Document:

exv4w1

Exhibit 4.1

EMS TECHNOLOGIES, INC.

     THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED SHAREHOLDER RIGHTS PLAN (the “Amendment”) is made
as of the 12th day of June 2011, by EMS Technologies, Inc., a Georgia corporation (the
“Company”).

     WHEREAS, the Company has previously adopted the Shareholder Rights Plan, dated as of August 6,
2009, which Shareholder Rights Plan was amended and restated as of January 4, 2011 (the “Rights
Plan”), pursuant to which the Board of Directors of the Company authorized and declared a dividend
of one Right for each share of the Company’s common stock, $.10 per share par value (“Common
Stock”) outstanding at the close of business on the Record Date, with each Right representing the
right to purchase one share of Common Stock, upon the terms and subject to the conditions set forth
in the Rights Plan; and

     WHEREAS, the Board of Directors of the Company has unanimously determined that it is in the
best interests of the Company to enter into a certain Agreement and Plan of Merger to be dated as
of June 13, 2011 (the “Merger Agreement”), by and among the Company, Honeywell International Inc.,
a Delaware corporation (“Parent”), and Egret Acquisition Corp., a Georgia corporation (“Merger
Sub”); and

     WHEREAS, in connection with the execution of the Merger Agreement, the Company desires to
amend the Rights Plan to render it inapplicable to the Offer, the Top-Up Option, the Merger (as
such terms are defined in the Merger Agreement), the Merger Agreement and any other transaction
contemplated by the Merger Agreement; and

     WHEREAS, in connection with the execution of the Merger Agreement, the Company further desires
to amend the Rights Plan to cause the Rights Plan to terminate immediately prior to the Effective
Time (as such term is defined in the Merger Agreement); and

     WHEREAS, pursuant to Section 23 of the Rights Plan, the Company may, for so long as the Rights
are then redeemable, supplement or amend any provision of the Rights Plan or terminated the Rights
Plan without any approval of the holders of the Rights; and

     WHEREAS, the Rights are redeemable as of the date hereof;

     NOW, THEREFORE, in accordance with the procedures for amendment of the Rights Plan set forth
in Section 23 thereof, the Rights Plan is hereby amended as follows:

     1. Capitalized terms that are not otherwise defined herein shall have the meanings ascribed to
them in the Rights Plan.

     2. A new Section 31 is hereby added to the Rights Plan to read in its entirety as follows:

Section 31. Exempted Transaction. Notwithstanding any provision herein to the
contrary, this Plan shall not be applicable in any way to the Offer, the Top-Up
Option, the Merger (as such terms are defined in the Merger Agreement), the Merger
Agreement (as defined below) or any other transaction contemplated by the Merger
Agreement. Without limiting the generality of the foregoing, none of Honeywell
International Inc., a Delaware corporation (“Parent”), or Egret Acquisition Corp., a
Georgia corporation (“Merger Sub”), or any of their Affiliates or Associates, shall
be considered an Acquiring Person under this Agreement or considered a Beneficial
Owner of any shares of Common Stock, no Distribution Date shall occur, no Triggering
Event shall occur, no Stock Acquisition Date shall occur, no adjustments or
conversions to the Rights pursuant to Section 11 or Section 13 shall occur or be
required and no Rights shall be issuable or exercisable pursuant to Section 3,
Section 7 or any other provision hereof, as a result of (i) the approval, execution
or delivery of that certain Agreement and Plan of Merger dated as of June 13, 2011
(the “Merger Agreement”, as it may be amended from time to time), by and among the
Company, Parent and Merger Sub, or (ii) the announcement, commencement or
consummation of

 

the Offer, the Top-Up Option (including the issuance and exercise thereof), the
Merger or any other transaction contemplated by the Merger Agreement.

     3. A new Section 32 is hereby added to the Rights Plan to read in its entirety as follows:

Section 32. Termination. Notwithstanding any provision herein to the contrary,
this Plan and all Rights outstanding hereunder shall terminate immediately prior to
the Effective Time (as defined in the Merger Agreement).

     4. Except as amended by this Amendment, the Rights Plan shall remain in full force and effect
in accordance with its terms.

     5. This Amendment shall be deemed to be a contract made under the laws of the State of Georgia
and for all purposes shall be governed by and construed in accordance with the laws of such State
applicable to contracts made and to be performed entirely within such State.exv10w1

Exhibit 10.1

 

 

$900,000,000

AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT

dated as of June 8, 2011

by and among

RYDER SYSTEM, INC.

(“Ryder”)

RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

(“Ryder Holdings Canada”)

RYDER TRUCK RENTAL CANADA LTD.

(“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”)

RYDER LIMITED

(“Ryder Limited”)

RYDER SYSTEM HOLDINGS (UK) LIMITED,

(“RSH” and together with Ryder Limited, the “U.K. Borrowers”)

RYDER PUERTO RICO, INC.

(“Ryder PR”)

and

the Banks named herein,

BANK OF AMERICA, N.A.

(the “Administrative Agent”),

BANK OF TOKYO-MITSUBISHI UFJ, LTD.

(the “Syndication Agent”),

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

WELLS FARGO SECURITIES, LLC,

RBS SECURITIES INC.,

MIZUHO CORPORATE BANK, LTD.,

RBC CAPITAL MARKETS,

U.S. BANK, NATIONAL ASSOCIATION and

BNP PARIBAS

(each a “Co-Lead Arranger”),

THE ROYAL BANK OF SCOTLAND PLC,

MIZUHO CORPORATE BANK, LTD.,

and WELLS FARGO BANK, N.A.

(each a “Documentation Agent”),

THE ROYAL BANK OF SCOTLAND PLC

(the “U.K. Agent”),

ROYAL BANK OF CANADA

(the “Canadian Agent”),

with

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

(as Book Manager)

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 
	 
	 	 	 	 	 	 	 	 	 	 
	§1.	 	DEFINITIONS AND RULES OF INTERPRETATION	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§1.1.	 	Definitions	 	 	1	 
	 	 	§1.2.	 	Rules of Interpretation	 	 	31	 
	 	 	§1.3.	 	Accounting Terms	 	 	32	 
	 	 	§1.4.	 	Currency Equivalents	 	 	32	 
	 	 	§1.5.	 	Times of Day	 	 	32	 
	 	 	§1.6.	 	Letter of Credit Amounts	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 
	§2.	 	THE CREDIT FACILITIES	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§2.1.	 	Commitment to Lend	 	 	33	 
	 

	 	 	 	§2.1.1.
	 	Domestic Loans
	 	 	33	 
	 

	 	 	 	§2.1.2.
	 	Canadian Loans
	 	 	33	 
	 

	 	 	 	§2.1.3.
	 	U.K. Loans
	 	 	34	 
	 

	 	 	 	§2.1.4.
	 	PR Loans
	 	 	34	 
	 	 	§2.2.	 	Facility Fee	 	 	34	 
	 	 	§2.3.	 	Reduction of Commitments	 	 	35	 
	 	 	§2.4.	 	Reallocation of Commitments	 	 	37	 
	 	 	§2.5.	 	The Notes and Loan Accounts	 	 	39	 
	 	 	§2.6.	 	Interest on Loans	 	 	41	 
	 	 	§2.7.	 	Requests for Loans	 	 	42	 
	 	 	§2.8.	 	Election of LIBOR Rate; Notice of Election; Interest Periods; Minimum Amounts	 	 	44	 
	 	 	§2.9.	 	Funds for Loans	 	 	46	 
	 	 	§2.10.	 	Maturity of the Loans	 	 	46	 
	 	 	§2.11.	 	Optional Prepayments or Repayments of Loans	 	 	46	 
	 	 	§2.12.	 	The Domestic Swing Line	 	 	47	 
	 	 	§2.13.	 	The U.K. Swing Line	 	 	52	 
	 	 	§2.14.	 	The Canadian Swing Line	 	 	56	 
	 	 	§2.15.	 	Cash Collateral	 	 	60	 
	 	 	§2.16.	 	Defaulting Banks	 	 	62	 
	 	 	§2.17.	 	Sharing of Payments by Banks	 	 	64	 
	 
	 	 	 	 	 	 	 	 	 	 
	§3.	 	BANKERS’ ACCEPTANCES	 	 	65	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§3.1.	 	Acceptance and Purchase	 	 	65	 
	 	 	§3.2.	 	Refunding Bankers’ Acceptances	 	 	67	 
	 	 	§3.3.	 	Acceptance Fee	 	 	68	 
	 
	 	 	 	 	 	 	 	 	 	 
	§4.	 	LETTERS OF CREDIT	 	 	68	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§4.1.	 	Letter of Credit Commitments	 	 	68	 

i

 

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	 	 	 	 	 	 	 	 	Page
	 
	 	 	§4.2.	 	Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit	 	 	70	 
	 	 	§4.3.	 	Drawings and Reimbursements; Funding of Participations	 	 	72	 
	 	 	§4.4.	 	Repayment of Participations	 	 	74	 
	 	 	§4.5.	 	Obligations Absolute	 	 	75	 
	 	 	§4.6.	 	Role of Issuing Bank	 	 	75	 
	 	 	§4.7.	 	[Reserved.]	 	 	76	 
	 	 	§4.8.	 	Applicability of ISP and UCP	 	 	76	 
	 	 	§4.9.	 	Letter of Credit Fees	 	 	76	 
	 	 	§4.10.	 	Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank	 	 	77	 
	 	 	§4.11.	 	Conflict with Issuing Documents	 	 	77	 
	 	 	§4.12.	 	Letters of Credit Issued for Domestic Subsidiaries	 	 	77	 
	 
	 	 	 	 	 	 	 	 	 	 
	§5.	 	GUARANTY	 	 	77	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§5.1.	 	Guaranty of Payment	 	 	77	 
	 	 	§5.2.	 	Ryder’s Agreement to Pay Enforcement Costs, etc	 	 	78	 
	 	 	§5.3.	 	Waivers by Ryder; Banks’ Freedom to Act	 	 	78	 
	 	 	§5.4.	 	Unenforceability of Guaranteed Obligations	 	 	79	 
	 	 	§5.5.	 	Subrogation; Subordination	 	 	79	 
	 

	 	 	 	§5.5.1.
	 	Postponement of Rights
	 	 	79	 
	 

	 	 	 	§5.5.2.
	 	Subordination
	 	 	80	 
	 

	 	 	 	§5.5.3.
	 	Provisions Supplemental
	 	 	80	 
	 	 	§5.6.	 	Further Assurances	 	 	80	 
	 	 	§5.7.	 	Reinstatement	 	 	81	 
	 	 	§5.8.	 	Successors and Assigns	 	 	81	 
	 	 	§5.9.	 	Currency of Payment	 	 	81	 
	 	 	§5.10.	 	Concerning Joint and Several Liability of the U.K. Borrowers and the Canadian Borrowers	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 	 
	§6.	 	PROVISIONS RELATING TO ALL LOANS	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§6.1.	 	Funds for Payments	 	 	82	 
	 	 	§6.2.	 	Status of Banks; Tax Documentation	 	 	83	 
	 	 	§6.3.	 	Currency of Payment	 	 	85	 
	 	 	§6.4.	 	Mandatory Repayments of the Loans	 	 	86	 
	 	 	§6.5.	 	Computations	 	 	87	 
	 	 	§6.6.	 	Illegality; Inability to Determine LIBOR Rate or EURIBOR Rate	 	 	87	 
	 	 	§6.7.	 	Additional Costs, Etc	 	 	88	 
	 	 	§6.8.	 	Capital Adequacy	 	 	89	 
	 	 	§6.9.	 	Certificate; Etc	 	 	90	 
	 	 	§6.10.	 	Eurodollar Indemnity	 	 	90	 
	 	 	§6.11.	 	Interest on Overdue Amounts	 	 	91	 

ii

 

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	 	 	 	 	 	 	 	 	Page
	 
	 	 	§6.12.	 	Interest Limitation	 	 	91	 
	 	 	§6.13.	 	Reasonable Efforts to Mitigate	 	 	91	 
	 	 	§6.14.	 	Replacement of Banks	 	 	91	 
	 	 	§6.15.	 	Advances by Administrative Agent; Canadian Agent; and U.K. Agent	 	 	92	 
	 	 	§6.16.	 	Currency Fluctuations	 	 	94	 
	 
	 	 	 	 	 	 	 	 	 	 
	§7.	 	REPRESENTATIONS AND WARRANTIES	 	 	96	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§7.1.	 	Corporate Authority	 	 	96	 
	 	 	§7.2.	 	Governmental Approvals	 	 	97	 
	 	 	§7.3.	 	Title to Properties; Leases	 	 	97	 
	 	 	§7.4.	 	Financial Statements	 	 	97	 
	 	 	§7.5.	 	Litigation	 	 	97	 
	 	 	§7.6.	 	Compliance With Other Instruments, Laws, Etc	 	 	98	 
	 	 	§7.7.	 	Tax Status	 	 	98	 
	 	 	§7.8.	 	No Event of Default	 	 	98	 
	 	 	§7.9.	 	Holding Company and Investment Company Acts	 	 	98	 
	 	 	§7.10.	 	Absence of Financing Statements, Etc	 	 	98	 
	 	 	§7.11.	 	ERISA Compliance	 	 	99	 
	 	 	§7.12.	 	Environmental Compliance	 	 	99	 
	 	 	§7.13.	 	Disclosure	 	 	99	 
	 	 	§7.14.	 	Location of Chief Executive Office	 	 	100	 
	 	 	§7.15.	 	Debt Ratings	 	 	100	 
	 	 	§7.16.	 	Consolidated Subsidiaries	 	 	100	 
	 	 	§7.17.	 	Foreign Assets Control Regulations, Etc.	 	 	100	 
	 	 	§7.18.	 	Use of Proceeds	 	 	100	 
	 
	 	 	 	 	 	 	 	 	 	 
	§7A.	 	REPRESENTATIONS AS TO FOREIGN OBLIGORS	 	 	100	 
	 
	 	 	 	 	 	 	 	 	 	 
	§8.	 	AFFIRMATIVE COVENANTS OF THE BORROWERS	 	 	101	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§8.1.	 	Punctual Payment	 	 	101	 
	 	 	§8.2.	 	Maintenance of Chief Executive Office	 	 	102	 
	 	 	§8.3.	 	Records and Accounts	 	 	102	 
	 	 	§8.4.	 	Financial Statements, Certificates and Information	 	 	102	 
	 	 	§8.5.	 	Corporate Existence; Compliance with Laws, Other Agreements	 	 	104	 
	 	 	§8.6.	 	Maintenance of Properties	 	 	105	 
	 	 	§8.7.	 	Insurance	 	 	105	 
	 	 	§8.8.	 	Taxes	 	 	105	 
	 	 	§8.9.	 	Inspection of Properties, Books and Contracts	 	 	105	 
	 	 	§8.10.	 	Notice of Potential Claims or Litigation	 	 	106	 
	 	 	§8.11.	 	Notice of Default	 	 	106	 
	 	 	§8.12.	 	Use of Proceeds	 	 	106	 
	 	 	§8.13.	 	Debt Ratings	 	 	106	 
	 	 	§8.14.	 	Notice of any ERISA Event	 	 	106	 

iii

 

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(continued)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 
	 	 	§8.15.	 	Further Assurances	 	 	106	 
	 
	 	 	 	 	 	 	 	 	 	 
	§9.	 	CERTAIN NEGATIVE COVENANTS OF THE BORROWERS	 	 	106	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§9.1.	 	Restrictions on Secured Indebtedness	 	 	106	 
	 	 	§9.2.	 	Restrictions on Liens	 	 	107	 
	 	 	§9.3.	 	Corporate Changes and Sales or Dispositions of Assets	 	 	108	 
	 	 	§9.4.	 	Leasebacks	 	 	109	 
	 	 	§9.5.	 	Limitation on Agreements	 	 	109	 
	 
	 	 	 	 	 	 	 	 	 	 
	§10.	 	FINANCIAL COVENANT OF THE BORROWERS	 	 	110	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§10.1.	 	Debt to Consolidated Tangible Net Worth	 	 	110	 
	 
	 	 	 	 	 	 	 	 	 	 
	§11.	 	CONDITIONS TO CLOSING/EFFECTIVENESS	 	 	110	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§11.1.	 	Corporate Action	 	 	110	 
	 	 	§11.2.	 	Loan Documents, Etc	 	 	110	 
	 	 	§11.3.	 	Certified Copies of Charter Documents	 	 	110	 
	 	 	§11.4.	 	Incumbency Certificate	 	 	110	 
	 	 	§11.5.	 	Certificates of Insurance	 	 	110	 
	 	 	§11.6.	 	Opinion of Counsel	 	 	111	 
	 	 	§11.7.	 	Existing Debt	 	 	111	 
	 	 	§11.8.	 	Financial Condition; Debt Ratings	 	 	111	 
	 	 	§11.9.	 	Payment of Fees	 	 	111	 
	 	 	§11.10.	 	Closing Date Compliance Certificate	 	 	111	 
	 	 	§11.11.	 	Receipt of Financial Statements	 	 	111	 
	 
	 	 	 	 	 	 	 	 	 	 
	§12.	 	CONDITIONS TO ALL LOANS	 	 	111	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§12.1.	 	Representations True	 	 	111	 
	 	 	§12.2.	 	Performance; No Event of Default	 	 	112	 
	 	 	§12.3.	 	No Legal Impediment	 	 	112	 
	 	 	§12.4.	 	Delivery of Documents	 	 	112	 
	 	 	§12.5.	 	Alternative Currency	 	 	112	 
	 
	 	 	 	 	 	 	 	 	 	 
	§13.	 	EVENTS OF DEFAULT; ACCELERATION; TERMINATION OF COMMITMENT	 	 	112	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§13.1.	 	Events of Default and Acceleration	 	 	112	 
	 	 	§13.2.	 	Termination of Commitments	 	 	115	 
	 	 	§13.3.	 	Remedies	 	 	115	 
	 	 	§13.4.	 	Judgment Currency	 	 	116	 
	 
	 	 	 	 	 	 	 	 	 	 
	§14.	 	SETOFF	 	 	116	 
	 
	 	 	 	 	 	 	 	 	 	 
	§15.	 	COSTS AND EXPENSES	 	 	117	 
	 
	 	 	 	 	 	 	 	 	 	 

iv

 

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	 	 	 	 	 	 	 	 	Page
	 
	§15A.	 	PAYMENTS SET ASIDE	 	 	118	 
	 
	 	 	 	 	 	 	 	 	 	 
	§16.	 	THE AGENTS	 	 	118	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§16.1.	 	Appointment and Authority	 	 	118	 
	 	 	§16.2.	 	Rights as a Bank	 	 	119	 
	 	 	§16.3.	 	Exculpatory Provisions	 	 	119	 
	 	 	§16.4.	 	Reliance by Agents	 	 	120	 
	 	 	§16.5.	 	Use of Sub-Agents	 	 	120	 
	 	 	§16.6.	 	Resignation of an Agent	 	 	120	 
	 	 	§16.7.	 	Non-Reliance on Agents and Other Banks	 	 	122	 
	 	 	§16.8.	 	No Other Duties, Etc	 	 	122	 
	 	 	§16.9.	 	Agent May File Proofs of Claim	 	 	122	 
	 
	 	 	 	 	 	 	 	 	 	 
	§17.	 	CONSENTS, AMENDMENTS, WAIVERS, ETC	 	 	123	 
	 
	 	 	 	 	 	 	 	 	 	 
	§18.	 	INDEMNIFICATION; DAMAGE WAIVER	 	 	123	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§18.1.	 	Indemnification by the Borrowers	 	 	123	 
	 	 	§18.2.	 	Reimbursement by Banks	 	 	127	 
	 	 	§18.3.	 	Waiver of Consequential Damages, Etc	 	 	124	 
	 	 	§18.4.	 	Payments	 	 	125	 
	 	 	§18.5.	 	Survival	 	 	125	 
	 
	 	 	 	 	 	 	 	 	 	 
	§19.	 	TAXES	 	 	125	 
	 
	 	 	 	 	 	 	 	 	 	 
	§20.	 	SURVIVAL OF COVENANTS, ETC	 	 	129	 
	 
	 	 	 	 	 	 	 	 	 	 
	§21.	 	SUCCESSORS AND ASSIGNS; PARTICIPATION	 	 	129	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§21.1.	 	Successors and Assigns Generally	 	 	129	 
	 	 	§21.2.	 	Conditions to Assignment by Banks	 	 	130	 
	 	 	§21.3.	 	Register	 	 	132	 
	 	 	§21.4.	 	Participations	 	 	132	 
	 	 	§21.5.	 	Certain Pledges	 	 	133	 
	 	 	§21.6.	 	Special Purpose Funding Vehicle	 	 	133	 
	 	 	§21.7.	 	[Reserved.]	 	 	134	 
	 	 	§21.8.	 	Resignation of Issuing Bank or Swing Line Lender after Assignment	 	 	134	 
	 
	 	 	 	 	 	 	 	 	 	 
	§22.	 	PARTIES IN INTEREST	 	 	135	 
	 
	 	 	 	 	 	 	 	 	 	 
	§23.	 	NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION	 	 	135	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	§23.1.	 	Notices Generally	 	 	135	 
	 	 	§23.2.	 	Electronic Communications	 	 	135	 
	 	 	§23.3.	 	The Platform	 	 	136	 

v

 

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	 	 	§23.4.	 	Change of Address, Etc.	 	 	136	 
	 	 	§23.5.	 	Reliance by Agents, Issuing Bank and Banks	 	 	137	 
	 
	 	 	 	 	 	 	 	 	 	 
	§23A.	 	NO WAIVER; CUMULATIVE REMEDIES; ENFORCEMENT	 	 	137	 
	 
	 	 	 	 	 	 	 	 	 	 
	§24.	 	MISCELLANEOUS	 	 	138	 
	 
	 	 	 	 	 	 	 	 	 	 
	§25.	 	WAIVER OF JURY TRIAL; ETC	 	 	138	 
	 
	 	 	 	 	 	 	 	 	 	 
	§26.	 	GOVERNING LAW; JURISDICTION; SERVICE OF PROCESS	 	 	138	 
	 
	 	 	 	 	 	 	 	 	 	 
	§27.	 	SEVERABILITY	 	 	139	 
	 
	 	 	 	 	 	 	 	 	 	 
	§28.	 	PARI PASSU TREATMENT	 	 	139	 
	 
	 	 	 	 	 	 	 	 	 	 
	§29.	 	CONFIDENTIAL INFORMATION	 	 	141	 
	 
	 	 	 	 	 	 	 	 	 	 
	§30.	 	USA PATRIOT ACT NOTICE	 	 	142	 
	 
	 	 	 	 	 	 	 	 	 	 
	§31.	 	NO ADVISORY OR FIDUCIARY RESPONSIBILITY	 	 	143	 

vi

 

Exhibits

	 	 	 
	Exhibit A-1

	 	Form of Domestic Note
	Exhibit A-2

	 	Form of Canadian Note
	Exhibit A-3

	 	Form of U.K. Note
	Exhibit A-4

	 	Form of PR Note
	Exhibit A-5

	 	Form of Domestic Swing Line Note
	Exhibit A-6

	 	Form of U.K. Swing Line Note
	Exhibit A-7

	 	Form of Canadian Swing Line Note
	Exhibit B-1

	 	Form of Domestic Loan Request
	Exhibit B-2

	 	Form of Canadian Loan Request
	Exhibit B-3

	 	Form of U.K. Loan Request
	Exhibit B-4

	 	Form of PR Loan Request
	Exhibit C

	 	Form of Compliance Certificate
	Exhibit D

	 	Form of Assignment and Assumption
	Exhibit E

	 	Form of Subordination Provisions
	Exhibit F

	 	Form of Bankers’ Acceptance Notice
	Exhibit G-1

	 	Form of Domestic Swing Line Loan Request
	Exhibit G-2

	 	Form of U.K. Swing Line Loan Request
	Exhibit G-3

	 	Form of Canadian Swing Line Loan Request
	Exhibit H

	 	Form of Administrative Questionnaire

Schedules

	 	 	 
	Schedule 1

	 	Domestic Banks; Domestic Commitment Percentages; Canadian Banks; Canadian
Commitment Percentages; U.K. Banks, U.K. Commitment Percentages; PR Banks; PR
Commitment Percentages; Total Commitment; Total Commitment Percentages
	Schedule 2

	 	Additional Costs
	Schedule 7.5

	 	Litigation
	Schedule 7.7

	 	Taxes
	Schedule 7.12

	 	Environmental Compliance
	Schedule 7.15

	 	Debt Ratings
	Schedule 7.16

	 	Subsidiaries
	Schedule 23.1

	 	Notices, etc.

Annex

	 	 	 
	Annex A

	 	Power of Attorney Terms — Bankers’ Acceptances

vii

 

AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT

     This AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT is made as of June 8, 2011, by and
among (i) RYDER SYSTEM, INC., a corporation organized under the laws of Florida (“Ryder”), RYDER
TRUCK RENTAL HOLDINGS CANADA LTD. (“Ryder Holdings Canada”), RYDER TRUCK RENTAL CANADA LTD. (“Ryder
Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”), RYDER LIMITED,
a corporation organized under the laws of England and Wales (“Ryder Limited”), RYDER SYSTEM
HOLDINGS (UK) LIMITED (“RSH” and together with Ryder Limited, the “U.K. Borrowers”) and RYDER
PUERTO RICO, INC. (“Ryder PR”), a corporation organized under the laws of Delaware, (ii) the
lending institutions identified as Banks herein, (iii) BANK OF AMERICA, N.A. (“Bank of America”),
as administrative agent for the Banks (the “Administrative Agent”), (iv) ROYAL BANK OF CANADA
(“RBC”), as Canadian agent for the Banks (the “Canadian Agent”) and (v) The Royal Bank of Scotland
plc (“RBS”), as United Kingdom agent for the Banks (the “U.K. Agent”), with Merrill Lynch, Pierce,
Fenner & Smith Incorporated (“MLPF&S”) acting as lead arranger and book manager hereunder (the
“Lead Arranger”).

     Ryder has requested that the Banks provide credit facilities for the purposes set forth
herein, and the Banks are willing to do so on the terms and conditions set forth herein;

     Ryder, certain lending institutions and the Agents (as defined therein) have entered into a
Global Revolving Credit Agreement, dated as of April 30, 2009 (as amended and in effect immediately
prior to this Agreement, the “Existing Credit Agreement”);

     Ryder has requested that the Agents and the Banks amend and restate the terms and provisions
of the Existing Credit Agreement as set forth herein; and

     Subject to the terms and conditions set forth herein, the Banks and the Agents party hereto
have agreed to amend and restate the Existing Credit Agreement as hereinafter provided.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

     §1. DEFINITIONS AND RULES OF INTERPRETATION.

     §1.1. Definitions. The following terms shall have the meanings set forth in this §1
or elsewhere in the provisions of this Agreement referred to below:

     Acceptance Fee. See §3.3.

     Additional Costs. For any period, a percentage calculated for such period at an
annual rate determined by application of the formula set out in Schedule 2 hereto.

     Adjusted Consolidated Tangible Assets. As at any date, Consolidated Tangible Assets
after (x) including the consolidated book value of all assets of Ryder and its Consolidated
Subsidiaries which are subject to any synthetic lease and (y) excluding the consolidated book value
of all assets of Ryder and its Consolidated Subsidiaries that are reflected on the
consolidated balance sheet of Ryder and its Consolidated Subsidiaries, prepared in accordance
with GAAP, and secure or are the subject of any Limited Recourse Facility.

 

2

     Administrative Agent. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     Administrative Questionnaire. An Administrative Questionnaire in substantially the
form of Exhibit H or any other form approved by the Administrative Agent.

     Affected Bank. See §6.14.

     Affiliate or affiliate. With respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto.

     Agents. The Administrative Agent, the Canadian Agent and the U.K. Agent.

     Agreement. This Amended and Restated Global Revolving Credit Agreement, including the
Schedules and Exhibits hereto, as from time to time amended and supplemented in accordance with the
terms hereof.

     Applicable Acceptance Fee Rate. The applicable rate per annum with respect to the
Acceptance Fee shall be as set forth in the Pricing Table.

     Applicable BA Discount Rate. (a) With respect to an issue of Bankers’ Acceptances
accepted by a Schedule I Bank, the CDOR Rate; (b) with respect to an issue of Bankers’ Acceptances
accepted by a Canadian Bank that is a Non-Schedule I Bank, the lesser of: (i) the rate set out in
clause (a) above plus ten (10) basis points; and (ii) the annual rate, expressed as a percentage,
as being the average discount rate for bankers’ acceptances having a comparable face value and a
comparable issue and maturity date to the face value and issue and maturity date of such issue of
Bankers’ Acceptances, expressed on the basis of a year of 365 days, quoted by the Canadian
Reference Banks that are Non-Schedule I Banks, for the purchase by such Canadian Banks of Bankers’
Acceptances accepted by them, at or about 10:00 a.m. (Toronto time) on the date of issue of such
Bankers’ Acceptances.

     Applicable Facility Fee Rate. The applicable rate per annum with respect to the
Facility Fees relating to the Domestic Commitments, U.K. Commitments, Canadian Commitments and PR
Commitments shall be as set forth in the Pricing Table.

     Applicable Foreign Obligor Documents. See §7A.(a).

     Applicable Margin. The applicable margin on any Loan shall be as set forth in the
Pricing Table.

 

3

     Approved Fund. Any Fund that is administered or managed by (a) a Bank, (b) an
Affiliate of a Bank or (c) an entity or an Affiliate of an entity that administers or manages a
Bank.

     Assignment and Assumption. An Assignment and Assumption substantially in the form of
Exhibit D.

     Auto-Extension Letter of Credit. See §4.2(c).

     Availability Period. The period from and including the Closing Date to the earliest
of (a) the Maturity Date, (b) the date of termination of the Total Commitment pursuant to §2.3, and
(c) the date of termination of the commitment of each Bank to make Loans and of the obligation of
the Issuing Bank to make L/C Credit Extensions pursuant to the terms hereof.

