Document:

Receivables Sale Agreement

 [Intercompany Sale Agreement] 
  
 RECEIVABLES SALE AGREEMENT 
 Dated as of May 21, 2004 
  
 Between 
  
 YELLOW TRANSPORTATION, INC. and ROADWAY
EXPRESS, INC., 
 as the Originators, 
  
 and 
  
 YELLOW ROADWAY RECEIVABLES FUNDING CORPORATION, 
 as the Buyer 

 TABLE OF CONTENTS 
  

					
	 	  	PAGE

		
	 ARTICLE I AMOUNTS AND TERMS OF THE PURCHASES
	  	1
		
	 Section 1.1. Purchases of Receivables
	  	1
	 Section 1.2. Payment for the Purchases
	  	3
	 Section 1.3. Purchase Price Credit Adjustments
	  	5
	 Section 1.4. Payments and Computations, Etc.
	  	5
	 Section 1.5. Transfer of Records
	  	5
	 Section 1.6. Characterization
	  	6
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES
	  	6
		
	 Section 2.1. Originators’ Representations and Warranties
	  	6
		
	 ARTICLE III CONDITIONS OF PURCHASES
	  	10
		
	 Section 3.1. Conditions Precedent to Initial Purchase
	  	10
	 Section 3.2. Conditions Precedent to All Purchases
	  	10
		
	 ARTICLE IV COVENANTS
	  	11
		
	 Section 4.1. Affirmative Covenants of Originators
	  	11
	 Section 4.2. Negative Covenants of Originators
	  	15
		
	 ARTICLE V ADMINISTRATION AND COLLECTION
	  	16
		
	 Section 5.1. Designation of Sub-Servicers
	  	16
	 Section 5.2. Duties of Sub-Servicers
	  	17
	 Section 5.3. Collection Account Agreements
	  	18
	 Section 5.4. Responsibilities of the Originators
	  	18
	 Section 5.5. Reports
	  	18
	 Section 5.6. Sub-Servicer Fee
	  	18
		
	 ARTICLE VI EVENTS OF DEFAULT
	  	19
		
	 Section 6.1. Events of Default
	  	19
	 Section 6.2. Remedies
	  	20
		
	 ARTICLE VII INDEMNIFICATION
	  	20
		
	 Section 7.1. Indemnities by the Originators
	  	20
	 Section 7.2. Other Costs and Expenses
	  	22
		
	 ARTICLE VIII MISCELLANEOUS
	  	22
		
	 Section 8.1. Waivers and Amendments
	  	22
	 Section 8.2. Notices
	  	23
	 Section 8.3. Protection of Buyer’s Interests
	  	23

  

					
	 Section 8.4. Confidentiality
	  	23
	 Section 8.5. Bankruptcy Petition
	  	24
	 Section 8.6. Limitation of Liability
	  	24
	 Section 8.7. CHOICE OF LAW
	  	25
	 Section 8.8. CONSENT TO JURISDICTION
	  	25
	 Section 8.9. WAIVER OF JURY TRIAL
	  	25
	 Section 8.10. Binding Effect; Assignability
	  	25
	 Section 8.11. Subordination
	  	26
	 Section 8.12. Integration; Survival of Terms
	  	26
	 Section 8.13. Counterparts; Severability
	  	26

  

					
		
	 EXHIBIT I DEFINITIONS
	  	29
		
	 EXHIBIT II CHIEF EXECUTIVE OFFICE OF THE ORIGINATORS; LOCATIONS OF RECORDS; TRADE NAMES; FEDERAL EMPLOYER IDENTIFICATION NUMBERS;
ORGANIZATIONAL IDENTIFICATION NUMBERS
	  	33
		
	 EXHIBIT III FORM OF COMPLIANCE CERTIFICATE
	  	34
		
	 EXHIBIT IV CREDIT AND COLLECTION POLICY
	  	36
		
	 EXHIBIT V FORM OF SUBORDINATED NOTE
	  	55
		
	 SCHEDULE A DOCUMENTS AND RELATED ITEMS TO BE DELIVERED ON OR PRIOR TO THE INITIAL PURCHASE
	  	58

  

 ii 

 THIS RECEIVABLES SALE AGREEMENT, dated as of May 21, 2004, is by and between YELLOW
TRANSPORTATION, INC., an Indiana corporation (“YTI”), and ROADWAY EXPRESS, INC., a Delaware corporation (“REI” and, together with YTI, the “Originators”), as sellers, and YELLOW ROADWAY RECEIVABLES FUNDING CORPORATION,
a Delaware corporation, as purchaser (the “Buyer”). Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I hereto or, if not defined therein, the meanings
attributed to such terms in the Purchase Agreement hereinafter described. 
  
 PRELIMINARY STATEMENTS 
  
 Each of the Originators now owns, and from time to time hereafter will own, Receivables. Each of the Originators wishes to sell and assign to the Buyer, and the Buyer wishes to purchase from such Originator, all
right, title and interest of such Originator in and to the Receivables originated by it now and hereafter arising. 
  
 Each of the Originators and the Buyer believe that it is in their mutual best interests for such Originator to sell the Receivables
originated by such Originator to the Buyer and for the Buyer to purchase such Receivables. 
  
 Each of the Originators and the Buyer intends this transaction to be a true sale of the Receivables from such Originator to the Buyer,
providing the Buyer with the full benefits of ownership of the Receivables, and neither of the Originators nor the Buyer intends this transaction to be, or for any purpose to be characterized as, a loan from the Buyer to such Originator. 

 
 Upon purchasing the Receivables from the Originators, the
Buyer will sell interests in all or a portion of the Receivables pursuant to that certain Receivables Purchase Agreement dated as of May 21, 2004 (as the same may from time to time hereafter be amended, supplemented, restated or otherwise modified,
the “Purchase Agreement”) among the Buyer, Falcon Asset Securitization Corporation (“Falcon”), Blue Ridge Asset Funding Corporation (“Blue Ridge”), Wachovia Bank, National Association, individually and as Blue Ridge
Agent, and Bank One, NA, individually (“Bank One”), as Falcon Agent and as Administrative Agent. 
  
 ARTICLE I 
 AMOUNTS AND TERMS OF THE PURCHASES 
  
 Section 1.1. Purchases of Receivables. 
  
 (a) Effective on the date of the initial Purchase hereunder, in consideration
for the Purchase Price and upon the terms and subject to the conditions set forth herein, each of the Originators does hereby sell, assign, transfer, set-over and otherwise convey to the Buyer, without recourse (except to the extent expressly
provided herein), and the Buyer does hereby 

  

 
purchase from such Originator, on the terms and subject to the conditions set forth herein, all of such Originator’s right, title and interest in and to
all Receivables originated by such Originator and existing as of the close of business on the date of such initial Purchase and all Receivables thereafter arising, together, in each case, with all Related Security relating there to and all
Collections thereof; provided, however, that in no event shall the Buyer purchase or shall any Originator sell, any Receivable arising after the Termination Date. 
  
 On the date of the initial Purchase, the Buyer shall acquire all of each Originator’s right, title and interest in and to all
Receivables existing as of the close of business on such date (together with all Related Security relating thereto and all Collections thereof). Thereafter, through and including the Termination Date, the Buyer shall acquire all of each
Originator’s right, title and interest in and to all Receivables which were not previously purchased by the Buyer hereunder upon the creation of such Receivables (together with all Related Security relating thereto and all Collections thereof),
provided that the acquisition by the Buyer of such right, title and interest of each Originator in connection with each Purchase hereunder is conditioned upon and subject to such Originator’s receipt of the Purchase Price therefor in accordance
with Section 1.2 below. In connection with consummation of any Purchase hereunder, the Buyer may request that the applicable Originator deliver, and such Originator shall deliver, such approvals, opinions, information, reports or documents as the
Buyer may reasonably request. 
  
 (b) It is the intention of the
parties hereto that each Purchase of Receivables made hereunder shall constitute a “sale of accounts,” as such term is used in Article 9 of the UCC for all purposes other than financial accounting purposes, which sales are absolute and
irrevocable and provide the Buyer with the full benefits and risks of ownership of the Receivables. Except for the Purchase Price Credits owed pursuant to Section 1.3 hereof, each sale of Receivables hereunder is made without recourse to any
Originator; provided, however, that (i) the applicable Originator shall be liable to the Buyer for all representations, warranties and covenants made by such Originator pursuant to the terms of the Transaction Documents, and (ii) such sale does not
constitute and is not intended to result in an assumption by the Buyer or any assignee thereof of any obligation of the applicable Originator or any other Person arising in connection with the Receivables originated by such Originator, the related
Contracts and/or other Related Security or any other obligations of such Originator. In view of the intention of the parties hereto that the Purchases of Receivables made hereunder shall constitute sales of such Receivables rather than loans secured
by such Receivables, each Originator agrees on or prior to the date hereof to mark its master data processing records relating to the Receivables with a legend, acceptable to the Buyer, evidencing that the Buyer has purchased such Receivables as
provided in this Agreement and to note in its financial statements that its Receivables have been sold to the Buyer. Upon the request of the Buyer or any Agent, each Originator will execute (if required) and file (or authorize the filing of) such
financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and maintain the perfection of the Buyer’s ownership interest in the
Receivables, the Related Security and the Collections, or as the Buyer or any Agent may reasonably request. In addition, each Originator will, upon request, make available to the Buyer or to the Servicer the original copy of each Contract under
which a Receivable has arisen. 
  

 2 

 Section 1.2. Payment for the Purchases. 
  
 (a) The Purchase Price for the initial Purchase of Receivables from each of
the Originators shall be payable in full by the Buyer to such Originator on the date of such initial Purchase, and shall be paid to such Originator in the following manner: 
  
 (i) by delivery of immediately available funds, to the extent of funds made available to the Buyer in
connection with its subsequent sale of an interest in such Receivables to the Purchasers under the Purchase Agreement, 
  
 (ii) by the issuance of equity to Yellow Roadway Corporation such equity having a fair market value of not less than the greater of (A)
$3,000,000 and (B) three percent (3%) of the aggregate Capital outstanding at such time under the Purchase Agreement, and 
  
 (iii) the balance, with the proceeds of a Subordinated Loan. 
  
 The Purchase Price for each Purchase from each Originator after the initial Purchase shall become due and owing in full by the Buyer to such
Originator or its designee on the date of such Purchase (except that the Buyer may, with respect to any such Purchase, offset against such Purchase Price any amounts owed by such Originator to the Buyer hereunder and which have become due but remain
unpaid) and shall be paid to such Originator in the manner provided in the following paragraphs (b), (c) and (d). 
  
 (b) With respect to any Purchase hereunder, at the time of settlement of the Purchase Price therefor pursuant to paragraph (d) below, the Buyer may elect
to pay all or any part of, the applicable Purchase Price by borrowing from the applicable Originator a subordinated revolving loan (each, a “Subordinated Loan”), and such Originator, subject to the remaining provisions of this paragraph,
irrevocably agrees to advance such Subordinated Loan in the amount so specified by the Buyer (which amount, unless otherwise specified by the Buyer, shall be deemed to be the lesser of (i) the aggregate Purchase Price which remains owing to such
Originator in connection with such settlement after giving effect to funds received by such Originator which have been applied thereto, and (ii) the maximum Subordinated Loan which may then be borrowed under the restrictions set forth in the
following sentence). Notwithstanding the foregoing, no Originator shall be committed to make any Subordinated Loan (and the Buyer’s right to make the election described hereinabove shall not be effective), if and to the extent that, as of the
end of the last Business Day of the Calculation Period to which such settlement relates (or such other date of determination as may be applicable pursuant to the proviso in paragraph (c) below) and as a result of making such loan, either: (1) the
aggregate outstanding amount of the Subordinated Loans would exceed an amount equal to the sum of (w) the aggregate Outstanding Balance of the Eligible Receivables at such time, plus (x) 97% of the aggregate Outstanding Balance of Receivables which
are not Eligible Receivables at such time, minus (y) the aggregate Capital outstanding at such time under the Purchase Agreement, or (2) the Buyer’s net worth would be equal to an amount that is less than the greater of (A) $3,000,000 or (B)
three percent (3.00%) of the aggregate Capital outstanding at such time under the Purchase Agreement, or (3) the amount of the Subordinated Loan then being made would exceed an 

  

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amount equal to the Purchase Price payable in connection with the Purchases during such Calculation Period minus funds then being made available under the
Purchase Agreement or otherwise then available to the Buyer during or with respect to such Calculation Period (or such other date or period, if applicable). The Subordinated Loans made by each Originator shall be evidenced by, and shall be payable
in accordance with the terms and provisions of, a promissory note in the form of Exhibit V hereto (each, a “Subordinated Note”) and shall be payable solely from funds which the Buyer is not required under the Purchase Agreement to set
aside for the benefit of, or otherwise pay over to, the Agents and/or the Purchasers. 
  
 (c) In the case of any Purchase subsequent to the initial Purchase, if the Buyer has insufficient funds to pay in full the applicable Purchase Price (after taking account of the proceeds of Subordinated Loans
available to the Buyer), then the Originator shall be deemed to have contributed to the capital of the Buyer Receivables having a Purchase Price equal to the otherwise unpaid portion of the total Purchase Price owing for such Purchase, which capital
contributions shall be determined on an aggregate basis for the Monthly Period in which such Purchase occurred in connection with the settlement for such Monthly Period effected pursuant to paragraph (d) below; provided, however, that no such deemed
capital contribution shall be made from and after the date on which the Originator notifies the Buyer in writing that it has designated a date as the Termination Date, and the Originator shall not be obligated to convey Receivables to the Buyer or
otherwise consummate Purchases hereunder from and after such date unless the Originator reasonably determines that the Purchase Price therefor will be satisfied with funds available to the Buyer from Collections or otherwise or with the proceeds of
Subordinated Loans. 
  
 (d) On each Business Day during a
Calculation Period after the date of the initial Purchase, all Collections available to the Buyer (after setting aside amounts required to be set aside for the benefit of, or otherwise paid over to, the Agents and/or the Purchasers in accordance
with the Purchase Agreement) shall be paid directly to the applicable Originator and, subject to receipt by such Originator of its share of the sub-Servicer Fee payable by the Buyer pursuant to Section 5.6 hereof for the Calculation Period in which
such Business Day occurs, shall be applied as payments toward the Purchase Price of Receivables conveyed by such Originator to the Buyer during such Calculation Period. Although amounts shall be paid directly to the Originators on a daily basis in
accordance with the first sentence of this paragraph, settlement of the Purchase Price between the Buyer and each Originator shall be effected on a monthly basis with respect to all Purchases within the same Calculation Period concurrently with the
delivery of the Monthly Report relating to such Calculation Period pursuant to Section 5.5 hereof and based on the information contained therein. In addition to such other information as may be included therein, each Monthly Report shall set forth
the following with respect to the related Calculation Period: (i) the aggregate Outstanding Balance of Receivables created and conveyed by such Originator in Purchases during such Calculation Period, (ii) the aggregate Purchase Price payable to such
Originator in respect of such Purchases, specifying the Discount Factor in effect for such Calculation Period and the aggregate Purchase Price Credits deducted in calculating such aggregate Purchase Price, (iii) the aggregate amount of funds
received by such Originator during such Calculation Period which are to be applied toward the aggregate Purchase Price owing for such Calculation Period pursuant to the first sentence of this paragraph, and (iv) the increase or decrease in the
amount outstanding under the applicable Subordinated Note as of the end of such Calculation 

  

 4 

 
Period after giving effect to the application of funds toward the aggregate Purchase Price and the restrictions on Subordinated Loans set forth in paragraph
(b) above. Although settlement shall be effected concurrently with the delivery of each Monthly Report, increases or decreases in the amount owing under the Subordinated Notes made pursuant to paragraph (b) above, and contributions to capital
pursuant to paragraph (c) above, shall be deemed to have occurred and shall be effective as of the last Business Day of the Calculation Period to which such settlement relates. 
  
 Section 1.3. Purchase Price Credit Adjustments. If on any day the Outstanding Balance of a Receivable is either (x)
reduced as a result of any defective services or damage to shipped goods, any cash discount or any adjustment by the applicable Originator (whether individually or in its performance of duties as a Sub-Servicer), or (y) reduced or canceled as a
result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction and whether such claim relates to such Originator or any Affiliate thereof) or (z) is otherwise
reduced as a result of any of the factors set forth in the definition of Dilutions, then, in such event, the Buyer shall be entitled to a credit (each, a “Purchase Price Credit”) against the Purchase Price otherwise payable hereunder equal
to the full amount of such reduction or cancellation. If such Purchase Price Credit exceeds the Original Balance of the Receivables to be sold hereunder on any date, then the applicable Originator shall pay the remaining amount of such Purchase
Price Credit in cash on the next succeeding Business Day; provided that, if the Termination Date has not occurred, such Originator shall be allowed to deduct the remaining amount of such Purchase Price Credit from any indebtedness owed to it under
the Subordinated Note. 
  
 Section 1.4. Payments and
Computations, Etc. All amounts to be paid or deposited by the Buyer hereunder shall be paid or deposited in accordance with the terms hereof on the day when due in immediately available funds to the account of the applicable Originator
designated from time to time by such Originator or as otherwise directed by such Originator. In the event that any payment owed by any Person hereunder becomes due on a day which is not a Business Day, then such payment shall be made on the next
succeeding Business Day. Any amount due hereunder which is not paid when due hereunder shall bear interest at the Base Rate as in effect from time to time until paid in full; provided, however, that such interest rate shall not at any time exceed
the maximum rate permitted by applicable law. All computations of interest payable hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed. 
  
 Section 1.5. Transfer of Records. 
  
 (a) In connection with the Purchases of Receivables hereunder, each
Originator hereby sells, transfers, assigns and otherwise conveys to the Buyer all of such Originator’s right and title to and interest in the Records relating to all Receivables sold hereunder, without the need for any further documentation in
connection with any Purchase. In connection with such transfer, each Originator hereby grants to each of the Buyer and the Servicer an irrevocable, non-exclusive license to use, without royalty or payment of any kind, all software used by such
Originator to account for the Receivables, to the extent necessary to 

  

 5 

 
administer the Receivables, whether such software is owned by such Originator or is owned by others and used by such Originator under license agreements with
respect thereto, provided that should the consent of any licensor of such Originator to such grant of the license described herein be required, such Originator hereby agrees that upon the request of the Buyer (or the Administrative Agent as the
Buyer’s assignee) it will use its reasonable efforts to obtain the consent of such third-party licensor. The license granted hereby shall be irrevocable, and shall terminate on the date this Agreement terminates in accordance with its terms.

  
 (b) Each Originator (i) shall take such action requested by
the Buyer and/or any Agent, from time to time hereafter, that may be necessary or appropriate to ensure that the Buyer and its assigns under the Purchase Agreement have an enforceable ownership interest in the Records relating to the Receivables
purchased from such Originator hereunder and (ii) shall use its reasonable efforts to ensure that the Buyer and the Servicer each has an enforceable right (whether by license or sublicense or otherwise) to use all of the computer software used to
account for the Receivables and/or to recreate such Records. 
  
 Section 1.6. Characterization. If, notwithstanding the intention of the parties expressed in Section 1.1(b), the conveyance by each Originator to the Buyer of Receivables hereunder shall be characterized as a secured loan and not a
sale, this Agreement shall constitute a security agreement under the UCC and other applicable law. For this purpose, each Originator hereby grants to the Buyer a duly perfected security interest in all of such Originator’s right, title and
interest in, to and under the Receivables, the Collections, each Collection Account, all Related Security, all payments on or with respect to such Receivables, all other rights relating to and payments made in respect of the Receivables, and all
proceeds of any thereof, in each case, whether now owned or existing or hereafter acquired or arising, which security interest shall be prior to all other liens on and security interests therein. After an Event of Default, the Buyer and its
assignees shall have, in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided to a secured creditor after default under the UCC and other applicable law, which rights and remedies shall
be cumulative. 
  
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
  
 Section 2.1. Originators’ Representations and Warranties. Each Originator hereby represents and warrants, individually and in its capacity as
Sub-Servicer, to the Buyer and its assigns that: 
  
 (a)
Corporate Existence and Power. Such Originator 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 all governmental licenses, authorizations,
consents and approvals required to carry on its business in each jurisdiction in which it conducts its business and where the failure to obtain such license, authorization, consent or approval would have a Material Adverse Effect. 
  

 6 

 (b) No Conflict. The execution, delivery and performance by such Originator of this Agreement and
each other Transaction Document, and such Originator’s use of the proceeds of Purchases made hereunder, are within its corporate powers, have been duly authorized by all necessary corporate action, do not breach or violate (i) its articles of
incorporation or by-laws, (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any material agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any material
order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Originator or its Subsidiaries (except as created hereunder); and
no transaction contemplated hereby requires compliance with any bulk sales act or similar law. This Agreement and each other Transaction Document have been duly authorized, executed and delivered by such Originator. 
  
 (c) Governmental Authorization. Other than the filing of the financing
statements required hereunder, no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body (including, without limitation, the Department of Transportation and/or Surface
Transportation Board) is required for the due execution, delivery and performance by such Originator of the Transaction Documents. 
  
 (d) Binding Effect. The Transaction Documents constitute the legal, valid and binding obligations of such Originator enforceable against such
Originator in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally. 
  
 (e) Accuracy of Information. All information heretofore furnished by
such Originator or any of its Affiliates to the Buyer, any Agent or the Purchasers for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such
information hereafter furnished by such Originator or any of its Affiliates to the Buyer, any Agent and/or the Purchasers will be, true and accurate in every material respect, on the date such information is stated or certified and does not and will
not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading. 
  
 (f) Use of Proceeds. No proceeds of any Purchase hereunder will be used (i) for a purpose which violates, or would be inconsistent with, Regulation
G, T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended.

  
 (g) Good Title; Perfection. Immediately prior to each
Purchase hereunder, such Originator shall be the legal and beneficial owner of the Receivables and Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. This Agreement is
effective to, and shall, upon each Purchase hereunder, irrevocably transfer to the Buyer legal and equitable title to, with the legal right to sell and encumber, such Receivables and the Related Security, free and clear of any Adverse 

  

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Claim except as otherwise created by the Buyer under the Purchase Agreement. Without limiting the foregoing, there have been duly filed all financing
statements or other similar instruments or documents necessary under the UCC of all appropriate jurisdictions (or any comparable law) to perfect the Buyer’s ownership interest in such Receivables. 
  
 (h) Places of Business. The principal places of business and chief
executive office of such Originator and the offices where such Originator keeps all its Records are located at the address(es) listed on Exhibit II or such other locations notified to the Buyer in accordance with Section 4.2(a) in jurisdictions
where all action required by Section 4.2(a) has been taken and completed. Such Originator’s Federal Employer Identification Number is correctly set forth on Exhibit II. 
  
 (i) Collection Banks; etc. Except as otherwise notified to the Buyer in accordance with Section 4.2(b): 

 
 (i) such Originator has instructed all Obligors to pay
all Collections directly to a segregated lock-box identified on Exhibit III to the Purchase Agreement, 
  
 (ii) in the case of all proceeds remitted to any such lock-box which is now or hereafter established, such proceeds will be deposited
directly by the applicable Collection Bank into a concentration account or a depository account listed on Exhibit III to the Purchase Agreement, 
  
 (iii) the names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts of such Originator at
each Collection Bank, are listed on Exhibit III to the Purchase Agreement, and 
  
 (iv) each lock-box and Collection Account to which Collections are remitted shall be subject to a Collection Account Agreement that is
then in full force and effect; provided, however, that the Collection Account(s) at Bank of America, N.A. need not be subject to a Collection Account Agreement until July 21, 2004. 
  
 In the case of lock-boxes and Collection Accounts identified on Exhibit III to the Purchase Agreement, exclusive dominion and control
thereof has been transferred to the Buyer. Such Originator has not granted any Person, other than the Buyer as contemplated by this Agreement, dominion and control of any lock-box or other Collection Account, or the right to take dominion and
control of any lock-box or other Collection Account at a future time or upon the occurrence of a future event. 
  
 (j) Financial Statements; Material Adverse Effect. The consolidated financial statements of Yellow Roadway Corporation and its consolidated
Subsidiaries dated Decermber 31, 2003, furnished by such Originator to the Buyer and the Agents are complete and correct in all material respects, and such financial statements have been prepared in accordance with generally accepted accounting
principles consistently applied and fairly present the consolidated financial condition and results of operations of Yellow Roadway Corporation and its consolidated Subsidiaries as of such date and for the period ended on 

  

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such date. Since December 31, 2003, no event has occurred which would have a Material Adverse Effect. 
  
 (k) Names. In the past five years, such Originator has not used any
corporate names, trade names or assumed names other than those listed on Exhibit II. 
  
 (l) Actions, Suits. There are no actions, suits or proceedings pending, or to the best of such Originator’s knowledge, threatened, against or affecting such Originator, or any of the properties of such
Originator, in or before any court, arbitrator or other body, which are reasonably likely to (i) adversely affect the collectibility of a material portion of the Receivables, (ii) materially adversely affect the financial condition of such
Originator or (iii) materially adversely affect the ability of such Originator to perform its obligations under the Transaction Documents. Such Originator is not in default with respect to any order of any court, arbitrator or governmental or
regulatory body. 
  
 (m) Credit and Collection Policy. With
respect to each Receivable, the applicable Originator and Sub-Servicer has complied in all material respects with the Credit and Collection Policy. 
  
 (n) Payments to Originators. With respect to each Receivable sold to the Buyer under this Agreement, the Buyer has given reasonably equivalent
value to the applicable Originator in consideration for the transfer of such Receivable and the Related Security with respect thereto under this Agreement and such transfer was not made for or on account of an antecedent debt. No sale by such
Originator to the Buyer of any Receivable is or may be voidable under any Section of the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
  
 (o) Ownership of the Buyer. Yellow Roadway Corporation owns one hundred percent (100%) of the issued and outstanding
capital stock of the Buyer. Such capital stock is validly issued, fully paid and nonassessable and there are no options, warrants or other rights to acquire securities of the Buyer. 
  
 (p) Not an Investment Company. Such Originator 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. 
  
 (q) Purpose. Such Originator has determined that, from a business viewpoint, the sale of the Receivables to the Buyer contemplated hereby is in the best interests of such Originator. 
  
 (r) ERISA. No fact or circumstance, including but not limited to any
Reportable Event, exists in connection with any Plan which would constitute grounds for the termination of any Plan by the Pension Benefit Guaranty Corporation or for the appointment by the appropriate United States District Court of a trustee to
administer any such Plan and which would result in the termination of a Plan and the incurrence of material liability by such Originator or any ERISA Affiliate to the Plan, the PBGC, participants, beneficiaries or a trustee. No Plan has an
accumulated funding deficiency as defined in Section 412(a) of the Code or Section 302(a) of ERISA, and no lien exists with respect to any Plan for failure to 

  

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make required contributions as described under 412(n) of the Code or Section 302(f) of ERISA. For the purposes of this representation and warranty, such
Originator shall be deemed to have knowledge of all facts attributable to the Plan administrator designated pursuant to ERISA. No lien imposed under the Code or ERISA on the assets of such Originator or any ERISA Affiliate exists on account of any
Multiemployer Plan. 
  
 ARTICLE III 
 CONDITIONS OF PURCHASES 
  
 Section 3.1. Conditions Precedent to Initial Purchase. The initial Purchase under this Agreement is subject to the conditions precedent that (i)
the Buyer shall have received on or before the date of such Purchase those documents listed on Schedule A hereto and (ii) all conditions precedent to the initial purchase under the Purchase Agreement shall have been satisfied and/or waived.

  
 Section 3.2. Conditions Precedent to All Purchases.
Each Purchase shall be subject to the further conditions precedent that (a) on the date of each such Purchase, the following statements shall be true both before and after giving effect to such Purchase (and acceptance of the proceeds of such
Purchase shall be deemed a representation and warranty by the applicable Originator that such statements are then true): 
  
 (i) the representations and warranties of such Originator set forth in Article II are correct on and as of the date of such Purchase as
though made on and as of such date; 
  
 (ii) no
event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no event has occurred and is continuing, or would result from such Purchase, that would constitute a Potential Event of Default; and 
  
 (iii) the Termination Date shall not have occurred;

  
 and (b) the Buyer shall have received such other approvals, opinions or
documents as it may reasonably request. 
  
 Notwithstanding the
foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the applicable Subordinated Note, by offset of amounts owed to the Buyer or
otherwise), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfied. 
  

 10 

 ARTICLE IV 
 COVENANTS 
  
 Section 4.1.
Affirmative Covenants of Originators. Until the date this Agreement shall terminate in accordance with its terms, each of the Originators hereby covenants, individually and in its capacity as a Sub-Servicer, that: 
  
 (a) Financial Reporting. Such Originator will maintain a system of
accounting established and administered in accordance with generally accepted accounting principles, and furnish to the Buyer: 
  
 (i) Annual Reporting. Within 90 days after the close of each of its fiscal years, a complete copy of Yellow Roadway
Corporation’s audit report, which shall include at least Yellow Roadway Corporation’s and its consolidated Subsidiaries’ consolidated balance sheet, consolidated income statement and consolidated statement of cash flow for such year,
examined in accordance with generally accepted auditing standards by an independent public accountant of national reputation selected by Yellow Roadway Corporation, together with the certificate described in clause (iii) below. Such auditor’s
report shall be free from exceptions, reservations or qualifications as result of which the auditor would be unable to conclude that the financial statements fairly present or adequately disclose in all material respects the financial condition of
Yellow Roadway Corporation and its consolidated Subsidiaries and shall not be limited because of restricted or limited access by such accountant to any material portion of Yellow Roadway Corporation’s or any Subsidiary’s records.

  
 (ii) Quarterly Reporting. Within 45
days after the close of each of the first three quarterly periods of each of its fiscal years, Yellow Roadway Corporation’s and its consolidated Subsidiaries’ unaudited consolidated balance sheet, consolidated income statement and
consolidated statement of cash flow for such quarter and that portion of the fiscal year ending with such quarter, certified by the Chief Financial Officer of Yellow Roadway Corporation as being complete and correct in all material respects and
fairly presenting in all material respects Yellow Roadway Corporation’s and its consolidated Subsidiaries’ financial condition and results of operations as of the end of such quarter and for that portion of the fiscal year ending with such
quarter, together with the certificate described in clause (iii) below. 
  
 (iii) Compliance Certificate. Together with the financial statements required to be delivered under clauses (i) and (ii) above, a compliance certificate in substantially the form of Exhibit III signed by Yellow
Roadway Corporation’s Chief Financial Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case may be. 
  
 (iv) Shareholders Statements and Reports. Promptly upon the furnishing thereof to the shareholders of
Yellow Roadway Corporation, copies of all financial statements, reports and proxy statements so furnished. 
  
 (v) S.E.C. Filings. Promptly upon the filing thereof, copies of all registration statements, notices of securities issuance,
annual, quarterly, monthly or other regular reports which the Originator or any of its Subsidiaries files with the Securities and Exchange Commission. 
  

 11 

 (vi) Notices under Transaction Documents. Forthwith upon its receipt of any
notice, request for consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than the Buyer, any Agent or any Purchaser, copies of the same. 
  
 (vii) Change in Credit and Collection Policy. At
least 30 days prior to the effectiveness of any material change in or amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice indicating such change or amendment. 
  
 (viii) [Reserved] 
  
 (ix) Other Information. Such other information
(including non-financial information) as the Buyer (or any of its assignees) may from time to time reasonably request. 
  
 (b) Notices. Such Originator will notify the Buyer and the Agents in writing of any of the following immediately upon learning of the occurrence
thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
  
 (i) Events of Default or Potential Events of Default. The occurrence of each Event of Default or each Potential Event of Default.

  
 (ii) Litigation. The institution of
any litigation, arbitration proceeding or governmental proceeding against such Originator or any of its Subsidiaries, or to which such Originator or any of its Subsidiaries becomes party, in either case which such Originator reports to the
Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. 
  
 (iii) ERISA. The occurrence of any event described in Section 8.07 (or any successor section dealing with disclosure of events
under ERISA) of the Yellow Credit Agreement. 
  
 (iv) Downgrade. Any downgrading in the rating of any Indebtedness of Yellow Roadway Corporation or either Originator by Standard & Poor’s Ratings Group or by Moody’s Investors Service, Inc., setting forth the
Indebtedness affected and the nature of such change. 
  
 (v) Labor Strike, Walkout, Lockout or Slowdown. The commencement or threat of any labor strike, walkout, lockout or concerted labor slowdown which prevents, or could reasonably be likely to prevent, pick-ups, shipments and/or
deliveries by such Originator, and which could reasonably be expected to have a Material Adverse Effect (collectively, “Labor Actions”). 
  

 12 

 (c) Compliance with Laws. Such Originator will comply in all material respects with all applicable
laws, rules, regulations, orders writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to comply would not have a Material Adverse Effect. 
  
 (d) Audits. Such Originator will furnish to the Buyer (and/or the Agents on behalf of the Buyer) from time to time
such information with respect to it and the Receivables originated by it as the Buyer or any Agent may reasonably request. Such Originator shall, from time to time during regular business hours as requested by Buyer (or any Agent on its behalf) upon
reasonable notice, permit the Buyer and the Agents, or their respective agents or representatives (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Originator relating to Receivables and
the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of such Originator for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to
such Originator’s financial condition or the Receivables and the Related Security or such Originator’s performance hereunder or under the Contracts with any of the officers or employees of such Originator having knowledge of such matters.

  
 (e) Keeping and Marking of Records and Books.

  
 (i) Such Originator will maintain and
implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records
and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to
each existing Receivable). Such Originator will give the Agents notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
  
 (ii)Such Originator will (a) on or prior to the date hereof, mark its master data processing records and
other books and records relating to the Receivables with a legend, acceptable to the Buyer, describing the ownership interest of the Buyer therein and further describing the “Receivable Interests” sold by the Buyer to the Purchasers
pursuant to the Purchase Agreement and (b) upon the request of the Buyer or any Agent: (x) mark each Contract with a legend describing Buyer’s interest therein and further describing the Receivable Interests of the Purchasers and (y) deliver to
the Buyer or its designee all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables. 
  
 (f) Compliance with Contracts and Credit and Collection Policy. Such Originator will timely and fully (i) perform and comply with all provisions,
covenants and other promises required to be observed by it under the Contracts (other than bills of lading) related to the Receivables, and (ii) comply in all material respects with any bills of lading 

  

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included in the Invoices and with the Credit and Collection Policy. Such Originator will pay when due any taxes payable in connection with the Receivables
originated by it. 
  
 (g) Ownership Interest. Such
Originator shall take all necessary action to establish and maintain in favor of the Buyer a valid and perfected first priority ownership interest in the Receivables and the Related Security, Collections and Collection Accounts with respect thereto,
to the full extent contemplated herein, including, without limitation, taking such action to perfect, protect or more fully evidence the interest of the Buyer hereunder as the Buyer or its assignees may reasonably request. 
  
 (h) Purchasers’ Reliance. Such Originator acknowledges that the
Agents and the Purchasers are entering into the transactions contemplated by the Purchase Agreement in reliance upon the Buyer’s identity as a separate legal entity from such Originator. Therefore, from and after the date of execution and
delivery of this Agreement, such Originator shall take all reasonable steps including, without limitation, all steps that the Buyer or any assignee of the Buyer may from time to time reasonably request, to maintain the Buyer’s identity as a
separate legal entity and to make it manifest to third parties that the Buyer is an entity with assets and liabilities distinct from those of such Originator and any Affiliates thereof and not just a division of such Originator. Without limiting the
generality of the foregoing and in addition to the other covenants set forth herein, such Originator (i) shall not hold itself out to third parties as liable for the debts of the Buyer nor purport to own the Receivables and other assets acquired by
the Buyer, (ii) shall take all other actions necessary on its part to ensure that the Buyer is at all times in compliance with the covenants set forth in Section 5.1(k) of the Purchase Agreement and (iii) shall cause all tax liabilities arising in
connection with the transactions contemplated herein or otherwise to be allocated between such Originator and the Buyer on an arm’s-length basis and in a manner consistent with the procedures set forth in U.S. Treasury Regulations
§§1.1502-33(d) and 1.1552-1. 
  
