Document:

Exhibit 10.2

 

EXECUTION VERSION

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

and

AMENDMENT NO. 1 TO SECURITY AGREEMENT

 

AMENDMENT NO. 2 to the Credit Agreement (as defined below) and AMENDMENT NO. 1 to the Security Agreement (as defined below), dated as of October 28, 2016 (this “Amendment”), among Jack Cooper Holdings Corp., a Delaware corporation (the “Borrower”), certain subsidiaries of the Borrower as guarantors (the “Guarantors”), the lenders party hereto (collectively, the “Lenders”) and MSDC JC Investments, LLC, as agent for the Lenders (in such capacity, the “Agent”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Borrower, the Agent and the Lenders are party to that certain Credit Agreement, dated as of March 31, 2015 (as amended by Amendment No. 1 to Credit Agreement, dated as of December 23, 2015, and as further amended from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrower, certain subsidiaries of the Borrower and the Agent are party to that certain Security Agreement, dated as of April 2, 2015 (as amended from time to time, the “Security Agreement”)

 

WHEREAS, the Borrower has requested that certain provisions of the Credit Agreement and the Security Agreement be amended pursuant to Section 14.1 of the Credit Agreement and Section 20 of the Security Agreement in the manner and on the terms set forth herein; and

 

WHEREAS, the Borrower, the Agent and the Lenders signatory hereto have agreed to amend certain provisions of the Credit Agreement and the Security Agreement as provided for herein.

 

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

ARTICLE I

 

Defined Terms

 

Section 1.1.                                 Defined Terms.  Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement unless otherwise defined herein.

 

ARTICLE II

 

Section 2.1.                                 Amendments to the Credit Agreement as of the Second Amendment Effective Date.  Effective as of the Second Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as set forth below:

 

(a)                                 Section 2.4(d)(ii)(1) of the Credit Agreement is hereby amended by adding “Upon the occurrence of a Change of Control,” at the beginning of the first sentence thereof.

 

(b)                                 Section 6.1 of the Credit Agreement is hereby amended by amending and restating the last sentence of the first paragraph after clause (b) with the following:

 

“Notwithstanding anything to this Section 6.1 or in the definition of “Permitted Indebtedness”, (i) no Indebtedness shall be Incurred under any ABL Credit Agreement or the Solus Credit Agreement except pursuant to and in compliance with clause (a) or clause (b)(ii), respectively, of the

 

 

definition of “Permitted Indebtedness” and (ii) no Solus Obligations shall be considered to be ABL Obligations and the Solus Credit Agreement shall not be considered an ABL Credit Agreement.

 

(c)                                  Section 6.2 of the Credit Agreement is hereby amended by amending and restating the last sentence of the first paragraph after clause (b) with the following:

 

“Notwithstanding anything contained in this Section 6.2 or the definitions of “Permitted Collateral Liens” or “Permitted Liens”, no Liens shall secure the ABL Obligations, the Notes Obligations, the Solus Obligations or any Refinancing Indebtedness in respect thereof except pursuant to clause (a) of the definition of the “Permitted Collateral Liens”.”

 

(d)                                 Section 6.7 of the Credit Agreement is hereby amended by:

 

(i)                           adding the words “(other than the Solus Obligations)” after the words “any Indebtedness of Borrower and its Subsidiaries” in subclause (a)(i) thereof;

 

(ii)                        adding the words “(other than the Solus Obligations)” after the words “payment to the Obligations” in subclause (a)(ii) thereof;

 

(iii)                     replace subclause (D) and subclause (E) thereof with the text as follows:

 

“and (D) the ABL Obligations or the Solus Obligations solely to the extent any such amendment, modification or change is not prohibited by the terms of the ABL-Term Loan Intercreditor Agreement”

 

(iv)                    replacing the period at the end of subclause (b)(iii) thereof with “, or” and adding the following clause (c) at the end thereof:

 

“(c) Notwithstanding anything to the contrary in this Agreement, optionally prepay, redeem, defease, purchase, or otherwise acquire any of the Solus Obligations, other than payments made with the cash proceeds of an equity issuance of Qualified Capital Interests of the Borrower or its direct or indirect parent entities or capital contribution to Holdings or the Borrower in each case occurring within 120 days prior to such payments, so long as no Event of Default shall exist at the time or immediately following such prepayment.

 

(e)                                  Section 6.9 of the Credit Agreement is hereby amended by deleting the word “and” at the end of clause (h) thereof, replacing the period at the end of clause (i) with “; and” and adding the following:

 

“(j) Borrower may make cash distributions to Holdings solely with the proceeds of the Loans (as defined in the Solus Credit Agreement as in effect on the Second Amendment Effective Date) for the sole purpose of, within 120 days of the Second Amendment Effective Date, purchasing, repurchasing, retiring or canceling the PIK Notes and paying related fees and expenses, so long as no Event of Default shall exist at the time or immediately following such cash distribution.

 

Notwithstanding the foregoing or anything else herein to the contrary, in no event shall any Restricted Junior Payment be made by Borrower or any of its Subsidiaries, directly or indirectly, the proceeds of which are used to prepay, redeem, defease, purchase, repurchase or otherwise acquire the PIK Notes, or to pay any fees or interest in cash with respect thereto, other than pursuant to clause (j) above.”

 

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(f)                                   Section 6.11 of the Credit Agreement is hereby amended by:

 

(i)                           amending and restating clause (a) as follows:

 

“(a) Directly or indirectly, make or acquire any Investment, except for (i) Permitted Investments and (ii) so long as no Event of Default shall exist at the time or immediately following such Investment, cash Investments by the Borrower in Holdings with the proceeds of the Loans (as defined in the Solus Credit Agreement as in effect on the Second Amendment Effective Date) solely for the purpose of, within 120 days of the Second Amendment Effective Date, purchasing, repurchasing, retiring or canceling the PIK Notes and to pay related fees and expenses and (iii) so long as no Event of Default shall exist at the time or immediately following such purchase, purchases by the Borrower of the PIK Notes, solely with the proceeds of the Loans (as defined in the Solus Credit Agreement as in effect on the Second Amendment Effective Date), within 120 days of the Second Amendment Effective Date, and to pay related fees and expenses.”

 

(ii)                        adding the following at the end of Section 6.11:

 

“Notwithstanding the foregoing or anything else herein to the contrary, in no event shall PIK Notes, Notes or Additional Notes, directly or indirectly, be prepaid, redeemed, defeased, purchased, repurchased or otherwise acquired by the Borrower or any of its Subsidiaries other than pursuant to clause (l) of the definition of “Permitted Investments”, Section 6.7(a)(i), Section 6.9(j), Section 6.11(a)(ii) and/or Section 6.11(a)(iii).”

 

(g)                                  Section 6.12(g) of the Credit Agreement is hereby amended by deleting the words “or any Permitted Intercompany Advance” and replacing it with “or any transactions permitted pursuant to clauses (p) and/or (q) of the definition of “Permitted Indebtedness”.

 

(h)                                 Section 15.11(a) of the Credit Agreement is hereby amended by adding the words “, the Solus Obligations” after the words “the ABL Obligations” in the penultimate sentence thereof.

 

(i)                                     Schedule 1.1 of the Credit Agreement is hereby amended by:

 

(i)                           amending the definition of “ABL Obligations” to add the following at the end thereof:

 

“provided, further, that the Solus Obligations shall not be considered “ABL Obligations”.

 

(ii)                        amending and restating the definition of “ABL-Term Loan Intercreditor Agreement” as follows:

 

“ABL-Term Loan Intercreditor Agreement” means that certain Amended and Restated Intercreditor Agreement, dated as of the Second Amendment Effective Date, between Agent, ABL Agent and Solus Agent, as amended, modified, supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time in accordance with the terms therein.

