Document:

Exhibit 10.1

    

    SECOND AMENDMENT

      TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

    SECOND AMENDMENT, dated as of October 15, 2019 (this "Amendment"), to the Second Amended and Restated Credit Agreement, dated as of
      July 31, 2019, as amended, restated, supplemented or otherwise modified from time to time (as so amended, the "Credit Agreement"), by and among CELADON GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors (as defined
      therein), the lenders from time to time party thereto (the “Lenders”), and BLUE TORCH FINANCE, LLC (“Blue Torch”), in its capacity as administrative agent for the Lenders (in such capacities, the “Administrative Agent”).

    WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Required Lenders wish to amend certain terms and provisions of the
      Credit Agreement as hereafter set forth.

    NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:

    1.          Definitions. 

        All terms used herein that are defined in the Credit Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

    2.          Amendments.

    (a)          New
          Definitions.  Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions, in appropriate alphabetical order:

    ""Second Amendment" means the Second Amendment to Second Amended and Restated Credit
      Agreement, dated as of October 15, 2019, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto."

    ""Second Amendment Effective Date" has the meaning specified therefor in Section 5 of the
      Second Amendment."

    (b)          Section

          6.4 (Minimum Liquidity).  Section 6.4 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

    "Section 6.4          Minimum Liquidity.  The Borrower will not permit Liquidity to be to be less than the amount set forth opposite the applicable Fiscal Quarter in the table below at any time during the applicable Fiscal
        Quarter:

    	
            Fiscal Quarter

             

              

            September 30, 2019

             

            

            December 31, 2019

          	
            Liquidity

             

              

            $10,000,000

             

            

            $12,500,000

          

    

    

    
      
        

    

    
    

    

    	
            March 31, 2020

             

            

            June 30, 2020

             

            

            September 30, 2020

             

            

            December 31, 2020

              

            

            March 31, 2021

             

            

            June 30, 2021

              

            

            September 30, 2021

             

            

            December 31, 2021

             

            

            March 31, 2022

             

            

            June 30, 2022

          	
            $12,500,000

             

            

            $12,500,000

             

            

            $15,000,000

             

            

            $15,000,000

             

            

            $15,000,000

             

            

            $15,000,000

             

            

            $15,000,000

             

            

            $15,000,000

             

            

            $15,000,000

             

            

            $15,000,000

          

     

    

     ; provided, that notwithstanding the foregoing, for the period from and after October 1,
      2019 through and including November 15, 2019, the minimum Liquidity requirement shall be $8,000,000 at all times."

    3.          Reaffirmation

          of Security Agreement.  Each of the Loan Parties reaffirms the grant of security interests in the Collateral and the grant of the Liens pursuant to the terms of the Security Agreement to the Administrative Agent for the benefit of the Secured
        Parties, which grant of security interest and Liens shall continue in full force and effect during the term of Credit Agreement, as amended by this Amendment, and any renewals or extensions thereof and shall continue to secure the Obligations.

    4.          Representations and Warranties.  Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders as follows:

    (a)          Due
          Organization and Qualification.  Each Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any jurisdiction where the failure to be so
        qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter
        into this Amendment and to carry out the transactions contemplated hereby.

    
      2

      
        

    

    (b)          Authorization,

          Etc.  As to each Loan Party, the execution, delivery, and performance by such Loan Party of this Amendment and the Credit Agreement, as amended by this Amendment, have been duly authorized by all necessary action on the part of such Loan
        Party.  As to each Loan Party, the execution, delivery, and performance by such Loan Party of this Amendment and the Credit Agreement, as amended by this Amendment, do not and will not (i) violate any material provision of federal, provincial,
        territorial, 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, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of any Loan Party or its Subsidiaries where any such conflict, breach
        or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (iii) 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 Liens, or (iv) require any approval of any holder of Equity Interests of a Loan Party or any approval or consent of any Person under any material agreement 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 agreements, the failure of which to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect

    (c)          Governmental

          Consents.  The execution, delivery, and performance by each Loan Party of the Loan Documents to which such Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not and will not require any
        registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than (i) registrations, consents, approvals, notices, or other actions that (A) have been obtained and that are still in force
        and effect or (B) are expressly contemplated as being obtained at a later date in accordance with the terms of the applicable Loan Document and (ii) filings and recordings with respect to the Collateral to be made, or otherwise delivered to the
        Administrative Agent for filing or recordation, as of the Closing Date (or such later date as the Required Lenders may agree in their sole discretion).

