Document:

Exhibit 10.1

 

$150,000,000

 

J.B. 
HUNT TRANSPORT SERVICES, INC.

 

SENIOR REVOLVING CREDIT FACILITY AGREEMENT

 

dated as of April 27, 2005

 

with

 

VARIOUS COMMERCIAL BANKING INSTITUTIONS

as the Banks,

 

SUNTRUST BANK

LASALLE BANK NATIONAL ASSOCIATION

DEUTSCHE BANK AG NEW YORK BRANCH

and

THE BANK OF TOKYO-MITSUBISHI, LTD.

as Co-Syndication Agents,

 

and

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

Arranged by

BANC OF AMERICA SECURITIES LLC,

as Sole Lead Arranger and Book Manager

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS
  AND INTERPRETATION

  	
   

  
	
  1.1

  	
  Definitions

  	
   

  
	
  1.2

  	
  Interpretation

  	
   

  
	
  ARTICLE II

  	
  COMMITTED LOANS

  	
   

  
	
  2.1

  	
  Commitments

  	
   

  
	
  2.2

  	
  Types of Committed Loans

  	
   

  
	
  2.3

  	
  Borrowing,
  Conversion and Continuation Procedures with Respect to Committed Loans

  	
   

  
	
  2.4

  	
  Availability of Funds

  	
   

  
	
  2.5

  	
  Satisfaction of
  Conditions

  	
   

  
	
  2.6

  	
  Currency

  	
   

  
	
  2.7

  	
  Increase in Commitments

  	
   

  
	
  ARTICLE
  III

  	
  REPAYMENT
  OF LOANS; NOTES EVIDENCING LOANS; INTEREST

  	
   

  
	
  3.1

  	
  Repayment of Loans

  	
   

  
	
  3.2

  	
  Notes

  	
   

  
	
  3.3

  	
  Interest Rates

  	
   

  
	
  3.4

  	
  Interest Payment Dates

  	
   

  
	
  3.5

  	
  Setting and Notice of
  Rates

  	
   

  
	
  3.6

  	
  Computation of Interest

  	
   

  
	
  3.7

  	
  Limitation on Interest

  	
   

  
	
  ARTICLE
  IV

  	
  REDUCTION
  OR TERMINATION OF THE COMMITMENTS; PREPAYMENTS

  	
   

  
	
  4.1

  	
  Reduction
  or Termination of the Commitments

  	
   

  
	
  4.2

  	
  Voluntary Prepayments

  	
   

  
	
  ARTICLE V

  	
  OTHER CREDIT TERMS

  	
   

  
	
  5.1

  	
  Fees; Computation of
  Fees

  	
   

  
	
  5.2

  	
  Payments

  	
   

  
	
  5.3

  	
  Net Payments; Tax
  Exemptions

  	
   

  
	
  5.4

  	
  Application of
  Certain Payments

  	
   

  
	
  5.5

  	
  Offset

  	
   

  

 

i

 

	
  ARTICLE
  VI

  	
  COST
  PROTECTION PROVISIONS AND SPECIAL PROVISIONS FOR

  	
   

  
	
  6.1

  	
  Cost Protection

  	
   

  
	
  6.2

  	
  Basis
  for Determining Interest Rate Inadequate or Unfair

  	
   

  
	
  6.3

  	
  Changes
  in Law Rendering Certain Eurodollar Rate Loans Unlawful

  	
   

  
	
  6.4

  	
  Funding Losses

  	
   

  
	
  6.5

  	
  Discretion
  of Banks as to Manner of Funding

  	
   

  
	
  6.6

  	
  Replacement of Certain
  Banks

  	
   

  
	
  6.7

  	
  Conclusiveness
  of Statements; Survival of Provisions

  	
   

  
	
  ARTICLE VII

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
   

  
	
  7.1

  	
  Corporate
  Existence, Power, Authority, etc

  	
   

  
	
  7.2

  	
  No
  Violation, Breach, Default, Lien, etc

  	
   

  
	
  7.3

  	
  Legal Valid and
  Binding Obligations

  	
   

  
	
  7.4

  	
  Financial Statements

  	
   

  
	
  7.5

  	
  No
  Litigation; Material Contingent Liabilities

  	
   

  
	
  7.6

  	
  No Approvals, etc

  	
   

  
	
  7.7

  	
  Fire, Strike, Act of
  God, etc

  	
   

  
	
  7.8

  	
  Liens

  	
   

  
	
  7.9

  	
  Subsidiaries

  	
   

  
	
  7.10

  	
  ERISA

  	
   

  
	
  7.11

  	
  Investment Company

  	
   

  
	
  7.12

  	
  Public Utility Company

  	
   

  
	
  7.13

  	
  Margin Stock

  	
   

  
	
  7.14

  	
  Accurate Information

  	
   

  
	
  7.15

  	
  Taxes

  	
   

  
	
  7.16

  	
  Ownership
  of Properties, Licenses and Permits

  	
   

  
	
  7.17

  	
  Patents, Trademarks, etc

  	
   

  
	
  7.18

  	
  Environmental Matters

  	
   

  
	
  7.19

  	
  Compliance with
  Applicable Law

  	
   

  
	
  7.20

  	
  Solvency

  	
   

  

 

ii

 

	
  ARTICLE VIII

  	
  AFFIRMATIVE
  COVENANTS

  	
   

  
	
  8.1

  	
  Information

  	
   

  
	
  8.2

  	
  Taxes

  	
   

  
	
  8.3

  	
  Existence

  	
   

  
	
  8.4

  	
  Inspection of Properties

  	
   

  
	
  8.5

  	
  Books and Records

  	
   

  
	
  8.6

  	
  Insurance

  	
   

  
	
  8.7

  	
  Compliance with
  Applicable Law

  	
   

  
	
  8.8

  	
  Maintenance of Property

  	
   

  
	
  8.9

  	
  Ownership of Transport

  	
   

  
	
  8.10

  	
  Use of Proceeds

  	
   

  
	
  8.11

  	
  Internal Control Events

  	
   

  
	
  ARTICLE IX

  	
  NEGATIVE COVENANTS

  	
   

  
	
  9.1

  	
  Negative Pledge

  	
   

  
	
  9.2

  	
  Investments

  	
   

  
	
  9.3

  	
  Publicly-Rated
  Indebtedness

  	
   

  
	
  9.4

  	
  Adjusted Debt to
  Cash Flow Ratio

  	
   

  
	
  9.5

  	
  Fixed Charge Coverage
  Ratio

  	
   

  
	
  9.6

  	
  Subsidiary Debt

  	
   

  
	
  9.7

  	
  Letters of Credit

  	
   

  
	
  9.8

  	
  Subordinated Indebtedness

  	
   

  
	
  9.9

  	
  Merger, Sale of
  Assets, etc

  	
   

  
	
  9.10

  	
  Limitation
  on Restrictions on Subsidiary Dividends and Other Distributions

  	
   

  
	
  9.11

  	
  No Conflicts

  	
   

  
	
  9.12

  	
  Nature of Business

  	
   

  
	
  9.13

  	
  Transactions with
  Affiliates

  	
   

  
	
  9.14

  	
  Margin Stock

  	
   

  
	
  ARTICLE
  X

  	
  CONDITIONS
  PRECEDENT TO THE INITIAL EXTENSION OF CREDIT

  	
   

  
	
  10.1

  	
  Conditions
  Precedent to the Initial Extension of Credit

  	
   

  

 

iii

 

	
  ARTICLE
  XI

  	
  CONDITIONS
  PRECEDENT TO ALL EXTENSIONS OF CREDIT

  	
   

  
	
  11.1

  	
  Conditions
  Precedent to All Extensions of Credit

  	
   

  
	
  11.2

  	
  Conditions
  Precedent for the Benefit of Banks

  	
   

  
	
  ARTICLE XII

  	
  EVENTS OF DEFAULT

  	
   

  
	
  12.1

  	
  Events of Default

  	
   

  
	
  12.2

  	
  Effect of Event of
  Default

  	
   

  
	
  ARTICLE
  XIII

  	
  THE
  ADMINISTRATIVE AGENT AND THE BANKS

  	
   

  
	
  13.1

  	
  Appointment
  and Powers of Administrative Agent

  	
   

  
	
  13.2

  	
  Non-Reliance by Banks

  	
   

  
	
  13.3

  	
  Indemnification
  of Agent-Related Persons

  	
   

  
	
  13.4

  	
  Excess Payments

  	
   

  
	
  13.5

  	
  Obligations Several

  	
   

  
	
  13.6

  	
  Successor
  Administrative Agent

  	
   

  
	
  13.7

  	
  Administrative
  Agent in Individual Capacity

  	
   

  
	
  13.8

  	
  Notice to Holder of
  Notes

  	
   

  
	
  13.9

  	
  Delegation of Duties

  	
   

  
	
  13.10

  	
  Funding Reliance

  	
   

  
	
  13.11

  	
  Administrative
  Agent May File Proofs of Claim

  	
   

  
	
  13.12

  	
  Arranger; Other Agents

  	
   

  
	
  ARTICLE XIV

  	
  MISCELLANEOUS

  	
   

  
	
  14.1

  	
  Amendments, Etc

  	
   

  
	
  14.2

  	
  Payment on
  Non-Business Days

  	
   

  
	
  14.3

  	
  Further Assurances

  	
   

  
	
  14.4

  	
  Notices, etc.

  	
   

  
	
  14.5

  	
  Costs, Expenses and
  Taxes

  	
   

  
	
  14.6

  	
  Indemnification

  	
   

  
	
  14.7

  	
  Severability of
  Provisions

  	
   

  
	
  14.8

  	
  Confirmations

  	
   

  
	
  14.9

  	
  Binding Effect;
  Assignment

  	
   

  
	
  14.10

  	
  Successors and Assigns

  	
   

  

 

iv

 

	
  14.11

  	
  Execution in
  Counterparts

  	
   

  
	
  14.12

  	
  GOVERNING LAW

  	
   

  
	
  14.13

  	
  CHOICE
  OF FORUM; CONSENT TO SERVICE OF PROCESS AND JURISDICTION

  	
   

  
	
  14.14

  	
  WAIVER OF JURY TRIAL

  	
   

  
	
  14.15

  	
  Headings

  	
   

  
	
  14.16

  	
  ENTIRE AGREEMENT

  	
   

  
	
  14.17

  	
  USA PATRIOT Act Notice

  	
   

  
	
  14.18

  	
  Treatment
  of Certain Information; Confidentiality

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE
  1(a)

  	
  -

  	
  Banks’
  Commitments

  	
   

  
	
  SCHEDULE
  1(b)

  	
  -

  	
  Banks’
  Addresses

  	
   

  
	
  SCHEDULE
  2

  	
  -

  	
  Environmental
  Matters

  	
   

  
	
  SCHEDULE
  3

  	
  -

  	
  Litigation
  and Contingent Liabilities

  	
   

  
	
  SCHEDULE
  4

  	
  -

  	
  Liens

  	
   

  
	
  SCHEDULE
  5

  	
  -

  	
  Subsidiaries

  	
   

  
	
  SCHEDULE
  6

  	
  -

  	
  Pricing
  Matrix

  	
   

  
	
  SCHEDULE
  7

  	
  -

  	
  Processing
  and Recordation Fees

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit
  A

  	
  -

  	
  Note

  	
   

  
	
  Exhibit
  B

  	
  -

  	
  Extension
  of Credit Request

  	
   

  
	
  Exhibit
  C

  	
  -

  	
  Subsidiary
  Guaranty

  	
   

  
	
  Exhibit
  D-1

  	
  -

  	
  Officer’s
  Certificate-Borrower

  	
   

  
	
  Exhibit
  D-2

  	
  -

  	
  Officer’s
  Certificate-Transport

  	
   

  
	
  Exhibit
  E-1

  	
  -

  	
  Opinion
  of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., counsel for the Borrower and Transport

  	
   

  
	
  Exhibit
  E-2

  	
  -

  	
  Opinion
  of Helms Mulliss & Wicker, PLLC, counsel for the Administrative Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit
  F

  	
  -

  	
  Compliance
  Certificate

  	
   

  
	
  Exhibit
  G

  	
  -

  	
  Assignment
  and Assumption

  	
   

  
	
  Exhibit H

  	
  -

  	
  Subordination
  Provisions

  	
   

  
					

 

v

 

SENIOR REVOLVING CREDIT FACILITY AGREEMENT

 

THIS SENIOR REVOLVING CREDIT FACILITY
AGREEMENT dated as of April 27, 2005 (including the Exhibits and Schedules
hereto, this “Agreement”) is by and among J.B.  HUNT TRANSPORT SERVICES, INC., an Arkansas
corporation (the “Borrower”), the banks and other financial institutions
whose signatures appear on the signature pages hereof or which hereafter become
parties hereto (collectively the “Banks” and individually a “Bank”),
SUNTRUST BANK, LASALLE BANK NATIONAL ASSOCIATION, DEUTSCHE BANK AG NEW YORK
BRANCH and THE BANK OF TOKYO-MITSUBISHI, LTD. (collectively the “Co-Syndication
Agents” and individually a “Syndication Agent”) and BANK OF AMERICA,
N.A.  (“Bank of America”), a
national banking association, as administrative agent for the Banks hereunder
(in such capacity, the “Administrative Agent”).

 

RECITALS:

 

WHEREAS, the Borrower has requested the Banks
to make loans to the Borrower and the Banks have agreed to extend a revolving
credit facility to the Borrower upon the terms and conditions in this
Agreement.

 

NOW THEREFORE, in consideration of the
premises and of the mutual covenants herein contained, the parties hereto,
intending legally to be bound hereby, do agree as follows:

 

ARTICLE I

DEFINITIONS AND INTERPRETATION

 

1.1                                 Definitions.   As used in this Agreement, unless the
context requires a different meaning, the following terms (whether or not
underscored) have the meanings indicated:

 

“Adjusted Debt to Cash Flow Ratio”
means the ratio, expressed as a percentage, of (a) Indebtedness of the
Borrower and its Subsidiaries to (b) Cash Flow.

 

“Administrative Agent” has the meaning
assigned to that term in the introduction hereto.

 

“Affected Bank” means a Bank that
notifies the Administrative Agent under Section 6.2(b) or
Section 6.3 that it is so affected.

 

“Affiliate” of any Person means (a)
any other Person who, directly or indirectly, controls or is controlled by or
is under common control with such other Person or (b) in the case of the
Borrower or any Subsidiary, any Person who is a director or officer of such
Person or of any Person described in the foregoing clause (a).  For purposes of this definition, “control”
(and with correlative meaning “controlled” and “under common control”) of a
Person shall mean (i) the power, direct or indirect, (A) to vote fifty percent
(50%) or more of the securities having ordinary voting power for the election
of directors of such Person or (B) to direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise, or
(ii) the ownership, direct or indirect, of ten percent (10%) or more of any
class of Voting Stock of such Person (if such class of Voting Stock is publicly
held).

 

1

 

“Agent-Related Persons” means Bank of
America and any successor agent arising under Section 13.2, together
with their respective Affiliates (including, in the case of Bank of America,
the Arranger), and the officers, directors, employees, agents and
attorneys-in-fact of such Persons and Affiliates.

 

“Aggregate Outstanding Loans” means,
as at any date of determination thereof, the aggregate principal amount of all
outstanding Committed Loans hereunder.

 

“Agreement” has the meaning assigned
to that term in the introduction hereto.

 

“Applicable Law” with respect to any
Person or matter means any law, rule, regulation, judgment, order, decree or other
requirement having the force of law relating to such Person or matter and,
where applicable, any interpretation thereof by any Governmental Authority
having jurisdiction with respect thereto or charged with the administration or
interpretation thereof.

 

“Arranger” means Banc of America
Securities LLC.

 

“Assignment and Assumption” means an
Assignment and Assumption substantially in the form of Exhibit G.

 

“Bank Obligations” means all
obligations of any Loan Party to the Administrative Agent or the Banks, or any
of them, howsoever created, arising or evidenced, whether direct or indirect,
absolute or contingent, joint or several, or now or hereafter existing, or due
or to become due, under or in connection with this Agreement, the Notes or any
other Loan Document.

 

“Bank of America” has the meaning
assigned to that term in the introduction hereto.

 

“Banks” and “Bank” have the
respective meanings assigned to those terms in the introduction hereto.

 

“Base Rate” means for any day a
fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate
plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate.”  The “prime rate” is a rate set by Bank of
America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below
such announced rate.  Any change in such
rate announced by Bank of America shall take effect at the opening of business
on the day specified in the public announcement of such change.

 

“Base Rate Loan” means any Committed
Loan that bears interest at a rate determined by reference to the Base Rate.

 

“Base Rate Margin” means, at any time,
the then applicable Base Rate Margin, determined as set forth in the Pricing
Matrix.

 

“Borrower” has the meaning assigned to
that term in the introduction hereto.

 

2

 

“Borrowing” means a borrowing by the
Borrower from the Banks pursuant to Section 2.1.

 

“Borrowing Date” means the date on
which a Borrowing is, or is to be, consummated, as the context requires.

 

“Business Day” means (a) in the case
of a Business Day which relates to a Eurodollar Rate Loan, a day on which the
requirements of clause (c) of this definition are met, and, in addition,
dealings are carried on in the interbank eurodollar market and banks are open
for business in London, (b) in the case of Base Rate Loans, a day on which the
requirements of clause (c) of this definition are met and, in addition,
banks are open for business in New York, and (c) in the case of a Business Day
which relates to fees and for any other purpose under this Agreement, a day on
which the Administrative Agent is open at its address specified on Schedule
1(b) or pursuant to the provisions of Section 14.4 for the purpose
of conducting commercial banking business.

 

“Capital Lease” means, with respect to
any Person, any lease of (or other agreement conveying the right to use) any
real or personal property by such Person that shall have been or should be
recorded as a capitalized lease in accordance with GAAP.

 

“Cash Flow” means, for any period, an
amount equal to the sum of the following for such period: (a) Net Income of the
Borrower and its Subsidiaries plus (b) Interest Expense plus (c)
taxes on income of the Borrower and its Subsidiaries plus (d)
depreciation and amortization expense of the Borrower and its Subsidiaries plus
(e) Rentals.

 

“CERCLA” means the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, (42 U.S.C.
§9601 et  seq.).

 

“Change of Control Event” means the
earliest to occur of (a) the date of a public announcement that a Person or
group of affiliated or associated Persons other than the current Persons who
own 50% or more of the Voting Stock of the Borrower (an “Acquiring Person”)
has acquired, or has obtained the right to acquire, legal or beneficial
ownership of 50% or more of the Voting Stock of the Borrower, (b) the date an
Acquiring Person acquires all or substantially all of the assets of the
Borrower (for purposes hereof, the term “Acquiring Person” shall not include
the Borrower, any of its Subsidiaries or any employee benefit plan (or related
trust) sponsored or maintained by the Borrower or any of its Subsidiaries) and
(c) the date on which a majority of the board of directors of the Borrower
shall consist of Persons other than Continuing Directors (for purposes of this
definition, “Continuing Director” means any member of the board of
directors of the Borrower on the date hereof and any other member of the board
of directors of the Borrower who shall be nominated or elected to succeed a
Continuing Director by at least a majority of the Continuing Directors who are
then members of the board of directors of the Borrower).

 

“Code” means the Internal Revenue Code
of 1986.

 

“Commitment”, when used with reference
to any Bank at the time any determination thereof is to be made, means the
amount of such Bank’s commitment hereunder to make a Loan, which, subject to Section
12.2, shall be the amount set forth opposite the name of such Bank on

 

3

 

Schedule 1(a), as
amended from time to time (or in an Assignment and Assumption), reduced by the
amount of any permanent reduction(s) in such amount pursuant to this Agreement.

 

“Commitment Termination Date” means
the earlier of (i) April 27, 2010 and (ii) the date on which the Total
Commitment shall be terminated pursuant to Section 4.1 or Section 12.22.

 

“Committed Loans” has the meaning
assigned to that term in Section 2.1.

 

“Compliance Certificate” means a
compliance certificate, substantially in the form of Exhibit F, duly
completed.

 

“Default” means an Event of Default or
an Unmatured Event of Default.

 

“Default Rate” has the meaning
assigned to that term in Section 3.3.

 

“Disposition” has the meaning assigned
to that term in Section 9.9(b).

 

“Dollars” and “$” mean lawful
money of the United States of America.

 

“Effective Date” means April 27, 2005.

 

“Eligible Assignee” has the meaning
assigned to that term in Section 14.10.

 

“Environmental Laws” means all
statutes and ordinances of the United States and of each jurisdiction in which
property of the Borrower or its Subsidiaries is located and the jurisdictions
in which the Borrower or its Subsidiaries do business relating to the
protection of human health or the environment, including CERCLA and RCRA, and
all laws governing the generation, use, collection, treatment, storage,
transportation, recovery, removal, discharge or disposal of Hazardous
Materials, and the regulations adopted and publications promulgated pursuant
thereto.

 

“Environmental Requirements” means all
applicable present and future Environmental Laws and all rules, regulations,
orders, decrees, permits, licenses, concessions, franchises, or other
restrictions or requirements of any Governmental Authority relating to the
protection of human health or the environment and all applicable judicial,
regulatory, or administrative decrees, judgments, or orders relating to the
protection of human health or the environment.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974.

 

“Eurodollar Margin” means, at any
time, the then applicable Eurodollar Margin, determined as set forth in the
Pricing Matrix.

 

“Eurodollar Office” with respect to
any Bank means the office, branch or affiliate of such Bank designated on Schedule
1(b) or such other office(s), branch(es) or affiliate(s) of such Bank (as
designated from time to time by written notice from such Bank to the Borrower
and the Administrative Agent) which shall be making or maintaining the
Eurodollar Rate Loans of such Bank hereunder.

 

4

 

“Eurodollar Rate” means for any Loan
Period, the rate per annum equal to the British Bankers Association LIBOR Rate
(“BBA LIBOR”), as published by Reuters (or other commercially available
source providing quotations of BBA LIBOR as designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Loan Period, for Dollar deposits (for
delivery on the first day of such Loan Period) with a term equivalent to such
Loan Period.  If such rate is not
available at such time for any reason, then the “Eurodollar Rate” for such Loan
Period shall be the rate per annum determined by the Administrative Agent to be
the rate at which deposits in Dollars for delivery on the first day of such
Loan Period in same day funds in the approximate amount of the Eurodollar Rate
Loan being made, continued or converted by Bank of America and with a term
equivalent to such Loan Period would be offered by Bank of America’s London
Branch to major banks in the London interbank eurodollar market at their
request at approximately 11:00 a.m. (London time) two Business Days prior to
the commencement of such Loan Period.

 

“Eurodollar Rate (Adjusted)” means,
with respect to a particular Loan Period for any Eurodollar Rate Loan, a rate
per annum determined by the Administrative Agent pursuant to the following
formula:

 

	
  Eurodollar Rate

  	
   

  	
  =

  	
   

  	
  Eurodollar Rate

  	
   

  
	
  (Adjusted)

  	
   

  	
   

  	
  1-Eurodollar Reserve Percentage

  	
   

  

 

“Eurodollar Rate Loan” means any
Committed Loan which bears interest at a rate determined by reference to the
Eurodollar Rate (Adjusted).

 

“Eurodollar Reserve Percentage” means,
for any day during any Loan Period, the reserve percentage (expressed as a
decimal, carried out to five decimal places) in effect on such day, whether or
not applicable to any Bank, under regulations issued from time to time by the
FRB for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”).  The Eurodollar Rate for each outstanding
Eurodollar Rate Loan shall be adjusted automatically as of the effective date
of any change in the Eurodollar Reserve Percentage.

 

“Event of Default” has the meaning
assigned to that term in Section 12.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934.

 

“Excluded Taxes” has the meaning
assigned to that term in the definition of the term “Taxes.”

 

“Exemption Agreement” has the meaning
assigned to that term in Section 5.3(b).

 

“Exemption Representation” has the
meaning assigned to that term in Section 5.3(c).

 

“Existing Revolving Credit Agreement”
shall mean the Senior Revolving Credit Facility Agreement dated as of November
13, 2002 by and among the Borrower, the various financial institutions that are
party thereto and Bank of America, as administrative agent.

 

5

 

“Extension of Credit” means the making
of a Loan.

 

“Extension of Credit Request” means a
notice of (a) a Borrowing, (b) a conversion of Committed Loans from one Type of
Loan to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section
2.3, which, if in writing, shall be substantially in the form of Exhibit
B.

 

“Facility Fee” means, at any time, the
then applicable Facility Fee, determined as set forth in the Pricing Matrix.

 

“Federal Funds Rate” means, for any
day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as
so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such
day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such
transactions as determined by the Administrative Agent.

 

“Fee Letter” means that certain letter
agreement dated March 7, 2005 between the Borrower and the Administrative
Agent, relating to the payment of fees to the Administrative Agent.

 

“Fiscal Quarter” means each fiscal
quarter of the Borrower and its Subsidiaries.

 

“Fiscal Year” means each fiscal year
of the Borrower and its Subsidiaries.

 

“Fixed Charge Coverage Ratio” means
for each Fiscal Quarter the ratio of (a) Net Income for the four Fiscal
Quarters then ended, after adding back, but only to the extent previously
deducted in determining Net Income and without duplication, the sum for the
four Fiscal Quarters then ended of (i) taxes on income of the Borrower and its
Subsidiaries, plus (ii) Interest Expense, plus (iii) Rentals, divided
by (b) the sum for the four Fiscal Quarters then ended of (y) Interest
Expense plus (z) Rentals.

 

“FRB” means the Board of Governors of
the Federal Reserve System.

 

“Fund” has the meaning assigned to
that term in Section 14.10.

 

“GAAP” means generally accepted
accounting principles as in effect from time to time (except as otherwise provided
in Section 1.2(a)) as set forth in the opinions, statements and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants, the Financial Accounting Standards Board and such
other Persons who, shall be approved by a significant segment of the accounting
profession and concurred in by the independent certified public accountants
certifying any audited financial statements of the Borrower.

 

6

 

“Governmental Authority” means any
government (or any political subdivision or jurisdiction thereof), court,
bureau, agency or other governmental authority having jurisdiction over the
Borrower or any Subsidiary, or any of its or their business, operations or
properties.

 

“Granting Bank” has the meaning
assigned to that term in Section 14.10.

 

“Guarantor” means Transport or any
other Subsidiary that executes a Subsidiary Guaranty.

 

“Guaranty” of a Person means any
guaranty, assumption, endorsement, or contingent agreement to purchase or
provide funds for the payment of, or otherwise become liable upon, the
obligation of any other Person, or any agreement to maintain the net worth or
working capital or other financial condition of any other Person or any other
assurance to any creditor of any Person against loss, including any comfort
letter, operating agreement, take-or-pay contract, or the contingent liability
of such Person in connection with any application for a letter of credit,
excepting from the foregoing contingent liabilities the amount of such Person’s
obligations with respect to bonds, deposits, standby letters of credit or other
evidences of contingent obligations given to governmental entities in
compliance with local and state requirements that have not been drawn or called
upon.

 

“Hazardous Materials” means materials
defined as “hazardous substances,” “hazardous waste” or “hazardous constituents”
or any similar term in (a) CERCLA, (b) RCRA or (c) any other Environmental
Requirements.

 

“Highest Lawful Rate” has the meaning
assigned to that term in Section 3.8(b).

 

“Impermissible Qualification” means,
relative to any opinion by the Borrower’s independent public accountants as to
any financial statement of the Borrower or any of its Subsidiaries, any
qualification or exception to such opinion:

 

(a)                                  which
is of a “going concern” or a similar nature;

 

(b)                                 which
relates to the limited scope of examination of matters relevant to such
financial statement (other than scope limitations included in the standard form
of opinion utilized by such accountants);

 

(c)                                  which
relates to the treatment or classification of any item in such financial
statement and which, as a condition to its removal, would require an adjustment
to such item the effect of which would be to cause the Borrower to be in
default of any of its obligations under Section 9.2 through Section
9.7; or

 

(d)                                 with
respect to the absence of any material misstatement in such financial
statements.

 

“Indebtedness” with respect to any
Person means, without duplication, (a) all indebtedness for borrowed money of
such Person or for the deferred purchase price of property acquired by, or for
services rendered to (other than trade payables), such Person, (b) all
indebtedness of such Person created or arising under any conditional sale or
other title retention

 

7

 

agreement with respect to any property
acquired by such Person, (c) the present value determined in accordance with
GAAP of all obligations of such Person under Capital Leases, (d) all
indebtedness for borrowed money or for the deferred purchase price of property
or services secured by any Lien upon or in any property owned by such Person
whether or not such Person has assumed or become liable for the payment of such
indebtedness for borrowed money, (e) indebtedness arising under acceptance
facilities, (f) any asserted withdrawal liability of such Person or a commonly
controlled entity to a Multiemployer Plan, (g) all amounts of indebtedness
which (x) represent recourse liabilities of such Person with respect to
Securitized Receivables Transactions and which, (y) in accordance with GAAP,
would be included on a balance sheet of such Person in respect of any
Securitized Receivables Transactions if such facility were characterized as
Indebtedness secured by Receivables rather than as a sale of assets, (h) all
Guaranties by such Person, and (i) the present value of the minimum aggregate
operating lease payments, determined on a consolidated basis in accordance with
GAAP, payable by such Person pursuant to Long-Term Leases, discounted at 8%.

 

“Indemnified Liabilities” shall have
the meaning assigned to that term in Section 14.6.

 

“Indemnitee” shall have the meaning
assigned to that term in Section 14.6.

 

“Intangible Assets” of any Person
means all licenses, franchises, patents, patent applications, trademarks,
program rights, goodwill and research and development expense or other like
intangibles shown on a balance sheet of such Person, as determined in
accordance with GAAP.

 

“Interest Expense” means, without
duplication, for any period, the sum of (a) aggregate interest expense of the
Borrower and its Subsidiaries for such period, as determined in accordance with
GAAP and in any event including, without duplication, all commissions,
discounts and other fees and charges owed with respect to letters of credit and
banker’s acceptances and net costs under interest rate protection agreements
and the portion of any obligation under Capital Leases allocable to interest
expense; plus (b) aggregate interest expense of the Borrower and its
Subsidiaries capitalized during such period; plus (c) Receivables
Charges of the Borrower and its Subsidiaries for such period under any
Securitized Receivables Transaction.

 

“Internal
Control Event” means, with respect to the Borrower or any Subsidiary, a
determination by management of the Borrower or by the Borrower’s Public
Accountants (i) that a material weakness in internal controls over financial
reporting, as described in PCAOB Auditing Standard No. 2, exists in the
Borrower’s or any Subsidiary’s internal control over financial reporting, or
(ii) a member of the senior management of the Borrower or any Subsidiary has
committed an act of fraud of any magnitude.

 

“Investment” of any Person means any
loan, advance, extension of credit, or capital contribution to, investment in,
purchase or acquisition of any stock, notes, debt, obligations or securities
of, or any other interest in, any Person.

 

“Lien” as applied to the property of
any Person means (a) any mortgage, pledge, lien, security interest, charge,
encumbrance, or preference, priority or other security interest of any

 

8

 

kind or nature whatsoever, including the
retained security title of a conditional vendor or lessor, including Capital
Leases and the interest of a purchaser of accounts receivable; and (b) any
arrangement, express or implied, under which any property of such Person is
transferred, sequestered or otherwise identified for the purpose of subjecting
the same to the payment of Indebtedness or performance of any other obligation
in priority to the payment of the general, unsecured creditors of such Person.

 

“Loan Documents” means, collectively,
this Agreement, the Notes, the Fee Letter and each Subsidiary Guaranty.

 

“Loan Party” means the Borrower or any
Guarantor.

 

“Loan Period” means, with respect to
any Committed Loan, the period from the Borrowing Date for such Committed Loan
and ending (a) on the Commitment Termination Date, in the case of a Base Rate
Loan, and (b) one, two, three or six months (and if offered by all Banks, nine
or twelve months) thereafter, in the case of a Eurodollar Rate Loan, as the
Borrower shall specify in the related notice of Borrowing and Extension of
Credit Request pursuant to Section 2.3; provided, however,
that:

 

(i)                                     if
the Borrower does not specify any Loan Period for any Eurodollar Rate Loan in
the related notice of Borrowing and Extension of Credit Request pursuant to Section
2.3, such Loan Period shall be the period starting on the Borrowing Date
for such Eurodollar Rate Loan and ending one month thereafter;

 

(ii)                                  if
a Loan Period for any Eurodollar Rate Loan would otherwise end on a day which
is not a Business Day, such Loan Period shall end on the next succeeding
Business Day (unless such next succeeding Business Day is the first Business
Day of a calendar month, in which case such Loan Period shall end on the next
preceding Business Day);

 

(iii)                               no
Loan Period may end later than the Commitment Termination Date, and if a Loan
Period determined under clause (i) above, or otherwise, would end after
the Commitment Termination Date, such Loan Period shall end on the Commitment
Termination Date; and

 

(iv)                              in
the case of a Loan Period for a Eurodollar Rate Loan, if there exists no day
numerically corresponding to the Borrowing Date for such Loan in the month in
which the last day of such Loan Period would otherwise fall, such Loan Period
shall end on the last Business Day of such month.

 

“Loans” and “Loan” respectively
mean (a) all loans made by the Banks or a single Bank (as the context requires)
to the Borrower pursuant to Article II, and (b) a single such loan made
by any Bank.

 

“Long-Term Lease” means any lease
(other than any Capital Lease) of real property or Revenue-Generating Equipment
having an original term (including any required renewals or any renewals at the
option of lessor) of one year or more.

 

9

 

“Majority Banks” at the time any
determination thereof is to be made and for any specific purpose means Banks
having Percentages aggregating more than 50% of the Percentages of all Banks.

 

“Materially Adverse Effect” means,
relative to any occurrence of whatever nature (including any adverse
determination in any litigation, arbitration or governmental investigation or
proceeding) and after taking into account uncontested insurance coverage and
effective uncontested indemnifications with respect to such occurrence, a
materially adverse effect (a) on a consolidated basis for the Borrower and its
Subsidiaries in accordance with GAAP, on the consolidated condition (financial
or otherwise), business, assets, liabilities (actual or contingent) operations,
properties or prospects of the Borrower and its Subsidiaries; (b) on the
ability of any Loan Party to perform any of its payment or other material
obligations under this Agreement or any other Loan Document; or (c) upon the
legality, validity, binding effect or enforceability against the Borrower or
any Guarantor of any Loan Document.