 

(iii)                     amending and restating the definition of “ABL Agent” as follows:

 

“ABL Agent” means the Existing ABL Agent, or in the case of any Additional ABL Credit Agreement or replacement or refinancing of the Existing ABL Credit Agreement permitted

 

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hereunder, the person identified as agent in the certificate required pursuant to the definition of “Additional ABL Credit Agreement”.

 

(iv)                    amending and restating clause (c) of the definition of “Change of Control” as follows:

 

(c) a “Change of Control” or comparable term as that term is defined in the Notes Indenture, the ABL Credit Agreement or the Solus Credit Agreement (or, in each case, any permitted Refinancing Indebtedness with respect thereto pursuant to clause (l) of the definition of Permitted Indebtedness) occurs (in each case, after giving effect to any applicable waiver, amendment, consent or modification thereunder).

 

(v)                       amending the definition of “EBITDA” by deleting the period at the end of subclause (ix) thereof and replacing it with “; plus”, and adding, immediately following subclause (ix) thereof, a new subclause (x) as follows:

 

“(x) fees, costs, and expenses (including transaction fees, attorneys’ fees and other professional costs) incurred and paid in connection with the Second Amendment Effective Date Transactions, including the ones incurred and paid within 90 days following the Second Amendment Effective Date,”

 

(vi)                    amending the definition of “Permitted Collateral Liens” as follows:

 

(1)                                 amending and restating clause (a) thereof as follows:

 

“(a) (i) Liens securing the Notes Obligations, (ii) Liens securing the ABL Obligations, (iii) Liens securing the Solus Obligations, and, in each case, any Refinancing Indebtedness thereof, so long as the Liens securing such Notes Obligations, ABL Obligations, Solus Obligations and Refinancing Indebtedness in respect thereof, in each case, is subject to the terms of the applicable Intercreditor Agreement;”

 

(2)                                 amending and restating the final sentence thereof as follows:

 

“Notwithstanding anything contained in Section 6.2 or the definitions of “Permitted Collateral Liens” or “Permitted Liens”, no Liens shall secure the ABL Obligations, the Notes Obligations, the Solus Obligations or any Refinancing Indebtedness in respect thereof except pursuant to clause (a) of the definition of the “Permitted Collateral Liens”.

 

(vii)                 amending the definition of “Permitted Indebtedness” as follows:

 

(1)                                 adding the following at the end of clause (a) thereof:

 

“provided, further, that the Solus Obligations shall not be considered “ABL Obligations.”

 

(2)                                 amending and restating clause (b) thereof as follows:

 

“(b) (i) the Notes Obligations and the Additional Notes and (ii) the Solus Obligations, in the case of this clause (ii), to the extent constituting Solus Priority Debt (as defined in the ABL-Term Loan Intercreditor Agreement);”

 

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(viii)              amending clause (k) of the definition of “Permitted Liens” by replacing the text “clauses (h) and (n)” with the text “clauses (h) and (k)”.

 

(ix)                    amending the definition of “Permitted Investments” as follows:

 

(1)                                 adding the following at the end of clause (e) thereof:

 

“and, to the extent constituting an Investment, the transactions permitted pursuant to clauses (p) and/or (q) of the definition of “Permitted Indebtedness”

 

(2)                                 replacing the word “and” the first time it appears with the word “or;” in clause (l) thereof.

 

(x)                       amending the definition of “Refinancing Indebtedness” by adding the words “or the Solus Obligations” immediately after the words “the ABL Obligations” in clause (f) thereof;

 

(xi)                    amending and restating the definition of “Restricted Junior Payment” as follows:

 

“Restricted Junior Payment” means to: (a) declare or pay any dividend or make any other payment or distribution (i) on account of Stock issued by Borrower (including any payment in connection with any merger or consolidation involving Borrower) or (ii) on account of Stock issued by any Subsidiary of Borrower, in each case to the direct or indirect holders of such Stock in their capacity as such (other than dividends or distributions to Borrower or a Subsidiary); (b) purchase, redeem, make any sinking fund or similar payment, or otherwise acquire or retire for value (including in connection with any merger or consolidation involving Borrower) any Stock issued by Borrower; or (c) make any payment to retire, or to obtain the surrender of, any outstanding warrants, options, or other rights to acquire Stock of Borrower now or hereafter outstanding; provided that the following shall not be “Restricted Junior Payment”: (1) dividends, distributions or payments, in each case, made solely in Qualified Capital Interests in the Borrower; (2) dividends or distributions made by any Subsidiary of the Borrower to a Loan Party and (3) dividends or distributions made by any Subsidiary of the Borrower that is not a Loan Party to a Subsidiary of the Borrower that is not a Loan Party.”

 

(xii)                 adding the following definitions in the appropriate alphabetical order:

 

“Holdings” means Jack Cooper Enterprises, Inc. (f/n/a JCH Parent, Inc.), a Delaware corporation and direct parent of the Borrower.

 

“PIK Notes” means the “Notes” under and as defined in that certain Indenture, dated as of June 10, 2014, by and between Holdings, as issuer, and U.S. Bank National Association, as trustee.

 

“Second Amendment Effective Date” means October [  ], 2016.

 

“Second Amendment Effective Date Transactions” means the execution, delivery and performance by the Borrower and the other Loan Parties of the Second Amendment, the loan documentation in connection with the Solus Credit Agreement (but not the use of proceeds of the loans thereunder), the amendment to the Existing ABL Credit Agreement, and all the other transactions related to any of the foregoing and contemplated to have occurred as of the Second Amendment Effective Date, and the payment of premiums, fees and expenses in connection with the foregoing.

 

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“Solus Agent” means Wilmington Trust, National Association or any of its successors, assigns or replacements, in its capacity as administrative agent and collateral agent under the Solus Credit Agreement and the Solus Loan Documents.

 

“Solus Credit Agreement” means that certain Credit Agreement, dated as of October [  ], 2016, by and among the Borrower, Wilmington Trust, National Associations, as agent for lenders thereunder and the lenders signatory thereto, together with all related notes, collateral documents, guarantees, and any other related agreements and instruments executed and delivered in connection therewith, in each case as amended, modified, supplemented, restated, refinanced, or replaced in whole or in part from time to time to the extent permitted hereunder and under the ABL-Term Loan Intercreditor Agreement, including by or pursuant to any agreement or instrument that extends the maturity of any Indebtedness thereunder or that adds Subsidiaries of the Borrower as additional borrowers or guarantors thereunder (provided that, any Subsidiary that is not a Foreign Subsidiary that becomes an additional borrower or guarantor thereunder shall also be a Guarantor of the Obligations), in each case with respect to such agreement or any successor or replacement agreement and whether by the same or any other agent, lender, group of lenders, purchasers or debt holders; provided, any such amendment, modification, supplement, restatement, refinancing or replacement shall otherwise be permitted hereunder and under the ABL-Term Loan Intercreditor Agreement as a condition to effectiveness thereof and at the time of entry Borrower shall have delivered to Agent and Lenders an officer’s certificate certifying that such amendment, modification, supplement, restatement, refinancing or replacement is permitted to be made or incurred by this Agreement and the ABL-Term Loan Intercreditor Agreement.

 

“Solus Loan Documents” means the “Loan Documents” (or comparable term) as defined in the Solus Credit Agreement.