    (d)          Enforceability. 

        This Amendment and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with
        its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, concurso mercantil, insolvency, reorganization, moratorium, or similar laws relating to or limiting
        creditors’ rights generally.

    5.          Conditions

          to Effectiveness.  This Amendment shall become effective only upon satisfaction in full (or waiver by the Administrative Agent), in a manner satisfactory to the Administrative Agent, of the following conditions precedent (the first date upon
        which all such conditions shall have been satisfied being herein called the "Second Amendment Effective Date"):

    (a)          The
        Administrative Agent shall have received this Amendment, duly executed by the Loan Parties, the Administrative Agent and the Required Lenders.

    (b)          The
        Administrative Agent shall have received an amendment to the ABL Credit Agreement, in form and substance reasonably satisfactory to the Administrative Agent, duly executed by the Loan Parties, the ABL Administrative Agent and the "Required Lenders"
        under the ABL Credit Agreement.

    
      3

      
        

    

    (c)          The
        representations and warranties contained in this Amendment, in the Credit Agreement and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant hereto or thereto on or prior to the date hereof are true and
        correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or "Material Adverse Effect" in the text thereof, which
        representations and warranties shall be true and correct in all respects subject to such qualification) on and as of the Second Amendment Effective Date as though made on and as of the Second Amendment Effective Date, except to the extent that any
        such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct in all material respect on and as of such earlier date (except that such materiality qualifier
        shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects
        subject to such qualification)).

    (d)          No
        Default or Event of Default shall have occurred and be continuing on the Second Amendment Effective Date or would result from this Amendment becoming effective in accordance with its terms.

    (e)          The
        Administrative Agent and the Lenders, as applicable, shall have received payment of all fees, expenses and other amounts due and payable to them on or prior to the Second Amendment Effective Date, including any reimbursement or payment of all
        out-of-pocket expenses of the Administrative Agent, the Lenders and their respective Affiliates (including reasonable fees, charges and disbursements of counsel to the Administrative Agent and the Lenders) required to be reimbursed or paid by the
        Borrower hereunder, or under any other Loan Document.

    6.          Continued

          Effectiveness of the Credit Agreement and Other Loan Documents.  Each Loan Party hereby (i) acknowledges and consents to this Amendment, (ii) confirms and agrees that the Credit Agreement and each other Loan Document to which it is a party
        is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and after the Second Amendment Effective Date all references in any such Loan Document to "the Credit Agreement", the
        "Agreement", "thereto", "thereof", "thereunder" or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment, and (iii) confirms and agrees that to the extent that any such Loan Document
        purports to assign or pledge to the Administrative Agent for the benefit of the Secured Parties, or to grant to the Administrative Agent for the benefit of the Secured Parties a security interest in or Lien on, any Collateral as security for the
        Obligations of the Loan Parties from time to time existing in respect of the Credit Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed
        in all respects.  This Agreement does not and shall not affect any of the obligations of the Loan Parties, other than as expressly provided herein, including, without limitation, the Loan Parties' obligations to repay the Loans in accordance with
        the terms of Credit Agreement, or the obligations of the Loan Parties under any Loan Document to which they are a party, all of which obligations shall remain in full force and effect.  Except as expressly provided herein, the execution, delivery
        and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit
        Agreement or any other Loan Document.

