Exhibit 10.1

WAIVER AND TENTH AMENDMENT TO
AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT

This WAIVER AND TENTH AMENDMENT TO AMENDED AND RESTATED RECEIVABLES SALE
AGREEMENT dated as of October 12, 2006 (this “Amendment”) is entered into among
SIRVA RELOCATION CREDIT, LLC, as Seller, SIRVA RELOCATION LLC (“SIRVA Relo”) and
EXECUTIVE RELOCATION CORPORATION (“Executive Relo”), as Servicers and
Originators, the Purchasers party thereto and LASALLE BANK NATIONAL ASSOCIATION,
as Agent (in such capacity, the “Agent”).

RECITALS

A.            The Seller, the Servicers, the Purchasers and the Agent are
parties to that certain Amended and Restated Receivables Sale Agreement dated as
of December 23, 2004 and amended as of March 31, 2005, May 31, 2005, June 30,
2005, September 30, 2005, November 14, 2005, December 9, 2005, March 27, 2006,
August 15, 2006 and August 16, 2006 (as so amended, the “Receivables Sale
Agreement”).

B.            The parties wish to amend the Receivables Sale Agreement as
hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

1.             Certain Defined Terms. Capitalized terms which are used herein
without definition and that are defined in the Receivables Sale Agreement shall
have the same meanings herein as in the Receivables Sale Agreement, as amended
by this Amendment.

2.             Amendments to Receivables Sale Agreement.

(a)           The Receivables Sale Agreement is hereby amended so that the
definition of “Reserve” in Schedule I thereto is amended to read in its entirety
as follows:

““Reserve” means the sum of the Purchaser Reserves.”

(b)           The Receivables Sale Agreement is hereby amended by adding the
following new definition to Schedule I thereto, in the applicable alphabetical
position:

““Tenth Amendment” means the Waiver and Tenth Amendment to Amended and Restated
Receivables Sale Agreement, dated as of October 12, 2006, among the Seller, the
Servicers, the Originators, the Agent and the Purchasers.”

3.             Limited Consents and Waivers. Section 5.1(a)(i)(A), (B), (C) and
(D) of the Receivables Sale Agreement, as amended by Section 3(a) of the Third
Amendment and Section 3(a) of the Fourth Amendment, Section 3(a) of the Fifth
Amendment, Section 4(a) of the Seventh Amendment and Section 3(a) of the Eighth
Amendment, require delivery of unqualified audited consolidated financial
statements of SIRVA, Inc. and the Parent for each fiscal year and delivery of
unaudited consolidated quarterly financial statements for SIRVA, Inc. and the
Parent, in each case by specified dates. Subject to Section 4 of this Amendment
and subject to the representation

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and warranty in Section 5(iv) of this Amendment being true and correct, the
Agent and the Purchasers agree that:

(a)           the delivery of such financial statements for the fiscal year
ended December 31, 2005 may be delayed until January 31, 2007; and the delivery
of such financial statements for the fiscal year ended December 31, 2006 may be
delayed until June 30, 2007; and

(b)           the delivery of the unaudited consolidated quarterly financial
statements of SIRVA, Inc. and the Parent to be delivered under clauses (B) and
(D) of Section 5.1(a)(i) of the Receivables Sale Agreement in respect of each
fiscal quarter described below may be delayed until the date set opposite such
quarter:

Fiscal Quarter

Delivery Date

 

 

first and second quarter, 2006

December 31, 2006

 

 

third quarter, 2006

January 31, 2007.

 

4.             Reservation of Rights. By press releases dated January 31, 2005,
March 15, 2005, June 20, 2005, June 22, 2005 and September 21, 2005, SIRVA, Inc.
announced various matters, including the existence of a formal investigation by
the SEC of such practices and processes. Notwithstanding the agreement of the
Agent and the Purchasers to a delay in the delivery of certain financial reports
and ongoing discussions between the Agent, the Purchasers and the Originators
with respect to the matters described in the Press Releases, the Agent and the
Purchasers have not waived any rights or remedies they may have with respect to
the matters, except as set forth in Section 3(a)(vi) of the Fifth Amendment,
that are the subject of such review and investigation or any related matters.
The Agent and the Purchasers hereby expressly reserve all of their rights and
remedies with respect to all of the foregoing, including all rights with respect
to any related Termination Event that may have occurred and not been waived
pursuant to Section 3(a)(vi) of the Fifth Amendment.

5.             Representations and Warranties. With respect to the Sale
Agreement, the Seller and each Servicer, and with respect to the Purchase
Agreement, the Originators hereby represent and warrant to the Agent and the
Purchasers as follows:

(i)            Representations and Warranties. The representations and
warranties contained in Article IV of the Receivables Sale Agreement and Section
4 of the Purchase Agreement are true and correct as of the date hereof (except
to the extent such representations and warranties relate solely to an earlier
date, in which case they are true and correct as of such earlier date and except
for the matters to be corrected by the Specified Adjustments).

(ii)           Enforceability. The execution and delivery by the Seller and each
Servicer of this Amendment, and the performance by the Seller and each Servicer
of this Amendment and the Receivables Sale Agreement, as amended hereby (the
“Amended

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Agreement”), are within the corporate powers of the Seller and each Servicer and
have been duly authorized by all necessary corporate or company action on the
part of the Seller and each Servicer. This Amendment and the Amended Agreement
are valid and legally binding obligations of the Seller and each Servicer,
enforceable in accordance with their terms, except as enforceability may be
limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally or by equitable principles relating
to enforceability.

