Document:

Exhibit 10.12

 

Execution Version

 

ELEVENTH
AMENDMENT TO

AMENDED AND RESTATED
CREDIT AGREEMENT

AND WAIVER AND CONSENT AGREEMENT

 

THIS
ELEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND WAIVER AND CONSENT AGREEMENT (“Amendment”) is
dated to be effective as of the 23rd day of June, 2021 (“Effective Date”), by and between: (a) MANUFACTURERS AND
TRADERS TRUST COMPANY, a New York banking corporation, as Administrative Agent (“Administrative Agent”); (b) the
undersigned lenders (collectively, the “Lenders”) which are parties to the Credit Agreement; (c) GPB PRIME
HOLDINGS, LLC (“GPB Prime”) and AUTOMILE PARENT HOLDINGS, LLC (“Parent Holdings Guarantor”),
each a Delaware limited liability company (collectively, the “Guarantors”); and (d) AUTOMILE HOLDINGS, LLC
(“Automile Holdings”), AUTOMILE TY HOLDINGS, LLC (“Toyota Holdings”), and AMR REAL ESTATE
HOLDINGS, LLC (“AMR RE”), each a Delaware limited liability company, and their undersigned Subsidiaries signing
this Amendment as a “Borrower” (together with Automile Holdings, Toyota Holdings, and AMR RE, collectively, the
“Borrowers”). The Guarantors and the Borrowers are collectively referred to in this Amendment as the
“Loan Parties.” The Administrative Agent and the Lenders are collectively referred to in this Amendment as the
“Credit Parties.” The Borrowers, the Guarantors, and the Credit Parties are collectively referred to as the
“Parties.”

 

RECITALS

 

The Administrative
Agent, the Lenders party thereto, and the Loan Parties have entered into an Amended and Restated Credit Agreement dated as of October
4, 2017, as amended pursuant to a First Amendment and Waiver to Amended and Restated Credit Agreement dated as of December 15, 2017 (“First
Amendment”), a Second Amendment to Amended and Restated Credit Agreement dated as of May 1, 2018 (“Second Amendment”),
a Third Amendment to Amended and Restated Credit Agreement dated as of June 29, 2018 (“Third Amendment”), a Fourth
Amendment to Amended and Restated Credit Agreement dated as of September 21, 2018 (“Fourth Amendment”), a Fifth Amendment
to Amended and Restated Credit Agreement dated as of February 5, 2019 (“Fifth Amendment”), a Sixth Amendment to Amended
and Restated Credit Agreement and Replacement of Equity Offset Agreement dated as of June 14, 2019 (“Sixth Amendment”),
a Seventh Amendment to Amended and Restated Credit Agreement dated as of October 18, 2019 (“Seventh Amendment”), an
Eighth Amendment to Amended and Restated Credit Agreement and Amendment to Security Agreement dated as of March 19, 2020 (“Eighth
Amendment”), a Ninth Amendment to Amended and Restated Credit Agreement dated as of April 30, 2020 (“Ninth Amendment”),
and a Tenth Amendment to Amended and Restated Credit Agreement dated as of September 4, 2020 (“Tenth Amendment,” and
the aforesaid Amended and Restated Credit Agreement, as amended pursuant to the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth Amendment, Ninth Amendment, and Tenth Amendment, collectively,
the “Credit Agreement”).

 

The
Credit Agreement and the various other “Credit Documents,” as such term is defined in the Credit Agreement, are
referred to herein, collectively, as the “Credit Documents.” All terms used in this Amendment without definition
shall have the respective meanings given such terms in the Credit Agreement. Terms added or amended pursuant to Section 2 of this
Amendment shall have the same meanings when used elsewhere in this Amendment.

 

     

     

    

 

The Loan Parties
have requested certain amendments and consents under the Credit Agreement. The Administrative Agent and the undersigned Lenders have agreed
to enter into this Amendment to provide the requested amendments and consents, in each case on terms and subject to the conditions as
set forth herein.

 

NOW, THEREFORE,
in consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Parties hereby agree as follows.

 

AGREEMENT

 

Section 1.
         Acknowledgment And Reaffirmation Of Obligations. Each of the Loan Parties acknowledges and affirms that: (a) the Credit
Documents are the valid and binding obligation of each of them that is a signatory thereto; (b) the Credit Documents are enforceable in
accordance with all stated terms; and (c) none of them has any defenses, claims of offset, or counterclaims against the enforcement of
the Credit Documents in accordance with all stated terms.

 

Section 2.             Amendment And Modification
of Credit Agreement.     The Credit Agreement is hereby amended as set forth below:

 

Section 2.01    Additional Definitions.
   Section 1.02 of the Credit Agreement is hereby amended to add the following additional definitions:

 

“Eleventh
Amendment” means the Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement dated as of
the Eleventh Amendment Effective Date by and among the Loan Parties, the Administrative Agent and the Lenders party thereto.

 

“Eleventh
Amendment Effective Date” means June 22, 2021.

 

“GPB AP” means GPB Automotive Portfolio,
LP.

 

“GPB H2” means GPB Holdings, II, LP.

 

[*****]

 

[*****]

 

[*****]

 

     

     

    

 

“Monitor”
means the independent Monitor, Joseph T. Gardemal III, appointed by order (the “Monitor Order”) of Judge Margo
K. Brodie of the United States District Court for the Eastern District of New York, in the litigation before the United States District
Court, Eastern District of New York, captioned Securities and Exchange Commission v. GPB Capital Holdings, LLC, et al. (Case Number
21-cv-00583-MKB-VMS), having the power and authority set forth in the Monitor Order including the authority to approve or disapprove any
proposed material corporate transactions by GPB Capital and/or Highline Management, Inc., and their respective funds, portfolio companies
(including GP AP and GP H2), or subsidiaries, or any other proposed material corporate transactions.