 (i) Collections.
Such Originator shall instruct all Obligors to pay all Collections directly to a segregated lock-box or other Collection Account listed on Exhibit III to the Purchase Agreement, each of which is subject to a Collection Account Agreement; provided,
however, that the Collection Account(s) at Bank of America, N.A. need not be subject to a Collection Account Agreement until July 21, 2004. In the case of payments remitted to any such lock-box, such Originator shall cause all proceeds from such
lock-box to be deposited directly by a Collection Bank into a concentration account or a depositary account listed on Exhibit III to the Purchase Agreement. Pursuant to Section 5.3 hereof and the Collection Account Agreements, such Originator has
transferred and assigned to the Buyer all of its right, title and interest in and to, and exclusive ownership, dominion and control (subject to the terms of this Agreement) to each such lock-box, concentration account and depositary account. In the
case of any Collections received by such Originator, such Originator shall remit such Collections to a Collection Account not later than the Business Day immediately following the date of receipt of such Collections, and, at all times prior to such
remittance, such Originator shall itself hold such Collections in trust, for the exclusive benefit of the Buyer and its assigns. In the case of any remittances received by such Originator in any such lock-box, concentration account or depositary
account that shall have been identified, to the satisfaction of the Servicer, to not constitute Collections or other proceeds of the Receivables or the Related Security, such Originator shall promptly remit 

  

 14 

 
such items to the Person identified to it as being the owner of such remittances. From and after the date the Administrative Agent (at the direction of
either Co-Agent) delivers to any of the Collection Banks a Collection Notice pursuant to Section 6.3 of the Purchase Agreement, the Administrative Agent, as assignee of the Buyer, may request that such Originator, and such Originator thereupon
promptly shall, direct all Obligors on Receivables to remit all payments thereon to a new depositary account (the “New Concentration Account”) specified by the Administrative Agent and, at all times thereafter such Originator shall not
deposit or otherwise credit to the New Concentration Account any cash or payment item other than Collections. Alternatively, the Administrative Agent (at the request of either Co-Agent) may request that such Originator, and such Originator thereupon
promptly shall, direct all Persons then making remittances to any account listed on Exhibit III to the Purchase Agreement which remittances are not payments on Receivables to deliver such remittances to a location other than an account listed on
Exhibit III to the Purchase Agreement. 
  
 (j) ERISA. Such
Originator shall make all required installments or other required payments to a Plan under Section 412 of the Code or Section 302 of ERISA on or before the due date for such installment or other payment. 
  
 Section 4.2. Negative Covenants of Originators. Until the date this
Agreement shall terminate in accordance with its terms, each of the Originators hereby covenants, individually and in its capacity as a Sub-Servicer, that: 
  
 (a) Name Change, Offices, Records and Books of Accounts. Such Originator will not change its name or legal form or relocate any office where
Records are kept unless it shall have: (i) given the Buyer and the Agents at least 30 days prior notice thereof (in the case of a change of name or legal form) and (ii) delivered to the Buyer all financing statements, instruments and other documents
requested by the Buyer (or any Agent on behalf of the Buyer) in connection with such change or relocation. 
  
 (b) Change in Payment Instructions to Obligors. Such Originator will not add or terminate any bank as a Collection Bank from those listed in
Exhibit III to the Purchase Agreement, or make any change in its instructions to Obligors regarding payments to be made to such Originator or payments to be made to any lock-box, Collection Account or Collection Bank, unless the Buyer and the Agents
shall have received, at least fifteen (15) Business Days before the proposed effective date therefor: 
  
 (i) written notice of such addition, termination or change, and 
  
 (ii) with respect to the addition of a lock-box, Collection Account or Collection Bank, an executed account
agreement and an executed Collection Account Agreement from such Collection Bank relating thereto; 
  
 provided, however, that such Originator may make changes in instructions to Obligors regarding payments if such new instructions require such Obligor to make payments to another existing lock-box or other Collection
Account that is subject to a Collection Account Agreement then in effect. 
  

 15 

 (c) Modifications to Contracts and Credit and Collection Policy. Such Originator will not make any
material change in the character of its business or any change to the Credit and Collection Policy which would be reasonably likely to, in either case, adversely affect the collectibility of any material portion of the Receivables or decrease the
credit quality of any newly created Receivables. Except as provided in Section 5.2(c), such Originator, acting as Sub-Servicer or otherwise, will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other
than in accordance with the Credit and Collection Policy. 
  
 (d)
Sales, Liens, Etc. Such Originator shall not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the
filing of any financing statement) or with respect to, any Receivable or Related Security or Collections in respect thereof, or upon or with respect to any Contract under which any Receivable arises, or any lock-box or other Collection Account or
assign any right to receive income in respect thereof (other than, in each case, the creation of the interests therein in favor of the Buyer provided for herein and the Agents and the Purchasers provided for in the Purchase Agreement), and such
Originator shall defend the right, title and interest of the Buyer in, to and under any of the foregoing property, against all claims of third parties claiming through or under such Originator. 
  
 (e) Accounting for Purchases. Such Originator will not, and shall not
permit any Affiliate to, account for or treat (whether in tax returns, financial statements, reports or otherwise) the transactions contemplated hereby in any manner other than the sale of the Receivables and Related Security by such Originator to
the Buyer or in any other respect account for or treat the transactions contemplated hereby in any manner other than as a sale of the Receivables and Related Security by such Originator to the Buyer except to the extent that such transactions are
not recognized on account of consolidated financial reporting in accordance with generally accepted accounting principles. 
  
 ARTICLE V 
 ADMINISTRATION AND
COLLECTION 
  
 Section 5.1. Designation of
Sub-Servicers. 
  
 (a) The servicing, administration and
collection of the Receivables shall be conducted by the Servicer so designated from time to time in accordance with Section 6.1 of the Purchase Agreement. Each Originator is hereby designated as, and hereby agrees to act as a sub-servicer (a
“Sub-Servicer”) for the Buyer in the Buyer’s capacity as the initial Servicer designated pursuant to the terms of the Purchase Agreement, and such Originator agrees in such capacity as Sub-Servicer to perform all of the duties and
obligations of the Servicer set forth herein and in the Purchase Agreement with respect to the Receivables originated by such Originator and the Related Security related thereto and Collections thereof. 
  
 (b) Each Originator further agrees that it shall be directly liable to the
Agents and the Purchasers for the full and prompt performance of all such duties and responsibilities 

  

 16 

 
of the Servicer provided that (i) nothing in this Agreement shall eliminate the Buyer’s primary liability to the Agents and the Purchasers for its
duties as Servicer, (ii) the Buyer and its assigns shall retain sole responsibility and authority for withdrawing funds from the Collection Accounts, and (iii) the Agents and the Purchasers shall be entitled to deal exclusively with the Buyer in
matters relating to the discharge by the Servicer of its duties pursuant to Section 6.1 of the Purchase Agreement. 
  
 (c) Without the prior written consent of the Buyer and its assignees, no Originator shall be permitted to delegate any of its duties or responsibilities
as a Sub-Servicer to any other Person. If at any time any Agent shall designate as Servicer any Person other than the Buyer, all duties and responsibilities theretofore delegated by the Buyer to the Originators may, at the discretion of any Agent,
be terminated forthwith on notice given by the Buyer or such Agent (as assignee of the Buyer) to the Originators. 
  
 Section 5.2. Duties of Sub-Servicers. 
  
 (a) Each of the Sub-Servicers shall take or cause to be taken all such actions as may be necessary or advisable to collect each Receivable originated by
it from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. 
  
 (b) Each of the Sub-Servicers shall use its best efforts to segregate, on each Business Day, in a manner acceptable to the
Buyer and the Agents, all cash, checks and other instruments received by it from time to time constituting Collections from the general funds of such Sub-Servicer prior to the remittance thereof to the Buyer to be administered in accordance with the
procedures described herein and in Article I of the Purchase Agreement. 
  
 (c) Each of the Sub-Servicers, may, in accordance with the Credit and Collection Policy, extend the maturity of any Receivable originated by it or adjust the Outstanding Balance of any such Receivable as such Sub-Servicer may determine to
be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable or Defaulted Receivable or limit the rights of the Agents or the Purchasers
under the Purchase Agreement. Notwithstanding anything to the contrary contained herein, from and after the occurrence of an Event of Default, the Buyer shall have the absolute and unlimited right to direct each of the Sub-Servicers to commence or
settle any legal action with respect to any Receivable originated by it or to foreclose upon or repossess any Related Security. 
  
 (d) Each of the Sub-Servicers shall hold in trust for the Buyer and its assignees, in accordance with their respective interests, all Records that
evidence or relate to the Receivables, the related Contracts and Related Security or that are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of the Buyer, deliver or make available to the
Buyer all such Records at the chief executive office of such Originator. Each of the Sub-Servicers shall, as soon as practicable following receipt thereof, turn over to the Buyer all Collections of Receivables, less: (i) all reasonable out-of-pocket
costs and expenses of the Sub-Servicer of servicing, administering and collecting the 

  

 17 

 
Receivables, and (ii) any cash collections or other cash proceeds received with respect to indebtedness not constituting Receivables. 
  
 (e) Any payment by an Obligor in respect of any indebtedness owed by it to
such Originator shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Buyer, be applied as a Collection of any Receivable of such Obligor (starting with the oldest such
Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. 
  
 Section 5.3. Collection Account Agreements. Each Originator hereby transfers to the Buyer, effective concurrently with the initial Purchase
hereunder (or, if any Collection Account is not in existence on such date, concurrently with the opening of such account), the exclusive ownership and control of the Collection Accounts, and such Originator shall claim no further right, title and/or
interest in and to any such Collection Accounts nor any rights to withdraw funds therefrom. Each Originator hereby authorizes the Buyer, and agrees that the Buyer shall be entitled to (i) endorse such Originator’s name on checks and other
instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections
of Receivables to come into the possession of the Buyer and its designees rather than such Originator. 
  
 Section 5.4. Responsibilities of the Originators. Anything herein to the contrary notwithstanding, the exercise by the Buyer (or its assignees) of
its rights hereunder shall not release the Sub-Servicers or the Originators from any of their duties or obligations with respect to any Receivables or under the related Contracts. Neither the Buyer nor any of its assignees (including any Servicer)
shall have any obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of either of the Originators. 
  
 Section 5.5. Reports. On the 15th day of each month (or, if such date is not a Business Day, the next succeeding
Business Day), and at such times as the Buyer or any Agent (as the Buyer’s assignee) shall request, the Sub-Servicers shall prepare and forward to the Buyer and the Agents a Monthly Report for the related Calculation Period (or other comparable
report for such period as may be applicable). Promptly following any request therefor by the Buyer or any Agent, the Originators shall prepare and provide to the Buyer and the Agents a listing by Obligor of all Receivables together with an aging of
such Receivables. 
  
 Section 5.6. Sub-Servicer Fee. In
consideration of each Sub-Servicer’s agreement to perform the duties and obligations of the Servicer under the Purchase Agreement with respect to the Receivables originated by such Sub-Servicer, the Buyer hereby agrees that, so long as such
Originator shall continue to perform as a Sub-Servicer hereunder, the Buyer shall pay over to such Originator a monthly fee in an amount equal to (i) a per annum rate not to exceed 2.0% agreed to by the Buyer and such Originator from time to time,
multiplied by (ii) the average Outstanding Balance of the Receivables 

  

 18 

 
originated by such Originator and held by the Buyer (without taking account of any Receivable Interests held by the Purchasers) during the preceding
Calculation Period, such fee to be calculated to provide the Servicer and each Sub-Servicer reasonable compensation for their respective servicing activities. 
  

ARTICLE VI 
 EVENTS OF DEFAULT

  
 Section 6.1. Events of Default. The occurrence of
any one or more of the following events shall constitute an Event of Default: 
  
 (a) Any Sub-Servicer or Originator shall fail (i) to make any payment or deposit required hereunder, or (ii) to perform or observe any term, covenant or agreement hereunder (other than as referred to in clause (i) of
this paragraph (a)) and such failure shall remain unremedied for five (5) Business Days following the occurrence thereof. 
  
 (b) Any representation, warranty, certification or statement made by any Originator or Sub-Servicer in this Agreement, any other Transaction Document or
in any other document delivered pursuant hereto shall prove to have been incorrect in any material respect when made or deemed made. 
  
 (c)(i) Any Originator or Sub-Servicer shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts
generally or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Originator or Sub-Servicer seeking to adjudicate it bankrupt or insolvent, or seeking 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, unless any such proceeding or action instituted by any Person other than an Originator or Sub-Servicer is set aside or withdrawn or ceases to be in effect
within sixty (60) days from the date of the filing of such action or making of any such appointment described in this subsection (c); or (ii) any Originator or Sub-Servicer shall take any corporate action to authorize any of the actions set forth in
clause (i) above in this subsection (c). 
  
 (d) One or more final
judgments shall be entered against any Originator or any of its Subsidiaries for the payment of money in the aggregate amount of $10,000,000, or the equivalent thereof in another currency, or more on claims not covered by insurance or as to which
the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for thirty (30) consecutive days without a stay of execution or bond to secure appeal. 
  
 (e) Any Plan of any Originator or any of its Subsidiaries shall be terminated
in a distress termination under Section 4041(c) of ERISA, or a trustee shall be appointed by the appropriate U.S. District Court to administer any Plan of the Originator or any of its Subsidiaries, or the PBGC shall institute proceedings to
terminate any Plan of such Originator or any of its Subsidiaries or to appoint a trustee to administer any such Plan and, 

  

 19 

 
upon the occurrence of any of the foregoing, the then current value of guaranteed benefits and other benefit commitments (as such terms are defined under
Title IV of ERISA and determined in accordance with the principles of Title IV of ERISA) for which such Originator or any Subsidiary might be liable to any Person exceed the then current value of the assets allocable to such benefits by more than
$5,000,000. 
  
 (f) (A) (i) Any Multiemployer Plan is or shall
have been terminated under Section 4041A of ERISA or the subject of termination proceedings under Section 4042 of ERISA, (ii) any Originator or any ERISA Affiliate has incurred any liability to or an account of a Multiemployer Plan under Section
4201 or 4204 of ERISA, or a “default” within the meaning of Section 4219(c)(5) of ERISA by an Originator or an ERISA Affiliate, United Parcel Service of America, Inc. or Arkansas Best Corporation shall occur with respect to any
Multiemployer Plan; (B) there shall result from such event or events the imposition of a lien, the granting of a security interest, or a liability; and (C) such lien, security interest or liability, either individually or in the aggregate, has had,
or could reasonably be expected to have, a Material Adverse Effect. 
  
 (g) A Change of Control shall occur. 
  
 (h) A Servicer
Default shall occur under the terms of the Purchase Agreement and the Administrative Agent shall declare the Amortization Date to have occurred. 
  
 Section 6.2. Remedies. Upon the occurrence and during the continuation of an Event of Default, the Buyer may either (i) remove the Sub-Servicer as
Sub-Servicer (to the extent such Event of Default was cause by, or arose as a result of the activities of, the Sub-Servicer), or (ii) declare the Termination Date to have occurred, whereupon the Termination Date shall forthwith occur, without
demand, protest or further notice of any kind, all of which are hereby expressly waived by the Originators; provided, however, that upon the occurrence of an Event of Default described in subsection 6.1(c) above or of an actual or deemed entry of an
order for relief with respect to any Originator under the Federal Bankruptcy Code, the Termination Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Originators. Upon
the occurrence of the Termination Date for any reason whatsoever, the Buyer and its assigns shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC, which
rights shall be cumulative. 
  
 ARTICLE VII 
 INDEMNIFICATION 
  
 Section 7.1. Indemnities by the Originators. Without limiting any other rights which the Buyer may have hereunder or under applicable law, each of
the Originators hereby agrees to indemnify the Buyer and its assignees (including each Agent and Purchaser) and their respective officers, directors, agents and employees (each, an “Indemnified Party”) from and against any and all damages,
losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of the Buyer, such Agent or such Purchaser) and disbursements (all of the 

  

 20 

 
foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of any of the following:

  
 (i) any representation or warranty made by
any Originator or Sub-Servicer (or any officers of any Originator or Sub-Servicer) under or in connection with this Agreement, any other Transaction Document, any Monthly Report or any other information or report delivered by any Originator or
Sub-Servicer pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made; 
  
 (ii) the failure by any Originator or Sub-Servicer to comply with any applicable law, rule or regulation with respect to any Receivable or
Contract related thereto, or the nonconformity of any Receivable or Contract with any such applicable law, rule or regulation; 
  
 (iii) any failure of any Originator or Sub-Servicer to perform its duties or obligations in accordance with the provisions of this
Agreement or any other Transaction Document; 
  
 (iv) any products liability or similar claim arising out of or in connection with merchandise, insurance or services which are the subject of any Contract; 
  
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of any Obligor
to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any
other claim resulting from the furnishing or failure to furnish the underlying freight shipping services; 
  
 (vi) the commingling of Collections of Receivables at any time with other funds; 
  
 (vii) any investigation, litigation or proceeding related to
or arising from this Agreement or any other Transaction Document, the transactions contemplated hereby or thereby, the use of the proceeds of a Purchase, the ownership of the Receivables or any other investigation, litigation or proceeding relating
to any Originator in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby or thereby; 
  
 (viii) any inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from
civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 
  

 21 

 (ix) the sale to the Buyer of any Receivable other than an Eligible Receivable; or

  
 (x) the failure to vest and maintain vested
in the Buyer, or to transfer to the Buyer, legal and equitable title to, and ownership of, a first priority perfected ownership interest in the Receivables, the Related Security and the Collections, free and clear of any Adverse Claim (other than as
created under the Purchase Agreement); 
  
 excluding, however, the following:

  
 (a) Indemnified Amounts to the extent final judgment of a
court of competent jurisdiction holds such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
  
 (b) Indemnified Amounts to the extent the same includes losses in respect of Eligible Receivables that prove to be
uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 
  
 (c) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is located, on or measured by the overall net
income of such Indemnified Party to the extent that the computation of such taxes is consistent with (a) the characterization of the Purchases as true sales and (b) the characterization of the transactions under the Purchase Agreement as creating
indebtedness of the Buyer for purposes of taxation; 
  
 Section
7.2. Other Costs and Expenses. Such Originator shall pay to the Buyer on demand any and all costs and expenses of the Buyer, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the
other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following an Event of Default. 
  
 ARTICLE VIII 
 MISCELLANEOUS 
  
 Section 8.1. Waivers and Amendments. 
  
 (a) No failure or delay on the part of the Buyer (or any of its assignees) or any Originator in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or
remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 
  

 22 

 (b) No provision of this Agreement may be amended, supplemented, modified or waived except in writing
signed by the Originators and the Buyer and, to the extent required under the Purchase Agreement, the Agents. 
  
 Section 8.2. Notices. Except as otherwise expressly provided herein, all communications and notices provided for hereunder shall be in writing
(including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other party hereto at its respective address or telecopy number set forth on the signature pages hereof. All such communications and
notices shall, when mailed, telecopied, telegraphed, telexed or cabled, be effective when received through the mails, transmitted by telecopy, delivered to the telegraph company, confirmed by telex answerback or delivered to the cable company,
respectively. 
  
 Section 8.3. Protection of Buyer’s
Interests. 
  
 (a) Each of the Originators agrees that from
time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that the Buyer (or its assignees) may reasonably request, to perfect, protect or more
fully evidence the Buyer’s ownership of the Receivables, or to enable the Buyer (or its assignees) to exercise and enforce their rights and remedies hereunder. The Buyer may, or the Buyer may direct the applicable Originator to, notify the
Obligors of Receivables, at any time following the replacement of such Originator as a Sub-Servicer and at such Originator’s expense, of the Buyer’s ownership of the Receivables and may also direct that payments of all amounts due or that
become due under any or all Receivables be made directly to the Buyer or its designee. 
  
 (b) If any Originator or Sub-Servicer fails to perform any of its obligations hereunder, the Buyer (or any of its assignees) may (but shall not be required to) perform, or cause the performance of, such obligation;
and the Buyer’s (and any of its assignee’s) costs and expenses incurred in connection therewith shall be payable by such Originator or Sub-Servicer, as applicable, on demand. Each Originator and Sub-Servicer each irrevocably authorizes the
Buyer at any time and from time to time in the sole discretion of the Buyer, and appoints the Buyer as its attorney-in-fact, to act on behalf of such Originator and Sub-Servicer (i) to execute (if necessary) on behalf of such Originator as
seller/debtor and to file financing statements necessary or desirable in the Buyer’s sole discretion to perfect and to maintain the perfection and priority of the Buyer’s ownership interest in the Receivables and (ii) to file a carbon,
photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as the Buyer in its sole discretion deems necessary or desirable to perfect and to maintain the
perfection and priority of the Buyer’s ownership interest in the Receivables. This appointment is coupled with an interest and is irrevocable. 
  
 Section 8.4. Confidentiality. 
  
 (a) Each of the Originators and the Sub-Servicers shall maintain and shall cause each of its employees and officers to maintain the confidentiality of
this Agreement and the Purchase Agreement and the other confidential proprietary information with respect 

  

 23 

 
to the Agents, Falcon, Blue Ridge and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the
transactions contemplated herein and therein, except that each of the Originators, the Sub-Servicers and their respective officers and employees may disclose such information to the Originators’ or the Sub-Servicers’ external accountants
and attorneys and as required by any applicable law or order of any judicial or administrative proceeding. In addition, each of the Originators and the Sub-Servicers may disclose any such nonpublic information pursuant to any law, rule, regulation,
direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
  
 (b) Anything herein to the contrary notwithstanding, each of the Originators and the Sub-Servicers hereby consents to the disclosure of any nonpublic
information with respect to it (i) to the Buyer, the Agents or the Purchasers by each other, (ii) by the Buyer, the Agents or the Purchasers to any prospective or actual assignee or participant of any of them or (iii) by any Agent to any rating
agency, Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to either Conduit or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which any Agent One acts
as the administrator and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information in a manner consistent with the practice
of such Agent for the making of such disclosures generally to Persons of such types. In addition, the Buyer, the Purchasers and the Agents may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order
of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
  
 Section 8.5. Bankruptcy Petition. 
  
 (a) Each of the Originators and the Sub-Servicers hereby covenants and agrees that, prior to the date which is one year and one day after the payment in
full of all outstanding senior indebtedness of either Conduit, it will not institute against, or join any other Person in instituting against, either Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceeding under the laws of the United States or any state of the United States. 
  
 (b) Each of the Originators and the Sub-Servicers hereby covenants and agrees that, prior to the date which is one year and one day after all Aggregate Unpaids (under and as defined in the Purchase Agreement) have
been paid, it will not institute against, or join any other Person in instituting against, the Buyer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States
or any state of the United States. 
  
 Section 8.6. Limitation
of Liability. Except with respect to any claim arising out of the willful misconduct or gross negligence of any Agent or Purchaser, no claim may be made by any Originator, any Sub-Servicer or any other Person against any Agent or Purchaser or
their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related
to the transactions 

  

 24 

 
contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and each of the Originators hereby waives, releases, and
agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
  
 Section 8.7. CHOICE OF LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
NEW YORK. 
  
 Section 8.8. CONSENT TO JURISDICTION. EACH
ORIGINATOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT
EXECUTED BY AN ORIGINATOR PURSUANT TO THIS AGREEMENT AND EACH ORIGINATOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW
OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE BUYER (OR THE RIGHTS OF ANY AGENT OR ANY PURCHASER AS THE
BUYER’S ASSIGNEES) TO BRING PROCEEDINGS AGAINST ANY ORIGINATOR IN THE COURTS OF ANY OTHER JURISDICTION WHEREIN ANY ASSETS OF SUCH ORIGINATOR MAY BE LOCATED. ANY JUDICIAL PROCEEDING BY AN ORIGINATOR AGAINST THE BUYER, ANY AGENT OR ANY PURCHASER,
ANY AFFILIATE OF ANY AGENT OR A PURCHASER, OR ANY OTHER OF THE BUYER’S ASSIGNEES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ANY ORIGINATOR
PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN THE BOROUGH OF MANHATTAN, NEW YORK. 
  
 Section 8.9. WAIVER OF JURY TRIAL. EACH OF THE ORIGINATORS AND THE BUYER HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY AN ORIGINATOR PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 
  
 Section 8.10. Binding Effect;
Assignability. This Agreement shall be binding upon and inure to the benefit of the Originators, the Buyer and their respective successors and permitted assigns (including any trustee in bankruptcy). No Originator may assign any of its rights
and obligations hereunder or any interest herein without the prior written consent of the Buyer and the Agents. The Buyer may assign at any time its rights and obligations hereunder and interests herein to any other Person without the consent of the
Originators. 

  

 25 

 
Without limiting the foregoing, each of the Originators acknowledges that the Buyer, pursuant to the Purchase Agreement, shall assign to the Administrative
Agent, for the benefit of the Agents and the Purchasers, its rights, remedies, powers and privileges hereunder pursuant to the Purchase Agreement. Such Originator agrees that the Agents, as the assignees of the Buyer, shall, subject to the terms of
the Purchase Agreement, have the right to enforce this Agreement and to exercise directly all of the Buyer’s rights and remedies under this Agreement (including, without limitation, the right to give or withhold any consents or approvals of the
Buyer to be given or withheld hereunder) and each Originator agrees to cooperate fully with the Agents and the Servicer in the exercise of such rights and remedies. Each Originator further agrees to give to the Agents copies of all notices it is
required to give to the Buyer hereunder. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and, subject to the proviso in Section 1.1(c), shall remain in full force and effect
until such time, after the Termination Date, as the Aggregate Unpaids shall be equal to zero; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Originator pursuant to
Article II, (ii) the indemnification and payment provisions of Article VII, and (iii) Section 8.5 shall be continuing and shall survive any termination of this Agreement. 
  
 Section 8.11. Subordination. Each Originator agrees that any indebtedness, obligation or claim, it may from time to
time hold or otherwise have (other than any obligation or claim with respect to the fees payable by the Buyer under Section 5.6) against the Buyer or any assets or properties of the Buyer, whether arising hereunder or otherwise existing, shall be
subordinate, after the Amortization Date has occurred, in right of payment to the prior payment in full of any indebtedness or obligation of the Buyer owing to any Agent or Purchaser under the Purchase Agreement. The subordination provision
contained herein is for the direct benefit of, and may be enforced by, the Agents and the Purchasers and/or any of their assignees under the Purchase Agreement. 
  

Section 8.12. Integration; Survival of Terms. This Agreement, the Subordinated Notes and the Collection Account Agreements contain the final and
complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or
written understandings. 
  
 Section 8.13. Counterparts;
Severability. This Agreement may be executed in any number of counterparts and by each party hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 26 

 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. 
  

									
	 Originators:
	 	 	 	 YELLOW TRANSPORTATION, INC.

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
				
	 	 	 	 	 	 	 Address for Notices:

				
	 	 	 	 	 	 	 Yellow Transportation, Inc.

	 	 	 	 	 	 	 10990 Roe Avenue

	 	 	 	 	 	 	 Overland Park, KS 66211

	 	 	 	 	 	 	 Attention: Vice President and Treasurer

	 	 	 	 	 	 	 Phone: (913) 696-6125

	 	 	 	 	 	 	 Fax: (913) 323-9824

				
	 	 	 	 	 	 	 ROADWAY EXPRESS, INC.

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
				
	 	 	 	 	 	 	 Address for Notices:

				
	 	 	 	 	 	 	 Roadway Express, Inc.

	 	 	 	 	 	 	 10990 Roe Avenue

	 	 	 	 	 	 	 Overland Park, KS 66211

	 	 	 	 	 	 	 Attention: Vice President and Treasurer

	 	 	 	 	 	 	 Phone: (913) 696-6125

	 	 	 	 	 	 	 Fax: (913) 323-9824

  

 27 

									
	 Buyer:
	 	 	 	 YELLOW ROADWAY RECEIVABLES FUNDING
 CORPORATION

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
				
	 	 	 	 	 	 	 Address for Notices:

				
	 	 	 	 	 	 	 Yellow Roadway Receivables Funding Corporation

	 	 	 	 	 	 	 10990 Roe Avenue

	 	 	 	 	 	 	 P.O. Box 7489

	 	 	 	 	 	 	 Overland Park, KS 66211

	 	 	 	 	 	 	 Attention: President

	 	 	 	 	 	 	 Phone: (913) 696-6125

	 	 	 	 	 	 	 Fax: (913) 323-9824

  

 28 

 EXHIBIT I 
 DEFINITIONS 
  
 As used in
this Agreement, (a) capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the Purchase Agreement, and (b) the following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined): 
  
 “Agreement” means this Receivables Sale Agreement, as it may be amended or modified and in effect from time to time. 
  
 “Bank One” means Bank One, NA in its individual capacity and its successors. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collection Date” means that date following the Termination Date
which is one year and one day after the date which (i) the Outstanding Balance of all Receivables sold hereunder has been reduced to zero and (ii) the Originators have paid to the Buyer all indemnities, adjustments and other amounts which may be
owed hereunder in connection with the Purchases. 
  
 “Contract” means, with respect to any Receivable, any and all Invoices and other agreements pursuant to which freight shipping services are ordered from and provided by an Originator. 
  
 “Credit and Collection Policy” means each Originator’s credit
and collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit IV hereto, as modified from time to time in accordance with this Agreement. 
  
 “Discount Factor” means a percentage calculated to provide the
Buyer with a reasonable return on its investment in the Receivables after taking account of (i) the time value of money based upon the anticipated dates of collection of the Receivables and the cost to the Buyer of financing its investment in the
Receivables during such period, (ii) the risk of nonpayment by the Obligors, and (iii) the costs of sub-servicing performed by the applicable Originator. Each Originator and the Buyer may agree from time to time to change the Discount Factor based
on changes in one or more of the items affecting the calculation thereof, provided that any change to the Discount Factor shall take effect as of the commencement of a Calculation Period, shall apply only prospectively and shall not affect the
Purchase Price payment in respect of Purchases which occurred during any Calculation Period ending prior to the Calculation Period during which such Originator and the Buyer agree to make such change. 
  
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that is treated as a single employer with an Originator under Section 414 of the Code. 
  

 29 

 “Event of Default” has the meaning assigned to that term in Section 6.1. 
  
 “Labor Actions” has the meaning set forth in Section 4.1(b)(v).

  
 “Material Adverse Effect” means a material adverse
effect on (i) the financial condition, business or operations of any Originator, (ii) the ability of any Originator to perform its obligations under any Transaction Document, (iii) the legality, validity or enforceability of this Agreement, any
Transaction Document or any Collection Account Agreement or Collection Notice relating to a Collection Account into which a material portion of Collections are deposited, (iv) the Originators’, the Buyer’s, any Agent’s or any
Purchaser’s interest in the Receivables generally or in any significant portion of the Receivables, the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion
of the Receivables. 
  
 “Multiemployer Plan” means a
multiemployer plan (as defined in Section 3(37) of ERISA) that is maintained or contributed to by any Originator or any ERISA Affiliate and is subject to Title IV of ERISA. 
  
 “Original Balance” means, with respect to any Receivable, the Outstanding Balance of such Receivable on the date
it was purchased by the Buyer. 
  
 “Originators” has the
meaning specified in the preamble to this Agreement. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation created under Section 4002(a) of ERISA or any successor thereto. 
  
 “Plan” means any defined benefit plan, other than a Multiemployer Plan, maintained or contributed to by any Originator or any Subsidiary of an
Originator or by any trade or business (whether or not incorporated) under common control with any Originator or any Subsidiary of an Originator as defined in Section 4001(b) of ERISA and insured by the PBGC under Title IV of ERISA. 
  
 “Potential Event of Default” means an event which, with the passage
of time or the giving of notice, or both, would constitute an Event of Default. 
  
 “Purchase” means a purchase by the Buyer of the Receivables and the Related Security from an Originator pursuant to Section 1.1 of this Agreement. 
  
 “Purchase Price” means, with respect to any Purchase on any date,
the aggregate price to be paid to the applicable Originator for such Purchase in accordance with Section 1.2 of this Agreement for the Receivables originated by such Originator and the associated Related Security being sold to the Buyer on such
date, which price shall equal (i) the product of (x) the Original Balance of such Receivables times (y) one minus the Discount Factor then in effect, minus (ii) any Purchase Price Credits to be credited against the purchase price otherwise payable
in accordance with Section 1.3 hereof. 
  
 “Purchase Price
Credit” has the meaning set forth in Section 1.3. 
  

 30 

 “Purchase Agreement” has the meaning set forth in the Preliminary Statement of this Agreement.

  
 “Related Security” means, with respect to any
Receivable: 
  
 (i) all of the applicable
Originator’s interest, if any, in the goods, the shipment of which gave rise to such Receivable, and any and all insurance contracts with respect thereto, 
  

(ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 
  
 (iii) all guaranties, 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 related to such Receivable or otherwise, 
  
 (iv) all Records related to such Receivables, 
  
 (v) all of the applicable Originator’s right, title and interest in, to and under each Contract
executed in connection therewith in favor of or otherwise for the benefit of such Originator; and 
  
 (vi) all proceeds of any of the foregoing. 
  
 “Reportable Event” has the meaning set forth in Section 4043 of ERISA. 
  
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced.

  
 “Servicer” means at any time the Person then
authorized pursuant to Article VI of the Purchase Agreement to service, administer and collect Receivables. 
  
 “Servicer Default” has the meaning set forth in the Purchase Agreement. 
  
 “Subordinated Loan” has the meaning set forth in Section 1.2(b). 
  
 “Subordinated Note” means each promissory note in substantially the
form of Exhibit V hereto as more fully described in Section 1.2, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
  
 “Sub-Servicer” means each Originator in its capacity as a sub-servicer for the Servicer as described in Section 5.1 hereof. 
  

 31 

 “Termination Date” means, the earliest of (i) the Amortization Date, (ii) the date of the
declaration or automatic occurrence of the Termination Date pursuant to Section 6.2 and (iii) the date designated by an Originator as the Termination Date in a written notice delivered to the Buyer not less than ten days prior to such designated
date. 
  
 “Transaction Documents” means, collectively,
this Agreement, each Contract, each Subordinated Note, each Collection Account Agreement and all other instruments, documents and agreements executed and delivered by an Originator in connection herewith. 
  
 “UCC” means the Uniform Commercial Code as from time to time in
effect in the specified jurisdiction. 
  
 All accounting terms not
specifically defined herein shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such
Article 9. 
  

 32 

 EXHIBIT II 
 CHIEF EXECUTIVE OFFICE OF THE ORIGINATORS; LOCATIONS OF 
 RECORDS; TRADE NAMES; FEDERAL EMPLOYER
IDENTIFICATION 
 NUMBER; ORGANIZATIONAL IDENTIFICATION NUMBERS 
  
 Chief Executive Offices: 
  
 10990 Roe Avenue 
 Overland Park, KS 66211

  
 Location of Records: 
  
 10990 Roe Avenue 
 Overland Park, KS 66211 
  
 Federal Employer Identification Numbers: 
  
 Yellow Transportation, Inc. 44-0594706 
 Roadway Express, Inc.         34-0492670 
  
 Organizational Identification Numbers: 
  
 Yellow Transportation, Inc. 194190-049 (Indiana) 
 Roadway Express, Inc.         0473705
(Delaware) 
  
 Trade Names and Assumed Names: None (other than Yellow Freight
System, Inc. and Yellow Freight System) 
  

 33 

 EXHIBIT III 
 FORM OF COMPLIANCE CERTIFICATE 
  
 This Compliance Certificate is furnished pursuant to that certain Receivables Sale Agreement dated as of May 21, 2004, between Yellow Transportation, Inc. and Roadway Express, Inc., as sellers, and Yellow Roadway Receivables Funding
Corporation, as buyer (the “Agreement”). Capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the Agreement. 
  
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 
  
 1. I am the duly elected
                     of
                    ; 
  
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and
conditions of Yellow Roadway Corporation and its Subsidiaries during the accounting period covered by the attached financial statements; and 
  
 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an
Event of Default or a Potential Event of Default, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth
below. 
  
 Described below are the exceptions, if any, to
paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Originator has taken, is taking, or proposes to take with respect to each such condition or event: 

 
 The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this              day of
                    , 20    . 
  

