Document:

Exhibit 10.16

 

EXECUTION VERSION

 

THIRD AMENDMENT TO TERM LOAN AGREEMENT

THIS THIRD AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”), is made and entered into effective as of March 1, 2017, by and among U.S. XPRESS ENTERPRISES, INC., a Nevada corporation (the “Borrower”), NEW MOUNTAIN LAKE HOLDINGS, LLC, a Nevada limited liability company (“Holdings”), WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as administrative and collateral agent (the “Agent”) for the several banks and other financial institutions from time to time party to the Term Loan Agreement (as defined below) as lenders (collectively, the “Lenders”), and the Lenders.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Borrower, Holdings, the Lenders and the Agent are parties to that certain Term Loan Agreement, dated as of May 30, 2014 (as amended by the First Amendment to Term Loan Agreement dated as of April 10, 2015 and the Second Amendment to Term Loan Agreement dated as of November 8, 2016 and as it may be further amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Term Loan Agreement), pursuant to which the Lenders have made certain Term Loans to the Borrower;

 

WHEREAS, the Borrower has requested certain amendments to the Term Loan Agreement, and subject to the terms and conditions hereof, the requisite Lenders are willing to agree to such amendments and the parties have agreed to effect such amendments through this Amendment;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties (including the Agent and the Required Lenders) agree as follows:

 

1.                                      Term Loan Agreement Amendments.  Effective upon the satisfaction of the conditions set forth in Section 3 below, the Term Loan Agreement is hereby amended as follows:

 

a.                                      The definition of “Adjusted Operating Ratio” in Section 1.1 of the Term Loan Agreement is hereby amended by adding the following sentence at the end thereof: “For purposes of determining the Adjusted Operating Ratio for any period, interest expense on any Indebtedness (including the interest component of any Capital Lease Obligations) incurred in connection with each Permitted Lease Conversion (or any refinancing thereof) for such period shall be deemed an operating expense and deducted in the calculation of Adjusted Operating Income for such period.”

 

b.                                      The definition of “Consolidated EBITDA” in Section 1.1 of the Term Loan Agreement is hereby amended by adding the words “, a Permitted Lease Conversion” immediately after the words “a Permitted Acquisition” appearing in the final sentence thereof.

 

 

c.                                       The definition of “Pro Forma Basis” in Section 1.1 of the Term Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

““Pro Forma Basis” means, for purposes of calculating the financial covenants set forth in Article VI or compliance with any covenants referencing such financial covenants, that any disposition, Acquisition (of all or substantially all of the assets or equity interests of a Person or line of business or division) or Permitted Lease Conversion shall be deemed to have occurred as of the first day of the most recent four fiscal quarter period preceding the date of such transaction for which the Borrower was required to deliver financial statements pursuant to Section 5.1(a). In connection with the foregoing, with respect to any disposition, Acquisition or Permitted Lease Conversion (i) income statement and cash flow statement items (whether positive or negative) attributable to the Person or property acquired or disposed of, or the subject of a Permitted Lease Conversion, shall be adjusted to the extent relating to any period occurring prior to the date of such transaction and (ii) any Indebtedness incurred or assumed or repaid by the Borrower or any Subsidiary (including the Person or property acquired) in connection with such transaction (A) shall be deemed to have been incurred or repaid as of the first day of the applicable period and (B) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination.  For purposes of illustration, the adjustments giving effect to the Daimler Lease Conversion are set forth on Part II of Exhibit A.”

 

d.                                      The definition of “Rental Expense” in Section 1.1 of the Term Loan Agreement is hereby amended by adding the following words immediately prior to the period at the end thereof: “, but excluding any such expense pursuant to Capital Lease Obligations. If at any time during a Reference Period, the Borrower or any of its Subsidiaries shall have made a Permitted Acquisition, Permitted Lease Conversion, or Permitted Disposition, Rental Expense for such Reference Period shall be calculated on a Pro Forma Basis”.

 

e.                                       Section 1.1 of the Term Loan Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:

 

““Daimler Lease Conversion” means the acquisition by a Loan Party in one or more related transactions of Rolling Stock described on Part I of Exhibit A, pursuant to transaction documents in substantially the form of the promissory note attached hereto as Exhibit B, and in accordance with the terms and conditions set forth in the definition of Permitted Lease Conversion.”

 

““Permitted Lease Conversion” shall mean (a) the Daimler Lease Conversion and (b) any other conversion or refinancing of any operating lease of Rolling Stock (the payments on which were included in Rental Expense for any prior period) into Permitted Indebtedness described in clause (f) of the definition thereof secured by a Permitted Lien described in clause (f) of the definition thereof in each case subject to (1) the simultaneous acquisition by the Borrower of title to the Rolling Stock so converted or 

 

2

 

refinanced and (2) the simultaneous extinguishment of the operating lease of such Rolling Stock so converted or refinanced; provided, that, the fair market value of Rolling Stock acquired in Permitted Lease Conversions pursuant to clause (b) hereof shall not exceed (x) $37,500,000 in any calendar year (the “Permitted Lease Conversion Annual Amount”), commencing with the 2017 calendar year or (y) $75,000,000 in the aggregate from January 1, 2017 through the Maturity Date (the “Permitted Lease Conversion Aggregate Amount”).  So long as no Default or Event of Default has occurred and is continuing or would result therefrom, to the extent the fair market value of Rolling Stock acquired in Permitted Lease Conversions in any calendar year does not exceed the Permitted Lease Conversion Annual Amount, such unused amount may be carried forward to the immediately succeeding calendar year and the unused amount carried forward shall be deemed to be expended last, so long as the fair market value of Rolling Stock acquired in Permitted Lease Conversions shall not at any time exceed the Permitted Lease Conversion Aggregate Amount.”

 

““Permitted Lease Conversion Annual Amount” and “Permitted Lease Conversion Aggregate Amount” shall each have the meaning set forth in the definition of “Permitted Lease Conversion”.”

 

f.                                        Section 6.3 of the Term Loan Agreement is hereby amended by adding the following sentence immediately after the period at the end thereof:

 

“Anything to the contrary notwithstanding, the Capital Expenditure Limitation in each period will be deemed to be automatically (x) increased by an amount equal to the fair market value of the Rolling Stock acquired in any Permitted Lease Conversion and (y) decreased by an amount equal to the fair market value of the Rolling Stock acquired in a Permitted Lease Conversion at the time such Rolling Stock becomes subject to an operating lease.”

 

g.                                       Exhibits A and B hereto are hereby added to the Term Loan Agreement as new “Exhibit A” and “Exhibit B”, respectively, immediately before Exhibit 2.1(c) thereto.

 

2.                                      Conditions to Effectiveness of this Amendment.  Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that the amendments set forth in Section 1 above shall not become effective, and the Borrower shall have no rights thereunder, unless and until the Agent and Lead Lenders receive:

 

a.                                      Reimbursement or payment of its costs and expenses (including reasonable fees, charges and disbursements of counsel to the Lead Lenders and the Agent) due and owing as of the date hereof (to the extent an invoice is received prior to the date hereof and otherwise due within ten (10) Business Days after receipt of such invoice) in accordance with Section 10.3 of the Term Loan Agreement;

 

b.                                      Executed counterparts to this Amendment from the Borrower, Holdings, the Agent, and the Lenders constituting at least Required Lenders; and

 

c.                                       All other documents, opinions, or information reasonably requested by the Agent.

 

3

 

3.                                      Representations and Warranties.  To induce the Lenders to consent to this Amendment and instruct the Agent to enter into this Amendment, each of the Borrower and Holdings hereby represents and warrants to the Lenders and the Agent that:

 

a.                                      The execution, delivery and performance by each of the Borrower and Holdings of this Amendment: (i) does not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (ii) will not violate any Requirements of Law applicable to any Loan Party or any judgment, order or ruling of any Governmental Authority, and (iii) will not give rise to a right thereunder to require any payment to be made by any Loan Party;

 

b.                                      This Amendment has been duly executed and delivered by each of the Borrower and Holdings and constitutes a legal, valid, and binding obligation of each of the Borrower and Holdings, enforceable against each of Borrower and Holdings in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, and other laws affecting creditors’ rights and remedies in general; and

 

c.                                       Before and after giving effect to this Amendment, the representations and warranties contained in the Term Loan Agreement, as the same may be amended or otherwise affected by the amendments contained herein, are true and correct in all material respects, and no Default or Event of Default has occurred and is continuing as of the date hereof.