 

“Monitor
Order” has the meaning given such term in the definition of “Monitor.”

 

“Rosenberg
Claims” shall have the meaning assigned thereto in Section 6.05 of the Eleventh Amendment.

 

“Rosenberg
Litigation” means (i) that certain Superior Court Civil Action No 1982-CV-0925 filed in the County of Norfolk, Commonwealth
of Massachusetts by David Rosenberg & others vs. GPB Prime Holdings, LLC & others; and (ii) that certain JAMS Arbitration, Case
No. 1400018385 styled David Rosenberg, Claimant versus Automile Holdings, LLC, Respondent.

 

“Rosenberg
Obligations” means the Rosenberg Repurchase Agreement Obligations and the Rosenberg Other Obligations.

 

“Rosenberg
Other Obligations” means all sums (other than the Rosenberg Repurchase Agreement Obligations) agreed in the Rosenberg Settlement
Agreement (if entered into) to be payable to one or more members of the Rosenberg Group from the Loan Parties.

 

     

     

    

 

“Rosenberg
Repurchase Agreement Obligations” means all sums agreed in the Rosenberg Settlement Agreement (if entered into) to be payable
to one or more members of the Rosenberg Group under the Rosenberg Repurchase Agreement.

 

“Rosenberg
Payment” means the payment to one or more members of the Rosenberg Group of the full amounts agreed to in the Rosenberg Settlement
Agreement (if entered into) in consideration of the consummation of a settlement of all Rosenberg Claims which includes payment, settlement,
and satisfaction (or deemed satisfaction) in full of the Rosenberg Obligations pursuant to the Rosenberg Settlement Agreement.

 

“Rosenberg
Repurchase Agreement” means the Amended and Restated Repurchase Agreement effective as of March 1, 2019 among GPB Prime, Parent
Holdings Guarantor, David Rosenberg, Rosenberg Family Nominee Trust, and Rosenberg Family Nominee Trust/Sawdran, as amended, restated,
or otherwise modified.

 

“Rosenberg
Settlement Agreement” has the meaning assigned thereto in Section 6.07 of this Agreement.

 

“Specified
Distribution Conditions Precedent” has the meaning given such term in Section 6.07 of this Agreement.

 

Section 2.02    Amendment to
Certain Definitions. The definitions set forth below are hereby amended as follows:

 

a.         
The definition of “Maturity Date” is hereby amended to extend the Original Maturity Date from “February
24, 2022” to “December 31, 2022”.

 

b.         
The definition of “Floor Plan Dollar Cap” is hereby amended and restated as set forth below:

 

“Floor
Plan Dollar Cap” means Three Hundred Million Dollars ($300,000,000), as such amount may be decreased in accordance with Section
2.01.12(a) or temporarily increased pursuant to Section 2.01.5 or Section 2.01.6 of this Agreement.

 

For clarity, the reduction effected
pursuant to the above amendment shall applied pro rata to the Floor Plan Commitments of all of the Lenders in accordance with their
respective Floor Plan Commitment Percentages.

 

Section 2.03 Amendment
to Section 6.07 (Restricted Payments). Section 6.07 of the Credit Agreement is hereby amended to delete the last paragraph thereof,
and to replace clauses “(d)” and “(e)” thereof with the following:

 

     

     

    

 

(d)           
 The Loan Parties may declare and make cash distributions of up to an aggregate amount of $15,000,000 to GPB AP and GPB H2, such
distributions to occur not more than quarterly at the end of a Fiscal Quarter; provided that in each case and with respect to each
such payment all applicable Specified Distribution Conditions Precedent shall have been satisfied.

 

(e)            
The Loan Parties may declare and make Restricted Payments to one or more members of the Rosenberg Group for the purpose of full
and final settlement of the Rosenberg Litigation and satisfaction of amounts agreed in the Rosenberg Settlement Agreement (if entered
into) to be payable to one or more members of the Rosenberg Group; provided that (i) the amount of such Restricted Payments, together
with any other payments made to any member of the Rosenberg Group in connection with the Rosenberg Settlement Agreement (if entered into)
shall not exceed the amount set forth on Schedule 6.07(e) attached hereto, and (ii) with respect to such Restricted Payments all
applicable Specified Distribution Conditions Precedent shall have been satisfied.

 

As
used in this Section, “Specified Distribution Conditions Precedent” means: (i) the Administrative Agent shall
have received appropriate documentation and consent of the Monitor to each such Restricted Payment, (ii) the first $15,000,000 of
aggregate Restricted Payments made pursuant to clauses (d) and (e) above shall be matched dollar for dollar with a mandatory
prepayment of the Mortgage Loans to be applied in the inverse order of scheduled maturities, (iii) no Default or Event of Default
shall have occurred and be continuing or would result from giving effect to such Restricted Payment, and GPB Prime and its
Subsidiaries shall be in pro forma compliance with the financial covenants set forth in Section 6.15 of this Agreement as of
the most recently ended Fiscal Quarter prior to and upon giving effect to such Restricted Payment; (iv) the amounts of the all
Restricted Payments permitted pursuant to clauses (d) and (e) above, including the Rosenberg Payment in respect of the Rosenberg
Obligations shall be included in the calculation of the Fixed Charge Coverage Ratio (All Cash Dividends) set forth in Section 6.15.3
hereof, (v) as evidence of compliance with clauses (iii) and (iv), the Loan Parties shall have delivered to the Administrative Agent
and the Lenders a pro forma Compliance Certificate for such Fiscal Quarter demonstrating the absence of any Default or Event
of Default and including full pro forma compliance with all financial covenants set forth in Section 6.15 hereof, upon giving
effect to such Restricted Payment, and (vi) with respect to the Restricted Payment pursuant to clause (e) of this Section, (A) a
certificate of a Responsible Officer of the Borrower Representative (x) certifying on behalf of all Loan Parties that any and all of
the Rosenberg Claims and Rosenberg Obligations have been fully settled and shall be considered satisfied upon receipt of the
Rosenberg Payment, and all Rosenberg Litigation shall immediately thereafter be dismissed of record with prejudice, and (y)
attaching thereto a copy of a fully executed settlement agreement between the applicable Loan Parties, their relevant Affiliates,
and the applicable members of the Rosenberg Group covering all of the Rosenberg Claims and Rosenberg Obligations and including a
release and covenant not to sue from David Rosenberg and the members of the Rosenberg Group identified in Schedule 6.05
hereof for the benefit of all of the Loan Parties and their officers, directors, agents, shareholders and Affiliates (“Rosenberg
Settlement Agreement”) and (B) a release and covenant not to sue from David Rosenberg and the members of the Rosenberg
Group identified in Schedule 6.05 hereof, for the benefit of all Credit Parties and each of their respective officers,
directors, employees, attorneys, and agents, and in each case with respect to the certificates, agreements (including the Rosenberg
Settlement Agreement), releases and other documents referenced this definition of Specified Distribution Conditions Precedent in
form and substance reasonably satisfactory to the Administrative Agent. For the avoidance of doubt, execution and delivery of the
Rosenberg Settlement Agreement shall be a condition precedent to any Restricted Payment pursuant to Section 6.07(e).

