Document:

EX-10.2

 Exhibit 10.2 

THESE SECURITIES HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND SOLD ONLY
IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR EXEMPT FROM SUCH REGISTRATION AND QUALIFICATION REQUIREMENTS. 

COMPANY SHALL REGISTER THIS INSTRUMENT AND ALL OTHER SIMILAR INSTRUMENTS ISSUED BY COMPANY, INCLUDING THE PRINCIPAL AND INTEREST PAYABLE HEREUNDER, ON
COMPANY’S BOOKS CONCURRENTLY WITH THE ISSUANCE OF THIS INSTRUMENT. THIS INSTRUMENT MAY BE TRANSFERRED ONLY BY THE HOLDER SURRENDERING IT AND RECEIVING IN RETURN A NEW INSTRUMENT IN THE NAME OF THE TRANSFEREE. TRANSFER OF THIS NOTE AT ANY TIME
BY ANY MEANS OTHER THAN AS DESCRIBED IN THIS PARAGRAPH IS VOID. 
 IDENTIV, INC. 

SUBORDINATED UNSECURED PROMISSORY NOTE 

$[•]
                                         
                                         
                                         
                                         
                              [•], 2018 

[City], California 
 1.
Principal and Interest. 
 1.1 Identiv, Inc., a Delaware corporation (the “Company”), for value received, hereby
promises to pay to the order of [•] (the “Holder”) the amount of $[•]. This Subordinated Unsecured Promissory Note (the “Note”) shall bear simple interest at the rate of 3% per annum from the date of
issuance until repayment of the Note. Interest on this Note shall be computed on the basis of a 365 day year and actual days elapsed. This Note is being issued in connection with the Merger Agreement by and among the Company and 3VR Security, Inc.,
a California corporation, and other parties thereto, dated as of February [•], 2018, as it may be amended from time to time (the “Merger Agreement”) and all other Subordinated Unsecured Promissory Notes issued in connection
with the Merger Agreement shall be referred to collectively as the “Other Notes”. 
 1.2 The outstanding principal amount of
and all accrued but unpaid interest on this Note shall be due and payable on the one-year anniversary of the date of this Note (the “Maturity Date”). All payments of interest and principal shall be made in lawful money of the United
States of America by cashier’s check, certified check or by wire transfer of immediately available funds to the Holder’s account at a bank specified by the Holder in writing to the Company. The Company agrees to pay all costs and expenses,
including reasonable attorneys’ fees, incurred by the Holder in any action brought to enforce the terms of this Note. 
 1.3 Upon
repayment in full of this Note as provided herein, this Note shall be terminated and surrendered to the Company for cancellation. 

  
 1 

 2. Payment. 

2.1 Prepayment. This Note may be prepaid by the Company at any time. 

2.2 Acceleration of Repayment. 100% of the outstanding principal amount of, and all accrued but unpaid interest on, this Note, shall
become due and payable immediately: 
 (a) Within thirty (30) days of the date the Company consummates the sale of shares of its
capital stock to investors in a financing or series of financings with total proceeds to the Company of at least $10,000,000. 
 (b) If
there shall be any Event of Default. The occurrence of any one or more of the following shall constitute an “Event of Default”: (i) the Company fails to pay timely any of the principal amount of or any accrued interest or other
amounts due under this Note on the date the same become due and payable; (ii) any representation or warranty made or deemed made by the Company herein is incorrect in any material respect as of the date which such representation or warranty was
made; (iii) the Company fails to observe or perform any material covenant, condition or agreement contained in this Note; (iv) the Company files or otherwise commences any petition or action for relief under any bankruptcy, reorganization,
insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, seeks appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial
part of its assets, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (v) an involuntary petition or action is filed or otherwise commenced against the Company (unless
such petition is dismissed or discharged within one hundred and twenty (120) days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is
appointed to take possession, custody or control of any property of the Company. 
 (c) In the event that a Change of Control (as defined
below) is consummated prior to the Maturity Date or repayment in full of this Note. For the purposes of this Note, “Change of Control” shall mean (i) a liquidation, dissolution or winding up of the Company, (ii) an
acquisition of the Company by another person or entity by means of any transaction or series of related transactions to which the Company is a party (including, without limitation, a merger, consolidation or other corporate reorganization), other
than an acquisition in which the shares of capital stock held by stockholders of the Company immediately prior to such acquisition continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately
after such acquisition and by virtue of the acquisition, a majority of the total outstanding voting power of the surviving or acquiring person or entity; (iii) a sale, lease, exclusive license (unless granted in the ordinary course of business)
or other disposition of all or substantially all of the assets of the Company, except where such sale, lease, exclusive license or other disposition is to a wholly owned subsidiary of the Company; or (iv) a transaction or series of related
transactions to which the Company is a party (whether by merger, consolidation, stock acquisition or otherwise) in which a majority of the total outstanding voting power of the Company is transferred. Notwithstanding the foregoing sentence, a
transaction shall not constitute a Change of Control if the primary purpose is to change the jurisdiction of the Company’s incorporation, create a holding company that will be owned in substantially the same proportions by the persons who held
the Company’s securities immediately before such transaction, or engage in a bona fide equity financing transaction. 

