FIFTH AMENDMENT TO REVOLVING CREDIT AND
LETTER OF CREDIT LOAN AGREEMENT
 
THIS FIFTH AMENDMENT TO REVOLVING CREDIT AND LETTER OF CREDIT LOAN AGREEMENT
(this “Amendment”) is entered into October 27, 2006, by and between, U.S. XPRESS
ENTERPRISES, INC., a Nevada corporation (the “Borrower”), and SUNTRUST BANK,
BANK OF AMERICA, N.A., LASALLE BANK NATIONAL ASSOCIATION, BRANCH BANKING AND
TRUST COMPANY, NATIONAL CITY BANK, REGIONS FINANCIAL CORPORATION (collectively
the “Lenders”), and SUNTRUST BANK, in its capacity as Administrative Agent for
the Lenders (the “Administrative Agent”).
 
RECITALS:
 
A.  The Borrower, Administrative Agent and the Lenders previously entered into
that certain Revolving Credit and Letter of Credit Loan Agreement dated October
14, 2004 (as previously amended and as it may be amended from time to time, the
“Credit Agreement”).
 
B.  The Borrower, Administrative Agent and the Lenders desire to further amend
the Credit Agreement to: (i) amend the Lease Adjusted Leverage Ratio in Section
6.1 of the Credit Agreement; (ii) increase the amount of Investments allowable
under Section 7.4(m); and (iii) increase the amount of allowable Restricted
Payments under Section 7.5 of the Credit Agreement.
 
C.  Capitalized terms not otherwise defined herein shall have the meanings
ascribed to such terms in the Credit Agreement.
 
NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the
Borrower, Administrative Agent and the Lenders executing this Amendment agree as
follows:
 
1.  Amendment to Section 6.1. Section 6.1 of the Credit Agreement concerning
“Lease Adjusted Leverage Ratio” is deleted and the following is substituted in
lieu thereof:
 
Section 6.1 Lease Adjusted Leverage Ratio. The Borrower will have a Lease
Adjusted Leverage Ratio, calculated on a trailing four quarter basis, of not
greater than the following during the measurement periods set forth below:
 
Measurement Period
Ratio
Fiscal Quarter Ending December 31, 2006 through the Fiscal Quarter Ending March
31, 2007
3.50 to 1.00
Fiscal Quarter Ending June 30, 2007
3.25 to 1.00
Fiscal Quarter Ending September 30, 2007 and each Fiscal Quarter thereafter
3.00 to 1.00

 
 
 

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2.  Amendment to Section 7.4. Section 7.4 of the Credit Agreement concerning
“Investments, Loans, Etc.” is amended by deleting subsection (m) thereof, and
the following is substituted in lieu thereof:
 
(m) Other Investments which in the aggregate do not exceed $20,000,000 during
the term hereof.
 
3.  Amendment to Section 7.5. Section 7.5 of the Credit Agreement concerning
“Restricted Payments” is deleted and the following is substituted in lieu
thereof:
 
7.5 Restricted Payments. The Borrower will not, and will not permit its
Subsidiaries to, declare or make, or agree to pay or make, directly or
indirectly, any dividend on any class of its stock, or make any payment on
account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, retirement, defeasance or other acquisition of, any shares
of common stock or Indebtedness subordinated to the Obligations of the Borrower
or any options, warrants, or other rights to purchase such common stock or such
Indebtedness, whether now or hereafter outstanding (each, a “Restricted
Payment”), except for (i) dividends payable by the Borrower solely in shares of
any class of its common stock; (ii) Restricted Payments made by any Subsidiary
to the Borrower or to another Subsidiary Loan Party; and (iii) from the Closing
Date, the Borrower may make stock redemptions not to exceed $30,000,000 in the
aggregate during the term hereof. Notwithstanding any provision herein to the
contrary, no payments under subsection (i) or (iii) may be made if a Default or
Event of Default has occurred and is continuing at the time such dividend is
paid or redemption is made.
 
