Document:

exv10w2

 

Exhibit 10.2

EXECUTION COPY

PURCHASE AND SALE AGREEMENT

Dated as of December 28, 2004

among

USF REDDAWAY INC.,

as an Originator,

USF HOLLAND INC.,

as an Originator,

USF FINANCE COMPANY LLC,

as Buyer

and

USF CORPORATION,

as Servicer

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	SECTION 1. DEFINITIONS AND RELATED MATTERS
	 	 	1	 
	1.1 Defined Terms
	 	 	1	 
	1.2 Other Interpretive Matters
	 	 	3	 
	SECTION 2. AGREEMENT TO PURCHASE AND SELL
	 	 	3	 
	2.1 Purchase and Sale
	 	 	3	 
	2.2 Timing of Purchases
	 	 	3	 
	2.3 Purchase Price
	 	 	3	 
	2.4 No Recourse or Assumption of Obligations
	 	 	4	 
	2.5 Characterization
	 	 	5	 
	2.6 License
	 	 	5	 
	2.7 Additional Originators
	 	 	5	 
	SECTION 3. ADMINISTRATION AND COLLECTION
	 	 	5	 
	3.1 Parent to Service
	 	 	5	 
	3.2 Deemed Collections
	 	 	6	 
	3.3 Actions Evidencing Purchases
	 	 	6	 
	3.4 Application of Collections
	 	 	7	 
	SECTION 4. REPRESENTATIONS AND WARRANTIES
	 	 	7	 
	4.1 Mutual Representations and Warranties
	 	 	7	 
	4.2 Additional Representations by Originator
	 	 	8	 
	SECTION 5. GENERAL COVENANTS
	 	 	9	 
	5.1 Covenants
	 	 	9	 
	5.2 Corporate Separateness
	 	 	12	 
	SECTION 6. TERMINATION OF PURCHASES
	 	 	12	 
	6.1 Voluntary Termination
	 	 	12	 
	6.2 Automatic Termination
	 	 	12	 
	SECTION 7. INDEMNIFICATION
	 	 	12	 
	7.1 Originators’ Indemnity
	 	 	13	 
	7.2 Excluded Losses; Reimbursement of Legal Fees
	 	 	14	 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	SECTION 8. MISCELLANEOUS
	 	 	14	 
	8.1 Amendments, Waivers, etc
	 	 	14	 
	8.2 Assignment under Second Tier Agreement
	 	 	14	 
	8.3 Binding Effect; Assignment
	 	 	15	 
	8.4 Survival
	 	 	15	 
	8.5 Costs, Expenses and Taxes
	 	 	15	 
	8.6 Execution in Counterparts; Integration
	 	 	15	 
	8.7 Illinois
	 	 	16	 
	8.8 No Proceedings
	 	 	16	 
	8.9 Notices
	 	 	16	 
	8.10 Payments and Computations
	 	 	16	 
	8.11 Confidentiality
	 	 	16	 
	8.12 Headings; Counterparts
	 	 	17	 
	8.13 Cumulative Rights and Severability
	 	 	17	 
	8.14 Submission to Jurisdiction
	 	 	17	 
	8.15 WAIVER OF TRIAL BY JURY
	 	 	17	 
	8.16 USA Patriot Act Notice
	 	 	17	 
	8.17 Entire Agreement
	 	 	17	 

-ii-

 

     THIS PURCHASE AND SALE AGREEMENT dated as of December 28, 2004 (this
“Agreement”), between USF REDDAWAY INC., an Oregon corporation (“USF
Reddaway”), USF HOLLAND INC., a Michigan corporation (“USF Holland” and,
together with USF Reddaway and each other Subsidiary of Servicer that becomes
party hereto, the “Originators”), USF FINANCE COMPANY LLC, a Delaware limited
liability company (“Buyer”), and USF CORPORATION, a Delaware corporation
(“Servicer”). The parties agree as follows:

SECTION 1. DEFINITIONS AND RELATED MATTERS

     1.1 Defined Terms. In this Agreement, unless otherwise specified: (a)
capitalized terms are used as defined in Schedule I to the Receivables Sale
Agreement dated as of December 28, 2004, (as amended or modified from time to
time, the “Second Tier Agreement”), among the Buyer, USF Corporation, as the
Initial Servicer, ABN AMRO Bank N.V., as the Windmill Purchaser Agent and
Agent, the other Purchaser Agents from time to time party thereto, the Related
Bank Purchasers from time to time party thereto, Windmill Funding Corporation,
as a Conduit Purchaser, USF Assurance Co. Ltd. and the other Purchasers from
time to time party thereto, as such agreement may be amended or modified from
time to time; and (b) terms defined in Article 9 of the UCC and not otherwise
defined herein are used as defined in such Article 9.

     In addition, the following terms will have the meanings specified below:

     “Allocation Percentage” means, at any time with respect to any Originator
and any Settlement Period, the result of (x) the aggregate outstanding balance
of the Eligible Receivables, originated by such Originator during such
Settlement Period, divided by (y) the Eligible Receivable Balance during such
Settlement Period.

     “Closing Date” means the date on which this Agreement and the Second Tier
Agreement become effective in accordance with their terms.

     “Collection” means any amount paid, or deemed paid, on a Receivable,
including the proceeds of collateral securing, or any guaranty of, such
Receivable or by any Originator under Section 3.2.

     “Discount Factor” means a percentage, agreed upon between the Buyer and
the Originators from time to time, calculated to provide Buyer with a
reasonable return on its investment in the Receivables after taking account of
(i) the time value of money based upon the anticipated dates of collection of
the Receivables and the cost to Buyer of financing its investment in the
Receivables during such period and (ii) the risk of nonpayment by the Obligors.
The Originators and Buyer may agree from time to time to change the Discount
Factor based on changes in one or more of the items affecting the calculation
thereof, provided that any change to the Discount Factor shall take effect as
of the commencement of a Settlement Period, shall apply only prospectively and
shall not affect the Purchase Price payment in respect of any previous
purchase. The initial Discount Factor on the date hereof shall be 3.00%.

 

     “Excluded Losses” has the meaning assigned thereto in Section 7.2.

     “Indemnified Losses” has the meaning assigned thereto in Section 7.1.

     “Indemnified Party” has the meaning assigned thereto in Section 7.1.

     “Initial Funding Date” means the date hereof.

     “Net Worth” means as of the last Business Day of each Settlement Period
preceding any date of determination, the excess, if any, of (a) the aggregate
outstanding balance of the Receivables at such time, over (b) the sum of (i)
the Aggregate Investment outstanding at such time, plus (ii) the aggregate
outstanding principal balance of the Subordinated Notes (including any loan
thereunder proposed to be made on the date of determination).

     “Originators” has the meaning assigned thereto in the first paragraph.

     “Purchase Price” means, with respect to any purchase of Receivables on any
date, the aggregate price to be paid by Buyer to the Originators for such
purchase in accordance with Section 2.3 of this Agreement for the Receivables
and Collections being sold to Buyer on such date, which price shall equal (i)
the product of (x) the outstanding principal balance of such Receivables,
multiplied by (y) one minus the Discount Factor then in effect, minus (ii) any
Deemed Collections to be credited against the Purchase Price otherwise payable
in accordance with Section 3.2 of the Agreement.

     “Receivable” means each obligation of an Obligor to pay for services
rendered by an Originator and includes (i) the related Originator’s rights to
payment of any interest or finance charges relating to such Receivable, (ii)
all security interests, guaranties and property securing or supporting payment
of such Receivable, (iii) all Records, and (iv) and all proceeds of the
foregoing. Deemed Collections shall reduce the outstanding balance of
Receivables hereunder, so that any Receivable that has its outstanding balance
deemed collected shall cease to be a Receivable hereunder after the Seller
receives payment of such Deemed Collections under Section 3.2.

     “Required Capital Amount” means, as of any date of determination, an
amount equal to 5% of the aggregate outstanding balance of Receivables.

     “Settlement Date” means the seventh Business Day of each month.

     “Settlement Period” means a calendar month (or, in the case of the first
Settlement Period, the period from the Initial Funding Date to the end of the
calendar month in which the Initial Funding Date occurs).

