Document:

ex_136049.htm

Exhibit 10.2

 

Execution Version

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) dated as of March 1, 2019, is among J.B. HUNT TRANSPORT, INC., a Georgia corporation (the “Borrower”), J.B. HUNT TRANSPORT SERVICES, INC., an Arkansas corporation (the “Parent”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”), and each of the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Parent, the Administrative Agent and the Lenders have entered into that certain Credit Agreement dated as of September 25, 2018 (as hereby amended and as from time to time further amended, supplemented, restated, amended and restated or otherwise modified, the “Credit Agreement”; capitalized terms used in this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made revolving credit facilities available to the Borrower;

 

WHEREAS, the Parent has entered into the Parent Guaranty pursuant to which it has guaranteed the obligations of the Borrower under the Credit Agreement and the other Loan Documents; and

 

WHEREAS, the Borrower has requested, and the Administrative Agent and each Lender party hereto have agreed, subject to the terms and conditions set forth herein, to amend the Credit Agreement as set forth herein;

 

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.     Amendments to Credit Agreement. Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:

 

(a)     The definition of “Indenture” in Section 1.01 of the Credit Agreement is hereby amended by restating such definition in its entirety to read as follows:

 

““Indenture” means any of (i) that certain Indenture dated as of September 20, 2010, among the Parent (as Issuer), the Borrower (as Guarantor), and U.S. Bank National Association (as Trustee), as supplemented by the First Supplemental Indenture dated as of September 20, 2010, the Second Supplemental Indenture dated as of March 6, 2014, the Third Supplemental Indenture dated as of March 6, 2014, and the Fourth Supplemental Indenture dated as of August 6, 2015, each among the Parent (as Issuer), the Borrower (as Guarantor), and U.S. Bank National Association (as Trustee); (ii) that certain Indenture dated as of March 1, 2019, among the Parent (as Issuer), the Borrower (as Guarantor), and Wells Fargo Bank, National Association (as Trustee); and (iii) any indenture qualified under the Trust Indenture Act of 1939 that may hereafter be entered into among the Parent, the Borrower, or both Parent and Borrower, and one or more trustees, provided that the terms and conditions of such indenture are approved by the Administrative Agent in its sole and reasonable discretion; and “Indenture” shall include any amendment or supplement to, or restatement of, any indenture referred to in clauses (i), (ii) or (iii).”

 

 

 

 

(b)     Section 7.09 of the Credit Agreement is hereby amended in its entirety so that as amended such subsection shall read as follows:

 

“7.09     Limitation on Restrictions on Subsidiary Dividends and Other Distributions.  Permit any of their Subsidiaries, directly or indirectly, to create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any of such Subsidiaries to (a) pay dividends or make any other distributions on its capital stock or any other interest or participation in its profits owned by the Borrower, the Parent or any of their Subsidiaries, or pay any Indebtedness owed by any of the Subsidiaries to the Borrower, the Parent or to any other Subsidiary, (b) make loans or advances to the Borrower, the Parent or to any other Subsidiary, (c) create, incur, assume or suffer to exist Liens on the property of it or any other Subsidiary, or (d) transfer any of its properties or assets to the Borrower, the Parent or to any other Subsidiary, except, in each case, for such encumbrances or restrictions existing under or by reason of (i) applicable Laws, (ii) this Agreement, (iii) Permitted Liens (such restrictions existing by reason of any Permitted Lien only prohibiting the transfer of such properties or assets subject to such Permitted Lien), or (iv) any Indenture.”

 

2.     Effectiveness; Conditions Precedent. The effectiveness of this Amendment and the amendments to the Credit Agreement provided in Section 1 hereof are all subject to (a) the Administrative Agent’s receipt of counterparts of this Amendment duly executed by the Borrower, the Parent, the Lenders constituting Required Lenders and the Administrative Agent and (b) such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Lenders may reasonably require.