 

“Solus Obligations” means, in each case to the extent constituting Solus Priority Debt (as defined in the ABL-Term Loan Intercreditor Agreement), the “Obligations” as defined in the Solus Credit Agreement and all other amounts owing, due, or secured under the terms of the Solus Credit Agreement and any other Solus Loan Documents, whether now existing or arising hereafter, including all amounts payable under or secured by any Solus Loan Documents (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Loan party, or that would have accrued or become due under the terms of the Solus Loan Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding).

 

Section 2.2.                                 Amendments to the Security Agreement as of the Second Amendment Effective Date.  Effective as of the Second Amendment Effective Date, the Security Agreement is hereby amended as set forth below:

 

(a)                                 Section 2 of the Security Agreement is hereby amended by:

 

(i)                           adding the following immediately after the words “shall not include” in the last paragraph thereof:

 

“the following, unless, in each case, a lien on such asset has been granted to secure the Notes Obligations, the ABL Obligations or the Solus Obligations”

 

(ii)                        deleting the words “, unless, in each case, a Lien has been granted to secure the ABL Obligations or the Notes Obligations” in subclause (iv) of the last paragraph thereof.

 

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(b)                                 Section 5(e) of the Security Agreement is hereby amended by:

 

(i)                           replacing the parenthetical “(subject to Permitted Liens and the Intercreditor Agreements)” with “(subject to Permitted Liens, Permitted Collateral Liens and the Intercreditor Agreements); and

 

(ii)                        replacing the parenthetical “(subject to Permitted Liens)” with “(subject to Permitted Liens and Permitted Collateral Liens)”.

 

(c)                                  Section 5(f) of the Security Agreement is hereby amended by:

 

(i)                           adding the words “and Permitted Collateral Liens” after the words “Permitted Liens” in clause (i) thereof;

 

(ii)                        replacing the parenthetical “(subject to the Intercreditor Agreements and Permitted Liens)” with “(subject to the Intercreditor Agreements, Permitted Liens and Permitted Collateral Liens)” in clause (iv) thereof; and

 

(iii)                     replacing the parenthetical “(which shall not be required)” in clause (iv) thereof with the following:

 

“(which shall not be required, unless, in each case, any such local perfection action has been taken in favor of the respective collateral agent or administrative agent for the ABL Obligations, Notes Obligations or the Solus Obligations)”.

 

(d)                                 Section 6(e) of the Security Agreement is hereby amended by replacing the period in the last parenthetical therein with a comma.

 

(e)                                  Section 6(i) of the Security Agreement is hereby amended by replacing the parenthetical “(subject to Permitted Liens and the Intercreditor Agreements)” with “(subject to Permitted Liens, Permitted Collateral Liens and the Intercreditor Agreements)”.

 

(f)                                   Section 6(m)(i)(C) of the Security Agreement is hereby amended and restated as follows:

 

“ (C) other than Permitted Dispositions, Permitted Liens or Permitted Collateral Liens, assign or surrender their rights and interests under any of the Pledged Notes or terminate, cancel, modify, change, supplement or amend the Pledged Notes (in each case other than pursuant to its terms thereof), and”

 

ARTICLE III

 

Conditions to Effectiveness

 

This Amendment shall become effective on the date hereof (the “Second Amendment Effective Date”) on which the Agent (or its counsel) shall have received:

 

(a)                                 from (i) the Agent, (ii) the Borrower and the Guarantors and (iii) the Required Lenders, counterparts of this Amendment signed on behalf of such parties (which may include telecopy or other electronic transmission of a signed signature page of this Amendment);

 

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(b)                                 a certificate, dated as of the Second Amendment Effective Date and signed on behalf of the Borrower by a responsible officer of the Borrower, certifying (i) that the representations and warranties set forth herein and in the other Loan Documents, in each case after giving effect to this Amendment and the amendments to the Existing ABL Credit Agreement and the ABL-Term Loan Intercreditor Agreement on the date hereof, are true and correct in all material respects (it being understood that any representation and warranty that is qualified as to “materiality”, “Material Adverse Change” or similar language shall be true and correct in all respects after giving effect to any such qualification therein) with the same effect as though made on and as of the Second Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date), (ii) no Default or Event of Default exists and is continuing on the Second Amendment Effective Date, in each case after giving effect to this Amendment, the transactions contemplated hereby and the amendments to the Existing ABL Credit Agreement and the ABL-Term Loan Intercreditor Agreement on the date hereof, and (iii) the execution, delivery and performance of the Borrower and its Subsidiaries of that certain Credit Agreement, dated as of October [_], 2016, by and among the Borrower, the lenders party thereto, Wilmington Trust, National Associations as agent for the lenders (the “Solus Credit Agreement”) and the other “Loan Documents” (as defined in the Solus Credit Agreement, including the incurrence of Indebtedness and granting of Liens thereunder, is permitted by the Notes Indenture, the Existing ABL Credit Agreement and the Intercreditor Agreements (in each case, if applicable, as amended on the date hereof);

 

(c)                                  a fully executed amended and restated ABL-Term Loan Intercreditor Agreement in form and substance reasonably satisfactory to Agent;

 

(d)                                 a fully executed joinder to the ABL-Notes Intercreditor Agreement, whereby the agent under the Solus Credit Agreement gives notice that the Solus Credit Agreement is an Additional ABL Credit Agreement under and as defined in the ABL-Notes Intercreditor Agreement, and such other documentation related thereto reasonably requested by the Agent;

 

(e)                                  true and complete copies of (i) an amendment to the Existing ABL Credit Agreement (the “ABL Amendment”) and (ii) the Solus Credit Agreement and the other Loan Documents (as defined in the Solus Credit Agreement), in each case reasonably satisfactory to Agent, and certified by a responsible officer of the Borrower as being true, correct, complete and in full force and effect; and

 

(f)                                   all reasonable and documented out-of-pocket fees and expenses (including, without limitation, legal fees and expenses) of Agent.

 

The undersigned Lenders hereby authorize Agent to enter into the ABL-Term Loan Intercreditor Agreement in the form attached hereto as Exhibit A.

 

ARTICLE IV

 

Representation and Warranties.

 

The Borrower and each Guarantor hereby represents and warrants to the Agent and the Lenders, in each case as of the date hereof, that

 

(a)                                 the representations and warranties set forth in the other Loan Documents, in each case, after giving effect to this Amendment, and the amendments to the Existing ABL Credit Agreement are true and correct in all material respects (it being understood that any representation and warranty that is qualified as to “materiality”, “Material Adverse Change” or similar language shall be true and correct

 

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in all respects after giving effect to any such qualification therein) with the same effect as though made on and as of the Second Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date);

 

(b)                                 no Default or Event of Default exists and is continuing on the Second Amendment Effective Date or after giving effect to this Amendment, the transactions contemplated hereby and the amendments to the Existing ABL Credit Agreement and the ABL-Term Loan Intercreditor Agreement on the date hereof;

 

(c)                                  (i) it has the requisite corporate or limited liability company power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended hereby) to which it is a party, (ii) the execution, delivery and performance by the Borrower of this Amendment has been duly approved by all necessary corporate or limited liability company action and does not (A) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or its Subsidiaries, the Governing Documents of any Loan Party or its Subsidiaries, or any order, judgment or decree of any court or other Governmental Authority binding on any Loan Party or its Subsidiaries, (B) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Loan Party or its Subsidiaries except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, (C) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under the Existing ABL Credit Agreement, any Intercreditor Agreement or the Notes Indenture, in each case after giving effect to this Amendment and the amendments to the Existing ABL Credit Agreement and the ABL-Term Loan Intercreditor Agreement on the date hereof,  (D) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Collateral Liens or Permitted Liens, after giving effect to this Amendment and the amendments to the Existing ABL Credit Agreement and the ABL-Term Loan Intercreditor Agreement on the date hereof, or (E) require any approval of any Loan Party’s interestholders or any approval or consent of any Person under any Material Contract of any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts (other than any of the agreements described in subclause (C) above, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change;

 

(d)                                 this Amendment (i) has been duly executed and delivered by the Borrower and each Guarantor and (ii) is the legal, valid and binding obligation of the Borrower and each Guarantor, enforceable against the Borrower and each Guarantor in accordance with its terms, and is in full force and effect, except to the extent that (A) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights or general principles of equity or (B) the availability of the remedies of specific performance or injunctive relief are subject to the discretion of the court before which any proceeding therefor may be brought;

 

(e)                                  The Loan Parties, taken as whole, after giving effect to this Amendment, the incurrence of the loans and other obligations under the Solus Credit Agreement and the “Loan Documents” (as defined in the Solus Credit Agreement) and the consummation of the transactions contemplated hereby and thereby, are Solvent.