     “Unpaid Balance” means, with respect to any Receivable, the outstanding
unpaid amount thereof.

2

 

     1.2 Other Interpretive Matters. In this Agreement, unless otherwise
specified: (a) references to any Section or Annex refer to such Section of, or
Annex to, this Agreement, and references in any Section or definition to any
subsection or clause refer to such subsection or clause of such Section or
definition; (b) “herein”, “hereof”, “hereto”, “hereunder” and similar terms
refer to this Agreement as a whole and not to any particular provision of this
Agreement; (c) “including” means including without limitation, and other forms
of the verb “to include” have correlative meanings; (d) the word “or” is not
exclusive; and (e) captions are solely for convenience of reference and shall
not affect the meaning of this Agreement.

SECTION 2. AGREEMENT TO PURCHASE AND SELL

     2.1 Purchase and Sale. On the terms and subject to the conditions set
forth in this Agreement, each Originator hereby sells to Buyer, and Buyer
hereby purchases from such Originator, all of such Originator’s right, title
and interest in, to and under the Receivables and all proceeds thereof
(including all Collections with respect thereto), in each case whether now
existing or hereafter arising or acquired.

     2.2 Timing of Purchases. All of the Receivables existing at the opening
of each Originator’s business on the Initial Funding Date are hereby sold to
Buyer as of the Initial Funding Date. On and after the Initial Funding Date,
each Receivable of each Originator shall be deemed to have been sold to Buyer
immediately (and without further action by any Person) upon the creation of
such Receivable. The proceeds with respect to each Receivable (including all
Collections with respect thereto) shall be sold at the same time as such
Receivable, whether such proceeds (or Collections) exist at such time or arise
or are acquired thereafter.

     2.3 Purchase Price. (a) The amount paid for the Receivables sold by the
Originators to the Buyer on any Business Day shall be the Purchase Price with
respect to such Receivables.

     (b) The Purchase Price for the purchase of Receivables in existence at the
opening of business on the Closing Date and on each Business Day on which
Receivables are sold hereunder shall be payable in full by Buyer to the
applicable Originator on the date of such sale, and shall be paid to such
Originator in the following manner:

	 	 	first, by delivery of immediately available funds, to
the extent of funds available to the Buyer from its
subsequent sale of an interest in the Receivables to
the Agent for the benefit of the Purchasers under the
Second Tier Agreement or other cash on hand; and
	 
	 	 	second, by delivery of the proceeds of a subordinated
revolving loan from the applicable Originator to the
Buyer (a “Subordinated Loan”) under the applicable
subordinated promissory note (the “Subordinated
Note”), provided that the amount of any such advance
shall not exceed the least of (a) the remaining unpaid
portion of such Purchase Price and (b) the maximum
Subordinated

3

 

	 	 	Loan that could be borrowed without rendering Buyer’s
Net Worth less than the Required Capital Amount.

Subject to the limitations set forth above, each Originator irrevocably agrees
to make each Subordinated Loan requested by Buyer on or prior to the
Termination Date. The Subordinated Loans shall be evidenced by, and shall be
payable in accordance with the terms and provisions of the Subordinated Notes
and shall be payable solely from funds which Buyer is not required under the
Second Tier Agreement to set aside for the benefit of, or otherwise pay over
to, the Purchasers.

     (c) Although the Purchase Price for each Receivable coming into existence
after the date hereof shall be paid in full by Buyer to the applicable
Originator on the date such Receivable is purchased, a precise reconciliation
of the Purchase Price between Buyer and such Originator shall be effected on a
monthly basis on each Settlement Date with respect to all Receivables sold
during the prior Settlement Period and based on the information contained in
the Periodic Report delivered by the Servicer pursuant to Article III of the
Second Tier Agreement for the Settlement Period then most recently ended.
Although such reconciliation shall be effected on Settlement Dates, increases
or decreases in the amount owing under the Subordinated Notes made pursuant to
Section 2.3(b) shall be deemed to have occurred and shall be effective as of
the day such increases or decreases occur. On each Settlement Date, each
Originator shall determine the net increase or the net reduction in the
outstanding principal amount of its Subordinated Note occurring during the
immediately preceding Settlement Period and shall account for such net increase
or net reduction in its books and records. Each Originator hereby agrees that
within three (3) Business Days after the Buyer so requests, such Originator
will provide the Buyer with a current report of daily sales giving rise to
Receivables purchased hereunder and a current daily report of Collections
received.

     (d) The Servicer shall maintain up-to-date and ongoing records of the
purchase prices due to each Originator for Receivables purchased hereunder and
the outstanding principal balance of each Originator’s Subordinated Note.

     2.4 No Recourse or Assumption of Obligations. Except as specifically
provided in this Agreement, the purchase and sale of Receivables under this
Agreement shall be without recourse to the applicable Originator. Each
Originator and Buyer intend the transactions hereunder to constitute true sales
of Receivables by the applicable Originator to Buyer, providing Buyer with the
full risks and benefits of ownership of the Receivables (such that the
Receivables would not be property of such Originator’s estate in the event of
such Originator’s bankruptcy).

     Buyer shall not have any obligation or liability with respect to any
Receivable, nor shall Buyer have any obligation or liability to any Obligor or
other customer or client of any Originator (including any obligation to perform
any of the obligations of any Originator under any Receivable).

4

 

     2.5 Characterization. If, notwithstanding the intention of the parties
expressed in Section 2.4, any sale of Receivables by any Originator to Buyer
hereunder shall be characterized as a secured loan and not a sale or such sale
shall for any reason be ineffective or unenforceable, then this Agreement shall
be deemed to constitute a security agreement under the UCC and other applicable
law. For this purpose and without being in derogation of the parties’
intention that the sale of Receivables hereunder shall constitute a true sale
thereof, each Originator hereby grants to Buyer a duly perfected security
interest in all of such Originator’s right, title and interest in, to and under
all Receivables now existing and hereafter arising, all Collections and other
proceeds with respect thereto, each Lock-Box Account, each Lock-Box, all other
rights and payments relating to the Receivables and all proceeds of the
foregoing to secure the prompt and complete payment of a loan deemed to have
been made in an amount equal to the purchase price of the Receivables together
with all other obligations of such Originator hereunder, which security
interest shall be prior to all other Adverse Claims thereto; provided that the
Originators shall not be required to cause the interest in the Lock-Box
Accounts to be perfected through the execution of the Lock-Box Agreements until
the date that is 45 days after the Closing Date. Buyer and its assigns shall
have, in addition to the rights and remedies which they may have under this
Agreement, all other rights and remedies provided to a secured creditor under
the UCC and other applicable law, which rights and remedies shall be
cumulative.

     2.6 License. In connection with such transfer, each Originator hereby
grants to each of Buyer, the Agent and the Servicer an irrevocable,
nonexclusive license to use, without royalty or payment of any kind, all
software used by such Originator to account for the Receivables, to the extent
necessary to administer the Receivables, whether such software is owned by such
Originator or is owned by others and used by it under license agreements with
respect thereto (to the extent permitted under such license agreement). The
license granted hereby shall be irrevocable until the indefeasible payment in
full of all amounts due and owing the Agent and the Purchasers under the Second
Tier Agreement.

     2.7 Additional Originators. Any Subsidiary of the Parent may become an
Originator hereunder upon (i) the written approval of the Buyer, the Parent and
the Agent, (ii) the execution of a Joinder Agreement by such Subsidiary in the
form of Exhibit A attached hereto, (iii) the execution of a Subordinated Note
by the Buyer in favor of such Subsidiary, (iv) the delivery of the
documentation described in Section 7.1(c) of the Second Tier Agreement with
respect to such Subsidiary and (v) such other approvals, opinions or documents
as the Agent or any Conduit Purchaser may reasonably request.