 

“Moody’s” means Moody’s Investors
Service, Inc. and any successor thereto that is a nationally recognized debt
rating agency, or, if neither Moody’s Investor Service, Inc.  nor any such successor shall be in the
business of rating senior unsecured long-term debt, a nationally recognized
debt rating agency headquartered in the United States of America jointly
selected by the Administrative Agent and the Borrower; provided that if
the Administrative Agent and the Borrower fail to agree upon any such selection
within five (5) Business Days after notice by the Administrative Agent to the
Borrower requesting its agreement with such a selection, such selection shall
be made by the Administrative Agent.

 

“Multiemployer Plan” means any “multiemployer
plan” (as that term is defined under Section 3(37) of ERISA) under which the
Borrower or any Related Person has contributed or with respect to which the
Borrower or such Related Person may have any liability.

 

“Net Income” means, for any period,
(a) the gross revenues of the Borrower and its Subsidiaries for such period; reduced
by (b) the sum (without duplication) of the following items for such period
(to the extent, except in the case of clause (i), included in such gross
revenues):

 

(i)                                     operating
and non-operating expenses of the Borrower and its Subsidiaries according to
GAAP (including current and deferred taxes on income, provision for taxes on
unremitted foreign earnings included in such gross revenues and current
additions to reserves but excluding the lower of cost or market inventory
write-downs and write-ups of current assets);

 

(ii)                                  all
material gains (net of expense and taxes applicable thereto) arising from the
sale, conversion or other disposition of capital assets (i.e., assets other
than current assets), other than gains or losses arising from sales in the
ordinary course of business of revenue equipment;

 

(iii)                               all
gains arising from the write-up of assets (other than the write-up of current
assets as a result of the lower of cost or market adjustments to inventory);

 

(iv)                              all
gains arising from the reacquisition of Indebtedness;

 

10

 

(v)                                 all
equity of the Borrower or any Subsidiary in the unremitted earnings of any
Person in which the Borrower has a minority interest;

 

(vi)                              all
earnings of each Person acquired by the Borrower or any Subsidiary through
purchase of substantially all assets, merger, consolidation or otherwise for
any period prior to the date of acquisition;

 

(vii)                           all
deferred credits representing the excess of equity in any Subsidiary at the
date of acquisition thereof over the cost of the investment in such Subsidiary;

 

(viii)                        any
portion of net earnings of any Subsidiary which for any reason is unavailable
for the payment of dividends to the Borrower or any other Subsidiary; and

 

(ix)                                the
aggregate amount of dividends paid by all Subsidiaries to the Borrower or to
any Subsidiary during such period.

 

“Net Worth” means at any time the sum
of capital stock, additional paid-in capital and retained earnings (minus
accumulated deficits) of the Borrower and its Subsidiaries as determined in
accordance with GAAP.

 

“Notes” and “Note” respectively
mean (a) the promissory notes of the Borrower, substantially in the form of Exhibit
A, duly completed, respectively evidencing Committed Loans made to the
Borrower by the Banks, and (b) a single such promissory note.

 

“Notice Date” has the meaning assigned
to that term in Section 6.1(c).

 

“Officer’s Certificate” means a
certificate in the form of Exhibit D-1 or D-2 (appropriately
completed), signed by the President, Vice President, Treasurer, Secretary or an
Assistant Secretary of a Loan Party authorized to certify as to the matters
therein set forth.

 

“Participant” has the meaning assigned
to that term in Section 14.10.

 

“PBGC” means the Pension Benefit
Guaranty Corporation created by Section 4002(a) of ERISA or any successor
thereto.

 

“Percentage” when used with reference
to any Bank at the time any determination thereof is to be made means a fraction,
expressed as a percentage, the numerator of which shall be the amount of such
Bank’s Commitment then in effect and the denominator of which shall be the
Total Commitment then in effect; provided that if the respective
Commitments of the Banks, and the Total Commitment, have then been terminated,
the numerator of such fraction shall be the principal amount of the Aggregate
Outstanding Loans then owing to such Bank and the denominator of such fraction
shall be the principal amount of the Aggregate Outstanding Loans then owing to
all of the Banks.

 

“Permits” has the meaning assigned to
such term in Section 8.7.

 

“Permitted Investments” means any one
or more of the following:

 

11

 

(a)                                  Investments,
loans and advances by the Borrower and its Subsidiaries in and to Subsidiaries,
including any Investment in a corporation which, after giving effect to such
Investment, will become a Subsidiary and loans and advances by a wholly-owned
Subsidiary to the Borrower;

 

(b)                                 Investments,
maturing in twelve months or less from the date of acquisition, in direct
obligations of the United States of America, or any agency thereof;

 

(c)                                  Investments
in corporate debt obligations, maturing within twelve months or less from the
date of acquisition, which (i) are issued by (x) any of the Banks or (y)
corporations having substantially all of their assets located in the United
States, and (ii) at the time of acquisition, are accorded a rating of A, or
better, by S&P or A, or better, by Moody’s (or an equivalent rating by
another nationally recognized credit rating agency of similar standing if
neither of such agencies is then in the business of rating long-term corporate
debt obligations);

 

(d)                                 Investments
in commercial paper which (i) is issued by (x) any of the Banks or (y) by
corporations having substantially all of their assets located in the United
States, (ii) matures in 270 days or less from the date of acquisition and,
(iii) at the time of acquisition, is accorded a rating of A-1, or better, by
S&P or P-1, or better, by Moody’s (or an equivalent rating by another
nationally recognized credit rating agency of similar standing if neither of
such agencies is then in the business of rating commercial paper);

 

(e)                                  Investments
in certificates of deposit, maturing within twelve months or less from the date
of acquisition, (i) which are issued by (x) any of the Banks or (y) by other
commercial banks located in the United States having capital, surplus and
undivided profits aggregating more than $500,000,000, and (ii) the issuer of
which, at the time of acquisition, is accorded a rating of A, or better, by
S&P or A, or better, by Moody’s (or an equivalent rating by another
nationally recognized credit rating agency of similar standing if neither of
such agencies is then in the business of rating long-term unsecured corporate
debt obligations) with respect to its outstanding unsecured long-term
indebtedness;

 

(f)                                    Investments
in marketable obligations, maturing within twelve months or less from the date
of acquisition, of any state, territory or possession of the United States of
America or any political subdivision of any of the foregoing, or the District
of Columbia, which are, at the time of acquisition, accorded a rating of AA, or
better, by S&P or Aa, or better, by Moody’s (or an equivalent rating by
another nationally recognized credit rating agency of similar standing if
neither of such agencies is then in the business of rating municipal
obligations);

 

(g)                                 Investments
in Receivables arising in the ordinary course of business of the Borrower and
its Subsidiaries;

 

(h)                                 Investments
in Transplace, Inc. existing on the Effective Date;

 

(i)                                     other
Investments (in addition to those permitted by the foregoing clauses (a)
through (h)), provided that the aggregate amount of all such
other Investments

 

12

 

(calculated at the original book value or principal amount of such
Investments, without regard to gain or loss, reduced only by the amount, if
any, of cash distribution and principal repayments received with respect to
such Investments), plus all Guaranties at any time held or made by the Borrower
and its Subsidiaries (other than Guaranties by Transport of the Indebtedness of
the Borrower and any Subsidiary Guaranty) shall not at any time exceed an
amount equal to ten percent (10%) of Net Worth; and

 

(j)                                     Investments
in the following types of  auction rate
securities that bear a rating of “A” or higher by a nationally recognized
credit rating agency: (a) auction rate preferred stocks eligible for the
dividend received deduction (commonly called D.R.D. preferreds) for corporate
holders and such security is issued by a domestic or foreign corporation, (b)
auction rate preferred stocks issued by U.S. municipalities and the dividends
paid on which are not taxable by the U.S. Federal government or state
governments (commonly called tax-exempt preferreds) for the holder of the
security, (c) auction rate preferred stocks issued by corporations based in the
United Kingdom and whose income received is subject to the “US — UK Treaty on
Double Taxation” (commonly called UK Preferreds) for the United States—based
holder of the security, and (d) auction rate preferred debt and equity
securities issued by domestic and foreign corporations and the dividends paid
on which are fully taxable by both the U.S. Federal and state governments
(commonly called taxable preferreds) for the holder of the security.

 

“Permitted Liens” of the Borrower and
its Subsidiaries means:

 

(a)                                  Liens
for taxes, assessments, or governmental charges or levies not yet due or which
are being actively contested in good faith by appropriate proceedings, so long
as reserves have been established to the extent required by GAAP;

 

(b)                                 other
Liens incidental to the conduct of their business or the ownership of their
property and assets (such as common carrier’s Liens, producer’s Liens, mechanic’s
Liens, and other similar statutory and non-consensual Liens) which were not
incurred in connection with the borrowing of money or the obtaining of advances
or credit, and which do not in the aggregate materially detract from the value
of their property or assets or materially impair the use thereof in the
operation of their business;

 

(c)                                  any
Lien existing on any property of any corporation at the time it becomes a
Subsidiary or existing prior to the time of acquisition upon any property
acquired by the Borrower or any Subsidiary through purchase, merger or
consolidation or otherwise, whether or not assumed by the Borrower or such
Subsidiary, or placed upon property at the time of its acquisition by the
Borrower or any Subsidiary to secure a portion of the purchase price thereof,
or placed upon property hereafter acquired by the Borrower or any Subsidiary at
the time of the acquisition thereof; provided (i) that at the time of
creation of such Lien the principal amount of debt secured thereby does not
exceed the amounts otherwise permitted by clause (h) of this definition,
and (ii) that any such Lien shall not encumber any other property of the
Borrower or such Subsidiary;

 

13

 

(d)                                 Liens
on any property or assets of the Borrower or any Subsidiary existing on the
date hereof as set forth on Schedule 4 and Liens, if any, which are the
subject of a Securitized Receivables Transaction but only with respect to the
Receivables sold;

 

(e)                                  any
Lien renewing, extending or replacing any Lien permitted by clause (d)
above, provided that the principal amount secured and then outstanding
is not increased, the Lien is not extended to other property and the
Indebtedness secured thereby is permitted hereunder;

 

(f)                                    deposits,
bonding arrangements and Liens to secure the performance of (or to secure
obligations in respect of letters of credit posted to secure the performance
of) bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business;

 

(g)                                 any
attachment or judgment Lien which is being contested in good faith by
appropriate proceedings for which adequate reserves have been established in
accordance with GAAP; and

 

(h)                                 Liens
(not otherwise prohibited by this Agreement) on any property or assets of the
Borrower or any Subsidiary acquired in each case after the Effective Date to
secure Indebtedness under Capital Leases or Indebtedness incurred at the time
of acquisition of any property to finance a portion of the purchase price
thereof; provided that such Lien attaches only to such property.

 

“Permitted Securitized Receivables
Transaction” means any Securitized Receivables Transaction to the extent
that the aggregate investment or claims held at any time by all purchasers,
assignees, transferees or (or of interests in) receivables and other rights to
payment in all Securitized Receivables Transactions would at any time not
exceed $100,000,000.

 

“Person” means an individual or a
corporation, partnership, trust, incorporated or unincorporated association,
joint venture, joint stock company, limited liability company, government (or
an agency or political subdivision thereof) or other entity of any kind.

 

“Plan” means any plan described in
Section 4021(a) of ERISA and not excluded pursuant to Section 4021(b) thereof,
under which the Borrower or any Related Person to the Borrower has contributed
or with respect to which the Borrower or such Related Person is liable.

 

“Platform” has the meaning assigned to
that term in Section 8.1.

 

“Pricing Matrix” means the Pricing
Matrix as set forth on Schedule 6.

 

“Pro Rata Distribution Event” has the
meaning assigned to that term in Section 5.4(c).

 

“Process Agent” means CT Corporation
System or any successor thereto.

 

“Public Accountant” has the meaning
assigned to that term in Section 8.1(b)(i).

 

14

 

“Quarterly Payment Date” means the
last Business Day of each March, June, September, and December of each year.

 

“RCRA” means the Resource Conservation
and Recovery Act of 1976 (42 U.S.C. 
§6901 et seq).

 

“Receivable” of any Person means, as
at any date of determination thereof, the unpaid principal portion of the
obligation of any customer of such Person to pay money to such Person in
respect of any services performed by such Person or inventory purchased from
such Person, net of all credits, rebates and offsets owed to such customer by
such Person and also net of all commissions payable by such Person to third
parties (and for purposes hereof, a credit or rebate paid by check or draft of
such Person shall be deemed to be outstanding until such check or draft shall
have been debited to the respective account of such Person on which such check
or draft was drawn).

 

“Receivables Charges” means any
charges, fees, interest expense, discounts, or similar items incurred by the
Borrower or its Subsidiaries in connection with the sale, transfer, or
assignment by such Person of Receivables of such Person.

 

“Recipient” has the meaning assigned
to that term in Section 5.3.

 

“Recipient Taxes” has the meaning
assigned to that term in Section 5.3(a).

 

“Register” shall have the meaning
assigned to that term in Section 14.10.

 

“Regulation D” has the meaning
assigned to that term in Section 6.1(a)(i).

 

“Related Person” with respect to any
Person means any other Person which, together with such Person, is under common
control as described in Section 414 of the Code.

 

“Rentals” means the aggregate fixed
amounts payable by the Borrower and its Subsidiaries under any lease of real
property or Revenue-Generating Equipment having an original term (including any
required renewals or any renewals at the option of lessor) of one year or more
but does not include any amounts payable under any Capital Lease of property by
the Borrower or its Subsidiaries, as lessee.

 

“Reportable Event” means a “reportable
event” described in Section 4043(b) of ERISA.

 

“Responsible Officer” means the
President, the Chief Financial Officer or the Treasurer of the relevant Loan
Party.

 

“Revenue-Generating Equipment” means
tractors, trailers, containers or chassis.

 

“S&P” means Standard and Poor’s
Ratings Services or any successor thereto that is a nationally recognized debt
rating agency, or, if neither Standard and Poor’s Ratings Services nor any such
successor shall be in the business of rating senior unsecured long-term debt, a
nationally recognized debt rating agency headquartered in the United States of
America jointly selected by the Administrative Agent and the Borrower; provided
that if the Administrative

 

15

 

Agent and the Borrower fail to agree upon any
such selection within five Business Days after notice by the Administrative
Agent to the Borrower requesting its agreement with such a selection, such
selection shall be made by the Administrative Agent.

 

“Sale-Leaseback Transaction” means any
arrangement whereby the Borrower or any Subsidiary shall sell, transfer or
otherwise dispose of any of its property which it has owned and occupied (in
the case of real property) or owned (in the case of property other than real
property), and then or thereafter rent or lease, as lessee, such property or
any part thereof (except any such arrangements pursuant to which one or more
Subsidiaries shall sell, transfer or otherwise dispose of such property to the
Borrower and thereafter lease such property from the Borrower).

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.

 

“SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions.

“Securities
Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles,
rules, standards and practices promulgated, approved or incorporated by the SEC
or the Public Company Accounting Oversight Board, as each of the foregoing may
be amended and in effect on any applicable date hereunder.

 

“Securitized Receivables Transaction”
means a sale, transfer, conveyance, lease, or assignment by Borrower and its
Subsidiaries of Receivables of the Borrower or its Subsidiaries created after
the Effective Date, in connection with any one or more transactions involving
the securitization of such Receivables.

 

“Senior Indebtedness” means, at any
time, the Indebtedness of the Borrower and its Subsidiaries which is not
Subordinated Indebtedness, including any recourse liability of the Borrower
resulting from a Securitized Receivables Transaction.

 

“SPC” has the meaning assigned to that
term in Section 14.10.

 

“Subordinated Indebtedness” means all
unsecured Indebtedness of the Borrower which is made subordinate and junior in
right of payment to the Bank Obligations of the Borrower by the inclusion in
the instrument evidencing or creating such Indebtedness or the indenture or
other instrument under which such Indebtedness is issued of subordination
provisions and terms acceptable to the Administrative Agent and the Majority
Banks.

 

“Subsidiary” means any corporation,
partnership, association, limited liability company, or other business entity
of which 50% or more of the Voting Stock or other equity interests, as
appropriate, is at the time directly or indirectly owned by the Borrower, by
the Borrower and one or more other Subsidiaries, or by one or more other
Subsidiaries.

 

“Subsidiary Guaranty” means each
Guaranty substantially in the form of Exhibit C executed by a Guarantor
in favor of the Banks, and delivered to the Administrative Agent.

 

16

 

“Taxes” with respect to any Person
means taxes, assessments and other governmental charges or levies imposed upon
such Person, its income or any of its properties, franchises or assets
(excluding, in the case of payments made to any Bank or the Administrative
Agent, taxes imposed upon its overall net income and franchise taxes imposed
upon it by the jurisdiction under the laws of which such Bank or Administrative
Agent, as the case may be, is organized or any political subdivision thereof
and franchise taxes imposed upon it by the jurisdiction in which such Bank’s or
Administrative Agent’s lending office is located or any political subdivision
thereof, all such Taxes being “Excluded Taxes”).

 

“Total Commitment” at the time any
determination thereof is to be made means the sum of the then Commitments of
the Banks.

 

“Transport” shall mean J.B. Hunt
Transport, Inc., a Georgia corporation and a wholly-owned Subsidiary of the
Borrower.

 

“Type of Loan” has the meaning
assigned to that term in Section 2.2.

 

“Unfunded Vested Liability” means,
relative to any Plan, including any Multiemployer Plan, at any time, the excess
(if any) of (a) the present value of all vested nonforfeitable benefits under
such Plan or such Multiemployer Plan, as the case may be, over (b) the fair
market value of all Plan assets or Multiemployer Plan assets, as the case may
be, allocable to such benefits, all determined as of the then most recent
valuation date for such Plan or such Multiemployer Plan, as the case may be,
but only to the extent that such excess represents a potential liability of any
Loan Party to the PBGC, such Plan or such Multiemployer Plan tinder Title IV of
ERISA.

 

“Unmatured Event of Default” means an
event, act or occurrence that, with the giving of notice or the lapse of time
(or both), would become an Event of Default.

 

“US Person” means any citizen,
national or resident of the United States, any corporation or other entity
created or organized in or under the laws of the United States or any political
subdivision thereof or any estate or trust, in each case that is subject to
United States Federal income taxation regardless of the source of its income.

 

“Utilization Fee” has the meaning
assigned to that term in Section 5.1(c).

 

“Voting Stock” shall mean, with
respect to any Person, any class of shares of stock or other equity interests
of such Person having general voting power under ordinary circumstances to
elect a majority of the board of directors or other managing entities, as
appropriate, of such Person (irrespective of whether or not at the time stock
of any other class or classes or other equity interests of such Person shall
have or might have voting power by reason of the happening of any contingency).

 

“Welfare Plan” means a “welfare plan,”
as such term is defined in Section 3(1) of ERISA.

 

1.2                                 Interpretation.   In this Agreement and each other Loan
Document, unless a clear contrary intention appears:

 

17

 

(a)                                  accounting
terms used but not defined herein shall be construed in accordance with GAAP,
and whenever the character or amount of any asset or liability or item of
income or expense is required to be determined, or any consolidation or other
accounting computation is required to be made, for purposes hereof, such
determination or computation shall be made in accordance with GAAP; provided
that such determinations and computations with respect to financial covenants
and ratios hereunder shall be made in accordance with GAAP as applied to
statements dated December 31, 2004;

 

(b)                                 the
singular number includes the plural number and vice versa;

 

(c)                                  reference
to any Person includes such Person’s successors and assigns unless such
successors and assigns are not permitted by this Agreement, and reference to a
Person in a particular capacity excludes such Person in any other capacity or
individually;

 

(d)                                 reference
to any gender includes the other gender;

 

(e)                                  reference
to any agreement (including this Agreement and the Schedules and Exhibits
hereto), document or instrument means such agreement, document or instrument as
amended or modified and in effect from time to time in accordance with the
terms thereof and, if applicable, the terms hereof and reference to any
promissory note includes any promissory note which is an extension or renewal
thereof or in substitution or replacement therefor;

 

(f)                                    reference
to any Applicable Law means such Applicable Law as amended, modified, codified
or reenacted, in whole or in part, and in effect from time to time, including
rules and regulations promulgated thereunder;

 

(g)                                 unless
the context indicates otherwise, reference to any Article, Section,
Schedule or Exhibit in this Agreement or any other Loan Document
means such Article or Section hereof or of such other Loan
Document, as the case may be, or such Schedule or Exhibit hereto
or to such other Loan Document, as the case may be;

 

(h)                                 “hereunder,”‘
“hereof,” “hereto” and words of similar import shall be deemed references to
this Agreement or to such other Loan Document, as the case may be, as a whole
and not to any particular Article, Section or other provision
hereof or thereof;

 

(i)                                     “including”
(and with correlative meaning “include”) means including without limiting the
generality of any description preceding such term; and

 

(j)                                     with
respect to the determination of any period of time, “from” means “from and including”
and “to” means “to but excluding.”

 

18

 

ARTICLE II

COMMITTED LOANS

 

2.1                                 Commitments.   Each Bank, severally and for itself alone,
on the terms and subject to the conditions hereinafter set forth, hereby agrees
to make loans (the “Committed Loans”) to the Borrower on a revolving basis from
time to time on or after the date hereof and prior to the Commitment
Termination Date in an aggregate principal amount at any one time outstanding
not to exceed such Bank’s Commitment.  
The aggregate principal amount of Committed Loans which the Banks shall
be committed to make to the Borrower on any day shall not exceed an amount
which, when added (without duplication) to the Aggregate Outstanding Loans on
such day (after giving effect to the incurrence or repayment of any outstanding
Loans on such day), would exceed the Total Commitment.   Within the foregoing limit, and subject to
the terms and conditions hereinafter set forth, the Borrower may borrow
pursuant to this Section 2.1, repay pursuant to Section 3.1,
prepay pursuant to Section 4.2, Section 6.3(c), or Section 6.6,
and reborrow in accordance with this Section 2.1.

 

2.2                                 Types
of Committed Loans.   Each
Committed Loan shall be either a Base Rate Loan or a Eurodollar Rate Loan (each
being herein called a “Type of Loan”), as the Borrower shall specify in
the related notice of Borrowing pursuant to Section 2.3.

 

2.3                                 Borrowing,
Conversion and Continuation Procedures with Respect to Committed Loans.

 

(a)                                  Each
Borrowing, each conversion of Committed Loans from one Type of Loan to the
other, and each continuation of Eurodollar Rate Loans shall be made upon the
Borrower’s irrevocable notice to the Administrative Agent, which may be given
by telephone.  Each such notice must be
received by the Administrative Agent not later than 10:30 a.m., Chicago time
(i) three Business Days prior to the requested date of any Borrowing of,
conversion to or continuation of Eurodollar Rate Loans or of any conversion of
Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any
Borrowing of Base Rate Loans.  Each
telephonic notice by the Borrower pursuant to this Section 2.3(a) must
be confirmed promptly by delivery to the Administrative Agent of a written
Extension of Credit Request, appropriately completed and signed by a
Responsible Officer of the Borrower. 
Each Borrowing of, conversion to or continuation of Eurodollar Rate
Loans shall be in a principal amount of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof.  Each
Borrowing of or conversion to Base Rate Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof.  Each Extension of Credit Request (whether
telephonic or written) shall specify (i) whether the Borrower is
requesting a Borrowing, a conversion of Committed Loans from one Type of Loan
to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested
date of the Borrowing, conversion or continuation, as the case may be (which
shall be a Business Day), (iii) the principal amount of Committed Loans to be
borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to
which existing Committed Loans are to be converted, and (v) if applicable, the
duration of the Loan Period with respect thereto.  If the Borrower fails to specify a Type of
Loan in an Extension of Credit Request or if the Borrower fails to give a
timely notice requesting a conversion or continuation, then the applicable
Committed Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate
Loans shall be effective as of the last day of the Loan Period then in effect
with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of,
conversion

 

19

 

to, or
continuation of Eurodollar Rate Loans in any such Extension of Credit Request,
but fails to specify a Loan Period, it will be deemed to have specified a Loan
Period of one month.

 

(b)                                 Following
receipt of an Extension of Credit Request, the Administrative Agent shall
promptly notify each Bank of the amount of its Percentage of the applicable
Committed Loans, and if no timely notice of a conversion or continuation is
provided by the Borrower, the Administrative Agent shall notify each Bank of
the details of any automatic conversion to Base Rate Loans described in the
preceding subsection.  In the case of a
Borrowing, each Bank shall make the amount of its Committed Loan available to
the Administrative Agent in immediately available funds at the Administrative
Agent’s Office not later than 12:00 noon, Chicago time, on the Business Day
specified in the applicable Extension of Credit Request.  Upon satisfaction of the applicable
conditions set forth in Article XI (and, if such Borrowing is the
initial Credit Extension, Article X), the Administrative Agent shall
make all funds so received available to the Borrower in like funds as received
by the Administrative Agent either by (i) crediting the account of the Borrower
on the books of Bank of America with the amount of such funds or (ii) wire
transfer of such funds, in each case in accordance with instructions provided
to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

(c)                                  Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or
converted only on the last day of a Loan Period for such Eurodollar Rate
Loan.  During the existence of a Default,
no Loans may be requested as, converted to or continued as Eurodollar Rate Loans
without the consent of the Majority Banks.

 

(d)                                 The
Administrative Agent shall promptly notify the Borrower and the Banks of the
interest rate applicable to any Loan Period for Eurodollar Rate Loans upon
determination of such interest rate.  At
any time that Base Rate Loans are outstanding, the Administrative Agent shall
notify the Borrower and the Banks of any change in Bank of America’s prime rate
used in determining the Base Rate promptly following the public announcement of
such change.

 

(e)                                  After
giving effect to all Borrowings, all conversions of Committed Loans from one
Type of Loan to the other, and all continuations of Committed Loans as the same
Type of Loan, there shall not be more than ten Loan Periods in effect with respect to Committed Loans.

 

2.4                                 Availability
of Funds.  Unless the Borrower
or a Bank, as the case may be, notifies the Administrative Agent by 11:00 a.m.,
Chicago time, on a date on which it is scheduled to make payment to the
Administrative Agent of (a) in the case of a Bank, the proceeds of a Loan or
(b) in the case of the Borrower, a payment of principal, interest or fees to
the Administrative Agent for the account of the Banks, that it does not intend
to make such payment, the Administrative Agent may assume that such payment has
been made.   The Administrative Agent
may, but shall not be obligated to, make the amount of such payment available
to the intended recipient in reliance upon such assumption.  If such Bank or the Borrower, as the case may
be, has not in fact made such payment to the Administrative Agent, the
recipient of such payment shall, on demand by the Administrative Agent, repay
to the 

 

20

 

Administrative Agent the amount so made available,
together with interest thereon, in respect of such day during the period
commencing on the date such amount was so made available by the Administrative
Agent until the date the Administrative Agent recovers such amount at a rate
per annum equal to (i) in the case of repayment by a Bank, the Federal Funds
Rate for such day or (ii) in the case of repayment by the Borrower, the
applicable interest rate otherwise payable by the Borrower in respect of such
Loan.

 

2.5                                 Satisfaction
of Conditions.   Unless the
Administrative Agent shall have been notified by a Bank on or prior to the
Borrowing Date of any Loan to be made by such Bank (and before the
Administrative Agent has disbursed such Loan in accordance with Section 2.3
hereof) that such Bank has determined that the Borrower has failed to meet the
conditions specified in Article X (in the case of the initial Extension
of Credit) or Article XI with respect to the relevant Borrowing, the
Administrative Agent may rely (unless the Administrative Agent has actual
knowledge to the contrary) upon the certification of the Borrower, with respect
to the fulfillment of such conditions precedent, contained in the applicable
Extension of Credit Request.

 

2.6                                 Currency.   All Loans shall be denominated in Dollars.

 

2.7                                 Increase in Commitments.

 

(a)                                  Request for Increase. 
Provided there exists no Default and there has not previously been any
reduction of the Total Commitment by the Borrower in accordance with Section
4.1 hereof, upon notice to the Administrative Agent (which shall promptly
notify the Banks), the Borrower may from time to time, request an increase in
the Total Commitment by an amount (for all such requests) not exceeding
$50,000,000; provided that any such request for an increase shall be in
a minimum amount of $10,000,000.  At the
time of sending such notice, the Borrower (in consultation with the
Administrative Agent) shall specify the time period within which each Bank is
requested to respond (which shall in no event be less than ten Business Days
from the date of delivery of such notice to the Banks).

 

(b)                                 Bank Elections to Increase.  Each
Bank shall notify the Administrative Agent within such time period whether or
not it agrees to increase its Commitment from the Increase Effective Date until
the Commitment Termination Date and, if so, whether by an amount equal to,
greater than, or less than its Percentage of such requested increase.  Any Bank not responding within such time
period shall be deemed to have declined to increase its Commitment.

 

(c)                                  Notification by Administrative Agent;
Additional Banks.  The Administrative Agent shall notify the
Borrower and each Bank of the Banks’ responses to each request made
hereunder.  Thereafter, in order to
achieve the full amount of a requested increase following each Bank’s
determination of whether to increase its Commitment, and subject to the
approval of the Administrative Agent (which approval shall not be unreasonably
withheld), the Borrower may also invite additional Eligible Assignees to become
Banks pursuant to a joinder agreement in form and substance satisfactory to the
Administrative Agent and its counsel.

 

21

 

(d)                                 Effective Date and Allocations.  If
the Aggregate Commitments are increased in accordance with this Section, the
Administrative Agent and the Borrower shall determine the effective date (the “Increase
Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly
notify the Borrower and the Banks of the final allocation of such increase and
the Increase Effective Date.

 

(e)                                  Conditions to Effectiveness of Increase.  As a
condition precedent to such increase, the Borrower shall deliver to the
Administrative Agent a certificate of each Loan Party dated as of the Increase
Effective Date (in sufficient copies for each Bank) signed by a Responsible Officer of such
Loan Party (i) certifying and attaching the resolutions adopted by such Loan
Party approving or consenting to such increase, and (ii) in the case of the
Borrower, certifying that, before and after giving effect to such increase, (A)
the representations and warranties contained in Article VII and the
other Loan Documents are true and correct on and as of the Increase Effective
Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that for purposes of this Section 2.7,
the representations and warranties contained in Section 7.4 shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a)
and (b), of Section 8.1, and (B) no Default exists.  The Borrower shall prepay any Committed Loans
outstanding on the Increase Effective Date (and pay any additional amounts
required pursuant to Section 6.4 together with all accrued interest,
fees and other amounts owing hereunder with respect to such prepaid amount) to
the extent necessary to keep the outstanding Committed Loans ratable with any
revised Percentages arising from any nonratable increase in the Commitments
under this Section.

 

(f)                                    Conflicting Provisions.  This
Section shall supersede any provisions in Sections 5.4 or 14.1 to
the contrary.

 

ARTICLE III

REPAYMENT OF LOANS; NOTES EVIDENCING LOANS; INTEREST

 

3.1                                 Repayment
of Loans.   The Borrower hereby
promises to pay the unpaid principal amount of its Loan(s) on the last day of
the Loan Period for each such Loan, which repayment may be made from the
proceeds of a new Borrowing if then permitted hereunder, and on the Commitment
Termination Date.

 

3.2                                 Notes.

 

(a)                                  The
Committed Loans of each Bank shall be evidenced by a Note in the principal
amount of the original Commitment of such Bank.

 

(b)                                 Each
Bank shall record in its records, or at its option on the schedule attached to
its applicable Note, the date and amount of each Loan made by such Bank
hereunder, each repayment or prepayment thereof, and the dates on which the
Loan Period for such Loan shall begin and end. 
Prior to any transfer or assignment of any of its Notes, each Bank shall
record on the schedule attached thereto the then outstanding principal amount
thereof and the date through which interest has been paid.  The

 

22

 

aggregate unpaid
principal amount so recorded shall be rebuttable presumptive evidence of the
principal amount owing and unpaid on such Note. 
The failure to so record or any error in so recording any such amount on
such schedule shall not, however, limit or otherwise affect the obligations of
the Borrower hereunder or under any Note to repay the outstanding principal
amount of its Loans, together with all interest accruing thereon, nor shall
such failure or error affect the Borrower’s obligations under any other Loan
Document.

 

3.3                                 Interest
Rates.   The Borrower hereby
promises to pay interest calculated in Dollars on the unpaid principal amount
of each Loan of each Bank for the period from the Borrowing Date for such Loan
to the date such Loan is paid in full, as follows:

 

(a)                                  if
such Loan is a Base Rate Loan, interest at a rate per annum equal to the Base
Rate from time to time in effect plus the applicable Base Rate Margin
per annum for each day during such period; and

 

(b)                                 if
such Loan is a Eurodollar Rate Loan, interest at a rate per annum equal to the
Eurodollar Rate (Adjusted) applicable to the Loan Period therefor plus
the applicable Eurodollar Margin per annum for each day during such period;

 

provided that in the event that the principal
of any Loan is not paid when due (whether by acceleration or otherwise), such
unpaid principal amount of such Loan shall bear interest, at the option of the
Majority Banks, after the due date of such principal amount until such amount
is paid in full, at a rate per annum (the “Default Rate”) equal to two
percent (2%) plus the interest rate then applicable to such Loan from time to
time in effect but in no event less than the rate per annum as in effect at
such due date.

 

3.4                                 Interest
Payment Dates.   Accrued
interest on each Base Rate Loan shall be paid on each Quarterly Payment Date
and at maturity (whether by acceleration or otherwise), and accrued interest on
each Loan other than Base Rate Loans shall be payable on the last day of the
Loan Period for such Loan and at maturity (whether by acceleration or
otherwise); provided that if such Loan Period exceeds three (3) months,
such accrued interest shall be payable on the date in each third succeeding
calendar month numerically corresponding to the commencement date of such Loan
Period, or, if there exists no date numerically corresponding to the
commencement date of such Loan Period in any such third succeeding month, such
accrued interest shall be payable on the last Business Day of such third
succeeding month, and after maturity, whether by acceleration or otherwise,
accrued interest on all matured Loans shall be payable on demand.