			
	 	 	 
	 	 	 [Name]

  

 34 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 
  
 Schedule of Compliance with Section 7.1(i) of the Purchase Agreement. Unless otherwise defined herein, the terms used in
this Compliance Certificate have the meanings ascribed thereto in the Agreement. 
  
 This schedule relates to the month ended:                      
  

 35 

 EXHIBIT IV 
  

CREDIT AND COLLECTION POLICY 
  
 

 
  
 CREDIT POLICY 
  
 Executive Summary 
  
 1st Edition 
  
 Prepared By: 
  
 Harold M. Moore, CCE, Credit Manager 
 Keith D. Rawson, Director - Revenue Management 
  
 December 9, 2002 
  

 36 

 CONFIDENTIAL 
  
 This credit policy is confidential and proprietary to Yellow Transportation, Inc. This document may not be reproduced, disclosed, in whole or in part, or
used for any purpose other than the evaluation of the policies contained herein. 
  

	I.	TABLE OF CONTENTS 

  

					
			
	 I.
	  	Forward	  	38
			
	 II.
	  	Executive Policy Approval	  	38
			
	 III.
	  	Mission Statement	  	39
			
	 IV.
	  	Credit Policy Principles	  	40
			
	 V.
	  	Managing Risk with E-RAM	  	41
			
	 VI.
	  	The Credit Granting Process	  	45
			
	 	  	 A.     Establishing Credit for New Customers
	  	46
			
	 	  	 B.     THE CREDIT APPLICATION
	  	45
			
	 	  	 C.     Terms of Sale
	  	47
			
	 	  	 D.     SETTING CREDIT LIMITS
	  	48
			
	 	  	 E.     Determining Credit Hold
	  	49
			
	 	  	 F.     THE EXCEPTION PROCESS
	  	50
			
	 VII.
	  	Glossary of Terms	  	51

  

 37 

 Credit Policy 
 Executive Summary 
  

	I.	Forward 

  
 This document outlines Yellow Transportation’s credit policies. These policies are necessary to establish, monitor, and manage Yellow’s accounts receivable risk based on the credit worthiness of
Yellow’s customers and Yellow’s financial objectives. It provides the framework for making decisions and taking actions that affect daily credit activities within the company. 
  
 Critical factors considered in making credit decisions are the need to grow profitable sales, to promote customer satisfaction, and provide
for the necessary turnover and adequate protection of the corporation’s investment in accounts receivable. 
  
 Reviewing this Executive Summary will provide you with an understanding of the basic credit policies that populate the 120 page Credit Manual. Because the policies are
interspersed with procedures and educational material in the manual, this summary will allow you to easily identify the principles that will direct the management of Yellow’s accounts receivable portfolio risk. 
  

	II.	Executive Policy Approval 

  
 This Credit Policy is the official reference for the policies and procedures necessary to establish, monitor, and manage Yellow’s accounts receivable portfolio based
on the credit worthiness of Yellow’s customers and Yellow’s objectives. It provides the framework for making decisions and taking actions that affect daily credit activities within the company. 
  
 Senior management believes the activities and concepts presented in this manual are the best
means for credit to operate in support of the company’s overall objectives. Critical factors among these objectives are the need to grow profitable sales and promote customer satisfaction. 
  

 38 

 Any deviations from this policy, or handling of situations not covered in the manual must be referred to the Credit
Manager-Yellow Transportation for approval or interpretation. 
  
 The policies
have been approved by senior management and the legal staff of Yellow Transportation, Inc. 
  

					
	  

	  	 	  	

	 Vice President Financial Services
	  	 	  	Date
	  
  

	  	 	  	

	 Senior Vice President Legal
	  	 	  	Date
	  
  

	  	 	  	

	 Senior Vice President Sales & Marketing
	  	 	  	Date
	  

	  	 	  	  

	 Executive Vice President & Chief Administrative Officer
	  	 	  	Date
	  

	  	 	  	  

	 President & Chief Executive Officer
	  	 	  	Date

  

	III.	Mission Statement 

  
 To protect Yellow Transportation’s investment in accounts receivable by providing industry-leading risk management and analysis services. 

 
 This objective will be achieved by employing a highly trained and focused credit team, by
efficiently and effectively communicating, by using state-of-the-art technology, and by making fact based decisions that minimize credit risk and promote profitable sales. 
  

 39 

	IV.	Credit Policy Principles 

  
 The following points describe the key principles that form the foundation for implementing the credit policy. 
  

	1.	Personnel performing credit management and analysis functions have a reporting responsibility to the Credit Manager-Yellow Transportation. Credit granting and maintenance activities
are coordinated with the corporate policy and objectives. 

  

	2.	The policy is subject to modification when required by changes in Yellow objectives, or market conditions. All recommendations that are based on sound business judgment and would
benefit the company should be made to the Credit Manager-Yellow Transportation. 

  

	3.	From the standpoint of credit, no customer is denied the opportunity to use Yellow’s services until all means of dealing with that customer on a reasonably sound fiscal basis
are exhausted. The decision regarding a suitable credit basis, within the designated credit limit authority, is made by the credit specialist. 

  

	4.	Standards by which credit risk decisions are made shall be flexible enough to permit the maximum profitable sales by the company, consistent with Yellow’s objectives. Marginal
credit risks ( Very High, and High Risk ) are dealt with only to the extent necessary to support corporate marketing initiatives, and if they constitute a source of added net profit at an acceptable rate of return. These customers will be secured by
use of the risk management tools described in this Executive Summary. 

  

	5.	The credit policy of the company supports the corporation’s financial policy by using available capital in a manner that best serves Yellow’s customers. This is
accomplished by using funds to invest in critical assets to better serve Yellow’s customers, and by providing efficient and quality service. Yellow does not use funds on a general basis to finance delinquent accounts receivable outside of
Yellow’s normal terms of sale. 

  

	6.	Illegal discrimination in Yellow’s customer relations is prohibited. Credit arrangements that deviate from Yellow’s regular credit terms are made only when justified by
unusual circumstances, and only on a temporary basis when dealing with a delinquent customer. Credit arrangements that involve contracts may be made for a more extended period of time. These exceptions must be approved by credit. Any adjustment in
terms required to meet competition must be documented in the customer’s credit file. 

  

 40 

	7.	Yellow will comply with all laws relating to credit functions. Yellow must be especially sensitive to decisions involving terms and conditions of sale and any actions that might be
considered a conspiracy to fix terms or prices. Yellow may extend different terms to competing customers as long as the credit decision is made in a nondiscriminatory manner so that the same standards of creditworthiness are applied. Yellow must
treat all “like” customers alike. 

  

	8.	Customer contacts are kept on a professional level that will promote respect for the company and its business practices. 

  

	9.	Credit and sales personnel shall maintain a constructive and cooperative attitude with the objective of promoting profitable sales. Members of both groups shall keep each other
informed of any information that might affect the level of risk with a customer. The credit team has the responsibility for activities that control customer risk, but may ask for assistance or guidance from sales representatives.

  

	10.	All accounts are assigned credit limits derived from a careful risk analysis of that account. 

  

	11.	All information obtained for the purpose of making credit decisions must be managed in a confidential manner. Because of potential legal problems, or the breaching of another’s
trust, Yellow does not provide this information to unauthorized personnel within or outside Yellow’s credit team. Only those involved in the decision making process are allowed access to this information. 

  

	12.	It is essential that this policy be enforced uniformly if it is to be fair and workable. 

  

	13.	Consistent with this policy, the credit team shall do its best to achieve assigned credit related objectives. 

  

	V.	Managing Credit Risk With E-RAM 

  
 The credit team will be processing information concerning all new credit applicants through software called E-RAM (Enterprise Risk Assessment Manager). E-RAM is the web
enabled version of a credit scoring program 

  

 41 

 
developed by Dun & Bradstreet that considers both the credit applicant’s information and data from Dun & Bradstreet’s extensive business
data base. 
  
 Based on criteria entered into tables by Yellow credit management,
E-RAM analyzes the available data and then provides a risk evaluation, and a recommended credit limit for the credit specialist. 
  
 From an overall perspective, the accounts receivable (A/R) risk will be managed by segmenting the A/R portfolio into separate risk categories. Based on senior
management’s direction regarding the degree of risk they are willing to accept, credit management will control the A/R portfolio risk by administering this credit policy. 
  
 Realignment of credit risk will be done on a quarterly basis. A Quarterly Risk Segmentation Report will be provided to senior management for
comparison with other business objectives. At this time, senior management can instruct credit management to adjust controls to a different percentage if needed for accomplishment of other business objectives. 
  
 The Risk Analysis Process 
  
 The risk analysis begins with the submission of a credit application by the credit applicant.
This document provides Yellow with information necessary to establish an account, or the legal right to obtain additional information that might be needed to determine the credit applicant’s creditworthiness. The application, also, establishes
the rights and responsibilities of the credit applicant when dealing with Yellow. 
  
 Establishing the customer’s creditworthiness is essential to managing the account in an effective and efficient manner in order to protect the investment Yellow will make in the customer. Determining the credit applicant’s
creditworthiness will, also, allow Yellow to provide additional services to good customers without any potential delays caused by unneeded credit investigation. 
  

Yellow’s A/R portfolio can be segmented into appropriate customer groups based on the degree of risk. E-RAM scores customers on a scale of 1 to 10, with ten being
the most creditworthy customer. 
  

 42 

 All customers will be segmented into one of four risk categories ranging from very high risk to low risk. Customers in
the very high risk category can be required to submit the most security, and information. Security includes such items as deposits, Letter of Credit, or guarantees. Customers in the high risk or average risk categories can be asked for a less
stringent type, or amount of security, and less information than a higher risk customer. Customers falling in the low risk category will normally not be asked for any security, or additional information. 
  
 Customers earn an E-RAM score based on the following criteria: 
  

	1.	1 to 3.9 (Very High Risk) 

  

	 	•	Filing bankruptcy, or 

  

	 	•	Having a D&B Failure Risk Class 5 ( 35.8% failure rate ), or 

  

	 	•	Having a D&B Credit Score of 1 ( 37.0% severe delinquent ) 

  

	2.	4.0 to 6.9 (High Risk) 

  

	 	•	Having a D&B Failure Risk Class of 1-4 ( .9% failure rate ), and 

  

	 	•	Having a D&B Credit Score of 2-10 ( 18.0% severe delinquent ) 

  

	3.	7.0 to 7.9 (Medium Risk) 

  

	 	•	Having a D&B Failure Risk Class 1-4 ( .9% failure rate ), and 

  

	 	•	Having a Credit Score of 11-35 ( 12.5% severe delinquent ) 

  

	4.	8.0 to 10.0 (Low Risk) 

  

	 	•	Having a D&B Failure Risk Class of 1-4 ( 0.9% failure rate ), and 

  

	 	•	Having a Credit Score of 36-100 ( 7.6% severe delinquent ) 

  
 This segmentation provides for consistent, prompt, and reasonable treatment of all customers falling into the same classification of risk. 
  
 This segmentation, also, allows for a rapid adjustment in credit policy. If Yellow’s
senior management decides to tighten, or loosen credit requirements because of changes in business objectives, capacity capabilities, competition, economic climate, etc., credit can simply adjust the E-RAM score ranges. 
  
 Once the credit application has been received and processed through E-RAM, an E-RAM score
will be generated. If that initial scoring will not support the 

  

 43 

 
level of credit requested by the credit applicant, additional information will have to be obtained from the applicant in order to reassess the credit
applicant’s creditworthiness. If there is no additional information available, or the additional information still does not support the level of unsecured credit desired, then in order to protect Yellow’s interest, the following risk
management tools may be used. 
  

	II.	RISK MANAGEMENT TOOLS 

  
  

			
	 E-RAM Score

	  	 Options

		
	 1 to 3.9
	  	(Very High Risk)
		
	 	  	 •      Security deposit/Letter Of Credit/Corporate or personal guarantee

		
	 	  	 Deposit or LOC should be 2 times projected service based on terms of sale (max), and becomes credit limit

		
	 	  	 •      Automatic credit card payment

		
	 	  	 •      Driver Collect

		
	 	  	 •      Customer segment closely monitored through E-RAM

		
	 4 to 6.9
	  	(High Risk)
		
	 	  	 •      Security deposit/Letter Of Credit/Corporate or personal guarantee

		
	 	  	 Deposit or LOC should be 1 times projected service based on terms of sale (max), and becomes credit limit

		
	 	  	 •      Shorter terms of sale

		
	 	  	 •      Automatic credit card payment

		
	 	  	 •      Driver Collect

		
	 	  	 •      Customer segment closely monitored through E-RAM

		
	 7 to 7.9
	  	(Medium Risk)
		
	 	  	 •      Security deposit/Letter Of Credit/Corporate or personal guarantee

		
	 	  	 Deposit or LOC should be .5 to 1 times projected service based on terms of sale (max)

  

 44 

			
	 	  	 •      Shorter terms of sale

		
	 8 to 10
	  	 (Low Risk)
  
 •      None

  
 These options may be
changed by the credit specialist for varying situations such as large dollar amounts, or for non-quantifiable reasons. 
  
 In addition to the information analyzed through E-RAM for both new credit applicants and existing customers, alert services have been established through
Dun & Bradstreet. This alert service is designed to ensure that credit is aware of any significant changes in an existing customer’s status. It provides for an e-mail notification of any severe risk situation that develops with one of
Yellow’s customers (bankruptcies, conflicting public information, business deterioration). 
  

	VI.	The Credit Granting Process 

  

	 	A.	The Credit Application 

  
 A completed and signed credit application must be obtained from all new customers, and maintained in the customer’s credit file. This requirement will be satisfied
before an account can be opened for regular business from a new customer. 
  
 This
requirement is necessary to establish: 
  

	 	•	Accurate account set-up 

  

	 	•	Accurate legal name and legal organization 

  

	 	•	Accurate invoicing information 

  

	 	•	Accounts payable contact 

  

	 	•	Agreement to pay per terms of sale 

  

	 	•	Authorization to charge for late fees 

  

	 	•	Authorization to obtain personal credit reports 

  

 45 

	 	•	Authorization to obtain trade & bank references 

  

	 	•	Authorization for Yellow to recover attorney and collection fees 

  

	 	•	A favorable location for any legal action required 

  
 All government entities: a federal, state, county or municipal entity; government funded schools, universities, agencies, and organizations; will complete a Government
Credit Application And Acknowledgement Of Terms. 
  
 New credit applicants coming
through the pricing contract process will, also, be required to complete a credit application as part of that process. 
  
 Large corporations are not exempt from this requirement. If a credit application can not be obtained from a large customer’s corporate headquarters, then the
local facility manager’s signature will be accepted on the credit application. 
  
 When an existing customer changes its name or has a transfer of assets, ownership, or an ownership interest, a new credit application must be obtained. 
  
 In order to comply with the Fair Credit Reporting Act, if a consumer (personal) credit report of a credit applicant is required by Yellow as
a condition of granting credit, the applicant must provide written consent in order for Yellow to obtain and use the report. 
  
 The requirements contained in Regulation B of the Equal Credit Opportunity Act will pertain to Yellow’s processing of credit applications and the granting of credit.

  
 ( The Credit Application is attached to this Executive Summary. ) 

 

	 	B.	Establishing Credit for New Customers 

  
 Orders coming through the Customer Service Center will be screened through the Real Time Customer Acquisition ( RTCA ) process for minimal criteria in order to determine
a limited and temporary level of credit worthiness. If the customer exceeds the minimal criteria, the order will be approved. However, the credit applicant will be sent a credit application and informed that to process future orders Yellow will have
to review the credit application in order to establish a more appropriate credit limit. The credit limit will be created systematically through E-RAM. 
  

 46 

 If the credit applicant does not initially meet the minimal requirements, the applicant will be placed on credit hold
(driver collect) and sent a credit application. The applicant will be informed that Yellow will have to review the application in order to establish an appropriate credit limit before providing any services on open account. 
  
 Credit applicants coming directly into Revenue Management will be screened through Dun &
Bradstreet for minimal criteria in order to determine a limited and temporary level of credit worthiness. If the customer exceeds the minimal criteria, the order will be approved. However, the credit applicant will be sent a notice indicating that
additional credit review will be necessary to establish a more appropriate amount of available credit. 
  
 If the credit applicant does not meet the minimal requirements, the applicant will be sent a notice explaining the reasons credit was not made available, and asked to submit clarifying information that would address
the reasons stated if the applicant still desires to obtain credit. 
  

	 	C.	Terms of Sale 

  
 Terms of sale are established by senior management of Yellow Transportation. The terms must be established without collusion with competitors. 
  
 Terms of sale must be agreed upon before a sale is made. 
  
 The following is Yellow Transportation’s standard terms of sale as stated in Yellow’s “Rules And Conditions.”

  

			
	 Terms

	  	 Definition

	 Net 15
	  	Full payment is due within 15 days of invoice date

  
 Yellow may extend different terms to
competing customers as long as the credit decision is made in a nondiscriminatory manner so that the same standards of creditworthiness are applied to all customers who compete with each other. Different terms include shortened as well as extended
terms. 
  
 If special terms are requested because a competitor is already
providing them, Yellow may consider meeting, not beating, the competitor’s terms. 
  

 47 

 On a very limited basis, and when necessary to build profitable sales in order to achieve sales objectives, Yellow may
extend terms beyond normal to only those delinquent customers with future market potential that may TEMPORARILY require assistance. Accepting payments beyond the due date on a controlled and secured basis may, also, be effective. Delinquent
customers are subject to a late charge fee of 1.5% per month, as stipulated in “Yellow Rules and Conditions.” The collection team will manage payments beyond terms. 
  
 Credit arrangements that involve contracts may be made for a more extended period of time. 
  
 All requests for special terms will follow the approval process below. 
  

			
	 Special Terms

	  	 Approving Authority

	 Net 16-30
	  	Credit Manager
	 Net 31-45
	  	Director Risk Management
	 Net 46 +
	  	V.P. Financial Services

  

	 	D.	Setting Credit Limits 

  
 A basic tool of managing risk is the credit limit. It provides the foundation for shipment approval, and calls immediate attention to a significant change in the
customer’s buying or payment patterns. 
  
 The credit limit is a
determination of how much risk Yellow is willing to assume when dealing with a specific customer. 
  
 The vast majority of the recommended credit limits will be systematically calculated through E-RAM. The criteria used to set the credit limits is based on the customer’s ability and intent to pay. The credit
limit is normally a percentage of the company’s net worth. When net worth is not available for a new customer, the credit limit will be based on a combination of company size, number of employees, and usage of transportation services.

  
 Credit limits will be adjusted based on risk levels determined through E-RAM.
High risk accounts will receive less credit on a percentage basis than low risk accounts. 
  
 Below is an example of a credit limit matrix that will be used to set an account’s credit limit. 
  

 48 

				
	 	  	 Credit Limit Matrix
 % of Net
Worth

	 
	 E-RAM Risk Category

	  
	 Low (8.0 - 10.0)
	  	20	%
	 Medium (7.0 - 7.9)
	  	15	%
	 High (4.0 - 6.9)
	  	10	%
	 Very High (0.0 - 3.9)
	  	0	%

  
 If the recommended credit limit is
insufficient to support the level of projected business for the credit applicant, the credit specialist will initiate additional analysis of the applicant’s creditworthiness. If the facts indicate it is prudent to raise the credit limit, the
specialist will raise the limit. If the facts do not support the level of credit needed by the applicant, the specialist will recommend actions that can be taken by the applicant in order to increase the credit limit, and protect Yellow’s
interest. 
  
 If, based on other information, the recommended credit limit seems
to be excessive for the credit applicant, the credit specialist may, also, lower the limit to a more reasonable level. 
  

	 	E.	Determining Credit Hold 

  
 A credit hold is a credit management tool used to control Yellow’s credit exposure when dealing with high-risk customers. It is a term with several distinctions that
will be explained below. “Driver Collect” is a form of “Credit Hold.” 
  
 The credit specialist will notify the appropriate parties in a credit hold situation. Yellow will not sell to a debtor on an open account basis that is with a third party collection agency, or is with an attorney for
legal action. 
  
 Conditions That Initiate a Review of a Customer for Possible
Credit Hold 
  

	 	•	Bankruptcy 

  

	 	•	New credit applicant does not meet minimum credit standards 

  

	 	•	Credit application not on file from new credit applicant 

  

	 	•	Existing account does not meet minimum credit standards 

  

 49 

	 	•	Collector initiates a severe delinquency request 

  
 Credit Hold Types 
  
 Based on the degree of risk identified, the customer will be placed on one of the following types of credit hold: 
  

	 	•	Company or personal check (code B) 

  

	 	•	Cash or certified funds (code A, used if a Non Sufficient Funds check was received) 

  

	 	•	Stop all deliveries and pickups ( used when third party billing is involved ) 

  

Driver/Terminal Management Responsibility 
  
 Because the drivers, and terminal manager are the points-of-contact for customer pickups and deliveries, they will be responsible for implementing a credit hold.

  
 If the terminal manager or account manager has a sound business reason for
believing an exception to the credit hold is in the best interest of Yellow, then the Exceptions to Policy process should be followed. 
  

	 	F.	The Exception Process 

  
 Responsibility for any exceptions to the policy will rest with the appropriate management level indicated in the table presented below. This process will allow for
factors other than credit risk to be considered when making the decision to sell to the credit applicant. 
  
 Once both managers at the appropriate level have agreed to an exception and notified the involved credit specialist, the credit specialist will confirm the exception by e-mail, and implement the exception process.

  
 Management Levels 
  

					
	 Finance

	  	 Sales

	  	 Corporate Sales

	 Credit Specialist
	  	Account Manager	  	Account Manager
	 Credit Manager
	  	Account Manager	  	Account Manager
	 Director of Revenue Management
	  	Director of Sales	  	Area V.P.
	 V.P. of Financial Services
	  	Area V.P./Sales V.P.	  	V.P.
	 Ex. V.P. & CAO
	  	Sr. Sales V.P.	  	Sr. Sales V.P.

  
 President & Chief
Executive Officer 
  

 50 

	VII.	Glossary of Terms 

  
 E-RAM – Enterprise Risk Assessment Manager. E-RAM is a web enabled version of a credit scoring program developed by Dun & Bradstreet that considers both the credit applicant’s information and data from
Dun & Bradstreet’s extensive business database. 
  
 Security –
Security is a means to reduce the risk associated with an account. It includes such items as deposits, Letter of Credit, and guarantees. 
  
 Deposit – A sum of money placed with Yellow that acts as collateral to be drawn on should the customer not pay as agreed. 
  
 Letter of Credit – A letter of credit is a declaration by a bank that the bank will make
certain payments on behalf of a specified party, its customer, under specified conditions. The LOC substitutes the bank’s credit for the customer. 
  
 Guarantee – Guarantees are used to sell to a weak customer on open credit terms, and reduce the possibility of a loss. A guarantee exists when open credit terms are
provided to a customer, and a third party (guarantor) guarantees that in event of a default by the customer, the third party will be liable for the debt. 
  
 D&B Failure Score – The D&B Failure Score predicts the likelihood that a company will cease business during the next 12 months. The score ranges from 1 to
100, where 1 is poor and 100 is good. 
  
 D&B Credit Score – The D&B
Credit Score predicts the likelihood that a company will pay its bills 25% past terms and 10% over 90+ days during the next 12 months. The score ranges from 1 to 100, where 1 is poor and 100 is good. 
  
 90+ Aging Index – The 90+ Aging Index is a percentage of an account’s open
receivables that are over 90 days past due. 
  
 RTCA – Real Time Customer
Acquisition. RTCA is a Yellow proprietary application that is used by the Customer Service Center to quickly establish a new account, provide a pricing discount, and check the D&B Credit Score. 
  
 Standard Terms of Sale (Net 15) – Full payment is due within 15 days of invoice date.

  

 51 

 Credit Limit – The determination of how much risk Yellow is willing to assume when dealing with a specific customer.

  
 D&B Average High Credit – D&B uses its extensive trade experience
database to calculate the average amount of open receivables for a company. 
  
 Credit Hold – The process of deciding to stop business on an unsecured basis because of a high-risk situation. 
  

 52 

					
	 	 	

	  	 Credit Management
 P.O. Box
7929
 Overland Park, KS 66207-9948
 Fax:
913-234-8987

  
 CONFIDENTIAL CREDIT
APPLICATION AND ACKNOWLEDGEMENT OF TERMS 
  

			
	 1.      Firm’s Legal Name _______________________________
	 	In Business Since ___________________________________
	
	 d/b/a __________________________________________ Fed. Tax No.

	Yellow __________________________________
                                        
    

  

			
	 2.      Firm’s Address
_________________________________________________________________________________________

	                                       
         Street
                                City        
                         State/Prov
                                      Zip/Postal
Code

  

			
	 3.      Phone
                                        
Fax
                                        
         St. of incorp. or registration of partnership  _____________

  

									
	 4.      We do business as a
	  	 ̈ Corporation	  	 ̈ Partnership	  	 ̈ Sole Proprietor	  	 ̈ Other ______________
	 	  	 	  	 	  	 	  	        (describe)
	 	  	 ̈ Limited Liability Corporation                         ̈ Limited Partnership	  	 

  

			
	 5.      Full names and home addresses of corporation officers, partners, or proprietor (give
social security number(s) if a Partnership or Sole Proprietorship):

	 ______________________________________________________________________________________________________

	 ______________________________________________________________________________________________________

	 ______________________________________________________________________________________________________

	 ______________________________________________________________________________________________________

	 ______________________________________________________________________________________________________

  

					
	6.	  	Type of current business ____________________________________________	  	DUNS # ___________________________

  

					
	7.	  	The undersigned has filed  ̈ or has not filed  ̈ for or been the subject of a bankruptcy as a company or as an individual.
	 	  	Has filed Chapter 7  ̈        
Chapter 11  ̈         Chapter 13  ̈                 Date filed  ___________________________________

  

					
	8.	  	Credit Availability Requested (2 x expected monthly service) $ __________________________________________________
	 	  	 	  	 

  

					
	9.	  	All orders are subject to credit approval. The undersigned acknowledges that Yellow’s extension and maintenance of credit to the undersigned is at Yellow’s sole
discretion.

  

					
	10.	  	The management of Yellow may, at their discretion, establish a fee for any customer checks which are returned for non- sufficient funds or are dishonored for any
reason.

  

					
	11.	  	Mail freight bills to ______________________________________________________________________________________
		
	 	  	Address _______________________________________________________________________________________________
		
	 	  	                                    Street/P.O.
box                                         City
                                    State/Prov
                 Zip/Postal Code
		
	 	  	A/P Individual ___________________________ Phone ___________________________ Fax  _________________________

  

					
	12.	  	CURRENT FINANCIAL STATEMENTS MAY BE REQUIRED WITH THIS APPLICATION IF DEEMED NECESSARY BY YELLOW MANAGEMENT TO MAKE A DECISION REGARDING CREDIT
AVAILABILITY.

  

					
	13.	  	SECURITY INSTRUMENTS OR DEPOSITS MAY BE REQUIRED WITH THIS APPLICATION IF DEEMED NECESSARY BY YELLOW MANAGEMENT TO MAKE CREDIT AVAILABLE TO THE APPLICANT.

  

 53 

			
	14.	  	Major Trade References:

  

	
	 A.__________________________________________________________________________________________________________

	 (Name)                                      
          (Complete Address)

	____________________________________________________________________________________________________________
	 (Phone)                                      
          (Fax)                              
              (Account
No.)                                (Contact Person)

	B.__________________________________________________________________________________________________________
	 (Name)                                      
          (Complete Address)

	____________________________________________________________________________________________________________
	 (Phone)                                      
          (Fax)                              
              (Account
No.)                                (Contact Person)

	C.__________________________________________________________________________________________________________
	 (Name)                                      
          (Complete Address)

	____________________________________________________________________________________________________________
	 (Phone)                                      
          (Fax)                              
              (Account
No.)                                (Contact Person)

	
	 15.    Bank References:

	 A.__________________________________________________________________________________________________________

	 (Name)                                      
          (Complete
Address)                                 ̈    Checking     ̈    Loan     ̈    Savings

	____________________________________________________________________________________________________________
	 (Phone)                                      
          (Account
No.)                                        
 (Contact Person)

	 B.__________________________________________________________________________________________________________

	 (Name)                                      
          (Complete
Address)                                 ̈    Checking     ̈    Loan     ̈    Savings

	____________________________________________________________________________________________________________
	 (Phone)                                      
          (Account
No.)                                        
 (Contact Person)

  

			
	16.	  	The undersigned acknowledge(s) Yellow’s payment terms to be: All accounts are due and payable 15 days from invoice date; and agrees to remit payment in accordance therewith. In
the event of a change in the Applicant’s credit condition, Yellow reserves the right to apply security to delinquent balances, and/or to require additional security as deemed appropriate. The undersigned further acknowledge(s) that the
foregoing payment terms are subject to change without notice.
		
	17.	  	The undersigned agrees that in order to induce Yellow to extend credit, the proper venue and situs for any legal action brought by either party arising out of this Application shall be the
District Court of Johnson County, Kansas or the U.S. District Court for the District of Kansas located in Wyandotte County, Kansas.
		
	18.	  	ACKNOWLEDGEMENT OF RESPONSIBILITY: IN ORDER TO INDUCE YELLOW TO PROVIDE CREDIT TO THE ABOVE-NAMED FIRM, AND IN CONSIDERATION OF SUCH CREDIT BEING EXTENDED, THE ABOVE-NAMED FIRM AGREES THAT IN
THE EVENT CREDIT ISSUED PURSUANT TO THIS APPLICATION IS NOT RE-PAID IN ACCORDANCE WITH THE ABOVE-REFERENCED PAYMENT TERMS, THE ABOVE-NAMED FIRM AGREES TO REIMBURSE YELLOW FOR ALL COSTS, EXPENSES, CHARGES, AND FEES EXPENDED BY YELLOW IN EFFECTING
COLLECTION, INCLUDING BY WAY OF ILLUSTRATION, COLLECTION AGENTS’ FEES, ATTORNEYS’ FEES, FILING FEES, ETC., TOGETHER WITH INTEREST THEREON AND ON THE AMOUNT DUE AT 18% PER ANNUM COMPOUNDED MONTHLY OR AT THE HIGHEST RATE OF INTEREST
PERMITTED BY APPLICABLE LAW, WHICHEVER IS LESS.
		
	19.	  	The undersigned is applying for extension of credit. The above information, which the undersigned warrants to be true and correct, is submitted as a basis for considering this Application.
Yellow is authorized to investigate relationships with trade suppliers or financial institutions for the purpose of establishing credit.
		
	20.	  	The undersigned individual who is either a principal of the credit applicant or a sole proprietorship of the credit applicant, recognizing that his or her individual credit history may be a
factor in the evaluation of the credit history of the applicant, hereby consents to and authorizes the use of a consumer credit report on the undersigned by the above named business credit grantor, from time to time as may be needed, in the credit
evaluation process.
		
	21.	  	Submitted this date _____________________________

  

					
	22.	  	_________________________________________________	  	___________________________________________________
	 	  	Print Signatory	  	Signature of President / Officer / Partner / Owner

  

 54 

 EXHIBIT V 
 FORM OF SUBORDINATED NOTE 
  
 SUBORDINATED NOTE 
  
 May 21, 2004 
  
 1. Note. FOR VALUE RECEIVED, the undersigned, YELLOW ROADWAY
RECEIVABLES FUNDING CORPORATION, a Delaware corporation (“Yellow-SPC”), hereby unconditionally promises to pay to the order of
                             a
                     corporation (“Payee”), in lawful money of the United States of America and in immediately available funds, on
the “Collection Date” (as defined in the “Sale Agreement” referred to below) the aggregate unpaid principal sum outstanding of all “Subordinated Loans” made from time to time by Payee to Yellow-SPC pursuant to and in
accordance with the terms of that certain Receivables Sale Agreement dated as of May 21, 2004 between Yellow Transportation, Inc. and Roadway Express, Inc., as sellers, and Yellow-SPC, as buyer (as amended, restated, supplemented or otherwise
modified from time to time, the “Sale Agreement”). Reference to Section 1.2 of the Sale Agreement is hereby made for a statement of the terms and conditions under which the loans evidenced hereby have been and will be made. All terms which
are capitalized and used herein and which are not otherwise specifically defined herein shall have the meanings ascribed to such terms in the Sale Agreement or, if not defined therein, in the Purchase Agreement (hereinafter defined). 
  
 2. Interest. Yellow-SPC further promises to pay interest on the
outstanding unpaid principal amount hereof from the date hereof until payment in full hereof at a rate equal to the Base Rate; provided, however, that if Yellow-SPC shall default in the payment of any principal hereof, Yellow-SPC promises to, on
demand, pay interest at the rate of the Base Rate plus 2% on any such unpaid amounts, from the date such payment is due to the date of actual payment. Interest shall be payable on the first Business Day of each month in arrears; provided, however,
that Yellow-SPC may elect on the date any interest payment is due hereunder to defer such payment and upon such election the amount of interest due but unpaid on such date shall constitute principal under this Subordinated Note. The outstanding
principal of any loan made under this Subordinated Note shall be due and payable on the Collection Date and may be repaid or prepaid at any time without premium or penalty. 
  
 3. Principal Payments. Payee is authorized and directed by Yellow-SPC to enter on the grid attached hereto, or, at
its option, in its books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by Yellow-SPC, and absent manifest error, such entries shall constitute
prima facie evidence of the accuracy of the information so entered; provided that neither the failure of Payee to make any such entry or any error therein shall expand, limit or affect the obligations of Yellow-SPC hereunder. 
  
 4. Subordination. The indebtedness evidenced by this Subordinated Note
is subordinated to the prior payment in full of all of Yellow-SPC’s recourse obligations under that certain Receivables Purchase Agreement dated as of May 21, 2004 by and among Yellow-SPC, Falcon Asset Securitization Corporation, Blue Ridge
Asset Funding Corporation, Wachovia Bank, National Association, individually and as Blue Ridge Agent, and Bank One, NA, 

  

 55 

 
individually, as Falcon Agent and as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”). The subordination provisions contained herein are for the direct benefit of, and may be enforced by, the Agents and the Purchasers (each, as defined in the Purchase Agreement) and/or any of their respective assignees (collectively,
the “Senior Claimants”) under the Purchase Agreement. Until the date on which all Capital outstanding under the Purchase Agreement has been repaid in full and all other obligations of Yellow-SPC and/or the Servicer thereunder and under the
Fee Letters referenced therein (all such obligations, collectively, the “Senior Claim”) have been indefeasibly paid and satisfied in full, Payee shall not demand, accelerate, sue for, take, receive or accept from Yellow-SPC, directly or
indirectly, in cash or other property or by set-off or any other manner (including, without limitation, from or by way of collateral) any payment or security of all or any of the indebtedness under this Subordinated Note or exercise any remedies or
take any action or proceeding to enforce the same; provided, however, that (i) Payee hereby agrees that it will not institute against Yellow-SPC any proceeding of the type described in Section 6.1(c) of the Sale Agreement unless and until the
Collection Date has occurred and (ii) nothing in this paragraph shall restrict Yellow-SPC from paying, or Payee from requesting, any payments under this Subordinated Note so long as Yellow-SPC is not required under the Purchase Agreement to set
aside for the benefit of, or otherwise pay over to, the funds used for such payments to any of the Senior Claimants and further provided that the making of such payment would not otherwise violate the terms and provisions of the Purchase Agreement.
Should any payment, distribution or security or proceeds thereof be received by Payee in violation of the immediately preceding sentence, Payee agrees that such payment shall be segregated, received and held in trust for the benefit of, and deemed
to be the property of, and shall be immediately paid over and delivered to the Agents for the benefit of the Senior Claimants. 
  
 5. Bankruptcy; Insolvency. Upon the occurrence of any Servicer Default described in Section 7.1(c) of the Purchase Agreement involving Yellow-SPC
as debtor, then and in any such event the Senior Claimants shall receive payment in full of all amounts due or to become due on or in respect of Capital and the Senior Claim (including Discount and CP Costs accruing under the Purchase Agreement
after the commencement of any such proceeding, whether or not any or all of such Discount is an allowable claim in any such proceeding) before Payee is entitled to receive payment on account of this Subordinated Note, and to that end, any payment or
distribution of assets of Yellow-SPC of any kind or character, whether in cash, securities or other property, in any applicable insolvency proceeding, which would otherwise be payable to or deliverable upon or with respect to any or all indebtedness
under this Subordinated Note, is hereby assigned to and shall be paid or delivered by the Person making such payment or delivery (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Agents for
application to, or as collateral for the payment of, the Senior Claim until such Senior Claim shall have been paid in full and satisfied. 
  