 

4.                                      Effect of Amendment.  All terms of the Term Loan Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding, and enforceable obligations of the Borrower, Holdings, and the other Loan Parties to the Lenders and the Agent.  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 the Agent or the Lenders under the Term Loan Agreement, nor constitute a waiver of any provision of the Term Loan Agreement.  This Amendment shall constitute a Loan Document for all purposes of the Term Loan Agreement.

 

5.                                      Release.  Effective on the date hereof, the Borrower, Holdings, on behalf of themselves and each other Loan Party, hereby waives, releases, remises and forever discharges the Agent and each Lender, each of their respective Affiliates, and each of the officers, directors, employees and agents of the Agent, each Lender and their respective Affiliates (collectively, the “Releasees”), from any and all claims, suits, investigations, proceedings, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which the Borrower, Holdings or any other Loan Party ever had, or now has against any such Releasee which relates, directly or indirectly to this Amendment, the Term Loan Agreement, any other Loan Document, or to any acts or omissions of any such Releasee under, in connection with, pursuant to or otherwise in respect of this Amendment, the Term Loan Agreement or any of the other Loan Documents, except for the duties and obligations of the Releasees set forth in this Amendment, the Term Loan Agreement, or any of the other Loan Documents.

 

4

 

6.                                      Reaffirmation of Obligations and Acknowledgment of Indebtedness.  Each of the Borrower and Holdings hereby acknowledges that the Loan Documents and the Obligations constitute the valid and binding obligations of the Loan Parties enforceable against the Loan Parties, and each of the Borrower and Holdings hereby reaffirms its obligations under the Loan Documents.

 

7.                                      Governing Law.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.

 

8.                                      No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Term Loan Agreement or an accord and satisfaction in regard thereto.

 

9.                                      Costs and Expenses.  The Borrower agrees to pay all reasonable, out-of-pocket costs and expenses of the Agent in connection with the preparation, execution and delivery of this Amendment in accordance with Section 10.3(a) of the Term Loan Agreement.

 

10.                               Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof.

 

11.                               Binding Nature.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns.

 

12.                               Entire Understanding.  This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

 

13.                               Agent Authorization. Each of the undersigned Lenders hereby directs and authorizes the Agent to execute and deliver this Amendment and the other documents entered into in connection herewith on its behalf and, by its execution below, each of the undersigned Lenders agrees to be bound by the terms and conditions of this Amendment and such other documents.

 

(remainder of page intentionally left blank)

 

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

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
U.S.   XPRESS ENTERPRISES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
 
    	
Title:
    	
Treasurer,   Chief Financial Officer, and Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
HOLDINGS:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
NEW   MOUNTAIN LAKE HOLDINGS, LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lisa Pate
    
	
 
    	
 
    	
Name:
    	
Lisa   Pate
    
	
 
    	
 
    	
Title:
    	
Manager,   President, and Treasurer
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
AGENT:
    
	
 
    	
 
    
	
 
    	
WILMINGTON   TRUST, NATIONAL ASSOCIATION as administrative and collateral agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jennifer Anderson
    
	
 
    	
 
    	
Name:
    	
Jennifer   Anderson
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
DARBY CREEK LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
DUNLAP FUNDING LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation III, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
JUNIATA RIVER LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
LEHIGH RIVER LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
LOCUST STREET FUNDING LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
RACE STREET FUNDING LLC,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
WISSAHICKON CREEK LLC,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marisa Beeney
    
	
 
    	
Name:
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
BENEFIT STREET PARTNERS SMA LM   L.P., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan Martoken
    
	
 
    	
Name:
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PECM STRATEGIC FUNDING L.P.,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan Martoken
    
	
 
    	
Name:
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PECM STRATEGIC FUNDING SPV L.P.,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan Martoken
    
	
 
    	
Name:
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PROVIDENCE DEBT FUND III SPV   L.P., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan Martoken
    
	
 
    	
Name:
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PROVIDENCE DEBT FUND III   (NON-US) SPV L.P., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan Martoken
    
	
 
    	
Name:
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

By their signatures below each of the Loan Parties acknowledges and agrees to the terms of this Amendment and, except as expressly provided for in this Amendment, hereby affirms its absolute and unconditional promise to pay the Term Loans and other amounts due under the Term Loan Agreement, as amended hereby, at the times and in the amounts provided for herein.

 

 

	
OTHER   LOAN PARTIES:
    	
U.   S. XPRESS, INC.,
   a Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
Title:
    	
Secretary   and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
U.   S. XPRESS LEASING, INC.,
   a Tennessee corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
Title:
    	
Secretary   and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
XPRESS   AIR, INC.,
   a Tennessee corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
Title:
    	
Secretary
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
XPRESS   HOLDINGS, INC.,
   a Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mindy Walser
    
	
 
    	
Name:
    	
Mindy Walser
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ASSOCIATED   DEVELOPMENTS, LLC,
   a Tennessee limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Vice Manager and   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TAL POWER EQUIPMENT #1   LLC,
   a Mississippi limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TAL POWER EQUIPMENT #2   LLC,
   a Mississippi limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
TAL REAL ESTATE LLC,
   a Mississippi limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TAL VAN #1 LLC,
   a Mississippi limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TOTAL LOGISTICS INC.,
   a Mississippi corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TOTAL TRANSPORTATION OF   MISSISSIPPI LLC,
   a Mississippi limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRANSPORTATION ASSETS   LEASING INC.,
   a Mississippi corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

	
 
    	
TRANSPORTATION   INVESTMENTS INC.,
   a Mississippi corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    

 

Signature Page to Third Amendment to Term Loan Agreement

 

 

EXHIBIT A TO THIRD AMENDMENT

 

PART I

 

	
Total # of Units
    	
 
    	
2,752
    	
 
    
	
Estimated Amount   of Indebtedness Incurred (as of 3/1/17)
    	
 
    	
$
    	
250,737,845
    	
 
    
	
March 2017   Scheduled Rental Expense
    	
 
    	
$
    	
5,465,762
    	
 
    

 

PART II

 

Pro Forma Basis Adjustments to EBITDA and Rental Expense

 

	
Reporting Month
    	
 
    	
Pro forma Months
    	
 
    	
Pro forma Rental
   Expense Reduction
    	
 
    	
Pro forma EBITDA
   Adjustment
    	
 
    
	
March 2017
    	
 
    	
12
    	
 
    	
$
    	
(65,589,139
    	
)
    	
$
    	
65,589,139
    	
 
    
	
June 2017
    	
 
    	
9
    	
 
    	
$
    	
(49,191,854
    	
)
    	
$
    	
49,191,854
    	
 
    
	
September 2017
    	
 
    	
6
    	
 
    	
$
    	
(32,794,570
    	
)
    	
$
    	
32,794,570
    	
 
    
	
December 2017
    	
 
    	
3
    	
 
    	
$
    	
(16,397,285
    	
)
    	
$
    	
16,397,285
    	
 
    

 

Exhibit A

 

 

EXHIBIT B TO THIRD AMENDMENT

 

ATTACHED.

