exv10w14w2



 






Exhibit 10.14.2




THIRD AMENDMENT TO CREDIT AGREEMENT




     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”), dated as of
December ___, 2005 (but effective as of October 31, 2005), by and among the lenders listed on the
signature pages hereof as Lenders (the “Lenders”), DYNAMEX INC., a Delaware corporation
(the “Borrower”), DYNAMEX OPERATIONS EAST, INC., a Delaware corporation, DYNAMEX OPERATIONS
WEST, INC., a Delaware corporation, ROAD RUNNER TRANSPORTATION, INC., a Minnesota corporation, NEW
YORK DOCUMENT EXCHANGE CORPORATION, a New York corporation, DYNAMEX DEDICATED FLEET SERVICES, INC.,
a Delaware corporation, DYNAMEX CANADA HOLDINGS, INC., a Delaware corporation, DYNAMEX PROVINCIAL
COURIERS, INC., a Delaware corporation, BANK OF AMERICA, N.A., in its capacity as a lender (the
“Lender”), and BANK OF AMERICA, N.A., as administrative agent for itself and the Lender (in
such capacity, the “Administrative Agent”).



BACKGROUND




     A. The Borrower, the other Loan Parties (as defined in the Credit Agreement defined below),
the Lender and the Administrative Agent are parties to that certain Credit Agreement, dated as of
March 2, 2004, as amended by that certain First Amendment to Credit Agreement, dated as of April
22, 2005, and that certain Second Amendment to Credit Agreement, dated as of November 10, 2005
(said Credit Agreement, as amended, the “Credit Agreement”; the terms defined in the Credit
Agreement and not otherwise defined herein shall be used herein as defined in the Credit
Agreement).



     B. The Borrower has requested certain amendments to the Credit Agreement.



     C. The Borrower, the Lender and the Administrative Agent hereby agree to amend the Credit
Agreement, subject to the terms and conditions set forth herein.



     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:



     1. AMENDMENTS.



     (a) The definition of “Fixed Charge Coverage Ratio” set forth in Section 1.1
of the Credit Agreement is hereby amended to read as follows:




     “Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) the sum
of the following (without duplication) for the Borrower and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP: (i) Net Income, plus
(ii) Interest Expense, plus (iii) income and franchise taxes to the extent deducted
in determining Net Income, plus (iv) depreciation and amortization expense and other
non-cash items to the extent deducted in determining Net Income, minus (v) non-cash
income to the extent included in determining Net Income, plus (vi) Lease Expense,
minus



1









 







(vii)
Capital Expenditures, minus (viii) Dividends to (b) the Fixed Charges of the
Borrower and its Subsidiaries for such period.



     (b) Section 9.4 of the Credit Agreement is hereby amended by amending clause
(g) thereof to read as follows:




     (g) the Borrower may make Treasury Stock Purchases not to exceed $25,000,000 in
aggregate amount during the term of this Agreement,



     (c) Exhibit G, the Form of Compliance Certificate, is hereby amended to be in the form
of Exhibit G hereto.



     2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the date hereof, after taking
into account the effectiveness of this Third Amendment:



     (a) the representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the date hereof as made on and as of such date;



     (b) no event has occurred and is continuing which constitutes a Default or an Event of
Default;



     (c) (i) the Borrower has full power and authority to execute and deliver this Third Amendment,
(ii) this Third Amendment has been duly executed and delivered by the Borrower, and (iii) this
Third Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and
binding obligations of the Borrower, enforceable in accordance with their respective terms, except
as enforceability may be limited by applicable debtor relief laws and by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except
as rights to indemnity may be limited by federal or state securities laws;



     (d) neither the execution, delivery and performance of this Third Amendment or the Credit
Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or
therein, will violate any Law or conflict with any organizational documents of the Borrower, or any
indenture, agreement or other instrument to which the Borrower or any of its property is subject;
and



     (e) no authorization, approval, consent, or other action by, notice to, or filing with, any
governmental authority or other Person (including the Board of Directors of the Borrower) not
previously obtained is required for the execution, delivery or performance by the Borrower of this
Third Amendment.



     3. CONDITIONS OF EFFECTIVENESS. This Third Amendment shall be effective as of October
31, 2005, upon satisfaction of the following conditions:



     (a) the representations and warranties set forth in Section 2 of this Third Amendment shall be
true and correct;



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     (b) the Administrative Agent shall have received counterparts of this Third Amendment executed
by the Lenders;



     (c) the Administrative Agent shall have received counterparts of this Third Amendment executed
by the Borrower and acknowledged by each Loan Party; and



     (d) the Administrative Agent shall have received in form and substance satisfactory to the
Administrative Agent, such other documents, certificates and instruments as the Lenders shall
require.



