EXHIBIT 10.20(C)
AMENDMENT NO. 4
TO AMENDED AND RESTATED
CREDIT AND SECURITY AGREEMENT
This AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT
(this "Amendment") is entered into as of March 31, 2006, by and among MARINEMAX,
INC., a Delaware corporation and each of the other Borrowers set forth on
Schedule I attached hereto and by the reference incorporated herein
(collectively, "Borrowers"), and KEYBANK NATIONAL ASSOCIATION, a national
banking association, both individually (in such capacity, "KeyBank") and as
administrative agent (in such capacity, the "Administrative Agent") for the
Lenders (as hereinafter defined), BANK OF AMERICA, N.A., a national banking
association, individually (in such capacity, "BOA"), as collateral agent (in
such capacity, the "Collateral Agent") and as documentation agent (in such
capacity, the "Documentation Agent") and the various other financial
institutions as are or may become parties hereto, including, as of the date
hereof, GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION, a Delaware corporation
("GE Commercial") and NATIONAL CITY BANK, a national banking association
("National City") (KeyBank, BOA, GE Commercial, National City, and such other
financial institutions, collectively, the "Lenders"), amending that Amended and
Restated Credit and Security Agreement dated as of February 3, 2005, by and
among Borrowers and Lenders as previously amended by Amendment No. 1 to Amended
and Restated Credit and Security Agreement dated April 8, 2005, Amendment No. 2
to Amended and Restated Credit and Security Agreement dated February 10, 2006,
and Amendment No. 3 to Amended and Restated Credit and Security Agreement dated
March 10, 2006 (collectively, the "Agreement"). Unless otherwise defined in this
Amendment, all defined terms used in this Amendment shall have the meaning
ascribed to such terms in the Agreement. This Amendment is entered into in
consideration of, and upon, the terms, conditions and agreements set forth
herein.
1. BACKGROUND. Borrowers and Lenders desire to amend certain provisions of
the Agreement effective as of the date of this Amendment.
2. AMENDMENTS TO THE AGREEMENT. The Agreement is hereby amended as follows:
(a) Changes to Definitions. The definition of "Commitment Amount, as
defined in Section 1.01 of the Agreement shall be amended to read as follows:
"Commitment Amount" shall mean (a) from the date hereof until July 31,
2006, four hundred fifteen million dollars ($415,000,000), the maximum
aggregate amount of the Commitment, and (b) commencing August 1, 2006,
three hundred eighty-five million dollars ($385,000,000), the maximum
aggregate amount of the Commitment; provided, however, that if the
Borrowers exercise their right to reduce the Commitment in part pursuant to
Section 2.04 of this Agreement, then after the effective date of such
partial reduction the Commitment Amount shall be the original Commitment
Amount less all portions of the Commitment theretofore cancelled by the
Borrowers.
(b) Change to Section 2.01(b) Regarding Lenders and Pro Rata Percentages.
Section 2.01(b) of the Agreement is hereby amended to read in its entirety as
follows:
(b) Lenders and Pro Rata Percentages.
(1) Commencing as of the date hereof and continuing through July
31, 2006 (or such earlier date as additional or replacement Lenders are
added in the manner contemplated by Section 9.05 or Section 9.06 of this
Agreement), the respective Pro Rata Percentages of the initial Lenders in
the Commitment shall be as follows:
Lender Pro Rata Percentage
- ------ -------------------
KeyBank 31.325%
BOA 32.530%
GE Commercial 21.687%
National City 14.458%
-------
TOTAL 100.000%
=======
(2) Commencing August 1, 2006 and enduring until such time as
additional or replacement Lenders are added in the manner contemplated by
Section 9.05 or Section 9.06 of this Agreement, the respective Pro Rata
Percentages of the initial Lenders in the Commitment shall be as follows:
Lender Pro Rata Percentage
- ------ -------------------
KeyBank 25.974%
BOA 35.065%
GE Commercial 23.377%
National City 15.584%
-------
TOTAL 100.000%
=======
Each Lender shall have the right to participate a portion of its Pro Rata
Percentage of the Advances and the Commitment and to assign their Pro Rata
Percentage in the Advances and the Commitment in the manner permitted by
Section 9.04 of this Agreement.
3. EFFECT ON AGREEMENT. Except as specifically amended and modified by this
Amendment, all terms, conditions, covenants and agreements set forth in the
Agreement shall remain in full force and effect.
4. COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original but all of which when
taken together shall constitute one agreement.