 

Exhibit B

 

 

EXHIBIT B ent   '· TFFF2508 A Name Zip Code City State LENDER:Mercedes-Benz Financial   Services USA LLC (13650 Heritag assiqns described equipment   ("Equipment"). I acknowledge that I have acceted delivery of the   Equipment in good order without reservation of rights and­ U.S.XPRESSLEA ING,   INC. . . TFFF2506 (Rev:!)6/01 /2011) MULTI-STATE ) Daimler Truck   FinancialNote and Sec to Third Amendm uity Agreement (Multi-State) Date:   11/21/2016 Quote#: 813461 BORROWER:r U.S.XPRESS LEASING, INC:. 4080 Jenkins   Rd Chattanooga TN'37421-1174Hamilton CO-BORROWER Address I A w N o D   Parkway,Fort Worth,Texas 76177), and its successors.transferees and (meaning   individually, collectively, and interchangeably, all Borrowers named above,   jointly and severally) have entered into this Note and Security greement   ("Note") with Lender in the qriginal principal amount of $2,9   2,554.50.(''Loan Amount") to borrow funds to be used to purchase the   following ithout implied warranty as to condition, merchantability, and   suitability or·any purpose. I further acknowledge and certify that I have   entered into this ote with Lender, and I intend to use the purchased   Equipment,primari y for business or commercialpurposes, and not for persona,l   family, household r agriculturalpurposes.• ·,, ESCRIPTION OF EQUIPMENT:   -SEEATTACHEDA[)DENDUM-I Ust Payoff to: New// sed Make-. Model SerialNumber   Body Type ModelYear Cash Sale Price PROMISE TO PAY: I promise to pay to the   order of Lender the Loan Amo nt together with daily simple int rest thereon   at the rate set forth on page 2 of this Note from the date of this Note   untilall of my obligations under this Note are fully paid and satisfied.   PAYMENT TERMS: My Joan is payable in( ) payments of l*'l each, commencing   on*'1· an_d continuing on the(..)day of each successive month thereafter,whi   h includes,a finalpayment of the then unpaid principaland interest in the   estimated amount of (..). due ont"'\ ·(except as otherwis.e stated on   ttie Payment Schedule Addendum attached hereto and made a part hereoD. The   amount of my final payment may vary depe ding upon when Lender receives my   periodic loan payments, and will include the unpaid principal   balance,interest and any other amounts owed as of the fin Ipayment due   date.-* SEE ATTACHED PAYMENT SCHEDULE ADDENDUM ... SECURITY AGREEMENT·: In   order to secure tbe prompt and punctualpayment and satisfaction of my   Indebtedness (as defined herein), Iam granting Lender a security interest in   the Equipment, and in all access[ons, replacements and additions to "the   Eq.uipmenand in all leases and chattel paper of the Equipment, and in all   lease payments, rentals, _and rights thereto, and in all proceeds derived   from the Equipment, including insurance proceeds and refunds of insurance   premiums. If Lender permits me to allow others to use or lease the Equipment,   I agree to stamp any agreement between me and my lessee with language   approved by Lender and to provide apd update Lender with all current cc ntact   if!formation of user or lessee. I also agree that, to the extent permitted by   applicable law, collateral securing other loans, credit sales and leases tha   I may have with Lender or any affiliate of Lender, whether now or in the   future, additionally will secure my Indebtedness under this Note. The   Equipment,a llea?es and chattelpaper of the Equipment,all lease payments,   rentals, and rights thereto, proceeds, and my additionalcollateralsecuring   other loans,credit ales, and leases with Lender or any affiliate of Lender,   are individually,collectively and interchangeably referred to under this Note   !!S my "Collateral." For puoses of this Noie, the term   "lndf:lbtedness" means: (1) my indebtedness under this Note for   payment of principa,l interest,late charges, retuined check fees,liq id ; ted   damages and any other amounts due hereunder; (2) to the extent permitted by   applicable law, my indebtedness under any other loans,leases or other   biigations that Imay now and in the future owe to Lender or any affiliate of   Lender, other than loans, leases or other obligations secured by vehicles or   other g ods which_Irepresent on the loan,lease or other Q ligation documents   are used or to be used by me primarily for persona,l family or household   pl)rposes; (3f II additionalfunds that Lender or any affiliate of Lender may   advance on my behalf as provided in this Note; and (4) Lender's costs and   expenses incurred in enforcing Lender's rights under this Note, and in   protecting and preserving th Collateral,includinq, to the extent permitted by   applicable law,reimburseme t of Lender's reasonable attorney's fees, court costs,   and collection expenses. ACKNOWLEDGEMENT: I (we) have rea. accepted and   acknowledge re eit of a completed copy of the Note, including the-Terms and   onditions on the, reverse side or following pages which are made a part   hereof and I(we) agree to all its terms.· Borrower: Co-Borrower: SlgnaturN)'   _;:::::;; · ::;,/ Signature:X Tit leSff1r it-wd Title: lG ARANTY I (we)   ereby, jointly, severally and unconditionally guarantee p yme refinancings   thereof, and agree to the Note's terms and.condilions. I ( remedies,against   the Borrower(s), the Collateral, or af!y other guarantor, you refer this   Guaranty to an attorney for collection,I(we) will pay your at t of all   Indebtedness under this Note, and all extensions,·substitutions nd e). waive   any _rights that I (we) may have to require Lender to first exhaust its   before collecting under this Guaranty.If I (we) default under this Guaranty   and torney's fees, court costs and disbursements to the extent Q_ermitted by   law. Guarantpr Name: Guarantor Name: Signature: X Signature:X 

    

 