    
      4

      
        

    

    7.          Release. 

        Each Loan Party hereby acknowledges and agrees that:  (a) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent or any Lender (or any of their respective Affiliates, officers, directors, employees,
        attorneys, consultants or agents) and (b) the Administrative Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to such Loan Party and its Affiliates under the Credit Agreement and the
        other Loan Documents.  Notwithstanding the foregoing, the Administrative Agent and the Lenders wish (and each Loan Party agrees) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or
        otherwise adversely affect any of the Administrative Agent's and the Lenders' rights, interests, security and/or remedies under the Credit Agreement and the other Loan Documents.  Accordingly, for and in consideration of the agreements contained in
        this Amendment and other good and valuable consideration, each Loan Party (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the "Releasors") does hereby fully,
        finally, unconditionally and irrevocably release and forever discharge the Administrative Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the "Released
          Parties") from any and all debts, claims, obligations, damages, costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect,
        and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act,
        omission or thing whatsoever done or omitted to be done on or prior to the Second Amendment Effective Date arising out of, connected with or related in any way to this Amendment, the Credit Agreement or any other Loan Document, or any act, event or
        transaction related or attendant thereto, or the agreements of the Administrative Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets of each Loan Party, or the making of any Loans or other
        advances, or the management of such Loans or advances or the Collateral on or prior to the Second Amendment Effective Date.

    8.          Miscellaneous.

    (a)          This
        Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.  Delivery
        of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment.

    (b)          Section
        and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

    (c)          This
        Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

    
      5

      
        

    

    (d)          Each
        Loan Party hereby acknowledges and agrees that this Amendment constitutes a "Loan Document" under the Credit Agreement.  Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by a Loan
        Party under or in connection with this Amendment shall have been untrue, false or misleading in any material respect when made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment.

    (e)          Any
        provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
        the validity or enforceability of such provision in any other jurisdiction.

    (f)          The
        Borrower will pay on demand all reasonable and documented out-of-pocket fees, costs and expenses of the Administrative Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment or otherwise payable under the
        Credit Agreement, including, without limitation, reasonable fees, disbursements and other charges of counsel to the Administrative Agent and the Lenders in accordance with the Credit Agreement.

    [remainder of page intentionally left blank]

    
      6

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of
      the date set forth on the first page hereof.

    
      	 	BORROWER:
	 	 
	 	

            
	
               

            	
              CELADON GROUP, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	 	 
	
               

            	
              CELADON E-COMMERCE, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON TRUCKING SERVICES, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON REALTY, LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              TAYLOR EXPRESS, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	
               

            

    

    

    

    

    

    Second Amendment to Second

    

    Amended and Restated Credit

    

    Agreement

    

    
      
        

    

    

      	
               

            	
              OSBORN TRANSPORTATION, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON LOGISTICS SERVICES, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              EAGLE LOGISTICS SERVICES INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              BEE LINE, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	VORBAS, LLC
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary
	 	 	 
	 	 	 
	 	DISTRIBUTION, INC.
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

    

    

    

    
      Second Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    
      
        

    

    

      	
               

            	
              CELADON MEXICANA, S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY COMPANIES LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY EQUIPMENT LEASING, LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY INSURANCE LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	SERVICIOS DE TRANSPORTACIÓN JAGUAR, S.A. DE C.V. 
	 	 	 
	 	By:

            	/s/ Chase Welsh

            
	 	Name:

            	Chase Welsh 

            
	 	Title:

            	Secretary

            

    

    

    

    
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      	 	SERVICIOS CORPORATIVOS JAGUAR, S.C.

            
	 	 
	 	By:

            	/s/ Chase Welsh 

            
	 	Name:

            	Chase Welsh

            
	 	Title: 

            	Secretary

            
	 	 
	 	 
	
               

            	
              JAGUAR LOGISTICS S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              LEASING SERVICIOS, S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON MEXICANA, S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON CANADIAN HOLDINGS, LIMITED

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	HYNDMAN TRANSPORT LIMITED  

            
	 	 	 
	 	By:

            	/s/ Chase Welsh 

            
	 	Name:

            	Chase Welsh

            
	 	Title:

            	Secretary

            

    

    

    

    
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      Agreement

    

    
      
        

    

    

    	 	ADMINISTRATIVE AGENT:

          
	 	 	 
	 	BLUE TORCH FINANCE, LLC 

          
	 	 	 
	 	By:

          	/s/ Kevin Genda

          
	 	Name:

          	Kevin Genda

          
	 	Title:

          	Authorized Signor

          

    

    

    

    

    

    

    
      Second Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    

    
      
        

    

    

      	 	LENDERS:
	 	 
	 	

            
	
