Exhibit 10.20(b)

EX-10.20B 3 p72272exv10w20b.txt EXHIBIT 10.20(B) EXHIBIT 10.20(B) AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT This AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this "Amendment") is entered into as of March 10, 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 and Amendment No. 2 to Amended and Restated Credit and Security Agreement dated February 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: Change to Section 8.07(b) Regarding Compensation of Collateral Agent and Documentation Agent. Section 8.07(b) is hereby amended to read in its entirety as follows: (b) For every month that the Collateral Agent conducts an inspection, the Lenders will pay the Collateral Agent a fee of five hundred dollars ($500) plus seventy-five dollars ($75) per location inspected, other than the Company's headquarters location, and three dollars ($3) for each Unit inspected in the manner contemplated by Section 8.01(b). The Collateral Agent will bill the Administrative Agent on a quarterly basis for such services and the Administrative Agent then will bill each Lender its Pro Rata Percentage of such charges. 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. [The remainder of this page intentionally left blank] 2 IN WITNESS WHEREOF, this Amendment No. 3 to the Amended and Restated Credit and Security Agreement has been executed and delivered by the parties 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 5 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 6 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 7 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 8 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 9 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 11 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 12 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 13 "LENDERS" KEYBANK NATIONAL ASSOCIATION By: /s/ Scott Saber ------------------------------------ Name: Scott Saber 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 14 "ADMINISTRATIVE AGENT" KEYBANK NATIONAL ASSOCIATION By: /s/ Scott Saber ------------------------------------ Name: Scott Saber 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 15 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, 16 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 17