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REQUEST FOR PURCHASE
MARTEN TRANSPORT, LTD.
Reference is made to the Note Purchase and Private Shelf Agreement (the "Agreement"), dated as of October 30, 1998, between Marten Transport, Ltd., a Delaware corporation (the "Company"), on the one hand, and The Prudential Insurance Company of America ("Prudential") and each Prudential Affiliate which becomes party thereto, on the other hand. Capitalized terms used and not otherwise defined herein shall have the respective meanings specified in the Agreement.
Pursuant to Paragraph 2B(3) of the Agreement, the Company hereby makes the following Request for Purchase:
1. Aggregate principal amount of the Notes covered hereby (the "Notes") $10,000,000
2. Individual specifications of the Notes:
| Principal Amount |
Final Maturity Date |
Principal Prepayment Dates and Amounts |
Interest Payment Period |
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|---|---|---|---|---|---|---|---|
| $ | 10,000,000 | April 6, 2010 | $1,428,571.43 on April 6 in each of the years 2004, 2005, 2006, 2007, 2008, 2009 and 2010 | Quarterly | |||
3. Use of proceeds of the Notes: Refinance Existing Indebtedness
4. Proposed day for the closing of the purchase and sale of the Notes: April 6, 2000
5. The purchase price of the Notes is to be transferred to:
| Name and Address and ABA Routing Number of Bank |
Number of Account |
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|---|---|---|
| U.S. Bank | Marten Transport Ltd. | |
| ABA No. |
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Account No. |
6. The Company certifies (a) that the representations and warranties contained in paragraph 8 of the Agreement are true on and as of the date of this Request for Purchase except to the extent of changes caused by the transactions contemplated in the Agreement and (b) that there exists on the date of this Request for Purchase no Event of Default or Default.
7. The Issuance Fee to be paid pursuant to the Agreement will be paid by the Company on the closing date.
| Dated: March 27, 2000 | MARTEN TRANSPORT, LTD. | |||
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By: |
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| Title: | Vice President | |||
1
CONFIRMATION OF ACCEPTANCE
MARTEN TRANSPORT, LTD.
Reference is made to the Note Purchase and Private Shelf Agreement (the "Agreement"), dated as of October 30, 1998 between Marten Transport, Ltd., a Delaware corporation (the "Company"), on the one hand, and The Prudential Insurance Company of America ("Prudential") and each Prudential Affiliate which becomes party thereto, on the other hand. All terms used herein that are defined in the Agreement have the respective meanings specified in the Agreement.
Prudential or the Prudential Affiliate which is named below as a Purchaser of Notes hereby confirms the representations as to such Notes set forth in paragraph 9 of the Agreement, and agrees to be bound by the provisions of paragraphs 2B(5) and 2B(7) of the Agreement relating to the purchase and sale of such Notes and by the provisions of the penultimate sentence of paragraph 11A of the Agreement.
Pursuant to paragraph 2B(5) of the Agreement, an Acceptance with respect to the following Accepted Notes is hereby confirmed:
| (A | ) | (a) | Name of Purchaser: The Prudential Insurance Company of America | |
| (b) | Principal amount: $10,000,000 | |||
| (c) | Final maturity date: April 6, 2010 | |||
| (d) | Principal prepayment dates and amounts: $1,428,571.43 on April 6 annually in the years 2004, 2005, 2006, 2007, 2008, 2009 and 2010 | |||
| (e) | Interest rate: 8.57% | |||
| (f) | Interest payment period: Quarterly | |||
| (g) | Payment and notice instructions: As set forth on attached Purchaser Schedule |
| Dated: April 6, 2000 | MARTEN TRANSPORT, LTD. | |||
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By: |
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| Title: | Vice President | |||
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THE PRUDENTIAL INSURANCE COMPANY OF AMERICA |
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By: |
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Vice President |
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1
MARTEN TRANSPORT, LTD.
