Item 1.01 Entry into a Material Definitive Agreement.
On October 5, 2022, CarLotz, Inc. (the "Company") entered into a Credit Balance
Agreement (the "RBCA") with Ally Bank, a Utah chartered state bank ("Ally
Bank"), and Ally Financial Inc., a Delaware corporation ("Ally" and, together
with Ally Bank, the "Lender"), with respect to the Inventory Financing and
Security Agreement, dated March 10, 2021 (as amended and supplemented from time
to time, the "Ally Facility") by and among the Company and the Lender.
The RBCA replaces the prior financial covenant under the Ally Facility that
required the Company to maintain at least 10% of the maximum available credit
line in cash and cash equivalents and at least 10% of the maximum available
credit line on deposit with Ally Bank with a minimum requirement of $4 million,
so long as the amount borrowed under the Ally Facility remains under $20
million, with such minimum amount to be increased to $5 million if the amount
borrowed under the Ally Facility at any time exceeds $20 million. As of October
5, 2022, we had total outstanding debt of $4.7 million under the Ally Facility.
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CARLOTZ, INC. 
