Document:

hzo-ex1021r_736.htm

Exhibit 10.21 (r)

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

 

THIRD AMENDED AND RESTATED

PROGRAM TERMS LETTER

October 30, 2015

MarineMax, Inc.

MarineMax East, Inc.

MarineMax Services, Inc.

MarineMax Northeast LLC

Boating Gear Center, LLC

US Liquidators, LLC

Newcoast Financial Services, LLC

My Web Services, LLC

MarineMax Charter Services, LLC

2600 McCormick Drive

Clearwater, FL  33759

Attn: Mike McLamb

RE:  Wholesale Marine Products Finance Program

Dear Mike:

This Program Terms Letter outlines the terms of your marine financing program with GE Commercial Distribution Finance LLC f/k/a GE Commercial Distribution Finance Corporation (in its individual capacity, “CDF”) as Agent (CDF, in such capacity as agent, is herein referred to as “Agent”) for the several financial institutions that are parties to this Agreement or may from time to time become party hereto (collectively, the “Lenders” and individually each a “Lender”) and for itself as a Lender.  This program will apply to all outstanding invoices financed by any one or more Lenders pursuant to that certain Second Amended and Restated Program Terms Letter dated August 29, 2014, among CDF and you (as amended from time to time, the “Existing PTL”) and to all invoices financed on or after the date hereof.  This Program Terms Letter amends and restates the Existing PTL in its entirety. 

This Program Terms Letter supplements that certain Second Amended and Restated Inventory Financing Agreement, dated as of October 30, 2015, among Agent, Lenders and you (the “Inventory Financing Agreement”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Inventory Financing Agreement.

The following sets forth the terms of your financing program:

 

 

	
A. Rates and Terms
	
 
	
 

	
 
	
 
	
 

	
Effective Program Dates:
	
 
	
Applies to all outstanding invoices financed by any one or more Lenders pursuant to the Original PTL and all invoices financed by any one or more Lenders on or after the date hereof. 

	
 
	
 
	
 

	
Subsidy Period:
	
 
	
As determined by manufacturer program (if applicable).

	
 
	
 
	
 

	
Eligible Products:
	
 
	
New and pre-owned marine products, subject to a perfected first priority Lien in favor of Agent for the benefit of Lenders and free and clear of all other Liens not permitted by the Inventory Financing Agreement.  Consigned products shall be excluded unless you comply with Agent’s documentation requirements with respect thereto and Agent otherwise agrees in writing.

 

			
	
Third Amended and Restated Program Terms Letter
	
1
	
 

	
KCP-4616007-11
	
 

 

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

 

	
 
	
 
	
 

	
Dealer Rate:
	
 
	
The effective dealer interest rate for any month (after the manufacturer subsidy period expires, if applicable) shall be the One month LIBOR rate plus 3.45%.  

Dealer Rate shall be the same for both new and pre-owned inventory.

The Dealer Rate will be recalculated monthly based on changes in the One month LIBOR rate as outlined above.

	
 
	
 
	
 

	
Performance Rebate:
	
 
	
So long as Dealer remains in compliance with all the terms and conditions of the Inventory Financing Agreement, this Program Terms Letter and all other agreements or instruments by and between Dealer, Agent and any one or more Lenders, beginning the date hereof through the calendar quarter ending December 31, 2015, and for each calendar quarter thereafter, Agent, on behalf of Lenders, will pay you a rebate to be paid quarterly in an amount equal to .55% of (i) the average daily balance of outstanding Obligations owed to Lenders for the prior quarter less (ii) the average daily balance of the [****] for the prior quarter (the “Performance Rebate”).  Such rebate will be subject to the following:

1. Such rebates will be paid within 30 days following the end of the applicable quarter.

2. The average daily balance of outstanding Obligations will be calculated as the sum of the daily balance of outstanding Obligations for each day in the applicable quarter divided by the number of days in the applicable quarter.

3. The average daily balance of the [****] will be calculated as the sum of the daily balance of the [****] for each day in the applicable quarter divided by the number of days in the applicable quarter.

	
 
	
 

	
Unused Line Fee:
	
 
	
Dealer will be charged a monthly Unused Line Fee in an amount equal to 0.10% multiplied by the Unused Line, calculated based on the actual number of days in the calendar month in a year of 360 days.  Unused Line is the Maximum Credit Amount, minus the average daily balance of outstanding Obligations owed to Agent and Lenders, plus the average daily balance of the [****].  Billed monthly. 

	
 
	
 

	
Maturity Period:
	
 
	
Invoices financed for new inventory by any one or more Lenders are considered due in full at 1080 days from original invoice date, except that invoices financed by any one or more Lenders related to all Azimut-Benetti S.p.A., Galeon, LLP., Alexander Marine Company, Ltd., and Sino Eagle Yacht Co., Ltd. are considered due in full at 1080 days from the original funding date.

Invoices financed for pre-owned (trade in or used) inventory by any one or more Lenders are considered due in full at 361 days from the date Dealer acquires such unit (“Acquisition Date”).

	
 
	
 
	
 

	
Advance Request:
	
 
	
Each advance with respect to pre-owned inventory or re-advance shall be made pursuant to a completed written advance request in the form attached hereto as Exhibit A (together with all attachments required thereby, an “Advance Request Form”) or such other form as Agent and Dealers may agree.

 

			
	
Third Amended and Restated Program Terms Letter
	
2
	
 

	
KCP-4616007-11
	
 

 

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

 

	
 
	
 
	
In addition, each advance with respect to any advance request for Aquila brand inventory, Ocean Alexander brand inventory , or Galeon brand inventory shall be requested as follows and accompanied by the following documentation for each item of such inventory:

(a)    Each advance request for Aquila brand inventory or Galeon brand inventory shall be requested within fifteen (15) Business Days of clearing United States Customs

(b)    Each advance request for Ocean Alexander brand inventory shall be requested within the earlier of:  

(i)  fifteen (15) Business Days following payment in full to Alexander Marine Company, Ltd, or

(ii)  delivery of the inventory to Dealer

(c)    A copy of the original invoice from: 

(i)  Sino Eagle Yacht Co., Ltd. for Aquila brand inventory

(ii)  Alexander Marine Company, Ltd. for Ocean Alexander brand inventory 

(iii)  Galeon, LLP for  Galeon brand inventory

(d)    Either a Manufacturer’s Statement of Origin (MSO) or Builder’s  Certificate

