Document:

roadrunnereighthamendmen

                                                                EXECUTION VERSION                      EIGHTH AMENDMENT TO CREDIT AGREEMENT          EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Eighth Amendment”)        dated as of  January  11,  2019  among  ROADRUNNER  TRANSPORTATION  SYSTEMS,  INC.,  a  Delaware  corporation  (the  “Company”),  each  of  the  Subsidiaries  of  the  Company  identified  as  “Subsidiary  Guarantors” on the signature pages to the Credit Agreement (the “Subsidiary Guarantors”), the Lenders  (as  defined  below)  party  hereto  and  BMO  HARRIS  BANK  N.A.,  as  Administrative  Agent  (the  “Administrative Agent”), each of which is a party to the Existing Credit Agreement (as defined below).         WHEREAS,  Company,  the  Subsidiary  Guarantors,  the  financial  institutions  from  time  to  time  party thereto as lenders (the “Lenders”) and the Administrative Agent are parties to that certain Credit  Agreement  dated  as  of  July  21, 2017  (as  amended, supplemented, or otherwise  modified  from  time  to  time prior to this Eighth Amendment and as in effect immediately prior to the effectiveness of this Eighth  Amendment, the “Existing Credit Agreement”, and as amended by this Eighth Amendment and as may be  further  amended,  supplemented  or  otherwise  modified  and  in  effect  from  time  to  time,  the  “Amended  Credit Agreement”).         WHEREAS,  the  Company  and  the  Subsidiary  Guarantors  request  that  the  Lenders  and  the  Administrative  Agent  amend  the  Existing  Credit  Agreement  in  certain  respects,  and  the  Lenders  party  hereto and the Administrative Agent are willing to so amend the Existing Credit Agreement, as set forth  below.          NOW  THEREFORE,  in  consideration  of  the  foregoing  and  for  other good  and  valuable  consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:         Section 1.  Definitions.  Except as otherwise defined in this Eighth Amendment, terms defined in  the Amended Credit Agreement are used herein as defined therein.          Section 2.  Amendments  to  the  Existing  Credit  Agreement.   From and  after  the  Eighth  Amendment Effective Date, the Existing Credit Agreement shall be amended as follows:          2.01. References  Generally.   References  in  the  Existing  Credit  Agreement  (including  references  to  the  Existing  Credit  Agreement  as  amended  hereby) to  “this  Agreement”  (and  indirect  references  such  as  “hereunder”, “hereby”,  “herein”  and  “hereof”)  and  each  reference  to  the  Existing  Credit Agreement in the other Loan Documents (and indirect references such as “thereunder”, “thereby”,  “therein” and “thereof”) shall be deemed to be references to the Existing Credit Agreement as amended  hereby.          2.02. Amended Language.                (a)    Section  1.01  of  the  Existing  Credit  Agreement  is  amended  by  amending  and        restating the following defined term as follows:                       “Fixed Charge Trigger Period” means the period (a) commencing on the               day when Adjusted Excess Availability is less than the greater of (i) $17,500,000               and (ii) 10.0% of the Maximum Borrowing Amount and (b) continuing until the               day Adjusted Excess Availability exceeds the greater of (i) $17,500,000 and (ii)               10.0%  of  the  Maximum  Borrowing  Amount  for  thirty  (30)  consecutive  days;               provided that the amounts in clauses (i) and (ii) above shall be as follows for the               specified time periods below:    AmericasActive:13049198.3  

 

