Document:

Amendment No. 3 to Third Amended and Restated Loan & Security Agreement

 Exhibit 10.9.4 

EXECUTION VERSION 

AMENDMENT NO. 3 TO THE THIRD AMENDED AND RESTATED LOAN AND 

SECURITY AGREEMENT 

This AMENDMENT NO. 3 TO THE THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
June 4, 2010, is entered into by and among DriveTime Automotive Group, Inc., a Delaware corporation (“DriveTime”), DriveTime Sales and Finance Company, LLC, an Arizona limited liability company (“DriveTime
Sales”), as successor in interest to DriveTime Sales and Finance Corporation, DriveTime Car Sales Company, LLC, an Arizona limited liability company (“Car Sales”), as successor in interest to DriveTime Car Sales, Inc. (each
a “Borrower” and collectively, the “Borrowers”), and Santander Consumer USA Inc., an Illinois corporation, as a lender, and as the agent for the Lenders (“SCUSA” or the “Agent”),
and Manheim Automotive Financial Services, Inc., a Delaware corporation, as a lender (“MAFS” and, together with the Agent, the “Lenders” and each a “Lender”). 

WHEREAS, on August 10, 2009, the Borrowers and the Lenders entered into the Third Amended and Restated Loan and Security Agreement,
as further amended, supplemented or otherwise modified from time to time in accordance with the terms thereof (the “Loan Agreement”); 

WHEREAS, on or about June 4, 2010, DriveTime and DT Acceptance Corporation, an Arizona corporation (“DTAC”) intend
to issue and sell $200.0 million aggregate principal amount (the “Note Offering”) of Senior Secured Notes (defined below), and in connection with such Note Offering, the Borrowers (or certain of them) intend to unconditionally
guarantee and grant a second-priority lien on the Collateral (the “Affiliate Transaction”), which such lien would be prohibited by Sections 10.11 and 11.6 of the Loan Agreement; 

WHEREAS, Section 11.4 of the Loan Agreement prohibits the Borrowers from entering into, or being a party to, any transaction
with any Affiliate, or stockholder of any Borrower without the Lender’s prior written consent; 
 WHEREAS, Borrowers and
Lenders desire to amend Schedule I to the Loan Agreement to provide for the reduction of the amount currently set forth on Schedule I to the Loan Agreement with respect to SCUSA’s Base Commitment; 

WHEREAS, the Borrowers and the Lenders desire to amend certain terms of the Loan Agreement as set forth herein to further reflect the
foregoing in accordance with Section 13.8 thereof; and 
 WHEREAS, the Lenders have agreed to waive compliance with
Section 11.4 of the Loan Agreement solely with respect to the Affiliate Transaction and to consent to the Affiliate Transaction. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows: 

	1.	Definitions. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement. 

 

	2.	Lenders and Commitments. Schedule I of the Loan Agreement is hereby amended to reflect the respective Base Commitment and Supplemental Commitment, as
applicable, of each Lender set forth on Schedule I hereto. 

  

	3.	Amendments to Section 1.1. Section 1.1 of the Loan Agreement is hereby amended as follows: 

 

	 	(a)	The definition of the terms “Intercreditor Agreement”, “Inventory Facility Limit”, “Loan Documents” and “Permitted Lien” set
forth in Section 1.1 of the Loan Agreement are hereby amended by deleting such definitions in their entirety and replacing them with the following: 

