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement
neither party will be entitled to recover any additional damages as a consequence of such losses. 
  

	7.	Transfer 

 Neither this Agreement nor any interest or obligation in or under this Agreement may be
transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:— 
 (a) a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all of its assets to, another entity (but without prejudice to any other right or remedy
under this Agreement); and 
 (b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party
under Section 6(e). 
 Any purported transfer that is not in compliance with this Section will be void. 

  

					
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	8.	Miscellaneous 

 (a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 
 (b)
Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system. 
 (c) Survival of Obligations. Without prejudice to Sections
2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies
Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

(e) Counterparts and Confirmations. 

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by
facsimile transmission), each of which will be deemed an original. 
 (ii) The parties intend that they are legally bound by the terms of
each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be
created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein
or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 
 (f) No Waiver of
Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to
preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 (g)
Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 

 

	9.	Expenses 

 A Defaulting Party will, on demand, indemnify and hold harmless the other party for and
against all reasonable out-of-pocket expenses, including legal fees, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party
or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 
  

	10.	Notices 

 (a) Effectiveness. Any notice or other communication in respect of this Agreement
may be given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the
electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and
delivered in person or by courier, on the date it is delivered; 
 (ii) if sent by telex, on the date the recipient’s answerback is
received; 

  

					
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 (iii) if sent by facsimile transmission, on the date that transmission is received by a
responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is
delivered or its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received,

 unless the date of that delivery (or attempted delivery ) or that receipt, as applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
details at which notices or other communications are to be given to it. 
  

	11.	Governing Law and Jurisdiction 

 (a) Governing Law. This Agreement will be governed by and
construed in accordance with the law specified in the Schedule. 
 (b) Jurisdiction. With respect to any suit, action or proceedings relating
to this Agreement (“Proceedings”), each party irrevocably:— 
 (i) submits to the jurisdiction of the English courts, if this
Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is
expressed to be governed by the laws of the State of New York; and 
 (ii) waives any objection which it may have at any time to the laying
of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this
Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor
will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Waiver of
Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other
similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will
not claim any such immunity in any Proceedings. 
  

	12.	Definitions 

 As used in this Agreement:— 

“Additional Termination Event” has the meaning specified in Section 5(b). 

“Affected Party” has the meaning specified in Section 5(b). 

  

					
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 “Affected Transactions” means (a) with respect to any Termination Event consisting
of an Illegality, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person,
any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power
of the entity or person. 
 “Applicable Rate” means:— 

(a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the
Default Rate; 
 (b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date
(determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 
 (c) in respect of all other
obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 

(d) in all other cases, the Termination Rate. 

“consent” includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control
consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 

“Credit Support Provider” has the meaning specified in the Schedule. 

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as
certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 
 “Defaulting Party”
has the meaning specified in Section 6(a). 
 “Early Termination Date” means the date determined in accordance with
Section 6(a) or 6(b)(iii). 
 “Event of Default” has the meaning specified in Section 5(a) and, if
applicable, in the Schedule. 
 “Illegality” has the meaning specified in Section 5(b). 

“law” includes any treaty, law, rule or regulation and “lawful” and “unlawful” will be
construed accordingly. 
 “Local Business Day” means, subject to the Schedule, a day on which commercial banks are
open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise
agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located, (c) in relation to
any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where
the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 

“Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, an amount that
party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may
be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or 

  

					
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reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have
been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does
not include a party’s legal fees and out-of-pocket expenses referred to under Section 9. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date
thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 

“Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount
determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of
an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”)
that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the
parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid
Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming
satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably
practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each party is so
obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations
shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party
(as certified by it) if it were to fund the relevant amount. 
 “Non-defaulting Party” has the meaning specified in
Section 6(a). 
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or
both, would constitute an Event of Default. 
 “Reference Market-makers” means four leading dealers in the relevant
market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 

“Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a
Transaction. 
 “Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar
right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer.