 6. Amendments. This Subordinated Note shall not be amended or modified except in accordance with Section 9.1 of the Sale Agreement. The terms of
this Subordinated Note may not be amended or otherwise modified without the prior written consent of each of the Agents. 
  
 7. Governing Law. This Subordinated Note shall be interpreted and the rights and liabilities of the parties hereto determined in accordance with
the laws and decisions of the State of New York. Wherever possible each provision of this Subordinated Note shall be 

  

 56 

 
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Subordinated Note shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Subordinated Note. 
  
 8. Waivers. All parties hereto, whether as makers, endorsers, or
otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. Payee additionally expressly waives all notice of the acceptance by any Senior Claimant of the subordination and other provisions of this Subordinated Note
and expressly waives reliance by any Senior Claimant upon the subordination and other provisions herein provided. 
  
 9. Assignment. This Subordinated Note may not be assigned, pledged or otherwise transferred to any party other than Payee without the prior written
consent of each of the Agents, and any such attempted transfer shall be void. 
  

			
	 YELLOW ROADWAY RECEIVABLES FUNDING
 CORPORATION

		
	By:	 	 
	 Title:
	 	 

  

 57 

 SCHEDULE 
  
 TO 
  
 SUBORDINATED NOTE 
  

									
	 DATE

	  	 AMOUNT OF
 SUBORDINATED
 LOAN

	  	 AMOUNT OF
 PRINCIPAL
 PAID

	  	 UNPAID
 PRINCIPAL
 BALANCE

	  	 NOTATION MADE
 BY (INITIALS)

	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  

 58 

 SCHEDULE A 
 DOCUMENTS AND RELATED ITEMS TO BE DELIVERED ON OR PRIOR TO THE 
 INITIAL PURCHASE 
  
 I. Receivables Sale Agreement 
  
 A. Receivables Sale Agreement dated as of May 21, 2004 (the “Sale
Agreement”) by and between Yellow Transportation, Inc., an Indiana corporation (the “Originator”), and Yellow Roadway Receivables Funding Corporation, a Delaware corporation (“Yellow-SPC”), with the following exhibits:

  

			
	 Exhibit I -
	  	 Definitions

	 Exhibit II -
	  	 Places of Business of Originator; Locations of Records; Trade

	 Names; Prior Names; Federal Employer I.D. Number

	 Exhibit III -
	  	 Compliance Certificate

	 Exhibit IV -
	  	 Credit and Collection Policy

	 Exhibit V -
	  	 Subordinated Note

  
 B. Subordinated Notes
dated May 21, 2004 executed by Yellow-SPC in favor of each of the two Originators. 
  
 C. Certificate of each Originator’s [Assistant] Secretary certifying: 
  
 1. An attached copy of such Originator’s Articles/Certificate of Incorporation (certified within 60 days prior to closing by the
Indiana Secretary of State) 
  
 2. An attached
copy of such Originator’s By-Laws 
  
 3. An
attached copy of resolutions of such Originator’s Board of Directors authorizing such Originator’s execution, delivery and performance of the Sale Agreement and related documents 
  
 4. The names, titles and specimen signatures of such
Originator’s officers authorized to execute and deliver the Sale Agreement and related documents 
  
 D. Good standing certificates for Yellow Transportation, Inc. from the States of Indiana and Kansas certified within 30 days prior to closing, and for
Roadway Express, Inc. from the States of Delaware and Ohio certified within 30 days prior to closing. 
  
 E. Pre-filing state and federal tax lien, judgment lien and UCC lien searches against each Originator from its jurisdiction of incorporation and the
jurisdiction where it maintains its chief executive office. 
  
 F.
UCC Financing Statements naming each Originator, as debtor, and Bank One, NA, as Administrative Agent, as total assignee of secured party, for filing in each Originator’s jurisdiction of incorporation. 
  

 59 

 G. Post-filing UCC lien searches against each Originator from its jurisdiction of incorporation.
[post-closing] 
  
 H. Collection Account Agreements 
  
 1. Bank of America [within 60 days post-closing] 

 
 2. Bank One 
  
 I. Opinions: 
  
 1. Corporate/UCC opinions 
  
 2. True Sale/Non-consolidation opinion 
  
 J. CFO’s Compliance Certificate. 
  
 K. Letter of release signed by Deutsche Bank. 
  
 L. UCC-3 Termination Statements with respect to the existing deal. 
  
 II. Receivables Purchase Agreement 
  
 A. Receivables Purchase Agreement dated as of May 21, 2004 (the
“Purchase Agreement”) by and among Yellow-SPC, Falcon Asset Securitization Corporation, Blue Ridge Asset Funding Corporation, Wachovia Bank, National Association, individually and as Blue Ridge Agent, and Bank One, NA, individually, as
Falcon Agent and as Administrative Agent (in such capacity, the “Administrative Agent”) with the following exhibits: 
  

			
	 Exhibit I -
	  	 Definitions

	 Exhibit II -
	  	 Places of Business of Yellow-SPC; Locations of Records; Trade

	 Names; Federal Employer I.D. Number, Organization I.D. Number

	 Exhibit III -
	  	 Lockboxes; Collection Accounts; Concentration Accounts; and Depositary Accounts

	 Exhibit IV -
	  	 Compliance Certificate

	 Exhibit V -
	  	 Collection Account Agreement

	 Exhibit VI -
	  	 Credit and Collection Policy

	 Exhibit VII -
	  	 Form(s) of Invoice(s)

	 Exhibit VIII -
	  	 Monthly Report

	 Exhibit IX -
	  	 Form of Purchase Notice

  
 B. Fee Letter dated as
of May 21, 2004 by and between Yellow-SPC and the Falcon Agent. 
  
 C. Fee Letter dated as of May 21, 2004 by and between Yellow-SPC and the Blue Ridge Agent. 
  

 60 

 D. Certificate of Yellow-SPC’s [Assistant] Secretary certifying: 
  
 1. An attached copy of Yellow-SPC’s Certificate of
Incorporation (certified within 30 days prior to closing by the Delaware Secretary of State) 
  
 2. An attached copy of Yellow-SPC’s By-Laws 
  

3. An attached copy of resolutions of Yellow-SPC’s Board of Directors authorizing Yellow-SPC’s execution, delivery and
performance of the Purchase Agreement and related documents 
  
 4. The names, titles and specimen signatures of Yellow-SPC’s officers authorized to execute and deliver the Purchase Agreement and related documents 
  
 E. Good standing certificates for Yellow-SPC from the following states certified within 30 days prior to closing:

  
 1. Delaware 
  
 2. Kansas 
  
 F. UCC Financing Statement naming Yellow-SPC, as debtor, and the
Administrative Agent, as secured party, for filing with the Secretary of State of Delaware. 
  
 G. Post-filing UCC lien searches against Yellow-SPC from the Secretary of State of Delaware [Post-closing] 
  
 H. [Reserved] 
  
 I. Purchase Notice executed by Yellow-SPC. 
  
 J. Opinion of Yellow-SPC’s re corporate/UCC issues 
  
 K. Yellow-SPC’s CFO’s Compliance Certificate. 
  
 L. Liquidity Agreement dated as of May 21, 2004 by and between Falcon and Bank One. 
  
 M. Liquidity Agreement dated as of May 21, 2004 by and between Blue Ridge and Wachovia. 
  

 61Receivables Purchase Agreement

 Exhibit 10.2 
  
 RECEIVABLES PURCHASE AGREEMENT 
 DATED AS OF MAY 21, 2004 
  
 AMONG 
  
 YELLOW ROADWAY RECEIVABLES FUNDING CORPORATION 
 AS SELLER, 
  
 FALCON ASSET SECURITIZATION CORPORATION, 
 BLUE RIDGE ASSET FUNDING CORPORATION, 
 AS CONDUITS, 
  
 THE FINANCIAL INSTITUTIONS PARTY HERETO, 
 AS COMMITTED PURCHASERS, 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 AS BLUE RIDGE
AGENT 
  
 AND 

 
 BANK ONE, NA (MAIN OFFICE CHICAGO), 
 AS FALCON AGENT AND AS ADMINISTRATIVE AGENT

 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE

	 ARTICLE I AMOUNTS AND TERMS OF THE PURCHASES
	  	2
			
	 Section 1.1.
	 	Purchase Facility	  	2
			
	 Section 1.2.
	 	Increases	  	2
			
	 Section 1.3.
	 	Decreases	  	3
			
	 Section 1.4.
	 	Payment Requirements	  	3
			
	 Section 1.5.
	 	Payments and Collections	  	3
	 Section 1.5.1.
	 	 Payments
	  	3
	 Section 1.5.2.
	 	 Collections Prior to Amortization
	  	4
	 Section 1.5.3.
	 	 Collections Following Amortization
	  	4
	 Section 1.5.4.
	 	 Application of Collections
	  	5
	 Section 1.5.5.
	 	 Payment Rescission
	  	5
	 Section 1.5.6.
	 	 Maximum of Purchasers’ Receivable Interests
	  	5
	 Section 1.5.7.
	 	 Repurchase Option
	  	6
			
	 Section 1.6.
	 	Conduit Funding	  	6
	 Section 1.6.1.
	 	 CP Costs
	  	6
	 Section 1.6.2.
	 	 CP Costs Payments
	  	6
	 Section 1.6.3.
	 	 Calculation of CP Costs
	  	6
			
	 Section 1.7.
	 	Committed Purchaser Funding	  	6
	 Section 1.7.1.
	 	 Committed Purchaser Funding
	  	6
	 Section 1.7.2.
	 	 Discount Payments
	  	7
	 Section 1.7.3.
	 	 Selection and Continuation of Tranche Periods
	  	7
	 Section 1.7.4.
	 	 Committed Purchaser Discount Rates
	  	7
	 Section 1.7.5.
	 	 Suspension of the LIBOR Rate
	  	7
	 Section 1.7.6.
	 	 Calculation of Discount
	  	8
			
	 Section 1.8.
	 	Grant of Security Interest	  	8
			
	 Section 1.9.
	 	Servicer Fee	  	8
		
	 ARTICLE II [RESERVED]
	  	8
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	8
			
	 Section 3.1.
	 	Seller Representations and Warranties	  	8
	 (a) Corporate Existence and Power
	  	8
	 (b) No Conflict
	  	9
	 (c) Governmental Authorization
	  	9
	 (d) Binding Effect
	  	9
	 (e) Accuracy of Information
	  	9
	 (f) Use of Proceeds
	  	9
	 (g) Title to Receivables
	  	9
	 (h) Good Title; Perfection
	  	10
	 (i) Places of Business
	  	10
	 (j) Collection Banks; etc.
	  	10
	 (k) Material Adverse Effect
	  	11
	 (l) Names
	  	11
	 (m) Actions, Suits
	  	11

  

 i 

					
	 (n) Credit and Collection Policies
	  	11
	 (o) Payments to the Applicable Originator
	  	11
	 (p) Ownership of the Seller
	  	11
	 (q) Not an Investment Company
	  	11
	 (r) Purpose
	  	11
	 (s) Net Receivables Balance
	  	11
			
	 Section 3.2.
	 	Committed Purchaser Representations and Warranties	  	11
	 (a) Existence and Power
	  	11
	 (b) No Conflict
	  	12
	 (c) Governmental Authorization
	  	12
	 (d) Binding Effect
	  	12
		
	 ARTICLE IV CONDITIONS OF PURCHASES
	  	12
			
	 Section 4.1.
	 	Conditions Precedent to Initial Purchase	  	12
			
	 Section 4.2.
	 	Conditions Precedent to All Purchases and Reinvestments	  	12
		
	 ARTICLE V COVENANTS
	  	13
			
	 Section 5.1.
	 	Affirmative Covenants of Seller	  	13
	 (a) Financial Reporting
	  	13
	 (i) Annual Reporting
	  	13
	 (ii) Quarterly Reporting
	  	13
	 (iii) Compliance Certificate
	  	13
	 (iv) Copies of Notices, Etc. under Sale Agreement and Other Transaction Documents
	  	14
	 (v) Change in Credit and Collection Policy
	  	14
	 (vi) Other Information
	  	14
	 (b) Notices
	  	14
	 (i) Servicer Defaults or Potential Servicer Defaults
	  	14
	 (ii) Judgment
	  	14
	 (iii) Litigation
	  	14
	 (iv) Termination Date under Sale Agreement
	  	14
	 (v) Downgrade
	  	14
	 (vi) Labor Strike, Walkout, Lockout or Slowdown
	  	14
	 (c) Compliance with Laws
	  	14
	 (d) Audits
	  	15
	 (e) Keeping and Marking of Records and Books
	  	15
	 (f) Compliance with Invoices and Credit and Collection Policy
	  	15
	 (g) Purchase of Receivables from an Originator
	  	15
	 (h) Ownership Interest
	  	16
	 (i) Payment to the Applicable Originator
	  	16
	 (j) Performance and Enforcement of Sale Agreement
	  	16
	 (k) Purchasers’ Reliance
	  	16
	 (l) Collections
	  	18
	 (m) Minimum Net Worth
	  	19
			
	 Section 5.2.
	 	Negative Covenants of Seller	  	19
	 (a) Name Change, Offices, Records and Books of Accounts
	  	19
	 (b) Change in Payment Instructions to Obligors
	  	19
	 (c) Modifications to Invoices and Credit and Collection Policy
	  	19
	 (d) Sales, Liens, Etc.
	  	20
	 (e) Nature of Business; Other Agreements; Other Indebtedness
	  	20
	 (f) Amendments to Sale Agreement
	  	20
	 (g) Amendments to Corporate Documents
	  	21
	 (h) Merger
	  	21
	 (i) Restricted Junior Payments
	  	21

  

 ii 

					
	 ARTICLE VI ADMINISTRATION AND COLLECTION
	  	21
			
	 Section 6.1.
	 	Designation of Servicer	  	21
			
	 Section 6.2.
	 	Duties of Servicer	  	22
			
	 Section 6.3.
	 	Collection Notices	  	23
			
	 Section 6.4.
	 	Responsibilities of the Seller	  	23
			
	 Section 6.5.
	 	Reports	  	23
		
	 ARTICLE VII SERVICER DEFAULTS
	  	24
			
	 Section 7.1.
	 	Servicer Defaults	  	24
		
	 ARTICLE VIII INDEMNIFICATION
	  	25
			
	 Section 8.1.
	 	Indemnities by the Seller	  	25
			
	 Section 8.2.
	 	Increased Cost and Reduced Return	  	27
			
	 Section 8.3.
	 	Costs and Expenses Relating to this Agreement	  	28
		
	 ARTICLE IX THE AGENTS
	  	28
			
	 Section 9.1.
	 	Appointment	  	28
			
	 Section 9.2.
	 	Delegation of Duties	  	29
			
	 Section 9.3.
	 	Exculpatory Provisions	  	29
			
	 Section 9.4.
	 	Reliance by Agents	  	30
			
	 Section 9.5.
	 	Notice of Seller Defaults	  	30
			
	 Section 9.6.
	 	Non-Reliance on Other Agents and Purchasers	  	30
			
	 Section 9.7.
	 	Indemnification of Agents	  	31
			
	 Section 9.8.
	 	Agents in their Individual Capacities	  	31
			
	 Section 9.9.
	 	UCC Filings	  	31
			
	 Section 9.10.
	 	Successor Agents	  	32
		
	 ARTICLE X ASSIGNMENTS; PARTICIPATIONS
	  	32
			
	 Section 10.1.
	 	Assignments	  	32
			
	 Section 10.2.
	 	Participations	  	33
		
	 ARTICLE XI MISCELLANEOUS
	  	33
			
	 Section 11.1.
	 	Waivers and Amendments	  	33
			
	 Section 11.2.
	 	Notices	  	34
			
	 Section 11.3.
	 	Ratable Payments	  	34
			
	 Section 11.4.
	 	Protection of Ownership Interests of the Purchasers	  	35
			
	 Section 11.5.
	 	Confidentiality	  	35
			
	 Section 11.6.
	 	Bankruptcy Petition	  	36
			
	 Section 11.7.
	 	Limitation of Liability	  	36

  

 iii 

					
			
	 Section 11.8.
	 	CHOICE OF LAW	  	36
			
	 Section 11.9.
	 	CONSENT TO JURISDICTION	  	36
			
	 Section 11.10.
	 	WAIVER OF JURY TRIAL	  	37
			
	 Section 11.11.
	 	Integration; Survival of Terms	  	37
			
	 Section 11.12.
	 	Counterparts; Severability	  	37
			
	 Section 11.13.
	 	Co-Agent Roles	  	37
			
	 Section 11.14.
	 	Characterization	  	38
		
	 EXHIBIT I DEFINITIONS
	  	43
		
	EXHIBIT II CHIEF EXECUTIVE OFFICE OF THE SELLER; LOCATIONS OF RECORDS; FEDERAL EMPLOYER IDENTIFICATION NUMBER AND ORGANIZATIONAL IDENTIFICATION NUMBER	  	62
		
	 EXHIBIT III LOCKBOXES; COLLECTION ACCOUNTS; CONCENTRATION ACCOUNTS; AND DEPOSITARY ACCOUNTS
	  	63
		
	 EXHIBIT IV FORM OF COMPLIANCE CERTIFICATE
	  	64
		
	 EXHIBIT V FORM OF COLLECTION ACCOUNT AGREEMENT
	  	66
		
	 EXHIBIT VI CREDIT AND COLLECTION POLICY
	  	72
		
	 EXHIBIT VII FORM OF INVOICE(S)
	  	73
		
	 EXHIBIT VIII FORM OF MONTHLY REPORT
	  	74
		
	 EXHIBIT IX FORM OF PURCHASE NOTICE
	  	77
		
	SCHEDULE A DOCUMENTS AND RELATED ITEMS TO BE DELIVERED TO THE ADMINISTRATIVE AGENT ON OR PRIOR TO THE EFFECTIVENESS OF THE RECEIVABLES PURCHASE AGREEMENT	  	79

  

 iv 

 THIS RECEIVABLES PURCHASE AGREEMENT, dated as of May 21, 2004 (as amended, restated or
otherwise modified from time to time, this “Agreement”), is by and among: 
  

	 	(a)	Yellow Roadway Receivables Funding Corporation, a Delaware corporation (the “Seller”), 

  

	 	(b)	Bank One, NA (Main Office Chicago) (“Bank One”) and Wachovia Bank, National Association (“Wachovia”), as Committed Purchasers,

  

	 	(c)	Falcon Asset Securitization Corporation (“Falcon” or a “Conduit”) and Blue Ridge Asset Funding Corporation (“Blue
Ridge” or a “Conduit”), 

  

	 	(d)	Bank One, NA (Main Office Chicago), as agent for the Falcon Group (together with its successors in such capacity, the “Falcon Agent” or a
“Co-Agent”), and Wachovia Bank, National Association, as agent for the Blue Ridge Group (together with its successors in such capacity, the “Blue Ridge Agent” or a “Co-Agent”),
and 

  

	 	(e)	Bank One, NA (Main Office Chicago), as administrative agent for the Groups pursuant to Article IX of this Agreement (together with its successors in such capacity, the
“Administrative Agent”). 

  
 Unless defined
elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I hereto. 
  
 PRELIMINARY STATEMENTS 
  
 The Seller desires to transfer and assign Receivable Interests to the Purchasers from time to time. 
  
 Each of the Conduits may, in its absolute and sole discretion, purchase
Receivable Interests from the Seller from time to time. 
  
 The
Committed Purchasers shall, at the request of the Seller, purchase Receivable Interests from time to time. 
  
 Bank One has been requested and is willing to act as agent on behalf of the Falcon Group, and Wachovia has been requested and is willing to act as agent
on behalf of the Blue Ridge Group in accordance with the terms hereof. 
  
 In addition, Bank One has been requested and is willing to act as administrative agent on behalf of the Groups in accordance with the terms hereof. 
  
 The parties hereto agree as follows: 
  

 1 

 ARTICLE I 
 AMOUNTS AND TERMS OF THE PURCHASES 
  
 Section 1.1. Purchase Facility. Upon the terms and subject to the conditions hereof, the Seller may from time to time prior to the Amortization Date request that the Groups purchase their respective Percentages
of Receivable Interests offered for sale from time to time by delivering a Purchase Notice to the Co-Agents in accordance with Section 1.2. Upon receipt of a copy of each Purchase Notice from the Seller, each of the Co-Agents shall determine whether
its Conduit will purchase its Group’s Percentage of the Receivable Interest specified in such Purchase Notice, and 
  
 (a) in the event that Falcon elects not to make its Percentage of such Purchase, the Falcon Agent shall promptly notify the Seller and,
unless the Seller cancels the Purchase Notice, each of the Falcon Committed Purchasers severally agrees to make its Ratable Share of the Falcon Group’s Percentage of such Purchase on the terms and subject to the conditions hereof,
provided that at no time may the aggregate Capital of the Falcon Group at any one time outstanding exceed the least of (i) the aggregate amount of the Falcon Committed Purchasers’ Commitments, (ii) the Falcon Group’s
Percentage of the Purchase Limit, and (iii) the Falcon Group’s Percentage of the product of (A) 100% minus the Aggregate Reserve Percentage, times (B) the Net Receivables Balance; and 
  
 (b) in the event that Blue Ridge elects not to make its
Percentage of such Purchase, the Blue Ridge Agent shall promptly notify the Seller and, unless the Seller cancels its Purchase Notice, each of the Blue Ridge Committed Purchasers severally agrees to make its Ratable Share of the Blue Ridge
Group’s Percentage of such Purchase, on the terms and subject to the conditions hereof, provided that at no time may the aggregate Capital of the Blue Ridge Group at any one time outstanding exceed the least of (i) the aggregate
amount of the Blue Ridge Committed Purchasers’ Commitments, (ii) the Blue Ridge Group’s Percentage of the Purchase Limit, and (iii) the Blue Ridge Group’s Percentage of the product of (A) 100% minus the Aggregate Reserve Percentage,
times (B) the Net Receivables Balance. 
  
 The Seller may, upon at least 30
Business Days’ notice to the Agents, terminate in whole or reduce in part, ratably between the Groups (and within each Group, ratably amongst the Committed Purchasers therein), the unused portion of the Purchase Limit; provided
that each partial reduction of the Purchase Limit shall be in an amount equal to $10,000,000 or a larger integral multiple of $5,000,000. 
  
 Section 1.2. Increases. The Seller shall provide the Co-Agents with at least two Business Days’ prior notice in a form set forth as Exhibit
IX hereto of each Incremental Purchase (a “Purchase Notice”). Each Purchase Notice shall be subject to Section 4.2 hereof and, except as set forth below, shall be irrevocable and shall specify the requested
Purchase Price and each Group’s Percentage thereof (which shall not be less than $1,000,000 per Group), the proposed date of purchase and the requested Discount Rate and Tranche Period in the event the Committed Purchasers of either Group
participate in such Purchase. Following receipt of a Purchase Notice, 

  

 2 

 
each Co-Agent will determine whether its Conduit agrees to make its Group’s Percentage of such Purchase. If its Conduit declines to make its Percentage
of the proposed Purchase, such Co-Agent shall promptly advise the Seller and the Servicer of such fact, and the Seller may thereupon cancel the Purchase Notice as to both Groups or, in the absence of such a cancellation, the Incremental Purchase of
that Group’s Percentage of the applicable Receivable Interest will be made by the Committed Purchasers in such Group. On the date of each Incremental Purchase, upon satisfaction of the applicable conditions precedent set forth in Article
IV, each Conduit or its Committed Purchasers, as applicable, shall deposit to the Facility Account, in immediately available funds, no later than 12:00 noon (Chicago time), an amount equal to (i) in the case of a Conduit, its Group’s
Percentage of the aggregate Purchase Price of the Receivable Interests described in such Purchase Notice or (ii) in the case of a Committed Purchaser, such Committed Purchaser’s Pro Rata Share of its Group’s Percentage of the aggregate
Purchase Price of such Receivable Interests. 
  
 Section 1.3.
Decreases. The Seller shall provide the Co-Agents with prior written notice in conformity with the Required Notice Period of any reduction requested by the Seller of the aggregate Capital outstanding (a “Reduction
Notice”). Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of Capital shall occur (which date shall give effect to the applicable Required Notice
Period), and (ii) the aggregate amount of the Groups’ Capital to be reduced (the “Aggregate Reduction”), which shall be applied ratably to the Receivable Interests of each Group in accordance with the amount of Capital
owing to each and within each Group, ratably in accordance with the amount of Capital, if any, owing to each member of such Group. Only one (1) Reduction Notice shall be outstanding at any time. 
  
 Section 1.4. Payment Requirements. All amounts to be paid or deposited
by the Seller or the Servicer pursuant to any provision of this Agreement shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon (Chicago time) on the day when due in immediately available funds, and if not received
before 12:00 noon (Chicago time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to the Administrative Agent or a member of the Falcon Group, they shall be paid for its account to the Falcon Agent, at
1 Bank One Plaza, Chicago, Illinois 60670 until otherwise notified by the Falcon Agent. If such amounts are payable to a member of the Blue Ridge Group, they shall be paid for its account to the Blue Ridge Agent, at 301 S. College Street, Charlotte,
North Carolina 28288 until otherwise notified by the Blue Ridge Agent. In the event the Seller shall fail to pay any amount when due hereunder, upon notice to the Seller, the Administrative Agent may debit the Facility Account for all such amounts
due and payable hereunder. All computations of Discount, per annum fees calculated as part of any CP Costs, per annum fees hereunder and under the Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed. If
any amount hereunder shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day. 
  
 Section 1.5. Payments and Collections. 
  
 Section 1.5.1. Payments. Notwithstanding any limitation on recourse contained in this Agreement, the Seller shall immediately pay to each of the
Co-Agents when due, for the account of the relevant Purchaser or Purchasers in its Group, on a full recourse basis, (i) such 

  

 3 

 
fees as are set forth in the applicable Fee Letter (which fees shall be sufficient to pay all fees owing to the Committed Purchasers in such Co-Agent’s
Group), (ii) all CP Costs owing to such Co-Agent’s Conduit, (iii) all amounts payable as Discount to the Committed Purchasers in such Group, (iv) such Co-Agent’s Group’s Percentage of all amounts payable as Deemed Collections (which
shall be applied to reduce such Group’s outstanding Capital hereunder in accordance with Sections 1.5.2 and 1.5.3 hereof), (v) such Co-Agent’s Group’s Percentage of all amounts payable to reduce the aggregate Capital of
the Receivables Interests, if required, pursuant to Section 1.5.6, (vi) such Co-Agent’s Group’s Percentage of all amounts payable pursuant to Article VIII, if any, (vii) such Co-Agent’s Group’s Percentage of all
Servicer costs and expenses in connection with servicing, administering and collecting the Receivables, and (viii) such Co-Agent’s Group’s share of all Broken Funding Costs (collectively, the “Obligations”).
Notwithstanding the foregoing, no provision of this Agreement or any Fee Letter shall require the payment or permit the collection of any amounts hereunder in excess of the maximum permitted by applicable law. If at any time the Seller receives any
Collections or is deemed to receive any Collections, the Seller shall promptly pay such Collections or Deemed Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the
exclusive benefit of the Purchasers and the Agents. 
  
 Section
1.5.2 Collections Prior to Amortization. Prior to the Amortization Date, any Collections and/or Deemed Collections received by the Servicer (after the initial Purchase of a Receivable Interest hereunder) shall be set aside and held in trust
by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as provided in this Section 1.5.2. If at any time any Collections are received by the Servicer prior to the Amortization Date, the Seller hereby
requests, and the Purchasers in each Group hereby agree to make, simultaneously with such receipt, a reinvestment (each, a “Reinvestment”) with each Group’s Percentage of each and every Collection received by the
Servicer that is part of any Receivable Interest, such that after giving effect to such Reinvestment, the amount of Capital of such Receivable Interest immediately after such receipt and corresponding Reinvestment shall be equal to the amount of
Capital immediately prior to such receipt. On each Settlement Date prior to the occurrence of the Amortization Date, the Servicer shall remit to each Co-Agent’s respective account specified in Section 1.4 such Co-Agent’s
Group’s Percentage of the amounts set aside during the preceding Settlement Period that were not the subject of a Reinvestment and apply such amounts (if not previously paid in accordance with Section 1.5.1) to reduce unpaid CP Costs,
Discount and other Obligations owing to the members of such Group. If such CP Costs, Discount and other Obligations shall be reduced to zero, each Group’s Percentage of any additional Collections received by the Servicer shall (i) if
applicable, be remitted to the applicable Co-Agent’s account no later than 12:00 noon (Chicago time) to the extent required to fund such Group’s Percentage of any Aggregate Reduction on such Settlement Date and (ii) thereafter be remitted
from the Servicer to the Seller on such Settlement Date. 
  
 Section 1.5.3 Collections Following Amortization. On the Amortization Date and on each day thereafter, the Servicer shall set aside and hold in trust, for the holder of each Receivable Interest, all Collections received on each such
day. Such Collections shall be held in trust for each Group by the Servicer in accordance with their respective Percentages. On and after the Amortization Date, the Servicer shall, at any time upon the request from time to time by (or pursuant to
standing instructions from) the Administrative Agent (i) remit to each Co-Agent’s account specified in Section 1.4, such Co-Agent’s Group’s Percentage of the amounts set aside 

  

 4 

 
pursuant to the preceding sentence, and (ii) apply such amounts to reduce such Group’s Capital associated with each such Receivable Interest and any
other Aggregate Unpaids owing to such Group. 
  
 Section 1.5.4.
Application of Collections. If there shall be insufficient funds on deposit for the Servicer to distribute funds in payment in full of the aforementioned amounts pursuant to Section 1.5.2 or 1.5.3 (as applicable), the Servicer
shall distribute funds: 
  
 first, to the Servicer in
payment of the Servicer’s reasonable out-of-pocket costs and expenses in connection with servicing, administering and collecting the Receivables if the Seller or one of its Affiliates is not then acting as the Servicer, 
  
 second, to the Administrative Agent, in reimbursement of the
Administrative Agent’s costs of collection and enforcement of this Agreement, 
  
 third, to each of the Co-Agents, ratably in accordance with its Group’s respective Percentage, in payment of accrued and unpaid Discount and CP Costs when and as due (to be shared ratably amongst the
Purchasers in each Group in accordance with their respective shares thereof), 
  
 fourth, to each of the Co-Agents, ratably in accordance with its Group’s respective Percentage, in reduction (if applicable) of their Group’s Capital (to be shared ratably amongst the Purchasers in
each Group in accordance with their respective shares thereof), 
  
 fifth, to each of the Co-Agents, ratably in accordance with its Group’s respective Percentage, in ratable payment of all other unpaid Obligations owing to such Group, provided that to the extent such
Obligations relate to a Group’s Percentage of the payment of Servicer costs and expenses when the Seller or one of its Affiliates is acting as the Servicer, such costs and expenses will not be paid until after the payment in full of all other
Obligations, and 
  
 sixth, after the Aggregate Unpaids
have been indefeasibly reduced to zero, to the Seller. 
  
 Section
1.5.5. Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or
judicial authority, or must otherwise be returned or refunded for any reason. The Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to each applicable Co-Agent (for
application to the Person or Persons who suffered such rescission, return or refund) the full amount thereof, plus, if such amount represented a refund of Capital, CP Costs or Discount, as applicable, with respect thereto from the date of any such
rescission, return or refunding. 
  
 Section 1.5.6. Maximum of
Purchasers’ Receivable Interests. The Seller shall ensure that the aggregate Receivable Interests of the Purchasers shall at no time exceed 100%. If, on any day, the aggregate Receivable Interests of the Purchasers exceeds 100%, (a) the
Seller shall determine the amount that must be applied to the reduction of Capital of the Receivable Interests to eliminate such excess (the “Mandatory Reduction Amount”), and the Seller shall 

  

 5 

 
immediately pay to each of the Co-Agents, its Group’s respective Percentage of the Mandatory Reduction Amount for distribution to the Purchasers in such
Group ratably in accordance with their respective amounts of Capital outstanding. 
  
 Section 1.5.7. Repurchase Option. The Seller shall have the right, by prior written notice to the Agents given in not less than the Required Notice Period, at any time to repurchase from the Purchasers all, but
not less than all, of the then outstanding Receivable Interests. The aggregate purchase price in respect thereof shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in immediately available funds. Such
repurchase shall be without representation, warranty or recourse of any kind by, on the part of, or against any Purchaser or any Agent. 
  
 Section 1.6. Conduit Funding. 
  
 Section 1.6.1. CP Costs. The Seller shall pay CP Costs with respect to the Capital associated with each Receivable Interest of a Conduit for each
day that any Capital in respect of such Receivable Interest is outstanding; provided, however, that from and after the occurrence of a Servicer Default, the Seller shall pay Discount at the Default Rate with respect to each such
Receivable Interest. Each Receivable Interest funded by a Conduit substantially with Pooled Commercial Paper will accrue CP Costs each day on a pro rata basis, based upon the percentage share the Capital in respect of such Receivable Interest
represents in relation to all assets held by such Conduit and funded substantially with Pooled Commercial Paper. 
  
 Section 1.6.2. CP Costs Payments. On each Settlement Date, the Seller shall pay to each Co-Agent (for the benefit of its Conduit) an aggregate
amount equal to all accrued and unpaid CP Costs in respect of the Capital associated with all Receivable Interests of such Conduit for the immediately preceding Accrual Period in accordance with Section 1.5. 
  
 Section 1.6.3. Calculation of CP Costs. On the 10th Business Day
immediately preceding each Settlement Date, each Conduit shall calculate the aggregate amount of CP Costs (or, as applicable, Discount at the Default Rate) owing to it for the applicable Accrual Period and shall notify the Seller of such aggregate
amount. 
  
 Section 1.7. Committed Purchaser Funding.

  
 Section 1.7.1. Committed Purchaser Funding. Each
Receivable Interest of the Committed Purchasers in a Group shall accrue Discount for each day during its Tranche Period at the LIBOR Rate, the Base Rate or, from and after the occurrence of a Servicer Default and during the continuance thereof, the
Default Rate in accordance with the terms and conditions hereof. Until the Seller gives notice to the applicable Co-Agent of another Discount Rate in accordance with Section 1.7.4, the initial Discount Rate for any Receivable Interest
transferred to the Committed Purchasers in a Group pursuant to the terms and conditions hereof, and the new Discount Rate for any Terminating Tranche, shall be the Base Rate and the applicable Tranche Period shall be a period of one Business Day
commencing on the day requested in the Purchase Notice or on the last day of a Terminating Tranche, as applicable. If the Committed Purchasers in a Group acquire by assignment from the applicable Conduit any Receivable Interest pursuant to a
Liquidity Agreement, the applicable Co-Agent shall promptly notify Seller of such fact and 

  

 6 

 
each Receivable Interest so assigned shall each be deemed to have a new Tranche Period commencing on the date of any such assignment. 
  
 Section 1.7.2. Discount Payments. On the Settlement Date for each
Receivable Interest of the Committed Purchasers in a Group, the Seller shall pay to the applicable Co-Agent (for the benefit of such Committed Purchasers) an aggregate amount equal to the accrued and unpaid Discount for the entire Tranche Period of
each such Receivable Interest in accordance with Section 1.5. 
  
 Section 1.7.3. Selection and Continuation of Tranche Periods. (a) With consultation from (and approval by) the applicable Co-Agent, the Seller shall from time to time request Tranche Periods for the Receivable Interests of the
Committed Purchasers in each Group, provided that, if at any time the Committed Purchasers in a Group shall have a Receivable Interest, the Seller shall always request Tranche Periods such that at least one Tranche Period shall end on
each date specified in clause (A) of the definition of Settlement Date. 
  
 (b) The Seller or the applicable Co-Agent may, effective on the last day of a Tranche Period (the “Terminating Tranche”) for any Receivable Interest, divide any such Receivable Interest into multiple Receivable
Interests or combine any such Receivable Interest with one or more other Receivable Interests which either have a Terminating Tranche ending on such day or are newly created on such day, provided that in no event may a
Receivable Interest of a Conduit be combined with a Receivable Interest of its Committed Purchasers. 
  
