Document:

exv10w4

Exhibit 10.4

 

Receivables Sale Agreement

Dated as of July 30, 2008

among

Swift Receivables Corporation II,

as the Seller,

Swift Transportation Corporation,

as the Initial Collection Agent,

Wells Fargo Foothill, LLC,

as the Administrative agent,

General Electric Capital Corporation,

Morgan Stanley Senior Funding, Inc.,

and Wells Fargo Foothill, LLC,

as the Co-Collateral Agents,

the Purchasers

from time to time party hereto,

and

Morgan Stanley Senior Funding, Inc., 

as Syndication Agent, Sole Bookrunner and Lead Arranger,

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE I PURCHASES FROM SELLER AND SETTLEMENTS 
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Sales
	 	 	1	 
	Section 1.2 Interim Liquidations
	 	 	3	 
	Section 1.3 Reserved
	 	 	4	 
	Section 1.4 Yield, Fees and Other Costs and Expenses
	 	 	4	 
	Section 1.5 Maintenance of Sold Interest; Deemed Collection
	 	 	5	 
	Section 1.6 Reduction in Commitments; Voluntary Reductions of Investments
	 	 	6	 
	Section 1.7 Reserved
	 	 	6	 
	Section 1.8 Security Interest
	 	 	6	 
	Section 1.9 Optional Increase in the Aggregate Commitment
	 	 	7	 
	 
	 	 	 	 
	ARTICLE II ALLOCATIONS 
	 	 	8	 
	 
	 	 	 	 
	Section 2.1 Allocations and Distributions
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III ADMINISTRATION AND COLLECTIONS 
	 	 	11	 
	 
	 	 	 	 
	Section 3.1 Appointment of Collection Agent
	 	 	11	 
	Section 3.2 Duties of Collection Agent
	 	 	12	 
	Section 3.3 Reports
	 	 	13	 
	Section 3.4 Lock-Box Arrangements
	 	 	13	 
	Section 3.5 Enforcement Rights
	 	 	13	 
	Section 3.6 Collection Agent Fee
	 	 	14	 
	Section 3.7 Responsibilities of the Seller
	 	 	14	 
	Section 3.8 Actions by Seller
	 	 	14	 
	Section 3.9 Indemnities by the Collection Agent
	 	 	15	 
	Section 3.10 Further Assurances.
	 	 	16	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES 
	 	 	17	 
	 
	 	 	 	 
	Section 4.1 Representations and Warranties of the Seller
	 	 	17	 
	Section 4.2 Representations and Warranties of the Initial Collection Agent
	 	 	21	 
	 
	 	 	 	 
	ARTICLE V COVENANTS 
	 	 	24	 
	 
	 	 	 	 
	Section 5.1 Covenants of the Seller and the Collection Agent
	 	 	24	 
	 
	 	 	 	 
	ARTICLE VI INDEMNIFICATION 
	 	 	34	 
	 
	 	 	 	 
	Section 6.1 Indemnities by the Seller
	 	 	34	 
	Section 6.2 Increased Cost and Reduced Return
	 	 	36	 
	Section 6.3 Other Costs and Expenses
	 	 	37	 
	Section 6.4 Withholding Taxes
	 	 	38	 
	Section 6.5 Payments and Allocations
	 	 	38	 
	 
	 	 	 	 
	i

 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE VII CONDITIONS PRECEDENT 
	 	 	39	 
	 
	 	 	 	 
	Section 7.1 Conditions to Closing
	 	 	39	 
	Section 7.2 Conditions to Each Purchase
	 	 	41	 
	 
	 	 	 	 
	ARTICLE VIII THE ADMINISTRATIVE AGENT AND THE CO-COLLATERAL AGENTS
	 	 	42	 
	 
	 	 	 	 
	Section 8.1 Appointment and Authorization
	 	 	42	 
	Section 8.2 Delegation of Duties
	 	 	43	 
	Section 8.3 Exculpatory Provisions
	 	 	43	 
	Section 8.4 Reliance by Administrative Agent and Co-Collateral Agents
	 	 	44	 
	Section 8.5 Assumed Payments
	 	 	45	 
	Section 8.6 Notice of Termination Events
	 	 	45	 
	Section 8.7 Non-Reliance on Administrative Agent,
Co-Collateral Agents and Other Purchasers
	 	 	46	 
	Section 8.8 Agents and Affiliates
	 	 	46	 
	Section 8.9 Indemnification
	 	 	47	 
	Section 8.10 Successor Agent
	 	 	47	 
	Section 8.11 Field Audits and Examination Reports;
Confidentiality; Disclaimers by Purchasers;
Other Reports and Information
	 	 	48	 
	Section 8.12 Co-Collateral Agent Decisions
	 	 	49	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS 
	 	 	49	 
	 
	 	 	 	 
	Section 9.1 Termination
	 	 	49	 
	Section 9.2 Notices
	 	 	50	 
	Section 9.3 Payments and Computations
	 	 	50	 
	Section 9.4 Sharing of Recoveries
	 	 	51	 
	Section 9.5 Right of Setoff
	 	 	51	 
	Section 9.6 Amendments
	 	 	51	 
	Section 9.7 Waivers
	 	 	52	 
	Section 9.8 Successors and Assigns; Participations; Assignments
	 	 	52	 
	Section 9.9 Intended Tax Characterization
	 	 	54	 
	Section 9.10 Confidentiality
	 	 	54	 
	Section 9.11 Reserved
	 	 	55	 
	Section 9.12 No Recourse
	 	 	55	 
	Section 9.13 Headings; Counterparts
	 	 	55	 
	Section 9.14 Cumulative Rights and Severability
	 	 	55	 
	Section 9.15 Governing Law; Submission to Jurisdiction
	 	 	55	 
	Section 9.16 WAIVER OF TRIAL BY JURY
	 	 	56	 
	Section 9.17 Third Party Beneficiaries
	 	 	56	 
	Section 9.18 Entire Agreement
	 	 	56	 
	 
	 	 	 	 
	ii

 

 

	 	 	 
	Schedules	 	Description
	 
	 	 
	Schedule I

	 	Definitions
	Schedule II

	 	Purchasers and Commitments
	Schedule III

	 	Litigation

	 	 	 
	Exhibits	 	Description
	 
	 	 
	Exhibit A

	 	Form of Incremental Purchase Request
	Exhibit B

	 	Form of Weekly and Monthly Periodic Reports
	Exhibit C

	 	Addresses and Names of Seller and Originators
	Exhibit D

	 	Subsidiaries
	Exhibit E

	 	Lock-Boxes and Lock-Box Banks
	Exhibit F

	 	Form of Lock-Box Letter
	Exhibit G

	 	Credit and Collection Policy

 

 

RECEIVABLES SALE AGREEMENT

          Receivables Sale Agreement, dated as of July 30, 2008, among Swift Receivables
Corporation II, a Delaware corporation, as Seller (the “Seller”), Swift Transportation Corporation,
a Nevada corporation, as initial Collection Agent (the “Initial Collection Agent,” and, together
with any successor thereto, the “Collection Agent”), Morgan Stanley Senior Funding, Inc., Wells
Fargo Foothill, LLC and General Electric Capital Corporation, as collateral agents for the
Purchasers (the “Co-Collateral Agents”), Wells Fargo Foothill, LLC, as administrative agent for the
Purchasers (the “Administrative Agent”), the purchasers from time to time party hereto (the
“Purchasers”) and Morgan Stanley Senior Funding, Inc. as syndication agent, sole bookrunner and
lead arranger (in each capacity, respectively, the “Syndication Agent”, the “Sole Bookrunner” and
the “Lead Arranger”). Certain capitalized terms used herein, and certain rules of construction,
are defined in Schedule I.

          WHEREAS, ABN AMRO Bank N.V. and Amsterdam Funding Corporation have sold their purchase
interest under the ABN Sale Agreement ratably to each Purchaser pursuant to the Assignment and
Release Agreement;

          WHEREAS, the Existing Securitization Subsidiary has transferred its residual interest in the
Receivables, the Related Security and the Collections to Swift Transportation Corporation, a Nevada
corporation, pursuant to the Assignment Agreement in satisfaction of its liabilities under the
Subordinated Note as defined in the ABN Sale Agreement, and such residual interest has been
transferred and assigned to the Seller pursuant to the Contribution Agreement as the initial
capital of the Seller (such residual interest, the “Residual Interest”); and

          WHEREAS, the Seller desires to sell undivided percentage ownership interests in the
Receivables, Collections and Related Security to the Purchasers, and the Purchasers desire to
purchase such interests, all in accordance with the terms and conditions of this Agreement;

          NOW THEREFORE, the parties hereto agree as follows:

ARTICLE I

Purchases from Seller and Settlements

     Section 1.1 Sales.

          (a) The Sold Interest. In addition to the acquisition of the initial Purchase Interest
pursuant to the Assignment and Release Agreement (the “Initial Purchase”), subject to the terms and
conditions hereof, the Seller may, from time to time before the Termination Date, sell to the
Purchasers the Receivables, the Related Security and all Collections. Any such purchase (a
“Purchase”), other than the Initial Purchase, shall be made by each Purchaser remitting funds to
the Seller, through the Administrative

 

 

Agent, pursuant to Section 1.1(c) or by the Administrative Agent remitting Collections to the
Seller pursuant to Section 1.1(d). The aggregate percentage ownership interest so acquired by a
Purchaser in the Receivables, the Related Security and related Collections (including the interest
acquired in the Initial Purchase, its “Purchase Interest”) shall equal at any time the following
quotient:

where:

     I = the outstanding Investment of such Purchaser at such time;

     PRP = the Purchaser Reserve Percentage; and

     ER = the Eligible Receivable Balance at such time;

Except during a Liquidation Period for a Purchaser, such Purchaser’s Purchase Interest will change
whenever its Investment, its Purchaser Reserve Percentage or the Eligible Receivable Balance
changes. During a Liquidation Period for a Purchaser its Purchase Interest shall remain constant
at the percentage in effect as of the day immediately preceding the commencement of the relevant
Liquidation Period, except for re-determinations to reflect Investments acquired from or
transferred to another Purchaser under a Transfer Agreement. The sum of all Purchasers’ Purchase
Interests at any time is referred to herein as the “Sold Interest”, which at any time is the
aggregate percentage ownership interest then held by the Purchasers in the Receivables, the Related
Security and Collections.

          (b) Commitment. On the terms and conditions herein set forth, each Purchaser severally agrees
to make Purchases (i) on the date hereof and from time to time thereafter on any Business Day
during the period from the date hereof to the Termination Date and (ii) in an aggregate amount for
such Purchaser not to exceed at any time outstanding such Purchaser’s Commitment; provided,
however, that no Purchaser shall be obligated to make any Purchase to the extent that, after giving
effect to such Purchase, its Investment would thereby exceed its Commitment, the Aggregate
Investment then outstanding would exceed the Maximum Aggregate Investment or the Matured Aggregate
Investment would exceed the Aggregate Commitment. The Initial Purchase and each additional
Purchase by a Purchaser not made from Collections pursuant to Section 1.1(d) is referred to herein
as an “Incremental Purchase.” Each Purchase made by a Purchaser with the proceeds of Collections
in which it has a Purchase Interest, which does not increase the outstanding Investment of such
Purchaser, is referred to herein as a “Reinvestment Purchase.” All Purchases hereunder shall be
made ratably by each Purchaser in accordance with the Commitment of such Purchaser.

          (c) Incremental Purchases. In order to request an Incremental Purchase from a Purchaser, the
Seller must provide to the Administrative Agent an irrevocable written request (including by
telecopier or other facsimile communication)

2

 

substantially in the form of Exhibit A (each such request, an “Incremental Purchase Request”),
by (i) 1:00 p.m. (California time) three Business Days before the requested date (the “Purchase
Date”) of such Purchase in the case of a Purchase bearing Yield at the LIBOR Rate, or (ii) 10:00
a.m. (California time) one Business Day before the requested date (the “Purchase Date”) in the case
of a Purchase bearing Yield at the Alternate Base Rate, specifying the requested Purchase Date
(which must be a Business Day) and the requested amount (the “Purchase Amount”) of such Purchase,
which must be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess of
that amount (or, if less, an amount equal to the Maximum Incremental Purchase Amount). All
Incremental Purchases must be requested ratably from all Purchasers. The Administrative Agent
shall promptly notify the Purchasers of the contents of such Incremental Purchase Request. Each
Purchaser shall transfer to the Administrative Agent’s Account its Ratable Share of such
Incremental Purchase on the requested Purchase Date. The Administrative Agent shall transfer to
the Seller Account on such day the proceeds of any Incremental Purchase to the extent of funds
actually received by the Administrative Agent in the Administrative Agent’s Account prior to 10:00
a.m. (California time) on such day.

          (d) Reinvestment Purchases. On each day before the Termination Date that any Collections are
received by the Administrative Agent, no Interim Liquidation is in effect and the conditions set
forth in Section 7.2 are satisfied, a Purchaser’s Purchase Interest in such Collections shall
automatically be used to make a Reinvestment Purchase by such Purchaser.

          (e) The failure of any Purchaser to make available such Purchaser’s Ratable Share of any
Purchase shall not relieve any other Purchaser of its obligation, if any, hereunder to make
available such other Purchaser’s Ratable Share of such Purchase on the date of such Purchase, but
no Purchaser shall be responsible for the failure of any other Purchaser to make available such
other Purchaser’s Ratable Share of such Purchase on the date of any Purchase. Nothing herein shall
prejudice any rights that the Seller may have against any Purchaser as a result of any default by
such Purchaser hereunder.

          Section 1.2 Interim Liquidations. (a) Optional. The Seller may at any time direct that
Reinvestment Purchases cease and that an Interim Liquidation commence for all Purchasers by giving
the Collection Agent and the Administrative Agent at least three Business Days’ prior written
(including telecopy or other facsimile communication) notice specifying the date on which the
Interim Liquidation shall commence and, if desired, the date on which such Interim Liquidation
shall cease (identified as a specific date prior to the Termination Date or as when the Aggregate
Investment is reduced to a specified amount) (the “Liquidation Termination Date”). If the Seller
does not so specify the date on which an Interim Liquidation shall cease, it may cause such Interim
Liquidation to cease at any time before the Termination Date, subject to Section 1.2(b) below, by
notifying the Collection Agent and the Administrative Agent in writing (including by telecopy or
other facsimile communication) at least three Business Days before the date on which it desires
such Interim Liquidation to cease.

3

 

          (b) Mandatory. If at any time before the Termination Date any condition in Section 7.2 is not
fulfilled, the Seller shall immediately notify the Collection Agent and the Administrative Agent,
whereupon Reinvestment Purchases shall cease and an Interim Liquidation shall commence, which shall
cease only upon the Seller confirming to the Administrative Agent that the conditions in Section
7.2 are fulfilled.

     Section 1.3 Reserved.

     Section 1.4 Yield, Fees and Other Costs and Expenses. (a) The Seller shall pay to the
Administrative Agent for the account of the Syndication Agent such amounts as agreed to with the
Seller in the Fee Letter.

          (b) If (i) the amount of Investment allocated to any Eurodollar Tranche is reduced by Seller
before the last day of its Yield Period, or (ii) a requested Incremental Purchase at the LIBOR Rate
does not take place on its scheduled Purchase Date as a result of a failure on the part of Seller,
the Seller shall pay the Early Payment Fee to each Purchaser that had its Investment so reduced or
scheduled Purchase not made.

          (c) Investments shall be payable solely from Collections and from amounts payable under
Sections 1.5 and 6.1 (to the extent amounts paid under Section 6.1 indemnify against reductions in
or non-payment of Receivables). The Seller shall pay, as a full recourse obligation, all amounts
payable pursuant to Sections 1.5 and 6.1 and all other amounts payable hereunder (other than
Investment), including, without limitation, all Yield, fees described in clauses (a) above and
clauses (d) and (e) below and amounts payable under Article VI.

          (d) All Investments and the outstanding amount of all other obligations hereunder shall bear a
Yield, in the case of Investments, on the amount thereof from the date such Investments are made
and, in the case of such other obligations, from the date such other obligations are due and
payable until, in all cases, paid in full, at the Applicable Yield. Accrued Yield shall be payable
on each Payment Date. If the Seller fails to select the Applicable Yield for any Investment, such
amount of Investment shall automatically accrue Yield at the Alternate Base Rate.

          (e) The Seller agrees to pay to each Purchaser an unused commitment fee on the actual daily
amount by which the Commitment of such Purchaser exceeds such Purchaser’s Investments (the “Unused
Commitment Fee”) from the date hereof through the Termination Date at the Applicable Unused
Commitment Fee Rate, payable in arrears (x) on the first Business Day of each calendar month (with
respect to the previous calendar month), commencing on the first such day following the date hereof
and (y) on the Termination Date.

          (f) If the Administrative Agent or any Purchaser determines (i) that maintenance of any
Eurodollar Tranche would violate any applicable law or regulation, (ii) that deposits of a type
and maturity appropriate to match funds any of such Purchaser’s Eurodollar Tranches are not
available or (iii) that the maintenance of any

4

 

Eurodollar Tranche will not adequately and fairly reflect the cost of such Purchaser of
funding Eurodollar Tranches, then the Administrative Agent, upon the direction of such Purchaser,
shall suspend the availability of future Eurodollar Tranches until such time as the Administrative
Agent or applicable Purchaser provides notice that the circumstances giving rise to such suspension
no longer exist, and, if required by any applicable law or regulation, terminate any outstanding
Eurodollar Tranche so affected. All Investments allocated to any such terminated Eurodollar
Tranche shall be reallocated to the Alternate Base Rate.

     Section 1.5 Maintenance of Sold Interest; Deemed Collection. (a) General. If as of any
Reporting Date before the Termination Date the Eligible Receivable Balance is less than the sum of
the Aggregate Investment (or, if a Termination Event exists, the Matured Aggregate Investment) plus
the Aggregate Reserve, the Seller shall pay ratably to the Administrative Agent for each Purchaser
an amount equal to such deficiency for application to reduce the Investments of the Purchasers
ratably in accordance with the principal amount of their respective Investments.

          (b) Deemed Collections. If on any day the outstanding balance of a Receivable is reduced or
cancelled as a result of any defective or rejected services, any cash discount or adjustment
(including any adjustment resulting from the application of any special refund or other discounts
or any reconciliation), any setoff or credit (whether such claim or credit arises out of the same,
a related, or an unrelated transaction) or other similar reason not arising from the financial
inability of the Obligor to pay undisputed indebtedness, the Seller shall be deemed to have
received on such day a Collection on such Receivable in the amount of such reduction or
cancellation. If on any day any representation, warranty, covenant or other agreement of the
Seller related to a Receivable is not true or is not satisfied on such day (or if any such
representation or warranty is made as of another day, then on such other day), the Seller on the
next Business Day shall be deemed to have received on such day a Collection in the amount of the
outstanding balance of such Receivable. Subject to Section 1.5(c), all such Collections deemed
received by the Seller under this Section 1.5(b) shall be remitted by the Seller to the
Administrative Agent within one Business Day of the day deemed received in accordance with Section
5.1(i).

          (c) Adjustment to Sold Interest. At any time before the Termination Date that the Seller is
deemed to have received any Collection under Section 1.5(b) (“Deemed Collections”) that derive from
a Receivable that is otherwise reported as an Eligible Receivable, so long as no Liquidation Period
then exists, the Seller may satisfy its obligation to deliver such amount to the Administrative
Agent by instead notifying the Administrative Agent and the Co-Collateral Agents that the Sold
Interest should be recalculated by decreasing the Eligible Receivable Balance by the amount of such
Deemed Collections, so long as such adjustment does not cause the Sold Interest to exceed 100%.

          (d) Payment Assumption. Unless an Obligor otherwise specifies or another application is
required by contract or law, any payment received by the Seller

5

 

from any Obligor shall be applied as a Collection of Receivables of such Obligor (starting
with the oldest such Receivable) and remitted to the Collection Agent as such.

     Section 1.6 Reduction in Commitments; Voluntary Reductions of Investments. (a) The Seller
may, upon 30 days’ notice to the Administrative Agent, reduce the Aggregate Commitment in
increments of $10,000,000, so long as the Aggregate Commitment as so reduced equals at least the
outstanding Matured Aggregate Investment. Each such reduction in the Aggregate Commitment shall
reduce the Commitment of each Purchaser in accordance with its Ratable Share and shall ratably
reduce the Purchase Limit so that the Aggregate Commitment remains at least equal to the Purchase
Limit and the Purchase Limit is not less than the outstanding Aggregate Investment.

          (b) The Seller may, upon 3 days’ notice to the Administrative Agent in the case of a
Eurodollar Tranche or upon 1 day’s notice to the Administrative Agent in all other cases, reduce
the outstanding Aggregate Investment in whole or in part in increments of $1,000,000, provided
that, in no event, shall such reduction permit or require Seller or any Originators to, or permit
or require the Administrative Agent or the Co-Collateral Agents to cause, the repurchase of any
Receivable.

     Section 1.7 Reserved.

     Section 1.8 Security Interest. (a) The Seller hereby grants to the Administrative Agent (for
the benefit of itself, the Co-Collateral Agents and each Purchaser), a security interest in its
right, title and interest in, to and under all Receivables, Related Security, Collections and
Lock-Box Accounts to secure the payment of all amounts owing hereunder. The Seller and Collection
Agent shall hold in trust for the benefit of the Administrative Agent and such other Persons
entitled thereto any Collections received pending their application pursuant to Section 1.1(c),
Section 2.3 or Article III hereof. After the occurrence of a Termination Event, the Seller and
Collection Agent shall not, without the prior written consent of the Instructing Group, distribute
any Collections to any Person (whether as payment on the Subordinated Notes or otherwise) other
than the Administrative Agent (for the benefit of itself, the Co-Collateral Agents and each
Purchaser) and the Purchasers (and to the Collection Agent, in payment of the Collection Agent Fee
to the extent permitted hereunder) until all amounts owed under the Transaction Documents to the
Administrative Agent, the Co-Collateral Agents and the Purchasers are indefeasibly paid in full.

          (b) The Seller hereby assigns and otherwise transfers to the Administrative Agent (for the
benefit of itself, the Co-Collateral Agents and each Purchaser), all of the Seller’s right, title
and interest in, to and under the Purchase Agreement. The Seller shall execute, file and record
all financing statements, continuation statements and other documents required to perfect or
protect such assignment. This assignment includes (a) all monies due and to become due to the
Seller from the Originators or the Parent under or in connection with the Purchase Agreement
(including fees, expenses, costs, indemnities and damages for the breach of any

6

 

obligation or representation related to such agreement) and (b) all rights, remedies, powers,
privileges and claims of the Seller against the Originators or the Parent under or in connection
with the Purchase Agreement. All provisions of the Purchase Agreement shall inure to the benefit
of, and may be relied upon by, the Administrative Agent, the Co-Collateral Agents, each Purchaser
and each such other Person. At any time that a Termination Event has occurred and is continuing,
the Administrative Agent (acting independently or at the direction of the Instructing Group) shall
have the sole right to enforce the Seller’s rights and remedies under the Purchase Agreement to the
same extent as the Seller could absent this assignment, but without any obligation on the part of
the Administrative Agent, the Co-Collateral Agents, any Purchaser or any other such Person to
perform any of the obligations of the Seller under the Purchase Agreement (or the promissory note
executed thereunder). All amounts distributed to the Seller under the Purchase Agreement from
Receivables sold to the Seller thereunder shall constitute Collections hereunder and shall be
applied in accordance herewith.

          (c) This agreement is a security agreement for purposes of the UCC. Upon the occurrence of a
Termination Event, the Administrative Agent (for the benefit of itself, the Co-Collateral Agents
and each Purchaser) will have all rights and remedies provided under the UCC as in effect in all
applicable jurisdictions.

     Section 1.9 Optional Increase in the Aggregate Commitment. At any time the Seller may, if it
so elects, increase the amount of the Aggregate Commitment, either by designating a financial
institution not theretofore a Purchaser (a “New Purchaser”) to become a Purchaser (such designation
to be effective only with the prior written consent of the Administrative Agent not to be
unreasonably withheld), or by agreeing with an existing Purchaser (an “Increasing Purchaser”), with
the prior written consent of the Administrative Agent, that such Purchaser’s Commitment shall be
increased. Upon execution and delivery by the Seller and such Purchaser or other financial
institution of an instrument in a form reasonably satisfactory to the Administrative Agent and the
Purchasers, such Increasing Purchaser shall have a Commitment as therein set forth or such New
Purchaser shall become a Purchaser with a Commitment as therein set forth and all the rights and
obligations of a Purchaser with such a Commitment hereunder; provided:

          (a) that the Seller shall provide prompt notice of such increase to the Administrative, who
shall promptly notify the Purchasers;

          (b) that any such increase shall be in an amount greater than or equal to $10,000,000;

          (c) that immediately after such increase is made, the aggregate amount of increases in the
Aggregate Commitment pursuant to this Section 1.9 shall not exceed $100,000,000; and

          (d) that the Sellers may elect to increase the Aggregate Commitment pursuant to this Section
1.9 no more than four times in total.

7

 

          On the effective date of any increase in the Aggregate Commitment pursuant to this Section
1.9, (i) each New Purchaser shall pay to the Administrative Agent an amount equal to its Ratable
Share of the Aggregate Investment and (ii) any Increasing Purchaser shall pay to the Administrative
Agent an amount equal to the increase in its Ratable Share of the Aggregate Investment, in each
case such payments shall be for the account of each other Purchaser. Upon receipt of such amount
by the Administrative Agent, (i) each other Purchaser shall be deemed to have ratably assigned that
portion of its outstanding Investment that is being reduced to the New Purchasers and the
Increasing Purchasers in accordance with such Purchaser’s new Commitment or the increased portion
thereof as applicable, and (ii) the Administrative Agent shall promptly distribute to each other
Purchaser its Ratable Share of the amounts received by the Administrative Agent pursuant to this
paragraph.

ARTICLE II

ALLOCATIONS

     Section 2.1 Allocations and Distributions. (a) Ordinary Settlement Procedures. On each
Business Day (other than during the Liquidation Period) the Administrative Agent shall, out of
Collections received on such Business Day:

     (i) first, pay to the Collection Agent (if the Collection Agent is
not an Originator or an Affiliate of an Originator) or the Administrative
Agent, the Co-Collateral Agents and the Purchasers, as applicable, the
Collection Agent Fee, the Yield, the Unused Commitment Fee, the
Administrative Agent’s fee, the Co-Collateral Agents’ fee and any other
obligations of the Seller due and payable on such day (or if accrued but
not payable, pay to a separate account for disbursement on the Payment
Date or other date payable);

     (ii) second, if such day is the second Business Day following the
date on which a Periodic Report is or is required to be delivered, the
Sold Interest on such day would exceed 100% as of the last day of the
period covered by such Periodic Report, and the Administrative Agent does
not receive an updated Periodic Report demonstrating that the Sold
Interest on such day would not exceed 100% on such second Business Day,
distribute to the Administrative Agent for the account of the Purchasers
an amount in U.S. Dollars equal to that amount, if any, that would be
required to reduce the Aggregate Investment so that the Sold Interest
would not, after giving effect to such application and the Collections and
the addition of new Receivables on such day and the resulting automatic
recomputation of such Purchase Interests pursuant to Section 1.1(a) as of
the end of such day, exceed 100%; provided that (x) the Administrative
Agent shall apply such amount, first, to

8

 

reduce all Investments as to which Yield is determined on the basis
of the Alternate Base Rate and (y) second, to reduce all Investments as to
which Yield is determined on the basis of the LIBOR Rate; provided that in
lieu of immediately reducing the Investments as to which Yield is
determined on the basis of the LIBOR Rate, the Administrative Agent, at
the direction of the Seller, may transfer such amount to the Cash Assets
Account and such amount shall be deemed to reduce Aggregate Investment by
the amount so held pending application thereof to reduce Investments as to
which Yield is calculated on the basis of the LIBOR Rate on the last day
of each Yield Period applicable thereto (occurring in chronological
order); provided, further, however, that if the Administrative Agent
subsequently receives a request from the Collection Agent (if the
Collection Agent is the Initial Collection Agent) for a withdrawal of all
or a portion of such amounts that are then held in the Cash Assets Account
and a Periodic Report demonstrating that the Sold Interest would not
exceed 100% after giving effect to such requested withdrawal, then the
Administrative Agent shall release such amounts for further application
under this Section 2.1(a);

     (iii) third, distribute to the Administrative Agent for deposit into
the Cash Assets Account such amount as the Seller, at its option, has
specified to the Administrative Agent, which amount shall be deemed to
reduce the Aggregate Investment by a corresponding amount; provided,
however, that if the Administrative Agent subsequently receives a request
from the Collection Agent for a withdrawal of all or a portion of such
amounts that are then held in the Cash Assets Account and a Periodic
Report demonstrating that the Sold Interest on such day would not exceed
100%, after giving effect to such requested withdrawal, then the
Administrative Agent shall release such amounts to the Collection Agent
for further application under this Section 2.1(a);

     (iv) fourth, distribute to the Collection Agent (if the Collection
Agent is an Originator or an Affiliate of an Originator) the accrued
Collection Agent Fee to the extent then due and payable; and

     (v) fifth, reinvest the remainder of such Collections, for the
benefit of the Purchasers, which reinvestment shall result in (x) an
automatic recomputation of the undivided percentage interest represented
by such Purchase Interest pursuant to Section 1.1 as of the end of such
day and (y) the payment of such remainder to the applicable Originator;
provided, however, that to the extent the

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Administrative Agent, the Co-Collateral Agents or any Purchaser shall
be required for any reason to pay over any amount representing Collections
which have been previously reinvested for the benefit of such Purchaser
pursuant hereto, such amount shall be deemed not to have been so
reinvested but rather to have been retained by the Seller and paid over
for the account of such Purchaser and, notwithstanding any provision
herein to the contrary, such Purchaser shall have a claim for such
amount;

provided, however, that if sufficient funds are not available to fund all payments to be made in
respect of any amounts described in any of clauses first, second, third, fourth and fifth above,
the available funds being applied with respect to any such amounts (unless otherwise specified in
such clause) shall be allocated to the payment of the amounts referred to in such clause ratably,
based on the proportion of the Purchaser’s, Collection Agent’s, the Administrative Agent’s and the
Co-Collateral Agents’ interest (as applicable) in the aggregate outstanding amounts described in
such clause.