 

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ARTICLE V

 

Miscellaneous

 

Section 5.1.                                 Acknowledgment.  The Borrower and each Guarantor hereby acknowledges and reaffirms (a) all of its obligations and duties under the Loan Documents, and (b) that the Agent, for the ratable benefit of the Lender Group, has, and shall continue to have after the effectiveness of this Amendment, valid, perfected Liens in the Collateral (other than (i) in respect of Vehicles that are subject to a certificate of title and as to which the Agent has elected not to note its Lien on the applicable certificate of title, (ii) Commercial Tort Claims and letter-of-credit rights that are not required to be perfected by the terms of the Security Agreement and (iii) any Deposit Accounts and Securities Accounts not subject to a Control Agreement as permitted by Section 6.11 of the Credit Agreement).

 

Section 5.2.                                 Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of Agent or any Lender under the Loan Documents, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect except that, on and after the Second Amendment Effective Date, each reference to the Credit Agreement in the Loan Documents shall mean and be a reference to the Credit Agreement as amended by this Amendment.  Nothing herein shall be deemed to entitle any Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Loan Documents in similar or different circumstances.  This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.

 

Section 5.3.                                 Costs and Expenses.  The Borrower shall pay to the Agent all of the Agent’s reasonable and documented out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees and expenses of its counsel) arising in connection with the preparation, execution, and delivery of this Amendment and all related documents.

 

Section 5.4.                                 Limited Effect.  In the event of a conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit Agreement, the terms and provisions of this Amendment shall govern.  In all other respects, the Credit Agreement, as amended and supplemented hereby, shall remain in full force and effect.

 

Section 5.5.                                 Counterparts; Effectiveness.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original.  All such counterparts, taken together, shall constitute but one and the same Amendment.  This Amendment shall become effective upon the execution of a counterpart of this Amendment by each of the parties hereto and satisfaction of each of the other conditions precedent set forth in Article III hereof.  This Amendment is a Loan Document and is subject to all the terms and conditions, and entitled to all the protections, applicable to Loan Documents generally.  Delivery of an executed counterpart of this Amendment by telefacsimile or .pdf shall be equally effective as delivery of a manually executed counterpart.

 

Section 5.6.                                 Choice of Law and Venue; Jury Trial Waiver; Judicial Reference.  SECTION 12 OF THE CREDIT AGREEMENT IS INCORPORATED HEREIN BY REFERENCE MUTATIS MUTANDIS.

 

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Section 5.7.                                 Reaffirmation of Guaranties.  Each of the undersigned Guarantors hereby reaffirms and agrees that (a) the Guaranty and the Loan Documents to which it is a party shall remain in full force and effect (including, without limitation, any security interests granted therein) after this Amendment is consummated as if consummated contemporaneously therewith, (b) nothing in the Loan Documents to which it is a party obligates the Agent or the Lenders to notify such Guarantor of any changes in the financial accommodations made available to the Loan Parties or to seek reaffirmations of the Loan Documents to which such Guarantor is a party; and (c) no requirement to so notify such Guarantor or to seek such Guarantor’s reaffirmation in the future shall be implied by this Section 6.6.

 

Section 5.8.                                 Headings.  The headings and numbers set forth in this Amendment are for convenience only and shall not limit or otherwise affect the meaning hereof.

 

[Remainder of this page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.

 

 

	
 
    	
JACK COOPER HOLDINGS CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name: 
    	
T. Michael Riggs
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
AUTO HANDLING CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name:  
    	
T. Michael Riggs
    
	
 
    	
Title:    
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
JACK COOPER LOGISTICS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name:  
    	
T. Michael Riggs
    
	
 
    	
Title:    
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
JACK COOPER TRANSPORT   COMPANY, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name:  
    	
T. Michael Riggs
    
	
 
    	
Title:    
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PACIFIC MOTOR TRUCKING COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name:  
    	
T. Michael Riggs
    
	
 
    	
Title:    
    	
Chief Executive Officer
    

 

[Signature Page to Amendment No. 2]

 

 

	
 
    	
JACK COOPER SPECIALIZED TRANSPORT, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name: 
    	
T. Michael Riggs
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
AUTO EXPORT SHIPPING, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name: 
    	
T. Michael Riggs
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
AXIS LOGISTIC   SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name: 
    	
T. Michael Riggs
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
JACK COOPER CT   SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name: 
    	
T. Michael Riggs
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
JACK COOPER RAIL AND   SHUTTLE, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ T.   Michael Riggs
    
	
 
    	
Name: 
    	
T. Michael Riggs
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
Car Pilot, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Theo Ciupitu
    
	
 
    	
Name: 
    	
Theo Ciupitu
    
	
 
    	
Title:
    	
Executive Vice President and   Secretary
    

 

[Signature Page to Amendment No. 2]

 

 

	
 
    	
MSDC JC INVESTMENTS, LLC,   as Agent and
    
	
 
    	
Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marcello Liguori
    
	
 
    	
Name:
    	
Marcello Liguori
    
	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Amendment No. 2]

 

 

Exhibit A

 

ABL-Term Loan Intercreditor Agreement

 

See attached.

 

[Signature Page to Amendment No. 2]Exhibit 10.3

 

Execution Version

 

AMENDMENT NUMBER FOUR TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This Amendment Number Four to Amended and Restated Credit Agreement (this “Amendment”) is entered into as of October 28, 2016, by and among the lenders identified on the signature pages hereof (such lenders, together with their respective successors and assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”), on the one hand, and JACK COOPER HOLDINGS CORP., a Delaware corporation (“Parent”), and the Subsidiaries of Parent identified on the signature pages hereof (such Subsidiaries, together with Parent, are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), and the undersigned Guarantors, on the other hand, in light of the following:

 

A.                                    Agent, Lenders, and Borrowers have previously entered into that certain Amended and Restated Credit Agreement, dated as of June 18, 2013 (as amended from time to time, the “Agreement”);

 

B.                                    Borrowers wish to enter into a separate term loan facility and have requested certain amendments to the Agreement; and

 

C.                                    Agent, Lenders and Borrowers have agreed to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Agent, Lenders and Borrowers hereby agree as follows:

 

1.                                      DEFINITIONS.  All initially capitalized terms used in this Amendment shall have the meanings given to them in the Agreement unless specifically defined herein.