 

     

     

    

 

Section
2.04    Amendment to Section 10.01 (Waivers and Amendments). Section 10.01 of the Credit Agreement is
hereby amended to change the word “and” appearing at the end of clause (f) to the word “or,” and to add
thereafter the following additional clause “(g)”:

 

(g) any requests for distributions
and other Restricted Payments other than the distributions and other Restricted Payments permitted under Section 6.07 (including but not
limited to any request for any increase in the distribution or other Restricted Payments limits set forth in Section 6.07(d) and (e))
as in effect on the Eleventh Amendment Effective Date shall require the consent of all Lenders, and

 

Section 2.05    Amendment
and Restatement of Schedule 1.03; Addition of Schedule 6.07(e). In accordance with Section 4 below, Schedule 1.03 to the Credit
Agreement is hereby amended and restated in its entirety in by Schedule 1.03 attached hereto. Schedule 6.07(e) is hereby
added to the Credit Agreement.

 

Section
3.        Termination of Unused Delayed Draw Facility Commitments Under the Delayed
Draw Facility. No future advances shall be made under the Delayed Draw Facility. All unused Delayed Draw Facility
Commitments are hereby terminated and the resulting reductions in the Delayed Draw Facility Commitments shall be applied pro
rata to the Delayed Draw Facility Commitments of all of the Lenders in accordance with their respective Delayed Draw Facility
Commitment Percentages.

 

     

     

    

 

Section
4.        Designation of Certain Additional Unrestricted Subsidiaries. The Loan Parties have requested, in view of the administrative
burden and added expense of maintaining such entities as active registered organizations, the consent of the undersigned Lenders to the
designation of certain Subsidiaries of Automile Holdings and Toyota Holdings set forth on Schedule 4 attached hereto and listed as numbered
items 4 – 16 on Schedule 1.03 attached hereto, as Unrestricted Subsidiaries (collectively, “Additional Unrestricted
Subsidiaries”), rather than Borrowers. Such designation shall be effective as of the Effective Date, shall continue with respect
to any Additional Unrestricted Subsidiary only for so long as such Additional Unrestricted Subsidiary continues to satisfy all requirements
to qualify as an Unrestricted Subsidiary under the terms of the Credit Agreement, and each Additional Unrestricted Subsidiary shall be
subject to all terms and provisions applicable to Unrestricted Subsidiaries under the Credit Agreement. The Loan Parties hereby represent
and warrant to the Credit Parties that (a) Disposition of assets of such Additional Unrestricted Subsidiaries has occurred in accordance
with the terms set forth in the Credit Agreement or pursuant to a specific consent granted by the Lenders, (b) as of the Effective Date,
the Additional Unrestricted Subsidiaries have no assets or liabilities (other than as liabilities as Loan Parties under the Credit Agreement),
(c) each of the Additional Unrestricted Subsidiaries shall be merged, consolidated, or dissolved in accordance with Section 6.04(a) of
the Credit Agreement, and (d) the Loan Parties shall make commercially reasonable efforts to complete such merger, consolidation, or
dissolution of the Additional Unrestricted Subsidiaries as soon as practicable.

 

Section 5.         Certain Consents and Waivers.

 

Section 5.01    Annual Financial Statement Delivery. Pursuant to Section 5.08.2(b) of the Credit Agreement, the Borrowers were required to deliver
audited financial statements for GPB Prime and its Subsidiaries within one hundred twenty (120) after the end of Fiscal Year 2020. The
Borrower Representative had requested from the Administrative Agent and the Lenders an extension for delivery of same until May 31, 2021,
and the audited consolidated financial statements of GPB Prime Holdings LLC – Audit as of and for the year ended December 31, 2020
were issued by CliftonLarsenAllen LLP dated May 11, 2021 (“GPB Prime 2020 CLA Audited Financial Statements”) and delivered
to the Administrative Agent and the Lenders. Subject to the terms and conditions set forth in this Amendment, the undersigned Lenders
waive any Event of Default arising out of the late delivery of the GPB Prime 2020 CLA Audited Financial Statements described in this Section.

 

Section
5.02   Annual Financial Statement Qualification. Section 5.08(b) of the Credit Agreement requires that annual
audited financial statements of GPB Prime and its Subsidiaries be issued without a “going concern” or like
qualification. The GPB Prime 2020 CLA Audited Financial Statements include an emphasis-of-matter paragraph for a going concern (the “2020
Emphasis-of-Matter Paragraph”) arising from scheduled termination of the Credit Agreement, including floor plan financing
and the maturity date of long-term debt, occurring on the Original Maturity Date (being February 24, 2022 prior to giving effect to
this Amendment). To address the 2020 Emphasis-of-Matter Paragraph, the Borrower Representative had requested from the Administrative
Agent and the Lenders the extension of the Original Maturity Date provided in Section 2.02.a. of this Amendment. Subject to the
terms and conditions set forth in this Amendment, the undersigned Lenders hereby waive any Event of Default arising out of inclusion
of the 2020 Emphasis-of-Matter Paragraph in the GPB Prime 2020 CLA Audited Financial Statements described in this Section.