 

3.     Confirmation and Reaffirmation. The Parent hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Parent Guaranty and the enforceability of the Parent Guaranty against the Parent in accordance with its terms.

 

4.     Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each of the Borrower and the Parent represents and warrants to the Administrative Agent and the Lenders as follows:

 

(a)     At the time of and immediately after giving effect to this Amendment, the representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects on and as of the date hereof except that (i) if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation shall be true and correct in all respects, (ii) to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date, and (iii) for the purposes of this Amendment, the representations and warranties contained in Section 5.04 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01 of the Credit Agreement.

 

(b)     This Amendment has been duly executed and delivered by each of the Borrower and the Parent. This Amendment constitutes a legal, valid and binding obligation of each of the Borrower and the Parent enforceable against the Borrower and the Parent in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, Debtor Relief Laws or similar Laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

 

 

 

(c)      After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

5.     Entire Agreement. On and after the effectiveness of this Amendment, this Amendment shall for all purposes constitute a Loan Document. This Amendment, the Credit Agreement as amended hereby, and the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

 

6.     Full Force and Effect of Credit Agreement. Except as hereby specifically amended, modified or supplemented, the Credit Agreement is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to its terms. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

7.     Counterparts and Effectiveness. This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or electronic delivery (including by .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.

 

8.     Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THIS AMENDMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

9.     Severability. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition of invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

 

10.     References. All references to the “Credit Agreement” in the Loan Documents shall mean the Credit Agreement, as amended hereby.

 

11.     Successors and Assigns. This Amendment shall be binding upon the Borrower, the Parent, the Swing Line Lender, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Parent, the Swing Line Lender, the Lenders and the Administrative Agent and the respective successors and assigns of the Borrower, the Parent, the Swing Line Lender, the Lenders and the Administrative Agent.

 

[Signature pages follow.]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

 

	
			 

				
			BORROWER:

			 

			J.B. HUNT TRANSPORT, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Kevin L. Bracy 	
			 

			
	
			 

				
			Name: 

				
			Kevin L. Bracy

				
			 

			
	
			 

				
			Title:

				
			SVP Finance & Treasurer

				
			 

			
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
			PARENT:

			 

			J.B. HUNT TRANSPORT SERVICES, INC.

				 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ David G. Mee	 
	 	Name:  	David G. Mee	 
	 	Title:	
			EVP Finance and Administration &

			Chief Financial Officer

				 

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			BANK OF AMERICA, N.A., as Administrative

			Agent

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Don B. Pinzon	
			 

			
	
			 

				
			Name:

				
			Don B. Pinzon

				
			 

			
	
			 

				
			Title:

				
			Vice President

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			BANK OF AMERICA, N.A., as a Lender and as the Swing

			Line Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Lisa M. Chrzanowski 	
			 

			
	
			 

				
			Name:

				
			Lisa M. Chrzanowski

				
			 

			
	
			 

				
			Title: 

				
			Senior Vice President

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			SUNTRUST BANK, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Justin Lien 	
			 

			
	
			 

				
			Name:  Justin Lien

				
			 

			
	
			 

				
			Title:    Director

				
			 

			

  

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			JPMORGAN CHASE BANK, N.A., as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Joshua R. Lewis

				
			 

			
	
			 

				
			Name:   Joshua R. Lewis

				
			 

			
	 	Title:     Authorized Signer	 

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			BRANCH BANKING AND TRUST COMPANY, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Melinda Gulledge

				
			 

			
	
			 

				
			Name: Melinda Gulledge

				
			 

			
	
			 

				
			Title:   Assistant Vice President

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			GOLDMAN SACHS BANK USA, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Jamie Minieri

				
			 

			
	
			 

				
			Name:    Jamie Minieri

			Title:     Authorized Signatory

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			REGIONS BANK, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Jon-Paul Hickey 	
			 

			
	
			 

				
			Name:

				
			Jon-Paul Hickey

				
			 

			
	
			 

				
			Title:

