Document:

Exhibit

Exhibit 10.2

SIXTH AMENDMENT TO
AMENDED AND RESTATED INVENTORY FINANCING AND SECURITY AGREEMENT
I. Parties

This Sixth Amendment to Amended and Restated Inventory Financing and Security Agreement (“Amendment”) is effective as of August 4, 2017, and is made by and among the following parties:
		
	A.
	Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New Jersey), a Utah chartered state bank (“Bank”), with its principal executive office located at 6985 Union Park Center, Midvale, Utah 84047; and

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

		
	C.
	Carvana, LLC, an Arizona limited liability company, with its principal executive office located at 1930 W. Rio Salado Parkway, Tempe, AZ 85281 (the “Dealership”).

II. Recitals

The essential facts relied on by Bank, Ally and the Dealership as true and complete, and giving rise to this Agreement, are as follows:
		
	A.
	The Ally Parties and the Dealership are parties to an Amended and Restated Inventory Financing and Security Agreement, effective as of July 27, 2015, as amended by:

		
	(i)
	a Letter Agreement, dated December 30, 2015, by and among the Ally Parties, the Dealership, Ernest C. Garcia II, and 2014 Fidel Family Trust;

		
	(ii)
	an Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of December 30, 2015;

		
	(iii)
	a Third Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of November 9, 2016;

		
	(iv)
	a Fourth Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of March 31, 2017; and

		
	(v)
	a Fifth Amendment to Amended and Restated Inventory Financing and Security Agreement, effective as of June 5, 2017

(collectively, the “IFSA”).

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

III. Agreement

In consideration of the premises and the mutual promises in this Amendment, which are acknowledged to be sufficient, the Ally Parties and the Dealership agree to the following:
A.    Capitalized terms used but not defined in this Amendment have the meanings given to them in the IFSA.

B.   In connection with the Dealership’s request that the Ally Parties extend their commitment to provide financing, each of the Ally Parties commits to provide Inventory Financing to Dealership until December 31, 2018 (the “Extended Expiration Date”). At least 45 calendar days before the Extended Expiration Date, Dealership may request the Ally Parties extend this commitment by an additional period, and the Ally Parties may, in their sole discretion, so extend the commitment. If the Ally Parties extend the commitment term, then, at least 45 calendar days before the end of such term, the Dealership may request the Ally Parties extend the commitment, and the Ally Parties may, in their sole discretion, further extend the commitment. This modifies Subsection III.A(2)(a) of the IFSA.

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

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

(a)    From August 4, 2017 through December 31, 2017 - $275,000,000.00; and
(b)    From January 1, 2018 through December 31, 2018 - $350,000,000.00.
		
	D.
	Dealership will pay the Ally Parties a one-time non-refundable “Sixth Amendment Commitment Fee” equal to $[***], payable on the effective date of this Amendment.

		
	E.
	Effective as of August 1, 2017, the Interest rate is 1-M LIBOR Index Rate plus 365 basis points. This modifies Subsection III.B(1) of the IFSA.

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

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

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

		
	I.
	This Amendment:

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

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

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

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

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed by its duly authorized representative effective the date first written above
{Signature Page Follows}
	
		
	[***]
	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission. 

	
					
	 
	Ally Bank
	 
	 
	Carvana, LLC

	Signature:
	/s/ Stephen B. Gambrel
	 
	Signature:
	/s/ Mark Jenkins

	By (Print):
	Stephen B. Gambrel
	 
	By (Print):
	Mark Jenkins

	Title:
	Authorized Representative
	 
	Title:
	Chief Financial Officer

	Date:
	8/4/2017
	 
	Date:
	8/4/2017

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Ally Financial Inc.
	 