                 Period              Dollar            Percentage                                      Amount            of Maximum                                                         Borrowing                                                          Amount                    Eighth           $10,000,000             6%                 Amendment                  Effective                  Date until                 January 25,                    2019                  January 25,        $11,875,000             7%                  2019 until                 February 1,                    2019                  February 1,        $13,750,000             8%                  2019 until                 February 8,                    2019                  February 8,        $15,625,000             9%                  2019 until                  February                  15, 2019                   February          $17,500,000             10%                  15, 2019                    and                  thereafter                                              Notwithstanding  the  foregoing,  if  the  Rights  Offering  Effective Date               occurs  during  any  of  the  specified  time  periods  above  then  the specified  time               periods laid out above shall no longer be in effect.                        (b)    Section 1.01 of the Existing Credit Agreement is amended by adding the         following defined term as follows in alphabetical order:                       “Eighth Amendment Effective Date” means January 11, 2019.         Section 3.  Representations and Warranties of the Loan Parties.  The Loan Parties represent and  warrant to the Administrative Agent and the Lenders that as of the Eighth Amendment Effective Date:         3.01.  each  of  the  representations  and  warranties  set  forth  in  the  Amended  Credit Agreement  and in the other Loan Documents are true and correct in all respects (or in all material respects for such  representations and warranties that are not by their terms already qualified as to materiality) as of the date  hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in  which case they shall be true and correct in all respects (or in all material respects for such representations                                              2  

 

and warranties that are not by their terms already qualified as to materiality) as of such earlier date, and  except  that  for  purposes  of  this Section 3.01,  (i)  the  representations  and  warranties  contained  in  Section 6.05(a) and (c) of the Amended Credit Agreement shall be deemed to refer to the most recent  statements furnished pursuant to clause (a) of Section 7.01 of the Amended Credit Agreement and (ii) the  representations and warranties contained in Section 6.05(b) of the Amended Credit Agreement shall be  deemed  to  refer  to  the  most  recent  statements  furnished  pursuant  to  clause (b)  of  Section 7.01  of  the  Amended Credit Agreement;          3.02. both  immediately  before  and  after  giving  effect  to  this  Eighth Amendment  and  the  transactions contemplated hereby, no Default (other than the Specified Default) shall have occurred and  be continuing, or would result therefrom; and          3.03. both  immediately  before  and  after  giving  effect  to  this  Eighth Amendment  and  the  transactions contemplated hereby, no Default or Event of Default shall have occurred and be continuing,  or  would  result  therefrom,  under  the  Existing  Investment  Agreement  and/or  the  Second  Amendment  Investment  Agreement  (as  amended)  or  any  transactions  contemplated  thereby,  and  no  fees  shall  have  been paid to any holders of the “Preferred Stock” in connection therewith.          Section 4.  Conditions  Precedent  to  this  Eighth  Amendment.   This  Eighth  Amendment  shall  become effective as of the date, upon which each of the following conditions precedent shall be satisfied  or waived (the “Eighth Amendment Effective Date”):         4.01.  Execution.   The  Administrative  Agent  shall  have  received  counterparts  of  this  Eighth  Amendment, executed by the Loan Parties, the Administrative Agent and the Lenders.         4.02.  Preferred Stock Consent.  The Lenders shall have received confirmation that the holders  of  the  “Preferred  Stock”  under  the  Existing  Investment  Agreement  and  the  Second  Amendment  Investment Agreement (as amended by (a) Amendment No. 1 to Investment Agreement and Termination  of  Equity  Commitment  Letter  dated  as  of  August  3,  2018,  (b)  Amendment  No.  2  to  Investment  Agreement dated as of September 19, 2018, (c) Amendment No. 3 dated as of November 8, 2018 and (d)  Amendment No. 4 dated as of January 9, 2019, a copy of which has been attached hereto as Exhibit A)  have consented to the Eighth Amendment in form and substance satisfactory to the Lenders.         4.03.  Costs and Expenses.  The Company shall have paid all reasonable and documented out- of-pocket costs and expenses of the Administrative Agent in connection with this Eighth Amendment.          4.04. Fees.  The Company shall pay a fee to BMO in the amount of $300,000, for the account  of each of the Lenders, which fee shall be allocated to the Lenders on a pro rata basis in accordance with  their respective Commitments.          Section 5.  Reference to and Effect Upon the Existing Credit Agreement.         5.01.  Except as specifically amended or waived above, the Existing Credit Agreement and the  other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and  confirmed.         5.02.  The execution, delivery and effectiveness of this Eighth Amendment shall not operate as  a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Existing  Credit Agreement or any Loan Document, nor constitute a waiver of any provision of the Existing Credit  Agreement or any Loan Document, except as specifically set forth herein.                                               3  