  
 2 

 3. Subordination. The indebtedness represented by this Note is hereby expressly
subordinated in right of payment to the prior payment in full of all of the Company’s existing and future secured indebtedness to banks, insurance companies, lease financing institutions or other lending institutions (other than small business
investment companies or venture capital firms) regularly engaged in the business of lending money (“Senior Indebtedness”). The Holder agrees to execute a subordination agreement in customary form and substance with such entities as
reasonably requested by the Company in respect of the subordination agreed to by the Holder under this Section 3; provided, however, so long as there is no event of default under any binding agreements governing such Senior
Indebtedness, the Holder shall not be restricted from receiving, and the Company shall not be restricted from paying, scheduled payments to the Holder in accordance with this Note. 

4. Representations, Warranties and Covenants. 

4.1 The Company hereby represents and warrants to the Holder that: 

(a) The Company has all requisite corporate power and authority to enter into this Note and to consummate the transactions contemplated
hereby. The execution and delivery of this Note and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Company. This Note has been duly executed and delivered by the
Company and constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject only to the effect, if any, of (i) applicable bankruptcy and other similar laws affecting the rights
of creditors generally and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies; and 
 (b)
the execution and delivery by the Company of this Note and the performance and consummation of the transactions contemplated hereby, including payments to the Holder in accordance with this Note, do not violate any provision of, or result in the
breach or the acceleration of, or entitle any other person to accelerate (whether after the giving of notice or lapse of time or both), (i) any provision of the organizational documents of the Company, as amended to date, (ii) violate any
material law or order applicable to the Company or by which any of its properties or assets may be bound; or (iii) any material mortgage, indenture, agreement, instrument or contract, to which the Company is a party or by which it is bound
(including any Senior Indebtedness). 
 4.2 Subject to any subordination agreement that may from time to time be entered into between the
Holder and a holder of Senior Indebtedness, the Company shall not, directly or indirectly enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of the Company to
pay scheduled payments to the Holder in accordance with this Note. 
 5. Assignment. The Company may not assign or transfer this Note
or any of its rights hereunder without the prior written consent of the Holder. Subject to the restrictions on transfer described in Section 7 hereof, the rights and obligations of the Company and the Holder of this Note shall be binding
upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. Effective upon any such assignment, any party to whom such rights, interests and obligations were assigned by the Holder shall have all of the
Holder’s rights, interests and obligations hereunder as if such party were the original Holder of this Note. 

  
 3 

 6. Amendments and Waivers. Any term of this Note may be amended and the observance of any
term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively) by the written agreement of the Holder and the Company. Unless the Holder and the Company expressly agree in writing, any waiver
of the terms hereof shall be effective only in the specific instance and for the specific purpose given. 
 7. Transfer of this Note.
Subject to compliance with applicable federal and state securities laws, the Holder may transfer this Note by delivering to the Company notice and a brief description of the proposed transfer along with any investment representation letter and legal
opinion that may be requested by the Company. This Note so transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with federal and state securities laws, unless the Company determines that
such legend is not required in order to ensure compliance with such federal and state securities laws. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. 