SECTION 3. ADMINISTRATION AND COLLECTION

     3.1 Parent to Service. Parent shall be responsible for the servicing,
administration and collection of the Receivables, all on the terms set out in
(and subject to any rights to terminate the Parent as Servicer pursuant to) the
Second Tier Agreement. Notwithstanding the sale of Receivables pursuant to
this Agreement, the Parent intends to appoint each Originator as a sub-servicer
of the Receivables originated by it, subject to any rights to terminate the
Originators as sub-servicers pursuant to the Second Tier Agreement. The
parties hereto agree

5

 

that the Originators will fulfill certain of the Servicer’s obligations
and duties as the Initial Servicer with respect to the Receivables under the
Second Tier Agreement. Notwithstanding such appointment, the Parent shall
remain primarily liable for the performance of the duties and obligations of
the Servicer under the Transaction Documents.

     3.2 Deemed Collections. If on any day the outstanding balance of a
Receivable is reduced or cancelled as a result of any defective or rejected
services, any cash discount or adjustment (including as a result of the
application of any special refund or other discounts or any reconciliation),
any setoff or credit (whether such claim or credit arises out of the same, a
related, or an unrelated transaction) or other similar reason not arising from
the financial inability of the Obligor to pay undisputed indebtedness, the
applicable Originator shall be deemed to have received on such day a Collection
on such Receivable in the amount of such reduction or cancellation. If any
representation or warranty set forth in Section 4.2(a), (b), (e) and (g) of any
Originator related to a Receivable is not true or is not satisfied on the date
such Receivable is sold hereunder or any Originator shall breach any covenant
set forth in Section 5.1(i) or (j) related to a Receivable, such Originator
shall be deemed to have received on such day a Collection in the amount of the
outstanding balance of such Receivable. Not later than the first Settlement
Date after any Originator is deemed pursuant to this Section 3.2 to have
received any Collections, such Originator shall transfer to Buyer immediately
available funds in the amount of such deemed Collections; provided, however,
that if no such application is required under the Second Tier Agreement, Buyer
and the applicable Originator may agree to offset the Purchase Price to be paid
for Receivables on such date by the amount of such deemed Collections or reduce
the outstanding principal amount of the Subordinated Note in lieu of all or
part of such transfer. To the extent that Buyer subsequently receives
Collections with respect to any such Receivable, Buyer shall pay the applicable
Originator an amount equal to the amount so collected, such amount to be
payable in the same manner and priority as deferred purchase price.

     3.3 Actions Evidencing Purchases. (a) On or prior to the Initial Funding
Date, each Originator shall cause the Parent to clearly and conspicuously mark
its books and records, and all information delivered to any third party
(including without limitation any data tapes or electronic files), with a
legend, acceptable to Buyer, evidencing that the Receivables have been sold in
accordance with this Agreement. In addition, each Originator agrees that from
time to time, at its expense, it will promptly execute and deliver all further
instruments and documents, and take all further action, that Buyer or its
assignee may reasonably request in order to perfect, protect or more fully
evidence the purchases hereunder, or to enable Buyer or its assigns to exercise
or enforce any of their respective rights with respect to the Receivables.
Without limiting the generality of the foregoing, each Originator hereby
authorizes Buyer and its designee to file, and (to the extent necessary under
applicable laws) will upon the request of Buyer or its designee execute and
file, such financing or continuation statements, or amendments thereto or
assignments thereof.

     (b) Each Originator hereby authorizes Buyer or its assignee to (i) file
one or more financing or continuation statements, and amendments thereto and
assignments thereof, relative to all or any of the Receivables, together with
related Collections and other proceeds, now

6

 

existing or hereafter arising in the name of Originator and (ii) to the
extent required by the Second Tier Agreement, to notify Obligors of the
assignment of the Receivables. Each Originator hereby irrevocably appoints
Buyer or its assignee as its attorney-in-fact coupled with an interest, with
full power of substitution and with full authority in the place of each
Originator, to take any and all steps deemed desirable by Buyer or its
assignee, in the name and on behalf of each Originator to effect clauses (i)
and (ii) above. The Buyer’s power under this Section 3.3(b) shall not subject
Buyer or its assignee to any liability if any action taken by it proves to be
inadequate or invalid, nor shall such powers confer any obligation whatsoever
upon Buyer or its assignee.

     3.4 Application of Collections. Any payment by an Obligor in respect of
any indebtedness owed by it to an Originator shall, except as otherwise
specified by such Obligor (including by reference to a particular invoice), or
required by the related contracts or law, be applied, first, as a Collection of
any Receivable or Receivables then outstanding of such Obligor in the order of
the age of such Receivables, starting with the oldest of such Receivables, and,
second, to any other indebtedness of such Obligor to such Originator.

SECTION 4. REPRESENTATIONS AND WARRANTIES

     4.1 Mutual Representations and Warranties. Each of the Originators and
Buyer represents and warrants as to itself to the other and their assigns on
the date hereof and on the date of each purchase of Receivables hereunder as
follows:

     (a) Corporate Existence and Power. It is a corporation or limited
liability company duly organized, validly existing and in good standing under
the laws of its state of incorporation or formation and has all corporate power
or limited liability company power and authority and all governmental licenses,
authorizations, consents and approvals required to carry on its business in
each jurisdiction in which its business is now conducted, except where failure
to obtain such license, authorization, consent or approval would not reasonably
be expected to have a Material Adverse Effect.

     (b) Corporate Authorization and No Contravention. Its execution, delivery
and performance of each Transaction Document to which it is a party (i) are
within its corporate powers or limited liability company, (ii) have been duly
authorized by all necessary corporate or limited liability company action,
(iii) do not contravene or constitute a default under (A) any applicable law,
rule or regulation that, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect, (B) its charter or by-laws or
limited liability company agreement or (C) any agreement, order or other
instrument to which it is a party or its property is subject that, individually
or in the aggregate, would reasonably be expected to have a Material Adverse
Effect and (iv) will not result in any Adverse Claim on any Receivable or
Collection or give cause for the acceleration of any of its indebtedness.

     (c) No Consent Required. No approval, authorization or other action by,
or filings with, any Governmental Authority or other Person (other than the
parties to the Second Tier

7

 

Agreement as may be required under the Transaction Documents) is required
in connection with the execution, delivery and performance by it of any
Transaction Document or any transaction contemplated thereby other than the
filing of the financing statements contemplated by the Transaction Documents
which will be made within ten (10) days of the Closing Date.

     (d) Binding Effect. Each Transaction Document to which it is a party
constitutes the legal, valid and binding obligation of such Person enforceable
against that Person in accordance with its terms, except as limited by
bankruptcy, insolvency, or other similar laws of general application relating
to or affecting the enforcement of creditors’ rights generally and subject to
general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

     4.2 Additional Representations by Originator. Each Originator further
represents and warrants as to itself to Buyer and its assigns on the date
hereof and on the date of each purchase of Receivables hereunder as follows:

     (a) Perfection of Ownership Interest. Immediately preceding its sale of
Receivables to the Buyer, such Originator was the owner of, and upon such sale
effectively sold, such Receivables to the Buyer, free and clear of any Adverse
Claim. The Buyer owns the Receivables free of any Adverse Claim created by or
through the Originator other than the interests of the Purchasers (through the
Agent) therein that are created.

     (b) Accuracy of Information. All information furnished by such Originator
to Buyer, the Agent or the Purchasers (including without limitation the
information provided by such Originator in each Periodic Report) in connection
with any Transaction Document, or any transaction contemplated thereby, is, at
the time so furnished, true and accurate in all material respects and does not,
at the time so furnished, omit to state a material fact or any fact necessary
to make the statements contained therein not materially misleading on the date
as of which such information is dated or certified.

     (c) No Actions, Suits. Other than as disclosed on Schedule 4.2(c), there
are no actions, suits or other proceedings (including matters relating to
environmental liability) pending or threatened against or affecting such
Originator or any of its properties, that (i) if adversely determined
(individually or in the aggregate), would reasonably be expected to have a
Material Adverse Effect or (ii) involve any Transaction Document or any
transaction contemplated thereby. Such Originator is not in default of any
contractual obligation or in violation of any order, rule or regulation of any
Governmental Authority, which default or violation would, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

     (d) Accuracy of Exhibits; Lock-Box Arrangements. All information on
Exhibits E through G of the Second Tier Agreement (to the extent describing
such Originator) is true and complete, subject to any changes permitted by, and
notified to the Agent or the Purchaser Agents, as applicable, in accordance
with, Article V of the Second Tier Agreement. Such Originator has not granted
any interest in any Lock-Box or Lock-Box Account to any Person

8

 

other than Buyer and, upon delivery to a Lock-Box Bank of the related
Lock-Box Agreement, Buyer (or the Agent, as its assignee) will have exclusive
ownership and control of the Lock-Box Account at such Lock-Box Bank.