     BA Discount Proceeds. With respect to any Bankers’ Acceptance to be accepted and
purchased by a Canadian Bank, an amount (rounded to the nearest whole Canadian cent, and with
one-half of one Canadian cent being rounded up) calculated on such day by multiplying (a) the face
amount of such Bankers’ Acceptance times (b) the quotient equal to (such quotient being rounded up
or down to the nearest fifth decimal place and .000005 being rounded up) (i) one divided by (ii)
the sum of (A) one plus (B) the product of (1) the Applicable BA Discount Rate (expressed as a
decimal) applicable to such Bankers’ Acceptance times (2) the quotient equal to (aa) the number of
days remaining in the term of such Bankers’ Acceptance divided by (bb) 365.

     Balance Sheet Date. December 31, 2010.

     Bankers’ Acceptance. A non-interest bearing draft drawn by a Canadian Borrower in
Canadian Dollars in the form of either a depository bill subject to the Depository Bills and Notes
Act (Canada) or a non-interest bearing bill of exchange, as defined in the Bills of Exchange Act
(Canada), in either case issued by a Canadian Borrower which has been accepted, and, if applicable,
purchased by the Canadian Banks at the request of a Canadian Borrower pursuant to §3 hereof.

     Bankers’ Acceptance Notice. See §3.1.

     Bank of America. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     Banks. Collectively, the Domestic Banks, the Canadian Banks, the U.K. Banks, the PR
Banks and, solely in their role as lenders of the applicable Swing Line Loans, the Domestic Swing
Line Lenders, the Canadian Swing Line Lender and the U.K. Agent.

     Base Rate Loans. Loans bearing interest calculated by reference to the Domestic Base
Rate, the Canadian Prime Rate, the Canadian Base Rate, the Sterling Reference Rate, the Reference
U.K. Dollar Base Rate or the Euro Reference Rate, and, with respect to U.K. Swing Line Loans only,
the RBS-U.K. Sterling Reference Rate, the RBS-U.K. Euro Reference Rate or the U.K. Dollar Base
Rate.

     Borrower Materials. See §8.4.

 

4

     Borrowers. Collectively, Ryder, the Canadian Borrowers, the U.K. Borrowers and Ryder
PR.

     Business Day. When used in connection with (a)(i) Domestic Loans, a Domestic Business
Day; (ii) a LIBOR Rate Loan, a Eurodollar Business Day; (iii) a Canadian Loan or a Bankers’
Acceptance, a Canadian Business Day; (iv) a U.K. Loan, a U.K. Business Day; and (v) a PR Loan, a PR
Business Day, and (b) Letters of Credit issued for the account of Ryder and its domestic
Subsidiaries, a Domestic Business Day.

     Canadian Agent. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     Canadian Banks. The banks and financial institutions that shall have agreed to make
Canadian Loans to the Canadian Borrowers, as evidenced by such Bank having a positive figure beside
its name in the column titled “Canadian Commitment” on Schedule 1 hereto, as such Schedule may be
updated from time to time in accordance with §2.3(f), §2.4 and §21 hereof and each of which is a
bank or other financial institution which is resident in Canada for purposes of the Income Tax Act
(Canada) and which is named in Schedule I or Schedule II to the Bank Act (Canada) or deemed
resident in Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts
paid or credited under this Agreement and which is named in Schedule III to the Bank Act (Canada).

     Canadian Base Rate. With respect to a Canadian Loan that is a Canadian Base Rate Loan
denominated in U.S. Dollars, the annual rate of interest announced from time to time by the
Canadian Agent as its reference rate then in effect for U.S. Dollar denominated commercial loans
made by the Canadian Agent in Canada.

     Canadian Base Rate Loans. Canadian Loans that bear interest calculated by reference
to the Canadian Base Rate (with respect to Canadian Loans denominated in U.S. Dollars) or the
Canadian Prime Rate (with respect to Canadian Loans denominated in Canadian Dollars).

     Canadian Borrowers. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     Canadian Business Day. Any day other than a Saturday, Sunday, or any day on which
banking institutions in Toronto, Canada or New York, New York are authorized or required by Laws to
be closed and in connection with a Canadian LIBOR Rate Loan, a Eurodollar Business Day.

     Canadian Commitment. With respect to each Canadian Bank, the amount set forth on
Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.3(f),
§2.4 and §21 hereof, as the amount of such Canadian Bank’s commitment to make Canadian Loans to, or
to accept Bankers’ Acceptances for, the Canadian Borrowers, as the same may be reduced from time to
time; or if such commitment is terminated pursuant to the provisions hereof, zero.

     Canadian Commitment Percentage. With respect to each Canadian Bank, the percentage
set forth on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance
with §2.3(f), §2.4 and §21 hereof, as such Canadian Bank’s percentage of the Total Canadian
Commitment.

 

5

     Canadian Dollar Equivalent. With respect to an amount of U.S. Dollars, Sterling or
Euros on any date, the amount of Canadian Dollars that may be purchased with such amount of U.S.
Dollars, Euros or Sterling at the Exchange Rate with respect to U.S. Dollars, Euros or Sterling, as
applicable, on such date.

     Canadian Dollars or C$. Dollars in lawful currency of Canada.

     Canadian Facility Fee. See §2.2(b).

     Canadian LIBOR Rate. For any Interest Period with respect to any Canadian LIBOR Rate
Loan: (a) the rate of interest per annum, expressed on the basis of a year of 360 days, determined
by the Canadian Agent, which is equal to the offered rate that appears on the page of the Reuters
LIBOR01 screen (or any successor thereto as may be selected by the Canadian Agent) that displays an
average British Bankers Association Interest Settlement Rate for deposits in U.S. Dollars with a
term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time)
two (2) Business Days prior to the first day of such Interest Period, or (b) if the rates
referenced in the preceding subsection (a) are not available, the rate per annum determined
by the Canadian Agent as the rate of interest, expressed on a basis of 360 days at which deposits
in U.S. Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Canadian LIBOR Rate Loan being made, continued or converted by the
Canadian Agent and with a term and amount comparable to such Interest Period and principal amount
of such Canadian LIBOR Rate Loan as would be offered by the Canadian Agent’s London Branch to major
banks in the offshore U.S. Dollar market at their request at approximately 11:00 a.m. (London time)
two (2) Business Days prior to the first day of such Interest Period.

     Canadian LIBOR Rate Loans. Canadian Loans denominated in U.S. Dollars that bear
interest calculated by reference to the Canadian LIBOR Rate.

     Canadian Loan Request. See §2.7(b).

     Canadian Loans. Collectively, Loans made to the Canadian Borrowers by the Canadian
Banks pursuant to §2.1.2 hereof and the Canadian Swing Line Loans.

     Canadian Note. See §2.5(b).

     Canadian Prime Rate. With respect to a Canadian Loan that is a Canadian Base Rate
Loan denominated in Canadian Dollars, the annual rate of interest announced from time to time by
the Canadian Agent as its reference rate then in effect for determining interest rates for
commercial loans in Canadian Dollars made by the Canadian Agent in Canada.

     Canadian Reference Banks. Mizuho Corporate Bank Ltd. and RBC.

     Canadian Swing Line Lender. RBC (and including its permitted successors in such
capacity).

 

6

     Canadian Swing Line Loan Request. See §2.14(b).

     Canadian Swing Line Loans. See §2.14(a).

     Canadian Swing Line Note. See §2.14(f).

     Capitalized Leases. Leases under which Ryder or any of its Consolidated Subsidiaries
is the lessee or obligor, the discounted future rental payment obligations under which are required
to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP.

     Cash Collateralize. To pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the Administrative Agent, Issuing Bank or any Swing Line Lender (as
applicable) and the Banks, as collateral for L/C Obligations, Obligations in respect of Swing Line
Loans, or obligations of Banks to fund participations in respect of either thereof (as the context
may require), cash or deposit account balances or, if the Issuing Bank or any Swing Line Lender
benefitting from such collateral shall agree in its sole discretion, other credit support, in each
case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent
and (b) the Issuing Bank or such Swing Line Lender (as applicable). Cash Collateral shall
have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral
and other credit support.

     CDOR Rate. On any day, the annual rate of interest determined by the Canadian Agent
which is equal to the average of the yield rates per annum (calculated on the basis of a year of
365 days) applicable to Canadian Dollar bankers’ acceptances having, where applicable, identical
issue and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the
Canadian Borrowers displayed and identified as such on the “CDOR Page” (or any display substituted
therefore) of Reuters Monitor Money Rates Service at approximately 10:00 a.m. (Toronto time) on
that day or, if that day is not a Business Day, then on the immediately preceding Business Day (as
adjusted by the Canadian Agent after 10:00 a.m. (Toronto time) to reflect any error in a posted
rate of interest or in the posted average annual rate of interest); provided,
however, if those rates do not appear on that CDOR Page, then the CDOR Rate shall be the
discount rate (expressed as a rate per annum on the basis of a year of 365 day) applicable to those
Canadian Dollar bankers’ acceptances in a comparable amount to the Bankers’ Acceptances proposed to
be issued by the Canadian Borrowers quoted by the Canadian Agent as of 10:00 a.m. (Toronto time) on
that day or, if that day is not a Business Day, then on the immediately preceding Business Day.
Each determination of the CDOR Rate by the Canadian Agent shall be conclusive and binding, absent
manifest error.

     Change in Law. The occurrence, after the Closing Date, of any of the following: (a)
the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law,
rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive by any Governmental Authority.

     Closing Date. The date on which the conditions precedent set forth in §11 and §12
hereof are satisfied (other than Loan Requests if no Loans are to be made on such date).

     Code. The Internal Revenue Code of 1986, as amended and in effect from time to time.

 

7

     Co-Lead Arranger. Has the meaning ascribed thereto on the cover page hereof.

     Commitment(s). With respect to any Bank, its Domestic Commitment and/or Canadian
Commitment and/or U.K. Commitment and/or PR Commitment and, with respect to each of the Domestic
Swing Line Lenders, its Domestic Swing Line Commitment.

     Commitment Percentage(s). Subject to adjustment as provided in §2.16, with respect to
any Bank, its Domestic Commitment Percentage and/or Canadian Commitment Percentage and/or U.K.
Commitment Percentage and/or PR Commitment Percentage.

     Compliance Certificate. See §8.4(c).

     Consolidated or consolidated. With reference to any term defined herein, shall mean
that term as applied to the accounts of Ryder and its Consolidated Subsidiaries consolidated in
accordance with GAAP.

     Consolidated Adjusted Tangible Net Worth. At any date, the aggregate of (i)
consolidated shareholders’ equity and (ii) without duplication, an amount equal to 50% of any
deferred federal income taxes as reflected on a consolidated balance sheet of Ryder and its
Consolidated Subsidiaries prepared in accordance with GAAP, less the sum of:

     (a) investments in Subsidiaries other than Consolidated Subsidiaries; and

     (b) the consolidated book value of all assets of Ryder and its Consolidated
Subsidiaries which are treated as intangibles under GAAP (including, without limitation,
goodwill, trademarks, trade names, operating rights, patents and licenses, and rights with
respect to the foregoing).

     Consolidated Subsidiary. As of any date, any Subsidiary or other entity the accounts
of which would be consolidated with those of Ryder in its consolidated financial statements if
prepared on such date, in accordance with Generally Accepted Accounting Principles.

     Consolidated Tangible Assets. As at any date, the consolidated assets of Ryder and
its Consolidated Subsidiaries which may properly be classified as assets in accordance with GAAP,
on a consolidated basis and after eliminating (a) all intercompany items, (b) all Intangible
Assets, and (c) all investments in Subsidiaries other than Consolidated Subsidiaries (to the extent
such investments are not otherwise eliminated).

     Debtor Relief Laws. The Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

     Deemed Indebtedness Under Limited Recourse Facilities. (i) The Deemed Receivables
Indebtedness, (ii) the Deemed Securitization Indebtedness and (iii) in respect of any other Limited
Recourse Facility, an amount equal to the greater of (a) 10% of the principal amount or aggregate
payment obligations, as applicable, of such Limited Recourse Facility or (b) two times
the percentage recourse under such Limited Recourse Facility of the principal amount or
aggregate payment obligations, as applicable, of such Limited Recourse Facility (as determined in
accordance with the definition of “Limited Recourse Facilities”).

 

8

     Deemed Receivables Indebtedness. In respect of the Receivables Purchase Agreement, so
long as there is a purchased receivables balance outstanding under the Receivables Purchase
Agreement, Ryder shall be deemed to have incurred Indebtedness in an amount equal to ten percent
(10%) of the aggregate face amount of all accounts receivable of Ryder and its Consolidated
Subsidiaries which at any given time constitute purchased receivables under the Receivables
Purchase Agreements.

     Deemed Securitization Indebtedness. In respect of the Securitization Transactions,
Ryder shall be deemed to have incurred Indebtedness in an amount equal to twenty-five percent (25%)
of the amount of Indebtedness of Ryder and its Consolidated Subsidiaries or of any special purpose
securitization conduit incurred in connection with the relevant Securitization Transaction
(excluding any Indebtedness as to which Ryder or any of its Consolidated Subsidiaries is the
holder).

     Default. Any event, act or condition which with the giving of notice and/or the
passage of time would constitute an Event of Default.

     Defaulting Bank. Subject to §2.16(b), any Bank that, as reasonably determined in good
faith by the Administrative Agent and any other applicable Agent, (a) has failed to perform any of
its funding obligations hereunder, including in respect of its Loans or participations in respect
of Letters of Credit or Swing Line Loans, within three Business Days of the date required to be
funded by it hereunder, (b) has notified any Borrower, or any Agent or any Bank that it does not
intend to comply with its funding obligations hereunder or has made a public statement to that
effect with respect to its funding obligations hereunder or has defaulted in fulfilling its
obligation under other credit agreements in which it commits to extend credit, (c) has failed,
within three Business Days after request by the applicable Agent, to confirm in a manner reasonably
satisfactory to such Agent that it will comply with its funding obligations, or (d) has, or has a
direct or indirect parent company that controls it that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated
its consent to, approval of or acquiescence in any such proceeding or appointment; provided
that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any
equity interest in that Bank or any direct or indirect parent company thereof by a Governmental
Authority or instrumentality thereof.

     Derivatives Obligations. With respect to any Person, all obligations of such Person
in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, total
rate of return swap, credit default swap, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including any option with
respect to any of the foregoing transactions) or any combination of the foregoing transactions.

 

9

For purposes of §9.1 and §13.1(f) hereof, the “aggregate amount” of any Derivatives
Obligations at any time shall be the maximum amount of any termination or loss payment required to
be paid by Ryder and/or its Subsidiaries if such Derivatives Obligations were, at the time of
determination hereunder, to be terminated by reason of any event of default or early termination
event thereunder, whether or not such event of default or early termination event has in fact
occurred.

     Documentation Agent. Has the meaning ascribed thereto on the cover page hereof.

     Dollar Equivalent. At any time (a) with respect to any amount denominated in Dollars,
such amount, and (b) with respect to an amount of Canadian Dollars, Sterling or Euros on any date,
the equivalent amount of U.S. Dollars as reasonably determined by any Agent or the Issuing Bank, as
the case may be, at such time on the basis of the Exchange Rate for the purchase of Dollars with
such Canadian Dollars, Sterling or Euros, as applicable on such date.

     Dollars or U.S.$ or $        or U.S. Dollars. Dollars in lawful currency of the United
States of America.

     Domestic Banks. The banks and financial institutions that shall have agreed to make
Domestic Loans to Ryder, as evidenced by such Bank having a positive figure beside its name in the
column titled “Domestic Commitment” on Schedule 1 hereto, as such Schedule may be updated from time
to time in accordance with §2.3(f), §2.4 and §21 hereof.

     Domestic Base Rate. For any day, a fluctuating rate per annum equal to the highest of
(a) the annual rate of interest announced from time to time by Bank of America as its “prime rate”,
(b) one-half of one percent (1/2%) above the Federal Funds Effective Rate and (c) the Domestic
LIBOR Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based upon
various factors including Bank of America’s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in such prime rate announced by Bank of America
shall take effect at the opening of business on the day specified in the public announcement of
such change.

     Domestic Base Rate Loans. Domestic Loans bearing interest calculated by reference to
the Domestic Base Rate.

     Domestic Business Day. Any day other than a Saturday, Sunday, or any day on which
commercial banks are authorized to be closed under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Head Office is located and, if such date relates to any LIBOR Rate
Loans, as applicable, any such day that is also a Eurodollar Business Day.

     Domestic Commitment. With respect to each Domestic Bank, the amount set forth on
Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.3(f),
§2.4 and §21 hereof, as the amount of such Domestic Bank’s commitment to make Domestic Loans to, or
to participate in the issuance, extension and renewal of Letters of Credit for the account of,
Ryder, as the same may be reduced from time to time; or if such commitment is terminated pursuant
to the provisions hereof, zero.

 

10

     Domestic Commitment Percentage. With respect to each Domestic Bank, the percentage
set forth on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance
with §2.3(f), §2.4 and §21 hereof, as such Domestic Bank’s percentage of the Total Domestic
Commitment.

     Domestic Facility Fee. See §2.2(a).

     Domestic LIBOR Rate.

     (a) For any Interest Period with respect to a Domestic LIBOR Rate Loan, a rate per annum
determined by the Administrative Agent pursuant to the following formula:

	 	 	 	 	 
	Domestic LIBOR Rate

	 	=
	 	Eurodollar Base Rate
	 

	 	 	 	 
	 

	 	 	 	1.00 – Eurodollar Reserve Percentage

     Where,

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

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

     (b) For any interest calculation with respect to a Domestic Base Rate Loan on any date, the
rate per annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two
Eurodollar Business Days prior to such date for Dollar deposits being delivered in the London
interbank market for a term of one month commencing that day or (ii) if such published rate is not
available at such time for any reason, the rate per annum determined by the Administrative Agent to
be the rate at which deposits in Dollars for delivery on the date of

 

11

determination in same day funds in the approximate amount of the Domestic Base Rate Loan being
made or maintained and with a term equal to one month would be offered by Bank of America’s London
Branch to major banks in the London interbank Eurodollar market at their request at the date and
time of determination.

     Domestic LIBOR Rate Loans. Domestic Loans bearing interest calculated by reference to
the Domestic LIBOR Rate.

     Domestic Loan Request. See §2.7(a).

     Domestic Loans. Collectively, Loans made to Ryder by the Domestic Banks pursuant to
§2.1.1 and the Domestic Swing Line Loans.

     Domestic Note. See §2.5(a).

     Domestic Swing Line Commitment. With respect to each Domestic Swing Line Lender, the
amount set forth on Schedule 1 hereto, as the amount of such Domestic Swing Line Lender’s
commitment to make Domestic Swing Line Loans to Ryder, as the same may be reduced from time to
time; or if such commitment is terminated pursuant to the provisions hereof, zero. On the Closing
Date, (i) the Domestic Swing Line Commitment of Bank of America is $25,000,000 and (ii) the
Domestic Swing Line Commitment of RBS is $25,000,000. The Domestic Swing Line Commitment is part
of, and not in addition to, the Total Domestic Commitment.

     Domestic Swing Line Commitment Percentage. With respect to each Domestic Swing Line
Lender, the percentage set forth on Schedule 1 hereto, as such Domestic Swing Line Lender’s
percentage of the aggregate amount of the Total Domestic Swing Line Commitments.

     Domestic Swing Line Lenders. Bank of America and RBS (and including each such
Person’s permitted successors in such capacity).

     Domestic Swing Line Loan Request. See §2.12(b).

     Domestic Swing Line Loans. See §2.12(a).

     Domestic Swing Line Note. See §2.12(f).

     Drawdown Date. The date on which any Loan is made or is to be made.

     Eligible Assignee. Any Qualifying Bank that is (a) a Bank, an affiliate of a Bank or
an Approved Fund, (b) a commercial bank, finance company or financial institution organized under
the Laws of the United States, or any state thereof or the District of Columbia, and having total
assets in excess of $1,000,000,000; (c) a savings and loan association or savings bank organized
under the Laws of the United States, or any state thereof or the District of Columbia, and having a
net worth of at least $1,000,000,000, calculated in accordance with GAAP; (d) a commercial bank or
financial institution organized under the Laws of any other country which is a member of the
Organization for Economic Cooperation and Development (the “OECD”), or a political subdivision of
any such country, and having total assets in excess of $1,000,000,000 (or the local currency
equivalent thereof), provided that such bank is acting through a branch or
agency located in the country in which it is organized or another country which is also a
member of the OECD; and (e) the central bank of any country which is a member of the OECD; provided
that neither General Electric Capital Corporation nor any Affiliate of General Electric Capital
Corporation shall be an “Eligible Assignee” for the purposes of this Agreement.

 

12

     Environmental Laws. Any judgment, decree, order, law, permit, license, rule or
regulation pertaining to environmental matters, or any United States, Canadian, United Kingdom or
Puerto Rican federal, state, provincial, territorial or local statute, regulation, ordinance, order
or decree relating to public health, waste transportation or disposal, or the environment.

     Environmental Liability. Any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrowers or any guarantor hereunder or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Substances, (c) exposure
to any Hazardous Substances, (d) the release or threatened release of any Hazardous Substances into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     ERISA. The Employee Retirement Income Security Act of 1974, as amended and in effect
from time to time.

     ERISA Affiliate. Any trade or business (whether or not incorporated) under common
control with Ryder or any of its Subsidiaries within the meaning of Section 414(b) or (c) of the
Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of
the Code).

     ERISA Event. (a) a Reportable Event with respect to a Pension Plan; (b) the
withdrawal of any Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a “substantial employer” as defined in Section
4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) any event or condition which constitutes grounds under Section 4042 of ERISA
for the termination of, or the appointment of a trustee to administer, any Pension Plan; or (d) the
imposition of any liability under Title IV of ERISA with respect to a Pension Plan, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA
Affiliate.

     EU Treaties. The treaty establishing the European Community being the Treaty of Rome
of 25 March 1957 as amended by the Single European Act 1986 and by the Treaty of European Union
which was signed at Maastricht on 7 February 1992 (and came into being on November 1, 1993), (the
Maastricht Treaty) as further amended from time to time.

     EURIBOR Rate. For any Interest Period with respect to a EURIBOR Rate Loan, the rate
of interest equal to (i) the rate at which Euros are offered on Moneyline Telerate Page 248 (or any
successor thereto) at approximately 11:00 a.m. (Central European time) on the date that is two (2)
TARGET Settlement Days preceding the first day of such Interest Period. If the rate

 

13

referenced in the preceding sentence does not appear on such page or service or such page or
service shall not be available, “EURIBOR Rate” means the rate determined by the U.K. Agent to be
the offered rate on such other page or other service that displays the percentage rate per annum
determined by the Banking Federation of the European Union for deposits in Euros (for delivery on
the first day of such Interest Period) with a term equivalent to such Interest Period, determined
as of approximately 11:00 a.m. (London time) on the date that is two (2) TARGET Settlement Days
preceding the first day of such Interest Period. If the rates referenced in the preceding two
sentences are not available, “EURIBOR Rate” means an interest rate per annum equal to the
arithmetic mean determined by the U.K. Agent (rounded upwards to the nearest 0.01%) of the rates
per annum at which deposits in Euros are offered by the U.K. Agent and the U.K. Reference Banks in
the European interbank market at approximately 11:00 a.m. (Central European time), on the day that
is two (2) TARGET Settlement Days preceding the first day of such Interest Period to other leading
banks in the European interbank market. For the purposes of this definition, “TARGET Settlement
Day” means any day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open.

     EURIBOR Rate Loan. U.K. Loans denominated in Euros bearing interest calculated by
reference to the EURIBOR Rate.

     Euro or EU. The single lawful currency of the Participating Member States.

     Euro Reference Rate. The annual rate of interest equal to the sum of (i) the
arithmetic mean of the cost of funds offered to the U.K. Agent and the U.K. Reference Banks in the
London interbank market for overdrafts denominated in Euros plus (ii) one percent (1%).

     Euro Equivalent. With respect to an amount of U.S. Dollars, Canadian Dollars or
Sterling on any date, the amount of Euros that may be purchased with such amount of U.S. Dollars,
Canadian Dollars or Sterling, as applicable, on such date.

     Eurodollar Base Rate. See the definition of Domestic LIBOR Rate.

     Eurodollar Business Day. Any day on which commercial banks are open for international
business (including dealings in Dollar deposits) in London that is also a Domestic Business Day.

     Event of Default. See §13.1.

     Exchange Rate. For a currency, the rate determined by the Administrative Agent, the
Canadian Agent, the U.K. Agent or the Issuing Bank, as applicable, to be the rate quoted by the
Person acting in such capacity as the spot rate for the purchase by such Person of such currency
with another currency through its principal foreign exchange trading office at approximately 11:00
a.m. on the date two Business Days prior to the date as of which the foreign exchange computation
is made; provided that Administrative Agent, the Canadian Agent, the U.K. Agent or the
Issuing Bank, as applicable, may obtain such spot rate from another financial institution
designated by such Agent or the Issuing Bank if the Person acting in such capacity does not have as
of the date of determination a spot buying rate for any such currency.

 

14

     Excluded Taxes. With respect to any Agent, any Bank, the Issuing Bank or any other
recipient of any payment to be made by or on account of any obligation of any Borrower hereunder,
(a) taxes imposed on or measured by its overall net income or profits (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized or in which its principal
office is located or, in the case of any Bank, in which its applicable lending office is located,
(b) any branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which such Borrower is located, (c) any backup withholding tax that is required by
the Code to be withheld from amounts payable to a Bank that has failed to comply with clause (A) of
§6.2(a)(ii), and (d) in the case of a Bank (other than an assignee pursuant to a request by the
Borrowers under §6.14), any tax that (i) is required to be imposed on amounts payable to a Bank
pursuant to the Laws in force on the Closing Date or (ii) after the Closing Date, is attributable
to such Bank’s failure (other than as a result of a Change in Law) to comply with clause (B) of
§6.2(a)(ii), except to the extent that such Bank (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts from
such Borrower with respect to such withholding tax pursuant to §19(a)(ii) or (iii).
Notwithstanding anything to the contrary contained in this definition, “Excluded Taxes” shall not
include any withholding tax imposed at any time on payments made by or on behalf of a Foreign
Obligor to any Bank hereunder or under any other Loan Document, provided that such Bank
shall have complied with §6.2(a)(i) to the extent such Bank may lawfully do so.

     Existing Credit Agreement. As defined in the recitals hereto.

     Facility Fees. Collectively, the Domestic Facility Fee, the Canadian Facility Fee,
the U.K. Facility Fee and the PR Facility Fee.

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

     Fee Letter. That certain fee letter, dated as of May 5, 2011, by and among Bank of
America, MLPF&S and Ryder.

     Fitch. Fitch Investors Service, Inc. and any successor thereto.

     Foreign Bank. With respect to any Borrower, any Bank that is organized under the Laws
of a jurisdiction other than that in which such Borrower is resident for tax purposes (including
such a Bank when acting in the capacity of the Issuing Bank). For purposes of this definition,
the United States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

 

15

     Foreign Borrower. Each of the Canadian Borrowers and the U.K. Borrowers.

     Foreign Obligor. Each of the Foreign Borrowers and any other Foreign Subsidiary that
becomes a Borrower or guarantor hereunder.

     Foreign Subsidiary. Any Subsidiary that is organized under the Laws of a jurisdiction
other than the United States, a State thereof or the District of Columbia.

     FRB. The Board of Governors of the Federal Reserve System of the United States.

     Fronting Exposure. At any time there is a Defaulting Bank, (a) with respect to the
Issuing Bank, such Defaulting Bank’s applicable Commitment Percentage of the outstanding L/C
Obligations other than L/C Obligations as to which such Defaulting Bank’s participation obligation
has been reallocated to other Banks or Cash Collateralized in accordance with the terms hereof, and
(b) with respect to the Swing Line Lenders, such Defaulting Bank’s applicable Commitment Percentage
of Swing Line Loans other than Swing Line Loans as to which such Defaulting Bank’s participation
obligation has been reallocated to other Banks or Cash Collateralized in accordance with the terms
hereof.

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

     Generally Accepted Accounting Principles, or GAAP. (i) When used in §9.1 and §10,
whether directly or indirectly through reference to a capitalized term used therein, means (A)
generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or such
other principles as may be approved by a significant segment of the accounting profession in the
United States, that are in effect for the fiscal year ended on the Balance Sheet Date, consistently
applied, and (B) to the extent consistent with such principles, the accounting practice of Ryder
reflected in its financial statements for the year ended on the Balance Sheet Date, and (ii) when
used in general, other than as provided above, means (A) generally accepted accounting principles
in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board or such other principles as may be approved by a
significant segment of the accounting profession in the United States, that are applicable to the
circumstances as of the date of determination, consistently applied, and (B) consistently applied
with past financial statements of Ryder adopting the same principles, provided that in each
case referred to in this definition of “generally accepted accounting principles” a certified
public accountant would, insofar as the use of such accounting principles is pertinent, be in a
position to deliver an unqualified opinion (other than a qualification regarding changes in
generally accepted accounting principles) as to financial statements in which such principles have
been properly applied.

 

16

     Governmental Authority. Any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative
tribunal, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government.

     Granting Bank. See §21.6.

     Guaranteed Obligations. See §5.1.

     Guaranty. The guaranty contained in §5 hereof.

     Hazardous Substances. Any toxic substances, hazardous waste or other material
regulated by any Environmental Law.

     Head Office. When used in connection with (a) the Administrative Agent, the
Administrative Agent’s head office located in Charlotte, North Carolina, or at such other location
as the Administrative Agent may designate from time to time, (b) the Canadian Agent, the Canadian
Agent’s designated office in Toronto, Canada, or at such other location as the Canadian Agent may
designate from time to time and (c) the U.K. Agent, the U.K. Agent’s head office located in
Edinburgh, Scotland, or at such other location as the U.K. Agent may designate from time to time.