8. Notices. Unless otherwise provided, any notice required or permitted under this Note shall be given in writing, addressed (a) if
to a Holder, as indicated on the signature page hereto, or at such other address as such Holder shall have furnished to the Company in writing at least five (5) days prior to any notice to be given hereunder, or (b) if to the Company, at
its principal office located at [•], Attention: Chief Executive Officer, or at such other address as the Company shall furnish to each Holder in writing at least five (5) days prior to any notice to be given hereunder. All such notices and
other written communications shall be deemed effectively given upon personal delivery to the party to be notified (or upon the date of attempted delivery where delivery is refused) or, if sent by facsimile, upon receipt of appropriate written
confirmation of receipt, or five (5) days after deposit with the United States Postal Service, by registered or certified mail, or one (1) day after deposit with next day air courier, with postage and fees prepaid and addressed to the
party entitled to such notice, or, if sent by electronic mail, when directed to any electronic mail address set forth on the signature page hereto. 

9. No Stockholder Rights. This Note shall not confer upon the Holder any rights as a stockholder of the Company, including, without
limitation, the right to vote, consent or receive notice as a stockholder in respect of actions or meetings of stockholders, or the right to receive dividends, until this Note has been converted. 

10. Governing Law; Venue. This Note shall be governed by and construed under the laws of the State of Delaware as applied to agreements
among Delaware residents entered into and to be performed entirely within such state. With respect to any disputes arising out of or related to this Note, the parties consent to the exclusive jurisdiction of, and venue in, the state courts in Santa
Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the Northern District of California). 

  
 4 

 11. Loss, Theft or Destruction of Note. Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft or destruction of this Note, the Company shall issue and deliver, in lieu of this Note, a new Note which shall carry the same rights to interest carried by this Note, stating that such new Note is issued in
replacement of this Note, making reference to the original date of issuance of this Note (and any successors hereto) and dated as of such cancellation. 

12. Usury. This Note is hereby expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to the Holder
hereunder exceed that permissible under applicable law. If at any time the performance of any provision of this Note involves a payment exceeding the limit that may be validly charged under applicable law, then the obligation to be performed shall
be automatically reduced to such limit. 
 13. Issue Date. The provisions of this Note shall be construed and shall be given effect in
all respects as if this Note had been issued and delivered by the Company on the earlier of the date hereof or the date of issuance of any Note for which this Note is issued in replacement. 

14. Titles and Subtitles. The titles and subtitles used herein are used for convenience only and are not to be considered in construing
or interpreting this Note. 
 15. Waiver of Notice; Delays; Cumulative Remedies. The Company hereby waives demand for payment,
presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity and diligence in taking any action to collect sums owing hereunder. No delay by the Holder in exercising any power or
right hereunder shall operate as a waiver of any power or right. No failure to exercise and no delay in exercising on the part of the Holder, of any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 16. Severability. If any provision of
this Note is held to be illegal or unenforceable under applicable law, such provision shall be excluded from this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms. 
  

	17.	Pari Passu Notes. The Company and the Holder acknowledge and agree that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of
payment and in all other respects to the Other Notes. 

 [remainder of this page left intentionally blank] 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first above
written. 
  

			
	Identiv, Inc.
		
	By	 	  

	Name:	 	
	Title:	 	
	
	Agreed to and accepted:
	
	  
 Print
Name of Holder

		
	By	 	  

		 	Signature
	
	  
 Print Name (if signing
on behalf of an entity)

	
	  
 Title (if
applicable)

	
	  

Address

	
	  
 Email
Address

  
 6ulh-ex101_7.htm

Exhibit 10.1

 