     4. LOAN PARTY’S ACKNOWLEDGMENT. By signing below, each Loan Party (i) acknowledges,
consents and agrees to the execution, delivery and performance by the Borrower of this Third
Amendment, (ii) acknowledges and agrees that its obligations in respect of the Loan Documents to
which it is a party are not released, diminished, waived, modified, impaired or affected in any
manner by this Third Amendment, or any of the provisions contemplated herein, (iii) ratifies and
confirms its obligations under the Loan Documents to which it is a party, and (iv) acknowledges and
agrees that it has no claim or offsets against, or defenses or counterclaims to, its obligations
under the Loan Documents to which it is a party.



     5. RELEASE. IN CONSIDERATION OF THE LENDER’S EXECUTION OF THIS THIRD AMENDMENT, EACH
OF THE LOAN PARTIES, IN EACH CASE ON BEHALF OF ITSELF AND EACH OF THEIR SUCCESSORS AND ASSIGNS
(COLLECTIVELY, THE “RELEASORS”), DOES VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE EACH
LENDER, EACH EXITING LENDER AND ADMINISTRATIVE AGENT AND THEIR RESPECTIVE PREDECESSORS, OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS (EACH, A “RELEASED PARTY”) FROM ALL POSSIBLE
CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER,
KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ARISING ON OR BEFORE THE DATE THIS THIRD AMENDMENT IS EXECUTED,
WHICH BORROWER OR ANY LOAN PARTY MAY NOW HAVE AGAINST ANY RELEASED PARTY, IF ANY, AND IRRESPECTIVE
OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR
OTHERWISE, AND ARISING FROM ANY “OBLIGATIONS”, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR,
CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE
APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN
DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS THIRD AMENDMENT.



     6. REFERENCE TO THE CREDIT AGREEMENT.



     (a) Upon and during the effectiveness of this Third Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference
to the Credit Agreement, as affected by this Third Amendment.



3









 





     (b) Except as expressly set forth herein, this Third Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the
Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents,
and shall not alter, modify, amend, or in any way affect the terms, conditions, obligations,
covenants, or agreements contained in the Credit Agreement or the other Loan Documents, all of
which are hereby ratified and affirmed in all respects and shall continue in full force and effect.



     7. COSTS AND EXPENSES. The Borrower shall be obligated to pay the costs and expenses
of the Administrative Agent in connection with the preparation, reproduction, execution and
delivery of this Third Amendment and the other instruments and documents to be delivered hereunder.



     8. EXECUTION IN COUNTERPARTS. This Third Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which when taken together shall
constitute but one and the same instrument. For purposes of this Third Amendment, a counterpart
hereof (or signature page thereto) signed and transmitted by any Person party hereto to the
Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be
treated as an original. The signature of such Person thereon, for purposes hereof, is to be
considered as an original signature, and the counterpart (or signature page thereto) so transmitted
is to be considered to have the same binding effect as an original signature on an original
document.



     9. GOVERNING LAW; BINDING EFFECT. This Third Amendment shall be governed by and
construed in accordance with the laws of the State of Texas (without giving effect to conflict of
laws) and the United States of America, and shall be binding upon the Borrower and each Lender and
their respective successors and assigns.



     10. HEADINGS. Section headings in this Third Amendment are included herein for
convenience of reference only and shall not constitute a part of this Third Amendment for any other
purpose.



     11. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS THIRD AMENDMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER
THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BETWEEN THE PARTIES.







REMAINDER OF PAGE LEFT INTENTIONALLY BLANK








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     IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the date first
above written.



	 	 	 	 	 	 	 
	 	 	DYNAMEX INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	     Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DYNAMEX OPERATIONS EAST, INC.
	 	 	DYNAMEX OPERATIONS WEST, INC.
	 	 	ROAD RUNNER TRANSPORTATION, INC.
	 	 	NEW YORK DOCUMENT EXCHANGE CORPORATION
	 	 	DYNAMEX DEDICATED FLEET SERVICES, INC.
	 	 	DYNAMEX CANADA HOLDINGS, INC.
	 	 	DYNAMEX PROVINCIAL COURIERS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	     Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,
	 	 	as Administrative Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	     Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Title:	 	 
	 

	 	 	 	 	 	 





5









 






	 	 	 	 	 	 	 
	 	 	LENDER:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 	 	 
	COMMITMENT: $20,000,000	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 





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EXHIBIT G




FORM OF COMPLIANCE CERTIFICATE




EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — COVER PAGE





 









 








COMPLIANCE CERTIFICATE




FOR                      ENDED                                         , 200____ (THE “SUBJECT PERIOD”)




Date: ____________, 200_




Bank of America, N.A., as Administrative Agent

901 Main Street, 7th Floor

Dallas, Texas 75202

Attention: Dallas Commercial Banking




     Re:      Dynamex Inc.