     (e) Credit and Collection Policy. Each Receivable sold by it has been
originated in compliance in all material respects with its Credit and
Collection Policy.

     (f) Sales by such Originator. Each sale by such Originator to the Buyer
of an interest in Receivables has been made for “reasonably equivalent value”
(as such term is used in Section 548 of the Bankruptcy Code) and not for or on
account of “antecedent debt” (as such term is used in Section 547 of the
Bankruptcy Code) owed by such Originator to the Buyer.

     (g) Eligible Receivables. Each Receivable sold by such Originator and
reported by such Originator as an Eligible Receivable on such date is an
Eligible Receivable on such date.

SECTION 5. GENERAL COVENANTS

     5.1 Covenants. Each Originator hereby covenants and agrees to comply with
the following covenants and agreements, unless the Buyer (with the consent of
the Agent) shall otherwise consent:

     (a) Information Regarding Receivables. Such Originator will maintain a
system of accounting established and administered in accordance with GAAP and
will furnish to the Buyer, with reasonable promptness, such information
relating to the Receivables as Buyer or its assigns may reasonably request.

     (b) Notices. Within two (2) Business Days of a Responsible Officer
becoming aware of or receiving notice of any of the following such Originator
will notify the Buyer and provide a description of:

               (i) Potential Termination Events. The occurrence of any Potential
Termination Event or Termination Event;

               (ii) Representations and Warranties. The failure of any
representation or warranty herein to be true (when made) in any material
respect;

               (iii) Litigation. The institution of any litigation, arbitration
proceeding or governmental proceeding that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse
Effect;

               (iv) Judgments. The entry of any judgment or decree against such
Originator if the aggregate amount (not covered by insurance) of all
judgments then outstanding against such Originator is more than
$10,000,000;

9

 

               (v) Change in Business. Any change in, or proposed change in, the
character of such Originator’s business that would reasonably be expected
to have a Material Adverse Effect.

     (c) Conduct of Business. Such Originator will perform all actions
necessary to remain duly incorporated, validly existing and in good standing in
its jurisdiction of incorporation and to maintain all requisite authority to
conduct its business in each jurisdiction in which it conducts business if the
failure to maintain such authority would reasonably be expected to have a
Material Adverse Effect.

     (d) Compliance with Laws. Such Originator will comply with all laws,
regulations, judgments and other directions or orders imposed by any
Governmental Authority to which any Receivable of such Originator or
Collections thereof, may be subject where such non-compliance, individually or
in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

     (e) Furnishing Information and Inspection of Records. Such Originator
will furnish to Buyer or its assignee such Records concerning the Receivables
of such Originator as Buyer may reasonably request. Such Originator will
permit, at any time during regular business hours, and, so long as no
Termination Event exists, upon reasonable notice, the Buyer or its assignee (or
any representatives thereof, including independent public accountants) (i) to
examine and make copies of all Records, (ii) to visit the offices and
properties of such Originator for the purpose of examining the Records, (iii)
to discuss matters relating hereto with any of such Originator’s officers,
directors, employees or independent public accountants having knowledge of such
matters and (iv) to conduct an audit of the Records or make test verifications
of the Receivables of such Originator and Collections thereof, provided that so
long as no Termination Event exists, the Agent (as assignee of the Buyer) shall
not conduct more than one such audit of each Originator at the expense of such
Originator in any calendar year.

     (f) Keeping Records. Such Originator will have and maintain (A)
administrative and operating procedures (including an ability to recreate
Records necessary to service outstanding Receivables and prepare reports
required by the Transaction Documents if originals are destroyed), (B) adequate
facilities, personnel and equipment and (C) all Records and other information
necessary or advisable for collecting the Receivables of such Originator
(including Records adequate to permit the immediate identification of each new
Receivable of such Originator and all Collections thereof of, and adjustments
to, each existing Receivable of such Originator and to effect the settlements
contemplated by this Agreement). Such Originator will, at all times from and
after the date hereof, clearly and conspicuously mark its books and records,
and all information delivered to any third party (including without limitation
any data tapes or electronic files), with a legend describing the Buyer’s
interest in the Receivables of such Originator.

     (g) Perfection. (i) Such Originator will, at its expense, promptly
execute and deliver all instruments and documents and take all action necessary
or requested by the Buyer or its

10

 

assignee (including, if applicable, execution and filing of financing or
continuation statements, amendments thereto or assignments thereof) to enable
the Buyer and its assigns to exercise and enforce all its rights hereunder and
to vest and maintain vested in the Buyer and its assigns a valid, first
priority perfected ownership interest in the Receivables of such Originator,
the Collections thereof, the Lock-Boxes of such Originator, the Lock-Box
Accounts of such Originator and proceeds thereof free and clear of any Adverse
Claim; provided that the Originators shall not be required to cause the
interest in the Lock-Box Accounts to be perfected through the execution of the
Lock-Box Agreements until the date that is 45 days after the Closing Date. The
Buyer or its assignee will be authorized and permitted to file any continuation
statements, amendments thereto and assignments thereof pursuant to Article 9 of
the UCC.

               (ii) Such Originator will only change its name or corporate structure
or relocate its state of incorporation, chief executive office or the
Records following thirty (30) days advance notice to the Buyer and the
delivery to the Buyer of all financing statements, instruments and other
documents (including direction letters and opinions) reasonably requested
by the Buyer.

               (iii) Such Originator will at all times maintain its jurisdiction of
organization within a jurisdiction in the United States of America in
which Article 9 of the UCC is in effect. If Originator moves its chief
executive office to a location that imposes Taxes, fees or other charges
to perfect Buyer’s interests under this Agreement, such Originator will
pay all such amounts and any other costs and expenses incurred in order
to maintain the enforceability of the Transaction Documents and the
interests of the Buyer in the Receivables, Collections and the proceeds
thereof.

     (h) Performance of Duties. Such Originator will perform its respective
duties or obligations in accordance with the provisions of each of the
Transaction Documents. Such Originator (at its expense) will, (i) fully and
timely perform in all material respects all agreements required to be observed
by it in connection with each Receivable originated by it, (ii) comply in all
material respects with its Credit and Collection Policy, and (iii) refrain from
any action that may impair the rights of the Buyer in the Receivables of such
Originator, Collections thereof and the proceeds thereof.

     (i) Payments on Receivables, Accounts. Such Originator will instruct all
Obligors to deliver payments on the Receivables sold by it hereunder to a
Lock-Box or a Lock-Box Account; provided that, with respect to any Obligor that
had been instructed to send payments on any Receivable to the JPMorgan Lock-Box
or JPMorgan Lock-Box Account, the Originator will instruct each such Obligor to
deliver payments on its Receivables to a Lock-Box or a Lock-Box Account within
45 days after the Closing Date. If any such payments or other Collections are
received by such Originator, it shall hold such payments in trust for the
benefit of the Buyer and its assigns and promptly (but in any event within two
Business Days after receipt) remit such funds into a Lock-Box Account. Within
45 days after the Closing Date, such Originator shall have delivered to the
Agent and executed and acknowledged copy of a Lock-Box Agreement substantially
in the form of Exhibit H to the Second Tier Agreement (with such changes

11

 

acceptable to the Agent) from each of its Lock-Box Banks. Such Originator
will cause each of its Lock-Box Banks to comply with the terms of each
applicable Lock-Box Agreement. Such Originator will not permit the funds that
do not constitute proceeds of Receivables to be deposited into any of its
Lock-Box Accounts. If such funds are nevertheless deposited into any of its
Lock-Box Accounts, such Originator will promptly identify such funds for
segregation. Such Originator will not, and will not permit any Servicer or
other Person to, commingle Collections or other funds to which the Buyer is
entitled with any other funds. Such Originator shall only add a Lock-Box Bank,
Lock-Box, or Lock-Box Account to those listed on Exhibit G to the Second Tier
Agreement if the Buyer and the Agent have received notice of such addition, an
executed and acknowledged copy of a Lock-Box Agreement substantially in the
form of Exhibit H to the Second Tier Agreement (with such changes as are
acceptable to the Agent) from any new Lock-Box Bank. Such Originator shall only
terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30
days advance notice to the Buyer and the Agent.