	 
	 

	Signature:
	/s/ Stephen B. Gambrel
	 
	 
	 

	By (Print):
	Stephen B. Gambrel
	 
	 
	 

	Title:
	Authorized Representative
	 
	 
	 

	Date:
	8/4/2017Exhibit

Exhibit 10.3

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED LEASE
            
	
		
	Amendment Date:
	August 7, 2017

	 
	 

	Landlord:
	DriveTime Car Sales Company, LLC,

	 
	An Arizona limited liability company

	 
	 

	Tenant:
	Carvana, LLC and Carvana Shipping & Delivery, LLC,

	 
	each, an Arizona limited liability company

	 
	 

	Premises:
	As defined in Section 1.1 to the Lease and as depicted in

	 
	the applicable Exhibit(s) attached thereto

RECITALS:

The Parties acknowledge that the following recitals are true and correct and are a material part of this Second Amendment (this “Amendment”) to Lease:

A.    Landlord leases the Premises to Tenant pursuant to that certain Lease Agreement by and between Landlord and Tenant dated November 1, 2014, as amended by that certain Amended and Restated Lease Agreement dated March 15, 2015, as amended by that certain Second Amended and Restated Lease Agreement dated July 1, 2015 (as modified August 17, 2015), as amended by that certain Third Amended and Restated Lease Agreement dated March 18, 2016, as amended by that certain Fourth Amended and Restated Lease Agreement dated February 24, 2017, as amended by that certain First Amendment to Fourth Amended and Restated Lease Agreement dated March 31, 2017 (the “Lease”).

B.    Landlord and Tenant desire to modify the Lease as set forth herein, which shall constitute the Second Amendment to the Lease (“Second Amendment” or “Amendment”)

AGREEMENT:

NOW, THEREFORE, in consideration of the acknowledgments, representations, warranties, and covenants of the Parties stated herein, Landlord and Tenant hereby mutually agree to amend the Lease as follows:

		
	1.
	Incorporation of Recitals; Capitalized Terms.   The recitals set forth above are deemed to be true and accurate in all respects and are hereby incorporated into this Amendment by this reference.  Capitalized terms used in this Second Amendment shall have the same meanings as ascribed to them in the Lease, unless otherwise defined in this Amendment. 

		
	2.
	Orlando Hub Site Expiration Date.    Exhibit A to the Lease shall be modified to reflect that Landlord has consented to Tenant designating the Orlando Hub a Renewal Hub such that the Orlando Hub lease term shall extend one additional year from the prior expiration date of August 2, 2017.  As a result, the Expiration Date for the Orlando Hub shall be August 1, 2018.  Base Rent for the term commencing August 1, 2017 and expiring August 1, 2018 shall be in an amount which is 2% more than the Base Rent due before such increase; subject to and provided that Tenants Expected Share of Property at the Orlando Hub shall now be 1.8% due to Tenants reduced utilization of such Property.

		
	3.
	Multi-Car Hauler Storage.  Tenant acknowledges and agrees that Tenant shall not be permitted to store Multi-Car Hauler vehicles at the Orlando Hub site.  

		
	4.
	Miscellaneous.  Except as modified by this Amendment, the Lease remains in full force and effect and is hereby ratified and affirmed by Landlord and Tenant.  This Amendment evidences the entire agreement among the parties regarding the subject matter hereof.  In the event of any conflict between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall govern and control.

		
	5.
	Counterparts.  This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all counterparts together shall constitute a single agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the Parties acknowledge their receipt, review, understanding, and acceptance of this Amendment, effective as of the Amendment Date.

	
					
	 
	Landlord:
	 
	DriveTime Car Sales Company, LLC

	 
	 
	 
	an Arizona limited liability company

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Jon D. Ehlinger

	 
	 
	 
	Name:
	Jon D Ehlinger

	 
	 
	 
	Title:
	Manager

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Tenant:
	 
	Carvana, LLC

	 
	 
	 
	an Arizona limited liability company

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Paul Breaux

	 
	 
	 
	Name:
	Paul Breaux

	 
	 
	 
	Title:
	Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Tenant:
	 
	Carvana Shipping & Delivery, LLC

	 
	 
	 
	By:
	/s/ Paul Breaux

	 
	 
	 
	Name:
	Paul Breaux

	 
	 
	 
	Title:
	Vice President

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