AMENDMENT NO. 5 to 
REVOLVING CREDIT AND SECURITY AGREEMENT

THIS AMENDMENT NO. 5 TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is entered into as of February 2, 2018 by and among UNIVERSAL TRUCKLOAD, INC., a corporation organized under the laws of the State of Delaware (“UTI”), UNIVERSAL DEDICATED, INC., a corporation organized under the laws of the State of Michigan (“UDI”), MASON DIXON INTERMODAL, INC., a corporation organized under the laws of the State of Michigan (“UIS”), LOGISTICS INSIGHT CORP., a corporation organized under the laws of the State of Michigan (“Logistics”), UNIVERSAL LOGISTICS SOLUTIONS INTERNATIONAL, INC., a corporation organized under the laws of the State of Illinois (“Solutions”), UNIVERSAL SPECIALIZED, INC., a corporation organized under the laws of the State of Michigan (“Specialized”), CAVALRY LOGISTICS, LLC, a limited liability company organized under the laws of the State of Tennessee (“Cavalry”) and UNIVERSAL MANAGEMENT SERVICES, INC., a corporation organized under the laws of the State of Michigan (“Management Services”) and each of the New Borrowers (as defined below) (each a “Borrower”, and collectively the “Borrowers”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), the various financial institutions named therein or which hereafter become a party thereto, (together with PNC, collectively, “Lenders”) and PNC, as agent for the Lenders (in such capacity, “Agent”).

BACKGROUND

WHEREAS, Borrowers (other than the New Borrowers, as defined below), Agent, and Lenders are parties to a Revolving Credit and Security Agreement dated as of December 23, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Agent and Lenders provide Borrowers with certain financial accommodations.

WHEREAS, Borrowers have notified the Agent that UIS intends to acquire all of the Equity Interests of Fore Transportation, Inc., Fore Transport, Inc. and 4 Cargo, LLC (each a “New Borrower” and collectively, the “New Borrowers”), on the terms and conditions set forth in that certain Equity Purchase Agreement by and among UIS, UTSI Finance, Inc. and the Persons identified as Sellers therein (the “Fore Acquisition”).  

WHEREAS, Borrowers have requested that Agent and Lenders amend certain provisions of the Loan Agreement, and Agent and Lenders are willing to do so on the terms and conditions set forth in this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Consent to Fore Acquisition. The Agent and Lenders hereby consent (the “Consent”) to the Fore Acquisition and agree that such acquisition shall be deemed to be a Permitted Acquisition; provided that the Fore Acquisition shall be disregarded for purposes of calculating the limitations contained in clause (b) of the definition of “Permitted Acquisition”.  The Consent shall become effective on the Amendment No. 5 Closing Date (as defined below).

 

2.Amendments to Loan Agreement.  

(a)The following definitions in Section 1.2 of the Loan Agreement are amended and restated as follows:

“Applicable Margin” shall mean, for each type of Advance, the applicable percent per annum set forth in the pricing table below corresponding to the Average Excess Availability for the fiscal quarter then ending, as adjusted on a quarterly basis on the date on which the quarterly financial statements of Borrowers and related Compliance Certificate required under Section 9.8 for each fiscal quarter are due to be delivered (each day on which such delivery is due an “Adjustment Date”).

				
	
Level
	
Quarterly Average Excess Availability
	
Applicable Margin for LIBOR Rate Loans
	
Applicable Margin for Domestic Rate Loans

	
I
	
≥ 50% of the Maximum Revolving Advance Amount
	
During the Increased Availability Period: 1.50%

 

At all other times:

1.25%
	
During the Increased Availability Period: .50%

 

At all other times:

.25%

	
II
	
<50% and ≥ 25.0% of the Maximum Revolving Advance Amount
	
During the Increased Availability Period: 1.75%

 

At all other times:

1.50%
	
During the Increased Availability Period: .75%

 

At all other times:

.50%

	
III
	
< 25.0% of the Maximum Revolving Advance Amount
	
During the Increased Availability Period: 2.00%

 

At all other times:

1.75%
	
During the Increased Availability Period: 1.00%

 

At all other times:

.75%

 

 

If Borrowers shall fail to deliver the financial statements, certificates and/or other information required under Section 9.8 by the dates required pursuant to such sections, each Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above until the date of delivery of such financial statements, certificates and/or other information, at which time the rate will be adjusted based upon Average Excess Availability reflected in such statements. Notwithstanding anything to the contrary contained herein, no downward adjustment in any Applicable Margin shall be made on any Adjustment Date on which any Event of Default shall have occurred and be continuing.  Notwithstanding anything to the contrary contained herein, immediately and automatically upon the occurrence of any Event of Default, each Applicable Margin shall increase to and equal the highest Applicable Margin specified in the pricing table set forth above and shall 