     Reference is made to that certain Credit Agreement dated as of March 2, 2004 (as the same
maybe amended and in effect from time to time, the “Credit Agreement”), among Dynamex Inc.
(the “Borrower”) and certain of its Subsidiaries, the lenders named therein (the
“Lenders”) and Bank of America, N.A., as Administrative Agent for the Lenders (in such
capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement.



     The undersigned hereby certifies to the Administrative Agent and the Lenders that, on the date
of this Certificate, (a) I am a Responsible Officer of the Borrower and each of its Subsidiaries,
(b) the financial statements of the Borrower and its Subsidiaries attached to this Certificate were
prepared in accordance with GAAP and present fairly the consolidated and (where applicable)
consolidating financial condition and results of operations of the Borrower and its Subsidiaries as
of the end of and for the Subject Period, (c) a review of the activities of each of the Borrower
and its Subsidiaries during the Subject Period has been made under my supervision with a view to
determining whether, during the Subject Period, each of the Borrower and its Subsidiaries have
kept, observed, performed and fulfilled all of its covenants, agreements and other obligations
under the Loan Documents, (d) during the Subject Period, each of the Borrower and its Subsidiaries
has kept, observed, performed and fulfilled each and every covenant, agreement and other obligation
under the Loan Documents (except for the deviations, if any, set forth on a schedule annexed to
this Certificate) and no Default or Event of Default has occurred during the Subject Period or
otherwise has occurred or exists which has not been cured or waived (except the Default or Event of
Default, if any, described on the schedule annexed to this Certificate), and (e) the status of
compliance by each of the Borrower and its Subsidiaries with certain covenants contained in the
Credit Agreement for the Subject Period is as set forth below:



EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 1




 









 








	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	In Compliance for
	 	 	 	 	 	 	the Subject Period
	 	 	 	 	 	 	(Please Indicate)
	1)	 	Financial Statements
and Reports (Section 8.1)	 	 	 	 
	 

	 	(a)
	 	Provide annual audited fiscal year end consolidated (with
unaudited consolidating schedules attached) financial statements
within 90 days of each fiscal year end, as required by
Section 8.1(a) of the Credit Agreement.
	 	Yes
	 	No
	 

	 	(b)
	 	Provide quarterly unaudited consolidated financial statements
within 45 days of each fiscal quarter end (for first, second and
third fiscal quarters only), as required by Section 8.1(b) of the
Credit Agreement.
	 	Yes
	 	No
	 

	 	(c)
	 	Provide Compliance Certificate concurrently with the delivery
of the annual and quarterly financial statements referred to in
clauses (a) and (b) of Section 8.1 of the Credit Agreement, as
required by Section 8.1(c) of the Credit Agreement.
	 	Yes
	 	No
	 

	 	(d)
	 	Provide fiscal year budget before the beginning of each
fiscal year, as required by Section 8.1(d) of the Credit
Agreement.
	 	Yes
	 	No
	 

	 	(e)
	 	Concurrently with the delivery of the annual and quarterly
financial statements referred to in clauses (a) and (b) of
Section 8.1 of the Credit Agreement, provide certificate setting
forth certain information regarding the Collateral, as required
by Section 8.1(l)(i) of the Credit Agreement.
	 	Yes
	 	No
	 

	 	(f)
	 	Provide a report summarizing all material insurance coverage
within 60 days prior to each fiscal year end, as required by
Section 8.1(n) of the Credit Agreement.
	 	Yes
	 	No
	 

	 	(g)
	 	Provide other reports and information (including, without
limitation, management letters, information regarding litigation
and Defaults) required by Section 8.1 as and when required.
	 	Yes
	 	No
	2)	 	Debt Covenant (Section 9.1)	 	 	 	 
	 	 	None, except for Debt permitted by Section 9.1. Specify amount
of Debt for borrowed money incurred during the Subject Period:
$__________	 	Yes	 	No
	3)	 	Liens Covenant (Section 9.2)	 	 	 	 
	 	 	None, except for Liens permitted by Section 9.2.	 	Yes	 	No
	4)	 	Mergers, Etc. Covenant (Section 9.3)	 	 	 	 
	 	 	None, except as
permitted by Section 9.3. Disclose on an
attached schedule mergers, dissolutions, liquidations and
acquisitions consummated during the Subject Period.	 	Yes	 	No






EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 2




 









 