 

       Section 6.  Ratification of Liability. As of the Eighth Amendment Effective Date, the Company  and  the  other  Loan  Parties,  as  debtors,  grantors,  pledgors,  guarantors,  assignors,  or  in  other  similar  capacities  in  which  such  parties  grant  liens  or  security  interests  in  their  properties  or  otherwise  act  as  accommodation parties or guarantors, as the case may be, under the Loan Documents to which they are a  party,  hereby  ratify  and  reaffirm  all  of  their  payment  and  performance  obligations  and  obligations  to  indemnify, contingent or otherwise, under each of such Loan Documents to which they are a party, and  ratify and reaffirm their grants of liens on or security interests in their properties pursuant to such Loan  Documents to which they are a party, respectively, as security for the Obligations, and as of the Eighth  Amendment  Effective  Date,  each  such  Person  hereby  confirms  and agrees  that  such  liens  and  security  interests hereafter secure all of the Obligations, including, without limitation, all additional Obligations  hereafter  arising  or  incurred  pursuant  to  or  in  connection  with  this  Eighth  Amendment,  the  Amended  Credit  Agreement  or  any  other  Loan  Document.  As  of  the  Eighth  Amendment  Effective  Date,  the  Company and the other Loan Parties further agree and reaffirm that the Loan Documents to which they  are parties now apply to all Obligations as defined in the Amended Credit Agreement (including, without  limitation, all additional Obligations hereafter arising or incurred pursuant to or in connection with this  Eighth  Amendment,  the  Amended  Credit  Agreement  or  any  other  Loan  Document).  As  of  the  Eighth  Amendment Effective Date, the Company and the other Loan Parties (a) further acknowledge receipt of a  copy  of  this  Eighth  Amendment,  (b)  consent  to  the  terms  and  conditions  of  same,  and  (c)  agree  and  acknowledge that each of the Loan Documents to which they are a party remain in full force and effect  and is hereby ratified and confirmed.          Section 7.  Miscellaneous.   Except  as  herein  provided,  the  Existing  Credit  Agreement  shall  remain  unchanged  and  in  full  force  and  effect.   This  Eighth  Amendment  is  a  Loan  Document  for  all  purposes of the Amended Credit Agreement. This Eighth Amendment may be executed in any number of  counterparts,  and  by  different  parties  hereto  on  separate  counterpart  signature  pages,  and  all  such  counterparts  taken  together  shall  be  deemed  to  constitute  one  and  the  same  instrument.   Delivery  of  a  counterpart  signature  page  by  facsimile  transmission  or  by  e-mail  transmission  of  an  Adobe  portable  document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed  counterpart signature page.  Section headings used in this Eighth Amendment are for reference only and  shall not affect the construction of this Eighth Amendment.          Section 8.  GOVERNING  LAW.   THIS  EIGHTH  AMENDMENT,  AND  THE  RIGHTS  AND  DUTIES  OF  THE  PARTIES  HERETO,  SHALL  BE  GOVERNED  BY,  AND  CONSTRUED  IN  ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS.          Section 9.  Release  and  Waiver.  The  Loan  Parties  each  do  hereby  release  the  Administrative  Agent and each of the Lenders and each of their officers, directors, employees, agents, attorneys, personal  representatives,  successors,  predecessors  and  assigns  from  all manner  of  actions,  cause  and  causes  of  action,  suits,  deaths,  sums  of  money,  accounts,  reckonings,  bonds,  bills,  specialties,  covenants,  controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims and  demands,  whatsoever,  in  law  or  in  equity,  and  particularly,  without  limiting  the  generality  of  the  foregoing, in connection with the Amended Credit Agreement and the other Loan Documents and any  agreements, documents and instruments relating to the Amended Credit Agreement and the other Loan  Documents and the administration of the Amended Credit Agreement and the other Loan Documents, all  indebtedness, obligations and liabilities of the Loan Parties to the Administrative Agent or any Lender  and any agreements, documents and instruments relating to the Amended Credit Agreement and the other  Loan  Documents  (collectively,  the  “Claims”),  which  the  Loan  Parties  now  have  against  the  Administrative Agent or any Lender or ever had, or which might be asserted by their heirs, executors,  administrators, representatives, agents, successors, or assigns based on any Claims which exist on or at  any time prior to the date of this Eighth Amendment.  The Loan Parties expressly acknowledge and agree  that they have been advised by counsel in connection with this Eighth Amendment and that they each                                              4  