2

 

continue at such highest Applicable Margin until the date (if any) on which such Event of Default shall be waived or cured in accordance with the provisions of this Agreement, at which time the rate will be adjusted based upon the Average Excess Availability reflected on the most recently delivered Compliance Certificate delivered by Borrowers to Agent pursuant to Section 9.8. Any increase in interest rates and/or other fees payable by Borrowers under this Agreement and the Other Documents pursuant to the provisions of the foregoing sentence shall be in addition to and independent of any increase in such interest rates and/or other fees resulting from the occurrence of any Event of Default (including, if applicable, any Event of Default arising from a breach of Sections 9.8 hereof) and/or the effectiveness of the Default Rate provisions of Section 3.1 hereof or the default fee rate provisions of Section 3.2 hereof.

If, for any reason, Agent determines that (a) the Average Excess Availability as previously calculated as of any applicable date for any applicable period was inaccurate, and (b) a proper calculation of the Average Excess Availability for any such period would have resulted in different pricing for such period, then (i) if the proper calculation of the Average Excess Availability would have resulted in a higher interest rate and/or fees (as applicable) for such period, automatically and immediately without the necessity of any demand or notice by Agent or any other affirmative act of any party, the interest accrued on the applicable outstanding Advances and/or the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall be deemed to be retroactively increased by, and Borrowers shall be obligated to immediately pay to Agent for the ratable benefit of Lenders an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period; and (ii) if the proper calculation of the Average Excess Availability would have resulted in a lower interest rate and/or fees (as applicable) for such period, then the interest accrued on the applicable outstanding Advances and the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall be deemed to remain unchanged, and Agent and Lenders shall have no obligation to repay interest or fees to the Borrowers; provided, that, if as a result of any restatement or other event or other determination by Agent a proper calculation of the Average Excess Availability would have resulted in a higher interest rate and/or fees (as applicable) for one or more periods and a lower interest rate and/or fees (as applicable) for one or more other periods, then the amount payable by Borrowers pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest and fees that should have been paid for all applicable periods over the amounts of interest and fees actually paid for such periods. “Application Date” shall have the meaning set forth in Section 2.8(b) hereof.”

 

“Maximum Revolving Advance Amount” shall mean $125,000,000 plus any increases in accordance with Section 2.24.

 

(b)The following definitions are added to Section 1.2 of the Loan Agreement:

3

 

“Amendment No. 5 Closing Date” shall mean February 2, 2018.

 

“Applicable Accounts Advance Percentage” shall mean the applicable percentage set forth in the table below for the periods specified therein: 

 

		
	
Applicable Time Period
	
Applicable Accounts Advance Percentage

	
Amendment No. 5 Closing Date through and including June 30, 2018
	
90%

	
July 1, 2018 through and including September 30, 2018
	
89%

	
October 1, 2018 through and including December 31, 2018
	
88%

	
January 1, 2019 through and including March 31, 2019
	
87%

	
April 1, 2019 through and including June 30, 2019
	
86%

	
July 1, 2019 and thereafter
	
85%

 

Borrower may elect to have the percentage reduced to eighty five percent (85%) at any time by providing written notice of such election to the Agent and such election shall be irrevocable.  

 

“Fore Acquisition Documents” shall mean the Fore Purchase Agreement and any other related documents or agreements arising from or entered into pursuant to the terms of such Fore Purchase Agreement, in each case as amended as permitted hereunder from time to time.

 

“Fore Purchase Agreement” shall mean that certain Equity Purchase Agreement (including all schedules, exhibits and attachments to same) by and among UIS, UTSI Finance, Inc. and the Fore Sellers dated as of February 2, 2018, as amended, restated or otherwise modified from time to time to the extent permitted hereunder. 

 

“Fore Sellers” shall mean Michael R Apa, Sr. Irrevocable Business Trust dated June 30, 2016, Michael R. Apa, Sr. Irrevocable Real estate Trust dated June 30, 2016 and James A. Apa.

