EXHIBIT 10.4(h)
SEVENTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
THIS SEVENTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (the
"Amendment") is entered into as of the ____ day of September, 2003, by and
between SUNTRUST BANK, a Georgia state banking corporation (the "Lender"), and
CENTRAL FREIGHT LINES, INC., a Texas corporation (the "Borrower").
RECITALS:
A. Borrower and Lender entered into that certain Revolving Credit Loan
Agreement dated April 30, 2002, as most recently amended by that certain Sixth
Amendment to Revolving Credit Loan Agreement (the "Loan Agreement"),
B. Borrower and Lender desire to exclude from certain covenants
$4,000,000.00 of claims reserves made in the period ended July 5, 2003.
C. The Borrower and the Lender desire to amend the Loan Agreement as
set forth herein.
NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Loan Agreement is
hereby amended and modified as follows:
Section 1. The minimum Tangible Net Worth requirement set forth in
Section 6.1 of the Loan Agreement for the fiscal quarter ending as of July 5,
2003 is hereby changed to a flat amount equal to $22,500,000.00 with no
additions thereto.
Section 2. The minimum EBITDA requirement set forth in Section 6.2 of
the Loan Agreement for the measurement period ending July 5, 2003 is hereby
amended to substitute $13,000,000.00 for $17,000,000.00. There is no change to
the minimum EBITDA requirements commencing January 1, 2003 as such are currently
set forth in the Loan Agreement.
Section 3. Section 8.1(p) of the Loan Agreement is hereby amended and
restated as follows:
(p) Xxxxxx Xxxxx shall no longer serve as chief executive
officer of Borrower, provided that this Event of Default shall be
deleted from this Agreement in the event that Borrower raises at least
$50,000,000 in equity from an initial public offering; or
Section 4. Except as provided herein, the Loan Agreement shall remain
unamended in full force and effect.
Section 5. This modification shall be governed by and construed in
accordance with the laws of the State of Tennessee.
IN WITNESS WHEREOF, the undersigned by and through their duly
authorized officers hereby execute this Amendment as of the day and date first
set forth above.
BORROWER: LENDER:
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CENTRAL FREIGHT LINES, INC. SUNTRUST BANK
By: /s/ Xxxx Xxxx By: /s/ Xxxxxxx X. Xxxxxxxx
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Title: CFO Title: Director, SunTrust Bank
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