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IN WITNESS WHEREOF, this Amendment No. 4 to the Amended and Restated Credit
and Security Agreement has been executed and delivered by the parties (including
100% of the Lenders) as of the day and year first above written.
"BORROWERS"
MARINEMAX, INC., a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and
Chief Financial Officer
MARINEMAX OF SOUTHEAST FLORIDA, LLC,
a Delaware limited liability company
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Manager
MARINEMAX OF MINNESOTA, INC.,
a Minnesota corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
President
MARINEMAX OF SOUTHWEST FLORIDA, LLC,
a Delaware limited liability company
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Manager
MARINEMAX OF CENTRAL FLORIDA, LLC,
a Delaware limited liability company
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Manager
3
MARINEMAX OF SARASOTA, LLC,
a Delaware limited liability company
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Manager
MARINEMAX OF CALIFORNIA, INC.,
a California corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Assistant Vice President
MARINEMAX OF ARIZONA, INC.,
an Arizona corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX MIDATLANTIC, LP,
a Delaware limited partnership
By: MarineMax New Jersey GP, Inc.,
its general partner
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
4
MARINEMAX MOTOR YACHTS, LLC,
a Delaware limited liability company
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Manager
MARINEMAX OF LAS VEGAS, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX OF NORTH CAROLINA, INC.,
a North Carolina corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX OF OHIO, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX OF UTAH, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
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MARINEMAX TX, L.P.,
a Texas limited partnership
By: Dumas GP, L.L.C., its
general partner
By: 11502 Dumas, Inc., its sole member
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Secretary
MARINEMAX OF GEORGIA, INC.,
a Georgia corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
BASSETT BOAT COMPANY,
a Florida corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
BASSETT REALTY, L.L.C.,
a Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and Chief
Financial Officer
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C & N MARINE REALTY, L.L.C.,
a Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and Chief
Financial Officer
GULFWIND SOUTH REALTY, L.L.C.,
a Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and Chief
Financial Officer
HARRISON'S REALTY, L.L.C.,
a Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and
Chief Financial Officer
HARRISON'S REALTY CALIFORNIA, L.L.C.,
a Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and
Chief Financial Officer
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MARINA DRIVE REALTY I, L.L.C., a
Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and
Chief Financial Officer
MARINA DRIVE REALTY II, L.L.C., a
Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and
Chief Financial Officer
WALKER MARINA REALTY, L.L.C., a
Delaware limited liability company
By: MarineMax, Inc., its sole member
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Executive Vice President and
Chief Financial Officer
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DUMAS GP, L.L.C., a Delaware
limited liability company
By: 11502 Dumas, Inc., its sole member
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Secretary
MARINEMAX NEW JERSEY GP, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX NJ PARTNERS, INC., a
Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX OF NEW JERSEY HOLDINGS, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
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MMX GP, LLC, a Delaware limited
liability company
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
MMX HOLDINGS, LLC, a Delaware
limited liability company
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
MMX INTERESTS, LLC, a Delaware limited
liability company
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
MMX MEMBER, INC., a Delaware corporation
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
MMX PARTNERS, INC.,
a Delaware corporation
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
10
MMX VENTURES, LP, a Delaware
limited partnership
By: MMX GP, LLC, its general partner
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
11502 DUMAS, INC., a Nevada corporation
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Secretary
DUMAS GP, INC., a Nevada corporation
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Secretary
NEWCOAST FINANCIAL SERVICES, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX SERVICES, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
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MARINEMAX U.S.A., INC., a Nevada
corporation
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Secretary
DELAWARE AVLEASE, LLC,
a Delaware limited liability company
By: /s/ Kurt M. Frahn
------------------------------------
Kurt M. Frahn
Authorized Representative
MARINEMAX OF COLORADO, INC., a
Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX INTERNATIONAL, LLC,
a Delaware limited liability company
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Manager
BOATING GEAR CENTER, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
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MARINEMAX OF MISSOURI, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
MARINEMAX OF NEW YORK, INC.,
a Delaware corporation
By: /s/ Michael H. McLamb
------------------------------------
Michael H. McLamb
Vice President
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"LENDERS"
KEYBANK NATIONAL ASSOCIATION
By: /s/ Brian T. McDevitt
------------------------------------
Name: Brian T. McDevitt
Title: Vice President
BANK OF AMERICA, N.A.