Daimler .. Note   and Sec ; rity Agreement (Multi-State) TrueI< Fmanc1a1 · 1 1. Interest   Rate:Daily simole interest wiD be assessed on the Loan Amount at !he f ·ng   reasonable disposition of the Collateral. Any reqiJiremen a en er n me e sale   rate flom the dale of this Note until 'jtlof my obligations under this Note   are fully p d andor other disposition of the Collateral wiU be satisfied if   lender sends me a wriHen satisfied:4.81% per annum. lnterest will be   computeil on the bas s of the a<;tualnumber I dayscommunication at least   ten (10) days in advance of the dale on which a public sale is elapsed in a   365 day year. or a 366 day year if a leap year. scheduled, or within ten (jO)   days in advance of the time after which a private sale or other 2. Late   Payment/AdditionalChar!les: If Ifail to make any payment within len (101da of   the disposition may take place. Fur111ermore. to the extent permitted by   applicable lawiuupon due date I agree to pay Lender alate payment fee in an amount   equal to 5'1o olthe npaid default Lender may cancelany insurance financed   under this Note and apply the re nded amounor such lesser amount as may be   fimlted by law. In addition, I agree to pay a ch rge ofpremium to my   Indebtedness and I auU1orize Lender to notify anyone using equipment to   $30,or such lesser amount as may be limited by law,for each check, draft or   similar ins ment pay Lender driectlJI for my Indebtedness: presented to   Lender thatis returned or dishonored for any reason. 9. Waivers: All Borrowers   and Guarantors waive presentmennotice, and demand for 3. Prepayment: Imay   prepay the then unpaid principalbalance,plus accrued interest a d other)   paymenand agree that our liab)lity under this Note shall be joint and several   with each amounts then owing under this Note in fullorin part at any time   without penally. • oilier. . We furffier agree that dtsdlarge or ejease of   any partv, <?" CoUa\eral. or any extenston of time for pa}'ffienlor   any delay tn enforcmg Lender's nghts.i] wdl not cause Lender to lose any of   its rights. TO THE EXTENT PERMITT£D BY APP CABLE LAW,I EXPRESSLY WAIVE ANY   RIGHT TO A JURY TRIAL IN ANY DISPUTE REGARDING OR ARISING OUT OF THIS NOTE,   THE SALE OF THE EQUIPMENT. OR MY RELATIONSHIP WITH LENDER OR EQUIPMENT SEUER.   1o. Collection/Attorney's Fees and Expenses:If Lender sues me, or if lender   refers my 4. Perfection of Securty Interest: t authonze lender to perfect its   sewrity interest in the loan to an attorney for collection, to the extent   permilled by applicable law, 1 agree to pay Collateral Iagree to reinburse   lender for all filing costs and perfection e penses, asell as lender   reasonable attorney's fees actualy incuiTed. Ifurther!llJree to reimburse   Lender for for aU costs of amending,continuing and terminating such fifings.   its court costs and reasonable cdlection expenses inwiTed 1n enforcing   lender's rights 5. Covenants:I agree:(1) neil to sell,lease. transler or   asstgn the CollateralwtthoulL der's undE!f !his Note. prior written consent   (2)not to allow any other secunty interest or lien to be placed 01} or to   1.Savings Clause: It is lender's intent to fully comply with all laws and   regulations attach to the Collatera;l (3) not to make any material changes or   alterations to the Equtpmenllimiting im osition and collection of interest   and other fees and charges in connection with without Lender's prior writtn   consent {including replacements, additions, accesso es ormy loan. Should Ibe   caUed upon,or should I ever pay interest or ol!ler fees and charges   substitutions); (4) not to remove the Equtpmenlliom the state in which   Ireside or ha l\te my to Lender In excess of the amount(s) and ratels)   permitted,I agree that lender may cure rindpaloffices, other than in the   ordinary course of business, for a period in excess f sixty · such violation   by crediting any excess amount that Ihave paid against my then outstanding   60) consewtive days,without first obtaining ender's prior written consent;   (S).not to r&-t lie the principalbalance under this Note. quipment in   another slate without first notifying Lender, and (6) if Iam a trusiness   entity,not to 12.No Agency Relationship: No Right to Assert Claims and   Defenses: I fully cllane my name or formor state of organization without   first notifying Lender atleast thl(30) understanij and unconditionally agree   that neither the Equipment manufacturer and days 1n advance of such cllange.   Ifurther agree:(a) that anything that may be attached o the distributor, nor   their employees, are lender's partnets, agents, or represenlatives and have   no right to commib1nd or obligate lendl!( in any way. I further   understana1and unconditionaly agree thaexcept for thelimited purpose of   assisting in the completion of Equipment willbecome an accession to the   Equipmenand wiU l:lecome j)art of the Cleral; (b) to make all necessaryre_P.airs   to,and not to abandon the Equipment (c) to abide by Ilaws andrules   andregulations Withrespect to the use and operation of the Equpmenand tolain   this Note,neither the Equtpmen{ seller nor its emjlloyees are lenders   partners.agenor all necessary penmits and licenses in those jurisdictions   where required;{d) lo ray aD tax and assessments levied against the   EquiPfllent and to furnish lender with proof o such pa ents; and(e)   topermitlenrfer to inspect the Equipment at reasonable times. 6. Insurance:I   agree to keep the Equipment continuously insured by an insurance1any and with   deductibre approved by lender, with comprehenSIVe and colfision   coverage,awith cover!llJe for any other hazards lender may specitv flom time   to time for coverage amou Is not less than the actual cash value of the   Equipmen( or the outstanding principal balance of my Indebtedness. I may   purchase this insurance flam any insurance company reas nably acceptable to   lender.I agree to provide Lender with written proof of a paid insurance olicy   and subsequent renewals, showing lender as a lender's loss payee and   additional i sured under my insurance policy, which policy witt require at   least thirtv (30) days advance ritten notice to lender before it may lapse,   be reduced, canceled or £erminated for any re son. I agree that   allinsurance.proceeds, mduding any premium refunds,are payable first tole der   to tlie extent of its interest in the Equipmenand Iassign my interestin same   to Lender. endl!( may apply any insurance proceeds and returned premiums   received -to the unpaid bal ce of my Indebtedness. Should t fail to purc:hase   and maintain ade9uate insurancethe Equipmenas determined by lender (at   lender's sole discretion). then lender m y (at lenders sole option, and   Without any responsibility or fiabiity to do so) purchase sui:h insurance as   lendl!( deems necessary lo protect its in\ereslThe amount adVanced by der for   said insurance shall be invneciatety due and repaid to lender,lqgether with   interest 'th a rate up to 18%per amum,as fimited liy law, florn the date of   suc:h adVance. Iauthorize der to release to th1rd parties any informa6on   necessary to facifl!ale insurance and lax monloring and insurance placement   II there is a total loss on any item of EquipmenI age to immediatelY pay to Lender   all insurance proceeds and amounts needed to retire the npaid   princiP.albalance plus accrued interest and any other allocable amounts   thendue and ow ng on such 1tem of Equipment Allinsurance policies   financedunder this Note,unless a shorter riod is specified in the policy, end   upon the original due dale of the.last payment due und r this Note. If Iam   due any insurance refund, Iwm seek same frorn my"insurance company. nder   representatives,and have no right to commibind or obligate lender in any way.   TO I HE EXTENT PERMmED BY APPLICABLE LAW.MY OBLIGATIONS TO LENDER UNDER THIS   NOTE ARE IRREVOCABLE. ABSOLUAND UNCONDITIONAL AND ARE TO BE PAID OR PERFORMED   IN ACCORDANCE WITH THEIR TERMS WITH NO RIGHT OF OFFSET,COUNTERCLAIM OR   DEFENSE AGAINST LENDER OR ANY ASSIGNEE, INCLUDING BUT NOT LIMITED TO ANY   RIGHT OF OFFSET. COUNTERCLAIM OR DEFENSE ARISING FROM ANY EXPRESS OR IMPLIED   WARRANT.Y RELATING TO THE EQUIPMENT INCLUDING ANY IMPLIED WARRANTY OF   MERCHANTABILITY OR FITNESS FOR A PART CULAR PURPOSE. • 13.Representations and   Warranties: I represent and warrant lo lender that (11 my coiTecllegal name   and slate of residence or organization are tisted on page 1 of this Note, and   I am property authorized,licensed and in good standing to conduct business in   each applicable junsdiction;(2) none of the preprinted provisions of this   Note have been altered, mOdified, or stricken by me or by anyone else; (3) I   or my authorized representative properly executed this Note in my name a11d   my signature on this Note, or that of my authorized r resentative, is   genuine; and (4) r have and intend tolicense, title, and register the   Equipment in the proper slate or jurisdiction. 14.Power of Attorney: To the   extent penmitled by law, t hereby appoint lender as my attorney-in-fact. My   grant of this power of attorney is coupled with an interest and is   irrevocable until all obigations t !1Ne under th1s Note are paidin full. As   my attomey-il-fact. lender can, in my name or lender's name; (a) sign on my   behalf aU cettincates of ownership registration cards, financing   stalemapplications, affidavits or any other dowments required to registl!(   and properly peuect Lender's security interest in the CoDateral; (b) transfer   my entire interest 1n tlie Collateral as part of a repossession and sal{c) ad   on my behal in insurance 11)alti!(S relating.to the Collateral, indudinghbut   not limited lo, the power to endorse insurance proceeds checks or drafts on   my be alland cancel any credit life, credit disability, guaranteed automotive   protection coverage, extended waiTanty or other optional insurance financed   under this Note and apply 1)1e refunded premium or cost to my outstanding   balance if Iam in defauland (d) make daims does not re uire me to have credit   life insurance. · THE INSURANCE REQUIRED UNDER THIS NOTE IS NOT P.UBUC   LIABILITY INSUR NCE AND DOES NOT COVER LIABILITY FOR INJURY TO ANY PERSONS OR   DAMAGTO on my behalf under any suchinsuranCe policies related to the   Collateral. 15.Governing law:This Note shall be deemed received and accepted   by lender in Fort PROPERTY. Wor1h, Texas on the dale of funding. Furthermore   this Note shall be governed and co strued under the 1\'Y(S of the State of   the Borrower's address at the time of execution of this Note, as indci ated   on Page 1,iiTespective of the conftict{)flaws principles of that state. 7.   Default and Acceleration: lender has the right at its sole option to insist   on imm iate payment in lui of allndebtedness that Imay oweloLendl!( upon the   occurrence of any ne or more of the folowing events,in eacll case lo the extent   rm1Hed by aoolicable law: (f) i Ifa 16.Mi.scellaneous: In this Not!l1 the   words 'I','me' ,'my','We','us and'our' individuayl to make any payment under   this Note when due; or {2) if I am 1n iletautt under any othl!( colectively   and interchanReaOIY mean each person or entity signing this Note as a   Boof1Ner,(;(Hiooower or Guarantor, their successors and asSigns,and alother   persons that may be or become obligated under this Note. AI schedules   executed in connection with this Note are part of this Note. This Note and   any such·schedules constitute the entire Note between the parties. No   modification or amendment of this Note shalbe effective unless in writing   SJgned by ah parties. All provisions of this Note that are prohibned by   applicable taw shalbe tneffective solely to the extent of such prohibition   without invalidating the other provisions of this Note. Any waiver of   Lender's nghts and remedies under this Note shalt be effective only if   specifically agreed by lender 1n writing. To the extent permitted by law, I   give lender permission to monitor and record any elephone conversation   between lender and me,including my representatives,service providers and   provision of lh1s Note;or (3) if Iam in default under any oilier loan,   lease,extension of ere I, or obligation that Imay then owe to lender or any   affiliate of lender othl!( than loans,I ses, extensions of credit or   obligations seQJred by vehides or other goods which Irepresent the loan.   lease or other credit or obfigation documents are used or to be used by me   prim 1\1 for personal, famUy or household purposes; or (4) if Iam other than   an individual and I. thout Lender's consent, (a)make a significant change in   my managernenownership or con!Jol; r (b) merge,transfer, acquire or   consolidate with any other entity; or (5gif Ishould become in vent. or tlie   subject of a bankruptcy or other relief flom creditors; or 6) if any of the E   uipm nt is seized un er process of taw; or 17) if any guaranty of my o   ltgations under tliis N le is withdrawn or becomes unenforceable for any   reason; or (8) iflender reasonably believ itself to be insewre in the   repayment of this Note. After defautl and acceleration, Iagree to co tinue'   to pay Lender interest on the then unpaid balance of my Indebtedness at the   rate of eig teeri agents. 17. ACH Authorization:From time to time I may   contact lender by telephone or otheiWise (18%Jpercentper annum,or such   lesserrate as may be limited by law. • to Initiate single or reoccurring   electronic debit entries to a specified bus1ness bank account 8. Default   Remedies: Should I default der thts Noteih and Lendl!( elects to acce erate   held allhe financial institution Idesignate through the Automated Clearing   House (ACH) payment of my Indebtedness,lender may exercise all of e rights   and remedies availa le to • nelworlt Ihereby authorize lender lo initiate an   sucll debit entries in the amount of my secured credi!ots generally under the   Uniform Commercial COde. Iagree to tum ov and monthly payment or payments   under this Agreemenplus aU other amounts due at the deliver the Collateral to   Lender at my expense, at the time and at the location lend may tine not   exceeding $100.00 (or in such other amount as ISPecify from time to timeland   demand of me. Altemativelv, to the extent permitted by applicable law,lender   may entany agree to be boundby the rules and regulations of the Nationill   Aulomated Clearing House !1femises or other place wflere the Cdlatl!(a) may   be located, and take possessionthe ASsociation,as they may mange from time to   time,appicable thereto. Collateral, and allother property then located on or   in the Colateral provided that len is 18.Authorization to Sliare Information.   lender may collect nDrl'pubtic information flom able to do so without breach   of·the peace. To the extent permiHed by applicable law,L der Borrower and any   Guarantor which may consist of tnformation on credit apprlcations or may then   sejl the Collateral without waiTanty at public or private sale, and apply th   sale other forms. information regarding transactions with lender, affilates «   others and proceeds to the satisfaction of my Indebtedness. Unless otherwise   required by appllcabiEaw, information that lender receives from credit   reporting agencies and other outside sources lender has no obligation to   dean-up.repair, or prepare the Collateralfor sale. Iherebyree during the time   period that a line of credit is in effecf or that any balance is due to   Lender thatlendermayadvertiseandsellrepossessedCollall!(al· th ugh under any   lease or loan agreement ('Information').Afl Borrowers and Guarantors agree   www.usedlruckinvenlof)'.com or other internet websites through which   equipment or olor that lender may disclose any of U1e Information to any   affiliate, assigns or agents of vehides similar to the llateralis sold and   that such sate shall be deemed a comme rally Lender: • TFFF2508   (Rev.06/01/;ot1) MULTI-STATE Page 2 o/2 - ·1 --. Dale: 11/21/2016 Quote   No:.813461 TFFF2506 A 