  

					
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 “Settlement Amount” means, with respect to a party and any Early Termination Date, the
sum of:— 
 (a) the Market Quotations (whether positive or negative) for each Terminated Transaction or group of
Terminated Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive or negative and
without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a
commercially reasonable result. 
 “Specified Entity” has the meaning specified in the Schedule. 

“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as
principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the
Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such
party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation. 
 “Terminated Transactions” means with respect to any
Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice
designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 

“Termination Event” means an Illegality or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination
Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or
evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Unpaid
Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for
Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under
Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an
amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will
be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under
Section 6(e) or, if each party is so obliged, it shall be the average of the fair market values reasonably determined by both parties. 

  

					
		 	14	 	 ISDA ® 1992

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 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect
from the date specified on the first page of this document. 
  

									
	SUNTRUST BANK	 		 	MALIBU BOATS, LLC
					
	By:	 	 /s/ Tracy T. Moore
	 		 	By:	 	 /s/ Wayne Wilson

		 	Tracy T. Moore	 		 	Name:	 	Wayne Wilson
		 	Vice President	 		 	Title:	 	CFO
	Dated:	 	  
	 		 	Dated:	 	 8/2/2012

  

					
		 	15	 	 ISDA ® 1992

Second PrintingEX-10.5

 Exhibit 10.5 

(Local Currency—Single Jurisdiction) 

SCHEDULE 
 to the

 1992 ISDA Master Agreement 

dated as of July 17, 2012, between 
  

									
		 	 SUNTRUST BANK

(“Party A”)
	 	and	 	 MALIBU BOATS, LLC

(“Party B”)
	 	

  

	Part 1.	Termination Provisions. 

  

	(a)	“Specified Entity” means, in relation to Party A, not applicable and, in relation to Party B, for the purposes of Sections 5(a)(v), (vi), and (vii), and Section 5(b)(ii) of this Agreement,
any Affiliate of Party B. 

  

	(b)	“Specified Transaction” will have the meaning specified in Section 12 of this Agreement. 

  

	(c)	The “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and Party B. 

“Specified Indebtedness” will have the meaning specified in Section 12 of this Agreement, but, with respect to
Party A, will not include indebtedness in respect of deposits received in the ordinary course of its banking business. 

“Threshold Amount” means, for purposes of Section 5(a)(vi) of this Agreement (a) with respect to Party A, an
amount equal to three percent (3%) of its Shareholders’ Equity and (b) with respect to Party B, an amount equal to $0.00. 

“Shareholders’ Equity” means with respect to any entity, at any time, the sum (as shown in the most recent annual
audited financial statements of such entity) of (i) its capital stock (including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv) treasury stock, each to be
determined in accordance with generally accepted accounting principles. 
 “Loan Agreement” means any existing or
future agreement or instrument relating to any loan, extension of credit or financial accommodation (i) from Party A (or any of its Affiliates) to Party B (whether or not anyone else is a party thereto), (ii) from the lenders(s) party
thereto, other than Party A, that Party B wholly or partially hedges with a Transaction, or (iii) that is designated as a “Loan Agreement” in a Confirmation. 
  

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(ii) will apply to Party A and Party B. 

  

	(e)	The “Automatic Early Termination” provision of Section 6(a) will not apply to either Party A or Party B. 

  
 1 

	(f)	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:- 

  

	 	(i)	Loss will apply. 

  

	 	(ii)	The Second Method will apply. 

 (g) “Additional Termination Event” will
apply. Each of the following will constitute an Additional Termination Event: 
  

	 	(i)	if the indebtedness under the Loan Agreement is (for whatever reason, in whatever manner) repaid in part (except with respect to any scheduled amortization) or in full; 

 

	 	(ii)	if Party A is no longer a party to the Loan Agreement (to which it was at one time a party); 

For the purpose of the foregoing Additional Termination Event(s), the sole Affected Party will be Party B and all Transactions shall be
Affected Transactions. 
  