 

2.                                      AMENDMENTS.

 

(a)                                 Schedule 1.1 of the Agreement is hereby amended by deleting the definition of “Defaulting Lender” therein in its entirety and replacing it with the following:

 

“‘Defaulting Lender’ means any Lender that (a) has failed to fund any amounts required to be funded by it under the Agreement within 1 Business Day of the date that it is required to do so under the Agreement (including the failure to make available to Agent amounts required pursuant to a Settlement or to make a required payment in connection with a Letter of Credit Disbursement), (b) notified any Borrower, Agent, or any Lender in writing that it does not intend to comply with all or any portion of its funding obligations under the Agreement, (c) has made a public statement to the effect that it does not intend to comply with its funding obligations under the Agreement or under other agreements generally (as reasonably determined by Agent) under which it has committed to extend credit, (d) failed, within 1 Business Day after written request by Agent, to confirm that it will comply with the terms of the Agreement relating to its obligations to fund any amounts required to be funded by it under the Agreement, (e) otherwise failed to pay over to Agent or any other Lender any other amount required to be paid by it under the Agreement on the date that it is required to do so under the Agreement, or (f) (i) becomes or is insolvent or has a parent company that has become or is insolvent, (ii) becomes the subject of a bankruptcy or Insolvency Proceeding, or has had a receiver, conservator, trustee, or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the

 

 

subject of a bankruptcy or Insolvency Proceeding, or has had a receiver, conservator, trustee, or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, or (iii) becomes the subject of a Bail-in Action.”

 

(b)                                 Schedule 1.1 of the Agreement is hereby amended by deleting the definition of “EBITDA” therein in its entirety and replacing it with the following:

 

“‘EBITDA’ means, with respect to any fiscal period, (i) Parent’s consolidated net earnings (or loss), minus (ii) to the extent included in determining net earnings (or loss) (A) extraordinary gains or interest income, plus (B) exchange, translation or performance gains relating to any hedging transactions or foreign currency fluctuations, plus (iii) to the extent included in determining net earnings (or loss): (A) non-cash extraordinary losses, interest expense, income taxes, and depreciation and amortization for such period plus (B) non-cash claims costs, claims management expenses and adjustments to reserves under workers’ compensation, trucker’s liability and general liability insurance for claims related to events occurring on or prior to July 27, 2009, plus (C) non-cash expenses resulting from Pension Plan withdrawals or partial withdrawals, plus (D) severance and like expenses accrued under any employment or consulting agreement in effect on the Closing Date (and any amendments or modifications permitted hereunder) or entered into, after the Closing Date, in accordance with the provisions of this Agreement during such period to the extent expensed, plus (E) cash and non-cash charges directly associated with and included as “uses” in a “Sources and Uses” provided to Agent prior to the Closing Date detailing the use of proceeds of the Notes, plus (F) non-cash compensation expense, non-cash asset impairment charges, and non-cash losses (gains) on sales of assets, plus (G) non-cash exchange, translation, or performance losses relating to any hedging transactions or foreign currency fluctuations, plus (H) non-operating losses (gains), operating losses (gains) with respect to the closing of terminal locations, and professional expenses for diligence and other services related to prospective Acquisitions, in each case solely to the extent actually incurred and solely to the extent any addback set forth in this subclause (H) does not exceed $2,500,000 in the aggregate for the 12 month period ending on such date of determination, plus (I) (i) fees, costs, and expenses (including transaction fees, attorneys’ fees and other professional costs) incurred and paid in connection with the Fourth Amendment Effective Date Transactions, including the ones incurred and paid within 90 days following the Fourth Amendment Effective Date, and (ii) fees, costs, and expenses (including transaction fees, attorneys’ fees and other professional costs) incurred and paid in connection with the Investments described in clause (u) of the definition of “Permitted Investments” herein and/or in connection with distributions permitted pursuant to Section 6.9(m), including the ones incurred and paid within 90 days following completion of such Investments or distributions, in each case solely to the extent any addback set forth in this subclause (I) does not exceed $4,500,000 in the aggregate; in each case of the foregoing, determined on a consolidated basis in accordance with GAAP.  For the purposes of calculating EBITDA for any period of 4 consecutive fiscal quarters (each, a “Reference Period”), (a) if at any time during such Reference Period (and after the Closing Date), Parent or any of its their Subsidiaries shall have made a Permitted Acquisition, EBITDA for

 

2

 

such Reference Period shall be calculated after giving pro forma effect thereto (including pro forma adjustments arising out of events which are directly attributable to such Permitted Acquisition, are factually supportable, and are expected to have a continuing impact, in each case to be mutually and reasonably agreed upon by Parent and Agent) or in such other manner acceptable to Agent as if any such Permitted Acquisition or adjustment occurred on the first day of such Reference Period.”

 

(c)                                  The definition of “Permitted Indebtedness” in Schedule 1.1 of the Agreement is hereby amended by deleting the “and” at the end of clause (v) therein, deleting the period at the end of clause (w) therein and replacing such period with “, and,” and adding the following new clause (x) as follows:

 

“(x)                           Permitted Additional Term Indebtedness and any Refinancing Indebtedness in respect thereof.”

 

(d)                                 The definition of “Permitted Investments” in Schedule 1.1 of the Agreement is hereby amended by deleting the “and” at the end of clause (s) therein, deleting the period at the end of clause (t) therein and replacing such period with “, and,” and adding the following new clause (u) as follows:

 

“(u) (i) cash Investments by Parent in Jack Cooper Enterprises, Inc. with the proceeds of the Loans (as defined in the Credit Agreement for the Additional Term Facility) solely for the purpose of, within 120 days of the effectiveness of the Credit Agreement for the Additional Term Facility and funding thereunder, purchasing, repurchasing, exchanging, retiring or canceling the PIK Notes and to pay related fees and expenses, and (ii) purchases of the PIK Notes by Parent or any other Borrower, solely with the proceeds of the Loans (as defined in the Credit Agreement for the Additional Term Facility), within 120 days of the effectiveness of the Credit Agreement for the Additional Term Facility and funding thereunder and payments of related fees and expenses, in each case to the extent permitted pursuant to the terms of the Credit Agreement for the Additional Term Facility (as in effect as of the Fourth Amendment Effective Date, after giving effect to the amendments, waivers, consents or modifications thereunder to the extent permitted pursuant to the ABL Intercreditor Agreement).”

 

(e)                                  The definition of “Permitted Liens” in Schedule 1.1 of the Agreement is hereby amended by deleting the “and” at the end of clause (dd) therein, deleting the period at the end of clause (ee) therein and replacing such period with “, and,” and adding the following new clause (ff):

 

“(ff)                        Liens in favor of the Additional Term Facility Agent, any of its successors and assigns as administrative agent under the Additional Term Facility, and any collateral agent, trustee or other representative holding Liens on behalf of the lenders under the Additional Term Facility to secure Permitted Additional Term Indebtedness and any Refinancing Indebtedness in respect thereof, subject to the terms of the ABL Intercreditor Agreement.”

 

(f)                                   Schedule 1.1 of the Agreement is hereby amended by deleting the definition of “Refinancing Indebtedness” therein in its entirety and replacing it with the following:

 

“‘Refinancing Indebtedness’ means refinancings, renewals, replacements, defeasements or extensions of Indebtedness so long as:

 

3

 

(x)                                 except with respect to the Note Obligations, any Permitted MSD Indebtedness, or the Permitted Additional Term Indebtedness:

 

(a)                                 such refinancings, renewals, replacements, defeasements, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, replaced, defeased, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of accrued and unpaid interest and unfunded commitments with respect thereto,

 

(b)                                 such refinancings, renewals, replacements, defeasements, or extensions do not result in a shortening of the remaining average weighted maturity (measured as of the refinancing, renewal, replacement, defeasement or extension) of the Indebtedness so refinanced, renewed, replaced, defeased, or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of the Lenders,

 

(c)                                  if the Indebtedness that is refinanced, renewed, replaced, defeased, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable to the Lender Group as those that were applicable to the refinanced, renewed, replaced, defeased, or extended Indebtedness, and

 

(d)                                 the Indebtedness that is refinanced, renewed, replaced, or extended is not recourse to any Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, replaced, defeased, or extended,

 

(y)                                 in the case of the Note Obligations, refinancings, renewals, replacements, defeasements or extensions thereof so long as such transaction is consummated in accordance with the Intercreditor Agreement, and

 

(z) in the case of any Permitted MSD Indebtedness or Permitted Additional Term Indebtedness, refinancings, renewals, replacements, defeasements or extensions thereof so long as such transaction is consummated in accordance with the ABL Intercreditor Agreement.”