(e)    Evidence that each such item of inventory has cleared United States Customs

(f)    Evidence that MarineMax has paid:

(i) Sino Eagle Yacht Co., Ltd. in full for each such item of Aquila brand inventory, 

(ii) Alexander Marine Company, Ltd. in full for each such item of Ocean Alexander brand inventory 

(iii) Galeon, LLP.  in full for each such item of Galeon brand inventory

	
 
	
 
	
 

 

			
	
Third Amended and Restated Program Terms Letter
	
3
	
 

	
KCP-4616007-11
	
 

 

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

 

 

			
	
Third Amended and Restated Program Terms Letter
	
4
	
 

	
KCP-4616007-11
	
 

 

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

 

	
Floorplan Advance Rate:
	
 
	
For new inventory (excluding Azimut brand new inventory, Aquila brand new inventory, Ocean Alexander brand new inventory, and Galeon brand new inventory), 100% of invoice amount, including freight (if included on original invoice), subject to Availability. 

For Azimut brand new inventory (except Azimut Pre-Sold Inventory): 85% of invoice amount for all inventory that is 72 feet or less and 75% of invoice amount for all inventory that is greater than 72 feet, subject to Availability; provided that, until Azimut has executed and delivered a current program terms letter (“Azimut PTL”), the advance rates for Azimut brand new inventory shall be as follows: 85% of invoice amount for all inventory that is 70 feet or less and 75% of invoice amount for all inventory that is greater than 70 feet, subject to Availability.

The advance rate for Azimut Pre-Sold inventory shall be 90% of the invoice amount, as verified by Agent, subject to Availability. As used herein, “Pre-Sold” means under contract to a retail customer pursuant to an Acceptable Contract.  “Acceptable Contract” means a fully executed bona fide contract with a retail customer, on terms that are commercially reasonable, including a deposit.

For Aquila brand new inventory, 75% of invoice amount, subject to a maximum of [****] in the aggregate advanced at any one time, and further subject to Availability.

For Ocean Alexander brand new inventory: 75% of invoice amount for all inventory that is 72 feet or less and 50% of invoice amount for all inventory that is greater than 72 feet, subject to a maximum of [****] in the aggregate advanced at any one time, and further subject to Availability.

For Galeon brand new inventory: 75% of invoice amount for all inventory that is 72 feet or less and 50% of invoice amount for all inventory that is greater than 72 feet, subject to a maximum of [****] in the aggregate advanced at any one time, and further subject to Availability.

As used herein, “Availability” shall mean:

(i)  the lesser of:

(a)  the Maximum Credit Amount, minus the outstanding amount of Approvals, and

(b)  (I) at any time the aggregate outstanding amount of Obligations is less than [****], 100% of the Eligible Inventory Collateral shown on the most recent inventory certificate (“Total Eligible Inventory”), or

(II)  at any time the aggregate outstanding amount of Obligations is equal to or greater than [****], 100% of Total Eligible Inventory shown on the most recent inventory certificate, less the lesser of (x) [****] and (y) 10% of Total Eligible Inventory shown on such inventory certificate, 

(ii)  minus, the aggregate outstanding amount of Obligations.  

If Availability is negative at any time, then immediate payment shall be required of amount sufficient to cause Availability to be equal to or greater than $0. 

Pre-owned (trade in or used) inventory advances will be as follows, subject to Availability, the Pre-owned Inventory Sublimit, the Specific Pre-Owned Sublimit, and the Other Pre-Owned Sublimit:

75% MarineMax Pre-owned Inventory Cost Day 1 (“Day 1” as used herein shall mean Acquisition Date) through Day 180 (after Acquisition Date); 67% Day 181 (after Acquisition Date) through Day 360 (after Acquisition Date), which reflects the 10% curtailment as described in “Floorplan Curtailments” section below; 0% Day 361+ (after Acquisition Date). 

“MarineMax Pre-owned Inventory Cost” shall be Dealer’s internal valuation for pre-owned inventory (as set forth on the monthly inventory certificate and  borrowing base).  

All models of pre-owned inventory are eligible, provided low wholesale values can be determined via NADA, Yachtworld.com, survey, or other source acceptable to Agent. 

Internal condition and valuation methodology required on all units > $500,000.00 (“Specific Pre-Owned Items”).  If valuation of any Specific Pre-Owned Item exceeds [****], any advance to Dealers in excess of [****] for such Specific Pre-Owned Item shall be in Agent’s discretion.

Trade in units < $500,000.00 value will be financed on a “borrowing base” calculated as the aggregate of the pre-owned advance rates multiplied by the applicable MarineMax Pre-owned Inventory Cost of such pre-owned inventory.  Agent may, on behalf of Lenders, implement a Pre-Owned Inventory Reserve against the pre-owned inventory to reduce the availability of eligible pre-owned inventory.  “Pre-Owned Inventory Reserve” 

is defined and calculated as the low wholesale value determined via NADA, Yachtworld.com, survey or other source acceptable to Agent minus the MarineMax Pre-owned Inventory Cost, divided by the low wholesale value determined via NADA, Yachtworld.com, survey or other source acceptable to Agent, as a percentage. 

Dealers are required to submit a borrowing base certificate in the form attached hereto as Exhibit B on the date hereof and monthly by the 10th day of the month (or the first business day following the 10th day of each month if the 10th day is not a business day) based on the balances of pre-owned inventory as of the date of the certificate.  The monthly borrowing base certificate can be used to borrow up to 80% of eligible borrowing base for that calendar month, subject to Availability, the Pre-Owned Inventory Sublimit and the Other Pre-Owned Sublimit.  Any request for advances >  80% of the borrowing base reflected on the most recent borrowing base certificate requires submission of an updated borrowing base certificate and such advances shall be limited to 100% of updated borrowing base, subject to Availability, the Pre-Owned Inventory Sublimit and the Other Pre-Owned Sublimit.