     Honor Date. See §4.3.

     Immaterial Subsidiary. As of any date, a Subsidiary of Ryder whose results of
operations, considered alone or in the aggregate with other Subsidiaries treated as Immaterial
Subsidiaries, do not have a material effect on the business, consolidated financial position or
consolidated results of operations of Ryder and its Consolidated Subsidiaries, taken as a whole.

     Indebtedness. With respect to any Person, at any date, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay
the deferred purchase price of property or services, except trade accounts payable arising in the
ordinary course of business, (d) all obligations of such Person as lessee under Capitalized Leases,
(e) all Deemed Indebtedness Under Limited Recourse Facilities, (f) all obligations as lessee in
respect of synthetic leases and (g) all Indebtedness of others guaranteed by such Person. For the
avoidance of doubt, all obligations under Limited Recourse Facilities other than Deemed
Indebtedness under Limited Recourse Facilities shall not be Indebtedness for the purposes of this
definition.

     Indemnifiable Taxes. Taxes other than Excluded Taxes.

     Information. See §29.

     Intangible Assets. The aggregate amount of the sum of the following (to the extent
reflected in determining consolidated shareholders’ equity): (i) all write-ups (other than
write-ups resulting from foreign currency transactions and write-ups of assets of a going concern
business made within twelve (12) months after the acquisition of such business) subsequent to

 

17

December 31, 2010 in the book value of any assets owned by Ryder or a Consolidated Subsidiary,
(ii) all investments in Subsidiaries other than Consolidated Subsidiaries, and (iii) all
unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks,
service marks, trade names, copyrights, organization or developmental expenses and other intangible
assets.

     Intercompany Indebtedness. Any Indebtedness owed directly between Ryder and a
Subsidiary of Ryder or between Subsidiaries of Ryder.

     Interest Payment Date. With respect to (a) Base Rate Loans, the last Business Day of
each calendar quarter and (b) LIBOR Rate Loans with an Interest Period of (i) equal to or less than
three (3) months, the last day of such Interest Period or (ii) more than three (3) months, the date
that is three (3) months from the first day of such Interest Period, and at three (3) month
intervals thereafter and, in addition, the last day of such Interest Period.

     Interest Period. With respect to each Loan (a) initially, the period commencing on
the Drawdown Date of such Loan and ending on the last day of one of the periods set forth below, as
selected by the applicable Borrower(s) in accordance with this Agreement for any LIBOR Rate Loan,
1, 2, 3, 6 or, if agreed to by all Banks, 9 or 12 months; and (b) thereafter, each period
commencing on the last day of the next preceding Interest Period applicable to such Loan and ending
on the last day of one of the periods set forth above, as selected by the applicable Borrower(s) in
accordance with this Agreement; provided that any Interest Period which would otherwise end on a
day which is not a Business Day shall be deemed to end on the next succeeding Business Day;
provided further that for any Interest Period for any LIBOR Rate Loan, if such next succeeding
Business Day falls in the next succeeding calendar month, such Interest Period shall be deemed to
end on the next preceding Business Day; and provided further that no Interest Period shall extend
beyond the Maturity Date, as applicable.

     ISP. With respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance).

     Issuing Bank. Bank of America in its capacity as issuer of Letters of Credit for the
account of Ryder and its domestic Subsidiaries, or any successor issuer of Letters of Credit for
the account of such Borrower pursuant to §21.8 hereunder.

     Issuer Documents. With respect to any Letter of Credit, the Letter Credit Application
and any other document, agreement and instrument entered into by the Issuing Bank and Ryder and its
domestic Subsidiaries or in favor of the Issuing Bank and relating to any such Letter of Credit.

     Law(s). Collectively, all international, foreign, Federal, state, provincial and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority.

 

18

     L/C Advance. With respect to each Bank, such Bank’s funding of its participation in
any L/C Borrowing in accordance with its Domestic Commitment Percentage.

     L/C Borrowing. An extension of credit resulting from a drawing under any Letter of
Credit which has not been reimbursed on the date when made or refinanced as a Base Rate Loan
denominated in Dollars.

     L/C Credit Extension. With respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof.

     L/C Obligations. As at any date of determination, the aggregate undrawn amount of all
outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C
Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit
has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn.

     Lead Arranger. Has the meaning ascribed thereto in the introductory paragraph hereof.

     Letter of Credit. Any letter of credit issued hereunder. A Letter of Credit may be a
commercial letter of credit or a standby letter of credit.

     Letter of Credit Application. An application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the Issuing Bank.

     Letter of Credit Expiration Date. The day that is thirty days prior to the Maturity
Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

     Letter of Credit Fee. See §4.9.

     Letter of Credit Sublimit. An amount equal to $75,000,000. The Letter of Credit
Sublimit is part of, and not in addition to, the Total Domestic Commitment.

     LIBOR Rate Loans. Loans bearing interest calculated by reference to the Domestic
LIBOR Rate (other than, for the avoidance of doubt, Domestic Base Rate Loans bearing interest by
reference to the Domestic LIBOR Rate as provided in the definition of “Domestic Base Rate”),
Canadian LIBOR Rate, Sterling LIBOR Rate, EURIBOR Rate, or U.K. Dollar LIBOR Rate, as the case may
be.

     Lien. Any mortgage, pledge, hypothecation, assignment, security interest, deposit
arrangement, encumbrance, lien (statutory or other), charge, or other preferential arrangement in
the nature of a security interest of any kind or nature whatsoever (including any conditional sale
or other title retention agreement, the interest of a lessor under a Capitalized Lease, and any
financing lease having substantially the same economic effect as any of the foregoing).

 

19

     Limited Recourse Facilities. Any (i) Receivables Purchase Agreement, (ii)
Securitization Transaction or (iii) other transaction similar to those set forth in clause (i) and
(ii) to which Ryder or any of its Consolidated Subsidiaries is a party, under which recourse as a
general
obligation of Ryder or a Consolidated Subsidiary (other than a special purpose non-operating
Subsidiary formed for the purpose of the relevant transaction) is limited to not more than 25% of
the aggregate principal amount or aggregate payment obligations, as applicable, under such
transaction. Limited recourse as provided for in clause (iii) shall be determined by Ryder as set
forth in a written notice to the Administrative Agent (together with any appropriate supporting
documentation) and shall be reasonably acceptable to the Administrative Agent; provided that if the
Administrative Agent does not accept such determination, Ryder and the Administrative Agent shall
enter into good faith negotiations in order to determine the amount of the limited recourse with
respect to any such transaction and, prior to Ryder and the Administrative Agent making such
determination, such transaction shall not be treated as a “Limited Recourse Facility” hereunder.

     Loan Documents. This Agreement, the Notes, the Bankers’ Acceptances, the Letter of
Credit Applications, the Letters of Credit, any agreement creating or perfecting rights in Cash
Collateral pursuant to this Agreement, including §2.15 herein, and any other document designated as
a “Loan Document” by Ryder and the Administrative Agent.

     Loan(s). Collectively, the Canadian Loans, the Domestic Loans, the PR Loans and the
U.K. Loans.

     Loan Requests. Collectively, the Canadian Loan Requests, the Domestic Loan Requests,
PR Loans Requests and the U.K. Loan Requests.

     Majority Banks. Collectively, the Banks with greater than 50.1% of the Total
Commitment; provided that in the event that the Total Commitment has been terminated, the Majority
Banks shall be the Banks holding greater than 50.1% of the aggregate outstanding principal amount
of the Obligations on such date (with the aggregate amount of each Bank’s risk participation and
funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Bank for
purposes of this definition); provided further that the Commitment of, and the
portion of the Total Outstandings held or deemed held by, any Defaulting Bank shall be excluded for
purposes of making a determination of Majority Banks.

     Maturity Date. June 8, 2016.

     Moody’s. Moody’s Investors Service, Inc. and any successor thereto.

     Multiemployer Plan. Any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which any Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     Multiple Employer Plan. A Plan which has two or more contributing sponsors (including
any Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a
plan is described in Section 4064 of ERISA.

     New Lending Office. See §6.2(b).

     Non-Extension Notice Date. See §4.2(c).

 

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     Non-Schedule I Bank. At least one but not more than two Canadian Banks which are
Schedule II Banks or Schedule III Banks under the Bank Act (Canada) to be designated by the
Canadian Agent and the Canadian Borrowers (with the consent of each such Canadian Bank).

     Notes. Collectively, the Domestic Notes, the Domestic Swing Line Note, the U.K. Notes, the
U.K. Swing Line Note, the Canadian Notes, the Canadian Swing Line Note and the PR Notes.

     Obligations. All indebtedness, obligations and liabilities of the Borrowers, and any
obligations with respect to Letters of Credit issued for the account of Ryder’s domestic
Subsidiaries, to any of the Banks, the Agents and the Issuing Bank, individually or collectively,
existing on the date of this Agreement or arising thereafter, direct or indirect, joint or several,
absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured,
arising by contract, operation of law or otherwise, in each case, arising or incurred under this
Agreement or any of the other Loan Documents or in respect of any of the Loans made or L/C
Obligations incurred or Bankers’ Acceptances, Letter of Credit Applications, Letters of Credit, the
Notes, or any other instrument at any time evidencing any thereof.

     Other Taxes. All present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made hereunder or under any
other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect
to, this Agreement or any other Loan Document.

     Outstanding Amount. (i) With respect to Loans on any date, the Dollar Equivalent of
the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of such Loans occurring on such date; (ii) with respect to Swing Line
Loans on any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof
after giving effect to any borrowing or prepayments or repayments of such Swing Line Loans
occurring on such date; (iii) with respect to any L/C Obligations on any date, the Dollar
Equivalent of the aggregate outstanding amount of such L/C Obligations on such date after giving
effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate
amount of the L/C Obligations as of such date, including as a result of any reimbursements by the
Borrowers of Unreimbursed Amounts; and (iv) with respect to any Bankers’ Acceptances on any date,
the Dollar Equivalent of the aggregate outstanding amount of such Bankers’ Acceptances on such date
after giving effect to any issuances or purchases or refunds of such Bankers’ Acceptances on such
date.

     Overnight Rate. For any day, (a) with respect to any amount denominated in Dollars,
the greater of (i) the Federal Funds Effective Rate and (ii) an overnight rate determined by the
Administrative Agent or the Issuing Bank, as the case may be, in accordance with banking industry
rules on interbank compensation, and (b) with respect to any amount denominated in Canadian
Dollars, Sterling or Euros, the rate of interest per annum at which overnight deposits in Canadian
Dollars, Sterling or Euros, in an amount approximately equal to the amount with respect to which
such rate is being determined, would be offered for such day by a branch or Affiliate of the
Canadian Agent or the U.K. Agent, as applicable, in the applicable offshore interbank market for
such currency to major banks in such interbank market.

 

21

     Participant. See §21.4.

     Participating Member States. A member state of the European Union that has adopted or
adopts a single currency in accordance with the EU Treaties.

     PBGC. The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any
successor entity or entities having similar responsibilities.

     Pension Act. The Pension Protection Act of 2006, as amended and in effect from time
to time.

     Pension Funding Rules. The rules of the Code and ERISA regarding minimum required
contributions (including any installment payment thereof) to Pension Plans and set forth in, with
respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the
Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections
412, 430 and 436 of the Code and Sections 302, 303 and 307 of ERISA.

     Pension Plan. Any employee pension benefit plan (including a Multiple Employer Plan)
that is maintained or is contributed to by any Borrower and any ERISA Affiliate and is either
covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of
the Code, other than a Multiemployer Plan.

     Permitted Liens. See §9.2.

     Person. Any individual, corporation, partnership, joint venture, limited liability
company, trust, unincorporated association, business, or other legal entity, and any government or
any governmental agency or political subdivision thereof.

     Plan. Any employee benefit plan within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained for employees of any Borrower or any ERISA Affiliate or any
such Plan to which any Borrower or any ERISA Affiliate is required to contribute on behalf of any
of its employees, other than a Multiemployer Plan.

     Platform. §8.4.

     PR Banks. The banks and financial institutions that shall have agreed to make PR
Loans to Ryder PR, as evidenced by each such Bank having a positive figure beside its name in the
column titled “PR Commitment” on Schedule 1 hereto, as such Schedule may be updated from time to
time in accordance with §2.3(f), §2.4 and §21 hereof.

     PR Business Day. A Domestic Business Day.

     PR Commitment. With respect to each PR Bank, the amount set forth on Schedule 1
hereto, as such Schedule may be updated from time to time in accordance with §2.3(f), §2.4 and §21
hereof, as the amount of such PR Bank’s Commitment to make PR Loans to Ryder PR, as the same may be
reduced from time to time; or if such Commitment is terminated pursuant to the provisions hereof,
zero.

 

22

     PR Commitment Percentage. With respect to each PR Bank, the percentage set forth on
Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.3(f),
§2.4 and §21 hereof, as such PR Bank’s percentage of the Total PR Commitment.

     PR Facility Fee. See §2.2(d).

     PR Loan Request. See §2.7(d).

     PR Loans. Collectively, Loans made to Ryder PR by the PR Banks pursuant to §2.1.4
hereof.

     PR Note. See §2.5(d).

     Pricing Table. With respect to Domestic Loans, including Domestic Swing Line Loans,
Canadian Loans, including Canadian Swing Line Loans, U.K. Loans, including U.K. Swing Line Loans,
PR Loans, Bankers’ Acceptances, Letters of Credit, Letter of Credit Fees, Domestic Commitments,
Canadian Commitments, U.K. Commitments and PR Commitments, on each day the Applicable Acceptance
Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be as set forth in the table
below (expressed in basis points per annum) based on the Senior Public Debt Ratings in effect on
such day. For purposes of the Pricing Table, the Senior Public Debt Rating at Level I shall be the
highest Senior Public Debt Rating and the Senior Public Debt Rating for Level VI shall be the
lowest Senior Public Debt Rating. If at any time there is a split among Senior Public Debt Ratings
of S&P, Fitch and Moody’s such that all three ratings fall in different Levels in the table below,
the Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be
determined by the Senior Public Debt Rating that is neither the highest nor the lowest of the three
ratings, and, if at any time there is a split among Senior Public Debt Ratings of S&P, Fitch and
Moody’s such that two of such Senior Public Debt Ratings are in one Level in the table below (the
“Majority Level”) and the third Senior Public Debt Rating is in a different Level, the Applicable
Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be determined by the
rating at the Majority Level. In the event that a Senior Public Debt Rating is not available from
any one of S&P, Moody’s or Fitch, the Applicable Acceptance Fee Rate, Applicable Facility Fee Rate,
and Applicable Margin shall be as set forth in the table below based on the Senior Public Debt
Ratings of S&P, Moody’s and Fitch that are available and in effect on such day; provided that (i)
in the event of a one Level split in the Senior Public Debt Rating by S&P, Moody’s and Fitch, as
the case may be, then the Level for the higher Senior Public Debt Rating shall apply and (ii) in
the event of a two or more Level split in the Senior Public Debt Rating by S&P, Moody’s and Fitch,
as the case may be, the Level which is one step above the Level for the lower Senior Public Debt
Rating shall apply. In the event that a Senior Public Debt Rating is not available from Fitch and
one of S&P or Moody’s, the Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and
Applicable Margin shall be as set forth in the table below (expressed in basis points per annum)
based on the Senior Public Debt Rating available from S&P or Moody’s, as the case may be, in effect
on such day. In the event that neither S&P nor Moody’s has a Senior Public Debt Rating available,
the Applicable Acceptance Fee Rate, the Applicable Facility Fee Rate, and the Applicable Margin
shall be as set forth in Level VI in the table below. If there is no Senior Public Debt Rating
from any of Fitch, S&P or Moody’s, Level VI in the table below shall apply. Adjustments to the
Applicable Acceptance Fee Rate, the Applicable Facility Fee Rate, and the Applicable Margin
shall be made on, and shall be effective as of, the day of any adjustment in the Senior Public
Debt Rating.

 

23

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Applicable	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Margin on	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	LIBOR Rate	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Loans / Letter of	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Credit Fees /	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Applicable	 	 	Applicable	 	 	Applicable	 	 	Applicable	 
	 	 	 	 	Senior Public Debt	 	 	 	Facility	 	 	Acceptance Fee	 	 	Margin on Base	 	 	Margin on Swing	 
	 	Level	 	 	Rating	 	 	 	Fee Rate	 	 	Rate	 	 	Rate Loans	 	 	Line Loans	 
	 	I	 	 	A / A2 / A or better	 	 	 	10.0	 	 	 	 	90.0	 	 	 	 	0	 	 	 	 	0	 	 
	 	II	 	 	 	A- / A3 / A-	 	 	 	 	12.5	 	 	 	 	100.0	 	 	 	 	0	 	 	 	 	0	 	 
	 	III	 	 	BBB+ / Baa1 / BBB+	 	 	 	15.0	 	 	 	 	110.0	 	 	 	 	10.0	 	 	 	 	10.0	 	 
	 	IV	 	 	BBB / Baa2 / BBB	 	 	 	22.5	 	 	 	 	127.5	 	 	 	 	27.5	 	 	 	 	27.5	 	 
	 	V	 	 	BBB- / Baa3 / BBB-	 	 	 	27.5	 	 	 	 	147.5	 	 	 	 	47.5	 	 	 	 	47.5	 	 
	 	VI	 	 	Worse than
BBB- / Baa3 / BBB-	 	 	 	32.5	 	 	 	 	167.5	 	 	 	 	67.5	 	 	 	 	67.5	 	 
	 

     Public Bank. See §8.4.

     Qualifying Bank. With respect to (a) any Domestic Bank and/or PR Bank, a Bank or
entity described in clauses (a) through (e) of the definition of Eligible Assignee that is
incorporated or organized under the Laws of the United States of America or a state thereof or the
District of Columbia or that has complied with the provisions of §6.2 hereof with respect to such
Person’s complete exemption from deduction or withholding of United States federal income taxes;
(b) any U.K. Bank, a bank (as defined for the purposes of section 879 of the Income Tax Act 2007)
or entity falling within clauses (a) through (e) of the definition of Eligible Assignee and which
in either case is within the charge to United Kingdom corporation tax as respects any payment of
interest made to it pursuant to the U.K. Loans; and (c) any Canadian Bank, a Bank or entity
described in clauses (a) through (e) of the definition of Eligible Assignee that is resident in
Canada for purposes of the Income Tax Act (Canada) and which is named in Schedule I or Schedule II
to the Bank Act (Canada) or deemed resident in Canada for purposes
of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this
Agreement and which is named in Schedule III to the Bank Act (Canada).

 

24

     RBC. Has the meaning ascribed thereto in the introductory paragraph hereof.

     RBS. Has the meaning ascribed thereto in the introductory paragraph hereof.

     RBS-U.K. Sterling Reference Rate. The annual rate of interest equal to the sum of (i)
the cost of funds offered to the U.K. Agent in the London interbank market for overdrafts
denominated in Sterling plus (ii) one percent (1%).

     RBS-U.K. Euro Reference Rate. The annual rate of interest equal to the sum of (i) the
cost of funds offered to the U.K. Agent in the London interbank market for overdrafts denominated
in Euros plus (ii) one percent (1%).

     Real Property. All real property now or hereafter owned, operated, or leased by Ryder
or any of its Consolidated Subsidiaries.

     Reallocation. A transfer by the Borrowers of a portion of the Domestic Commitments or
all or a portion of the Canadian Commitments or all or a portion of the U.K. Commitments or all or
a portion of the PR Commitments in accordance with §2.4 hereof.

     Receivables Purchase Agreement. Collectively, (i) any trade receivables purchase and
sale facilities and/or other receivables purchase agreements permitted pursuant to §9.3, including
(a) the Trade Receivables Purchase and Sale Agreement, dated October 30, 2009, as amended and
supplemented to date, among Ryder Receivable Funding III, L.L.C., Ryder System, Inc., The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation and (b) any
replacement, amendment or restatement to such facility and (ii) any other trade receivables
facilities that have been consented to by the Administrative Agent, such consent not to be
unreasonably withheld, in either case, whether characterized as sales agreements or security
agreements.

     Reference U.K. Dollar Base Rate. The annual rate of interest equal to the sum of (i)
the arithmetic mean of the cost of funds offered to the U.K. Agent and the U.K. Reference Banks in
the London interbank market for overdrafts denominated in Dollars plus (ii) one percent (1%).

     Refunding Bankers’ Acceptance. See §3.2.

     Register. See §21.3.

     Related Parties. With respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such
Person’s Affiliates.

     Replacement Bank. See §6.14.

     Replacement Notice. See §6.14.

 

25

     Reportable Event. Any of the events set forth in Section 4043(c) of ERISA, other than
events for which the 30 day notice period has been waived.

     Revaluation Date. (a) With respect to any Loan, each of the following: (i) each date
of a borrowing of a LIBOR Rate Loan denominated in Canadian Dollars, Sterling or Euros, (ii) each
date of a continuation of a LIBOR Rate Loan denominated in Canadian Dollars, Sterling or Euros, and
(iii) such additional dates as the Agents shall determine or the Majority Banks shall require and
(b) with respect to any Bankers’ Acceptance, each of the following: (i) each date of an acceptance
of a Bankers’ Acceptance denominated in Canadian Dollars, (ii) each date of an amendment of any
such Bankers’ Acceptance having the effect of increasing the amount thereof (solely with respect to
the increased amount), (iii) each date of any payment by any Canadian Bank under any Bankers’
Acceptance denominated in Canadian Dollars and (iv) such additional dates as the Canadian Agent
shall determine or the Majority Banks shall require.

     Ryder. Has the meaning ascribed thereto in the introductory paragraph hereof.

     Ryder Canada Limited. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     Ryder Holdings Canada. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     Ryder Limited. Has the meaning ascribed thereto in the introductory paragraph hereof.

     Ryder PR. Has the meaning ascribed thereto in the introductory paragraph hereof.

     RSH. Has the meaning ascribed thereto in the introductory paragraph hereof.

     Same Day Funds. (a) With respect to disbursements and payments in Dollars,
immediately available funds, and (b) with respect to disbursements and payments in Canadian
Dollars, Sterling or Euros, same day or other funds as may be reasonably determined by the
applicable Agent or the Issuing Bank, as the case may be, to be customary in the place of
disbursement or payment for the settlement of international banking transactions in Canadian
Dollars, Sterling or Euros.

     Schedule I Bank. Any bank named on Schedule I to the Bank Act (Canada).

     Secured Indebtedness. (i) Indebtedness and all Derivatives Obligations of any
Borrower or any of Ryder’s Consolidated Subsidiaries and all reimbursement obligations with respect
to letters of credit, bankers’ acceptances or similar facilities issued for the account of such
Person, in each case, secured by a lien or other encumbrance on, or title to, any real or personal
property, (ii) unsecured Indebtedness and Derivatives Obligations of any of Ryder’s Consolidated
Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers) and unsecured reimbursement
obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued
for the account of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K.
Borrowers), (iii) the aggregate liquidation preference of all Preferred Stock (as defined in §9.5
hereof) issued by Ryder’s Consolidated Subsidiaries which is not owned by Ryder and its
Consolidated Subsidiaries and (iv) any Deemed Indebtedness Under
Limited Recourse Facilities and all obligations as lessee in respect of synthetic leases, in
each case to the extent not otherwise included as Secured Indebtedness pursuant to clauses (i) and
(ii) above.

 

26

     Securitized Assets. See §9.3(e).

     Securitization Transactions. Collectively, (i) the securitization transactions
permitted pursuant to §9.3 whereby (a) Ryder or an Affiliate of Ryder transfers the beneficial
interests in certain of its assets directly or indirectly to a special purpose bankruptcy-remote
Subsidiary of Ryder (a “Securitization Subsidiary”) in transfers that include one or more true
sales of such beneficial interests; (b) such Securitization Subsidiary finances (which may or may
not be a financing for accounting and tax purposes) the beneficial interests directly with a lender
or a purchaser or by issuing new securities backed by the beneficial interests and (c) such
financing is on a non-recourse basis to Ryder or any of its other Subsidiaries and/or Affiliates
(other than with respect to (1) the applicable Securitization Subsidiary, (2) any limited recourse
contemplated under this Agreement under any of the Limited Recourse Facilities, or (3) for breaches
of standard representations, warranties and covenants and indemnification obligations that would
not have a material adverse effect on the business, assets or financial condition of Ryder and its
Subsidiaries); provided that any amendments to such securitization transactions do not materially
modify or alter the terms of recourse or levels of recourse under such transaction to levels
greater than those permitted by §9.3, and (ii) any other securitization transactions that have been
consented to by the Administrative Agent, such consent not to be unreasonably withheld.

     Senior Public Debt Ratings. The rating(s) of Ryder’s public unsecured long-term
senior debt, without third party credit enhancement, issued by Fitch, Moody’s and/or S&P; or, in
the event no such debt of Ryder is outstanding or if such debt shall be outstanding but shall not
be rated by Fitch, S&P or Moody’s, the rating(s) of this credit facility issued by Fitch, Moody’s
and/or S&P (or, if Fitch, Moody’s and S&P do not exist, another nationally recognized rating agency
approved by the Administrative Agent) upon request of Ryder.

     S&P. Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill
Companies, Inc. and any successor thereto.

     SPC. See §21.6.

     Sterling or £. Pounds Sterling in lawful currency of the United Kingdom.

     Sterling Reference Rate. The annual rate of interest equal to the sum of (i) the
arithmetic mean of the cost of funds offered to the U.K. Agent and the U.K. Reference Banks in the
London interbank market for overdrafts denominated in Sterling plus (ii) one percent (1%).

     Sterling Equivalent. With respect to an amount of U.S. Dollars, Canadian Dollars, or
Euros on any date, the amount of Sterling that may be purchased with such amount of U.S. Dollars,
Canadian Dollars, or Euros at the Exchange Rate with respect to U.S. Dollars, Canadian Dollars, or
Euros, as applicable, on such date.

 

27

     Sterling LIBOR Rate. For any Interest Period with respect to a U.K. LIBOR Rate Loan
denominated in Sterling, the annual rate of interest at which Sterling deposits are offered on
Moneyline Telerate Page 3750 (or any successor thereto) at approximately 11:00 a.m. (London time)
on the first Eurodollar Business Day of such Interest Period. If the rate referenced in the
preceding sentence does not appear on such page or service or such page or service shall not be
available, the annual rate of interest referred to in the first sentence shall be equal to the rate
determined by the U.K. Agent to be the offered rate on such other page or other service that
displays an average British Bankers Association Interest Settlement Rate for deposits in Sterling
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period, determined as of approximately 11:00 a.m. (London time) on the first Eurodollar Business
Day of such Interest Period. If the rates referenced in the preceding two sentences are not
available, the annual rate of interest referred to in the first sentence shall be determined by the
U.K. Agent as the rate of interest at which deposits in Sterling for delivery on the first day of
such Interest Period in same day funds in the approximate amount of the U.K. LIBOR Rate Loan being
made, continued or converted by the U.K. Agent and with a term equivalent to such Interest Period
would be offered by the U.K. Agent to major banks in the London interbank market at their request
at approximately 4:00 p.m. (London time) on the first Eurodollar Business Day of such Interest
Period.

     Subordinated Indebtedness. The aggregate (without duplication) of the following:

     (a) Indebtedness of Ryder or a Consolidated Subsidiary that is outstanding on the
Closing Date and that is subordinated to the Obligations arising hereunder pursuant to an
agreement or instrument containing subordination provisions previously approved by the
Administrative Agent;

     (b) Indebtedness of Ryder that is incurred after the Closing Date and that (i) is
subordinated to the Obligations arising hereunder pursuant to an agreement or instrument
treating the Obligations arising hereunder as senior debt and containing subordination
provisions no less favorable to the Banks than those set forth in Exhibit E attached hereto
or pursuant to subordination provisions treating the Obligations arising hereunder as senior
debt and otherwise satisfactory in form and substance to the Majority Banks, and (ii) unless
such Indebtedness is Intercompany Indebtedness, has a final maturity not less than six years
after the date of incurrence thereof;

     provided that, without the prior written consent of the Majority Banks, Ryder shall not suffer
or permit subordination provisions of any Subordinated Indebtedness to be changed, amended or
modified from those set forth on Exhibit E or otherwise approved by the Majority Banks after such
provisions have been adopted.

     Subsidiary. Any corporation, association, trust, or other business entity of which
the designated parent shall at any time own directly or indirectly through a Subsidiary or
Subsidiaries at least a majority of the outstanding capital stock or other interest entitled to
vote generally.

 

28

     Swing Line Lenders. The Domestic Swing Line Lenders (in the case of Domestic Swing
Line Loans), the Canadian Swing Line Lender (in the case of Canadian Swing Line Loans) and the U.K.
Agent (in the case of U.K. Swing Line Loans).

     Swing Line Loan Maturity Date. With respect to any Swing Line Loan, unless otherwise
set forth herein, the proposed maturity date of such Loan, as set forth in the Swing Line Loan
Request delivered by a Borrower to the applicable Agent pursuant to §2.12, §2.13, or §2.14 hereof,
which in no event shall be later than the earlier to occur of (i) ten (10) Business Days after the
Drawdown Date of such Loan and (ii) the Maturity Date. Notwithstanding anything to the contrary
contained herein, any Swing Line Loan provided under §2.12, §2.13, or §2.14, as the case may be,
that causes the Outstanding Amount of any Swing Line Loan to be in excess of $25,000,000, shall
cause such Outstanding Amount be repaid one (1) Business day after the Drawdown Date of such Swing
Line Loan with the proceeds of the Base Rate Loan deemed to be requested under such §2.12, §2.13,
or §2.14, as the case may be.

     Swing Line Loan Request. A Domestic Swing Line Loan Request, a Canadian Swing Line
Loan Request, or a U.K. Swing Line Loan Request, as the context may require.