Intercreditor Agreement: any intercreditor agreement or similar arrangement among the Lenders, on the one hand, and any other
creditors of any DTCG member in respect of any Indebtedness of any DTCG member. 
 Inventory Facility Limit: Fifty Million
Dollars ($50,000,000.00). 
 Loan Documents: this Agreement, the Notes, the Guaranty signed by the Guarantor, the
Intercreditor Agreements and the Supplemental Documentation. 
 Permitted Lien: (i) any security interest or Lien at
any time granted in favor of Lenders under the Loan Documents; (ii) Liens securing claims of materialmen, mechanics, carriers, warehousemen, landlords and other similar Persons for labor, materials, supplies or rentals incurred in the ordinary
course of a Borrower’s business; (iii) Liens resulting from deposits made in the ordinary course of business in connection with workers compensation, unemployment insurance, social security and other similar laws; (iv) any
second-priority Lien granted pursuant to the Notes Indenture to secure the obligations of DriveTime and DTAC and any related guaranties under the Senior Secured Notes; and (v) Liens on the Collateral agreed to in writing by the Lenders.

  

	 	(b)	Section 1.1 of the Loan Agreement is hereby amended by adding the following definitions in their entirety in proper alphabetical order: 

Notes Indenture: That certain Indenture, governing the Senior Secured Notes, to be dated the date of the initial sale of the Senior
Secured Notes, 2010, by and among DTAC, DriveTime, DriveTime Sales, Car Sales, DTCC, DT Jet Leasing, LLC and Wells Fargo Bank, National Association, as trustee. 

Senior Secured Notes: the 12.625% senior secured notes due 2017 issued by DTAC and DriveTime as co-issuers, jointly and severally,
and governed by the Notes Indenture together with any additional senior secured notes issued pursuant to the Notes Indenture. 
  

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	 	(c)	Section 12.1(d) of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with the following: 

(d) (i) Any Borrower or any other member of DTCG (as applicable) shall fail to comply with the requirements of
Section 4.2(b), 10.3, 10.6, 10.14, 10.17, 11.1, 11.2, 11.3, 11.4, 11.5, 11.6 or 11.7 hereof, or (ii) any Borrower, the Guarantor or any other member of
DTCG (as applicable) shall otherwise fail to observe or perform any other covenant contained in this Agreement or any other Loan Document and such failure to observe or perform shall continue unremedied for a period of five (5) Business Days,
or (iii) any party to an Intercreditor Agreement other than a Lender shall breach or fail to comply with any provisions of such agreement binding on it. 
  

	4.	Acknowledgement and Consent. 

  

	 	(a)	The Lenders hereby expressly consent to the Affiliate Transaction and waive compliance with Section 11.4 of the Loan Agreement with respect thereto.

  

	 	(b)	For the avoidance of doubt, the parties agree that none of the Indebtedness outstanding under the Notes Indenture or evidenced by the Senior Secured Notes constitutes
Approved Indebtedness for purposes of the Loan Agreement. 

  

	 	(c)	The waiver and consent contained herein is limited to (i) the incurrence by DriveTime and DTAC under the Notes Indenture and the Senior Secured Notes of an
outstanding principal amount of Indebtedness not to exceed at any time $250.0 million, (ii) the guaranty on or after the date hereof by certain of the Borrowers of such Indebtedness, and (iii) the grant by certain of the Borrowers of
second-priority liens in the Collateral securing such Indebtedness. 

  

	5.	Representations and Warranties. Each Borrower represents and warrants to the Lenders that: 

 

	 	(a)	Each Borrower hereby reaffirms all representations and warranties made by such entity in the Loan Agreement and agrees that all such representations and warranties are
deemed to have been remade as of the Effective Date and are true and correct in all material respects as of such date, unless and to the extent that any such representation and warranty is stated to relate solely to an earlier date, in which case
such representation and warranty shall be true and correct in all material respects as of such earlier date. 

  

	 	(b)	This Amendment (i) has been duly and validly authorized, executed and delivered by each Borrower and (ii) constitutes the legal, valid and binding obligations
of each Borrower, and is enforceable against each Borrower in accordance with its terms. 

  

	 	(c)	 After giving effect to this Amendment, the execution and delivery of the Notes Indenture and the Senior Secured Notes and the incurrence of the
Indebtedness 

  

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of the Senior Secured Notes, no Default or Event of Default shall have occurred and be continuing. 