          (b) Liquidation Settlement Procedures. On each Business Day during the Liquidation Period,
the Administrative Agent shall apply the Collections received on such day, and all amounts held in
the Cash Assets Account, as follows:

     (i) first, to pay obligations of the Seller to the Administrative
Agent and the Co-Collateral Agents under any Transaction Document in
respect of any expense reimbursements, Cash Management Obligations,
indemnities or other amounts then due to the Administrative Agent and the
Co-Collateral Agents;

     (ii) second, to pay obligations of the Seller to the Purchasers under
any Transaction Document in respect of any expense reimbursements or
indemnities then due to such Persons;

     (iii) third, to the Collection Agent (if the Collection Agent is not
an Originator or an Affiliate of an Originator) in payment of the accrued
Collection Agent Fee then due and payable, and to the Purchasers in
payment of the accrued Unused Commitment Fees then due and payable;

     (iv) fourth, to the Purchasers in payment of the accrued Yield then
due and payable;

     (v) fifth, to the Purchasers in reduction (to zero) of the
Investments;

     (vi) sixth, to the Purchasers in ratable payment of any other
obligations owed by the Seller hereunder or under any other Transaction
Document (except for the Collection Agent Fee);

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     (vii) seventh, to the Collection Agent (if the Collection Agent is an
Originator or an Affiliate of an Originator) in payment of the accrued
Collection Agent Fee then due and payable; and

     (viii) to the extent of any remainder, to the Seller;

provided, however, that if sufficient funds are not available to fund all payments to be made in
respect of any amounts described in any of clauses first, second, third, fourth, fifth, sixth and
seventh above, the available funds being applied with respect to any such amounts (unless otherwise
specified in such clause) shall be allocated to the payment of the amounts referred to in such
clause ratably, based on the proportion of the Purchaser’s, Collection Agent’s, the Administrative
Agent’s and the Co-Collateral Agents’ interest (as applicable) in the aggregate outstanding amounts
described in such clause.

          (c) Distributions Generally. All distributions by the Administrative Agent shall be made
ratably within each priority level in accordance with the respective amounts then due each Person
included in such level unless otherwise determined by the Administrative Agent. If any part of the
Sold Interest in any Collections is applied to pay any amounts payable hereunder that are
obligations of the Seller pursuant to Section 1.5(b) and after giving effect to such application
the Sold Interest is greater than 100%, the Seller shall pay for distribution in respect of each
applicable Purchaser’s Investment as part of the Sold Interest in Collections, to the Collection
Agent the amount so applied to the extent necessary so that after giving effect to such payment the
Sold Interest is no greater than 100%.

ARTICLE III

Administration and Collections

     Section 3.1 Appointment of Collection Agent. (a) The servicing, administering and collecting
of the Receivables shall be conducted by a Person (the “Collection Agent”) designated to so act on
behalf of the Purchasers under this Article III. The Initial Collection Agent is hereby designated
as, and agrees to perform the duties and obligations of, the Collection Agent. The Initial
Collection Agent (and each successor Collection Agent) acknowledges that the Administrative Agent,
the Co-Collateral Agents and each Purchaser have relied on the Initial Collection Agent’s agreement
to act as Collection Agent (and the agreement of any of the sub-collection agents to so act) in
making the decision to execute and deliver this Agreement and agrees that it will not voluntarily
resign as Collection Agent nor permit any sub-collection agent to voluntarily resign as a
sub-collection agent. At any time after the occurrence of a Collection Agent Replacement Event,
the Co-Collateral Agents (with the consent of the Instructing Group) may designate a new Collection
Agent to succeed the Initial Collection Agent (or any successor Collection Agent).

          (b) The Collection Agent may, and if requested by the Administrative Agent shall, delegate its
duties and obligations as Collection Agent to the Parent or other

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Affiliate (acting as a sub-collection agent). Notwithstanding such delegation, the Collection
Agent shall remain primarily liable for the performance of the duties and obligations so delegated,
and the Administrative Agent, the Co-Collateral Agents and each Purchaser shall have the right to
look solely to the Collection Agent for such performance. The Administrative Agent (with the
consent of the Instructing Group) may at any time after the occurrence of a Collection Agent
Replacement Event remove or replace any sub-collection agent.

          (c) If replaced, the Collection Agent agrees it will terminate, and will cause each existing
sub-collection agent to terminate, its collection activities in a manner requested by the
Administrative Agent to facilitate the transition to a new Collection Agent. The Collection Agent
shall cooperate with and assist any new Collection Agent (including providing access to, and
transferring, all Records and allowing (to the extent permitted by applicable law and contract) the
new Collection Agent to use all licenses, hardware or software necessary or desirable to collect
the Receivables). The Collection Agent irrevocably agrees to act (if requested to do so) as the
data-processing agent for any new Collection Agent in substantially the same manner as the
Collection Agent conducted such data-processing functions while it acted as the Collection Agent.

     Section 3.2 Duties of Collection Agent. (a) The Collection Agent shall take, or cause to be
taken, all action necessary or advisable to collect each Receivable in accordance with this
Agreement, the Credit and Collection Policy and all applicable laws, rules and regulations using
the skill and attention the Collection Agent exercises in collecting other receivables or
obligations owed solely to it. The Collection Agent shall, in accordance herewith, separately
account for (and thereby be deemed to set aside) all Collections to which a Purchaser is entitled.
Each party hereto hereby appoints the Collection Agent to enforce such Person’s rights and
interests in the Receivables, but (notwithstanding any other provision in any Transaction Document)
the Administrative Agent shall at all times after the occurrence of a Collection Agent Replacement
Event have the sole right to direct the Collection Agent to commence or settle any legal action to
enforce collection of any Receivable.

          (b) If no Termination Event exists and the Collection Agent determines that such action is
appropriate in order to maximize the Collections, the Collection Agent may, in accordance with the
Credit and Collection Policy, extend the maturity of any Receivable (but no such extension shall be
for a period more than 30 days) or adjust the outstanding balance of any Receivable. Any such
extension or adjustment shall not alter the status of a Receivable as a Defaulted Receivable or
Delinquent Receivable or limit any rights of the Administrative Agent, the Co-Collateral Agents or
the Purchasers hereunder. If a Termination Event exists, the Collection Agent may make such
extensions or adjustments only with the prior consent of the Instructing Group.

          (c) The Collection Agent shall turn over to the Seller, subject to Section 1.5(d), the
collections and records for any indebtedness owed to the Seller that is not a Receivable. The
Collection Agent shall have no obligation to remit any such funds

12

 

or records to the Seller until the Collection Agent receives evidence (satisfactory to the
Administrative Agent) that the Seller is entitled to such items. The Collection Agent has no
obligations concerning indebtedness that is not a Receivable other than to deliver the collections
and records for such indebtedness to the Seller when required by this Section 3.2(c).

          (d) The Collection Agent shall take all actions necessary to maintain the perfection and
priority of the security interest of the Administrative Agent (for the benefit of itself, the
Co-Collateral Agents and each Purchaser) in the Receivables, Related Security and Collections.

     Section 3.3 Reports. On or before each Reporting Date (and at such other times covering such
other periods as the Administrative Agent or the Instructing Group may reasonably request), the
Collection Agent shall deliver to the Administrative Agent a Periodic Report reflecting information
as of the close of business of the Collection Agent for the immediately preceding calendar week or
calendar month, as applicable (or such other period as may be requested as aforesaid). In
addition, the Collection Agent shall deliver to the Administrative Agent daily transaction reports
and daily summary Receivable agings on each Business Day.

     Section 3.4 Lock-Box Arrangements. The Seller is hereby authorized to exercise its rights
under the Lock-Box Letters and to take all actions permitted under the Lock-Box Letters. The
Seller agrees to take any action requested by the Administrative Agent to facilitate the foregoing.
The Administrative Agent shall distribute Collections it receives in accordance herewith and shall
deliver to the Seller, for distribution under Section 3.2(c), all other amounts it receives from
such Lock-Box Account.

     Section 3.5 Enforcement Rights. (a) The Administrative Agent may direct the Obligors and the
Lock-Box Banks to make all payments on the Receivables directly to the Administrative Agent or its
designees. The Administrative Agent may, and the Seller shall at the Administrative Agent’s
request, withhold the identity of the Purchasers from the Obligors and Lock-Box Banks. Upon the
Administrative Agent’s request, the Seller (at the Seller’s expense) shall (i) give notice to each
Obligor of the Administrative Agent’s ownership of the Sold Interest and direct that payments on
Receivables be made directly to the Administrative Agent or its designees, (ii) assemble for the
Administrative Agent all Records and collateral security for the Receivables and the Related
Security and transfer to the Administrative Agent (or its designees), or (to the extent permitted
by applicable law and contract) license to the Administrative Agent (or its designees) the use of,
all software useful to collect the Receivables and (iii) segregate in a manner acceptable to the
Administrative Agent all Collections, if any, the Seller receives and, promptly upon receipt, remit
such Collections in the form received, duly endorsed or with duly executed instruments of transfer,
to the Administrative Agent or its designees.

          (b) The Seller hereby irrevocably appoints the Administrative Agent as its attorney-in-fact
coupled with an interest, with full power of substitution and with full authority in the place of
the Seller, to take any and all steps deemed desirable by the

13

 

Administrative Agent, in the name and on behalf of the Seller to (i) collect any amounts due
under any Receivable, including endorsing the name of the Seller on checks and other instruments
representing Collections and enforcing such Receivables and the Related Security, and (ii) exercise
any and all of the Seller’s rights and remedies under the Purchase Agreement and the Performance
Guarantee. The Administrative Agent’s powers under this Section 3.5(b) shall not subject the
Administrative Agent to any liability if any action taken by it proves to be inadequate or invalid,
nor shall such powers confer any obligation whatsoever upon the Administrative Agent.

          (c) None of the Co-Collateral Agents, the Administrative Agent or any Purchaser shall have any
obligation to take or consent to any action to realize upon any Receivable or Related Security or
to enforce any rights or remedies related thereto.

     Section 3.6 Collection Agent Fee. On each Payment Date, the Seller shall pay to the
Collection Agent a fee as compensation for its services (the “Collection Agent Fee”) equal to (a)
at all times an Originator or an Affiliate of any Swift Entity is the Collection Agent, an amount
equal to 1.0% of the Aggregate Investment or such other amount as the Seller and the Collection
Agent, with the consent of the Administrative Agent, determine is consistent with then-market
practice, the receipt and sufficiency of which is hereby acknowledged, and (b) at all times any
other Person is the Collection Agent, a reasonable amount agreed upon by the Administrative Agent
(with the consent of the Instructing Group) and the new Collection Agent on an arm’s-length basis
reflecting rates and terms prevailing in the market at such time.

     Section 3.7 Responsibilities of the Seller. The Seller shall, or shall cause the Collection
Agent to, pay when due all Taxes payable in connection with the Receivables. the Related Security,
the Collections or their creation or satisfaction. The Seller shall, and shall cause the
Collection Agent to, perform all of its obligations under agreements related to the Receivables,
the Related Security and the Collections to the same extent as if interests in the Receivables, the
Related Security and the Collections had not been transferred hereunder or, in the case of the
Initial Collection Agent, under the Purchase Agreement. The Co-Collateral Agents’, the
Administrative Agent’s or any Purchaser’s exercise of any rights hereunder shall not relieve the
Seller or the Collection Agent from such obligations. None of the Co-Collateral Agents, the
Administrative Agent or any Purchaser shall have any obligation to perform any obligation of the
Seller or of the Collection Agent or any other obligation or liability in connection with the
Receivables, the Related Security or the Collections.

     Section 3.8 Actions by Seller. The Seller shall defend and indemnify the Co-Collateral
Agents, the Administrative Agent and each Purchaser against all costs, expenses, claims and
liabilities for any action taken by the Seller, the Originators or any other Affiliate of the
Seller or of the Originators (whether acting as Collection Agent or otherwise) related to any
Receivable or the Related Security, or arising out of any alleged failure of compliance of any
Receivable or the Related Security with the provisions of any law, rule or regulation.

14

 

     Section 3.9 Indemnities by the Collection Agent. Without limiting any other rights any Person
may have hereunder or under applicable law, the Collection Agent hereby indemnifies and holds
harmless each Indemnified Party from and against any and all Indemnified Losses at any time imposed
on or incurred by any Indemnified Party arising out of or otherwise relating to:

     (a) any representation or warranty made by or on behalf of the Collection Agent in
this Agreement, any other Transaction Document, any Periodic Report or any other
information or report delivered by the Collection Agent pursuant hereto, which shall have
been false or incorrect when made;

     (b) the failure by the Collection Agent to comply with any applicable law, rule or
regulation related to any Receivable or the Related Security;

     (c) any loss of a perfected security interest (or in the priority of such security
interest) as a result of any commingling by the Collection Agent of funds to which the
Administrative Agent, the Co-Collateral Agents or any Purchaser is entitled hereunder with
any other funds;

     (d) the imposition of any Lien with respect to any Receivable, Related Security or
Lock-Box Account as a result of any action taken by the Collection Agent other than any
Lien imposed under any Transaction Documents;

     (e) the failure of any Receivable reported by the Collection Agent as part of the
Eligible Receivable Balance in any Periodic Report to have been an Eligible Receivable as
of the last day of the period for which such Periodic Report was prepared;

     (f) any failure of the Collection Agent to perform its duties or obligations in
accordance with the provisions of this Agreement or any other Transaction Document to which
the Collection Agent is a party;

     (g) the Performance Guarantee;

     (h) any environmental liability, product liability, personal injury, copyright
infringement, theft of services, property damage, or other breach of contract, antitrust,
unfair trade practices or tortious claim or other similar or related claim or action of
whatever sort, arising out of or in connection with any Receivable or any other suit, claim
or action of whatever sort relating to any of the Transaction Documents;

     (i) any action or omission of the Collection Agent reducing or impairing the rights of
any Purchaser of a Purchase Interest under this Agreement, any other Transaction Document
or any other instrument or document furnished pursuant hereto or thereto or with respect to
any Receivable;

15

 

     (j) any cancellation or modification of a Receivable, the related contract or any
Related Security, whether by written agreement, verbal agreement, acquiescence or
otherwise, unless such cancellation or modification was made by or with the express consent
of the Co-Collateral Agents or a Collection Agent that is not an Originator or an Affiliate
of an Originator;

     (k) any investigation, litigation (other than any litigation between the Collection
Agent and an Indemnified Party in which the Collection Agent is the prevailing party) or
proceeding related to or arising from this Agreement, any other Transaction Document or any
other instrument or document furnished pursuant hereto or thereto, or any transaction
contemplated by this Agreement;

     (l) any failure by the Collection Agent to pay when due any Taxes, including without
limitation sales, excise or personal property taxes, payable by the Collection Agent in
connection with any Receivable or the related contract or any Related Security with respect
thereto;

     (m) any claim brought by any Person other than an Indemnified Party arising from any
activity of the Collection Agent in servicing, administering or collecting any Receivable;
or

     (n) the failure or alleged failure of compliance of any Collections with the
provisions of any law, rule or regulation.

whether arising by reason of the acts to be performed by the Collection Agent hereunder or
otherwise, excluding only Indemnified Losses to the extent (x) a final judgment of a court of
competent jurisdiction determined that such Indemnified Losses resulted solely from gross
negligence or willful misconduct of the Indemnified Party seeking indemnification, (y) solely due
to the credit risk of the Obligor and for which reimbursement would constitute recourse to the
Collection Agent for uncollectible Receivables, or (z) such Indemnified Losses include Taxes on, or
measured by, the overall net income of the Administrative Agent, the Co-Collateral Agents or any
Purchaser computed in accordance with the Intended Tax Characterization; provided, however, that
nothing contained in this sentence shall limit the liability of the Collection Agent or limit the
recourse of the Administrative Agent, the Co-Collateral Agents and each Purchaser to the Collection
Agent for any amounts otherwise specifically provided to be paid by the Collection Agent hereunder.

     Section 3.10 Further Assurances.

          (a) The Seller and the Collection Agent each agrees that from time to time, at its expense, it
will promptly execute and deliver all further instruments and documents, and take all further
action, that may be necessary, or that the Administrative Agent may (whether at the direction of
the Instructing Group or otherwise) reasonably request, in order to perfect, protect or more fully
evidence or maintain the validity and effectiveness of the Purchase Interests purchased by the
Purchasers hereunder, to carry

16

 

out more effectively the purposes of the Transaction Documents and to enable the
Administrative Agent or the Co-Collateral Agents to exercise and enforce any of their respective
rights and remedies under the Transaction Documents. Without limiting the generality of the
foregoing, the Seller and the Collection Agent each will, in order to perfect, protect or evidence
such Purchase Interests: (i) file or cause to be filed such financing or continuation statements,
or amendments thereto or assignments thereof, and such other instruments or notices as the
Administrative Agent may reasonably request; (ii) from and after the date hereof, mark
conspicuously each invoice evidencing each Receivable with a legend stating that such Receivable
and related contract has been sold, transferred and assigned to the Seller; and (iii) mark its
master data processing records evidencing such Receivables and related contracts with such legend.
The Collection Agent also agrees to provide to the Administrative Agent from time to time upon
request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and
priority of the Liens created or intended to be created by the Transaction Documents.

          (b) The Seller hereby authorizes the Administrative Agent to file one or more financing or
continuation statements, and amendments thereto and assignments thereof, relating to all or any of
the contracts, or Receivables and the Related Security and Collections with respect thereto, now
existing or hereafter arising, without the signature of the Seller where permitted by law. A
photocopy or other reproduction of this Agreement or any financing statement covering all or any of
the contracts, or Receivables and the Related Security and Collections with respect thereto shall
be sufficient as a financing statement where permitted by law.

          (c) If the Collection Agent or the Seller fails to perform any agreement contained herein,
then after notice to the Collection Agent or the Seller, as applicable, the Administrative Agent
may itself perform, or cause performance of, such agreement, and the reasonable costs and expenses
of the Administrative Agent incurred in connection therewith shall be payable by the Seller
under Section 6.1 or Section 6.3, as applicable.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     Section 4.1 Representations and Warranties of the Seller. The Seller represents and warrants
to the Co-Collateral Agents, the Administrative Agent and each Purchaser, as of the date hereof and
each date on which Receivables are transferred hereunder, that:

     (a) Corporate Existence and Power. Each of the Seller and each Swift Entity is a
corporation duly organized, validly existing and in good standing under the laws of its
state of incorporation and has all corporate power and authority and all governmental
licenses, authorizations, consents and approvals required to carry on its business in each
jurisdiction in which its business is now conducted, except where failure to obtain such
license, authorization, consent or approval would not have an adverse effect on (i) its
ability to perform its obligations under,

17

 

or the enforceability of, any Transaction Document, (ii) its business or financial
condition, (iii) the interests of the Co-Collateral Agents, the Administrative Agent or any
Purchaser under any Transaction Document or (iv) the enforceability or collectibility of a
material portion of the Receivables.

     (b) Corporate Authorization and No Contravention. The execution, delivery and
performance by each of the Seller and each Swift Entity of each Transaction Document to
which it is a party and the creation of all security interests provided for herein and
therein (i) are within its corporate powers, (ii) have been duly authorized by all
necessary corporate action, (iii) do not contravene or constitute a default under (A) any
applicable law, rule or regulation, (B) its or any Subsidiary’s charter or by-laws or (C)
any agreement, order or other instrument to which it or any Subsidiary is a party or its
property is subject and (iv) will not result in any Lien on any Receivable, the Related
Security or Collection or give cause for the acceleration of any indebtedness of the Seller
or any Swift Entity.

     (c) No Consent Required. No approval, authorization or other action by, or filings
with, any Governmental Authority or other Person (other than the parties hereto) is
required in connection with the execution, delivery and performance by the Seller or any
Swift Entity of any Transaction Document to which it is a party or any transaction
contemplated thereby.

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

     (e) Perfection of Ownership Interest. Except with respect to the interest in
Receivables transferred pursuant to the Initial Purchase, immediately preceding its sale of
Receivables to the Seller, the applicable Originator was the owner of, and effectively
sold, such Receivables to the Seller, free and clear of any Lien. The Seller owns the
Receivables, Related Security and Collections free of any Lien other than the interests of
the Purchasers (through the Administrative Agent) therein that are created hereby, and each
Purchaser shall at all times have a valid undivided percentage ownership interest, which
shall be a first priority perfected security interest for purposes of Article 9 of the
applicable Uniform Commercial Code, in the Receivables, Related Security and Collections to
the extent of its Purchase Interest then in effect. Other than the ownership or security
interest granted to the Administrative Agent (for the benefit of itself, the Co-Collateral
Agents and each Purchaser) pursuant to this Agreement, the Seller has not pledged,
assigned, sold or granted a security interest in, or otherwise conveyed, the Receivables,
Related Security or the Collections. The Seller has not authorized the filing of and is
not aware of any financing statements against

18

 

the Seller or any Originator that include a description of collateral covering the
Receivables, Related Security or the Collections other than any financing statement
relating to the security interest granted to the Administrative Agent hereunder or with
respect to which a UCC termination statement has been filed on or prior to the date hereof.
The Administrative Agent has caused the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under the applicable law in order
to perfect the conveyance of Receivables by Seller hereunder.

     (f) Accuracy of Information. All information furnished by the Seller, any Swift Entity
or any Affiliate of any such Person to the Co-Collateral Agents, the Administrative Agent
or any Purchaser in connection with any Transaction Document, or any transaction
contemplated thereby, is true and accurate in all material respects (and is not incomplete
by omitting any information necessary to prevent such information from being materially
misleading).

     (g) No Actions, Suits. Except as disclosed on Schedule III attached hereto or in
financial statements and/or notices delivered on or prior to the date of this Agreement,
there are no actions, suits or other proceedings (including matters relating to
environmental liability) pending or threatened against or affecting the Seller or any Swift
Entity, or any of their respective properties, that (i) if adversely determined, in the
aggregate, may have a Material Adverse Effect on the Seller or any Swift Entity or on the
collectibility of a material portion of the Receivables or (ii) involve any Transaction
Document or any transaction contemplated thereby. None of the Seller or any Swift Entity
is in default of any contractual obligation or in violation of any order, rule or
regulation of any Governmental Authority, which default or violation may have a Material
Adverse Effect.

     (h) No Material Adverse Effect. Since December 31, 2007, there has been no Material
Adverse Effect.

     (i) Accuracy of Exhibits; Lock-Box Arrangements. All information on Exhibits C-E
(listing offices and names of the Seller and the Originators and where they maintain
Records; the Subsidiaries; and Lock-Boxes) is true and complete, subject to any changes
permitted by, and notified to the Administrative Agent and the Co-Collateral Agents in
accordance with, Article V. None of the Seller’s or Originators’ jurisdictions of
organization, chief executive offices and principal places of business have changed within
the past 12 months (or such shorter period as the Seller has been in existence). Neither
the Seller nor the Originators has been known by or used any corporate, fictitious or trade
name other than a name set forth on Exhibit D. Exhibit D lists the federal employer
identification numbers of the Seller and the Originators. The Seller has delivered a copy
of all Lock-Box Agreements to the Administrative Agent. The Seller has not granted any
Lien in any Lock-Box or Lock-Box Account to any Person other than the Administrative Agent
(for the benefit of itself, the Co-Collateral Agents

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and each Purchaser) and, upon delivery to a Lock-Box Bank of the related Lock-Box
Letter, the Administrative Agent will have exclusive ownership and control of the Lock-Box
Account at such Lock-Box Bank.

     (j) Sales by the Originators. Each sale by the Originators to the Seller of an
interest in Receivables, Related Security and the Collections has been made in the ordinary
course of business and in accordance with the terms of the Purchase Agreement, the Credit
Agreement and the Indentures, including the payment by the Seller to the Originators of the
purchase price described in the Purchase Agreement. Each such sale has been made for
“reasonably equivalent value” (as such term is used in Section 548 of the Bankruptcy Code)
and not for or on account of “antecedent debt” (as such term is used in Section 547 of the
Bankruptcy Code) owed by the applicable Originator to the Seller.

     (k) ERISA. The Seller has not maintained, contributed to or incurred or assumed any
obligation with respect to any Plan, Multiemployer Plan or Welfare Plan, except such
obligation or contingent obligation that arises as a matter of law solely as a result of an
ERISA Affiliate’s sponsorship of a Plan, Multiemployer Plan or Welfare Plan.

     (l) Credit and Collection Policy. The Seller has not extended or modified the terms of
any Receivable or the contract under which any such Receivable arose, except in accordance
with the Credit and Collection Policy.

     (m) Tax. The Seller has filed, or caused to be filed or be included in, all tax
reports and returns (federal, state, local and foreign), if any, required to be filed by it
and paid, or caused to be paid, all amounts of Taxes, including interest and penalties,
required to be paid by it, except for such Taxes (i) as are being contested in good faith
by proper proceedings and (ii) against which adequate reserves shall have been established
in accordance with and to the extent required by GAAP, but only so long as the proceedings
referred to in clause (a) above would not subject the Co-Collateral Agents, the
Administrative Agent or any other Indemnified Party to any civil or criminal penalty or
liability or involve any material risk of the loss, sale or forfeiture of any property,
rights or interests included in the Receivables, the Related Security, the Collections, the
Purchase Agreement, the Lock-Box Accounts or proceeds thereof.

     (n) Investment Company Act. The Seller is not an “investment company” within the
meaning of the Investment Company Act of 1940, as amended from time to time, or any
successor statute.

     (o) Solvency. Both before and after giving effect to (i) each Purchase to be made on
the date hereof or such other date as Purchases requested hereunder are made, (ii) the
disbursement of the proceeds of any Investment, (iii) the consummation of each other
transaction contemplated by the other Transaction

20

 

Documents and (iv) the payment and accrual of all transaction costs in connection with
the foregoing, the Seller is Solvent.

     (p) Eligible Receivables. Each Receivable which the Seller or the Initial Collection
Agent has identified as comprising part of the Eligible Receivable Balance as of the date
of any calculation of the Sold Interest as part of the Eligible Receivable Balance in a
Periodic Report was an Eligible Receivable as of the date of such calculation.

     (q) Lock-Box Arrangements. The Seller has delivered a copy of all Lock-Box Agreements
to the Administrative Agent. The Seller has not granted any interest in any Lock-Box or
Lock-Box Account to any Person other than (i) the Administrative Agent and (ii) Persons
whose interests therein have been terminated on or prior to the date hereof and, upon
delivery to a Lock-Box Bank of the related Lock-Box Letter, the Administrative Agent will
have the right to exercise exclusive ownership and control of the Lock-Box Account at such
Lock-Box Bank in accordance with the provisions of the related Lock-Box Letter.

     (r) Margin Regulation. The Seller is not engaged nor will it engage, principally or
as one of its important activities, in the business of purchasing or carrying margin stock
(within the meaning of Regulation U issued by the FRB), or extending credit for the purpose
of purchasing or carrying margin stock.

     (s) Designation of Seller as “Receivables Subsidiary”, Etc. The Seller has been
properly designated as a “Receivables Subsidiary” under and as defined in the Credit
Agreement and the Indentures. The transactions contemplated by this Agreement and the
other Transaction Documents, including, without limitation, the sales of Receivables,
Related Security and proceeds thereof made by the Seller to the Purchasers from time to
time pursuant to this Agreement, constitute “Qualified Receivables Transactions” under and
as such term is defined in the Credit Agreement and the Indentures.

     (t) Location of Records. All Records are kept at a location owned and controlled by
the Initial Collection Agent or one or more of the Swift Entities that have executed the
Performance Guarantee.

     Section 4.2 Representations and Warranties of the Initial Collection Agent. The Initial
Collection Agent represents and warrants to the Co-Collateral Agents, the Administrative Agent and
each Purchaser, as of the date hereof and each date on which Receivables are transferred hereunder,
that:

     (a) Reserved.

     (b) Margin Regulations; Investment Company Act. The Collection Agent is not engaged
nor will it engage, principally or as one of its important activities, in the business of
purchasing or carrying margin stock (within the

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meaning of Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock. The Initial Collection Agent is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended from time to
time, or any successor statute.

     (c) Accuracy of Exhibits. All information on Exhibits C and D is true and complete,
subject to any changes permitted by, and notified to the Administrative Agent and the
Co-Collateral Agents in accordance with Article V. The Initial Collection Agent’s
jurisdiction of organization, chief executive office and principal place of business has
not changed within the past 12 months. The Initial Collection Agent has not been known by
or used, any corporate, fictitious or trade name other than the name set forth in Exhibit
D.

     (d) Eligible Receivables. Each Receivable which the Initial Collection Agent has
identified as comprising part of the Eligible Receivable Balance as of the date of any
calculation of the Sold Interest as part of the Eligible Receivable Balance in a Periodic
Report was an Eligible Receivable as of the date of such calculation; provided that in no
event shall the Administrative Agent, the Co-Collateral Agents or any Purchaser have any
recourse against the Initial Collection Agent under this clause (d) for any determination
that a Receivable in its good faith and to its knowledge reported as eligible in a prior
Periodic Report no longer comprises part of the Eligible Receivable Balance.

     (e) Taxes. Except as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, (i) the Collection Agent has (x) timely filed
all tax returns required to be filed and all such tax returns are true and correct, (y)
timely paid all Taxes levied or imposed upon it or its properties (whether or not shown on
a tax return), and (z) satisfied all of its Tax withholding obligations; (ii) there are no
current, pending or threatened audits, examinations or claims with respect to Taxes of any
Swift Entity and (iii) the Collection Agent and each of its Subsidiaries has not in the
three years prior to the date hereof participated in a listed transaction within the
meaning of Treasury Regulation Section 1.6011-4.

     (f) ERISA Compliance. (i) Except as could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, each Plan is in compliance
with the applicable provisions of ERISA, the Code and other Federal or state laws.

     (ii) (x) No ERISA Event has occurred or is reasonably expected to
occur and (y) neither the Collection Agent nor any of its Subsidiaries nor
any ERISA Affiliate has engaged in a transaction that could be subject to
Section 4069 or 4212(c) of ERISA, except, with respect to each of the
foregoing clauses of this Section 5.11(b), as could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse
Effect.

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     (iii) Except where noncompliance could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect,
(x) each Foreign Plan has been maintained in compliance with its terms and
with the requirements of any and all applicable laws, statutes, rules,
regulations and orders and has been maintained, where required, in good
standing with applicable regulatory authorities, and (y) no Swift Entity
has incurred any obligation in connection with the termination of or
withdrawal from any Foreign Plan.

     (g) Disclosure. As of the date hereof, no report, financial statement, certificate or
other written information furnished by or on behalf of the Collection Agent or any of its
subsidiaries to any of the Administrative Agent, the Co-Collateral Agents or Purchasers in
connection with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder or any other Transaction Document (as modified or supplemented by
other information so furnished) when taken as a whole contains any material misstatement of
fact or, as of the date hereof only, omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not
materially misleading; provided that, with respect to projected financial information and
pro forma financial information, the Collection Agent represents only that such information
was prepared in good faith based upon assumptions believed to be reasonable at the time of
preparation; it being understood that such projections may vary from actual results and
that such variances may be material.

     (h) Anti-Terrorism Laws. No Swift Entity thereof (i) is, or is controlled by or is
acting on behalf of, a Terrorism Party; (ii) has received funds or other property from a
Terrorism Party; (iii) is in breach of or is the subject of any action or investigation
under any Anti-Terrorism Law or (iv) has not taken reasonable measures to ensure compliance
with the Anti-Terrorism Laws.

     (i) Credit and Collection Policy. The Collection Agent has complied with the Credit
and Collection Policy in all material respects and since the date of this Agreement there
has been no change in the Credit and Collection Policy except as permitted hereunder. The
Collection Agent has not extended or modified the terms of any Receivable or the contract
under which any such Receivable arose, except in accordance with the Credit and Collection
Policy.