     (j) Extension or Amendment of Receivables. Except as otherwise permitted
in Section 3.2(b) of the Second Tier Agreement and then subject to Section 1.5
of the Second Tier Agreement and Section 3.2 of this Agreement, such Originator
will not extend, amend, rescind or cancel any Receivable.

     (k) Change in Business or Credit and Collection Policy. Such Originator
will not make any material change in its Credit and Collection Policy or any
change in its business that would reasonably be expected to have a Material
Adverse Effect.

     (l) Accounting for Sale. Such Originator will not account for, or
otherwise treat the transactions contemplated hereby other than as a sale of
Receivables or inconsistent with the Buyer’s (or the Agent’s as the Buyer’s
assignee) ownership interest in the Receivables and Collections.

     5.2 Corporate Separateness. Each Originator and Buyer agree to conduct
its business in a manner materially consistent with factual assumptions set
forth in the opinion of Sidley Austin Brown & Wood LLP, dated the date hereof,
with respect to certain bankruptcy law matters, which opinion was delivered to
the Purchasers pursuant to the Second Tier Agreement.

SECTION 6. TERMINATION OF PURCHASES

     6.1 Voluntary Termination. The purchase and sale of Receivables pursuant
to this Agreement may be terminated by any party, upon five Business Days’
prior written notice to the other party and the Agent.

     6.2 Automatic Termination. The purchase and sale of Receivables pursuant
to this Agreement shall automatically terminate upon the occurrence of (i) a
Bankruptcy Event with respect to any Originator, or (ii) the Termination Date.

SECTION 7. INDEMNIFICATION

12

 

     7.1 Originators’ Indemnity. Without limiting any other rights any such
Person may have hereunder or under applicable law, each Originator hereby
indemnifies and holds harmless, on an after-Tax basis, the Buyer, its assigns
and their respective officers, directors, agents and employees (each an
“Indemnified Party”) from and against any and all damages, losses, claims,
liabilities, penalties, Taxes, costs and expenses (including reasonable
attorneys’ fees and court costs (all of the foregoing collectively, the
“Indemnified Losses”) at any time imposed on or incurred by any Indemnified
Party arising out of or otherwise relating to this Agreement, the transactions
contemplated thereby or any action taken or omitted by any of the Indemnified
Parties in connection with the transactions contemplated by this Agreement
(including any action taken by Buyer as attorney-in-fact for each Originator
pursuant to Section 3.3(b)), whether arising by reason of the acts to be
performed by the Indemnified Party hereunder or otherwise, or the acquisition
by the Buyer of an interest in the Receivables generated by such Originator
other than Excluded Losses, and including without limitation arising out of or
otherwise relating to any of the following:

               (i) any representation or warranty made by such Originator (or any
employee or agent of such Originator) under or in connection with this
Agreement, any Periodic Report or any other information or report
delivered by such Originator pursuant to the Transaction Documents, which
shall have been false or incorrect in any material respect when made or
deemed made;

               (ii) a failure by such Originator to comply with any applicable law,
rule or regulation related to any Receivable sold by it, or the
nonconformity of any such Receivable with any such applicable law, rule
or regulation;

               (iii) the failure of such Originator to vest and maintain vested in
the Buyer, a perfected ownership or security interest in the Receivables
sold by it and the Collections and proceeds with respect thereto, free
and clear of any Adverse Claim;

               (iv) any commingling of funds to which the Buyer is entitled
hereunder with any other funds of such Originator;

               (v) any failure of any such Originator’s Lock-Box Banks to comply
with the terms of the applicable Lock-Box Agreement or any failure by
JPMorgan Chase Bank to forward any Collections sent to the JPMorgan
Lock-Box or the JPMorgan Lock-Box Account to any Originator, a Lock-Box
or a Lock-Box Account;

               (vi) any dispute, claim, offset or defense (other than discharge in
bankruptcy of the Obligor) of the Obligor to the payment of any
Receivable sold by such Originator, or any other claim resulting from the
rendering of services related to such Receivable or the furnishing or
failure to furnish any such goods or services or other similar claim or
defense not arising from the financial inability of any such Obligor to
pay undisputed indebtedness;

13

 

               (vii) any failure of such Originator to perform its duties or
obligations in accordance with the provisions of this Agreement or any
other Transaction Document to which it is a party;

               (viii) any environmental liability claim, products liability claim
or personal injury or property damage suit or other similar or related
claim or action of whatever sort, arising out of or in connection with
any Receivable or any other suit, claim or action of whatever sort
relating to the obligations of such Originator or the Receivables sold by
such Originator under this Agreement; or

               (ix) any tax or governmental fee or charge (other than franchise
taxes and taxes on or measured by the net income of any Indemnified
Party), all interest and penalties thereon or with respect thereto, and
all out-of-pocket costs and expenses, including the reasonable fees and
expenses of counsel in defending against the same, which may arise by
reason of the purchase or ownership of the Receivables sold by such
Originator hereunder.

     7.2 Excluded Losses; Reimbursement of Legal Fees. The term “Excluded
Losses” means Indemnified Losses to the extent (a) resulting from gross
negligence or willful misconduct of the Indemnified Party seeking
indemnification, (b) solely due to the bankruptcy or lack of creditworthiness
of the Obligor and for which reimbursement would constitute recourse to the
Buyer or any Originator for uncollectible Receivables, or (c) such Indemnified
Losses include Taxes on, or measured by, the overall net income of such
Indemnified Party; provided, however, that nothing contained in this sentence
shall limit the recourse to any Originator for any amounts otherwise
specifically provided to be paid by such Originator hereunder.

SECTION 8. MISCELLANEOUS

     8.1 Amendments, Waivers, etc. No amendment of this Agreement or waiver of
any provision hereof or consent to any departure by any party therefrom shall
be effective without the written consent of the party that is sought to be
bound. Any such waiver or consent shall be effective only in the specific
instance given. No failure or delay on the part of any party to exercise, and
no delay in exercising, any right hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right hereunder preclude any
other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law. Each Originator and Buyer agree that the Purchasers may rely
upon the terms of this Agreement, and that the terms of this Agreement may not
be amended, nor any waiver of those terms be granted, without the consent of
the Agent and each Purchaser Agent.

     8.2 Assignment under Second Tier Agreement. Each Originator hereby
acknowledges that on the date hereof the Buyer has collaterally assigned for
security purposes all of its right, title and interest in, to and under this
Agreement to the Agent, for the benefit of the Purchasers pursuant to the
Second Tier Agreement and that the Agent, the Purchaser Agents and the

14

 

Purchasers are third party beneficiaries hereof. Each Originator hereby
further acknowledges that after the occurrence and during the continuation of a
Termination Event all provisions of this Agreement shall inure to the benefit
of the Agent, the Purchaser Agents and the Purchasers, including the
enforcement of any provision hereof to the extent set forth in the Receivables
Sale Agreement, but that none of the Agent, the Purchaser Agents or any
Purchaser shall have any obligations or duties under this Agreement. No
purchases shall take place hereunder at any time that the Agent has exercised
its right to enforce the Buyer’s rights hereunder pursuant to Section 1.8 of
the Receivables Sale Agreement. Each Originator hereby further acknowledges
that the execution and performance of this Agreement are conditions precedent
for the Agent, the Purchaser Agents and the Purchasers to enter into the Second
Tier Agreement and that the agreement of the Agent, the Purchaser Agents and
Purchasers to enter into the Second Tier Agreement will directly or indirectly
benefit such Originator and constitutes good and valuable consideration for the
rights and remedies of the Agent, the Purchaser Agents and each Purchaser with
respect hereto.