 

     

     

    

 

Section
5.03    Subaru Guaranty Agreement. The Borrower Representative advised the Administrative Agent on or about May 3, 2021 that officers
of the Borrower Representative had become aware that GPB Prime had entered into a Guaranty and Surety Agreement dated February 18, 2021
in favor of Subaru Acceptance Corporation (“SAC Guaranty Agreement”) in support of two Subaru dealership companies
which are not Borrowers under the Credit Agreement. The Borrower Representative further advised that arrangements were in process to
obtain the release of GPB Prime from the SAC Guaranty Agreement, given that it was not permitted under the Credit Agreement. As advised
by the Borrower Representative and set forth in the GPB Prime 2020 CLA Audited Financial Statements, effective May 6, 2021, GPB Prime
was replaced as a guarantor under the SAC Guaranty Agreement and its obligations thereunder were terminated. Subject to the terms and
conditions set forth in this Amendment, the undersigned Lenders hereby waive any Event of Default arising out of execution and delivery
by GPB Prime of the SAC Guaranty Agreement as described in this Section.

 

Section
6.        Representations And Warranties. As an inducement to the Credit Parties to enter into this Amendment and to agree to the
amendments and modifications set forth herein, each of the Loan Parties make the following representations and warranties to the Credit
Parties, as of the Effective Date and upon giving effect to this Amendment:

 

Section
6.01    Authority And Good Standing. Each of them has the power to enter into this Amendment and to perform all of its obligations
hereunder. Each of the Loan Parties: (a) has duly authorized the entry into and performance of this Amendment; (b) is in good standing
in the jurisdiction of its organization; and (c) is duly licensed or qualified and in good standing in all jurisdictions where the property
owned or leased by it or the nature of the business transacted by it makes such licensing or qualification necessary.

 

Section 6.02   Accuracy
Of Information. All information and data submitted by or on behalf of the Loan Parties in connection with this Amendment and the transactions
contemplated herein are true, accurate and complete in all material respects as of the date made and contains no knowingly false, incomplete
or misleading statements.

 

Section 6.03   Pending
Proceedings. There are no actions, suits, proceedings or investigations pending or, to the knowledge of any of the Loan Parties threatened,
against any Loan Party or any assets of any Loan Party, the adverse determination of which would be reasonably expected to have a Material
Adverse Effect except as set forth in Schedule 6.03 attached hereto. No judgments have been entered against any of the Loan Parties
which would result in an Event of Default under Section 7.01.5 of the Credit Agreement.

 

Section 6.04     Events of Default. No Defaults or Events
of Default exist.

 

Section
6.05    Rosenberg Claims. Attached hereto as Schedule 6.05 is a list of all actions, suits, proceedings, litigation, claims,
counterclaims, or disputes pending or, to the knowledge of the Loan Parties after due and diligent investigation, threatened in writing,
at law, in equity, in arbitration or mediation, or before any court or other Governmental Authority, by David Rosenberg or any other
Person included in the Rosenberg Group against any of the Loan Parties or any of their Affiliates, or any of their respective properties
or revenues, including but not limited to, any of same arising out of the Rosenberg Purchase Agreement or the wrongful dismissal lawsuit
or other action by David Rosenberg or the Rosenberg Group against any of the Loan Parties or their Affiliates (all of the foregoing,
collectively, the “Rosenberg Claims").

 

     

     

    

 

Section 7.            Conditions
Precedent. The effectiveness of this Amendment and the agreements of the Administrative Agent and the Lenders hereunder are subject
to the following conditions precedent:

 

(a)        Closing
Submissions. The Administrative Agent’s receipt of the following, each of which shall be originals or electronic copies (followed
promptly by originals), unless otherwise specified, each properly executed by a Responsible Officer of the applicable signing Loan Party,
each dated either the Effective Date (or, in the case of certificates of governmental officials, a recent date before the Effective Date)
and each in form and substance reasonably satisfactory to the Administrative Agent and the Lenders:

 

(i) this
Amendment executed by Administrative Agent, the Lenders, and each of the Loan Parties, and the fee letter executed between the
Administrative Agent, the Arrangers, and the Loan Parties;

 

(ii) such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan
Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Credit Documents to which such
Loan Party is a party;

 

(iii) certificates
of good standing evidencing for each Loan Party from its jurisdiction of incorporation or formation and for each jurisdiction in
which the conduct of its business requires qualification to do business (as determined by the Loan Parties in accordance with the
Credit Agreement);

 

(iv) (x)
“Life of Loan” Federal Emergency Management Agency Standard Flood Hazard determinations, (y) notices, in the form
required under Flood Laws, about special flood hazard area status and flood disaster assistance duly executed by each Loan Party, to
the extent applicable, and (z) if any building on an improved Real Property encumbered by any Mortgage is located in a Special Flood
Hazard Area, a flood insurance policy on terms reasonably satisfactory to the Administrative Agent and each Lender.

 

     

     

    

 

(b)        Prepayment of Term Loans. Prepayment in full of the principal amount outstanding under the Term Loans.

 

(c)        Payment of Floor Plan Committed Loans. Payment in full of such principal amount of outstanding Floor Plan Committed Loans
required to effectuate the permanent reduction in Floor Plan Commitments resulting from the reduction in the Floor Plan Dollar Cap pursuant
to Section 2.02.b. of this Amendment.