     (j) Contracts, Pool Receivables, Related Security and Collections. No effective
financing statement or other instrument similarly in effect covering any contract or any
Receivable, Related Security or Collections with respect thereto is on file in any
recording office, except those filed in favor of the Administrative Agent relating to this
Agreement or in favor of the Seller and the Administrative Agent relating to the Purchase
Agreement.

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ARTICLE V

COVENANTS

     Section 5.1 Covenants of the Seller and the Collection Agent. The Seller and the Collection
Agent (as applicable) hereby covenant and agree to comply with the following covenants and
agreements, unless the Administrative Agent (with the consent of the Instructing Group) shall
otherwise consent:

     (a) Financial Reporting. The Seller will, and will cause each Swift Entity to,
maintain a system of accounting established and administered in accordance with GAAP and
will furnish to the Administrative Agent and the Co-Collateral Agents:

     (i) Annual Financial Statements. Within 90 days after each fiscal
year of (A) the Parent, copies of its annual audited financial statements
(including a consolidated balance sheet, consolidated statement of income
and retained earnings and statement of cash flows, with related footnotes,
but without qualification or exception) certified by independent certified
public accountants satisfactory to the Co-Collateral Agents and prepared
on a consolidated basis in conformity with GAAP, and (B) the Seller, the
unaudited annual balance sheet for the Seller and an unaudited annual
profit and loss statement for the Seller certified by a Designated
Financial Officer thereof, in each case prepared on a consolidated basis
in conformity with GAAP as of the close of such fiscal year for the fiscal
year then ended, together with a certificate of a Designated Financial
Officer stating that such financial statements present fairly, in all
material respects, the financial position of the relevant Swift Entity as
at the dates indicated and the results of its operations and cash flow for
the periods indicated in conformity with GAAP applied on a basis
consistent with prior years (except for changes that shall have been
disclosed in the notes to the financial statements) and that, to the best
knowledge of such Designated Financial Officer after due inquiry, no
Termination Event or Potential Termination Event has occurred and is
continuing;

     (ii) Quarterly Financial Statements. Beginning with the second
quarter of 2008, within 45 days after each (except the last) fiscal
quarter of each fiscal year of (A) the Parent, copies of its unaudited
financial statements (including at least a consolidated balance sheet as
of the close of such quarter and statements of earnings and sources and
applications of funds for the period from the beginning of the fiscal year
to the close of such quarter) certified by a Designated Financial Officer
and prepared in a

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manner consistent with the financial statements described in Section
5.l(a)(i)(A) and (B) the Seller, the unaudited quarterly balance sheet for
the Seller and an unaudited profit and loss statement for the Seller for
the period from the beginning of such fiscal year to the close of such
quarter, in each case certified by a Designated Financial Officer thereof
and prepared in a manner consistent with Section 5.1(a)(i)(B), together
with a certificate of a Designated Financial Officer stating that such
financial statements present fairly, in all material respects, the
financial position of the relevant Swift Entity as at the dates indicated
and the results of its operations and cash flow for the periods indicated
in conformity with GAAP applied on a basis consistent with prior quarters
(except for changes that shall have been disclosed in the notes to the
financial statements) and that, to the best knowledge of such Designated
Financial Officer after due inquiry, no Termination Event or Potential
Termination Event has occurred and is continuing;

     (iii) Credit Agreement Reports. Promptly upon becoming available, a
copy of each Annual Report, Quarterly Report and Current Report provided
by or on behalf of the Swift Entities or, to the extent reasonably
available, their Affiliates to the lenders under the Credit Agreement;

     (iv) Public Reports. Promptly upon becoming available, a copy of each
report or proxy statement filed by the Parent with the Securities Exchange
Commission or any securities exchange; and

     (v) Other Information. Promptly, from time to time, such other
information regarding the operations, business affairs and financial
condition of each Swift Entity and, to the extent reasonably available,
its Affiliates as may be requested by the Co-Collateral Agents, the
Administrative Agent or any Purchaser.

     (b) Notices. Promptly and in any event within three days upon becoming aware of any
of the following the Seller will notify the Administrative Agent (and the Administrative
Agent shall promptly notify the Purchasers of) and provide a description of:

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

     (ii) Representations and Warranties. The failure of any
representation or warranty of any Swift Entity in any Transaction

25

 

Document to be true (when made or at any time thereafter) in any
material respect;

     (iii) Litigation. The institution of any litigation, arbitration
proceeding or governmental proceeding that could result in a liability in
excess of the Threshold Amount to any Swift Entity or any Affiliate
thereof or that could impair the collectibility or quality of a material
portion of the Receivables, the Related Security or the Collections;

     (iv) Judgments. The entry of any judgment or decree against the
Seller or any Swift Entity if the aggregate amount of all judgments then
outstanding against the Seller and the Swift Entities exceeds the
Threshold Amount;

     (v) Changes in Business. Any change in, or proposed change in, the
character of any Swift Entity’s business that has impaired or could
reasonably be expected to impair the collectibility or quality of a
material portion of the Receivables, the Related Security or the
Collections; or

     (vi) Material Adverse Effect. Any matter that has resulted or could
reasonably be expected to result in a Material Adverse Effect.

     (c) Conduct of Business. The Seller will perform, and will cause each Swift Entity to
perform, and the Collection Agent will perform, all actions necessary to remain duly
incorporated, validly existing and in good standing in its jurisdiction of incorporation
and to maintain all requisite authority to conduct its business in each jurisdiction in
which it conducts business.

     (d) Compliance with Laws. The Seller will comply, and will cause each Swift Entity to
comply, and the Collection Agent will comply, with all laws, regulations, judgments and
other directions or orders imposed by any Governmental Authority to which such Person or
any Receivable, any Related Security or Collection may be subject.

     (e) Furnishing Information and Inspection of Records. The Seller and the Collection
Agent will furnish to the Co-Collateral Agents, the Administrative Agent and the Purchasers
such information concerning the Receivables, the Related Security and the Collections as
the Co-Collateral Agents, the Administrative Agent or a Purchaser may request. The Seller
will, and will cause each Originator to, permit, and the Collection Agent will permit, at
any time during regular business hours, the Co-Collateral Agents, the Administrative Agent
or any Purchaser (or any representatives thereof) (i) to examine and make copies of all
Records, (ii) to visit the offices and properties of the Seller for the purpose

26

 

of examining the Records and (iii) to discuss matters relating hereto with any of the
Seller’s or such Originator’s officers, directors, employees or independent public
accountants having knowledge of such matters. Twice a year (or more frequently in the
Administrative Agent’s or the Co-Collateral Agents’ judgment during the occurrence and
continuation of a Termination Event), the Administrative Agent or the Co-Collateral Agents
may (at the expense of the Seller based upon the following: (i) a fee of $1,000 per day,
per auditor, plus out-of-pocket expenses for each audit performed by personnel employed by
the Administrative Agent, or (ii) the actual charges paid or incurred by the Administrative
Agent if it elects to employ the services of an independent public accounting firm) conduct
or have an independent public accounting firm conduct an audit of the Records or make test
verifications and/or field audits of the Receivables, the Related Security and Collections;
provided that prior to the occurrence of a Termination Event, the Administrative Agent or
the Co-Collateral Agents may conduct or have an independent public accounting firm conduct
an audit of the Records or make test verifications and/or field audits of the Receivables,
the Related Security and Collections in excess of twice a year in the Administrative
Agent’s or the Co-Collateral Agents’ sole discretion at the Administrative Agent’s or the
Co-Collateral Agents’ own expense, as applicable.

     (f) Keeping Records. (i) The Seller will, and will cause each Originator to, and the
Collection Agent will, have and maintain (A) administrative and operating procedures
(including an ability to recreate Records if originals are destroyed), (B) adequate
facilities, personnel and equipment and (C) all Records and other information necessary or
advisable for collecting the Receivables (including Records adequate to permit the
immediate identification of each new Receivable and all Collections of, and adjustments to,
each existing Receivable). The Seller and the Collection Agent will give the
Administrative Agent prior notice of any material change in such administrative and
operating procedures. All Records shall be kept at a location owned and controlled by the
Initial Collection Agent or one or more of the Swift Entities that have executed the
Performance Guarantee.

     (ii) The Seller will, (A) at all times from and after the date
hereof, clearly and conspicuously mark its computer and master data
processing books and records with a legend describing the Administrative
Agent’s and the Purchasers’ interest in the Receivables, the Related
Security and the Collections and (B) upon the request of the
Administrative Agent in the case of Receivables constituting chattel
paper, so mark each contract relating to a Receivable and deliver to the
Administrative Agent, all such contracts (including all multiple originals
of such contracts), with any appropriate endorsement or assignment, or
segregate (from all other receivables then owned or being serviced by the
Seller) the Receivables and all contracts relating to each Receivable and
hold

27

 

in trust and safely keep such contracts so legended in separate
filing cabinets or other suitable containers at such locations as the
Administrative Agent may specify.

     (g) Perfection. (i) The Seller will, and will cause each Originator to, at its
expense, promptly execute and deliver all instruments and documents and take all action
necessary or requested by the Administrative Agent (including the execution and filing of
financing or continuation statements, amendments thereto or assignments thereof) to enable
the Administrative Agent, the Co-Collateral Agents and the Purchasers to exercise and
enforce all their rights hereunder and to vest and maintain vested in the Administrative
Agent a valid, first priority perfected security interest in the Receivables, the Related
Security the Collections, the Purchase Agreement, the Lock-Box Accounts and proceeds
thereof free and clear of any Lien (and a perfected ownership interest in the Receivables,
the Related Security and Collections to the extent of the Sold Interest). The
Administrative Agent is hereby authorized to sign and file any continuation statements,
amendments thereto and assignments thereof without the Seller’s signature. The Seller
hereby authorizes and appoints the Administrative Agent as its designees to sign and file
any continuation statements, amendments thereto and assignments thereof against each
Originator.

     (ii) The Seller will, and will cause each Originator to, only change
its name, identity or corporate structure or relocate its chief executive
office or the Records following 30 days advance notice to the
Administrative Agent and the delivery to the Administrative Agent of all
financing statements, instruments and other documents (including direction
letters) requested by the Administrative Agent or the Co-Collateral
Agents.

     (iii) Each of the Seller and each Originator will at all times be
organized under the laws of a jurisdiction in the United States of America
(other than in the states of Florida, Maryland and Tennessee) in which
Article 9 of the UCC is in effect. If the Seller or any Originator is
located in, or organized under the laws of, a jurisdiction that imposes
Taxes, fees or other charges to perfect the Administrative Agent’s and the
Purchasers’ interests hereunder or the Seller’s interests under the
Purchase Agreement, the Seller will pay all such amounts and any other
costs and expenses incurred in order to maintain the enforceability of the
Transaction Documents, the Sold Interest and the interests of the
Administrative Agent, the Co-Collateral Agents and the Purchasers in the
Receivables, the Related Security, Collections, Purchase Agreement and
Lock-Box Accounts.

     (h) Performance of Duties. The Seller will perform, and will cause each Swift Entity
and the Collection Agent (if an Affiliate) to perform, and the

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Collection Agent will perform, its respective duties or obligations in accordance with
the provisions of each of the Transaction Documents. The Seller (at its expense) will, and
will cause each Swift Entity to, and the Collection Agent will, (i) fully and timely
perform in all material respects all agreements required to be observed by it in connection
with each Receivable, (ii) comply in all material respects with, and originate and service
the Receivables in accordance with, the Credit and Collection Policy, and (iii) refrain
from any action that may impair the rights of the Administrative Agent, the Co-Collateral
Agents or the Purchasers in the Receivables, the Related Security, Collections, Purchase
Agreement or Lock-Box Accounts.

     (i) Payments on Receivables, Accounts. The Seller will, and will cause each Originator
to, at all times instruct all Obligors to deliver payments on the Receivables to a Lock-Box
Account. If any such payments or other Collections are received by the Seller or any
Originator, it shall hold such payments in trust for the benefit of the Administrative
Agent, the Co-Collateral Agents and the Purchasers and promptly (but in any event within
one Business Day after receipt) remit such funds into a Lock-Box Account. The Seller will
cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The
Seller will not permit the funds of any Affiliate or any funds not constituting either
Collections or any other funds to which the Administrative Agent, the Co-Collateral Agents
or any Purchaser is entitled to be deposited into any Lock-Box Account. If such funds are
nevertheless deposited into any Lock-Box Account, the Seller will promptly identify such
funds for segregation. The Seller will not, and will not permit any Collection Agent or
other Person to, and the Collection Agent will not, commingle Collections or other funds to
which the Administrative Agent, the Co-Collateral Agents or any Purchaser is entitled with
any other funds. The Seller shall only add, and shall only permit the Originators to add,
a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit E if the
Administrative Agent and the Co-Collateral Agents have received notice of such addition, a
copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box
Letter substantially in the form of Exhibit F (with such changes as are acceptable to the
Administrative Agent) from any new Lock-Box Bank. The Seller shall only terminate a
Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the
Administrative Agent.

     (j) Sales and Liens Relating to Receivables. Except as otherwise provided herein, the
Seller will not, and will not permit the Originators to, (by operation of law or otherwise)
dispose of or otherwise transfer, or create or suffer to exist any Lien upon, any
Receivable or any proceeds thereof.

     (k) Extension or Amendment of Receivables. Except as otherwise permitted in Section
3.2(b) and then subject to Section 1.5, the Seller will not, and will not permit the
Originators to, and the Collection Agent will not, extend, amend, rescind or cancel any
Receivable.

29

 

     (l) Change in Business or Credit and Collection Policy. The Seller and the Collection
Agent will not make any material change in the character of their respective business and
will not, and will not permit any Originator to, make any material change to the Credit and
Collection Policy without the prior written consent of the Co-Collateral Agents.

     (m) Certain Agreements. The Seller shall not (and shall not permit any Originator to)
and the Collection Agent shall not amend, modify, waive, revoke or terminate any
Transaction Document to which it is a party or any provision of Seller’s certificate of
incorporation or by-laws. The Seller and the Collection Agent shall exercise their
respective rights and remedies under the Purchase Agreement only in accordance with the
written instructions of the Co-Collateral Agents.

     (n) Other Business. The Seller shall not (i) engage in any business other than the
transactions contemplated by the Transaction Documents, (ii) create, incur or permit to
exist any indebtedness of any kind (or cause or permit to be issued for its account any
letters of credit or bankers’ acceptances) other than pursuant to this Agreement or the
Subordinated Notes, or (iii) form any Subsidiary or make any investments in any other
Person; provided, however, that the Seller may incur minimal obligations to the extent
necessary for the day-to-day operations of the Seller (such as expenses for stationery,
audits, maintenance of legal status, etc.). The Seller shall not incur or permit to exist
in respect of it any indebtedness for borrowed money of any kind (or cause or permit to be
issued for its account any letters of credit or bankers’ acceptances) other than pursuant
to this Agreement or the Subordinated Notes.

     (o) Nonconsolidation. The Seller shall operate in such a manner that the separate
corporate existence of the Seller would not be disregarded in the event of the bankruptcy
or insolvency of any Swift Entity and Affiliate thereof and, without limiting the
generality of the foregoing:

     (i) the Seller shall not engage in any activity other than those
activities expressly permitted under the Seller’s organizational documents
and the Transaction Documents, nor will the Seller enter into any
agreement other than this Agreement, the other Transaction Documents to
which it is a party and, with the prior written consent of the
Administrative Agent, any other agreement necessary to carry out more
effectively the provisions and purposes hereof or thereof;

     (ii) to the extent the Seller’s office is located in the offices of
any Affiliate of the Seller, the Seller shall at all times pay fair market
rent for such office space and a fair share of any overhead costs
associated therewith;

30

 

     (iii) the Seller shall cause the financial statements, books,
accounting records and other corporate documents and records of the Seller
and the Originators to reflect the separate corporate existence of the
Seller;

     (iv) except as otherwise expressly permitted hereunder, under the
other Transaction Documents and under the Seller’s organizational
documents, the Seller shall not permit any Swift Entity or Affiliate
thereof to (A) pay the Seller’s expenses, (B) guarantee the Seller’s
obligations, or (C) advance funds to the Seller for the payment of
expenses or otherwise;

     (v) the Seller will not act as agent for any Swift Entity or
Affiliate, but instead will present itself to the public as a corporation
separate from each such Person and independently engaged in the business
of purchasing and financing Receivables;

     (vi) the Seller will not commingle its assets with those of any Swift
Entity or Affiliate or any other entity, and not hold itself out as being
liable for the debts of another,

     (vii) the Seller will maintain the Seller’s books of account and
payroll (if any) separate from those of any Swift Entity or Affiliate;

     (viii) the Seller will act solely in its corporate name and through
its own authorized officers and agents, invoices and letterhead in a
manner designed not to mislead third parties as to the separate identity
of the Seller;

     (ix) the Seller will not permit any Swift Entity or Affiliate to
mislead third parties by conducting or appearing to conduct business on
behalf of the Seller or expressly or impliedly representing or suggesting
that any Swift Entity or Affiliate is liable or responsible for the debts
of the Seller or that the assets of such Swift Entity or Affiliate are
available to pay the creditors of the Seller;

     (x) the Seller will maintain an arm’s-length relationship with each
Originator and will separately manage its liabilities from those of any
Swift Entity or Affiliate and pay its own liabilities, including all
administrative expenses, from its own separate assets, provided that the
Seller’s stockholder or other Affiliates may pay certain of the
organizational costs of the Seller, and the Seller shall reimburse any
Affiliate for its allocable portion of shared expenses paid by such
Affiliate;

31

 

     (xi) the Seller will pay from its own assets all obligations and
indebtedness of any kind incurred by the Seller;

     (xii) the Seller shall continuously maintain the resolutions,
agreements and other instruments underlying the transactions described in
the Transaction Documents as official records;

     (xiii) the Seller shall, and shall cause each Swift Entity to, comply
with and not act contrary to (and cause to be true and correct) each of
the facts and assumptions contained in the opinions of Snell & Wilmer
L.L.P. delivered pursuant to the Transaction Documents; and

     (xiv) the Seller shall at all times have at least one Independent
Director (as defined in the Certificate of Incorporation of the Seller as
of the date hereof) on its board of directors.

     (p) Mergers, Consolidations and Acquisitions. The Seller shall not merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate
with it, or purchase, lease or otherwise acquire (in one transaction or a series of
transactions) all or substantially all of the assets of any other Person (whether directly
by purchase, lease or other acquisition of all or substantially all of the assets of such
Person or indirectly by purchase or other acquisition of all or substantially all of the
capital stock of such other Person) other than the acquisition of the Receivables and
Related Security pursuant to the Purchase Agreement.

     (q) Payment of Taxes. The Seller shall pay and discharge before the same shall
become delinquent, all lawful governmental claims, Taxes, assessments, charges and levies,
except where contested in good faith, by proper proceedings and adequate reserves therefor
have been established on the books of the Seller in conformity with GAAP.

     (r) Compliance with Organization Documents. The Seller shall comply with, and cause
compliance with, the provisions of the organization documents of the Seller delivered to
the Administrative Agent pursuant to Section 7.1(a) as the same may, from time to time, be
amended, supplemented or otherwise modified with the prior written consent of the
Administrative Agent (such consent not to be unreasonably withheld or delayed).

     (s) Restricted Payments. The Seller shall not directly or indirectly, declare, order,
pay, make or set apart any sum for any redemption, retirement or cancellation of the
Seller’s Equity Interests or any Subordinated Note other than pursuant to or in accordance
with the Transaction Documents, provided that payment of dividends by the Seller to its
parent, Swift Transportation

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Corporation, shall be permitted so long as no amounts are due and owing to any of the
Co-Collateral Agents, the Administrative Agent or the Purchasers at such time and the Sold
Interest is less than 100%.

     (t) Accounting. Except as required in connection with any changes in applicable law
or GAAP made after the date hereof, the Seller shall not account for, and the Collection
Agent shall not cause or permit the Seller to account for (including for accounting and tax
purposes) or otherwise treat the transactions contemplated by the Purchase Agreement in any
manner other than as sales of Receivables by any Originator to the Seller, or account for
(other than for tax purposes) or otherwise treat the transactions contemplated by this
Agreement in any manner other than as sales of Purchase Interests by the Seller to the
Administrative Agent for the account of the Purchasers.

     (u) Affiliate Transactions. Except as contemplated or permitted by the Transaction
Documents, the Seller shall not enter into any other transaction directly or indirectly
with or for the benefit of any Affiliate of the Seller other than as permitted by Section
5.1(s) hereof.

     (v) ERISA. The Seller shall not adopt, maintain, contribute to or incur or assume
any obligation with respect to any Plan, Multiemployer Plan or Welfare Plan, except such
obligation or contingent obligation that arises as a matter of law solely as a result of an
ERISA Affiliate’s sponsorship of a Plan, Multiemployer Plan or Welfare Plan.

     (w) Purchase Agreement. The Seller shall not (i) cancel or terminate the Purchase
Agreement or consent to or accept any cancellation or termination thereof, (ii) amend,
supplement or otherwise modify any term or condition of the Purchase Agreement or give any
consent, waiver or approval thereunder, (iii) waive any default under or breach of the
Purchase Agreement or (iv) take any other action under the Purchase Agreement not required
by the terms thereof that would impair the value of any Receivables or the rights or
interests of the Seller thereunder or of the Administrative Agent, the Co-Collateral
Agents, any Purchaser or Indemnified Party hereunder or thereunder.

     (x) Voluntary Petitions. The Collection Agent shall not cause the Seller to file a
voluntary petition under the Bankruptcy Code or any other bankruptcy or insolvency laws.

     (y) Limitations on Certain Modifications to Credit Agreement and Indentures. The
Seller and the Collection Agent will not make or consent to, and will not permit any
Originator to, make or consent to, any amendment or modification to the definition of
“Receivables Assets”, “Receivables Subsidiary”, “Receivables Transaction”, “Qualified
Receivables Transaction” or “Standard Securitization Undertakings” as such terms are
defined in the Credit Agreement and the Indentures as in effect on the date hereof, without
the prior written

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consent of the Co-Collateral Agents such consent not to be unreasonably withheld,
provided, however, without limiting the rights of the Co-Collateral Agents, it shall be
reasonable for the Co-Collateral Agents to withhold consent if such amendment or
modification would make the Agreement and any transaction contemplated hereunder not
permitted under the Credit Agreement or Indentures, or adversely impact the Receivables,
the Related Security or the proceeds thereof, or any sale thereof or the granting of any
Lien thereon in connection with the securitization transactions contemplated by this
Agreement and the other Transaction Documents.

ARTICLE VI

INDEMNIFICATION

     Section 6.1 Indemnities by the Seller. Without limiting any other rights any Person may have
hereunder or under applicable law, the Seller hereby indemnifies and holds harmless, on an
after-Tax basis, each Indemnified Party from and against any and all Indemnified Losses at any time
imposed on or incurred by any Indemnified Party arising out of or otherwise relating to any
Transaction Document, the transactions contemplated thereby or any action taken or omitted by any
of the Indemnified Parties (including any action taken by the Administrative Agent or the
Co-Collateral Agents as attorney-in-fact for the Seller pursuant to Section 3.5(b)), whether
arising by reason of the acts to be performed by the Seller hereunder or otherwise, excluding only
Indemnified Losses to the extent (x) a final judgment of a court of competent jurisdiction holds
such Indemnified Losses resulted solely from gross negligence or willful misconduct of the
Indemnified Party seeking indemnification, (y) solely due to the credit risk of the Obligor and for
which reimbursement would constitute recourse to the Seller or the Collection Agent for
uncollectible Receivables or (z) such Indemnified Losses include Taxes on, or measured by, the
overall net income of the Administrative Agent, the Co-Collateral Agents or any Purchaser computed
in accordance with the Intended Tax Characterization. Without limiting the foregoing
indemnification, but subject to the limitations set forth in clauses (x), (y) and (z) of the
previous sentence, the Seller shall indemnify each Indemnified Party for Indemnified Losses
relating to or resulting from:

     (a) any representation or warranty made by the Seller, any other Swift Entity or
Affiliate thereof or the Collection Agent, if it is a Swift Entity, (or any employee or
agent of the Seller, any Swift Entity or the Collection Agent) under or in connection with
this Agreement, any Periodic Report or any other information or report delivered by the
Seller, any other Swift Entity or Affiliate thereof or the Collection Agent, if it is a
Swift Entity, pursuant hereto, which shall have been false or incorrect when made or deemed
made;

     (b) the failure by the Seller, any other Swift Entity or Affiliate thereof, or the
Collection Agent, if it is a Swift Entity, to comply with any applicable law, rule or
regulation related to any Receivable or the Related Security, or the nonconformity of any
Receivable or the Related Security with any such

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applicable law, rule or regulation or the failure by the Seller to satisfy any of its
obligations under any Transaction Documents;

     (c) the failure of the Seller to vest and maintain vested in the Administrative Agent,
for the benefit of itself, the Co-Collateral Agents and the Purchasers, a perfected
ownership or security interest in the Sold Interest and the property conveyed pursuant to
Section 1.1(e) and Section 1.8, free and clear of any Lien;

     (d) any commingling of funds (whether or not permitted pursuant to the terms of the
Transaction Documents) to which the Co-Collateral Agents, the Administrative Agent or any
Purchaser is entitled hereunder with any other funds;

     (e) any failure of a Lock-Box Bank to comply with the terms of the applicable Lock-Box
Letter;

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

     (g) any failure of the Seller or any Swift Entity to perform its duties or obligations
in accordance with the provisions of this Agreement or any other Transaction Document to
which such Person is a party (as a Collection Agent or otherwise);

     (h) any action taken by the Administrative Agent as attorney-in-fact for the Seller
pursuant to Section 3.5(b);

     (i) any environmental liability, product liability, personal injury, copyright
infringement, theft of services, property damage, or other breach of contract, antitrust,
unfair trade practices or tortious claim or other similar or related claim or action of
whatever sort, arising out of or in connection with any Receivable or any other suit, claim
or action of whatever sort relating to any of the Transaction Documents;

     (j) any Receivable which is stated to be, but is not as of the applicable Purchase
Date, an Eligible Receivable;

     (k) the failure of the Seller to have filed, or any delay by the Seller in filing,
financing statements or other similar instruments or documents under the UCC of any
applicable jurisdiction or other applicable laws with respect to any Receivable and the
Related Security and Collections in respect thereof, whether at the time of any Purchase or
reinvestment or at any subsequent time unless such

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failure results directly and solely from the Administrative Agent’s failure to take
appropriate action;

     (l) any action or omission by the Seller reducing or impairing the rights of any
Purchaser of a Purchase Interest under this Agreement, any other Transaction Document or
any other instrument or document furnished pursuant hereto or thereto or with respect to
any Receivable;

     (m) any cancellation or modification of a Receivable, the related contract or any
Related Security, whether by written agreement, verbal agreement, acquiescence or
otherwise, unless such cancellation or modification was made by or with the express consent
of the Administrative Agent or a Collection Agent that is not an Originator or an Affiliate
of an Originator;

     (n) any investigation, litigation (other than any litigation between the Seller and an
Indemnified Party in which the Seller is the prevailing party) or proceeding related to or
arising from this Agreement, any other Transaction Document or any other instrument or
document furnished pursuant hereto or thereto, or any transaction contemplated by this
Agreement or the use of proceeds from any Purchase or reinvestment pursuant to this
Agreement, or the ownership of, or other interest in, any Receivable, the related contract
or Related Security;

     (o) any failure by the Seller to pay when due any Taxes, including without limitation
sales, excise or personal property taxes, payable by the Seller in connection with any
Receivable or the related contract or any Related Security with respect thereto;

     (p) any claim brought by any Person other than an Indemnified Party arising from any
activity of the Seller in servicing, administering or collecting any Receivable; or

     (q) the use of the proceeds of the sales under this Agreement or the Purchase
Agreement.

     Section 6.2 Increased Cost and Reduced Return. If the adoption after the date hereof of any
applicable law, rule or regulation, or any change therein after the date hereof, or any change in
the interpretation or administration thereof by any Governmental Authority charged with the
interpretation or administration thereof, or compliance by any Funding Source, the Administrative
Agent or any Purchaser (collectively, the “Funding Parties”) with any request or directive (whether
or not having the force of law) after the date hereof of any such Governmental Authority (a
“Regulatory Change”) (a) subjects any Funding Party to any charge or withholding on or in
connection with a Funding Agreement or this Agreement (collectively, the “Funding Documents”) or
any Receivable, (b) changes the basis of taxation of payments to any of the Funding Parties of any
amounts payable under any of the Funding Documents (except for changes in the rate of Tax on the
overall net income of such Funding Party), (c) imposes, modifies or deems

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applicable any reserve, assessment, insurance charge, special deposit or similar requirement
against assets of, deposits with or for the account of, or any credit extended by, any of the
Funding Parties, (d) has the effect of reducing the rate of return on such Funding Party’s capital
to a level below that which such Funding Party could have achieved but for such adoption, change or
compliance (taking into consideration such Funding Party’s policies concerning capital adequacy) or
(e) imposes any other condition, and the result of any of the foregoing is (x) to impose a cost on,
or increase the cost to, any Funding Party of its commitment under any Funding Document or of
purchasing, maintaining or funding any interest acquired under any Funding Document, (y) to reduce
the amount of any sum received or receivable by, or to reduce the rate of return of, any Funding
Party under any Funding Document or (z) to require any payment calculated by reference to the
amount of interests held or amounts received by it hereunder, then, upon demand by the
Administrative Agent or any other Funding Party, the Seller shall pay to the Administrative Agent
(with respect to amounts owed to it or any Purchaser), for the account of the Person such
additional amounts as will compensate the Administrative Agent or such Purchaser (or, in the case
of any Purchaser, will enable such Purchaser to compensate any Funding Source) for such increased
cost or reduction. Without limiting the foregoing, the Seller acknowledges and agrees that the
fees and other amounts payable by the Seller to the Purchasers and the Administrative Agent have
been negotiated on the basis that the unused portion of the Purchaser’s Commitment is treated as a
“short term commitment” for which there is no regulatory capital requirement. If any Purchaser
determines it is required to maintain capital against its Unused Commitment (or any Purchaser is
required to maintain capital against its Investment) in excess of the amount of capital it would be
required to maintain against a funded loan in the same amount, such Purchaser shall be entitled to
compensation under this Section 6.2.