 

“Increased Availability Period” shall mean the period of time from the Amendment No. 5 Closing Date until the date that the Applicable Accounts Advance Percentage is equal to or less than 85%.  

 

(c)The references to “85%” in Section 2.1(a)(y) are deleted and replaced with references to “Applicable Accounts Advance Percentage”. 

(d)Section 6.14 of the Loan Agreement is amended and restated as follows:

“6.14 Deposit Accounts.  (i) Cause all of the Borrowers’ (other than Fore 

4

 

Transportation, Inc., Fore Transport, Inc. and 4 Cargo, LLC) deposit accounts, other than the Excluded Accounts, the Permitted KeyBank Account and the accounts maintained in Canada as of the Closing Date, to be maintained with the Agent and (ii) on or before April 2, 2018, or such later date as Agent may agree in writing, cause all of the deposit accounts of Fore Transportation, Inc., Fore Transport, Inc. and 4 Cargo, LLC, other than the Excluded Accounts, to be maintained with the Agent.”

 

(e)The following is added to the Loan Agreement as new Section 7.18:

“7.18 Amendment to Fore Acquisition Documents. Make, permit or consent to any amendment to or other modification of the Fore Acquisition Documents without the prior written consent of the Agent, except to the extent that any such amendment or modification (i) does not violate the terms and conditions of this Agreement or any of the Other Documents, (ii) does not adversely affect the interest of the Lenders as creditors and/or as secured parties under any Other Document and (iii) could not reasonably be expected to have a Material Adverse Effect.”

 

3.Joinder to Loan Agreement.  Upon the consummation of the Fore Acquisition, the signature of each New Borrower to this Amendment and the Other Documents to which it is a party shall be deemed to confirm its agreement to each of the following provisions:

(a)Such New Borrower shall, and does hereby, become a Borrower under the Loan Agreement as if an original signatory thereto, and agrees to execute and deliver any such additional agreements, documents and instruments as Agent shall reasonably request. 

(b)Such New Borrower hereby ratifies and confirms its obligations under the Loan Agreement, all in accordance with the terms thereof, and shall be deemed to have made each representation and warranty set forth therein to the extent applicable to it, except that such representations and warranties shall be deemed to have been made on and as of the date of the consummation of the Fore Acquisition, rather than on and as of the date of this Amendment.  

(c)Each New Borrower (a) acknowledges and agrees that it has been afforded the opportunity to completely read and understand the Loan Agreement, the Notes and any Other Documents executed in connection therewith; (b) consents to all of the provisions of the Loan Agreement and the Notes and any Other Documents executed in connection therewith relating to such New Borrower; and (c) acknowledges and agrees that the Loan Agreement and the Other Documents to which it is a party have been freely executed without duress and after an opportunity was provided to it for review by competent legal counsel of its choice. 

(d)Each New Borrower acknowledges and agrees that it shall be primarily liable for the obligations under the Loan Agreement and the Other Documents to which it is a party as a joint and several obligor, in accordance with the terms set forth in Section 15.1(c) of the Loan Agreement.

4.Commitments and Percentages. The parties hereto acknowledge and agree that on and as of the Amendment No. 5 Closing Date, each Lender shall have Revolving Commitment Amounts and Revolving Commitment Percentages equal to the applicable amounts and 

5

 

percentages set forth on the signature page hereto. 

5.Schedules.  The Borrowers represent and warrant that the supplements to the Schedules to the Loan Agreement attached hereto as Attachment 1 include all of the respective information applicable to the New Borrowers and that all of the Schedules are true, correct and complete as of the date hereof.

6.Expenses.  Upon the execution of this Amendment, Borrowers must pay to Agent all costs and expenses incurred by Agent in connection with this Amendment, including reasonable attorneys’ fees of Agent’s counsel.

7.Conditions Precedent to Effectiveness of this Amendment.  This Amendment shall become effective (according to the terms hereof) on the date that the following conditions have been satisfied:

(a)Agent shall have received counterpart originals of this Amendment, duly executed and delivered by the Agent, the Borrowers and the Lenders.