 

3.5                                 Setting
and Notice of Rates.

 

(a)                                  The
applicable interest rate for or during each Loan Period for any Committed Loan
shall be determined by the Administrative Agent, which shall promptly advise
the Borrower and each Bank thereof.  The
interest rate determination by the Administrative Agent shall be conclusive and
binding upon the parties hereto, in the absence of demonstrable error.

 

(b)                                 The
Administrative Agent shall, upon written request of the Borrower or any Bank,
deliver to the Borrower or such Bank, as the case may be, a statement showing

 

23

 

the computations
used by the Administrative Agent in determining the interest rate applicable to
any Eurodollar Rate Loan.

 

3.6                                 Computation
of Interest.   Interest on
each Loan other than Base Rate Loans shall be computed for the actual number of
days elapsed on the basis of a 360-day year. 
Interest on each Base Rate Loan shall be computed for the actual number
of days elapsed on the basis of a 365- or 366-day year, as appropriate, when
the Base Rate is determined by the prime rate, and on the basis of a 360-day
year when the Base Rate is determined by the Federal Funds Rate.  In computing interest on each Loan, the Borrowing
Date for such Loan shall be included and the date of payment shall be excluded;
provided, however, that if a Loan is repaid on the Borrowing Date
for such Loan, such day shall nevertheless be included in computing interest on
such Loan.

 

3.7                                 Limitation
on Interest.  It is the
intention of the parties hereto to conform strictly to applicable usury laws
and, anything herein to the contrary notwithstanding, the obligations of the
Borrower to each Bank under this Agreement and the other Loan Documents shall
be subject to the limitation that payments of interest shall not be required to
the extent that receipt thereof would be contrary to provisions of law
applicable to such Bank limiting rates of interest which may be charged or
collected by such Bank.  Accordingly, if
the transactions contemplated hereby would be usurious under any Applicable Law
(including the Federal and state laws of the United States of America, or of
any other jurisdiction whose laws may be mandatorily applicable) with respect
to any Bank, then, in that event, notwithstanding anything to the contrary in
this Agreement, it is agreed as follows:

 

(a)                                  the
following provisions of this Section shall govern and control;

 

(b)                                 with
respect to the Borrower, the aggregate of all consideration that constitutes
interest under Applicable Law that is contracted for, charged or received under
this Agreement, or under any of the other Loan Documents or otherwise in
connection herewith or therewith, by such Bank shall under no circumstances
exceed the maximum amount of interest allowed by such Applicable Law (such
maximum lawful interest rate, if any, with respect to such Bank herein called
the “Highest Lawful Rate”), and any excess shall be credited to the
Borrower by such Bank (or, if such consideration shall have been finally paid
in full, such excess refunded to the Borrower);

 

(c)                                  all
sums paid, or agreed to be paid, to such Bank for the use, forbearance and
detention of the indebtedness of the Borrower to such Bank hereunder shall, to
the extent permitted by such Applicable Law, be amortized, prorated, allocated
and spread throughout the full term of such indebtedness until payment in full
of such indebtedness so that the actual rate of interest is uniform throughout
the full term thereof;

 

(d)                                 if,
with respect to such Bank, at any time the interest provided pursuant to Section
3.3, together with any other fees payable to such Bank pursuant to this
Agreement or any other Loan Document and deemed interest under such Applicable
Law, exceeds that amount which would have accrued to such Bank at the Highest
Lawful Rate, the amount of interest and any such fees to accrue pursuant to
this Agreement or any other Loan Document shall be limited, for such Bank,
notwithstanding anything to the contrary in this Agreement or any other Loan
Document, to that amount which would

 

24

 

have accrued at
the Highest Lawful Rate, but any subsequent reductions in the amount of such
interest and/or fees, as applicable, which would otherwise occur shall not
reduce the interest to accrue to such Bank pursuant to this Agreement and the
other Loan Documents below the Highest Lawful Rate until the total amount of
interest accrued pursuant to this Agreement and the other Loan Documents and
such fees deemed to be interest equals the amount of interest which would have
accrued to such Bank if a varying rate per annum equal to the interest provided
pursuant to Section 3.3 had at all times been in effect plus the amount
of fees which would have been received but for the effect of this Section; and

 

(e)                                  if
the total amount of interest paid or accrued for payment by the Borrower
together with any other fees payable by the Borrower pursuant to this Agreement
and the other Loan Documents and deemed interest under Applicable Law, with
respect to such Bank pursuant to this Agreement and the other Loan Documents
under the foregoing provisions of this Section, is less than the total amount
of interest which would have accrued with respect to the Borrower if a varying
rate per annum equal to the interest provided pursuant to Section 3.3
had at all times been in effect and all fees provided for in this Agreement and
the other Loan Documents had been paid, then the Borrower agrees to pay to such
Bank, upon demand, an amount equal to the difference between (i) the lesser of
(A) the amount of interest and fees which would have accrued with respect to
the Borrower if the Highest Lawful Rate had at all times been in effect, and
(B) the amount of interest and fees which would have accrued with respect to
the Borrower if a varying rate per annum equal to the interest provided
pursuant to Section 3.3 had at all times been in effect and all fees
provided for in this Agreement and the other Loan Documents had been paid and
(ii) the amount of interest and fees paid by the Borrower in accordance with
the other provisions of this Agreement and the other Loan Documents.

 

ARTICLE IV

REDUCTION OR TERMINATION OF THE COMMITMENTS;

PREPAYMENTS

 

4.1                                 Reduction
or Termination of the Commitments. 
The Borrower shall have the right, at any time and from time to time, to
reduce permanently in part, or to terminate in whole, without penalty or
premium, the Total Commitment, upon not less than five (5) Business Days prior
notice (by facsimile or by telephone (confirmed in writing promptly
thereafter)) received by the Administrative Agent (which shall promptly advise
each Bank thereof), which notice shall designate the date (which shall be a
Business Day) of such reduction or termination and the amount of any partial
reduction of the Total Commitment; provided that the Borrower may not
reduce the Total Commitment to an amount which is less than the Aggregate
Outstanding Loans on the effective date specified in the Borrower’s aforesaid
notice.  Any such partial reduction of
the Total Commitment shall be in a minimum amount of $5,000,000 and integral
multiples of $1,000,000 in excess thereof. 
Such partial reduction or termination of the Total Commitment shall be
effective on the date specified in the Borrower’s aforesaid notice.  The Borrower may only terminate the Total
Commitment upon payment in full of all Aggregate Outstanding Loans and all
other Bank Obligations.

 

25

 

Any partial
reduction of the Total Commitment shall reduce each Bank’s Commitment by an
amount equal to such Bank’s pro rata share of the aggregate reduction in the
Total Commitment.

 

4.2                                 Voluntary
Prepayments.   The Borrower
may, from time to time as hereinafter provided, prepay Base Rate Loans, in
whole or in part, without premium or penalty, and prepay Eurodollar Rate Loans,
in whole or in part, subject to the payments, if any, required by Section
6.4; provided that any such partial prepayment shall be in an
aggregate amount of a minimum of $5,000,000 and integral multiples of
$1,000,000 in excess thereof.  Accrued
interest to the date of prepayment on the aggregate principal amount of Loans
being prepaid shall accompany such prepayment. 
The Borrower shall give notice (by facsimile or by telephone (confirmed
in writing promptly thereafter)) to the Administrative Agent (which shall
promptly notify the Banks) of each proposed prepayment hereunder, prior to
10:30 a.m., Chicago time, on the date of such proposed prepayment (or, in the
case of a proposed prepayment of Eurodollar Rate Loans, two (2) Business Days
before the proposed prepayment date) which notice shall specify the proposed
prepayment date (which shall be a Business Day) and the aggregate principal
amount of the proposed prepayment.

 

ARTICLE V

OTHER CREDIT TERMS

 

5.1                                 Fees;
Computation of Fees.

 

(a)                                  In
consideration of the Administrative Agent’s services to be provided in
connection herewith, the Borrower hereby agrees to pay to the Administrative
Agent the fees set forth in the Fee Letter.

 

(b)                                 In
consideration of the commitment of each Bank to make Committed Loans to the
Borrower hereunder, the Borrower hereby agrees to pay to the Administrative
Agent, for the account of each Bank (to be paid to each Bank by the Administrative
Agent in proportion to such Bank’s Commitment) the applicable Facility Fee per
annum (computed for the actual number of days elapsed on the basis of a 360-day
year) commencing on the Effective Date and payable in arrears on each Quarterly
Payment Date and on the Commitment Termination Date, on the daily average
amount of the Total Commitment, determined for the period then ended for which
such fee has not theretofore been paid.

 

(c)                                  The
Borrower shall pay to the Administrative Agent for the account of each Bank in
accordance with its Percentage, a fee equal in amount to the then applicable
Utilization Fee as set forth in the Pricing Matrix (the “Utilization Fee”)
times the Aggregate Outstanding Loans on each day that the Aggregate
Outstanding Loans exceed 50% of the actual daily 

 

26

 

amount of the Total Commitment. 
The Utilization Fee shall be due and payable quarterly on the Quarterly
Payment Dates, commencing with the first such date to occur after the Effective
Date, and on the Commitment Termination Date. 
The Utilization Fee shall be calculated quarterly in arrears.  The Utilization Fee shall accrue at all times
the Aggregate Outstanding Loans exceed 50% of the actual daily amount of the
Total Commitment, including at any time during which one or more of the
conditions in Article X or Article XI is not met.

 

5.2                                 Payments.  All payments to be made by the Borrower shall
be made without condition or deduction for any counterclaim, defense,
recoupment or setoff.  All payments
(including those made pursuant to Section 4.2) of principal of, or
interest on, the Loans shall be made by the Borrower to the Administrative
Agent in immediately available funds for the account of the holders of the
relevant Notes.  All payments of the
Facility Fee shall be made by the Borrower to the Administrative Agent in
immediately available funds for the account of the Banks pro  rata
according to their respective Commitments. 
All payments of the fees described in the Fee Letter shall be made by
the Borrower to the Administrative Agent in immediately available funds for the
account of the Administrative Agent.  All
other payments shall be made to the Administrative Agent at its address specified
on Schedule 1(b) (or at such other address as the Administrative Agent
may have specified for such purpose in a written notice to the Borrower) not
later than 1:00 p.m., Chicago time, on the date due; and funds received after
that hour shall be deemed to have been received by the Administrative Agent on
the next succeeding Business Day.  The
Administrative Agent shall promptly remit to each Bank in immediately available
finds such Bank’s share of all such payments received by the Administrative
Agent for the account of such Bank.  All
payments under Section 6.1, Section 6.4 or Section 14.5
shall, unless otherwise specified herein, be made by the Borrower directly to
the Bank or Banks entitled thereto.

 

5.3                                 Net
Payments; Tax Exemptions.

 

(a)                                  All
payments by the Borrower of principal, interest, fees, indemnities and other
amounts payable to any recipient (each, a “Recipient”) hereunder shall
be made without setoff or counterclaim and free and clear of, and without
withholding or deduction for or on account of, any present or future Taxes (other
than Excluded Taxes) now or hereafter imposed on such Recipient or its income,
property, assets or franchises (such Recipient’s “Recipient Taxes”),
except to the extent that such withholding or deduction (i) is required by
Applicable Law, (ii) results from the breach by such Recipient of its Exemption
Agreement, if any, (iii) would not be required if such Recipient’s Exemption
Representation were true or (iv) would not be required if such Recipient’s
appropriate Internal Revenue Service form specified in Section 5.3(b)
claiming complete exemption were true and accurate at the time of the delivery
thereof.  If any such withholding or
deduction is required by Applicable Law, the Borrower will:

 

(A)                              pay
to the relevant authorities the full amount so required to be withheld or
deducted when and as the same shall become due and payable to such authorities;

 

(B)                                promptly
forward to the Administrative Agent and each affected Bank an official receipt
or other documentation satisfactory to the Administrative Agent evidencing such
payment to such authorities; and

 

(C)                                except
to the extent that such withholding or deduction (1) is for Excluded Taxes, (2)
results from the breach, by a Recipient of its Exemption Agreement,

 

27

 

if any, or (3)
would not be required if such Recipient’s Exemption Representation were true or
(4) would not be required if such Recipient’s appropriate Internal Revenue
Service form specified in Section 5.3(b) claiming complete exemption
were true and accurate at the time of the delivery thereof, pay to the
Administrative Agent for the account of the relevant Recipient such additional
amount as is necessary to ensure that the net amount actually received by each
Recipient will equal the full amount such Recipient would have received had no
such withholding or deduction been required.

 

(b)                                 In
consideration of the Borrower’s agreements in Section 5.3(a), each Bank
which is not a US Person hereby agrees (such Bank’s “Exemption Agreement”),
to the extent permitted by Applicable Law (including any applicable double
taxation treaty of the jurisdiction of its incorporation or the jurisdiction in
which its lending office is located), to execute and deliver to the Borrower,
on or about the first scheduled payment date in each Fiscal Year, a United
States Internal Revenue Service Form W-8ECI or W-8BEN (or successor form), as
appropriate, properly completed and claiming a complete or partial exemption,
as the case may be, from withholding or deduction for or on account of “United
States Federal Recipient Taxes” (as defined in the Code) of such Bank.

 

(c)                                  Each
Bank hereby represents and warrants (such Bank’s “Exemption Representation”)
to the Borrower that on the date hereof (or in the case of a Purchasing Bank or
an assignee pursuant to Section 14.10, on the date on which it becomes a
Bank party hereto) its lending office is entitled to receive payments of
principal of, and interest on, Loans made by such Bank from such lending office
without withholding or deduction for or on account of such Bank’s Recipient
Taxes imposed by the United States of America or any political subdivision
thereof.

 

(d)                                 Upon
the request from time to time of the Borrower or the Administrative Agent, each
Bank that is organized under the laws of a jurisdiction other than the United
States of America shall execute and deliver to the Borrower and the
Administrative Agent one or more (as the Borrower or the Administrative Agent
may reasonably request) United States Internal Revenue Service Forms W-8BEN or
W-8ECI or such other forms or documents, appropriately completed, as may be
applicable to establish the extent, if any, to which a payment to such Bank is
exempt from withholding or deduction of Recipient Taxes.

 

(e)                                  If
any Bank claims exemption from, or reduction of, withholding tax under a United
States tax treaty by providing IRS Form W-8ECI and such Bank sells, assigns,
grants a participation in, or otherwise transfers all or part of the
obligations of the Borrower to such Bank, such Bank agrees to notify the
Administrative Agent of the percentage amount in which it is no longer the
beneficial owner of such obligations of the Borrower hereunder.  To the extent of such percentage amount, the
Administrative Agent will treat such Bank’s IRS Form W-8ECI as no longer valid.

 

(f)                                    If
any Bank claiming exemption from United States withholding tax by filing IRS
Form W-8BEN with the Administrative Agent sells, assigns, grants a
participation in, or otherwise transfers all or part of the obligations of the
Borrower to

 

28

 

such Bank
hereunder, such Bank agrees to undertake sole responsibility for complying with
the withholding tax requirements imposed by Sections 1441 and 1442 of the Code.

 

(g)                                 If
any Bank is entitled to a reduction in the applicable withholding tax, the
Administrative Agent may withhold from any interest payment to such Bank an
amount equivalent to the applicable withholding tax after taking into account
such reduction.  If the forms or other documentation
required by subsection (d) of this Section are not delivered to the
Administrative Agent, then the Administrative Agent may withhold from any
interest payment to such Bank not providing such forms or other documentation
an amount equivalent to the applicable withholding tax.

 

(h)                                 If
the IRS or any other governmental authority of the United States or any other
jurisdiction asserts a claim that the Administrative Agent did not properly
withhold tax from amounts paid to or for the account of any Bank (because the
appropriate form was not delivered or was not properly executed, or because
such Bank failed to notify the Administrative Agent of a change in
circumstances which rendered the exemption from, or reduction of, withholding
tax ineffective, or for any other reason) such Bank shall indemnify the
Administrative Agent fully for all amounts paid, directly or indirectly, by the
Administrative Agent as tax or otherwise, including penalties and interest, and
including any taxes imposed by any jurisdiction on the amounts payable to the
Administrative Agent under this Section, together with all costs and expenses
(including reasonable fees of attorneys for the Administrative Agent (including
the allocable costs of internal legal services and all disbursements of
internal counsel)).  The obligation of
the Banks under this subsection shall survive the repayment of the Loans,
cancellation of the Notes, any termination of this Agreement and the
resignation or replacement of the Administrative Agent.

 

5.4                                 Application
of Certain Payments.

 

(a)                                  Prior
to the occurrence and continuation of a Pro Rata Distribution Event, each
payment of principal shall be applied to such of the Loans as the Borrower
shall direct by notice to be received by the Administrative Agent on or before
the date of such payment; provided that any Loans of the Borrower
maturing the same day shall be paid pro  rata among such
Loans.  The Administrative Agent shall
remit each such payment by the Borrower in accordance therewith ratably among
the applicable Banks holding such Loans. 
Concurrently with each remittance to any Bank of its share of any such
payment, the Administrative Agent shall advise each Bank as to the application
of such payment.

 

(b)                                 Following
the occurrence and during the continuation of a Pro Rata Distribution Event,
the Administrative Agent and the Banks shall apply all collections and
recoveries of the Loans and the other Bank Obligations hereunder first,
to payment of that portion of the Bank Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of
counsel to the Administrative Agent and amounts payable under Article VI)
payable to the Administrative Agent in its capacity as such, second, to
the payment of principal and interest on the outstanding Loans on a pro  rata
basis to each Bank based on the respective amounts of such Bank’s principal and
accrued interest (whether or not mature and currently payable) and, third,
to

 

29

 

payment of the
remaining outstanding Bank Obligations on a pro  rata basis to
each Bank based on the respective remaining amounts of such Bank Obligations
owed to each Bank (whether or not mature and currently payable).

 

(c)                                  For
purposes hereof, a “Pro Rata Distribution Event” shall mean the first to
occur of (i) an Event of Default under Section 12.1(a), Section
12.1(f) or Section 12.1(g) or (ii) any other Event of Default if the
Majority Banks shall have notified the Administrative Agent of the occurrence
of such Event of Default and shall have instructed the Administrative Agent
that payments shall be applied as provided in Section 5.4(b) above.  The Administrative Agent shall promptly
notify the Borrower and each Bank following the occurrence of a Pro Rata
Distribution Event.

 

(d)                                 The
Banks and the Administrative Agent agree that if any distribution shall be made
by the Administrative Agent contrary to this Section (whether because the
Administrative Agent shall not, at the time of distribution, have been aware of
the occurrence of any Event of Default or otherwise), the Banks shall cooperate
with the Administrative Agent to redistribute payments, collections or
recoveries in accordance with this Section.

 

5.5                                 Offset.  Upon the occurrence of any Default described
in Section 12.1(f) or Section 12.1(g), or of any acceleration of
the Notes pursuant to Section 12.2, each Bank is hereby authorized, at
any time and from time to time, without notice to the Borrower (any such notice
being expressly waived by the Borrower to the fullest extent permitted by
Applicable Law), to the fullest extent permitted by Applicable Law, to set off,
to exercise any banker’s lien or any other right of attachment or garnishment
and apply any and all balances, credits, deposits (general or special, time or
demand, provisional or final), accounts or monies at any time held and other
indebtedness at any time owing by such Bank to or for the account of the
Borrower against any and all Bank Obligations held by such Bank (subject to the
provisions of Section 13.4), whether or not such Bank has made any
demand under or with respect to any of such Bank Obligations and although such
Bank Obligations may be unmatured. 
Promptly following such action, such Bank shall give notice thereof to the
Administrative Agent and the Administrative Agent shall promptly give notice
thereof to the Borrower and each other Bank, but failure to do so shall not
impair the effect of such action. 
Subject to the foregoing provisions of this Section, the rights of the
Banks under this Section are in addition to, in augmentation of, and do not
derogate from or impair, any other rights and remedies (including other rights
of setoff) which the Banks may have.

 

ARTICLE VI

COST PROTECTION PROVISIONS AND SPECIAL PROVISIONS

FOR.  EURODOLLAR RATE LOANS

 

6.1                                 Cost
Protection.

 

(a)                                  If
(i) Regulation D of the FRB (“Regulation D”), (ii) the adoption after
the date hereof of any Applicable Law, (iii) any change after the date hereof
in any Applicable Law, (iv) any change after the date hereof in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency

 

30

 

charged with the
interpretation or administration thereof, or (v) compliance by such Bank (or
any Eurodollar Office of such Bank) with any request or directive (whether or
not having the force of law) of any such authority, central bank or comparable
agency;

 

(A)                              shall
subject any Bank (or any Eurodollar Office of such Bank) to any tax, duty or
other charge with respect to its Loans, its Notes or its obligation to make
Loans, or shall change the basis of taxation of payments to any Bank of the
principal of or interest on its Loans or any other amounts due under this
Agreement in respect of its Loans or its obligation to make Loans (except for
Excluded Taxes or Recipient Taxes of the type described in clause (ii), clause
(iii) and clause (iv) of the first sentence of Section 5.3(a);

 

(B)                                shall
impose, modify or deem applicable any assessment or other charge against assets
of, deposits with or for the account of, or credit extended by, any Bank (or
any Eurodollar Office of such Bank);

 

(C)                                shall
impose, modify or deem applicable any reserve (including any reserve imposed by
the FRB), special deposit or similar requirement against assets of, deposits
with or for the account of, or credit extended by, any Bank (or any Eurodollar
Office of such Bank); or

 

(D)                               shall
impose on any Bank (or its Eurodollar Office) any other condition affecting its
Loans, its Notes or its obligation to make Loans;

 

and the result of any of the foregoing is to
increase the cost to such Bank (or any Eurodollar Office of such Bank) of
making or maintaining or issuing its Commitment or any Loan or to reduce the
amount of any sum received or receivable by such Bank (or its Eurodollar
Office) under this Agreement or under its Notes then, within ten (10) days
after demand by such Bank (which demand shall be accompanied by a statement
setting forth the basis of such demand), the Borrower shall pay directly to
such Bank such additional amount or amounts as will compensate such Bank for
such cost, increased cost or such reduction.

 

(b)                                 If
any Bank shall reasonably determine that the application or adoption after the
date hereof of any law, rule, regulation, directive, interpretation, treaty or
guideline regarding capital adequacy, or any change therein or in the
interpretation or administration thereof after the date hereof, whether or not
having the force of law increases the amount of capital required to be
maintained by such Bank, or any corporation controlling such Bank, and such
increase is based solely upon the existence of such Bank’s obligations
hereunder, by an amount deemed by such Bank in its sole discretion to be
material, then from time to time, within ten (10) days after demand from such
Bank, the Borrower shall pay to such Bank such amount or amounts as will fairly
compensate such Bank for such increased capital requirement.  The determination of any amount to be paid by
the Borrower under this Section shall take into consideration the policies of
such Bank, or any corporation controlling such Bank, with respect to capital
adequacy and shall be based upon any reasonable averaging, attribution and
allocation methods.  A certificate of
such Bank setting forth the amount or amounts as shall be

 

31

 

necessary to
compensate such Bank as specified in this Section shall be delivered to the
Borrower and the Administrative Agent and shall be conclusive in the absence of
manifest error.

 

(c)                                  Promptly
after any Bank becomes aware of any event that would entitle it to compensation
under Section 6.1 (a) or Section 6.1(b), such Bank shall notify
the Administrative Agent, which shall advise the Borrower thereof; provided
that if any Bank fails to notify the Administrative Agent within 180 days of
its actual knowledge of any such event (the “Notice Date”), the Borrower
shall not be obligated to pay such additional amounts accruing during the
period from the Notice Date until the date of delivery of such notice; provided,
further, that the failure to give such notice shall not affect the
Borrower’s obligation to pay such additional amounts accrued prior to the
Notice Date or after delivery of such notice.

 

6.2                                 Basis
for Determining Interest Rate Inadequate or Unfair.  If with respect to any request for a
Eurodollar Rate Loan or a conversion to or continuation thereof:

 

(a)                                  the
Administrative Agent determines (which determination shall be binding and
conclusive on all parties hereto) that, by reason of circumstances affecting
the relevant market, adequate and reasonable means do not exist for
ascertaining the interest rate applicable hereunder to Eurodollar Rate Loans;
or

 

(b)                                 the
Majority Banks advise the Administrative Agent that the interest rate
applicable hereunder to any outstanding Eurodollar Rate Loan will not
adequately and fairly reflect the cost to such Banks of maintaining or funding
such Eurodollar Rate Loan for such Loan Period, or that the making or funding
of Eurodollar Rate Loans has become impracticable as a result of an event
occurring after the date hereof which in the opinion of such Banks materially
affects such Loans,

 

then
(i) the Administrative Agent shall promptly notify the Borrower and each Bank
thereof, and (ii) so long as such circumstances shall continue, no Bank shall
be under any obligation to make, convert or continue the Eurodollar Rate Loans.

 

6.3                                 Changes
in Law Rendering Certain Eurodollar Rate Loans Unlawful.   In the event that any change in (including
the adoption of any new) Applicable Law, or any change in the interpretation of
any Applicable Law by any judicial, governmental or other regulatory body
charged with the interpretation, implementation or administration thereof,
should make it (or in the good-faith judgment of an Affected Bank should raise
a substantial question as to whether it is) unlawful for such Affected Bank to
make, maintain or fund Eurodollar Rate Loans, then (a) such Affected Bank shall
promptly notify each of the other parties hereto, (b) the obligation of such
Affected Bank to make Eurodollar Rate Loans shall, upon the effectiveness of
such event, be suspended for the duration of such unlawfulness, and (c) if the
Affected Bank so requests, the Borrower shall, on such date as may be required
by the relevant Applicable Law, repay or prepay all then outstanding Eurodollar
Rate Loans made to the Borrower by such Affected Bank together with accrued
interest thereon and all amounts then due, if any, under Section 6.4.

 

32

 

6.4                                 Funding
Losses.   The Borrower hereby
agrees that, upon demand by any Bank (which demand shall be accompanied by a
statement setting forth the basis for the calculations of the amount being
claimed), the Borrower will indemnify such Bank against any net loss or expense
which such Bank may sustain or incur (including any net loss or expense
incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by such Bank to fund or maintain Eurodollar Rate Loans made to the
Borrower by such Bank), as reasonably determined by such Bank, as a result of
(a) any payment or prepayment of principal (including pursuant to Section
4.2, Section 4.3, Section 6.3 or Section 12.2) of any
such Eurodollar Rate Loan on a date other than the last day of a Loan Period
for such Loan, or (b) any failure of the Borrower to borrow, continue or
convert any Loans on the date and in the amount specified therefor in a notice
of Borrowing, conversion or continuation given by the Borrower pursuant to this
Agreement.  For this purpose, all notices
to the Administrative Agent pursuant to this Agreement shall be deemed to be
irrevocable.

 

6.5                                 Discretion
of Banks as to Manner of Funding.  
Notwithstanding any provision of this Agreement to the contrary, each
Bank shall be entitled to fund and maintain its funding of all or any part of
its Loans in any manner it sees fit, it being understood, however, that for the
purposes of this Agreement all determinations hereunder shall be made as if
such Bank had actually funded and maintained each Eurodollar Rate Loan during
the Loan Period for such Loan through the sale of deposits or the purchase of
deposits, as the case may be, having a maturity corresponding to the last day
of such Loan Period and bearing an interest rate equal to the Eurodollar Rate
for such Loan Period.  Each Bank shall
use reasonable efforts (consistent with its internal policies and legal and
regulatory restrictions) to take appropriate action, including the selection of
a jurisdiction of its Eurodollar Office or the changing of the jurisdiction of
its Eurodollar Office, as the case may be, so as to avoid any illegality of the
type referred to in Section 6.3 or the imposition of any increased costs
or Taxes or to limit the amount of any such increased costs or Taxes which may
thereafter accrue; provided that no such selection or change of the
jurisdiction for its Eurodollar Office shall be made if, in the reasonable
judgment of such Bank, such selection or change would be disadvantageous to
such Bank.

 

6.6                                 Replacement
of Certain Banks.   In the
event that any Bank(s) shall claim payment of any amounts pursuant to this Article
VI or any Taxes or other amounts pursuant to Section 5.3, or shall
be an Affected Bank for more than 30 days, such Bank(s) may accept a purchase
offer as described hereinafter.  If the
Borrower shall find one or more banks that, if not a Bank, are each an Eligible
Assignee and that unconditionally offer in writing (with a copy to the
Administrative Agent) collectively to assume all of such Bank’s obligations
hereunder and to purchase all of such Bank’s rights hereunder and principal and
interest in the Loans owing to such Bank(s) and the Notes held by such Bank(s)
without recourse, representation or warranty (other than as provided in the
related Assignment and Assumption) for an amount to be received by such Bank(s)
equal to the principal amount of such Loans plus interest accrued thereon to
the date of such purchase plus any other amounts then payable hereunder on a
date therein specified, then upon acceptance of such purchase offer, the
Borrower shall be obligated to pay such costs and Taxes (other than Excluded
Taxes) to such Bank(s) pursuant to this Article VI or Section 5.3
to the date of such purchase (at which time such Bank shall cease to be a Bank
hereunder); provided that (a) if a Bank accepts the proposed purchase
offer and the proposed purchasing bank(s) fails to purchase such rights and
interest and to assume such obligations on such specified date in accordance
with the terms of such offer, the Borrower shall continue to be

 

33

 

obligated to pay the amounts or Taxes (other than
Excluded Taxes) to such Bank pursuant to this Article VI and Section
5.3, and (b) if such Bank fails to accept such purchase offer, the Borrower
shall not be obligated to pay to such Bank such amounts that such Bank would
otherwise be currently entitled to pursuant to this Article VI (except
under Section 6.3) or any Taxes (other than Excluded Taxes) or other
amounts pursuant to Section 5.3 from and after the date of such purchase
offer and to the extent that such Bank is an Affected Bank, such Bank shall no
longer be an Affected Bank for such period; provided, however,
that nothing contained herein shall be deemed to restrict a Bank’s ability to
recover additional amounts owed to such Bank pursuant to this Article VI
or any Taxes or other amounts pursuant to Section 5.3 that such Bank
would otherwise be entitled to in the future and not directly arising out of
the same circumstances which caused the provisions of this Section to
originally become operative.

 

6.7                                 Conclusiveness
of Statements; Survival of Provisions.   Determinations and statements of any Bank
pursuant to this Article VI shall be made in good faith and shall be
conclusive and binding on the parties hereto, absent demonstrable error.  The provisions of Section 5.3, Section
6.1, Section 6.4, Section 14.6 and the last sentence of each
of Section 13.1(e) and Section 14.5 and shall survive termination
of this Agreement.

 

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

 

The Borrower
represents and warrants to the Administrative Agent and the Banks as follows:

 

7.1                                 Corporate
Existence, Power, Authority, etc.  
The Borrower is a corporation duly incorporated, validly existing and in
good standing under the laws of the State of Arkansas; each Subsidiary is a
corporation duly incorporated, validly existing and in good standing under the
laws of the state of its incorporation; the Borrower and each Subsidiary is
duly qualified and in good standing as a foreign Person authorized to do
business in each other jurisdiction where, because of the nature of its
activities or properties, such qualification is required, other than where the
failure to be so qualified or in good standing would not reasonably be expected
to have a Materially Adverse Effect; each Loan Party has all requisite
corporate power and authority (a) to own its assets and to carry on the
business in which it is engaged, and (b) to execute, deliver and perform its
obligations under each Loan Document to which it is a party; each Subsidiary
has all requisite corporate, partnership or other power and authority to own
its assets and to carry on the business in which it is engaged; and the
Borrower has all requisite corporate power and authority to own its assets and
to carry on the business in which it is engaged and to issue the Notes in the
manner and for the purpose contemplated by this Agreement.

 

7.2                                 No
Violation, Breach, Default, Lien, etc.  The execution, delivery and performance by
each Loan Party of each Loan Document to which it is a party, and the issuance
of the Notes in the manner and for the purpose contemplated by this Agreement,
have been duly authorized by all necessary corporate action (including any
necessary stockholder action) on the part of each Loan Party, and do not (a)
violate any provision of any Applicable Law, or of the charter or by-laws of
such Loan Party, or (b) result in a breach of or constitute a default under any
indenture or loan or credit agreement or under any other agreement or
instrument to which 

 

34

 

the Borrower or any Subsidiary of the Borrower is a
party or by which the Borrower or any Subsidiary of the Borrower or its
respective properties is bound, or (c) result in, or require the creation or
imposition of, any Lien of any nature upon or with respect to any of the
properties now owned or hereafter acquired by the Borrower or any Subsidiary,
other than, with respect to (b) and (c) above, such breaches, defaults or Liens
which would not reasonably be expected to have a Materially Adverse
Effect.  Neither any Loan Party nor any
other Subsidiary is in default under or in violation of its organizational
documents or, except for such defaults or violations which would not reasonably
be expected to have a Materially Adverse Effect, any Applicable Law, indenture,
agreement or instrument.

 

7.3                                 Legal
Valid and Binding Obligations. 
This Agreement constitutes, and (when executed and delivered by the Loan
Parties thereto) each other Loan Document to which any Loan Party is a party
will constitute, a legal, valid and binding obligation of the respective Loan
Parties party thereto enforceable in accordance with its respective terms.  When executed and delivered by a Guarantor,
the Subsidiary Guaranty will constitute a legal, valid and binding obligation
of such Guarantor enforceable in accordance with its terms.  The foregoing representations and warranties
are subject to the qualifications that the enforcement of each of the
instruments referred to therein may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of rights of creditors
generally, and that enforcement of rights and remedies set forth therein may be
limited by judicial discretion regarding the enforcement of, or by applicable
laws affecting, remedies (whether considered in a court of law or a proceeding in
equity).

 

7.4                                 Financial
Statements.  The Borrower’s
audited consolidated financial statements as at December 31, 2004 have been
prepared in conformity with GAAP applied on a basis consistent with that of the
preceding Fiscal Year (except as noted therein) and fairly present the
consolidated financial condition of the Borrower and its consolidated
Subsidiaries as at such date and the results of their operations for the period
then ended.  Since December 31, 2004, no
event or events have occurred which, individually or in the aggregate, would
reasonably be expected to have a Materially Adverse Effect, except as disclosed
in such unaudited financial statements or in Schedule 3.