     Section 6.3 Other Costs and Expenses. The Seller shall pay to the Co-Collateral Agents or any
Purchaser (with respect to amounts owed to each of them, respectively) on demand all reasonable
costs and expenses in connection with (a) the preparation, execution, delivery and administration
(including amendments of any provision) of the Transaction Documents, (b) the sale of the Sold
Interest, (c) the perfection of the Administrative Agent’s rights in the Receivables, Related
Security and Collections, (d) the enforcement by any of the Co-Collateral Agents, the
Administrative Agent or the Purchasers of the obligations of the Seller under the Transaction
Documents or of any Obligor under a Receivable and (e) the maintenance by the Administrative Agent
of the Lock-Boxes and Lock-Box Accounts, including fees, costs and expenses of legal counsel for
the Co-Collateral Agents or the Administrative Agent relating to any of the foregoing or to
advising the Co-Collateral Agents, the Administrative Agent and any Funding Source about its rights
and remedies under any Transaction Document or any related Funding Agreement and all costs and
expenses (including counsel fees and expenses) of the Co-Collateral Agents, the Administrative
Agent, each Purchaser and each Funding Source in connection with the enforcement of the Transaction
Documents or any Funding Agreement and in connection with the administration of the Transaction
Documents following a Termination Event, including but not limited to costs and expenses in
connection with the enforcement of any of the Co-Collateral Agents’, the

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Administrative Agent’s or the Purchasers’ rights and remedies against an Obligor under a
Receivable, any audits or other accounting procedures (subject to the limitations set forth in
Section 5.1(e)) and any workout or restructuring. The Seller shall reimburse each Purchaser for any
amounts such Purchaser must pay to any Funding Source pursuant to the related Transfer Agreement,
this Agreement and the Funding Agreements related thereto on account of any Tax. The Seller shall
reimburse the Purchaser on demand for all other costs and expenses incurred by the Purchaser or any
shareholder of the Purchaser in connection with the Transaction Documents or the transactions
contemplated thereby, including the fees and out-of-pocket expenses of counsel of the Co-Collateral
Agents, the Administrative Agent, the Purchaser or any shareholder, or administrator, of the
Purchaser for advice relating to the Purchaser’s operation.

     Section 6.4 Withholding Taxes.

          (a) All payments made by the Seller hereunder shall be made without withholding for or on
account of any present or future Taxes (other than overall net income taxes on the recipient). If
any such withholding is so required, the Seller shall make the withholding, pay the amount withheld
to the appropriate authority before penalties attach thereto or interest accrues thereon and pay
such additional amount as may be necessary to ensure that the net amount actually received by each
Purchaser, the Administrative Agent and the Co-Collateral Agents free and clear of such Taxes
(including such Taxes on such additional amount) is equal to the amount that Purchaser, the
Administrative Agent or the Co-Collateral Agents (as the case may be) would have received had such
withholding not been made. If the Co-Collateral Agents, the Administrative Agent or any Purchaser
pays any such Taxes, penalties or interest the Seller shall reimburse the Co-Collateral Agents, the
Administrative Agent or such Purchaser, as applicable, for that payment on demand. If the Seller
pays any such Taxes, penalties or interest, it shall deliver official tax receipts evidencing that
payment or certified copies thereof to the Administrative Agent on or before the 30th day after
payment.

          (b) Before the first date on which any amount is payable hereunder for the account of any
Purchaser not incorporated under the laws of the United States of America or any state thereof such
Purchaser shall deliver to the Seller and the Administrative Agent each two duly completed copies
of United States Internal Revenue Service Form W-8BEN or W-8ECI (or successor applicable form)
certifying that such Purchaser is entitled to receive payments hereunder without deduction or
withholding of any United States federal income taxes. Each such Purchaser shall replace or update
such forms when necessary to maintain any applicable exemption and as requested by the
Administrative Agent or the Seller.

          Section 6.5 Payments and Allocations. If any Person seeks compensation pursuant to Section
6.1 or 6.2 of this Article VI, such Person shall deliver to the Seller, the Administrative Agent,
the Co-Collateral Agents a certificate setting forth the amount due to such Person, a description
of the circumstance giving rise thereto and the basis of the calculations of such amount, which
certificate shall be conclusive absent manifest

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error. The Seller shall pay to the Administrative Agent(with respect to amounts owed to it or
any Purchaser), for the account of such Person the amount shown as due on any such certificate
within 10 Business Days after receipt of the notice.

ARTICLE VII

CONDITIONS PRECEDENT

     Section 7.1 Conditions to Closing. This Agreement shall become effective on the first date
all conditions in this Section 7.1 are satisfied.

     (a) On or before such date, the Seller shall deliver to the Co-Collateral Agents and
the Administrative Agent the following documents in form, substance and quantity acceptable
to the Co-Collateral Agents and the Administrative Agent:

     (i) A certificate of the Secretary of each of the Seller, each
Originator and the Initial Collection Agent certifying (i) the resolutions
of the Seller’s and each Swift Entity’s board of directors approving each
Transaction Document to which it is a party, (ii) the name, signature, and
authority of each officer who executes on the Seller’s or any Swift
Entity’s behalf a Transaction Document (on which certificate the
Administrative Agent, the Co-Collateral Agents and each Purchaser may
conclusively rely until a revised certificate is received), (iii) the
Seller’s and each Swift Entity’s certificate or articles of incorporation
certified by the Secretary of State of its state of incorporation, (iv) a
copy of the Seller’s and each Swift Entity’s by-laws and (v) good standing
certificates issued by the Secretaries of State of each jurisdiction where
the Seller or any Swift Entity is incorporated or has its principal place
of business;

     (ii) All instruments and other documents required, or deemed
desirable by the Administrative Agent, to perfect the Administrative
Agent’s first priority interest in the Receivables, Related Security,
Collections, the Purchase Agreement and the Lock-Box Accounts in all
appropriate jurisdictions;

     (iii) For each Originator and Seller, UCC search reports from each
jurisdiction where such Person is incorporated;

     (iv) Executed copies of (A) all third party consents and
authorizations necessary in connection with the Transaction Documents (B)
all Lock-Box Letters, (C) a Monthly Report covering the calendar month
ended June 30, 2008, (D) a Weekly

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Report covering the calendar week ended July 25, 2008 and (E) each
Transaction Document;

     (v) Favorable opinions of counsel to the Seller and each Swift Entity
covering such matters as the Administrative Agent or the Co-Collateral
Agents may request, including but not limited to opinions satisfactory to
the Administrative Agent and the Co-Collateral Agents to the effect that
the sale of Receivables from each Originator to the Seller constitutes
“true sales”, that the Seller will not be substantively consolidated with
such Originator or its Affiliates in a case under the Bankruptcy Code and
as to the enforceability of the Transaction Documents, compliance with all
laws and regulations (including Regulation U of the FRB) and the
perfection of all ownership and other interests purported to be granted
under the Transaction Documents;

     (vi) Such other approvals, officer certificates, opinions or
documents as the Administrative Agent or the Co-Collateral Agents may
request.

     (vii) Each Purchaser that is subject to the requirements of the USA
Patriot Act (Title 111 of Pub. L. 107-56 (signed into law October 26,
2001)) shall have obtained, verified and recorded the information that
identifies Seller and Originators.

     (viii) The Administrative Agent and the Co-Collateral Agents shall
have received lien release agreements in form and substance reasonably
satisfactory to them, evidencing the release (A) by the trustee under each
of the Indentures of any and all Liens in the Receivables, Related
Security and Collections granted in favor of such trustee, and (B) the
release by the administrative agent under the Credit Agreement of any and
all Liens in the Receivables, Related Security and Collections granted in
favor of such administrative agent, together with UCC financing statement
amendments evidencing the release of Liens referred to in the immediately
preceding clauses (A) and (B), the filing of which by the Administrative
Agent shall have been authorized in writing by the trustees under the
Indentures and the administrative agent under the Credit Agreement,
respectively.

     (b) Maintenance by the Swift Entities of the Minimum Liquidity.

     (c) Absence of a Material Adverse Effect since December 31, 2007.

     (d) The Administrative Agent and the Co-Collateral Agents shall have received all fees
and expenses (including, but not limited to, reasonable fees and

40

 

expenses of counsel to the Administrative Agent and the Co-Collateral Agents) required
to be paid on the date hereof, pursuant to the terms of this Agreement and the Fee Letter.

     Section 7.2 Conditions to Each Purchase. The obligation of each Purchaser to make any
Purchase, and the right of the Seller to request or accept any Purchase, are subject to the
conditions (and each Purchase shall evidence the Seller’s representation and warranty that clauses
(a)-(h) of this Section 7.2 have been satisfied) that on the date of such Purchase before and after
giving effect to the Purchase:

     (a) no Potential Termination Event shall then exist or shall occur as a result of the
Purchase;

     (b) the Termination Date has not occurred;

     (c) after giving effect to the application of the proceeds of such Purchase, (i) the
Purchaser’s Investment would not exceed such Purchaser’s Commitment, (ii) the outstanding
Matured Aggregate Investment would not exceed the Aggregate Commitment and (iii) the
outstanding Aggregate Investment would not exceed the Maximum Aggregate Investment;

     (d) the representations and warranties of the Seller in Section 4.1, the
representations and warranties of the Initial Collection Agent in Section 4.2, and the
representations and warranties of the Originators in Sections 4.1 and 4.2 of the Purchase
Agreement are true and correct in all material respects on and as of such date (except to
the extent such representations and warranties relate solely to an earlier date and then
are true and correct as of such earlier date), except that any representation and warranty
that is qualified as to materiality, Material Adverse Effect or similar language shall be
true and correct in all respects on the relevant date;

     (e) each of the Seller and each Swift Entity is in full compliance with the
Transaction Documents (including all covenants and agreements in Article V);

     (f) all reports and other information required by the Transaction Documents to have
been delivered to the Administrative Agent, the Co-Collateral Agents or the Purchasers have
been delivered;

     (g) the Purchase will comply with all laws, regulations, judgments and other
directions or orders imposed by any Governmental Authority to which the Purchase may be
subject; and

     (h) absence of a Material Adverse Effect since December 31, 2007.

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ARTICLE VIII

THE ADMINISTRATIVE AGENT AND THE CO-COLLATERAL AGENTS

     Section 8.1 Appointment and Authorization.

          (a) Each Purchaser hereby irrevocably designates and appoints (i) Wells Fargo Foothill, LLC as
the “Administrative Agent”, and (ii) Morgan Stanley Senior Funding, Inc., Wells Fargo Foothill, LLC
and General Electric Capital Corporation as the “Co-Collateral Agents”, under the Transaction
Documents and authorizes the Administrative Agent and the Co-Collateral Agents to take such actions
and to exercise such powers as are delegated to the Administrative Agent and the Co-Collateral
Agents thereby and to exercise such other powers as are reasonably incidental thereto. The
Administrative Agent shall hold, in its name, for the benefit of each Purchaser, the Purchase
Interest of the Purchaser. The Administrative Agent and the Co-Collateral Agents shall not have
any duties other than those expressly set forth in the Transaction Documents or any fiduciary
relationship with any Purchaser, and no implied obligations or liabilities shall be read into any
Transaction Document, or otherwise exist, against the Administrative Agent or the Co-Collateral
Agents. The Administrative Agent and the Co-Collateral Agents do not assume, nor shall they be
deemed to have assumed, any obligation to, or relationship of trust or agency with, the Seller.
Notwithstanding any provision of this Agreement or any other Transaction Document, in no event
shall the Administrative Agent or the Co-Collateral Agents ever be required to take any action
which exposes the Administrative Agent or the Co-Collateral Agents to personal liability or which
is contrary to the provision of any Transaction Document or applicable law.

          (b) Reserved.

          (c) Except as otherwise specifically provided in this Agreement, the provisions of this
Article VIII are solely for the benefit of the Administrative Agent, the Co-Collateral Agents and
the Purchasers, and none of the Seller or any Collection Agent shall have any rights as a
third-party beneficiary or otherwise under any of the provisions of this Article VIII, except that
this Article VIII shall not affect any obligations which the Administrative Agent, the
Co-Collateral Agents or each Purchaser may have to the Seller or any Collection Agent under the
other provisions of this Agreement. Furthermore, no Purchaser shall have any rights as a
third-party beneficiary or otherwise under any of the provisions hereof in respect of the
Administrative Agent or the Co-Collateral Agents in relation to another unaffiliated Purchaser.

          (d) In performing their functions and duties hereunder, the Administrative Agent and the
Co-Collateral Agents shall act solely as the agents of the Purchasers and do not assume nor shall
be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller
or Collection Agent or any of their successors and assigns.

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     Section 8.2 Delegation of Duties. The Administrative Agent and the Co-Collateral Agents may
execute any of their duties through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The Administrative Agent and the
Co-Collateral Agents shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by them with reasonable care.

     Section 8.3 Exculpatory Provisions. (a) None of the Administrative Agent, the Co-Collateral
Agents or any of their directors, officers, agents or employees shall be liable for any action
taken or omitted (i) with the consent or at the direction of the Instructing Group or (ii) in the
absence of such Person’s gross negligence or willful misconduct. The Administrative Agent and the
Co-Collateral Agents shall not be responsible to any Purchaser or other Person for (i) any
recitals, representations, warranties or other statements made by the Seller, any Swift Entity or
any of their Affiliates, (ii) the value, validity, effectiveness, genuineness, enforceability or
sufficiency of any Transaction Document, (iii) any failure of the Seller, any Swift Entity or any
of their Affiliates to perform any obligation or (iv) the satisfaction of any condition specified
in Article VII. The Administrative Agent and the Co-Collateral Agents shall not have any
obligation to any Purchaser to ascertain or inquire about the observance or performance of any
agreement contained in any Transaction Document or to inspect the properties, books or records of
the Seller or any Swift Entity. In performing their functions and duties hereunder and under the
other Transaction Documents, the Administrative Agent and the Co-Collateral Agents are acting
solely on behalf of the Purchasers and their duties are entirely administrative in nature. The
Administrative Agent and the Co-Collateral Agents do not assume and shall not be deemed to have
assumed any obligation other than as expressly set forth herein and in the other Transaction
Documents or any other relationship as the agent, fiduciary or trustee of or for any Purchaser or
holder of any other obligation under any Transaction Document. The Administrative Agent and the
Co-Collateral Agents may perform any of their duties under any Transaction Document by or through
their agents or employees.

          (b) Neither the Administrative Agent nor the Co-Collateral Agents shall have any obligation
whatsoever to any Purchaser to assure that the Receivables, Collections or Related Security exists
or is owned by Seller or is cared for, protected, or insured or has been encumbered, or that the
Administrative Agent’s interest therein has been properly or sufficiently or lawfully created,
perfected, protected, or enforced or are entitled to any particular priority, or to exercise at all
or in any particular manner or under any duty of care, disclosure or fidelity, or to continue
exercising, any of the rights, authorities and powers granted or available to the Administrative
Agent or the Co-Collateral Agents pursuant to any of the Transaction Documents, it being understood
and agreed that in respect of the Receivables, Related Security and Collections, or any act,
omission, or event related thereto, subject to the terms and conditions contained herein, the
Administrative Agent and each of the Co-Collateral Agents may act in any manner it may deem
appropriate, in its sole discretion given its own interest in the Receivables, Related Security and
Collections in its capacity as one of the Purchasers and that it shall

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have no other duty or liability whatsoever to any Purchaser as to any of the foregoing, except
as otherwise provided herein.

     Section 8.4 Reliance by Administrative Agent and Co-Collateral Agents. (a) The Administrative
Agent and the Co-Collateral Agents shall in all cases be entitled to rely, and shall be fully
protected in relying, upon any document, other writing or conversation believed by them to be
genuine and correct and to have been signed, sent or made by the proper Person and upon advice and
statements of legal counsel (including counsel to the Seller), independent accountants and other
experts selected by the Administrative Agent or the Co-Collateral Agents. The Administrative Agent
and the Co-Collateral Agents shall in all cases be fully justified in failing or refusing to take
any action under any Transaction Document unless they shall first receive such advice or
concurrence of the Purchasers, and assurance of its indemnification, as they deem appropriate.

          (b) The Administrative Agent and the Co-Collateral Agents shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement in accordance with a
request of the Purchasers, and such request and any action taken or failure to act pursuant thereto
shall be binding upon all Purchasers, the Administrative Agent and the Co-Collateral Agents.

          (c) Only the Instructing Group may request or direct the Administrative Agent or the
Co-Collateral Agents to take action, or refrain from taking action, under this Agreement on behalf
of the Purchasers. The Administrative Agent and the Co-Collateral Agents shall in all cases be
fully protected in acting, or in refraining from acting, under this Agreement in accordance with a
request of the Instructing Group, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all of the Purchasers.

          (d) Unless otherwise advised in writing by any Purchaser on whose behalf the Administrative
Agent or the Co-Collateral Agents are purportedly acting, each party to this Agreement may assume
that (i) the Administrative Agent and the Co-Collateral Agents are acting for the benefit of each
of the Purchasers, as well as for the benefit of each assignee or other transferee from any such
Person, and (ii) each action taken by the Administrative Agent and the Co-Collateral Agents has
been duly authorized and approved by all necessary action on the part of the Purchasers on whose
behalf they are purportedly acting.

          (e) Neither the Administrative Agent, the Co-Collateral Agents, nor any of their directors,
officers, agents or employees shall be liable for any action taken or omitted to be taken by them
as Administrative Agent or Co-Collateral Agents under or in connection with this Agreement or any
other Transaction Document or any other instrument or document delivered pursuant hereto
(including, without limitation, the Administrative Agent’s servicing, administering or collecting
Receivables pursuant to Article III), or in respect of the transactions thereunder, except for
their own gross negligence or willful misconduct. Without limiting the generality of the
foregoing,

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except as otherwise agreed by the Administrative Agent, the Co-Collateral Agents and any
Purchaser, as applicable, each of the Administrative Agent and the Co-Collateral Agents: (i) may
consult with legal counsel (including counsel for the Seller, the Collection Agent or any
Originator), independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken in good faith by it in accordance with the
advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any
Purchaser and shall not be responsible to any Purchaser for any statements, warranties or
representations (whether written or oral) made in or in connection with this Agreement or any other
Transaction Document or any other instrument or document delivered pursuant hereto; (iii) shall not
have any duty to ascertain or to inquire as to the performance or observance of any of the terms,
covenants or conditions of this Agreement or any other Transaction Document or any other instrument
or document delivered pursuant hereto on the part of the Seller or any Originators or to inspect
the property (including the books and records) of the Seller or any Originator; (iv) shall not be
responsible to any Purchaser for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other Transaction Document or any other
instrument or document furnished pursuant hereto, or the perfection, priority or value of any
ownership interest or security interest created or purported to be created hereunder or under the
Purchase Agreement; and (v) shall incur no liability under or in respect of this Agreement or any
other Transaction Document or any other instrument or document delivered pursuant hereto by acting
upon any notice (including notice by telephone), consent, certificate or other instrument or
writing (which may be by telecopier, telegram, cable or telex) reasonably believed by it to be
genuine and signed or sent by the proper party or parties.

     Section 8.5 Assumed Payments. Unless the Administrative Agent shall have received notice
before the date of any Incremental Purchase that a Purchaser will not make available to the
Administrative Agent the amount it is scheduled to remit as part of such Incremental Purchase, the
Administrative Agent may assume such Purchaser has made such amount available to the Administrative
Agent when due (an “Assumed Payment”) and, in reliance upon such assumption, the Administrative
Agent may (but shall have no obligation to) make available such amount to the appropriate Person.
If and to the extent that any Purchaser shall not have made its Assumed Payment available to the
Administrative Agent, such Purchaser and the Seller hereby agrees to pay the Administrative Agent
forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually
paid by the Administrative Agent, together with interest thereon for each day from the date of such
payment by the Administrative Agent until the date the requisite amount is repaid to the
Administrative Agent, at a rate per annum equal to the Alternate Base Rate.

     Section 8.6 Notice of Termination Events. The Administrative Agent and the Co-Collateral
Agents shall not be deemed to have knowledge or notice of the occurrence of any Potential
Termination Event unless the Administrative Agent and the Co-Collateral Agents have received notice
from any Purchaser or the Seller stating that a Potential Termination Event has occurred hereunder
and describing such Potential

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Termination Event. In the event that the Administrative Agent receives such a notice, it
shall promptly give notice thereof to each Purchaser and the Co-Collateral Agents. The
Administrative Agent and the Co-Collateral Agents shall take such action concerning a Potential
Termination Event as may be directed by the Instructing Group (or, in the case where there are only
two Purchasers and neither Purchaser has a majority of the Commitments, either Purchaser except if
the proposed action is a waiver of the consequences of the Potential Termination Event, in which
case such waiver shall require the consent of the Instructing Group) (or, if otherwise required for
such action, all of the Purchasers), but until the Administrative Agent or the Co-Collateral Agents
receive such directions, the Administrative Agent and the Co-Collateral Agents may (but shall not
be obligated to) take such action, or refrain from taking such action, as the Administrative Agent
and the Co-Collateral Agents deem advisable and in the best interests of the Purchasers.

     Section 8.7 Non-Reliance on Administrative Agent, Co-Collateral Agents and Other Purchasers.
Each Purchaser expressly acknowledges that none of the Administrative Agent, the Co-Collateral
Agents, or any of their officers, directors, employees, agents, attorneys-in-fact or Affiliates has
made any representations or warranties to it and that no act by the Administrative Agent or the
Co-Collateral Agents hereafter taken, including any review of the affairs of the Seller or any
Originators, shall be deemed to constitute any representation or warranty by the Administrative
Agent or the Co-Collateral Agents. Each Purchaser represents and warrants to the Administrative
Agent and the Co-Collateral Agents that, independently and without reliance upon the Administrative
Agent, the Co-Collateral Agents or any other Purchaser and based on such documents and information
as it has deemed appropriate, it has made and will continue to make its own appraisal of and
investigation into the business, operations, property, prospects, financial and other conditions
and creditworthiness of the Seller, any Originators, and the Receivables and its own decision to
enter into this Agreement and to take, or omit, action under any Transaction Document. The
Administrative Agent shall deliver each month to any Purchaser that so requests a copy of the
Periodic Report(s) received covering the preceding calendar month. Except for items specifically
required to be delivered hereunder, the Administrative Agent and the Co-Collateral Agents shall not
have any duty or responsibility to provide any Purchaser with any information concerning the
Seller, any Originators or any of their Affiliates that comes into the possession of the
Administrative Agent or the Co-Collateral Agents or any of their officers, directors, employees,
agents, attorneys-in-fact or Affiliates.

     Section 8.8 Agents and Affiliates. Each of the Purchasers, the Administrative Agent, the
Co-Collateral Agents and their respective Affiliates may extend credit to, accept deposits from and
generally engage in any kind of banking, trust, debt, entity or other business with the Seller,
each Originator or any of their Affiliates and Morgan Stanley, General Electric Capital Corporation
and Wells Fargo Foothill, LLC may exercise or refrain from exercising their rights and powers as if
they were not the Administrative Agent or the Co-Collateral Agents. With respect to the
acquisition of the Receivables pursuant to this Agreement, each of the Administrative Agent and the
Co-

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Collateral Agents shall have the same rights and powers under this Agreement as any Purchaser
and may exercise the same as though they were not such an agent, and the terms “Purchaser” and
“Purchasers” shall include each of such agents in its individual capacity.

     Section 8.9 Indemnification. Each Purchaser shall indemnify and hold harmless the
Administrative Agent, the Co-Collateral Agents and their respective officers, directors, employees,
representatives and agents (to the extent not reimbursed by the Seller or any Swift Entity and
without limiting the obligation of the Seller or any Swift Entity to do so), ratably in accordance
with its Ratable Share from and against any and all liabilities, obligations, losses, damages,
penalties, judgments, settlements, costs, expenses and disbursements of any kind whatsoever
(including in connection with any investigative or threatened proceeding, whether or not the
Administrative Agent, the Co-Collateral Agents or such Person shall be designated a party thereto)
that may at any time be imposed on, incurred by or asserted against the Administrative Agent, the
Co-Collateral Agents or such Person as a result of, or related to, any of the transactions
contemplated by the Transaction Documents or the execution, delivery or performance of the
Transaction Documents or any other document furnished in connection therewith (but excluding any
such liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses
or disbursements resulting solely from the gross negligence or willful misconduct of the
Administrative Agent, the Co-Collateral Agents or such Person as finally determined by a court of
competent jurisdiction).

     Section 8.10 Successor Agent. Each of the Administrative Agent and the Co-Collateral Agents
may resign at any time by giving written notice thereof to the Administrative Agent (in the case of
a Co-Collateral Agent), Purchasers, the other Co-Collateral Agents (in the case of a Co-Collateral
Agent) and the Seller. Upon any such resignation, the Instructing Group shall have the right to
appoint a successor Co-Collateral Agent or Administrative Agent (as applicable) with the consent of
the Seller, such consent not to be unreasonably withheld. If no successor Co-Collateral Agent or
Administrative Agent (as applicable) shall have been so appointed by the Instructing Group, and
shall have accepted such appointment, within 30 days after the retiring agent’s giving of notice of
resignation, then the retiring agent may, on behalf of the Purchasers, appoint a successor
Co-Collateral Agent or Administrative Agent (as applicable), selected from among the
Purchasers. In either case, such appointment shall be subject to the prior written approval of the
Seller (which approval may not be unreasonably withheld and shall not be required upon the
occurrence and during the continuance of a Termination Event) and the other Co-Collateral Agents or
Administrative Agent. Upon the acceptance of any appointment as Co-Collateral Agent or
Administrative Agent (as applicable), such successor agent shall succeed to, and become vested
with, all the rights, powers, privileges and duties of the retiring agent, and the retiring agent
shall be discharged from its duties and obligations under this Agreement and the other Transaction
Documents. Prior to any retiring agent’s resignation hereunder as Co-Collateral Agent or
Administrative Agent (as applicable), the retiring agent shall take such action as may be
reasonably necessary to assign to the

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successor Co-Collateral Agent or Administrative Agent (as applicable) its rights as
Co-Collateral Agent or Administrative Agent (as applicable) under the Transaction Documents. After
such resignation, the retiring Co-Collateral Agent or Administrative Agent (as applicable) shall
continue to have the benefit of this Article VIII as to any actions taken or omitted to be taken by
it while it was a Co-Collateral Agent or Administrative Agent (as applicable) under this Agreement
and the other Transaction Documents. After any retiring Co-Collateral Agent’s or Administrative
Agent’s (as applicable) resignation hereunder, the provisions of Article VI and this Article VIII
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a
Co-Collateral Agent or Administrative Agent (as applicable).

     Section 8.11 Field Audits and Examination Reports; Confidentiality; Disclaimers by Purchasers;
Other Reports and Information. By becoming a party to this Agreement, each Purchaser:

     (a) is deemed to have requested that the Administrative Agent and the Co-Collateral
Agents furnish such Purchaser, promptly after it becomes available, a copy of each field
audit or examination report respecting the Seller or the Originators (each a “Report” and
collectively, “Reports”) prepared by or at the request of the Administrative Agent or the
Co-Collateral Agents (as applicable), and the Administrative Agent or the Co-Collateral
Agents (as applicable) shall so furnish each Purchaser with such Reports,

     (b) expressly agrees and acknowledges that the Administrative Agent and the
Co-Collateral Agents do not (i) make any representation or warranty as to the accuracy of
any Report, and (ii) shall not be liable for any information contained in any Report,

     (c) expressly agrees and acknowledges that the Reports are not comprehensive audits or
examinations, that the Administrative Agent, Co-Collateral Agents or other party performing
any audit or examination will inspect only specific information regarding the Seller and
the Originators and will rely significantly upon the Seller’s, the Collection Agent’s and
the Originators’ books and records, as well as on representations of the Seller’s
personnel,

     (d) agrees to keep all Reports and other material, non-public information regarding
the Seller and the Originators and their operations, assets, and existing and contemplated
business plans in a confidential manner in accordance with Section 9.10, and

     (e) without limiting the generality of any other indemnification provision contained
in this Agreement, agrees: (i) to hold the Administrative Agent, the Co-Collateral Agents
and any such other Purchaser preparing a Report harmless from any action the indemnifying
Purchaser may take or fail to take or any conclusion the indemnifying Purchaser may reach
or draw from any Report in connection with any loans or other credit accommodations that
the indemnifying

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Purchaser has made or may make to the Seller, or the indemnifying Purchaser’s
participation in, or the indemnifying Purchaser’s purchase of, an Investment; and (ii) to
pay and protect, and indemnify, defend and hold the Administrative Agent and the
Co-Collateral Agents, and any such other Purchaser preparing a Report harmless from and
against, the claims, actions, proceedings, damages, costs, expenses, and other amounts
(including, attorneys fees and costs) incurred by the Administrative Agent, the
Co-Collateral Agents and any such other Purchaser preparing a Report as the direct or
indirect result of any third parties who might obtain all or part of any Report through the
indemnifying Purchaser.

          In addition to the foregoing: (x) any Purchaser may from time to time request of the
Administrative Agent or the Co-Collateral Agents in writing that the Administrative Agent provide
to such Purchaser a copy of any report or document provided by the Seller to the Administrative
Agent or the Co-Collateral Agents (as applicable) that has not been contemporaneously provided by
the Seller to such Purchaser, and, upon receipt of such request, the Administrative Agent or the
Co-Collateral Agents (as applicable) promptly shall provide a copy of same to such Purchaser, and
(y) to the extent that the Administrative Agent or the Co-Collateral Agents are entitled, under any
provision of the Transaction Documents, to request additional reports or information from the
Seller, any Purchaser may, from time to time, reasonably request the Administrative Agent or the
Co-Collateral Agents to exercise such right as specified in such Purchaser’s notice to the
Administrative Agent or the Co-Collateral Agents (as applicable), whereupon the Administrative
Agent or the Co-Collateral Agents (as applicable) promptly shall request of the Seller the
additional reports or information reasonably specified by such Purchaser, and, upon receipt thereof
from the Seller, the Administrative Agent or the Co-Collateral Agents (as applicable) promptly
shall provide a copy of same to such Purchaser.

     Section 8.12 Co-Collateral Agent Decisions. Notwithstanding anything in this Agreement or any
other Transaction Document to the contrary, in the event of a disagreement between the
Co-Collateral Agents with respect to any matter pertaining to Eligible Receivables, the Aggregate
Reserve or similar types of Receivables issues, the determination shall be made by the
Co-Collateral Agent asserting the more conservative credit judgment or declining to permit the
requested action for which consent is being sought by the Seller or the Collection Agent, as
applicable.

ARTICLE IX

MISCELLANEOUS

     Section 9.1 Termination. Each Purchaser shall cease to be a party hereto when the Termination
Date has occurred, such Purchaser holds no Investment and all amounts payable to it hereunder have
been indefeasibly paid in full. This Agreement shall terminate following the Termination Date when
no Investment is held by a Purchaser and all other amounts payable hereunder have been indefeasibly
paid in full, but the rights and remedies of the Administrative Agent, the Co-Collateral Agents,
the Administrative

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Agent and each Purchaser under Article VI and Sections 3.9 and 8.9 shall survive such
termination.

     Section 9.2 Notices. Unless otherwise specified, all notices and other communications
hereunder shall be in writing (including by telecopier or other facsimile communication), given to
the appropriate Person at its address or telecopy number set forth on the signature pages hereof or
at such other address or telecopy number as such Person may specify, and effective when received at
the address specified by such Person. Each party hereto, however, authorizes the Administrative
Agent to act on telephone notices of Purchases and Yield selections from any person the
Administrative Agent in good faith believe to be acting on behalf of the relevant party and, at the
Administrative Agent’s option, to tape record any such telephone conversation. Each party hereto
agrees to deliver promptly a confirmation of each telephone notice given or received by such party
(signed by an authorized officer of such party), but the absence of such confirmation shall not
affect the validity of the telephone notice. The Administrative Agent’s records of all such
conversations shall be deemed correct and, if the confirmation of a conversation differs in any
material respect from the action taken by the Administrative Agent, the records of the
Administrative Agent shall govern absent manifest error. The number of days for any advance notice
required hereunder may be waived (orally or in writing) by the Person receiving such notice and, in
the case of notices to the Administrative Agent, the consent of each Person to which the
Administrative Agent is required to forward such notice.