     Swing Line Loans. Collectively, the Domestic Swing Line Loans, the U.K. Swing Line
Loans and the Canadian Swing Line Loans.

     Syndication Agent. Has the meaning ascribed thereto on the cover page hereof.

     Taxes. All present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

     Total Canadian Commitment. The sum of the Canadian Commitments of the Canadian Banks,
as in effect from time to time. The Total Canadian Commitment shall not, at any time, exceed
$100,000,000.

     Total Commitment. The sum of the Total Canadian Commitment, the Total Domestic
Commitment, the Total U.K. Commitment and the Total PR Commitment, each as in effect from time to
time. The Total Commitment shall not, at any time, exceed $900,000,000.

     Total Commitment Percentage. Subject to adjustment as provided in §2.16, with respect
to each Bank, the percentage set forth next to such Bank on Schedule 1 hereto, as such Schedule may
be updated from time to time in accordance with §2.3(f), §2.4 and §21 hereof, as such Bank’s
percentage of the Total Commitment.

     Total Domestic Commitment. The sum of the Domestic Commitments of the Domestic Banks,
as in effect from time to time.

     Total Domestic Swing Line Commitment. The sum of the Domestic Swing Line Commitments
of the Domestic Swing Line Lenders, as in effect from time to time. On the Closing Date, the Total
Domestic Swing Line Commitment is $50,000,000.

 

29

     Total Outstandings. The Outstanding Amount of all Loans, all Bankers’ Acceptances and
all L/C Obligations.

     Total PR Commitment. The sum of the PR Commitments of the PR Banks, as in effect from
time to time. The Total PR Commitment shall not, at any time, exceed $10,000,000.

     Total U.K. Commitment. The sum of the U.K. Commitments of the U.K. Banks, as in
effect from time to time. The Total U.K. Commitment shall not, at any time, exceed $100,000,000.

     U.K. Agent. Has the meaning ascribed thereto in the introductory paragraph hereof.

     U.K. Banks. The banks and financial institutions that shall have agreed to make U.K.
Loans to the U.K. Borrowers, as evidenced by such Bank having a positive figure beside its name in
the column titled “U.K. Commitment” on Schedule 1 hereto, as such Schedule may be updated from time
to time in accordance with §2.3(f), §2.4 and §21 hereof.

     U.K. Base Rate Loans. U.K. Loans bearing interest calculated by reference to the
Sterling Reference Rate (with respect to U.K. Base Rate Loans denominated in Sterling) or the Euro
Reference Rate (with respect to U.K. Base Rate Loans denominated in Euros) or the Reference U.K.
Dollar Base Rate (with respect to the U.K. Base Rate Loans denominated in U.S. Dollars) and, with
respect to U.K. Swing Line Loans only, the RBS-U.K. Sterling Reference Rate (with respect to U.K.
Swing Line Loans denominated in Sterling), the RBS-U.K. Euro Reference Rate (with respect to U.K.
Swing Line Loans denominated in Euros) or the U.K. Dollar Base Rate.

     U.K. Borrowers. Has the meaning ascribed thereto in the introductory paragraph
hereof.

     U.K. Business Day. Any day other than a Saturday, Sunday, or any day on which banking
institutions in London, England are authorized or required by Law to be closed that is also a
Domestic Business Day.

     U.K. Commitment. With respect to each U.K. Bank, the amount set forth on Schedule 1
hereto, as such Schedule may be updated from time to time in accordance with §2.3(f), §2.4 and §21
hereof, as the amount of such U.K. Bank’s commitment to make U.K. Loans to the U.K. Borrowers, as
the same may be reduced from time to time; or if such commitment is terminated pursuant to the
provisions hereof, zero.

     U.K. Commitment Percentage. With respect to each U.K. Bank, the percentage set forth
on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.3(f),
§2.4 and §21 hereof, as such U.K. Bank’s percentage of the Total U.K. Commitment.

     U.K. Dollar Base Rate. The annual rate of interest equal to the sum of (i) the cost
of funds offered to the U.K. Agent in the London interbank market for overdrafts denominated in
Dollars plus (ii) one percent (1%).

     U.K. Dollar LIBOR Rate. For any Interest Period with respect to a U.K. LIBOR Rate
Loan denominated in U.S. Dollars, the annual rate of interest at which U.S. Dollar deposits are

 

30

offered on Moneyline Telerate Page 3750 (or any successor thereto) at approximately 11:00 a.m.
(London time) two Eurodollar Business Days prior to the beginning at such Interest Period. If the
rate referenced in the preceding sentence does not appear on such page or service or such page or
service shall not be available, the annual rate of interest referred to in the first sentence shall
be equal to the rate determined by the U.K. Agent to be the offered rate on such other page or
other service that displays an average British Bankers Association Interest Settlement Rate for
deposits in U.S. Dollars (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two
Eurodollar Business Days prior to the first day of such Interest Period. If the rates referenced
in the preceding two sentences are not available, the annual rate of interest referred to in the
first sentence shall be determined by the U.K. Agent as the rate of interest at which deposits in
U.S. Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the U.K. LIBOR Rate Loan being made, continued or converted by the U.K. Agent
and with a term equivalent to such Interest Period would be offered by the U.K. Agent to major
banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (London
time) two Eurodollar Business Days prior to the first day of such Interest Period.

     U.K. Facility Fee. See §2.2(c).

     U.K. LIBOR Rate Loans. U.K. Loans bearing interest calculated by reference to the
Sterling LIBOR Rate (with respect to U.K. Loans denominated in Sterling) or the U.K. Dollar LIBOR
Rate (with respect to U.K. Loans denominated in U.S. Dollars).

     U.K. Loan Request. See §2.7(c).

     U.K. Loans. Collectively, Loans made to the U.K. Borrowers by the U.K. Banks pursuant
to §2.1.3 hereof and the U.K. Swing Line Loans.

     U.K. Note. See §2.5(c).

     U.K. Reference Banks. Bank of America, Mizuho Corporate Bank, Ltd. and RBS.

     U.K. Swing Line Loan Request. See §2.13(b).

     U.K. Swing Line Loans. See §2.13(a).

     U.K. Swing Line Note. See §2.13(f).

     Unreimbursed Amount. See §4.3(a).

 

31

     §1.2. Rules of Interpretation.

     (a) A reference to any document or agreement (including this Agreement) shall include
such document or agreement as amended, modified or supplemented from time to time in
accordance with its terms and the terms of this Agreement.

     (b) The singular includes the plural and the plural includes the singular. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms.

     (c) A reference to any law includes any amendment or modification to such law.

     (d) Unless the context requires otherwise, any reference herein to any Person shall be
construed to include such Person’s permitted successors and permitted assigns.

     (e) Accounting terms capitalized but not otherwise defined herein have the meanings
assigned to them by Generally Accepted Accounting Principles applied on a consistent basis
by the accounting entity to which they refer.

     (f) The words “include”, “includes” and “including” are not limiting.

     (g) All terms not specifically defined herein or by Generally Accepted Accounting
Principles, which terms are defined in the Uniform Commercial Code as in effect in the State
of New York, have the meanings assigned to them therein.

     (h) Reference to a particular “§” refers to that section of this Agreement unless
otherwise indicated.

     (i) The words “herein”, “hereof”, “hereunder” and words of like import shall refer to
this Agreement as a whole and not to any particular section or subdivision of this
Agreement.

     (j) The word “will” shall be construed to have the same meaning and effect as the word
“shall.”

     (k) Unless the context requires otherwise, all references in a Loan Document to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, the Loan Document in which such references
appear.

     (l) Unless the context requires otherwise, the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights.

 

32

     §1.3. Accounting Terms.

     (a) Generally. All accounting terms not specifically or completely defined
herein shall be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to this Agreement
shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from
time to time, applied in a manner consistent with that used in preparing the audited
financial statements, except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the
computation of any financial covenant) contained herein, Indebtedness of the Borrowers and
their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

     (b) Changes in GAAP. If at any time any change in GAAP would affect the
computation of any financial ratio or requirement set forth in any Loan Document, and either
the Borrowers or the Majority Banks shall so request, the Administrative Agent, the Banks
and the Borrowers shall negotiate in good faith to amend such ratio or requirement to
preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Majority Banks); provided that, until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change
therein and (ii) the Borrowers shall provide to the Administrative Agent and the Banks
financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP.

     (c) Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of the Borrowers and their Subsidiaries or to the
determination of any amount for the Borrowers and their Subsidiaries on a consolidated basis
or any similar reference shall, in each case, be deemed to include each variable interest
entity that the Borrowers are required to consolidate pursuant to FASB ASC 810 as if such
variable interest entity were a Subsidiary as defined herein.

     §1.4. Currency Equivalents. Wherever in this Agreement in connection with a borrowing
or other extension of credit, the conversion, continuation or prepayment of a LIBOR Rate Loan, a
Banker’s Acceptance or the issuance, amendment or extension of a Letter of Credit or, an amount,
such as a required minimum or multiple amount, is expressed in Dollars, but such borrowing or other
extension of credit, LIBOR Rate Loan, Banker’s Acceptance or Letter of Credit is denominated in
Canadian Dollars, Sterling or Euros (as the case may be), such amount shall be the equivalent
amount thereof in Canadian Dollars, Sterling or Euros as determined by the relevant Agent as such
time on the basis of the Exchange Rate (determined in respect of the most recent Revaluation Date)
for the purchase of such Canadian Dollars, Sterling or Euros (rounded to the nearest unit of such
Canadian Dollars, Sterling or Euros, with 0.5 of a unit being rounded upward), as determined by the
relevant Agent or the Issuing Bank, as the case may be.

     §1.5. Times of Day. Unless otherwise specified, all references herein to times of day
shall be references to Eastern time (daylight or standard, as applicable).

 

33

     §1.6. Letter of Credit Amounts. Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in
effect at such time; provided, however, that with respect to any Letter of Credit
that, by its terms or the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be
deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such
increases, whether or not such maximum stated amount is in effect at such time; provided
further that with respect to any Letter of Credit where the stated amount decreases, the
maximum stated amount of such Letter of Credit shall reflect such decrease solely after giving
effect to such decrease.

     §2. THE CREDIT FACILITIES.

     §2.1. Commitment to Lend.

     §2.1.1. Domestic Loans. Subject to the terms and conditions set forth
in this Agreement, each of the Domestic Banks severally agrees to lend to Ryder and
Ryder may borrow, repay, and reborrow from time to time during the Availability
Period, upon notice by Ryder to the Administrative Agent given in accordance with
this §2, such sums in Dollars as are equal to such Domestic Bank’s Domestic
Commitment Percentage of the Domestic Loans requested by Ryder; provided that (a)
the sum of (i) the Outstanding Amount of the Domestic Loans, plus (ii) the
Outstanding Amount of L/C Obligations with respect to Letters of Credit issued for
the account of Ryder and its domestic Subsidiaries, shall not, at any time and after
giving effect to all amounts requested, exceed the Total Domestic Commitment and (b)
the sum of (i) the Outstanding Amount of the Domestic Loans owed to a Domestic Bank,
plus (ii) such Domestic Bank’s Domestic Commitment Percentage of the outstanding L/C
Obligations with respect to Letters of Credit issued for the account of Ryder and
its domestic Subsidiaries, shall not, at any time and after giving effect to all
amounts requested, exceed such Domestic Bank’s Domestic Commitment.

     §2.1.2. Canadian Loans. Subject to the terms and conditions set forth
in this Agreement, each of the Canadian Banks severally agrees to lend to the
Canadian Borrowers in U.S. Dollars or Canadian Dollars, and the Canadian Borrowers
may borrow, repay, and reborrow from time to time in U.S. Dollars or Canadian
Dollars during the Availability Period, upon notice by the Canadian Borrowers to the
Canadian Agent given in accordance with this §2, such sums in U.S. Dollars or
Canadian Dollars as are equal to such Bank’s Canadian Commitment Percentage of the
Canadian Loans requested by the Canadian Borrowers; provided that (a) the sum of (i)
the Outstanding Amount of the Canadian Loans denominated in Dollars, plus (ii) the
Outstanding Amount of the Canadian Loans denominated in Canadian Dollars, plus (iii)
the Outstanding Amount of Bankers’ Acceptances then outstanding, shall not, at any
time and after giving effect to all amounts requested, exceed the Total Canadian
Commitment and (b) the sum of (i) the Outstanding Amount of the Canadian Loans
denominated in Dollars owed to a Canadian Bank, plus (ii) the Outstanding Amount of
the Canadian Loans denominated in Canadian Dollars owed to such Canadian Bank, plus (iii) the Outstanding Amount of Bankers’ Acceptances
purchased by such Canadian Bank, shall not, at any time and after giving effect to
all amounts requested, exceed such Canadian Bank’s Canadian Commitment.

 

34

     §2.1.3. U.K. Loans. Subject to the terms and conditions set forth in
this Agreement, each of the U.K. Banks severally agrees to lend to the U.K.
Borrowers in U.S. Dollars, Sterling or Euros, and the U.K. Borrowers may borrow,
repay, and reborrow from time to time in U.S. Dollars, Sterling or Euros during the
Availability Period, upon notice by the U.K. Borrowers to the U.K. Agent given in
accordance with this §2, such sums in U.S. Dollars, Sterling or Euros as are equal
to such Bank’s U.K. Commitment Percentage of the U.K. Loans requested by the U.K.
Borrowers; provided that (a) the sum of (i) the Outstanding Amount of the U.K. Loans
denominated in Dollars, plus (ii) the Outstanding Amount of the U.K. Loans
denominated in Sterling, plus (iii) the Outstanding Amount of the U.K. Loans
denominated in Euros, shall not, at any time and after giving effect to all amounts
requested, exceed the Total U.K. Commitment and (b) the sum of (i) the Outstanding
Amount of the U.K. Loans denominated in Dollars owed to a U.K. Bank, plus (ii) the
Outstanding Amount of the U.K. Loans denominated in Sterling owed to such U.K. Bank,
plus (iii) the Outstanding Amount of the U.K. Loans denominated in Euros owed to
such U.K. Bank, shall not, at any time and after giving effect to all amounts
requested, exceed such U.K. Bank’s U.K. Commitment.

     §2.1.4. PR Loans. Subject to the terms and conditions set forth in
this Agreement, each of the PR Banks severally agree to lend to Ryder PR in U.S.
Dollars and Ryder PR may borrow, repay, and reborrow from time to time in U.S.
Dollars during the Availability Period, upon notice by Ryder PR to the
Administrative Agent given in accordance with this §2, such sums in U.S. Dollars as
are equal to such PR Bank’s PR Commitment Percentage of the PR Loans requested by
Ryder PR; provided that (a) the sum of the Outstanding Amount of the PR Loans shall
not, at any time and after giving effect to all amounts requested, exceed the Total
PR Commitment and (b) the sum of the Outstanding Amount of the PR Loans owed to a PR
Bank shall not, at any time and after giving effect to all amounts requested, exceed
such PR Bank’s PR Commitment.

     §2.2. Facility Fee.

     (a) Ryder agrees to pay to the Administrative Agent, for the pro rata
account of each of the Domestic Banks, a fee (the “Domestic Facility Fee”) on the Total
Domestic Commitment (whether or not used) equal to the Applicable Facility Fee Rate
multiplied by the Total Domestic Commitment (or, if the Total Domestic Commitment has
terminated, on the Outstanding Amount of all Domestic Loans and L/C Obligations). The
Domestic Facility Fee shall be payable by Ryder quarterly in arrears on the last Business
Day of each calendar quarter for the quarter then ending, commencing with the first such
date after the Closing Date and with a final payment on the Maturity Date (or on the date of
the termination in full of the Total Domestic Commitment, if earlier).

 

35

     (b) The Canadian Borrowers jointly and severally agree to pay to the Canadian Agent,
for the pro rata account of each of the Canadian Banks, a fee (the “Canadian Facility Fee”)
on the Total Canadian Commitment (whether or not used) equal to the Applicable Facility Fee
Rate multiplied by the Total Canadian Commitment (or, if the Total Canadian Commitment has
terminated, on the Outstanding Amount of all Canadian Loans and Bankers’ Acceptances). The
Canadian Facility Fee shall be payable by the Canadian Borrowers quarterly in arrears on the
last Business Day of each calendar quarter for the quarter then ending, commencing with the
first such date after the Closing Date and with a final payment on the Maturity Date (or on
the date of the termination in full of the Total Canadian Commitment, if earlier).

     (c) The U.K. Borrowers jointly and severally agree to pay the U.K. Agent, for the pro
rata account of each of the U.K. Banks, a fee (the “U.K. Facility Fee”) on the Total U.K.
Commitment (whether or not used) equal to the Applicable Facility Fee Rate multiplied by the
Total U.K. Commitment (or, if the Total U.K. Commitment has terminated, on the Outstanding
Amount of all U.K. Loans). The U.K. Facility Fee shall be payable by the U.K. Borrowers
quarterly in arrears on the last Business Day of each calendar quarter for the quarter then
ending, commencing with the first such date after the Closing Date and with a final payment
on the Maturity Date (or on the date of the termination in full of the Total U.K.
Commitment, if earlier).

     (d) Ryder PR agrees to pay the Administrative Agent, for the pro rata account of each
of the PR Banks, a fee (the “PR Facility Fee”) on the Total PR Commitment (whether or not
used) equal to the Applicable Facility Fee Rate multiplied by the Total PR
Commitment (or, if the Total PR Commitment has terminated, on the Outstanding Amount of all
PR Loans). The PR Facility Fee shall be payable by Ryder PR quarterly in arrears on the
last Business Day of each calendar quarter for the quarter then ending, commencing with the
first such date after the Closing Date and with a final payment on the Maturity Date (or on
the date of the termination in full of the Total PR Commitment, if earlier).

     §2.3. Reduction of Commitments.

     (a) Ryder shall have the right at any time and from time to time, upon three (3)
Domestic Business Days prior written notice to the Administrative Agent, to reduce by
$10,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total
Domestic Commitment, whereupon each Domestic Bank’s Domestic Commitment shall be reduced pro
rata in accordance with such Domestic Bank’s Domestic Commitment Percentage of the amount
specified in such notice or, as the case may be, terminated. Promptly after receiving any
notice by Ryder delivered pursuant to this §2.3(a), the Administrative Agent will notify the
Domestic Banks and the other Agents thereof. Upon the effective date of any such reduction
or termination, Ryder shall pay to the Administrative Agent, for the pro rata accounts of
the Domestic Banks, the full amount of the accrued and unpaid Domestic Facility Fee on the
amount of such reduction. Notwithstanding the foregoing, at no time may the Total Domestic
Commitment be reduced to an amount less than the sum of (i) the Outstanding Amount of all
Domestic
Loans then outstanding, plus (ii) the Outstanding Amount of L/C Obligations with
respect to Letters of Credit issued for the account of Ryder and its domestic Subsidiaries.

 

36

     (b) The Canadian Borrowers shall have the right at any time and from time to time, upon
three (3) Canadian Business Days prior written notice to the Canadian Agent, to reduce by
$5,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total
Canadian Commitment, whereupon each Canadian Bank’s Canadian Commitment shall be reduced pro
rata in accordance with such Canadian Bank’s Canadian Commitment Percentage of the amount
specified in such notice or, as the case may be, terminated. Promptly after receiving any
notice of the Canadian Borrowers delivered pursuant to this §2.3(b), the Canadian Agent will
notify the Canadian Banks and the other Agents thereof. Upon the effective date of any such
reduction or termination, the Canadian Borrowers shall pay to the Canadian Agent, for the
pro rata accounts of the Canadian Banks, the full amount of the accrued and unpaid Canadian
Facility Fee on the amount of such reduction. Notwithstanding the foregoing, at no time may
the Total Canadian Commitment be reduced to an amount less than the sum of (i) the
Outstanding Amount of Canadian Loans denominated in Dollars, plus (ii) the Outstanding
Amount of Canadian Loans denominated in Canadian Dollars, plus (iii) the Outstanding Amount
of Bankers’ Acceptances.

     (c) The U.K. Borrowers shall have the right at any time and from time to time, upon
three (3) U.K. Business Days prior written notice to the U.K. Agent, to reduce by $5,000,000
or a larger integral multiple of $1,000,000 or terminate entirely the Total U.K. Commitment,
whereupon each U.K. Bank’s U.K. Commitment shall be reduced pro rata in accordance with such
U.K. Bank’s U.K. Commitment Percentage of the amount specified in such notice or, as the
case may be, terminated. Promptly after receiving any notice of the U.K. Borrowers
delivered pursuant to this §2.3(c), the U.K. Agent will notify the U.K. Banks and the other
Agents thereof. Upon the effective date of any such reduction or termination, the U.K.
Borrowers shall pay to the U.K. Agent, for the pro rata accounts of the U.K. Banks, the full
amount of the accrued and unpaid U.K. Facility Fee on the amount of such reduction.
Notwithstanding the foregoing, at no time may the Total U.K. Commitment be reduced to an
amount less than the sum of (i) the Outstanding Amount of all U.K. Loans denominated in
Dollars, plus (ii) the Outstanding Amount of all U.K. Loans denominated in Sterling,
plus (iii) the Outstanding Amount of all U.K. Loans denominated in Euros.

     (d) Ryder PR shall have the right at any time and from time to time, upon three (3)
Domestic Business Days prior written notice to the Administrative Agent to reduce by
$1,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total PR
Commitment, whereupon each PR Bank’s PR Commitment shall be reduced pro rata in accordance
with such PR Bank’s PR Commitment Percentage of the amount specified in such notice or, as
the case may be, terminated. Promptly after receiving any notice of Ryder PR delivered
pursuant to this §2.3(d), the Administrative Agent will notify the PR Banks and the other
Agents thereof. Upon the effective date of any such reduction or termination, Ryder PR
shall pay to the Administrative Agent, for the pro rata accounts of the PR Banks, the full
amount of the accrued and unpaid PR Facility Fee on the amount of such reduction.
Notwithstanding the foregoing, at no time may the Total
PR Commitment be reduced to an amount less than the sum of the Outstanding Amount of
all PR Loans.

 

37

     (e) Excluding any Reallocation pursuant to §2.4 hereof, no reduction or termination of
the Total Domestic Commitment, the Total Canadian Commitment, the Total U.K. Commitment or
the Total PR Commitment once made may be revoked; the portion of the Total Domestic
Commitment, the Total Canadian Commitment, the Total U.K. Commitment or the Total PR
Commitment reduced or terminated may not be reinstated; and amounts in respect of such
reduced or terminated portion may not be reborrowed.

     (f) Promptly after the effectiveness of any partial reduction in the Commitments
pursuant to this §2.3, the Administrative Agent shall distribute to each Bank an updated
Schedule 1 hereto reflecting such reduction, and the Borrowers hereby authorize such
amendment to Schedule 1.

     §2.4. Reallocation of Commitments.

     (a) Subject to the conditions set forth in this §2.4, the Borrowers shall have the
right at any time and from time to time upon five (5) Business Days prior written notice to
each of the Agents to (i) increase the Total Domestic Commitment by reducing and
reallocating by an equivalent amount all or a portion of the Total Canadian Commitment
and/or the Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic
Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been
previously reallocated to the Total Domestic Commitment or the Total U.K. Commitment or the
Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the
Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the
Total Canadian Commitment, (iii) increase the Total U.K. Commitment (to the extent the same
has been previously reallocated to the Total Domestic Commitment or the Total Canadian
Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount
a portion of the Total Domestic Commitment and/or all or a portion of the Total Canadian
Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the
Total PR Commitment (to the extent the same has been previously reallocated to the Total
Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by
reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment
and/or Total Canadian Commitment and/or Total U.K. Commitment to the Total PR Commitment.

     (b) Any Reallocation pursuant to §2.4 shall be subject to the following conditions:

     (i) Each Reallocation of Commitment amounts shall be made only between the
offices or affiliates of a Bank such that the sum of all the Commitments of each
Bank and its affiliates shall not be increased or decreased as a result of any
Reallocation.

 

38

     (ii) Each increase in the Total Domestic Commitment, Total Canadian Commitment,
Total U.K. Commitment or Total PR Commitment, as the case may be, shall be offset by
a corresponding and equivalent reduction in one or more of the Total Domestic
Commitment, Total Canadian Commitment, Total U.K. Commitment and Total PR
Commitment, such that the Total Commitment in effect immediately before a
Reallocation shall be equal to the Total Commitment immediately after, and after
giving effect to, such Reallocation.

     (iii) No Reallocation shall increase (A) the Total Canadian Commitment in
excess of $100,000,000, (B) the Total U.K. Commitment in excess of $100,000,000 or
(C) the Total PR Commitment in excess of $10,000,000.

     (iv) No Reallocation shall result in (A) any Domestic Bank having a positive
Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its
affiliate, did not have such positive Canadian Commitment, U.K. Commitment or PR
Commitment on the Closing Date or acquire such Commitment by assignment after the
Closing Date, or (B) any U.K. Bank having a positive Canadian Commitment or PR
Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian
Commitment or PR Commitment on the Closing Date or acquire such Commitment by
assignment after the Closing Date, or (C) any Canadian Bank having a positive U.K.
Commitment or PR Commitment if such Canadian Bank, or its affiliate, did not have
such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such
Commitment by assignment after the Closing Date, or (D) any PR Bank having a
positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate,
did not have such positive U.K. Commitment or Canadian Commitment on the Closing
Date or acquire such Commitment by assignment after the Closing Date.

     (v) Subject to §2.4(b)(iv), each Reallocation shall be made pro rata among the
Banks whose Commitments are being reallocated from one type of Commitment to
another, but shall not cause the Commitments of any other Banks to change (but will
result in a change in Commitment Percentages).

     (vi) Subject to §6.16, in no event shall (A) the Total Domestic Commitment be
reduced to an amount less than the sum of (i) the Outstanding Amount of all Domestic
Loans, plus (ii) the Outstanding Amount of L/C Obligations with respect to Letters
of Credit issued for the account of Ryder and its domestic Subsidiaries; (B) the
Total Canadian Commitment be reduced to an amount less than the sum of (i) the
Outstanding Amount of Canadian Loans denominated in Dollars, plus (ii) the
Outstanding Amount of Canadian Loans denominated in Canadian Dollars, plus (iii) the
Outstanding Amount of Bankers’ Acceptances; (C) the Total U.K. Commitment be reduced
to an amount less than the sum of (i) the Outstanding Amount of all U.K. Loans
denominated in Dollars, plus (ii) the Outstanding Amount of all U.K. Loans
denominated in Sterling, plus (iii) the Outstanding Amount of all U.K. Loans
denominated in Euros; or (D) the
Total PR Commitment be reduced to an amount less than the sum of the
Outstanding Amount of all PR Loans.

 

39

     (c) The Administrative Agent shall (i) notify each of the Banks promptly after
receiving any notice of a Reallocation delivered by the Borrowers pursuant to this §2.4 and
(ii) promptly upon the effectiveness of any such Reallocation, distribute to each Bank an
updated Schedule 1 hereto, reflecting the changes in the respective Commitments of the
Banks, and the Borrowers hereby authorize such amendment to Schedule 1.

     §2.5. The Notes and Loan Accounts.

     (a) The Domestic Loans (other than the Domestic Swing Line Loans) may be evidenced by
separate promissory notes of Ryder in substantially the form of Exhibit A-1 hereto (each, a
“Domestic Note”), dated as of the Closing Date and completed with appropriate insertions.
Upon the request of any Domestic Bank to Ryder made through the Administrative Agent, Ryder
shall execute and deliver to such Bank (through the Administrative Agent) a Domestic Note,
which shall evidence such Bank’s Domestic Loans to Ryder in addition to such accounts or
records referred to in §2.5(f). One such Domestic Note shall be payable to the order of
each Domestic Bank requesting such a Note in an amount equal to its Domestic Commitment
(plus, if such Bank has a Canadian Commitment, a U.K. Commitment and/or a PR Commitment, the
amount of such other Commitment(s)), and shall represent the obligation of Ryder to pay such
Domestic Bank such principal amount or, if less, the outstanding principal amount of all
Domestic Loans made by such Domestic Bank, plus interest accrued thereon, as set forth
herein.

     (b) The Canadian Loans (other than the Canadian Swing Line Loans) may be evidenced by
separate promissory notes of the Canadian Borrowers in substantially the form of Exhibit A-2
hereto (each, a “Canadian Note”), dated as of the Closing Date and completed with
appropriate insertions. Upon the request of any Canadian Bank to the Canadian Borrowers
made through the Administrative Agent, the Canadian Borrowers shall execute and deliver to
such Bank (through the Administrative Agent) a Canadian Note, which shall evidence such
Bank’s Canadian Loans to the Canadian Borrowers in addition to such accounts or records
referred to in §2.5(f). One such Canadian Note shall be payable to the order of each
Canadian Bank requesting such Note in an amount equal to its Canadian Commitment, and shall
represent the joint and several obligation of the Canadian Borrowers to pay such Canadian
Bank such principal amount or, if less, the outstanding principal amount of all Canadian
Loans made by such Canadian Bank, plus interest accrued thereon, as set forth herein.

     (c) The U.K. Loans (other than the U.K. Swing Line Loans) may be evidenced by separate
promissory notes of the U.K. Borrowers in substantially the form of Exhibit A-3 hereto
(each, a “U.K. Note”), dated as of the Closing Date and completed with appropriate
insertions. Upon the request of any U.K. Bank to the U.K. Borrowers made through the
Administrative Agent, the U.K. Borrowers shall execute and deliver to such Bank (through the
Administrative Agent) a U.K. Note, which shall evidence such Bank’s U.K. Loans to the U.K.
Borrowers in addition to such accounts or records referred to in §2.5(f). One such U.K. Note
shall be payable to the order of each U.K. Bank

 

40

requesting such a Note in an amount equal to its U.K. Commitment, and shall represent
the joint and several obligation of the U.K. Borrowers to pay such U.K. Bank such principal
amount or, if less, the outstanding principal amount of all U.K. Loans made by such U.K.
Bank, plus interest accrued thereon, as set forth herein.