 

7.5                                 No
Litigation; Material Contingent Liabilities.  No litigation (including derivative actions),
arbitration proceedings or governmental proceedings are pending or, to the best
knowledge of the Borrower after due inquiry, threatened against the Borrower or
any Subsidiary which would, if adversely determined, either (a) reasonably be expected
to result in liability of the Borrower and its Subsidiaries in excess of actual
reserved self-insurance amounts, actual uncontested insurance coverage or
effective uncontested indemnifications with respect thereto, except as set
forth (including estimates of the dollar amounts involved, if practicable) in Schedule
3 or in the financial statements referred to in Section 7.4, or (b)
be reasonably expected to have a Materially Adverse Effect.  Neither the Borrower nor any of its
Subsidiaries has knowledge of any material contingent liabilities, including
those disclosed in the financial statements referred to in Section 7.4
or in Schedule 3, which would reasonably be expected to have a
Materially Adverse Effect.

 

7.6                                 No
Approvals, etc.  No
authorization, consent, approval, license or formal exemption from, nor any
filing, declaration or registration with, any court, governmental agency

 

35

 

or regulatory authority (whether Federal, state, local
or foreign), including the Securities and Exchange Commission, any securities
exchange, and the Surface Transportation Board, is required in connection with
the execution, delivery or performance by any Loan Party of any Loan Document,
or the issuance of the Notes in the manner and for the purpose contemplated by
this Agreement, it being understood and agreed that no representation or
warranty is being made herein with respect to any authorizations, consents,
approvals, licenses, exemptions, declarations or registrations required in
connection with the Borrower’s performance of its covenant contained in Section
8.7.

 

7.7                                 Fire,
Strike, Act of God, etc. 
Neither the business nor the properties of the Borrower nor any of its
Subsidiaries are presently affected by any fire, explosion, accident, labor
controversy, strike, lockout or other dispute, drought, storm, hail,
earthquake, embargo, act of God or of the public enemy or other casualty which
would reasonably be expected to have a Materially Adverse Effect, or if any such
existing event or condition were to continue for more than thirty (30)
additional days (unless in the reasonable opinion of the Borrower such event or
condition is not likely to continue for such period) would reasonably be
expected to have a Materially Adverse Effect.

 

7.8                                 Liens.  None of the assets of the Borrower or any of
its Subsidiaries is subject to any Lien except for Permitted Liens.

 

7.9                                 Subsidiaries.  The Borrower has no Subsidiaries on the date
of this Agreement except those listed in Schedule 5.

 

7.10                           ERISA.  Each Plan and, to the best of the Borrower’s
knowledge, each Multiemployer Plan, complies in all material respects with
Applicable Law and:

 

(a)                                  no
Reportable Event for which the PBGC has not waived the 30-day notice
requirement has occurred with respect to any Plan or, to the best of the
Borrower’s knowledge, any Multiemployer Plan;

 

(b)                                 no
steps have been taken to terminate any Plan which could result in the Borrower’s
making a contribution, or incurring a liability or obligation, to such Plan in
excess of $1,000,000; no steps have been taken to appoint a receiver to
administer any such Plan; to the best of the Borrower’s knowledge, no steps
have been taken to terminate or appoint a receiver to administer any
Multiemployer Plan which could result in the Borrower’s making a contribution,
or incurring a liability or obligation, to such Multiemployer Plan; and neither
the Borrower nor any Related Person has withdrawn from any such Multiemployer
Plan or initiated steps to do so;

 

(c)                                  there
is no Unfunded Vested Liability with respect to any Plan or, to the best of the
Borrower’s knowledge, any Multiemployer Plan, that would reasonably be expected
to have, in the event of termination of such Plan or withdrawal from such
Multiemployer Plan, a Materially Adverse Effect; and

 

(d)                                 no
contribution failure has occurred with respect to any Plan sufficient to give
rise to a Lien under Section 302(f) of ERISA; no condition exists or event or
transaction has occurred with respect to any Plan which would reasonably be
expected to

 

36

 

have a Materially
Adverse Effect; and neither the Borrower nor any of its Subsidiaries has any
contingent liability with respect to any post-retirement benefit under a
Welfare Plan, other than liability for continuation coverage described in Part
6 of Title I of ERISA, that would reasonably be expected to have a Materially
Adverse Effect.

 

7.11                           Investment
Company.  Neither the Borrower
nor any Subsidiary is an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940.

 

7.12                           Public
Utility Company.  Neither the
Borrower nor any Subsidiary is a “public-utility company,” or a “holding
company,” or a “subsidiary company” of a “holding company,” or an “affiliate”
of a “holding company” or of a “subsidiary company” of a “holding company,”
within the meaning of the Public Utility Holding Company Act of 1935.

 

7.13                           Margin
Stock.  The Borrower is not
engaged principally, or as one of its important activities, in the business of
extending, or arranging for the extension of, credit for the purpose of “purchasing
or carrying any margin stock,” within the meaning of Regulation U of the
FRB.  No portion of the assets of the Borrower
consists of any such margin stock, and no part of the proceeds of any Loan or
Indebtedness with respect to commercial paper will be used to purchase or carry
any such margin stock within the meaning of said regulation or to extend credit
to others for such purpose.

 

7.14                           Accurate
Information.  All factual
information (taken as a whole) previously furnished by any Loan Party to the
Administrative Agent or any Bank for purposes of or in connection with this
Agreement (including the factual information contained in the Schedules
and Exhibits hereto and in the Bank syndication information memorandum)
or any transaction contemplated hereby or thereby or by any other Loan Document
is, and all other such factual information (taken as a whole) hereafter furnished
by any Loan Party to the Administrative Agent or any Bank for purposes of or in
connection with this Agreement or any transaction contemplated hereby or by any
other Loan Document will be, true and accurate in every material respect on the
date as of which such information is dated or certified and is not and will not
be incomplete in any material respect as of such date due to any failure to
state any fact necessary to make such information not misleading as of such
date in light of the circumstances in which the same was furnished.

 

7.15                           Taxes.  The Borrower and each Subsidiary has filed
(or obtained extensions with respect to the filing of) all United States
federal income tax returns and all other material tax returns which are
required to be filed by it and has paid all taxes as shown on such returns or
pursuant to any assessment received by the Borrower or any Subsidiary, except
to the extent the same may be contested in good faith and for which reserves
have been established to the extent required by GAAP.  No tax liens have been filed and no claims
are being asserted with respect to any such taxes.  The charges, accruals and reserves on the
books of the Borrower and each Subsidiary in respect of Taxes and other
governmental charges are adequate to the best knowledge of the Borrower.

 

7.16                           Ownership
of Properties, Licenses and Permits. 
The Borrower and each of its Subsidiaries (a) has valid fee or leasehold
interests in all of its respective material real property,

 

37

 

and good and valid title to all of its respective
material personal properties and assets, of any nature whatsoever which are
reflected on the audited balance sheet referred to in Section 7.4 or
acquired by the Borrower or such Subsidiary after the date thereof except for
assets sold, transferred or otherwise disposed of (and not otherwise prohibited
by Section 9.11) since such date in the ordinary course of business, and
(b) owns or holds all Permits necessary to construct, own, operate, use and
maintain its property and assets and to conduct its business except where the
failure to have such interest or title or to own or hold such Permit would not
reasonably be expected to have a Materially Adverse Effect.

 

7.17                           Patents,
Trademarks, etc.  The Borrower
and each Subsidiary owns, or is licensed or otherwise has the lawful right to
use, all patents, trademarks, tradenames, copyrights, technology, know-how and
processes necessary for the conduct of its business as currently conducted
other than where the failure to so own, be so licensed or so have a right to
use would not reasonably be expected to have a Materially Adverse Effect.  There are no claims, and to the best of the
Borrower’s knowledge, there is no infringement of the rights of any Person,
arising from the use of such patents, trademarks, copyrights, technology,
know-how and processes by the Borrower or any Subsidiary, except for such
claims and infringements which would not reasonably be expected to have a
Materially Adverse Effect.  Neither the
Borrower nor any Subsidiary has knowledge of any infringement by any third
party on any of its or their rights in any intellectual property, except for
any such infringement which would not reasonably be expected to have a
Materially Adverse Effect.

 

7.18                           Environmental
Matters.  The Borrower and its
Subsidiaries are, to the best knowledge of the Borrower, each in compliance in
all material respects with all Environmental Requirements (a) now applicable to
the Borrower or any Subsidiary or (b) which will be applicable (or, if not in
compliance with such laws and regulations referred to in this clause (b), the
Borrower or such Subsidiary is taking appropriate action diligently pursued to
be in compliance therewith on a timely basis or to be exempt from compliance),
except to the extent that the failure to comply or take such action would not
have a Materially Adverse Effect.  Except
as disclosed on Schedule 2, neither the Borrower nor any Subsidiary has
any knowledge of any (i) presently outstanding allegations by governmental
officials that the Borrower or any of its Subsidiaries is now or at any time
prior to the date hereof was in material violation of such Environmental
Requirements, (ii) material administrative or judicial proceedings presently
pending against the Borrower or any of its Subsidiaries pursuant to such
Environmental Requirements, or (iii) material claim presently outstanding
against the Borrower or any of its Subsidiaries which was asserted pursuant to
such laws or regulations that in each case would reasonably be expected to
result in a liability to the Borrower or any Subsidiary in excess of $2,000,000
singly or $6,000,000 in the aggregate for all such claims (net in each case of
actual uncontested insurance coverage or effective uncontested indemnifications
with respect thereto).  Except as
disclosed in Schedule 2, the Borrower reasonably believes that no facts
or circumstances known to it or any Subsidiary could form the basis for the
assertion of any material claim against the Borrower or any Subsidiary relating
to environmental matters, including any material claim arising from past or
present environmental practices asserted under any Environmental Requirement
that in each case would reasonably be expected to result in a liability to the
Borrower or any Subsidiary in excess of $2,000,000 singly or $6,000,000 in the
aggregate for all such claims (net in each case of actual uncontested insurance
coverage or effective uncontested indemnifications with respect thereto).

 

38

 

7.19                           Compliance
with Applicable Law.  The
Borrower and each Subsidiary are in compliance in all material respects with
Applicable Law, the violation of which by the Borrower or any Subsidiary could
reasonably be expected to have a Materially Adverse Effect.

 

7.20                           Solvency.  Each of the Loan Parties has capital
sufficient to carry on its respective business and transactions and all
business and transactions in which it is about to engage and is now solvent and
able to pay its respective debts as they mature, and each of the Loan Parties
now owns property having a value, both at fair valuation and at present fair
salable value, greater than the amount required to pay such Loan Party’s
existing debts.

 

ARTICLE VIII

AFFIRMATIVE COVENANTS

 

So long as any
of the Bank Obligations shall remain unpaid or any Bank shall have any
Commitment hereunder, the Borrower will:

 

8.1                                 Information.  Furnish to the Administrative Agent and
(concurrently therewith) to each Bank in accordance with Section 14.4:

 

(a)                                  as
soon as available and in any event within forty-five (45) days (or such earlier
date as the filing thereof with the SEC may be required) after the end of each
of the first three Fiscal Quarters of each Fiscal Year, (i) consolidated
financial statements of the Borrower and its consolidated Subsidiaries,
consisting of a balance sheet as at the end of such quarter and statements of
income, retained earnings, and cashflows for such quarter then ended and for
the Fiscal Year through such quarter, setting forth in comparative form the
corresponding figures for the corresponding dates and periods of the preceding
Fiscal Year, all in reasonable detail and certified (subject to year-end audit
adjustments) by a Responsible Officer of the Borrower to the best of such
officer’s knowledge and belief as fairly presenting in accordance with GAAP (to
the extent applicable) consistently applied (except as noted therein) the
financial condition and results of operations of the Borrower and its consolidated
Subsidiaries as at the date thereof and for the period covered thereby (provided
that footnotes to such financial statements will not be required) accompanied
by (ii) a Compliance Certificate as at the end of such Fiscal Quarter from such
officer of the Borrower;

 

(b)                                 as
soon as available, but in any event within one hundred (100) days (or such
earlier date as the filing thereof with the SEC may be required) after the end
of each Fiscal Year, audited consolidated financial statements of the Borrower
and its consolidated Subsidiaries consisting of a balance sheet as at the end
of such Fiscal Year and statements of income, retained earnings, and cashflows
for such Fiscal Year, setting forth, in comparative form, the corresponding
figures for the preceding Fiscal Year, accompanied by:

 

(i)                                     a
report and opinion of independent certified public accountants of recognized
national standing and reputation selected by the Borrower or otherwise
reasonably acceptable to the Administrative Agent (the “Public Accountants”),
which report and opinion shall be prepared in accordance with audit standards of the Public

 

39

 

Company Accounting Oversight Board and shall not be subject to any
Impermissible Qualification; and

 

(ii)                                  (A) management’s assessment of the
effectiveness of the Borrower’s
internal control over financial reporting as of the end of the Borrower’s most recent fiscal year in accordance with
Item 308 of Regulation S-K, and (B) with respect to the most recent fiscal year
of the Borrower, an attestation
report (or reports) of the Public Accountants on management’s assessment and
the opinion of the Pubic Accountants independently assessing the effectiveness
of the Borrower’s internal
control over financial reporting in accordance with Item 308 of Regulation S-K,
PCAOB Auditing Standard No. 2, and Section 404 of Sarbanes-Oxley; and

 

(iii)                               a
Compliance Certificate as of the end of such Fiscal Year from a Responsible
Officer of the Borrower;

 

(c)                                  in
the event that the Borrower or Transport shall then be required to file reports
with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of
the Exchange Act, promptly upon transmission thereof, copies of all such
financial statements, proxy statements, notices and reports as either shall
send to its public stockholders generally and copies of all registration
statements (without exhibits) and all reports which either files with the
Securities and Exchange Commission (or any governmental body or agency succeeding
to the functions of the Securities and Exchange Commission);

 

(d)                                 as
soon as possible and in any event within five (5) Business Days after the
Borrower becomes aware of the occurrence of any Default or the occurrence of
any other event or events that individually or in the aggregate may have a
Materially Adverse Effect, the statement of the President, any Vice President
or the Treasurer of the Borrower setting forth the details of each such Default
which has occurred and the action which the Borrower has taken and proposes to
take with respect thereto;

 

(e)                                  forthwith
upon learning thereof, written notice describing (i) the institution of any
litigation, arbitration proceeding or governmental proceeding to which the
Borrower, Transport, or any other Subsidiary is a party that, if adversely
determined, would reasonably be expected to result in a liability to the
Borrower, Transport, or any other Subsidiary in excess of $15,000,000 (net of
actual uncontested insurance coverage or effective, uncontested
indemnifications with respect thereto), and (ii) any materially adverse
determination as to liability or amount of damages in any such litigation or
proceeding;

 

(f)                                    promptly
upon learning thereof, written notice describing the institution of any steps
by the Borrower or any other Person to terminate any Plan or any Multiemployer
Plan, or the appointment of a receiver to administer any Plan or any
Multiemployer Plan, or the withdrawal by the Borrower or any Related Person
from any Multiemployer Plan, or the failure to make a required contribution to
any Plan if such failure is sufficient to give rise to a Lien under Section
302(f) of ERISA, or the taking of any action with respect to a Plan which could
result in the requirement that any Loan

 

40

 

Party furnish a
bond or other security to the PBGC or such Plan, or the occurrence of any event
with respect to any Plan which could reasonably be expected to result in the
incurrence by the Borrower of any material liability, fine or penalty, or any
material increase in the contingent liability of any Loan Party with respect to
any post-retirement Welfare Plan benefit or the occurrence of any Reportable
Event;

 

(g)                                 such
other reasonable information respecting the business affairs, financial
condition, operations or prospects of the Borrower and its Subsidiaries as the
Administrative Agent or any Bank may from time to time reasonably request in
writing;

 

(h)                                 forthwith
upon learning thereof, written notice to the Administrative Agent of any fact
or circumstance that would have been included in Schedule 2 to permit
the Borrower to then make the representation and warranty contained in Section
7.18;

 

(i)                                     copies
of all subordination provisions contained in documentation evidencing
Subordinated Indebtedness purporting to subordinate such Subordinated
Indebtedness to Senior Indebtedness; and

 

(j)                                     forthwith
upon learning, thereof, written notice to the Administrative Agent of the
Public Accountants’ determination (in connection with its preparation of its
report under Section 8.1(b)(ii)(B)) or the Borrower’s determination of
the occurrence or existence of any Internal Control Event at any time.

 

Documents required to be delivered pursuant
to Section 8.1(a), (b) or (c) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the
website address listed on Schedule 1(b); or (ii) on which such documents
are posted on the Borrower’s behalf on an Internet or intranet website, if any,
to which each Bank and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative
Agent); provided that: (i) the Borrower shall deliver paper copies of
such documents to the Administrative Agent or any Bank that requests the
Borrower to deliver such paper copies until a written request to cease
delivering paper copies is given by the Administrative Agent or such Bank and
(ii) the Borrower shall notify the Administrative Agent and each Bank (by
telecopier or electronic mail) of the posting of any such documents and provide
to the Administrative Agent by electronic mail electronic versions (i.e.,
soft copies) of such documents. 
Notwithstanding anything contained herein, in every instance the
Borrower shall be required to provide paper copies of the Compliance
Certificates required by Section 8.1(b)(iii) to the Administrative
Agent.  Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by the Borrower with
any such request for delivery, and each Bank shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Arranger will make available to the Banks
materials and/or information provided by or on behalf of the Borrower hereunder
(collectively, “Borrower Materials”) by posting the Borrower

 

41

 

Materials on IntraLinks or another similar
electronic system (the “Platform”) and (b) certain of the Banks may be “public-side”
Banks (i.e., Banks that do not
wish to receive material non-public information with respect to the Borrower or
its securities) (each, a “Public Bank”). 
The Borrower hereby agrees that (w) all Borrower Materials that are to
be made available to Public Banks shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (x) by marking Borrower Materials “PUBLIC”, the
Borrower shall be deemed to have authorized the Administrative Agent, the
Arranger, the L/C Issuer and the Banks to treat such Borrower Materials as not
containing any material non-public information with respect to the Borrower or
its securities for purposes of United States Federal and state securities laws (provided, however, that to
the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 14.18); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor”; and (z) the Administrative Agent and the
Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public
Investor”.

 

8.2                                 Taxes.  Pay or discharge, and cause each Subsidiary
to pay or discharge, all Taxes (other than Excluded Taxes) relating to the
Borrower or such Subsidiary, as the case may be, prior to the date on which
penalties attach thereto; provided that neither the Borrower nor any
Subsidiary shall be required to pay or discharge any such Tax while the same is
being contested by it in good faith and by appropriate proceedings and so long
as reserves have been established to the extent required by GAAP.

 

8.3                                 Existence.  Preserve and maintain, and cause each
Subsidiary to preserve and maintain (except for any sale, dissolution,
liquidation or merger not otherwise prohibited hereby), its existence, rights,
privileges and franchises in the jurisdiction of its incorporation or
formation, and qualify and remain qualified as a foreign Person authorized to
do business in each other jurisdiction in which the failure to so qualify would
reasonably be expected to have a Materially Adverse Effect.

 

8.4                                 Inspection
of Properties.  Permit the
Administrative Agent and each of the Banks or their respective representatives,
at any reasonable time and from time to time at the request of such Person, to
visit and inspect, such inspection to be upon not less than twenty-four (24)
hours’ prior notice if no Default shall have occurred and be continuing, any of
the properties of the Borrower or any Subsidiary, to examine and make copies of
and take abstracts from the records and hooks of account of the Borrower or any
other Loan Party, and to discuss the affairs, finances and accounts of the
Borrower or any other Loan Party with the appropriate officers of the Borrower
or such other Loan Party.

 

8.5                                 Books
and Records.  Keep or cause to
be kept, and cause each Subsidiary to keep or cause to be kept, adequate
records and books of account in which complete entries are to be made
reflecting its business and financial transactions and as required by
applicable rules and regulations of any governmental agency or regulatory
authority (Federal, state, local or foreign) having jurisdiction over the
Borrower or any Subsidiary.  Such books
of account shall be kept in a manner consistent with GAAP.

 

42

 

8.6                                 Insurance.  Maintain, and cause each Subsidiary to
maintain or to be obtained on its behalf (to the extent available at commercially
reasonable rates), insurance (including self-insurance) with respect to its
respective properties and businesses against such liabilities, casualties,
risks and contingencies (including business interruption insurance), in such
types and with such reasonable deductibles as are customary in the case of
Persons engaged in the same or similar businesses and similarly situated.

 

8.7                                 Compliance
with Applicable Law.  Comply,
and cause each Subsidiary to comply, in all material respects with Applicable
Law, including Applicable Law relating to ERISA and pollution and environmental
matters (including all Environmental Requirements); provided that
neither the Borrower nor any Subsidiary shall be required to comply with any
such Applicable Law so long as the validity or application thereof is being
contested in good faith and reserves have been established with respect to such
contest to the extent, if any, required by GAAP or where such non-compliance
would not reasonably be expected to have a Materially Adverse Effect; and
obtain and maintain, and cause each Subsidiary to obtain and maintain, all
permits, licenses and approvals (collectively, “Permits”) necessary to
construct, own, operate, use and maintain their respective property and assets
and to conduct their respective businesses, except where the failure to obtain
or maintain such Permit would not reasonably be expected to have a Materially
Adverse Effect.

 

8.8                                 Maintenance
of Property.  Do all things
necessary to maintain, preserve, protect and keep its property in good repair,
working order and condition, and make all necessary and proper repairs,
renewals and replacements so that its business carried on in connection
therewith may be properly conducted at all times, and cause its Subsidiaries to
do the same as to their respective properties.

 

8.9                                 Ownership
of Transport.  At all times
directly or through a wholly-owned Subsidiary own at least ninety-nine percent
(99%) of the outstanding capital stock of Transport free and clear of any
Liens.

 

8.10                           Use
of Proceeds.  Use the proceeds
of the Loans for working capital and other general corporate purposes.

 

8.11                           Internal
Control Events.  Upon
notification from the Administrative Agent to the Borrower that the Majority
Banks require remediation of any Internal Control Event of which they have
received notice pursuant to Section 8.1(j) or as reported in any report
delivered pursuant to Section 8.1(b)(ii), remediate or cause to be
remediated such Internal Control Event, and to test and confirm such
remediation, not later than the end of the time period reasonably agreed by the
Majority Banks with the Borrower as necessary for such remediation (the “Remediation
Period”).  It is understood that the
Remediation Period will require a sufficient period of time to permit testing
required by the relevant Securities Laws.

 

43

 

ARTICLE IX

NEGATIVE COVENANTS

 

So long as any
of the Bank Obligations shall remain unpaid or any Bank shall have a Commitment
hereunder, the Borrower shall not, and shall not permit any Subsidiary to:

 

9.1                                 Negative
Pledge.  Create, assume or
suffer to exist any Lien upon any of its property or assets, including capital
stock, whether now owned or hereafter acquired, except for Permitted Liens.

 

9.2                                 Investments.  Make any Investment or Guaranty (other than
the Subsidiary Guaranty) other than a Permitted Investment.

 

9.3                                 Publicly-Rated
Indebtedness.  After receipt
of a notice by the Borrower from the Administrative Agent of the occurrence of
any event or events that individually or in the aggregate may have a Materially
Adverse Effect, create, incur, permit, assume or suffer to exist any
publicly-rated Indebtedness maturing within 180 days after the date of
issuance, other than such publicly-rated Indebtedness of the Borrower that is
in existence as of the date of such notice (including any extensions, renewals
or refinancings thereof; provided that such extensions, renewals or
refinancings do not increase the principal amount of such publicly-rated
Indebtedness of the Borrower over that of the preceding day).

 

9.4                                 Adjusted
Debt to Cash Flow Ratio. 
Permit the Adjusted Debt to Cash Flow Ratio to exceed 3.00 to 1.00 at
the end of any Fiscal Quarter.

 

9.5                                 Fixed
Charge Coverage Ratio.  Permit
the Fixed Charge Coverage Ratio to be less than 1.25 to 1.00 for any Fiscal
Quarter.

 

9.6                                 Subsidiary
Debt.  Permit any Subsidiary
to incur Indebtedness (other than Indebtedness under Capital Leases or
Indebtedness incurred at the time of acquisition of any property to secure a
portion of the purchase price thereof).

 

9.7                                 Letters
of Credit.  Arrange for or
cause to be issued for its account or the account of any of its Subsidiaries
letters of credit with an aggregate available amount at any time outstanding in
excess of $75,000,000.

 

9.8                                 Subordinated
Indebtedness.

 

(a)                                  Incur
any Subordinated Indebtedness unless such Subordinated Indebtedness is
subordinated to the Bank Obligations in accordance with its terms, and has
other terms and conditions, in all respects acceptable to the Administrative
Agent and the Majority Banks;

 

(b)                                 directly
or indirectly pay, prepay, defease or in substance defease, purchase, redeem,
retire or otherwise acquire, any principal amount of any Subordinated
Indebtedness; or

 

(c)                                  permit
any Subordinated Indebtedness to be secured or to be guaranteed by any
Subsidiary other than Transport.

 

44

 

9.9                                 Merger,
Sale of Assets, etc.  

 

(a)                                  Be
a party to any merger, consolidation or reorganization, unless (i) no Default
then exists and no Default would exist immediately after giving effect thereto
or would result therefrom, and (ii)(A) the Borrower is the surviving
corporation, (B) if the Borrower is not a party thereto, any wholly owned
Subsidiary of the Borrower party thereto is the surviving corporation, or (C)
if neither the Borrower nor a wholly owned Subsidiary of the Borrower is a
party thereto, the surviving corporation shall be a Subsidiary of the Borrower;

 

(b)                                 Sell,
transfer, assign, pledge or convey (other than any disposition to the Borrower
or any Subsidiary of shares of any Subsidiary) any shares of capital stock of
any Subsidiary (each, a “Disposition”) if the cumulative book value (at
the time of the Disposition thereof) of such shares, when added to the aggregate
book value (at the time of the Disposition thereof) of all other shares
disposed of by the Borrower and its Subsidiaries under this clause (b)
from the Effective Date up to and including the day on which such proposed
Disposition is to occur, exceeds twenty percent (20%) of Net Worth as of the
date of the most recent balance sheet of the Borrower delivered pursuant to Section
8.1(a); provided, however, that concurrently with any
Disposition made pursuant to this clause (b), all or substantially all
of the net proceeds of such Disposition shall be applied to permanently reduce
the Total Commitment hereunder (it being understood that the Borrower will
repay Loans in such principal amount as is required such that the Aggregate
Outstanding Loans after such repayment does not exceed the Total Commitment as
so reduced); and provided, further, that nothing in this clause
(b) shall be interpreted to permit any sale, transfer, assignment, pledge
or conveyance of the capital stock of Transport in violation of Section 8.9;

 

(c)                                  Sell,
transfer, assign or convey (other than in the ordinary course of business, or
in connection with (i) any Permitted Lien granted thereon, (ii) Sale Leaseback
Transactions of assets prior to the Commitment Termination Date having an
aggregate book value up to 10% of the Borrower’s Net Worth as of the end of the
preceding calendar year, (iii) any Permitted Securitized Receivables
Transaction, (iv) any sale of the Borrower’s ownership interest in Transplace,
Inc. or (v) any sale(s) in any calendar year of property or assets for net
proceeds up to an aggregate amount of 10% of the Borrower’s Net Worth as of the
end of the preceding calendar year) any property or assets of the Borrower,
Transport or any other Subsidiary; or

 

(d)                                 Other
than assignments of past due Receivables for collection in the ordinary course
of business or a Permitted Securitized Receivables Transaction, sell, transfer,
convey, lease or assign with or without recourse any Receivables.

 

9.10                           Limitation
on Restrictions on Subsidiary Dividends and Other Distributions.   Permit any of its Subsidiaries, directly or
indirectly, to create or otherwise cause or suffer to exist or become effective
any encumbrance or restriction on the ability of any of such Subsidiaries to
(a) pay dividends or make any other distributions on its capital stock or any
other interest or participation in its profits owned by the Borrower or any of
its Subsidiaries, or pay any Indebtedness owed by any of the Subsidiaries to
the Borrower or to any other Subsidiary, (b) make loans or advances to the
Borrower or to any other Subsidiary, (c) create, incur, assume or suffer to
exist Liens on the property of it or any other Subsidiary, or (d) transfer any
of its

 

45

 

properties or assets to the Borrower or to any other
Subsidiary, except for such encumbrances or restrictions existing under or by
reason of applicable law, this Agreement, and Permitted Liens (such
restrictions existing by reason of any Permitted Lien only prohibiting the
transfer of such properties or assets subject to such Permitted Lien).

 

9.11                           No
Conflicts.  Enter into any
material agreement containing any provision which would be violated or breached
by the performance of its obligations hereunder or under any other Loan
Document or any instrument or document delivered or to be delivered by it
hereunder or thereunder or in connection herewith or therewith.

 

9.12                           Nature
of Business.  Engage in any
business or operations except for providing distribution and distribution
related services, principally as a common carrier, in the United States and
internationally.

 

9.13                           Transactions
with Affiliates.  Enter into
any transaction or series of transactions, whether or not in the ordinary
course of business, with any Affiliate other than on terms and conditions at
least as favorable to the Borrower or its Subsidiaries as would be obtainable
by the Borrower or such Subsidiaries at the time in a comparable arm’s-length
transaction with a Person other than an Affiliate.

 

9.14                           Margin
Stock.  Use or permit any
proceeds of the Loans to be used, either directly or indirectly, for the
purpose, whether immediate, incidental or ultimate, of “purchasing or carrying
margin stock” within the meaning of Regulation U of the FRB or otherwise than
for proper corporate purposes which shall include acquisitions.

 

ARTICLE X

CONDITIONS PRECEDENT TO THE INITIAL EXTENSION OF CREDIT

 

10.1                           Conditions
Precedent to the Initial Extension of Credit.  Each Bank shall be obligated to make its initial
Extension of Credit upon the fulfillment of each of the following conditions:

 

(a)                                  The
Administrative Agent shall have received each of the following, duly executed
by the appropriate Loan Party:

(i)                                     This
Agreement;

 

(ii)                                  A
Note for the account of each Bank that so requests;

 

(iii)                               The
Fee Letter; and

 

(iv)                              The
Subsidiary Guaranty.

 

(b)                                 The
Administrative Agent shall have received each of the following:

 

(i)                                     An
executed Officer’s Certificate (with a signed copy for each Bank) from each
Loan Party, certifying as to such Person (A) a true and correct copy of such
Person’s certificate of incorporation and all amendments as filed

 

46

 

with the Secretary
of State of such Loan Party’s state of incorporation, (B) duly adopted
resolutions of the Board of Directors of such Loan Party, stating that such
resolutions are true and correct, have not been altered or repealed, and are in
full force and effect, approving the execution, delivery and performance of the
Loan Documents to which such Loan Party is a party, and the transactions
contemplated herein and therein, (C) a true and correct copy of such Person’s
bylaws as in effect on the date hereof, and (D) incumbency and specimen
signatures of the officers of the Loan Party executing the Loan Documents to
which such Loan Party is a party.  The
Administrative Agent and the Banks may conclusively rely on such certificates
until the Administrative Agent shall receive a further certificate canceling or
amending the prior certificate and submitting the signatures of the officers
named in such further certificate.

 

(ii)                                  (A)
Certificates of existence, good standing and qualification to engage in
business regarding the Borrower and each Loan Party issued by the Secretary of
State of each jurisdiction where the Borrower or any Loan Party ‘s ownership,
lease or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably
be expected to result in a Material Adverse Effect.

 

(iii)                               The
signed legal opinion of Mitchell, Williams, Selig, Gates & Woodyard,
P.L.L.C. (with a signed copy for
each Bank), dated the date hereof substantially in the form of Exhibit E,
with such changes (if any) therein as shall be acceptable to the Administrative
Agent and its counsel.

 

(iv)                              Such
other instruments and documents as the Administrative Agent may have reasonably
requested, and all such instruments and documents shall be satisfactory in form
and substance to the Administrative Agent.

 

(c)                                  The
Borrower shall have paid all fees referred to in Section 5.1 to the
extent due and payable, and all costs and expenses referred to in Section
14.5 (including legal fees and expenses) due and payable.

 

(d)                                 Except
as disclosed in Schedule 3, no event shall have occurred since December
31, 2004 and no condition shall exist which has had or could reasonably be
expected to have a Materially Adverse Effect.

 

(e)                                  The
Administrative Agent shall have received the signed legal opinion of Helms
Mulliss & Wicker, PLLC (with a signed copy for each Bank), counsel for the
Administrative Agent, dated the date hereof, substantially in the form of Exhibit
E-2, with such changes (if any) therein as shall be acceptable to the
Administrative Agent.

 

(f)                                    The
Administrative Agent shall have received satisfactory evidence of the
termination of the Existing Revolving Credit Agreement and the payment of all
obligations of the Borrower thereunder.

 

47

 

ARTICLE XI

CONDITIONS PRECEDENT TO ALL EXTENSIONS OF CREDIT

 

11.1                           Conditions
Precedent to All Extensions of Credit.  The obligation of each Bank to make any
Extension of Credit (other than an Extension of Credit Request requesting only
a conversion of Committed Loans to the other Type of Loan, or a continuation of
Eurodollar Rate Loans) shall be subject to the fulfillment at or prior to the
time of the making of such Extension of Credit of each of the following further
conditions that:

 

(a)                                  The
representations and warranties on the part of the Borrower contained herein
shall be true and correct in all material respects on and as of the Borrowing
Date for such Extension of Credit, as though made on and as of such date
(except to the extent that such representations and warranties expressly relate
solely to an earlier date).

 

(b)                                 No
Default shall have occurred and be continuing on the Borrowing Date for such
Extension of Credit or would result from the making of such Extension of
Credit.

 

Each Extension of Credit to the
Borrower (other than an Extension of Credit Request requesting only a
conversion of Committed Loans to the other Type of Loan, or a continuation of
Eurodollar Rate Loans) shall be deemed to be a representation and warranty by
the Borrower on the applicable Borrowing Date as to the matters specified in clauses
(a) and (b) of this Section 11.1.