 

	6.	Execution of New Notes. 

  

	 	(a)	Borrowers shall execute and deliver to SCUSA a new Note in the amount of SCUSA’s revised Base Commitment as of the effective date hereof and set forth on
Schedule I hereto (the “New Note”). 

  

	 	(b)	Promptly following the Effective Date, SCUSA shall deliver to the Borrowers for cancellation, the original Notes previously issued to SCUSA on August 10, 2009 in
the aggregate original principal amount of $40,000,000.00 (the “Original Note”) 

  

	 	(c)	Each party hereby acknowledges and agrees that, notwithstanding anything to the contrary in the Loan Agreement, as used therein, the term “Note” or
“Notes” shall include the New Note and not the Original Note. 

  

	7.	Survival of Other Provisions. Unless specifically amended herein, all of the other covenants, agreements, representations, warranties, promises or other terms
and conditions of the Loan Agreement shall remain in full force and effect without any change whatsoever. 

  

	8.	Conditions to Effectiveness. This Amendment shall become effective upon the date on which all of the following conditions are satisfied (the “Effective
Date”): 

  

	 	(a)	execution and delivery of this Amendment by each of the parties hereto; 

  

	 	(b)	execution and delivery by Borrowers of the New Note; and 

  

	 	(c)	reaffirmation from the Guarantor that, after giving effect to this Amendment, its obligations and representations and warranties under the Guaranty continue in full
force and effect. 

  

	9.	Reimbursement. The Borrowers agree to pay or reimburse each Lender for all costs and expenses (including, without limitation, legal fees and disbursements)
incurred by each Lender in connection with the preparation, negotiation, execution, delivery and enforcement of this Amendment. 

  

	10.	Entire Agreement. This Amendment constitutes the full and entire understanding and agreement of the Borrowers and the Lenders with respect to the subject matter
hereof, and there are no further or other agreements or undertakings, written or oral, in effect between the Borrowers and the Lenders relating to the subject matter hereof unless expressly referred to in this Amendment. 

 

	11.	 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER WILL BE GOVERNED BY AND

  

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INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  

	12.	Execution in Counterparts. This Amendment may be executed in any number of counterparts and in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. Any signature delivered by a party by facsimile transmission or by electronic mail in a “.pdf” file shall be deemed
an original signature hereto. 

 *     *     *    
*     * 
  

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 IN WITNESS WHEREOF, the Borrowers and the Lenders have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date hereof. 
  

			
	Lenders:
	
	SANTANDER CONSUMER USA INC.
		
	By:	 	/s/ Jason Kulas
	Name:	 	Jason Kulas
	Title:	 	Chief Financial Officer
	
	MANHEIM AUTOMOTIVE FINANCIAL SERVICES, INC.
		
	By:	 	/s/ Katherine K. Decker
	Name:	 	Katherine K. Decker
	Title:	 	GVP
	
	Borrowers:
	
	DRIVETIME AUTOMOTIVE GROUP, INC.
		
	By:	 	/s/ Ray Fidel
	Name:	 	Ray Fidel
	Title:	 	President/CEO
	
	DRIVETIME CAR SALES COMPANY, LLC.
		
	By:	 	/s/ Ray Fidel
	Name:	 	Ray Fidel
	Title:	 	Manager
	
	DRIVETIME SALES AND FINANCE COMPANY, LLC
		
	By:	 	/s/ Ray Fidel
	Name:	 	Ray Fidel
	Title:	 	Manager

 [Signature Page to Inventory
Agreement Amendment No. 3] 

 Consent 

The Guarantor consents to the foregoing Amendment No. 3 to the Third Amended and Restated Loan and Security Agreement and reaffirms
its obligations pursuant to the applicable Loan Documents. The Guarantor further acknowledges and agrees that the term “Credit Agreement” as used in the Guaranty means the Credit Agreement as amended, amended and restated Supplemented or
otherwise modified from time to time. 
  