By: /s/ John R. Burns
------------------------------------
Name: John R. Burns
Title: Vice President
GE COMMERCIAL DISTRIBUTION FINANCE
CORPORATION, a Delaware corporation
By: /s/ Christopher C. Meals
------------------------------------
Name: Christopher C. Meals
Title: Executive Vice President
NATIONAL CITY BANK, a national
banking association
By: /s/ Peter G. Shaw
------------------------------------
Name: Peter G. Shaw
Title: Vice President
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"ADMINISTRATIVE AGENT"
KEYBANK NATIONAL ASSOCIATION
By: /s/ Brian T. McDevitt
------------------------------------
Name: Brian T. McDevitt
Title: Vice President
"COLLATERAL AGENT" AND
"DOCUMENTATION AGENT"
BANK OF AMERICA, N.A.
By: /s/ John R. Burns
------------------------------------
Name: John R. Burns
Title: Vice President
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SCHEDULE I
1. MARINEMAX OF SOUTHEAST FLORIDA, LLC, a Delaware limited liability company,
2. MARINEMAX OF MINNESOTA, INC., a Minnesota corporation,
3. MARINEMAX OF SOUTHWEST FLORIDA, LLC, a Delaware limited liability company,
4. MARINEMAX OF CENTRAL FLORIDA, LLC, a Delaware limited liability company,
5. MARINEMAX OF SARASOTA, LLC, a Delaware limited liability company,
6. MARINEMAX OF CALIFORNIA, INC., a California corporation,
7. MARINEMAX OF ARIZONA, INC., AN ARIZONA CORPORATION,
8. MARINEMAX MIDATLANTIC, LP, a Delaware limited partnership,
9. MARINEMAX MOTOR YACHTS, LLC, a Delaware limited liability company,
10. MARINEMAX OF LAS VEGAS, INC., a Delaware corporation,
11. MARINEMAX OF NORTH CAROLINA, INC., a North Carolina corporation,
12. MARINEMAX OF OHIO, INC., a Delaware corporation,
13. MARINEMAX OF UTAH, INC., a Delaware corporation,
14. MARINEMAX TX, L.P., a Texas limited partnership,
15. MARINEMAX OF GEORGIA, INC., a Georgia corporation,
16. BASSETT BOAT COMPANY, a Florida corporation,
17. BASSETT REALTY, L.L.C., a Delaware limited liability company,
18. C & N MARINE REALTY, L.L.C., a Delaware limited liability company,
19. GULFWIND SOUTH REALTY, L.L.C., a Delaware limited liability company,
20. HARRISON'S REALTY, L.L.C., a Delaware limited liability company,
21. HARRISON'S REALTY CALIFORNIA, L.L.C., a Delaware limited liability company,
22. MARINA DRIVE REALTY I, L.L.C., a Delaware limited liability company,
23. MARINA DRIVE REALTY II, L.L.C., a Delaware limited liability company,
24. WALKER MARINA REALTY, L.L.C., a Delaware limited liability company,
25. DUMAS GP, L.L.C., a Delaware limited liability company,
26. MARINEMAX NEW JERSEY GP, INC., a Delaware corporation,
27. MARINEMAX NJ PARTNERS, INC., a Delaware corporation,
28. MARINEMAX OF NEW JERSEY HOLDINGS, INC., a Delaware corporation,
29. MMX GP, LLC, a Delaware limited liability company,
30. MMX HOLDINGS, LLC, a Delaware limited liability company,
31. MMX INTERESTS, LLC, a Delaware limited liability company,
32. MMX MEMBER, INC., a Delaware corporation,
33. MMX PARTNERS, INC., a Delaware corporation,
34. MMX VENTURES, LP, a Delaware limited partnership,
35. 11502 DUMAS, INC., a Nevada corporation,
36. DUMAS GP, INC., a Nevada corporation,
37. NEWCOAST FINANCIAL SERVICES, INC., a Delaware corporation,
38. MARINEMAX SERVICES, INC., a Delaware corporation,
39. MARINEMAX U.S.A., INC., a Nevada corporation,
40. DELAWARE AVLEASE, LLC, a Delaware limited liability company,
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41. MARINEMAX OF COLORADO, INC., a Delaware corporation,
42. MARINEMAX INTERNATIONAL, LLC, a Delaware limited liability company, and
43. BOATING GEAR CENTER, INC., a Delaware corporation
44. MARINEMAX OF MISSOURI, INC., a Delaware corporation
45. MARINEMAX OF NEW YORK, INC., a Delaware corporation
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