     8.3 Binding Effect; Assignment. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns and shall also, to the extent provided herein, inure to the benefit of
the parties to the Second Tier Agreement. Neither any Originator nor Buyer may
assign or transfer any of its rights or delegate any of its duties without
obtaining the prior consent of, in the case of an Originator, the Agent and
Buyer, and in the case of Buyer, the Agent. Each Originator acknowledges that
Buyer’s rights under this Agreement are being assigned to the Agent under the
Second Tier Agreement and that the Agent shall exercise those rights directly,
to the extent permitted by the Second Tier Agreement.

     8.4 Survival. The rights and remedies with respect to any breach of any
representation and warranty made by any Originator or Buyer pursuant to Section
4 and the indemnification provisions of Section 7 shall survive any termination
of this Agreement.

     8.5 Costs, Expenses and Taxes. In addition to the obligations of the
Originators under Section 7, the Originators, jointly and severally, agree to
pay on demand all costs and expenses incurred by the Buyer and its assigns
(other than Excluded Losses) in connection with the enforcement of, or any
actual or claimed breach of, this Agreement, including the reasonable fees and
expenses of counsel to any of such Persons incurred in connection with any of
the foregoing or in advising such Persons as to their respective rights and
remedies under this Agreement in connection with any of the foregoing. The
Originators, jointly and severally, also agree to pay on demand all stamp and
other taxes and fees payable or determined to be payable in connection with the
execution, delivery, filing and recording of this Agreement.

     8.6 Execution in Counterparts; Integration. This Agreement may be
executed in any number of counterparts and by the different parties in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
Agreement.

15

 

     8.7 Illinois. This Agreement and any other agreements executed hereunder
shall be governed by the internal laws (and not the law of conflicts) of the
State of Illinois.

     8.8 No Proceedings. Each Originator agrees, for the benefit of the
parties to the Second Tier Agreement, that it will not institute against Buyer,
or join any other Person in instituting against Buyer, any proceeding of a type
referred to in the definition of Bankruptcy Event until one year and one day
after no investment, loan or commitment is outstanding under the Second Tier
Agreement. In addition, all amounts payable by Buyer to the Originators
pursuant to this Agreement shall be payable solely from funds available for
that purpose (after Buyer has satisfied all obligations then due and owing
under the Second Tier Agreement).

     8.9 Notices. Unless otherwise specified, all notices and other
communications hereunder shall be in writing (including by telecopier or other
facsimile communication), given to the appropriate Person at its address or
telecopy number set forth on the signature pages hereof or at such other
address or telecopy number as such Person may specify, and effective when
received at the address specified by such Person.

     8.10 Payments and Computations. All amounts to be paid or deposited
hereunder by one Person to another Person shall be paid or transferred on the
day when due in immediately available Dollars by 11:00 a.m. (Chicago time),
with amounts received after such time being deemed paid on the Business Day
following such receipt. Each Originator shall, to the extent permitted by law,
pay to Buyer upon demand interest on all amounts not paid or transferred by
such Originator when due hereunder at a rate equal to Prime Rate plus 2%
calculated from the date any such amount became due until the date paid in
full. Any payment or other transfer of funds scheduled to be made on a day
that is not a Business Day shall be made on the next Business Day, and any
interest accruing on such amount to be paid or transferred shall continue to
accrue to such next Business Day. All computations of interest and fees shall
be calculated for the actual days elapsed based on a 360 day year.

     8.11 Confidentiality. The Originators and the Servicer hereto agree to
hold the Transaction Documents or any other confidential or proprietary
information of Buyer, the Agent, the Purchaser Agents or the Purchasers
received in connection therewith in confidence and agree not to provide any
Person with copies of any Transaction Document or such other confidential or
proprietary information other than to (i) any officers, directors, members,
managers, employees or outside accountants, financial advisors, auditors or
attorneys thereof, or (ii) Governmental Authorities with appropriate
jurisdiction, provided that the Originators and the Servicer may provide copies
of the Transaction Documents (other than the Fee Letters) to the lenders under
the USF Credit Agreement. Notwithstanding the above stated obligations, the
Originators will not be liable for disclosure or use of such information which
such Originator can establish by tangible evidence: (i) was required by law,
including pursuant to a subpoena or other legal process, (ii) was in such
Originator’s possession or known to such Originator prior to receipt or (iii)
is or becomes known to the public through disclosure in a printed publication
(without breach of any of such Originator’s obligations hereunder).

16

 

     8.12 Headings; Counterparts. Article and Section Headings in this
Agreement are for reference only and shall not affect the construction of this
Agreement. This Agreement 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.

     8.13 Cumulative Rights and Severability. All rights and remedies of Buyer
hereunder shall be cumulative and non-exclusive of any rights or remedies Buyer
has 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.

     8.14 Submission to Jurisdiction. The Originators and the Servicer hereby
submit to the nonexclusive jurisdiction of the United States District Court for
the Northern District of Illinois and of any Illinois state court sitting in
Chicago, Illinois for purposes of all legal proceedings arising out of, or
relating to, the Transaction Documents or the transactions contemplated
thereby. Each of the Originators and the Servicer hereby irrevocably waive, to
the fullest extent permitted by law, any objection it may now or hereafter have
to the venue of any such proceeding and any claim that any such proceeding has
been brought in an inconvenient forum. Nothing in this Section 8.14 shall
affect the right of Buyer to bring any action or proceeding against any
Originator, the Servicer or its property in the courts of other jurisdictions.

     8.15 WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW,
EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, ANY
TRANSACTION DOCUMENT OR ANY MATTER ARISING THEREUNDER.

     8.16 USA Patriot Act Notice. The Buyer hereby notifies the Originators
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”), certain of the
Purchasers and the Agent are required to obtain, verify and record information
that identifies each USF Entity, which information includes the name and
address of each USF Entity and other information that will allow such Purchaser
or the Agent, as applicable, to identify each USF Entity in accordance with the
Act.

     8.17 Entire Agreement. The Transaction Documents constitute the entire
understanding of the parties thereto concerning the subject matter thereof.
Any previous or contemporaneous agreements, whether written or oral, concerning
such matters are superseded thereby.

[SIGNATURE PAGES FOLLOW]

17

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

	 	 	 	 	 
	 	 	USF REDDAWAY INC., as an Originator
	 
	 	 	 	 
	

	 	By:	 	/s/ Fritz Gerding
	

	 	 	 	

	

	 	Name:	 	Fritz Gerding
	

	 	 	 	

	

	 	Title:	 	Vice President, Finance and CFO
	 
	 	 	 	 
	 	 	USF HOLLAND INC., as an Originator
	 
	 	 	 	 
	

	 	By:	 	/s/ John M. O’Sullivan
	

	 	 	 	

	

	 	Name:	 	John M. O’Sullivan
	

	 	 	 	

	

	 	Title:	 	Vice President, Finance and CFO
	 
	 	 	 	 
	 	 	USF FINANCE COMPANY LLC, as Buyer
	 
	 	 	 	 
	

	 	By:	 	/s/ Chester J. Popkowski
	

	 	 	 	

	

	 	Name:	 	Chester J. Popkowski
	

	 	 	 	

	

	 	Title:	 	President
	 
	 	 	 	 
	 	 	USF CORPORATION, as Servicer
	 
	 	 	 	 
	

	 	By:	 	/s/ Chester J. Popkowski
	

	 	 	 	

	

	 	Name:	 	Chester J. Popkowski
	

	 	 	 	

	

	 	Title:	 	Vice President, Finance and

Internal Audits, and Treasurer

S-1

 

EXHIBIT A

Form of Joinder Agreement

[ ], 200_

     Reference is made to that Purchase and Sale Agreement dated as of December
28, 2004 (as amended, supplemented, restated or otherwise modified, the “Sale
Agreement”) among USF Reddaway Inc., USF Holland Inc., USF Finance Company LLC,
and USF Corporation, as Servicer. Capitalized terms used but not defined
herein shall have the same meanings as such terms are used in the Sale
Agreement.