 

(d)       
Fees. The Eleventh Amendment Fee and all other fees required to be paid on or before the Effective Date to the Administrative
Agent, the Lenders, or the Arrangers pursuant to Section 9 below and pursuant to the Fee Letter between the Administrative Agent, the
Arrangers, and Borrower Representative shall have been paid by, or on behalf of, the Loan Parties.

 

(e)       
Credit Party Expenses. The Borrower Representative shall have paid, or caused to be paid, all Credit Party Expenses (including,
in the case of attorneys’ fees, directly to counsel to the Administrative Agent, if requested by the Administrative Agent).

 

Section 8.             Additional
Terms, Conditions, and Covenants.

 

(a)         Monitor.
The Monitor (including Alvarez & Marsal) shall remain in place until the [*****] occurs.

 

(b)        [*****]

 

(c)        OEM
Reporting. On a bi-weekly basis, the Loan Parties shall provide the Administrative Agent with a report of the status of all Manufacturers
Agreements, and promptly upon receipt (but, in any event, not less frequently than bi- weekly) shall provide the Administrative Agent
with copies of all material communications from or to Manufacturers, material pleadings and orders in any lawsuits, arbitrations, or
regulatory or state proceedings in connection with any Franchise Agreement or Framework Agreement.

 

(d)        [*****] In the event the Loan Parties fail timely to do so, on such date (i) the rates of interest applicable to all Credit
Facilities shall, without any requirement of prior notice, be increased by fifty (50) Basis Points above the rates otherwise in
effect, and (ii) a fee shall be payable to each Lender in an amount equal to twenty-five (25) Basis Points times the Total
Credit Exposure of such Lender.

 

     

     

    

 

(e)         [*****]In the event the Loan Parties fail
timely to do so, on such date (i) the rates of interest applicable to all Credit Facilities shall, without any requirement of prior
notice, be increased by twenty-five (25) Basis Points above the rates otherwise in effect, and (ii) a fee shall be payable to each
Lender in an amount equal to twenty-five (25) Basis Points times the Total Credit Exposure of such Lender.

 

Section
9.            Eleventh Amendment Fee. The Borrower Representative and the other Loan Parties hereby agree to pay to the Administrative
Agent for the accounts of each of the Lenders approving this Amendment, an amendment fee (“Eleventh Amendment Fee”)
in an amount equal to ten (10) basis points times the aggregate amount of such Lender’s Total Credit Exposure, calculated
after giving immediate effect to the reduction of the Floor Plan Commitments (including payments, if required, of Floor Plan Committed
Loans), the termination of unused Delayed Draw Facility Commitments, and the repayment of the Term Loans, in each case as effected pursuant
to this Amendment. The Eleventh Amendment Fee shall be due and payable on the Effective Date and as a condition precedent to this Amendment.
Payment of the Eleventh Amendment Fee shall, upon receipt thereof by the respective recipient, be non-refundable and shall, upon payment,
be the sole and absolute property of such recipient, as applicable. No portion of the payment on account of the Eleventh Amendment Fee,
shall be applied or considered a payment of the Credit Party Expenses for which the Borrower Representative or any of the Loan Parties
is obligated under the terms of the Credit Agreement or this Amendment.

 

Section
10.          Further Assurances. Each of the Loan Parties agrees to execute and deliver to the Administrative Agent such documents
as may, from time to time, be reasonably requested by the Administrative Agent in order to amend and modify the Credit Agreement and
the other Credit Documents as contemplated by this Amendment.

 

Section
11.           No Novation; No Refinance; No Impairment of Security Interest. It is the intent of each of the Parties hereto that nothing
contained in this Amendment shall be deemed to effect or accomplish or otherwise constitute a novation of any of the Loans or the Credit
Documents or of any of the obligations owed by any of the Loan Parties to the Credit Parties or to be a refinance of any of the Obligations.
This Amendment shall not release, limit or impair in any way the effectiveness and priority of the security interests, mortgages, pledges,
assignments, and other Liens in the Collateral granted, described, and provided in the Credit Agreement and the other Credit Documents
for the benefit of the Secured Parties as security for the Obligations, all of which security interests, mortgages, pledges, assignments,
and other Liens shall continue unimpaired in full force and effect and are hereby ratified and confirmed.

 

Section
12.          Limited Amendment, Consent, and Waiver. Except to the
extent amended pursuant to Section 2 of this Amendment, all of the terms, covenants, conditions, and provisions of the Credit
Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed by each of the
Loan Parties which is a party thereto. Except for the consents and waivers granted pursuant to Sections 4 and 5 of this Amendment,
nothing herein shall constitute a waiver of any provision of the Credit Agreement or any of the other Credit Documents, and each of
the Loan Parties hereby ratifies and confirms all of the Credit Documents to which it is a party, after giving effect to all
amendments set forth in Section 2 hereof and the consents and waivers set forth in Sections 4 and 5 hereof. Except as set forth in
Section 2.02.a. hereof, this Amendment
shall not extend the terms of the Credit Documents or the Maturity Date of any of the Loans or other Obligations. No failure or
delay by any of the Credit Parties in the exercise or enforcement of any of their rights under the Credit Agreement or any other
Credit Document shall be a waiver of such right or remedy nor shall a single or partial exercise or enforcement thereof preclude any
other or further exercise or enforcement thereof or the exercise or enforcement of any other right or remedy. Any such consent or
waiver must be specific and in writing to be binding upon the Credit Parties and no such consent or waiver shall constitute, unless
specifically so expressed in writing by the Administrative Agent, a future consent to, or waiver of, performance or exact
performance by the Loan Parties. No consent, amendment, waiver, or other agreement hereunder shall constitute a course of dealing.
On and after the Effective Date, this Amendment shall for all purposes constitute a Credit Document.

 

     

     

    

 

Section
13.          Enforceability. This Amendment shall inure to the benefit of and be enforceable against each of the Parties and their
respective successors and assigns.