     (d) The PR Loans may be evidenced by separate promissory notes of Ryder PR in
substantially the form of Exhibit A-4 hereto (each, a “PR Note”), dated as of the Closing
Date and completed with appropriate insertions. Upon the request of any PR Bank to Ryder PR
made through the Administrative Agent, Ryder PR shall execute and deliver to such Bank
(through the Administrative Agent) a PR Note, which shall evidence such Bank’s PR Loans to
Ryder PR in addition to such accounts or records referred to in §2.5(f). One such PR Note
shall be payable to the order of each PR Bank requesting such a Note in an amount equal to
its PR Commitment, and shall represent the obligation of Ryder PR to pay such PR Bank such
principal amount or, if less, the outstanding principal amount of all PR Loans made by such
PR Bank, plus interest accrued thereon, as set forth herein.

     (e) Each Borrower irrevocably authorizes each Bank to make, or cause to be made, in
connection with a Drawdown Date of any Loan and at the time of receipt of any payment of
principal on any Note, an appropriate notation on such Bank’s records or on the schedule
attached to such Bank’s Note, or a continuation of such schedule attached thereto,
reflecting the making of such Loan or the receipt of such payment (as the case may be).
Each Bank may, prior to any transfer of any Note, endorse on the reverse side thereof the
outstanding principal amount of the Loans evidenced thereby. The Outstanding Amount of the
Loans set forth on such Bank’s records shall be prima facie evidence of the principal amount
thereof owing and unpaid to such Bank, but the failure to record, or any error in so
recording, any such amount shall not limit or otherwise affect the obligations of each
applicable Borrowers hereunder or under such Notes to make payments of principal of or
interest on any such Notes when due.

     (f) The Loans, L/C Credit Extensions and Bankers’ Acceptances made, issued, accepted
and/or purchased, as applicable, by each Bank shall be evidenced by one or more accounts or
records maintained by such Bank and by the applicable Agent in the ordinary course of
business. The accounts or records maintained by the applicable Agent and each Bank shall be
conclusive absent manifest error of the amount of the credit extensions made by the Banks to
the Borrowers and the interest and payments thereon. Any failure to so record or any error
in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers
hereunder to pay any amount owing with respect to the Obligations. In the event of any
conflict between the accounts and records maintained by any Bank and the accounts and
records of the applicable Agent in respect of such matters, the accounts and records of the
applicable Agent shall control in the absence of manifest error.

 

41

     §2.6. Interest on Loans. Except as provided in §6.11:

     (a) Each Domestic Loan (other than the Domestic Swing Line Loans) shall bear interest
on the outstanding principal amount thereof at the rate per annum equal to
(i) the Domestic Base Rate plus the Applicable Margin on all Base Rate Loans or
(ii) the Domestic LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans.
The Domestic Swing Line Loans shall bear interest at the rate per annum equal to the
Domestic Base Rate plus the Applicable Margin on all Swing Line Loans.

     (b) Each Canadian Loan (other than the Canadian Swing Line Loans) shall bear interest
on the outstanding principal amount thereof at the rate per annum equal to (i) the Canadian
Prime Rate plus the Applicable Margin on all Base Rate Loans denominated in Canadian
Dollars, (ii) the Canadian Base Rate plus the Applicable Margin on all Base Rate
Loans denominated in U.S. Dollars, or (iii) the Canadian LIBOR Rate plus the
Applicable Margin on all LIBOR Rate Loans. Each Canadian Swing Line Loan (i) denominated in
Canadian Dollars shall bear interest at the rate per annum equal to the Canadian Prime Rate
plus the Applicable Margin on all Swing Line Loans and (ii) denominated in U.S.
Dollars shall bear interest at the rate per annum equal to the Canadian Base Rate
plus the Applicable Margin on all Swing Line Loans. Notwithstanding anything to the
contrary contained herein, no requested Canadian Loan denominated in Canadian Dollars may be
a LIBOR Rate Loan.

     (c) Each U.K. Loan (other than the U.K. Swing Line Loans) shall bear interest on the
outstanding principal amount thereof at the rate per annum equal to (i) the U.K. Dollar Base
Rate plus the Applicable Margin on all Base Rate Loans denominated in Dollars, (ii)
the Sterling LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans
plus the Additional Costs on all U.K. LIBOR Rate Loans denominated in Sterling,
(iii) the U.K. Dollar LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans
plus the Additional Costs on all U.K. LIBOR Rate Loans denominated in Dollars or
(iv) the EURIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans
plus the Additional Costs on all EURIBOR Rate Loans. Each U.K. Swing Line Loan (i)
denominated in Sterling shall bear interest at the rate per annum equal to the RBS-U.K.
Sterling Reference Rate plus the Applicable Margin on all Swing Line Loans, (ii)
denominated in U.S. Dollars shall bear interest at the rate per annum equal to the U.K.
Dollar Base Rate plus the Applicable Margin on all Swing Line Loans and (iii)
denominated in Euros shall bear interest at the rate per annum equal to the RBS-U.K. Euro
Reference Rate plus the Applicable Margin on all Swing Line Loans. In the case of
any Bank advancing a U.K. Base Rate Loan (other than the U.K. Swing Line Loans) denominated
in Sterling or Euro, such U.K. Base Rate Loans shall bear interest on the outstanding
principal amount thereof at the rate per annum equal to (i) with respect to U.K. Base Rate
Loans denominated in Sterling, the Sterling Reference Rate plus the Applicable
Margin on all Base Rate Loans denominated in Sterling and (ii) with respect to U.K. Base
Rate Loans denominated in Euros, the Euro Reference Rate plus the Applicable Margin
on all Base Rate Loans denominated in Euro. Notwithstanding anything to the contrary
contained herein, any requested U.K. Loans denominated in Sterling or Euro (other than the
U.K. Swing Line Loans) shall be LIBOR Rate Loans.

     (d) Each PR Loan shall bear interest on the outstanding principal amount thereof at the
rate per annum equal to (i) the Domestic Base Rate plus the Applicable Margin on all
Base Rate Loans bearing interest calculated by reference to the Domestic
Base Rate or (ii) the Domestic LIBOR Rate plus the Applicable Margin on all
LIBOR Rate Loans bearing interest calculated by reference to the Domestic LIBOR Rate.

 

42

     (e) Each Borrower promises to pay interest on the Loans made to such Borrower in
arrears on each Interest Payment Date with respect thereto. Interest hereunder shall be due
and payable in accordance with the terms hereof before and after judgment, and before and
after the commencement of any proceeding under any Debtor Relief Laws.

     §2.7. Requests for Loans.

     (a) Ryder shall give to the Administrative Agent written notice in the form of Exhibit
B-1 hereto (or telephonic notice confirmed in writing or a facsimile in the form of Exhibit
B-1 hereto, or as provided in §2.12(c) with respect to actual or deemed requests for
Domestic Base Rate Loans) of each Domestic Loan requested hereunder (a “Domestic Loan
Request”) not later than (i) 11:00 a.m. (Eastern time) on the proposed Drawdown Date of any
Domestic Loan that is a Base Rate Loan, or (ii) 11:00 am (Eastern time) three (3) Eurodollar
Business Days prior to the proposed Drawdown Date of any Domestic Loan that is a LIBOR Rate
Loan. Each such Domestic Loan Request shall specify (A) the principal amount of the
Domestic Loan requested, (B) the proposed Drawdown Date of such Domestic Loan, (C) whether
such Domestic Loan requested is to be a Base Rate Loan or a LIBOR Rate Loan, and (D) the
Interest Period for such Domestic Loan, if a LIBOR Rate Loan. Each Domestic Loan requested
shall be in a minimum amount of $10,000,000. Domestic Loan Requests made hereunder shall be
irrevocable and binding on Ryder and shall obligate Ryder to accept the Domestic Loan
requested from the Domestic Banks on the proposed Drawdown Date.

     (b) The Canadian Borrowers shall give to the Canadian Agent written notice in the form
of Exhibit B-2 hereto (or telephone notice confirmed in writing or a facsimile in the form
of Exhibit B-2 hereto or as provided in §2.14(c) with respect to actual or deemed requests
for Canadian Base Rate Loans) of each Canadian Loan requested hereunder (a “Canadian Loan
Request”) not later than (i) 12:00 noon (Toronto time) one (1) Business Day prior to the
proposed Drawdown Date of any Canadian Loan that is a Base Rate Loan, or (ii) 12:00 noon
(Toronto time) three (3) Canadian Business Days prior to the proposed Drawdown Date of any
Canadian Loan that is a LIBOR Rate Loan. Each such Canadian Loan Request shall specify (A)
the principal amount of the Canadian Loan requested, (B) the proposed Drawdown Date of such
Canadian Loan, (C) whether such Canadian Loan is to be a Base Rate Loan or a LIBOR Rate
Loan, (D) the Interest Period of such Canadian Loan, if a LIBOR Rate Loan, and (E) whether
such Canadian Loan is to be denominated in Canadian Dollars or U.S. Dollars. Each Canadian
Loan Request shall be in a minimum amount of C$3,000,000 or an integral multiple of
C$100,000 above such amount (or, in any case, the Dollar Equivalent thereof). Canadian Loan
Requests made hereunder shall be irrevocable and binding on the Canadian Borrowers, and
shall obligate the Canadian Borrowers to accept the Canadian Loan requested from the
Canadian Banks on the proposed Drawdown Date. Notwithstanding anything to the contrary
contained herein, no requested Canadian Loan denominated in Canadian Dollars may be a LIBOR
Rate Loan.

 

43

     (c) The U.K. Borrowers shall give to the U.K. Agent written notice in the form of
Exhibit B-3 hereto (or telephone notice confirmed in writing or a facsimile in the form of
Exhibit B-3 hereto or as provided in §2.13(c) with respect to actual or deemed requests for
U.K. Base Rate Loans) of each U.K. Loan requested hereunder (a “U.K. Loan Request”) not
later than (i) 12:00 noon (London time) one (1) Business Day prior to the proposed Drawdown
Date of any U.K. Loan that is a Base Rate Loan or any U.K. LIBOR Rate Loan denominated in
Sterling or (ii) 12:00 noon (London time) three (3) Eurodollar Business Days prior to the
proposed Drawdown Date of any U.K. Loan that is a LIBOR Rate Loan denominated in U.S.
Dollars or any EURIBOR Rate Loan. Each such U.K. Loan Request shall specify (A) the
principal amount of the U.K. Loan requested, (B) the proposed Drawdown Date of such U.K.
Loan, (C) whether such U.K. Loan is to be a Base Rate Loan (which may only be requested in
the event that a LIBOR Rate Loan is not available) or a LIBOR Rate Loan, (D) the Interest
Period of such U.K. Loan, if a LIBOR Rate Loan, and (E) whether such U.K. Loan is to be
denominated in Sterling, U.S. Dollars or Euros. Each U.K. Loan Request shall be in a
minimum amount of $1,000,000, £500,000 if denominated in Sterling or EU1,000,000 if
denominated in Euros. U.K. Loan Requests made hereunder shall be irrevocable and binding on
the U.K. Borrowers, and shall obligate the U.K. Borrowers to accept the U.K. Loan requested
from the U.K. Banks on the proposed Drawdown Date. Notwithstanding anything to the contrary
contained herein, the requested U.K. Loans denominated in Sterling or Euro (other than the
U.K. Swing Line Loans) shall be LIBOR Rate Loans.

     (d) Ryder PR shall give the Administrative Agent written notice in the form of Exhibit
B-4 hereto (or telephone notice confirmed in writing or a facsimile in the form of Exhibit
B-4 of each PR Loan requested hereunder (a “PR Loan Request”) not later than (i) 11:00 a.m.
(Eastern time) on the proposed Drawdown Date of any PR Loan that is to bear interest
calculated by reference to the Domestic Base Rate, or (ii) 11:00 a.m. (Eastern time) three
(3) Eurodollar Business Days prior to the proposed Drawdown Date of any PR Loan that is to
bear interest calculated by reference to the Domestic LIBOR Rate. Each such PR Loan Request
shall specify (A) the principal amount of each PR Loan requested, (B) the proposed Drawdown
Date of such PR Loan, (C) whether such PR Loan requested is to bear interest calculated by
reference to the Domestic Base Rate or the Domestic LIBOR Rate. PR Loan Requests made
hereunder shall be irrevocable and binding on Ryder PR, and shall obligate Ryder PR to
accept the PR Loan requested from the PR Banks on the proposed Drawdown Date.

     (e) The Administrative Agent shall promptly notify each Domestic Bank of each Domestic
Loan Request received by the Administrative Agent. The Canadian Agent shall promptly notify
each Canadian Bank of each Canadian Loan Request received by the Canadian Agent. The U.K.
Agent shall promptly notify each U.K. Bank of each U.K. Loan Request received by the U.K.
Agent. The Administrative Agent shall promptly notify each PR Bank of each PR Loan Request
received by the Administrative Agent.

 

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     §2.8. Election of LIBOR Rate; Notice of Election; Interest Periods; Minimum Amounts.

     (a) At the Borrowers’ option, so long as no Event of Default has occurred and is then
continuing, each Borrower may (i) elect to convert any Base Rate Loan or a portion thereof
to a LIBOR Rate Loan, (ii) at the time of any Domestic Loan Request, Canadian Loan Request,
U.K. Loan Request or PR Loan Request specify that such requested Loan shall be a LIBOR Rate
Loan, or (iii) upon expiration of the applicable Interest Period, elect to maintain an
existing LIBOR Rate Loan as such, provided that the applicable Borrower shall give notice to
the Administrative Agent, in the case of Domestic Loans and PR Loans, the Canadian Agent, in
the case of Canadian Loans, or the U.K. Agent, in the case of U.K. Loans, pursuant to
§2.8(b) hereof. Upon determining any LIBOR Rate, the Administrative Agent, in the case of
Domestic Loans and PR Loans, the Canadian Agent, in the case of Canadian Loans, and the U.K.
Agent, in the case of U.K. Loans, shall forthwith provide notice thereof to the applicable
Borrower(s) and the applicable Banks, and each such notice to such Borrower(s) shall be
considered prima facie correct and binding, absent manifest error. No Loan may be converted
into or continued as a Loan denominated in a different currency, but instead must be prepaid
in the original currency of such Loan and reborrowed in the other currency.

     (b) Three (3) Eurodollar Business Days (or, in the case of (i) a Canadian LIBOR Rate
Loan, three (3) Canadian Business Days and (ii) a U.K. LIBOR Rate Loan denominated in
Sterling or Euros, one (1) Eurodollar Business Day) prior to the making of any LIBOR Rate
Loan or the conversion of any Base Rate Loan to a LIBOR Rate Loan, or, in the case of an
outstanding LIBOR Rate Loan, the expiration date of the applicable Interest Period, the
applicable Borrower shall give written notice to the Administrative Agent, in the case of
Domestic Loans and PR Loans, the Canadian Agent, in the case of Canadian Loans, or the U.K.
Agent, in the case of U.K. Loans, not later than 12:00 noon (local time for such Agent) of
its election pursuant to §2.8(a). Each such notice delivered to the Administrative Agent,
the Canadian Agent or the U.K. Agent, shall specify the aggregate principal amount of
applicable Loans to be borrowed or maintained as or converted to LIBOR Rate Loans and the
requested duration of the Interest Period that will be applicable to such LIBOR Rate Loan,
and shall be irrevocable and binding upon such Borrower. If Ryder shall fail to give the
Administrative Agent or if the Canadian Borrowers shall fail to give the Canadian Agent, or
if the U.K. Borrowers shall fail to give the U.K. Agent, or if Ryder PR shall fail to give
the Administrative Agent, notice of its or their election hereunder, together with all of
the other information required by this §2.8(b), with respect to any Loan (other than a U.K.
Loan denominated in Sterling or Euros), whether at the end of an Interest Period or
otherwise, such Loan shall be deemed a Base Rate Loan. If the U.K. Borrowers shall fail to
give to the U.K. Agent notice of their election hereunder, together with all of the other
information required by this §2.8(b), with respect to a U.K. Loan denominated in Sterling or
Euros, whether at the end of an Interest Period or otherwise, such Loan shall bear interest
at the end of such Interest Period for an Interest Period of seven (7) days at a rate equal
to the sum of (i) the rate determined by the U.K. Agent at which Sterling (or Euros, as the
case may be) deposits are offered to it for a period of seven (7) days at approximately
11:00 a.m. (London time) on such day for an amount equal to the principal amount of such
Loan plus (ii) the Applicable Margin on all LIBOR Rate Loans plus (iii) the
Additional Costs. The Administrative Agent, the Canadian Agent, or the U.K. Agent, as the
case may be, shall promptly notify the applicable Banks in writing (or by telephone
confirmed in writing or by facsimile) of such election.

 

45

     (c) Notwithstanding anything herein to the contrary, no Borrower may specify an
Interest Period with respect to the Domestic Loans, Canadian Loans, U.K. Loans or PR Loans
that would extend beyond the Maturity Date.

     (d) No conversion of Loans pursuant to this §2.8 may result in (i) a LIBOR Rate Loan
denominated in Dollars or Euros with a principal amount less than $1,000,000 (or the Euro
Equivalent thereof), (ii) a LIBOR Rate Loan denominated in Sterling with a principal amount
less than £500,000 or (iii) a Canadian LIBOR Rate Loan with a principal amount less than the
Dollar Equivalent of C$3,000,000. In no event shall a Borrower have more than twenty (20)
different Interest Periods for borrowings of LIBOR Rate Loans outstanding at any time.

     (e) Subject to the terms and conditions of §6.10 hereof, if any Bank demands
compensation under §6.7(c) or (d) with respect to any LIBOR Rate Loan, the applicable
Borrower may at any time, upon at least three (3) Business Days’ prior written notice to the
applicable Agent, elect to convert such LIBOR Rate Loan into a Base Rate Loan denominated in
Dollars bearing interest calculated by reference to the Domestic Base Rate, the Canadian
Base Rate or the U.K. Dollar Base Rate, as applicable (on which interest and principal shall
be payable contemporaneously with the related LIBOR Rate Loans of the other Banks).
Thereafter, and until such time as such Bank notifies the applicable Agent that the
circumstances giving rise to the demand for compensation under §6.7(c) or (d) no longer
exist, all requests for LIBOR Rate Loans from such Bank shall be deemed to be requests for
Base Rate Loans denominated in Dollars. Once such Bank notifies the applicable Agent that
such circumstances no longer exist, the Borrower(s) may elect that the principal amount of
each such Loan converted hereunder shall again bear interest as a LIBOR Rate Loan beginning
on the first day of the next succeeding Interest Period applicable to the related LIBOR Rate
Loans of the other Banks.

     §2.9. Funds for Loans. Not later than 1:00 p.m. (local time for each applicable
Agent) on the proposed Drawdown Date (a) in the case of Domestic Loans, each of the Domestic Banks
will make available to the Administrative Agent, (b) in the case of Canadian Loans, each of the
Canadian Banks will make available to the Canadian Agent, (c) in the case of the U.K. Loans, each
of the U.K. Banks will make available to the U.K. Agent, or (d) in the case of PR Loans, each of
the PR Banks will make available to the Administrative Agent, in each case at such Agent’s
respective Head Office, in immediately available funds, the amount of its Domestic Commitment
Percentage, Canadian Commitment Percentage, U.K. Commitment Percentage or PR Commitment Percentage,
as the case may be, of the amount of the requested Loan. Upon receipt from each Bank of such
amount, and upon receipt of the documents required by §11 and the borrowing certificate required
under §12 and the satisfaction of the other conditions set forth therein, to the extent applicable,
the Administrative Agent will make available to Ryder the aggregate amount of such Domestic Loans
made available by the Domestic Banks (and the funds

 

46

otherwise available under §2.12(c), if any), the Canadian Agent will make available to the
Canadian Borrowers the aggregate amount of such Canadian Loans made available by the Canadian Banks
(and the funds otherwise available under §2.14(c), if any), the U.K. Agent will make available to
the U.K. Borrowers the amount of such U.K. Loans made available by the U.K. Banks (and the funds
otherwise available under §2.13(c), if any) and the Administrative Agent will make available to
Ryder PR the amount of such PR Loans made available by the PR Banks in each case, not later than
3:00 p.m. (local time for such Agent). The failure or refusal of any Bank to make available to the
applicable Agent at the aforesaid time and place on any Drawdown Date the amount of its Domestic
Commitment Percentage of the requested Domestic Loan, or its Canadian Commitment Percentage of the
requested Canadian Loan, or its U.K. Commitment Percentage of the requested U.K. Loan, or its PR
Commitment Percentage of the requested PR Loan, as the case may be, shall not relieve any other
Bank from its several obligations hereunder to make available to the applicable Agent the amount of
such Bank’s Domestic Commitment Percentage, or Canadian Commitment Percentage, or U.K. Commitment
Percentage, or PR Commitment Percentage, as the case may be, of any requested Loan.

     §2.10. Maturity of the Loans.

     The Domestic Loans, Canadian Loans, U.K. Loans and PR Loans shall be due and payable on the
Maturity Date. Ryder promises to pay to the Administrative Agent, for the pro rata accounts of the
Domestic Banks, the Outstanding Amount of all Domestic Loans outstanding on the Maturity Date. The
Canadian Borrowers jointly and severally promise to pay to the Canadian Agent, for the pro rata
accounts of the Canadian Banks, the Outstanding Amount of all Canadian Loans outstanding on the
Maturity Date. The U.K. Borrowers jointly and severally promise to pay to the U.K. Agent, for the
pro rata accounts of the U.K. Banks, the Outstanding Amount of all U.K. Loans outstanding on the
Maturity Date. Ryder PR promises to pay the Administrative Agent, for the pro rata accounts of the
PR Banks, the Outstanding Amount of all PR Loans outstanding on the Maturity Date. All such
payments shall be made together with any and all accrued and unpaid interest thereon, the accrued
and unpaid Domestic Facility Fee, Canadian Facility Fee, U.K. Facility Fee and the PR Facility Fee
with respect thereto, and any other fees and other amounts owing hereunder.

     §2.11. Optional Prepayments or Repayments of Loans.

     (a) Subject to the terms and conditions of §6.10, each Borrower shall have the right,
at its election, to repay or prepay the Outstanding Amount of the Loans, as a whole or in
part, at any time without penalty or premium. Each Borrower shall give the Administrative
Agent, the Canadian Agent or the U.K. Agent, as the case may be, no later than 11:00 a.m.
(local time for such Agent) one (1) Business Day prior to the proposed date of prepayment or
repayment, written notice (or telephonic notice confirmed in writing) of any proposed
prepayment or repayment pursuant to this §2.11, specifying the proposed date of prepayment
or repayment of the Loans and the principal amount to be paid and, if LIBOR Rate Loans are
to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent shall
promptly notify each Domestic Bank, the Canadian Agent shall promptly notify each Canadian
Bank, the U.K. Agent shall promptly notify each U.K. Bank and the Administrative Agent shall
promptly notify each PR Bank, by written notice (or telephonic notice confirmed in writing)
of such notice of

 

47

payment and of the amount of such Bank’s pro rata share of such
prepayment. If such notice is given by any Borrower(s), such Borrower(s) shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the
date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all
accrued interest on the amount prepaid, together with any additional amounts required
pursuant to §6.10. Each such prepayment shall be applied to the Loans of the applicable
Banks in accordance with their respective pro rata share.

     (b) The applicable Borrower(s) may, upon notice to the applicable Agent (with a copy to
the Administrative Agent), at any time or from time to time, repay or prepay Swing Line
Loans in whole or in part without premium or penalty; provided that (i) such notice
must be received by the applicable Swing Line Lender and, if different, the Administrative
Agent not later than 11:00 a.m. (local time for such Swing Line Lender) on the date of the
prepayment. Each such notice shall specify the date and amount of such prepayment. If such
notice is given by a Borrower(s), such Borrower(s) shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified
therein.

     (c) If for any reason the Total Outstandings at any time exceed the Total Commitment
then in effect, the applicable Borrowers shall immediately prepay Loans and/or Cash
Collateralize the L/C Obligations in an aggregate amount equal to such excess;
provided, however, that the Borrowers shall not be required to Cash
Collateralize the L/C Obligations pursuant to this §2.11(c) unless after the prepayment in
full of the Loans the Total Outstandings exceed the Total Commitments then in effect.

     §2.12. The Domestic Swing Line.

     (a) The Domestic Swing Line Loans. Subject to the terms and conditions
hereinafter set forth, upon notice by Ryder to the Domestic Swing Line Lenders in accordance
with this §2.12, each of the Domestic Swing Line Lenders severally (and not jointly) agrees
to make loans directly to Ryder (the “Domestic Swing Line Loans”) in Dollars in an amount
equal to its Domestic Swing Line Commitment Percentage of such Domestic Swing Line Loans on
any Business Day during the Availability Period; provided that (a) the aggregate
Outstanding Amount of Domestic Swing Line Loans shall not, at any time and after giving
effect to all amounts requested, exceed the Total Domestic Swing Line Commitment and (b) the
Outstanding Amount of the Domestic Swing Line Loans owed to a Domestic Swing Line Lender
shall not, at any time and after giving effect to all amounts requested, exceed such
Domestic Swing Line Lender’s Domestic Swing Line Commitment. Each Domestic Swing Line Loan
shall be in a minimum amount equal to $1,000,000 or an integral multiple thereof.
Notwithstanding any other provisions of this Agreement and in addition to the limit set
forth above, at no time shall the aggregate Outstanding Amount of all Domestic Swing Line
Loans exceed the remainder of (i) the Total Domestic Commitment then in effect minus (ii)
the sum of (A) the Outstanding Amount of all Domestic Loans, plus (B) the Outstanding Amount
of L/C Obligations with respect to Letters of Credit issued for the account of Ryder and its
domestic Subsidiaries; provided, that Ryder shall not use the proceeds of any
Domestic Swing Line Loan to refinance any outstanding Domestic Swing Line Loan. Within the

 

48

foregoing limits, and subject to the other terms and conditions hereof, Ryder may
borrow under this §2.12, prepay or repay under §2.11, and reborrow under this §2.12. Each
Domestic Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a
Domestic Swing Line Loan, each Domestic Bank shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from each Domestic Swing Line Lender a risk
participation in such Domestic Swing Line Loan made by such Domestic Swing Line Lender in an
amount equal to the product of such Domestic Bank’s Domestic Commitment Percentage times the
amount of such Domestic Swing Line Loan made by such Domestic Swing Line Lender.
Notwithstanding the foregoing, neither of the Domestic Swing Line Lenders shall be under any
obligation to advance any Domestic Swing Line Loan if any Bank is at such time a Defaulting
Bank unless Cash Collateral is provided to the Domestic Swing Line Lenders as set forth in
§2.15. Any Cash Collateral provided under this Section shall be held and released pursuant
to the terms and provisions of such §2.15.

     (b) Notice of Borrowing. When Ryder desires the Domestic Swing Line Lenders to
make a Domestic Swing Line Loan, it shall send to the Domestic Swing Line Lenders and the
Administrative Agent written notice in the form of Exhibit G-1 hereto (or telephonic notice
confirmed in a writing in the form of Exhibit G-1 hereto) of each Domestic Swing Line Loan
requested hereunder (a “Domestic Swing Line Loan Request”) not later than 2:00 p.m. (Eastern
time) on the proposed Drawdown Date of any Domestic Swing Line Loan. Each such Domestic
Swing Line Loan Request shall set forth the principal amount of the proposed Domestic Swing
Line Loan and the Swing Line Loan Maturity Date relating to such Domestic Swing Line Loan,
which shall in no event be later than the Maturity Date. Each Domestic Swing Line Loan
Request shall be irrevocable and binding on Ryder and shall obligate Ryder to borrow the
Domestic Swing Line Loan from the Domestic Swing Line Lenders on the proposed Drawdown Date
thereof. Upon satisfaction of the applicable conditions set forth in this Agreement, on the
proposed Drawdown Date each of the Domestic Swing Line Lenders shall make its Domestic Swing
Line Commitment Percentage of the requested Domestic Swing Line Loan available to Ryder no
later than 3:00 p.m. (Eastern time) on the proposed Drawdown Date by crediting the amount of
the Domestic Swing Line Loan to the account specified by Ryder; provided that neither
Domestic Swing Line Lender shall advance any Domestic Swing Line Loans after it has received
notice from any Bank that a Default or Event of Default has occurred and stating that no new
Domestic Swing Line Loans are to be made until such Default or Event of Default has been
cured or waived in accordance with the provisions of this Agreement.

     (c) Automatic Domestic Base Rate Loan Request. In the event that any Domestic
Swing Line Loan Request for a Domestic Swing Line Loan causes the aggregate Outstanding
Amount of Domestic Swing Line Loans to exceed $25,000,000 at any time, concurrently with
such Domestic Swing Line Loan Request, Ryder shall also submit to the Administrative Agent a
Domestic Loan Request for a Domestic Base Rate Loan to be made on the next Business Day in a
principal amount equal to the aggregate Outstanding Amount of Domestic Swing Line Loans
(provided that if Ryder shall fail to submit such Domestic Loan Request, the parties
agree that Ryder shall be deemed to make, and Ryder hereby authorizes the Administrative
Agent to distribute to the Banks, a

 

49

concurrent request for a Domestic Base Rate Loan to be made on the next Business Day in
a principal amount equal to the aggregate Outstanding Amount of Domestic Swing Line Loans),
and the proceeds of such Domestic Base Rate Loan shall be applied as set forth in §2.12(e);
provided that (a) the sum of (i) the Outstanding Amount of the Domestic Loans, plus
(ii) the Outstanding Amount of L/C Obligations with respect to Letters of Credit issued for
the account of Ryder and its domestic Subsidiaries, shall not, at any time and after giving
effect to all amounts requested, exceed the Total Domestic Commitment and (b) the sum of (i)
the Outstanding Amount of the Domestic Loans owed to a Domestic Bank, plus (ii) such
Domestic Bank’s Domestic Commitment Percentage of the outstanding L/C Obligations with
respect to Letters of Credit issued for the account of Ryder and its domestic Subsidiaries,
shall not, at any time and after giving effect to all amounts requested, exceed such
Domestic Bank’s Domestic Commitment

     (d) Interest on Domestic Swing Line Loans. Each Domestic Swing Line Loan shall
be a Domestic Base Rate Loan and, except as otherwise provided in §6.11 hereof, shall bear
interest from the Drawdown Date thereof until repaid in full at the rate per annum equal to
the Domestic Base Rate plus the Applicable Margin on all Swing Line Loans, which
shall be paid on each Interest Payment Date for Domestic Base Rate Loans.