	Part 2.	Agreement to Deliver Documents. 

 For the purpose of Section 4(a) of this Agreement, each party
agrees to deliver the following documents, as applicable: 
  

							
	 Party required to
deliver document
	  	 Form/Document/Certificate
	 	 Date by which to be
delivered
	  	 Covered by
Section 3(d)
Representation

	Party A and Party B	  	Certified copies of all corporate or partnership authorizations, as the case may be, and any other documents with respect to the execution, delivery and performance of this Agreement, any Confirmation and any Credit Support
Document	 	Upon execution and delivery of this Agreement or otherwise upon request	  	Yes
				
	Party A and Party B	  	Certificate of authority and specimen signatures of individuals executing this Agreement, any Confirmation and any Credit Support Document	 	Upon execution and delivery of this Agreement or otherwise upon request	  	Yes
				
	Party B	  	The Credit Support Document(s), if any, listed in Part 3 of this Schedule	 	Upon execution and delivery of this Agreement	  	Yes

  
 2 

							
	 Party required to
deliver document
	  	 Form/Document/Certificate
	 	 Date by which to be
delivered
	  	 Covered by
Section 3(d)
Representation

	Party B	  	Any such document as Party A may reasonably request in connection with this Agreement, including with respect to the condition, financial or otherwise, of Party B’s operations	 	Within one Local Business Day of a request therefor by Party A	  	No

  

	Part 3.	Miscellaneous. 

  

	(a)	Notices. 

  

	 	(i)	Notice Details. For purposes of Section 10(a) of this Agreement: 

 The address for
notice or communication to Party A is: 
 SunTrust Bank 

Financial Risk Management, Operations 

3333 Peachtree Road, N.E. 
 11th
Floor, Center Code 3913 
 Atlanta, GA 30326 

Tel: 404-926-5821 
 Fax:
404-926-5826 
 E-mail: DerivOps@SunTrust.com 

The address for notice or communication to Party B is: 

Malibu Boats, LLC 
 Attn: CFO 

5075 Kimberly Way 
 Loudon, TN
37774 
 Tel: 865-458-7239 
  

	 	(ii)	Amendment of Section 10 (Notices). Section 10(a)(i) of this Agreement is hereby amended by adding the words “or its delivery is attempted” at the end thereof. 

 

	(b)	Calculation Agent. The Calculation Agent is Party A. 

  

	(c)	Credit Support Provider. 

 Credit Support Provider means in relation to Party A:
Not applicable. 
 Credit Support Provider means in relation to Party B: The party, as of any particular time, whose undertakings or assets
under the Credit Support Document secure the timely performance of Party B’s obligations under this Agreement. 

  
 3 

	(d)	Credit Support Document. 

 Credit Support Document means in relation to Party A:
Not applicable. 
 Credit Support Document means in relation to Party B: Any guaranty, letter of credit, credit agreement, security
agreement, mortgage, deed of trust, pledge agreement, assignment agreement, investment agreement, surety bond, or other credit enhancement device, or any combination thereof issued to secure or otherwise support the timely performance of Party
B’s obligations under this Agreement, including, without limitation, any amendments, supplements, restatements, or other modifications, or any substitutions or replacements thereto to which Party A has consented in writing. 

 

	(e)	Governing Law. Section 11(a) of this Agreement is hereby deleted in its entirety and replaced by the following: 

“(a) Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York
without reference to choice of law doctrine, but giving effect to Section 5-1401 of New York’s General Obligations Law.” 
  

	(f)	Jurisdiction. Section 11(b) of this Agreement is hereby deleted in its entirety and replaced by the following: 

“(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”),
each party irrevocably:— 
  

	 	(i)	submits to the exclusive jurisdiction of any Federal and/or state court located in the State of Georgia (including without limitation the Business Case Division of the Fulton County Superior Court, if applicable) and
any appellate court from any thereof; and 

  

	 	(ii)	waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further
waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party.” 