 

understand that this Section 10 constitutes a general release of the Administrative Agent and the Lenders  and that they each intend to be fully and legally bound by the same.  The Loan Parties further expressly  acknowledge  and  agree  that  this  general  release  shall  have  full  force  and  effect  notwithstanding  the  occurrence of a breach of the terms of this Eighth Amendment or an Event of Default or Default under the  Amended Credit Agreement.                                    [signature pages follow]                                               5  

 

[Signature Page to Eighth Amendment]standbypurchaseagreement

                                                                                                 STANDBY PURCHASE AGREEMENT AMENDMENT   This STANDBY PURCHASE AGREEMENT AMENDMENT (this “Agreement”), dated as of January  10, 2019, is made by and among Roadrunner Transportation Systems, Inc., a Delaware corporation (the  “Company”), Elliott Associates, L.P., a Delaware limited partnership (“Elliott Associates”), and Elliott  International, L.P., a Cayman Islands, British West Indies limited partnership (“Elliott International” and,  collectively with Elliott Associates, “Elliott”).  Capitalized terms used, but not defined herein, shall have  the meanings ascribed to them in the Standby Purchase Agreement (as defined below).          WHEREAS, the Company and Elliott previously entered into a Standby Purchase Agreement on  November 8, 2018, attached hereto as Annex A (the “SPA”), pursuant to which Elliott agreed to (i) exercise  its Basic Subscription Right in full in connection with the Rights Offering and (ii) to the extent that the  Rights  Offering is  not fully subscribed, purchase  from the  Company, at a  price  per share  equal to the  Subscription Price, all unsubscribed shares of Common Stock in the Rights Offering, in accordance with  the percentages set forth in Schedule 1 of the SPA;          WHEREAS, the SPA provides for an outside date of January 31, 2019; and          WHEREAS, the Company and Elliott desire to amend Section 3 and Section 14 of the SPA to  provide that all references to January 31, 2019 are replaced with a time and date of 11:59 p.m. Eastern Time  on March 1, 2019.          NOW,  THEREFORE,  in  consideration  of  the mutual  promises,  agreements,  representations,  warranties, and covenants contained herein, each of the parties hereto hereby agrees as follows:             1. Amendment.  The Company and Elliott hereby agree that Section 3 and Section 14 of the SPA shall  be amended such that every reference to “January 31, 2019” shall be replaced with “11:59 p.m. Eastern  Time on March 1, 2019.”          2. Binding.  This Agreement shall be binding on Elliott Associates and Elliott International and their  respective affiliates, successors, heirs, personal representatives, and assigns.          3. No Modification.  Other than as provided in Section 1 herein, this Agreement shall not be construed  to waive or amend any other section or provision of the SPA, which shall remain in full force and effect.          4. Governing Law.  This Agreement shall be governed by and construed in accordance with the laws  of the State of Delaware.             5. Counterparts.  This Agreement may be signed in any number of separate counterparts, each of  which shall be deemed an original, but all of which taken together shall constitute one Agreement.             6. Effectiveness.  This Agreement shall be effective on the date first above written.                               [SIGNATURES BEGIN NEXT PAGE]   PHX 332872181v2

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