(iii)          No Potential Termination Event. No Potential Termination Event
that will not be cured by this Amendment becoming effective has occurred and is
continuing.

(iv)          Specified Adjustments. Except as has been disclosed by the
Servicers to the Purchasers in the supplement to the Fee Letter delivered in
connection with the First Amendment, the adjustments described in the definition
of “Specified Adjustment” do not result from (and are not alleged by any
Governmental Authority or Responsible Person to have resulted from) fraud,
misconduct or similar circumstances; and the matters disclosed in the Press
Releases and related matters will not have a Material Adverse Effect.

6.             Acknowledgment by Originators. Each of SIRVA Relo and Executive
Relo, in its capacity as an Originator, acknowledges and agrees to the terms of
this Amendment, including without limitation Sections 2 and 3 hereof.

7.             Effect of Amendment. Except as expressly amended and modified by
this Amendment, all provisions of the Receivables Sale Agreement shall remain in
full force and effect; and the Seller and the Servicers confirm and reaffirm
their obligations under the Amended Agreement and the other Transaction
Documents. Without limiting the foregoing, the Seller and the Originators
confirm and reaffirm their obligation under Section 3 of the Fee Letter, and
acknowledge that nothing in this Amendment shall limit the ability of the Agent
and the Purchasers to require changes to the terms of the Transaction Documents
as contemplated by such Section 3. After this Amendment becomes effective, all
references in the Receivables Sale Agreement (or in any other Transaction
Document) to “this Agreement”, “hereof”, “herein” or otherwise referring to the
Receivables Sale Agreement shall be deemed to be references to the Amended
Agreement. This Amendment shall not be deemed to expressly or impliedly waive,
amend or supplement any provision of the Receivables Sale Agreement other than
as set forth herein.

8.             Effectiveness. This Amendment shall become effective upon the
date on which all of the following occur (the “Amendment Effective Date”):
receipt by the Agent of counterparts of this Amendment (whether by facsimile or
otherwise) executed by the Seller, the Servicers, the Originators, the Agent and
the Required Purchasers and consented to by Parent and NAVL.

9.             Headings; Counterparts. Section Headings in this Amendment are
for reference only and shall not affect the construction of this Amendment. This
Amendment may be executed by different parties on any number of counterparts,
each of which shall constitute an original and all of which, taken together,
shall constitute one and the same agreement.

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10.           Cumulative Rights and Severability. All rights and remedies of the
Purchasers and Agent hereunder shall be cumulative and non-exclusive of any
rights or remedies such Persons have under law or otherwise. Any provision
hereof that is prohibited or unenforceable in any jurisdiction shall, in such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof and
without affecting such provision in any other jurisdiction.

11.           Governing Law. This Amendment shall be governed by, and construed
in accordance with, the internal laws (and not the law of conflicts) of the
State of Illinois.

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written.

SIRVA RELOCATION CREDIT, LLC, as Seller

 

 

 

By:

/s/ Douglas V. Gathany

 

Title:

President

 

 

 

SIRVA RELOCATION LLC, as a Servicer

 

 

 

By:

/s/ Douglas V. Gathany

 

Title:

Treasurer

 

 

 

EXECUTIVE RELOCATION CORPORATION, as a Servicer

 

 

 

By:

/s/ Douglas V. Gathany

 

Title:

Treasurer

 

The undersigned (i) consent and agree to the foregoing Amendment, (ii) confirm
that references in the Purchase Agreement to the Receivables Sale Agreement
shall be references to such agreement as amended by the Amendment, and (iii)
confirm that the Purchase Agreement is in full force and effect.

SIRVA RELOCATION LLC, as an Originator

 

 

 

By:

/s/ Douglas V. Gathany

 

Title:

Treasurer

 

 

 

EXECUTIVE RELOCATION CORPORATION,
as an Originator

 

 

 

By:

/s/ Douglas V. Gathany

 

Title:

Treasurer

 

 

S-1

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LASALLE BANK NATIONAL ASSOCIATION, as Purchaser and Agent

 

 

 

By:

/s/ Marlee Zweigbaum

 

Title:

Vice President

 

S-2

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GENERAL ELECTRIC CAPITAL CORPORATION, as Purchaser

 

 

 

By:

/s/ Rebecca L. Milligan

 

Title:

Duly Authorized Signatory

 

S-3

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THE CIT GROUP/BUSINESS CREDIT, INC., as Purchaser

 

 

 

By:

/s/ Debra Putzer

 

Title:

Senior Vice President

 

S-4

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E*TRADE BANK, as Purchaser

 

 

 

 

By:

/s/ Sam Crow

 

Title:

Senior Manager

 

S-5

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U.S. BANK NATIONAL ASSOCIATION, as Purchaser

 

 

 

By:

/s/ Matt Schulz

 

Title:

Vice President

 

 

S-6

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ALLIED IRISH BANKS, P.L.C., as Purchaser

 

 

 

By:

/s/ Joanne Gibson

 

Title:

Assistant Vice President

 

 

 

 

 

 

 

By:

/s/ Margaret Brennan

 

Title:

Senior Vice President

 

S-8

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