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elliottinternationalmult

                   MULTIPLE ADVANCE REVOLVING CREDIT NOTE    U.S. $13,800,000.00                                          September 20, 2019                FOR  VALUE  RECEIVED,      Roadrunner  Transportation Systems,  Inc.  (“Borrower”), hereby promises to pay to the order of Elliott International, L.P. or its registered  assigns (“Lender”), at the office of Lender located at 40 West 57th Street, New York, New York  10019, the principal amount of $13,800,000.00, or such lesser principal amount as from time to  time shall be outstanding hereunder, as reflected in the books and records of Lender, together  with  interest  on  the  principal  balance  from  time  to  time  outstanding  hereunder,  from  (and  including) the date of disbursement until (but not including) the date of payment, at a per annum  rate  equal  to  the  Stated  Interest  Rate  specified  below or,  to  the  extent  applicable,  the  Default  Interest Rate specified below, in accordance with the following terms and conditions:         1.    Contracted  For  Rate  of  Interest.   The  contracted  for  rate  of  interest  of  the  indebtedness evidenced hereby, without limitation, shall consist of the following:               (a)   The Stated Interest Rate (as hereinafter defined), as from time to time in  effect, calculated daily on the basis of actual days elapsed over a 360-day year, applied to the  principal balance from time to time outstanding hereunder; and               (b)   The Default Interest Rate (as hereinafter defined), as from time to time in  effect, calculated daily on the basis of actual days elapsed over a 360-day year, applied to the  principal balance from time to time outstanding hereunder.   Borrower agrees to pay an effective contracted for rate of interest which is the sum of the Stated  Interest Rate referred to in Subsection 1(a) above, plus any additional rate of interest resulting  from the application of the Default Interest Rate referred to in Subsection 1(b) above.         2.    Stated Interest Rate.  Except as provided in Section 3 below, the principal balance  outstanding  hereunder  from  time  to  time  shall  bear  interest  at  the  Stated  Interest  Rate.   The  “Stated Interest Rate” shall be the LIBOR Rate (as hereinafter defined) for the applicable Interest  Period (as hereinafter defined) plus 7.50%. “Interest Period” means the period commencing on  the date of any advance under this Note and ending on the date three months thereafter; provided  that: (i) any Interest Period that would otherwise end on a day that is not a Business Day shall be  extended to the next succeeding Business Day unless such Business Day falls in another calendar  month, in which case such Interest Period shall end on the next preceding Business Day; and (i)  any Interest Period that begins on the last Business Day of a calendar month (or on a day for  which  there  is  no  numerically  corresponding  day  in  the  calendar  month  at  the  end  of  such  Interest Period)  shall  end  on  the  last  Business  Day  of  the  calendar  month  at  the  end  of  such  Interest Period. “LIBOR Rate” and “Business Day” have the meaning assigned to such terms in  that certain Credit Agreement dated as of February 28, 2019 (including the exhibits and other  attachments thereto) among Borrower, as a borrower, BMO Harris Bank N.A., as administrative  agent  and  a  lender,  the  Subsidiary  Guarantors  party  thereto  and  the  other  parties  thereto,  as  amended on or prior to the date hereof (the “ABL Credit Agreement”).    ACTIVE 45575325v4  

 