If any unit (new or pre-owned) remains at a location other than a Permitted Location for more than 30 days, then immediate payment shall be required of the full principal amount of the Obligations owed with respect to such unit.  If the aggregate value of units at locations other than Permitted Locations (excluding boat shows) exceeds $5,000,000.00 at any time, then immediate payment shall be required of the Obligations with respect to such units in an aggregate amount equal to such excess.  In addition, if a material adverse change results in the reduction of the value of the Collateral in an aggregate amount exceeding $250,000.00, then immediate payment shall be required of the Obligations with respect to such Collateral in an amount equal to such excess; provided that, if such reduction of value is the subject of an insurance claim payable to Agent on behalf of Lenders as loss payee, then immediate payment of such excess amount shall only be required to the extent it exceeds the claim amount (net of any deductible) and payment of the remainder of such excess shall not be required until the earlier of (i) receipt of such insurance proceeds, if any, or the rejection or denial of such claim or any portion thereof and (ii) 30 days (or such later date as Agent may agree in writing) after such loss or damage.

	
 
	
 
	
 

 

			
	
Third Amended and Restated Program Terms Letter
	
5
	
 

	
KCP-4616007-11
	
 

 

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

 

	
Concentration Limits:
	
 
	
If the number of units of inventory (new and pre-owned) financed by any one or more Lenders which are not Pre-Sold and which have an Outstanding Amount > $150,000.00 exceeds [****] of total number of units of inventory financed by such Lender or Lenders, then immediate payment shall be required and applied to the oldest units of such inventory financed by such Lender or Lenders to the extent required to reduce the number of such units to [****] or less.  “Outstanding Amount” means the outstanding amount financed by any one or more Lenders for such unit, minus any portion of the Required Amount (as defined in the [****]) funded to the [****] with respect to curtailments for such unit.  For purposes of determining the concentration limits, units of inventory financed by any one or more Lenders shall include, without limitation, each unit of pre-owned inventory with a valuation < $500,000.00 identified on the current borrowing base certificate.  

If the units of inventory (new and pre-owned) financed by any one or more Lenders which are not Pre-Sold and which have an Outstanding Amount > $750,000.00 exceed [****] in the aggregate (of which no more than [****] in the aggregate may be Azimut brand), then immediate payment shall be required and applied to the oldest units of such inventory financed by such Lender or Lenders to the extent required to reduce the Outstanding Amount to [****] or less for such inventory (or [****] or less for Azimut brand inventory).  In no event shall any one or more Lenders finance more than the greater of 

[****] units or [****] of such inventory  that exceeds 72 ft., and which are not Pre-Sold.

	
 
	
 
	
 

	
Inventory Reporting:
	
 
	
A monthly inventory certificate in the form attached hereto as Exhibit C or in such other form as Dealers and Agent may agree, together with supporting documentation requested by Agent, shall be required to be provided by the 10h day of each month (or the first business day following the 10th day of each month if the 10th day is not a business day) based on the balances as of the date of the certificate.  All inventory to be included (new, pre-owned) is to be provided on ad-hoc basis upon Agent request.

	
 
	
 
	
 

	
Floorplan Curtailments:
	
 
	
Curtailment payments on invoices financed by any one or more Lenders will be due pursuant to the following schedule:

For all Azimut-Benetti S.p.A, Ocean Alexander, Galeon, and Aquila inventory, a curtailment payment of 10% of the initial amount financed is due and payable on each item of new inventory at each of the following points in time:  181, 361, 541, 721 and 900 days from the original funding date and the full remaining balance of the advance is due and payable on each item of Azimut-Benetti S.p.A, Ocean Alexander, Galeon, and Aquila inventory when it is aged 1080 days from the original funding date.  

For all other new and Pre-Sold inventory, a curtailment payment of 10% of the initial amount financed is due and payable on each item of new inventory at each of the following points in time: 181, 361, 541, 721 and 900 days from the date of the respective original invoice and the full remaining balance of the advance is due and payable on each item of inventory when it is aged 1080 days from the date of the original invoice. 

For pre-owned (trade in or used) inventory < $500,000.00 low NADA wholesale value, a curtailment payment of 10% of the amount financed is due and payable at day 181 after the Acquisition Date; for pre-owned (trade in or used) inventory > $500,000.00 low NADA wholesale value, a curtailment payment of 10% of the amount financed is due and payable at day 181 after the Acquisition Date; and the advances with respect to all such items of inventory will be due in full at day 361 after the Acquisition Date.   

All curtailment payments will be billed monthly and due in a single payment on the last day of such month. The failure to remit curtailment payments when due shall be considered a Default under the terms of the Inventory Financing Agreement and any such late curtailment payments shall be subject to interest at the Default Rate until paid in full.

Curtailment payments will be offset by an amount equal to the lesser of (i) the Required Amount set forth in the [****], (ii) the [****] balance set forth in the [****], and (iii) [****] (provided the [****] has a balance of at least [****]).  Notwithstanding such offset, the entire amount of curtailment payments will be paid no later than 20 days following the due date thereof.

	
 
	
 
	
 

	
[****]:

 

 
	
 
	
[****] can be funded for curtailments due (up to a maximum of [****]) and other amounts subject to cap on the amount of [****] equal to the lesser of (i) [****] of the then outstanding loan balance or (ii) [****].

1. Maximum of [****] removal of funds per week (Dealer may not remove funds required to maintain the Required Amount)

2. Maximum of [****] contributions of funds per week (unless otherwise needed for minimum requirements)

3. Not intended for direct application for unit payoffs

 

			
	
Third Amended and Restated Program Terms Letter
	
6
	
 

	
KCP-4616007-11
	
 

 

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

 

	
 
	
 
	
 

	
Inventory Re-Advance

Capability:
	
 
	
New inventory may be paid down to a minimum floorplan balance of $1,000.00 per unit; permitted to re-advance up to maximum allowable advance rate (original invoice amount less curtailments due)  subject to:

1. Request must aggregate at least $100,000.00 (refinance amount)

2. Maximum ‘re-book’ advance is limited to 25% of Maximum Credit Amount within any 30 day period or, if [****] is terminated at Agent’s option, 50% of Maximum Credit Amount within any 30 day period (such limit, the “Re-Advance Sublimit”)

3. Limited to Brunswick and Azimut product

4. Delivery of an Advance Request Form and certification of applicable inventory values

	
 
	
 
	
 

	
Landlord Lien Waivers:
	
 
	
If any Eligible Inventory Collateral is held at a location leased by you and you have not delivered to Agent a landlord lien waiver or subordination in form acceptable to Agent, as an alternative, you will be required to fund a reserve equal to 3 months of base rent, which will be placed in the [****] pursuant to the terms of the [****], as a “required” minimum amount.  