 

11.2                           Conditions
Precedent for the Benefit of Banks. 
All conditions precedent to the closing of the transaction evidenced by
this Agreement are imposed hereby solely for the benefit of the Banks, and no
other Person may require satisfaction of any such condition precedent.

 

ARTICLE XII

EVENTS OF DEFAULT

 

12.1                           Events
of Default.  The occurrence of
any of the following events, acts and occurrences shall be deemed to constitute
an Event of Default (individually, an “Event of Default”) under this
Agreement:

 

(a)                                  Non-Payment
of Bank Obligations.  (i) Default in
the payment when due of any principal of any Loan, or (ii) default, and
continuance thereof for five (5) Business Days, in the payment when due of (A)
interest on any Loan or (B) the Facility Fee, any fees payable to the
Administrative Agent pursuant to the Fee Letter or any other amount owing by
any Loan Party hereunder or under the Notes; or

 

(b)                                 Non-Payment
of Other Indebtedness.  Default in
the payment when due (subject to any applicable grace period), whether by
acceleration or otherwise, of any Indebtedness of the Borrower or any
Subsidiary (except any such Indebtedness of any Subsidiary to the Borrower or
to any other Subsidiary) in excess of $50,000,000 in the aggregate or default
in the performance or observance of any obligation or condition (after the
expiration of any applicable grace period) with respect to any such

 

48

 

Indebtedness in
excess of $50,000,000 in the aggregate if the effect of such default in the
performance or observance is to accelerate the maturity of Indebtedness or to
permit the holder or holders thereof, or any trustee or agent for such holders,
to cause (after the expiration of any applicable grace period) such
Indebtedness to become due and payable prior to its expressed maturity; or

 

(c)                                  Representations
and Warranties.  Any representation
or warranty on the part of any Loan Party contained in this Agreement, in any
other Loan Document or in any other certificate, document or instrument
delivered in connection with this Agreement or any other Loan Document shall at
any time prove to have been incorrect in any material respect when made or
deemed to be made or reaffirmed, as the case may be; or

 

(d)                                 Certain
Non-Compliance with this Agreement. 
The Borrower shall default in any respect in the performance or
observance of any term, covenant, condition or agreement on its part to be
performed or observed under Section 8.1(d), 8.4, 8.6 or 8.9,
Article IX or Section 14.9 hereof; or

 

(e)                                  Other
Non-Compliance with this Agreement or any Loan Document.  Any Loan Party shall default in any material
respect in the performance or observance of any other term, covenant, condition
or agreement on its part to be performed or observed hereunder or under any
other Loan Document (and not constituting an Event of Default under any other
clause of this Section), and such default shall continue unremedied for thirty
(30) days after written notice thereof shall have been received by the Borrower
from the Administrative Agent (acting at the direction of any Bank); or

 

(f)                                    Voluntary
Bankruptcy, Insolvency, etc.  Either
(i) the Borrower or any Subsidiary shall become insolvent or generally fail to
pay, or admit in writing its inability to pay, its debts as they become due, or
shall voluntarily commence any proceeding or file any petition under any
bankruptcy, insolvency or similar law or seeking dissolution or reorganization
or the appointment of a receiver, trustee, custodian or liquidator for itself
or a substantial portion of its property, assets or business or to effect a
plan or other arrangement with its creditors, or shall file any answer
admitting the jurisdiction of the court and the material allegations of an
involuntary petition filed against it in any bankruptcy, insolvency or similar
proceeding, or shall be adjudicated bankrupt, or shall make a general
assignment for the benefit of creditors, or shall consent to, or acquiesce in
the appointment of, a receiver, trustee, custodian or liquidator for itself or
a substantial portion of its property, assets or business, or (ii) any action
indicating its consent to, approval of, or acquiescence in any of the foregoing
shall be taken by the Borrower or any Subsidiary; or

 

(g)                                 Involuntary
Bankruptcy, Insolvency, etc. 
Involuntary proceedings or an involuntary petition shall be commenced or
filed against the Borrower or any Subsidiary under any bankruptcy, insolvency
or similar law or seeking the dissolution or reorganization of the Borrower or
any Subsidiary or the appointment of a receiver, trustee, custodian or
liquidator for the Borrower or any Subsidiary or of a substantial part of the
property, assets or business of the Borrower or any Subsidiary, and such

 

49

 

proceedings or
petition shall not be dismissed within sixty (60) days after commencement or
filing as the case may be; or

 

(h)                                 ERISA.  If (i) any Reportable Event constituting
grounds for the termination of any Plan by the PBGC occurs and the maximum
amount of current liability that may be asserted under Title IV of ERISA by
reason of the termination of such Plan and all other Plans with respect to
which any such event has occurred shall exceed $10,000,000; or the appointment
by the appropriate United States District Court of a trustee to administer or
liquidate any such Plan or Plans shall have occurred and be continuing thirty
(30) days after written, telegraphic or telephonic notice to such effect shall
have been given to the Borrower by the PBGC and the maximum amount of current
liability that may be asserted under Title IV of ERISA by reason of the
termination of such Plan and all other Plans with respect to which any such
event has occurred, shall exceed $10,000,000, or (ii) any Plan shall be
terminated with Unfunded Vested Liabilities, or (iii) any contribution failure
shall occur with respect to a Plan sufficient to give rise to a Lien under
Section 302(f) of ERISA; or

 

(i)                                     Senior
Debt.  Any of the Bank Obligations
shall cease to be “Senior Debt” or “Senior Funded Debt” within the meaning of
the instruments evidencing Subordinated Indebtedness, or the subordination
provisions in the instruments evidencing Subordinated Indebtedness shall at any
time and for any reason cease to be in full force and effect; or

 

(j)                                     Other
Material Obligations.  The Borrower
or any Subsidiary shall default in the payment when due, or in the performance
or observance of, any material obligation of, or condition agreed to by, such
Person with respect to any material purchase or lease of goods or services
(except only to the extent that the existence of any such default is being
contested by the Borrower or such Subsidiary in good faith and by appropriate
proceedings) if such default would reasonably be expected to have a Materially
Adverse Effect; or

 

(k)                                  Assets.  Assets of the Borrower or any of its
Subsidiaries with a net book value in excess of $15,000,000 shall be attached
for execution or become subject to the order of any court or any other process
for execution and attachment and such attachment, order or process shall remain
in effect and undischarged for thirty (30) days; or

 

(l)                                     Judgments.  One or more final judgments for the payment
of money with respect to which the Borrower or any Subsidiary is not
indemnified or insured (which indemnification or insurance shall not in any way
be contested) shall be rendered against the Borrower or any Subsidiary in an
aggregate amount in excess of $15,000,000 and the same shall remain
undischarged for a period of thirty (30) days during which execution of such
judgment shall not be effectively stayed; or

 

(m)                               Environmental
Matters.  The Borrower or any of its
Subsidiaries shall be the subject of any proceeding or investigation pertaining
to the release by the Borrower or any of its Subsidiaries, or any other Person,
of any Hazardous Material, or any violation

 

50

 

of or
non-compliance with any Environmental Requirement, which would, in either case,
have a Materially Adverse Effect; or

 

(n)                                 Subsidiary
Guaranty.  Any Loan Party or any
Person by, through or on behalf of any Loan Party shall contest in any manner
the validity, binding nature or enforceability of any Subsidiary Guaranty; or

 

(o)                                 Change
of Control Event.  A Change of
Control Event shall occur.

 

12.2                           Effect
of Event of Default.  If any
Event of Default described in Section 12.1(f) or Section 12.1(g)
shall occur, the Commitments and the Total Commitment (if they have not
theretofore terminated) shall immediately and automatically terminate and all
Loans, all interest thereon, and all other amounts payable under this Agreement
shall become immediately and automatically due and payable, all without
presentment, demand, protest or notice of any kind (including notice of intent
to accelerate), all of which are hereby expressly waived by the Borrower; and,
in the case of the occurrence of any other Event of Default, the Administrative
Agent, upon written request of the Majority Banks, shall declare the
Commitments and the Total Commitment (if they have not theretofore terminated)
to be terminated and all Loans to be due and payable, whereupon the Commitments
and the Total Commitment (if they have not theretofore terminated) shall
immediately terminate and all Loans, all interest thereon, and all other
amounts payable under this Agreement shall become immediately due and payable,
all without presentment, demand, protest or notice of any kind (including
notice of intent to accelerate), all of which are hereby expressly waived by
the Borrower.  Promptly following the
making of any such declaration, the Administrative Agent shall give notice
thereof to the Borrower and each Bank, but failure to do so shall not impair
the effect of such declaration.

 

51

 

ARTICLE XIII

THE ADMINISTRATIVE AGENT AND THE BANKS

 

13.1                           Appointment
and Powers of Administrative Agent.

 

(a)                                  Each
Bank hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Agreement
and each other Loan Document and to exercise such powers and perform such
duties as are expressly delegated to it by the terms of this Agreement or any
other Loan Document, together with such powers as are reasonably incidental
thereto.  Notwithstanding any provision
to the contrary contained elsewhere herein or in any other Loan Document, the
Administrative Agent shall not have any duties or responsibilities, except
those expressly set forth herein, nor shall the Administrative Agent have or be
deemed to have any fiduciary relationship with any Bank or participant, and no
implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against the Administrative Agent.  Without limiting the generality of the
foregoing sentence, the use of the term “agent” herein and in the other Loan
Documents with reference to the Administrative Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law.  Instead,
such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent
contracting parties.

 

(b)                                 The
Administrative Agent shall have no duties or responsibilities except those
expressly set forth in this Agreement and the other Loan Documents and those
duties and liabilities shall be subject to the limitations and qualifications
set forth in this Section.  The duties of
the Administrative Agent shall be mechanical and administrative in nature.  The Administrative Agent shall not have nor
be deemed to have any fiduciary relationship with any Bank, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist
against the Administrative Agent.

 

(c)                                  No
Agent-Related Person shall be liable for any action taken or omitted to be
taken by any of them under or in connection with this Agreement or any other
Loan Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct in connection with its duties expressly set
forth herein), or be responsible in any manner to any Bank or participant for
any recital, statement, representation or warranty made by any Loan Party or
any officer thereof, contained herein or in any other Loan Document, or in any
certificate, report, statement or other document referred to or provided for
in, or received by the Administrative Agent under or in connection with, this
Agreement or any other Loan Document, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan
Document, or for any failure of any Loan Party or any other party to any Loan
Document to perform its obligations hereunder or thereunder.  No Agent-Related Person shall be under any
obligation to any Bank or participant to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions
of, this

 

52

 

Agreement or any
other Loan Document, or to inspect the properties, books or records of any Loan
Party or any Affiliate thereof.

 

(d)                                 The
Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any writing, communication, signature, resolution, representation,
notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or
telephone message, electronic mail message, statement or other document or
conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of
legal counsel (including counsel to any Loan Party), independent accountants
and other experts selected by the Administrative Agent.  The Administrative Agent shall be fully
justified in failing or refusing to take any action under any Loan Document
unless it shall first receive such advice or concurrence of the Majority Banks
as it deems appropriate and, if it so requests, it shall first be indemnified
to its satisfaction by the Banks against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such
action.  The Administrative Agent shall
in all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan Document in accordance with a request or
consent of the Majority Banks (or such greater number of Banks as may be
expressly required hereby in any instance) and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Banks.

 

(i)                                     For
purposes of determining compliance with the conditions specified in Section
10.1, each Bank that has signed this Agreement shall be deemed to have
consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to a Bank unless the Administrative Agent shall have
received notice from such Bank prior to the proposed Effective Date specifying
its objection thereto.

 

(ii)                                  The
Administrative Agent shall not be deemed to have knowledge or notice of the
occurrence of any Default or Event of Default, except with respect to defaults
in the payment of principal, interest and fees required to be paid to the
Administrative Agent for the account of the Banks, unless the Administrative
Agent shall have received written notice from a Bank or the Borrower referring
to this Agreement, describing such Default or Event of Default and stating that
such notice is a “notice of default.” The Administrative Agent will notify the
Banks of its receipt of any such notice. 
The Administrative Agent shall take such action with respect to such
Default or Event of Default as may be directed by the Majority Banks in
accordance with Article XII; provided that unless and until the
Administrative Agent has received any such direction, the Administrative Agent
may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such Default or Event of Default as it shall deem
advisable or in the best interest of the Banks.

 

(e)                                  Each
Bank hereby agrees, to the extent of such Bank’s Percentage (and to the extent
not reimbursed by the Loan Parties), to indemnify and hold harmless the
Agent-Related Persons hereunder and under any other Loan Document, from and
against

 

53

 

any and all
losses, liabilities (including liabilities for penalties), actions, suits,
judgments, demands, damages, costs and expenses (including attorneys’ fees and
expenses) incurred by or imposed upon any Agent-Related Person in such capacity
as a result of any action taken or omitted to be taken by any Agent-Related
Person in such capacity or otherwise incurred or suffered by, made upon, or
assessed against any Agent-Related Person in such capacity; provided
that no Bank shall be liable for any portion of any such losses, liabilities
(including liabilities for penalties), actions, suits, judgments, demands,
damages, costs or expenses that result from or are attributable to gross
negligence or willful misconduct on the part of any Agent-Related Person or its
officers, employees or agents.  Without
limiting the generality of the foregoing, each Bank hereby agrees, to the
extent of such Bank’s Percentage, to reimburse the Agent-Related Persons,
promptly following any such Person’s demand, for any documented, out-of-pocket
expenses (including reasonable attorneys’ fees and expenses) incurred by such
Person in connection with the preparation, execution, delivery, administration
and enforcement of the Loan Documents and not reimbursed to such Person by the
Loan Parties, except to the extent such expenses are caused by the gross
negligence or willful misconduct of such Person.  If and to the extent that the foregoing
undertaking may be unenforceable for any reason, each Bank hereby agrees to
make the maximum contribution, to the extent of such Bank’s Percentage, to the
payment and satisfaction of each of such amounts which is permissible under
Applicable Law.  Notwithstanding any
other provision hereof, each Bank’s obligations under this Section 13.1
shall survive the termination of such Bank’s Commitment and this Agreement and
the discharge of the Loan Parties’ obligations hereunder but only with respect
to such matters which occurred prior to the time such Bank ceased to be a Bank
hereunder.

 

(f)                                    The
Administrative Agent shall be entitled to act or refrain from acting, and in
all cases shall be fully protected in acting or refraining from acting, under
this Agreement, the Notes or any other Loan Document in accordance with
instructions in writing from the Majority Banks (or all Banks to the extent
required by Section 14.1, as applicable.

 

13.2                           Non-Reliance
by Banks.  Each Bank
acknowledges that none of the Administrative Agent or any of its affiliates
(each, an “Agent-Related Person”) has made any representation or
warranty to it, and that no act by the Administrative Agent hereinafter taken,
including any consent to and acceptance of any assignment or review of the
affairs of the Borrower and its Subsidiaries, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Bank as to any
matter, including whether Agent-Related Persons have disclosed material
information in their possession.  Each
Bank, including any Bank by assignment, represents to the Administrative Agent
that it has, independently and without reliance upon any Agent-Related Person
and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects,
operations, property, financial and other condition and creditworthiness of
Borrower and its Subsidiaries, and all applicable bank regulatory laws relating
to the transactions contemplated hereby, and made its own decision to enter
into this Agreement and to extend credit to the Borrower hereunder.  Each Bank also represents that it will,
independently and without reliance upon any Agent-Related Person and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in

 

54

 

taking or not taking action under this Agreement and
the other Loan Documents, and to make such investigations as it deems necessary
to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of the Borrower.  Except for notices, reports and other
documents expressly required to be furnished to the Banks by the Administrative
Agent herein, the Administrative Agent shall not have any duty or
responsibility to provide any Bank with any credit or other information
concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of the Borrower or any of its Subsidiaries which
may come into the possession of any Agent-Related Person.

 

13.3                           Indemnification
of Agent-Related Persons. 
Whether or not the transactions contemplated hereby are consummated, the
Banks shall indemnify upon demand each Agent-Related Person (to the extent not
reimbursed by or on behalf of any Loan Party and without limiting the
obligation of any Loan Party to do so), pro rata, and hold harmless each
Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it; provided that no Bank shall be liable for the payment to
any Agent-Related Person of any portion of such Indemnified Liabilities to the
extent determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from such Agent-Related Person’s own gross
negligence or willful misconduct; provided that no action taken in
accordance with the directions of the Majority Banks shall be deemed to
constitute gross negligence or willful misconduct for purposes of this
Section.  Without limitation of the
foregoing, each Bank shall reimburse the Administrative Agent upon demand for
its ratable share of any costs or out-of-pocket expenses (including reasonable
attorneys’ fees) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of,
or legal advice in respect of rights or responsibilities under, this Agreement,
any other Loan Document, or any document contemplated by or referred to herein,
to the extent that the Administrative Agent is not reimbursed for such expenses
by or on behalf of the Borrower.  The
undertaking in this Section shall survive termination of the Commitments, the
payment of all other obligations of the Borrower or any Subsidiary under the
Credit Agreement or any other Loan Document and the resignation of the
Administrative Agent.

 

13.4                           Excess
Payments.  Except for payments
made to or for the benefit of any Bank pursuant to the indemnity or additional
compensation provisions of Section 5.3, Article VI, or Section
14.5, if any Bank shall receive, out of the assets of any Loan Party or
otherwise, any payment on account of, (a) prior to any Pro Rata Distribution
Event, its Committed Loans, and (b) after any Pro Rata Distribution Event, any
Bank Obligations in excess of such Bank’s pro  rata share of the
total sums received by the Banks as payments on account of the Committed Loans
or the Bank Obligations, as the case may be, whether the same be paid, received
or applied voluntarily, involuntarily or by operation of law, by application of
offset on any debt or otherwise, then such Bank shall purchase for cash from the
other Banks an undivided interest in all the Committed Loans or the Bank
Obligations, as the case may be, of the same class in an amount which shall
result in each Bank receiving its pro  rata share of such total
sums; provided that if any such purchase is made and the excess payment
(or portion thereof) requiring such purchase is thereafter recovered (in whole
or in part) from the purchasing Bank, then such purchase shall be pro  tanto
rescinded and the applicable portion of the purchase price restored to the
purchasing Bank, without interest.  The
Borrower agrees that any Bank so purchasing an undivided interest from another
Bank pursuant to this Section 13.4 may, to the fullest extent

 

55

 

permitted by law, exercise all its rights of payment
(including offset) with respect to such undivided interest as fully as if such
Bank were the direct creditor of such Loan Party in the amount of such
undivided interest.

 

13.5                           Obligations
Several.  The obligations of
the Banks hereunder are several, and neither the Administrative Agent nor any
Bank shall be responsible for the obligation of any other Bank hereunder, nor
will the failure of any Bank to perform any of its obligations hereunder
relieve the Administrative Agent or any other Bank from the performance of its
obligations hereunder.  Nothing contained
in this Agreement, and no action taken by the Banks or the Administrative Agent
pursuant hereto or in connection with any other Loan Document, shall be deemed
to constitute the Banks, together or with the Administrative Agent, a
partnership, association, joint venture or other entity.

 

13.6                           Successor
Administrative Agent.  The
Administrative Agent may resign as Administrative Agent upon thirty (30) days
notice to the Banks.  If the
Administrative Agent resigns under this Agreement, the Majority Banks shall
appoint from among the Banks a successor administrative agent for the Banks,
which successor administrative agent shall be consented to by the Borrower at
all times other than during the existence of an Event of Default (which consent
of the Borrower shall not be unreasonably withheld or delayed).  If no successor administrative agent is
appointed prior to the effective date of the resignation of the Administrative
Agent, the Administrative Agent may appoint, after consulting with the Banks
and the Borrower, a successor administrative agent from among the Banks.  Upon the acceptance of its appointment as
successor administrative agent hereunder, the Person acting as such successor
administrative agent shall succeed to all the rights, powers and duties of the
retiring Administrative Agent and the term “Administrative Agent” shall mean
such successor administrative agent, and the retiring Administrative Agent’s
appointment, powers and duties as Administrative Agent shall be
terminated.  After any retiring
Administrative Agent’s resignation hereunder as Administrative Agent, the
provisions of this Article XIII and Sections 14.5 and 14.6 shall
inure to its benefit as to any actions taken or omitted to be taken by it while
it was Administrative Agent under this Agreement.  If no successor administrative agent has
accepted appointment as Administrative Agent by the date which is thirty (30)
days following a retiring Administrative Agent’s notice of resignation, the
retiring Administrative Agent’s resignation shall nevertheless thereupon become
effective and the Banks shall perform all of the duties of the Administrative
Agent hereunder until such time, if any, as the Majority Banks appoint a
successor agent as provided for above.

 

13.7                           Administrative
Agent in Individual Capacity. 
Bank of America and its Affiliates may make loans to, issue letters of
credit for the account of, accept deposits from, acquire equity interests in and
generally engage in any kind of banking, trust, financial advisory,
underwriting or other business with each of the Loan Parties and their
respective Affiliates as though Bank of America were not the Administrative
Agent hereunder and without notice to or consent of the Banks.  The Banks acknowledge that, pursuant to such
activities, Bank of America or its Affiliates may receive information regarding
any Loan Party or its Affiliates (including information that may be subject to
confidentiality obligations in favor of such Loan Party or such Affiliate) and
acknowledge that the Administrative Agent shall be under no obligation to
provide such information to them.  With
respect to its Loans, Bank of America shall have the same rights and powers
under this Agreement as any other Bank and may exercise such rights and powers
as

 

56

 

though it were not the Administrative Agent, and the
terms “Bank” and “Banks” include Bank of America in its individual capacity.

 

13.8                           Notice
to Holder of Notes.  The
Administrative Agent may deem and treat the payees of the Notes as the owners
thereof for all purposes unless a written notice of assignment, negotiation or
transfer thereof has been filed with the Administrative Agent.  Any request, authority or consent of any
holder of any Note shall be conclusive and binding on any subsequent holder,
transferee or assignee of such Note.

 

13.9                           Delegation
of Duties.  The Administrative
Agent may execute any of its duties under this Agreement or any other Loan
Document by or through agents, employees or attorneys-in-fact and shall be
entitled to advice of counsel and other consultants or experts concerning all
matters pertaining to such duties.  The
Administrative Agent shall not be responsible for the negligence or misconduct
of any agent or attorney-in-fact that it selects in the absence of gross
negligence or willful misconduct.

 

13.10                     Funding
Reliance.  (a)                            Unless
the Administrative Agent receives notice from a Bank by 11:00 a.m., Chicago time,
on a proposed Borrowing Date that such Bank will not make available to the
Administrative Agent an amount equal to its Percentage of the Borrowing on such
date, the Administrative Agent may assume that such Bank has made such amount
available to the Administrative Agent and, in reliance upon such assumption,
make a corresponding amount available to the Borrower.  If and to the extent such Bank has not made
such amount available to the Administrative Agent, such Bank and the Borrower
jointly and severally agree to repay such amount to the Administrative Agent
forthwith on demand, together with interest thereon at the interest rate
applicable to Loans comprising such Borrowing or, in the case of any Bank which
repays such amount within three Business Days, the Federal Funds Rate (together
with such other compensatory amounts as may be determined by the Administrative
Agent to be required to be paid by such Bank to the Administrative Agent
pursuant to banking industry rules on interbank compensation.  Nothing set forth in this clause (a)
shall relieve any Bank of any obligation it may have to make any Loan
hereunder.

 

(b)                                 Unless
the Administrative Agent receives notice from the Borrower prior to the due
date for any payment hereunder that the Borrower does not intend to make such
payment, the Administrative Agent may assume that the Borrower has made such
payment and, in reliance upon such assumption, make available to each Bank its
share of such payment.  If and to the
extent that the Borrower has not made any such payment to the Administrative
Agent, each Bank which received a share of such payment shall repay such share
(or the relevant portion thereof) to the Administrative Agent forthwith on
demand, together with interest thereon at the Base Rate (or, in the case of any
Bank which repays such amount within three Business Days the Federal Funds
Rate).  Nothing set forth in this clause
(b) shall relieve the Borrower of any obligation it may have to make any
payment hereunder.

 

13.11                     Administrative
Agent May File Proofs of Claim. 
In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan shall then be due and
payable as herein

 

57

 

expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on
the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise

 

(a)                                  to
file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans and all other obligations under the Credit
Agreement or any other Loan Document that are owing and unpaid and to file such
other documents as may be necessary or advisable in order to have the claims of
the Banks and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Banks and the
Administrative Agent and their respective agents and counsel and all other
amounts due the Banks and the Administrative Agent under Sections 5.1
and 14.5) allowed in such judicial proceeding; and

 

(b)                                 to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Bank to make such
payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Banks, to
pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents
and counsel, and any other amounts due the Administrative Agent under Sections
5.1 and 14.5.

 

Nothing
contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Bank any plan of
reorganization, arrangement, adjustment or composition affecting the
obligations of the Borrower or any Subsidiary under this Agreement or any other
Loan Document or the rights of any Bank or to authorize the Administrative
Agent to vote in respect of the claim of any Bank in any such proceeding.

 

13.12                     Arranger;
Other Agents.  None of the
Arranger or the Syndication Agents in such capacity shall have any duties,
obligations or liabilities to any of the parties to this Agreement.

 

ARTICLE XIV

MISCELLANEOUS

 

14.1                           Amendments, Etc.  No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any
departure by the Borrower or any other Loan Party therefrom, shall be effective
unless in writing signed by the Majority Banks and the Borrower or the
applicable Loan Party, as the case may be, and acknowledged by the
Administrative Agent, and each such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or consent shall:

 

58

 

(a)                                  waive
any condition set forth in Section 10.1 without the written consent of
each Bank;

 

(b)                                 extend
or increase the Commitment of any Bank (or reinstate any Commitment terminated
pursuant to Section 12.2) without the written consent of such Bank
(except for any increase pursuant to Section 2.7);

 

(c)                                  postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal,
interest, fees or other amounts due to the Banks (or any of them) or any
scheduled or mandatory reduction of the Total Commitment hereunder or under any
other Loan Document without the written consent of each Bank directly affected
thereby;

 

(d)                                 reduce
the principal of, or the rate of interest specified herein on, any Loan or
(subject to clause (iii) of the
second proviso to this Section 14.1) any fees or other amounts payable
hereunder or under any other Loan Document without the written consent of each
Bank directly affected thereby; provided, however, that only the
consent of the Majority Banks shall be necessary to amend the definition of “Default
Rate” or to waive any obligation of the Borrower to pay interest at the Default
Rate;

 

(e)                                  change
Section 5.4 in a manner
that would alter the pro rata sharing of payments required thereby without the
written consent of each Bank;

 

(f)                                    change
any provision of this Section or the definition of “Majority Banks” or any
other provision hereof specifying the number or percentage of Banks required to
amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Bank; or

 

(g)                                 release the Guarantor from the Guaranty;

 

and, provided  further,
that (i) no amendment, waiver or consent shall, unless in writing and signed by
the Administrative Agent in addition to the Banks required above, affect the
rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; and (ii) Section
14.10(i) may not be amended, waived or otherwise modified without the
consent of each Granting Bank all or any part of whose Loans are being funded
by an SPC at the time of such amendment, waiver or other modification; and
(iii) the Fee Letter may only be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto.

 

14.2                           Payment
on Non-Business Days. 
Except as provided in paragraph (B) of the definition of Loan
Period, whenever any payment to be made hereunder by the Borrower shall be due
on a day which is not a Business Day, then such payment shall be made on the
next succeeding day on which the Administrative Agent is open at its address
set forth on Schedule 1(b) for such purpose.

 

14.3                           Further
Assurances.  The Borrower
agrees to do such further acts and things and to execute and deliver to the
Administrative Agent such additional assignments, agreements, powers and
instruments as the Administrative Agent reasonably may require or deem
advisable

 

59

 

to carry into effect the purposes of this Agreement or
to better assure and confirm unto the Administrative Agent and the Banks their
respective rights, powers and remedies hereunder.

 

14.4                           Notices,
etc.

 

(a)                                  Except
where telephonic instructions or notices are authorized herein to be given (and
except as provided in subsection (b) below), all notices, demands, instructions
and other communications required or permitted to be given to or made upon any
party hereto or any other Person shall be in writing and (except for financial
statements pertaining to any Loan Party, which may be sent by first-class mail,
postage prepaid) shall be personally delivered or sent by registered or
certified mail, postage prepaid, return receipt requested, or by Federal
Express or other reputable express mail service, or by facsimile (confirmed
promptly thereafter by personal delivery or mailing in accordance with the
provisions of this Section 14.4 of the document sent by facsimile) and
shall be deemed to be given for purposes of this Agreement on the day that such
writing is delivered or sent to the intended recipient thereof in accordance
with the provisions of this Section 14.4; provided that notice by
registered or certified mail shall be deemed to be given three (3) Business
Days after it is so sent.  Unless
otherwise specified in a notice sent or delivered in accordance with the
foregoing provisions of this Section 14.4, notices, demands,
instructions and other communications in writing shall be given to or made upon
the respective parties hereto at their respective addresses (or to their
respective facsimile numbers) indicated below in the case of the Borrower and
on Schedule 1(b) in the case of the Administrative Agent and the Banks,
and, in the case of telephonic instructions or notices, by calling the
telephone number or numbers indicated for such party below or on Schedule
1(b), as the case may be:

 

If to the
Borrower:

 

J.B. Hunt
Transport Services, Inc.

615 J.B. Hunt
Corporate Drive

Lowell,
Arkansas 72745

Attention:
Vice President, Treasurer

Telephone No.:
(479) 820-8762

Facsimile No.:
(479) 820-8896.

 

Anything herein to
the contrary notwithstanding, notices from the Borrower pursuant to Sections
2.3, 4.1, 4.2 and 6.7 shall be effective, for purposes
of this Agreement, only when actually received by all Persons to whom such
notice is required to be sent or given.

 

(b)                                 Electronic
Communications.  Notices and other
communications to the Banks hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites)
pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Bank if such Bank has
notified the Administrative Agent that it is incapable of receiving notices
under such Article by electronic communication. 
The Administrative Agent or the Borrower may, in its discretion, agree
to accept notices and other communications to

 

60

 

it hereunder by
electronic communications pursuant to procedures approved by it, provided
that approval of such procedures may be limited to particular notices or
communications.

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening
of business on the next business day for the recipient, and (ii) notices or
communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address
therefor.

 

(c)                                  The
Platform.  THE PLATFORM IS PROVIDED “AS
IS” AND “AS AVAILABLE.”  THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE
BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER
MATERIALS OR THE PLATFORM.  In no event
shall the Administrative Agent or any of its Related Parties (collectively, the
“Agent Parties”) have any liability to the Borrower, any Bank or any other
Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) arising out of the Borrower’s or the
Administrative Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses
are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party; provided, however, that in no
event shall any Agent Party have any liability to the borrower, any Bank or any
other Person for indirect, special, incidental, consequential or punitive
damages (as opposed to direct or actual damages).

 

14.5                           Costs,
Expenses and Taxes.  Except as
otherwise provided in the Fee Letter, the Borrower agrees to pay all costs and
expenses of the Agent-Related Persons in connection with the negotiation,
preparation, printing, reproduction, syndication, execution and delivery of
this Agreement, each other Loan Document, any amendments, waivers or modifications
of (or supplements to) any of the foregoing and any and all other documents
furnished pursuant hereto or thereto or in connection herewith or therewith,
including the reasonable fees and out-of-pocket expenses of attorneys for the
Agent-Related Persons relating thereto (as well as the reasonable fees and
out-of-pocket expenses of attorneys retained by the Administrative Agent in
connection with the routine administration of this Agreement and each other
Loan Document), costs and

 

61

 

expenses of the Agent-Related Persons relating to the
publishing of announcements and related publicity relating to the transaction
contemplated in this Agreement, and all costs and expenses (including attorneys’
fees and expenses), if any, in connection with the enforcement of this
Agreement.  The Borrower additionally
agrees to reimburse each Bank for all reasonable charges and disbursements of
legal counsel and other expenses of enforcement for such Bank (including the
allocated cost of staff counsel) arising in connection with any Event of
Default if any Loan, interest thereon, or other amounts due hereunder payable
to such Bank has not been paid when due, including the collection or
enforcement of the Bank Obligations owing to such Bank.  In addition, the Borrower shall pay any and
all stamp, transfer and other Taxes (other than Excluded Taxes) payable or
determined to be payable in connection with the execution and delivery of this
Agreement, or any other Loan Document, or the making of any Extension of
Credit, and agrees to save and hold harmless the Agent-Related Persons and each
Bank from and against any and all liabilities with respect to or resulting from
any delay in paying or omission to pay such Taxes.

 

14.6                           Indemnification.  The Borrower shall indemnify and hold
harmless each Agent-Related Person, each Bank and their respective Affiliates,
directors, officers, employees, counsel, agents and attorneys-in-fact
(collectively the “Indemnitees”) from and against any and all
liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses and disbursements (including reasonable
attorneys’ fees) of any kind or nature whatsoever which may at any time be
imposed on, incurred by or asserted against any such Indemnitee in any way
relating to or arising out of or in connection with (a) the execution,
delivery, enforcement, performance or administration of any Loan Document or
any other agreement, letter or instrument delivered in connection with the
transactions contemplated thereby or, in the case of each Agent-Related Person
only, the administration of this Agreement and each Loan Document, (b) any
Commitment or Loan or the use or proposed use of the proceeds therefrom, or (c)
any actual or alleged presence or release of Hazardous Materials on or from any
property currently or formerly owned or operated by the Borrower, any
Subsidiary or any other Loan Party, or any environmental liability related in
any way to the Borrower, any Subsidiary or any other Loan Party but, in each
case, only to the extent that such claim against or liability of an Indemnitee
is based upon or arises from the Indemnitee’s rights or obligations under any
Loan Document, or (d) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation
or proceeding) and regardless of whether any Indemnitee is a party thereto (all
the foregoing, collectively, the “Indemnified Liabilities”); provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses or disbursements are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee.  No Indemnitee shall be
liable for any damages arising from the use by others of any information or
other materials obtained through IntraLinks or other similar information
transmission systems in connection with this Agreement, nor shall any
Indemnitee have any liability for any special, punitive, indirect or
consequential damages relating to this Agreement or any other Loan Document or
arising out of its activities in connection herewith or therewith (whether
before or after the Effective Date).  The
Borrower shall not have any indemnity obligations to Indemnitees under this Section
14.6 for any amount, claim or loss for which an

 

62

 

Indemnitee is otherwise directly liable to any other
Indemnitee pursuant to Section 13.4 or 13.10.   All amounts due under this Section 14.6
shall be payable within 10 Business Days after demand therefor.  The agreements in this Section shall survive
the resignation of the Administrative Agent, the replacement of any Bank, the
termination of the Commitments and the repayment, satisfaction or discharge of
all the other obligations under this Agreement or any other Loan Document.