     Section 9.3 Payments and Computations. Notwithstanding anything herein to the contrary, any
amounts to be paid or transferred by the Seller or the Collection Agent to, or for the benefit of,
any Purchaser or any other Person shall be paid or transferred to the Administrative Agent (for the
benefit of such Purchaser or other Person). The Administrative Agent shall promptly (and, if
reasonably practicable, on the day it receives such amounts) forward each such amount to the Person
entitled thereto and such Person shall apply the amount in accordance herewith. All amounts to be
paid or deposited hereunder shall be paid or transferred on the day when due in immediately
available Dollars (and, if due from the Seller or Collection Agent, by 10:00 a.m. (California
time), with amounts received after such time being deemed paid on the Business Day following such
receipt). The Seller hereby authorizes the Administrative Agent to debit the Seller Account for
application to any amounts owed by the Seller hereunder. The Seller shall, to the extent permitted
by law, pay to the Administrative Agent upon demand, for the account of the applicable Person,
interest on all amounts not paid or transferred by the Seller or the Collection Agent when due
hereunder at a rate equal to the Prime Rate plus 2%, calculated from the date any such amount
became due until the date paid in full. Any payment or other transfer of funds scheduled to be
made on a day that is not a Business Day shall be made on the next Business Day, and any Yield or
interest rate accruing on such amount to be paid or transferred shall continue to accrue to such
next Business Day. All computations of interest, fees, and Yield shall be calculated for the
actual days elapsed based on a 360 day year.

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     Section 9.4 Sharing of Recoveries. Each Purchaser agrees that if it receives any recovery,
through set-off, judicial action or otherwise, on any amount payable or recoverable hereunder in a
greater proportion than should have been received hereunder or otherwise inconsistent with the
provisions hereof, then the recipient of such recovery shall purchase for cash an interest in
amounts owing to the other Purchasers (as return of Investment or otherwise), without
representation or warranty except for the representation and warranty that such interest is being
sold by each such other Purchaser free and clear of any Lien created or granted by such other
Purchaser, in the amount necessary to create proportional participation by the Purchasers in such
recovery (as if such recovery were distributed pursuant to Section 2.3). If all or any portion of
such amount is thereafter recovered from the recipient, such purchase shall be rescinded and the
purchase price restored to the extent of such recovery, but without interest.

     Section 9.5 Right of Setoff. During a Termination Event, each Purchaser is hereby authorized
(in addition to any other rights it may have) to setoff, appropriate and apply (without
presentment, demand, protest or other notice which are hereby expressly waived) any deposits and
any other indebtedness held or owing by such Purchaser (including by any branches or agencies of
such Purchaser) to, or for the account of, the Seller against amounts owing by the Seller hereunder
(even if contingent or unmatured).

     Section 9.6 Amendments. (a) Except as otherwise expressly provided herein, no amendment or
waiver hereof shall be effective unless signed by the Seller, the Administrative Agent, the
Co-Collateral Agents and the Instructing Group. In addition, no amendment of any Transaction
Document shall, without the consent of (x) all the Purchasers, (i) extend the Termination Date or
the date of any payment or transfer of Collections by the Seller to the Collection Agent or by the
Collection Agent to the Administrative Agent, (ii) reduce the rate or extend the time of payment of
Yield, (iii) reduce or extend the time of payment of any Investment or fee payable to the
Purchasers, (iv) except as provided herein, release, transfer, increase or otherwise modify any
Purchaser’s Purchase Interest or Sold Interest or increase or change any Commitment or the
Aggregate Commitment, (v) amend the definitions of Instructing Group, Supermajority Instructing
Group, Termination Event, Minimum Liquidity or Purchase Limit, Section 1.1, 1.2, 1.5, 1.9(c), 2.1,
5.1(i), 7.2, 8.12 or 9.6 hereunder, Article VI or any provision of the Performance Guarantee or any
obligation of any Swift Entity thereunder, (vi) consent to the assignment or transfer by the Seller
or any Originator of any interest in the Receivables other than transfers under the Transaction
Documents or permit any Swift Entity to transfer any of its obligations under any Transaction
Document except as expressly contemplated by the terms of the Transaction Documents, (vii) impair
any rights expressly granted to such Purchaser under this Agreement, or (vii) amend any defined
term relevant to the restrictions in clauses (i) through (vii) in a manner which would circumvent
the intention of such restrictions, (y) the Supermajority Instructing Group, may amend the
definitions of Aggregate Reserve, Approved Foreign Obligor, Dilution Reserve, Discount Reserve,
Eligible Receivable (except as provided in the definition thereof), Eligible Receivable Balance or
Maximum Aggregate Investment or amend Section 9.9 hereunder, or (z) the Co-Collateral Agents or the
Administrative

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Agent (as the case may be), may amend any provision hereof if the effect thereof is to affect
the indemnities to, or the rights or duties of, such agents or to reduce any fee payable for such
agents’ own account. Notwithstanding the foregoing, the amount of any fee or other payment due and
payable from the Seller or the Collection Agent to the Co-Collateral Agents or the Administrative
Agent (each for its own account) or any Purchaser may be changed or otherwise adjusted solely with
the consent of the Seller and the party to which such payment is payable. Any amendment hereof
shall apply to each Purchaser equally and shall be binding upon the Seller, the Purchasers, the
Co-Collateral Agents and the Administrative Agent.

          (b) If, in connection with any proposed amendment requiring the consent of all Purchasers, the
consent of the Instructing Group is obtained but the consent of other Purchasers whose consent is
required is not obtained (any such Purchaser whose consent is not obtained being referred to as a
“Non-Consenting Purchaser"), then, so long as the Purchaser that is the same entity as the
Administrative Agent or the Co-Collateral Agents is not a Non-Consenting Purchaser, at the Seller’s
request, the Administrative Agent (in its sole discretion) or an assignee with the Administrative
Agent’s consent (not to be unreasonably withheld) shall have the right (but shall have no
obligation) to purchase from such Non-Consenting Purchaser, and such Non-Consenting Purchaser
agrees that it shall, upon the Administrative Agent’s request, sell and assign to the Purchaser
that is the same entity as the Administrative Agent or to such Assignee, all of the Commitment and
Purchase Interest of such Non-Consenting Purchaser for an amount equal to the outstanding
Investment represented by the Purchase Interest of the Non-Consenting Purchaser plus all accrued
Yield and fees with respect thereto through the date of sale, such purchase and sale to be
consummated pursuant to an executed Assignment and Acceptance.

     Section 9.7 Waivers. No failure or delay of the Co-Collateral Agents, the Administrative
Agent or any Purchaser in exercising any power, right, privilege or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power, right, privilege
or remedy preclude any other or further exercise thereof or the exercise of any other power, right,
privilege or remedy. Any waiver hereof shall be effective only in the specific instance and for
the specific purpose for which such waiver was given. After any waiver, the Seller, the
Purchasers, the Administrative Agent and the Co-Collateral Agents shall be restored to their
former position and rights and any Potential Termination Event waived shall be deemed to be cured
and not continuing, but no such waiver shall extend to (or impair any right consequent upon) any
subsequent or other Potential Termination Event. Any additional Yield that has accrued after a
Termination Event before the execution of a waiver thereof, solely as a result of the occurrence of
such Termination Event, may be waived by the Administrative Agent at the direction of the Purchaser
entitled thereto.

     Section 9.8 Successors and Assigns; Participations; Assignments.

          (a) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

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Except as otherwise provided herein, the Seller may not assign or transfer any of its rights
or delegate any of its duties without obtaining the prior consent of the Administrative Agent and
the Co-Collateral Agents.

          (b) Participations. Any Purchaser may sell to one or more Persons (each a “Participant")
participating interests in the interests of such Purchaser hereunder and under a Transfer
Agreement. Such Purchaser shall remain solely responsible for performing its obligations
hereunder, including with respect to its voting and consent rights, and the Seller, the
Administrative Agent and the Co-Collateral Agents shall continue to deal solely and directly with
such Purchaser in connection with such Purchaser’s rights and obligations hereunder and under a
Transfer Agreement. Each Participant shall be entitled to the benefits of Article VI and shall
have the right of setoff through its participation in amounts owing hereunder to the same extent as
if it were a Purchaser hereunder and under a Transfer Agreement, which right of setoff is subject
to such Participant’s obligation to share with the Purchasers as provided in Section 9.4. A
Purchaser shall not agree with a Participant to restrict such Purchaser’s right to agree to any
amendment hereto or to a Transfer Agreement, except amendments described in clause (a) of Section
9.6.

          (c) Assignments by Purchasers. Any Purchaser may assign to one or more Persons (“Purchasing
Purchasers"), acceptable to the Administrative Agent in its sole discretion (but the Administrative
Agent’s acceptance shall not be required for an assignment by a Purchaser to an Affiliate of such
Purchaser), any portion of its Commitment as a Purchaser hereunder and under its Transfer Agreement
and Purchase Interest pursuant to a supplement hereto and to its Transfer Agreement (a “Transfer
Supplement") in form satisfactory to the Administrative Agent executed by each such Purchasing
Purchaser, such selling Purchaser and the Administrative Agent. Any such assignment by a Purchaser
must be for an amount of at least $5,000,000. Any partial assignment shall be an assignment of an
identical percentage of such selling Purchaser’s Investment and its Commitment as a Purchaser
hereunder and under its Transfer Agreement. Upon the execution and delivery to the Administrative
Agent of the Transfer Supplement and payment by the Purchasing Purchaser to the selling Purchaser
of the agreed purchase price, such selling Purchaser shall be released from its obligations
hereunder and under its Transfer Agreement to the extent of such assignment and such Purchasing
Purchaser shall for all purposes be a Purchaser party hereto and shall have all the rights and
obligations of a Purchaser hereunder to the same extent as if it were an original party hereto and
to its Transfer Agreement with a Commitment as a Purchaser and any Investment.

          (d) Replaceable Purchasers. If any Purchaser (a “Replaceable Purchaser") shall petition the
Seller for any amounts under Section 6.2, the Seller may designate a replacement financial
institution (a “Replacement Purchaser") acceptable to the Administrative Agent, in its sole
discretion, to which such Replaceable Purchaser shall, subject to its receipt of an amount equal to
its Investment and accrued Yield and fees thereon (plus, from the Seller, any Early Payment Fee
that would have been payable if such transferred Investment had been paid on such date) and all
amounts payable under

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Section 6.2, promptly assign all of its rights, obligations and Purchaser Commitment hereunder
and under any Transfer Agreement, together with all of its Purchase Interest, to the Replacement
Purchaser in accordance with Section 9.8(c).

          (e) Opinions of Counsel. If required by the Administrative Agent, each Transfer Supplement
must be accompanied by an opinion of counsel of the assignee as to such matters as the
Administrative Agent may reasonably request.

     Section 9.9 Intended Tax Characterization. It is the intention of the parties hereto that,
for the purposes of all Taxes, the transactions contemplated hereby shall be treated as a loan by
the Purchasers (through the Administrative Agent) to the Seller that is secured by the Receivables
(the “Intended Tax Characterization"). The parties hereto agree to report and otherwise to act for
the purposes of all Taxes in a manner consistent with the Intended Tax Characterization. Without
limiting the generality of the foregoing, the Seller will treat the Purchases made hereunder as
indebtedness for United States federal tax purposes. As provided in Section 5.1(g), the Seller
hereby grants to the Co-Collateral Agents, for the ratable benefit of the Purchasers, a security
interest in all Receivables, the Related Security and Collections to secure the payment of all
amounts other than Investment owing hereunder and (to the extent of the Sold Interest) to secure
the repayment of all Investment.

     Section 9.10 Confidentiality. Each of the parties hereto agrees to use commercially
reasonable efforts (equivalent to the efforts such party applies to maintain as confidential its
own confidential or proprietary information) to hold the Transaction Documents or any other
confidential or proprietary information received in connection therewith in confidence for a period
of two years after the date of termination of this Agreement and agrees not to provide any Person
with copies of any Transaction Document or such other confidential or proprietary information other
than to (a) any officers, directors, members, managers, employees or outside accountants, auditors
or attorneys thereof, (b) any prospective or actual assignee or participant which (in each case)
has signed a confidentiality agreement substantially in the form of the confidentiality agreement
signed by the Lead Arranger prior to the date hereof, (c) any rating agency, (d) any surety,
guarantor or credit or liquidity enhancer to the Administrative Agent or any Purchaser which (in
each case) has signed a confidentiality agreement substantially in the form of the confidentiality
agreement signed by the Administrative Agent prior to the date hereof, (e) any entity organized to
loan, or make loans secured by, financial assets for which the Lead Arranger provides managerial
services or acts as an administrative agent which (in each case) has signed a confidentiality
agreement substantially in the form of the confidentiality agreement signed by the Administrative
Agent prior to the date hereof, and (f) Governmental Authorities with appropriate jurisdiction.
Notwithstanding the above stated obligations, provided that the other parties hereto are given
notice of the intended disclosure or use, the parties hereto will not be liable for disclosure or
use of such information that (i) was required by law, including pursuant to a valid subpoena or
other legal process, (ii) was in such Person’s possession or known to such Person prior to receipt,
(iii) is or becomes known to the public through disclosure in a printed publication or otherwise
(without

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breach of any of such Person’s obligations hereunder), or (iv) is made in connection with the
exercise of any right or remedy under the Transaction Documents. In addition, the foregoing
provisions of this Section 9.10 shall not prevent any party hereto from delivering any Transaction
Document to any Person upon request if such Transaction Document was publicly filed by such party
pursuant to the requirements of any Governmental Authority.

     Section 9.11 Reserved.

     Section 9.12 No Recourse. The obligations of each Purchaser under any Transaction Document or
other document (each, a “Program Document") to which a Purchaser is a party are solely the
corporate obligations of such Purchaser and no recourse shall be had for such obligations against
any Affiliate, director, officer, member, manager, employee, attorney or agent of any Purchaser.

     Section 9.13 Headings; Counterparts. Article and Section Headings in this Agreement are for
reference only and shall not affect the construction of this Agreement. This Agreement may be
executed by different parties on any number of counterparts, each of which shall constitute an
original and all of which, taken together, shall constitute one and the same agreement.

     Section 9.14 Cumulative Rights and Severability. All rights and remedies of the Purchasers,
the Administrative Agent and the Co-Collateral Agents hereunder shall be cumulative and
non-exclusive of any rights or remedies such Persons have under law or otherwise. Any provision
hereof that is prohibited or unenforceable in any jurisdiction shall, in such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and without affecting such provision in any other jurisdiction.

     Section 9.15 Governing Law; Submission to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
NEW YORK. THE SELLER HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK,
NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF, OR RELATING TO, THE TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY. The Seller hereby irrevocably waives, to the
fullest extent permitted by law, any objection it may now or hereafter have to the venue of any
such proceeding and any claim that any such proceeding has been brought in an inconvenient forum.
Nothing in this Section 9.15 shall affect the right of the Co-Collateral Agents, the Administrative
Agent or any Purchaser to bring any action or proceeding against the Seller or its property in the
courts of other jurisdictions.

55

 

     Section 9.16 WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY
HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF, OR IN CONNECTION WITH, ANY TRANSACTION DOCUMENT OR ANY MATTER ARISING THEREUNDER.

     Section 9.17 Third Party Beneficiaries. Each Indemnified Party and Funding Party that is not
a party to this Agreement is a third party beneficiary (each a “Named Beneficiary") of this
Agreement with a right to enforce the provisions of this Agreement that inure to its benefit. Any
amendment or waiver of this Agreement executed and delivered pursuant to Section 9.6 is binding on
such Named Beneficiaries. This Agreement is not intended to, nor may it be deemed to, create any
rights of enforcement in any Persons that are neither signatories to this Agreement nor Named
Beneficiaries.

     Section 9.18 Entire Agreement. The Transaction Documents constitute the entire understanding
of the parties thereto concerning the subject matter thereof. Any previous or contemporaneous
agreements, whether written or oral, concerning such matters are superseded thereby.

56

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered
by their duly authorized officers as of the date hereof.

	 	 	 	 	 	 	 	 	 

	 	 	MORGAN STANLEY SENIOR FUNDING, INC., as Co-Collateral Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	[Authorized Signatory]	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Title:  	Authorized Signatory	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	1585 Broadway

New York, New York 10036

Attention: William Dudley

Telephone: (443) 627-4332

Telecopy: (718) 233-2140

Ref: Swift Receivables Corporation II	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, LLC, as Co-Collateral Agent and
Administrative Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	Patrick McCormack	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Title: 	Vice President	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	 	 	 
	 	 	 	 	2450 Colorado Avenue, Suite 3000W

Santa Monica, California 90404

Attention: Business Finance Division Manager

Telephone: (310) 453-7300

Telecopy: (310) 453-7413	 	 

RECEIVABLES SALE AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 

	 	 	SWIFT RECEIVABLES CORPORATION II, as 

Seller	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	2200 South 75th Avenue

Phoenix, Arizona 85043

Attention: Cary Michael Flanagan

Telephone: (602) 477-3547

Telecopy: (623) 907-7277	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CORPORATION, as Initial Collection Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	2200 South 75th Avenue

Phoenix, AZ 85043

Attention: Cary Michael Flanagan

Telephone: (602) 477-3547

Telecopy: (623) 907-7277	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Co-Collateral Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	[Authorized Signatory]	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Title: Its Duly Authorized Signatory	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	 
	 	 	 	 	401 Merritt 7

Norwalk, Connecticut 06851

Ref: Swift Receivables Corporation II 

Attention: Trade A/R Securitization Portfolio Administration

Telephone: (203) 229-1800

Telecopy: (203) 229-5000	 	 

RECEIVABLES SALE AGREEMENT

 

 

	 	 	 	 	 
	 	ACKNOWLEDGED AND AGREED

(as to Section 1.8(b) hereunder):

SWIFT TRANSPORTATION CORPORATION,

as Originator

 	 
	 	By:  	/s/
Jerry Moyes	 
	 	 	Name:  	Jerry Moyes	 
	 	 	Title:  	Chief
Executive Officer	 
	 
	 	SWIFT INTERMODAL LTD.,

as Originator

 	 
	 	By:  	/s/
Jerry Moyes	 
	 	 	Name:  	Jerry Moyes	 
	 	 	Title:  	Chief
Executive Officer	 
	 
	 	SWIFT LEASING CO., INC.,

as Originator

 	 
	 	By:  	/s/
Jerry Moyes	 
	 	 	Name:  	Jerry Moyes	 
	 	 	Title:  	Chief
Executive Officer	 
	 

RECEIVABLES SALE AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 

	 	 	ING Capital LLC, as a Purchaser	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ William Beddingfield	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	William Beddingfield	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	200 Galleria Parkway, Suite 950

Atlanta, Georgia 30339

Ref: Swift Receivables Corporation II

Telephone: 770-984-4506

Telecopy: 770-951-1005	 	 

RECEIVABLES SALE AGREEMENT

 

 

Schedule I

Definitions

          The following terms have the meanings set forth, or referred to, below:

          “ABN AMRO” means ABN AMRO Bank N.V.

          “ABN Assignor” means each of ABN AMRO and Amsterdam Funding Corporation.

          “ABN Sale Agreement” means the Receivables Sale Agreement, dated as of July 6, 2007, among the
Existing Securitization Subsidiary, as seller, Swift Transportation Corporation, as initial
collection agent, ABN AMRO, as agent, the other purchaser agents from time to time party thereto,
the related bank purchasers party thereto, Amsterdam Funding Corporation, as a conduit purchaser
and the other conduit purchasers from time to time party thereto.

          “Administrative Agent” is defined in the first paragraph hereof.

          “Administrative Agent’s Account” means the account designated to the Seller and the Purchasers
by the Administrative Agent.

          “Affiliate” means, for any Person, any other Person which, directly or indirectly, is in
control of, is controlled by, or is under common control with such Person. For purposes of this
definition, “control” means the power, directly or indirectly, to either (i) vote 10% or more, or
with respect to Transplace, Inc. vote 30% or more, of the securities having ordinary voting power
for the election of directors of a Person or (ii) cause the direction of the management and
policies of a Person.

          “Aggregate Commitment” means the aggregate of all Commitments of each Purchaser, as such
amount may be reduced pursuant to Section 1.6 and as such amount may be increased pursuant to
Section 1.9.

          “Aggregate Investment” means the sum of the Investments of all Purchasers.

          “Aggregate Reserve” means, at any time at which such amount is calculated, the sum of (A) the
greater of (i) 15% of the Billed Component and (ii) the Dilution Reserve, (B) 25% of the Unbilled
Component, (C) the Discount Reserve, (D) the greater of $25,000,000 or 10% of the Aggregate
Commitment and (E) such other amounts as the Co-Collateral Agents, in their Permitted Discretion,
deem appropriate.

          “Alternate Base Rate” means, for any period, a fluctuating interest rate per annum as shall be
in effect from time to time, which rate per annum shall be equal at all times to the sum of 2.00%
and the highest of the following:

          (a) the Prime Rate; and

 

 

          (b) 0.5% per annum plus the Federal Funds Rate (plus during the pendency of any Termination
Event, an additional 2.00%).

          “Anti-Terrorism Laws” means: (a) the Executive Order No. 13224 of September 23, 2001 -
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or
Support Terrorism; (b) the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the
USA Patriot Act); (c) the Money Laundering Control Act of 1986, Public Law 99-570; (d) the
International Emergency Economic Powers Act, 50 U.S.C. 1701 et seq., the Trading with the Enemy
Act, 50 U.S.C. App. 1 et seq., any Executive Order or regulation promulgated thereunder and
administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury; and
(e) any similar law enacted in the United States of America subsequent to the date of this
Agreement.

          “Applicable Unused Commitment Fee Rate” means, as of any date of determination, a per annum
rate set forth below opposite the then applicable Unused Aggregate Commitment (determined as of the
last day of the most recently concluded calendar month and based on the average daily Unused
Aggregate Commitment during such month):

	 	 	 	 	 
	 	 	Applicable Unused
	Unused Aggregate Commitment     	 	Commitment Fee Rate
	Greater than or equal to $175,000,000

	 	 	0.50	%
	Less than $175,000,000 and greater than or
equal to $100,000,000

	 	 	0.375	%
	Less than $100,000,000

	 	 	0.25	%

          "Applicable Yield” means (a) for any Purchase, at the Seller’s election upon written
notice to the Administrative Agent, given not later than 1:00 p.m. (California time) on the third
Business Day preceding the Business Day of such Purchase (or the third Business Day preceding the
expiration of a prior Yield Period), the LIBOR Rate and (b) for any other Purchase (or expiring
Yield Period), and for each other Obligation hereunder (unless otherwise specified), the Alternate
Base Rate.

          “Approved Foreign Obligor” means an Obligor that is a resident of, or organized under the laws
of, or with its chief executive office in Canada (excluding the provinces of Newfoundland and
Quebec, the Northwest Territories and the Territory of Nunavit), if it has a short-term foreign
currency rating of not less than “A-3” from S&P and “P-3” from Moody’s, provided that Obligors that
are residents of, or organized under the laws of, or with their chief executive offices in the
province of Quebec shall be Approved Foreign Obligors to the extent that they are Obligors on
Receivables with a balance of up to $1.5 million in the aggregate at any time outstanding for all
such Obligors combined.

2

 

          “Assignment Agreement” means the Assignment Agreement, dated as of the date hereof, between
the Existing Securitization Subsidiary and Swift Transportation Corporation.

          “Assignment and Release Agreement” means the Assignment and Release Agreement, dated as of the
date hereof, among the Administrative Agent, the Existing Securitization Subsidiary, as seller
under the ABN Sale Agreement, Swift Transportation Corporation, as initial collection agent under
the ABN Sale Agreement, ABN AMRO, as agent under the ABN Sale Agreement and Amsterdam Funding
Corporation, as a conduit purchaser under the ABN Sale Agreement.

          “Bankruptcy Event” means, for any Person, that (a) such Person makes a general assignment for
the benefit of creditors or any proceeding is instituted by or against such Person seeking to
adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of
an order for relief or the appointment of a receiver, trustee or other similar official for it or
any substantial part of its property, or (b) such Person takes any corporate action to authorize
any such action.

          "Billed Component” means the portion of the Eligible Receivable Balance consisting of billed
Receivables.

          “Business Day” means any day other than (a) a Saturday, Sunday or other day on which banks in
New York, New York are authorized or required to close and (b) a holiday on the Federal Reserve
calendar.

          “Cash Assets Account” means the book entry account maintained by the Administrative Agent.

          “Cash Management Obligation” means any direct or indirect liability, contingent or otherwise,
of the Seller in respect of cash management services (including treasury, depository, overdraft,
electronic funds transfer and other cash management arrangements) provided after the date hereof
(regardless of whether these or similar services were provided prior to the date hereof by the
Co-Collateral Agents, the Administrative Agent, any Purchaser or any Affiliate or any of them) by
the Administrative Agent or the Co-Collateral Agents in connection with this Agreement or any other
Transaction Document, including obligations for the payment of fees, interest, charges, expenses,
reasonable attorneys fees and disbursements in connection therewith.

          “Charge-Off” means any Receivable that has or should have been (in accordance with the Credit
and Collection Policy) charged off or written off by the Seller.

          “Charge-Off Ratio” means, for any calendar month, a fraction (expressed as a percentage) the
numerator of which is the outstanding balance of Charge-Offs during

3

 

such calendar month and the denominator of which is the amount of Credit Sales generated
during such calendar month.

          “Co-Collateral Agents” is defined in the first paragraph hereof.

          “Code” means the Internal Revenue Code of 1986, as amended from time to time.

          “Collection” means any amount paid, or deemed paid, on a Receivable or by the Seller as a
Deemed Collection under Section 1.5(b).

          “Collection Agent” is defined in Section 3.1(a).

          “Collection Agent Fee” is defined in Section 3.6.

          “Collection Agent Replacement Event” means the occurrence of any one or more of the following:
(a) the Collection Agent (or any sub-collection agent) fails to observe or perform any material
term, covenant or agreement under any Transaction Document and such failure remains unremedied for
30 days; (b) any written representation, warranty, certification or statement made by the
Collection Agent in, or pursuant to, any Transaction Document proves to have been incorrect in any
material adverse respect when made; provided that if any such representation, warranty,
certification or statement has been subsequently remedied within 30 days of the earlier of
knowledge by the Collection Agent or notice to the Collection Agent of such representation,
warranty, certification or statement (such that if made or given as of the date of remedy it is no
longer incorrect in any material respect) and such breach has caused no material adverse effect on
the rights or interests of any Purchaser under this Agreement, such breach shall no longer
constitute a Collection Agent Replacement Event; (c) the Collection Agent suffers a Bankruptcy
Event or (d) a Termination Event.

          “Commitment” means, for each Purchaser, the amount set forth on Schedule II for such Purchaser
or in a Transfer Supplement, as adjusted in accordance with Sections 1.6, 1.9 and 9.8.

          “Concentration Limit” means with respect to Obligors with senior unsecured long-term
indebtedness rated investment grade by Moody’s and S&P, an amount not to exceed 10% of the
aggregate outstanding balance of all Eligible Receivables, and with respect to all other Obligors,
an amount not to exceed 5% of the aggregate outstanding balance of all Eligible Receivables;
provided, however, that notwithstanding the foregoing, the Concentration Limit with respect to
Wal-Mart Stores, Inc. and its wholly-owned direct and indirect subsidiaries means (a) an amount not
to exceed 15% of the aggregate outstanding balance of all Eligible Receivables if and for so long
as Wal-Mart Stores, Inc. has senior unsecured long-term indebtedness rated investment grade by
Moody’s and S&P or (b) an amount not to exceed 5% of the aggregate outstanding balance of all
Eligible Receivables if and for so long as Wal-Mart

4

 

Stores, Inc. has senior unsecured long-term indebtedness rated below investment grade by
Moody’s or S&P or does not have any rating.

          “Contribution Agreement” means the Agreement of Contribution and Assignment and Securities
Issuance Agreement dated as of July 30, 2008 between Swift Transportation Corporation, a Nevada
corporation, and the Seller.

          “Credit Agreement” means the Credit Agreement dated as of May 10, 2007 among Swift Corporation
f/k/a Saint Acquisition Corporation, Swift Transportation Co., Inc., an Arizona corporation, Swift
Transportation Co., a Nevada corporation, as Borrowers, Saint Corporation, the lenders from time to
time party thereto, as Lenders, Morgan Stanley Senior Funding, Inc., as Administrative Agent,
Morgan Stanley Senior Funding, Inc., Wachovia Bank, National Association and J.P. Morgan Securities
Inc., as Co-Syndication Agents and LaSalle Bank National Association, as Documentation Agent, as
the same may be amended, restated, supplemented or otherwise modified from time to time.

          “Credit and Collection Policy” means the Seller’s credit and collection policy and practices
relating to Receivables attached hereto as Exhibit G.

          “Credit Sales” means, for any period, the aggregate amount of Receivables originated by the
Originators during such period.

          “Deemed Collections” is defined in Section 1.5(c).

          “Default Ratio” means at the end of any month for the three-month period then ended, the ratio
(expressed as a percentage), of (a) the sum of the aggregate outstanding balance of all Defaulted
Receivables at the end of each calendar month during such period to (b) the sum of the aggregate
outstanding balance of all Receivables at the end of each calendar month during such period.

          “Defaulted Receivable” means any Receivable on which any amount is unpaid more than 90 days
past its invoice date.

          “Delinquency Ratio” means, at the end of any month for the three-month period then ended, the
ratio (expressed as a percentage), of (a) the aggregate outstanding balance of all Delinquent
Receivables as of the end of each calendar month during such period to (b) the sum of the aggregate
outstanding balance of all Receivables at the end of each calendar month during such period.

          “Delinquent Receivable” means any Receivable (other than a Charge-Off or Defaulted Receivable)
on which any amount is unpaid more than 60 days past its invoice date.

          “Designated Financial Officer” means the chief financial officer or chief accounting officer
of the Seller or the relevant Swift Entity, as applicable.

5

 

          “Dilution” means, for any calendar month, the amount of Deemed Collections received during
such calendar month pursuant to Section 1.5(b).

          “Dilution Ratio” means, for each calendar month, a fraction (expressed as a ratio) the
numerator of which is the amount of Dilution for such calendar month, and the denominator of which
is the amount of Credit Sales generated during such calendar month.

          “Dilution Reserve” means at any time the product of (i) the sum of (a) 2 times the highest
Dilution Ratio for the most recent 12 calendar months, plus (b) 5.0%, and (ii) the Eligible
Receivable Balance.

          “Discount Reserve” means, at any time, the product of (a) 1.5 multiplied by (b) the Prime Rate
plus 2.00% multiplied by (c) Aggregate Investment multiplied by (d) a fraction, the numerator of
which is the average of the Turnover Ratios calculated for the immediately preceding three calendar
months and the denominator of which is 360.