 

Section
14.           Reimbursement of Administrative Agent’s Expenses. The Borrower Representative agrees to reimburse to the Administrative
Agent promptly upon receipt of an invoice therefor, for all Credit Party Expenses incurred by the Administrative Agent in connection
with the negotiation and preparation of this Amendment, and all other expenses incurred by the Administrative Agent as of that date in
connection with the consummation of the transactions and matters described herein.

 

Section
15.          Choice Of Law; Consent To Jurisdiction; Agreement As To Venue. This Amendment shall be construed, performed and enforced
and its validity and enforceability determined in accordance with the Laws of the State of New York (“Governing State”).
Each of the Parties irrevocably consents to the non-exclusive jurisdiction of the courts of the Governing State sitting in New York County
and the United States District Court for the Southern District of New York, and any appellate court from any thereof. Each of the Parties
agrees that venue shall be proper in any State court of the Governing State sitting in New York County or in any United States District
Court for the Southern District of New York and waives any right to object to the maintenance of a suit in any of such state or federal
courts of the Governing State on the basis of improper venue or of inconvenience of forum.

 

Section
16.           RELEASE. IN
ORDER TO INDUCE THE ADMINISTRATIVE AGENT AND THE LENDERS TO ENTER INTO THIS AMENDMENT, EACH OF THE LOAN PARTIES FOREVER RELEASES AND
DISCHARGES THE ADMINISTRATIVE AGENT AND THE LENDERS AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS, AND
AGENTS (COLLECTIVELY, THE “RELEASED PARTIES”) FROM ANY AND ALL CLAIMS, CAUSES OF ACTION, SUITS AND DAMAGES (INCLUDING
CLAIMS FOR ATTORNEYS’ FEES AND COSTS), ARISING OUT OF A COMMISSION OR OMISSION OF THE ADMINISTRATIVE AGENT OR ANY OF THE
LENDERS EXISTING OR OCCURRING ON OR PRIOR TO THE EFFECTIVE DATE, WHICH ANY OF THE LOAN PARTIES, JOINTLY OR SEVERALLY, EVER HAD OR
MAY NOW HAVE AGAINST ANY OF THE RELEASED PARTIES FOR ANY SUCH CLAIMS ARISING OUT OF OR RELATED IN ANY WAY TO THE OBLIGATIONS, THE
CREDIT DOCUMENTS, THIS AMENDMENT OR THE ADMINISTRATION THEREOF, WHETHER KNOWN OR UNKNOWN, INCLUDING BUT NOT LIMITED TO ANY AND ALL
SUCH CLAIMS BASED UPON OR RELYING ON ANY ALLEGATIONS OR ASSERTIONS OF DURESS, ILLEGALITY, UNCONSCIONABILITY, BAD FAITH, BREACH OF
CONTRACT, REGULATORY VIOLATIONS, NEGLIGENCE, MISCONDUCT, OR ANY OTHER TORT, CONTRACT OR REGULATORY CLAIM OF ANY KIND OR NATURE. THIS
RELEASE IS INTENDED TO BE FINAL AND IRREVOCABLE AND IS NOT SUBJECT TO THE SATISFACTION OF ANY CONDITIONS OF ANY KIND.

 

     

     

    

 

Section
17.          Counterparts And Delivery. This Amendment may be executed and delivered in counterparts, (and by different Parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page to this Amendment electronically or via facsimile shall be just as
effective as the delivery of a manually executed counterpart of this Amendment. Further, each person executing this letter agrees that
the electronic signatures, whether pdf, scanned, digital, encrypted, captured or otherwise attached or imposed hereto, are intended to
authenticate this Amendment and to have the same force and effect of manual signatures. By signing below, each person, in their individual
capacity, executing this letter represents and warrants to and covenants to the Credit Parties that said signer is executing this Amendment
on behalf of a Borrower or Guarantor and is duly authorized and empowered to do so and to bind such Borrower and/or Guarantor to the
terms hereof.

 

Section
18.          Waiver of Jury Trial. All Parties to this Amendment waive the right to a trial by jury in any action brought to enforce
or construe this Amendment or which otherwise arises out of or relates to this Amendment or the transactions contemplated herein.

 

[SIGNATURES BEGIN ON THE FOLLOWING PAGE]

 

     

     

    

 

Signature Page to Eleventh
Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement:

 

IN WITNESS WHEREOF, the
Parties have executed this Amendment with the specific intention of creating a document under seal to be effective as of the date first
above written.

 

	 	GPB PRIME:
	 	GPB PRIME HOLDING, LLC.
	 	a Delware Limited Liability Company
	 	 
	 	By:	/s/
    Todd R. Skelton
	 	 	Todd R. Skelton,
	 	 	Chief Executive Officer

 

	 	PARENT HOLDINGS GUARANTOR:
	 	AUTOMILE PARENT HOLDINGS , LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/
    Todd R. Skelton
	 	 	Todd R. Skelton,
	 	 	Chief Executive Officer

 

     

     

    

 

Signature Page
to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	BORROWERS:	 
	 	 	 	 	 