         3.    Default Interest Rate.  The “Default Interest Rate” shall be a per annum rate equal  to  the  Stated  Interest  Rate plus three percentage  points.   The  principal  balance  outstanding  hereunder from time to time shall bear interest at the Default Interest Rate from the date of the  occurrence of an Event of Default (as hereinafter defined) hereunder until the earlier of: (a) the  date on which the principal balance outstanding hereunder, together with all accrued interest and  other amounts payable hereunder, are paid in full; or (b) the date on which such Event of Default  is timely cured in a manner satisfactory to Lender.         4.    Principal Balance.  The principal balance outstanding hereunder at any time shall  be the total amount of advances made hereunder by Lender, less the total amount of payments of  principal hereon, as reflected in the books and records of Lender with respect to the indebtedness  evidenced hereby.  The principal balance outstanding hereunder at any time shall not exceed the  principal amount first set forth above.         5.    Revolving  Credit.   Lender  may  make  advances  to  Borrower  from  time  to  time  hereunder, which advances  will be of a revolving nature and may be made, repaid,  and made  from time to time.  Borrower and Lender contemplate a series of advances as provided herein  even if the principal balance outstanding hereunder has previously been reduced to zero.         6.    Requests for Advances.  Advances hereunder may be made by Lender from time  to time upon the written request of chief executive officer or chief financial officer of Borrower.   Any advance hereunder shall be deemed to have been made to or for the benefit of Borrower  when made pursuant to the written request of any one of the aforementioned officers.         7.    Payments.  This Note shall be payable as follows:               (a)   Interest.  Accrued and unpaid interest at the Stated Interest Rate or, to the  extent applicable, the Default Interest Rate, shall be payable commencing on December 1, 2019,  and on the first day of each quarter thereafter, if on such day any interest is accrued and unpaid.               (b)   Principal.  The principal balance outstanding hereunder, together with all  accrued  interest  and  other  amounts  payable  hereunder,  if  not  sooner  paid  as  provided  herein,  shall be due and payable on November 15, 2020.         8.    Application  of  Payments.   Payments received  by  Lender  with  respect  to  the  indebtedness evidenced hereby shall first be applied to accrued and unpaid interest at the Stated  Interest Rate and, to the extent applicable, the Default Interest Rate, next to the principal balance  then outstanding hereunder, and the remainder to any other costs or added charges provided for  herein.         9.    Prepayments.  Payments of principal hereof may be made  at  any time, or from  time to time, in whole or in part, without penalty, provided that all previously matured interest  and other charges accrued to the date of prepayment are also paid in full.         10.   Events  of  Default;  Acceleration.   The  occurrence  of  any  one  or  more  of  the  following  events  shall  constitute  an “Event  of  Default” hereunder,  and  upon  such  Event  of  Default, the entire principal balance outstanding hereunder, together with all accrued interest and                                         2  ACTIVE 45575325v4  

 

   other amounts payable hereunder, at the election of Lender, shall become immediately due and  payable, without any notice to Borrower:               (a)   Nonpayment of principal, interest or other amounts when the same shall  become due and payable hereunder;               (b)   The  appointment  of  (or  application  for  appointment  of)  a  receiver  of  Borrower,  or  the  involuntary  filing  against  or  voluntary  filing  by  Borrower of  a  petition  or  application by Borrower for relief under federal bankruptcy law or any similar state or federal  law;               (c)   The occurrence of an “Event of Default” under and as defined in the ABL  Credit Agreement; or               (d)   The occurrence of an “Event of Default” under and as defined in the Term  Loan Agreement (as defined in the ABL Credit Agreement).         11.   Waivers.  Except as set forth in this Note, to the extent permitted by applicable  law,  Borrower  waives and  agrees not  to  assert  demand,  diligence,  grace,  presentment  for  payment, protest, notice of nonpayment, nonperformance, extension, dishonor, maturity, protest  and default.  Lender may extend the time for payment of or renew this Note or release any party  from liability hereunder, and any such extension, renewal, release or other indulgence shall not  alter or diminish the liability of Borrower except to the extent expressly set forth in a writing  evidencing or constituting such extension, renewal, release or other indulgence.         12.   Costs of Collection.   Borrower agrees to  pay all reasonable costs of collection,  including, without limitation, attorneys’ fees, whether or not suit is filed, and all costs of suit and  preparation for suit (whether at trial or appellate level), in the event any payment of principal,  interest or other amount is not paid when due.         13.   No  Waiver  by  Lender.   No  delay  or  failure  of  Lender  in  exercising  any  right  hereunder shall affect such right, nor shall any single or partial exercise of any right preclude  further exercise thereof.         14.   Governing Law.  This Note shall be construed in accordance with and governed  by the laws of the State of New York without giving effect to its principles or rules of conflicts  of laws to the extent such principles or rules are not mandatorily applicable by statute and would  require or permit the application of laws of another jurisdiction.         15.   Waiver of Jury Trial.  Any right to trial by jury with respect to any claim or action  arising out of this Note or conduct in connection with this Note is hereby waived.         16.   Time  of  Essence.   Time  is  of  the  essence  of  this  Note  and  each  and  every  provision hereof.         17.   Amendments.  No amendment, modification, change, waiver, release or discharge  hereof and hereunder shall be effective unless evidenced by an instrument in writing and signed  by the party against whom enforcement is sought.                                        3  ACTIVE 45575325v4  

