DRIVETIME CAR SALES COMPANY, LLC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits - Insurance News | InsuranceNewsNet

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May 28, 2013 Newswires
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DRIVETIME CAR SALES COMPANY, LLC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Edgar Online, Inc.

Item 1.01. Entry into a Material Definitive Agreement.

DriveTime Automotive Group, Inc., a Delaware corporation ("DTAG"), and DT Acceptance Corporation, an Arizona corporation ("DTAC" and together with DTAG, the "Issuers") are co-issuers, jointly and severally of the 12.625% Senior Secured Notes Due 2017 (the "Notes") pursuant to the Indenture, dated as of June 4, 2010 (the "Indenture") among the Issuers, the Guarantors party thereto and Wells Fargo Bank, National Association, as Trustee and Collateral Agent (the "Trustee"). All capitalized terms used and not defined herein have the same meanings herein as set forth in the Indenture. On May 21, 2013, the Issuers, the Trustee and the Guarantors entered into the Fifth Supplemental Indenture (the "Fifth Supplemental Indenture") whereby the Indenture was amended to correct a defect of the Indenture to exclude Unrestricted Subsidiaries from the application of Section 4.10. Section 4.10 of the Indenture requires that if any Issuer or any of its Restricted Subsidiaries acquires or creates another Subsidiary after the Issue Date (other than a Foreign Subsidiary, Insurance Subsidiary or Special Purpose Subsidiary) then, among other requirements, such Issuer or Restricted Subsidiary shall cause such Subsidiary to become a Guarantor of the Notes. Section 11.09 of the Indenture provides that the "Note Guarantee of a Guarantor will terminate upon … the designation in accordance with [the] Indenture of the Guarantor as an Unrestricted Subsidiary". Accordingly, the inconsistency between Section 4.10 and Section 11.09 of the Indenture was a defect because any Issuer or Restricted Subsidiary that designates an acquired or created Subsidiary as an Unrestricted Subsidiary upon or prior to acquisition or creation of such Subsidiary would be required under Section 4.10 of the Indenture to cause such Unrestricted Subsidiary to sign a Note Guarantee which would be immediately and automatically terminated by operation of Section 11.09 of the Indenture. The foregoing description of the Indenture and the Fifth Supplemental Indenture is only a summary, does not purport to be complete and is qualified in its entirety by reference to the Indenture which is filed as Exhibit 4.1.1 to the Amendment No. 1 to the Form S-4 Registration Statement filed on October 19, 2010, and the Fifth Supplemental Indenture, which is filed as Exhibit 4.1 to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

--------------------------------------------------------------------------------

  Exhibit Number     Description    4.1     Fifth Supplemental Indenture, dated May 21, 2013, by and among            DriveTime Automotive Group, Inc., DT Acceptance Corporation, Wells            Fargo Bank, National Association, as Trustee and Collateral Agent and            the Guarantors.      

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Older

DRIVETIME SALES & FINANCE COMPANY, LLC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Newer

DT JET LEASING, LLC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

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