 

14.7                           Severability
of Provisions.  Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction.

 

14.8                           Confirmations.  The Borrower and each holder of a Note agree
from time to time, upon written request received by one from the other, to
confirm to the other in writing (with a copy of each such confirmation to be
delivered to the Administrative Agent) the aggregate unpaid principal amount of
the Loans then outstanding under such Note; and each such holder agrees from
time to time, upon written request received by it from the Borrower, to make
the Notes held by it (including any schedule attached thereto) available for
reasonable inspection by the Borrower at the office of such holder.

 

14.9                           Binding
Effect; Assignment.  This
Agreement shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns; provided that
neither the Borrower nor (except as, and to the extent, otherwise provided
herein) any Bank may assign its rights hereunder or in connection herewith or
any interest herein (voluntarily, by operation of law or otherwise) without (a)
in the case of any assignment by the Borrower, the prior written consent of all
Banks, and (b) in the case of any assignment by a Bank, pursuant to Section
14.10.   This Agreement shall not be
construed so as to confer any right or benefit upon any Person other than the
parties to this Agreement and their respective successors and assigns and, to
the extent expressly provided herein, Participants.

 

14.10                     Successors
and Assigns.

 

(a)                                  The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted
hereby, except that the Borrower may not assign or otherwise transfer any of
its rights or obligations hereunder without the prior written consent of the
Administrative agent and each Bank and no Bank may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an Eligible Assignee
in accordance with the provisions of clause (b) of this Section, (ii) by
way of participation in accordance with the provisions of clause (d) of
this Section, (iii) by way of pledge or assignment of a security interest
subject to the restrictions of clause (f) of this Section, or (iv) to an
SPC in accordance with the provisions of clause (h) of this
Section.  Any other attempted assignment
or transfer by any party hereto shall be null and void.  Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants
to the extent provided in clause (d) of this Section and, to the extent
expressly contemplated hereby, the

 

63

 

Indemnitees) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)                                 Any
Bank may at any time assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans at the time owing to it); provided that
(i) except in the case of an assignment of the entire remaining amount of the
assigning Bank’s Commitment and the Loans at the time owing to it or in the
case of an assignment to a Bank or an Affiliate of a Bank or an Approved Fund
(as defined in clause (g) of this Section) with respect to a Bank, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is then not in effect, the
principal outstanding balance of the Loans of the assigning Banks subject to
each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date, shall not be less than $5,000,000 unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the
Borrower otherwise consents (such consent of the Borrower not to be
unreasonably withheld or delayed), provided, however, that
concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single Eligible Assignee (or
to an Eligible Assignee and members of its Assignee Group) will be treated as a
single assignment for purposes of determining whether such minimum amount has
been met; (ii) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Bank’s rights and obligations under
this Agreement with respect to the Loans or the Commitment assigned; (iii) any
assignment of a Commitment must be approved by the Administrative Agent unless
the Person that is the proposed assignee is itself a Bank (whether or not the
proposed assignee would otherwise qualify as an Eligible Assignee); and (iv)
the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation
fee as set out in Schedule 7. 
Subject to acceptance and recording thereof by the Administrative Agent
pursuant to clause (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the Eligible Assignee
thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and
obligations of a Bank under this Agreement, and the assigning Bank thereunder
shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Bank’s
rights and obligations under this Agreement, such Bank shall cease to be a
party hereto) but shall continue to be entitled to the benefits of Sections
5.3, 6.1, 6.4, 14.5 and 14.6 with respect to
facts and circumstances occurring prior to the effective date of such
assignment).  Upon request, the Borrower
(at its expense) shall execute and deliver a Note to the assignee Bank.  Any assignment or transfer by a Bank of
rights or obligations under this Agreement that does not comply with this
clause shall be treated for purposes of this Agreement as a sale by such Bank
of a participation in such rights and obligations in accordance with clause
(d) of this Section.

 

64

 

(c)                                  The
Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at the office of the Administrative Agent a copy of
each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Banks, and the Commitments of,
and principal amounts of the Loans owing to, each Bank pursuant to the terms hereof
from time to time (the “Register”). 
The entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Banks may treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Bank hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for
inspection by the Borrower and any Bank, at any reasonable time and from time
to time upon reasonable prior notice.  In
addition, at any time that a request for a consent for a material or
substantial change to the Loan Documents is pending, any Bank may request and
receive from the Administrative Agent a copy of the Register.

 

(d)                                 Any
Bank may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Bank’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Bank’s obligations under
this Agreement shall remain unchanged, (ii) such Bank shall remain solely
responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent and the other Banks shall
continue to deal solely and directly with such Bank in connection with such
Bank’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which
a Bank sells such a participation shall provide that such Bank shall retain the
sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Bank will not, without the
consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to Section 14.1 that
directly affects such Participant.  Subject
to clause (e) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 6.1 and 6.4 to the
same extent as if it were a Bank and had acquired its interest by assignment
pursuant to clause (b) of this Section. 
To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 5.5 as though it were a Bank, provided such
Participant agrees in writing to be subject to Section 5.4 as though it
were a Bank, it being understood that, by signing a participation agreement,
such Participant shall be deemed to have agreed to be subject to Section 5.4.

 

(e)                                  A
Participant shall not be entitled to receive any greater payment under Section
6.1 than the applicable Bank would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written
consent.   A Participant that would not
be a US Person if it were a Bank shall not be entitled to the benefits of Section
5.3 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to
comply with Section 5.3 as though it were a Bank.

 

65

 

(f)                                    Any
Bank may at any time pledge or assign a security interest in all or any portion
of its rights under this Agreement (including under its Note, if any) to secure
obligations of such Bank to a Federal Reserve Bank; provided that no
such pledge or assignment shall release such Bank from any of its obligations
hereunder or substitute any such pledgee or assignee for such Bank as a party
hereto.

 

(g)                                 Electronic
Execution of Assignments.  The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

(h)                                 As
used herein, the following terms have the following meanings:

 

“Eligible Assignee” means (1) a Bank; (ii) an
Affiliate of a Bank; (iii) an Approved Fund; and (iv) any other Person (other
than a natural person) approved by (x) the Administrative Agent and (y) unless
an Event of Default has occurred and is continuing, the Borrower (each such
approval not to be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include the
Borrower or any of the Borrower’s Affiliates or Subsidiaries.

 

“Fund” means any Person (other than a natural person) that is (or will
be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

 

“Approved Fund” means any Fund that is administered or managed by (i) a
Bank or (ii) an Affiliate of a Bank.

“Assignee Group” means two or more Eligible Assignees that are
Affiliates of one another or two or more Approved Funds managed by the same
investment advisor.

 

(i)                                     Notwithstanding
anything to the contrary contained herein, any Bank (a “Granting Bank”)
may grant to a special purpose funding vehicle identified as such in writing
from time to time by the Granting Bank to the Administrative Agent and the
Borrower (an “SPC”) the option to provide all or any part of any
Committed Loan that such Granting Bank would otherwise be obligated to make
pursuant to this Agreement; provided that (i) nothing herein shall constitute a
commitment by any SPC to fund any Committed Loan, and (ii) if an SPC elects not
to exercise such option or otherwise fails to make all or any part of such
Committed Loan, the Granting Bank shall be obligated to make such Committed
Loan pursuant to the terms hereof.  Each
party hereto hereby agrees that (i) neither the grant to any SPC nor the
exercise by any SPC of such option shall increase the costs or expenses or otherwise
increase or change the obligations of the

 

66

 

Borrower under
this Agreement (including its obligations under Section 6.1), (ii) no
SPC shall be liable for any indemnity or similar payment obligation under this
Agreement for which a Bank would be liable, it being understood that the
Granting Bank shall remain liable for such indemnity or similar payment
obligation and (iii) the Granting Bank shall for all purposes remain the Bank
of record hereunder.  The making of a
Committed Loan by an SPC hereunder shall utilize the Commitment of the Granting
Bank to the same extent, and as if, such Committed Loan were made by such
Granting Bank.  In furtherance of the
foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other
senior debt of any SPC, it will not institute against, or join any other Person
in instituting against, such SPC in its capacity as a lender hereunder any
bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding
under the laws of the United States or any State thereof.  Notwithstanding anything to the contrary
contained herein, any SPC may (i) with notice to, but without prior consent of
the Borrower and the Administrative Agent and with the payment of a processing
fee of $3,500, assign all or any portion of its right to receive payment with
respect to any Committed Loan to the Granting Bank and (ii) disclose, unless
otherwise prohibited by the Exchange Act, on a confidential basis any
non-public information relating to its funding of Committed Loans to any rating
agency, commercial paper dealer or provider of any surety or guarantee or
credit or liquidity enhancement to such SPC.

 

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

 

14.12                     GOVERNING
LAW.  THIS AGREEMENT AND EACH
OTHER LOAN DOCUMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF SAID STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

 

14.13                     CHOICE
OF FORUM; CONSENT TO SERVICE OF PROCESS AND JURISDICTION.  ANY SUIT, ACTION OR PROCEEDING AGAINST THE
BORROWER WITH RESPECT TO THIS AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS
OR ANY JUDGMENT ENTERED BY A COURT IN RESPECT THEREOF, MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY, NEW YORK, OR IN THE
UNITED STATES COURTS LOCATED IN NEW YORK COUNTY, NEW YORK AS THE BANKS AND THE
ADMINISTRATIVE AGENT IN THEIR DISCRETION MAY ELECT AND THE BORROWER HEREBY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY
SUCH SUIT, ACTION OR PROCEEDING.  THE
BORROWER HEREBY AGREES THAT SERVICE OF ALL WRITS, PROCESS AND SUMMONSES IN ANY
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE STATE OF NEW YORK MAY BE BROUGHT
UPON THE PROCESS AGENT, AND THE BORROWER HEREBY IRREVOCABLY APPOINTS THE
PROCESS AGENT AS ITS TRUE AND

 

67

 

LAWFUL ATTORNEY-IN-FACT IN THE NAME, PLACE AND STEAD
OF THE BORROWER TO ACCEPT SUCH SERVICE OF ANY AND ALL SUCH WRITS, PROCESS AND
SUMMONSES.  THE BORROWER HEREBY
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS IN ANY SUIT, ACTION OR
PROCEEDING IN SAID COURT BY THE MAILING THEREOF BY THE ADMINISTRATIVE AGENT OR
ANY BANK BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE BORROWER’S
ADDRESS SET FORTH IN SECTION 14.4 HEREOF.  THE BORROWER HEREBY IRREVOCABLY WAIVES ANY
OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY
SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS
BROUGHT IN THE COURTS LOCATED IN NEW YORK COUNTY, NEW YORK, AND HEREBY FURTHER
IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

14.14                     WAIVER
OF JURY TRIAL.  THE BORROWER,
THE ADMINISTRATIVE AGENT AND EACH BANK HEREBY WAIVE, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY
IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM
OR RELATING TO ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS
AGREEMENT, AND AGREE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

14.15                     Headings.  Article and Section headings used in this
Agreement are provided for convenience of reference only and shall not affect
the construction of this Agreement.

 

14.16                     ENTIRE
AGREEMENT.  THE LOAN DOCUMENTS
AND THE OTHER DOCUMENTS ENTERED INTO IN CONNECTION THEREWITH INCLUDING THIS
AGREEMENT, THE NOTES, THE FEE LETTER, AND THE OTHER LOAN DOCUMENTS, REPRESENT
THE FINAL AGREEMENT BETWEEN THE LOAN PARTIES, THE ADMINISTRATIVE AGENT AND THE
BANKS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 
THE BORROWER CERTIFIES THAT IT IS RELYING ON NO REPRESENTATION,
WARRANTY, COVENANT OR AGREEMENT EXCEPT FOR THOSE SET FORTH HEREIN AND IN THE
OTHER LOAN DOCUMENTS.  THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

14.17                     USA PATRIOT Act Notice. 
Each Bank that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Bank) hereby notifies
the Borrower 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”),
it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the

 

68

 

Borrower and other information that will allow such
Bank or the Administrative Agent, as applicable, to identify the Borrower in
accordance with the Act.

 

14.18                     Treatment
of Certain Information; Confidentiality.  Each of the
Administrative Agent and the Banks agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed
(a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisors and representatives (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it or its Affiliates (including
any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable laws or regulations or
by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this
Section, to (i) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights or obligations under this Agreement or
(ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations, (g) with
the consent of the Borrower or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y)
becomes available to the Administrative Agent, any Bank or any of their respective
Affiliates on a nonconfidential basis from a source other than the Borrower.

 

For purposes of this Section, “Information”
means all information received from the Borrower or any Subsidiary relating to
the Borrower or any Subsidiary or any of their respective businesses, other
than any such information that is available to the Administrative Agent or any
Bank on a nonconfidential basis prior to disclosure by the Borrower or any
Subsidiary, provided that, in the case of information received from the
Borrower or any Subsidiary after the date hereof, such information is clearly
identified at the time of delivery as confidential.  Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

 

Each of the Administrative Agent and the
Banks acknowledges that (a) the Information may include material non-public
information concerning the Borrower or a Subsidiary, as the case may be, (b) it
has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in
accordance with applicable law, including Federal and state securities laws.

 

69

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized.

 

	
   

  	
  J.B. HUNT TRANSPORT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jerry W.
  Walton

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Jerry W.
  Walton

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Chief
  Financial Officer

  	
   

  

 

S-1

 

	
   

  	
  BANK OF AMERICA, N.A., as Administrative

  
	
   

  	
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  Graber

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Charles
  Graber

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sharon
  Burks Horos

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Sharon Burks
  Horos

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Vice President

  	
   

  

 

S-2

 

	
   

  	
  SUNTRUST BANK, as Co-Syndication Agent and 

  
	
   

  	
  as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ned
  Spitzer

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Ned Spitzer

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Vice
  President

  	
   

  

 

S-3

 

	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION, as

  Co-Syndication Agent and as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nick T.
  Weaver

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Nick T.
  Weaver

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Senior Vice
  President

  	
   

  

 

S-4

 

	
   

  	
  DEUTSCHE BANK AG NEW YORK BRANCH, as

  Co-Syndication Agent and as a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Oliver
  Schwarz

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Oliver
  Schwarz

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andreas
  Neumeier

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Andreas
  Neumeier

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
  Director

  	
   

  
							

 

S-5

 

	
   

  	
  THE BANK OF TOKYO-MITSUBISHI, LTD., as

  Co-Syndication Agent and as a Bank

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Douglas
  M. Barnell

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Douglas M.
  Barnell

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
  Group Head,
  Southwest Corporate

  	
   

  	 

 

S-6

 

	
   

  	
  JPMORGAN CHASE BANK, N.A., as a Bank

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Karen M. Sharf

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Karen M. Sharf

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
   

  	
  Vice President

  	
   

  	 

 

S-7

 

	
   

  	
  REGIONS BANK, as a Bank

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Jay
  Ingram

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Jay Ingram

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
   

  	
  Assistant
  Vice President

  	
   

  	 

 

S-8

 

	
   

  	
  BRANCH BANKING AND TRUST COMPANY, as

  a Bank

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Robert
  M. Searson

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Robert M.
  Searson

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
   

  	
  Senior Vice
  President

  	
   

  	 

 

S-9

 

	
   

  	
  UBS LOAN FINANCE LLC, as a Bank

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Wilfred
  V. Saint

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Wilfred V.
  Saint

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
   

  	
  Director,
  Banking Products Services, US

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Marc
  Sileo

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Marc Sileo

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
   

  	
  Associate Director,
  Banking Products

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
  Services, US

  	
   

  	 

								

 

S-10

 

	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, as a Bank

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Joseph
  P. Howard

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
  Joseph P.
  Howard

  	
   

  	 

	
   

  	
   

  	
  Title: 

  	
   

  	
  Vice
  President

  	
   

  	 

 

S-11

 

SCHEDULE
1(a)

TO SENIOR REVOLVING CREDIT FACILITY

 

BANKS’ COMMITMENTS

 

	
  Bank

  	
   

  	
  Commitment

  	
   

  	
  Percentage

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  $

  	
  18,000,000.00

  	
   

  	
  12.0000

  	
  %

  
	
  SunTrust Bank

  	
   

  	
  $

  	
  18,000,000.00

  	
   

  	
  12.0000

  	
  %

  
	
  LaSalle Bank National Association

  	
   

  	
  $

  	
  18,000,000.00

  	
   

  	
  12.0000

  	
  %

  
	
  Deutsche Bank AG New York Branch

  	
   

  	
  $

  	
  18,000,000.00

  	
   

  	
  12.0000

  	
  %

  
	
  The Bank of Tokyo-Mitsubishi, Ltd.

  	
   

  	
  $

  	
  18,000,000.00

  	
   

  	
  12.0000

  	
  %

  
	
  JPMorgan Chase Bank, N.A.

  	
   

  	
  $

  	
  12,000,000.00

  	
   

  	
  8.0000

  	
  %

  
	
  Regions Bank

  	
   

  	
  $

  	
  12,000,000.00

  	
   

  	
  8.0000

  	
  %

  
	
  Branch Banking and Trust Company

  	
   

  	
  $

  	
  12,000,000.00

  	
   

  	
  8.0000

  	
  %

  
	
  UBS Loan Finance LLC

  	
   

  	
  $

  	
  12,000,000.00

  	
   

  	
  8.0000

  	
  %

  
	
  U.S. Bank National Association

  	
   

  	
  $

  	
  12,000,000.00

  	
   

  	
  8.0000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  150,0000,000.00

  	
   

  	
  100.0000

  	
  %

  

 

S-1

 

SCHEDULE
1(b)

TO SENIOR REVOLVING CREDIT FACILITY

 

BANKS’ ADDRESSES

 

BANK
OF AMERICA, N.A.

 

Administrative
Agent’s Office

(for
payments and requests for Requests for Credit Extensions)

 

Bank of America, N.A.,

101 N. Tryon Street, 15th
Floor

Charlotte, NC  28255

Attention:  Kathy Mumpower

Telephone No.:  704-386-0482

Facsimile No.: 
704-409-0070

Email: 
kathy.mumpower@bankofamerica.com

 

Payment Instructions:

 

Bank of America NA

New York NY

ABA:  026009593

Acct:  1366212250600

Attn:  Corporate Credit Support

Ref:  J.B.

 

All Other
Notices as Administrative Agent and other Credit Matters:

 

Bank of America, N.A.,

Mailcode CA5-701-05-19

1455 Market Street, 5th Floor

San Francisco, CA  94103

Attention:  Charles Graber

Telephone No.:  415-436-3495

Facsimile
No.:  415-503-5006

Email: charles.graber@bankofamerica.com

 

With a copy to:

 

Bank of America, N.A.

231 South LaSalle Street, 10th Floor

Chicago, IL 60697

Attn:  Sharon Burks Horos

Telephone No.:   312-828-2149

Email: sharon_burks.horos@bankofamerica.com

 

S-1

 

SUNTRUST
BANK

 

Credit Contact

 

201 4th Avenue,
North

TN-Nashville-1937

Nashville, Tennessee  37219

Attention:  Bill Crawford

Telephone:  615-748-4629

Facsimile:  615-748-4269

Email:  bill.crawford@suntrust.com

 

Operations Contact

 

303 Peachtree Street

GA-Atlanta-1941

Atlanta, Georgia  30308

Attention:  Simone Hendricks

Telephone:  404-588-7077

Facsimile:  404-230-1940

Email:  simone.hendricks@suntrust.com

 

LASALLE
BANK NATIONAL ASSOCIATION

 

Credit Contact

 

One Buckhead Plaza

3060 Peachtree Road, Suite 890

Atlanta, Georgia  30305

Attention:  Nick Weaver

Telephone:  404-365-7969

Facsimile:  404-869-1505

Email:  nick.weaver@abnamro.com

 

Operations Contact

 

135 S. LaSalle Street, Suite
1425

Chicago, Illinois  60603

Attention:  Jannette Lahart

Telephone:  312-904-0598

Facsimile:  312-904-6373

Email:  jannette.lahart@abnamro.com

 

S-2

 

DEUTSCHE
BANK AG NEW YORK BRANCH

 

Credit Contact

 

60 Wall Street

New York, New York  10005

Attention:  Oliver Schwarz

Telephone:  212-250-8610

Facsimile:  212-797-4420

Email:  oliver.schwarz@db.com

 

Operations Contact

 

90 Hudson Street, JCY05-0601

Jersey City, New Jersey  07302

Attention:  Cheryl Mandelbaum

Telephone:  201-593-2231

Facsimile:  201-593-2313

Email:  cheryl.mandelbaum@dm.com

 

THE
BANK OF TOKYO-MITSUBISHI, LTD.

 

Credit Contact

 

2001 Ross Avenue, #3150

Dallas, Texas  75201

Attention:  Douglas M. Barnell

Telephone:  214-954-1200 x105

Facsimile:  214-954-1007

Email:  dbarnell@btmna.com

 

Operations Contact

 

New Jersey

Attention:  Jimmy Yu or Maria DeJesus

Telephone:  201-413-8566 or 201-413-8571

Facsimile:  201-521-2338

Email:  jyu@btmna.com or mdejesus@btmna.com

 

S-3

 

JPMORGAN
CHASE BANK, N.A.

 

Credit Contact

 

270 Park Avenue, 4th
Floor

New York, New York  10017

Attention:  Karen Mary Sharf

Telephone:  212-270-5659

Facsimile:  212-270-5217

Email:  karen.may.sharf@jpmorgan.com

 

Operations Contact

 

1111 Fannin St. 10th
Floor

Houston, Texas  77002

Attention:  Clifford R. Trapani

Telephone:  713-750-7909

Facsimile:  713-750-2938

Email:  clifford.r.trapani@jpmorgan.com

 

REGIONS
BANK

 

Credit Contact

 

417 North 20th
Street

Birmingham, Alabama  35203

Attention:  Jay Ingram

Telephone:  205-244-2772

Facsimile:  205-326-7788

Email:  jay.ingram@regions.com

 

Operations Contact

 

417 North 20th
Street

Birmingham, Alabama  35203

Attention:  Stephanie Reid

Telephone:  205-326-7949

Facsimile:  205-326-7746

Email:  stephanie.reid@regions.com

 

S-4

 

BRANCH
BANKING AND TRUST COMPANY

 

Credit Contact

 

200 West Second Street, 16th
Floor

Winston-Salem, North
Carolina  27101

Attention:  Cory Boyte

Telephone:  336-733-2719

Facsimile:  336-733-2740

Email:  cboyte@bbandt.com

 

Operations Contact

 

200 West Second Street, 16th
Floor

Winston-Salem, North
Carolina  27101

Attention:  Liz Holder

Telephone:  336-733-2728

Facsimile:  336-733-2740

Email:  lholder@bbandt.com

 

UBS
LOAN FINANCE LLC

 

Credit Contact

 

677 Washington Boulevard, 6th
Floor South

Stamford, Connecticut  06901

Attention:   Deborah Porter

Telephone:  203-719-6391

Facsimile:  203-719-3888

Email:  deborah.porter@ubs.com

 

Operations Contact

 

677 Washington Boulevard, 6th
Floor South

Stamford, Connecticut  06901

Attention:   Deborah Porter

Telephone:  203-719-6391

Facsimile:  203-719-3888

Email:  deborah.porter@ubs.com

 

 

S-5

 

U.S.
BANK NATIONAL ASSOCIATION

 

Credit Contact

 

One U.S. Bank Plaza, SL-MO-T12M

Saint Louis, Missouri  63101

Attention:  Joseph P. Howard

Telephone:  314-418-8247

Facsimile:  314-418-3859

Email:  joseph.howard@usbank.com

 

Operations Contact

 

400 City Center

Oshkosh, Wisconsin  54901

Attention:  Connie Sweeney

Telephone:  920-237-7604

Facsimile:  920-237-7993

Email:  connie.sweeney@usbank.com

 

S-6

 

SCHEDULE
2

TO SENIOR REVOLVING CREDIT FACILITY

 

ENVIRONMENTAL MATTERS

 

None.

 

2-1

 

 

SCHEDULE
3

TO SENIOR REVOLVING CREDIT FACILITY

 

LITIGATION AND CONTINGENT LIABILITIES

 

None.

 

3-1

 

SCHEDULE
4

TO SENIOR REVOLVING CREDIT FACILITY

 

LIENS

 

None.

 

4-1

 

SCHEDULE
5

TO SENIOR REVOLVING CREDIT FACILITY

 

SUBSIDIARIES

 

1.                                       J.B.
Hunt Transport, Inc., a Georgia corporation

 

2.                                       J.B.  Hunt Corp., a Delaware corporation

 

3.                                       J.B.  Hunt Logistics, Inc., an Arkansas corporation

 

4.                                       L.A.
Inc., an Arkansas corporation

 

5.                                       Hunt
Mexicana, S.A. de C.V., a Mexican corporation

 

6.                                       FIS,
Inc., a Nevada corporation

 

5-1

 

SCHEDULE
6

TO SENIOR REVOLVING CREDIT FACILITY

 

PRICING MATRIX

 

	
  Pricing Tier

  	
   

  	
  Facility Fee

  	
   

  	
  Eurodollar Margin

  	
   

  	
  Utilization Fee

  	
   

  	
  Base Rate Margin

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  I

  	
   

  	
  0.070

  	
  %

  	
  0.155

  	
  %

  	
  0.075

  	
  %

  	
  0.000

  	
  %

  
	
  II

  	
   

  	
  0.080

  	
  %

  	
  0.220

  	
  %

  	
  0.100

  	
  %

  	
  0.000

  	
  %

  
	
  III

  	
   

  	
  0.100

  	
  %

  	
  0.350

  	
  %

  	
  0.100

  	
  %

  	
  0.000

  	
  %

  
	
  IV

  	
   

  	
  0.125

  	
  %

  	
  0.500

  	
  %

  	
  0.125

  	
  %

  	
  0.000

  	
  %

  
	
  V

  	
   

  	
  0.150

  	
  %

  	
  0.600

  	
  %

  	
  0.125

  	
  %

  	
  0.000

  	
  %

  
	
  VI

  	
   

  	
  0.250

  	
  %

  	
  0.750

  	
  %

  	
  0.250

  	
  %

  	
  0.250

  	
  %

  

 

where
Pricing Tier equals the applicable Rating Tier. 
As of the Effective Date, the applicable Pricing Tier will be Rating
Tier III.  A change in the applicable
Pricing Tier will become effective as of the opening of business on the day on
which such change in the Rating Tier becomes effective.  The Borrower shall immediately notify the
Administrative Agent of such change.  The
applicable Rating Tier shall be determined as follows:

 

	
  Rating Tier

  	
   

  	
  Ratings

  
	
  I

  	
   

  	
  A+/A1 or
  better

  
	
  II

  	
   

  	
  A/A2 to A-/A3

  
	
  III

  	
   

  	
  BBB+/Baal

  
	
  IV

  	
   

  	
  BBB/Baa2

  
	
  V

  	
   

  	
  BBB-/Baa3

  
	
  VI

  	
   

  	
  below BBB-/Baa3

  

 

where:

 

1.                                        Ratings
means the public rating, if any, assigned to the Borrower’s senior, unsecured
and unsupported long-term debt by S&P or Moody’s or any other nationally
recognized debt rating agency, as the case may be.

 

2.                                       If
the ratings of such debt rating agencies do not fall within the same Rating
Tier then the higher Rating Tier shall apply.

 

3.                                       In
the event a rating is not available from more than one debt rating agency, then
the Rating Tier including the one available rating shall apply.

 

4.                                       Utilization
Fee applies if usage is greater than 50%.

 

1

 

SCHEDULE
7

TO SENIOR REVOLVING CREDIT FACILITY

 

PROCESSING AND RECORDATION FEES

 

The Administrative Agent will
charge a processing and recordation fee (an “Assignment Fee”) in the amount of
$2,500 for each assignment; provided, however, that in the event
of two or more concurrent assignments to members of the same Assignee Group
(which may be effected by a suballocation of an assigned amount among members
of such Assignee Group) or two or more concurrent assignments by members of the
same Assignee Group to a single Eligible Assignee (or to an Eligible Assignee
and members of its Assignee Group), the Assignment Fee will be $2,500 plus the
amount set forth below:

 

	
  Transaction 

  	
   

  	
  Assignment Fee

  
	
  First four
  concurrent assignments or suballocations to members of an Assignee Group (or
  from members of an Assignee Group, as applicable)

  	
   

  	
  -0-

  
	
  Each
  additional concurrent assignment or suballocation to a member of such
  Assignee Group (or from a member of such Assignee Group, as applicable)

  	
   

  	
  $

  	
  500

  

 

1

 

EXHIBIT
A

NOTE

 

                   ,
200  

New York, New York

 

FOR VALUE RECEIVED, the undersigned, J.B. Hunt Transport Services,
Inc., an Arkansas corporation (the “Borrower”), hereby promises to pay
to the order of                  

(the “Bank”), on the dates set forth in the Credit Agreement
hereinafter referred to, the aggregate unpaid principal amount of the Committed
Loans (as defined in such Credit Agreement) as may be borrowed by the Borrower
from the Bank under the Credit Agreement. 
The Borrower may borrow, repay and reborrow hereunder in accordance with
the provisions of the Credit Agreement.

 

The Borrower promises to pay interest on the unpaid principal amount of
the Borrower’s Committed Loans from time to time outstanding from the date
hereof until payment in full at the rates per annum which shall be determined
in accordance with the provisions of the Credit Agreement (including Section
3.8 thereof).  Said interest shall be
payable on each date provided for in the Credit Agreement; provided, however,
that interest on any principal portion which is not paid when due shall be
payable on demand.

 

All payments of principal and interest under this Note shall be made in
immediately available funds at the office of Bank of America, N.A.  (the “Administrative Agent”) at 101
N.  Tryon Street, Charlotte, North
Carolina 28255, or at such other place as the Administrative Agent shall notify
the Borrower in writing.

 

This Note is one of the Notes referred to in, and is subject to the
terms and provisions of, the Senior Revolving Credit Facility Agreement, dated
as of April 27, 2005 (as amended or modified and in effect from time to time,
the “Credit Agreement”), by and among the Borrower, the various
financial institutions (including the Bank) party thereto and Bank of America,
N.A., as Administrative Agent, to which Credit Agreement reference is hereby
made for a statement of said terms and provisions.

 

Except as expressly otherwise provided in the Credit Agreement, the
Borrower expressly waives (to the extent permitted by Applicable Law (as defined
in the Credit Agreement)) any presentment, demand, protest or notice (including
notice of acceleration and intent to accelerate) in connection with this Note.

 

THIS NOTE IS MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE
OF NEW YORK (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES) AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

 

	
  Address:

  	
  J.B. HUNT TRANSPORT
  SERVICES, INC.

  
	
   

  	
   

  
	
  615 J.B.
  Hunt Corporate Drive

  	
  By:

  	
   

  	
   

  
	
  Lowell,
  Arkansas 72745

  	
  Name:

  
	
   

  	
  Title:

  

 

A-1

 

LOANS AND PRINCIPAL PAYMENTS

 

	
  Date

  	
   

  	
  Amount of

  Loan Made

  	
   

  	
  Type of Loan

  & Applicable

  Interest Rate

  	
   

  	
  Loan Period

  	
   

  	
  Amount of

  Principal

  Repaid

  	
   

  	
  Unpaid

  Principal

  Balance

  	
   

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

The aggregate unpaid principal amount shown on this schedule shall be
rebuttable presumptive evidence of the principal amount owing and unpaid on
this Note.  The failure to record the
date and amount of any Committed Loan on this schedule shall not, however, limit
or otherwise affect the Borrower’s obligations under the Credit Agreement or
under this Note to repay the principal amount of the Borrower’s Committed Loans
together with all interest accruing thereon, nor shall such failure affect the
Borrower’s or any other Loan Party’s obligations under any other Loan Document.

 

A-2

 

EXHIBIT
B

 

EXTENSION OF CREDIT REQUEST

 

Bank of America, N.A., as
Administrative Agent

Credit Services Servicing Unit

101 N. Tryon Street, NC1-001-15-04

Charlotte, North Carolina 28255

 

Attention: Kathy Mumpower

Telephone No.: (704) 386-3767

Facsimile No.: (704) 409-0070

 

Re:                                   Senior
Revolving Credit Facility Agreement, dated as of April 27, 2005 (as amended or
modified and in effect from time to time, the “Credit Agreement”), by and among
J.B.  Hunt Transport Services, Inc. (the “Borrower”),
the various financial institutions party thereto and Bank of America, N.A., as
Administrative Agent

 

Gentlemen/Ladies:

 

Terms not
otherwise expressly defined herein shall have the meanings set forth in the
Credit Agreement.

 

A.                                     Borrowings,
Conversions or Continuations.  The
Borrower hereby requests (select one):

 

o  A Borrowing of Committed Loans                                           o  A conversion or continuation of Loans

 

1.                                       On
                                    
(a Business Day).

 

2.                                       In
the amount of $
                                  .

 

3.                                       Comprised
of                                                                  .

[Type of
Committed Loan requested]

 

4.                                       For
Eurodollar Rate Loans:  with a Loan
Period of                         
months.

 

B.                                     Total
Outstandings.  The undersigned
represents and warrants that immediately following the making of the
Extension(s) of Credit requested above,

 

(1)                                  the
aggregate principal amount of all outstanding Committed Loans will be $
                    ;
and

 

(2)                                  the
aggregate principal amount of all outstanding Bid Rate Loans will be $                    .

 

B-1

 

(3)                                  the
sum of items (l) and (2) above will be $              ,
which is equal to or less than the Total Commitment of $              .

 

C.                                     Proceeds.  The proceeds of the Loans will be used for
the following:

                                          .