               

            	
              BTC HOLDINGS FUND I, LLC

            
	 	 	 
	 	By:	Blue Torch Credit Opportunities Fund I LP, it sole member
	 	 	 
	 	By:	Blue Torch Credit Opportunities GP LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Kevin Genda

            
	 	
              Name:

            	
              Kevin Genda

            
	 	
              Title:

            	
              Managing Member

              

            
	 	 	 
	 	 	 
	 	BTC HOLDINGS FUND I-B, LLC
	 	 	 
	 	By:	Blue Torch Credit Opportunities Fund I LP, its sole member
	 	 	 
	 	By:	Blue Torch Credit Opportunities GP LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Kevin Genda

            
	 	
              Name:

            	
              Kevin Genda

            
	 	
              Title:

            	
              Managing Member

              

            
	 	 	 
	 	 	 
	 	
              BTC HOLDINGS SC FUND LLC

            
	 	 	 
	 	By:	Blue Torch Credit Opportunities SC Master Fund LP, its sole member
	 	 	 
	 	By:	Blue Torch Credit Opportunities SC GP LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Kevin Genda

            
	 	
              Name:

            	
              Kevin Genda

            
	 	
              Title:

            	
              Managing Member

              

            

    

    

    

    
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      Agreement

    

    
      
        

    

    

      	
               

            	
              LUMINUS ENERGY PARTNERS MASTER FUND, LTD.

            
	 	 	 
	 	
              By:

            	
              /s/ Shawn R. Singh

            
	 	
              Name:

            	
              Shawn R. Singh

            
	
               

            	
              Title:

            	
              General Counsel

            

    

    

    

    
      Second Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

       

      

       

      

      Back to Form 8-KExhibit 10.2

      

    AMENDMENT NO. 2 TO CREDIT AND SECURITY AGREEMENT

    THIS AMENDMENT NO. 2 TO CREDIT AND SECURITY AGREEMENT (this "Amendment") is made as of this 15th day
      of October, 2019, by and among CELADON GROUP, INC., a Delaware corporation ("Celadon Group"), any additional borrower party hereto as designated on the signature pages
      hereto (each individually as a "Borrower", and collectively as "Borrowers"), the Lenders party hereto and MIDCAP FUNDING IV TRUST, a Delaware statutory trust, as
      successor-by-assignment to MidCap Financial Trust, as Agent for Lenders (in such capacity, "Agent"), and individually, as a Lender.

    RECITALS

    A.          Agent and Lenders have previously entered into financing arrangements with
        Borrowers pursuant to that certain Credit and Security Agreement, dated as of July 31, 2019, by and among Agent, Lenders, Borrowers and the other Credit Parties from time to time party thereto (as amended, supplemented, restated or otherwise
        modified from time to time, including by this Amendment, the "Credit Agreement") and the other Financing Documents.

    B.          Borrowers have requested that Agent and Lenders amend the Liquidity
        requirement set forth in Section 6.4 to lower the liquidity threshold to $8,000,000 from October 15, 2019 until November 15, 2019.

    C.          Borrowers have further requested that Agent and Lenders agree to amend the
        Credit Agreement in the manner specified in this Amendment, and Agent and Lenders have agreed to the foregoing requests, in each case on and subject to the terms and conditions set forth herein.

    AGREEMENT

    NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this
      Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders, and Borrowers hereby agree as follows:

    1.          Recitals.  This Amendment shall constitute a Financing Document and the Recitals set forth above shall be construed as part of this
        Amendment as if set forth fully in the body of this Amendment.

    2.          Definitions.  All capitalized terms used and not otherwise defined herein shall have their respective meanings as set forth in the Credit Agreement.