 

(g)                                  The definition of “MSD-WFCF Intercreditor Agreement” set forth in Schedule 1.1 of the Agreement is hereby deleted; and each of the references to “MSD-WFCF Intercreditor Agreement” in the Agreement and the other Loan Documents shall be deleted and replaced, in lieu thereof, with references to “the ABL Intercreditor Agreement”.

 

(h)                                 Schedule 1.1 of the Agreement is hereby amended by adding the following new definitions in alphabetical order:

 

“‘ABL Intercreditor Agreement’ means that certain Amended and Restated Intercreditor Agreement by and among Agent, MSD, and Additional Term

 

4

 

Facility Agent, dated as of the Fourth Amendment Effective Date, with respect to the relative lien priorities and other intercreditor terms regarding the Obligations, Permitted MSD Indebtedness, and the Permitted Additional Term Debt, which agreement amends and restates, and replaces, the Intercreditor Agreement dated as of April 2, 2015 between Agent and MSD in its entirety.

 

‘Additional Term Facility’ means the credit facility under that certain Credit Agreement, dated as of October 28, 2016, by and among Additional Term Facility Agent, the lenders party thereto (the “Additional Term Facility Lenders”), and Parent, whereby the Additional Term Facility Lenders have made term loans to Parent in an initial principal amount not to exceed $41,000,000.

 

‘Additional Term Facility Agent’ means Wilmington Trust, National Association, as administrative agent under the Additional Term Facility, and any of its successors or assigns thereunder.

 

‘Bail-In Action’ means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

 

‘Bail-In Legislation’ means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

 

‘EEA Financial Institution’ means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

 

‘EEA Member Country’ means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

‘EEA Resolution Authority’ means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

‘EU Bail-In Legislation Schedule’ means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

 

‘Fourth Amendment Effective Date’ means October 28, 2016.

 

‘Fourth Amendment’ means that certain Amendment Number Four to Amended and Restated Credit Agreement, dated as of the Fourth

 

5

 

Amendment Effective Date by and among the Borrowers, the Lenders and Agent.

 

‘Fourth Amendment Effective Date Transactions’ means the execution, delivery and performance by Borrowers and the other Loan Parties of the Fourth Amendment, the loan documentation in connection with the Additional Term Facility (the borrowing of the loans thereunder), the amendment to the MSD Credit Agreement (as defined in the ABL Intercreditor Agreement), and all the other transactions related to any of the foregoing and contemplated to have occurred as of the Fourth Amendment Effective Date, and the payment of premiums, fees and expenses in connection with the foregoing.

 

‘Permitted Additional Term Indebtedness’ means Indebtedness incurred by Parent or any of its Subsidiaries under the Additional Term Facility in an initial aggregate principal amount not to exceed the sum of $41,000,000, as the terms of such Indebtedness pursuant to the definitive loan documentation may be amended, restated, modified, changed, refinanced or replaced in a manner that is not prohibited by the terms of the ABL Intercreditor Agreement.

 

‘PIK Notes’ means the “Notes” under and as defined in that certain Indenture, dated as of June 10, 2014, by and between Jack Cooper Enterprises, Inc. (f/k/a JCH Parent, Inc.), as issuer, and U.S. Bank National Association, as trustee.

 

‘Write-Down and Conversion Powers’ means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.”

 

(i)                                     Section 3.3 of the Agreement is hereby amended and restated in its entirety as follows:

 

“3.3                         Maturity.  This Agreement shall continue in full force and effect for a term ending on the earliest of (i) June 18, 2018, (ii)  the date that is 90 days prior to the then extant maturity date of the Permitted MSD Indebtedness, (iii) the date that is 90 days prior to the then extant maturity date of the Permitted Additional Term Indebtedness, or (iv) the date that is 90 days prior to the then extant maturity date of the Notes (the “Maturity Date”).  The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations under this Agreement immediately and without notice to Administrative Borrower upon the occurrence and during the continuation of an Event of Default.”

 

(j)                                    Clause (i) of Section 6.7(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(i)                               optionally prepay, redeem, defease, purchase or otherwise acquire any Indebtedness of Parent and its Subsidiaries, other than (A) the Obligations in accordance with this Agreement, (B) Permitted Intercompany

 

6

 

Advances, (C) Refinancing Indebtedness in respect of the Note Obligations (including the defeasance thereof), (D) offers to purchase the Notes in connection with asset sales pursuant to Section 3.9 of the Notes Indenture, (E) the Transactions, (F) prepayments of Permitted Preferred Stock with the proceeds of Permitted Preferred Stock so long as the prepayments are substantially contemporaneous with the accompanying sale, (G) Refinancing Indebtedness in respect of the Permitted MSD Indebtedness, (H) Refinancing Indebtedness in respect of the Permitted Additional Term Indebtedness, (I) prepayments or payments of Permitted MSD Indebtedness and/or the Permitted Additional Term Indebtedness, in each case subject to the ABL Intercreditor Agreement, and so long as before and after giving effect to such payment or prepayment (1) no Event of Default has occurred and is continuing and (2) Availability shall be no less than 30% of the Maximum Revolver Amount, (J) prepayments of Permitted MSD Indebtedness or the Permitted Additional Term Indebtedness, in each case subject to the ABL Intercreditor Agreement, with proceeds from asset sales pursuant to Section 2.9(d)(ii) of the MSD Credit Agreement (as defined in the ABL Intercreditor Agreement) or Section 2.4(d)(ii) of the Solus Credit Agreement (as defined in the ABL Intercreditor Agreement) so long as:  (x) promptly but in any event no later than the date that is 10 Business Days prior to any disposition the proceeds of which will be used for any such payment or prepayment, Administrative Borrower delivers written notice to Agent listing the assets to be disposed of, the sale price of the same, and the scheduled date of such disposition, and (y) promptly but in any event, no later than the date that is 5 Business Days prior to such payment or prepayment, Administrative Borrower delivers to Agent a Borrowing Base Certificate demonstrating that immediately after giving effect to the applicable disposition of assets, no Overadvance will exist, (K) so long as no Event of Default exists at the time of payment or prepayment, contemporaneous exchange of Permitted MSD Indebtedness and/or the Permitted Additional Term Indebtedness for Stock of Parent (or the direct or indirect parent of Parent) or prepayments or payments of Permitted MSD Indebtedness or Permitted Additional Term Indebtedness with the proceeds of the issuance of Stock of Parent (or the direct or indirect parent of Parent) to any Person (other than Parent or any of its Subsidiaries) so long as the prepayments or payments are substantially contemporaneous with the accompanying issuance, or”

 