	
 
	
 
	
 

	
B. General Terms
	
 
	
 

	
 
	
 
	
 

	
Audit/Inspection Fees:

 
	
 
	
Pre-closing and annual audit costs will be paid by Dealers.  Actual floorcheck expenses for inventory inspections will be paid by Agent, provided that if results of the inspections are not satisfactory to Agent, in its reasonable discretion, then additional inspection expenses will be paid by Dealers.

	
 
	
 
	
 

	
MSO’s/Titles:
	
 
	
All Pre-owned titles and documentation must show all prior liens released.

	
 
	
 
	
 

	
Insurance Certificates:
	
 
	
On or before the date hereof, Dealer shall deliver to Agent certificates of insurance satisfying the requirements set forth in Section 6 of the Inventory Financing Agreement.

	
 
	
 
	
 

	
Audit/Inspection Frequency:
	
 
	
8 x per year

All locations with an average outstanding Total Eligible Inventory (calculated semi-annually based on inventory reports provided to Agent by Dealers) > $1,000,000 will be inspected quarterly at a minimum

All locations with an average outstanding Total Eligible Inventory (calculated semi-annually based on inventory reports provided to Agent by Dealers) < $1,000,000 will be inspected semi-annually at a minimum

During each inspection, Agent will inspect multiple locations wherein at least 48% of Total Eligible Inventory is located.  During each calendar quarter, Agent will inspect multiple locations wherein at least 98% of Total Eligible Inventory is located.

MSO and Preowned Title audits to be conducted every 120 days

and additional audits/inspections at any other time at Agent’s discretion.

	
 
	
 
	
 

	
COMS Non-Usage Fee:
	
 
	
Dealers will be charged $1,000 in the aggregate per month for any month during which Dealers do not use the CDF COMS on-line payment system for Dealers’ primary method of payment to Agent.

 

			
	
Third Amended and Restated Program Terms Letter
	
7
	
 

	
KCP-4616007-11
	
 

 

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

 

	
 
	
 
	
 

	
Late Payment Fee:
	
 
	
Under the terms of your financing agreement with Agent and Lenders, you are to remit payment to Agent on behalf of Lenders immediately upon the earlier of (i) your receipt of the proceeds of any sale or other disposition of any unit of collateral financed by any one or more Lenders, and (ii) 7 calendar days after such sale or other disposition.  If it is discovered that a unit of collateral is sold or otherwise disposed of without payment remitted to Agent on behalf of Lenders (Sold out of Trust “SOT”), whether as the result of an inventory collateral inspection or otherwise, Agent may, in its sole discretion, charge you the following late payment fee on a monthly basis for each SOT item:

	
 
	
 
	
 

	
 
	
 
	
Day 1- 7 after the retail sale of the unit
	
 
	
On the 8th day after the retail sale of the unit

	
 
	
$0.00
	
 
	
.25% of the outstanding invoice amount per unit per month

	
 
	
 
	
 

	
NSF Fee:
	
 
	
You will be charged a fee of $25 for each check or other item that is returned unpaid.

 

Please note that the fees and charges referred to above such as the Late Payment Fee and NSF Fee are not intended to be Agent’s or any Lender’s sole remedies for those events, and if you fail to meet any of your obligations under your agreements with or Agent and/or any one or more Lenders, Agent and each Lender specifically reserves all other rights and remedies legally available to it.

 

 

 

 

			
	
Third Amended and Restated Program Terms Letter
	
8
	
 

	
KCP-4616007-11
	
 

 

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

Execution Copy

 

 

Customer Online Management System (COMS):

Agent encourages use of COMS, our Internet payment/floorplan system.  Agent will assist you in the installation of the system and provide you with training, free of charge.  Internet payments are processed via an ACH transaction and at no cost to you.  You can view the system’s capabilities at www.gecdf.com/coms.

Application of Terms:  

	
·
	
The terms set forth in this Program Terms Letter shall apply only to loans by Lenders under the Inventory Financing Agreement (defined above), and will not apply to any other GE Commercial Distribution Finance platform or joint venture (i.e. RV, Yamaha, Suzuki, Polaris Acceptance, Brunswick Acceptance Company, LLC, etc.) or any loans with any Lender Affiliate. 

Confidentiality Agreement:

The rates and terms set forth in this letter are for your benefit and shall be held in the strictest confidence by you; provided that you may disclose the terms hereof to the extent required by applicable laws or regulations if you provide Agent with prior written notice of such disclosure, work with Agent in good faith to redact any information herein requested by Agent, and provide Agent with an opportunity to seek a protective order with respect to such information.  Subject to the foregoing, you will take all reasonable precautions to assure the confidentiality of this information is not released to any third party.  

Please ACKNOWLEDGE YOUR ACCEPTANCE OF YOUR FINANCING TERMS AND RETURN TO Kevin Blitz. 

tHANK YOU FOR THE OPPORTUNITY TO FINANCE YOUR INVENTORY NEEDS.

GE COMMERCIAL DISTRIBUTION FINANCE LLC,

as Agent for Lenders

 

	
By:
	
/s/ Kevin S. Blitz

	
Name: Kevin S. Blitz

Title: Duly Authorized Signatory

 

 

 

Third Amended and Restated Program Terms Letter

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

Execution Copy

 

ACCEPTED AS OF OCTOBER 30, 2015:

 

	
MARINEMAX, INC.,

a Florida corporation

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary

	
 

	
MARINEMAX EAST, INC.,

a Delaware corporation

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer 

 

	
MARINEMAX SERVICES, INC.,

a Delaware corporation

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Vice President, Secretary, Treasurer 

 

	

MARINEMAX NORTHEAST, LLC,

a Delaware limited liability company

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer 

	
 
	
 

	
 

BOATING GEAR CENTER, LLC,

a Delaware limited liability company

	
By: MARINEMAX EAST, INC.,

      the sole member of Boating Gear Center, LLC

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer 

 

 

 

Third Amended and Restated Program Terms Letter

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

Execution Copy

 