          “Dollar” and “$” means lawful currency of the United States of America.

          “Early Payment Fee” means, if any Investment of a Purchaser allocated to a Yield Period for a
Eurodollar Tranche is reduced or terminated before the last day of such Yield Period (the amount of
Investment so reduced or terminated being referred to as the “Prepaid Amount”), the cost to the
relevant Purchaser of terminating or reducing such Eurodollar Tranche, which will be determined
based on the difference between the LIBOR applicable to such Eurodollar Tranche and the LIBOR
applicable for a period equal to the remaining maturity of the Eurodollar Tranche on the date the
Prepaid Amount is received.

          “Eligible Receivable” means each Receivable arising out of the performance of services in the
ordinary course of business by an Originator to an Obligor that is not an affiliate of an
Originator and that is subject to a valid first priority perfected security interest of the
Administrative Agent (for the benefit of itself, the Co-Collateral Agents and the Purchasers)
created hereunder; provided, however, that a Receivable shall in no event be an Eligible Receivable
if it is determined to be ineligible under criteria customarily found in any Co-Collateral Agent’s
agreements for similar non-investment grade accounts receivable programs as the Co-Collateral
Agents in their Permitted Discretion may from time to time specify to Seller upon 5 Business Days’
written notice, including the following:

     (a) such Receivable is 90 days old (based on invoice date) or 60 days past due;

     (b) such Receivable is not stated to be due and payable within 60 days after the
invoice therefor, provided, further, that notwithstanding that such a Receivable is not
stated to be due and payable within 60 days after the invoice therefore, such Receivable
shall not be deemed ineligible to the extent the

6

 

outstanding aggregate balance of Receivables not stated to be due and payable within
60 days after the invoice therefore does not exceed 10% of Eligible Receivables;

     (c) the Obligor has suffered a Bankruptcy Event; provided, however, that
notwithstanding that the Obligor with respect to such a Receivable has suffered a
Bankruptcy Event, such Receivable shall not be deemed ineligible in the event that the
applicable Originator is determined by a bankruptcy court of competent jurisdiction to be a
critical vendor or other entity entitled to post-petition payment on its pre-petition claim
or such Receivable is for post-petition services which are entitled to administrative
priority;

     (d) the Obligor is also a supplier of services to the applicable Originator, in which
case such Receivable shall be ineligible to the extent of amounts owing by such Originator
to the Obligor or any known affiliate, unless the Obligor has executed a no-offset letter
satisfactory to the Co-Collateral Agents;

     (e) the transaction represented by such Receivable is to an Obligor that is not a
resident of, or organized under the laws of, or with its chief executive office in, the
United States unless such Obligor is an Approved Foreign Obligor;

     (f) the Obligor is a government or governmental subdivision or agency unless the
assignment of payments in respect of the relevant Receivable has complied with the Federal
Assignment of Claims Act (or similar laws applicable to state or local governments);

     (g) such Receivable is subject to a Lien other than pursuant to the Transaction
Documents;

     (h) such Receivable does not constitute the legal, valid and binding obligation of the
related Obligor enforceable against such Obligor in accordance with its terms subject to no
dispute, offset, counterclaim, defense or other adverse claim, or is an executory contract
or unexpired lease within the meaning of Section 365 of the Bankruptcy Code;

     (i) such Receivable does not arise under a contract or invoice (or other electronic or
hard-copy writing or writings consistent with standard industry billing practices) that (a)
contains an obligation to pay a specified sum of money and is subject to no contingencies,
(b) does not require the Obligor under such contract to consent to the transfer, sale or
assignment of the rights and duties of the applicable Originator under such contract, (c)
does not contain a confidentiality provision that purports to restrict any Purchaser’s
exercise of rights under the Program, including, without limitation, the right to review
such contract and (d) directs that payment be made to a Lock-Box or other collection
account approved by the Administrative Agent;

7

 

     (j) such Receivable, in whole or in part, contravenes any law, rule or regulation
(including, without limitation, those relating to usury, truth in lending, fair credit
billing, fair credit reporting, equal credit opportunity, fair debt collection practices
and privacy);

     (k) the purchase of such Receivable with proceeds of notes would not constitute a
“current transaction” within the meaning of Section 3(a)(3) of the Securities Act of 1933;

     (l) such Receivable has or should have been charged off or written off by the Seller
in accordance with the requirements of the Credit and Collection Policy;

     (m) 50% or more of the aggregate principal amount of the Obligor’s Receivables are
deemed ineligible under clause (a) above;

     (n) such Receivable is not an “account” or “chattel paper” within the meaning of
Section 9-105 and Section 9-106, respectively of the UCC of all applicable jurisdictions;

     (o) such Receivable is in a currency other than U.S. Dollars;

     (p) such Receivable does not satisfy all applicable requirements of the Credit and
Collection Policy or was not generated in the ordinary course of the Originator’s business
from the provision of transportation services to an Obligor solely by the Originator;

     (q) such Receivable is not evidenced by an invoice (or other electronic or hard-copy
writing or writings consistent with standard industry billing practices), subject to the
limited exception for Unbilled Receivables below;

     (r) any representation or warranty contained in this Agreement or the Purchase
Agreement with respect to such specific Receivable is not true and correct with respect to
such Receivable;

     (s) the Obligor is, or should be, on credit hold under the requirements of the Credit
and Collection Policy;

     (t) the Obligor in respect of such Receivable has disputed liability or made claim
with respect to any other Receivable due from such Obligor to the applicable Originator,
but only to the extent of such dispute or claim;

     (u) the collection of such Receivable is subject to the applicable Originator’s
performance of any additional service for or performance or incurrence of any additional
obligation to the Obligor;

8

 

     (v) such Receivable is an Unbilled Receivable, provided further that, notwithstanding
that such a Receivable is an Unbilled Receivable, such Receivable shall not be deemed
ineligible by reason of being an Unbilled Receivable to the extent the outstanding
aggregate balance of Unbilled Receivables does not exceed 15% of Eligible Receivables (or
such larger percentage up to 20% to which the Co-Collateral Agents may consent in their
Permitted Discretion); provided further that Unbilled Receivables will become ineligible if
the Co-Collateral Agents determine in their discretion that the weighted average billing
lag has increased materially; provided further that Receivables that remain Unbilled
Receivables 30 days after their Empty Dates will be deducted from the Eligible Receivable
Balance, but in no event shall Seller nor any Originator be required to repurchase, or the
Co-Collateral Agents be permitted to cause the repurchase of, such Receivable;

     (w) the applicable Originator has not fully performed the services relating to such
Receivable;

     (x) Receivables with respect to which the Obligor is located in a state or
jurisdiction (e.g., New Jersey, Minnesota, and West Virginia) that requires, as a condition
to access to the courts of such jurisdiction, that a creditor qualify to transact business,
file a business activities report or other report or form, or take one or more other
actions, unless the applicable Originator has so qualified, filed such reports or forms, or
taken such actions (and, in each case, paid any required fees or other charges), except to
the extent that the applicable Originator may qualify subsequently as a foreign entity
authorized to transact business in such state or jurisdiction (other than the states of New
Jersey, Minnesota and West Virginia) and gain access to such courts, without incurring any
cost or penalty viewed by the Co-Collateral Agents to be significant in amount, and such
later qualification cures any access to such courts to enforce payment of such Receivable,
provided that during the 45 days after the date hereof, Receivables with respect to which
the Obligor is located in the states of New Jersey, Minnesota or West Virginia that are
otherwise Eligible Receivables shall not be deemed ineligible solely due to this clause
(x);

     (y) the Obligor is an Affiliate of an Originator;

     (z) the Co-Collateral Agents, based on such credit and collateral considerations as
the Co-Collateral Agents may deem appropriate, in their Permitted Discretion, and upon at
least 5 Business Days’ notice, notify Seller that they have determined such Receivable to
be ineligible;

     (aa) the Obligor on such Receivable has a credit balance more than 90 days old (such
Receivable to be ineligible only to the extent of such credit balance); or

9

 

     (bb) payments on such Receivable are subject to withholding taxes (such Receivable to
be ineligible only to the extent of such withholding taxes).

          “Eligible Receivable Balance” means, at any time, the aggregate outstanding principal balance
of all Eligible Receivables minus the sum of (i) the portion of the aggregate outstanding balance
of Eligible Receivables which exceeds the Concentration Limit, (ii) the portion of the aggregate
outstanding balance of Eligible Receivables the Obligors of which are Approved Foreign Obligors
which exceeds 3% of the aggregate outstanding balance of all Eligible Receivables and (iii) the
amount of sales or other Taxes, including interest and penalties, owed in respect of Eligible
Receivables, except for such Taxes that have been paid by the Seller and as to which the relevant
Obligor has agreed to repay the Seller.

          “Empty Date” means the date on which a truck in respect of a Receivable has registered “empty”
on the applicable Originator’s systems pursuant to its Credit and Collection Policy.

          “Equity Interest” means with respect to any Person, all of the capital stock of such Person
and all warrants, options or other rights to acquire the capital stock of such Person including any
contribution from shareholders without any issuance of shares (but excluding any debt security that
is convertible into, or exchangeable for, such capital stock)

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time.

          “ERISA Affiliate” means any trade or business (whether or not incorporated) that is under
common control with any Swift Entity within the meaning of Section 414 of the Code or Section 4001
of ERISA.

          “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) with respect to
a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 of the Code and
Section 302 of ERISA, whether or not waived; (c) the failure to make by its due date a required
contribution under Section 412(m) of the Code (or Section 430(j) of the Code, as amended by the
Pension Protection Act of 2006) with respect to any Pension Plan or the failure to make any
required contribution to a Multiemployer Plan; (d) a withdrawal by a Swift Entity or any ERISA
Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that
is treated as such a withdrawal under Section 4062(e) of ERISA; (e) a complete or partial
withdrawal by a Swift Entity or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is in reorganization; (f) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the
commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan or the
occurrence of any event or condition which could reasonably be expected to constitute

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grounds under ERISA for the termination of or the appointment of a trustee to administer any
Pension Plan, in each case where Pension Plan assets are not sufficient to pay all Plan
liabilities; (g) an event or condition which constitutes grounds under Section 4042 of ERISA for
the termination of, or the appointment of a trustee to administer, any Pension Plan or
Multiemployer Plan; (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Swift Entity or any ERISA
Affiliate; or (i) the occurrence of a nonexempt prohibited transaction (within the meaning of
Section 4975 of the Code or Section 406 of ERISA) which could reasonably be expected to result in
liability to a Swift Entity.

          “Eurodollar Tranche” means an Investment at the LIBOR Rate.

          “Existing Securitization Subsidiary” means Swift Receivables Corporation.

          “Federal Funds Rate” means, with respect to each Purchaser, for any day the greater of (i) the
highest rate per annum as determined by the Administrative Agent at which overnight Federal funds
are offered to Wells Fargo Bank, N.A. for such day by major banks in the interbank market, and (ii)
if the Administrative Agent is borrowing overnight funds from a Federal Reserve Bank that day, the
highest rate per annum at which such overnight borrowings are made on that day. Each determination
of the Federal Funds Rate by the Administrative Agent shall be conclusive and binding on the Seller
except in the case of manifest error.

          “Fee Letter” means the letter agreement dated as of June 27, 2008 between the Seller and the
Syndication Agent.

          “Foreign Plan” means any employee benefit plan, program, policy, arrangement or agreement
maintained or contributed to by, or entered into with, a Swift Entity with respect to employees
employed outside the United States.

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

          “Funding Agreement” means any agreement or instrument executed by a Purchaser and executed by
or in favor of any Funding Source or executed by any Funding Source at the request of such
Purchaser.

          “Funding Parties” is defined in Section 6.2.

          “Funding Source” means, for a Purchaser, any insurance company, bank or other financial
institution providing liquidity, back-up purchase or credit support for such Purchaser.

          “GAAP” means generally accepted accounting principles in the United States of America, applied
on a consistent basis.

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          “Governmental Authority” means any (a) Federal, state, municipal or other governmental entity,
board, bureau, agency or instrumentality, (b) administrative or regulatory authority (including any
central bank or similar authority) or (c) court, judicial authority or arbitrator, in each case,
whether foreign or domestic.

          “Guarantor” means any of the Parent, the Originators, Interstate Equipment Leasing, Inc., an
Arizona corporation, Swift Transportation Co., Inc., an Arizona corporation, Swift Transportation
Co., Inc., a Nevada corporation, Common Market Equipment Co., Inc., an Arizona corporation, Sparks
Finance LLC, a Delaware limited liability company, Swift Transportation Co. of Virginia, Inc., a
Virginia corporation, M.S. Carriers, Inc., a Tennessee corporation, and M.S. Carriers Warehousing &
Distribution, Inc., a Tennessee corporation.

          “Incremental Purchase” is defined in Section 1.1(b).

          “Incremental Purchase Request” is defined in Section 1.1(c).

          “Indemnified Losses” means damages, losses, claims, liabilities, penalties, Taxes, costs and
expenses (including attorneys’ fees and court costs).

          “Indemnified Party” means each of the Co-Collateral Agents, the Administrative Agent and each
Purchaser and their respective officers, directors, agents and employees.

          “Indentures” means, collectively, the Indentures, each dated as of May 10, 2007, by and among
Saint Acquisition Corporation, a Nevada corporation (the “Merger Sub”), Holdings, Swift Nevada, the
Subsidiary Guarantors parties thereto, and U.S. Bank National Association, a national banking
association, as trustee, pursuant to which, among other things, the Merger Sub issued its Floating
Rate Notes and Fixed Rate Notes (as such terms are defined in the Indentures), as the same may be
amended, restated, supplemented or otherwise modified from time to time.

          “Initial Collection Agent” is defined in the first paragraph hereof.

          “Initial Purchase” is defined in Section 1.1(a).

          “Instructing Group” means at any time, Purchasers holding more than 50% of the Aggregate
Commitment or, after the Termination Date, more than 50% of the Aggregate Investment at such time.

          “Intended Tax Characterization” is defined in Section 9.9.

          “Interim Liquidation” means any time before the Liquidation Termination Date during which no
Reinvestment Purchases are made by any Purchaser, as established pursuant to Section 1.2.

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          “Investment” means, for each Purchaser, (a) the sum of (i) all Incremental Purchases by such
Purchaser and (ii) the aggregate amount of any payments or exchanges made by, or on behalf of, such
Purchaser to any other Purchaser to acquire Investment from such other Purchaser minus (b) all
Collections, amounts received from other Purchasers and other amounts received or exchanged and, in
each case, applied by the Co-Collateral Agents or such Purchaser to reduce such Purchaser’s
Investment. A Purchaser’s Investment shall be restored to the extent any amounts so received or
exchanged and applied are rescinded or must be returned for any reason.

          “Lead Arranger” means Morgan Stanley Senior Funding, Inc. in its capacity as Lead Arranger
hereunder.

          “LIBOR” means, for any Yield Period for an Investment made at the LIBOR Rate, the rate per
annum determined by the Administrative Agent in accordance with its customary procedures, and
utilizing such electronic or other quotation sources as it considers appropriate, to be the rate at
which Dollar deposits (for delivery on the first day of the requested Yield Period) are offered to
major banks in the London interbank market 2 Business Days prior to the commencement of the
requested Yield Period, for a term and in an amount comparable to the Yield Period and the amount
of the Investment requested by Seller in accordance with the Agreement, which determination shall
be conclusive in the absence of manifest error.

          “LIBOR Rate” means LIBOR plus (A) 300 basis points, plus (B) during the pendency of any
Termination Event, an additional 200 basis points.

          “Lien” shall mean any mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference,
priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including any lease or title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing, and the filing of, or agreement to give, any
financing statement perfecting a security interest under the UCC or comparable law of any
jurisdiction).

          “Liquidation Period” means, for each Purchaser, all times (x) during an Interim Liquidation
and (y) on and after the Termination Date.

          “Liquidation Termination Date” is defined in Section 1.2.

          “Lock-Box” means each post office box or bank box listed on Exhibit E, as revised pursuant to
Section 5.1(i).

          “Lock-Box Account” means each account maintained by the Seller at a Lock-Box Bank for the
purpose of receiving or concentrating Collections.

          “Lock-Box Agreement” means each agreement between the Seller and a Lock-Box Bank concerning a
Lock-Box Account.

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          “Lock-Box Bank” means each bank listed on Exhibit E, as revised pursuant to Section 5.1(i).

          “Lock-Box Letter” means a letter in substantially the form of Exhibit F (or otherwise
acceptable to the Administrative Agent) from the Seller to each Lock-Box Bank, acknowledged and
accepted by such Lock-Box Bank and the Administrative Agent.

          “Material Adverse Effect” means (a) a material adverse effect or a material adverse change in
the business, operations, assets, liabilities (actual or contingent) or financial condition of the
Swift Entities taken as a whole, (b) material impairment of the ability of the Swift Entities to
perform any of their obligations under the Transaction Documents, (c) material impairment of the
collectibility of the Receivables generally or of any material portion of the Receivables or the
ability of the Collection Agent (if the Collection Agent is an Originator or an Affiliate of an
Originator) to collect Receivables or (d) material impairment of the rights of or benefits
available to the Co-Collateral Agents, the Administrative Agent or the Purchasers under the
Transaction Documents; provided, however, that a downgrade in any debt rating of any Swift Entity
shall not, by itself, constitute a Material Adverse Effect.

          “Matured Aggregate Investment” means, at any time, the Matured Value of the total Investments
of all Purchasers then outstanding.

          “Matured Value” means, of any Investment, the sum of such Investment and all unpaid Yield
scheduled to become due (whether or not then due) on such Investment during all Yield Periods to
which any portion of such Investment has been allocated.

          “Maximum Aggregate Investment” means, at any time, the lesser of (a) the Purchase Limit and
(b) (i) the Eligible Receivable Balance minus (ii) the Aggregate Reserve in effect at such time.

          “Maximum Incremental Purchase Amount” means, at any time, the lesser of (a) the difference
between the Maximum Aggregate Investment and the Aggregate Investment then outstanding and (b) the
difference between the Aggregate Commitment and the Matured Aggregate Investment then outstanding.

          “Minimum Liquidity” means the sum of the excess borrowing availability under the Credit
Agreement (but limited to the maximum amount that could be borrowed thereunder without causing a
default or event of default thereunder) and under this Agreement plus unrestricted cash of the
Swift Entities (other than the Seller), in an amount equal to or greater than $75,000,000.

          “Monthly Report” means a report reflecting the information as of the close of business of the
Collection Agent for the immediately preceding calendar month,

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containing the information described on Exhibit B (with such modifications or additional
information as requested by the Administrative Agent or the Instructing Group).

          “Moody’s” means Moody’s Investors Service, Inc.

          “Morgan Stanley” means Morgan Stanley Senior Funding, Inc. in its individual capacity and not
in its capacity as a Co-Collateral Agent.

          “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which any Swift Entity or any ERISA Affiliate makes or is obligated to make
contributions, during the preceding five plan years, has made or been obligated to make
contributions or otherwise could reasonably be expected to incur liability.

          “Obligor” means, for any Receivable, each Person obligated to pay such Receivable and each
guarantor of such obligation.

          “Originator” means each of Swift Transportation Corporation, a Nevada corporation, Swift
Intermodal Ltd., a Nevada corporation, Swift Leasing Co., Inc., an Arizona corporation and such
other wholly-owned subsidiaries of Parent as designated from time to time by Parent and approved by
the Co-Collateral Agents.

          “Other Swift Entity” means any Swift Entity that is not a party to any Transaction Document.

          “Parent” means Swift Corporation, a Nevada corporation.

          “Payment Date” means (a) in respect of Yield, the Unused Commitment Fee and the Collection
Agent Fee, (i) the first Business Day of each calendar month (with respect to the previous calendar
month), commencing on the first such day following the date hereof and (ii) if not previously paid
in full, the Termination Date, and (b) with respect to all other obligations of the Seller
hereunder, the date such obligation is due or otherwise on demand by the Co-Collateral Agents from
and after the time such obligation becomes due and payable (whether by acceleration or otherwise).

          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any
successor thereto.

          “Pension Plan” means any employee pension benefit plan (as such term is defined in Section
3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or to the
minimum funding standards under Section 412 of the Code or Section 302 of ERISA and is sponsored or
maintained by any Swift Entity, any Subsidiary or any ERISA Affiliate or to which any Swift Entity
or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five (5) plan years or with respect to which a Swift

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Entity or ERISA Affiliate could reasonably be expected to incur liability (including under
Section 4063 or 4069 of ERISA).

          “Performance Guarantee” means the Performance Guarantee, dated the date hereof, by the Parent,
Swift Transportation Corporation, a Nevada corporation, Swift Leasing Co., Inc., an Arizona
corporation, Swift Intermodal Ltd., a Nevada corporation, Interstate Equipment Leasing, Inc., an
Arizona corporation, Swift Transportation Co., Inc., an Arizona corporation, Swift Transportation
Co., Inc., a Nevada corporation, Common Market Equipment Co., Inc., an Arizona corporation, Sparks
Finance LLC, a Delaware limited liability company, Swift Transportation Co. of Virginia, Inc., a
Virginia corporation, M.S. Carriers, Inc., a Tennessee corporation, and M.S. Carriers Warehousing &
Distribution, Inc., a Tennessee corporation, in favor of the Co-Collateral Agents, for the benefit
of themselves and the Purchasers, the Administrative Agent, for the benefit of itself and the
Purchasers, and the Purchasers.

          “Periodic Report” means a Weekly Report, a Monthly Report or any other report (other than a
daily report) as may be requested pursuant to Section 3.3, as applicable.

          “Permitted Discretion” shall mean the Administrative Agent’s or the Co-Collateral Agents’
commercially reasonable judgment, exercised in good faith in accordance with customary business
practices for comparable asset-based lending transactions, as to any factor which the
Administrative Agent or the Co-Collateral Agents reasonably determine: (a) will or reasonably could
be expected to adversely affect in any material respect the value of any Receivables, the
enforceability or priority of the Administrative Agent’s Liens thereon or the amount which the
Co-Collateral Agents or the Purchasers would be likely to receive (including, without limitation,
after giving consideration to any delays in payment and costs of enforcement) in the liquidation of
such Receivables or (b) evidences that any collateral report or financial information delivered to
the Co-Collateral Agents by the Seller is incomplete, inaccurate or misleading in any material
respect. In exercising such judgment, the Administrative Agent and the Co-Collateral Agents may
consider, without duplication, such factors already included in or tested by the definition of
Eligible Receivables.

          “Person” means an individual, partnership, corporation, association, joint venture,
Governmental Authority or other entity of any kind.

          “Plan” means any employee benefit plan (as such term is defined in Section 3(3) of ERISA)
established by any Swift Entity or, with respect to any such plan that is subject to Section 412 of
the Code or Title IV of ERISA, any ERISA Affiliate.

          “Potential Termination Event” means any Termination Event or any event or condition that with
the lapse of time or giving of notice, or both, would constitute a Termination Event.

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          “Prime Rate” means, with respect to each Purchaser, (A) for any period, the daily average
during such period of the greater of (i) the floating commercial loan rate per annum of Wells Fargo
Bank, N.A. (which rate is a reference rate and does not necessarily represent the lowest or best
rate actually charged to any customer by Wells Fargo Bank, N.A.) announced from time to time as its
prime rate or equivalent for Dollar loans in the United States of America, changing as and when
said rate changes and (ii) the Federal Funds Rate plus 0.75% plus (B) during the pendency of a
Termination Event, 2.00%.

          “Purchase” is defined in Section 1.1(a).

          “Purchase Agreement” means the Purchase and Sale Agreement dated as of the date hereof among
the Seller and the Originators.

          “Purchase Amount” is defined in Section 1.1(c).

          “Purchase Date” is defined in Section 1.1(c).

          “Purchase Interest” means, for a Purchaser, the percentage ownership interest in the
Receivables, Related Security and Collections held by such Purchaser, calculated when and as
described in Section 1.1(a).

          “Purchase Limit” means $210,000,000 as such amount shall be automatically increased in
accordance with any increases in the Aggregate Commitment pursuant to Section 1.9 of this
Agreement.

          “Purchaser” means each Person party to this Agreement and listed as such on Schedule II hereto
and each other Person that becomes a Purchaser pursuant to a Transfer Supplement.

          “Purchaser Reserve Percentage” means, for each Purchaser, the Reserve Percentage multiplied by
a fraction, the numerator of which is such Purchaser’s outstanding Investment and the denominator
of which is the Aggregate Investment.

          “Ratable Share” means, for each Purchaser, such Purchaser’s Commitment divided by the
aggregate Commitment of all Purchasers.

          “Receivable” means each obligation of an Obligor to pay for services rendered by an Originator
and includes such Originator’s rights to payment of any interest or finance charges and all
proceeds of the foregoing. Deemed Collections shall reduce the outstanding balance of Receivables
hereunder, so that any Receivable that has its outstanding balance deemed collected shall cease to
be a Receivable hereunder after (x) the Collection Agent receives payment of such Deemed
Collections under Section 1.5(b) or (y) if such Deemed Collection is received before the
Termination Date, an adjustment to the Sold Interest permitted by Section 1.5(c) is made. The
Receivables

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include the receivables that are the subject of the Initial Purchase and the transfer of the
Residual Interest pursuant to the Contribution Agreement.

          “Records” means, for any Receivable, all contracts, books, records and other documents or
information (including computer programs, tapes, disks, software and related property and rights)
relating to such Receivable or the related Obligor.

          “Reinvestment Purchase” is defined in Section 1.1(b).

          “Related Security” means with respect to any Receivable: (i) all right, title and interest of
the Seller in, under and to all security agreements and other contracts that relate to such
Receivable; (ii) all supporting obligations including all other security interests or liens and
property subject thereto from time to time purporting to secure payment of such Receivable, whether
pursuant to the contract relating to such Receivable or otherwise, together with all financing
statements authorized by an Obligor describing any collateral securing such Receivable; (iii) all
letter of credit rights, guarantees, insurance and other agreements or arrangements of whatever
character from time to time supporting or securing payment of such Receivable, whether pursuant to
the contract relating to such Receivable or otherwise; (iv) all Records relating to such Receivable
(subject, in the case of Records consisting of computer programs, data processing software and
other intellectual property under license from third parties, to restrictions imposed by such
license on the sublicensing or transfer thereof); (v) all of the Seller’s right, title and interest
in and to the following: (x) the Purchase Agreement, including, without limitation, (A) all rights
to receive moneys due and to become due under or pursuant to the Purchase Agreement, (B) all rights
to receive proceeds of any indemnity, warranty or guarantee with respect to the Purchase Agreement,
(C) claims for damages arising out of or for breach of or default under the Purchase Agreement, and
(D) the right to perform under the Purchase Agreement and to compel performance and otherwise
exercise all remedies thereunder; and (y) all lock-boxes to which Collections are sent or
deposited, and all funds and investments therein, (vi) all funds in the Cash Assets Account, and
(vii) all proceeds of any and all of the foregoing.

          “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA or the
regulations issued thereunder, other than events for which the 30 day notice period has been
waived.

          “Reporting Date” means, with respect to a Weekly Report, the 2nd Business Day of each calendar
week commencing with the week beginning July 27, 2008 and, with respect to a Monthly Report, the
12th Business Day of each calendar month commencing with the month of August, 2008.

          “Reserve Percentage” means, at any time, the quotient obtained by dividing (a) the Aggregate
Reserve by (b) the Eligible Receivable Balance.

          “Residual Interest” is defined in the second recital hereof.

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          “S&P” means Standard & Poor’s Ratings Group.

          “Seller” is defined in the first paragraph hereof.

          “Seller Account” means the Seller’s account designated by the Seller to the Administrative
Agent in writing.

          “Sold Interest” is defined in Section 1.1(a).

          “Sole Bookrunner” means Morgan Stanley Senior Funding, Inc. in its capacity as Sole Bookrunner
hereunder.

          “Solvent” means, with respect to any Person on any date of determination, that on such date
(a) the fair value of the property of such Person is greater than the total amount of liabilities,
including contingent liabilities, of such Person, (b) the present fair salable value of the assets
of such Person is not less than the amount that will be required to pay the probable liability of
such Person on its debts as they become absolute and matured, (c) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such Persons ability to pay
such debts and liabilities as they mature and (d) such Person is not engaged in business or a
transaction, and is not about to engage in business or a transaction, for which such Persons
property would constitute an unreasonably small capital. The amount of contingent liabilities at
any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability.

          “Subordinated Note” means each revolving promissory note issued by the Seller to the
applicable Originator under the Purchase Agreement.

          “Subsidiary” means any Person of which at least a majority of the voting stock (or equivalent
equity interests) is owned or controlled by the Seller or any Swift Entity or by one or more other
Subsidiaries of the Seller or such Swift Entity, provided that neither Swift Transportation of
Puerto Rico, Inc. nor World Wide Solutions, Inc. shall be deemed a Subsidiary if it (i) is in the
process of dissolution as of the date hereof, (ii) conducts no business activities and (iii) has no
material assets and/or liabilities. The Subsidiaries of the Parent on the date hereof are listed
on Exhibit D.

          “Supermajority Instructing Group” means at any time, Purchasers holding more than 80% of the
Aggregate Commitment or, after the Termination Date, more than 80% of the Aggregate Investment at
such time; provided that such Purchasers must include all Purchasers who are also the
Administrative Agent and Co-Collateral Agents at such time.

          “Swift Entity” means the Parent, the Originators or any Subsidiary thereof.

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          “Syndication Agent” means Morgan Stanley Senior Funding, Inc. in its capacity as Syndication
Agent hereunder.

          “Taxes” means all taxes, charges, fees, levies or other assessments (including income, gross
receipts, profits, withholding, excise, property, sales, use, license, occupation and franchise
taxes and including any related interest, penalties or other additions) imposed by any jurisdiction
or taxing authority (whether foreign or domestic).

          “Termination Date” means the earliest of (a) a Bankruptcy Event of any Swift Entity, (b) the
date that may be designated by the Administrative Agent (or shall be designated by the
Administrative Agent at the direction of the Instructing Group) to the Seller at any time after the
occurrence and during the continuance of any other Termination Event, (c) the Business Day
designated by the Seller with no less than 30 Business Days prior notice to the Co-Collateral
Agents and the Administrative Agent and (d) the fifth anniversary of the date hereof.