     (e) Repayment of Domestic Swing Line Loans. Ryder shall repay each outstanding
Domestic Swing Line Loan directly to each Domestic Swing Line Lender on or prior to the
Swing Line Loan Maturity Date relating thereto; provided that Ryder shall repay the
aggregate Outstanding Amount of all Domestic Swing Line Loans at any time such Outstanding
Amount is in excess of $25,000,000 with the proceeds of the Domestic Base Rate Loan
requested under §2.12(c), and Ryder agrees to apply, and Ryder hereby authorizes the
Domestic Swing Line Lenders to apply, such proceeds to the outstanding Domestic Swing Line
Loans. Upon notice by any Domestic Swing Line Lenders to the Administrative Agent on any
Business Day (i) following the Swing Line Loan Maturity Date relating to each Domestic Swing
Line Loan, or (ii) at the option of such Domestic Swing Line Lenders, after the occurrence
of an Event of Default, each of the Domestic Banks hereby agrees to make Domestic Loans to
Ryder constituting Domestic Base Rate Loans, on the next succeeding Business Day following
such notice, in an amount equal to such Bank’s Domestic Commitment Percentage of the
aggregate Outstanding Amount of all Domestic Swing Line Loans made by such Domestic Swing
Line Lender (and the Domestic Swing Line Lenders may apply Cash Collateral available for
such purpose with respect to the applicable Swing Line Loan). The proceeds thereof shall be
applied directly by the Domestic Swing Line Lenders to repay the Domestic Swing Line Loans
made by such Domestic Swing Line Lenders, and Ryder hereby authorizes such application.
Each Domestic Bank hereby absolutely, unconditionally and irrevocably agrees to make such
Domestic Loans upon one Business Day’s notice as set forth above, notwithstanding (i) that
the amount of such Domestic Loan may not comply with the applicable minimums set forth
herein, (ii) the failure of Ryder to meet the applicable conditions set forth in §11 or §12
hereof, (iii) the occurrence or continuance of a Default or an Event of Default hereunder,
(iv) the Total Domestic Commitment in effect at such time, (v) any setoff, counterclaim,
recoupment, defense or other right which such Domestic Bank may have against the Domestic
Swing Line Lenders, Ryder or any other

 

50

Person for any reason whatsoever or (vi) any other occurrence, event or condition,
whether or not similar to any of the foregoing. In the event that it is impracticable for
such Domestic Loan to be made for any reason on the date otherwise required above, then each
Domestic Bank hereby agrees that it shall forthwith purchase (as of the date such Domestic
Loan would have been made, but adjusted for any payments received from Ryder on or after
such date and prior to such purchase) from each of the Domestic Swing Line Lenders, and each
of the Domestic Swing Line Lenders shall sell to each Domestic Bank, such participations in
its Domestic Swing Line Loans (including all accrued and unpaid interest thereon)
outstanding as shall be necessary to cause the Domestic Banks to share in such Domestic
Swing Line Loans pro rata based on their respective Domestic Commitment Percentages (without
regard to any termination of the Total Domestic Commitment hereunder) by making available to
each of the Domestic Swing Line Lenders (which may be through the Administrative Agent) an
amount equal to such Bank’s participation in such Domestic Swing Line Loans. No such
funding of risk participations shall relieve or otherwise impair the obligation of Ryder to
repay Domestic Swing Line Loans, together with interest as provided herein. Any repayment
by any Domestic Bank to the Domestic Swing Line Lenders may be done in consultation with the
Administrative Agent.

     Until a Bank funds its Domestic Base Rate Loan or risk participation pursuant to this
§2.12(e) to refinance such Bank’s Domestic Commitment Percentage of any Domestic Swing Line
Loan, interest in respect of such Domestic Swing Line Loan shall be solely for the account
of the relevant Domestic Swing Line Lenders. Each Domestic Swing Line Lender shall be
responsible for invoicing Ryder for interest on its Domestic Swing Line Loans. Ryder shall
make all payments of principal and interest in respect of the Domestic Swing Line Loans
directly to the applicable Domestic Swing Line Lenders (who shall promptly notify the
Administrative Agent of such payment).

     If any Domestic Bank fails to make available to the Domestic Swing Line Lenders any
amount required to be paid by such Domestic Bank pursuant to the foregoing provisions of
this §2.12(e), the Domestic Swing Line Lenders shall be entitled to recover from such
Domestic Bank, on demand, such amount with interest thereon for the period from the date
such payment is required to the date on which such payment is immediately available to such
Domestic Swing Line Lenders at a rate per annum equal to the Overnight Rate from time to
time in effect, plus any administrative, processing or similar fees customarily charged by
such Domestic Swing Line Lenders in connection with the foregoing. If such Domestic Bank
pays such amount (with interest and fees as aforesaid), the amount so paid (less all such
aforementioned interest and fees incurred by such Domestic Bank as a result of its failure
to pay the required amounts to the applicable Domestic Swing Line Lenders) shall constitute
such Domestic Bank’s Domestic Base Rate Loan included in the relevant Domestic Base Rate
borrowing or funded participation in the relevant Domestic Swing Line Loan, as the case may
be. A certificate of a Domestic Swing Line Lender submitted to any Domestic Bank with
respect to any amounts owing under this §2.12(e) shall be conclusive absent manifest error.

 

51

     (f) The Domestic Swing Line Notes. The obligation of Ryder to repay the
Domestic Swing Line Loans made pursuant to this Agreement and to pay interest thereon
as set forth in this Agreement may be evidenced by a promissory note of Ryder with
appropriate insertions substantially in the form of Exhibit A-5 attached hereto (the
“Domestic Swing Line Note”), dated the Closing Date and payable to the order of the
applicable Domestic Swing Line Lender in a principal amount stated to be the lesser of (i)
such Domestic Swing Line Lender’s Domestic Swing Line Commitment and (ii) the aggregate
Outstanding Amount of Domestic Swing Line Loans at any time advanced by the applicable
Domestic Swing Line Lender. Upon the request of any Domestic Swing Line Lender to Ryder
made through the Administrative Agent, Ryder shall execute and deliver to such Domestic
Swing Line Lender (through the Administrative Agent) a Domestic Swing Line Note. Ryder
irrevocably authorizes each Domestic Swing Line Lender to make or cause to be made, at or
about the time of the Drawdown Date of any Domestic Swing Line Loan or at the time of
receipt of any payment of principal on the Domestic Swing Line Note, an appropriate notation
on the grid attached to such Note or such Domestic Swing Line Lender’s records reflecting
the making of such Domestic Swing Line Loan or (as the case may be) the receipt of such
payment. The Outstanding Amount of the Domestic Swing Line Loans set forth on such grid or
such records shall be prima facie evidence of the principal amount thereof owing and unpaid
to such Domestic Swing Line Lender, but the failure to record, or any error in so recording,
any such amount on such Note or such records shall not limit or otherwise affect the actual
amount of the obligations of Ryder hereunder or under the Domestic Swing Line Note to make
payments of principal of or interest on the Domestic Swing Line Note when due.

     (g) Repayment of Participations.

     (i) At any time after any Domestic Bank has purchased and funded a risk
participation in a Domestic Swing Line Loan, if any Domestic Swing Line Lender
receives any payment on account of such Domestic Swing Line Loan, such Domestic
Swing Line Lender will distribute to such Domestic Bank (which may be through the
Administrative Agent) its pro rata share thereof based on such
Bank’s Domestic Commitment Percentage in the same funds as those received by such
Domestic Swing Line Lender.

     (ii) If any payment received by a Domestic Swing Line Lender in respect of
principal or interest on any Domestic Swing Line Loan is required to be returned by
such Domestic Swing Line Lender under any of the circumstances described in §15A
(including pursuant to any settlement entered into by such Domestic Swing Line
Lender in its discretion), each Domestic Bank shall pay to such Domestic Swing Line
Lender its pro rata share thereof based on such Bank’s Domestic
Commitment Percentage on demand of such Domestic Swing Line Lender, plus interest
thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the applicable Overnight Rate. The obligations of the Domestic
Banks under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

 

52

     §2.13. The U.K. Swing Line.

     (a) The U.K. Swing Line Loans. Subject to the terms and conditions hereinafter
set forth, upon notice by the U.K. Borrowers made to the U.K. Agent in accordance with this
§2.13, the U.K. Agent agrees to make loans to the U.K. Borrowers (the “U.K. Swing Line
Loans”) on any Business Day prior to the Maturity Date in any of Dollars, Sterling or Euros
in an aggregate principal amount not to exceed $50,000,000 (or the Sterling Equivalent or
Euro Equivalent thereof) at any one time outstanding. Each U.K. Swing Line Loan shall be in
a minimum amount equal to £100,000 (or the Dollar Equivalent or Euro Equivalent thereof) or
an integral multiple thereof. Notwithstanding any other provisions of this Agreement and in
addition to the limit set forth above, at no time shall the aggregate Outstanding Amount of
all outstanding U.K. Swing Line Loans exceed the remainder of (i) the Total U.K. Commitment
then in effect minus (ii) the sum of (A) the aggregate Outstanding Amount of all U.K. Loans
denominated in Dollars, plus (B) the aggregate Outstanding Amount of all U.K. Loans
denominated in Sterling, plus (C) the aggregate Outstanding Amount of all U.K. Loans
denominated in Euros; provided, that the U.K. Borrowers shall not use the proceeds
of any U.K. Swing Line Loan to refinance any outstanding U.K. Swing Line Loan. Within the
foregoing limits, and subject to the other terms and conditions hereof, the U.K. Borrowers
may borrow under this §2.13, prepay or repay under §2.11, and reborrow under this §2.13.
Each U.K. Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a U.K.
Swing Line Loan, each U.K. Bank shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the U.K. Agent a risk participation in such U.K.
Swing Line Loan in an amount equal to the product of such U.K. Bank’s U.K. Commitment
Percentage times the amount of such U.K. Swing Line Loan. Notwithstanding the foregoing,
the U.K. Agent shall not be under any obligation to advance any U.K. Swing Line Loan if any
Bank is at such time a Defaulting Bank unless Cash Collateral is provided to the U.K. Agent
as set forth in §2.15. Any Cash Collateral provided under this Section shall be held and
released pursuant to the terms and provisions of such §2.15.

     (b) Notice of Borrowing. When the U.K. Borrowers desire the U.K. Agent to make
a U.K. Swing Line Loan, they shall send to the U.K. Agent written notice in the form of
Exhibit G-2 hereto (or telephonic notice confirmed in a writing in the form of Exhibit G-2
hereto) of each U.K. Swing Line Loan requested hereunder (a “U.K. Swing Line Loan Request”)
not later than 12:00 p.m. (London time) on the proposed Drawdown Date of any U.K. Swing Line
Loan. Each such U.K. Swing Line Loan Request shall set forth the principal amount of the
proposed U.K. Swing Line Loan, the currency in which such U.K. Swing Line Loan should be
made and the Swing Line Loan Maturity Date relating to such U.K. Swing Line Loan, which
shall in no event be later than the Maturity Date. Each U.K. Swing Line Loan Request shall
be irrevocable and binding on the U.K. Borrowers and shall obligate the U.K. Borrowers to
borrow the U.K. Swing Line Loan from the U.K. Agent on the proposed Drawdown Date thereof.
Upon satisfaction of the applicable conditions set forth in this Agreement, on the proposed
Drawdown Date the U.K. Agent shall make the U.K. Swing Line Loan available to the U.K.
Borrowers no later than 3:00 p.m. (London time) on the proposed Drawdown Date by crediting
the amount of the U.K. Swing Line Loan to the account specified by the U.K. Borrowers;

 

53

provided that the U.K. Agent shall not advance any U.K. Swing Line Loans after it has
received notice from any Bank that a Default or Event of Default has occurred and stating
that no new U.K. Swing Line Loans are to be made until such Default or Event of Default has
been cured or waived in accordance with the provisions of this Agreement.

     (c) Automatic U.K. Base Rate Loan Request. In the event that any U.K. Swing
Line Loan Request for a U.K. Swing Line Loan causes the aggregate Outstanding Amount of U.K.
Swing Line Loans to exceed $25,000,000 at any time (or the Sterling Equivalent or Euro
Equivalent thereof), concurrently with such U.K. Swing Line Loan Request, the U.K. Borrowers
shall also submit to the U.K. Agent a U.K. Loan Request for U.K. Base Rate Loan to be made
on the next Business Day in a principal amount equal to the aggregate Outstanding Amount of
U.K. Swing Line Loans (provided that if the U.K. Borrowers fail to submit such U.K.
Loan Request, the parties agree that the U.K. Borrowers shall be deemed to make, and each of
the U.K. Borrowers hereby authorizes, an automatic concurrent request for a U.K. Base Rate
Loan to be made on the next Business Day in a principal amount equal to the aggregate
Outstanding Amount of U.K. Swing Line Loans (or the Sterling Equivalent or Euro Equivalent
thereof)) and the proceeds of such U.K. Base Rate Loan shall be applied as set forth in
§2.13(e); provided that (a) the sum of (i) the Outstanding Amount of the U.K. Loans
denominated in Dollars, plus (ii) the Outstanding Amount of the U.K. Loans denominated in
Sterling, plus (iii) the Outstanding Amount of the U.K. Loans denominated in Euros, shall
not, at any time and after giving effect to all amounts requested, exceed the Total U.K.
Commitment and (b) the sum of (i) the Outstanding Amount of the U.K. Loans denominated in
Dollars owed to a U.K. Bank, plus (ii) the Outstanding Amount of the U.K. Loans denominated
in Sterling owed to such U.K. Bank, plus (iii) the Outstanding Amount of the U.K. Loans
denominated in Euros owed to such U.K. Bank, shall not, at any time and after giving effect
to all amounts requested, exceed such U.K. Bank’s U.K. Commitment.

     (d) Interest on U.K. Swing Line Loans. Each U.K. Swing Line Loan shall be a
U.K. Base Rate Loan and, except as otherwise provided in §6.11 hereof, shall bear interest
from the Drawdown Date thereof until repaid in full at the rate per annum equal to (i) the
RBS-U.K. Sterling Reference Rate plus the Applicable Margin on all Swing line Loans,
with respect to each U.K. Swing Line Loan denominated in Sterling, (ii) the U.K. Dollar Base
Rate plus the Applicable Margin on all Swing Line Loans, with respect to each U.K.
Swing Line Loan denominated in U.S. Dollars, and (iii) the RBS-U.K. Euro Reference Rate
plus the Applicable Margin on all Swing Line Loans, with respect to each U.K. Swing
Line Loan denominated in Euros, which shall, in each case, be paid on each Interest Payment
Date for U.K. Base Rate Loans.

     (e) Repayment of U.K. Swing Line Loans. The U.K. Borrowers shall repay each
outstanding U.K. Swing Line Loan on or prior to the Swing Line Loan Maturity Date relating
thereto; provided that the U.K. Borrowers shall repay the aggregate Outstanding
Amount of all U.K. Swing Line Loans at any time in excess of $25,000,000 with the proceeds
of the U.K. Base Rate Loan requested under §2.13(c) (as the case may be), and each of the
U.K. Borrowers hereby agrees to apply, and each of the U.K. Borrowers hereby authorizes the
U.K. Agent to apply, such proceeds to the outstanding U.K. Swing Line Loans. Upon notice by
the U.K. Agent on any Business Day (i)

 

54

following the Swing Line Loan Maturity Date relating to each U.K. Swing Line Loan or
(ii) at the option of the U.K. Agent, after the occurrence of an Event of Default, each of
the U.K. Banks hereby agrees to make U.K. Loans to the U.K. Borrowers constituting U.K. Base
Rate Loans, on the next succeeding Business Day following such notice, in an amount equal to
such Bank’s U.K. Commitment Percentage of the aggregate Outstanding Amount of all U.K. Swing
Line Loans (and the U.K. Agent may apply Cash Collateral available for such purpose with
respect to the applicable Swing Line Loan). The proceeds thereof shall be applied directly
by the U.K. Agent to repay outstanding U.K. Swing Line Loans and each of the U.K. Borrowers
hereby authorizes such application. Each U.K. Bank hereby absolutely, unconditionally and
irrevocably agrees to make such U.K. Loans upon one Business Day’s notice as set forth
above, notwithstanding (i) that the amount of such U.K. Loan may not comply with the
applicable minimums set forth herein, (ii) the failure of the U.K. Borrowers to meet the
applicable conditions set forth in §11 or §12 hereof, (iii) the occurrence or continuance of
a Default or an Event of Default hereunder, (iv) the Total U.K. Commitment in effect at such
time, (v) any setoff, counterclaim, recoupment, defense or other right which such U.K. Bank
may have against the U.K. Agent, the U.K. Borrowers or any other Person for any reason
whatsoever or (vi) any other occurrence, event or condition, whether or not similar to any
of the foregoing. In the event that it is impracticable for such U.K. Loan to be made for
any reason on the date otherwise required above, then each U.K. Bank hereby agrees that it
shall forthwith purchase (as of the date such U.K. Loan would have been made, but adjusted
for any payments received from the U.K. Borrowers on or after such date and prior to such
purchase) from the U.K. Agent, and the U.K. Agent shall sell to each U.K. Bank, such
participations in the U.K. Swing Line Loans (including all accrued and unpaid interest
thereon) outstanding as shall be necessary to cause the U.K. Banks to share in such U.K.
Swing Line Loans pro rata based on their respective U.K. Commitment Percentages (without
regard to any termination of the Total U.K. Commitment hereunder) by making available to the
U.K. Agent an amount equal to such U.K. Bank’s participation in the U.K. Swing Line Loans.
No such funding or risk participations shall relieve or otherwise impair the obligation of
the U.K. Borrowers to repay U.K. Swing Line Loans, together with interest as provided
herein.

     Until a Bank funds its U.K. Base Rate Loan or risk participation pursuant to this
§2.13(e) to refinance such Bank’s U.K. Commitment Percentage of any U.K. Swing Line Loan,
interest in respect of such pro rata share shall be solely for the account of the U.K.
Agent. The U.K. Agent shall be responsible for invoicing the U.K. Borrowers for interest on
the U.K. Swing Line Loans. The U.K. Borrowers shall make all payments of principal and
interest in respect of the U.K. Swing Line Loans directly to the U.K. Agent.

     If any U.K. Bank fails to make available to the U.K. Agent for the account of the U.K.
Agent any amount required to be paid by such U.K. Bank pursuant to the foregoing provisions
of this §2.13(e), the U.K. Agent shall be entitled to recover from such U.K. Bank, on
demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to the U.K. Agent at a
rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any
administrative, processing or similar fees customarily charged by the U.K. Agent in
connection with the foregoing. If such U.K. Bank pays such amount (with

 

55

interest and fees as aforesaid), the amount so paid (less all such aforementioned
interest and fees incurred by such U.K. Bank as a result of its failure to pay the required
amounts to the U.K. Agent) shall constitute such U.K. Bank’s U.K. Base Rate Loan included in
the relevant U.K. Base Rate borrowing or funded participation in the relevant U.K. Swing
Line Loan, as the case may be. A certificate of the U.K. Agent submitted to any U.K. Bank
with respect to any amounts owing under this §2.13(e) shall be conclusive absent manifest
error.

     (f) The U.K. Swing Line Note. The obligation of the U.K. Borrowers to repay
the U.K. Swing Line Loans made pursuant to this Agreement and to pay interest thereon as set
forth in this Agreement may be evidenced by a promissory note of the U.K. Borrowers with
appropriate insertions substantially in the form of Exhibit A-6 attached hereto (the
“U.K. Swing Line Note”), dated the Closing Date and payable to the order of the U.K. Agent
in a principal amount stated to be the lesser of (a) $50,000,000, or (b) the aggregate
principal amount of Swing Line Loans at any time advanced by the U.K. Agent and outstanding
thereunder. Upon the request of the U.K. Agent to the U.K. Borrowers, the U.K. Borrowers
shall execute and deliver to the U.K. Agent a U.K. Swing Line Note. The U.K. Borrowers
irrevocably authorize the U.K. Agent to make or cause to be made, at or about the time of
the Drawdown Date of any U.K. Swing Line Loan or at the time of receipt of any payment of
principal on the U.K. Swing Line Note, an appropriate notation on the grid attached to such
Note or the U.K. Agent’s records reflecting the making of such U.K. Swing Line Loan or (as
the case may be) the receipt of such payment. The Outstanding Amount of the U.K. Swing Line
Loans set forth on such grid or such records shall be prima facie evidence of the principal
amount thereof owing and unpaid to the U.K. Agent, but the failure to record, or any error
in so recording, any such amount on such Note or such records shall not limit or otherwise
affect the actual amount of the obligations of the U.K. Borrowers hereunder or under the
U.K. Swing Line Note to make payments of principal of or interest on the U.K. Swing Line
Note when due.

     (g) Repayment of Participations.

     (i) At any time after any U.K. Bank has purchased and funded a risk
participation in a U.K. Swing Line Loan, if the U.K. Agent receives any payment on
account of such U.K. Swing Line Loan, the U.K. Agent will distribute to such U.K.
Bank its pro rata share thereof based on such Bank’s U.K. Commitment
Percentage in the same funds as those received by the U.K. Agent.

     (ii) If any payment received by the U.K. Agent in respect of principal or
interest on any U.K. Swing Line Loan is required to be returned by the U.K. Agent
under any of the circumstances described in §15A (including pursuant to any
settlement entered into by the U.K. Agent in its discretion), each U.K. Bank shall
pay to the U.K. Agent its pro rata share thereof based on such U.K.
Bank’s U.K. Commitment Percentage on demand of the U.K. Agent, plus interest thereon
from the date of such demand to the date such amount is returned, at a rate per
annum equal to the applicable Overnight Rate. The obligations of the U.K. Banks
under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

 

56

     §2.14. The Canadian Swing Line.

     (a) The Canadian Swing Line Loans. Subject to the terms and conditions
hereinafter set forth, upon notice by the Canadian Borrowers to the Canadian Swing Line
Lender and the Canadian Agent in accordance with this §2.14, the Canadian Swing Line Lender
agrees to make loans to the Canadian Borrowers (the “Canadian Swing Line Loans”) in Dollars
or Canadian Dollars on any Business Day prior to the Maturity Date in an aggregate principal
amount not to exceed $50,000,000 (or the Canadian Dollar Equivalent thereof) at any one time
outstanding. Each Canadian Swing Line Loan shall be in a minimum amount equal to $500,000
(or the Canadian Dollar Equivalent thereof); provided that there shall be no minimum
amount for any Canadian Swing Line Loan which is advanced in order to fund an overdraft in
the Canadian Borrowers’ Canadian Dollar accounts maintained with Canadian Swing Line Lender
(as provided in §2.14(b) hereof). Notwithstanding any other provisions of this Agreement
and in addition to the limit set forth above, at no time shall the aggregate Outstanding
Amount of all Canadian Swing Line Loans exceed (i) the Total Canadian Commitment then in
effect minus (ii) the sum of (A) the aggregate Outstanding Amount of all Canadian Loans
denominated in U.S. Dollars, plus (B) the Outstanding Amount of all Canadian Loans
denominated in Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances;
provided, that the Canadian Borrowers shall not use the proceeds of any Canadian
Swing Line Loan to refinance any outstanding Canadian Swing Line Loan. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Canadian Borrowers may
borrow under this §2.14, prepay or repay under §2.11, and reborrow under this §2.14. Each
Canadian Swing Line Loan shall be a Canadian Base Rate Loan. Immediately upon the making of
a Canadian Swing Line Loan, each Canadian Bank shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the Canadian Swing Line Lender a risk
participation in such Canadian Swing Line Loan in an amount equal to the product of such
Canadian Bank’s Canadian Commitment Percentage times the amount of such Canadian Swing Line
Loan. Notwithstanding the foregoing, the Canadian Swing Line Lender shall not be under any
obligation to advance any Canadian Swing Line Loan if any Bank is at such time a Defaulting
Bank unless Cash Collateral is provided to the Canadian Swing Line Lender as set forth in
§2.15. Any Cash Collateral provided under this Section shall be held and released pursuant
to the terms and provisions of such §2.15.

     (b) Notice of Borrowing. When the Canadian Borrowers desire the Canadian Swing
Line Lender to make a Canadian Swing Line Loan, they shall send to the Canadian Swing Line
Lender written notice in the form of Exhibit G-3 hereto (or telephonic notice confirmed in a
writing in the form of Exhibit G-3 hereto) of each Canadian Swing Line Loan requested
hereunder (a “Canadian Swing Line Loan Request”) not later than 2:00 p.m. (Toronto time) on
the proposed Drawdown Date of any Canadian Swing Line Loan. Each such Canadian Swing Line
Loan Request shall set forth the principal amount of the proposed Canadian Swing Line Loan,
the currency in which such Canadian Swing Line Loan shall be made and the Swing Line Loan
Maturity Date relating to such Canadian Swing Line Loan, which shall in no event be later
than the Maturity Date. In addition, in the event that the Canadian Borrowers cause an
overdraft in the net position of all its Canadian Dollar accounts maintained with the
Canadian

 

57

Agent, the Canadian Borrowers shall be deemed to have requested a Canadian Swing Line
Loan (subject to the terms and conditions set forth in this §2.14 and in §11 and §12, to the
extent applicable) in the amount of such overdraft. Each Canadian Swing Line Loan Request
shall be irrevocable and binding on the Canadian Borrowers and shall obligate the Canadian
Borrowers to borrow the Canadian Swing Line Loan from the Canadian Swing Line Lender on the
proposed Drawdown Date thereof. Upon satisfaction of the applicable conditions set forth in
this Agreement, on the proposed Drawdown Date the Canadian Swing Line Lender shall make the
Canadian Swing Line Loan available to the Canadian Borrowers no later than 3:00 p.m.
(Toronto time) on the proposed Drawdown Date by crediting the amount of the Canadian Swing
Line Loan to the account specified by the Canadian Borrowers; provided that the
Canadian Swing Line Lender shall not advance any Canadian Swing Line Loans after it has
received notice from any Bank that a Default or Event of Default has occurred and stating
that no new Canadian Swing Line Loans are to be made until such Default or Event of Default
has been cured or waived in accordance with the provisions of this Agreement.

     (c) Automatic Canadian Base Rate Loan Request. In the event that any Canadian
Swing Line Loan Request for a Canadian Swing Line Loan causes the aggregate Outstanding
Amount of Canadian Swing Line Loans to exceed $25,000,000 (or the Canadian Dollar Equivalent
thereof) at any time, concurrently with such Canadian Swing Line Loan Request, the Canadian
Borrowers shall also submit to the Canadian Agent a Canadian Loan Request for a Canadian
Base Rate Loan to be made on the next Business Day in a principal amount equal to the
aggregate Outstanding Amount of Canadian Swing Line Loans (provided that if the
Canadian Borrowers fail to submit such Canadian Loan Request, the parties agree that each of
the Canadian Borrowers shall be deemed to make, and each of the Canadian Borrowers hereby
authorizes, an automatic concurrent request for a Canadian Base Rate Loan to be made on the
next Business Day in a principal amount equal to the aggregate Outstanding Amount of
Canadian Swing Line Loans (or the Canadian Dollar Equivalent thereof)), and the proceeds of
such Canadian Base Rate Loan shall be applied as set forth in §2.14(e); provided
that (a) the sum of (i) the Outstanding Amount of the Canadian Loans denominated in Dollars,
plus (ii) the Outstanding Amount of the Canadian Loans denominated in Canadian Dollars, plus
(iii) the Outstanding Amount of Bankers’ Acceptances then outstanding, shall not, at any
time and after giving effect to all amounts requested, exceed the Total Canadian Commitment
and (b) the sum of (i) the Outstanding Amount of the Canadian Loans denominated in Dollars
owed to a Canadian Bank, plus (ii) the Outstanding Amount of the Canadian Loans denominated
in Canadian Dollars owed to such Canadian Bank, plus (iii) the Outstanding Amount of
Bankers’ Acceptances purchased by such Canadian Bank, shall not, at any time and after
giving effect to all amounts requested, exceed such Canadian Bank’s Canadian Commitment.

     (d) Interest on Canadian Swing Line Loans. Each Canadian Swing Line Loan shall
be a Canadian Base Rate Loan and, except as otherwise provided in §6.11 hereof, shall bear
interest from the Drawdown Date thereof until repaid in full at the rate per annum equal to
the Canadian Prime Rate plus the Applicable Margin on all Swing Line Loans, with
respect to each Canadian Swing Line Loan denominated in Canadian Dollars, and the Canadian
Base Rate plus the Applicable Margin on all Swing Line Loans
with respect to each Canadian Swing Line Loan denominated in U.S. Dollars, which shall
be paid on each Interest Payment Date for Canadian Base Rate Loans.