	
US LIQUIDATORS, LLC

	
a Delaware limited liability company

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

 

MY WEB SERVICES, LLC,

a Delaware limited liability company

 

	
By: MARINEMAX, INC., 

       the sole member of My Web Services, LLC

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
Executive Vice President, Chief Financial Officer, Secretary 

 

MARINEMAX CHARTER SERVICES, LLC,

a Delaware limited liability company

	
By: MARINEMAX EAST, INC., 

       the sole member of MarineMax Charter Services, 

       LLC

	
 

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer 

	
 

	
 

NEWCOAST FINANCIAL SERVICES, LLC,

	
a Delaware limited liability company

	
By:
	
/s/ Michael H. McLamb

	
Print Name:
	
Michael H. McLamb

	
Title:
	
President, Secretary, Treasurer 

 

 

 

Third Amended and Restated Program Terms Letter

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

 

Exhibit A

Advance Request Form

GE Commercial Distribution Finance LLC

5595 Trillium Blvd.

Hoffman Estates IL  60192

	
Re:
	
Second Amended and Restated Inventory Financing Agreement, dated October 30, 2015, among MarineMax, Inc. (“Dealer Agent”), the other Dealers party thereto (collectively, together with Dealer Agent, “Dealers”) GE Commercial Distribution Finance LLC f/k/a GE Commercial Distribution Finance Corporation (in its individual capacity, “CDF”) as Agent (CDF, in such capacity as agent, is herein referred to as “Agent”) for the several financial institutions that are parties thereto or that may from time to time become party to thereto  (collectively, the “Lenders” and individually each a “Lender”) and for itself as a Lender, and such Lenders, as amended, modified, restated or replaced from time to time (the “Agreement”)

Ladies and Gentlemen:

The undersigned is agent for Dealers under the Agreement and as such is authorized to make and deliver this advance request (this “Request”) on behalf of Dealers pursuant to Section 1 of the Agreement.  All capitalized terms used, but not defined, herein have the meanings provided in the Agreement.

Dealers hereby request that Lenders make an advance on ________________, 20____ of $______________________ to Dealers under the terms of the Agreement with respect to the following (check one):

 

	
 
	
 
	
pre-owned inventory units with applicable valuations of five hundred thousand dollars ($500,000.00) or more (“Specific Pre-Owned Items”), subject to the Pre-Owned Inventory Sublimit and Availability (as defined in the Program Terms Letter).

	
 
	
 

	
 
	
 
	
pre-owned inventory units with applicable valuations of less than five hundred thousand dollars ($500,000.00) (“Other Pre-Owned Items”), subject to the Pre-Owned Inventory Sublimit and Availability.

	
 

	
 
	
 
	
units of inventory (excluding used or pre-owned inventory) for which Dealers have previously made payments to Agent on behalf of Lenders (“Re-Advance Items”), subject to the Re-Advance Sublimit and Availability.

	
 

The undersigned hereby represents, warrants and certifies that, as of the date hereof,

(a) each representation and warranty made to Agent and Lenders by or on behalf of any Dealer is true and correct as of the date hereof, except to the extent that such representation or warranty expressly relates to an earlier date, in which event such representation or warranty was true and correct as of such earlier date; 

(b) neither a Default nor any event which with the giving of notice, the passage of time or both would result in a Default has occurred and is continuing or would reasonably be expected to result after giving effect to the advance requested hereby [except _______ ______________________]; 

(c) after giving effect to the advance requested hereby, the aggregate outstanding amount of the Obligations (i) will not exceed Availability, (ii) with respect to pre-owned inventory will not exceed the Pre-Owned Inventory Sublimit, (iii) with respect to Specific Pre-Owned Items will not exceed the Specific Pre-Owned Sublimit, (iv) with respect to Other Pre-Owned Items will not exceed the Other Pre-Owned Sublimit, and (v) with respect to Re-Advance Items, will not exceed the Re-Advance Sublimit;

(d) if this Request relates to Specific Pre-Owned Items, Exhibit A hereto sets forth, for each Specific Pre-Owned Item, (i) the Dealer who owns such item, (ii) the location of such item, (iii) the year, make and model, serial number, engine model, horsepower and serial for such item, (iv) the NADA low wholesale value and the advance amount requested therefor, and (v) copies of the reports and documents listed on Exhibit A as “Required Documents”;

 

			
	
Program Terms Letter – Exhibit A
	
A - 1
	
 

	
KCP-4616007-11
	
 

 

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

 

(e) if this Request relates to Other Pre-Owned Items, Exhibit B hereto sets forth (i) the date of the most recent borrowing base certificate and the borrowing base amount shown thereon, (ii) borrowing base availability as of the date hereof, and (ii) borrowing base availability after the advance request hereby;

(f) if this Request relates to Re-Advance Items, Exhibit C hereto sets forth (i) the specific Re-Advance Items supporting such advance, identified by manufacturer, original invoice number, and original invoice date and (ii) the original invoice amount, outstanding amount of Obligations with respect to such Re-Advance Item, and the re-advance amount requested therefor;

(g) each Specific Pre-Owned Item, Other Pre-Owned Item and Re-Advance Item, as applicable, is owned by the Dealer identified on the Exhibits attached hereto, free and clear of all Liens, and Agent holds a first and prior Lien on such Collateral as collateral agent for the Lenders pursuant to the Agreement, and such Collateral is in good saleable condition (normal wear and tear excepted); and

(h) Dealers will pay Agent for the benefit of Lenders for each item of Collateral financed pursuant to this Request under the terms and conditions of the Agreement.

Executed this ____ day of _______________, _____.