 

         18.   Severability.   If  any  provision  hereof  is  invalid  or  unenforceable,  the  other  provisions hereof shall remain in full force and effect and shall be liberally construed in favor of  Lender in order to effectuate the other provisions hereof.           19.   Binding  Nature;  Successors  and  Assigns.   The  provisions  of  this  Note  shall  be  binding upon Borrower and the heirs, personal representatives, successors and assigns of  Borrower, and shall inure to the benefit of Lender and any subsequent holder of all or any  portion of this Note, and their respective successors and assigns.  This Note is a registered Note  and is transferable only upon surrender of this Note for registration of transfer, duly endorsed, or  accompanied by a written instrument of transfer duly executed, by the Lender or its attorney duly  authorized in writing.  References in this Note to the “Lender” or to “holder” shall mean the  person in whose name this Note is at the time registered on the register kept by the Borrower,  and the Borrower may treat such person as the owner of this Note for the purpose of receiving  payment and for all other purposes.        20.   Notice.  Any notice or other communication with respect to this Note shall: (a) be  in writing; (b) be effective on the day of hand-delivery thereof to the party to whom directed, one  day following the day of deposit thereof with delivery charges prepaid, with a national overnight  delivery service, or two days following the day of deposit thereof with postage prepaid, with the  United States Postal Service, by regular first class, certified or registered mail; (c) if directed to   Lender, be addressed to Lender at the office of Lender set forth above, or to such other address  as  Lender shall have specified to Borrower by like notice; and (d) if directed to Borrower, be  addressed to Borrower at the address for Borrower set forth below Borrower’s name, or to such  other address as Borrower shall have specified by like notice.         IN WITNESS WHEREOF, Borrower has executed this Note as of the date first set forth  above.                                             “Borrower”                                             Roadrunner Transportation Systems, Inc.                                             By:   /s/ Patrick J. Unzicker                                                   Name:  Patrick J. Unzicker                                                      Title:  EVP & CFO                                                                Address of Borrower:                                             1431 Opus Place, Suite 530                                            Downers Grove, Illinois 60515                                             4  ACTIVE 45575325v4elliottassociatesmultipl

                   MULTIPLE ADVANCE REVOLVING CREDIT NOTE    U.S. $6,200,000.00                                           September 20, 2019                FOR  VALUE  RECEIVED,      Roadrunner  Transportation Systems,  Inc.  (“Borrower”),  hereby  promises  to  pay  to  the  order  of Elliott  Associates,  L.P. or  its  registered  assigns (“Lender”), at the office of Lender located at 40 West 57th Street, New York, New York  10019, the principal amount of $6,200,000.00, or such lesser principal amount as from time to  time shall be outstanding hereunder, as reflected in the books and records of Lender, together  with  interest  on  the  principal  balance  from  time  to  time  outstanding  hereunder,  from  (and  including) the date of disbursement until (but not including) the date of payment, at a per annum  rate  equal  to  the  Stated  Interest  Rate  specified  below  or,  to  the  extent  applicable,  the  Default  Interest Rate specified below, in accordance with the following terms and conditions:         1.    Contracted  For  Rate  of  Interest.   The  contracted  for  rate  of  interest  of  the  indebtedness evidenced hereby, without limitation, shall consist of the following:               (a)   The Stated Interest Rate (as hereinafter defined), as from time to time in  effect, calculated daily on the basis of actual days elapsed over a 360-day year, applied to the  principal balance from time to time outstanding hereunder; and               (b)   The Default Interest Rate (as hereinafter defined), as from time to time in  effect, calculated daily on the basis of actual days elapsed over a 360-day year, applied to the  principal balance from time to time outstanding hereunder.   Borrower agrees to pay an effective contracted for rate of interest which is the sum of the Stated  Interest Rate referred to in Subsection 1(a) above, plus any additional rate of interest resulting  from the application of the Default Interest Rate referred to in Subsection 1(b) above.         2.    Stated Interest Rate.  Except as provided in Section 3 below, the principal balance  outstanding  hereunder  from  time  to  time  shall  bear  interest  at  the  Stated  Interest  Rate.   The  “Stated Interest Rate” shall be the LIBOR Rate (as hereinafter defined) for the applicable Interest  Period (as hereinafter defined) plus 7.50%. “Interest Period” means the period commencing on  the date of any advance under this Note and ending on the date three months thereafter; provided  that: (i) any Interest Period that would otherwise end on a day that is not a Business Day shall be  extended to the next succeeding Business Day unless such Business Day falls in another calendar  month, in which case such Interest Period shall end on the next preceding Business Day; and (i)  any Interest Period that begins on the last Business Day of a calendar month (or on a day for  which  there  is  no  numerically  corresponding  day  in  the  calendar  month  at  the  end  of  such  Interest Period)  shall  end  on  the  last  Business  Day  of  the  calendar  month  at  the  end  of  such  Interest Period. “LIBOR Rate” and “Business Day” have the meaning assigned to such terms in  that certain Credit Agreement dated as of February 28, 2019 (including the exhibits and other  attachments thereto) among Borrower, as a borrower, BMO Harris Bank N.A., as administrative  agent  and  a  lender,  the  Subsidiary  Guarantors  party  thereto  and  the  other  parties  thereto,  as  amended on or prior to the date hereof (the “ABL Credit Agreement”).    ACTIVE 45575325v4  