(k)                                 Clause (i) of Section 6.7(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(i)                               any agreement, instrument, document, indenture, or other writing evidencing or concerning Permitted Indebtedness other than (A) the Obligations in accordance with this Agreement, (B) Permitted Intercompany Advances, (C) Indebtedness permitted under clauses (c), (d), (e), (f), (g), (h), and (i) of the definition of Permitted Indebtedness, and (D) the Notes Obligations, any Permitted MSD Indebtedness, or the Permitted Additional Term Indebtedness, except to the extent any such amendment, modification, or change referenced in this clause (D) is not prohibited by the terms of the Intercreditor Agreement or the ABL Intercreditor Agreement, as applicable,”

 

7

 

(l)                                     Section 6.9 of the Agreement is hereby amended by deleting the word “and” at the end of clause (k) thereof, replacing the period at the end of clause (l) with “; and” and adding the following new clause (m):

 

 

“(m) Parent’s Subsidiaries may make cash distributions to Parent, and Parent may make cash distributions to Jack Cooper Enterprises, Inc., in each case, solely with the proceeds of the Loans (as defined in the Credit Agreement for the Additional Term Facility) for the sole purpose of, within 120 days of the effectiveness of the Credit Agreement for the Additional Term Facility and funding thereunder, purchasing, repurchasing, exchanging, retiring or canceling the PIK Notes and paying related fees and expenses, in each case to the extent permitted pursuant to the terms of the Credit Agreement for the Additional Term Facility (as in effect as of the Fourth Amendment Effective Date, after giving effect to the amendments, waivers, consents or modifications thereunder to the extent permitted pursuant to the ABL Intercreditor Agreement).”

 

(m)                             Section 6 of the Agreement is hereby amended by adding the following new Section 6.19 immediately following Section 6.18:

 

“6.19                  Notes Indenture Debt Incurrence Compliance.  Cause or permit any failure to comply with Section 4.9 of the Notes Indenture.”

 

(n)                                 Section 8.7 of the Agreement is hereby amended and restated in its entirety as follows:

 

“8.7                         Default Under Other Agreements.  If there is (a) an Event of Default as defined in the Notes Documents; (b) a default in one or more agreements to which a Loan Party or any of its Subsidiaries is a party with one or more third Persons relative to a Loan Party’s or any of its Subsidiaries’ Indebtedness involving an aggregate amount of $5,000,000 or more, and such default (after giving effect to any grace period therefor) (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective of whether exercised, to accelerate the maturity of such Loan Party’s or its Subsidiary’s obligations thereunder; (c) an event of default (after giving effect to any grace period therefor) in or an involuntary early termination of one or more Hedge Agreements to which a Loan Party or any of its Subsidiaries is a party; (d) a default under the Permitted MSD Indebtedness if such default (after giving effect to any grace period therefor) (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by the lenders thereunder, irrespective of whether exercised, to accelerate the maturity of the Loan Parties’ obligations thereunder; or (e) a default under the Permitted Additional Term Indebtedness if such default (after giving effect to any grace period therefor) (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by the lenders thereunder, irrespective of whether exercised, to accelerate the maturity of the Loan Parties’ obligations thereunder;”

 

(o)                                 Section 17 of the Agreement is hereby amended by adding the following new Section 17.17 immediately following Section 17.16:

 

“17.17           Acknowledgment and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan

 

8

 

Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)                                 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)                                 the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)                                     a reduction in full or in part or cancellation of any such liability;

 

(ii)                                  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(iii)                               the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.”

 

(p)                                 Clause (b) of Schedule 5.1 (Financial Statements, Reports, Certificates) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(b)                           Compliance Certificate along with (i) the underlying calculations, including the calculations to arrive at EBITDA, Fixed Charges, and Fixed Charge Coverage Ratio (such EBITDA, Fixed Charges and Fixed Charge Coverage Ratio calculations shall be certified only in a Financial Covenant Period), and (ii) the underlying calculations demonstrating compliance with Section 4.9(b)(i) of the Notes Indenture.”

 

3.                                      REPRESENTATIONS AND WARRANTIES.

 

(a)                                 Each Borrower hereby affirms to Agent and Lenders that all of such Borrower’s representations and warranties set forth in the Agreement, after giving effect to this Amendment and the amendments to the MSD Credit Agreement and the ABL Intercreditor Agreement on the date hereof, are true, complete and accurate in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date hereof (except to the extent that such representations and warranties relate solely to an earlier date).

 

(b)                                 Each Borrower and Guarantor represents and warrants as of the date hereof that (i) it has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended hereby) to which it is a party and (ii) the execution, delivery and performance by each Borrower and Guarantor of this Amendment has been duly approved by all necessary corporate action and does not (A) violate any material provision of federal, state, or

 

9

 

local law or regulation applicable to any Loan Party or its Subsidiaries or (B) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Loan Party or its Subsidiaries except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Change.

 

(c)                                  Each Borrower and Guarantor represents and warrants this Amendment (i) has been duly executed and delivered by such Borrower or Guarantor, (ii) is the legal, valid and binding obligation of such Borrower or Guarantor, enforceable against such Borrower or Guarantor in accordance with its terms, and is in full force and effect, except to the extent that (A) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights or general principles of equity or (B) the availability of the remedies of specific performance or injunctive relief are subject to the discretion of the court before which any proceeding therefor may be brought, and (iii) does not and will not violate any material provision of the Governing Documents of any Loan Party or its Subsidiaries.

 

4.                                      NO DEFAULTS.  Each Borrower hereby affirms to Agent and the Lenders that no Default or Event of Default has occurred and is continuing as of the date hereof, in each case after giving effect to this Amendment, the MSD Credit Agreement Amendment, and the ABL Intercreditor Agreement as of the date hereof.

 

5.                                      CONDITIONS PRECEDENT.  This Amendment shall become effective on October 28, 2016 (the “Fourth Amendment Effective Date”), and notwithstanding anything to the contrary in the Agreement or the other Loan Documents or the MSD-WFCF Intercreditor Agreement (as in effect prior to the date hereof), the Lenders and Agent hereby consent to the MSD Credit Agreement Amendment, consent to, and authorize Agent to enter into, the ABL Intercreditor Agreement, and consent to the incurrence of the Permitted Additional Term Indebtedness; in each case upon the following:

 

(a)                                 receipt by Agent of a fully executed copy of this Amendment in form and substance satisfactory to Agent;

 

(b)                                 receipt by Agent of a fully executed copy of the ABL Intercreditor Agreement in form and substance satisfactory to Agent;

 

(c)                                  receipt by Agent of a fully executed joinder to the Intercreditor Agreement in form and substance satisfactory to Agent;

 

(d)                                 receipt by Agent of a fully executed Vehicle Collateral Agency Agreement in form and substance satisfactory to Agent;

 

(e)                                  receipt by Agent of a fully executed Fee Letter in form and substance satisfactory to Agent;

 

(f)                                   receipt by Agent of Parent’s Officer’s Certificate stating that the Permitted Additional Term Indebtedness complies with the debt incurrence test under the Notes Indenture, delivered pursuant to Section 9.3 of the Intercreditor Agreement;

 

(g)                                  the receipt and satisfactory review by Agent of the amendment to the MSD Credit Agreement (as defined in the ABL Intercreditor Agreement) (the “MSD Credit Agreement Amendment”);

 

(h)                                 the receipt and satisfactory review by Agent of the Solus Credit Agreement (as defined in the ABL Intercreditor Agreement) and the Solus Collateral Documents (as defined in the ABL Intercreditor Agreement) requested by Agent, the fully executed versions of which shall be certified by an Authorized Person in an Officer’s Certificate delivered to Agent; and

 

10

 

(i)                                     to the extent previously invoiced, payment of the Agent’s and Lenders’ reasonable and documented out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees and expenses of counsel).