    

 

Example Only   Quote#·813461 ' 1 = · 3. Unpaid Baal nce of Sale Price Physic . . Daimler   Truck FinancialPr (Note an '-I cing Worksheet Security Agreement) Date:   11/21/2016 A ' BORROWER: CO-BORROWER DEALER: U.S.XPRESS LEASING,INC. 080   Jenkins Rd !chattanoogaTN 37421-11liamilton j Name Address city State Zip   Code ATC CHATTANOOGA, LLC 137 GATEWAY DR RINGGOLDGA 30736-73 DESCRIPTION OF   EQUIPMENT: I List P off to: New//Used Make Model 1 SenalNumber Body Type   ModelYear Cash Sale Pnce ' Total: $2 440 512.06 TRADE·IN & DOWNPAYMENT:   Make Model SerialNumber Body-Type ModelY· ear Allowance .. ; ' - I .' I J   ***Pricing Worksheet -ifFF2524 (1 t /t3fl0t t) Payoff Amount $0.00   NetTrade-in Allowance $0.00 Cash Downpayment $0.00 Rebate $0.00 TOTAL   DOWNPAYMENT $0.00 ITEMIZATION OF LOAN PROCEEDS: 1. TotalCash Sale Price $2   440 5 1 2.06 2. Less TotalDown Payment $0.00 2 $2,440,512.06 : A alDamage   Insurance $0. 00 B. Credit Ufe/Disability Insurance $0. 00 C. NOO:Trucking   Uability Insurance $0.00 D. Guaranteed Auto Protection Waiver $0.00 E.   Guaranteed Auto Protection Insurance $0.00 F. Registration/UcenseiTiUe Fees   $0.00 G. FederalExcise Tax $283 412.44 H. Debt Cancellation $0.00 I. Sales   Tax $0.00 J. Documentary Fee $0.00 K. TiUe Service Fee L Other ( ) $0.00 M.   Other() $0. 00 N. Other() $0.00 0. Warranty $248 630.00 4.Totalltemized   Charges $532 042.44 5. Loan Amount (Add Nne 3 and ina 4) $2.,972 554.50 I . '   

    

 

Only (Four or   More Units) This Schedule. ust be aLched .to the·oriainal Contrac't and fo   lfie CODV oflJie 'Cotttracl oeliVereCJ lo lfie cuslomer Borrower: Address:   City: Chattanooga Contract Date: 11 /21/2016 LEASING,INC. County: Hamli ton   Quote Id.: 813461 Zip: 3742.1-1174 Sate: FJ/GLDROHLHM7680 20.17 ' Borrower:   By (signature): Title: U.S. XPRE§ LEASING. INC. TFFF2378 F&J Pro   (RAA-1.1} DCS 2xx PSA (l ll l 4/20LO} EQUIPMENT; NIU Make Model Serial1 umber   Body Type Year Cash Sale Price N FREIGHTLINER CASCADIA lF GLDROHLHM7677   TRACTOR 2017 $106,109.22 N FREIGHTLINER CASCADIA 1FL GLDR2HLHM7678 TRACTOR   2017 $106,109.22 N FREIGHTLINER CASCADIA 1FL GLDR4HLHM7679 TRACTOR 2017   $106,109.22 N FREIGHTLINER CASCADIA . 1 TRACTOR 2017 $106,109.22 N   FREIGHTLINER CASCADIA 1FU GLDR2HLHM7681 TRACTOR 2017 $106,109.22 N   FREIGHTLINER CASCADIA 1FJjGLDR4HLHM7682 TRACTOR 2017 $106.109.22 N   FREIGHTUNER CASCADIA 1FU GLD XHLHM7699' TRACTOR 2017 $106.109.iz N   FREIGHTLINER CASCADIA 1FU GLDR2HLHM7700 TRACTOR 2017 $106,109.22 N   FREIGHTUNER CASCADIA 1FU GLDR4HLHM7701 TRACTOR 2017 $I06,109.2l N   FREIGHTLINER CASCADIA 1FU GLDR6HLHM7702 ' TRACTOR 2017 $106,109.22 N   FREIGHTLINER CASCADIA lFU GLDR8HLHM7703 TR.ACTOR 2017 $106,109.22 N FREIGHTLINER   CASCADIA 1FU GLDR 1HLHM7705 TRACTOR 2017 $106,109.22 N FREIGHTLINER CASCADIA   1FU Glp 3HlHM7706. TRACTOR 2017 $106,109.22 N FREIGHTLINER CASCADIA 1FU   GLDR5HLHM7707 ' TRACTOR 2017 $106,109.22 N FREIGHTLINER CASCADIA 1FU   GLDRXHLHM7718 $106,109.22 TRACTOR N FREIGHTLINER CASCADIA 1FU GLOR1HLHM7719   TRACTOR 2017 $106,109.22 N FREJGHTUNER CASCADIA 1FU GLORXHLHM7721 TRACTOR   2017 $106,109.22 N FREIGHTUNER CASCADIA 1FU GLOR1HCHM7722 TRACTOR 2017   $10p,109.22 N FREIGHTLINER CASCADIA 1FU GLOR3HLHM7723 TRACTOR . ?017 $106,109.22   N FREIGHTLINER CASCADIA 1FU GLDR5HLHM7724' TRACTOR 20l7 $106,109.22 N   FREIGHTUNER CASCADIA 1FU GLDR7HlHM7725 TRACTOR 2017 $106,109.22 N   FREIGHTLINER CASCADIA 1FU GLDR9HLHM7726 TRf'.CTOR 2017 $106,109.22 N •   FREIGHTLINER CASCADIA 1FU GLDROHLHM7727 TRACTOR 2017 $106,109.22 ' .. - '   U.S.XPRESS 4080 Jenkins Rd-Daimler Truck Finandial Example Property Schedule   Addendum 