 

58

     (e) Repayment of Canadian Swing Line Loans. The Canadian Borrowers shall repay
each outstanding Canadian Swing Line Loan on or prior to the Swing Line Loan Maturity Date
relating thereto; provided that the Canadian Borrowers shall repay the aggregate
Outstanding Amount of any Canadian Swing Line Loans at any time in excess of $25,000,000
with the proceeds of the Canadian Base Rate Loan requested under §2.14(c) (as the case may
be), and each of the Canadian Borrowers agrees to apply and each of the Canadian Borrowers
hereby authorizes the Canadian Agent and the Canadian Swing Line Lender to apply, such
proceeds to the outstanding Canadian Swing Line Loans. Upon notice by the Canadian Swing
Line Lender on any Business Day (i) following the Swing Line Loan Maturity Date relating to
each Canadian Swing Line Loan or (ii) at the option of the Canadian Swing Line Lender, after
the occurrence of an Event of Default, each of the Canadian Banks hereby agrees to make
Canadian Loans to the Canadian Borrowers constituting Canadian Base Rate Loans, on the next
succeeding Business Day following such notice, in an amount equal to such Bank’s Canadian
Commitment Percentage of the aggregate Outstanding Amount of all Canadian Swing Line Loans
(and the Canadian Agent may apply Cash Collateral available for such purpose with respect to
the applicable Swing Line Loan). The proceeds thereof shall be applied directly by the
Canadian Agent to repay outstanding Canadian Swing Line Loans and each of the Canadian
Borrowers hereby authorizes such application. Each Canadian Bank hereby absolutely,
unconditionally and irrevocably agrees to make such Canadian Loans upon one Business Day’s
notice as set forth above, notwithstanding (i) that the amount of such Canadian Loan may not
comply with the applicable minimums set forth herein, (ii) the failure of the Canadian
Borrowers to meet the applicable conditions set forth in §11 or §12 hereof, (iii) the
occurrence or continuance of a Default or an Event of Default hereunder, (iv) the Total
Canadian Commitment in effect at such time, (v) any setoff, counterclaim, recoupment,
defense or other right which such Canadian Bank may have against the Canadian Swing Line
Lender, the Canadian Borrowers or any other Person for any reason whatsoever or (vi) any
other occurrence, event or condition, whether or not similar to any of the foregoing. In
the event that it is impracticable for such Canadian Loan to be made for any reason on the
date otherwise required above, then each Canadian Bank hereby agrees that it shall forthwith
purchase (as of the date such Canadian Loan would have been made, but adjusted for any
payments received from the Canadian Borrowers on or after such date and prior to such
purchase) from the Canadian Swing Line Lender, and the Canadian Swing Line Lender shall sell
to each Canadian Bank, such participations in the Canadian Swing Line Loans (including all
accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Canadian
Banks to share in such Canadian Swing Line Loans pro rata based on their respective Canadian
Commitment Percentages (without regard to any termination of the Total Canadian Commitment
hereunder) by making available to the Canadian Agent an amount equal to such Bank’s
participation in the Canadian Swing Line Loans. No such funding or risk participations
shall relieve or otherwise impair the obligation of the Canadian Borrowers to repay Canadian
Swing Line Loans, together with interest as provided herein

 

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     Until a Bank funds its Canadian Base Rate Loan or risk participation pursuant to this
§2.14(e) to refinance such Bank’s Canadian Commitment Percentage of any Canadian Swing Line
Loan, interest in respect of such pro rata share shall be solely for the account of the
Canadian Swing Line Lender. The Canadian Agent shall be responsible for invoicing the
Canadian Borrowers for interest on the Canadian Swing Line Loans. The Canadian Borrowers
shall make all payments of principal and interest in respect of the Canadian Swing Line
Loans directly to the Canadian Agent.

     If any Canadian Bank fails to make available to the Canadian Agent for the account of
the Canadian Swing Line Lender any amount required to be paid by such Canadian Bank pursuant
to the foregoing provisions of this §2.14(e), the Canadian Agent for the account of the
Canadian Swing Line Lender shall be entitled to recover from such Canadian Bank, on demand,
such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the Canadian Agent at a rate per
annum equal to the applicable Overnight Rate from time to time in effect, plus any
administrative, processing or similar fees customarily charged by the Canadian Agent in
connection with the foregoing. If such Canadian Bank pays such amount (with interest and
fees as aforesaid), the amount so paid (less all such aforementioned interest and fees
incurred by such Canadian Bank as a result of its failure to pay the required amounts to the
Canadian Agent for the account of the Canadian Swing Line Lender) shall constitute such
Canadian Bank’s Canadian Base Rate Loan included in the relevant Canadian Base Rate
borrowing or funded participation in the relevant Canadian Swing Line Loan, as the case may
be. A certificate of the Canadian Agent submitted to any Canadian Bank with respect to any
amounts owing under this §2.14(e) shall be conclusive absent manifest error.

     (f) The Canadian Swing Line Note. The obligation of the Canadian Borrowers to
repay the Canadian Swing Line Loans made pursuant to this Agreement and to pay interest
thereon as set forth in this Agreement may be evidenced by a promissory note of the Canadian
Borrowers with appropriate insertions substantially in the form of Exhibit A-7 attached
hereto (the “Canadian Swing Line Note”), dated the Closing Date and payable to the order of
the Canadian Swing Line Lender in a principal amount stated to be the lesser of (i)
$50,000,000, or (ii) the aggregate principal amount of Canadian Swing Line Loans at any time
advanced by the Canadian Swing Line Lender and outstanding thereunder. Upon the request of
the Canadian Swing Line Lender to the Canadian Borrowers, the Canadian Borrowers shall
execute and deliver to the Canadian Swing Line Lender a Canadian Swing Line Note. The
Canadian Borrowers irrevocably authorize the Canadian Swing Line Lender to make or cause to
be made, at or about the time of the Drawdown Date of any Canadian Swing Line Loan or at the
time of receipt of any payment of principal on the Canadian Swing Line Note, an appropriate
notation on the grid attached to such Note or the Canadian Agent’s records reflecting the
making of such Canadian Swing Line Loan or (as the case may be) the receipt of such payment.
The Outstanding Amount of the Canadian Swing Line Loans set forth on such grid or such
records shall be prima facie evidence of the principal amount thereof owing and unpaid to
the Canadian Agent, but the failure to record, or any error in so recording, any such amount
on such Note or such records shall not limit or otherwise affect the actual amount of the
obligations of the Canadian Borrowers hereunder or under the Canadian
Swing Line Note to make payments of principal of or interest on the Canadian Swing Line
Note when due.

 

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     (g) Repayment of Participations.

     (i) At any time after any Canadian Bank has purchased and funded a risk
participation in a Canadian Swing Line Loan, if the Canadian Swing Line Lender
receives any payment on account of such Canadian Swing Line Loan, the Canadian Swing
Line Lender (which may be through the Canadian Agent) will distribute to such
Canadian Bank its pro rata share thereof based on such Bank’s Canadian Commitment
Percentage in the same funds as those received by the Canadian Swing Line Lender.

     (ii) If any payment received by the Canadian Swing Line Lender in respect of
principal or interest on any Canadian Swing Line Loan is required to be returned by
the Canadian Swing Line Lender under any of the circumstances described in §15A
(including pursuant to any settlement entered into by the Canadian Swing Line Lender
in its discretion), each Canadian Bank shall pay to the Canadian Swing Line Lender
its pro rata share thereof based on such Bank’s Canadian Commitment
Percentage on demand of the Canadian Swing Line Lender, plus interest thereon from
the date of such demand to the date such amount is returned, at a rate per annum
equal to the applicable Overnight Rate. The obligations of the Canadian Banks under
this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

     §2.15. Cash Collateral.

     (a) Certain Credit Support Events. Upon the request of the Administrative
Agent or the Issuing Bank (i) if the Issuing Bank has honored any full or partial drawing
request under any Letter of Credit and such drawing has resulted in an L/C Borrowing
(pursuant to the terms and conditions of §4.3), or (ii) if, as of the Letter of Credit
Expiration Date, any L/C Obligation for any reason remains outstanding, Ryder shall, in each
case, immediately Cash Collateralize the then Outstanding Amount of all L/C Borrowings and
all L/C Obligations, as applicable. At any time that there shall exist a Defaulting Bank,
immediately upon the request of the Administrative Agent, the Issuing Bank or a Swing Line
Lender, the Borrowers shall deliver to the applicable Agent Cash Collateral in an amount
sufficient to cover all Fronting Exposure (after giving effect to §2.16(a)(iv) and any Cash
Collateral provided by the Defaulting Bank).

     (b) Grant of Security Interest. All Cash Collateral (other than credit support
not constituting funds subject to deposit) shall be maintained in blocked, non-interest
bearing deposit accounts at Bank of America. The Borrowers (other than the U.K. Borrowers),
and to the extent provided by any Bank, such Bank, hereby grants to (and subjects to the
control of) the Administrative Agent, for the benefit of the Administrative Agent, the
Issuing Bank and the Banks (including the Swing Line Lenders, as applicable), and agrees to
maintain, a first priority security interest in all such cash, deposit accounts and all
balances therein, and all other property so provided as collateral

 

61

pursuant hereto, and in all proceeds of the foregoing, all as security for the
obligations to which such Cash Collateral may be applied pursuant to §2.15(c). Any Cash
Collateral provided by a U.K. Borrower shall be effected pursuant to terms and documentation
reasonably acceptable to the U.K. Agent. If at any time the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the
Administrative Agent as herein provided, or that the total amount of such Cash Collateral is
less than (i) the amount any Borrower is required to provide as Cash Collateral pursuant to
§2.15(a) or (ii) the applicable Fronting Exposure and other obligations secured thereby that
a Defaulting Bank is required hereunder to Cash Collateralize, the Borrowers or the relevant
Defaulting Bank, as applicable, will, promptly upon demand by the Administrative Agent,
provide to the Administrative Agent additional Cash Collateral in respect of its obligations
to provide such Cash Collateral in an amount sufficient to eliminate such deficiency.

     (c) Application. Notwithstanding anything to the contrary contained in this
Agreement, Cash Collateral provided under any of this §2.15 or §2.11, §2.12, §2.13, §2.14,
§2.16, §4 or §13.1 in respect of Letters of Credit or Swing Line Loans shall be held and
applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations
to fund participations therein (including, as to Cash Collateral provided by a Defaulting
Bank, any interest accrued on such obligation) and other obligations for which the Cash
Collateral was so provided, prior to any other application of such property as may be
provided for herein.

     (d) Release. Cash Collateral (or the appropriate portion thereof) provided to
reduce Fronting Exposure or for other obligations shall be released promptly to the provider
of such Cash Collateral as follows: (i) (A) to a Defaulting Bank following the elimination
of the applicable Fronting Exposure so secured or elimination of the other obligations
giving rise thereto as a result of the termination of such Bank’s status as a Defaulting
Bank (or, as appropriate, its assignee following compliance with §21.2(f)) and (B) to the
applicable Borrower(s) following the elimination of the applicable Fronting Exposure so
secured or elimination of the other obligations giving rise thereto, as applicable,
including, without limitation, by the termination of Defaulting Bank status of the
applicable Bank (or, as appropriate, its assignee following compliance with §21.2(f)) or
upon (x) the advance by a Defaulting Bank of its Commitment Percentage of the Base Rate Loan
advanced to refinance a Swing Line Loan (it being understood that such Defaulting Bank’s
advance of such Base Rate Loan shall be applied to refinance the relevant Swing Line Loan)
or (y) the funding by a Defaulting Bank of the portion of any participations in L/C
Obligations required to be funded by such Bank, in the case of clauses (i)(B)(x) and
(i)(B)(y) of this subsection (d), together with any interest thereon, or (ii) when there
exists excess Cash Collateral for the purpose for which it was provided, as determined in
good faith by the Administrative Agent (with such excess Cash Collateral to be released as
follows in the event that such Borrower(s) and such Defaulting Bank each provided Cash
Collateral for such particular purpose: first, to the applicable Borrower(s) up to the
amount of Cash Collateral provided by such Borrower(s); and then to the applicable
Defaulting Bank); provided, however, (x) that Cash Collateral furnished by
or on behalf of a Borrower shall not be released during the continuance of a Default or
Event of Default (and following application as provided in this §2.15), and (y) the Person
providing Cash Collateral and the Issuing Bank or the applicable Swing Line Lender, as
applicable, may all mutually agree that Cash Collateral shall not be released but instead
held to support future anticipated Fronting Exposure or other obligations.

 

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     §2.16. Defaulting Banks.

     (a) Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Bank becomes a Defaulting Bank, then, until such time as that Bank is no
longer a Defaulting Bank, to the extent permitted by applicable Law:

     (i) Waivers and Amendments. That Defaulting Bank’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in §17.

     (ii) Reallocation of Payments. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent hereunder for the account
of that Defaulting Bank (whether voluntary or mandatory, at maturity or otherwise,
and including any amounts made available to the Administrative Agent by that
Defaulting Bank pursuant to §2.17 or §14, as applicable), shall be applied at such
time or times as may be determined by the Administrative Agent as follows:
first, to the payment of any amounts owing by that Defaulting Bank to the
Agents hereunder; second, to the payment on a pro rata basis
of any amounts owing by that Defaulting Bank to the Issuing Bank or the Swing Line
Lenders hereunder; third, if so determined by the applicable Agent(s) or
requested by the Issuing Bank or the applicable Swing Line Lender, to be held as
Cash Collateral for future funding obligations of that Defaulting Bank of any
participation in any Swing Line Loan or Letter of Credit; fourth, as Ryder
may request (so long as no Default or Event of Default exists), to the funding of
any Loan in respect of which that Defaulting Bank has failed to fund its portion
thereof as required by this Agreement, as determined by the applicable Agent(s);
fifth, if so determined by the applicable Agent and the Borrowers, to be
held in a non-interest bearing deposit account and released in order to satisfy
obligations of that Defaulting Bank to fund Loans under this Agreement;
sixth, to the payment of any amounts owing to the Banks, the Issuing Bank or
Swing Line Lenders as a result of any judgment of a court of competent jurisdiction
obtained by any Bank, the Issuing Bank or any Swing Line Lender against that
Defaulting Bank as a result of that Defaulting Bank’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrowers as a result of any
judgment of a court of competent jurisdiction obtained by the Borrowers against that
Defaulting Bank as a result of that Defaulting Bank’s breach of its obligations
under this Agreement; and eighth, to that Defaulting Bank or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or L/C Borrowings in
respect of which that Defaulting Bank has not fully funded its appropriate share and
(y) such Loans or L/C Borrowings were made at a time when the conditions set forth
in §12 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and L/C Borrowings

 

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owed to, all non-Defaulting Banks on a pro rata basis prior to
being applied to the payment of any Loans of, or L/C Borrowings owed to, that
Defaulting Bank. Any payments, prepayments or other amounts paid or payable to a
Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank
or to post Cash Collateral pursuant to this §2.16(a)(ii) shall be deemed paid to and
redirected by that Defaulting Bank, and each Bank irrevocably consents hereto.

     (iii) Certain Fees. That Defaulting Bank (x) shall be entitled to
receive any facility fee pursuant to §2.2 for any period during which that Bank is a
Defaulting Bank only to extent allocable to the sum of (1) the Outstanding Amount of
the Loans funded by it and (2) its applicable Commitment Percentage of the stated
amount of Letters of Credit and Swing Line Loans for which it has provided Cash
Collateral pursuant to §2.12, §2.13, §2.14, §2.15, §2.16(a)(ii) or §4, as applicable
(and, with respect to all or any part of the Commitment Percentage that has not been
Cash Collateralized by such Defaulting Bank, the applicable Borrowers shall (A)
instead be required to pay to each of the Issuing Bank and the applicable Swing Line
Lenders, as applicable, the amount of such fee allocable to it in accordance with
the percentage of such Defaulting Bank’s participation obligation that has been
reallocated to it and (B) not be required to pay the remaining amount of such fee
that otherwise would have been required to have been paid to that Defaulting Bank in
respect of the Fronting Exposure arising from that Defaulting Bank) and (y) shall be
limited in its right to receive Letter of Credit Fees as provided in §4.9.

     (iv) Reallocation of Applicable Percentages to Reduce Fronting
Exposure. During any period in which there is a Defaulting Bank, for purposes
of computing the amount of the obligation of each non-Defaulting Bank to acquire,
refinance or fund participations in Letters of Credit or applicable Swing Line Loans
pursuant to §2.12, §2.13, §2.14 and §4, as applicable, the “Commitment Percentage”
of each non-Defaulting Bank shall be computed without giving effect to the
Commitment of that Defaulting Bank; provided, that, (i) each such
reallocation shall be given effect only if, at the date the applicable Bank becomes
a Defaulting Bank, no Default or Event of Default exists; and (ii) the aggregate
obligation of each non-Defaulting Bank to acquire, refinance or fund participations
in Letters of Credit and the applicable Swing Line Loans shall not exceed the
positive difference, if any, of (1) the Commitment of that non-Defaulting Bank minus
(2) the aggregate Outstanding Amount of the Loans of that Bank.

     (b) Defaulting Bank Cure. If Ryder, the applicable Agents, the applicable
Swing Line Lenders and the Issuing Bank, if applicable, agree in writing in their sole
discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the
applicable Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable,
purchase that portion of outstanding Loans of the other Banks or take such other actions as
the applicable Agents may determine to be necessary to cause the Loans

 

64

and funded and unfunded participations in Letters of Credit and applicable Swing Line
Loans to be held on a pro rata basis by the Banks in accordance with their
Commitment Percentages (without giving effect to §2.16(a)(iv)), whereupon that Bank will
cease to be a Defaulting Bank; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the
applicable Borrower while that Bank was a Defaulting Bank; and provided,
further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or
release of any claim of any party hereunder arising from that Bank’s having been a
Defaulting Bank.

     §2.17. Sharing of Payments by Banks. Except to the extent set forth in §14 with regard to
Defaulting Banks, if any Bank shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by
it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such
Bank’s receiving payment of a proportion of the aggregate amount of such Loans or participations
and accrued interest thereon greater than its pro rata share thereof as provided
herein, then the Bank receiving such greater proportion shall (a) notify the applicable Agent of
such fact, and (b) purchase (for cash at face value) participations in the Loans and
subparticipations in L/C Obligations and Swing Line Loans of the other Banks, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Banks ratably in accordance with the aggregate amount of principal of and accrued interest on their
respective Loans and other amounts owing them, provided that:

     (a) if any such participations or subparticipations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

     (b) the provisions of this Section shall not be construed to apply to (x) any payment
made by or on behalf of any Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a
Defaulting Bank), (y) the application of Cash Collateral provided for in §2.15, or (z) any
payment obtained by a Bank as consideration for the assignment of or sale of a participation
in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any
assignee or participant, other than an assignment to the Borrowers or any Affiliate thereof
(as to which the provisions of this Section shall apply).

     Each of the Borrowers consents to the foregoing and agrees, to the extent it may
effectively do so under applicable Law, that any Bank acquiring a participation pursuant to
the foregoing arrangements may exercise against such Borrower rights of setoff and
counterclaim with respect to such participation as fully as if such Bank were a direct
creditor of such the Borrower in the amount of such participation.

 

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     §3. BANKERS’ ACCEPTANCES.

     §3.1. Acceptance and Purchase. Subject to the terms and conditions hereof, each
Canadian Bank severally agrees to accept and purchase Bankers’ Acceptances drawn upon it by
the Canadian Borrowers denominated in Canadian Dollars. The Canadian Borrowers shall notify
the Canadian Agent by irrevocable written notice (each a “Bankers’ Acceptance Notice”) by 11:00
a.m. (Toronto time) within one (1) Canadian Business Day of the date of any borrowing by way of
Bankers’ Acceptances. Each borrowing by way of Bankers’ Acceptances shall be in a minimum
aggregate face amount of C$3,000,000 or an integral multiple of C$100,000 thereof. The face amount
of each Bankers’ Acceptance shall be C$100,000 or any integral multiple thereof. Each Bankers’
Acceptance Notice shall be in the form of Exhibit F. In no event shall the Dollar Equivalent of
the aggregate face amount of all outstanding Bankers’ Acceptances exceed the remainder of (i) the
Total Canadian Commitment minus (ii) the sum of (A) the Outstanding Amount of all Canadian Loans
denominated in U.S. Dollars, plus (B) the Outstanding Amount of all Canadian Loans denominated in
Canadian Dollars.

     (a) Term. Each Bankers’ Acceptance shall be issued and shall mature on a
Canadian Business Day. Each Bankers’ Acceptance shall have a term of 1, 2, 3 or 6 months,
shall mature no later than five (5) days prior to the Maturity Date, and shall be in form
and substance reasonably satisfactory to the Canadian Bank which is accepting such Bankers’
Acceptance.

     (b) Bankers’ Acceptances in Blank. To facilitate the acceptance of Bankers’
Acceptances under this Agreement, the Canadian Borrowers shall, upon execution of this
Agreement and from time to time as required, provide to the Canadian Agent bills of exchange
or depository bills, in form satisfactory to the Canadian Agent, duly executed and endorsed
in blank by the Canadian Borrowers in quantities sufficient for each Canadian Bank to
fulfill its obligations hereunder. In addition, the Canadian Borrowers hereby appoint each
Canadian Bank as its attorney to sign and endorse on its behalf, in handwriting or by
facsimile or mechanical signature as and when deemed necessary by such Canadian Bank, blank
forms of Bankers’ Acceptances. The Canadian Borrowers recognize and agree that all Bankers’
Acceptances signed and/or endorsed on its behalf by a Canadian Bank shall bind the Canadian
Borrowers as fully and effectually as if signed in the handwriting of and duly issued by the
proper signing officers of the Canadian Borrowers. Each Canadian Bank is hereby authorized
to issue such Bankers’ Acceptances endorsed in blank in such face amounts as may be
determined by such Canadian Bank provided that the aggregate amount thereof is equal
to the aggregate amount of Bankers’ Acceptances required to be accepted and purchased by
such Bank pursuant to clause (d) below. No Canadian Bank shall be responsible or liable for
its failure to accept a Bankers’ Acceptance if the cause of such failure is, in whole or in
part, due to the failure of the Canadian Borrowers to provide duly executed and endorsed
bills of exchange or depository bills to the Canadian Agent on a timely basis nor shall any
Canadian Bank or the Canadian Agent be liable for any damage, loss or other claim arising by
reason of any loss or improper use of any such instrument except loss or improper use
arising by reason of the gross negligence or willful misconduct of such Bank or the Canadian
Agent, its officers, employees, agents or representatives. Each Canadian Bank shall
maintain a record with respect to Bankers’ Acceptances (i) received by it from the Canadian
Agent in blank hereunder, (ii) voided by it for any reason, (iii) accepted by it hereunder,
(iv) purchased by it hereunder, and (v) cancelled at their respective maturities. Each
Canadian Bank further agrees to retain such records in the
manner and for the statutory periods provided in the various Canadian provincial or
federal statutes and regulations which apply to such Canadian Bank.

 

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     (c) Depository Bills. All Bankers’ Acceptances accepted by the Canadian Bank
issued in the form of a depository bill (as defined in the Depository Bills and Notes Act
(Canada) (“DBNA”)) shall be deposited with the Canadian Depository for Securities and shall
be made payable to CDS & Co. In order to give effect to the foregoing, the Canadian Agent
may, acting reasonably, establish and notify the Canadian Borrowers and the other Canadian
Banks of any additional procedures, consistent with the terms of this Agreement and the
requirements, of the DBNA, as are reasonably necessary to accomplish the parties intention,
including, without limitation: (i) inserting a phrase in the drafts held by the Canadian
Agent to the effect that the Bankers’ Acceptance is issued pursuant to the DBNA; (ii)
removing any reference to authentication of a Bankers’ Acceptance; and (iii) removing any
reference to the bearer of the depository bill.

     (d) Execution of Bankers’ Acceptances. Bills of exchange or depository bills
of the Canadian Borrowers to be accepted as Bankers’ Acceptances hereunder shall be duly
executed by one or more duly authorized officers on behalf of the Canadian Borrowers.
Notwithstanding that any person whose signature appears on any Bankers’ Acceptance as a
signatory for the Canadian Borrowers may no longer be an authorized signatory for the
Canadian Borrowers at the date of issuance of a Bankers’ Acceptance, such signature shall
nevertheless be valid and sufficient for all purposes as if such authority had remained in
force at the time of such issuance and any such Bankers’ Acceptance so signed shall be
binding on the Canadian Borrowers. As a condition precedent to each Canadian Bank’s
obligation to accept and, if applicable, purchase Bankers’ Acceptances hereunder, each of
the Canadian Borrowers hereby agrees to the Power of Attorney Terms — Bankers’ Acceptances
set out in Annex A hereto and hereby grants to each Canadian Bank a power of attorney on the
terms set out in such Annex A; provided that if either of the Canadian Borrowers
revoke such power of attorney, the Canadian Banks shall not be entitled to issue Bankers’
Acceptances hereunder unless the Canadian Borrowers, the Canadian Agent and all of the
Canadian Banks have agreed on amendments to this Agreement which would allow the Canadian
Borrowers to again issue Bankers’ Acceptances. Any executed drafts or orders to be used as
Bankers’ Acceptances shall be held in safekeeping with the same degree of care as if they
were a Canadian Bank’s property.

     (e) Issuance of Bankers’ Acceptances. Promptly following receipt of a Bankers’
Acceptance Notice, the Canadian Agent shall so advise the Canadian Banks of the face amount
of each Bankers’ Acceptance to be accepted by it and the term thereof. The aggregate face
amount of Bankers’ Acceptances to be accepted by a Canadian Bank shall be determined by the
Canadian Agent by reference to the respective Canadian Commitments of the Canadian Banks,
except that, if the face amount of a Bankers’ Acceptance, which would otherwise be accepted
by a Canadian Bank, would not be C$100,000 or an integral multiple thereof, such face amount
shall be increased or reduced by the Canadian Agent in its sole and absolute discretion to
the nearest integral multiple of C$100,000.

 

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     (f) Acceptance of Bankers’ Acceptances. Each Bankers’ Acceptance to be
accepted by a Canadian Bank shall be accepted at such Bank’s office shown on Schedule 1
hereof or as otherwise designated by said Canadian Bank from time to time.

     (g) Purchase of Bankers’ Acceptances. On the relevant date of borrowing, each
Canadian Bank severally agrees to purchase from the Canadian Borrowers, at the face amount
thereof discounted by the Applicable BA Discount Rate, any Bankers’ Acceptance accepted by
it and provide to the Canadian Agent, for the account of the Canadian Borrowers, the BA
Discount Proceeds in respect thereof after deducting therefrom the amount of the Acceptance
Fee.

     (h) Sale of Bankers’ Acceptances. Each Canadian Bank may at any time and from
time to time hold, sell, rediscount or otherwise dispose of any or all Bankers’ Acceptances
accepted and purchased by it.

     (i) Waiver of Presentment and Other Conditions. The Canadian Borrowers waive
presentment for payment and any other defense to payment of any amounts due to a Canadian
Bank in respect of a Bankers’ Acceptance accepted and purchased by such Canadian Bank
pursuant to this Agreement which might exist solely by reason of such Bankers’ Acceptance
being held, at the maturity thereof, by such Bank in its own right. The Canadian Borrowers
agree not to claim or require any days of grace or require the Canadian Agent or any
Canadian Bank to claim any days of grace if any Canadian Bank as holder sues or otherwise
commences legal proceedings for the payment of any Bankers’ Acceptance.

     §3.2. Refunding Bankers’ Acceptances. With respect to each Bankers’ Acceptance, the
Canadian Borrowers, except during the occurrence and continuation of an Event of Default, may give
irrevocable telephone or written notice (or such other method of notification as may be agreed upon
between the Canadian Agent and the Canadian Borrowers) to the Canadian Agent at or before 11:00
a.m. (Toronto time) within one (1) Canadian Business Day of such maturity date of such Bankers’
Acceptance of any Canadian Borrower’s intention to issue one or more Bankers’ Acceptances on such
maturity date (each a “Refunding Bankers’ Acceptance”) to provide for the payment of such maturing
Bankers’ Acceptance (it being understood that payments by the Canadian Borrowers and fundings by
the Canadian Banks in respect of each maturing Bankers’ Acceptance and each related Refunding
Bankers’ Acceptance shall be made on a net basis reflecting the difference between the face amount
of such maturing Bankers’ Acceptance and the BA Discount Proceeds (net of the applicable Acceptance
Fee) of such Refunding Bankers’ Acceptance). Any funding on account of any maturing Bankers’
Acceptance must be made at or before 12:00 noon (Toronto time) on the maturity date of such
Bankers’ Acceptance. If the Canadian Borrowers fail to give such notice, the Canadian Borrowers
shall be irrevocably deemed to have requested and to have been advanced a Canadian Loan bearing
interest at the Canadian Prime Rate in the face amount of such maturing Bankers’ Acceptance on the
maturity date of such maturing Bankers’ Acceptance from the Canadian Bank which accepted such
maturing Bankers’ Acceptance, which Loan shall thereafter bear interest as such in accordance with
the provisions hereof and otherwise shall be subject to all provisions of this Agreement applicable
to Canadian Loans until paid in full. Notwithstanding anything to the
contrary contained herein, the Canadian Borrowers shall not prepay the Outstanding Amount of
any Bankers’ Acceptance, as a whole or in part, at any time.

 

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     §3.3. Acceptance Fee. An acceptance fee (the “Acceptance Fee”) shall be payable by
the Canadian Borrowers to each Canadian Bank and each Canadian Bank shall deduct the amount of such
Acceptance Fee from the BA Discount Proceeds (in the manner specified in §3.1(g) in respect of each
Bankers’ Acceptance), said fee to be calculated at a rate per annum equal to the Applicable
Acceptance Fee Rate calculated on the face amount of such Bankers’ Acceptance and computed on the
basis of the number of days in the term of such Bankers’ Acceptance and a year of 365 days.

     §4. LETTERS OF CREDIT.

     §4.1. Letter of Credit Commitments.

     (a) Commitments to Issue Domestic Letters of Credit.