 

	
MarineMax, Inc.,

	
a Florida corporation

	
 
	
 

	
By:
	
 

	
Its:
	
 

	
Typed Name:
	
 

 

 

 

 

			
	
Program Terms Letter – Exhibit A
	
A - 2
	
 

	
KCP-4616007-11
	
 

 

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

 

Exhibit A to Advance Request Form

Specific Pre-Owned Items 

 

	
RE: 
	
USED
	
TRADE-IN
	
(CIRCLE ONE)
	
 

	
 
	
 
	
 
	
 

	
AGENT FOR DEALERS
	
MARINE MAX
	
 
	
DEALER NUMBER
	
 

	
 
	
 
	
 
	
 

	
UNIT LOCATION
	
 
	
 

	
 
	
 
	
 
	
 

	
YEAR
	
 
	
MAKE/MODEL
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
BOAT SERIAL NUMBER
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
ENGINE MODEL, HORSEPOWER & SERIAL
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
NADA (ABOS or BUC) LOW WHOLESALE VALUE FOR BOAT & ENGINE
	
$
	
 
	
VALUE X 
	
 
	
%

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
$
	
 

	
 
	
 
	
 
	
 

	
DOLLAR AMOUNT OF USED/TRADE REQUEST TO BE ADVANCED
	
$
	
 

 

REQUIRED DOCUMENTS: 

*Attach copy of customer contract for trade-in units/bill of sale and proof of payment for used units. 

*Attach copy of completed Title Documents(front and rear) evidencing the boat is free and clear of all liens.

*Attach copy of survey/internal condition report

*Attach copy of internal valuation report

*Attach copy of Coast Guard documentation, abstract of title, and bill of sale

 

	
Specific Pre-Owned Sublimit
	
$20,000,000
	
(1)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Specific Pre-Owned Items
	
 
	
(2)

	
 
	
 
	
 

	
Amount of Advance Requested [not > $2,500,000.00]
	
 
	
(3)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Specific Pre-Owned After Requested Advance [(2) + (3)]
	
 
	
(4)

	
 
	
 
	
 

	
Specific Pre-Owned Sublimit Availability After Requested Advance [(1) – (4)]
	
 
	
(5)

	
 
	
 
	
 

	
Pre-Owned Inventory Sublimit
	
$45,000,000
	
(6)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Other Pre-Owned Items
	
 
	
(7)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Specific Pre-Owned Items and Other Pre-Owned Items After Requested Advance [(5) + (7)]
	
 
	
(8)

	
 
	
 
	
 

	
Pre-Owned Inventory Sublimit Availability After Requested Advance [(6) – (8)]
	
 
	
(9)

	
 
	
 
	
 

 

 

 

 

			
	
Program Terms Letter – Exhibit A
	
A - 3
	
 

	
KCP-4616007-11
	
 

 

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

 

Exhibit B to Advance Request Form

Other Pre-Owned Items

 

	
Borrowing Base Certificate Date
	
 
	
 

	
 
	
 
	
 

	
Borrowing Base Amount
	
 
	
(1)

	
 
	
 
	
 

	
Other Pre-Owned Sublimit
	
$35,000,000
	
(2)

	
 
	
 
	
 

	
Other Pre-Owned Line of Credit [Lesser of (1) or (2)]
	
 
	
(3)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Other Pre-Owned
	
 
	
(4)

	
 
	
 
	
 

	
Borrowing Base Availability (Payment Required) [(3) - (4)]
	
 
	
(5)

	
 
	
 
	
 

	
Amount of Advance Requested
	
 
	
(6)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Other Pre-Owned After Requested Advance [(4) + (6)]
	
 
	
(7)

	
 
	
 
	
 

	
Percentage of Borrowing Base Amount [(7) / (1)] (must be ≤ 80% if certificate date not request date 
and ≤ 100% if certificate date is request date)
	
 
	
%(8)

	
 
	
 
	
 

	
Borrowing Base Availability After Requested Advance [(1) – (7)]
	
 
	
(9)

	
 
	
 
	
 

	
Pre-Owned Inventory Sublimit
	
$45,000,000
	
(10)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Specific Pre-Owned Items
	
 
	
(11)

	
 
	
 
	
 

	
Outstanding Amount with Respect to Specific Pre-Owned Items and Other Pre-Owned Items After Requested Advance [(7) + (11)]
	
 
	
(12)

	
 
	
 
	
 

	
Pre-Owned Inventory Sublimit Availability [(10) – (12)]
	
 
	
(13)

 

 

 

 

			
	
Program Terms Letter – Exhibit A
	
A - 4
	
 

	
KCP-4616007-11
	
 

 

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

 

Exhibit C

Re-Advance Items

 

	
DEALER NAME
	
 
	
DEALER NUMBER
	
 

	
 
	
 

	
UNIT LOCATION
	
 
	
 

	
 
	
 

	
MANUFACTURER
	
 

	
 
	
 

	
BOAT SERIAL NUMBER
	
 

	
 
	
 

	
BOAT MODEL& SERIAL
	
 

	
 
	
 

	
ORIGINAL INVOICE NUMBER
	
 
	
 
	
 

	
 
	
 

	
ORIGINAL INVOICE DATE
	
 
	
 
	
 

	
 
	
 

	
ORIGINAL INVOICE AMOUNT
	
 
	
 
	
 

	
 
	
 

	
OUTSTANDING AMOUNT WITH RESPECT TO

RE-ADVANCE ITEM
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
RE-ADVANCE AMOUNT REQUESTED
	
 
	
 
	
 

 

	
Re-Advance Sublimit
	
 
	
(1)

	
 
	
 
	
 

	
Re-Advance Amounts within prior 30 Days
	
 
	
(2)

	
 
	
 
	
 

	
Amount of Advance Requested
	
 
	
(3)

	
 
	
 
	
 

	
Re-Advance Amounts within prior 30 Days After Requested Advance [(2) + (3)]
	
 
	
(4)

	
 
	
 
	
 

	
Re-Advance Sublimit Availability After Requested Advance [(1) – (4)]
	
 
	
(5)

 

 

 

 

			
	
Program Terms Letter – Exhibit A
	
A - 5
	
 

	
KCP-4616007-11
	
 

 

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

 

Exhibit B

Borrowing Base Certificate Form

 

 

 

 

			
	
Program Terms Letter – Exhibit B
	
B - 1
	
 

	
KCP-4616007-11
	
 

 

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

 

Exhibit C

Monthly Inventory Certificate Form

 

 

 

			
	
Program Terms Letter – Exhibit C
	
C - 1
	
 