 Section 1.7.4. Committed Purchaser Discount Rates. Prior to the occurrence and continuance of a Servicer Default, the Seller may select the LIBOR
Rate or the Base Rate for each Receivable Interest of the Committed Purchasers in either Group. The Seller shall by 11:00 a.m. (Chicago time): (i) at least three (3) Business Days prior to the expiration of any Terminating Tranche with respect to
which the LIBOR Rate is being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Base Rate is being requested as a new Discount Rate, give the
applicable Co-Agent irrevocable notice of the new Discount Rate for the Receivable Interest associated with such Terminating Tranche. From and after the occurrence of a Servicer Default and during the continuance thereof, all Receivable Interests
shall accrue Discount at the Default Rate. 
  
 Section 1.7.5.
Suspension of the LIBOR Rate. If any Committed Purchaser notifies its Co-Agent that it has determined that funding its Pro Rata Share of the Receivable Interests of the Committed Purchasers in such Group at a LIBOR Rate would violate any
applicable law, rule, regulation, or directive of any governmental or regulatory authority, whether or not having the force of law, or that (i) deposits of a type and maturity appropriate to match fund its Receivable Interests at such LIBOR Rate are
not available or (ii) such LIBOR Rate does not accurately reflect the cost of acquiring or maintaining a Receivable Interest at such LIBOR Rate, then such Co-Agent shall suspend the availability of such LIBOR Rate from its Group and require the
Seller to select the Base Rate for any Receivable Interest of the Committed Purchasers in its Group that has been accruing Discount at such LIBOR Rate. 
  

 7 

 Section 1.7.6. Calculation of Discount. On the 10th Business Day immediately preceding each
Settlement Date for each Receivable Interest of the Committed Purchasers in a Group, the applicable Co-Agent shall calculate the aggregate amount of Discount for the applicable Tranche Period and shall notify the Seller of such aggregate amount, if
any. 
  
 Section 1.8. Grant of Security Interest. The
Seller hereby grants to the Administrative Agent for the ratable benefit of the Groups a security interest in all of its interest, now owned or hereafter acquired, in the Receivables, the Related Security, each Collection Account, the Collections
and proceeds thereof to secure payment of the Aggregate Unpaids, including its indemnity obligations under Article VIII and all other obligations owed hereunder to the Agents and the Purchasers. If the conveyance by the Seller of interests in
Receivables hereunder shall be characterized as a secured loan and not a sale, it is the intention of the parties hereto that this Agreement shall constitute a security agreement under applicable law, and that the Seller shall be deemed to have
granted to the Administrative Agent for the ratable benefit of the Groups a duly perfected security interest in all of the Seller’s right, title and interest in, to and under the Receivables, the Collections, each Collection Account, all
Related Security, all payments on or with respect to such Receivables, all other rights relating to and payments made in respect of the Receivables, and all proceeds of any thereof prior to all other liens on and security interests therein. After a
Servicer Default, the Administrative Agent, on behalf of the Groups, shall have, in addition to the rights and remedies it may have under this Agreement, all other rights and remedies provided to a secured creditor after default under the UCC and
other applicable law, which rights and remedies shall be cumulative. 
  
 Section 1.9. Servicer Fee. To the extent of available Collections in accordance with the priorities set forth in Sections 1.5.2 and 1.5.3, on the first Business Day of each month while any Aggregate Unpaids are
outstanding, the Servicer shall be paid a servicing and collection fee (the “Servicer Fee”) equal to 1.0% per annum (or such other arm’s length fee as may be mutually agreed upon from time to time by the Servicer, the
Originators and the Administrative Agent) on the average daily amount of Capital during the calendar month (or portion thereof) then most recently ended. The Servicer Fee shall be computed for actual days elapsed on the basis of a year consisting of
365 days. 
  
 ARTICLE II 
 [RESERVED] 
  
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
  
 Section 3.1. Seller Representations and Warranties. The Seller hereby
represents and warrants to the Agents and the Purchasers that: 
  
 (a) Corporate Existence and Power. The Seller 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 all governmental licenses,
authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted, except for such 

  

 8 

 
licenses, authorization, consents and approvals the failure to obtain any of which would not have a Material Adverse Effect. 
  
 (b) No Conflict. The execution, delivery and performance by the Seller
of this Agreement and each other Transaction Document, and the Seller’s use of the proceeds of purchases made hereunder, are within its corporate or banking association powers, have been duly authorized by all necessary corporate or banking
association action, do not breach or violate (i) its certificate or articles of incorporation or by-laws, (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or
by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of the Seller or
its Subsidiaries (except created hereunder); and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. This Agreement and each other Transaction Document has been duly authorized, executed and delivered by
the Seller. 
  
 (c) Governmental Authorization. Other than
the filing of the financing statements required hereunder, no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by
the Seller of the Transaction Documents. 
  
 (d) Binding
Effect. The Transaction Documents constitute the legal, valid and binding obligations of the Seller enforceable against the Seller in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally. 
  
 (e) Accuracy of Information. All information heretofore furnished by the Seller or any of its Affiliates to the Agents or the Purchasers for
purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Seller or any of its Affiliates to the Purchasers will
be, true and accurate in every material respect, on the date such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements
contained therein not misleading. 
  
 (f) Use of Proceeds.
No proceeds of any purchase hereunder will be used (i) for a purpose which violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any
security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended. 
  
 (g) Title to Receivables. Each Receivable has been purchased by the Seller from the applicable Originator in accordance with the terms of the Sale
Agreement, and the Seller has thereby irrevocably obtained all legal and equitable title to, and has the legal right to sell and encumber, such Receivable, its Collections and the Related Security. Each such Receivable has been transferred to the
Seller free and clear of any Adverse Claim. Without limiting the foregoing, there has been duly filed all financing statements or other similar instruments or 

  

 9 

 
documents necessary under the UCC of all appropriate jurisdictions (or any comparable law) to perfect the Seller’s ownership interest in such
Receivable. 
  
 (h) Good Title; Perfection. Immediately
prior to each purchase hereunder, the Seller shall be the legal and beneficial owner of the Receivables and Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. This Agreement is
effective to, and shall, upon each purchase hereunder, transfer to the relevant Purchaser or Purchasers (and such Purchaser or Purchasers shall acquire from the Seller) a valid and perfected first priority undivided percentage ownership interest in
each Receivable existing or hereafter arising and in the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, except as created by the Transactions Documents. 
  
 (i) Places of Business. The principal places of business and chief
executive office of the Seller and the offices where the Seller keeps all its Records are located at the address(es) listed on Exhibit II or such other locations notified to the Administrative Agent in accordance with Section 5.2(a) in jurisdictions
where all action required by Section 5.2(a) has been taken and completed. The Seller’s Federal Employer Identification Number and Organizational Identification Number are correctly set forth on Exhibit II. 
  
 (j) Collection Banks; etc. Except as otherwise notified to the
Administrative Agent in accordance with Section 5.2(b): 
  
 (i) the Seller has instructed, or has caused each Originator to instruct, all Obligors to pay all Collections directly to a segregated lock-box identified on Exhibit III hereto, 
  
 (ii) in the case of all proceeds remitted to any such
lock-box which is now or hereafter established, such proceeds will be deposited directly by the applicable Collection Bank into a concentration account or a depository account listed on Exhibit III, 
  
 (iii) the names and addresses of all Collection Banks,
together with the account numbers of the Collection Accounts of the Seller at each Collection Bank, are listed on Exhibit III, and 
  
 (iv) each lock-box and Collection Account to which Collections are remitted shall be subject to a Collection Account Agreement that is
then in full force and effect; provided, however, that the Collection Account(s) at Bank of America, N.A. need not be subject to a Collection Account Agreement until July 21, 2004. 
  
 In the case of lock-boxes and Collection Accounts identified on Exhibit III which were established by an Originator or by any Person other
than the Seller, exclusive dominion and control thereof has been transferred to the Seller. The Seller has not granted to any Person, other than the Administrative Agent as contemplated by this Agreement, dominion and control of any lock-box or
Collection Account, or the right to take dominion and control of any lock-box or Collection Account at a future time or upon the occurrence of a future event. 
  

 10 

 (k) Material Adverse Effect. Since December 31, 2003, no event has occurred which would have a
Material Adverse Effect. 
  
 (l) Names. In the past five
years, the Seller has not used any corporate names, trade names or assumed names other than the name in which it has executed this Agreement. 
  
 (m) Actions, Suits. There are no actions, suits or proceedings pending, or to the best of the Seller’s knowledge, threatened, against or
affecting the Seller or any Originator, or any of the respective properties of the Seller or any Originator, in or before any court, arbitrator or other body, which are reasonably likely to (i) adversely affect the collectibility of a material
portion of the Receivables, (ii) materially adversely affect the financial condition of the Seller or any Originator or (iii) materially adversely affect the ability of the Seller or any Originator to perform its obligations under the Transaction
Documents. Neither the Seller nor any Originator is in default with respect to any order of any court, arbitrator or governmental body. 
  
 (n) Credit and Collection Policies. With respect to each Receivable, each of the applicable Originator, the Seller and the Servicer has complied in
all material respects with the Credit and Collection Policy. 
  
 (o) Payments to the Applicable Originator. With respect to each Receivable transferred to the Seller, the Seller has given reasonably equivalent value to the applicable Originator in consideration for such transfer of such Receivable
and the Related Security with respect thereto under the Sale Agreement and such transfer was not made for or on account of an antecedent debt. No transfer by an Originator of any Receivable is or may be voidable under any Section of the Bankruptcy
Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. 
  
 (p) Ownership of the Seller. Yellow Roadway Corporation owns, directly or indirectly, 100% of the issued and outstanding capital stock of the Seller. Such capital stock is validly issued, fully paid and
nonassessable and there are no options, warrants or other rights to acquire securities of the Seller. 
  
 (q) Not an Investment Company. 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. 
  
 (r)
Purpose. The Seller has determined that, from a business viewpoint, the purchase of Receivables and related interests from the Originators under the Sale Agreement, and the sale of Receivable Interests to the Purchasers and the other
transactions contemplated herein, are in the best interest of the Seller. 
  
 (s) Net Receivables Balance. Both before and after giving effect to each Incremental Purchase and Reinvestment, the Net Receivables Balance equals or exceeds the sum of (i) the product of the Net Receivables
Balance multiplied by the Aggregate Reserve Percentage, and by (ii) the aggregate Capital outstanding. 
  
 Section 3.2. Committed Purchaser Representations and Warranties. Each Committed Purchaser hereby represents and warrants to its applicable Co-Agent
and Conduit that: 
  
 (a) Existence and Power. Such
Committed Purchaser is a corporation or a banking association duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, and has all corporate power to perform its obligations
hereunder. 
  

 11 

 (b) No Conflict. The execution, delivery and performance by such Committed Purchaser of this
Agreement are within its corporate powers, have been duly authorized by all necessary corporate action, do not breach or violate (i) its certificate or articles of incorporation or association or by-laws, (ii) any law, rule or regulation applicable
to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not
result in the creation or imposition of any Adverse Claim on its assets. This Agreement has been duly authorized, executed and delivered by such Committed Purchaser. 
  
 (c) Governmental Authorization. No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for the due execution, delivery and performance by such Committed Purchaser of this Agreement. 
  
 (d) Binding Effect. This Agreement constitutes the legal, valid and binding obligation of such Committed Purchaser enforceable against such
Committed Purchaser in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally. 
  
 ARTICLE IV 
 CONDITIONS OF PURCHASES 
  
 Section 4.1. Conditions Precedent to Initial Purchase. The initial Purchase of a Receivable Interest under this Agreement is subject to the conditions precedent that (a) the Administrative Agent shall have
received on or before the date of such Purchase those documents listed on Schedule A hereto, and (b) each of the Agents shall have been paid all fees required to be paid on such date pursuant to the terms of the Fee Letters. 
  
 Section 4.2. Conditions Precedent to All Purchases and Reinvestments.
Each Purchase of a Receivable Interest and each Reinvestment shall be subject to the further conditions precedent that: 
  
 (a) in the case of each such purchase, the Servicer shall have delivered to the Agents on or prior to the date of such purchase, in form and substance
satisfactory to the Agents, all Monthly Reports as and when due under Section 6.5; 
  
 (b) on the date of each such purchase or Reinvestment, the following statements shall be true both before and after giving effect to such purchase or Reinvestment (and acceptance of the proceeds of such purchase or
Reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true): 
  
 (i) the representations and warranties set forth in Section 3.1 are correct on and as of the date of such purchase or Reinvestment as
though made on and as of such date; provided, however, that the representation and warranty set forth in 

  

 12 

 
Section 3.1(k) need only be true and correct as of the date of the initial purchase of Receivable Interests hereunder; 
  
 (ii) no event has occurred, or would result from such
purchase or Reinvestment, that will constitute a Servicer Default, and no event has occurred and is continuing, or would result from such purchase or Reinvestment, that would constitute a Potential Servicer Default; and 
  
 (iii) the Liquidity Termination Date shall not have
occurred, the aggregate Capital of all Receivable Interests shall not exceed the Purchase Limit and the aggregate Receivable Interests shall not exceed 100%; and 
  
 (c) the Administrative Agent shall have received such other approvals, opinions or documents as any Agent may reasonably
request. 
  
 ARTICLE V 
 COVENANTS 
  
 Section 5.1. Affirmative Covenants of Seller. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full, the Seller hereby
covenants, individually and in its capacity as Servicer, that: 
  
 (a) Financial Reporting. The Seller will maintain a system of accounting established and administered in accordance with generally accepted accounting principles, and furnish to the Co-Agents: 
  
 (i) Annual Reporting. Within 90 days after the close
of each of its fiscal years, financial statements for such fiscal year certified in a manner reasonably acceptable to the Administrative Agent by the Chief Financial Officer of the Seller, together with the financial statements of Yellow Roadway
Corporation required under Section 4.1(a)(i) of the Sale Agreement. 
  
 (ii) Quarterly Reporting. Within 45 days after the close of the first three quarterly periods of each of its fiscal years, balance sheets as at the close of each such period and statements of income and
retained earnings and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by its Chief Financial Officer, together with the financial statements of Yellow Roadway Corporation
required under Section 4.1(a)(ii) of the Sale Agreement. 
  
 (iii) Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate in substantially the form of Exhibit IV signed by the Seller’s Chief Financial Officer and
dated the date of such annual financial statement or such quarterly financial statement, as the case may be, together with the certificate of Yellow Roadway Corporation required under Section 4.1(a)(iii) of the Sale Agreement. 
  

 13 

 (iv) Copies of Notices, Etc. under Sale Agreement and Other Transaction Documents.
Forthwith upon its receipt of any notice, request for consent, financial statements of Yellow Roadway Corporation, certification, report or other communication under or in connection with any Transaction Document from any Person other than one of
the Agents or Purchasers, copies of the same. 
  
 (v) Change in Credit and Collection Policy. At least 30 days prior to the effectiveness of any material change in or amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a
notice indicating such change or amendment. 
  
 (vi) Other Information. Such other information (including non-financial information) as any Agent or Purchaser may from time to time reasonably request. 
  
 (b) Notices. The Seller will notify the Agents in writing of any of the following immediately upon learning of the
occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
  
 (i) Servicer Defaults or Potential Servicer Defaults. The occurrence of each Servicer Default or each Potential Servicer Default,
by a statement of the Chief Financial Officer of the Seller; 
  
 (ii) Judgment. The entry of any judgment or decree against the Seller; 
  
 (iii) Litigation. The institution of any litigation, arbitration proceeding or governmental proceeding against the Seller or to
which the Seller becomes party; 
  
 (iv)
Termination Date under Sale Agreement. The declaration by any Originator of the “Termination Date” under the Sale Agreement; 
  
 (v) Downgrade. Any downgrade in the rating of any Indebtedness of the Seller, any Originator or Yellow Roadway Corporation by
Standard & Poor’s Ratings Group or by Moody’s Investors Service, Inc., setting forth the Indebtedness affected and the nature of such change; and 
  

(vi) Labor Strike, Walkout, Lockout or Slowdown. The commencement or threat of any labor strike, walkout, lockout or concerted
labor slowdown against Yellow Roadway Corporation or any of its Affiliates which prevents, or could reasonably be likely to prevent, pick-ups, shipments and/or deliveries by any Originator, and which could reasonably be expected to have a Material
Adverse Effect (collectively, “Labor Actions”). 
  
 (c) Compliance with Laws. The Seller will comply in all material respects with all applicable laws, rules, regulations, orders writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to
comply would not have a Material Adverse Effect. 
  

 14 

 (d) Audits. The Seller will furnish to the Agents from time to time such information with respect
to it and the Receivables as any Agent may reasonably request. The Seller shall, from time to time during regular business hours as requested by any Agent upon reasonable notice, permit the Agents, or their agents or representatives (and shall cause
the Originators to permit the Agents or their agents or representatives) (i) to examine and make copies of and abstracts from all Records in the possession or under the control of the Seller or an Originator relating to Receivables and the Related
Security, including, without limitation, the related Invoices, and (ii) to visit the offices and properties of the Seller and the Originators for the purpose of examining such materials described in clause (i) above, and to discuss matters relating
to the Seller’s or any Originator’s financial condition or the Receivables and the Related Security or the Seller’s performance hereunder, or any Originator’s performance under any of the other Transaction Documents, or the
Seller’s or any Originator’s performance under the Invoices with any of the officers or employees of the Seller or any Originator having knowledge of such matters. 
  
 (e) Keeping and Marking of Records and Books. 
  
 (i) The Seller will, and will cause the Originators to, maintain and implement administrative and operating
procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably
necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). The
Seller will, and will cause the Originators to, give the Agents notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
  
 (ii) The Seller will, and will cause each of the Originators to, (a) on or prior to the date hereof, mark
its master data processing records and other books and records relating to the Receivables with a legend, reasonably acceptable to the Administrative Agent, describing the Receivable Interests and (b) upon the request of the Administrative Agent:
(A) mark each Invoice with a legend describing the Receivable Interests and (B) deliver to the Administrative Agent all Invoices (including, without limitation, all multiple originals of any such Invoice) relating to the Receivables. 
  
 (f) Compliance with Invoices and Credit and Collection Policy. The
Seller will, and will cause the Originators to, timely and fully (i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Invoices (other than bills of lading) related to the Receivables, and
(ii) comply in all material respects with any bills of lading included in the Invoices and with the Credit and Collection Policy. The Seller will, and will cause the Originators to, pay when due any taxes payable in connection with the Receivables.

  
 (g) Purchase of Receivables from an Originator. With
respect to each Receivable purchased under the Sale Agreement, the Seller shall (or shall cause the applicable Originator to) take all actions necessary to vest legal and equitable title to such Receivable and the Related 

  

 15 

 
Security irrevocably in the Seller, including, without limitation, the filing of all financing statements or other similar instruments or documents necessary
under the UCC of all appropriate jurisdictions (or any comparable law) to perfect the Seller’s interest in such Receivable and such other action to perfect, protect or more fully evidence the interest of the Seller as the Administrative Agent
may reasonably request. 
  
 (h) Ownership Interest. The
Seller shall take all necessary action to establish and maintain a valid and perfected first priority undivided percentage ownership interest in the Receivables and the Related Security and Collections with respect thereto, to the full extent
contemplated herein, in favor of the Agents and the Purchasers, including, without limitation, taking such action to perfect, protect or more fully evidence the interest of the Administrative Agent on behalf of the Groups hereunder as any Agent may
reasonably request. 
  
 (i) Payment to the Applicable
Originator. With respect to each Receivable purchased by the Seller from an Originator, such sale shall be effected under, and in strict compliance with the terms of, the Sale Agreement, including, without limitation, the terms relating to the
amount and timing of payments to be made to the applicable Originator in respect of the purchase price for such Receivable. 
  
 (j) Performance and Enforcement of Sale Agreement. The Seller shall timely perform the obligations required to be performed by the Seller, and
shall vigorously enforce the rights and remedies accorded to the Seller, under the Sale Agreement. The Seller shall take all actions to perfect and enforce its rights and interests (and the rights and interests of the Administrative Agent, on behalf
of the Groups, as assignee of the Seller) under the Sale Agreement as the Administrative Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or
similar provision contained in the Sale Agreement. 
  
 (k)
Purchasers’ Reliance. The Seller acknowledges that the Purchasers are entering into the transactions contemplated by this Agreement in reliance upon the Seller’s identity as a legal entity that is separate from each of the
Originators and Yellow Roadway Corporation. Therefore, from and after the date of execution and delivery of this Agreement, the Seller shall take all reasonable steps including, without limitation, all steps that any Agent or Purchaser may from time
to time reasonably request to maintain the Seller’s identity as a separate legal entity and to make it manifest to third parties that the Seller is an entity with assets and liabilities distinct from those of the Originators and any Affiliates
thereof and not just a division of one of the Originators. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, the Seller shall: 
  
 (i) conduct its own business in its own name and require that all full-time employees of the Seller, if any,
identify themselves as such and not as employees of an Originator (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as the Seller’s employees);

  
 (ii) compensate all employees, consultants
and agents directly, from the Seller’s bank accounts, for services provided to the Seller by such employees, 

  

 16 

 
consultants and agents and, to the extent any employee, consultant or agent of the Seller is also an employee, consultant or agent of an Originator, allocate
the compensation of such employee, consultant or agent between the Seller and such Originator on a basis which reflects the services rendered to the Seller and such Originator; 
  
 (iii) clearly identify its offices (by signage or otherwise) as its offices and, if such office is located
in the offices of an Originator, the Seller shall lease such office at a fair market rent; 
  
 (iv) have a separate telephone number, which will be answered only in its name and separate stationery, invoices and checks in its own
name; 
  
 (v) conduct all transactions with each
Originator (including, without limitation, any delegation of its obligations hereunder as Servicer) strictly on an arm’s-length basis, allocate all overhead expenses (including, without limitation, telephone and other utility charges) for items
shared between the Seller and such Originator on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 
  
 (vi) at all times have at least two members of its Board of
Directors (each, an “Independent Director”) who are not at such time, and have not have been at any time during the preceding five years (A) a director, officer, employee or affiliate of Yellow Roadway Corporation or any of
its subsidiaries or affiliates, or (B) the beneficial owner at the time of such individual’s appointment as an Independent Director or at any time thereafter while serving as an Independent Director, of five percent (5%) of the outstanding
common shares of Yellow Roadway Corporation having general voting rights; provided, however, that a director who otherwise meets the description of Independent Director as set forth herein shall not be disqualified from serving as an
Independent Director of the Seller if he or she is also a director of another corporation that is an Affiliate of Yellow Roadway Corporation with a certificate of incorporation substantially similar to the certificate of incorporation of the Seller;

  
 (vii) observe all corporate formalities as a
distinct entity, and ensure that all corporate actions relating to (A) the selection, maintenance or replacement of the Independent Directors, (B) the dissolution or liquidation of the Seller or (C) the initiation of participation in, acquiescence
in or consent to any bankruptcy, insolvency, reorganization or similar proceeding involving the Seller, are duly authorized by unanimous vote of its Board of Directors (including the Independent Directors); 
  
 (viii) maintain the Seller’s books and records separate
from those of the Originators and otherwise readily identifiable as its own assets rather than assets of an Originator; 
  

 17 

 (ix) prepare its financial statements separately from those of the Originators and insure
that any consolidated financial statements of the Originators or any Affiliate thereof that include the Seller and which are filed with the Securities and Exchange Commission or any other governmental agency have notes clearly stating that the
Seller is a separate corporate entity and that its assets will be available first and foremost to satisfy the claims of the creditors of the Seller; 
  
 (x) except as herein specifically otherwise provided, not commingle funds or other assets of the Seller with those of the Originators and
not maintain bank accounts or other depository accounts to which any Originator is an account party, into which any Originator makes deposits or from which any Originator has the power to make withdrawals; 
  
 (xi) not permit any Originator to pay any of the
Seller’s operating expenses (except pursuant to allocation arrangements that comply with the requirements of this Section 5.1(k)); 
  
 (xii) not permit the Seller to be named as an insured on the insurance policy covering the property of any Originator or enter into an
agreement with the holder of such policy whereby in the event of a loss in connection with such property, proceeds are paid to the Seller; and 
  
 (xiii) take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the opinion issued by
Fulbright & Jaworski L.L.P., as counsel for the Seller, in connection with the closing or initial purchase under this Agreement and relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and
correct in all material respects at all times. 
  
 (l)
Collections. The Seller shall instruct all Obligors, or cause the Originators to instruct, all Obligors to pay all Collections directly to a segregated lock-box or other Collection Account listed on Exhibit III, each of which is subject to a
Collection Account Agreement; provided, however, that the Collection Account(s) at Bank of America, N.A. need not be subject to a Collection Account Agreement until July 21, 2004. In the case of payments remitted to any such lock-box, the Seller
shall cause all proceeds from such lock-box to be deposited directly by a Collection Bank into a Collection Account listed on Exhibit III, which is subject to a Collection Account Agreement; provided, however, that the Collection Account(s) at Bank
of America, N.A. need not be subject to a Collection Account Agreement until July 21, 2004. The Seller shall maintain exclusive dominion and control (subject to the terms of this Agreement) to each such Collection Account. In the case of any
Collections received by the Seller or any Originator, the Seller shall remit (or shall cause such Originator to remit) such Collections to a Collection Account not later than the Business Day immediately following the date of receipt of such
Collections, and, at all times prior to such remittance, the Seller shall itself hold (or, if applicable, shall cause such Originator to hold) such Collections in trust, for the exclusive benefit of the Purchasers and the Agents. In the case of any
remittances received by the Seller in any such Collection Account that shall have been identified, to the satisfaction of the Servicer, to 

  

 18 

 
not constitute Collections or other proceeds of the Receivables or the Related Security, the Seller shall promptly remit such items to the Person identified
to it as being the owner of such remittances. From and after the date the Administrative Agent (at the direction of either Co-Agent) delivers to any of the Collection Banks a Collection Notice pursuant to Section 6.3, any Agent may request that the
Seller, and the Seller thereupon promptly shall and shall direct the Originators to, direct all Obligors on Receivables to remit all payments thereon to a new depositary account (the “New Concentration Account”) specified by
the Administrative Agent and, at all times thereafter the Seller shall not deposit or otherwise credit, and shall not permit any Originator or any other Person to deposit or otherwise credit to the New Concentration Account any cash or payment item
other than Collections. Alternatively, the Administrative Agent may request that the Seller, and the Seller thereupon promptly shall, direct all Persons then making remittances to any Collection Account listed on Exhibit III which remittances are
not payments on Receivables to deliver such remittances to a location other than an account listed on Exhibit III. 
  
 (m) Minimum Net Worth. The Seller shall at all times maintain total assets which exceed its total liabilities by not less than 3% of the Purchase
Limit at such time. 
  
 Section 5.2. Negative Covenants of
Seller. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full, the Seller hereby covenants, individually and in its capacity as Servicer, that: 
  
 (a) Name Change, Offices, Records and Books of Accounts. The Seller will not change its name, identity or corporate
structure (within the meaning of Section 9-402(7) of any applicable enactment of the UCC) or relocate its chief executive office or any office where Records are kept unless it shall have: (i) given the Administrative Agent at least 45 days prior
notice thereof and (ii) delivered to the Administrative Agent all financing statements, instruments and other documents requested by the Administrative Agent in connection with such change or relocation. 
  
 (b) Change in Payment Instructions to Obligors. The Seller will not
add or terminate any bank as a Collection Bank from those listed in Exhibit III, or make any change in its instructions to Obligors regarding payments to be made to the Seller or payments to be made to any lock-box, Collection Account or Collection
Bank, unless the Administrative Agent shall have received, at least fifteen (15) Business Days before the proposed effective date therefor: 
  
 (i) written notice of such addition, termination or change, and 
  
 (ii) with respect to the addition of a lock-box, Collection Account or Collection Bank, an executed account
agreement and an executed Collection Account Agreement from such Collection Bank relating thereto; 
  
 provided, however, that the Seller may make changes in instructions to Obligors regarding payments if such new instructions require such Obligor to make payments to another existing lock-box or
Collection Account that is subject to a Collection Account Agreement then in effect. 
  
 (c) Modifications to Invoices and Credit and Collection Policy. The Seller will not make any change to the Credit and Collection Policy which would be reasonably likely to 

  

 19 

 
adversely affect the collectibility of any material portion of the Receivables or decrease the credit quality of any newly created Receivables. Except as
provided in Section 6.2(c), the Seller, acting as Servicer or otherwise, will not extend, amend or otherwise modify the terms of any Receivable or any Invoice related thereto other than in accordance with the Credit and Collection Policy.

  
 (d) Sales, Liens, Etc. The Seller shall not sell,
assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to any
Receivable, Related Security or Collections, or upon or with respect to any Invoice under which any Receivable arises, or any lock-box or Collection Account or assign any right to receive income in respect thereof (other than, in each case, the
creation of the interests therein in favor of the Administrative Agent and the Purchasers provided for herein), and the Seller shall defend the right, title and interest of the Agents and the Purchasers in, to and under any of the foregoing
property, against all claims of third parties claiming through or under the Seller or any Originator. 
  
 (e) Nature of Business; Other Agreements; Other Indebtedness. The Seller shall not engage in any business or activity of any kind or enter into any
transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking other than the transactions contemplated and authorized by this Agreement and the Sale Agreement. Without limiting the generality of the foregoing, the
Seller shall not create, incur, guarantee, assume or suffer to exist any indebtedness or other liabilities, whether direct or contingent, other than: 
  
 (i) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business, 
  
 (ii) the incurrence of obligations
under this Agreement, 
  
 (iii) the incurrence of
obligations, as expressly contemplated in the Sale Agreement, to make payment to the applicable Originator thereunder for the purchase of Receivables from such Originator under the Sale Agreement, and 
  
 (iv) the incurrence of operating expenses in the ordinary
course of business of the type otherwise contemplated in Section 5.1(k) of this Agreement. 
  
 In the event the Seller shall at any time borrow a “Revolving Loan” under the Sale Agreement, the obligations of the Seller in connection therewith shall be subordinated to the obligations of the Seller to
the Purchasers and the Agents under this Agreement, on such terms as shall be satisfactory to the Administrative Agent. 
  
 (f) Amendments to Sale Agreement. The Seller shall not, without the prior written consent of the Agents: 
  
 (i) cancel or terminate the Sale Agreement, 
  
 (ii) give any consent to or waiver of (or take any action
having the same effect on) any provision of the Sale Agreement, 
  

 20 

 (iii) waive any default, action, omission or breach under the Sale Agreement, or
otherwise grant any indulgence thereunder, or 
  
 (iv) amend, supplement or otherwise modify any of the terms of the Sale Agreement. 
  
 (g) Amendments to Corporate Documents. The Seller shall not amend its Certificate of Incorporation or By-Laws in any respect that would impair its ability to comply with the terms or provisions of any of the
Transaction Documents, including, without limitation, Section 5.1(k) of this Agreement. 
  
 (h) Merger. The Seller shall not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise
contemplated herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets of, any Person. 
  
 (i) Restricted Junior Payments. The Seller shall not make any Restricted Junior Payment if a Servicer Default or
Potential Servicer Default exists or would result therefrom. 
  
 ARTICLE VI 
 ADMINISTRATION AND COLLECTION 
  
 Section 6.1. Designation of Servicer. 
  
 (a) The servicing, administration and collection of the Receivables shall be conducted by such Person (the
“Servicer”) so designated from time to time in accordance with this Section 6.1. The Seller is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms of this
Agreement. The Co-Agents may at any time designate as Servicer any Person to succeed the Seller or any successor Servicer. 
  
 (b) The Seller is permitted to delegate, and the Seller hereby advises the Purchasers and the Agents that it has delegated, to each of the Originators, as
subservicers of the Servicer, certain of its duties and responsibilities as Servicer hereunder in respect of the Receivables transferred by such Originator to the Seller. Notwithstanding the foregoing, (i) the Seller shall be and remain primarily
liable to the Agents and the Purchasers for the full and prompt performance of all duties and responsibilities of the Servicer hereunder and (ii) the Agents and the Purchasers shall be entitled to deal exclusively with the Seller in matters relating
to the discharge by the Servicer of its duties and responsibilities hereunder, and the Agents and the Purchasers shall not be required to give notice, demand or other communication to any Person other than the Seller in order for communication to
the Servicer and its subservicer or other delegate in respect thereof to be accomplished. The Seller, at all times that it is the Servicer, shall be responsible for providing its subservicer or other delegate with any notice given under this
Agreement. 
  
 (c) Without the prior written consent of both of
the Co-Agents, (i) the Seller shall not be permitted to delegate any of its duties or responsibilities as Servicer to any Person other than each Originator, and then such delegation shall be limited to the activities of Servicer hereunder as the
same may relate to the Receivables originated by such Originator, and (ii) no 

  

 21 

 
Originator shall be permitted to further delegate to any other Person any of the duties or responsibilities of the Servicer delegated to it by the Seller. If
at any time the Co-Agents shall designate as Servicer any Person other than the Seller, all duties and responsibilities theretofore delegated by the Seller to the Originators may, at the discretion of the Co-Agents, be terminated forthwith on notice
given by the Co-Agents to the Seller. 
  
 Section 6.2. Duties
of Servicer. 
  
 (a) The Servicer shall take or cause to be
taken all such actions as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the applicable Invoices
and the Credit and Collection Policy. 
  
 (b) The Servicer shall
administer the Collections in accordance with the procedures described herein and in Article I. The Servicer shall set aside and hold in trust for the account of the Seller and the Purchasers their respective shares of the Collections of Receivables
in accordance with Sections 1.5.2 and 1.5.3. The Servicer shall upon the request of the Administrative Agent after the occurrence of the Amortization Date, segregate, in a manner acceptable to the Administrative Agent, all cash, checks and other
instruments received by it from time to time constituting Collections from the general funds of the Servicer or the Seller prior to the remittance thereof in accordance with Section 1.5. If the Servicer shall be required to segregate Collections
pursuant to the preceding sentence, the Servicer shall segregate and deposit with a bank designated by the Administrative Agent such allocable share of Collections of Receivables set aside for the Purchasers on the first Business Day following
receipt by the Servicer of such Collections, duly endorsed or with duly executed instruments of transfer. 
  
 (c) The Servicer, may, in accordance with the Credit and Collection Policy, extend the maturity of any Receivable or adjust the Outstanding Balance of any
Receivable as the Servicer may determine to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable or Defaulted
Receivable or limit the rights of the Agents or the Purchasers under this Agreement. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Default, the Co-Agents shall have the absolute and unlimited
right to direct the Servicer to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess any Related Security. 
  
 (d) The Servicer shall hold in trust for the Seller and the Purchasers, in accordance with their respective interests in the Receivables, all Records that
evidence or relate to the Receivables, the related Invoices and Related Security or that are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of the Administrative Agent, deliver or make
available to the Administrative Agent all such Records, (x) if such demand is made at any time prior to the replacement of the Seller as Servicer hereunder, at the chief executive office of each Originator and (y) if such demand is made at any time
after the replacement of the Seller as Servicer hereunder, to such location as the Administrative Agent may designate in writing. The Servicer shall, as soon as practicable following receipt thereof, turn over to the Seller (i) that portion of
Collections of Receivables representing the Seller’s undivided fractional ownership interest therein, less, in the event the 

  

 22 

 
Seller is not the Servicer, all reasonable out-of-pocket costs and expenses of the Servicer of servicing, administering and collecting the Receivables, and
(ii) any cash collections or other cash proceeds received with respect to indebtedness not constituting Receivables. The Servicer shall, from time to time at the request of any Purchaser, furnish to the Purchasers (promptly after any such request) a
calculation of the amounts set aside for the Purchasers pursuant to Section 1.5. 
  
 (e) Any payment by an Obligor in respect of any indebtedness owed by it to the Seller shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by
the Administrative Agent, be applied as a Collection of any Receivable of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other
obligation of such Obligor. 
  