     Pursuant to Section 2.7 of the Sale Agreement,    (the “New
Originator) hereby requests to become, effective on    , 200   (the
“Effective Date”), a “Originator” under the Sale Agreement.

     By executing and delivering this Joinder Agreement, the New Originator
confirms to and agrees with each other party to the Sale Agreement that (i) it
is a Subsidiary of the Parent, (ii) it has the organizational power to, and is
duly authorized to, enter into this Joinder Agreement, (iii) it hereby makes as
of the date hereof all representations made by an Originator in the Sale
Agreement, (iv) on and after the Effective Date, it will be bound by the Sale
Agreement as an Originator and (v) it will perform in accordance with the terms
and conditions of the Sale Agreement all of its obligations as an Originator.

     This Joinder Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of Illinois.

A-1

 

     IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement
to be executed by their respective officers thereunto duly authorized as of the
date first above written.

	 	 	 	 	 
	 
	 	 	 	 
	 	 	[          ]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	Name:	 	 
	

	 	 	 	

	

	 	Title:	 	 
	

	 	 	 	

	 
	 	 	 	 
	 	 	Acknowledged and consented by
	 
	 	 	 	 
	 	 	USF FINANCE COMPANY
LLC
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	Name:	 	 
	

	 	 	 	

	

	 	Title:	 	 
	

	 	 	 	

	 
	 	 	 	 
	 	 	USF CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	Name:	 	 
	

	 	 	 	

	

	 	Title:	 	 
	

	 	 	 	

	 
	 	 	 	 
	 	 	ABN AMRO BANK N.V.,

as Agent
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	Name:	 	 
	

	 	 	 	

	

	 	Title:	 	 
	

	 	 	 	

	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	Name:	 	 
	

	 	 	 	

	

	 	Title:	 	 
	

	 	 	 	

A-2Amendment #9 to Revolving Credit and Security Agr.

 

Exhibit 10.28

AMENDMENT NO. 9 TO REVOLVING CREDIT AND

SECURITY AGREEMENT AND WAIVER

     THIS AMENDMENT NO. 9 TO REVOLVING CREDIT AND SECURITY AGREEMENT AND WAIVER
(this “Amendment”) is made and entered into as of December 29, 2004, among
MasTec, Inc., a Florida corporation (“MasTec”), the Subsidiaries of MasTec
identified on the signature pages hereto (together with MasTec, hereinafter
collectively referred to as the “Borrowers”), the financial institutions party
from time to time to the Loan Agreement (as hereinafter defined) (the
“Lenders”) and Fleet Capital Corporation, a Rhode Island corporation, as
administrative agent (the “Administrative Agent”) for the Lenders.

Recitals:

     The Borrowers, the Lenders and the Administrative Agent are parties to a
Revolving Credit and Security Agreement dated as of January 22, 2002 (as
amended and in effect on the date hereof, the “Loan Agreement”), pursuant to
which the Lenders have made certain revolving credit loans and letter of credit
accommodations to or for the benefit of the Borrowers.

     The Borrowers have requested that the Lenders agree to amend the Loan
Agreement to, among other things, amend the financial covenants set forth in
Section 11.1 of the Loan Agreement.

     The Borrowers have informed the Administrative Agent and the Lenders that
certain Defaults exist under the Loan Agreement by reason of the following
(collectively, the “Designated Defaults”): (i) the Borrowers’ failure to
maintain the required minimum Tangible Net Worth for the period from April 1,
2004, through the date of this Amendment as required by Section 11.1(a) of the
Loan Agreement and (ii) the Borrowers’ failure to maintain the minimum Fixed
Charge Coverage Ratio for the 3-calendar month period ended June 30, 2004, as
required by Section 11.1(b) of the Loan Agreement. The Borrowers have further
requested that the Lenders waive the Designated Defaults.

     Upon the terms and subject to the conditions hereinafter set forth, the
Lenders have agreed so to amend the Loan Agreement and to waive the Designated
Defaults.

     NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and
valuable consideration, the receipt and sufficiency of which are hereby
severally acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

     1. Definitions. All capitalized terms used in this Amendment, unless
otherwise defined herein, shall have the meaning ascribed to such terms in the
Loan Agreement.

     2. Amendments to Loan Agreement. Subject to the provisions of Section 4
of this Amendment, the Loan Agreement is hereby amended as follows:

 

 

     (a) By deleting the definition of “Non-Cash Non-Recurring Charge Amounts”
appearing in Section 1.1 of the Loan Agreement and by substituting the
following new definition in lieu thereof:

          “Non-Cash Non-Recurring Charge Amounts” means an amount equal
to $1,100,000 deducted from Net Income for the purpose of
calculating EBITDA as a non-cash, non-recurring charge taken by
the Borrowers for an ITS inventory adjustment in the second Fiscal
Quarter of 2004, which amount may be added back to Net Income
solely for calculating EBITDA in respect of the months of June,
2004 through May, 2005.

     (b) By deleting Section 11.1 (a) and by substituting the following new
Section 11.1(a) in lieu thereof:

          (a) Tangible Net Worth. Permit consolidated Tangible Net
Worth of MasTec’s NAOperations at any time on or after April 1,
2004, to be less than the sum of (i) $50,500,000, plus (ii) an
amount equal to 50% of consolidated Net Income (but without
deduction for any Net Loss) of MasTec’s NAOperations for the
period from April 1, 2004, through the date of determination,
treated as a single accounting period.

     3. Limited Waiver of Designated Defaults. Subject to the provisions of
Section 4 of this Amendment, the Administrative Agent and the Lenders hereby
waive the Designated Defaults in effect on the date hereof. In no event shall
the foregoing waiver be deemed to constitute a waiver of (i) any Default or
Event of Default that may exist on the date of this Amendment (other than the
Designated Defaults) or (ii) the Borrowers’ respective obligations to comply
with all of the terms and conditions of the Loan Agreement and the other Loan
Documents from and after the date hereof. Notwithstanding any prior, temporary
mutual disregard of the terms of any contracts between the parties, each
Borrower hereby agrees that it shall be required strictly to comply with all of
the terms of the Loan Agreement and the other Loan Documents on and after the
date hereof.

     4. Conditions to Effectiveness. The provisions of this Amendment shall
become effective on the date (the “Amendment No. 9 Effective Date”) on which
the Administrative Agent shall have received, on or before December 30, 2004:
(a) a fee in the amount of $93,750 for the Ratable account of the Lenders,
which fee is earned on the date hereof and is not subject to refund or rebate
of any kind whatsoever, and (b) the following documents, each of which shall be
satisfactory in form and substance to the Administrative Agent and in
sufficient copies for each Lender:

     (i) this Amendment duly executed and delivered by the Borrowers, the
Required Lenders and the Administrative Agent;

     (ii) a certificate of the secretary or assistant secretary of each
Borrower having attached thereto the articles or certificate of
incorporation and bylaws of such Borrower (or containing the certification of such secretary or assistant
secretary that no amendment or modification of such articles or
certificate of incorporation or bylaws has become effective since the last
date on which such documents were last delivered to the

2

 

Lenders), all corporate or company action, including shareholders’ or members’ approval,
if necessary, has been taken by such Borrower and/or its shareholders or
members to authorize the execution, delivery and performance of this
Amendment and to the further effect that the incumbency certificate most
recently delivered to the Lenders remains in effect, unchanged;

     (iii) a certificate of the chief executive officer of MasTec stating
that, to the best of his or her knowledge and based on an examination
sufficient to enable him or her to make an informed statement, after
giving effect to the Amendment and to the revised Schedules to the Loan
Agreement delivered therewith,

     (A) all of the representations and warranties made or deemed to
be made under the Loan Agreement are true and correct on and as of
the Amendment No. 9 Effective Date, and

     (B) no Default or Event of Default exists;

and the Administrative Agent shall be satisfied as to the truth and
accuracy thereof; and

     (iv) such other documents and instruments as any Lender through the
Administrative Agent may reasonably request.