SENIOR SERIES B NOTE
No. 2000
B-1
ORIGINAL PRINCIPAL AMOUNT: $10,000,000
ORIGINAL ISSUE DATE: April 6, 2000
INTEREST RATE: 8.57% per annum
INTEREST PAYMENT DATES: January 6, April 6, July 6 and October 6 of each year
FINAL MATURITY DATE: April 6, 2010
PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $1,428,571.43 on April 6 in each of the years 2004, 2005, 2006, 2007, 2008, 2009 and 2010
FOR VALUE RECEIVED, the undersigned, Marten Transport, Ltd. (herein called the "Company"), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to The Prudential Insurance Company of America, or registered assigns, the principal sum of TEN MILLION DOLLARS, payable on the Principal Prepayment Dates and in the amounts specified above, and on the Final Maturity Date specified above in an amount equal to the unpaid balance of the principal hereof, with interest (computed on the basis of a 360-day year—30-day month) (a) on the unpaid balance thereof at the Interest Rate per annum specified above, payable on each Interest Payment Date specified above and on the Final Maturity Date specified above, commencing with the Interest Payment Date next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) on any overdue payment (including any overdue prepayment) of principal, any overdue payment of Yield Maintenance Amount and any overdue payment of interest, payable on each Interest Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 2% over the Interest Rate specified above or (ii) 2% over the rate of interest publicly announced by Morgan Guaranty Trust Company of New York from time to time in New York City as its Prime Rate.
Payments of principal, Yield Maintenance Amount, if any, and interest are to be made at the main office of Bank of New York in New York City or at such other place as the holder hereof shall designate to the Company in writing, in lawful money of the United States of America.
This Note is one of a series of Senior Notes (herein called the "Notes") issued pursuant to a Note Purchase and Private Shelf Agreement, dated as of October 30, 1998 (herein called the "Agreement"), between the Company, on the one hand, and The Prudential Insurance Company of America and each Prudential Affiliate (as defined in the Agreement) which becomes party thereto, on the other hand, and is entitled to the benefits thereof.
This Note is subject to optional prepayment, in whole or from time to time in part, on the terms specified in the Agreement.
This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing, a new Note for the then outstanding principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company shall not be affected by any notice to the contrary.
In case an Event of Default shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner and with the effect provided in the Agreement.
This Note is intended to be performed in the State of Illinois and shall be construed and enforced in accordance with the internal laws and decisions (as opposed to the conflicts of law provisions) of such State.
| MARTEN TRANSPORT, LTD. | ||||
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By: |
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| Title: | Vice President of Finance | |||
MARTEN TRANSPORT, LTD.
CERTIFICATE AS TO REPRESENTATIONS, DEFAULTS, ETC.
Marten Transport, Ltd., a Delaware corporation (herein called the "Company"), does hereby certify, pursuant to Section 3A of the Note Purchase and Private Shelf Agreement dated as of October 30, 1998 (the "Note Agreement") between the Company and The Prudential Insurance Company of America and each Prudential Affiliate which becomes a party thereto, as follows:
1. The representations and warranties contained in Paragraph 8 of the Note Agreement are true on and as of the date hereof (except to the extent of changes caused by the transactions contemplated by the Note Agreement).
2. There exists on the date hereof no Event of Default or Default as specified in paragraph 7 of the Note Agreement.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Company this 6th day of April, 2000.
| MARTEN TRANSPORT, LTD. | ||||
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By: |
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| Title: | Vice President | |||
This Officer's Certificate is made by Franklin J. Foster, in his capacity as Vice President of Marten Transport, Ltd., a Delaware corporation ("Marten"), in connection with that certain Note Purchase and Private Shelf Agreement between Marten and The Prudential Life Insurance Company of America ("Prudential") dated as of October 30, 1998 ("Agreement") whereby Marten will on April 6, 2000 issue its Senior Notes for $10,000,000 to Prudential (the "Notes"). All capitalized terms used herein but not defined herein shall have the definition prescribed for such term as set forth in the Agreement.
The undersigned does hereby certify to Oppenheimer Wolff & Donnelly LLP that:
This Officer's Certificate is executed as of April 6, 2000.
| MARTEN TRANSPORT, LTD. | ||||
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By: |
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| Printed name: | Franklin J. Foster |
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| Title: | Vice President of Finance |
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CERTIFICATE OF SECRETARY
MARTEN TRANSPORT, LTD.
The undersigned certifies that he is the Secretary of Marten Transport, Ltd., a Delaware corporation (the "Corporation"), and as such, he is authorized to execute and deliver this Certificate on behalf of the Corporation pursuant to Paragraph 3A(iv) of that certain Note Purchase and Private Shelf Agreement dated as of October 30, 1998 (the "Note Agreement") between the Corporation and The Prudential Insurance Company of America.
| Name |
Title |
Signature |
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| Darrell D. Rubel | Executive Vice President, Chief Financial Officer and Treasurer | |||
| Franklin J. Foster | Vice President of Finance | |||
| Thomas A. Letscher | Secretary | |||
IN WITNESS WHEREOF, the undersigned has executed this Certificate and caused this Certificate to be delivered this 6th day of April, 2000.
Thomas A. Letscher Secretary |
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