  

	Part 4.	Other Provisions. 

  

	(a)	Section 3(a) of this Agreement is amended by (i) deleting the word “and” at the end of clause (iv); (ii) replacing the period at the end of clause (v) with a semicolon and
(iii) inserting the following additional representations: 

 “(vi) Eligible Contract
Participant. It is an “eligible contract participant” as defined in the Commodity Exchange Act and any rules thereunder, each as amended from time to time;  

(vii) Line of Business. It has entered into the Transaction for the purposes of managing its borrowings or
investments, hedging its underlying assets or liabilities or in connection with its line of business; 

  
 4 

 (viii) Individually Negotiated. This Agreement and each Transaction
is subject to individual negotiation by each party; and 
 (ix) No Trading Facilities. Neither this
Agreement nor any Transaction will be executed or traded on a “trading facility” within the meaning of Section 1a(33) of the Commodity Exchange Act, as amended.” 

 

	(b)	Section 3 is hereby amended by adding the following section (e) at the end thereof: 

  

	 	“(e)	Relationship Between Parties. Each party represents to the other party and will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):- 

(i) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into
that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other
party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a
recommendation to enter into that Transaction. Further, such party has not received from the other party any assurance or guarantee as to the expected results of that Transaction. 

(ii) Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through
independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the financial and other risks of that Transaction. 

(iii) Status of Parties. THE OTHER PARTY IS NOT ACTING AS AN AGENT, FIDUCIARY OR ADVISOR FOR IT IN respect OF THAT
TRANSACTION.” 
  

	(c)	Recording of Conversations. Each party (i) consents to the monitoring or recording, at any time and from time to time, by the other party of any and all communications between officers or employees of
the parties, (ii) waives any further notice of such monitoring or recording, and (iii) agrees to notify (and, if required by law, obtain the consent of) its officers and employees with respect to such monitoring or recording.

  

	(d)	Set Off. Section 6 of the Agreement is amended by adding the following new subsection 6(f): 

“(f) Set-Off. Any amount payable hereunder (“Early Termination Amount”), in circumstances where an Event of
Default has occurred with respect to the Defaulting Party or a Termination Event has occurred pursuant to Section 5(b)(ii) (Credit Event Upon Merger) or Section 5(b)(iii) (Additional Termination Event) with respect to the Affected Party
(in either case, “Party X”), will, at the option of the Non-defaulting Party or the party that is not the Affected Party (“Party Y”), and without prior notice to Party X, be reduced by its set off against any other amounts
(“Other Amounts”) payable by X to Y or its affiliates (where the Early Termination Amount is payable by Y to X) or by Y or its affiliates to X (where the Early Termination Amount is payable by X to Y) (whether or not arising under this
Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be
discharged promptly and in all respects. Party Y will give notice to Party X of any set off effected under this Section 6(f). 

  
 5 

 For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant
portion of such amounts) may be converted at Party Y’s option into the currency in which the other set off amount is denominated at the rate of exchange at which Party Y would be able, acting in a reasonable manner and in good faith, to
purchase the relevant amount of such currency. 
 If an obligation is unascertained, Party Y may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 

This provision shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other right to which any
party is at any time otherwise entitled (whether by operation of law, contract or otherwise).” 
  

	(e)	USA PATRIOT ACT Notice. Party A hereby notifies Party B that pursuant to the requirements of the USA Patriot Act (Title III of Pub.L. 107-56, signed into law October 26, 2001, and hereinafter referred
to as the “Act”), it is required to obtain, verify and record information that identifies Party B, which information includes the name and address of Party B, and such other information as will allow Party A to identify Party B in
accordance with the Act. 

  

	(f)	Debit and Credit Authorization. Party B hereby authorizes Party A to debit and credit the account specified in the Confirmation (or otherwise notified from Party B to Party A) for all payments owing by
Party B to Party A or by Party A to Party B, respectively, in respect of all Transactions hereunder including, for the avoidance of doubt, payments owing pursuant to Section 2(a) and Section 6(e) of this Agreement. 