     5. Representations and Warranties. To induce the Administrative Agent and
the Lenders to enter into this Amendment, each Borrower hereby makes the
following representations and warranties to the Administrative Agent and the
Lenders, which representations and warranties shall survive the delivery of
this Amendment and the making of additional Loans under the Loan Agreement as
amended hereby:

     (a) Authorization of Agreements. Each Borrower has the right and
power, and has taken all necessary action to authorize it, to execute,
deliver and perform this Amendment and each other agreement contemplated
hereby to which it is a party in accordance with their respective terms.
This Amendment and each other such agreement contemplated hereby to which
it is a party has been duly executed and delivered by the duly authorized
officers of such Borrower and each is, or each when executed and
delivered in accordance with this Amendment will be, a legal, valid and
binding obligation of such Borrower, enforceable in accordance with its
terms.

     (b) Compliance of Agreements with Laws. The execution, delivery and
performance of this Amendment in accordance with their respective terms
do not and will not, by the passage of time, the giving of notice or
otherwise,

     (i) require any Governmental Approval that has not been
obtained or violate any Applicable Law relating to such Borrower or
any of its Subsidiaries,

     (ii) conflict with, result in a breach of or constitute a
default under the articles or certificate of incorporation or
by-laws or other constituent documents or any shareholders’ or
members’ agreement of such Borrower or any of its Subsidiaries, any
material provisions of any indenture, agreement or other instrument
to which such Borrower, any of its

3

 

Subsidiaries,
any material provisions of any indenture, agreement or other
instrument to which such Borrower, any of its Subsidiaries or any of such Borrower’s or such Subsidiaries’ property may be bound or any
Governmental Approval relating to such Borrower or any of its
Subsidiaries, or

     (iii) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or hereafter
acquired by such Borrower other than the Security Interest.

     6. Additional Covenant. To induce the Administrative Agent and the
Lenders to enter into this Amendment, the Borrowers agree that, if for any
reason the Borrowers have not filed the Quarterly Reports on Form 10-Q for the
quarterly periods ended March 31, 2004, June 30, 2004 and September 30, 2004,
with the Securities and Exchange Commission by 5:00 p.m., Eastern Standard
Time, on January 7, 2005, the Borrowers shall pay to the Administrative Agent a
fee in the amount of $93,750 for the Ratable account of the Lenders, which fee
will be earned at such time and date and is not subject to refund or rebate of
any kind whatsoever.

     7. Effect of Amendment. From and after the Amendment No. 9 Effective
Date, all references in the Loan Agreement and in any other Loan Document to
“this Agreement,” “the Loan Agreement,” “hereunder,” “hereof” and words of like
import referring to the Loan Agreement, shall mean and at any time of
determination be references to the Loan Agreement as amended by this Amendment.
Except as expressly amended hereby, the Loan Agreement and all terms,
conditions and provisions thereof remain in full force and effect and are
hereby ratified and confirmed. The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of the Administrative Agent or any Lender
under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents.

     8. Breach of Amendment. Any breach by the Borrowers of any
representation, warranty or covenant contained herein shall constitute an Event
of Default.

     9. Counterpart Execution; Facsimile Signatures. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement. Any signature delivered by a party by facsimile
transmission shall be deemed to be an original signature hereto.

     10. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Georgia without giving effect to
conflicts of law principles thereof.

     11. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

     12. Further Assurances. The Borrowers agree to take such further actions
as any Lender through the Administrative Agent shall reasonably request from
time to time in connection herewith to evidence or give effect to the
amendments set forth herein or any of the transactions contemplated hereby.

4

 

     13. Section Titles. Section titles and references used in this Amendment
shall be without substantive meaning or content of any kind whatsoever and are
not a part of the agreement among the parties hereto.

     14. Waiver of Jury Trial. To the fullest extent permitted by Applicable
Law, each of the parties hereto hereby waives the right to trial by jury in any
action, suit, counterclaim or proceeding arising out of or related to this
Amendment.

     15. Release of Claims. To induce the Administrative Agent and the Lenders
to enter into this Amendment, each Borrower hereby releases, acquits and
forever discharges the Administrative Agent and the Lenders, and all officers,
directors, agents, employees, successors and assigns of the Administrative
Agent and the Lenders, from any and all liabilities, claims, demands, actions
or causes of action of any kind or nature (if there be any), whether absolute
or contingent, disputed or undisputed, at law or in equity, or known or
unknown, that such Borrower now has or ever had against Agent or any Lender
arising under or in connection with any of the Loan Documents or otherwise.
Each Borrower represents and warrants to the Administrative Agent and the
Lenders that such Borrower has not transferred or assigned to any Person any
claim that such Borrower ever had or claimed to have against the Administrative
Agent or any Lender.

     16. Expenses of Administrative Agent. The Borrowers agree to pay, on
demand, all costs and expenses reasonably incurred by the Administrative Agent
in connection with the preparation, negotiation and execution of this Amendment
and any other Loan Documents executed pursuant hereto and any and all
amendments, modifications, and supplements thereto, including, without
limitation, the reasonable costs and fees of the Administrative Agent’s legal
counsel and any taxes or expenses associated with or incurred in connection
with any instrument or agreement referred to herein or contemplated hereby.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed under seal and delivered by their respective duly authorized
officers as of the date first written above.

	 	 	 	 	 	 	 
	 	 	FLEET CAPITAL CORPORATION,
	 	 	as the Administrative Agent and as a Lender
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Dennis S. Losin	 	 
	

	 	 	 	Name: Dennis Losin	 	 
	

	 	 	 	Title: SVP	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,
	 	 	as a Lender
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Ryan Parnell	 	 
	

	 	 	 	Name: Ryan Parnell	 	 
	

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LASALLE BUSINESS CREDIT, LLC,
	 	 	successor in interest to LASALLE
	 	 	BUSINESS CREDIT, INC., as a Lender
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Douglas C. Colletti	 	 
	

	 	 	 	Name: Douglas C. Colletti	 	 
	

	 	 	 	Title: SR VP	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, as a Lender
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Gregory J. Wiske	 	 
	

	 	 	 	Name: Gregory J. Wiske	 	 
	

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,
	 	 	as a Lender
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Alex M. Council, IV	 	 
	

	 	 	 	Name: Alex M. Council IV	 	 
	

	 	 	 	Title: Vice President	 	 

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6

 

	 	 	 	 	 	 	 
	 	 	BORROWERS:
	 
	 	 	 	 	 	 
	 	 	MASTEC, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CHURCH & TOWER, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CHURCH & TOWER ENVIRONMENTAL, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CRUZ-CELL, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	DRESSER/AREIA CONSTRUCTION, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	FLAIRE INCORPORATED
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 

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7

 

	 	 	 	 	 	 	 
	 	 	MASTEC INTEGRATION SYSTEMS, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter

President and Chief Executive Officer	 	 
	 	 	MASTEC NETWORK SERVICES, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC NORTH AMERICA, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC TELCOM & ELECTRICAL
	 	 	SERVICES, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PHASECOM AMERICA, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 

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-8-

 

	 	 	 	 	 	 	 
	 	 	PROTEL IND., INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	RENEGADE OF IDAHO, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	S.S.S. CONSTRUCTION, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	UPPER VALLEY UTILITIES CORP.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WILDE HOLDING CO., INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WILDE ACQUISITION CO., INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

-9-

 

	 	 	 	 	 	 	 
	 	 	NORTHLAND CONTRACTING, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WILDE OPTICAL SERVICE, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC REAL ESTATE HOLDINGS, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC OF TEXAS, INC.
	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC CONTRACTING COMPANY, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC MINNESOTA, SW, LLC
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	

	 	 	 	of MasTec Services Company, Inc.,	 	 
	

	 	 	 	Sole Member	 	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

-10-

 

	 	 	 	 	 	 	 
	 	 	MASTEC SERVICES COMPANY, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC ASSET MANAGEMENT
	 	 	COMPANY, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC TC, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MASTEC FC, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	STACKHOUSE REAL ESTATE
	 	 	HOLDINGS, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Austin Shanfelter	 	 
	

	 	 	 	Austin Shanfelter	 	 
	

	 	 	 	President and Chief Executive Officer	 	 

-11-

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