4.  Conditions. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent:
 
(a)  The Lenders shall have received this Amendment duly executed by the
Borrower and the Guarantors;
 
(b)  The representations and warranties in the Loan Documents, as amended
hereby, shall be true and correct in all material respects as of the date hereof
as if made on the date hereof, except for such representations and warranties
limited by their terms to a specific date;
 
(c)  No Default shall exist; and
 
(d)  The Borrower shall pay, concurrently with the execution hereof, the
amendment fee to the Lenders consenting to this Amendment. Such fee shall be
paid to the Administrative Agent for payment to such consenting Lenders on a pro
rata basis.
 
5.  Payment of Expenses. The Borrower agrees to pay or reimburse the
Administrative Agent for all its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation and execution of this Amendment.
 
6.  Counterparts. This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.
 
7.  Severability; Headings. Any provision of this Amendment which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability, without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. The section and
subsection headings used in this Amendment are for convenience of reference only
and are not to affect the construction hereof or to be taken into consideration
in the interpretation hereof.
 
8.  Continuing Effect Upon Other Documents. This Amendment shall not constitute
an amendment or waiver of any other provision of the Credit Agreement not
expressly referred to herein and, except to the extent that the Credit Agreement
has been amended hereby, shall not be construed as a waiver or consent to any
further or future action on the part of the Borrower that would require a waiver
or consent of the Lenders or the Administrative Agent. Except as expressly
amended, modified or supplemented hereby, the provisions of the Credit Agreement
are and shall remain in full force and effect.
 
9.  GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
 

 
 

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ENTERED INTO as of the date first above written.
 
BORROWER:

U.S. XPRESS ENTERPRISES, INC.

By: /s/ Ray M. Harlin 

Title: Assistant Secretary 

LENDERS:

SUNTRUST BANK
as Administrative Agent, as an Issuing Bank,
as Swingline Lender and as a Lender

By: /s/William H. Crawford 

Title: Director 

[additional signature lines continued on following pages]

 
 

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BANK OF AMERICA, N.A., as Issuing Bank for Existing Letters of Credit and as a
Lender

By: /s/Alan R. Buck 

Title: Vice President 

 
 

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LASALLE BANK NATIONAL ASSOCIATION

By: /s/Nick T. Weaver    

Title: Senior Vice President   

 
 

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BRANCH BANKING AND TRUST COMPANY

By: /s/R. Andrew Beam    

Title: Senior Vice President   

 
 

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NATIONAL CITY BANK

By: /s/John H. Ankerman   

Title: Senior Vice President   

 
 

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REGIONS FINANCIAL CORPORATION

By: /s/Elaine B. Passman   

Title: Vice President    

 
 

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Guarantor Consent
 
Each of the undersigned Guarantors: (i) consent and agree to this Amendment and
(ii) agree that the Loan Documents to which it is a party shall remain in full
force and effect and shall continue to be the legal, valid and binding
obligation of such Guarantor enforceable against it in accordance with their
respective terms.
 
GUARANTORS:

U.S. Xpress, Inc.
U.S. Xpress Leasing, Inc.
Xpress Air, Inc.
Xpress Company Store, Inc.
Xpress Global Systems, Inc.
Xpress Colorado, Inc.
Cargo Movement Corp.
Xpress Waiting, Inc.
Colton Xpress, LLC
Associated Developments, LLC
Total Transportation Holdings, Inc.
Total Logistics, Inc.
Transportation Investments, Inc.
Total Transportation of Mississippi LLC,
Transportation Assets Leasing, Inc.
TAL Real Estate, LLC
TAL Power Equipment #1, LLC
TAL Van #1, LLC
TAL Furniture and Equipment, LLC
TAL Marine, Inc.
TAL Aviation, LLC
TAL Power Equipment #2, LLC
ATS Acquisition Holding Co.
Arnold Transportation Services, Inc.

 
By: /s/Ray M. Harlin 
 
Name: Ray M. Harlin
Authorized Officer of above Guarantors

GUARANTOR:

Xpress Nebraska, Inc.

By: /s/Al Hingst     

Name: Al Hingst, Secretary

 
 

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GUARANTOR:

Xpress Holdings, Inc.

By: /s/Rebecca Howell     

Name: Rebecca Howell, Secretary