 

	(g)	FDIC. Party B acknowledges that Transactions are not insured by the Federal Deposit Insurance Corporation. 

  

	(h)	Party B Acknowledgments.

 (i) Independent Obligations. Although
Party B may be entering into one or more Transactions under this Agreement to hedge the interest expense of, or other risk associated with, an existing or future loan or other financing, including under any Loan Agreement (each, a
“Loan”), Party B hereby acknowledges that this Agreement and each Transaction are independent obligations of Party B separate from any obligations Party B may have with respect to any such Loan and therefore: 

(A) each party’s obligations under this Agreement and any Transaction shall not be contingent on whether any Loan is obtained, extended or
renewed; 
 (B) subject to the following paragraph, any repayment, acceleration, satisfaction, discharge or release of, and any amendment,
modification or waiver with respect to, any Loan, whether in whole or in part, at any time, shall not in any way affect either party’s obligations under this Agreement or any Transaction; 

(C) payments that become due under this Agreement and any Transaction shall become due whether or not (1) the Notional Amount of any
Transaction at any time is different from the principal amount of any Loan, (2) the Termination Date of any Transaction occurs before or after the maturity date of any Loan, or (3) any other terms of any Loan differ from the terms of this
Agreement or any Transaction; 

  
 6 

 (D) nothing in this Agreement (including any Confirmation) is or shall be construed as a
commitment to lend; 
 (E) nothing in this Agreement (including any Confirmation) is or shall be construed as a prepayment penalty, charge or
premium for purposes of any Loan, nor shall any terms of any Loan be deemed a waiver of or otherwise impair any right under this Agreement or any Transaction, including any right to receive payment of any amount due; and 

(F) if Party B at any time receives from Party A (or any of its affiliates) any payoff statement or any written statement regarding any Loan,
nothing in such statement shall be deemed to apply to this Agreement or any Transaction except as otherwise expressly provided in that statement and then only to the extent so provided. 

Nothing in the preceding paragraph above shall be construed as impairing or limiting: any set-off rights; any cross default, credit support
default, termination or other provisions contained in this Agreement (including any Confirmation) to the extent such provisions refer to any repayment or acceleration of any Loan; any rights or obligations under any credit support documents; or any
obligations of Party B under any covenant incorporated into this Agreement by reference from any loan or other financing agreement. 
 (ii)
Obligations Upon Early Termination of Transaction(s). Party B hereby acknowledges that: 
 (A) the terms under which any Transaction
may be terminated early are set forth in this Agreement (including any Confirmation) and any early termination of a Transaction other than pursuant to this Agreement (including any Confirmation) shall be subject to mutual agreement of the parties,
the terms of which may require one party to pay to the other an amount based upon market conditions at the time of such early termination; and 

(B) if at any time any existing or future collateral or other credit support secures or otherwise supports both this Agreement (and any
Transaction hereunder) and any Loan (whether this Agreement or any Transaction hereunder is specifically identified in the collateral or other credit support documents or instead is referred to generically), Party A (or its agent) shall not be
obligated to release such collateral or other credit support, and such collateral or other credit support shall continue to secure or otherwise support Party B’s obligations under this Agreement (and any Transaction hereunder), until such time
as all obligations of Party B hereunder are completely satisfied notwithstanding any repayment, acceleration, discharge or release of any Loan. 

  
 7 

 Please confirm your agreement to the terms of the foregoing Schedule by signing below. 

 

									
	SUNTRUST BANK	 		 	MALIBU BOATS, LLC
					
	By:	 	 /s/ Tracy T. Moore
	 		 	By:	 	 /s/ Wayne Wilson

	Name:	 	Tracy T. Moore	 		 	Name:	 	Wayne Wilson
	Title:	 	Vice President	 		 	Title:	 	CFO

  
 8

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