			
	DT ACCEPTANCE CORPORATION
		
	By:	 	/s/ Steven P. Johnson
	Name:	 	Steven P. Johnson
	Title:	 	President

 [Signature Page to
Inventory Agreement Amendment No. 3] 

 Schedule I 

Aggregate Commitments 
  

				
	 Lender
	  	Base Commitment
	 Santander Consumer USA Inc.
	  	$	30,000,000.00
	 Manheim Automotive Financial Services, Inc.
	  	$	10,000,000.00
		
	 Lender
	  	Supplemental Commitment
	 Manheim Automotive Financial Services, Inc.
	  	$	10,000,000.00Amendment No. 4 to Third Amended and Restated Loan & Security Agreement

 Exhibit 10.9.5 

EXECUTION VERSION 

AMENDMENT NO. 4 TO THE THIRD AMENDED AND RESTATED LOAN AND 

SECURITY AGREEMENT 

This AMENDMENT NO. 4 TO THE THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
August 9, 2010, is entered into by and among DriveTime Automotive Group, Inc., a Delaware corporation (“DriveTime”), DriveTime Sales and Finance Company, LLC, an Arizona limited liability company (“DriveTime
Sales”), as successor in interest to DriveTime Sales and Finance Corporation, DriveTime Car Sales Company, LLC, an Arizona limited liability company (“Car Sales”), as successor in interest to DriveTime Car Sales, Inc. (each
a “Borrower” and collectively, the “Borrowers”), and Santander Consumer USA Inc., an Illinois corporation, as a lender, and as the agent for the Lenders (“SCUSA” or the “Agent”),
and Manheim Automotive Financial Services, Inc., a Delaware corporation, as a lender (“MAFS” and, together with the Agent, the “Lenders” and each a “Lender”). 

WHEREAS, on August 10, 2009, the Borrowers and the Lenders entered into the Third Amended and Restated Loan and Security Agreement,
as further amended, supplemented or otherwise modified from time to time in accordance with the terms thereof (the “Loan Agreement”); and 

WHEREAS, the Borrowers and the Lenders desire to amend certain terms of the Loan Agreement as set forth herein to further reflect the
foregoing in accordance with Section 13.8 thereof. 
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	1.	Definitions. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement. 

 

	2.	Amendments to Section 1.1. Section 1.1 of the Loan Agreement is hereby amended as follows: 

 

	 	(a)	The definition of the terms “Available Liquidity,” “DB Warehouse Facility” and “Termination Date” set forth in Section 1.1 of
the Loan Agreement are hereby amended by deleting such definitions in their entirety and replacing them with the following: 

Available Liquidity: means, with respect to the DT Entities On A Consolidated Basis at any date, the aggregate for such date of
(i) all cash of the DT Entities On A Consolidated Basis, (ii) all Cash Equivalents then held by the DT Entities On A Consolidated Basis, (iii) the unused portion of borrowing availability as of such date under this Agreement,
(iv) the unused portion of borrowing availability as of such date under each Warehouse Facility of any DT Entity reviewed and approved by the Agent (such approval not to be unreasonably withheld or delayed), including, without limitation, the
DB Warehouse Facility, Santander Warehouse Facility, UBS Warehouse Facility and RBS Warehouse Facility, (v) 

 
the unused portion of borrowing availability as of such date under any other asset-based credit facility (including, without limitation, a credit facility secured by residual interests in
securitization transactions involving Contracts) reviewed and approved by the Agent (such approval not to be unreasonably withheld or delayed), and (vi) an amount (without duplication) which would be the unused portion of the amount available
to be borrowed as of such date under any asset-based credit facility (including, without limitation, a credit facility secured by residual interests in securitization transactions involving Contracts) reviewed and approved by the Agent (such
approval not to be unreasonably withheld or delayed) if all unencumbered Contracts eligible for transfer thereunder or Contracts eligible for transfer thereunder which are available to be released and transferred to the applicable borrower as
collateral thereunder (without causing an event of termination under any applicable facility) were released and so transferred. 