				
			Director

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			Morgan Stanley BANK, N.A., as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Emanuel Ma	
			 

			
	
			 

				
			Name: 

				
			Emanuel Ma

				
			 

			
	
			 

				
			Title:

				
			Authorized Signatory

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			BOKF, NA DBA BANK OF ARKANSAS, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Jacob Hudson	
			 

			
	
			 

				
			Name:

				
			Jacob Hudson

				
			 

			
	
			 

				
			Title: 

				
			Senior Vice President

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			WELLS FARGO BANK, NATIONAL ASSOCIATION, as a

			Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Boaz Slomowitz	
			 

			
	
			 

				
			Name: 

				
			Boaz Slomowitz

				
			 

			
	
			 

				
			Title: 

				
			Vice President

				
			 

			

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature Page

 

 

 

 

	
			 

				
			COMMERCE BANK, as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Adam Hensley

				
			 

			
	
			 

				
			Name:

				
			Adam Hensley

				
			 

			
	
			 

				
			Title: 

				
			Vice President

				
			 

			

 

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

J.B. Hunt Transport, Inc.

Signature PageExhibit

THIRD AMENDMENT 
TO 
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
THIS THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this     11   day of December, 2017, by and between SILICON VALLEY BANK, a California corporation (“Bank”) and AEROHIVE NETWORKS, INC., a Delaware corporation (“Borrower”).
RECITALS
A.Bank and Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of February 18, 2016 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).
B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
C.    Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.
D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used but not defined in this Amendment, including its preamble and recitals, shall have the meanings given to them in the Loan Agreement.
2.    Amendments to Loan Agreement.
2.1    Section 13 (Definitions).
(a)    The following new defined term is hereby inserted alphabetically in Section 13.1 of the Loan Agreement:
“Liquidity” is, at any time, the sum of (a) the aggregate amount of unrestricted and unencumbered cash and Cash Equivalents held at such time by Borrower in Deposit Accounts or Securities Accounts maintained with Bank or its Affiliates, and (b) the Availability Amount.

Active 33398170v2 220763.001325 

(b)    The definition of “Permitted Investments” set forth in Section 13.1 of the Loan Agreement is hereby amended by deleting clause (f) in its entirety and replacing it with the following:
(f)    Investments (i) by Borrower in Subsidiaries and (ii) by Subsidiaries in other Subsidiaries or in Borrower, so long as (1) an Event of Default has not occurred and is continuing and would not exist immediately after such Investment, (2) Borrower has Liquidity of at least Fifteen Million Dollars ($15,000,000) immediately prior to, and immediately after, such Investment, (3) Borrower and its Subsidiaries shall have complied with customary practices related to such Investments, (4) such Investments are consistent with past practices, and (5) such Investments are made in the ordinary course of business; 
3.    Limitation of Amendments.
3.1    The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (3) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (3) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
3.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
4.    Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
4.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
4.3    The organizational documents of Borrower delivered to Bank on the March 31, 2015 remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

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Active 33398170v2 220763.001325 

4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (4) any law or regulation binding on or affecting Borrower, (4) any contractual restriction with a Person binding on Borrower, (4) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (4) the organizational documents of Borrower;
4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
5.    Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
6.    Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
7.    Effectiveness.  This Amendment shall be deemed effective upon (7) the due execution and delivery to Bank of this Amendment by each party hereto, and (7) Borrower’s payment of Bank’s legal fees and expenses incurred in connection with the negotiation and preparation of this Amendment.
[Signature page follows.]

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Active 33398170v2 220763.001325 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
BORROWER:

AEROHIVE NETWORKS, INC.

By         /s/ John Ritchie                             
Name:   John Ritchie                                  
Title:   CFO                                                 

BANK:

SILICON VALLEY BANK

By     /s/ Kyle Larrabee                                 
Name:   Kyle Larrabee                                  
Title:     Vice President                                  

[Signature Page to Third Amendment to Amended and Restated Loan and Security Agreement]

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