	 	AUTOMILE TY HOLDINGS, LLC.
	AMR AUTO HOLDINGS - PA, LLC,	AMR AUTO HOLDINGS- LN, LLC,
	AMR AUTO HOLDINGS - VH, LLC,	LUPO LLC,
	SACO AUTO HOLDINGS - VW, LLC,	AMR AUTO HOLDINGS - BG, LLC,
	HANOVER AUTOMOTIVE HOLDINGS, LLC,	AMR AUTO HOLDINGS - NC, LLC,
	AMR AUTO HOLDINGS - SM, LLC,	AM R AUTO HOLDINGS - MW, LLC,
	AMR AUTO HOLDINGS - VWN, LLC,	AUTOMILE HOLDINGS, - AC, LLC,
	Each a Delaware limited liability company	AMR AUTO HOLDINGS - HN, LLC,
	 	AMR AUTO HOLDINGS - MH, LLC,
	By:	/s/ Kevin P. Westfall	 	AMR AUTO HOLDINGS - FA, LLC,
	 	Kevin P. Westfall,	AMR AUTO HOLDINGS - MM, LLC,
	 	Interim CEO	AMR AUTO HOLDINGS - FLMM, LLC,
	 	AMR AUTO HOLDINGS - HN, LLC,
	AMR REAL ESTATE HOLDINGS, LLC,	SAWDRAN, LLC,
	A Delaware limited liability company	AMR AUTO HOLDINGS - PO, LLC,
	 	AMR AUTO HOLDINGS - LC, LLC,
	By:	/s/ Todd R. Skelton	 	AMR AUTO HOLDINGS - JS, LLC,
	 	Todd R. Skelton	AMR AUTO HOLDINGS - MINR, LLC,
	 	Chief Executive Officer	AMR AUTO HOLDINGS - LH, LLC,
	 	AMR AUTO HOLDINGS - MN, LLC,
	 	AMR AUTO HOLDINGS - BN, LLC,
	 	SACO AUTO HOLDINGS - BR, LLC,
	 	SACO AUTO HOLDINGS - HNR, LLC,
	 	Each a Delaware limited liability company
	 	 	 
	 	By:	/s/ Todd R. Skelton
	 	 	Todd R. Skelton,
	 	 	Chief Executive Officer
	 	 	 
	 	AUTOMILE HOLDINGS, LLC,
	 	A Delaware limited liability company
	 	 	 
	 	By:	/s/ Todd R. Skelton
	 	 	Todd R. Skelton
	 	 	Chief Executive Officer

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	BORROWER REPRESENTATIVE:	 
	 	 
	AUTOMILE HOLDINGS, LLC,	 
	A Delaware limited liability company	 
	 	 
	By:	/s/
    Todd R. Skelton	 
	 	Todd R. Skelton,	 
	 	Chief Executive Officer	 

 

     

     

    

 

Signature Page to Eleventh
Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	MANUFACTURERS AND TRADERS
    TRUST COMPANY, A New York Banking Corporation,
    In Its Capacity as Administrative Agent
	 	 
	 	By:	/s/ John E. Brissette,
	 	 	John E. Brissette,
	 	 	Vice President
	 	 
	 	LENDER:
	 	 
	 	MANUFACTURERS AND TRADERS
    TRUST COMPANY, A New York Banking Corporation, As a Lender
	 	 
	 	By:	/s/ John E. Brissette,
	 	 	John E. Brissette,
	 	 	Vice President

 

     

     

    

 

Signature Page to Eleventh
Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	TRUIST BANK,
	 	As a Lender,
	 	 
	 	By:	/s/
    MICHAEL WAUSH
	 	 	Name: 	MICHAEL WAUSH
	 	 	Tittle: 	SENIOR VICE PRESIDENT

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	MERCEDES-BENZ FINANCIAL SERVICES USA LLC,
	 	As a Lender

 

		By:	/s/ Robert Rappold

	 	 	Name:	Robert
                                            Rappold

	 	 	Title:	Credit
                                            Manager- National Accounts

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	TOYOTA MOTOR CREDIT CORPORATION,
	 	As a Lender

 

		By:	/s/ Gerald Jules
	 	 	Gerald Jules,
	 	 	National
                                            Manager, National Accounts

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	NYCB SPECIALTY FINANCE COMPANY, LLC, a wholly owned subsidiary of New York Community
	 	As a Lender

 

		By:	/s/ Mark C. Mazmanian
	 	 	Mark C. Mazmanian,
	 	 	First
                                            Senior Vice President

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION,
	 	As a Lender

 

		By:	/s/ Andrew Scott

	 	 	Name:	Andrew Scott

	 	 	Title:	SVP

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	TD BANK, N.A.,
	 	As a Lender

 

		By:	/s/ Katherine Brutelle

	 	 	Name:	 Katherine Brutelle

	 	 	Title:	VP

 

     

     

    

 

Signature
Page to Eleventh Amendment to Amended and Restated Credit Agreement and Waiver and Consent Agreement - Continued:

 

	 	LENDER:
	 	 
	 	VW CREDIT, INC.,
	 	As a Lender

 

		By:	/s/ William J Zozokar

	 	 	Name:	William J Zozokar

	 	 	Title:	SMCC

 

     

     

    

 

SCHEDULE 1.03

 

UNRESTRICTED SUBSIDIARIES

 

	1.	AMR AUTO HOLDINGS – IN, LLC

	2.	AMR AUTO HOLDINGS – KH, LLC

	3.	AMR Automotive Reinsurance Limited

	4.	AMR AUTO HOLDINGS – TY, LLC

	5.	AMR AUTO HOLDINGS – TH, LLC

	6.	AMR AUTO HOLDINGS – TO, LLC

	7.	AMR AUTO HOLDINGS – ACII, LLC

	8.	AMR AUTO HOLDINGS – SB, LLC

	9.	AMR AUTO HOLDINGS – HD, LLC

	10.	AMR AUTO HOLDINGS – SN, LLC

	11.	STARETZ, LLC

	12.	AMR AUTO HOLDINGS – VS, LLC

	13.	AMR AUTO HOLDINGS – SH, LLC

	14.	AMR AUTO HOLDINGS – CH, LLC

	15.	PRIME FLIP, LLC

	16.	AMR AUTO HOLDINGS – WPWN, LLC

 

     

     

    

 

Schedule 4

 

Additional Unrestricted Subsidiaries

 

	Entity	Dealership
	AMR Auto Holdings – ACII, LLC	Prime Acura North
	AMR Auto Holdings – SB, LLC	Prime Subaru Hudson
	AMR Auto Holdings – HD, LLC	Prime Hyundai South
	Staretz, LLC	Prime Hyundai
	Prime Flip, LLC	
    N/A (Prime Flip Subscription Program)

	AMR Auto Holdings – TY, LLC	Prime Toyota – Boston
	AMR Auto Holdings – TO, LLC	Orleans Toyota
	AMR Auto Holdings – TH, LLC	Hyannis Toyota
	AMR Auto Holdings – SN, LLC	White River Subaru
	AMR Auto Holdings – SH, LLC	Subaru Hyannis
	AMR Auto Holdings – CH, LLC	Prime Chevrolet
	
    AMR Auto Holdings – WPWN, LLC
	N/A
	AMR Auto Holdings – VS, LLC	Volvo Southborough

 

     

     

    

 

Schedule
6.03

 

Pending Proceedings

 

None.