DB Warehouse Facility: means that financing transaction evidenced by that certain Amended and Restated Purchase and Contribution
Agreement, dated as of July 31, 2009 between DTAC and DT Warehouse and that certain Third Amended and Loan and Servicing Agreement, dated as of July 23, 2010, among DT Warehouse, DTCC, Wells Fargo Bank, National Association, the conduit
lenders from time to time party thereto and the financial institutions parties thereto as committed lenders, the other financial institutions parties thereto as managing agents and the Program Agent set forth therein for the finance and/or purchase
by DT Warehouse of certain contracts, as each such agreement shall be further amended, modified and supplemented and in effect from time to time. 

Termination Date: September 09, 2010 or such earlier date on which this Agreement shall terminate in accordance with the
provisions hereof or by operation of law as the same may be extended pursuant to Section 2.5(a) hereof. 
  

	 	(b)	Section 1.1 of the Loan Agreement is hereby amended by adding the following definitions in their entirety in proper alphabetical order:

 DT Warehouse II: DT Warehouse II, LLC, a Delaware limited liability company. 

DT Warehouse III: DT Warehouse III, LLC, a Delaware limited liability company. 

DT Warehouse IV: DT Warehouse IV, LLC, a Delaware limited liability company. 

RBS Warehouse Facility: means that financing transaction evidenced by that certain Purchase and Contribution Agreement, dated as of
July 23, 2010 between DTAC and DT Warehouse IV and that certain Loan and Servicing Agreement, dated as of July 23, 2010, among DT Warehouse IV, DTCC, Wells Fargo Bank, National Association, the conduit lenders from time to time party
thereto and the 
  

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financial institutions parties thereto as committed lenders, the other financial institutions parties thereto as managing agents and the Program Agent set forth therein for the finance and/or
purchase by DT Warehouse IV of certain contracts, as each such agreement shall be further amended, modified and supplemented and in effect from time to time. 

Santander Warehouse Facility: means that financing transaction evidenced by that certain Purchase and Contribution Agreement, dated
as of May 10, 2010 between DTAC and DT Warehouse II, and that certain Loan and Servicing Agreement, dated as of May 10, 2010, among DT Warehouse II, DTCC, Wells Fargo Bank, National Association, and the Lender set forth therein for the
finance and/or purchase by DT Warehouse II of certain contracts, as each such agreement shall be further amended, modified and supplemented and in effect from time to time. 

UBS Warehouse Facility: means that financing transaction evidenced by that certain Purchase and Contribution Agreement, dated as of
April 1, 2010 between DTAC and DT Warehouse III and that certain Loan and Servicing Agreement, dated as of April 1, 2010, among DT Warehouse III, DTCC, Wells Fargo Bank, National Association, the conduit lenders from time to time party
thereto and the financial institutions parties thereto as committed lenders, the other financial institutions parties thereto as managing agents and the Program Agent set forth therein for the finance and/or purchase by DT Warehouse III of certain
contracts, as each such agreement shall be further amended, modified and supplemented and in effect from time to time. 
  

	 	(c)	Section 12.1(o) of the Loan and Servicing Agreement is hereby amended and restated as follows: 

(o) If a default or an event of default or event of termination occurs under any Indebtedness of any Borrower, either Parent Company or
any of their respective Subsidiaries in excess of One Million Dollars ($1,000,000.00) (other than pursuant to the Loan Documents) and such event of default or event of termination is not waived, cured or otherwise amended or an event of default
occurs under any agreement with any Lender or its Affiliates, in each case after any applicable cure period has expired. 
  