 

         3.    Default Interest Rate.  The “Default Interest Rate” shall be a per annum rate equal  to  the  Stated  Interest  Rate plus three percentage  points.   The  principal  balance  outstanding  hereunder from time to time shall bear interest at the Default Interest Rate from the date of the  occurrence of an Event of Default (as hereinafter defined) hereunder until the earlier of: (a) the  date on which the principal balance outstanding hereunder, together with all accrued interest and  other amounts payable hereunder, are paid in full; or (b) the date on which such Event of Default  is timely cured in a manner satisfactory to Lender.         4.    Principal Balance.  The principal balance outstanding hereunder at any time shall  be the total amount of advances made hereunder by Lender, less the total amount of payments of  principal hereon, as reflected in the books and records of Lender with respect to the indebtedness  evidenced hereby.  The principal balance outstanding hereunder at any time shall not exceed the  principal amount first set forth above.         5.    Revolving  Credit.   Lender  may  make  advances  to  Borrower  from  time  to  time  hereunder, which advances  will be of a revolving nature and may be made, repaid,  and made  from time to time.  Borrower and Lender contemplate a series of advances as provided herein  even if the principal balance outstanding hereunder has previously been reduced to zero.         6.    Requests for Advances.  Advances hereunder may be made by Lender from time  to time upon the written request of chief executive officer or chief financial officer of Borrower.   Any advance hereunder shall be deemed to have been made to or for the benefit of Borrower  when made pursuant to the written request of any one of the aforementioned officers.         7.    Payments.  This Note shall be payable as follows:               (a)   Interest.  Accrued and unpaid interest at the Stated Interest Rate or, to the  extent applicable, the Default Interest Rate, shall be payable commencing on December 1, 2019,  and on the first day of each quarter thereafter, if on such day any interest is accrued and unpaid.               (b)   Principal.  The principal balance outstanding hereunder, together with all  accrued  interest  and  other  amounts  payable  hereunder,  if  not  sooner  paid  as  provided  herein,  shall be due and payable on November 15, 2020.         8.    Application  of  Payments.  Payments  received  by  Lender  with  respect  to  the  indebtedness evidenced hereby shall first be applied to accrued and unpaid interest at the Stated  Interest Rate and, to the extent applicable, the Default Interest Rate, next to the principal balance  then outstanding hereunder, and the remainder to any other costs or added charges provided for  herein.         9.    Prepayments.  Payments of principal hereof may be made  at  any time, or from  time to time, in whole or in part, without penalty, provided that all previously matured interest  and other charges accrued to the date of prepayment are also paid in full.         10.   Events  of  Default;  Acceleration.   The  occurrence  of  any  one  or  more  of  the  following  events  shall  constitute  an “Event  of  Default” hereunder,  and  upon  such  Event  of  Default, the entire principal balance outstanding hereunder, together with all accrued interest and                                         2  ACTIVE 45575325v4  

