EXHIBIT 10.4(i)
THIRD AMENDMENT TO REVOLVING CREDIT NOTE
THIS THIRD AMENDMENT TO REVOLVING CREDIT NOTE (the "Amendment") is made
this the 19th day of May, 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 executed in favor of Lender an $8,000,000 Revolving Credit
Note dated April 30, 2002, as most recently amended by that certain Second
Amendment to Revolving Credit Loan Agreement and Second Amendment to Revolving
Credit Note dated February 5, 2003 whereby the principal amount of such note was
increased to $24,000,000 until May 5, 2003 at which time said principal amount
was reduced to $14,000,000 (as more particularly described therein), and as such
may be further amended and/or restated in the future (the "Note").
B. The Borrower has requested that Lender amend the Note to increase
the principal amount available thereunder to $19,000,000. Lender is willing to
extend such additional credit to Borrower conditioned upon, among other things,
the execution of this Amendment.
C. Terms not defined herein shall have the meanings ascribed to such
terms in the Note.
NOW, THEREFORE, in consideration of the premises and mutual covenants
and obligations herein, the parties hereto agree that the Note is hereby amended
and modified as follows:
Section 1. The principal amount available under the Note is hereby
increased to $19,000,000.
Section 2. The fourth paragraph of the Note is hereby amended and
restated as follows:
This Note shall be payable as follows: (a) commencing on the
31st day of May, 2003 and on the last Business Day of each consecutive
month thereafter through and including May 31, 2004, the Borrower shall
pay to the Lender an amount equal to all then accrued interest; and (b)
this Note shall mature on June 30, 2004, at which time the Borrower
shall pay to the Lender an amount equal to all outstanding principal,
plus all accrued and unpaid interest.
Section 3. Except as provided herein, the Note shall remain unamended
in full force and effect.
Section 4. 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:
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CENTRAL FREIGHT LINES, INC.
By: /s/ Xxxx Xxxx
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Title: CFO
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LENDER:
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SUNTRUST BANK
By: /s/ Xxx Xxxxxxx
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Title: Vice President
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CONSENT OF GUARANTOR
The undersigned, as Guarantor under a Guaranty dated as of April 30,
2002, hereby executes this Third Amendment to Revolving Credit Note to evidence
its consent thereto, as well as the transactions contemplated thereby, and
agrees that its Guaranty remains in full force and effect for the Note, as
increased and as amended.
CENTRAL FREIGHT LINES, INC.,
a Nevada corporation
By: /s/ Xxxx Xxxx
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Date: May 19th, 2003
Title: CFO
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