	
KCP-4616007-11Exhibit

Exhibit 10.116

AMENDMENT NO. 1 
TO THE 
REGISTRATION RIGHTS AGREEMENT
This AMENDMENT NO. 1 (this “Amendment”), dated as of February 3, 2016, to the Registration Rights Agreement, dated as of October 22, 2009 (as so amended, the “Registration Rights Agreement”), by and among Lions Gate Entertainment Corp. and the persons listed on the signature pages thereof.
WHEREAS, Section 10.3 of the Registration Rights Agreement provides for the amendment of the Registration Rights Agreement in accordance with the terms set forth therein; and
WHEREAS, the parties hereto desire to amend the Registration Rights Agreement as set forth herein.
NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained in this Amendment, and subject to the conditions set forth herein, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1    Definitions; References.  Unless otherwise specifically defined herein, each capitalized term used but not defined herein, including the recitals hereto, shall have the meaning assigned to such term in the Registration Rights Agreement as amended by this Amendment.  Each reference in the Registration Rights Agreement to “hereof,” “herein,” “hereunder,” “hereby” and “this Agreement” shall, from and after the date hereof, refer to the Registration Rights Agreement as amended by this Amendment except that references to “the date hereof” and to “the date of this Agreement” shall remain references to the date of the original Registration Rights Agreement.
ARTICLE II
AMENDMENTS TO THE REGISTRATION RIGHTS AGREEMENT
Section 2.1    Consent Pursuant to, and Amendments to, the Registration Rights Agreement.  
(a)    The following shall be added at the end of the definition of “Affiliate” in Section 1.1 of the Registration Rights Agreement:
provided, that in no event shall Lionsgate, Liberty Global plc (“Liberty”), Discovery Communications Inc. (“Discovery”), John C. Malone  or any of their respective Subsidiaries, controlled Affiliates, portfolio companies or affiliated investment funds be considered an Affiliate of any Holder or Additional Holder or any of their respective Subsidiaries, Affiliates, portfolio companies or affiliated investment funds (in each case, other than Lionsgate and its Subsidiaries and controlled Affiliates), nor shall any Holder or Additional Holder or any of their respective Subsidiaries, Affiliates, portfolio companies or affiliated investment funds (in each case, other than Lionsgate and its Subsidiaries and controlled Affiliates) be considered to be an 

    
        
        

Affiliate of Lionsgate, Liberty, Discovery, John C. Malone or any of their respective Subsidiaries, controlled Affiliates, portfolio companies or affiliated investment funds 
(b)    The following shall be added between the definitions of “Shelf Registration Statement” and “Suspension Notice” in Section 1.1 of the Registration Rights Agreement:
“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests having voting power to elect a majority of the board of directors or other persons performing similar functions are directly or indirectly owned by such Person.
(c)    Section 2.1(a) of the Registration Rights Agreement shall be amended and restated as follows:
(a) more than two (2) Demand Registrations in the aggregate (it being agreed by the parties that all of such Demand Registrations remain available as of February 3, 2016);
(d)    The second sentence of Section 2.3 of the Registration Rights Agreement shall be amended and restated in its entirety as follows:
With respect to any such Underwritten Offering pursuant to a Demand Registration, Lionsgate and the MHR Representative shall jointly select an investment banking firm of national standing to be the managing underwriter for the offering, which firm shall be reasonably acceptable to the Requesting Holders. 
(e)    The first sentence of Section 2.4 of the Registration Rights Agreement shall be amended and restated in its entirety as follows:
With respect to any Demand Registration (including any Underwritten Offering of Registrable Securities pursuant to a Demand Registration), subject to Article III, no securities to be sold for the account of any Person (including Lionsgate) other than the Requesting Holders shall be included in a Demand Registration; provided that securities to be sold for the account of Lionsgate and any Ten Percent Holder may be included in such Demand Registration if, and only if, the managing underwriter advises the Requesting Holders and Lionsgate in writing (or, in the case of a Demand Registration not being underwritten, the Requesting Holders determine in good faith after considering the relevant facts and circumstances at the relevant time) that the inclusion of such securities shall not adversely affect the price or success of the offering by the Requesting Holders (an “Adverse Effect”). 
(f)    The third parenthetical in the first sentence of Section 3.1 of the Registration Rights Agreement shall be amended and restated in its entirety as follows:
(except pursuant to registrations of Common Shares, or securities convertible into or exchangeable for Common Shares, to be delivered as consideration in any merger, acquisition or other business combination or registrations on Form S-4 or any successor form, on Form S-8 or any successor form relating solely to 

2

securities issued pursuant to any benefit plan, an offering of securities solely to then existing securityholders of Lionsgate, a dividend reinvestment plan or an exchange offer)
(g)    Section 3.2(a) of the Registration Rights Agreement shall be amended by adding “pro rata” after the parenthetical “(after including securities contemplated by clause (x))”.
(h)    Section 3.2(b) of the Registration Rights Agreement shall be amended by adding “pro rata” after the parenthetical “(after including securities contemplated by clause (x))”.
(i)    Section 3.4(b) of the Registration Rights Agreement shall be amended and restated in its entirety as follows:
(b)    With respect to any offering of Registrable Securities in the form of an Underwritten Offering in which Holders elect to participate pursuant to this Article III, Lionsgate and the MHR Representative shall jointly select an investment banking firm of national standing to be the managing underwriter for the offering. 
(j)    The second sentence of Section 4.3(a) of the Registration Rights Agreement shall be amended and restated in its entirety as follows:
With respect to any such qualifying Underwritten Offering, Lionsgate and the MHR Representative shall jointly select an investment banking firm of national standing to be the managing underwriter for the offering, which firm shall be reasonably acceptable to the Participating Holders. 
(k)    Section 5.1 of the Registration Rights Agreement shall be amended and restated in its entirety as follows:
Subject to Sections 2.4 and 4.3(c), in the event of (i) any Demand Registration pursuant to Section 2.1 hereof in which the Requesting Holders are registering more than 2,300,000 Registrable Securities (as adjusted for any stock splits, stock dividends, combinations, reorganizations or similar events) in the aggregate, (ii) any Underwritten Offering pursuant to Section 2.3 hereof or (iii) any Underwritten Offering on a Shelf Registration Statement pursuant to Section 4.3(a) hereof, Lionsgate agrees not to, without the prior written consent of the Holders, (x) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with the Securities and Exchange Commission a registration statement under the Securities Act of 1933, as amended, relating to, any securities of Lionsgate that are substantially similar to such Registrable Securities, including but not limited to any options or warrants to purchase Common Shares or any securities that are convertible into or exchangeable for, or that represent the right to receive, Common Shares or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (y) enter into any swap or other agreement that transfers, in whole or in part, any of the 