 

   other amounts payable hereunder, at the election of Lender, shall become immediately due and  payable, without any notice to Borrower:               (a)   Nonpayment of principal, interest or other amounts when the same shall  become due and payable hereunder;               (b)   The  appointment  of  (or  application  for  appointment  of)  a  receiver  of  Borrower,  or  the  involuntary  filing  against  or  voluntary  filing  by  Borrower of  a  petition  or  application by Borrower for relief under federal bankruptcy law or any similar state or federal  law;               (c)   The occurrence of an “Event of Default” under and as defined in the ABL  Credit Agreement; or               (d)   The occurrence of an “Event of Default” under and as defined in the Term  Loan Agreement (as defined in the ABL Credit Agreement).         11.   Waivers.  Except as set forth in this Note, to the extent permitted by applicable  law,  Borrower  waives and  agrees not  to  assert  demand,  diligence,  grace,  presentment  for  payment, protest, notice of nonpayment, nonperformance, extension, dishonor, maturity, protest  and default.  Lender may extend the time for payment of or renew this Note or release any party  from liability hereunder, and any such extension, renewal, release or other indulgence shall not  alter or diminish the liability of Borrower except to the extent expressly set forth in a writing  evidencing or constituting such extension, renewal, release or other indulgence.         12.   Costs of Collection.   Borrower agrees to  pay all reasonable costs of collection,  including, without limitation, attorneys’ fees, whether or not suit is filed, and all costs of suit and  preparation for suit (whether at trial or appellate level), in the event any payment of principal,  interest or other amount is not paid when due.         13.   No  Waiver  by  Lender.   No  delay  or  failure  of  Lender  in  exercising  any  right  hereunder shall affect such right, nor shall any single or partial exercise of any right preclude  further exercise thereof.         14.   Governing Law.  This Note shall be construed in accordance with and governed  by the laws of the State of New York without giving effect to its principles or rules of conflicts  of laws to the extent such principles or rules are not mandatorily applicable by statute and would  require or permit the application of laws of another jurisdiction.         15.   Waiver of Jury Trial.  Any right to trial by jury with respect to any claim or action  arising out of this Note or conduct in connection with this Note is hereby waived.         16.   Time  of  Essence.   Time  is  of  the  essence  of  this  Note  and  each  and  every  provision hereof.         17.   Amendments.  No amendment, modification, change, waiver, release or discharge  hereof and hereunder shall be effective unless evidenced by an instrument in writing and signed  by the party against whom enforcement is sought.                                        3  ACTIVE 45575325v4  

 

         18.   Severability.   If  any  provision  hereof  is  invalid  or  unenforceable,  the  other  provisions hereof shall remain in full force and effect and shall be liberally construed in favor of  Lender in order to effectuate the other provisions hereof.           19.   Binding Nature;  Successors  and  Assigns.   The  provisions  of  this  Note  shall  be  binding upon Borrower and the heirs, personal representatives, successors and assigns of  Borrower, and shall inure to the benefit of Lender and any subsequent holder of all or any  portion of this Note, and their respective successors and assigns.  This Note is a registered Note  and is transferable only upon surrender of this Note for registration of transfer, duly endorsed, or  accompanied by a written instrument of transfer duly executed, by the Lender or its attorney duly  authorized in writing.  References in this Note to the “Lender” or to “holder” shall mean the  person in whose name this Note is at the time registered on the register kept by the Borrower,  and the Borrower may treat such person as the owner of this Note for the purpose of receiving  payment and for all other purposes.        20.   Notice.  Any notice or other communication with respect to this Note shall: (a) be  in writing; (b) be effective on the day of hand-delivery thereof to the party to whom directed, one  day following the day of deposit thereof with delivery charges prepaid, with a national overnight  delivery service, or two days following the day of deposit thereof with postage prepaid, with the  United States Postal Service, by regular first class, certified or registered mail; (c) if directed to   Lender, be addressed to Lender at the office of Lender set forth above, or to such other address  as  Lender shall have specified to Borrower by like notice; and (d) if directed to Borrower, be  addressed to Borrower at the address for Borrower set forth below Borrower’s name, or to such  other address as Borrower shall have specified by like notice.         IN WITNESS WHEREOF, Borrower has executed this Note as of the date first set forth  above.                                             “Borrower”                                             Roadrunner Transportation Systems, Inc.                                             By:  /s/ Patrick J. Unzicker                                                    Name: Patrick J. Unzicker                                                       Title:  EVP & CFO                                                                Address of Borrower:                                             1431 Opus Place, Suite 530                                            Downers Grove, Illinois 60515                                             4  ACTIVE 45575325v4

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