    3.          Amendments to Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section 8 below, and in reliance on the representations and warranties contained
        in Section 4 below, Section 6.4 of the Credit Agreement is hereby amended and restated in its entirety, as follows:

    6.4          Minimum Liquidity.  Borrower will not permit Liquidity at any time during any period described below to be less than the amount set forth opposite the applicable period in the table below:

    
      
        

    

    
    	
            Period

          	 	
            Liquidity

          
	
            Closing Date through October 14, 2019

          	 	
            $10,000,000

          
	
            October 15, 2019 through November 15, 2019

          	 	
            $8,000,000

          
	
            November 16, 2019 through December 31, 2019

          	 	
            $12,500,000

          
	
            Fiscal quarter ending March 31, 2020

          	 	
            $12,500,000

          
	
            Fiscal quarter ending June 30, 2020

          	 	
            $12,500,000

          
	
            Fiscal Quarter ending September 30, 2020 

            and each fiscal quarter thereafter

          	 	
            $15,000,000

          

    

    

    4.          Representations and Warranties.  Each Borrower represents and warrants to Agent and Lenders that, before and after giving effect to this Amendment:

    (a)          all
        representations and warranties of the Credit Parties contained in the Financing Documents were true and correct in all material respects when made (except to the extent that any such representation or warranty is by its terms subject to a
        materiality qualification, in which case such representation or warranty was true, correct and complete in all respects) and, except to the extent that such representations and warranties relate expressly to an earlier date, continue to be true and
        correct in all material respects on the date hereof (except to the extent that any such representation or warranty is by its terms subject to a materiality qualification, in which case such representation or warranty is true, correct and complete
        in all respects);

    (b)          the
        execution and delivery by each Credit Party of this Amendment and the performance by it of the transactions herein contemplated (i) are and will be within its corporate powers, (ii) have been authorized by all necessary corporate action, and (iii)
        are not and will not be in contravention of any order of any court or other agency of government, of law or any other indenture, agreement or undertaking to which such Borrower is a party or by which the property of such Credit Party is bound, or
        be in conflict with, result in a breach of, or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or undertaking or result in the imposition of any lien, charge or encumbrance of any nature on any of the
        properties of such Credit Party;

    (c)          this
        Amendment and all assignments, instruments, documents, and agreements executed and delivered in connection herewith, are and will be valid, binding, and enforceable against each Credit Party in accordance with their respective terms; and

    (d)          after
        giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under the Credit Agreement or any of the other Financing Documents.

    5.          Reaffirmation of Security Interest.  Each Credit Party confirms and agrees that:  (i) all security interests and Liens granted by such
        Credit Party to Agent continue in full force and effect, and (ii) all Collateral remains free and clear of any Liens other than Liens in favor of Agent and Permitted Liens.  Nothing herein contained is intended to impair or limit the validity,
        priority and extent of Agent's security interest in and Liens upon the Collateral.

    
      2

      
        

    

    6.          Enforceability.  This Amendment constitutes the legal, valid and binding obligation of each Credit Party, and is enforceable against each
        Credit Party in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors' rights generally and by general equitable principles.

    7.          Costs and Expenses. Borrowers shall be responsible, in accordance with Section 12.14(a)(i) of the Credit Agreement, for the payment
        of all of Agent's costs and expenses incurred in connection with this Amendment and any related documents, including, without limitation, the reasonable fees and expenses of Agent's counsel.  Borrowers hereby authorize Agent to pay all of such
        costs and expenses by charging same to any account of Borrowers maintained by Agent under the Credit Agreement.

    8.          Conditions to Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent or
        concurrent, all in form and substance satisfactory to Agent:

    (a)          Agent
        shall have received a fully executed copy of this Amendment executed by Borrowers, each other Credit Party and each Lender together with such other documents, agreements and instruments as Agent may reasonably require or reasonably request;

    (b)          Agent
        shall have received a fully executed copy of an amendment to the Term Loan Credit Agreement pursuant to which Term Loan Agent and the Term Loan Lenders are to lower the liquidity requirement set forth in the Term Loan Credit Agreement to be
        consistent with the terms of this Amendment;

    (c)          Borrowers

        shall have paid all fees, costs and expenses due and payable as of the date hereof under the Credit Agreement and the other Financing Documents; and

    (d)          after
        giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing or shall be caused by the transactions contemplated by this Amendment and the other Financing Documents delivered in connection herewith.

    9.          No Waiver or Novation.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided in this Amendment, operate as a waiver of any right,
        power or remedy of Agent, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing.  This Amendment
        (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement.