 

     

     

    

 

Schedule
6.05

 

Rosenberg Claims

 

	Matter	Action Type	Commencement
	David Rosenberg; The Rosenberg Family Nominee Trust; and the Rosenberg Family Nominee Trust/Sawdran, Plaintiffs, v. GPB Prime Holdings, LLC and Automile Parent Holdings, LLC., Defendants, Norfolk, Massachusetts Superior Court Civil Action No: 1982-CV-0925	Civil Action	
    7/19/19;

    Amended 11/26/19

	David Rosenberg, Claimant, v. Automile Holdings, LLC, Respondent, JAMS Boston, JAMS Arbitration, Case No. 1400018385	Arbitration proceeding for disputes under Rosenberg employment agreement.	Amended
    Demand for Arbitration filed 6/8/2020Document

EXHIBIT 10.1

SLM Corporation 2012 Omnibus Incentive Plan

 2021 Independent Director Restricted Stock Agreement

Pursuant to the terms and conditions of the SLM Corporation 2012 Omnibus Incentive Plan (the “Plan”), SLM Corporation (the “Corporation”) hereby grants to _______________(the “Grantee”) _____ shares of common stock of the Corporation, par value $0.20 (the “Restricted Stock”), on June 8, 2021 (the “Grant Date”) subject to the terms and conditions below.  All capitalized terms used herein that are not defined shall have the meanings as set forth in the Plan. 

100 percent of the Restricted Stock is subject to a risk of forfeiture and is non-transferable on the Grant Date. 

Upon the Corporation’s 2022 annual meeting of stockholders (the “Vesting Event”), 100 percent of the Restricted Stock will vest and become transferable unless vested earlier as set forth below. 

The Restricted Stock will vest and become transferable prior to the Vesting Event upon any of the following events: (i) the Grantee’s death or Disability or (ii) upon a Change in Control. 

100 percent of the Restricted Stock will be forfeited if the Grantee ceases to be a director of the Corporation’s Board of Directors prior to the Vesting Event for any reason other than death, Disability (as defined below) or a Change in Control. 

The Restricted Stock will be held in an account in the Grantee’s name at the Corporation’s transfer agent, currently Computershare.  The Grantee is entitled to vote the shares of Restricted Stock. 

Dividends declared on unvested shares of Restricted Stock will not be paid in cash currently except in the case of fractional shares as set forth below.  Instead, an account established  on behalf of the Grantee will be credited with an amount equal to such dividends, which amount shall be reinvested in additional shares of the Corporation’s common stock (“Dividend Equivalent”).  The value of the Dividend Equivalents will be calculated in the same manner as dividends paid to holders of common stock.  Such Dividend Equivalents will be subject to the same vesting schedule to which the Restricted Stock is subject.  Upon vesting of any portion of the Restricted Stock, the amount of Dividend Equivalents allocable to such Restricted Stock (and any fractional share amount) will also vest and will be converted into shares of the Corporation’s common stock (provided that any fractional share amount shall be paid in cash).  Dividend Equivalents declared on unvested shares of Restricted Stock are not subject to income tax until vesting, at which time they are taxed as ordinary income. 

The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any transfer or sale by the Grantee of any 

shares of Common Stock, including without limitation (a) restrictions under an insider trading policy and (b) restrictions that may be necessary in the absence of an effective registration statement under the Securities Act of 1933, as amended, covering the shares of the Corporation’s common stock.  The sale of the shares must also comply with other applicable laws and regulations governing the sale of such shares. 

As an essential term of this award, the Grantee consents to the collection, use and transfer, in electronic or other form, of personal data as described herein for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.  By accepting this award, the Grantee acknowledges that the Corporation holds certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, tax rates and amounts, nationality, job title, any shares of stock held in the Corporation, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding, for the purpose of implementing, administering and managing the Plan (“Data”).  The Grantee acknowledges that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in jurisdictions that may have different data privacy laws and protections, and the Grantee authorizes the recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee or the Corporation may elect to deposit any shares of the Corporation’s common stock.  The Grantee acknowledges that Data may be held to implement, administer and manage the Grantee’s participation in the Plan as determined by the Corporation, and that the Grantee may request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, provided however, that refusing or withdrawing the Grantee’s consent may adversely affect the Grantee’s ability to participate in the Plan. 

The Corporation may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation, and such consent shall remain in effect throughout Grantee’s term of service with the Corporation and thereafter until withdrawn in writing by Grantee.  

“Disability” means the absence of the Grantee from the Corporation’s Board of Directors duties for 180 consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Corporation or its insurers and reasonably acceptable to the Grantee or the Grantee’s legal representative.

The Grantee is deemed to accept this award of Restricted Stock under this Agreement and to agree that such award is subject to the terms and conditions set forth in this Agreement and the Plan unless the Grantee provides the Corporation written notification of the 

Grantee’s rejection of this award of Restricted Stock not later than 30 days after the Grantee’s receipt of notice of the posting of this Agreement on-line or through electronic means (in which case such award will be forfeited and the Grantee shall have no further right or interest therein as of such date).

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