(b)Agent shall have received counterpart originals of the new Revolving Credit Notes, in each case duly executed and delivered by the Borrowers and the Lenders; 

(c)Agent shall have received evidence from Borrowers (i) that the aggregate amount of Eligible Domestic Billed Receivables, Eligible Foreign Billed Receivables and Eligible Pledged Securities, is sufficient in value and amount to support the outstanding Revolving Advances and Swing Loans in the amounts requested by Borrowers on the Amendment No. 5 Closing Date and (ii) that Borrowers shall have Excess Availability of at least $25,000,000 after giving effect to the consummation of the Fore Acquisition and the Advances to be made on the Amendment No. 5 Closing Date.

(d)Agent shall have received a certificate of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) of each New Borrower in form and substance satisfactory to Agent dated as of the Amendment No. 5 Closing Date which shall certify (i) copies of resolutions in form and substance reasonably satisfactory to Agent, of the board of directors (or other equivalent governing body, member or partner) of such New Borrower authorizing (x) the execution, delivery and performance of this Agreement, the Notes and each Other Document to which such New Borrower is a party (including authorization of the incurrence of indebtedness, borrowing of Revolving Advances and Swing Loans and requesting of Letters of Credit on a joint and several basis with all New Borrowers as provided for herein), and (y) the granting by such New Borrower of the security interests in and liens upon the Collateral to secure all of the joint and several Obligations of New Borrowers (and such certificate shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such certificate), (ii) the incumbency and signature of the officers of such New Borrower authorized to execute this Agreement and the Other Documents, (iii) copies of the Organizational Documents of such New Borrower as in effect on such date, complete with all amendments thereto, and (iv) the good standing (or equivalent status) of such New Borrower in its jurisdiction of organization and, each applicable jurisdiction where the conduct of such New Borrower’s business activities or the ownership of its properties necessitates qualification, as evidenced by good standing certificate(s) (or the equivalent thereof issued by any applicable jurisdiction) dated not more than 30 days prior to the Amendment No. 5 Closing Date, issued by 

6

 

the Secretary of State or other appropriate official of each such jurisdiction.

(e)Agent shall have received in form and substance satisfactory to Agent, (i) evidence that adequate insurance, including without limitation, casualty and liability insurance, required to be maintained under this Agreement is in full force and effect, and (ii) insurance certificates issued by New Borrowers’ insurance broker containing such information regarding New Borrowers’ casualty and liability insurance policies as Agent shall request and naming Agent as an additional insured as applicable.

(f)Agent shall have received execution copies of the final Fore Acquisition Documents in effect on the Amendment No. 5 Closing Date, such documents to be in form and substance reasonably satisfactory to Agent and the Lenders. 

(g)Agent shall have received the final funds flow memorandum evidencing the use of proceeds with respect to the financing transactions of the Borrowers, to be consummated prior to or simultaneously with the making of the Advances on the Amendment No. 5 Closing Date together with a summary of terms of such financing transactions all of which shall be satisfactory in form and substance to Agent.

(h)Agent shall have received a copy of the fully executed payoff letters from The Huntington National Bank, in each case form and substance satisfactory to Agent.

(i)Agent shall have received payment of an amendment fee in an amount equal to $75,000 for distribution to the Lenders on a pro rata basis.  

8.Representations and Warranties.  Each Borrower represents, warrants, and agrees that:

(a)The execution, delivery, and performance of this Amendment are within its corporate, limited liability company, or limited partnership powers, have been duly authorized, and do not violate any statute, law, regulation, or its articles of incorporation, articles of organization, by-laws, or other organizational documents, or any material agreement or undertaking to which it is a party or by which it is bound.

(b)This Amendment is a legal, valid, and binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms.

(c)After giving effect to the amendments in this Amendment, the representations and warranties of such Borrower contained in the Loan Agreement and the Other Documents are true on and as of the date of this Amendment with the same force and effect as if made on and as of the date of this Amendment.

(d)No Default or Event of Default exists on the date of this Amendment.

(e)All Obligations are due and owing in accordance with their terms without setoff, counterclaim, or defense.

9.Effect on the Agreement.