 

6.                                      ACKNOWLEDGEMENT.  Each Borrower and Guarantor hereby acknowledges and reaffirms (a) all of its obligations and duties under the Loan Documents, and (b) that Agent, for the ratable benefit of the Lender Group, has and shall continue to have valid, perfected Liens in the Collateral as required under the Loan Documents (other than (i) in respect of Vehicles that are subject to a certificate of title and as to which Agent has elected not to note its Lien on the applicable certificate of title), (ii) Commercial Tort Claims and letter-of-credit rights that are not required to be perfected by the terms of the Security Agreement and (iii) any Deposit Accounts and Securities Accounts not subject to a Control Agreement as permitted by Section 6.11 of the Agreement).

 

7.                                      RELEASE.

 

Each Borrower, Parent and each Guarantor (on behalf of itself and its Affiliates) and its successors-in-title, legal representatives and assignees and, to the extent the same is claimed by right of, through or under any of Borrowers, Guarantors or the Parent, for its past, present and future employees, agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party” and collectively, the “Releasing Parties”), does hereby remise, release and discharge, and shall be deemed to have forever remised, released and discharged, the Agent and each of the Lenders, and the Agent’s and each other Lender’s respective successors-in-title, legal representatives and assignees, past, present and future officers, directors, affiliates, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the foregoing would be liable if such persons or entities were found to be liable to any Releasing Party, or any of them (each a “Releasee” and collectively hereinafter the “Releasees” or the “Lender Parties”), from any and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims, suits, reckonings, controversies, damages, judgments, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise (including, without limitation, any so called “lender liability” claims, interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses and incidental, consequential and punitive damages payable to third parties, or any claims arising under 11 U.S.C. §§ 541-550 or any claims for avoidance or recovery under any other federal, state or foreign law equivalent), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore accrue against any of the Lender Parties solely in their capacities as such under the Loan Documents, whether held in a personal or representative capacity, and which are based on any act, fact, event or omission or other matter, cause or thing; in each case of the foregoing occurring at or from any time prior to and including the date hereof in any way, directly or indirectly arising out of, connected with or relating to the Agreement or any other Loan Document and the transactions contemplated thereby, except for the duties and obligations expressly set forth in this Amendment or the other Loan Documents (each, a “Claim” and collectively, the “Claims”).  Each Releasing Party further hereby represents that it has received the advice of legal counsel with regard to the releases contained herein, and having been so advised stipulates and agrees with respect to all Claims, that it hereby waives any and all provisions, rights, and benefits conferred by any state or federal law of the United States, or any principle of common law, including, without limitation, the benefit of the provisions of Section 1542 of the Civil Code of California, which provides as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH

 

11

 

IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

As to each and every claim released hereunder, each Borrower and each Guarantor also waives the benefit of each other similar provision of applicable federal or state law (including without limitation the laws of the state of California), if any, pertaining to general releases after having been advised by its legal counsel with respect thereto.

 

Each Borrower and each Guarantor acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agrees that this instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts.  Each Borrower and each Guarantor understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

Each Borrower and each Guarantor, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any claim released, remised and discharged by such Person pursuant to the above release.

 

8.                                      COSTS AND EXPENSES.  Borrowers shall pay to Agent and Barclays Bank PLC, respectively, all of Agent’s and Barclays Bank PLC’s reasonable and documented out-of-pocket costs and expenses (including, without limitation, the reasonable and documented fees and expenses of counsel, which counsel may include any local counsel deemed necessary, search fees, filing and recording fees, documentation fees, appraisal fees, travel expenses, and other fees) arising in connection with the preparation, execution, and delivery of this Amendment and all related documents.

 

9.                                      LIMITED EFFECT.  In the event of a conflict between the terms and provisions of this Amendment and the terms and provisions of the Agreement, the terms and provisions of this Amendment shall govern.  In all other respects, the Agreement, as amended and supplemented hereby, shall remain in full force and effect.

 

10.                               COUNTERPARTS; EFFECTIVENESS.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original.  All such counterparts, taken together, shall constitute but one and the same Amendment.  This Amendment shall become effective upon the execution of a counterpart of this Amendment by each of the parties hereto and satisfaction of each of the other conditions precedent set forth in Section 5 hereof.  This Amendment is a Loan Document and is entitled to all the terms and protections, applicable to Loan Documents generally.  Delivery of an executed counterpart of this Amendment by telefacsimile or .pdf shall be equally effective as delivery of a manually executed counterpart.

 

11.                               CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE.  Section 12 of the Agreement is incorporated herein by reference mutatis mutandis.

 

12.                               REAFFIRMATION OF GUARANTIES, LOAN DOCUMENTS, LIENS AND SECURITY INTERESTS.  Each of the undersigned Guarantors hereby reaffirms and agrees that (a) the Guaranty and the Loan Documents to which it is a party shall remain in full force and effect (including, without limitation, any Liens and security interests granted therein) after this Amendment is consummated as if consummated contemporaneously therewith and all Guaranties, Loan Documents, grants of Liens and security interests undertaken or granted in connection with the Obligations are hereby ratified and confirmed, (b) nothing in the Loan Documents to which it is a party obligates Agent or the Lenders to notify such Guarantor

 

12

 

of any changes in the financial accommodations made available to the Loan Parties or to seek reaffirmations of the Loan Documents to which such Guarantor is a party; and (c) no requirement to so notify such Guarantor or to seek such Guarantor’s reaffirmation in the future shall be implied by this Section 12.

 

[Signatures on next page.]

 

13

 

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

 

	
 
    	
WELLS   FARGO CAPITAL FINANCE, LLC,
    
	
 
    	
a   Delaware limited liability company,
    
	
 
    	
as   Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott T. Collins
    
	
 
    	
Name:
    	
Scott   T. Collins
    
	
 
    	
Title:
    	
Senior   Vice President, Portfolio Manager
    

 

Amendment Number Four to Amended and Restated Credit Agreement

 

 

	
 
    	
BARCLAYS   BANK PLC,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joseph Jordan
    
	
 
    	
Name:
    	
Joseph Jordan
    
	
 
    	
Title:
    	
Managing Director
    

 

Amendment Number Four to Amended and Restated Credit Agreement

 

 

	
BORROWERS:
    	
JACK   COOPER HOLDINGS CORP.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
JACK   COOPER TRANSPORT COMPANY, INC.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
PACIFIC   MOTOR TRUCKING COMPANY,
    
	
 
    	
a   Missouri corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
AUTO   HANDLING CORPORATION,
    
	
 
    	
 a Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
JACK   COOPER LOGISTICS, LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    

 

Amendment Number Four to Amended and Restated Credit Agreement

 

 

	
 
    	
AXIS   LOGISTIC SERVICES, INC.,
    
	
 
    	
a   Delaware corporation,
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
JACK   COOPER CT SERVICES, INC.,
    
	
 
    	
a   Delaware corporation,
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
JACK   COOPER RAIL AND SHUTTLE, INC.,
    
	
 
    	
a   Delaware corporation,
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
GUARANTORS:
    	
JACK   COOPER SPECIALIZED TRANSPORT, INC.,
    
	
 
    	
a   Delaware corporation,
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
AUTO   EXPORT SHIPPING, INC.,
    
	
 
    	
a   New Jersey corporation,
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    
	
 
    	
 
    
	
 
    	
CARPILOT, INC.,
    
	
 
    	
a   Delaware corporation,
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   T. Michael Riggs
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
Name:
    	
T.   Michael Riggs
    

 

Amendment Number Four to Amended and Restated Credit Agreement

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