    

 

Example Only o   the coov ot the c ontratt deltvered to the customer PRESS LEASING, INC. I $48   321.07 o4t3012o17 8.321.07 04t3ot2o18 o4t3ot2019 $48 321.o7 I $48 321.07   09/3012017 S48,321.07 09/30/2018 09/30/2019 $48 321.07 Payment 12130/2020 $1   Payment • The finalpayment is an estimated mounTl he amount or my final   payment ay vary depending upon wh ri Creditor receives my periodicloan   payments, and willinclude tile unpa principalbalance,interest and any othe   amounts owed as of the finalpayment due dale.The amount of Finance Charges   andlhJotalor PaymenlsJ Owed disclosedhefeinhave beet estimatedbased upon tile   assumption that Creditor willreceive all erts ed d/-----, Si ture of   Borr'Ower..-TFFF1346(1 l //14/2010) Date Date I ,0'58,000.00 Date Payment   Date 12/3012019 01/3012020 02129/2020 03/3012020 04/30/2020 05/30/2020   06/3012020 07/30/2020 08/30/2020 09130/2020 10/30/2020 11/3012020 Pa $ $ $ $ $ $ $ $ $ $ $ $ {JDent 8,321.07 8,321.07 8,321.07 8,321.07 8,321.07 8.321.07   8,321.07 8,321.07 8,321.07 8,321.07 8,321.07 8,321.07 rroent Date Pa · Date I   Pa_yment ' . ' Daimler Truck Financial Payment Schedule Addendum TIJt Borrower   I Buyer: U.S. Quote JD: 813461 Schedule must be attac ed to the onamal (   ontract and Contract Date: 11/21/2016 Term: 49 Borrower promises to py Seller   or its assignee the T TAL OF PAYMENTS as described below: Date Pa   f'JilentDate PaymentDate Payment 12/30/201648,321.0712/30/2017 $48   321.0712/30/2018$48 321.07   01/30/201748321.0701/30/2018$48321.0701/30/2019$48321.07 02/28/201748 321.07   02/28/2018$48 321.0702/28/2019$48 321.07 03/30/201748 321.0703/30/2018$48 321   0703/30/2019$48 321.07 05/30/201748 321.0705/30/2018$48 321.0705/30/2019$48   321.07 06/30/2017$8 321.0706/30/2018$48 321.0706/30/2019$48 321.07   07/30/2017148321.0707/30/2018$48321.0707/30/2019$48321:07 08/30/2017$8   321.0708/30/2018$48 321.0708/30/2019$48 321.07 10/30/2017$48 321.0710/30/2018   $48 321.0710/30/2019 $48 321.07 11/30/2017548,321.07   ....11/30/2018$48,321.0711/30/2019$48 321.07 

    

 

First Amendment   to Note and Security Agreement (Multi-State) This First Amendment to Note and   Security Agreement (Multi-State) ("Amendment") is by and between   Mercedes-Benz Financial Services USA LLC ("Lender) and U.S. Xpress   Leasing, Inc. ("Borrower") and amends all Note and Security   Agreements (Multi-State) (Form Number TFFF2508) by and between Lender and   Borrower ("Note"), even if such Notes predate the date ofthis   Amendment. The Note shall be amended as follows: 1. SECURITY AGREEMENT. This   Section on Page 1 of the Note shall be amended as follows: a. b. The third   sentence shall be deleted in its entirety. The fourth sentence shall be deleted   in its entirety and replaced with following language: "The Equipment,   all leases and chattel paper of Equipment, all lease payments, rentaJs, and   rights thereto and proceeds the the are individually, collectively and   interchangeably referred to under this Note as my "Co!lateral." The   following sentence shall be added after the fourth sentence: "Collateral   shall specifically exclude Qualcomm units or other manufactmer mobile   satellite communication systems." Subsection (1) shall be deleted in its   entirety and replaced with the following language: "(1) my indebtedness   under this Note for payment of principal, interest, late charges and returned   check fees:" c. d. 2. The first sentence of Section 2 shaJl be deleted   in its entirety and replaced with the following language: "If I fail to   make any payment within ten (10) days of the due date, I ·agree to pay Lender   a late payment fee in an amount equal to 2% of the delinquent payment, or   such lesser amount as may be limited by law." 3. Section 5 shall be   deleted in its entirety and replaced with the following language: "5.   Covenants: I agree not to sell, lease, transfer or assign the Collateral   without Lender's prior written consent. I agree that I may sell, lease,   transfer or assign the Collateral to one of my affiliates so long as I notify   Lender .to ensure that Lender's security interest in the Collateral remains   petfected. I ftuther agree: (1) not to allow any other security interest or   lien to be placed on or to attach to the Collateral; (2) not to remove the Equipment   fTom the state in which I reside or have my principal offices, other than in   the ordinary course of business, for a period in excess of sixty (60)   consecutive days, without first obtaining Lender's prior written consent; (3)   not to re-title the Equipment in another state without ftrst notifying   Lender; and (4) if I am a business entity, not to change my name or form or   state of organization without frrst notifying Lender at least thuiy (30) days   .in advance of such change. I further agree: (a) that anything that may be   attached to the Equipment will become an accession to the Equipment, and will   become part of the Collateral (excluding Qualcomrn units or other   manufacturer mobile satellite communication systems); (b) to make all   necessary repairs to, and not to abandon the Equipment; (c) to abide by all   laws and rules and regulations with respect to the use and operation of the   Equipment, and to obtain all necessary permits and licenses in those   jurisdictions where . required; (d) to pay all taxes and assessments levied   against the Equipment and to furnish Lender with proof of such payments; and   (e) to permit Lender to inspect the Equipment at reasonable times provided   that I am not required to assemble equipment for such inspection." 

    

 

4. In Section   6, the seventh sentence shall be deleted in its entirety and replaced with   the following language: "The amount advanced by Lender for said   insurance shall be immediately due and repaid to Lender, together with   interest with a rate up to 10% per annum, as limited by law, from the date of   such advance." 5. In Section 6, the following two sentences shall be   inserted after the last sentence: "Lender has agreed to Self-Insurance   which has been provided to Lender in a Self fnsurance Letter Agreement dated   2/15/2007 ("Letter"). To the extent that there are any   inconsistencies between the Letter and this Section, the Letter shall   prevaiL" 6. Section 7 shall be deletd in its entirety and replaced with   the following language: "7. Default and Acceleration: Lender has the   right at its sole option to insist on immediate payment in full of all   Indebtedness that I may owe to Lender upon the occurrence of any one or more   of the following events: (1) if I fail to make any payment under this Note   within 10 days of the due date; or (2) if I am in default under any other   provision of this Note and such default is not cured within 15 days after   Lender sends me written notice specifying such default; or (3) if I am in   default under any other loan, lease, extension of credit, or obligation that   I may then owe to Lender or any affiliate of Lender and such default is not   cured with.in 15 days after Lender or any affiliate of Lender sends me   written notice specifying such default; or (4) if I should become insolvent,   or the subject of a bankruptcy or other relief from creditors; or (5) if any   guaranty or my obligations under this Note is withdrawn or becomes   unenforceable for any reason." · 7. The second sentence in Section 8   shall be deleted in its entirety and replaced with the following language:   "I agree to turn over and deliver the Collateral to Lender at my   expense, at any of my terminal locations, at a time Lender may demand of   me." 8. Section 14 shall be amended as follows: the word "and"   shall be inserted between subsection (a) and subsection (b); subsections (c)   and (d) shall be deleted in their entirety. 9. The following sentence shall   be inserted after the last section of Section 15: "Lender and I agree   and consent to the exclusive jurisdiction of the courts of the State of   Tennessee for all purposes regarding this Note." 10. Section 18 shall be   deleted in its entirety. 11. Except as modified herein, the terms of the Note   shall remain in full force and effect This Amendment supersedes and replaces   any and all amendments made to the Note prior to the date indicated below.   Dated this day of ;, 2014. Mercedes-Benz Financial Services USA LLC By: _ _   R.o..r pvl . 1-( c.t{\ Printed Name: _ A 5Ss'+ 5 ec.re.+t.t r-t Title: _   Title:Exhibit 10.17