(a)Except as specifically amended herein, the Loan Agreement, and all other 

7

 

documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified, reaffirmed, confirmed and approved.

(b)If there is an express conflict between the terms of this Amendment and the terms of the Loan Agreement or the Other Documents, the terms of this Amendment control.

(c)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Loan Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith.

10.Governing Law.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and shall be governed by and construed in accordance with the laws of the State of Michigan, without regard to any conflicts of laws principles thereto that would call for the application of the laws of another jurisdiction.

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

12.Counterparts; Facsimile.  This Amendment may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission or electronic transmission in PDF format shall be deemed to be an original signature hereto.

13.Release. As a condition of the above amendments and waiver, each Borrower waives, discharges, and forever releases Agent, Lenders and their respective employees, officers, directors, attorneys, stockholders and successors and assigns, from and of any and all claims, causes of action, allegations or assertions known to Borrower that Borrower has or may have had at any time up through, and including, the date of this Amendment, against any or all of the foregoing in connection with the Loan Agreement, including the Amendment thereto regardless of whether any such claims, causes of action, allegations or assertions arose as a result of Agent’s or such Lender’s actions or omissions.

[Signatures appear on next page.]

 

 

 

8

 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written above.

 

PNC BANK, NATIONAL ASSOCIATION, 
as Agent and Lender

 

		
	
By:
	
/s/ John Wenzinger

	
Name:
	
John Wenzinger

	
Its:
	
Senior Vice President

 

 

Revolving Commitment Percentage:  100%

Revolving Commitment Amount   $125,000,000

 

 

SIGNATURE PAGE TO AMENDMENT NO. 5

(14901278)

 

ACKNOWLEDGED AND AGREED:

UNIVERSAL TRUCKLOAD, INC.

 

		
	
By:
	
/s/ Mark Limback

	
 
	
Mark Limback

	
Its:
	
President

 

universal dedicated, Inc.

 

 

		
	
By:
	
/s/ Darren W. Coast

	
 
	
Darren Coast

	
Its:
	
President

 

MASON DIXON INTERMODAL, Inc.

 

 

		
	
By:
	
/s/ Timothy Phillips

	
 
	
Timothy Phillips

	
Its:
	
President

 

LOGISTICS INSIGHT CORP.

 

 

		
	
By:
	
/s/ Michael Bautch

	
 
	
Michael S. Bautch

	
Its:
	
President

 

universal logistics solutions 
international, inc.

 

 

		
	
By:
	
/s/ Michael Bautch

	
 
	
Michael S. Bautch

	
Its:
	
President

 

UNIVERSAL SPECIALIZED, INC.

 

 

		
	
By:
	
/s/ Mark Limback

	
 
	
Mark Limback

	
Its:
	
President

SIGNATURE PAGE TO AMENDMENT NO. 5

(14901278)

 

cavalry logistics, llc

 

 

		
	
By:
	
/s/ Steven Fitzpatrick

	
 
	
Steven A. Fitzpatrick

	
Its:
	
Secretary

 

UNIVERSAL MANAGEMENT SERVICES, INC.

 

 

		
	
By:
	
/s/ Steven Fitzpatrick

	
 
	
Steven A. Fitzpatrick

	
Its:
	
Secretary

 

 

 

Immediately after consummation of the Fore Acquisition:

 

FORE TRANSPORTATION, INC.

 

 

		
	
By:
	
/s/ Violeta V. Golematis

	
 
	
Violeta V. Golematis

	
Its:
	
Treasurer

 

FORE TRANSPORT, INC.

 

 

		
	
By:
	
/s/ Violeta V. Golematis

	
 
	
Violeta V. Golematis

	
Its:
	
Treasurer

 

4 CARGO LLC

 

 

		
	
By:
	
/s/ Violeta V. Golematis

	
 
	
Violeta V. Golematis

	
Its:
	
Treasurer

 

 

SIGNATURE PAGE TO AMENDMENT NO. 5

(14901278)

 

ATTACHMENT 1

 

Supplemental Schedules

 

[please see attached schedules]

SIGNATURE PAGE TO AMENDMENT NO. 5

(14901278)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]