 

D.                                    Other
Representations and Warranties.  The
Borrower hereby expressly confirms the representations and warranties deemed to
be made by operation of Section 11.2 of the Credit Agreement.

 

IN WITNESS
WHEREOF, the undersigned has caused this Certificate to be executed and
delivered by its duly authorized officer this      day of                   ,
200  .

 

	
   

  	
  J.B. HUNT
  TRANSPORT SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

B-2

EXHIBIT C

 

SUBSIDIARY GUARANTY

 

THIS SUBSIDIARY GUARANTY (this “Guaranty”) is
made by the undersigned             ,
a             , on
this       day of             ,
2005.  All capitalized terms used herein
and not otherwise defined herein shall have the meanings given to such terms in
the Credit Agreement (as defined below).

 

WHEREAS, J.B. Hunt Transport Services, Inc., an
Arkansas corporation, as borrower (the “Borrower”) and Bank of America,
N.A., as Administrative Agent and the financial institutions party thereto (all
of such institutions, and all of their successors and assigns, collectively
referred to as the “Banks” and individually referred to as a “Bank”)
have entered into the Senior Revolving Credit Facility Agreement dated as of
April 27, 2005 (as it may be amended or modified and in effect from time to
time, the “Credit Agreement”) pursuant to which the Banks have agreed to
make certain extensions of credit to the Borrower;

 

WHEREAS, it is a condition precedent to the
effectiveness of the Credit Agreement that the undersigned execute and deliver
this Guaranty to the Administrative Agent for the benefit of the Banks and the
Administrative Agent;

 

NOW, THEREFORE, FOR VALUE RECEIVED, and in
consideration of any loan or other financial accommodation heretofore or
hereafter at any time made or granted to the Borrower under the Credit
Agreement (together with all promissory notes or drafts issued thereunder and
any other agreements, instruments, or documents now or hereafter entered into
in connection with any of the foregoing, the “Loan Documents”) by the
Banks, the undersigned hereby unconditionally guarantees the full and prompt
payment in cash in full when due, whether by acceleration or otherwise, and at
all times thereafter, of all monetary obligations of the Borrower to the
Administrative Agent and each Bank, howsoever created, arising or evidenced,
whether direct or indirect, primary or secondary, absolute or contingent, joint
or several, or now or hereafter existing or due or to become due under or in
connection with the Loan Documents, including all such amounts which would
become due but for the operation of the automatic stay under Section 362(a) of
the United States Bankruptcy Code, 11 U.S.C. §362(a), and the operation of
Sections 502(b) and 506(b) of the United States Bankruptcy Code, 11 U.S.C.  §502(b) and §506(b), in each case as the same
may be amended, modified, extended or renewed from time to time (all such
monetary obligations being hereinafter collectively called the “Liabilities”),
and the undersigned further agrees to pay all reasonable expenses (including
attorneys’ fees and legal expenses) paid or incurred by the Administrative
Agent or any Bank in endeavoring to collect the Liabilities, or any part
thereof, and in enforcing this Guaranty.

 

The undersigned agrees that, in the event of the
dissolution or insolvency of the Borrower or the undersigned, or the inability
or failure of the Borrower or the undersigned to pay debts as they become due,
or an assignment by the Borrower or the undersigned for the benefit of
creditors, or the commencement of any case or proceeding in respect of the
Borrower or the undersigned under any bankruptcy, insolvency or similar law,
and if such event shall occur at a time when any of the Liabilities may not
then be due and payable, the undersigned will pay to

 

C-1

 

the Administrative Agent
forthwith the full amount which would be payable hereunder by the undersigned
if all Liabilities were then due and payable.

 

This Guaranty shall in all respects be a continuing,
absolute and unconditional guaranty of payment, and not a guaranty of
collection, and shall remain in full force and effect (notwithstanding, without
limitation, the dissolution of the undersigned or that at any time or from time
to time all Liabilities may have been paid in full and the Commitments of the
Banks terminated), until all Liabilities (including any extensions or renewals
of any thereof) and all interest thereon and all expenses (including attorneys’
fees and legal expenses) paid or incurred by the Administrative Agent or any
Bank in endeavoring to collect the Liabilities and in enforcing this Guaranty
shall have been finally paid in full in cash.

 

The undersigned further agrees that, if at any time
all or any part of any payment theretofore applied by the Administrative Agent
or any Bank to any of the Liabilities is or must be rescinded or returned for
any reason whatsoever (including the, insolvency, bankruptcy or reorganization
of the Borrower), such Liabilities shall, for the purposes of this Guaranty, to
the extent that such payment is or must be rescinded or returned, be deemed to
have continued in existence, notwithstanding such application, and this
Guaranty shall continue to be effective or be reinstated, as the case may he,
as to such Liabilities, all as though such application had not been made.

 

The Administrative Agent and each Bank may, from time
to time, at its sole discretion and without notice to or consent of the
undersigned, take any or all of the following actions without impairing the
obligation of the undersigned under this Guaranty: (a) retain or obtain a lien
upon or a security interest in any property to secure any of the Liabilities or
any obligation hereunder, (b) retain or obtain the primary or secondary
obligation of any obligor or obligors, in addition to the undersigned, with
respect to any of the Liabilities, (c) extend or renew for one or more periods
(whether or not longer than the original period), alter, modify, amend or
exchange any of the Liabilities, or release or compromise any obligation of
undersigned hereunder or any obligation of any nature of any other obligor with
respect to any of the Liabilities or the Loan Documents, and (d) release or
fail to perfect its lien upon or security interest in, or impair, surrender,
release or permit any substitution or exchange for, all or any part of any
property securing any of the Liabilities or any obligation hereunder, or extend
or renew for one or more periods (whether or not longer than the original
period) or release, compromise, alter or exchange any obligations of any nature
of any obligor with respect to any such property.  The Administrative Agent or any Bank may, from
time to time in its sole discretion and without notice to the undersigned,
resort to the undersigned for payment of any of the Liabilities, whether or not
the Administrative Agent or such Bank (i) shall have resorted to any property
securing any of the Liabilities or any obligation hereunder or (ii) shall have
proceeded against any other obligor primarily or secondarily obligated with
respect to any of the Liabilities (all of the actions referred to in this
paragraph being hereby expressly waived by the undersigned to the extent
permitted by Applicable Law).

 

Any amount received by the Administrative Agent or the
Banks from whatsoever source on account of the Liabilities shall be applied in
reduction of the Liabilities in such order of application as the Banks may from
time to time agree.

 

C-2

 

The undersigned hereby irrevocably waives, to the
extent permitted by Applicable Law and until the Liabilities have been paid in
full in cash and the Commitments have been terminated, any claim or other right
which it may now possess or hereafter acquire against the Borrower that may
arise from the existence, payment, performance, or enforcement of the
undersigned’s obligations under this Guaranty, including any right of
subrogation, reimbursement, exoneration, contribution, or indemnification, any
right to participate in any claim or remedy of the Administrative Agent or any
Bank against the Borrower or any collateral which the Administrative Agent or
any Bank now has or hereafter acquires, whether or not such claim, remedy, or
right arises in equity, or under contract, statute, or common law, including
the right to take or receive from the Borrower, directly or indirectly, in cash
or other property or by setoff or in any manner, payment or security on account
of such claim or other right.  If any
amount shall be paid to the undersigned in violation of the preceding sentence
and the Liabilities shall not have been paid in cash in full, such amount shall
be deemed to have been paid to the undersigned for the benefit of, and held in
trust for, the Administrative Agent and each Bank, and shall forthwith be paid
to the Administrative Agent for the benefit of the Administrative Agent and
each Bank to be credited and applied to the Liabilities, whether matured or unmatured.  The undersigned acknowledges that it will
receive direct and indirect benefits from the financing arrangements
contemplated by the Loan Documents and that the waiver set forth in this
paragraph is knowingly made in contemplation of such benefits.

 

The undersigned hereby expressly waives, to the extent
permitted by Applicable Law: (a) notice of the acceptance by the Administrative
Agent or any of the Banks of this Guaranty, (b) notice of the existence or
creation or non-payment of all or any of the Liabilities, (c) presentment,
demand, notice of dishonor, protest, and all other notices whatsoever, and (d)
all diligence in collection or protection of or realization upon the
Liabilities or any portion thereof, any obligation hereunder, or any security for
or guaranty of any of the foregoing.

 

The creation or existence, with or without notice to
or consent of the undersigned, from time to time of Liabilities in excess of
the amount to which the right of recovery under this Guaranty is limited shall
not in any way affect or impair the rights of the Administrative Agent and the
Banks and the obligations of the undersigned under this Guaranty.

 

Upon any assignment or transfer from time to time by
any Bank of all or any portion of the Liabilities owed to such Bank pursuant to
the provisions of Section 14.10 of the Credit Agreement, such
Liabilities shall be and remain Liabilities for the purposes of this Guaranty,
and each and every immediate and successive assignee or transferee of any of
the Liabilities or of any interest therein shall, to the extent of the interest
of such assignee or transferee in the Liabilities, be entitled to the benefits
of this Guaranty to the same extent as if such assignee or transferee were the
original Bank to which such assigned or transferred Liabilities were owed.  Upon the acceptance of any appointment as
Administrative Agent by a successor Administrative Agent in accordance with Section
13.6 of the Credit Agreement, such successor Administrative Agent shall
succeed to and become vested with all of the rights, powers, privileges and
obligations hereunder of Bank of America in its capacity as Administrative
Agent (or any

 

C-3

 

successor of Bank of America
hereunder, as the case may be) and Bank of America (or any successor of Bank of
America hereunder, as the case may be) shall be discharged from any obligations
it may have hereunder.

 

No delay on the part of the Administrative Agent or
any Bank in the exercise of any right or remedy shall operate as a waiver
thereof, and no single or partial exercise by the Administrative Agent or any
Bank of any right or remedy shall preclude other or further exercise thereof or
the exercise of any other right or remedy; nor shall any modification or waiver
of any of the provisions of this Guaranty be binding upon any Bank except as
expressly set forth in a writing duly signed and delivered on behalf of such
Bank.  No action of the Administrative
Agent or any Bank permitted hereunder shall in any way affect or impair the
rights of the Administrative Agent or such Bank or the obligations of the
undersigned under this Guaranty.  For the
purposes of this Guaranty, Liabilities shall include all obligations of the
Borrower to the Administrative Agent and each of the Banks under and in
connection with the Loan Documents, notwithstanding any defense, offset or
counterclaim (whether based on commercial tort or any other theory) which the
Borrower or the undersigned may have against any Bank or the Administrative
Agent, including any claim or defense as to the invalidity or unenforceability
of any such obligation, and no such claim or defense shall affect or impair the
obligations of the undersigned hereunder. 
The obligations of the undersigned under this Guaranty shall be absolute
and unconditional irrespective of any circumstance whatsoever which might
constitute a legal or equitable discharge or defense of the undersigned.  The undersigned hereby acknowledges that
there are no conditions to the effectiveness of this Guaranty.

 

The undersigned hereby warrants and represents to the
Administrative Agent and the Banks that the undersigned now has and will
continue to have independent means of obtaining information concerning the
affairs, financial condition and business of the Borrower.  The Administrative Agent and the Banks shall
have no duty or responsibility to provide the undersigned with any credit or
other information concerning the affairs, financial condition or business of
the Borrower which may come into the Administrative Agent’s or any Bank’s
possession.

 

The undersigned hereby further warrants and represents
to the Administrative Agent and the Banks that (a) the execution and delivery
of this Guaranty, and the performance by the undersigned of its obligations
hereunder, are within the corporate right, power, authority and capacity of the
undersigned and have been duly authorized by all necessary corporate action on
the part of the undersigned, and (b) this Guaranty has been duly executed and
delivered on behalf of the undersigned and is the legal, valid and binding
obligation of the undersigned, enforceable in accordance with its terms (except
as such enforceability may be limited by bankruptcy, insolvency, reorganization
or other similar laws relating to the enforcement of creditors’ or secured
creditors’ rights generally), the making and performance of which do not and
will not contravene or conflict with the charter or by-laws of the undersigned
or violate or constitute a default under any law, any presently existing
requirement or restriction imposed by any judicial, arbitral or governmental
instrumentality or any agreement, instrument or indenture by which the
undersigned is bound.

 

The undersigned further warrants and represents that
it has capital sufficient to carry on its business and transactions and all
business and transactions in which it is about to engage and

 

C-4

 

is now solvent and able to pay
its respective debts as they mature, and it now owns property having a value,
both at fair valuation and at present fair salable value, greater than the
amount required to pay its existing debts.

 

The undersigned hereby covenants and agrees that,
without the prior written consent of the Banks, it will not (a) sell, transfer,
assign, pledge or convey (other than to the Borrower) any shares of the capital
stock of any Subsidiary of the undersigned or (b) sell, transfer, assign or
convey (other than in the ordinary course of business or in connection with Permitted
Liens granted thereon) any property or asset of the undersigned.

 

Anything else in this Guaranty notwithstanding, the
undersigned shall be liable under this Guaranty only for the maximum amount of
such liability that can be hereby incurred without rendering this Guaranty, as
it relates to the undersigned, voidable under applicable law relating to
fraudulent obligations, fraudulent conveyance or fraudulent transfer, and not
for any greater amount.

 

All payments by the undersigned to any recipient
(each, a “Recipient”) hereunder shall be made without setoff or
counterclaim and free and clear of, and without withholding or deduction for or
on account of, any present or future Taxes (other than Excluded Taxes) now or
hereafter imposed on such Recipient or its income, property, assets or
franchises (such Recipient’s “Recipient Taxes”), except to the extent
that such withholding or deduction (a) is required by Applicable Law, (b)
results from the breach by such Recipient of its Exemption Agreement, if any,
(c) would not be required if such Recipient’s Exemption Representation were
true, or (d) would not be required if such Recipient’s appropriate Internal
Revenue Service form specified in Section 5.3(b) of the Credit Agreement
claiming complete exemption were true and accurate at the time of the delivery
thereof.  If any such withholding or
deduction is required by Applicable Law, the undersigned will:

 

(i)                                     pay
to the relevant authorities the full amount so required to be withheld or
deducted when and as the same shall become due and payable to such authorities;

 

(ii)                                  promptly
forward to the Administrative Agent and each affected Bank an official receipt
or other documentation satisfactory to the Administrative Agent or such Bank
evidencing such payment to such authorities; and

 

(iii)                               except
to the extent that such withholding or deduction (A) is for Excluded Taxes, (B)
results from the breach by a Recipient of its Exemption Agreement, if any, (C)
would not be required if such Recipient’s Exemption Representation were true or
(D) would not be required if such Recipient’s appropriate Internal Revenue
Service form specified in Section 5.3(b) of the Credit Agreement
claiming complete exemption were true and accurate at the time of the delivery
thereof, pay to the Administrative Agent for the account of the relevant
Recipient such additional amount as is necessary to ensure that the net amount
actually received by each Recipient will equal the full amount such Recipient
would have received had no such withholding or deduction been required.

 

C-5

 

Upon the occurrence of any Default described in Section
12.1 (f) or Section 12.1(g) of the Credit Agreement, or of any
acceleration of the Notes pursuant to Section 12.2 of the Credit
Agreement, each Bank is hereby authorized, at any time and from time to time,
without notice to the undersigned (any such notice being expressly waived by
the undersigned to the fullest extent permitted by Applicable Law), to the
fullest extent permitted by Applicable Law, to set off, to exercise any banker’s
lien or any other right of attachment or garnishment and apply any and all
balances, credits, deposits (general or special, time or demand, provisional or
final), accounts or monies at any time held and other indebtedness at any time
owing by such Bank to or for the account of the undersigned against any and all
Bank Obligations owing by any Loan Party held by such Bank (subject to the
provisions of Section 13.4 of the Credit Agreement), whether or not such
Bank has made any demand under or with respect to any of such Bank Obligations
and although such Bank Obligations may be unmatured.  Promptly following such action, each such
Bank shall give notice thereof to the Administrative Agent and the Administrative
Agent shall promptly give notice thereof to the undersigned and each Bank, but
failure to do so shall not impair the effect of such action.  Subject to the foregoing provisions of this
paragraph, the rights of the Banks under this paragraph are in addition to, in
augmentation of, and do not derogate from or impair, any other right and remedy
(including any right of setoff) which the Banks may have.

 

This Guaranty shall be binding upon the undersigned,
and upon the successors and assigns of the undersigned.  The undersigned may not assign any of its
rights or obligations under this Guaranty without the prior written consent of
the Administrative Agent and the Banks.

 

THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES.  Wherever possible each
provision of this Guaranty shall be interpreted in such manner as to be
effective and valid under Applicable Law, but if any provision of this Guaranty
shall be prohibited by or invalid under such law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Guaranty.

 

THE UNDERSIGNED HEREBY EXPRESSLY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY OR UNDER ANY
AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE
FUTURE BE DELIVERED IN CONNECTION HEREWITH, AND AGREES, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

 

ANY SUIT, ACTION OR PROCEEDING AGAINST THE UNDERSIGNED
WITH RESPECT TO THIS GUARANTY OR ANY JUDGMENT ENTERED BY ANY COURT IN RESPECT
THEREOF, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW
YORK COUNTY, NEW YORK OR IN THE UNITED STATES COURTS LOCATED IN NEW YORK
COUNTY, NEW YORK AS THE ADMINISTRATIVE AGENT AND THE BANKS IN THEIR DISCRETION
MAY ELECT AND THE

 

C-6

 

UNDERSIGNED HEREBY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH SUIT, ACTION OR
PROCEEDING.  THE UNDERSIGNED HEREBY
AGREES THAT SERVICE OF ALL WRITS, PROCESS AND SUMMONSES IN ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN THE STATE OF NEW YORK MAY BE SERVED UPON THE
PROCESS AGENT, AND THE UNDERSIGNED HEREBY IRREVOCABLY APPOINTS THE PROCESS
AGENT AS ITS TRUE AND LAWFUL ATTORNEY-IN-FACT IN THE NAME, PLACE AND STEAD OF
THE UNDERSIGNED TO ACCEPT SUCH SERVICE OF ANY AND ALL SUCH WRITS, PROCESS AND
SUMMONSES.  THE UNDERSIGNED HEREBY
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS IN ANY SUIT, ACTION OR
PROCEEDING IN SAID COURT BY THE MAILING THEREOF BY THE ADMINISTRATIVE AGENT OR
ANY BANK BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE UNDERSIGNED’S
ADDRESS SET FORTH NEXT TO ITS SIGNATURE BELOW. 
THE UNDERSIGNED HEREBY IRREVOCABLY WAIVES ANY OBJECTIONS WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE LOAN DOCUMENTS BROUGHT IN
THE COURTS LOCATED IN NEW YORK COUNTY, NEW YORK, AND HEREBY FURTHER IRREVOCABLY
WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

	
   

  	
  [GUARANTOR]

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

[Address]

 

C-7

 

EXHIBIT
D-1

 

OFFICER’S CERTIFICATE

J.B.  HUNT TRANSPORT SERVICES, INC.

 

The
undersigned,                               ,
                              (1)
of J.B. Hunt Transport Services, Inc., an Arkansas corporation (the “Borrower”),
pursuant to that certain Senior Revolving Credit Facility Agreement, dated as
of April 27, 2005 (the “Credit Agreement”), by and among the Borrower,
the various financial institutions party thereto and Bank of America, N.A., as
Administrative Agent, does hereby certify as follows:

 

(i)                                   attached
hereto as Attachment A is a true, correct and complete copy of the
Certificate of Incorporation of the Borrower and each amendment, if any,
thereto, as filed with the Secretary of State of the State of Arkansas;

 

(ii)                                attached
hereto as Attachment B is a true, correct and complete copy of
resolutions duly adopted at a meeting of the Board of Directors of the Borrower
convened and held on                    ,
2005, which resolutions have not been revoked, modified, amended or rescinded
and are still in full force and effect;

 

(iii)                             attached
hereto as Attachment C is a true, correct and complete copy of the Bylaws of
the Borrower as in effect on the date hereof,

 

(iv)                            the
persons named below, constituting the only persons executing, on behalf of the
Borrower, the Credit Agreement and each other document delivered in connection
therewith to which the Borrower is a party, were when executing such documents,
and have been at all times since, to and including the date hereof, duly
elected or appointed and qualified officers of the Borrower, holding the
offices and having the signatures set forth opposite their names below:

 

	
  Name

  	
   

  	
  Office

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

(v)                               no
event or events have occurred and are continuing since December 31, 2004 and no
condition exists which has had or could reasonably be expected to have a
Materially Adverse Effect, except as disclosed in the Credit Agreement; and

(vi)                            the
representations and warranties on the part of the Borrower contained in the
Credit Agreement are true and correct in all material respects as of the date
hereof.

 

(1)  President, Vice President, Treasurer,
Secretary, or Assistant Secretary.

 

D1-1

 

Capitalized terms used herein and not otherwise
defined herein shall have the respective

meanings given thereto in the Credit Agreement.

 

I hereby certify that                     
is the duly elected or appointed and qualified                     
of the Borrower and that the signature immediately above is his (her)
signature.

 

	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

D1-2

 

EXHIBIT
D-2

 

OFFICER’S CERTIFICATE

J.B.  HUNT TRANSPORT, INC.

 

The
undersigned,                                   ,
                                  (2)
of J.B. Hunt Transport, Inc., a Georgia corporation (the “Company”),
pursuant to that certain Senior Revolving Credit Facility Agreement, dated as
of April 27, 2005 (the “Credit Agreement”), by and among J.B.  Hunt Transport Services, Inc., an Arkansas
corporation (the “Borrower”), the various financial institutions party
thereto and Bank of America, N.A., as Administrative Agent, does hereby certify
as follows:

 

(i)                                   attached
hereto as Attachment A is a true, correct and complete copy of the
Certificate of Incorporation of the Company and each amendment, if any,
thereto, as filed with the Secretary of State of the State of Georgia;

 

(ii)                                 attached
hereto as Attachment B is a true, correct and complete copy of
resolutions duly adopted at a meeting of the Board of Directors of the Company
convened and held on                                   ,
2005, which resolutions have not been revoked, modified, amended or rescinded
and are still in full force and effect;

 

(iii)                              attached
hereto as Attachment C is a true, correct and complete copy of the
Bylaws of the Company as in effect on the date hereof;

 

(iv)              
the persons named below,
constituting the only persons executing, on behalf of the Company, the Loan
Documents (as defined in the Credit Agreement) to which the Company is a party,
were when executing such documents, and have been at all times since, to and
including the date hereof, duly elected or appointed and qualified officers of
the Company, holding the offices and having the signatures set forth opposite
their names below:

 

	
  Name

  	
   

  	
  Office

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

(v)                                no
event or events have occurred and are continuing since December 31, 2004 and no
condition exists which has had or could reasonably be expected to have a
Materially Adverse Effect, except as disclosed in the Credit Agreement; and

(vi)                             the
representations and warranties on the part of the Company contained in the
Subsidiary Guaranty are true and correct in all material respects as of the
date hereof.

 

(2)  President, Vice President, Treasurer,
Secretary, or Assistant Secretary.

 

D2-1

 

Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings
given thereto in the Credit Agreement.

I hereby certify that                       
is the duly elected or appointed and qualified                       
of the Borrower and that the signature immediately above is his (her)
signature.

 

	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

D2-2

 

EXHIBIT
E-1

 

FORM OF OPINION

FROM MITCHELL, WILLIAMS, SELIG, GATES & WOODYARD, P.L.L.C.

 

 

Bank
of America, N.A., as Administrative Agent

Mailcode
CA5-701-05-19

1455
Market Street, 5th Floor

San
Francisco, California  94103

Attention:  Charles Graber

 

and

 

The
Banks (defined herein)

c/o
Bank of America, N.A., as Administrative Agent

 

Re:                   J.B. Hunt Transport
Services, Inc.

 

Ladies and
Gentlemen:

We have acted as counsel
to J.B. Hunt Transport Services, Inc. (the “Company”) and J.B. Hunt Transport,
Inc. (the “Guarantor” and, together with the Company, the “Loan Parties”) in
connection with the negotiation and preparation of that certain Senior
Revolving Credit Facility Agreement, dated as of April 27, 2005 (the “Credit
Agreement”), by and among the Company, the various commercial banking
institutions party thereto (collectively, the “Banks”), and Bank of America
N.A., as Administrative Agent.  We are
furnishing this opinion to you pursuant to Section 10.1(b)(iii) of the Credit
Agreement.  Unless otherwise defined herein,
capitalized terms used herein have the respective meanings assigned to such
terms in the Credit Agreement.

 

For purposes of this
opinion, we have examined the Loan Documents. 
We have also examined such certificates of public officials,
certificates of officers of the Company and the Guarantor and copies of
corporate documents and records of the Company and the Guarantor and of other
papers, and have made such investigations, as we have deemed relevant and
necessary as a basis for our opinions hereinafter set forth.

 

Based upon the
foregoing, and subject to the assumptions, limitations, qualifications and
exceptions set forth herein, it is our opinion that:

 

1.                                       The
Company (a) is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Arkansas, (b) is duly qualified and in
good standing as a foreign Person authorized to do business in each other
jurisdiction where, because of the nature of its activities or properties, such
qualification is required, other than where the failure to be so qualified or in
good standing would not reasonably be expected to have a Materially Adverse
Effect, and (c) has all requisite corporate power and authority (i) to own its
assets and to carry on the business in which it is engaged, and (ii) to
execute, deliver and perform its obligations under each Loan Document to which
it is a party.

 

E-1-1

 

2.                                       The
Guarantor (a) is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Georgia, (b) is duly qualified and in
good standing as a foreign Person authorized to do business in each other
jurisdiction where, because of the nature of its activities or properties, such
qualification is required, other than where the failure to be so qualified or
in good standing would not reasonably be expected to have a Materially Adverse
Effect, and (c) has all requisite corporate power and authority (i) to own its
assets and to carry on the business in which it is engaged, and (ii) to
execute, deliver and perform its obligations under each Loan Document to which
it is a party.

 

3.                                       The
execution, delivery and performance by each Loan Party of each Loan Document to
which it is a party, and the issuance of the Notes in the manner and for the
purpose contemplated by the Credit Agreement, have been duly authorized by all
necessary corporate action (including any necessary stockholder action) on the
part of each Loan Party, and do not (a) violate any provision of the articles
of incorporation or by-laws of such Loan Party or, to our knowledge, any
Applicable Law, or (b) to our knowledge, result in a breach of or constitute a
default under any indenture or loan or credit agreement or under any other
agreement or instrument to which such Loan Party is a party or by which such
Loan Party or its respective properties is bound, or (c) to our knowledge,
result in, or require the creation or imposition of, any Lien of any nature
upon or with respect to any of the properties now owned or hereafter acquired
by such Loan Party, other than, with respect to (b) and (c) above, such
breaches, defaults or Liens which would not reasonably be expected to have a
Materially Adverse Effect.  Each Loan
Party has duly executed and delivered the Loan Documents to which it is a
party.  To our knowledge, neither the
Company nor the Guarantor is in default under or in violation of its
organizational documents or, except for such defaults or violations which would
not reasonably be expected to have a Materially Adverse Effect, any Applicable
Law, indenture, agreement or instrument.

 

4.                                       The
Credit Agreement constitutes, and each other Loan Document to which any Loan
Party is a party constitutes, a legal, valid and binding obligation of the
respective Loan Parties party thereto enforceable in accordance with its
respective terms.  The Subsidiary
Guaranty of the Guarantor constitutes a legal, valid and binding obligation of
the Guarantor enforceable in accordance with its terms.

 

5.                                       To
our knowledge and except as may be set forth in Schedule 3 of the Credit
Agreement or in the financial statements referred to in Section 7.4 of the
Credit Agreement, no litigation (including derivative actions), arbitration
proceedings or governmental proceedings are pending or threatened against the
Company or the Guarantor which would, if adversely determined, either (a)
reasonably be expected to result in liability of the Company and its
Subsidiaries in excess of actual reserved self-insurance amounts, actual
uncontested insurance coverage or effective uncontested indemnifications with
respect thereto, or (b) reasonably be expected to have a Materially Adverse
Effect.  To our knowledge, no litigation
is pending or threatened challenging the validity of the Loan Documents or the
ability of the Loan Parties to perform thereunder.

 

6.                                       No
authorization, consent, approval, license or formal exemption from, nor any
filing, declaration or registration with, any court, governmental agency or
regulatory authority (whether Federal, state, local or foreign), including the
Securities and Exchange Commission,

 

E-1-2

 

any securities exchange, and the Surface
Transportation Board, is required in connection with the execution, delivery or
performance by any Loan Party of any Loan Document (except those as required
under Section 8.7 of the Credit Agreement with respect to the ownership or use
of assets or conduct of business thereby, and filings with the Securities and
Exchange Commission pursuant to the Securities Exchange Act of 1934) or the
issuance of the Notes in the manner and for the purpose contemplated by the
Credit Agreement.

 

7.                                       Based
on facts known to us, neither the Company nor the Guarantor is an “investment
company” or a company “controlled” by an “investment company,” within the
meaning of the Investment Company Act of 1940.

 

8.                                       Based
on facts known to us, neither the Company nor the Guarantor is a “public-utility
company,” or a “holding company,” or a “subsidiary company” of a “holding
company,” or an “affiliate” of a “holding company” or of a “subsidiary company”
of a “holding company,” within the meaning of the Public Utility Holding
Company Act of 1935.

 

9.                                       Based
on facts known to us, the Company is not engaged principally, or as one of its
important activities, in the business of extending, or arranging for the
extension of, credit for the purpose of “purchasing or carrying any margin
stock,” within the meaning of Regulation U of the FRB.

 

10.                                 The
Loan Documents provide that the substantive laws of the State of New York shall
govern the execution, interpretation and enforceability of the Loan
Documents.  If presented with the issue,
an Arkansas court or a federal court sitting in Arkansas will enforce any
provision in the Loan Documents that the rights and obligations of the parties
thereunder shall be governed by, construed, interpreted and enforced in
accordance with the laws of the State of New York, except with regard to the
availability and enforcement of remedies against real or personal property
located in Arkansas, as to which Arkansas law would apply.

 

The foregoing
opinions are, with your consent, also subject to the following assumptions,
limitations, qualification and exceptions:

 

(A)                              In
our examination, we have assumed, without investigation or duty to investigate,
(i) the authenticity and completeness of all documents submitted to us as
originals, (ii) the genuineness of all signatures other than those on behalf of
the Company and the Guarantor and the legal capacity of all natural persons,
and (iii) the conformity to originals and the completeness of all documents
submitted to us as photostatic, notarial or certified copies.

 

(B)                                In
rendering our opinions about, as to, or concerning the Company and the
Guarantor, we have relied, without investigation or duty to investigate, upon
the Certificates of Good Standing of the Arkansas Secretary of State with
respect to the Company and the Guarantor, each dated April 14, 2005, and the
Certificate of Existence of the Georgia Secretary of State with respect to the
Guarantor, dated April 18, 2005, and the Officer’s Certificates of the Company
and the Guarantor dated even herewith, to establish conclusively the factual
matters contained or described therein. 
We have made no independent investigation of the truth or accuracy of
the factual matters set forth in the representations and warranties made in the
Credit Agreement and the other Loan Documents.

 

E-1-3

 

(C)                                Our
opinions are subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium and similar debtor relief laws from time to
time in effect, as well as general principles of equity applied by a court of
proper jurisdiction, regardless of whether proceedings may be in equity or at
law.

 

(D)                               We
have assumed that all parties to the transactions described in the Loan
Documents will exercise their rights and remedies in circumstances and in a
manner that are commercially reasonable.

 

(E)                                 We
have assumed that the express written terms of the Credit Agreement and the
other Loan Documents set forth the entire agreement of the parties as to the
subject matter thereof, and that there are no oral or written statements,
representations, agreements, or understandings that modify, amend or vary (or
that purport to modify, amend or vary) any of the terms of the Credit Agreement
and the other Loan Documents.

 

(F)                                 With
your approval, we have conclusively assumed that neither you nor your counsel
know of any reason why the opinions set forth herein may be incorrect.

 

(G)                                Our
opinions are limited to the laws of the State of Arkansas, applicable laws of
the United States of America and, as to matters of Georgia corporate law
contained in paragraphs 2 and 3, the Georgia Business Corporation Code.  To the extent that matters to which we have
opined may be governed by New York law, our opinions are given as if the laws
of New York were identical (except in respect of usury laws) to the laws of
Arkansas.  We have made no investigation
of the laws of New York to determine whether, in fact, they are identical to
the laws of Arkansas, and we disclaim any duty to do so.

 

(H)                               For
the purposes of rendering the choice-of-law portion of our opinion contained in
paragraph 10, we have assumed the legality, validity, and enforceability of the
Loan Documents under the substantive laws of the State of New York.  In connection with the enforceability of the
choice of laws contained in the documents, our opinion assumes the following
facts:

 

(i)                                     Each
of you, acting through offices outside of Arkansas, has full power and
authority to execute the Loan Documents to which you are a party and to receive
your Notes.

 

(ii)                                  The
terms of the Loan Documents were primarily negotiated in telephone conferences
between representatives of the Loan Parties in Arkansas and representatives of
the Administrative Agent in locations outside of Arkansas.

 

(iii)                               The
Loan Documents were primarily prepared in North Carolina by your counsel.

 

(iv)                              After
execution by the Loan Parties, the Loan Documents were delivered to the
Administrative Agent for acceptance and execution by the Administrative Agent
and the Banks in their principal places of business, some of which

 

E-1-4

 

are located in the State of New York and none of which
are located in the State of Arkansas.

 

(v)                                 You
will make advances available to the Company by wire transfer from offices
outside of Arkansas to the Administrative Agent and not to the Company or any
bank in the State of Arkansas, and the Company will make payments to the
Administrative Agent, at an office outside of Arkansas, for the benefit of the
Banks.

 

(vi)                              The
transactions contemplated by the Credit Agreement have a “reasonable relation”
to the State of New York, as such term is used in § 1-105 of the Uniform
Commercial Code, Ark. Code Ann. § 4-1-105.

 

(I)                                    Our
opinions represent the reasoned judgment of Mitchell, Williams, Selig, Gates
& Woodyard, P.L.L.C., as to certain matters of law based upon facts
presented to us or assumed by us and should not be considered or construed as a
guaranty.