3

economic consequences of ownership of the Common Shares or any such other securities, whether any such transaction described in clause (x) or (y) above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise (in each case, other than (A) any securities issued upon the exercise of any option or warrant or the conversion, exchange or redemption of any security outstanding as of the beginning of the applicable standstill period, (B) any options, restricted stock units or other equity awards granted to employees, officers or directors pursuant to any of Lionsgate’s employee or director stock option, incentive or benefit plans existing as of the beginning of the applicable standstill period or assumed by Lionsgate in connection with any merger, acquisition or other business combination, (C) any securities issued pursuant to Lionsgate’s employee stock purchase plan or pursuant to equity awards of any kind under any of Lionsgate’s employee or director stock option, incentive or benefit plans existing as of the beginning of the applicable standstill period or assumed by Lionsgate in connection with any merger, acquisition or other business combination, (D) the filing of any registration statement on Form S-8 or other appropriate form as required by the Act, and any amendments to such forms, in respect of any securities or any other of Lionsgate’s equity based securities issuable pursuant to any employee benefit plan of Lionsgate existing as of the beginning of the applicable standstill period or assumed by Lionsgate in connection with any merger, acquisition or other business combination, (E) any Common Shares issuable in lieu of the payment of cash dividends pursuant to Lionsgate’s quarterly cash dividend policy, (F) any Common Shares or any other of Lionsgate’s equity securities, in an amount up to an aggregate of 10.0% of Lionsgate’s fully-diluted shares outstanding as the beginning of the applicable standstill period, issuable in connection with any transaction, including, without limitation, a merger, acquisition or other business combination, an asset sale or a carve-out, and the filing of any registration statement in connection therewith, (G) any Common Shares or any other of Lionsgate’s equity securities issuable in connection with any rescission of purchases of Common Shares under Lionsgate’s 401(k) Plan and (H) any transaction or series of related transactions involving up to $150,000,000 of Lionsgate’s equity or debt securities), (x) in the case of any Demand Registration pursuant to Section 2.1 in which the Requesting Holders are registering more than 2,300,000 Registrable Securities (as adjusted for any stock splits, stock dividends, combinations, reorganizations or similar events) in the aggregate or any Underwritten Offering pursuant to Section 2.4, during the ninety (90) day period (not including any Suspension Periods) commencing on the effective date of the Registration Statement relating to such Registrable Securities or, if earlier, the date that all of such Registrable Securities covered thereby have been disposed of in accordance with the intended methods of disposition by the Participating Holders or the abandonment, cessation or withdrawal of such offering by all the Requesting Holders, and (y) in the case of an Underwritten Offering on a Shelf Registration Statement pursuant to Section 4.3(a) hereof, during the ninety (90) day period (not including any Suspension Periods) commencing on the effective date of the prospectus supplement pertaining to such Underwritten Offering or, if earlier, the date that all of such Registrable Securities 

4

covered thereby have been disposed of in accordance with the intended methods of disposition by the Participating Holders or the abandonment, cessation or withdrawal of such Underwritten Offering by all the Requesting Holders.
(l)    Section 5.3 of the Registration Rights Agreement shall be amended by adding the following text after the text “containing terms reasonably acceptable to such managing underwriter”:
“(with an exception for transfers pursuant to hedging transactions entered into prior to the time that the MHR Representative had notice of such Underwritten Offering)”
(m)    The Registration Rights Agreement shall be amended by adding the following as new Section 6.3:
6.3.    Hedging Transactions.  The parties agree that the provisions of this Agreement relating to the registration, offer and sale of Registrable Securities apply also to any transaction which transfers some or all of the economic risk of ownership of Registrable Securities, including any forward contract, equity swap, put or call, put or call equivalent position, collar, margin loan, sale of exchangeable security or similar transaction (including the registration, offer and sale under the Securities Act of Registrable Securities pledged to the counterparty to such transaction or of securities of the same class as the underlying Registrable Securities by the counterparty to such transaction in connection therewith), and that the counterparty to such transaction shall be selected in the sole discretion of the Holders.
ARTICLE III
MISCELLANEOUS
Section 3.1    No Further Amendment.  Except as expressly amended hereby, the Registration Rights Agreement is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect.  This Amendment is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the Registration Rights Agreement or any of the documents referred to therein.
Section 3.2    Effect of Amendment.  This Amendment shall form a part of the Registration Rights Agreement for all purposes, and each party thereto and hereto shall be bound hereby.  From and after the execution of this Amendment by the parties hereto, any reference to the Registration Rights Agreement shall be deemed a reference to the Registration Rights Agreement as amended hereby.
Section 3.3    Miscellaneous.  The provisions of Article X (Miscellaneous) of the Registration Rights Agreement shall apply to this Amendment mutatis mutandis, and to the Registration Rights Agreement as modified by this Amendment, taken together as a single agreement, reflecting the terms therein as modified hereby. 

5

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

LIONS GATE ENTERTAINMENT CORP.

By: /s/ Wayne Levin_______________________________    
Name: Wayne Levin
Title: General Counsel and Chief Strategic Officer

MHR CAPITAL PARTNERS MASTER ACCOUNT LP 
MHR CAPITAL PARTNERS (100) LP
By:  MHR Advisors LLC
Its:   General Partner

By: _/s/ Janet Yeung________________________________    
Name:  Janet Yeung
Title:  Authorized Person

MHR INSTITUTIONAL PARTNERS II LP
MHR INSTITUTIONAL PARTNERS IIA LP
By:  MHR Institutional Advisors II LLC
Its:   General Partner

By: _/s/ Janet Yeung________________________________    
Name:  Janet Yeung
Title:  Authorized Person
    
MHR INSTITUTIONAL PARTNERS III LP
By:  MHR Institutional Advisors III LLC
Its:   General Partner

By: _/s/ Janet Yeung________________________________    
Name:  Janet Yeung
Title:  Authorized Person

MHR FUND MANAGEMENT LLC

By: _/s/ Janet Yeung________________________________    
Name:  Janet Yeung
Title:  Authorized Person

    
[SIGNATURE PAGE TO AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT]

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