 Section 6.3. Collection
Notices. The Administrative Agent is authorized at any time to date and to deliver to the Collection Banks a Collection Notice under any Collection Account Agreement. The Seller hereby transfers to the Administrative Agent for the benefit of the
Groups, effective when the Administrative Agent (at the direction of either Co-Agent) delivers such notice, the exclusive ownership and control of the Collection Accounts. In case any authorized signatory of the Seller whose signature appears on a
Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. The Seller hereby authorizes the Administrative Agent,
and agrees that the Administrative Agent shall be entitled to (i) endorse the Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Invoices and the Related Security and (iii) take
such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Administrative Agent rather than the Seller. 
  
 Section 6.4. Responsibilities of the Seller. Anything herein to the
contrary notwithstanding, the exercise by the Agents and the Purchasers of their rights hereunder shall not release the Servicer or the Seller from any of their duties or obligations with respect to any Receivables or under the related Invoices. The
Purchasers shall have no obligation or liability with respect to any Receivables or related Invoices, nor shall any of them be obligated to perform the obligations of the Seller. 
  
 Section 6.5. Reports. On the 15th day of each month (or, if such date is not a Business Day, the next following
Business Day), and at such other times as any Agent shall request, the Servicer shall prepare and forward to the Agents a Monthly Report, provided that during an Asynchronous Accounting Period, the Monthly Report to be delivered during the
months of September and October shall be due on the 22nd day of such months (or, if such date is not a Business Day, the next following Business Day) instead of the 15th day. Promptly following any request therefor by any Agent, the Seller shall
prepare and provide to the Agents a listing by Obligor of all Receivables together with an aging of such Receivables. 
  

 23 

 ARTICLE VII 
 SERVICER DEFAULTS 
  
 Section 7.1. Servicer Defaults. The occurrence of any one or more of the following events shall constitute a Servicer Default: 
  
 (a) The Servicer or the Seller shall fail (i) to make when due any payment or deposit required hereunder, or (ii) to perform or observe any term, covenant
or agreement hereunder (other than as referred to in clause (i) of this paragraph (a)) and such failure shall remain unremedied for five (5) Business Days following the earlier to occur of (A) written notice thereof by any Agent to the Servicer or
the Seller, as applicable, or (B) the Servicer’s or the Seller’s actual knowledge of such failure. 
  
 (b) Any representation, warranty, certification or statement made by the Seller, the Servicer or an Originator in this Agreement, any other Transaction
Document or in any other document delivered pursuant hereto shall prove to have been incorrect in any material respect when made or deemed made. 
  
 (c) (i) The Seller or the Servicer shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts
generally or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Seller or the Servicer seeking to adjudicate it bankrupt or insolvent, or seeking 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 (ii) the Seller or any Servicer shall take any corporate action to authorize any of the actions set forth in clause (i) above in this subsection (c).

  
 (d) As at the end of any Calculation Period: 
  
 (i) the average of the Delinquency Ratios for each of the
three consecutive Calculation Periods then most recently ended shall exceed 2.50%; 
  
 (ii) the average of the Dilution Ratios for each of the three consecutive Calculation Periods then most recently ended shall exceed 8.25%;
or 
  
 (iii) the average of the Default Ratios
for each of the three consecutive Calculation Periods then most recently ended shall exceed 2.50%. 
  
 (e) Any Originator (i) shall fail to perform or observe any term, covenant or agreement contained in any other Transaction Document, or (ii) shall for any
reason cease to transfer, or cease to have the legal capacity or otherwise be incapable of transferring, Receivables to the Seller, as purchaser under the Sale Agreement, or any “Event of Default” or “Potential Event of Default”
shall occur under the Sale Agreement. 
  
 (f) The aggregate
Receivable Interests hereunder shall at any time exceed 100%. 
  

 24 

 (g) A Change of Control shall occur. 
  
 (h) A “Default” or an “Event of Default” under and as defined in that certain Credit Agreement dated as
of December 11, 2003 by and among Yellow Roadway Corporation, as borrower, various lenders from time to time party thereto, Bank One and SunTrust Bank, as co-syndication agents, Fleet National Bank and Wachovia Bank, National Association, as
co-documentation agents and Deutsche Bank AG, New York Branch, as administrative agent, as amended, modified or replaced from time to time (the “Yellow Credit Agreement”), shall occur and be continuing; provided,
however, that any Servicer Default arising under this Section 7.1(h) shall be deemed automatically waived if and to the extent that any “Default” or “Event of Default” under the Yellow Credit Agreement is waived in
accordance with the terms thereof. 
  
 (i) Any Level II Trigger
Event shall occur. 
  
 ARTICLE VIII 
 INDEMNIFICATION 
  
 Section 8.1. Indemnities by the Seller. Without limiting any other rights which any Agent or any Purchaser may have hereunder or under applicable
law, the Seller hereby agrees to indemnify each of the Agents and the Purchasers and their respective officers, directors, agents and employees (each, an “Indemnified Party”) from and against any and all damages, losses,
claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of an Agent or such Purchaser) and disbursements (all of the foregoing being collectively
referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by a Purchaser of an interest in the
Receivables, excluding, however: 
  
 (a)
Indemnified Amounts to the extent final judgment of a court of competent jurisdiction holds such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 
  
 (b) Indemnified Amounts to the extent the same includes
losses in respect of Receivables which are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 
  
 (c) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is located, on or measured by the
overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the Intended Characterization; 
  
 provided, however, that nothing contained in this sentence shall limit the liability of the Seller or the Servicer or limit the recourse of the Purchasers
to the Seller or Servicer for amounts otherwise specifically provided to be paid by the Seller or the Servicer under the terms of this Agreement. Without limiting the generality of the foregoing indemnification, the Seller shall 

  

 25 

 
indemnify the Agents and the Purchasers for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of
whether reimbursement therefor would constitute recourse to the Seller or the Servicer) relating to or resulting from: 
  
 (i) any representation or warranty made by the Seller, an Originator or the Servicer (or any officers of the Seller, an Originator or the
Servicer) under or in connection with this Agreement, any other Transaction Document, any Monthly Report or any other information or report delivered by the Seller, an Originator or the Servicer pursuant hereto or thereto, which shall have been
false or incorrect when made or deemed made; 
  
 (ii) the failure by the Seller, an Originator or the Servicer to comply with any applicable law, rule or regulation with respect to any Receivable or Invoice related thereto, or the nonconformity of any Receivable or Invoice included
therein with any such applicable law, rule or regulation; 
  
 (iii) any failure of the Seller, an Originator or the Servicer to perform its duties or obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
  
 (iv) any products liability or similar claim arising out of
or in connection with merchandise, insurance or services which are the subject of any Invoice; 
  
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of any Obligor to the payment of any
Receivable (including, without limitation, a defense based on such Receivable or the related Invoice not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting
from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 
  
 (vi) the commingling of Collections of Receivables at any time with other funds; 
  
 (vii) any investigation, litigation or proceeding related to
or arising from this Agreement or any other Transaction Document, the transactions contemplated hereby or thereby, the use of the proceeds of a purchase, the ownership of the Receivable Interests or any other investigation, litigation or proceeding
relating to the Seller or an Originator in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby or thereby; 
  

(viii) any inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune
from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 
  
 (ix) a Servicer Default described in Section 7.1(c); 
  

 26 

 (x) the failure to vest and maintain vested in the Administrative Agent, for the benefit
of the Purchasers, or to transfer to the Administrative Agent for the benefit of the Purchasers, legal and equitable title to, and ownership of, a first priority perfected undivided percentage ownership (to the extent of the Receivable Interests
contemplated hereunder) in the Receivables, the Related Security and the Collections, free and clear of any Adverse Claim; or 
  
 (xi) any failure of the Seller to give reasonably equivalent value to the applicable Originator under the Sale Agreement in consideration
of the transfer by such Originator of any Receivable, or any attempt by any Person to void any such transfer under statutory provisions or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code.

  
 Section 8.2. Increased Cost and Reduced Return.

  
 (a) If after the date hereof, any Funding Source shall be
charged any fee, expense or increased cost on account of the adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy), any accounting principles or any change therein in any of
the foregoing, or any change in the interpretation or administration thereof by the Financial Accounting Standards Board (“FASB”), any governmental authority, any central bank or any comparable agency charged with the
interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority or agency (a “Regulatory Change”): (i) which subjects any Funding Source to
any charge or withholding on or with respect to any Funding Agreement or a Funding Source’s obligations under a Funding Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any Funding Source of
any amounts payable under any Funding Agreement (except for changes in the rate of tax on the overall net income of a Funding Source) or (ii) which imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or
similar requirement against assets of, deposits with or for the account of a Funding Source, or credit extended by a Funding Source pursuant to a Funding Agreement or (iii) which imposes any other condition the result of which is to increase the
cost to a Funding Source of performing its obligations under a Funding Agreement, or to reduce the rate of return on a Funding Source’s capital as a consequence of its obligations under a Funding Agreement, or to reduce the amount of any sum
received or receivable by a Funding Source under a Funding Agreement or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the applicable Co-Agent, the Seller
shall pay to such Co-Agent, for the benefit of the relevant Funding Source, such amounts charged to such Funding Source or compensate such Funding Source for such reduction. For the avoidance of doubt, if FASB Interpretation No. 46, or any other
change in accounting standards or the issuance of any other pronouncement, release or interpretation, causes or requires the consolidation of all or a portion of the assets and liabilities of any Conduit or the Seller with the assets and liabilities
of any Agent, any Person or any other Funding Source, such event shall constitute a circumstance on which such Funding Source may base a claim for reimbursement under this Section. 
  
 (b) Payment of any sum pursuant to Section 8.2(a) shall be made by the Seller to the applicable Co-Agent, for the benefit of
the relevant Funding Source, not later than ten (10) 

  

 27 

 
days after any such demand is made. A certificate of any Funding Source, signed by an authorized officer claiming compensation under this Section 8.2 and
setting forth the additional amount to be paid for its benefit and explaining the manner in which such amount was determined shall be conclusive evidence of the amount to be paid, absent manifest error. 
  
 Section 8.3. Costs and Expenses Relating to this Agreement. The Seller
shall pay to the Agents on demand all costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered
hereunder, including without limitation, the reasonable cost of the Agents’ auditors auditing the books, records and procedures of the Seller, reasonable fees and out-of-pocket expenses of legal counsel for the Agents and the Purchasers (which
such counsel may be employees of an Agent or a Purchaser) with respect thereto and with respect to advising the Agents and the Purchasers as to their respective rights and remedies under this Agreement. The Seller shall pay to the Agents on demand
any and all reasonable costs and expenses of the Agents and the Purchasers, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents delivered hereunder and in connection
with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following a Servicer Default. 
  
 ARTICLE IX 
 THE AGENTS

  
 Section 9.1. Appointment. 
  
 (a) Each member of the Blue Ridge Group hereby irrevocably designates and
appoints Wachovia Bank, National Association as Blue Ridge Agent hereunder and under the other Transaction Documents to which the Blue Ridge Agent is a party, and authorizes the Blue Ridge Agent to take such action on its behalf under the provisions
of the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Blue Ridge Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto. Each
member of the Falcon Group hereby irrevocably designates and appoints Bank One as Falcon Agent hereunder and under the other Transaction Documents to which the Falcon Agent is a party, and authorizes the Falcon Agent to take such action on its
behalf under the provisions of the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Falcon Agent by the terms of the Transaction Documents, together with such other powers as are reasonably
incidental thereto. Each of the Purchasers and the Co-Agents hereby irrevocably designates and appoints Bank One, NA (Main Office Chicago) as Administrative Agent hereunder and under the Transaction Documents to which the Administrative Agent is a
party, and authorizes the Administrative Agent to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the
terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, none of the Agents shall have any duties or responsibilities, except
those expressly set forth in the Transaction Documents to which it is a party, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or 

  

 28 

 
liabilities on the part of such Agent shall be read into any Transaction Document or otherwise exist against such Agent. 
  
 (b) The provisions of this Article IX are solely for the benefit of the
Agents and the Purchasers, and neither the Seller nor the Servicer shall have any rights as a third-party beneficiary or otherwise under any of the provisions of this Article IX, except that this Article IX shall not affect any obligations which any
of the Agents or Purchasers may have to either the Seller or the Servicer under the other provisions of this Agreement. 
  
 (c) In performing its functions and duties hereunder, (i) the Blue Ridge Agent shall act solely as the agent of the members of the Blue Ridge Group and
does not assume and shall not be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller or the Servicer or any of their respective successors and assigns, (ii) the Falcon Agent shall act solely as the agent
of the members of the Falcon Group and does not assume and shall not be deemed to have assumed any obligation or relationship of trust or agency with or for either the Seller or the Servicer or any of their respective successors and assigns, and
(iii) the Administrative Agent shall act solely as the agent of the Co-Agents and the Purchasers and does not assume and shall not be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller or the Servicer or
any of their respective successors and assigns. 
  
 Section 9.2.
Delegation of Duties. Each Agent may execute any of its duties under the applicable Transaction Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.
No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
  
 Section 9.3. Exculpatory Provisions. None of the Agents nor any of its directors, officers, agents or employees shall be (i) liable for any action
lawfully taken or omitted to be taken by it or them or any Person described in Section 9.2 under or in connection with this Agreement (except for its, their or such Person’s own bad faith, gross negligence or willful misconduct), or (ii)
responsible in any manner to any of the Purchasers or other Agents for any recitals, statements, representations or warranties made by the Seller contained in this Agreement or in any certificate, report, statement or other document referred to or
provided for in, or received under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any
failure of either the Seller or the Servicer to perform its respective obligations hereunder, or for the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered to such Agent. None of the Agents shall
be under any obligation to any other Agent or any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or
records of the Seller or the Servicer. This Section 9.3 is intended solely to govern the relationship between the Agents, on the one hand, and the Purchasers, on the other. 
  

 29 

 Section 9.4. Reliance by Agents. 
  
 (a) Each of the Agents shall in all cases be entitled to rely, and shall be fully protected in relying, upon any note,
writing, resolution, notice, consent, certificate, affidavit, letter, telegram, telecopy or telex message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Seller or the Servicer), independent accountants and other experts selected by such Agent. Each of the Agents shall in all cases
be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of such of the members of its Group, as it shall
determine to be appropriate under the relevant circumstances, or it shall first be indemnified to its satisfaction by the Committed Purchasers in its Group against any and all liability, cost and expense which may be incurred by it by reason of
taking or continuing to take any such action. 
  
 (b) Any action
taken by any of the Agents in accordance with Section 9.4(a) shall be binding upon all of the Agents and the Purchasers. 
  
 Section 9.5. Notice of Seller Defaults. None of the Agents shall be deemed to have knowledge or notice of the occurrence of any Servicer Default or
Potential Servicer Default unless such Agent has received notice from another Agent, a Purchaser, the Seller or the Servicer referring to this Agreement, stating that a Servicer Default or Potential Servicer Default has occurred hereunder and
describing such Servicer Default or Potential Servicer Default. In the event that any of the Agents receives such a notice, it shall promptly give notice thereof to the Purchasers and the other Agents. The Administrative Agent shall take such action
with respect to such Servicer Default or Potential Servicer Default as shall be directed by either of the Co-Agents provided that the Administrative Agent is indemnified to its satisfaction by such Co-Agent and the Committed Purchasers
in its Group against any and all liability, cost and expense which may be incurred by it by reason of taking any such action. 
  
 Section 9.6. Non-Reliance on Other Agents and Purchasers. Each of the Purchasers expressly acknowledges that none of the Agents, nor any of the
Agents’ respective officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by any of the Agents hereafter taken, including, without limitation, any review of the
affairs of the Seller, the Servicer or the Originators, shall be deemed to constitute any representation or warranty by such Agent. Each of the Purchasers also represents and warrants to the Agents and the other Purchasers that it has, independently
and without reliance upon any such Person (or any of their Affiliates) and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects,
financial and other conditions and creditworthiness of the Seller, the Servicer and the Originators and made its own decision to enter into this Agreement. Each of the Purchasers also represents that it will, independently and without reliance upon
the Agents or any other Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to
make such investigation as it deems necessary to inform itself as to the business, operations, property, prospects, financial 

  

 30 

 
and other condition and creditworthiness of the Seller, the Servicer and the Originators. The Agents, the Purchasers and their respective Affiliates, shall
have no duty or responsibility to provide any party to this Agreement with any credit or other information concerning the business, operations, property, prospects, financial and other condition or creditworthiness of the Seller, the Servicer and
the Originators which may come into the possession of such Person or any of its respective officers, directors, employees, agents, attorneys-in-fact or affiliates, except that each of the Agents shall promptly distribute to the other Agents and the
Purchasers, copies of financial and other information expressly provided to it by either of the Seller or the Servicer pursuant to this Agreement. 
  
 Section 9.7. Indemnification of Agents. Each of the Committed Purchasers hereby agrees to indemnify (a) its applicable Co-Agent, (b) the
Administrative Agent, and (c) the officers, directors, employees, representatives and agents of each of the foregoing (to the extent not reimbursed by the Seller or the Servicer and without limiting the obligation of the Seller or the Servicer to do
so), ratably in accordance with their respective Commitments, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including,
without limitation, the reasonable fees and disbursements of counsel for such Co-Agent, the Administrative Agent or such Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not such
Co-Agent or the Administrative Agent or such Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against such Co-Agent, the Administrative Agent or such Person as a result of, or arising out of, or
in any way related to or by reason of, any of the transactions contemplated hereunder or the execution, delivery or performance of this Agreement or any other document furnished in connection herewith (but excluding any such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the bad faith, gross negligence or willful misconduct of such Co-Agent, the Administrative Agent or such Person as finally
determined by a court of competent jurisdiction). 
  
 Section 9.8.
Agents in their Individual Capacities. Each of the Agents in its individual capacity and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Seller, the Servicer, the Originators and
their Affiliates as though such Agent were not an Agent hereunder. With respect to its Receivable Interests, if any, pursuant to this Agreement, each of the Agents shall have the same rights and powers under this Agreement as any Purchaser and may
exercise the same as though it were not an Agent, and the terms “Committed Purchaser,” “Committed Purchasers,” “Purchaser” and “Purchasers” shall include each of the Agents in their individual capacities.

  
 Section 9.9. UCC Filings. Each of the Co-Agents and the
Purchasers hereby expressly recognizes and agrees that the Administrative Agent may be listed as the assignee or secured party of record on the various UCC filings required to be made under the Transaction Documents in order to perfect their
respective interests in the Receivables, the Collections, each Collection Account and all Related Security, that such listing shall be for administrative convenience only in creating a record or nominee holder to take certain actions hereunder on
behalf of the Groups and that such listing will not affect in any way the status of the Purchasers as the true parties in interest with respect to the collateral covered thereby. In addition, such 

  

 31 

 
listing shall impose no duties on the Administrative Agent other than those expressly and specifically undertaken in accordance with this Article IX.

  
 Section 9.10. Successor Agents. If any Agent or its
holding company is merged with or into any other Person, such Agent may, upon five days’ notice to the Seller and the other Agents, assign its rights and obligations hereunder to the survivor of such merger or any of its bank Affiliates, in
each case, provided that both Standard & Poor’s Ratings Group and Moody’s Investors Service, Inc. have approved the proposed assignee as the successor administrator of such Agent’s Conduit. After the effectiveness of
any assigning Agent’s assignment hereunder, the assigning Agent shall be discharged from its duties and obligations hereunder and under the other Transaction Documents and the provisions of this Article IX and Article VIII shall continue in
effect for its benefit with respect to any actions taken or omitted to be taken by it while it was an Agent under this Agreement and under the other Transaction Documents. 
  
 ARTICLE X 
 ASSIGNMENTS; PARTICIPATIONS 
  
 Section 10.1.
Assignments. 
  
 (a) Each of the parties hereby agrees and
consents to the complete or partial assignment by each Conduit of all or any portion of its rights under, interest in, title to and obligations under this Agreement to (i) its Committed Purchasers pursuant to its Liquidity Agreement, and (ii)
another special purpose asset-backed commercial paper issuer administered by a Co-Agent or one of its Affiliates. Upon each such assignment pursuant to this Section 10.1(a), such Conduit shall be released from its obligations so assigned.
Further, each of the other parties hereby agrees that any assignee of a Conduit of this Agreement or all or any of its Receivable Interests shall have all of the rights and benefits under this Agreement as if references to such Conduit or to a
“Purchaser” explicitly referred to such assignee, and no such assignment shall in any way impair the rights and benefits of such Conduit hereunder. 
  
 (b) Any Committed Purchaser may at any time and from time to time assign to one or more Persons (“Purchasing Committed
Purchasers”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, in a form and substance satisfactory to the applicable Co-Agent (the “Assignment Agreement”),
executed by such Purchasing Committed Purchaser and such selling Committed Purchaser. The consent of (i) the applicable Conduit and (ii) provided no Servicer Default or Potential Servicer Default exists and is continuing, the Seller (which consent
of the Seller shall not be unreasonably withheld or delayed), shall be required prior to the effectiveness of any such assignment. Each assignee of a Committed Purchaser must have a short-term debt rating of A-1 or better by Standard &
Poor’s Ratings Group and P-1 by Moody’s Investors Service, Inc. and must agree to deliver to the applicable Co-Agent, promptly following any request therefor by such Co-Agent or its Conduit, an enforceability opinion in form and substance
satisfactory to such Co-Agent and Conduit. Upon delivery of the executed Assignment Agreement to the applicable Co-Agent, such selling Committed Purchaser shall be released from its obligations hereunder to the extent of such assignment. Thereafter
the Purchasing Committed Purchaser shall for all purposes be a Committed Purchaser party to this Agreement and shall have all the rights and obligations of a Committed Purchaser under this Agreement to the same extent as if it were an original party

  

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hereto and no further consent or action by the Seller, the Purchasers or the Agents shall be required. 
  
 (c) The Seller shall not have the right to assign its rights or obligations
under this Agreement. 
  
 Section 10.2. Participations. Any
Committed Purchaser may, in the ordinary course of its business at any time sell to one or more Persons (each, a “Participant”) participating interests in its Pro Rata Share of the Receivable Interests of the Committed
Purchasers or any other interest of such Committed Purchaser hereunder. Notwithstanding any such sale by a Committed Purchaser of a participating interest to a Participant, such Committed Purchaser’s rights and obligations under this Agreement
shall remain unchanged, such Committed Purchaser shall remain solely responsible for the performance of its obligations hereunder, and the Seller, the Conduits and the Agents shall continue to deal solely and directly with such Committed Purchaser
in connection with such Committed Purchaser’s rights and obligations under this Agreement. Each Committed Purchaser agrees that any agreement between such Committed Purchaser and any such Participant in respect of such participating interest
shall not restrict such Committed Purchaser’s right to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver or modification described in clause (i) of Section 11.1(b).

  
 ARTICLE XI 
 MISCELLANEOUS 
  
 Section 11.1. Waivers and Amendments. 
  
 (a) No failure or delay on the part of any party hereto in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive
of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 
  
 (b) Except as set forth in Section 7.1(h), no provision of this Agreement may be amended, supplemented, modified or waived
except in writing in accordance with the provisions of this Section 11.1(b). Each of the Co-Agents shall be responsible for determining what consents, if any, it must obtain from the members of its Group before entering into any amendment,
supplement, modification or waiver of the Agreement. The Sellers and the Agents may enter into written modifications or waivers of any provisions of this Agreement, provided, however, that no such modification or waiver shall:

  
 (i) without the consent of each affected
Purchaser, (A) extend the Liquidity Termination Date or the date of any payment or deposit of Collections by the Seller or the Servicer, (B) reduce the rate or extend the time of payment of Discount (or any component thereof), (C) reduce any fee
payable to any Agent for the benefit of the Purchasers, (D) except pursuant to Article X hereof, change the 

  

 33 

 
amount of the Capital of any Purchaser, a Committed Purchaser’s Pro Rata Share or a Committed Purchaser’s Commitment, (E) amend, modify or waive
any provision of the definition of Required Committed Purchasers or this Section 11.1(b), (F) consent to or permit the assignment or transfer by the Seller of any of its rights and obligations under this Agreement, (G) change the definition of
“Eligible Receivable,” “Discount Reserve,” “Loss Reserve Percentage,” “Aggregate Reserve Percentage” or “Default Ratio,” or (H) amend or modify any defined term (or any defined term used directly or
indirectly in such defined term) used in clauses (A) through (G) above in a manner which would circumvent the intention of the restrictions set forth in such clauses; or 
  
 (ii) without the written consent of the applicable Agent, amend, modify or waive any provision of this
Agreement if the effect thereof is to affect the rights or duties of such Agent. 
  
 Notwithstanding the foregoing, without the consent of the Seller, the Agents may enter into amendments to modify any of the terms or provisions of Article IX, Article X (other than provisions requiring the consent of Seller to any
assignment) or Section 11.13 provided that such amendment has no negative impact upon the Seller. Any modification or waiver made in accordance with this Section 11.1 shall apply to each of the Purchasers equally and shall be binding
upon the Seller, the Servicer, the Purchasers and the Agents. 
  
 Section 11.2. Notices. 
  
 (a) Except as provided
in subsection (b) below, all communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their
respective addresses or telecopy numbers set forth on the signature pages hereof. All such communications and notices shall, when mailed, telecopied, telegraphed, telexed or cabled, be effective when received through the mails, transmitted by
telecopy, delivered to the telegraph company, confirmed by telex answerback or delivered to the cable company, respectively, except that communications and notices to any of the Agents or Purchasers pursuant to Article I shall not be effective until
received by the intended recipient. 
  
 (b) The Seller hereby
authorizes each of the Agents to effect purchases and Tranche Period and Discount Rate selections based on telephonic notices made by any Person whom such Agent in good faith believes to be acting on behalf of the Seller. The Seller agrees to
deliver promptly to each applicable Agent a written confirmation of each telephonic notice signed by an authorized officer of the Seller. However, the absence of such confirmation shall not affect the validity of such notice. If the written
confirmation differs from the action taken by any Agent, the records of such Agent shall govern absent manifest error. 
  
 Section 11.3. Ratable Payments. If any Purchaser, whether by setoff or otherwise, has payment made to it with respect to any portion of the
Aggregate Unpaids owing to such Purchaser (other than payments received pursuant to Section 8.2 or 8.3) in a greater proportion than that received by any other Purchaser entitled to receive a ratable share of such Aggregate Unpaids, such Purchaser
agrees, promptly upon demand, to purchase for cash without 

  

 34 

 
recourse or warranty a portion of the Aggregate Unpaids held by the other Purchasers so that after such purchase each Purchaser will hold its ratable
proportion of the Aggregate Unpaids; provided that if all or any portion of such excess amount is thereafter recovered from such Purchaser, such purchase shall be rescinded and the purchase price restored to the extent of such
recovery, but without interest. 
  
 Section 11.4. Protection of
Ownership Interests of the Purchasers. 
  
 (a) The Seller
agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that any Agent may reasonably request, to perfect, protect or more fully
evidence the Receivable Interests, or to enable the Administrative Agent, on behalf of the Groups, to exercise and enforce its rights and remedies hereunder. The Administrative Agent may, or the Administrative Agent may direct the Seller to, notify
the Obligors of Receivables, at any time following the replacement of the Seller as Servicer and at the Seller’s expense, of the ownership interests of the Purchasers under this Agreement and may also direct that payments of all amounts due or
that become due under any or all Receivables be made directly to the Administrative Agent or its designee. The Seller shall, at any Purchaser’s written request, withhold the identity of such Purchaser in any such notification. 
  
 (b) If the Seller or the Servicer fails to perform any of its obligations
hereunder, any of the Agents may (but shall not be required to) perform, or cause performance of, such obligation; and such Agent’s costs and expenses incurred in connection therewith shall be payable by the Seller (if the Servicer that fails
to so perform is the Seller or an Affiliate thereof) as provided in Section 8.3, as applicable. The Seller and the Servicer each irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the
Administrative Agent, and appoints the Administrative Agent as its attorney-in-fact, to act on behalf of the Seller and the Servicer (i) to execute on behalf of the Seller as debtor (if required) and to file financing statements necessary or
desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Administrative Agent, on behalf of the Groups, in the Receivables and (ii) to file a carbon, photographic or
other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the
perfection and priority of the interests of the Purchasers in the Receivables. This appointment is coupled with an interest and is irrevocable. 
  
 Section 11.5. Confidentiality. 
  
 (a) The Seller shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and the other
confidential proprietary information with respect to the Agents and the Conduits and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except
that the Seller and its officers and employees may disclose such information to the Seller’s external accountants and attorneys and as required by any applicable law or order of any judicial or administrative proceeding. In addition, the Seller
may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order 

  

 35 

 
of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
  
 (b) Anything herein to the contrary notwithstanding, the Seller hereby
consents to the disclosure of any nonpublic information with respect to it (i) to the Agents, the Committed Purchasers or the Conduits by each other, (ii) by the Agents or the Purchasers to any prospective or actual assignee or participant of any of
them or (iii) by the Co-Agents to any rating agency, Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to either of the Conduits or any entity organized for the purpose of purchasing, or making loans
secured by, financial assets for which either of the Co-Agents acts as the administrator and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential
nature of such information in a manner consistent with the practice of the applicable Agent for the making of such disclosures generally to Persons of such type. In addition, the Purchasers and the Agents may disclose any such nonpublic information
pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
  
 Section 11.6. Bankruptcy Petition. Each of the Seller, the Agents and
the Committed Purchasers hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding senior indebtedness of each of the Conduits, it will not institute against, or join any other
Person in instituting against, such Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 
  
 Section 11.7. Limitation of Liability. Except with respect to any
claim arising out of the willful misconduct or gross negligence of any of the Agents or the Purchasers, no claim may be made by the Seller, the Servicer or any other Person against any of the Agents or Purchasers or their respective Affiliates,
directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and the Seller hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor. 
  
 Section 11.8. CHOICE OF
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK. 
  
 Section 11.9. CONSENT TO JURISDICTION. THE SELLER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW
YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY THE SELLER PURSUANT TO THIS AGREEMENT AND THE SELLER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS
IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION 

  

 36 

 
IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST THE SELLER IN THE COURTS OF ANY OTHER JURISDICTION WHEREIN ANY ASSETS OF THE SELLER OR ANY ORIGINATOR MAY BE LOCATED. ANY JUDICIAL PROCEEDING BY THE
SELLER AGAINST ANY AGENT OR PURCHASER OR ANY AFFILIATE OF ANY AGENT OR PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY THE SELLER PURSUANT TO
THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN THE BOROUGH OF MANHATTAN, STATE OF NEW YORK. 
  
 Section 11.10. WAIVER OF JURY TRIAL. EACH OF THE SELLER, THE AGENTS AND THE PURCHASERS HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY THE SELLER PURSUANT TO THIS AGREEMENT OR THE
RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
  
 Section
11.11. Integration; Survival of Terms. This Agreement, the Sale Agreement, the Collection Account Agreements, the Liquidity Agreements and the Fee Letters contain the final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. The provisions of Article VIII and
Section 11.6 shall survive any termination of this Agreement. 
  
 Section 11.12. Counterparts; Severability. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which when taken together shall constitute one and the same Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 11.13. Co-Agent Roles. 
  
 (a) Each of the Falcon Committed Purchasers acknowledges that Bank One and
certain of its Affiliates including Banc One Capital Markets, Inc. act, or may in the future act, (i) as administrative agent for Falcon, (ii) as issuing and paying agent for the Commercial Paper of Falcon    , (iii) to provide
credit or liquidity enhancement for the timely payment for the Commercial Paper of Falcon, and (iv) to provide other services from time to time for Falcon (collectively, the “Bank One Roles”). Without limiting the generality
of this Section 11.13, each Bank One Committed Purchaser hereby acknowledges and consents to any and all Bank 

  

 37 

 
One Roles and agrees that in connection with any Bank One Role, Bank One may take, or refrain from taking, any action which it, in its discretion, deems
appropriate, including, without limitation, in its role as administrative agent for Falcon, the giving of notice of a purchase pursuant to the Falcon Liquidity Agreement. 
  
 (b) Each of the Blue Ridge Committed Purchasers acknowledges that Wachovia and certain of its Affiliates including (Wachovia
Capital Markets, LLC.) act, or may in the future act, (i) as administrative agent for Blue Ridge, (ii) as issuing and paying agent for the Commercial Paper of Blue Ridge, (iii) to provide credit or liquidity enhancement for the timely payment for
the Commercial Paper of Blue Ridge, and (iv) to provide other services from time to time for Blue Ridge (collectively, the “Wachovia Roles”). Without limiting the generality of this Section 11.13, each Blue Ridge Committed
Purchaser hereby acknowledges and consents to any and all Wachovia Roles and agrees that in connection with any Wachovia Role, Wachovia may take, or refrain from taking, any action which it, in its discretion, deems appropriate, including, without
limitation, in its role as administrative agent for Blue Ridge, the giving of notice of a purchase pursuant to the Blue Ridge Liquidity Agreement 
  
 Section 11.14. Characterization. It is the intention of the parties hereto that each purchase hereunder shall constitute an absolute and
irrevocable sale for all purposes other than financial accounting purposes, which purchase shall provide the applicable Purchaser with the full benefits of ownership of the applicable Receivable Interest. Except as specifically provided in this
Agreement, each sale of a Receivable Interest hereunder is made without recourse to the Seller; provided, however, that (i) the Seller shall be liable to each of the Purchasers and the Agents for all representations, warranties and
covenants made by the Seller pursuant to the terms of this Agreement, and (ii) such sale does not constitute and is not intended to result in an assumption by any Purchaser or Agent or any assignee thereof of any obligation of the Seller or any
Originator or any other person arising in connection with the Receivables, the Related Security, or the related Invoices, or any other obligations of the Seller or any Originator. 
  
 [signature pages follow] 
  

 38 

 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. 
  

			
	 YELLOW ROADWAY RECEIVABLES
 FUNDING
CORPORATION

		
	 By:
	 	 
	Name:
	Title:
	
	Address for Notices:
	
	 Yellow Roadway Receivables Funding Corporation
 10990 Roe Avenue
 P.O. Box 7489
 Overland Park, KS
66211
 Attention:         President
 Phone: (913) 696-6125
 Fax: (913) 323-9824

  

 39 

			
	FALCON ASSET SECURITIZATION CORPORATION
		
	By:	 	 
	 	 	Authorized Signatory
	
	Address for Notices:
	
	 Falcon Asset Securitization Corporation
 c/o
Bank One, NA (Main Office Chicago)
 Asset-Backed Finance
 1 Bank
One Plaza, IL1-1729
 Chicago, Illinois 60670-1729
 Attention:
John Kuhns
 Fax: (312) 732-3600

  

 40 

			
	 BLUE RIDGE ASSET FUNDING
 CORPORATION

		
	By:	 	 WACHOVIA CAPITAL MARKETS, LLC, ITS
 ATTORNEY-IN-FACT

		
	By:	 	 
	 	 	 Title:

	
	Address for Notices:
	
	 Blue Ridge Asset Funding Corporation
 301 S.
College St.,
 FLR TRW 10 NC0610
 Charlotte, NC
28288-0610
 Attention: Douglas R. Wilson, Sr.
 Phone: (704)
374-2520
 Fax: (704) 383-9579

	
	With a copy to:
	
	 Blue Ridge Asset Funding Corporation
 c/o
AMACAR Group, L.L.C.
 6525 Morrison Blvd., Suite 318
 Charlotte,
North Carolina 28211
 Attention: Douglas K. Johnson
 Phone: (704)
365-0569
 Fax: (704) 365-1362

  

 41 

 COMMITTED PURCHASERS: 
  

					
	COMMITMENT	  	PRO RATA SHARE
FOR FALCON GROUP	 	 
			
	$200,000,000	  	100%	 	 BANK ONE, NA as a Committed Purchaser, as
 Falcon
Agent and as Administrative Agent

			
	 	  	 	 	By:________________________________________________
	 	  	 	 	 Title:

			
	 	  	 	 	Address for notices:
			
	 	  	 	 	Bank One, NA (Main Office Chicago)
	 	  	 	 	Asset-Backed Finance
	 	  	 	 	1 Bank One Plaza, IL1-1729
	 	  	 	 	Chicago, Illinois 60670-1729
	 	  	 	 	Attention: John Kuhns
	 	  	 	 	Fax: (312) 732-3600

  

					
	COMMITMENT	  	PRO RATA SHARE
FOR BLUE RIDGE GROUP	 	 
			
	$100,000,000	  	100%	 	 WACHOVIA BANK ONE, NATIONAL
 ASSOCIATION, as a
Committed Purchaser and as
 Blue Ridge Agent

			
	 	  	 	 	By:________________________________________________
	 	  	 	 	 Title:

			
	 	  	 	 	Address for notices:
			
	 	  	 	 	Wachovia Bank, National Association
	 	  	 	 	191 Peachtree Street, N.E.
	 	  	 	 	22nd Floor, Mail Stop GA-8088
	 	  	 	 	Atlanta, Georgia 30303
	 	  	 	 	Attention: Eero Maki
	 	  	 	 	Fax: (404) 332-5275

 $300,000,000 PURCHASE LIMIT 
  

 42 

 EXHIBIT I 
 DEFINITIONS 
  
 As
used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
  
 “Accrual Period” means each calendar month, provided that the initial Accrual Period
hereunder means the period from (and including) the date of the initial purchase hereunder to (and including) the last day of the calendar month thereafter. 
  