    10.          Affirmation.  Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and
        agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by each Credit Party.  Each Credit Party covenants and agrees to comply with all of the terms, covenants and conditions of the Credit
        Agreement (as amended hereby) and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent's or any Lender's part which might otherwise constitute or be construed as a waiver of
        or amendment to such terms, covenants and conditions.

    
      3

      
        

    

    11.          Miscellaneous.

    (a)          Reference

          to the Effect on the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of similar import
        shall mean and be a reference to the Credit Agreement, as amended by this Amendment.  Except as specifically amended above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall
        remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.

    (b)          Incorporation

          of Credit Agreement Provisions.  The provisions contained in Section 11.6 (Indemnification), Section 12.6 (Confidentiality), Section 12.8 (Governing Law; Submission to Jurisdiction) and Section 12.9 (Waiver of
        Jury Trial) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

    (c)          Headings. 
        Section headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

    (d)          Counterparts. 
        This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Signatures by facsimile or by electronic mail delivery of
        an electronic version of any executed signature page shall bind the parties hereto.

    [SIGNATURES APPEAR ON FOLLOWING PAGES]

    
      4

      
        

    

    IN WITNESS WHEREOF, intending to be legally bound, and intending that this document constitute an
      agreement executed under seal, the undersigned have executed this Amendment under seal as of the day and year first hereinabove set forth.

    
      	
              BORROWERS:

            	
              CELADON GROUP, INC., a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	
               

            	
              CELADON E-COMMERCE, INC., a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON TRUCKING SERVICES, INC., a New Jersey corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON REALTY, LLC, a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            

    

    

    

    

    

    

    

    Signature Page to Amendment No. 2 to Credit and Security Agreement

    

    
      
        

    

    

    

    
      	
               

            	
              OSBORN TRANSPORTATION, INC., an Alabama corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              BEE LINE, INC., an Ohio corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              DISTRIBUTION, INC., an Oregon corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY COMPANIES LLC, an Indiana limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	QUALITY EQUIPMENT LEASING, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

    

    

    

    

    

    

    

    
      

      

      Signature Page to Amendment No. 2 to Credit and Security Agreement

    

    
      
        

    

    
      	
               

            	
              QUALITY INSURANCE, LLC, an Indiana limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON LOGISTICS SERVICES, INC., a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              EAGLE LOGISTICS SERVICES INC., an Indiana corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	VORBAS, LLC, an Ohio corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary
	 	 	 
	 	 	 
	 	CELADON CANADIAN HOLDINGS, LIMITED, an Ontario corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

      

      

      

      

      

      

      
        

        

        Signature Page to Amendment No. 2 to Credit and Security Agreement

      

      
        
          

      

      
        	

              	HYNDMAN TRANSPORT LIMITED, an Ontario corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary
	 	 	 
	 	 	 
	 	TAYLOR EXPRESS, INC., a North Carolina corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

      

      

      

      

      

      

      

      
        

        

        Signature Page to Amendment No. 2 to Credit and Security Agreement

      

      
        
          

      

    

    
      	
              AGENT:

            	
              MIDCAP FUNDING IV TRUST, as Agent

              

            
	 	 	 
	 	By:	Apollo Capital Management, L.P., its investment manager
	 	 	 
	 	By:	Apollo Capital Management GP, LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Maurice Amsellem

            
	 	
              Name:

            	
              Maurice Amsellem

            
	 	
              Title:

            	
              Authorized Signatory

            

      

      

      

      

      

      

      
        

        

        Signature Page to Amendment No. 2 to Credit and Security Agreement

      

      
        
          

      

    

    
      	
               LENDER:

            	
              MIDCAP FINANCIAL TRUST, as a Lender

              

            
	 	 	 
	 	By:	Apollo Capital Management, L.P., its investment manager
	 	 	 
	 	By:	Apollo Capital Management GP, LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Maurice Amsellem

            
	 	
              Name:

            	
              Maurice Amsellem

            
	
               

            	
              Title:

            	
              Authorized Signatory

            

    

    

    

    

    

    
      

      

      Signature Page to Amendment No. 2 to Credit and Security Agreement

       

      

       

      

       

      

       Back to Form 8-K

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