          “Termination Event” means the occurrence of any one or more of the following:

     (a) any representation, warranty, certification or statement made by the Seller or any
Swift Entity in, or pursuant to, any Transaction Document proves to have been incorrect in
any material respect when made (including pursuant to Section 7.2);

     (b) the Collection Agent, any Swift Entity or the Seller fails to make any payment or
other transfer of funds under any Transaction Document when due (including any payments
under Section 1.5(a)) and such failure remains unremedied for one Business Day;

     (c) the Seller fails to observe or perform any covenant or agreement contained in
Sections 5.1(a), 5.1(b), 5.1(f), 5.1(g), 5.1(h)(ii), 5.1(i), 5.1(j), 5.1(k), 5.1(l),
5.1(m), 5.1(o), 5.1(p), 5.1(r), 5.1(s), 5.1(t), 5.1(w) or 5.1(x) of this Agreement or any
Originators fails to perform any covenant or agreement in Sections 5.1(h), 5.1(i) or 5.1(j)
of the Purchase Agreement;

     (d) any Swift Entity fails to observe or perform any other term, covenant or agreement
under any Transaction Document, and such failure remains unremedied for 30 days;

     (e) any Swift Entity suffers a Bankruptcy Event;

     (f) the Delinquency Ratio exceeds 6.5%, the Default Ratio exceeds 10%, the average
Dilution Ratio for the most recent three calendar months exceeds 5%, the Charge-Off Ratio
exceeds 1.5% or the Turnover Ratio exceeds 50 days;

20

 

     (g) (i) any Swift Entity, directly or indirectly, disaffirms or contests the validity
or enforceability of any Transaction Document or (ii) any Transaction Document fails to be
the enforceable obligation of the Swift Entity or Affiliate party thereto;

     (h) (i) any Swift Entity (A) generally does not pay its debts as such debts become due
or admits in writing its inability to pay its debts generally or (B) fails to pay any of
its indebtedness or defaults in the performance of any provision of any agreement under
which such indebtedness was created or is governed and such default causes such
indebtedness to be declared due and payable or to be required to be prepaid before the
scheduled maturity thereof or (ii) a default or termination or similar event occurs under
any agreement providing for the sale, transfer or conveyance by the Seller or any of the
Originators or Guarantors of any of its financial assets;

     (i) the Parent shall fail to own and control, directly or indirectly, 100% of the
outstanding voting stock of the Seller and the Originators or a “Change of Control” as
defined in the Credit Agreement or the Indentures as in effect on the date hereof has
occurred;

     (j) a Collection Agent Replacement Event has occurred and is continuing;

     (k) any Swift Entity fails to perform or observe any other covenant or agreement (not
otherwise specified in this definition) contained in any Transaction Document on its part
to be performed or observed and such failure continues for 30 days, or solely with respect
to a failure (i) of the Seller to comply with Sections 5.1(a)(i) and (ii) of this
Agreement, 10 Business Days, after notice thereof by the Administrative Agent to the
Seller; provided, however, that a default under Section 5.1(j) shall not constitute a
Termination Event if such default relates to a specific Receivable and gives rise to an
obligation of the Seller to make a payment under Section 1.5(b) in respect of the affected
Receivable and the Seller has made such payment in accordance with Section 1.5(b) and,
after giving effect to such payment and, if applicable, any calculated reduction in
Investment by an amount on deposit in the Cash Assets Account that is available for
application therefor pursuant to Section 2.1, the Sold Interest would not exceed 100%;

     (l) any Swift Entity (i) fails to make any payment beyond the applicable grace period
with respect thereto, if any (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any indebtedness (other than indebtedness
hereunder) having an aggregate principal amount of not less than the Threshold Amount, or
(ii) fails to observe or perform any other agreement or condition relating to any such
indebtedness of not less than the Threshold Amount (any such indebtedness, the “Threshold
Indebtedness"), or any other event occurs (other than, with respect to

21

 

indebtedness consisting of swap contracts, termination events or equivalent events
pursuant to the terms of such swap contracts), the effect of which default or other event
is to cause, or to permit the holder or holders of such indebtedness (or a trustee or agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice if required, such indebtedness to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that this clause (l) shall not apply to secured indebtedness that becomes due
as a result of the voluntary sale or transfer of the property or assets securing such
indebtedness, if such sale or transfer is permitted hereunder and under the documents
providing for such indebtedness; provided, further, that such failure is unremedied and is
not waived by the holders of such indebtedness; or (iii) an Event of Default shall exist
under (as defined in) the Credit Agreement or any of the Indentures;

     (m) there is entered against any Swift Entity (other than an Other Swift Entity) a
final judgment or order for the payment of money in an aggregate amount exceeding
$10,000,000 or, if such Swift Entity has failed to self-insure and maintain adequate
reserves, the Threshold Amount (to the extent not covered by independent third-party
insurance as to which the insurer has been notified of such judgment or order and has not
denied coverage) or there is entered against any Other Swift Entity a final judgment or
order for the payment of money in an aggregate amount exceeding $30,000,000 (to the extent
not covered by independent third-party insurance as to which the insurer has been notified
of such judgment or order and has not denied coverage), and in any such case such judgment
or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an
appeal for a period of 60 consecutive days;

     (n) any material portion of any material Transaction Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder or as a result of acts or omissions by the Co-Collateral Agents, the
Administrative Agent or any Purchaser, ceases to be in full force and effect; or any Swift
Entity or ABN Assignor or Affiliate contests in writing the validity or enforceability of
any provision of any Transaction Document; or any Swift Entity or ABN Assignor or Affiliate
denies in writing that it has any or further liability or obligation under any Transaction
Document (other than as a result of repayment in full of the Investment); or any Swift
Entity or ABN Assignor or Affiliate denies or purports in writing to revoke or rescind any
Transaction Document; or it becomes unlawful for any Swift Entity to perform any of its
obligations under the Transaction Documents;

     (o) any Purchase shall for any reason (other than pursuant to the terms hereof) cease
to create, or any Purchase Interest shall for any reason cease to be, a valid and perfected
first priority undivided percentage ownership interest or security interest in each
applicable Receivable and the Related Security and Collections with respect thereto, except
by reason of action taken voluntarily by

22

 

the Administrative Agent, or the failure by the Administrative Agent to take action
required to be taken by it under the Transaction Documents; provided, however, that any
such event that relates to a specific Receivable shall not constitute an Event of
Termination under this section if the occurrence of such event gives rise to an obligation
of the Seller to make a payment under Section 1.5(b) in respect of the affected Receivable
and the Seller has made such payment in accordance with Section 1.5(b) and, after giving
effect to such payment and, if applicable, any calculated reduction in Investment by an
amount held in the Cash Assets Account that is available for application therefor pursuant
to Section 2.1, as applicable, the Sold Interest would not exceed 100%;

     (p) an ERISA Event occurs which, together with all other ERISA Events that have
occurred, has resulted or could reasonably be expected to result in a Material Adverse
Effect;

     (q) 5.0% (by dollar amount) or more of collections received in any month are not
received in a Lock-Box or Lock-Box Account;

     (r) the Parent is not Solvent on a consolidated basis before giving effect to any GAAP
adjustments to shareholder’s equity related to shareholder loans; or

     (s) the Sold Interest exceeds 100% for longer than one Business Day.

          Notwithstanding the foregoing, a failure of a representation or warranty or breach of any
covenant described in clause (a), (c) or (d) above related to a Receivable shall not constitute a
Termination Event if the Seller has been deemed to have collected such Receivable pursuant to
Section 1.5(b) or, before the Liquidation Termination Date, has adjusted the Sold Interest as
provided in Section 1.5(c) so that such Receivable is no longer considered to be outstanding.

          “Terrorism Party” means any person listed: (a) in the Annex to Executive Order No. 13224 on
Terrorist Financing, effective September 2001; (b) on the “Specially Designated Nationals and
Blocked Persons” list maintained by the Office of Foreign Assets Control of the U.S. Department of
the Treasury; (c) in any successor list to either of the foregoing; or (d) any person or entity
that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive
Order No. 13224 on Terrorist Financing, effective September 2001.

          “Threshold Amount” means $5,000,000.

          “Transaction Documents” means this Agreement, the Fee Letter, the Performance Guarantee, the
Purchase Agreement, the Subordinated Notes, the Assignment and Release Agreement, the Assignment
Agreement and all other documents, instruments and agreements executed or furnished in connection
herewith and therewith.

23

 

          “Transfer Agreement” means each transfer, liquidity or asset purchase agreement entered into
between a Purchaser and the Administrative Agent in connection with this Agreement.

          “Transfer Supplement” is defined in Section 9.8.

          “Turnover Ratio” means an amount, expressed in days, obtained by multiplying (a) a fraction,
(i) the numerator of which is equal to the sum of the aggregate principal amount of all Receivables
as of the first day of the immediately preceding three calendar months and (ii) the denominator of
which is equal to the sum of the Collections during such applicable period of three calendar
months; times (b) 30.

          “UCC” means, for any state, the Uniform Commercial Code as in effect in such state.

          "Unbilled Component” means the portion of the Eligible Receivable Balance consisting of
unbilled Receivables.

          "Unbilled Receivable” means a Receivable on an Empty Date but for which an invoice or other
evidence of an Obligor’s payment obligation has not been rendered.

          “Unused Aggregate Commitment” means, at any time, the difference between the Aggregate
Commitment then in effect and the outstanding Matured Aggregate Investment.

          “Unused Commitment” means, for any Purchaser at any time, the difference between its
Commitment and its Investment then outstanding.

          “Unused Commitment Fee” is defined in Section 1.4.

          “Weekly Report” means a report reflecting the information as of the close of business of the
Collection Agent for the immediately preceding calendar week, containing the information described
on Exhibit B (with such modifications or additional information as requested by the Administrative
Agent or the Instructing Group).

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

          “Yield” means, as applicable, either (a) the LIBOR Rate or (b) the Alternate Base Rate.

          “Yield Period” means, in the case of any Investment made at the LIBOR Rate, (a) initially, the
period commencing on the date such Investment is made or on the date of conversion of an Investment
made at the Alternate Base Rate to an Investment made at the LIBOR Rate and ending one, two, three
or six months thereafter, as selected by the Seller in its Incremental Purchase Request and (b)
thereafter, if such Investment is

24

 

continued, in whole or in part, as an Investment made at the LIBOR Rate, a period commencing
on the last day of the immediately preceding Yield Period therefor and ending one, two, three, six,
nine or twelve (if at the time of the relevant Incremental Purchase Request, all Purchasers
participating therein agree to make a nine or twelve month Yield Period available) months
thereafter, as selected by the Seller in its notice delivered pursuant to the definition of
Applicable Yield to the Administrative Agent; provided, however, that all of the foregoing
provisions relating to Yield Periods in respect of Investment made at the LIBOR Rate are subject to
the following:

     (i) if any Yield Period would otherwise end on a day that is not a Business Day, such
Yield Period shall be extended to the next succeeding Business Day, unless the result of
such extension would be to extend such Yield Period into another calendar month, in which
event such Yield Period shall end on the immediately preceding Business Day;

     (ii) any Yield Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Yield Period) shall end on the last Business Day of a calendar month;

     (iii) the Seller may not select any Yield Period that ends after the Termination Date;
and

     (iv) there shall be outstanding at any one time no more than 10 Yield Periods in the
aggregate.

          The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms. Unless otherwise inconsistent with the terms of this Agreement, all accounting
terms used herein shall be interpreted, and all accounting determinations hereunder shall be made,
in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at
the time any information relevant to such calculation changes.

25

 

Schedule II

Purchasers And Commitments

	 	 	 	 	 
	PURCHASER	 	COMMITMENT
	Morgan Stanley Senior Funding, Inc.

	 	$	40,000,000	 
	General Electric Capital Corporation

	 	$	60,000,000	 
	Wells Fargo Foothill, LLC

	 	$	60,000,000	 
	ING Capital LLC

	 	$	50,000,000	 

 

 

Schedule III

Litigation

          On November 6 and 7, 2006, three cases were filed against our wholly owned subsidiary, Swift
Transportation Co., Inc., a Nevada corporation (“Swift-Nevada”), and each of its then-existing
directors. Two of the cases were filed in Arizona Superior Court, Maricopa County (Pfeiffer v.
Swift Transportation Co., Inc. et al., Case No. CV2006-017074 and Molinari v. Swift Transportation
Co., Inc., et al., Case No CV2006-017089) and the third case was filed in the District Court for
Nevada, Clark County (Hendrix v. Swift Transportation Company Inc. et al., Case No A531032). The
three cases were putative class actions brought by stockholders alleging that the defendant
directors breached their fiduciary duties to Swift-Nevada in connection with a proposal from Jerry
Moyes to acquire all of Swift-Nevada’s outstanding shares for $29.00 per share. The cases asserted
claims for monetary damages, injunctive relief and attorneys’ fees and expenses. The parties filed
a stipulation in Arizona to consolidate the two Arizona cases. On November 27, 2006, Swift-Nevada
announced that the special committee of the Board of Directors had rejected Mr. Moyes’ $29.00 per
share offer.

          On January 19, 2007, Swift-Nevada announced that after engaging in discussions with other
potential financial and strategic buyers, as well as further discussions and negotiations with Mr.
Moyes, Swift-Nevada decided to enter into a definitive merger agreement pursuant to which Mr. Moyes
and certain of his family members would acquire all of the outstanding shares of stock of
Swift-Nevada for $31.55 per share.

          On January 23, 2007, January 26, 2007 and January 23, 2007, respectively, two new purported
stockholder class action lawsuits and an amended complaint in a preexisting lawsuit (the “Amended
Complaint”) were filed. The lawsuits were filed in the Arizona Superior Court, Maricopa County
(Weller v. Swift Transportation Co., Inc., et al., Case No CV2007-1440) and the District Court for
Nevada, Washoe County (McDonald v. Swift Transportation Co., Inc. et al., Case No CV0700197). The
Amended Complaint was filed in an action that was commenced on March 24, 2006, in the District
Court for Nevada, Clark County (Rivera v. Eller et al., Case No A519346). In each of these cases,
the plaintiffs alleged that the defendant directors breached their fiduciary duties to Swift-Nevada
in connection with its entry into the merger agreement. In addition to asserting direct claims for
breach of fiduciary duty, the Amended Complaint asserts derivative claims on behalf of Swift-Nevada
and also asserts a claim against Mr. Moyes and Earl H. Scudder, a former director of Swift-Nevada,
and a current director of Swift Corporation, for unjust enrichment. These lawsuits also asserted
claims for monetary damages, injunctive relief and attorneys’ fees and expenses.

          On April 2 and 4, 2007, plaintiffs in the Pfeiffer, Molinari, Weller, and McDonald actions
voluntarily dismissed those actions without prejudice in favor of the actions pending in the
District Court for Nevada, Clark County.

 

 

          On April 4, 2007, plaintiffs in the Pfeiffer, Molinari, Hendrix, Weller, McDonald, and Rivera
actions filed a consolidated complaint in the District Court for Nevada, Clark County (the
“Consolidated Class Action Complaint”). Like the previously-filed complaints, the Consolidated
Class Action Complaint alleged that the defendant directors breached their fiduciary duties to
Swift-Nevada in connection with its entry into the merger agreement and that Mr. Moyes additionally
aided and abetted such breach. The Consolidated Class Action Complaint also alleged that
Swift-Nevada issued a materially misleading proxy that omitted or failed to fairly disclose
material information about the sales process. The Consolidated Class Action Complaint sought
monetary damages, injunctive relief and attorneys’ fees and expenses.

          On April 24, 2007, the Court denied plaintiffs’ application for a temporary restraining order
seeking to postpone Swift-Nevada’s special meeting of stockholders.

          On June 29, 2007, plaintiffs in the action pending in the District Court for Nevada, Clark
County filed an amended consolidated class action complaint (the “Amended Consolidated Class Action
Complaint”). The allegations and claims in the Amended Consolidated Class Action Complaint are
substantively similar to the allegations in the Consolidated Class Action Complaint. The Amended
Consolidated Class Action Complaint seeks declaratory and equitable relief, monetary damages, and
attorneys’ fees and expenses. The parties are currently engaged in discovery and the impact of the
final disposition of these legal proceedings cannot be assessed at this time.

          On June 2, 2008, Swift received notice from the Federal Motor Carrier Safety Administration
(“FMCSA”) in the form of an Administrative Order to Show Cause (“Order”) within thirty (30) days as
to why Swift should be permitted to remain self insured and not be required to secure alternate
independent insurance coverage. The Order was issued as a consequence of the FMCSA’s unilateral
conclusion that the financial statements of Swift do not reflect sufficient tangible net worth to
remain self insured. Swift believes that the FMCSA’s conclusion is based upon an erroneous
evaluation of Swift’s financial statements in calculating tangible net worth. Swift believes that
under applicable FMCSA standards, Swift meets the tangible net worth requirements of the FMCSA in
order to remain self insured. Swift is filing a motion for reconsideration based upon the
foregoing, but during the interim, Swift has filed a motion to stay the Order and extend the period
of time to respond which is currently pending before the FMCSA.

2

 

First Amendment 

to

Receivables Sale Agreement

     This First Amendment to Receivables Sale Agreement (the “Amendment"), dated as of
November 6, 2009, is entered into among Swift Receivables Corporation II (the “Seller"), Swift
Transportation Corporation (the “Initial Collection Agent"), Morgan Stanley Senior Funding, Inc.,
Wells Fargo Foothill, LLC and General Electric Capital Corporation, as collateral agents (the
“Co-Collateral Agents") for the purchasers (the “Purchasers”) from time to time party to the Sale
Agreement (as defined below), Wells Fargo Foothill, LLC, as administrative agent for the Purchasers
(the “Administrative Agent”). Certain capitalized terms used but not defined herein shall have the
meanings set forth in Schedule I of the Sale Agreement.

Witnesseth:

     Whereas, the Seller, Initial Collection Agent, Co-Collateral Agents, Administrative
Agent and Purchasers have heretofore executed and delivered a Receivables Sale Agreement dated as
of July 30, 2008 (as amended, supplemented or otherwise modified through the date hereof, the “Sale
Agreement"); and

     Whereas, Swift Transportation Co., Inc., a Nevada corporation, has been converted
into a Delaware limited liability company but nonetheless has continuity of existence in this
converted form;

     Whereas, the parties hereto desire to amend the Sale Agreement as provided herein to
address such conversion and certain other items;

     Now, Therefore, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto hereby agree that the Sale Agreement shall be and
is hereby amended as follows:

     Section 1. All references to “Swift Transportation Co., Inc., a Nevada corporation” (“Swift
Inc.”) throughout the Sale Agreement and other Transaction Documents are hereby amended to refer to
“Swift Transportation Co., LLC, a Delaware limited liability company” (“Swift LLC”), and Swift LLC
has assumed are remains liable for all of the obligations of Swift Inc. under the Transaction
Documents.

     Section 2. Clause (i) of the defined term “Termination Event” appearing in Schedule I of the
Sale Agreement is hereby amended in its entirety and as so amended shall read as follows:

     (i) the Parent shall fail to own and control, directly or
indirectly, 100% of the outstanding voting stock of the Seller and
the Originators or a “Change of Control” as defined in the Credit
Agreement or the Indentures (each as in effect on the effective date
of the First Amendment to the Receivable Sale Agreement, dated as of
November 6, 2009, among the parties to this Sale Agreement) has
occurred;

 

 

     Section 3. This Amendment shall become effective on the date that each of the following shall
have been satisfied (i) the Administrative Agent shall have received counterparts hereof executed
by the Seller, the Initial Collection Agent, each Co-Collateral Agent, each Purchaser and the
Administrative Agent and (ii) each of the Guarantors shall have executed and delivered to the
Administrative Agent the acknowledgment and consent in the form set forth below.

     Section 4. To induce the Co-Collateral Agents, Administrative Agent and the Purchasers to
enter into this Amendment, the Seller and Initial Collection Agent represent and warrant to the
Co-Collateral Agents, Administrative Agent and the Purchasers that: (a) the representations and
warranties contained in the Sale Agreement, are true and correct in all material respects as of
the date hereof with the same effect as though made on the date hereof (it being understood and
agreed that any representation or warranty which by its terms is made as of a specified date shall
be required to be true and correct in all material respects only as of such specified date); (b) no
Termination Event or Potential Termination Event has occurred and is continuing; (c) this Amendment
has been duly authorized by all necessary corporate proceedings and duly executed and delivered by
each of the Seller and the Initial Collection Agent, and the Sale Agreement, as amended by this
Amendment, and each of the other Transaction Documents are the legal, valid and binding obligations
of the Seller and the Initial Collection Agent, enforceable against the Seller and the Initial
Collection Agent in accordance with their respective terms, except as enforceability may be limited
by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of
creditors’ rights or by general principles of equity; and (d) no consent, approval, authorization,
order, registration or qualification with any governmental authority is required for, and in the
absence of which would adversely effect, the legal and valid execution and delivery or performance
by the Seller or the Initial Collection Agent of this Amendment or the performance by the Seller or
the Initial Collection Agent of the Sale Agreement, as amended by this Amendment, or any other
Transaction Document to which they are a party.

     Section 5. This Amendment may be executed in any number of counterparts and by the different
parties on separate counterparts and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Amendment.

     Section 6. Except as specifically provided above, the Sale Agreement and the other Transaction
Documents shall remain in full force and effect and are hereby ratified and confirmed in all
respects. The execution, delivery, and effectiveness of this Amendment shall not operate as a
waiver of any right, power, or remedy of any Agent or any Purchaser under the Sale Agreement or any
of the other Transaction Documents, nor constitute a waiver or modification of any provision of any
of the other Transaction Documents.

     Section 7. This Amendment and the rights and obligations of the parties hereunder shall be
construed in accordance with and be governed by the law of the State of New York.

-2- 

 

     In Witness Whereof, the parties have caused this Amendment to be executed and
delivered by their duly authorized officers as of the date first above written.

	 	 	 	 	 	 	 	 	 

	 	 	MORGAN STANLEY SENIOR FUNDING, INC., as Co-Collateral Agent
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Stephen B. King	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Stephen B. King	 	 
	 

	 	 	 	Title:
	 	Vice
President

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, LLC, as Co-Collateral Agent and Administrative Agent
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Patrick McCormack	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Patrick McCormack	 	 
	 

	 	 	 	Title:
	 	Vice
President

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Co-Collateral Agent
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ David
C. Johnson	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	David
C. Johnson	 	 
	 

	 	 	 	Title:
	 	Duly
Authorized
Signatory

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ING CAPITAL LLC, as a Purchaser
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry L. McDonald	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry L. McDonald	 	 
	 

	 	 	 	Title:
	 	Director

	 	 
	 

	 	 	 	 	 	 

	 	 

Signature Page to First Amendment to Receivables Sale Agreement

 

 

	 	 	 	 	 	 	 	 	 

	 	 	PNC BANK, NATIONAL ASSOCIATION, as a Purchaser
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jacqueline MacKenzie	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jacqueline MacKenzie	 	 
	 

	 	 	 	Title:
	 	Vice
President

	 	 
	 

	 	 	 	 	 	 

	 	 

Signature Page to First Amendment to Receivables Sale Agreement

 

 

	 	 	 	 	 	 	 	 	 

	 	 	SWIFT RECEIVABLES CORPORATION II, as Seller
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CORPORATION, as Initial Collection Agent
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 

Signature Page to First Amendment to Receivables Sale Agreement

 

 

Guarantors’ Acknowledgment and Consent

     Each of the undersigned has heretofore executed and delivered the Performance Guaranty dated
as of July 30, 2008 (the “Performance Guarantee”) and hereby consents to the First Amendment to the
Sale Agreement as set forth above and confirms that the Performance Guarantee and all of the
undersigned’s obligations thereunder remain in full force and effect. The undersigned further
agrees that the consent of the undersigned to any further amendments to the Sale Agreement shall
not be required as a result of this consent having been obtained, except to the extent, if any,
required by the Performance Guarantee referred to above.

	 	 	 	 	 	 	 	 	 

	 	 	SWIFT CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and
Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and
Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	INTERSTATE EQUIPMENT LEASING, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and
Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CO., INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and
Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 

Signature Page to Guarantor’s Acknowledgment and Consent

 

 

	 	 	 	 	 	 	 	 	 

	 	 	SWIFT TRANSPORTATION CO., LLC., a Delaware limited liability
company, formerly known as Swift Transportation Co., Inc., a
Nevada corporation
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	    Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	COMMON MARKET EQUIPMENT CO., INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SPARKS FINANCE LLC
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CO. OF VIRGINIA, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President
and Chief Executive Officer

	 	 
	 

	 	 	 	 	 	 

	 	 

Signature Page to Guarantor’s Acknowledgment and Consent

 

 

	 	 	 	 	 	 	 	 	 

	 	 	M.S. CARRIERS, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President and
Chief
Executive Officer 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	M.S. CARRIERS WAREHOUSING & DISTRIBUTION, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	Title:
	 	President and Chief Executive
Officer 

	 	 
	 

	 	 	 	 	 	 

	 	 

Signature Page to Guarantor’s Acknowledgment and Consentexv10w5

Exhibit 10.5

SWIFT CORPORATION

2007 OMNIBUS INCENTIVE PLAN

ARTICLE I

PURPOSE AND EFFECTIVE DATE

     Section 1.1. Purpose. The purpose of the Plan is to provide incentives to certain
Employees, Directors, and Consultants of the Company in a manner designed to reinforce the
Company’s performance goals; to link a significant portion of Participants’ compensation to the
achievement of such goals; and to continue to attract, motivate, and retain key personnel on a
competitive basis.

     Section 1.2. Effective Date. The Plan was adopted by Swift’s Board of Directors and
stockholders on October 10, 2007.

ARTICLE II

DEFINITIONS AND CONSTRUCTION

     Section 2.1. Certain Defined Terms. As used in this Plan, unless the context
otherwise requires, the following terms shall have the following meanings:

          (a) “Award” means any form of stock option, stock appreciation right, Stock Award,
Restricted Stock Unit Award, performance unit, Performance Award, or other incentive award granted
under the Plan, whether singly, in combination, or in tandem, to a Participant by the Committee
pursuant to such terms, conditions, restrictions, and/or limitations, if any, as the Committee may
establish by the Award Notice or otherwise.

          (b) “Award Notice” means the document establishing the terms, conditions,
restrictions, and/or limitations of an Award in addition to those established by this Plan and by
the Committee’s exercise of its administrative powers. The Committee will establish the form of the
document in the exercise of its sole and absolute discretion.

          (c) “Board” means the Board of Directors of Swift.

          (d) “CEO” means the Chief Executive Officer of Swift.

          (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time,
including the regulations thereunder and any successor provisions and the regulations thereto.

          (f) “Committee” means (i) the Board, and (ii) the Compensation Committee of the Board,
or such other Board committee as may be designated by the Board to administer the Plan; provided
that following an Initial Public Offering the Committee shall consist of two or more Directors, all
of whom are both a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act
and an “outside director” within the meaning of the definition of such term as contained in
Treasury Regulation Section 1.162-27(e)(3), or any successor definition adopted under
Section 162(m) of the Code.

          (g) “Common Stock” means the Common Stock, par value $0.001 per share, of Swift.

          (h) “Company” means Swift Corporation, a Nevada corporation, and its Subsidiaries.

          (i) “Consultants” means the consultants, advisors, and independent contractors
retained by the Company.

          (j) “Covered Employee” means an Employee who is a “covered employee” within the
meaning of Section 162(m) of the Code.

          (k) “Director” means a member of the Board who is not an Employee.

          (l) “Effective Date” means the date an Award is determined to be effective by the
Committee upon its grant of such Award, which date shall be set forth in the applicable Award
Notice.

 

          (m) “Employee” means any person employed by the Company on a full or part-time basis.

          (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, including the rules thereunder and any successor provisions and the rules thereto.

          (o) “Fair Market Value” means the closing price of the Common Stock on the principal
national securities exchange on which the Common Stock is then listed or admitted to trading, and
the closing price shall be the last reported sale price, regular way, on such date (or, if no sale
takes place on such date, the last reported sale price, regular way, on the next preceding date on
which such sale took place), as reported by such exchange. If the Common Stock is not then so
listed or admitted to trading on a national securities exchange, then Fair Market Value shall be
the closing price (the last reported sale price regular way) of the Common Stock in the
over-the-counter market as reported by the National Association of Securities Dealers Automated
Quotation System (“NASDAQ”), if the closing price of the Common Stock is then reported by
NASDAQ. If the Common Stock closing price is not then reported by NASDAQ, then Fair Market Value
shall be the mean between the representative closing bid and closing asked prices of the Common
Stock in the over-the-counter market as reported by NASDAQ. If the Common Stock bid and asked
prices are not then reported by NASDAQ, then Fair Market Value shall be the quote furnished by any
member of the National Association of Securities Dealers, Inc. selected from time to time by Swift
for that purpose. If no member of the National Association of Securities Dealers, Inc. then
furnishes quotes with respect to the Common Stock and the Common Stock is not listed or admitted to
trading on a national securities exchange, then Fair Market Value shall be the value determined by
the Committee in good faith by applying any reasonable valuation method permitted under Section
409A of the Code to determine fair market value in accordance with Section 409A of the Code.

          (p) “Initial Public Offering” means an initial public offering of the Common Stock of
Swift or another company, with substantially the same ownership, which assumes Swift’s obligation
hereunder.

          (q) “Negative Discretion” means the discretion authorized by the Plan to be applied by
the Committee in determining the size of a Performance Award for a Performance Period if, in the
Committee’s sole judgment, such application is appropriate. Negative Discretion may only be used by
the Committee to eliminate or reduce the size of a Performance Award. In no event shall any
discretionary authority granted to the Committee by the Plan, including, but not limited to
Negative Discretion, be used to: (a) grant Performance Awards for a Performance Period if the
Performance Goals for such Performance Period have not been attained under the applicable
Performance Formula; or (b) increase a Performance Award above the maximum amount payable under
Section 6.3 of the Plan.

          (r) “Participant” means either an Employee, Director, or Consultant to whom an Award
has been granted under the Plan.

          (s) “Performance Awards” means the Stock Awards and performance units granted pursuant
to Article VII. Performance Awards are intended to qualify as “performance-based compensation”
under Section 162(m) of the Code, if such provision is applicable to Swift.

          (t) “Performance Criteria” means the one or more criteria that the Committee shall
select for purposes of establishing the Performance Goal(s) for a Performance Period. The
Performance Criteria that will be used to establish such Performance Goal(s) shall be expressed in
terms of the attainment of specified levels of one or any variation or combination of the
following: revenues (including, without limitation, measures such as revenue per mile (loaded or
total) or revenue per tractor), net revenues, fuel surcharges, accounts receivable collection or
days sales outstanding, cost reductions and savings (or limits on cost increases), safety and
claims (including, without limitation, measures such as accidents per million miles and number of
significant accidents), operating income, operating ratio, income before taxes, net income,
earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and
amortization (EBITDA), adjusted net income, earnings per share, adjusted earnings per share, stock
price, working capital measures, return on assets, return on revenues, debt-to-equity or
debt-to-capitalization (in each case with or without lease adjustment), productivity and efficiency
measures (including, without limitation, measures such as driver turnover, trailer to tractor
ratio, and tractor to non-driver ratio), cash position, return on stockholders’ equity, return on
invested capital, cash flow measures (including, without limitation, free cash flow), market share,
stockholder return, economic value added, or completion of acquisitions (either with or without
specified size). In addition, the Committee may establish, as additional Performance Criteria, the
attainment by a Participant of one or more personal objectives and/or goals that the Committee
deems appropriate, including but not limited to implementation of Company policies, negotiation of
significant corporate transactions, development of long-term business goals or strategic plans

2

 

for the Company, or the exercise of specific areas of managerial responsibility. Each of the
Performance Criteria may be expressed on an absolute and/or relative basis with respect to one or
more peer group companies or indices, and may include comparisons with past performance of the
Company (including one or more divisions thereof, if any) and/or the current or past performance of
other companies.