 “Administrative Agent” has the meaning specified in the preamble to this Agreement. 
  
 “Adverse Claim” means a lien, security interest,
charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person. 
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct
or indirect common control with such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies of the other Person, whether through ownership of voting securities, by contract or otherwise. In addition, for purposes of the definitions of “Concentration Limit,” “Eligible Receivable” and “Net
Receivables Balance,” a Person shall be deemed to control another Person if such Person owns more than 50% of any class of voting securities (or corresponding interest in the case of non-corporate entities) of the other Person. 
  
 “Agents” means the Co-Agents and the Administrative
Agent, and “Agent” means any one of the foregoing. 
  
 “Aggregate Reduction” has the meaning specified in Section 1.3. 
  
 “Aggregate Reserve Percentage” means, on any date of determination, the sum of the Loss Reserve Percentage, the Discount Reserve
Percentage, the Dilution Reserve Percentage and the Servicer Fee Percentage. 
  
 “Aggregate Unpaids” means, at any time, an amount equal to the sum of all Capital and all other unpaid Obligations (whether due or accrued) at such time. 
  
 “Agreement” means this Amended and Restated
Receivables Purchase Agreement, as it may be amended or modified and in effect from time to time. 
  
 “Amortization Date” means the earliest to occur of (i) the day on which any of the conditions precedent set forth in Section
4.2 are not satisfied, (ii) the Business Day immediately prior to the occurrence of a Servicer Default set forth in Section 7.1(c), (iii) the Business Day specified in a written notice from the Administrative Agent following the
occurrence of any other Servicer Default, and (iv) the date which is 30 Business Days after the 

  

 43 

 
Co-Agents’ receipt of written notice from Seller that it wishes to terminate the facility evidenced by this Agreement. 
  
 “Applicable Margin” means “Applicable
Margin” (as defined in the Yellow Credit Agreement). 
  
 “Asynchronous Accounting Period” means any period during which Roadway Express, Inc. employs accounting periods, generally 4 calendar weeks in length, established according to a 13-period annual accounting calendar.

  
 “Bank One” has the meaning set forth
in the preamble to this Agreement. 
  
 “Base
Rate” means, with respect to each Group, a rate per annum equal to the sum of (a) the higher of (i) the corporate base rate, prime rate or base rate of interest, as applicable, announced by such Group’s Reference Bank from time to
time, changing when and as such rate changes, and (ii) 1⁄2 of 1% above the Federal Funds Effective Rate, changing when and as such rate changes, plus (b) the Applicable Margin for “Revolving Loans” maintained as “Base Rate
Loans” (in each case, as defined in the Yellow Credit Agreement. 
  
 “Blue Ridge” has the meaning set forth in the preamble to this Agreement. 
  
 “Blue Ridge Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Blue Ridge Committed Purchaser” means Wachovia in
its individual capacity and its successors and assigns. 
  
 “Blue Ridge Fee Letter” means the fee letter dated as of May 21, 2004 by and between the Blue Ridge Agent and the Seller, as the same may be amended, restated or otherwise modified from time to time. 
  
 “Blue Ridge Group” means, collectively, Blue Ridge,
the Blue Ridge Agent and the Blue Ridge Committed Purchasers. 
  
 “Blue Ridge Liquidity Agreement” means the liquidity asset purchase agreement dated as of May 21, 2004 by and among Blue Ridge, the Blue Ridge Agent and the Blue Ridge Committed Purchasers, as the same may be
amended, restated or otherwise modified from time to time. 
  
 “Broken Funding Costs” means for any Receivable Interest which: (i) has its Capital reduced without compliance by the Seller with the notice requirements hereunder or (ii) does not become subject to an Aggregate
Reduction following the delivery of any Reduction Notice or (iii) is assigned under Article II or terminated prior to the date on which it was originally scheduled to end; an amount equal to the excess, if any, of (A) the CP Costs or Discount
(as applicable) that would have accrued during the remainder of the Tranche Periods or the tranche periods for Commercial Paper determined by the applicable Co-Agent to relate to such Receivable Interest (as applicable) subsequent to the date of
such reduction, assignment or termination (or in respect of clause (ii) above, the date such Aggregate Reduction was designated to occur pursuant to the Reduction Notice) of the Capital of such Receivable Interest if such 

  

 44 

 
reduction, assignment or termination had not occurred or such Reduction Notice had not been delivered, over (B) the sum of (x) to the extent all or a portion
of such Capital is allocated to another Receivable Interest, the amount of CP Costs or Discount actually accrued during the remainder of such period on such Capital for the new Receivable Interest, and (y) to the extent such Capital is not allocated
to another Receivable Interest, the income, if any, actually received during the remainder of such period by the holder of such Receivable Interest from investing the portion of such Capital not so allocated. In the event that the amount referred to
in clause (B) exceeds the amount referred to in clause (A), the relevant Purchaser or Purchasers agree to pay to the Seller the amount of such excess. All Broken Funding Costs shall be due and payable hereunder upon demand. 
  
 “Business Day” means any day on which banks are not
authorized or required to close in New York, New York or Chicago, Illinois and The Depository Trust Company of New York is open for business, and, if the applicable Business Day relates to any computation or payment to be made with respect to the
LIBOR Rate, any day on which dealings in dollar deposits are carried on in the London interbank market. 
  
 “Calculation Period” means, for the purposes of any calculation defined herein which references “Calculation Period”,
(i) during an Asynchronous Accounting Period, (A) in the case of any amounts used in such calculation derived from or associated with Receivables originated by Yellow Transportation, Inc., the calendar month designated in the table below and (B) in
the case of any amounts used in such calculation derived from or associated with Receivables originated by Roadway Express, Inc., the accounting period designated in the table below, it being understood that accounting period 8 and accounting
period 9 shall be treated as a single accounting period by averaging such amounts derived from these two periods, it being further understood that “Calculation Period” is a collective term referring to both component periods as
specified in (A) and (B) above and as indicated in the table below and the phrases “Calculation Period most recently ended” and “as of the last day of the Calculation Period most recently ended” refer collectively to both
respective component periods or the last day of both respective component periods (as the case may be) as specified in (A) and (B) above and as indicated in the table below, or (ii) at all other times, each calendar month: 
  

					
	Calculation
Period

	 	Calendar
Month

	 	Accounting
Period

	1	 	January	 	Period 1
	2	 	February	 	Period 2
	3	 	March	 	Period 3
	4	 	April	 	Period 4
	5	 	May	 	Period 5
	6	 	June	 	Period 6
	7	 	July	 	Period 7
	8	 	August	 	Average of
Period 8 &
Period 9
	9	 	September	 	Period 9
	10	 	October	 	Period 10
	11	 	November	 	Period 11
	12	 	December	 	Period 12

  

 45 

 “Capital” of any Receivable Interest means, at any time, the Purchase Price of
such Receivable Interest (and after giving effect to any adjustments contemplated in Section 1.5), minus the sum of the aggregate amount of Collections and other payments received by the applicable Co-Agent which in each case are applied to reduce
such Capital in accordance with the terms of this Agreement; provided that such Capital shall be restored in the amount of any Collections or other payments so received and applied if at any time the distribution of such Collections or
payments are rescinded or must otherwise be returned or refunded for any reason. 
  
 “Change of Control” means (i) any Person or Persons acting in concert shall acquire beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the
Securities Exchange Act of 1934) of 20% or more of the outstanding shares of voting stock of Yellow Roadway Corporation; or (ii) during any period of twelve (12) consecutive months, commencing before or after the date hereof, individuals who at the
beginning of such twelve-month period were directors of an Originator shall cease for any reason to constitute a majority of the board of directors of an Originator; or (iii) an Originator shall cease to own all of the outstanding shares of voting
stock of the Seller on a fully diluted basis; or (iv) Yellow Roadway Corporation shall cease to own all of the outstanding shares of voting stock of each Originator on a fully diluted basis. 
  
 “Co-Agent” has the meaning set forth in the preamble
to this Agreement. 
  
 “Collection
Account” means each concentration account, depositary account, lock-box account or similar account in which any Collections are collected or deposited. 
  
 “Collection Account Agreement” means, in the case of any actual or proposed Collection Account, an
agreement with a Collection Bank in substantially the form of Exhibit V hereto or in such other form as may be approved by the Administrative Agent. 
  
 “Collection Bank” means, at any time, any of the banks or other financial institutions holding one or more Collection Accounts.

  
 “Collection Notice” means a notice, in
substantially the form of the Collection Notice contained in Exhibit V hereto, from the Administrative Agent to a Collection Bank. 
  
 “Collections” means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such Receivable,
including, without limitation, all cash proceeds of Related Security with respect to such Receivable. 
  
 “Commercial Paper” means promissory notes of a Conduit issued by such Conduit in the commercial paper market. 
  
 “Commitment” means, for each Committed Purchaser, the
commitment of such Committed Purchaser to purchase its Pro Rata Share of Receivable Interests offered to its Group from the Seller, such Pro Rata Share not to exceed, in the aggregate, the amount set forth 

  

 46 

 
opposite such Committed Purchaser’s name on the signature pages of this Agreement, as such amount may be modified in accordance with the terms hereof.

  
 “Committed Purchasers” means the Blue
Ridge Committed Purchasers and the Falcon Committed Purchasers. 
  
 “Concentration Limit” means: 
  
 (a) for any Obligor and its Affiliates considered as if they were one and the same Obligor, an amount equal to (i) 3.00%, multiplied by (ii) the aggregate Outstanding Balance of all Eligible Receivables at such time;

  
 (b) at any time, for all Government
Receivables, 5% of the aggregate Outstanding Balance of all Eligible Receivables at such time; and 
  
 (c) at any time when neither a Level I Trigger Event nor a Level II Trigger Event exists and is continuing, for that portion of the
Receivables representing Deferred Revenue, 15% of the aggregate Outstanding Balance of all Eligible Receivables at such time, and at any other time, for that portion of the Receivables representing Deferred Revenue, 0% of the aggregate Outstanding
Balance of all Eligible Receivables at such time; 
  
 provided,
however, that: 
  
 (i) the Concentration
Limit set forth in the preceding clause (c) will automatically become zero (A) at all times while any Labor Action is pending, and (B) immediately following the threat of any Labor Action and for so long as any of the Agents reasonably believe(s)
such threat is likely to be carried out, and 
  
 (ii) the Administrative Agent may from time to time designate other amounts (each, a “Special Concentration Limit”) for any Obligor or class of Receivables, it being understood and agreed that any of the Agents may,
upon not less than three Business Days’ notice to the Seller and the other Agents, cancel any Special Concentration Limit. 
  
 “CP Costs” means, for each day with respect to either Conduit, the sum of (i) discount accrued on such Conduit’s Pooled
Commercial Paper on such day, plus (ii) any and all accrued commissions in respect of such Conduit’s placement agents and Commercial Paper dealers, and issuing and paying agent fees incurred, in respect of such Pooled Commercial Paper for such
day, plus (iii) other costs associated with funding by such Conduit pf small or odd-lot amounts with respect to all receivable purchase facilities which are funded by such Conduit’s Pooled Commercial Paper for such day, minus (iv) any accrual
of income net of expenses received on such day from investment of collections received under all receivable purchase facilities funded substantially with Pooled Commercial Paper of such Conduit, minus (v) any payment received on such day net of
expenses in respect of Broken Funding Costs related to the prepayment of any Receivable Interest of such Conduit pursuant to the terms of any receivable purchase facilities funded substantially with Pooled Commercial Paper of such Conduit. In
addition to the foregoing costs, if Seller shall request any Incremental Purchase during any 

  

 47 

 
period of time determined by such Conduit’s Co-Agent in its sole discretion to result in incrementally higher CP Costs applicable to such Incremental
Purchase, such Conduit’s Capital associated with any such Incremental Purchase shall, during such period, be deemed to be funded by such Conduit in a special pool (which may include capital associated with other receivable purchase facilities)
for purposes of determining such additional CP Costs applicable only to such special pool and charged each day during such period against such Conduit’s Capital. 
  
 “Credit and Collection Policy” means the Seller’s credit and collection policies and practices
relating to Invoices and Receivables existing on the date hereof and summarized in Exhibit VI hereto, as modified from time to time in accordance with this Agreement. It is understood that the Credit and Collection Policy of the Seller in respect of
any Receivable shall be the credit and collection policies of the Originators thereof. To the extent any Originator shall not have comprehensively reduced to writing its credit and collection policies, the Credit and Collection Policy in respect of
Receivables originated by such Originator shall be those credit and collection policies of such Originator in effect on the date hereof and disclosed to the Agents on or prior to the date hereof. 
  
 “Days Outstanding” means, at any time: (a) one-half
of the sum of the beginning and ending Outstanding Balances of all Receivables during the Calculation Period most recently ended, multiplied by (b) the number of days in the Calculation Period most recently ended divided by the aggregate amount
payable pursuant to Invoices generated during the Calculation Period most recently ended. 
  
 “Deemed Collections” means the aggregate of all amounts the Seller shall have been deemed to have received as a Collection of a Receivable. The Seller shall be deemed to have received: (A) a
Collection of a Receivable in the amount of the reduction or cancellation if at any time the Outstanding Balance of any such Receivable is reduced or canceled either as a result of (x) any defective or rejected goods or services, any discount or any
adjustment or otherwise by Seller (other than cash Collections on account of the Receivables) or (y) any setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction),
and (B) a Collection in full of a Receivable if at any time any of the representations or warranties in Section 3.1 prove to have been untrue when made or deemed made with respect to any Receivable. The Seller hereby agrees to pay all Deemed
Collections immediately to the Servicer for application in accordance with the terms and conditions hereof. 
  
 “Default Rate” means the sum of (i) the Base Rate plus (ii) 2.0% per annum. 
  
 “Default Ratio” means, at any time, a fraction
(expressed as a percentage) having (a) a numerator equal to the sum of (i) the Outstanding Balance of all Receivables that remained outstanding 151 to 180 days after their respective initial invoice dates as of the last day of the Calculation Period
most recently ended, plus (ii) the aggregate Outstanding Balance of Receivables that were written off as uncollectible during the Calculation Period most recently ended that, if not so written off, would have been outstanding not more than 150 days
after their respective invoice dates, and (b) a denominator equal to the aggregate amount payable pursuant to Invoices generated five (5) Calculation Periods prior to the Calculation Period most recently ended. 
  

 48 

 “Defaulted Receivable” means a Receivable: (i) as to which any payment, or part
thereof, remains unpaid for 151 days or more from the original invoice date for such payment; (ii) as to which the Obligor thereof has taken any action, or suffered any event to occur, of the type described in Section 7.1(c) (as if references to the
Seller therein refer to such Obligor); (iii) as to which the Obligor thereof, if a natural person, is deceased; or (iv) which has been identified by the Seller as uncollectible. 
  
 “Deferred Revenue” means any Receivable which has been booked as an asset on the applicable
Originator’s balance sheet (prior to giving effect to any sale or contribution of such Receivable by such Originator to the Seller) but as to which delivery of the underlying goods has not yet been completed in accordance with the Invoice or
underlying purchase order. 
  
 “Delinquency
Ratio” means, as of the last day of any calendar month, a percentage equal to (i) the aggregate Outstanding Balance of all Receivables that are then Delinquent Receivables, divided by (ii) the aggregate Outstanding Balance of all
Receivables as of such date. 
  
 “Delinquent
Receivable” means a Receivable (other than a Defaulted Receivable) as to which any payment, or part thereof, remains unpaid for 121 days or more but less than 151 days from the original invoice date for such payment. 
  
 “Dilution Horizon Ratio” means, on any date of
determination: (i) the aggregate amount of Receivables generated during the Calculation Period then most recently ended, divided by (ii) the Net Receivables Balance on such date. 
  
 “Dilution Ratio” means, as of the last day of any calendar Calculation Period, a percentage equal to
(i) the aggregate amount of Dilutions which occurred during such Calculation Period, divided by (ii) the aggregate amount of Receivables generated by the Originators during the Calculation Period immediately prior to such Calculation Period.

  
 “Dilution Reserve” means, on
any date, an amount equal to (i) the Dilution Reserve Percentage, multiplied by (ii) the Net Receivables Balance as of the opening of business of the Servicer on such date. 
  
 “Dilution Reserve Percentage” means, on any date of determination, the greater of (i) the Dilution
Reserve Percentage Floor and (ii) the percentage determined pursuant to the following formula: 
  
 {(2.00 x ED) + [(DS - ED) x (DS/ED) ]} x DHR 
  
 where: 
  

			
	ED	  	 = the Expected Dilution on such date;

		
	DS	  	 = the Dilution Spike as of such date; and

		
	DHR	  	 = the Dilution Horizon Ratio on such date.

  

 49 

 “Dilution Reserve Percentage Floor” means 6%. 
  
 “Dilution Spike” means, on any date of determination,
the highest Dilution Ratio for any Calculation Period during the 12 Calculation Periods then most recently ended. 
  
 “Dilutions” means, at any time, the aggregate amount of reductions in or cancellations of the Outstanding Balances of the
Receivables described in clauses (A)(x) and (A)(y) of the definition of “Deemed Collections.” 
  
 “Discount” means for each respective Tranche Period relating to Receivable Interests of the Committed Purchasers, an amount equal
to the product of the applicable Discount Rate for each Receivable Interest multiplied by the Capital of such Receivable Interest for each day elapsed during such Tranche Period, annualized on a 360 day basis. 
  
 “Discount Rate” means the LIBOR Rate or the Base
Rate, as applicable, with respect to each Receivable Interest of the Committed Purchasers; provided that from and after the occurrence of a Servicer Default, the Discount Rate in respect of each Receivable Interest and Tranche Period
shall be the Base Rate. 
  
 “Discount
Reserve” means, on any date of determination, the amount determined pursuant to the following formula: 
  
 { (D + F) + [ (C x 1.5 x DR) x 2 x DSO ] } 
                                        
               360 
  
 where: 
  
 D = the accrued and unpaid Discount for all Receivable Interests of the Purchasers as of the date of determination; 
  
 F = the aggregate amount of accrued and unpaid Servicer Fees and other fees owing pursuant to the Fee Letter as of the date of
determination; 
  
 C = the aggregate Capital
outstanding as of the date of determination; 
  
 DR = the highest Discount Rate applicable on the date of determination; and 
  
 DSO = the Days Outstanding. 
  
 “Discount Reserve Percentage” means, on any date of determination, a percentage equal to (i) the Discount Reserve divided by (ii)
the Net Receivables Balance. 
  
 “Eligible
Receivable” means, at any time: 
  
 (i) a Receivable the Obligor of which (a) if a natural person, is a resident of the United States or, if a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof

  

 50 

 
and has its chief executive office in the United States, and (b) is not an Affiliate of any of the parties hereto, 
  
 (ii) a Receivable as to which no payment, or part thereof,
remains unpaid for 120 days or more from the original invoice date, and such Receivable is not a Defaulted Receivable, 
  
 (iii) a Receivable which arises under an Invoice that requires payment within 60 days after the original invoice date therefor and has not
had its payment terms extended, 
  
 (iv) a
Receivable which is an “account” within the meaning of Section 9-106 of the UCC of all applicable jurisdictions, 
  
 (v) a Receivable which is denominated and payable only in United States dollars in the United States, 
  
 (vi) a Receivable which arises under an Invoice in
substantially the form of one of the form invoices set forth on Exhibit VII hereto or otherwise approved by any Agent in writing, which, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding
obligation of the related Obligor enforceable by the Seller and its assignees against such Obligor in accordance with its terms, 
  
 (vii) a Receivable which arises under an Invoice which (a) does not require the Obligor under such Invoice to consent to the transfer,
sale or assignment of the rights and duties of the applicable Originator or any of its assignees under such Invoice and (b) is not subject to a confidentiality provision that would have the effect of restricting the ability of any Agent or any
Purchaser to exercise its rights under this Agreement, including, without limitation, its right to review the Invoice, 
  
 (viii) a Receivable which arises under an Invoice that contains an obligation to pay a specified sum of money, 
  
 (ix) a Receivable which is not subject to any right of
rescission, counterclaim, any other defense (including defenses arising out of violations of usury laws) of the applicable Obligor or Originator or any other Adverse Claim, 
  
 (x) a Receivable as to which (A) at any time while any Labor Action is pending or threatened, the applicable
Originator has satisfied and fully performed all obligations on its part with respect to such Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon
by the applicable Obligor, and (B) at any time while no such Labor Action is pending or threatened, a Receivable as to which the applicable Originator has commenced shipment of the underlying goods in accordance with the applicable Invoice or
purchase order and no further action is required to be performed by any Person with respect thereto other than the 

  

 51 

 
completion of shipment by such Originator and payment thereon by the applicable Obligor, 
  
 (xi) a Receivable all right, title and interest to and in which has been validly transferred by the
applicable Originator directly to the Seller under and in accordance with the Sale Agreement, and the Seller has good and marketable title thereto free and clear of any Adverse Claim, 
  
 (xii) a Receivable which, together with the Invoice related thereto, was created in compliance with each,
and does not breach any, law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy) and with respect to which no part of the Invoice related thereto is in violation of any such law, rule or regulation, 
  
 (xiii) a Receivable which satisfies all applicable requirements of the Credit and Collection Policy, 
  
 (xiv) a Receivable which was generated in the ordinary
course of the applicable Originator’s business in connection with the provision of shipping services for the applicable Obligor by such Originator, 
  
 (xv) that portion of a Receivable which arises solely from the sale of freight shipping and ancillary services to the related Obligor by
the applicable Originator (and not that portion which arises from the provision of services by an interline carrier), and such Originator shall have transferred such Receivable to the Seller, 
  
 (xvi) a Receivable as to which the Administrative Agent has
not notified the Seller that any Agent has determined that such Receivable or class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises under an Invoice that is not acceptable to
such Agent, and 
  
 (xvii) a Receivable the
Obligor of which is not the Obligor (or the Affiliate of an Obligor) in respect of Receivables of which more than 50% of the aggregate Outstanding Balance is more than 120 days past their respective invoice dates. 
  
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended from time to time. 
  
 “Expected Dilution” means, on any date of determination, the average of the Dilution Ratios for the 12 Calculation Periods then most recently ended 
  
 “Facility Account” means the Seller’s Account No. 55-66681 at Bank One. 
  

 52 

 “Falcon” has the meaning set forth in the preamble to this Agreement. 

 
 “Falcon Agent” has the meaning set forth in the
preamble to this Agreement. 
  
 “Falcon Committed
Purchaser” means Bank One in its individual capacity and its successors and assigns. 
  
 “Falcon Fee Letter” means the fee letter dated as of May 21, 2004 by and among the Administrative Agent, the Falcon Agent and the
Seller, as the same may be amended, restated or otherwise modified from time to time. 
  
 “Falcon Group” means, collectively, Blue Ridge, the Blue Ridge Agent and the Blue Ridge Committed Purchasers. 
  
 “Falcon Liquidity Agreement” means the liquidity asset purchase agreement dated as of May 21, 2004
by and among Falcon, the Falcon Agent and the Falcon Committed Purchasers, as the same may be amended, restated or otherwise modified from time to time. 
  
 “Federal Funds Effective Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period
equal to (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the preceding
Business Day) by the Federal Reserve Bank of New York in the Composite Closing Quotations for U.S. Governments Securities; or (ii) if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately
10:30 a.m. (Chicago time) for such day on such transactions received by the Reference Bank from three federal funds brokers of recognized standing selected by it. 
  
 “Fee Letter” means the Blue Ridge Fee Letter or the Falcon Fee Letter. 
  
 “Finance Charges” means, with respect to an Invoice,
any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Invoice. 
  
 “Funding Agreement” means, as to either Conduit, its Liquidity Agreement and any other agreement or instrument executed by any
Funding Source with or for the benefit of such Conduit. 
  
 “Funding Source” means, as to either Conduit, (i) any of its Committed Purchasers or (ii) any insurance company, bank or other financial institution providing liquidity, credit enhancement or back-up purchase support
or facilities to such Conduit. 
  
 “Government
Receivable” means a Receivable as to which the Obligor is the United States federal government, any political subdivision thereof, or any agency of the foregoing. 
  
 “Group” means the Blue Ridge Group or the Falcon Group. 
  

 53 

 “Incremental Purchase” means a purchase of one or more Receivable Interests which
increases the total outstanding Capital hereunder. 
  
 “Intended Characterization” means, for income tax purposes, the characterization of the acquisition by the Purchasers of Receivable Interests as a loan or loans by the Purchasers to the Seller secured by the
Receivables, the Related Security, the Collection Accounts and the Collections. 
  
 “Invoice” means, collectively, with respect to any Receivable, any and all instruments, bills of lading, invoices or other writings which evidence such Receivable or the goods underlying such
Receivable. 
  
 “Labor Actions” has the
meaning set forth in Section 5.1(b)(vi). 
  
 “Level I
Trigger Event” means the failure of Yellow Roadway Corporation to maintain a Total Leverage Ratio (as defined in the Yellow Credit Agreement as in effect on December 11, 2003) or a Consolidated Interest Coverage Ratio (as defined in the
Yellow Credit Agreement as in effect on December 11, 2003) as set forth in the table below: 
  

			
	 TOTAL LEVERAGE RATIO

	 	 CONSOLIDATED INTEREST COVERAGE RATIO

		
	 < 3.25 : 1.00 at any time between and including 12/11/03 and
 12/31/04
	 	 > 4.50 : 1.00 for the Test Period (as defined in the Yellow
 Credit Agreement as in effect on 12/11/03) ending 12/31/03 or for any Test Period during the fiscal year ending 12/31/04

		
	< 2.75 : 1.00 at any time during the fiscal year ending 12/31/05	 	 > 4.75 : 1.00 for any Test Period thereafter

		
	< 2.50 : 1.00 at any time thereafter	 	 

  
 “Level II
Trigger Event” means the failure of Yellow Roadway Corporation to maintain a Total Leverage Ratio (as defined in the Yellow Credit Agreement as in effect on December 11, 2003) or a Consolidated Interest Coverage Ratio (as defined in the
Yellow Credit Agreement as in effect on December 11, 2003) as set forth in the table below. 
  

			
	 TOTAL LEVERAGE RATIO

	 	 CONSOLIDATED INTEREST COVERAGE RATIO

		
	 < 4.00 : 1.00 at any time between and including 12/11/03 and
 12/31/04
	 	> 3.75 : 1.00 for the Test Period ending 12/31/03 or for any Test Period during the fiscal year ending 12/31/04
		
	< 3.50 : 1.00 at any time during the fiscal year ending 12/31/05	 	 > 4.00 : 1.00 for any Test Period thereafter

		
	< 3.25 : 1.00 at any time thereafter	 	 

  

 54 

 “LIBOR Rate” means the rate per annum equal to the sum of (i)(a) the rate at
which deposits in U.S. Dollars are offered by the Reference Bank to first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the relevant Tranche Period, such deposits
being in the approximate amount of the Capital of the Receivable Interest to be funded or maintained, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Tranche Period plus (ii) the Applicable Margin for
“Revolving Loans” maintained as “Eurodollar Loans” (in each case, as defined in the Yellow Credit Agreement). The LIBOR Rate shall be rounded, if necessary, to the next higher 1/16 of 1%. 
  
 “Liquidity Agreement” means the Blue Ridge Liquidity
Agreement or the Falcon Liquidity Agreement. 
  
 “Liquidity Termination Date” means May 20, 2005 (or if such date is not a Business Day, the next preceding Business Day). 
  
 “Loss Reserve Percentage” means, on any date of determination, the greater of (i) 12.0%, and (ii) the percentage equal to (a)
2.00, multiplied by (b) the highest of the past twelve rolling 3-Calculation Period average Default Ratios, multiplied by (c) a fraction having a numerator equal to the aggregate amount of Receivables generated during the preceding 4 Calculation
Periods and denominator equal to the Net Receivables Balance on the date of determination. 
  
 “Mandatory Reduction Amount” has the meaning set forth in Section 1.5.6. 
  
 “Material Adverse Effect” means a material adverse effect on (i) the financial condition, business or operations of the Seller or
any Originator, (ii) the ability of the Seller or any Originator to perform its obligations under any Transaction Document, (iii) the legality, validity or enforceability of this Agreement, any Transaction Document or any Collection Account
Agreement or Collection Notice relating to a Collection Account into which a material portion of Collections are deposited, (iv) the Seller’s or any Purchaser’s interest in the Receivables generally or in any significant portion of the
Receivables, the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion of the Receivables. 
  
 “Monthly Report” means a report, in substantially the form of Exhibit VIII hereto (appropriately
completed), furnished by the Servicer to the Agents pursuant to Section 6.5. 
  
 “Net Receivables Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time, reduced by the aggregate amount by which the Outstanding Balance of all
Eligible Receivables of each Obligor and its Affiliates exceeds the Concentration Limit for such Obligor. 
  

 55 

 “New Concentration Account” has the meaning set forth in Section 5.1(l).

  
 “Obligations” shall have the meaning
set forth in Section 1.5.1. 
  
 “Obligor”
means a Person obligated to make payments pursuant to an Invoice. 
  
 “Originator” means either of (a) Yellow Transportation, Inc., an Indiana corporation, or (b) Roadway Express, Inc., a Delaware corporation. 
  
 “Outstanding Balance” of any Receivable at any time means the then outstanding principal balance
thereof, and shall exclude any interest or finance charges thereon, without regard to whether any of the same shall have been capitalized. 
  
 “Percentage” means 66.66666667% for the Falcon Group and 33.33333333% for the Blue Ridge Group. 
  
 “Person” means an individual, partnership,
corporation, limited liability company, association, trust, or any other entity, or organization, including a government or political subdivision or agent or instrumentality thereof. 
  
 “Pooled Commercial Paper” means Commercial Paper notes of a Conduit subject to any particular
pooling arrangement by such Conduit, but excluding Commercial Paper issued by a Conduit for a tenor and in an amount specifically requested by any Person in connection with any agreement effected by such Conduit. 
  
 “Potential Servicer Default” means an event which,
with the passage of time or the giving of notice, or both, would constitute a Servicer Default. 
  
 “Pro Rata Share” means, for each Committed Purchaser, the Commitment of such Committed Purchaser divided by its Group’s
Percentage of the Purchase Limit, adjusted as necessary to give affect to the application of the terms of Section 2.5. 
  
 “Purchase” means an Incremental Purchase or a Reinvestment. 
  
 “Purchase Limit” means the aggregate of the Commitments of the Committed Purchasers hereunder (which
aggregate amount is $300,000,000 as of the date of this Agreement). 
  
 “Purchase Price” means, with respect to any Incremental Purchase, the least of: 
  
 (a) the amount of Capital requested by the Seller in the applicable Purchase Notice, 
  
 (b) the remaining unused portion of the Purchase Limit on
the applicable purchase date, and 
  
 (c) the
maximum amount by which the aggregate outstanding Capital could be increased such that after giving effect to such increase in Capital, the Net 

  

 56 

 
Receivables Balance will equal or exceed the product of (i) the sum of 100% plus the Aggregate Reserve Percentage, times (ii) the aggregate outstanding
Capital after giving effect to such Incremental Purchase. 
  
 “Purchaser” means a Conduit or a Committed Purchaser, as applicable. 
  
 “Receivable” means the indebtedness and other obligations owed (at the time it arises, and before giving effect to any transfer or
conveyance contemplated under the Sale Agreement or hereunder) to an Originator, whether constituting an account, chattel paper, instrument or general intangible, arising in connection with the provision of freight shipping and ancillary services by
such Originator and includes, without limitation, the obligation to pay any Finance Charges with respect thereto. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other
rights and obligations represented by an individual Invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction. 
  
 “Receivable Interest” means, at any time, an
undivided percentage ownership interest associated with a designated amount of Capital selected pursuant to the terms and conditions hereof in (i) each Receivable arising prior to the time of the most recent computation or recomputation of such
undivided interest, (ii) all Related Security with respect to each such Receivable, and (iii) all Collections with respect to, and other proceeds of, each such Receivable. Such undivided percentage interest shall equal: 
  
                     C                  
   
 NRB - (ARP x NRB) 
  
 where: 
  

			
	C	  	 = the Capital of such Receivable Interest.

		
	ARP	  	 = the Aggregate Reserve Percentage.

		
	NRB	  	 = the Net Receivables Balance.

  
 Such undivided percentage ownership
interest shall be initially computed on its date of purchase. Thereafter, until the Amortization Date, each Receivable Interest shall be automatically recomputed (or deemed to be recomputed) on each day prior to the Amortization Date. The variable
percentage represented by any Receivable Interest as computed (or deemed recomputed) as of the close of the business day immediately preceding the Amortization Date shall remain constant at all times thereafter. 
  
 “Records” means, with respect to any Receivable, all
Invoices and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related
Security therefor and the related Obligor. 
  
 “Reduction Notice” has the meaning set forth in Section 1.3. 
  
 “Reference Bank” means, with respect to each Group at any time, the bank that is then acting as its Co-Agent. 
  

 57 

 “Reinvestment” has the meaning set forth in Section 1.5.2. 
  
 “Related Security” means, with respect to any
Receivable: 
  
 (i) all of the Seller’s
interest in the goods, the shipment of which gave rise to such Receivable, and any and all insurance contracts with respect thereto, 
  
 (ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such
Receivable, whether pursuant to the Invoice related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 
  
 (iii) all guaranties, insurance and other agreements or
arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Invoice related to such Receivable or otherwise, 
  
 (iv) all Records related to such Receivables, 
  
 (v) all of the Seller’s right, title and interest in, to and under the Sale Agreement and each bill of
lading, instrument, document or agreement executed in connection therewith in favor of or otherwise for the benefit of the Seller; and 
  
 (vi) all proceeds of any of the foregoing. 
  
 “Required Notice Period” means the number of days required notice set forth below applicable to the Aggregate Reduction indicated
below: 
  

			
	 Aggregate Reduction

	 	 Required Notice Period

	 < or = $100,000,000
	 	two Business Days
	 > $100,000,000
	 	five Business Days

  
 “Reserve
Requirement” means the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed against the Reference Bank in respect of Eurocurrency liabilities, as defined in Regulation D
of the Board of Governors of the Federal Reserve System as in effect from time to time. 
  
 “Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of capital stock of the Seller now or hereafter outstanding,
except a dividend payable solely in shares of that class of stock or in any junior class of stock to an Originator, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any
shares of any class of capital stock of the Seller now or hereafter outstanding, (iii) any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement,
defeasance, sinking fund or similar payment and any claim for rescission with respect to the Indebtedness evidenced by the Subordinated Note (as defined in the Sale 

  

 58 

 
Agreement), (iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights
to acquire shares of any class of capital stock of the Seller now or hereafter outstanding, and (v) any payment of management fees by the Seller. 
  
 “Sale Agreement” means that certain Receivables Sale Agreement of even date herewith between the Seller, as purchaser, and the
Originators, as sellers, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
  
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced. 
  
 “Seller” has the meaning set forth in the preamble to
this Agreement. 
  
 “Servicer” means at
any time the Person (which may be one of the Agents) then authorized pursuant to Article VI to service, administer and collect Receivables. 
  
 “Servicer Default” has the meaning specified in Article VII. 
  
 “Servicer Fee” has the meaning specified in Section 1.9. 
  
