SEC Contract Filing

Filing Date: 2021-03-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>3
<FILENAME>ex_224441.htm
<DESCRIPTION>EXHIBIT 10.23
<TEXT>
<html><head><title>ex_224441.htm</title><!-- Created by RDG HTML Converter v1.1.0.0 2/24/2021 7:55:48 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/></head><body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; padding:0in .1in;"><p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>
<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EIGHTEENTH AMENDMENT TO </b></p>
<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>THIRD AMENDED AND RESTATED CREDIT AGREEMENT</b></p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This <b>EIGHTEENTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT</b><b> AGREEMENT </b>(this &ldquo;<i><b>Amendment</b></i>&rdquo;), dated as of October 23, 2020, is by and among <b>COVENANT TRANSPORT, INC.</b>, a Tennessee corporation (&ldquo;<i><b>CTI</b></i>&rdquo;), <b>CTG LEASING COMPANY</b>, a Nevada corporation (&ldquo;<i><b>CTGL</b></i>&rdquo;), <b>SOUTHERN REFRIGERATED TRANSPORT, INC.</b>, an Arkansas corporation (&ldquo;<i><b>SRT</b></i>&rdquo;), <b>COVENANT ASSET MANAGEMENT, LLC</b>,<i> </i>a Nevada limited liability company (&ldquo;<i><b>CAM</b></i>&rdquo;), <b>COVENANT TRANSPORT SOLUTIONS, LLC</b>, a Nevada limited liability company formerly known as Covenant Transport Solutions, Inc. (&ldquo;<i><b>CTS</b></i>&rdquo;), <b>STAR TRANSPORTATION, INC.</b>, a Tennessee corporation (&ldquo;<i><b>Star</b></i>&rdquo;), and <b>COVENANT LOGISTICS, INC.</b>, a Nevada corporation (&ldquo;<i><b>CLI</b></i>&rdquo;), <b>LANDAIR TRANSPORT, INC.</b> (&ldquo;<i><b>LA Transport</b></i>&rdquo;), <b>LANDAIR LOGISTICS, INC.</b> (&ldquo;<i><b>LA Logistics</b></i>&rdquo;), and <b>LANDAIR LEASING, INC.</b> (&ldquo;<i><b>LA Leasing</b></i>&rdquo;), each a Tennessee corporation (CTI, CTGL, SRT, CAM, CTS, Star, CLI, LA Transport, LA Logistics, and LA Leasing, individually a &ldquo;<i><b>Borrower</b></i>&rdquo; and collectively, &ldquo;<i><b>Borrowers</b></i>&rdquo;), <b>COVENANT </b><b>LOGISTICS</b><b> GROUP, INC.</b>, a Nevada corporation formerly known as Covenant Transportation Group, Inc. (&ldquo;<i><b>Parent</b></i>&rdquo;), <b>TRANSPORT MANAGEMENT SERVICES, LLC</b>, a Tennessee limited liability company (&ldquo;<i><b>TMS</b></i>&rdquo;), and <b>LANDAIR HOLDINGS, INC.</b>, a Tennessee corporation (&ldquo;<i><b>LA Holdings</b></i>&rdquo;), Parent, TMS and LA Holdings, individually, a &ldquo;<i><b>Guarantor</b></i>&rdquo; and collectively, &ldquo;<i><b>Guarantors</b></i>&rdquo;), the Lenders (defined below) party to this Amendment, and <b>BANK OF AMERICA, N.A.</b>, a national banking association, as agent for Lenders (in such capacity, &ldquo;<i><b>Agent</b></i>&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (defined below).</p>
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<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>R E C I T A L S</b></u><b>:</b></p>
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<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligors, the lenders from time to time party thereto ( &ldquo;<i><b>Lenders</b></i>&rdquo;) and the Agent are parties to that certain Third Amended and Restated Credit Agreement, dated as of September 23, 2008 (as amended hereby, and as otherwise amended, restated, supplemented or otherwise modified prior to the date hereof, the &ldquo;<i><b>Credit Agreement</b></i>&rdquo;).</p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligors desire to make certain modifications to the Credit Agreement, and Agent and Lenders have agreed to the modification of certain provisions contained in the Credit Agreement, in each case upon the terms and conditions hereafter set forth.</p>
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<p style="font-family:&#39;Times New Roman&#39;, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>NOW, THEREFORE</b>, in consideration of the premises and the mutual covenants hereinafter contained, and other good and valuable consideration, the parties hereto agree as follows: </p>
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 <td style="width:36pt;">&nbsp;</td><td style="width:36pt;vertical-align:top;"><p style="font-family:&#39;Times New Roman&#39;, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><u>1.</u><b></b></p></td><td style="vertical-align:top;"><p style="font-family:&#39;Times New Roman&#39;, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-botto