          (u) “Performance Formula” means, for a Performance Period, the one or more objective
formulas (expressed as a percentage or otherwise) applied against the relevant Performance Goal(s)
to determine, with regard to the Award of a particular Participant, whether all, some portion but
less than all, or none of the Award has been earned for the Performance Period.

          (v) “Performance Goals” means, for a Performance Period, the one or more goals
established by the Committee for the Performance Period based upon the Performance Criteria. Any
Performance Goal shall be established in a manner such that a third party having knowledge of the
relevant performance results could calculate the amount to be paid to the Participant. For any
Performance Period, the Committee is authorized at any time during the initial time period
permitted by Section 162(m) of the Code, or at any time thereafter, in its sole and absolute
discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period
in order to prevent the dilution or enlargement of the rights of Participants (i) in the event of,
or in anticipation of, any unusual or extraordinary corporate item, transaction, event, or
development; (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring
events affecting the Company, or the financial statements of the Company, or in response to, or in
anticipation of, changes in applicable laws, regulations, accounting principles, or business
conditions; and (iii) in view of the Committee’s assessment of the business strategy of the
Company, performance of comparable organizations, economic and business conditions, and any other
circumstances deemed relevant.

          (w) “Performance Period” means the one or more periods of time, which may be of
varying and overlapping durations, as the Committee may select, over which the attainment of one or
more Performance Goals will be measured for the purpose of determining a Participant’s right to and
the payment of a Performance Award.

          (x) “Plan” means this 2007 Omnibus Incentive Plan, as amended from time to time.

          (y) “Restricted Stock Unit Award” means an Award granted pursuant to Article XI in the
form of a right to receive shares of Common Stock on a future date.

          (z) “Securities Act” means the Securities Act of 1933, as amended from time to time,
including the rules thereunder and any successor provisions and the rules thereto.

          (aa) “Stock Award” means an award granted pursuant to Article X in the form of shares
of Common Stock, restricted shares of Common Stock, and/or units of Common Stock.

          (bb) “Subsidiary” means a corporation or other business entity in which Swift directly
or indirectly has an ownership interest of twenty percent (20%) or more, except that with respect
to incentive stock options, “Subsidiary” shall mean “subsidiary corporation” as defined in
Section 424(f) of the Code.

          (cc) “Swift” means Swift Corporation, a Nevada corporation, or any successor thereto
(whether by reincorporation, merger, or otherwise) as provided in Section 15.8.

     Section 2.2. Other Defined Terms. Unless the context otherwise requires, all other
capitalized terms shall have the meanings set forth in the other Articles and Sections of this
Plan.

     Section 2.3. Construction. In any necessary construction of a provision of this Plan,
the masculine gender may include the feminine, and the singular may include the plural, and vice
versa.

3

 

ARTICLE III

ELIGIBILITY

     Section 3.1. In General. Subject to Section 3.2 and Article IV, all Employees,
Directors, and Consultants are eligible to participate in the Plan. The Committee may select, from
time to time, Participants from those Employees, Directors, and Consultants.

     Section 3.2. Incentive Stock Options. Only Employees shall be eligible to receive
“incentive stock options” (within the meaning of Section 422 of the Code).

ARTICLE IV

PLAN ADMINISTRATION

     Section 4.1. Responsibility. The Committee shall have total and exclusive
responsibility to control, operate, manage, and administer the Plan in accordance with its terms.

     Section 4.2. Authority of the Committee. The Committee shall have all the authority
that may be necessary or helpful to enable it to discharge its responsibilities with respect to the
Plan. Without limiting the generality of the preceding sentence, the Committee shall have the
exclusive right to:

          (a) determine eligibility for participation in the Plan;

          (b) select the Participants and determine the type of Awards to be made to Participants, the
number of shares subject to Awards and the terms, conditions, restrictions, and limitations of the
Awards, including, but not by way of limitation, restrictions on the transferability of Awards and
conditions with respect to continued employment, performance criteria, confidentiality, and
non-competition;

          (c) interpret the Plan;

          (d) construe any ambiguous provision, correct any default, supply any omission, and reconcile
any inconsistency of the Plan;

          (e) issue administrative guidelines as an aid to administer the Plan and make changes in such
guidelines as it from time to time deems proper;

          (f) make regulations for carrying out the Plan and make changes in such regulations as it from
time to time deems proper;

          (g) to the extent permitted under the Plan, grant waivers of Plan terms, conditions,
restrictions, and limitations;

          (h) promulgate rules and regulations regarding treatment of Awards of a Participant under the
Plan in the event of such Participant’s death, disability, retirement, termination from the
Company, or breach of agreement by the Participant, or in the event of a change of control of
Swift;

          (i) accelerate the vesting, exercise, or payment of an Award or the Performance Period of an
Award when such action or actions would be in the best interest of the Company;

          (j) establish such other types of Awards, besides those specifically enumerated in Article V
hereof, which the Committee determines are consistent with the Plan’s purpose;

          (k) subject to Section 4.3, grant Awards in replacement of Awards previously granted under
this Plan or any other executive compensation plan of the Company;

          (l) establish and administer the Performance Goals and certify whether, and to what extent,
they have

4

 

been attained;

          (m) determine the terms and provisions of any agreements entered into hereunder;

          (n) take any and all other action it deems necessary or advisable for the proper operation or
administration of the Plan; and

          (o) make all other determinations it deems necessary or advisable for the administration of
the Plan, including factual determinations.

The decisions of the Committee and its actions with respect to the Plan shall be final, binding,
and conclusive upon all persons having or claiming to have any right or interest in or under the
Plan.

     Section 4.3. Option Repricing. Except for adjustments pursuant to Section 6.2, the
Committee shall not reprice any stock options and/or stock appreciation rights unless such action
is approved by Swift’s stockholders. For purposes of the Plan, the term “reprice” shall mean the
reduction, directly or indirectly, in the per-share exercise price of an outstanding stock
option(s) and/or stock appreciation right(s) issued under the Plan by amendment, cancellation, or
substitution.

     Section 4.4. Section 162(m) of the Code. Throughout this Plan, certain references are
made to Section 162(m) of the Code. Such provisions shall only apply where Section 162(m) of the
Code is applicable to Swift. With regard to Awards issued to Covered Employees that are intended
to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code, the Plan
shall, for all purposes, be interpreted and construed with respect to such Awards in the manner
that would result in such interpretation or construction satisfying the exemptions available under
Section 162(m) of the Code.

     Section 4.5. Action by the Committee. Except as otherwise provided by Section 4.6, the
Committee may act only by a majority of its members. Any determination of the Committee may be
made, without a meeting, by a writing or writings signed by all of the members of the Committee.

     Section 4.6. Allocation and Delegation of Authority. The Committee may allocate all or
any portion of its responsibilities and powers under the Plan to any one or more of its members,
the CEO, or other senior members of management as the Committee deems appropriate, and may delegate
all or any part of its responsibilities and powers to any such person or persons; provided, that
any such allocation or delegation be in writing; provided, further, that following an Initial
Public Offering only the Committee, or other committee consisting of two or more Directors, all of
whom are both “Non-Employee Directors” within the meaning of Rule 16b-3 under the Exchange Act and
“outside directors” within the meaning of the definition of such term as contained in Treasury
Regulation Section 1.162-27(e)(3), or any successor definition adopted under Section 162(m) of the
Code, may select and grant Awards to Participants who are subject to Section 16 of the Exchange Act
or are Covered Employees. The Committee may revoke any such allocation or delegation at any time
for any reason with or without prior notice.

ARTICLE V

FORM OF AWARDS

     Section 5.1. In General. Awards may, at the Committee’s sole discretion, be paid in
the form of Performance Awards pursuant to Article VII, stock options pursuant to Article VIII,
stock appreciation rights pursuant to Article IX, Stock Awards pursuant to Article X, Restricted
Stock Unit Awards pursuant to Article XI, performance units pursuant to Article XII, any form
established by the Committee pursuant to Section 4.2(j), or a combination thereof. Each Award
shall be subject to the terms, conditions, restrictions, and limitations of the Plan and the Award
Notice for such Award. Awards under a particular Article of the Plan need not be uniform and Awards
under two or more Articles may be combined into a single Award Notice. Any combination of Awards
may be granted at one time and on more than one occasion to the same Participant.

     Section 5.2. Foreign Jurisdictions.

          (a) Special Terms. In order to facilitate the making of any Award to Participants who
are employed or retained by the Company outside the United States as Employees, Directors, or
Consultants (or who are foreign nationals temporarily within the United States), the Committee may
provide for such modifications and additional terms and conditions

5

 

(“Special Terms”) in Awards as the Committee may consider necessary or appropriate to
accommodate differences in local law, policy, or custom or to facilitate administration of the
Plan. The Special Terms may provide that the grant of an Award is subject to (i) applicable
governmental or regulatory approval or other compliance with local legal requirements and/or
(ii) the execution by the Participant of a written instrument in the form specified by the
Committee, and that in the event such conditions are not satisfied, the grant shall be void. The
Special Terms may also provide that an Award shall become exercisable or redeemable, as the case
may be, if an Employee’s employment or Director or Consultant’s relationship with the Company ends
as a result of workforce reduction, realignment, or similar measure and the Committee may designate
a person or persons to make such determination for a location. The Committee may adopt or approve
sub-plans, appendices or supplements to, or amendments, restatements, or alternative versions of,
the Plan as it may consider necessary or appropriate for purposes of implementing any Special
Terms, without thereby affecting the terms of the Plan as in effect for any other purpose;
provided, however, no such sub-plans, appendices or supplements to, or amendments, restatements, or
alternative versions of, the Plan shall: (x) increase the limitations contained in Section 6.3;
(y) increase the number of available shares under Section 6.1; or (z) cause the Plan to cease to
satisfy any conditions of Rule 16b-3 under the Exchange Act.

          (b) Currency Effects. Unless otherwise specifically determined by the Committee, all
Awards and payments pursuant to such Awards shall be determined in United States currency. The
Committee shall determine, in its discretion, whether and to the extent any payments made pursuant
to an Award shall be made in local currency, as opposed to United States dollars. In the event
payments are made in local currency, the Committee may determine, in its discretion and without
liability to any Participant, the method and rate of converting the payment into local currency.

ARTICLE VI

SHARES SUBJECT TO PLAN

     Section 6.1. Available Shares. The maximum aggregate number of shares of Common Stock
which shall be available for the grant of Awards under the Plan (including incentive stock options)
during its term shall not exceed ten million (10,000,000) (the “Share Reserve”). The Share
Reserve shall be subject to adjustment as provided in Section 6.2. Any shares of Common Stock
related to Awards that terminate by expiration, forfeiture, cancellation, or otherwise without the
issuance of such shares, are settled in cash in lieu of Common Stock, or are exchanged with the
Committee’s permission for Awards not involving Common Stock shall be available again for grant
under the Plan. Moreover, if the exercise price of any Award granted under the Plan or the tax
withholding requirements with respect to any Award granted under the Plan are satisfied by
tendering shares of Common Stock to Swift (by either actual delivery or by attestation), only the
number of shares of Common Stock issued net of the shares of Common Stock tendered will be deemed
delivered for purposes of determining the Share Reserve available for delivery under the Plan. The
shares of Common Stock available for issuance under the Plan may be authorized and unissued shares
or treasury shares, including shares purchased in open market or private transactions. For the
purpose of computing the total number of shares of Common Stock granted under the Plan, where one
or more types of Awards, both of which are payable in shares of Common Stock, are granted in tandem
with each other such that the exercise of one type of Award with respect to a number of shares
cancels an equal number of shares of the other, the number of shares granted under both Awards
shall be deemed to be equivalent to the number of shares under one of the Awards.

     Section 6.2. Adjustment Upon Certain Events. In the event that there is, with respect
to Swift, a stock dividend or split, reorganization, recapitalization, merger, consolidation,
spin-off, combination, or transaction or exchange of Common Stock or other corporate exchange, or
any distribution to stockholders of Common Stock or other property or securities (other than
regular cash dividends), or any transaction similar to the foregoing or other transaction that
results in a change to Swift’s capital structure, then the Committee shall make substitutions
and/or adjustments to the maximum number of shares available for issuance under the Plan, the
maximum Award payable under Section 6.3, the number of shares to be issued pursuant outstanding
Awards, the option prices, exercise prices or purchase prices of outstanding Awards and/or any
other affected terms of an Award or the Plan as the Committee, in its sole discretion and without
liability to any person, deems equitable or appropriate. Unless the Committee determines otherwise,
in no event shall an Award to any Participant that is intended to qualify as “performance-based
compensation” for purposes of Section 162(m) of the Code be adjusted pursuant to this Section 6.2
to the extent such adjustment would cause such Award to fail to qualify as “performance-based
compensation” under Section 162(m) of the Code.

     Section 6.3. Maximum Award Payable. Subject to Section 6.2, and notwithstanding any
provision contained in the Plan to the contrary, the maximum number of shares of Common Stock
payable (or granted, if applicable) to any one Participant under the Plan with respect to all
Awards granted to such Participants for a calendar year is one million (1,000,000) shares of Common
Stock.

6

 

ARTICLE VII

PERFORMANCE AWARDS

     Section 7.1. Purpose. For purposes of Performance Awards issued to Employees,
Directors, and Consultants that are intended to qualify as “performance-based compensation” for
purposes of Section 162(m) of the Code, the provisions of this Article VII shall apply in addition
to and, where necessary, in lieu of the provisions of Article X, Article XI, and Article XII. The
purpose of this Article is to provide the Committee the ability to qualify the Stock Awards
authorized under Article X, the Restricted Stock Unit Awards authorized under Article XI, and the
performance units under Article XII as “performance-based compensation” under Section 162(m) of the
Code. The provisions of this Article VII shall control over any contrary provision contained in
Article X, Article XI, or Article XII.

     Section 7.2. Eligibility. For each Performance Period, the Committee will, in its
sole discretion, designate within the initial period allowed under Section 162(m) of the Code which
Employees, Directors, and Consultants will be Participants for such period. However, designation
of an Employee, Director, or Consultant as a Participant for a Performance Period shall not in any
manner entitle the Participant to receive an Award for the period. The determination as to whether
or not such Participant becomes entitled to an Award for such Performance Period shall be decided
solely in accordance with the provisions of this Article VII. Moreover, designation of an Employee,
Director, or Consultant as a Participant for a particular Performance Period shall not require
designation of such Employee, Director, or Consultant as a Participant in any subsequent
Performance Period, and designation of one Employee, Director, or Consultant as a Participant shall
not require designation of any other Employee, Director, or Consultant as a Participant in such
period or in any other period.

     Section 7.3. Discretion of Committee with Respect to Performance Awards. The
Committee shall have the authority to determine which Covered Employees or other Employees,
Directors, or Consultants shall be Participants of a Performance Award. With regard to a particular
Performance Period, the Committee shall have full discretion to select the length of such
Performance Period, the type(s) of Performance Awards to be issued, the Performance Criteria that
will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance
Goal(s), whether the Performance Goal(s) is (are) to apply to the Company or any one or more
subunits thereof and the Performance Formula. For each Performance Period, with regard to the
Performance Awards to be issued for such period, the Committee will, within the initial period
allowed under Section 162(m) of the Code, if applicable, exercise its discretion with respect to
each of the matters enumerated in the immediately preceding sentence of this Section 7.3 and record
the same in writing.

     Section 7.4. Payment of Performance Awards.

          (a) Condition to Receipt of Performance Award. Unless otherwise provided in the
relevant Award Notice, a Participant must be employed by the Company on the last day of a
Performance Period to be eligible for a Performance Award for such Performance Period.

          (b) Limitation. A Participant shall be eligible to receive a Performance Award for a
Performance Period only to the extent that: (1) the Performance Goals for such period are achieved;
and (2) the Performance Formula as applied against such Performance Goals determines that all or
some portion of such Participant’s Performance Award has been earned for the Performance Period.

          (c) Certification. Following the completion of a Performance Period, the Committee
shall meet to review and certify in writing whether, and to what extent, the Performance Goals for
the Performance Period have been achieved and, if so, to also calculate and certify in writing the
amount of the Performance Awards earned for the period based upon the Performance Formula. The
Committee shall then determine the actual size of each Participant’s Performance Award for the
Performance Period and, in so doing, shall apply Negative Discretion, if and when it deems
appropriate.

          (d) Negative Discretion. In determining the actual size of an individual Performance
Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance
Award earned under the Performance Formula for the Performance Period through the use of Negative
Discretion, if in its sole judgment, such reduction or elimination is appropriate.

          (e) Timing of Award Payments. The Awards granted for a Performance Period shall be
paid to Participants as soon as administratively practicable following completion of the
certifications required by Section 7.4(c).

7

 

ARTICLE VIII

STOCK OPTIONS

     Section 8.1. In General. Awards may be granted in the form of stock options. These
stock options may be incentive stock options within the meaning of Section 422 of the Code or
non-qualified stock options (i.e., stock options which are not incentive stock options), or a
combination of both. All Awards under the Plan issued to Covered Employees in the form of
non-qualified stock options shall qualify as “performance-based compensation” under Section 162(m)
of the Code, if such section is applicable to Swift.

     Section 8.2. Terms and Conditions of Stock Options. An option shall be exercisable in
accordance with such terms and conditions and at such times and during such periods as may be
determined by the Committee. The price at which Common Stock may be purchased upon exercise of a
stock option shall be not less than one hundred percent (100%) of the Fair Market Value of the
Common Stock, as determined by the Committee, on the Effective Date of the option’s grant (or such
other exercise price required by the Code). In addition, the term of a stock option may not exceed
ten (10) years (or such other term required by the Code).

     Section 8.3. Restrictions Relating to Incentive Stock Options. Stock options issued
in the form of incentive stock options shall, in addition to being subject to the terms and
conditions of Section 8.2, comply with Section 422 of the Code. Accordingly, the aggregate Fair
Market Value (determined at the time the option was granted) of the Common Stock with respect to
which incentive stock options are exercisable for the first time by a Participant during any
calendar year (under this Plan or any other plan of the Company) shall not exceed $100,000 (or such
other limit as may be required by Section 422 of the Code).

     Section 8.4. Exercise. Upon exercise, the option price of a stock option may be paid
in cash, or, to the extent permitted by the Committee, by tendering, by either actual delivery of
shares or by attestation, shares of Common Stock, a combination of the foregoing, or such other
consideration as the Committee may deem appropriate. The Committee shall establish appropriate
methods for accepting Common Stock, whether restricted or unrestricted, and may impose such
conditions as it deems appropriate on the use of such Common Stock to exercise a stock option.
Stock options awarded under the Plan may also be exercised by way of a broker-assisted stock option
exercise program, if any, provided such program is available at the time of the option’s exercise.
Notwithstanding the foregoing or the provision of any Award Notice, a Participant may not pay the
exercise price of a stock option using shares of Common Stock if, in the opinion of counsel to
Swift, (i) there is a substantial likelihood that the use of such form of payment or the timing of
such form of payment would subject the Participant to a substantial risk of liability under Section
16 of the Exchange Act, or (ii) there is a substantial likelihood that the use of such form of
payment would result in accounting treatment to the Company under generally accepted accounting
principles that the Committee reasonably determines is adverse to the Company.

ARTICLE IX

STOCK APPRECIATION RIGHTS

     Section 9.1. In General. Awards may be granted in the form of stock appreciation
rights (“SARs”). SARs entitle the Participant to receive a payment equal to the
appreciation in a stated number of shares of Common Stock from the exercise price to the Fair
Market Value of the Common Stock on the date of exercise. The “exercise price” for a particular SAR
shall be defined in the Award Notice for that SAR. An SAR may be granted in tandem with all or a
portion of a related stock option under the Plan (“Tandem SARs”), or may be granted
separately (“Freestanding SARs”). A Tandem SAR may be granted either at the time of the
grant of the related stock option or at any time thereafter during the term of the stock option.
All Awards under the Plan issued to Covered Employees in the form of a SAR shall qualify as
“performance-based compensation” under Section 162(m) of the Code.

     Section 9.2. Terms and Conditions of Tandem SARs. A Tandem SAR shall be exercisable
to the extent, and only to the extent, that the related stock option is exercisable, and the
“exercise price” of such an SAR (the base from which the value of the SAR is measured at its
exercise) shall be the option price under the related stock option. However, at no time shall a
Tandem SAR be issued if the option price of its related stock option is less than the Fair Market
Value of the Common Stock, as determined by the Committee, on the Effective Date of the Tandem
SAR’s grant. If a related stock option is exercised as to some or all of the shares covered by the
Award, the related Tandem SAR, if any, shall be canceled automatically to the extent of the number
of shares covered by the stock option exercise. Upon exercise of a Tandem SAR as to some or all of
the shares

8

 

covered by the Award, the related stock option shall be canceled automatically to the extent
of the number of shares covered by such exercise. Moreover, all Tandem SARs shall expire not later
than ten (10) years from the Effective Date of the SAR’s grant.

     Section 9.3. Terms and Conditions of Freestanding SARs. Freestanding SARs shall be
exercisable or automatically mature in accordance with such terms and conditions and at such times
and during such periods as may be determined by the Committee. The exercise price of a Freestanding
SAR shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock
on the Effective Date of the Freestanding SAR’s grant. Moreover, all Freestanding SARs shall expire
not later than ten (10) years from the Effective Date of the Freestanding SAR’s grant.

     Section 9.4. Deemed Exercise. The Committee may provide that an SAR shall be deemed
to be exercised at the close of business on the scheduled expiration date of such SAR if at such
time the SAR by its terms remains exercisable and, if so exercised, would result in a payment to
the holder of such SAR.

     Section 9.5. Payment. Unless otherwise provided in an Award Notice, an SAR may be
paid in cash, Common Stock or any combination thereof, as determined by the Committee, in its sole
and absolute discretion, at the time that the SAR is exercised.

ARTICLE X

STOCK AWARDS

     Section 10.1. Grants. Awards may be granted in the form of Stock Awards. Stock Awards
shall be awarded in such numbers and at such times during the term of the Plan as the Committee
shall determine.

     Section 10.2. Performance Criteria. For Stock Awards conditioned, restricted, and/or
limited based on Performance Goals, the length of the Performance Period, the Performance Goals to
be achieved during the Performance Period, and the measure of whether and to what degree such
Performance Goals have been attained shall be conclusively determined by the Committee in the
exercise of its absolute discretion. Performance Goals may be revised by the Committee, at such
times as it deems appropriate during the Performance Period, in order to take into consideration
any unforeseen events or changes in circumstances.

     Section 10.3. Rights as Stockholders. During the period in which any restricted
shares of Common Stock are subject to any restrictions, the Committee may, in its sole discretion,
deny a Participant to whom such restricted shares have been awarded all or any of the rights of a
stockholder with respect to such shares, including, but not by way of limitation, limiting the
right to vote such shares or the right to receive dividends on such shares.

     Section 10.4. Evidence of Award. Any Stock Award granted under the Plan may be
evidenced in such manner as the Committee deems appropriate, including, without limitation,
book-entry registration or issuance of a stock certificate or certificates, with such restrictive
legends and/or stop transfer instructions as the Committee deems appropriate.

ARTICLE XI

RESTRICTED STOCK UNIT AWARDS

     Section 11.1. Grants. Awards may be granted in the form of Restricted Stock Unit
Awards. Restricted Stock Unit Awards shall be awarded in such numbers and at such times during the
term of the Plan as the Committee shall determine.

     Section 11.2. Rights as Stockholders. Until the shares of Common Stock to be received
upon the vesting of such Restricted Stock Unit Award are actually received by a Participant, the
Participant shall have no rights as a stockholder with respect to such shares.

     Section 11.3. Evidence of Award. A Restricted Stock Unit Award granted under the Plan
may be recorded on the books and records of Swift in such manner as the Committee deems
appropriate.

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ARTICLE XII

PERFORMANCE UNITS

     Section 12.1. Grants. Awards may be granted in the form of performance units.
Performance units, as that term is used in this Plan, shall refer to units valued by reference to
designated criteria established by the Committee, other than Common Stock.

     Section 12.2. Performance Criteria. Performance units shall be contingent on the
attainment during a Performance Period of certain Performance Goals. The length of the Performance
Period, the Performance Goals to be achieved during the Performance Period, and the measure of
whether and to what degree such Performance Goals have been attained shall be conclusively
determined by the Committee in the exercise of its absolute discretion. Performance Goals may be
revised by the Committee, at such times as it deems appropriate during the Performance Period, in
order to take into consideration any unforeseen events or changes in circumstances.

ARTICLE
XIII
PAYMENT OF AWARDS

     Section 13.1. Payment. Absent a Plan or Award Notice provision to the contrary,
payment of Awards may, at the discretion of the Committee, be made in cash, Common Stock, a
combination of cash and Common Stock, or any other form of property as the Committee shall
determine. In addition, payment of Awards may include such terms, conditions, restrictions, and/or
limitations, if any, as the Committee deems appropriate, including, in the case of Awards paid in
the form of Common Stock, restrictions on transfer and forfeiture provisions; provided, however,
such terms, conditions, restrictions, and/or limitations are not inconsistent with the Plan.

     Section 13.2. Withholding Taxes. The Company shall be entitled to deduct from any
payment under the Plan, regardless of the form of such payment, the amount of all applicable income
and employment taxes required by law to be withheld with respect to such payment or may require the
Participant to pay to it the amount of such tax prior to and as a condition of the making of such
payment. In accordance with any applicable administrative guidelines it establishes, the Committee
may allow a Participant to pay the amount of taxes required by law to be withheld from an Award by
withholding from any payment of Common Stock due as a result of such Award, or by permitting the
Participant to deliver to Swift, shares of Common Stock having a Fair Market Value equal to the
minimum amount of such required withholding taxes. Notwithstanding the foregoing or the provision
of any Award Notice, a Participant may not pay the amount of taxes required by law to be withheld
using shares of Common Stock if, in the opinion of counsel to Swift, (i) there is a substantial
likelihood that the use of such form of payment or the timing of such form of payment would subject
the Participant to a substantial risk of liability under Section 16 of the Exchange Act, or
(ii) there is a substantial likelihood that the use of such form of payment would result in adverse
accounting treatment to the Company under generally accepted accounting principles.

ARTICLE XIV

DIVIDEND AND DIVIDEND EQUIVALENTS

     If an Award is granted in the form of a Stock Award or stock option, or in the form of any
other stock-based grant, the Committee may choose, at the time of the grant of the Award or any
time thereafter up to the time of the Award’s payment, to include as part of such Award an
entitlement to receive dividends or dividend equivalents, subject to such terms, conditions,
restrictions, and/or limitations, if any, as the Committee may establish. Dividends and dividend
equivalents shall be paid in such form and manner (i.e., lump sum or installments), and at such
time(s) as the Committee shall determine. All dividends or dividend equivalents which are not paid
currently may, at the Committee’s discretion, accrue interest, be reinvested into additional shares
of Common Stock or, in the case of dividends or dividend equivalents credited in connection with
Stock Awards, be credited as additional Stock Awards and paid to the Participant if and when, and
to the extent that, payment is made pursuant to such Award.

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ARTICLE XV

MISCELLANEOUS

     Section 15.1. Nonassignability. Except as otherwise provided in an Award Notice, no
Awards or any other payment under the Plan shall be subject in any manner to alienation,
anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment,
or pledge, nor shall any Award be payable to or exercisable by anyone other than the Participant to
whom it was granted.

     Section 15.2. Regulatory Approvals and Listings. Notwithstanding anything contained
in this Plan to the contrary, Swift shall have no obligation to issue or deliver certificates of
Common Stock evidencing Stock Awards or any other Award resulting in the payment of Common Stock
prior to (a) the obtaining of any approval from any governmental agency which Swift shall, in its
sole discretion, determine to be necessary or advisable, (b) the admission of such shares to
listing on the stock exchange or quotation system on which the Common Stock may be listed, and
(c) the completion of any registration or other qualification of said shares under any state or
federal law or ruling of any governmental body which Swift shall, in its sole discretion, determine
to be necessary or advisable.

     Section 15.3. No Right to Continued Employment or Grants. Participation in the Plan
shall not give any Participant the right to remain in the employ or other service of the Company.
The Company reserves the right to terminate the employment or other service of a Participant at any
time. Further, the adoption of this Plan shall not be deemed to give any Employee, Director, or any
other individual any right to be selected as a Participant or to be granted an Award. In addition,
no Employee, Director, or any other individual having been selected for an Award, shall have at any
time the right to receive any additional Awards.

     Section 15.4. Amendment/ Termination. The Committee may suspend or terminate the Plan
at any time for any reason with or without prior notice. In addition, the Committee may, from time
to time for any reason and with or without prior notice, amend the Plan in any manner, but may not
without stockholder approval adopt any amendment which would require the vote of the stockholders
of Swift if such approval is necessary or deemed advisable with respect to tax, securities, or
other applicable laws or regulations, including, but not limited to, the listing requirements of
the stock exchanges or quotation systems on which the securities of Swift are listed.
Notwithstanding the foregoing, without the consent of a Participant (except as otherwise provided
in Section 6.2), no amendment may materially and adversely affect any of the rights of such
Participant under any Award theretofore granted to such Participant under the Plan.

     Section 15.5. Governing Law. The Plan shall be governed by and construed in accordance
with the laws of the State of Nevada, except as superseded by applicable federal law, without
giving effect to its conflicts of law provisions.

     Section 15.6. No Right, Title, or Interest in Company Assets. No Participant shall
have any rights as a stockholder as a result of participation in the Plan until the date of
issuance of a stock certificate in his or her name, and, in the case of restricted shares of Common
Stock, such rights are granted to the Participant under the Plan. To the extent any person acquires
a right to receive payments from the Company under the Plan, such rights shall be no greater than
the rights of an unsecured creditor of the Company and the Participant shall not have any rights in
or against any specific assets of the Company. All of the Awards granted under the Plan shall be
unfunded.

     Section 15.7. No Guarantee of Tax Consequences. No person connected with the Plan in
any capacity, including, but not limited to, the Company and its directors, officers, agents, and
employees, makes any representation, commitment, or guaranty that any tax treatment, including, but
not limited to, federal, state, and local income, estate, and gift tax treatment, will be
applicable with respect to the tax treatment of any Award, any amounts deferred under the Plan, or
paid to or for the benefit of a Participant under the Plan, or that such tax treatment will apply
to or be available to a Participant on account of participation in the Plan.

     Section 15.8. Successors. All obligations of the Company under this Plan with respect
to Awards granted hereunder shall be binding on any successor to the Company, whether the existence
of such successor is the result of a direct or indirect purchase, merger, consolidation,
reincorporation, or otherwise, of all or substantially all of the business and/or assets of the
Company.

11

 

     Section 15.9 Code Section 409A. Notwithstanding any provision in this Plan to the
contrary, without the consent of the affected Participant, no action shall be taken or omitted by
the Board, Committee or Company which would (a) with respect to an Award that is subject to (and
not exempt from) Code Section 409A, cause the Award to violate any applicable provision of Code
Section 409A or (b) with respect to an Award that is not subject to (or is exempt from) Code
Section 409A, cause the Award to (i) become subject to Code Section 409A and (ii) violate any
applicable provision of Code Section 409A.

12

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