 “Servicer Fee Reserve” means, on any date, an amount
determined pursuant to the following formula: 
  
 SFP x NRB x 2
x DSO 
                     360

  
 where: 
  
 SFP = the Servicer Fee Percentage as of the date of determination;

  
 NRB = the Net Receivables Balance as of the opening of
business of the Servicer on such date; and 
  
 DSO = the Days
Outstanding on such date of determination. 
  
 “Servicer Fee Percentage” means 2% or such other percentage as may be agreed upon between the Administrative Agent and the Servicer as an arms-length rate for the Servicer Fee. 
  
 “Settlement Date” means (A) except during an
Asynchronous Accounting Period, the 20th day of each month (or, if any such day is not a Business Day, the next succeeding Business Day), (B) during an Asynchronous Accounting Period, the 24th day of the month following the last day of each such
period (or, if any such day is not a Business Day, the next succeeding Business Day), and (C) the last day of the relevant Tranche Period in respect of each Receivable Interest of the Committed Purchasers. 
  
 “Settlement Period” means (A) in respect of each
Receivable Interest of a Conduit, the immediately preceding Accrual Period, and (B) in respect of each Receivable 

  

 59 

 
Interest of either Group’s Committed Purchasers, the entire Tranche Period of such Receivable Interest. 
  
 “Subsidiary” of a Person means (i) any corporation
more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.
Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Seller. 
  
 “Terminating Tranche” has the meaning set forth in Section 1.7.3(b). 
  
 “Tranche Period” means, with respect to any
Receivable Interest held by a Committed Purchaser: 
  
 (a) if Discount for such Receivable Interest is calculated on the basis of the LIBOR Rate, a period of one, two, three or six months, or such other period as may be mutually agreeable to the applicable Co-Agent and Seller, commencing on a
Business Day selected by Seller or the applicable Co-Agent pursuant to this Agreement. Such Tranche Period shall end on the day in the applicable succeeding calendar month which corresponds numerically to the beginning day of such Tranche Period,
provided, however, that if there is no such numerically corresponding day in such succeeding month, such Tranche Period shall end on the last Business Day of such succeeding month; or 
  
 (b) if Discount for such Receivable Interest is calculated on the basis of the Base Rate, a period
commencing on a Business Day selected by Seller and agreed to by the applicable Co-Agent, provided no such period shall exceed one month. 
  
 If any Tranche Period would end on a day which is not a Business Day, such Tranche Period shall end on the next succeeding Business Day, provided, however,
that in the case of Tranche Periods corresponding to the LIBOR Rate, if such next succeeding Business Day falls in a new month, such Tranche Period shall end on the immediately preceding Business Day. In the case of any Tranche Period for any
Receivable Interest of which commences before the Amortization Date and would otherwise end on a date occurring after the Amortization Date, such Tranche Period shall end on the Amortization Date. The duration of each Tranche Period which commences
after the Amortization Date shall be of such duration as selected by the applicable Co-Agent. 
  
 “Transaction Documents” means, collectively, this Agreement, the Sale Agreement, the Fee Letters, the Liquidity Agreements, each Collections Notice and all other instruments, documents and
agreements executed and delivered by the Seller or any Originator in connection herewith. 
  

 60 

 “UCC” means the Uniform Commercial Code as from time to time in effect in the
specified jurisdiction. 
  
 “Wachovia” has
the meaning set forth in the preamble to this Agreement. 
  
 “Yellow Credit Agreement” has the meaning set forth in Section 7.1(h) of this Agreement. 
  
 All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles. All terms used in
Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
  

 61 

 EXHIBIT II 
 CHIEF EXECUTIVE OFFICE OF THE SELLER; LOCATIONS OF RECORDS; 
 FEDERAL EMPLOYER IDENTIFICATION NUMBER
AND ORGANIZATIONAL 
 IDENTIFICATION NUMBER 
  

Chief Executive Office: 
  
 10990 Roe Avenue 
 Overland Park, KS 66211

  
 Location of Records: 
  
 10990 Roe Avenue 
 Overland Park, KS 66211 
  
 Federal Employer Identification Number: 
  

			
	 Yellow Roadway Receivables Funding Corporation:
	 	71-0966967

  
 Organizational Identification Number
(Delaware): 
  

			
	 Yellow Roadway Receivables Funding Corporation:
	 	3794014

  
 Trade Names and Assumed Names:

  
 None (other than its corporate name, Yellow Roadway
Receivables Funding Corporation) 
  

 62 

 EXHIBIT III 
 LOCKBOXES; COLLECTION ACCOUNTS; 
 CONCENTRATION ACCOUNTS; AND DEPOSITARY ACCOUNTS 
  

							
	 TYPE OF ACCT.

	  	 ACCOUNT #

	  	 BANK NAME

	  	 CITY, STATE

	YELLOW TRANSPORTATION, INC.	  	 	  	 
	 (f/k/a YELLOW FREIGHT SYSTEM, INC.)
	  	 	  	 
				
	 Concentration
	  	3750962424	  	Bank of America	  	Dallas, TX

  
 YELLOW ROADWAY RECEIVABLES FUNDING
CORPORATION, INC. 
  

	•	CHANGED FROM ROADWAY FUNDING, INC. 

  

							
	 Concentration / Lockbox
	  	 11-02227
	  	 Bank One
	  	 Chicago, IL

  
 YELLOW ROADWAY RECEIVABLES FUNDING
CORPORATION, INC. 
  

	•	CHANGED FROM ROADWAY EXPRESS, INC. 

  

							
	 ACH/Electronic Deposits
	  	 872035497
	  	 Bank One
	  	 Columbus, Ohio

	 Merchant Card
	  	100160594	  	Bank One	  	Columbus,

  
 YELLOW ROADWAY RECEIVABLES FUNDING
CORPORATION, INC. 
  

	•	CHANGED FROM YELLOW RECEIVABLES CORPORATION 

  

							
	 Driver Collect
	  	3750967393	  	Bank of America	  	Dallas, TX 
	 Concentration / Lockbox
	  	3751433761	  	Bank of America	  	Dallas, TX 
	 Concentration / Lockbox
	  	55-03450     	  	Bank One	  	Chicago, IL
	 ACH & Electronic 820 Test
	  	10-54816     	  	Bank One	  	Chicago, IL
				
	 ACCOUNT CLOSED

	  	 	  	 	  	 
	 Collection
	  	3750962356	  	Bank of America	  	Dallas, TX

  

 63 

 EXHIBIT IV 
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	Bank One, NA (Main Office Chicago), as Falcon Agent and as Administrative Agent Wachovia Bank, National Association, as Blue Ridge Agent 

  
 This Compliance Certificate is furnished pursuant to that certain Receivables
Purchase Agreement dated as of May 21, 2004, among Yellow Roadway Receivables Funding Corporation (the “Seller”), the Purchasers party thereto, Wachovia Bank, National Association, as Blue Ridge Agent, and Bank One, NA (Main
Office Chicago), as Falcon Agent and as Administrative Agent (the “Agreement”). 
  
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 
  
 1. I am the duly elected                  of the Seller; 
  
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and
conditions of the Seller and its Subsidiaries during the accounting period covered by the attached financial statements; 
  
 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a
Servicer Default or Potential Servicer Default, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[, except as set forth
below. 
  
 Described below are the exceptions, if any, to paragraph 3 by listing,
in detail, the nature of the condition or event, the period during which it has existed and the action which the Seller has taken, is taking, or proposes to take with respect to each such condition or event:] 
  
 The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this              day of
                        . 
  

 64 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 
  
 Schedule of Compliance with Section 7.1(i) of the Agreement. Unless otherwise defined herein, the terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement. 
  
 This schedule relates to the month ended:                      
  

 65 

 EXHIBIT V 
 FORM OF COLLECTION ACCOUNT AGREEMENT 
  
 COLLECTION ACCOUNT AGREEMENT 
  
 May 21, 2004 
  
 Bank One, NA 
 1 Bank One Plaza 
 Chicago, IL 60670 
 Attention: Cheryl M. Bell 
  

	 	Re:	Yellow Roadway Receivables Funding Corporation 

  
 Ladies and Gentlemen: 
  
 You have exclusive control of the P.O. Boxes (each a “Lock-Box” and collectively, the “Lock-Boxes”) and accounts (each an
“Existing Account” and collectively, the “Existing Accounts”) listed in Exhibit I for the purpose of receiving mail and/or processing payments pursuant to that certain lock-box services agreement (the “Agreement”) dated
June 1, 1994 between you and                      (the “Customer”). You hereby confirm your agreement to perform the services
described therein. Among the services you have agreed to perform therein is to endorse all checks and other evidences of payment, and credit such payments to an Existing Account maintained with you in the name of the Customer. 
  
 We understand that Bank One, NA (as the “Collection
Bank”) and Bank One National Processing Corporation (“BONPC”) work together to provide services with respect to the Lock-Boxes. All references herein to “you” and “your” shall mean the Collection Bank and BONPC, as
applicable. 
  
 Customer hereby transfers and assigns all of
its right, title and interest in and to, and exclusive ownership and control over, the Lock-Boxes to Yellow Roadway Receivables Funding Corporation (“Seller”). Customer and Seller hereby request that from and after May 21, 2004, the
Existing Accounts be re-titled in the name of Seller (so retitled, the “Collection Accounts”) for the purposes of that certain Receivables Purchase Agreement (the “Receivables Purchase Agreement”) dated as of May
21, 2004 among Seller, as seller, Falcon Asset Securitization Corporation, as a conduit, Blue Ridge Asset Funding Corporation, as a conduit, the financial institutions from time to time a party thereto, as committed purchasers, and Bank One, NA, as
administrative agent (the “Agent”). 
  
 Customer and
Seller hereby irrevocably instruct you, and you hereby agree, that from the date hereof, you shall comply with instructions originated by the Agent, directing disposition of the funds in the Collection Accounts without further consent of the
Customer or Seller. The Agent hereby authorizes you to take instructions from the Seller, on behalf of the Agent, with respect to 

  

 66 

 
the funds delivered to the Lock-Boxes and/or on deposit in the Collection Accounts until such time as you receive notice from the Agent in the form attached
hereto as Annex A. 
  
 We hereby irrevocably instruct you, and you
hereby agree, that upon receiving notice from the Agent in the form attached hereto as Annex A: (i) the name of the Collection Accounts will be changed to “Bank One, NA, for itself and as agent” (or any designee of Bank One) and the Agent
will have exclusive ownership of and access to such Collection Accounts, and neither we nor any of our affiliates will have any control of such Collection Accounts or any access thereto, (ii) you will either continue to send the funds from the
Lock-Boxes to the Collection Accounts, or will redirect the funds as the Agent may otherwise request, (iii) you will transfer monies on deposit in the Collection Accounts, at any time, as directed by the Agent, (iv) all services to be performed by
you under the Agreement will be performed on behalf of the Agent, and (v) all correspondence or other mail which you have agreed to send us will be sent to the Agent at the following address: 
  
 Bank One, NA, as Agent 
 Mail Code IL1-1729 
 1 Bank One Plaza

 Chicago, Illinois 60670 
 Attention: Asset-Backed Finance 
  
 Moreover, upon such
notice, the Agent will have all rights and remedies given to Customer or Seller under the Agreement. Each of Customer and Seller agrees, however, to continue to pay all fees and other assessments due thereunder at any time. 
  
 You hereby acknowledge that monies deposited in the Collection Accounts or
any other account established with you by the Agent for the purpose of receiving funds from the Lock-Boxes are subject to the liens of the Agent for itself and as agent under the Receivables Purchase Agreement, and will not be subject to deduction,
set-off, banker’s lien or any other right you or any other party may have against Customer or Seller, except that you may debit the Collection Accounts for any items deposited therein that are returned or otherwise not collected and for all
charges, fees, commissions and expenses incurred by you in providing services hereunder, all in accordance with your customary practices for the charge back of returned items and expenses. 
  
 You hereby agree that (i) you are a “bank” within the meaning of
Section 9-102 of the Uniform Commercial Code as is in effect in the State of Illinois (the “UCC”), (ii) the Collection Accounts constitute “deposit accounts” within the meaning of Section 9-102 of the UCC and (iii) this letter
agreement shall constitute an “authenticated record” for purposes of Section 9-104 of the UCC. The Customer and Seller hereby grant to and confer upon the Agent “control” of the Lock-Boxes and Collection Accounts as contemplated
in Section 9-104 (and similar and related provisions) of the UCC. 
  
 You will be liable only for direct damages in the event you fail to exercise ordinary care. You shall be deemed to have exercised ordinary care if your action or failure to act is in conformity with general banking usages or is otherwise a
commercially reasonable practice of the banking industry. You shall not be liable for any special, indirect or consequential damages, even if you have been advised of the possibility of these damages. You will not be liable for any failure to
perform your obligations when the failure arises out of causes beyond your control, 

  

 67 

 
including, without limitation, an act of a governmental regulatory/authority, an act of God, accident, equipment failure, labor disputes or system failure,
provided you have exercised such diligence as the circumstances require. 
  
 Nothing in this Agreement, unless otherwise agreed in writing, or any course of dealing between you, the Customer, the Seller or the Agent, commits or obligates you to extend any overdraft or other credit to the
Customer, the Seller or the Agent. 
  
 You or the Agent, upon
thirty (30) days notice to the other parties, may terminate this Agreement. Any claim or cause of action of any party against any other relating to this Agreement which existed at the time such termination becomes effective shall survive the
termination. All mail received after the date specified in such notice of termination (the “Termination Date”) shall be returned by you to the Agent by first class mail or such other means mutually agreeable to you and the Agent, and all
funds received in the Collection Accounts after the Termination Date shall be sent by you to an account specified by the Agent. Notwithstanding the foregoing, you acknowledge that monies deposited in the Collection Accounts after the Termination
Date shall continue to be subject to the liens of the Agent for itself and as agent under the Receivables Purchase Agreement, and will not be subject to deduction, set-off, banker’s lien or any other right you or any other party may have
against Customer or Seller, except as otherwise provided in this letter agreement. 
  
 The Customer and Seller agree to indemnify you for, and hold you harmless from, all claims, damages, losses, liabilities and expenses, including legal fees and expenses, resulting from or with respect to this
Agreement and the administration and maintenance of the Collection Accounts and the services provided hereunder, including, without limitation: (a) any action taken, or not taken, by you in regard thereto in accordance with the terms of this
Agreement, (b) the breach of any representation or warranty made by the Seller pursuant to this Agreement, (c) any item, including, without limitation, any automated clearinghouse transaction, which is returned for any reason, and (d) any failure of
the Seller to pay any invoice or charge to you for services in respect to this Agreement and the Collection Accounts or any amount owing to you from the Customer with respect thereto or to the service provided hereunder. 
  
 The parties acknowledge that you may assign or transfer your rights and
obligations hereunder to a wholly-owned subsidiary of Bank One Corporation. 
  
 This letter agreement and the rights and obligations of the parties hereunder will be governed by and construed and interpreted in accordance with the laws of the State of Illinois. This letter agreement may be
executed in any number of counterparts and all of such counterparts taken together will be deemed to constitute one and the same instrument. 
  
 This letter agreement contains the entire agreement between the parties, and may not be altered, modified, terminated or amended in any respect, nor may
any right, power or privilege of any party hereunder be waived or released or discharged, except upon execution by all parties hereto of a written instrument so providing. In the event that any provision in this letter agreement is in conflict with,
or inconsistent with, any provision of the Agreement, this letter agreement will exclusively govern and control. Each party agrees to take all actions 

  

 68 

 
reasonably requested by any other party to carry out the purposes of this letter agreement or to preserve and protect the rights of each party hereunder.

  
 Please indicate your agreement to the terms of this letter
agreement by signing in the space provided below. This letter agreement will become effective immediately upon execution of a counterpart of this letter agreement by all parties hereto. 
  

			
	 Very truly yours,

	
	 
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 YELLOW ROADWAY RECEIVABLES
 FUNDING CORPORATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 Acknowledged and agreed to
 this          day of May, 2004:

	
	 BANK ONE, NA as Collection Bank

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 BANK ONE, NA (MAIN OFFICE CHICAGO),
 as Agent

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 69 

 EXHIBIT I 
  

LOCK-BOXES AND ACCOUNTS 
  

			
	 Lock-Boxes

	 	 Accounts

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

 70 

 ANNEX A 
 FORM OF COLLECTION NOTICE 
  
 [ON LETTERHEAD OF THE AGENT] 
  
 [DATE] 
  
 [Collection Bank Name and Address] 
  
 Attention:                         

  

	 	Re:	[Seller] 

  
 Ladies and Gentlemen: 
  
 We
hereby notify you that we are exercising our rights pursuant to that certain letter agreement among [Customer], [Seller], you and us, to have the name of, and to have exclusive ownership and control of, the accounts numbered
                     (the “Collection Accounts”) maintained with you, transferred to
“                                    , as Agent.”
[The Collection Account will henceforth be a zero-balance account, and funds deposited in the Collection Account should be sent at the end of each day to
                        ]. You have further agreed to perform all other services you are performing under that certain
agreement dated                  between you and [Customer] on our behalf. 
  
 We appreciate your cooperation in this matter. 
  

			
	 Very truly yours,

	
	 BANK ONE, NA, as Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 71 

 EXHIBIT VI 
 CREDIT AND COLLECTION POLICY 
  
 [See Exhibit IV to the Receivables Sale Agreement] 
  

 72 

 EXHIBIT VII 
 FORM OF INVOICE(S) 
  
 [attached] 
  

 73 

 EXHIBIT VIII 
 FORM OF MONTHLY REPORT 
  
 Yellow Roadway Receivables Funding Corporation 
  

									
	 A.
	  	MONTHLY ACTIVITY	  	 	  	 	  	 
					
	 	  	 a.      Beginning Receivables Balance (Ending Receivables Balance from the previous period)
	  	 	  	 	  	 
					
	 	  	 b.      New Invoices (Gross Sales)
	  	 	  	 	  	 
					
	 	  	 c.      Cash Collections from Entire Portfolio
	  	 	  	 	  	 
					
	 	  	 d.      Total Dilution
	  	 	  	 	  	 
					
	 	  	 e.      Write-offs
	  	 	  	 	  	 
					
	 	  	 f.       Other adjustments
	  	 	  	 	  	 
					
	 	  	 g.      Ending Receivables Balance (a+b-c-d-e-f)
	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 
					
	 	  	 h.      Number of Days in the Month
	  	 	  	 	  	 
					
	 B.
	  	ELIGIBLE RECEIVABLES	  	 	  	 	  	 
					
	 	  	 a.      Accounts with over 50% of unpaid balances > 121 days past date of invoice
	  	 	  	 	  	 
					
	 	  	 b.      Due from foreign obligors
	  	 	  	 	  	 
					
	 	  	 c.      Non-US Dollar denominated receivables
	  	 	  	 	  	 
					
	 	  	 d.      Off - Bill Discounts
	  	 	  	 	  	 
					
	 	  	 e.      Overcharge Claims
	  	 	  	 	  	 
					
	 	  	 f.       Cargo Claims
	  	 	  	 	  	 
					
	 	  	 g.      Unapplied Cash
	  	 	  	 	  	 
					
	 	  	 h.      Due to Interlines
	  	 	  	 	  	 
					
	 	  	 i.       Inter-company Receivables
	  	 	  	 	  	 
					
	 	  	 j.       Receivables not already excluded > 121 days from date of invoice
	  	 	  	 	  	 
					
	 	  	 k.      Current Receivables in Collection Dept
	  	 	  	 	  	 
					
	 	  	 l.       Receivables with right of set-off (memo)
	  	 	  	 	  	 
					
	 	  	 m.     Contra Balances (Potential Offsets: Lesser of Receivable or Payable)
	  	 	  	 	  	 
					
	 	  	 n.      Miscellaneous
	  	 	  	 	  	 
					
	 	  	 o.      Subtotal
	  	 	  	 	  	 
					
	 	  	 p.      Eligible Receivables (A.h - B.o)
	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 
					
	C.	  	NET RECEIVABLES BALANCE	  	 Outstandings

	  	 Excess

	  	 
					
	 	  	 a.      U.S. Government (not to exceed 5% of B.p)
	  	 	  	 	  	 
					
	 	  	 b.      Top Ten Obligors (no obligor to exceed 3% of B.p)
	  	 	  	 	  	 
	 	  	 1
	  	 	  	 	  	 
	 	  	 2
	  	 	  	 	  	 
	 	  	 3
	  	 	  	 	  	 
	 	  	 4
	  	 	  	 	  	 
	 	  	 5
	  	 	  	 	  	 
	 	  	 6
	  	 	  	 	  	 
	 	  	 7
	  	 	  	 	  	 
	 	  	 8
	  	 	  	 	  	 
	 	  	 9
	  	 	  	 	  	 
	 	  	 10
	  	 	  	 	  	 
					
	 	  	 Total Excess Concentration
	  	 	  	 	  	 
					
	 	  	 c.      Proportional Deferred Revenue (not to exceed 15% of Eligible Receivables)
	  	 Outstandings

	  	 Excess

	  	 
					
	 	  	 d.      Net Receivables Balance (B.p - C.a - C.b - C.c)
	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 

  

 74 

													
	 D.
	  	SERVICER FEE RESERVE	  	 	  	 	  	 	  	 	  	 
							
	 	  	 a.      Servicer Percentage
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 b.      Days Outstanding ((A.a + A.g)/2 x A.h/A.b)
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 c.      Servicer Fee Reserve Percentage (a x b x 2 /360)
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

							
	 E.
	  	DISCOUNT RESERVE	  	 	  	 	  	 	  	 	  	 
							
	 	  	 a.      Accrued and Unpaid Discount
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 b.      Accrued and Unpaid Fees Pursuant to the Fee Letter and Servicer Fees
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 c.      Capital outstanding at Month End
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 d.      Highest Discount Rate on a Receivable Interest
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 e.      Days Outstanding (See D.b)
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 f.       Discount Reserve ((a + b +(c x 1.5 x d x 2 x e)/360)
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 g.      Discount Reserve Percentage (f/C.d)
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

							
	 F.
	  	DILUTION RESERVE Dilution	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	Dilution

	  	Sales 1
Mo Prior

	  	Dilution
Ratio

	  	 	  	 
							
	 	  	 a.      Dilution Ratio is Dilution over Sales 1 Month Prior
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 b.      Expected Dilution = Average of last 12 Dilution Ratios
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 c.      Dilution Spike is Highest of the last 12 Dilution Ratios
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 d.      Sales of Current Month
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 e.      Dynamic Dilution Reserve Percentage {[((2.00 x b) + (c - b) x (c/b)) x d]/C.d}
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 f.       Dilution Reserve Percentage Floor
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 g.      Dilution Reserve Percentage
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

							
	 G.
	  	LOSS RESERVE	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	151 -180
Days Old

	  	Write-Offs

	  	 Sales 5
 Mos Prior

	  	Default
Ratio

	  	

							
	 	  	 a.      Default Ratio is Receivables 151 - 180 days old plus Write-offs of less than 151 days old
over
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 b.      Highest of past 12 3-Month Rolling Average Default Ratios
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 c.      Sales for most recent 4 Months
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 d.      Dynamic Loss Reserve Percentage ((2.00 x b x c)/C.d)
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 e.      Loss Reserve Percentage Floor
	  	 	  	 	  	 	  	 	  	 
							
	 	  	 f.       Loss Reserve Percentage
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

							
	 H.
	  	AGGREGATE RESERVE PERCENTAGE	  	 	  	 	  	 	  	 	  	 
							
	 	  	 a.      Sum of all Reserve % (D.c + E.g + F.g + G.f)
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

  

 75 

												
	I.	  	DELINQUENCY RATIO	  	121 -150
Days Old

	  	Total Rec.
Balance

	  	Delinquency
Ratio

	 	 	 
						
	 	  	 Current Month
 1 Month Ago
 2 Months Ago
 a.      Average for most Recent 3 Months
	  	 	  	 	  	 	 	 	 
						
	J.	  	SERVICER DEFAULT TRIGGERS	  	 	  	Current

	  	Trigger

	 	 	Default?

						
	 	  	 a.      3-Month Average Delinquency Ratio (See I.a)
 b.      3-Month Average Dilution Ratio (See Combined)
 c.      3-Month Average Default Ratio (See Combined)
 d.      Aggregate Receivables Interest ((E.c/(C.d-H.c x C.d))
	  	 	  	 	  	2.50
8.25
2.50
100.00	%
%
%
%	 	 
	 	  	 	  	 	  	 	  	
	
	 	 
						
	 K.
	  	CAPITAL ADJUSTMENTS	  	 	  	 	  	 	 	 	 
						
	 	  	 a.      Net Receivables Balance (See C.d)
	  	 	  	 	  	 	 	 	 
						
	 	  	 b.      Aggregate Reserve (H.a x K.a)
 Maximum Supportable (a - b)
 Facility Limit
	  	 	  	300,000,000	  	 	 	 	 
						
	 	  	 c.      Maximum Funding; Lesser of Facility Limit or Maximum Supportable
	  	 	  	 	  	 	 	 	 
						
	 	  	 d.      Capital outstanding (See E.c) at Month End
 Falcon’s Share
 Blue Ridge’s Share
	  	 	  	 	  	 	 	 	 
						
	 	  	 e.      Available Funding (c - d if positive)
	  	 	  	 	  	 	 	 	 
						
	 	  	 f.       Funding Shortfall Owed to Falcon (c - d if negative)
	  	 	  	 	  	 	 	 	 
						
	 	  	 g.      Capital as of most recent Report - prior month ending
	  	 	  	 	  	 	 	 	 
	 	  	 	  	 	  	
	  	 	 	 	 
	 	  	 h.      Capital Paydowns
	  	 	  	 	  	 	 	 	 
	 	  	 	  	 	  	
	  	 	 	 	 
	 	  	 i.       New Purchase Requested (no greater than K.e)
	  	 	  	 	  	 	 	 	 
	 	  	 	  	 	  	
	  	
	
	 	 
	 	  	 j.       Capital after Settlement (g - h + i)
	  	 	  	 	  	 	 	 	 
	 	  	 	  	 	  	
	  	
	
	 	 
	 	  	 Blue Ridge’s Share
	  	 	  	 	  	 	 	 	 
	 	  	 	  	 	  	
	  	 	 	 	 
	 	  	 Falcon’s Share
	  	 	  	 	  	 	 	 	 
	 	  	 	  	 	  	
	  	 	 	 	 

  

											
	L.	  	RECEIVABLES AGING	  	 	  	 	  	$ Amount

	  	Percent

						
	 	  	 a.      Current Receivables
	  	 	  	 	  	 	  	 
						
	 	  	 b.      31 - 60 Days Old
	  	 	  	 	  	 	  	 
						
	 	  	 c.      61 - 90 Days Old
	  	 	  	 	  	 	  	 
						
	 	  	 d.      91 - 120 Days Old
	  	 	  	 	  	 	  	 
						
	 	  	 e.      121 - 150 Days Old
	  	 	  	 	  	 	  	 
						
	 	  	 f.       151 - 180 Days Old
	  	 	  	 	  	 	  	 
						
	 	  	 g.      181 + Days Old
	  	 	  	 	  	 	  	 
						
	 	  	 TOTAL
	  	 	  	 	  	 	  	 

  
 The undersigned hereby represents and
warrants to Bank One NA , as Administrative Agent, pursuant to the Receivables Purchase Agreement dated May XX, 2004 between Yellow Receivables Corporation, Falcon Asset Securitization Corporation, Blue Ridge Asset Funding Corporation, the Financial
Institutions party thereto and Bank One, as in effect on the date hereof, that the above information is accurate and complete as of _______________________. 
  

			
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

 76 

 EXHIBIT IX 
 FORM OF PURCHASE NOTICE 
  
 [Date] 
  
 Bank One, NA (Main Office Chicago), as Falcon Agent

 1 Bank One Plaza, IL1-1729 
 Asset-Backed Finance 

Chicago, Illinois 60670-1729 
 Attention: Falcon Conduit
Administrator and John Kuhns 
  
 Wachovia Bank, National Association, as Blue
Ridge Agent 
 191 Peachtree Street, N.E. 
 22nd Floor, Mail Stop
GA-8088 
 Atlanta, Georgia 30303 
 Attention:
Eero Maki 
  
 Ladies and Gentlemen: 
  
 The undersigned, Yellow Roadway Receivables Funding Corporation, refers to
the Receivables Purchase Agreement, dated as of May 21, 2004 (the “Receivables Purchase Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, Falcon Asset Securitization
Corporation (“Falcon”), Blue Ridge Asset Funding Corporation (“Blue Ridge” and, together with Falcon, the “Conduits”), certain Committed Purchasers parties thereto, Wachovia
Bank, National Association, as Blue Ridge Agent, and Bank One, NA (Main Office Chicago), as Falcon Agent and Administrative Agent, and hereby gives you notice, irrevocably, pursuant to Section 1.2 of the Receivables Purchase Agreement that the
undersigned hereby requests an Incremental Purchase under the Receivables Purchase Agreement, and in that connection sets forth below the information relating to such Incremental Purchase (the “Proposed Purchase”) as required
by Section 1.2 of the Receivables Purchase Agreement: 
  
 (i) The Business Day of the Proposed Purchase is             . 
  
 (ii) The requested Purchase Price in respect of the Proposed Purchase is
$            , of which the Blue Ridge Group’s Percentage is $            ; and the Falcon Group’s
Percentage is $            . 
  
 (iii) The requested Purchasers in respect of the Proposed Purchase are the [Conduits] [Committed Purchasers]. 
  

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 (iv) If the Proposed Purchase is to be funded by the Committed Purchasers, the duration
of the initial Tranche Period for the Proposed Purchase is              [days] [months]. 
  
 (v) If the Proposed Purchase is to be funded by the Committed Purchasers, the Discount Rate related to such initial Tranche Period is
requested to be the [LIBOR] [Base] Rate. 
  
 The undersigned
hereby certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Purchase (before and after giving effect to the Proposed Purchase): 
  
 (A) the representations and warranties set forth in Section
3.1 [(other than Section 3.1(k)] of the Receivables Purchase Agreement are correct on and as of such date, as though made on and as of such date; 
  
 (B) no event has occurred, or would result from the Proposed Purchase that will constitute a Servicer Default, and no event has occurred
and is continuing, or would result from such Proposed Purchase, that would constitute a Potential Servicer Default; and 
  
 (C) the Liquidity Termination Date has not occurred, the aggregate Capital of all Receivable Interests of the Purchasers shall not exceed
the Purchase Limit and the aggregate Receivable Interests of the Purchasers does not exceed 100%. 
  

			
	 Very truly yours,

	
	YELLOW ROADWAY RECEIVABLES FUNDING CORPORATION
		
	By:	 	 
	 Title:
	 	 

  

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 SCHEDULE A 
 DOCUMENTS AND RELATED ITEMS TO BE DELIVERED TO 
 THE ADMINISTRATIVE AGENT 
 ON OR PRIOR TO THE EFFECTIVENESS OF THE RECEIVABLES PURCHASE 
 AGREEMENT 
  
 I. Receivables
Sale Agreement 
  
 A. Receivables Sale Agreement dated as of
May 21, 2004 (the “Sale Agreement”) by and between Yellow Transportation, Inc., an Indiana corporation (the “Originator”), and Yellow Roadway Receivables Funding Corporation, a Delaware corporation (“Yellow-SPC”), with
the following exhibits: 
  

			
	 Exhibit I -
	  	Definitions
	 Exhibit II -
	  	Places of Business of Originator; Locations of Records; Trade Names; Prior Names; Federal Employer I.D. Number
	 Exhibit III -
	  	Compliance Certificate
	 Exhibit IV -
	  	Credit and Collection Policy
	 Exhibit V -
	  	Subordinated Note

  
 B. Subordinated Notes
dated May 21, 2004 executed by Yellow-SPC in favor of each of the two Originators. 
  
 C. Certificate of each Originator’s [Assistant] Secretary certifying: 
  
 1. An attached copy of such Originator’s Articles/Certificate of Incorporation (certified within 60 days prior to closing by the
Indiana Secretary of State) 
  
 2. An attached
copy of such Originator’s By-Laws 
  
 3. An
attached copy of resolutions of such Originator’s Board of Directors authorizing such Originator’s execution, delivery and performance of the Sale Agreement and related documents 
  
 4. The names, titles and specimen signatures of such
Originator’s officers authorized to execute and deliver the Sale Agreement and related documents 
  
 D. Good standing certificates for Yellow Transportation, Inc. from the States of Indiana and Kansas certified within 30 days prior to closing, and for
Roadway Express, Inc. from the States of Delaware and Ohio certified within 30 days prior to closing. 
  
 E. Pre-filing state and federal tax lien, judgment lien and UCC lien searches against each Originator from its jurisdiction of incorporation and the
jurisdiction where it maintains its chief executive office. 
  

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 F. UCC Financing Statements naming each Originator, as debtor, and Bank One, NA, as Administrative Agent,
as total assignee of secured party, for filing in each Originator’s jurisdiction of incorporation. 
  
 G. Post-filing UCC lien searches against each Originator from its jurisdiction of incorporation. [post-closing] 
  
 H. Collection Account Agreements 
  
 1. Bank of America [within 60 days post-closing] 

 
 2. Bank One 
  
 I. Opinions: 
  
 1. Corporate/UCC opinions 
  
 2. True Sale/Non-consolidation opinion 
  
 J. CFO’s Compliance Certificate. 
  
 K. Letter of release signed by Deutsche Bank. 
  
 L. UCC-3 Termination Statements with respect to the existing deal. 
  
 II. Receivables Purchase Agreement 
  
 A. Receivables Purchase Agreement dated as of May 21, 2004 (the
“Purchase Agreement”) by and among Yellow-SPC, Falcon Asset Securitization Corporation, Blue Ridge Asset Funding Corporation, Wachovia Bank, National Association, individually and as Blue Ridge Agent, and Bank One, NA, individually, as
Falcon Agent and as Administrative Agent (in such capacity, the “Administrative Agent”) with the following exhibits: 
  

			
	 Exhibit I -
	  	Definitions
	 Exhibit II -
	  	Places of Business of Yellow-SPC; Locations of Records; Trade Names; Federal Employer I.D. Number, Organization I.D. Number
	 Exhibit III -
	  	Lockboxes; Collection Accounts; Concentration Accounts; and Depositary Accounts
	 Exhibit IV -
	  	Compliance Certificate
	 Exhibit V -
	  	Collection Account Agreement
	 Exhibit VI -
	  	Credit and Collection Policy
	 Exhibit VII -
	  	Form(s) of Invoice(s)
	 Exhibit VIII -
	  	Monthly Report
	 Exhibit IX -
	  	Form of Purchase Notice

  
 B. Fee Letter dated as
of May 21, 2004 by and between Yellow-SPC and the Falcon Agent. 
  

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 C. Fee Letter dated as of May 21, 2004 by and between Yellow-SPC and the Blue Ridge Agent. 
  
 D. Certificate of Yellow-SPC’s [Assistant] Secretary certifying:

  
 1. An attached copy of Yellow-SPC’s
Certificate of Incorporation (certified within 30 days prior to closing by the Delaware Secretary of State) 
  
 2. An attached copy of Yellow-SPC’s By-Laws 
  

3. An attached copy of resolutions of Yellow-SPC’s Board of Directors authorizing Yellow-SPC’s execution, delivery and
performance of the Purchase Agreement and related documents 
  
 4. The names, titles and specimen signatures of Yellow-SPC’s officers authorized to execute and deliver the Purchase Agreement and related documents 
  
 E. Good standing certificates for Yellow-SPC from the following states certified within 30 days prior to closing:

  
 1. Delaware 
  
 2. Kansas 
  
 F. UCC Financing Statement naming Yellow-SPC, as debtor, and the
Administrative Agent, as secured party, for filing with the Secretary of State of Delaware. 
  
 G. Post-filing UCC lien searches against Yellow-SPC from the Secretary of State of Delaware [Post-closing] 
  
 H. [Reserved] 
  
 I. Purchase Notice executed by Yellow-SPC. 
  
 J. Opinion of Yellow-SPC’s re corporate/UCC issues 
  
 K. Yellow-SPC’s CFO’s Compliance Certificate. 
  
 L. Liquidity Agreement dated as of May 21, 2004 by and between Falcon and Bank One. 
  
 M. Liquidity Agreement dated as of May 21, 2004 by and between Blue Ridge and Wachovia. 
  

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