 

EXECUTION VERSION

 

FOURTH AMENDMENT TO TERM LOAN AGREEMENT

 

THIS FOURTH AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”), is made and entered into effective as of August 10, 2017, by and among U.S. XPRESS ENTERPRISES, INC., a Nevada corporation (the “Borrower”), NEW MOUNTAIN LAKE HOLDINGS, LLC, a Nevada limited liability company (“Holdings”), WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as administrative and collateral agent (the “Agent”) for the several banks and other financial institutions from time to time party to the Term Loan Agreement (as defined below) as lenders (collectively, the “Lenders”), and the Lenders.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Borrower, Holdings, the Lenders and the Agent are parties to that certain Term Loan Agreement, dated as of May 30, 2014 (as amended by the First Amendment to Term Loan Agreement dated as of April 10, 2015, the Second Amendment to Term Loan Agreement dated as of November 8, 2016, and the Third Amendment to Term Loan Agreement dated as of March 1, 2017, and as it may be further amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Term Loan Agreement), pursuant to which the Lenders have made certain Term Loans to the Borrower;

 

WHEREAS, the Borrower has requested certain amendments to the Term Loan Agreement, and subject to the terms and conditions hereof, the requisite Lenders are willing to agree to such amendments and the parties have agreed to effect such amendments through this Amendment;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties (including the Agent and the Required Lenders) agree as follows:

 

1.                                      Term Loan Agreement Amendments.  Effective upon the satisfaction of the conditions set forth in Section 2 below, the Term Loan Agreement is hereby amended as follows:

 

a.                                      The definition of “Consolidated EBITDA” in Section 1.1 of the Term Loan Agreement is hereby amended by deleting the word “and” between clause (b)(x)(B) and (C) and replacing it with a comma, and inserting the following after clause (b)(x)(C): “, (D) fees and expenses of A.T. Kearney or other Advisor engaged and retained in accordance with Section 6.4 of this Agreement not to exceed $3,000,000 in the aggregate, and (E) severance, termination, or restructuring costs related to recommendations of such Advisor not to exceed $1,000,000 in the aggregate.”

 

b.                                      Section 1.1 of the Term Loan Agreement is hereby amended by adding the following definition in the appropriate alphabetical order:

 

 

“Fourth Amendment” means that certain Fourth Amendment to Term Loan Agreement, dated as of August 10, 2017, by and among the Borrower, Holdings, the Agent, and the Lenders.

 

c.                                       Section 6.1 of the Term Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 6.1.                                Leverage Ratio.     The Borrower will maintain, as of the end of each Fiscal Quarter, a Leverage Ratio for the period of four Fiscal Quarters then ending of not greater than the ratio set forth opposite the applicable Fiscal Quarter in the table below:

 

	
Fiscal Quarter
    	
 
    	
Leverage Ratio
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on June 30, 2014
    	
 
    	
5.30:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on September 30, 2014
    	
 
    	
5.30:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on December 31, 2014
    	
 
    	
5.10:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on March 31, 2015
    	
 
    	
4.90:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on June 30, 2015
    	
 
    	
4.80:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on September 30, 2015
    	
 
    	
4.70:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on December 31, 2015
    	
 
    	
4.60:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on March 31, 2016
    	
 
    	
4.50:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on June 30, 2016
    	
 
    	
4.50:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on September 30, 2016
    	
 
    	
4.40:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on December 31, 2016
    	
 
    	
4.65:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on March 31, 2017
    	
 
    	
4.80:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on June 30, 2017
    	
 
    	
4.75:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on September 30, 2017
    	
 
    	
4.75:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on December 31, 2017
    	
 
    	
4.25:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on March 31, 2018
    	
 
    	
4.25:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on June 30, 2018
    	
 
    	
4.25:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on September 30, 2018
    	
 
    	
4.25:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on December 31, 2018
    	
 
    	
4.20:1.0
    
	
 
    	
 
    	
 
    
	
The Fiscal Quarter ending on March 31, 2019
    	
 
    	
4.20:1.0
    

 

2

 

2.                                      Conditions to Effectiveness of this Amendment.  Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that the amendments set forth in Section 1 above shall not become effective, and the Borrower shall have no rights thereunder, unless and until the Agent and Lead Lenders receive:

 

a.                                      Reimbursement or payment of its costs and expenses incurred in connection with this Amendment (including reasonable fees, charges and disbursements of counsel to the Lead Lenders and the Agent);

 

b.                                      Receipt of the amendment fee in respect of this Amendment to the Agent for the pro rata accounts of the Lenders in the amount of $242,331;

 

c.                                       Executed counterparts to this Amendment from the Borrower, Holdings, the Agent, and the Lenders constituting at least Required Lenders; and

 

d.                                      All other documents, opinions, or information reasonably requested by the Agent.

 

3.                                      Post-Closing Covenants.

 

a.                                      With respect to the marketing for the sale to a third-party buyer (the “Sale”) of substantially all of the assets, properties, rights and interests used in, held for use in connection with, or otherwise related to, the business and operations of Xpress Internacional, S.A. de C.V. (“Xpress Internacional”):

 

(i)                                     Within 30 days of the date of this Amendment, the Borrower shall have engaged an investment bank or other similar advisor (the “Sale Advisor”) acceptable to Holdings’ board of directors to advise the Borrower in connection with the Sale, pursuant to an engagement letter in form and substance and on terms satisfactory to Holdings’ board of directors;

 

(ii)                                  Within 45 days of engaging the Sale Advisor, the Borrower shall have initiated a customary marketing process, expected to include negotiation of nondisclosure agreements with parties identified by the Sale Advisor as potential purchasers and distribution of informational and marketing materials (expected to include a teaser and an offering memorandum) and solicitations for bids in connection with the Sale;

 

(iii)                               The Borrower shall distribute (or shall cause the Sale Advisor to distribute) promptly to the Lead Lenders all bids received in connection with the Sale, together with copies of all related documentation setting forth the terms of such bids; and

 

(iv)                              For any bid received in connection with the Sale that is approved by Holdings’ board of directors, (A) the Borrower shall proceed with attempting to negotiate a letter of intent or other similar document (the “Letter of Intent”) acceptable to Holdings’ board of directors evidencing an intent to enter into a purchase and sale agreement (the “Sale Agreement”) and (B) on a reasonable and customary basis following execution of the Letter of

 

3

 

Intent, the Borrower shall proceed toward consummating the Sale pursuant to a reasonable and customary Sale Agreement and all other relevant definitive documentation in connection with the Sale, which documentation shall be on terms and in form and substance satisfactory to Holdings’ board of directors, it being understood that there can be no assurance that any Sale Agreement will be executed with any bidder or any Sale ultimately consummated.

 

b.                                      The Borrower shall use commercially reasonable efforts, exercised through its non-controlling ownership of and position on the board of directors on Parker Global Enterprises, Inc., to continue to support the commencement of marketing for the sale to a third-party buyer of substantially all of the assets, properties, rights and interests used in, held for use in connection with, or otherwise related to, the business and operations of Parker Global Enterprises, Inc.

 

c.                                       The Borrower shall continue to engage A.T. Kearney or another Advisor, in compliance with the requirements of Section 6.4 of the Term Loan Agreement, through at least the later of (i) December 31, 2017 or (ii) the date on which the Borrower is no longer required to retain an Advisor pursuant to Section 6.4 of the Term Loan Agreement.