	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	In Compliance for
	 	 	 	 	 	 	 	 	 	 	 	 	the Subject Period
	 	 	 	 	 	 	 	 	 	 	 	 	(Please Indicate)
	5)	 	Restricted Payments Covenant (Section 9.4)	 	 	 	 
	 	 	None, except as permitted by Section 9.4. Specify amount of any
dividends paid by the Borrower or any payments of principal of
Subordinated Debt paid or any Treasury Stock Purchases made
during the Subject Period: $_______.	 	Yes	 	No
	6)	 	Investments Covenant (Section 9.5)	 	 	 	 
	 	 	None, except as permitted by Section 9.5.	 	Yes	 	No
	7)	 	Limitation on Issuance of Capital Stock of Subsidiaries (Section 9.6)	 	 	 	 
	 	 	None, except as permitted by Section 9.6. Disclose on an
attached schedule any Capital Stock of Subsidiaries issued during
the Subject Period.	 	Yes	 	No
	8)	 	Transactions with Affiliates (Section 9.7)	 	 	 	 
	 	 	None, except as permitted by Section 9.7.	 	Yes	 	No
	9)	 	Disposition of Property (Section 9.8)	 	 	 	 
	 	 	None, except as permitted by Section 9.8.	 	Yes	 	No
	10)	 	Sale and Leaseback (Section 9.9)	 	 	 	 
	 	 	None permitted.	 	Yes	 	No
	11)	 	Lines of Business (Section 9.10)	 	 	 	 
	 	 	No changes except as permitted by Section 9.10.	 	Yes	 	No
	12)	 	Environmental Protection Covenant (Section 9.11).	 	 	 	 
	 	 	The Loan Parties do not conduct their operations outside the
limits set forth in Section 9.11 of the Credit Agreement.	 	Yes	 	No
	13)	 	Intercompany Transactions Covenant (Section 9.12).	 	 	 	 
	 	 	None except as permitted by Section 9.12 of the Credit Agreement.	 	Yes	 	No
	14)	 	Modification of Other Agreements (Section 9.13)	 	 	 	 
	 	 	None, except as permitted by Section 9.13.	 	Yes	 	No
	15)	 	Deposit Accounts (Section 9.14)	 	 	 	 
	 	 	None to be created or maintained except as permitted by Section
9.14. Disclose on an attached schedule any new deposit accounts
opened during the Subject Period.	 	Yes	 	No
	16)	 	ERISA and Canadian Plans (Section 9.15).	 	 	 	 
	 	 	Do not fail to maintain Plans as required in Section 9.15 of the
Credit Agreement.	 	Yes	 	No
	17)	 	Activities of Certain Canadian Subsidiaries (Section 9.16).	 	 	 	 
	 	 	None as to Restricted
Subsidiaries except as permitted by Section
9.16 of the Credit Agreement.	 	Yes	 	No
	18)	 	Maximum Ratio of Funded Debt to EBITDA (Section 10.1)
Must be equal to or less than 2.00 to 1.00	 	 	 	 
	 

	 	(a)
	 	Funded Debt:
	 	 	$	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	(b)
	 	EBITDA:
	 	 	$	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 





EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 3




 









 








	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	In Compliance for
	 	 	 	 	 	 	 	 	 	 	the Subject Period
	 	 	 	 	 	 	 	 	 	 	(Please Indicate)
	 	 	(c) Ratio:	 	                     to 1.00	 	Yes	 	No
	19)	 	Minimum Net Worth (Section 10.2)

Must be equal to or greater than the sum of (a) $45,000,000, plus
(b) 75% of cumulative Net Income, if positive for any fiscal
quarter (i.e., exclusive of any negative Net Income for any
fiscal quarter), for any fiscal quarter commencing on and after
May 1, 2003, plus (c) all Net Proceeds of each Equity Issuance
which occurs on or after January 1, 2003.	 	Yes	 	No
	20)	 	Fixed Charge Coverage Ratio (Section 10.3)

Must be equal to or greater than:

1.50 to 1.00	 	 	 	 
	 

	 	(a)
	 	(i)
	 	Net Income:
	 	$                    	 	 	 	 
	 

	 	 	 	(ii)
	 	plus Interest Expense
	 	$                    	 	 	 	 
	 

	 	 	 	(iii)
	 	plus income and franchise taxes
	 	$                    	 	 	 	 
	 

	 	 	 	(iv)
	 	plus depreciation and amortization
expense and other non-cash items
	 	$                    	 	 	 	 
	 

	 	 	 	(v)
	 	minus non-cash income
	 	$                    	 	 	 	 
	 

	 	 	 	(vi)
	 	plus Lease Expense
	 	$                    	 	 	 	 
	 

	 	 	 	(vii)
	 	minus Capital Expenditures
	 	$                    	 	 	 	 
	 

	 	 	 	(viii)
	 	minus Dividends
	 	$                    	 	 	 	 
	 

	 	 	 	(ix)
	 	Total:
	 	$                    	 	 	 	 
	 	 	(b)	 	Fixed Charges:	 	$                    	 	 	 	 
	 	 	(c)	 	Ratio:	 	                     to 1.00	 	Yes	 	No






EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 4




 









 








	 	 	 	 	 	 	 
	 	 	DYNAMEX INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 





EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 5



 









 








[Schedules to be attached if applicable.]




EXHIBIT G — FORM OF COMPLIANCE CERTIFICATE — 6