	3.	Representations and Warranties. Each Borrower represents and warrants to the Lenders that: 

 

	 	(a)	Each Borrower hereby reaffirms all representations and warranties made by such entity in the Loan Agreement and agrees that all such representations and warranties are
deemed to have been remade as of the Effective Date and are true and correct in all material respects as of such date, unless and to the extent that any such representation and warranty is stated to relate solely to an earlier date, in which case
such representation and warranty shall be true and correct in all material respects as of such earlier date. 

  

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	 	(b)	This Amendment (i) has been duly and validly authorized, executed and delivered by each Borrower and (ii) constitutes the legal, valid and binding obligations
of each Borrower, and is enforceable against each Borrower in accordance with its terms. 

  

	 	(c)	After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 

 

	4.	Survival of Other Provisions. Unless specifically amended herein, all of the other covenants, agreements, representations, warranties, promises or other terms
and conditions of the Loan Agreement shall remain in full force and effect without any change whatsoever. 

  

	5.	Conditions to Effectiveness. This Amendment shall become effective upon the date on which all of the following conditions are satisfied (the “Effective
Date”): 

  

	 	(a)	execution and delivery of this Amendment by each of the parties hereto; and 

 

	 	(b)	reaffirmation from the Guarantor that, after giving effect to this Amendment, its obligations and representations and warranties under the Guaranty continue in full
force and effect. 

  

	6.	Reimbursement. The Borrowers agree to pay or reimburse each Lender for all costs and expenses (including, without limitation, legal fees and disbursements)
incurred by each Lender in connection with the preparation, negotiation, execution, delivery and enforcement of this Amendment. 

  

	7.	Entire Agreement. This Amendment constitutes the full and entire understanding and agreement of the Borrowers and the Lenders with respect to the subject matter
hereof, and there are no further or other agreements or undertakings, written or oral, in effect between the Borrowers and the Lenders relating to the subject matter hereof unless expressly referred to in this Amendment. 

 

	8.	GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER WILL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 

  

	9.	Execution in Counterparts. This Amendment may be executed in any number of counterparts and in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. Any signature delivered by a party by facsimile transmission or by electronic mail in a “.pdf” file shall be deemed
an original signature hereto. 

*    *    *    *    * 

 

 4 

 IN WITNESS WHEREOF, the Borrowers and the Lenders have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date hereof. 
  

			
	Lenders:
	
	SANTANDER CONSUMER USA INC.
		
	By:	 	/s/ Jason Kulas
	Name:	 	Jason Kulas
	Title:	 	CFO

  

			
	MANHEIM AUTOMOTIVE FINANCIAL SERVICES, INC.
		
	By:	 	/s/ Gregor Roner
	Name:	 	Gregor Roner
	Title:	 	VP & GM MAFS

  

			
	Borrowers:
	
	DRIVETIME AUTOMOTIVE GROUP, INC.
		
	By:	 	/s/ Jon Ehlinger
	Name:	 	Jon Ehlinger
	Title:	 	Secretary

  

			
	DRIVETIME CAR SALES COMPANY, LLC.
		
	By:	 	/s/ Jon Ehlinger
	Name:	 	Jon Ehlinger
	Title:	 	Manager

  

			
	DRIVETIME SALES AND FINANCE COMPANY, LLC
		
	By:	 	/s/ Jon Ehlinger
	Name:	 	Jon Ehlinger
	Title:	 	Secretary

 [Signature Page to
Inventory Agreement Amendment No.4] 

 Consent 

The Guarantor consents to the foregoing Amendment No. 4 to the Third Amended and Restated Loan and Security Agreement and reaffirms
its obligations pursuant to the applicable Loan Documents. The Guarantor further acknowledges and agrees that the term “Credit Agreement” as used in the Guaranty means the Credit Agreement as amended, amended and restated, supplemented or
otherwise modified from time to time. 
  

			
	DT ACCEPTANCE CORPORATION
		
	By:	 	/s/ Steven P. Johnson
	Name:	 	Steven P. Johnson
	Title:	 	President

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