 

d.                                      The Borrower shall (i) in reasonable detail, report to the Lenders on each of the covenants contained in Sections 3(a), (b), and (c) of this Amendment at each meeting of Holdings’ board of directors and as reasonably requested by the Lenders between meetings of Holdings’ board of directors and (ii) afford members and observers of Holdings’ board of directors with access to the investment bank referred to in Section 3(a) and the consultant(s) referred to in Section 3(c) for direct dialogue in person or by telephone conference.

 

4.                                      Representations and Warranties.  To induce the Lenders to consent to this Amendment and instruct the Agent to enter into this Amendment, each of the Borrower and Holdings hereby represents and warrants to the Lenders and the Agent that:

 

a.                                      The execution, delivery and performance by each of the Borrower and Holdings of this Amendment: (i) does not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (ii) will not violate any Requirements of Law applicable to any Loan Party or any judgment, order or ruling of any Governmental Authority, and (iii) will not give rise to a right thereunder to require any payment to be made by any Loan Party;

 

b.                                      This Amendment has been duly executed and delivered by each of the Borrower and Holdings and constitutes a legal, valid, and binding obligation of each of the Borrower and Holdings, enforceable against each of Borrower and Holdings in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, and other laws affecting creditors’ rights and remedies in general; and

 

c.                                       Before and after giving effect to this Amendment, the representations and warranties contained in the Term Loan Agreement, as the same may be amended or otherwise affected by the amendments contained herein, are true and correct in all material respects, and no Default or Event of Default has occurred and is continuing as of the date hereof.

 

4

 

5.                                      Effect of Amendment.  All terms of the Term Loan Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding, and enforceable obligations of the Borrower, Holdings, and the other Loan Parties to the Lenders and the Agent.  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 the Agent or the Lenders under the Term Loan Agreement, nor constitute a waiver of any provision of the Term Loan Agreement.  This Amendment shall constitute a Loan Document for all purposes of the Term Loan Agreement.

 

6.                                      Release.  Effective on the date hereof, the Borrower, Holdings, on behalf of themselves and each other Loan Party, hereby waives, releases, remises and forever discharges the Agent and each Lender, each of their respective Affiliates, and each of the officers, directors, employees and agents of the Agent, each Lender and their respective Affiliates (collectively, the “Releasees”), from any and all claims, suits, investigations, proceedings, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which the Borrower, Holdings or any other Loan Party ever had, or now has against any such Releasee which relates, directly or indirectly to this Amendment, the Term Loan Agreement, any other Loan Document, or to any acts or omissions of any such Releasee under, in connection with, pursuant to or otherwise in respect of this Amendment, the Term Loan Agreement or any of the other Loan Documents, except for the duties and obligations of the Releasees set forth in this Amendment, the Term Loan Agreement, or any of the other Loan Documents.

 

7.                                      Reaffirmation of Obligations and Acknowledgment of Indebtedness.  Each of the Borrower and Holdings hereby acknowledges that the Loan Documents and the Obligations constitute the valid and binding obligations of the Loan Parties enforceable against the Loan Parties, and each of the Borrower and Holdings hereby reaffirms its obligations under the Loan Documents.

 

8.                                      Governing Law.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.

 

9.                                      No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Term Loan Agreement or an accord and satisfaction in regard thereto.

 

10.                               Costs and Expenses.  The Borrower agrees to pay all reasonable, out-of-pocket costs and expenses of the Agent in connection with the preparation, execution and delivery of this Amendment in accordance with Section 10.3(a) of the Term Loan Agreement.

 

11.                               Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument.  Delivery of an 

 

5

 

executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof.

 

12.                               Binding Nature.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns.

 

13.                               Entire Understanding.  This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

 

14.                               Agent Authorization. Each of the undersigned Lenders hereby directs and authorizes the Agent to execute and deliver this Amendment and the other documents entered into in connection herewith on its behalf and, by its execution below, each of the undersigned Lenders agrees to be bound by the terms and conditions of this Amendment and such other documents.

 

(remainder of page intentionally left blank)

 

6

 

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

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
U.S.   XPRESS ENTERPRISES, INC.
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Eric Peterson
    
	
 
    	
 
    	
Name:   
    	
Eric   Peterson
    
	
 
    	
 
    	
Title:
    	
Treasurer,   Chief Financial Officer, and Secretary
    

 

	
 
    	
HOLDINGS:
    
	
 
    	
 
    
	
 
    	
NEW   MOUNTAIN LAKE HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Lisa Pate
    
	
 
    	
 
    	
Name:   
    	
Lisa   Pate
    
	
 
    	
 
    	
Title:
    	
Manager,   President, and Treasurer
    

 

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
AGENT:
    
	
 
    	
 
    
	
 
    	
WILMINGTON   TRUST, NATIONAL ASSOCIATION as administrative and collateral agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Alisha Clendaniel
    
	
 
    	
 
    	
Name:
    	
Alisha   Clendaniel
    
	
 
    	
 
    	
Title:
    	
Banking   Officer
    

 

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
DARBY CREEK LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    
	
 
    	
DUNLAP FUNDING LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation III, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
JUNIATA RIVER LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management 
   LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    
	
 
    	
HAMILTON STREET FUNDING LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
LOCUST STREET FUNDING LLC,   as a Lender
    
	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
RACE STREET FUNDING LLC,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation, as Sole Member
    
	
 
    	
By: GSO / Blackstone Debt   Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
WISSAHICKON CREEK LLC,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: FS Investment   Corporation II, as Sole Member
    
	
 
    	
By: GSO / Blackstone   Debt Funds Management LLC, as Sub-Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Marisa Beeney
    
	
 
    	
Name: 
    	
Marisa Beeney
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
BENEFIT STREET PARTNERS SMA LM   L.P., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Bryan Martoken
    
	
 
    	
Name: 
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PECM STRATEGIC FUNDING L.P.,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Bryan Martoken
    
	
 
    	
Name: 
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PECM STRATEGIC FUNDING SPV L.P.,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Bryan Martoken
    
	
 
    	
Name: 
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PROVIDENCE DEBT FUND III SPV   L.P., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Bryan Martoken
    
	
 
    	
Name: 
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
PROVIDENCE DEBT FUND III   (NON-US) SPV L.P., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Bryan Martoken
    
	
 
    	
Name: 
    	
Bryan Martoken
    
	
 
    	
Title:
    	
CFO
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

By their signatures below each of the Loan Parties acknowledges and agrees to the terms of this Amendment and, except as expressly provided for in this Amendment, hereby affirms its absolute and unconditional promise to pay the Term Loans and other amounts due under the Term Loan Agreement, as amended hereby, at the times and in the amounts provided for herein.

 

	
OTHER LOAN PARTIES:
    	
U.   S. XPRESS, INC.,

a   Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
Title:
    	
Secretary   and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
U.   S. XPRESS LEASING, INC.,

a   Tennessee corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
Title:
    	
Secretary   and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
XPRESS   AIR, INC.,

a   Tennessee corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eric Peterson
    
	
 
    	
Name:
    	
Eric   Peterson
    
	
 
    	
Title:
    	
Secretary
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
XPRESS   HOLDINGS, INC.,

a Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mindy Walser
    
	
 
    	
Name:
    	
Mindy Walser
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ASSOCIATED   DEVELOPMENTS, LLC,

a Tennessee limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Vice Manager and   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TAL POWER EQUIPMENT #1   LLC,

a Mississippi limited liability   company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TAL POWER EQUIPMENT #2   LLC,

a Mississippi limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
TAL REAL ESTATE LLC,

a Mississippi limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TAL VAN #1 LLC,

a Mississippi limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TOTAL LOGISTICS INC.,

a Mississippi   corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TOTAL TRANSPORTATION OF   MISSISSIPPI LLC,

a Mississippi limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRANSPORTATION ASSETS   LEASING INC.,

a Mississippi   corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    
	
 
    	
 
    	
 
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

 

 

	
 
    	
TRANSPORTATION   INVESTMENTS INC.,

a Mississippi corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric Peterson
    
	
 
    	
Name:
    	
Eric Peterson
    
	
 
    	
Title:
    	
Secretary and Treasurer
    

 

Signature Page to Fourth Amendment to Term Loan Agreement

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