 

(J)                                   The
statements expressed in this opinion as being “to our knowledge” or “based on
facts known to us” are made on the basis of the present actual conscious
knowledge of C. Douglas Buford, Jr. and Walter E. May, the members of the firm
participating in the negotiating, drafting or review of the various documents,
without any investigation or having any duty whatsoever to investigate.  The term “the firm” means the law firm of
Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C. as it exists on the
date of this opinion letter.

 

(K)                               Our
opinions are rendered as of the date hereof and are based upon applicable law
and relevant documents as they exist as of the date hereof.  Our opinions are subject to future changes in
law or fact, and we disclaim any obligation to advise you of or update this
opinion for any changes of applicable law or facts which may affect matters or
opinions set forth herein.

 

(L)                                 The
opinions expressed herein are solely for the benefit of the addressees hereto
in connection with the consummation of the transactions contemplated by the
Credit Agreement and may not be used or relied upon for any other purpose
whatsoever, or by any other Person other than the assignees and participants of
such addressees, and Helms, Mullis & Wicker in connection with the opinion
they are rendering pursuant to the requirements of the Credit Agreement.  Our opinions may not be provided in any
manner to any other Person (other than to furnish them, for information but not
for reliance purposes, to prospective assignees and participants, and any
regulatory authorities to which the addressees may be subject) without our
express written approval.  The liability
of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., is limited to the
fullest extent possible under Ark. Code Ann. § 16-114-303, a copy of which is
attached.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MITCHELL, WILLIAMS, SELIG,

  
	
   

  	
  GATES & WOODYARD, P.L.L.C.

  

 

E-1-5

 

EXHIBIT
E-2

 

FORM OF OPINION

FROM HELMS MULLISS & WICKER, PLLC

 

To the Lenders and the
Administrative Agent

Referred to Below

c/o
Bank of America, N.A., as Administrative Agent

Mailcode CA5-701-05-19 

1455 Market Street, 5th Floor 

San Francisco, CA  94103

Attention:  Charles Graber

 

Ladies and Gentlemen:

 

We have participated in the preparation of the Credit
Agreement dated as of April 27, 2005 (the “Credit Agreement”), among J.B. Hunt Transport
Services, Inc., an Arkansas corporation (the “Borrower”),
the lenders listed on the signature pages thereof (the “Lenders”), and Bank of America, N.A., as the administrative agent (in
such capacity, the “Administrative Agent”),
and have acted as special counsel for the Administrative Agent for the purpose
of rendering this opinion pursuant to Section 10.1(e) of the Credit
Agreement.  Capitalized terms defined in
the Credit Agreement that are not otherwise defined herein are used herein as
therein defined.

 

We have examined originals or copies, certified or
otherwise identified to our satisfaction, of such documents, corporate records,
certificates of public officials and other instruments and have conducted such
other investigations of fact and law as we have deemed necessary or advisable
for purposes of this opinion.

 

In rendering this opinion, we have assumed, with your
consent, that:

 

(a)                                  each
party to the Credit Agreement, including the Borrower, (i) is duly organized or
formed and validly exists and is in good standing at all relevant times, (ii)
has the requisite power to execute, deliver and perform its obligations under
the Credit Agreement, (iii) has taken all requisite corporate action to
authorize the execution, delivery and performance of its obligations under the
Credit Agreement, and (iv) has duly executed and delivered the Credit
Agreement;

 

(b)                                 the
Credit Agreement constitutes the valid, binding and enforceable obligation of
each party thereto (other than the Borrower);

 

(c)                                  the
execution, delivery and performance of the obligations under the Credit Agreement
do not and will not conflict with, contravene, violate or constitute a default
under

 

E-2-1

 

(i) the Certificate
of Incorporation or By-Laws of the Borrower, (ii) any lease, indenture,
instrument or other agreement to which the Borrower or the Borrower’s property
is subject, (iii) any rule, law or regulation to which the Borrower is
subject, or (iv) any judicial or administrative order or decree of any
Governmental Authority; and

 

(d)                                 no
authorization, consent or other approval of, notice to or filing with any
Governmental Authority is required to authorize or is required in connection
with the execution, delivery or performance by the Borrower of the Credit
Agreement or the transactions contemplated thereby.

 

We understand that you are relying upon an opinion of
Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., counsel to the
Borrower, as to certain of the matters above as they relate to the Borrower.

 

Upon the basis of the foregoing and subject to the
qualifications below, we are of the opinion that the Credit Agreement
constitutes the valid, binding and enforceable obligation of the Borrower.

 

Our opinion is subject to the following
qualifications:

 

(a)                                  enforcement
of the obligations under the Credit Agreement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally and by general principles of equity
(regardless of whether enforcement is sought in equity or at law);

 

(b)                                 we
express no opinion as to the effect on the opinion expressed herein of (i) the
compliance or non-compliance of any party to the Credit Agreement with any
state, federal or other laws or regulations applicable to it or (ii) the legal
or regulatory status or the nature of the business of any party;

 

(c)                                  we
express no opinion as to the enforceability of any rights to contribution,
exculpation or indemnification provided for in the Credit Agreement which
purport to indemnify, or provide exculpation to, a Person against the
consequences of its own negligence or willful misconduct or are violative of
the public policy underlying any law, rule or regulation (including any federal
or state securities law, rule or regulation);

 

(d)                                 we
express no opinion with respect to any provision of the Credit Agreement that
purports to select a governing law in conflict with mandatory choice of law
rules set forth in Section 5-116 of the UCC;

 

(e)                                  we
express no opinion as to the enforceability of any provision of the Credit
Agreement that purports to affect venue or the subject matter jurisdiction of
courts, to waive the right to a jury trial or to waive any objection a Person
may have that a suit, action or proceeding has been brought in an inconvenient
forum;

 

E-2-2

 

(f)                                    we
express no opinion with respect to the validity, perfection or priority of any
security interest;

 

(g)                                 we
express no opinion with respect to any provision of the Credit Agreement to the
extent it authorizes or permits any purchaser of a participation interest to
set-off or apply any deposit, property or indebtedness with respect to any
participation interest;

 

(h)                                 our
opinion with respect to the enforceability of the choice of New York law and
choice of New York forum provisions of the Credit Agreement  is rendered in reliance upon the Act of July
19, 1984, ch. 421, 1984 McKinney’s Sess. Laws of N.Y. 1406 (codified at N.Y.
Gen. Oblig. Law §§ 5-1401, 5-1402 (McKinney 1989) and N.Y. CPLR 327(b)
(McKinney 1990)) and is subject to the qualifications that such enforceability
may be limited by public policy considerations of any jurisdiction, other than
the courts of the State of New York, in which enforcement of such provisions,
or of a judgment upon an agreement containing such provisions, is sought;

 

(i)                                     we
express no opinion as to any state or federal securities law;

 

(j)                                     the
opinion expressed herein only considers the application of those laws and
regulations that, in our experience, are customarily applicable to transactions
of the type embodied by the Credit Agreement; and

 

(k)                                  we
express no opinion as to the effect of any possible judicial, administrative or
other action giving effect to, or which constitute, the actions of governmental
authorities or laws of any country other than the United States of America.

 

Certain members of the firm are members of the Bar of
the State of New York and the foregoing opinion is limited to the laws of the
State of New York as in effect on the date hereof.  No opinion is expressed herein as to any
matters governed by the laws of any other jurisdiction.

 

This opinion letter is delivered solely to the Lenders
and the Administrative Agent, and may not be relied upon by any other Person
other than the addressees hereof, any successor or assignee of any addressee
(including successive assignees) and any Person who shall acquire a
participation interest of any Lender (collectively, the “Reliance Parties”).  This opinion letter may be relied upon only
in connection with matters related to the Credit Agreement and then only as if
it were delivered to the Reliance Party on the date hereof.  Our opinion herein shall not be quoted or
otherwise included, summarized or referred to in any publication or document,
in whole or in part, for any purposes whatsoever, or furnished to any Person
other than a Reliance Party (or a Person considering whether to become a
Reliance Party), except as may be required of any Reliance Party by applicable
law or regulation or in accordance with any auditing or oversight function or
request of regulatory agencies to which a Reliance Party is subject.

 

Very truly
yours,

 

E-2-3

 

EXHIBIT
F

 

COMPLIANCE CERTIFICATE

 

This Compliance Certificate is delivered pursuant to Section
8.1 of the Senior Revolving Credit Facility Agreement, dated as of April 27,
2005 (as from time to time amended, modified or supplemented, the “Credit
Agreement”), by and among J.B. Hunt Transport Services, Inc. (the “Borrower”),
the various financial institutions party thereto and Bank of America, N.A., as
Administrative Agent.  Terms not
otherwise expressly defined herein shall have the meanings set forth in the
Credit Agreement.

 

1.                                       The
Borrower hereby certifies and warrants that as of the date of this Compliance
Certificate, except as described below, no Default exists or is
continuing.  The Borrower further
certifies and warrants that, as of the dates set forth below:

 

(a)                                   As
of the last day of the last Fiscal Quarter, Permitted Investments other than
Permitted Investments under paragraphs (a)-(j) in the definition thereof were
approximately, and in any event not more than, $               ,
which amount, together with the amount of all Guaranties (other than Guaranties
by Transport of Indebtedness of the Borrower), is less than 10% of Net Worth ($                         );

 

(b)                                  At
                         ,
200  , the Adjusted Debt to Cash Flow Ratio was approximately                          ,
and in any event not greater than, 3.00 to 1.00, computed as follows:

 

Total Indebtedness                                                    $

 

Total Cash Flow:                                                        $

Net Income ($                         ),
plus

Interest Expense ($                         ),
plus

taxes ($                         ),
plus depreciation

and amortization ($                         ),
plus

Rentals ($                         )

 

 

(c)                                   At
                         ,
200  , the Fixed Charge Coverage Ratio was approximately                  ,
and in any event not less than, 1.25 to 1.0, computed as follows:

 

Net Income ($                         ),
plus

taxes ($                         ),
plus Interest

Expense ($                         ),
plus

Rentals ($                         ):                                                                                                         $                         

 

Interest Expense ($                         ),

plus Rentals ($                         ):                               $                         

 

F-1

 

(d)                                  As
of the last day of the most recent Fiscal Quarter, the aggregate amount of
Indebtedness of all Subsidiaries described in Section 9.7 of the Credit
Agreement incurred since the Effective Date was approximately $                         .

 

2.                                        A
Default exists as follows:

 

(a)                                   Nature
of Default:

 

 

.

 

(b)                                  Period
of existence of Default:

 

 

(c)                                   Action
which the Borrower is taking and proposes to take with respect to the Default:

 

 

 

In witness whereof, the Borrower has caused this
Compliance Certificate to be executed and delivered, and the certifications and
warranties contained herein to be made, by the President of the Company or
other officer specified below, this                     
day of                     ,
200  .

 

	
   

  	
  J.B. HUNT TRANSPORT SERVICES, INC.

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

F-2

 

EXHIBIT
G

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (this “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor]
(the “Assignor”) and [Insert name of Assignee]
(the “Assignee”).  Capitalized
terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (the “Credit Agreement”), receipt of a
copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Assumption as if set forth
herein in full.

 

For an agreed consideration, the Assignor hereby
irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in
accordance with the Standard Terms and Conditions and the Credit Agreement, as
of the Effective Date inserted by the Administrative Agent as contemplated
below (i) all of the Assignor’s rights and obligations as a Bank under the
Credit Agreement and any other documents or instruments delivered pursuant
thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under
the revolving credit facility and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right
of the Assignor (in its capacity as a Bank) against any Person, whether known
or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice
claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned pursuant to clauses (i) and (ii) above
being referred to herein collectively as, the “Assigned Interest”).  Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by the Assignor.

 

1.                                       Assignor:                                                                                                      

 

2.                                       Assignee:                                                                                                     
[and is an Affiliate/Approved Fund of [identify Bank] (3)

 

3.                                       Borrower(s):                                                                                         

 

4.                                       Administrative
Agent: Bank of America, N.A., as the administrative agent under the Credit
Agreement

 

5.                                       Credit
Agreement:                                               Credit
Agreement, dated as of              ,
2005, among J.B. HUNT TRANSPORT SERVICES, INC., the Banks from time to time
party thereto, and Bank of America, N.A., as Administrative Agent

 

(3)  Select as applicable.

 

G-1

 

6.                                       Assigned
Interest:

 

	
  Aggregate

  Amount of

  Commitment

  for all Banks*

  	
   

  	
  Amount of

  Commitment

  Assigned*

  	
   

  	
  Percentage

  Assigned of

  Commitment(4)

  	
   

  	
  CUSIP Number

  
	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  
	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  
	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  

 

[7.                                   Trade
Date:                                                                 ]
(5)

 

Effective Date:                                ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]

 

The terms set forth in this Assignment and Assumption
are hereby agreed to:

 

	
   

  	
  ASSIGNOR

  
	
   

  	
   

  
	
   

  	
  [NAME OF ASSIGNOR]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE

  
	
   

  	
   

  
	
   

  	
  [NAME OF ASSIGNEE]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

*    Amount to be adjusted by the counterparties to
take into account any payments or prepayments made between the Trade Date and
the Effective Date.

(4)  Set forth, to at least 9 decimals, as a
percentage of the Commitment/Loans of all Banks thereunder.

(5)  To be completed if the Assignor and the
Assignee intend that the minimum assignment amount is to be determined as of
the Trade Date.

 

G-2

 

[Consented to and] (6) Accepted:

BANK OF AMERICA, N.A., as

  Administrative Agent

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  
	
  [Consented to:] (7)

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Title:

  

 

(6)  To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.

(7)  To be added only if the consent of the
Borrower is required by the terms of the Credit Agreement.

 

G-3

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

[                          ]
(8)

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.                                       Representations
and Warranties.

 

1.1.                              Assignor.  The Assignor (a) represents and warrants that
(i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse
claim created by it and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement or any other
Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan
Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

 

1.2.                              Assignee.  The Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby and to become a Bank under the Credit
Agreement, (ii) it meets all requirements of an Eligible Assignee under the
Credit Agreement (subject to receipt of such consents as may be required under
the Credit Agreement), (iii) from and after the Effective Date, it shall be
bound by the provisions of the Credit Agreement as a Bank thereunder and, to
the extent of the Assigned Interest, shall have the obligations of a Bank thereunder,
(iv) it has received a copy of the Credit Agreement, together with copies of
the most recent financial statements delivered pursuant to Section    
thereof, as applicable, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without
reliance on the Administrative Agent or any other Bank, and (v) if it is a
non-US Bank, attached hereto is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed
by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, the Assignor or any other Bank, and based
on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Loan Documents, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Bank.

 

(8)  Describe Credit Agreement at option of
Administrative Agent.

 

G-4

 

2.                                       Payments.  From and after the Effective Date, the
Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to
the Assignor for amounts which have accrued to but excluding the Effective Date
and to the Assignee for amounts which have accrued from and after the Effective
Date.

 

3.                                       General
Provisions.  This Assignment and
Assumption shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns.  This Assignment and Assumption may be
executed in any number of counterparts, which together shall constitute one
instrument.  Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy
shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption.  This
Assignment and Assumption shall be governed by, and construed in accordance
with, the law of the State of New York.

 

G-5Exhibit 10.1

 

FOURTH
MODIFICATION OF WAIVER AND

FIFTH AMENDMENT TO CREDIT AGREEMENT

(TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT)

 

THIS FOURTH MODIFICATION OF WAIVER AND FIFTH
AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) is dated as of April 29,  2005 and is made by and among KEY ENERGY
SERVICES, INC., a Maryland corporation (the “Borrower”), each of the GUARANTORS
(as defined in the Credit Agreement), the LENDERS (as defined in the Credit
Agreement), PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative
Agent”), PNC CAPITAL MARKETS, INC., and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor-by-merger to Wells Fargo Bank
Texas, National Association), as
the Co-Lead Arrangers, and CALYON NEW YORK BRANCH (successor by merger to CREDIT
LYONNAIS NEW YORK BRANCH), as the Syndication Agent (the “Syndication Agent”),
JPMORGAN CHASE BANK, N.A. and COMERICA BANK, as the Co-Documentation Agents
(the “Co-Documentation Agents”).

 

GENERAL
RECITALS

 

WHEREAS,
the Borrower, the Guarantors, the Lenders, the Administrative Agent and the
other parties hereto are parties to that certain Fourth Amended and Restated
Credit Agreement, dated as of June 7, 1997, as amended and restated
through November 10, 2003, and as amended by that certain Waiver And First Amendment To Credit
Agreement (the “Waiver and First Amendment”) dated as of April 5,
2004, that Modification of Waiver and
Second Amendment to Credit Agreement (the “Modification of Waiver”) dated August 31, 2004, that Second
Modification of Waiver and Third Amendment to Credit Agreement (the “Second
Modification of Waiver”) and that Third
Modification of Waiver and Fourth Amendment to Credit Agreement (the “Third
Modification of Waiver”)  dated March 30, 2005 (and as hereafter
amended, restated, supplemented or modified, the “Credit Agreement”);

 

WHEREAS,
the Lenders and Borrower desire to modify certain provisions of the Waiver and
First Amendment as previously modified by the Modification of Waiver, the
Second Modification of Waiver and the Third Modification of Waiver; and

 

WHEREAS,
except as otherwise provided in this Amendment, capitalized terms used herein
shall have the meanings given to them in the Credit Agreement, as amended by
this Amendment, and all references to Sections in this Amendment which do not
refer to a specific document shall be deemed to refer to the Credit Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, the parties hereto, in consideration of their mutual covenants and
agreements hereinafter set forth and intending to be legally bound hereby,
covenant and agree as follows:

 

 

1.                                       Modification of Agreements
(Section 1(c) Contained in Waiver And First Amendment.

 

Clauses (1), (4) and (7) of Section 1(c) (Agreements)
of the Waiver and First Amendment are hereby amended and restated to read as
follows (the other clauses of such Waiver and First Amendment, as previously
amended are not being amended hereby and remain in full force and effect):

 

“(1)                            Draft
Annual Statements for 2004. 
The Loan Parties shall deliver to the Administrative Agent and to the
Lenders draft, internal, unaudited financial statements for the fiscal year
ended December 31, 2004 (the “Draft Annual Statements for 2004”) on or before
the later of the effective date hereof or April 30, 2005.  The
Draft Annual Statements for 2004 shall consist of a consolidated and
consolidating balance sheet as of the end of such fiscal year, and related
consolidated and consolidating statement of income for the fiscal year then
ended, all in reasonable detail and setting forth in comparative form the
financial statements as of the end of and for the preceding fiscal year, and
certified by the Borrower to reflect the Borrower’s financial condition and
results of operations in all material respects as of and for the period ended
December 31, 2004, subject to any write downs, write offs, charges and
adjustments required as a result of the Restatements;

 

. . .

 

(4)                                  Finalized
Financial Statements and Compliance Certificates.  The Loan Parties shall deliver to the
Administrative Agent and to the Lenders the following documents by the dates
set forth below:

 

(i)                                     May
31, 2005.  By May 31, 2005, their
2003 Annual Statements, which shall be finalized and comply in all respects
(other than the requirement for timely delivery) with the requirements of Section
7.3.2 of the Credit Agreement ( the delivery of the report of independent
certified public accountants for the Loan Parties as more fully described in
Section 7.3.2 of the Credit Agreement) and concurrently with the delivery of
such 2003 Annual Statements, a Compliance Certificate based on the results
contained in such statements;

 

(ii)                                  July
31, 2005.  By July 31, 2005, their
March 31, 2004 Quarterly Statements, June 30, 2004 Quarterly Statements,
September 30, 2004 Quarterly Statements, and 2004 Annual Statements, all of
which shall be finalized and comply in all respects (other than the requirement
for timely delivery) with the requirements of Sections 7.3.2 and 7.3.1, as
applicable, of the Credit Agreement (including, in the case of the 2004 Annual
Statements,  the delivery of the report
of independent certified public accountants for the Loan Parties as more fully
described in Section 7.3.2 of the Credit Agreement) and concurrently with the
delivery of such each such statement, a Compliance Certificate based on the
results contained in such statement;

 

2

 

(iii)                               August
31, 2005.  By August 31, 2005, their
March 31, 2005 Quarterly Statements and June 30, 2005 Quarterly Statements, all
of which shall be finalized and comply in all respects (other than the
requirement for timely delivery) with the requirements of Section 7.3.1 of the
Credit Agreement and concurrently with the delivery of such each such
statements, a Compliance Certificate based on the results contained in such
statements;

 

. . .

 

(7)                                  Violation
of Agreements in this Section 1(c)—Events of Default and Pricing Increases.

 

(A)                              Events
of Default.

 

Any breach of any
agreement in clauses (1), (2) or (3) of this Section 1(c) shall constitute an
Event of Default if not cured within 10 days following the occurrence
thereof.  Any breach of any agreement in
clauses (4), (6) or (9) of this Section 1(c) shall be deemed a violation of a
negative covenant subject to Section 8.1.3 [Breach of Negative Covenants or
Visitation Rights] of the Credit Agreement (and as such shall result in an
Event of Default upon the occurrence thereof).

 

(B)                                Pricing
Increase.

 

If either of the
following events shall occur: (i) the Loan Parties fail to deliver to the
Administrative Agent and to the Lenders by April 30, 2005, their 2003 Annual
Statements (the form and content of which shall comply with the requirements
described in Section 1(c)(4)(i) of this Agreement) and, concurrently therewith,
the Compliance Certificate based on the results contained in such statements,
or (ii) any breach of any agreement under Section 1(c) of this Agreement shall
occur, then, immediately upon the occurrence of such event, the Applicable
Margin under the Base Rate Option and the Euro-Rate Option each shall be
increased by .25%.  Each such increase in
the Applicable Margins pursuant to the preceding sentence shall be permanent
(and shall not be reduced if the Loan Parties shall again be in full compliance
with the requirements described in such sentence ).
Any increase in the Applicable Margin under the Euro-Rate Option under this
clause (7) shall also increase the Letter of Credit Fee (which is equal to the
Applicable Margin under the Euro-Rate Option) by a corresponding amount.  In no event shall the Applicable Margin at
any time be increased pursuant to the first two sentences of this Section 1(7)(B) by more than .25%, provided however that any increase
in the interest rates provided for under this Section 1(7)(B) shall be in
addition to any increase in the interest rates or fees pursuant to Section 3.3
of the Credit Agreement [Default Rate] arising as a result of the existence of
an Event of Default.

 

2.                                       Representations.

 

The Borrower represents and warrants to the
Administrative Agent and the Lenders that, by its execution and delivery hereof
to the Administrative Agent, as of the Effective

 

3

 

Date (defined
below), after giving effect to this Amendment, no Potential Default or Event of
Default has occurred and is continuing, and the representations and warranties
made by the Borrower and the other Loan Parties in or pursuant to the Credit
Agreement or any Loan Documents, including without limitation the
representation that the transactions contemplated herein will not violate any
Requirement of Law or Contractual Obligation of any Loan Party, are true and
correct in all material respects on and as of the Effective Date as if made on
such date (except to the extent that any such representations and warranties
expressly relate to an earlier date in which case such representations and
warranties were true and correct in all material respects on and as of such
earlier date).

 

3.                                       Conditions to Effectiveness of
this Amendment.

 

This
Amendment shall become effective on the date on which all of the following
conditions have occurred:

 

(a)                                  Execution
and Delivery.  The Administrative
Agent (or its counsel) shall have received a copy of this Amendment duly
executed and delivered by duly authorized officers of the Borrower and each of
the Guarantors, the Required Lenders and the Administrative Agent;

 

(b)                                 Representations
and Warranties.  The representations
and warranties in Section 2 of this Amendment shall be true and correct and,
after giving effect to this Amendment,  no Potential Default or Event of
Default shall exist and be continuing.

 

(c)                                  Fee.  The Borrower shall have paid to the
Administrative Agent for the account of each Lender which delivers to the
Administrative Agent (or the Administrative Agent’s counsel as instructed by
the Administrative Agent) such Lender’s signed signature page to this Amendment
on or before the close of business on April 30, 2005 a fee in the amount of
..25% times such Lender’s Commitment.

 

4.                                       Miscellaneous.

 

(a)                                  Continuing
Effect of the Credit Agreement.  This
Amendment shall not constitute an amendment or waiver of or consent to any
provision of the Credit Agreement, the Waiver and First Amendment, the Modification of Waiver,
the Second Modification of Waiver or the Third Modification of Waiver not
expressly referred to herein and shall not be construed as an amendment, waiver
or consent to any action on the part of the Borrower that would require an
amendment, waiver or consent of the Agents or the Lenders except as expressly
stated herein.  Except as expressly
consented to hereby, the provisions of the Credit Agreement, the Waiver and
First Amendment, the Modification
of Waiver, the Second Modification of Waiver or the
Third Modification of Waiver and the other Loan Documents are and shall remain
in full force and effect.

 

(b)                                 Fees
and Expenses.  The Borrower agrees to
pay or reimburse the Administrative Agent on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation
and execution of this Amendment, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

 

4

 

(c)                                  Counterparts.  This Amendment may be executed in any number
of counterparts (including by facsimile) by the parties hereto, each of which
counterparts (whether by facsimile or otherwise) when so executed shall be an
original, but all counterparts taken together shall constitute one and the same
instrument.

 

(d)                                 GOVERNING
LAW.  THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE COMMONWEALTH OF PENNSYLVANIA.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

5

 

[SIGNATURE
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WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

IN
WITNESS WHEREOF, the parties hereto, by their officers thereunto duly
authorized, have executed this Agreement as of the day and year first above
written.

 

	
   

  	
  KEY
  ENERGY SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William M.
  Austin

  	
   

  
	
   

  	
  Name:

  	
   William M. Austin

  
	
   

  	
  Title:

  	
  Senior Vice President
  and

  Chief Financial Officer

  

 

 

[SIGNATURE
PAGE 2 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  PNC
  BANK, NATIONAL ASSOCIATION,

  individually and as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard C.
  Munsick

  	
   

  
	
   

  	
  Name:

  	
   Richard C. Munsick

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

 

[SIGNATURE
PAGE 3 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION,
  successor-by-merger to Wells

  Fargo Bank Texas, National Association, ,

  individually and as Co-Lead Arranger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric R.
  Hollingworth

  	
   

  
	
   

  	
  Name:

  	
  Eric R. Hollingsworth

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

[SIGNATURE
PAGE 4 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  CALYON
  NEW YORK BRANCH, individually

  and as Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Olivier
  Audemard

  	
   

  
	
   

  	
  Name:

  	
  Olivier Audemard

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philippe
  Soustra

  	
   

  
	
   

  	
  Name:

  	
  Philippe Soustra

  	
   

  
	
   

  	
  Title:

  	
  Executive Vice
  President

  

 

 

[SIGNATURE
PAGE 5 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  JPMORGAN
  CHASE BANK, N.A., individually

  and as Co-Documentation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeanie C.
  Gonzalez

  	
   

  
	
   

  	
  Name:

  	
  Jeanie C. Gonzalez

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

 

[SIGNATURE
PAGE 6 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  COMERICA
  BANK, individually and as Co-

  Documentation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mona M. Foch

  	
   

  
	
   

  	
  Name:

  	
  Mona M. Foch

  
	
   

  	
  Title:

  	
  Senior Vice President –
  Texas Division

  

 

 

[SIGNATURE
PAGE 7 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  BNP
  PARIBAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark A. Cox

  	
   

  
	
   

  	
  Name:

  	
  Mark A. Cox

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Greg
  Smothers

  	
   

  
	
   

  	
  Name:

  	
  Greg Smothers

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

[SIGNATURE
PAGE 8 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert M.
  Kadlick

  	
   

  
	
   

  	
  Name:

  	
  Robert Kalick

  
	
   

  	
  Title:

  	
  Duly Authorized
  Signatory

  

 

 

[SIGNATURE
PAGE 9 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  HIBERNIA
  NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen H.
  Birnbaum

  	
   

  
	
   

  	
  Name:

  	
  Stephen H. Birnbaum

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

[SIGNATURE
PAGE 10 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  NATEXIS
  BANQUES POPULAIRES

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy L.
  Polvado

  	
   

  
	
   

  	
  Name:

  	
  Timothy L. Polvado

  	
   

  
	
   

  	
  Title:

  	
  Vice President and
  Group Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis P.
  Laville, III

  	
   

  
	
   

  	
  Name:

  	
  Louis P. Laville, III

  
	
   

  	
  Title:

  	
  Vice President and
  Group Manager

  

 

 

[SIGNATURE
PAGE 11 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  AMEGY
  BANK N.A. f/k/a SOUTHWEST

  BANK OF TEXAS, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott
  Collins

  	
   

  
	
   

  	
  Name:

  	
  Scott Collins

  
	
   

  	
  Title:

  	
  Banking Officer

  

 

 

[SIGNATURE
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AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  BROOKS
  WELL SERVICING, INC.

  
	
   

  	
  DAWSON
  PRODUCTION ACQUISITION

  CORP.*

  
	
   

  	
  DAWSON
  PRODUCTION MANAGEMENT,

  INC.

  
	
   

  	
  DAWSON
  PRODUCTION TAYLOR, INC.*

  
	
   

  	
  KALKASKA
  OILFIELD SERVICES, INC.

  
	
   

  	
  KEY
  ENERGY DRILLING, INC.

  
	
   

  	
  KEY
  ENERGY SERVICES-CALIFORNIA,

  INC.

  
	
   

  	
  KEY
  ENERGY SERVICES-SOUTH TEXAS,

  INC.

  
	
   

  	
  KEY
  FOUR CORNERS, INC.

  
	
   

  	
  KEY
  ROCKY MOUNTAIN, INC.

  
	
   

  	
  MISR
  KEY ENERGY SERVICES, LLC

  
	
   

  	
  Q
  SERVICES, INC.

  
	
   

  	
  Q.V.
  SERVICES, INC.

  
	
   

  	
  UNITRAK
  SERVICES HOLDING, INC.

  
	
   

  	
  WATSON
  OILFIELD SERVICE & SUPPLY,

  INC.

  
	
   

  	
  WELL-CO
  OIL SERVICE, INC.

  
	
   

  	
  WELLTECH
  EASTERN, INC.

  
	
   

  	
  WELLTECH
  MID-CONTINENT, INC.

  
	
   

  	
  YALE
  E. KEY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William M.
  Austin

  	
   

  
	
   

  	
  Name:

  	
  William M. Austin

  
	
   

  	
  Title:

  	
  Vice President of each
  corporate general

  partner listed above

  

 

 

[SIGNATURE
PAGE 13 OF 15 TO FOURTH MODIFICATION OF

WAIVER
AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  BROOKS
  WELL SERVICING BENEFICIAL,

  LP

  
	
   

  	
  by the sole
  general partner, Brooks Well

  Servicing, Inc.

  
	
   

  	
  DAWSON
  PRODUCTION PARTNERS, L.P.

  
	
   

  	
  by the sole
  general partner, Dawson

  Production Management, Inc.

  
	
   

  	
  KEY
  ENERGY DRILLING BENEFICIAL, LP

  
	
   

  	
  by the sole
  general partner, Key Energy

  Drilling, Inc.

  
	
   

  	
  Q.V.
  SERVICES BENEFICIAL, L.P.

  
	
   

  	
  by
  the sole general partner,

  
	
   

  	
  Q.V.
  Services, Inc.

  
	
   

  	
  UNITRAK
  SERVICES, L.P.

  
	
   

  	
  by the sole
  general partner, Unitrak Services

  Holding, Inc.

  
	
   

  	
  WELLTECH
  MID-CONTINENT

  BENEFICIAL, LP

  
	
   

  	
  by the sole
  general partner, WellTech Mid-

  Continent, Inc.

  
	
   

  	
  YALE
  E. KEY BENEFICIAL, LP

  
	
   

  	
  by
  the sole general partner, Yale E. Key, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William M.
  Austin

  	
   

  
	
   

  	
  Name:

  	
  William M. Austin

  
	
   

  	
  Title:

  	
  Vice President of each
  corporate general

  partner listed above

  

 

 

[SIGNATURE
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AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  KEY
  ENERGY PRESSURE PUMPING

  SERVICES, L.P.

  
	
   

  	
  by the sole
  general partner, Q Oil & Gas

  Services, LLC

  
	
   

  	
  Q
  PRODUCTION SERVICES, L.P.

  
	
   

  	
  by the sole
  general partner, Q Oil & Gas

  Services, LLC

  
	
   

  	
  QUALITY
  OIL FIELD SERVICES, L.P.

  
	
   

  	
  by the sole
  general partner, Q Oil & Gas

  Services, LLC

  
	
   

  	
  KEY
  ENERGY FISHING & RENTAL

  SERVICES, L.P.

  
	
   

  	
  by the sole
  general partner, Q Oil & Gas

  Services, LLC

  
	
   

  	
  Q.V.
  SERVICES OF TEXAS, L.P.

  
	
   

  	
  by the sole
  general partner, Q Oil & Gas

  Services, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  William M.
  Austin (SEAL)

  
	
   

  	
  Name:

  	
  William M. Austin

  
	
   

  	
  Title:

  	
    Vice President of Q Services, Inc., the

  sole member of each sole general partner

  listed above

  

 

 

[SIGNATURE
PAGE 15 OF 15 TO FOURTH MODIFICATION OF

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AND FIFTH AMENDMENT TO CREDIT AGREEMENT]

 

	
   

  	
  BROOKS
  WELL SERVICING, LLC

  
	
   

  	
  KEY
  ENERGY DRILLING, LLC

  
	
   

  	
  Q ENERGY
  SERVICES, L.L.C.

  
	
   

  	
  Q OIL
  & GAS SERVICES, LLC

  
	
   

  	
  Q.V.
  SERVICES, LLC

  
	
   

  	
  UNITRAK
  SERVICES, LLC

  
	
   

  	
  YALE
  E. KEY, LLC

  
	
   

  	
  WELLTECH
  MID-CONTINENT, LLC

  
	
   

  	
  KEY
  ENERGY SHARED SERVICES, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kimberly R.
  Frye

  	
   

  
	
   

  	
  Name:

  	
  Kimberly R. Frye

  
	
   

  	
  Title:

  	
  *Manager of each
  limited

  liability company listed above

  

 

*Signed in capacity of
Secretary for Key Energy Shared Services, LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]