     Subject to the terms and conditions set forth herein, (A) the Issuing Bank
agrees, in reliance upon the agreements of the Domestic Banks set forth in this §4,
(1) from time to time on any Business Day during the period from the Closing Date
until the Letter of Credit Expiration Date, to issue Letters of Credit for the
account of Ryder and/or any of its domestic Subsidiaries, and to amend or extend
Letters of Credit previously issued by it, in each case denominated in Dollars, in
accordance with subsection (b) below, and (2) to honor drawings under the Letters of
Credit; and (B) the Domestic Banks severally agree to participate in Letters of
Credit issued for the account of Ryder and/or any of its domestic Subsidiaries and
any drawings thereunder; provided, however, that after giving effect to any L/C
Credit Extension with respect to any Letter of Credit, (a) the sum of the
Outstanding Amount of L/C Obligations shall not exceed the Letter of Credit Sublimit
at any one time, (b) the sum of (i) the Outstanding Amount of L/C Obligations with
respect to Letters of Credit issued for the account of Ryder and/or its domestic
Subsidiaries, plus (ii) the Outstanding Amount of the Domestic Loans, shall not, at
any time and after giving effect to all amounts requested, exceed the Total Domestic
Commitment and (c) with respect to any Domestic Bank, the sum of (i) such Domestic
Bank’s Domestic Commitment Percentage of the Outstanding Amount of L/C Obligations
with respect to all Letters of Credit issued for the account of Ryder and/or its
domestic Subsidiaries, plus (ii) the Outstanding Amount of the Domestic Loans owed
to such Domestic Bank, shall not, at any time and after giving effect to all amounts
requested, exceed such Domestic Bank’s Domestic Commitment. Each request by Ryder
and/or any domestic Subsidiary for the issuance or amendment of a Letter of Credit
shall be deemed to be a representation by Ryder that the L/C Credit Extension so
requested complies with the conditions set forth in the proviso to the preceding
sentence. Within the foregoing limits, and subject to the terms and conditions
hereof, Ryder’s and/or any of its domestic Subsidiaries’ ability to obtain Letters
of Credit shall be fully revolving, and accordingly Ryder and/or its domestic
Subsidiaries may, during the foregoing period, obtain Letters of Credit
to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed.

 

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     (b) The Issuing Bank shall not issue any Letter of Credit, if:

     (i) subject to §4.2(c), the expiry date of such requested Letter of Credit
would occur more than twelve months after the date of issuance or last extension,
unless the Majority Banks have approved such expiry date; or

     (ii) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Banks have approved such expiry
date.

     (c) The Issuing Bank shall not be under any obligation to issue any Letter of Credit
if:

     (i) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such
Letter of Credit, or Laws applicable to the Issuing Bank or any request or directive
(whether or not having the force of law) from any Governmental Authority with
jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank
refrain from, the issuance of letters of credit generally or such Letter of Credit
in particular or shall impose upon the Issuing Bank with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the Issuing Bank
is not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose on the Issuing Bank any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the Issuing Bank in good faith deems
material to it (it being understood that if the Issuing Bank determines not to issue
a Letter of Credit as a result of events or circumstances giving rise to
unreimbursed losses, costs or expenses, the Issuing Bank shall promptly notify Ryder
and the Administrative Agent of the same. The Borrowers may elect to reimburse such
Issuing Bank for such loss, cost or expense; and upon the reimbursement of such
loss, cost or expense, the Issuing Bank shall issue such Letter of Credit on the
terms and subject to the other conditions set forth herein);

     (ii) the issuance of such Letter of Credit would violate any international,
foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or
authorities (including the interpretation or administration thereof by any
Governmental Authority) or one or more policies of the Issuing Bank;

     (iii) except as otherwise agreed by the Administrative Agent and the Issuing
Bank, such Letter of Credit is in an initial face amount less than $100,000, in the
case of a commercial Letter of Credit, or $100,000, in the case of a standby Letter
of Credit;

 

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     (iv) such Letter of Credit is to be denominated in a currency other than
Dollars;

     (v) such Letter of Credit contains any provisions for automatic reinstatement
of the stated amount after any drawing thereunder; or

     (vi) (a) a default of any Domestic Bank’s (other than the Domestic Bank which
is the Issuing Bank) obligations to fund under §4.3 exists, (b) any Domestic Bank
(other than a Domestic Bank which is the Issuing Bank) has failed to fund any
portion of any participations in L/C Obligations required to be funded by it
hereunder or (c) any Bank is at such time a Defaulting Bank unless Cash Collateral
is provided to the Issuing Bank as set forth in §2.15. Any Cash Collateral provided
under this Section shall be held and released pursuant to the terms and conditions
of such §2.15.

     (d) The Issuing Bank shall not amend any Letter of Credit if the Issuing Bank would not
be permitted at such time to issue such Letter of Credit in its amended form under the terms
hereof or the beneficiary of such Letter of Credit does not accept the proposed amendment to
such Letter of Credit.

     (e) The Issuing Bank shall be under no obligation to amend any Letter of Credit if (i)
the Issuing Bank would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (ii) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

     (f) The Issuing Bank shall act on behalf of the Domestic Banks with respect to any
Letters of Credit issued by it and the documents associated therewith, and the Issuing Bank
shall have all of the benefits and immunities (A) provided to the Administrative Agent in
§16 with respect to any acts taken or omissions suffered by the Issuing Bank in connection
with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in §16 included the Issuing Bank with respect to such acts or omissions, and (B) as
additionally provided herein with respect to the Issuing Bank.

     §4.2. Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters
of Credit.

     (a) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of Ryder and/or its domestic Subsidiary delivered to the Issuing Bank (with a copy
to the Administrative Agent) in the form of a Letter of Credit Application, appropriately
completed and signed by a duly authorized officer of Ryder and/or its domestic Subsidiary.
Such Letter of Credit Application must be received by the Issuing Bank and the
Administrative Agent not later than 11:00 a.m. (local time for each of the Issuing Bank and
the Administrative Agent) at least two Business Days (or such later date and time as the
Administrative Agent and the Issuing Bank may agree in a particular instance in their sole
discretion) prior to the proposed issuance date or date of

 

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amendment, as the case may be. In the case of a request for an initial issuance of a
Letter of Credit, such Letter of Credit Application shall specify in form and detail
reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry
date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be
presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any
certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii)
such other matters as the Issuing Bank may require. In the case of a request for an
amendment of any outstanding Letter of Credit, such Letter of Credit Application shall
specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit to be
amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii)
the nature of the proposed amendment; and (iv) such other matters as the Issuing Bank may
reasonably require. Additionally, Ryder shall furnish to the Issuing Bank and the
Administrative Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as the Issuing Bank
or the Administrative Agent may reasonably require.

     (b) Promptly after receipt of any Letter of Credit Application, the Issuing Bank will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from Ryder and, if not, the
Issuing Bank will provide the Administrative Agent with a copy thereof. Unless the Issuing
Bank has received written notice from any Bank, any Agent or any Borrower, at least one
Business Day prior to the requested date of issuance or amendment of the relevant Letter of
Credit, that one or more applicable conditions contained in §11 and §12 shall not then be
satisfied, then, subject to the terms and conditions hereof, the Issuing Bank shall, on the
requested date, issue a Letter of Credit for the account of Ryder and/or its domestic
Subsidiaries, as the case may be, or enter into the applicable amendment, as the case may
be, in each case in accordance with the Issuing Bank’s usual and customary business
practices. Immediately upon the issuance of each Letter of Credit, the Domestic Banks shall
be deemed to, and hereby irrevocably and unconditionally agree to, purchase from the Issuing
Bank a risk participation in such Letter of Credit in an amount equal to the product of such
Bank’s Domestic Commitment times the amount of such Letter of Credit. The Issuing Bank will
provide updated information quarterly to the Domestic Banks with respect to the Letters of
Credit outstanding at such time.

     (c) If Ryder and/or any of its domestic Subsidiaries so requests in any applicable
Letter of Credit Application, the Issuing Bank may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an
“Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit
must permit the Issuing Bank to prevent any such extension at least once in each
twelve-month period (commencing with the date of issuance of such Letter of Credit) by
giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension
Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of
Credit is issued. Unless otherwise directed by the Issuing Bank, Ryder and/or any of its
domestic Subsidiaries shall not be required to make a specific request to the Issuing Bank
for any such extension. Once an Auto-Extension Letter of Credit has been issued,

 

72

the Domestic Banks shall be deemed to have authorized (but may not require) the Issuing
Bank to permit the extension of such Letter of Credit at any time to an expiry date not
later than the Letter of Credit Expiration Date; provided, however, that the Issuing Bank
shall not permit any such extension if (i) the Issuing Bank has determined that it would not
be permitted, or would have no obligation, at such time to issue such Letter of Credit in
its revised form (as extended) under the terms hereof (by reason of the provisions of
§4.1(b) and (c) or otherwise), or (ii) it has received notice (which may be by telephone or
in writing) on or before the day that is five Business Days before the Non-Extension Notice
Date (A) from the Administrative Agent that the Majority Banks have elected not to permit
such extension or (B) from any Agent, any Bank or any Borrower that one or more of the
applicable conditions specified in §12 is not then satisfied, and in each such case
directing the Issuing Bank not to permit such extension.

     (d) If any Letter of Credit contains provisions providing for automatic reinstatement
of the stated amount after any drawing thereunder, (i) unless otherwise directed by the
Issuing Bank, Ryder and/or any of its domestic Subsidiaries shall not be required to make a
specific request to the Issuing Bank to permit such reinstatement, and (ii) the
Administrative Agent and the Domestic Banks hereby authorize and direct the Issuing Bank to
permit such automatic reinstatement, whether or not a Default then exists, unless the
Issuing Bank has received a notice (which may be by telephone or in writing) on or before
the day that is two Business Days before the reinstatement date from any Agent, the Majority
Banks or any Borrower that one or more of the applicable conditions specified in §12 is not
then satisfied and directing the Issuing Bank to cease permitting such automatic
reinstatement of such Letter of Credit.

     (e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, the Issuing
Bank will also deliver to Ryder and the Administrative Agent a true and complete copy of
such Letter of Credit or amendment.

     §4.3. Drawings and Reimbursements; Funding of Participations.

     (a) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the Issuing Bank shall notify Ryder and the
Administrative Agent thereof not later than 1:00 p.m. (Eastern time) on the date of drawing
under such Letter of Credit. Not later than 11:00 a.m. (Eastern time) on the Business Day
next following the later of (i) the date of any payment by the Issuing Bank under a Letter
of Credit (each such date of payment by the Issuing Bank, an “Honor Date”) or (ii) the date
that the Issuing Bank provides notice to Ryder of a drawing by the beneficiary under a
Letter of Credit, Ryder shall reimburse the Issuing Bank through the Administrative Agent in
an amount equal to the amount of such drawing, together with interest thereon at a rate per
annum equal to the Domestic Base Rate. If Ryder fails to so reimburse the Issuing Bank by
such time, the Administrative Agent shall promptly notify each Domestic Bank of the Honor
Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of
such Domestic Bank’s applicable Commitment Percentage thereof. In such event, Ryder shall
be deemed to have requested a Base Rate Loan to be disbursed on the Honor Date in an amount
equal to the

 

73

Unreimbursed Amount, without regard to the minimum and multiples specified in §2.7 for
the principal amount of Loans, but subject to the amount of the unutilized portion of the
Total Domestic Commitment and the conditions set forth in §12 (other than the delivery of a
Domestic Loan Request). Any notice given by the Issuing Bank or the Administrative Agent
pursuant to this §4.3(a) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the conclusiveness
or binding effect of such notice.

     (b) Each Domestic Bank (including the Domestic Bank acting as Issuing Bank, if
applicable) shall upon any notice pursuant to §4.3(a) make funds available (and the
Administrative Agent may apply Cash Collateral, if applicable and to the extent provided for
this purpose) for the account of the Issuing Bank at the Administrative Agent’s Head Office
in an amount equal to its Domestic Commitment Percentage of the Unreimbursed Amount not
later than 1:00 p.m. (local time of the Administrative Agent) on the Business Day specified
in such notice by the Administrative Agent, whereupon, subject to the provisions of §4.3(c),
each Domestic Bank that so makes funds available shall be deemed to have made a Base Rate
Loan to Ryder in such amount. The Administrative Agent shall remit the funds so received to
the Issuing Bank.

     (c) With respect to any Unreimbursed Amount that is not fully refinanced by a Base Rate
Loan pursuant to this §4.3 because the conditions set forth in §12 cannot be satisfied or
for any other reason, Ryder shall be deemed to have incurred from the Issuing Bank an L/C
Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C
Borrowing shall be due and payable on demand (together with interest) and shall bear
interest in accordance with §6.11. In such event, each Domestic Bank’s payment to the
Administrative Agent for the account of the Issuing Bank pursuant to §4.3(b) shall be deemed
payment in respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Bank in satisfaction of its participation obligation under this §4.

     (d) Until a Domestic Bank funds its Base Rate Loan or L/C Advance pursuant to this §4.3
to reimburse the Issuing Bank for any amount drawn under any Letter of Credit, interest in
respect of such Domestic Bank’s Domestic Commitment Percentage of such amount shall be
solely for the account of the Issuing Bank.

     (e) Each Domestic Bank’s obligation to make Base Rate Loans or L/C Advances to
reimburse the Issuing Bank for amounts drawn under Letters of Credit, as contemplated by
this §4.3, shall be absolute and unconditional and shall not be affected by any
circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right
which such Bank may have against the Issuing Bank, any Borrower or any other Person for any
reason whatsoever; (ii) the occurrence or continuance of a Default or Event of Default; or
(iii) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Domestic Bank’s obligation to make Base Rate Loans
pursuant to this §4.3 is subject to the conditions set forth in §12 (other than delivery by
Ryder of a Domestic Loan Request). No such making of an L/C Advance shall relieve or
otherwise impair the obligation of Ryder to reimburse the
Issuing Bank for the amount of any payment made by the Issuing Bank under any Letter of
Credit, together with interest as provided herein.

 

74

     (f) If any Domestic Bank fails to make available to the Administrative Agent for the
account of the Issuing Bank any amount required to be paid by such Bank pursuant to the
foregoing provisions of this §4.3 by the time specified in §4.3(b), the Issuing Bank shall
be entitled to recover from such Domestic Bank (acting through the Administrative Agent), on
demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to the Issuing Bank at a
rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any
administrative, processing or similar fees customarily charged by the Issuing Bank in
connection with the foregoing. If such Domestic Bank pays such amount (with interest and
fees as aforesaid), the amount so paid (less all such aforementioned interest and fees
incurred by such Domestic Bank as a result of its failure to pay the required amounts to the
Issuing Bank) shall constitute such Domestic Bank’s Loan included in the relevant borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate
of the Issuing Bank submitted to any Domestic Bank (through the Administrative Agent) with
respect to any amounts owing under this clause (f) shall be conclusive absent manifest
error.

     §4.4. Repayment of Participations.

     (a) At any time after the Issuing Bank has made a payment under any Letter of Credit
and has received from any Domestic Bank such Bank’s L/C Advance in respect of such payment
in accordance with §4.3, if the Administrative Agent receives for the account of the Issuing
Bank any payment in respect of the related Unreimbursed Amount or interest thereon (whether
directly from Ryder or otherwise, including proceeds of Cash Collateral applied thereto by
the Administrative Agent), the Administrative Agent will distribute to such Bank its
Domestic Commitment Percentage thereof (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such Bank’s L/C Advance was
outstanding) in the same funds as those received by the Administrative Agent.

     (b) If any payment received by the Administrative Agent for the account of the Issuing
Bank pursuant to §4.3(a) is required to be returned in connection with any proceeding under
any Debtor Relief Law or under any of the circumstances described in §15A (in each case,
including pursuant to any settlement entered into by the Issuing Bank in its discretion),
each Domestic Bank shall pay to the Administrative Agent for the account of the Issuing Bank
its Domestic Commitment Percentage thereof on demand of the Administrative Agent, plus
interest thereon from the date of such demand to the date such amount is returned by such
Bank, at a rate per annum equal to the Overnight Rate from time to time in effect. The
obligations of such Banks under this clause shall survive the payment in full of the
Obligations and the termination of this Agreement.

 

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     §4.5. Obligations Absolute. The obligation of Ryder to reimburse the Issuing Bank for
each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

     (a) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

     (b) the existence of any claim, counterclaim, set-off, defense or other right that
Ryder or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the Issuing Bank or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

     (c) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (d) any payment by the Issuing Bank under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the Issuing Bank under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

     (e) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any Subsidiary.

     Ryder shall promptly examine a copy of each Letter of Credit and each amendment thereto that
is delivered to it and, in the event of any claim of noncompliance with Ryder’s instructions or
other irregularity, Ryder will immediately notify the Issuing Bank. Ryder shall be conclusively
deemed to have waived any such claim against the Issuing Bank and its correspondents unless such
notice is given as aforesaid.

     §4.6. Role of Issuing Bank.

     Each Domestic Bank and Ryder agrees that, in paying any drawing under a Letter of Credit, the
Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft,
certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire
as to the validity or accuracy of any such document or the authority of the Person executing or
delivering any such document. None of the Issuing Bank, the Administrative Agent nor any of their
respective officers, directors, employees, agents or attorneys-in-fact or affiliates,
correspondents, participants or assignees of the Issuing Bank or Administrative Agent shall be
liable to any Domestic Bank for (i) any action taken or omitted in connection herewith at the
request or with the approval of the Domestic Banks or the Majority Banks, as applicable; (ii) any

 

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action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the
due execution, effectiveness, validity or enforceability of any document or instrument related to
any Letter of Credit or Letter of Credit Application. Ryder hereby assumes all risks of the acts
or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude Ryder’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at Law or
under any other agreement. None of the Issuing Bank, any Administrative Agent nor any of their
respective officers, directors, employees, agents or attorneys-in-fact or affiliates,
correspondents, participants or assignees of the Issuing Bank or the Administrative Agent, shall be
liable or responsible for any of the matters described in clauses (a) through (e) of §4.5;
provided, however, that anything in such clauses to the contrary notwithstanding, Ryder may have a
claim against the Issuing Bank, and the Issuing Bank may be liable to Ryder, to the extent, but
only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by
Ryder which Ryder proves were caused by the Issuing Bank’s willful misconduct or gross negligence
or the Issuing Bank’s willful failure to pay under any Letter of Credit after the presentation to
it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the
Issuing Bank may accept documents that appear on their face to be in order, without responsibility
for further investigation, and the Issuing Bank shall not be responsible for the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part,
which may prove to be invalid or ineffective for any reason.

     §4.7. [Reserved.]

     §4.8. Applicability of ISP and UCP. Unless otherwise expressly agreed by the Issuing
Bank and Ryder when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each
standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary
Credits, as most recently published by the International Chamber of Commerce at the time of
issuance shall apply to each commercial Letter of Credit.

     §4.9. Letter of Credit Fees. Ryder shall pay to the Administrative Agent, for the
account of each Domestic Bank in accordance with its Domestic Commitment Percentage a Letter of
Credit fee (the “Letter of Credit Fee”) for each Letter of Credit issued for Ryder’s or any of its
domestic Subsidiaries’ account equal to the Applicable Margin on all Letter of Credit Fees times
the daily maximum amount available to be drawn under such Letter of Credit (whether or not such
maximum amount is then in effect under such Letter of Credit); provided, however,
any Letter of Credit Fees otherwise payable for the account of a Defaulting Bank with respect to
any Letter of Credit as to which such Defaulting Bank has not provided Cash Collateral satisfactory
to the Issuing Bank pursuant to this §4 shall be payable, to the maximum extent permitted by
applicable Law, to the other Banks in accordance with the upward adjustments in their respective
Commitment Percentages allocable to such Letter of Credit pursuant to §2.16(a)(iv), with the
balance of such fee, if any, payable to the Issuing Bank for its own account. Letter of Credit
Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first
Business Day after the end of each March, June, September and December, commencing with the first
such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand. If there is any change

 

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in the Applicable Margin on all Letter of Credit Fees during any quarter, the daily maximum
amount of each Letter of Credit shall be computed and multiplied by the Applicable Margin on all
Letter of Credit Fees separately for each period during such quarter that such Applicable Margin on
all Letter of Credit Fees was in effect. Notwithstanding anything to the contrary contained
herein, while any Event of Default exists and subject to the request of the Majority Banks (other
than with respect to an Event of Default regarding the payment of principal under §13.1(a) which
shall not require the request of the Majority Banks), all Letter of Credit Fees shall accrue at a
rate equal to the sum of the Applicable Margin on all Letter of Credit Fees plus 2% per annum.

     §4.10. Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank.
Ryder shall pay directly to the Issuing Bank for its own account a fronting fee with respect to
each Letter of Credit issued for Ryder’s or any of its domestic Subsidiaries’ account at the per
annum rate specified in the Fee Letter computed on the actual daily maximum amount available to be
drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such
Letter of Credit). Such fronting fee shall be computed on a quarterly basis in arrears. Such
fronting fee shall be due and payable on the first Business Day after the end of each March, June,
September and December, commencing with the first such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. In addition,
Ryder shall pay directly to the Issuing Bank for its own account the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of the
Issuing Bank relating to letters of credit as from time to time in effect. Such customary fees and
standard costs and charges are due and payable on demand and are nonrefundable.

     §4.11. Conflict with Issuing Documents. In the event of any conflict between the
terms hereof and the terms of any Issuer Document, the terms hereof shall control.

     §4.12. Letters of Credit Issued for Domestic Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the
account of, any of Ryder’s domestic Subsidiaries, Ryder shall be obligated to reimburse the Issuing
Bank hereunder for any and all drawings under such Letter of Credit. Ryder hereby acknowledges
that the issuance of Letters of Credit for the account of its domestic Subsidiaries inures to the
benefit of Ryder, and that Ryder’s business derives substantial benefits from the businesses of
such domestic Subsidiaries.

     §5. GUARANTY.

     §5.1. Guaranty of Payment. Ryder hereby irrevocably guarantees to the Agents, the
Issuing Bank and the Banks, the full and punctual payment when due (whether at stated maturity, by
required pre-payment, by acceleration or otherwise) of all of the Obligations of Ryder PR, each of
the Canadian Borrowers, each of the U.K. Borrowers and each of Ryder’s domestic Subsidiaries,
including, without limitation, the principal and interest accruing on the Canadian Loans, the
obligations with respect to Bankers’ Acceptances, the U.K. Loans, the PR Loans, the obligations
with respect to the Letters of Credit and the L/C Obligations and all such Obligations which would
become due but for the operation of the automatic stay pursuant to §362(a) of the Federal
Bankruptcy Code or any similar provision of any other bankruptcy or

 

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insolvency law and the operation of §§502(b) and 506(b) of the Federal Bankruptcy Code or any
similar provision of any other bankruptcy or insolvency law (all such obligations of Ryder PR, the
Canadian Borrowers, the U.K. Borrowers and each of Ryder’s domestic Subsidiaries being referred to
herein as the “Guaranteed Obligations”). This Guaranty is an absolute, unconditional and
continuing guaranty of the full and punctual payment of all of the Guaranteed Obligations and not
of their collectability only and is in no way conditioned upon any requirement that any Agent, the
Issuing Bank or any Bank first attempt to collect any of the Guaranteed Obligations from Ryder PR,
either of the Canadian Borrowers or either of the U.K. Borrowers or any other Person or resort to
any collateral security or other means of obtaining payment. Should an Event of Default occur as a
result of a default by Ryder PR, either of the Canadian Borrowers or either of the U.K. Borrowers
in the payment of any of the Guaranteed Obligations, the Obligations of Ryder hereunder with
respect to such Guaranteed Obligations in default shall, upon demand by the applicable Agent(s),
become immediately due and payable to the applicable Agent(s), for the benefit of the Banks, the
Issuing Bank and the Agents, without demand or notice of any nature, all of which are expressly
waived by Ryder. Payments by Ryder hereunder may be required by the Agents on any number of
occasions. All payments by Ryder hereunder shall be made to the applicable Agent(s), in the manner
and at the place of payment specified therefor in §6.1 hereof, for the account of the Banks, the
Issuing Bank and the Agents.

     §5.2. Ryder’s Agreement to Pay Enforcement Costs, etc. Ryder further agrees, as the
principal obligor and not as a guarantor only, to pay to the applicable Agents, on demand, all
reasonable costs and expenses (including court costs and legal expenses) incurred or expended by
any Agent, the Issuing Bank or any Bank in connection with the Guaranteed Obligations, this
Guaranty and the enforcement thereof, together with interest on amounts recoverable under this §5.2
from the time when such amounts become due until payment, whether before or after judgment, at the
rate of interest for overdue principal set forth in §6.11 hereof, provided that if such interest
exceeds the maximum amount permitted to be paid under applicable Law, then such interest shall be
reduced to such maximum permitted amount.

     §5.3. Waivers by Ryder; Banks’ Freedom to Act. Ryder agrees that the Guaranteed
Obligations will be paid strictly in accordance with their respective terms, regardless of any Law
or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights
of the Agents, the Issuing Bank or any Bank with respect thereto. Ryder waives promptness,
diligence, presentment, demand, protest, notice of acceptance, notice of any Guaranteed Obligations
incurred and all other notices of any kind, all defenses which may be available by virtue of any
valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to
require the marshalling of assets of Ryder PR, either of the Canadian Borrowers or either of the
U.K. Borrowers or any other entity or other Person primarily or secondarily liable with respect to
any of the Guaranteed Obligations, and all suretyship defenses generally. Without limiting the
generality of the foregoing, Ryder agrees to the provisions of any instrument evidencing, securing
or otherwise executed in connection with any Guaranteed Obligation and agrees that the Guaranteed
Obligations of Ryder hereunder shall not be released or discharged, in whole or in part, or
otherwise affected by (i) the failure of the Agents, the Issuing Bank or any Bank to assert any
claim or demand or to enforce any right or remedy against Ryder PR, either of the Canadian
Borrowers or either of the U.K. Borrowers or any other entity or other person primarily or
secondarily liable with respect to any of the Guaranteed Obligations; (ii) any extensions,
compromise, refinancing, consolidation or renewals of any

 

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Guaranteed Obligation; (iii) any change in the time, place or manner of payment of any of the
Guaranteed Obligations or any rescissions, waivers, compromise, refinancing, consolidation or other
amendments or modifications of any of the terms or provisions of this Agreement, the other Loan
Documents or any other agreement evidencing, securing or otherwise executed in connection with any
of the Guaranteed Obligations; (iv) the addition, substitution or release of any entity or other
person primarily or secondarily liable for any Guaranteed Obligation; (v) the adequacy of any
rights which the Agents, the Issuing Bank or any Bank may have against any collateral security or
other means of obtaining repayment of any of the Guaranteed Obligations; (vi) the impairment of any
collateral securing any of the Guaranteed Obligations, including without limitation the failure to
perfect or preserve any rights which the Agents, the Issuing Bank or any Bank might have in such
collateral security or the substitution, exchange, surrender, release, loss or destruction of any
such collateral security; or (vii) any other act or omission which might in any manner or to any
extent vary the risk of Ryder or otherwise operate as a release or discharge of Ryder (other than
the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable
termination of each of the Commitments), all of which may be done without notice to Ryder. To the
fullest extent permitted by Law, Ryder hereby expressly waives any and all rights or defenses
arising by reason of (A) any “one action” or “anti-deficiency” law which would otherwise prevent
the Agents, the Issuing Bank or any Bank from bringing any action, including any claim for a
deficiency, or exercising any other right or remedy (including any right of set-off), against Ryder
before or after the Agent’s, the Issuing Bank’s or such Bank’s commencement or completion of any
foreclosure action, whether judicially, by exercise of power of sale or otherwise, or (B) any other
Law which in any other way would otherwise require any election of remedies by the Agents, the
Issuing Bank or any Bank.

     §5.4. Unenforceability of Guaranteed Obligations. If for any reason Ryder PR, either
of the Canadian Borrowers or either of the U.K. Borrowers has no legal existence or is under no
legal obligation to discharge any of the Guaranteed Obligations, or if any of the Guaranteed
Obligations have become irrecoverable from Ryder PR, either of the Canadian Borrowers or either of
the U.K. Borrowers by reason of such Person’s insolvency, bankruptcy or reorganization or by other
operation of law or for any other reason (other than the indefeasible payment in full, in cash, of
all of the Guaranteed Obligations and the irrevocable termination of each of the Commitments), to
the extent permitted by Law, this Guaranty shall nevertheless be binding on Ryder to the same
extent as if Ryder at all times had been the principal obligor on all such Guaranteed Obligations.
In the event that acceleration of the time for payment of any of the Guaranteed Obligations is
stayed upon the insolvency, bankruptcy or reorganization of Ryder PR, either of the Canadian
Borrowers or either of the U.K. Borrowers, or for any other reason, all such amounts otherwise
subject to acceleration under the terms of this Agreement, the other Loan Documents or any other
agreement evidencing, securing or otherwise executed in connection with any Obligation shall be
immediately due and payable by Ryder.

     §5.5. Subrogation; Subordination.

     §5.5.1. Postponement of Rights. Until the final payment in full in
cash of all of the Guaranteed Obligations: Ryder shall not exercise and hereby
waives any rights against Ryder PR, either of the Canadian Borrowers or either of
the U.K. Borrowers arising as a result of payment by Ryder hereunder, by way of

 

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subrogation, reimbursement, restitution, contribution or otherwise, and will
not prove any claim in competition with the Agents, the Issuing Bank or any Bank in
respect of any payment hereunder in any bankruptcy, insolvency or reorganization
case or proceedings of any nature; Ryder will not claim any setoff, recoupment or
counterclaim against Ryder PR, either of the Canadian Borrowers or either of the
U.K. Borrowers in respect of any liability of Ryder to Ryder PR, either of the
Canadian Borrowers or either of the U.K. Borrowers; and Ryder waives any benefit of
and any right to participate in any collateral security which may be held by the
Agents, the Issuing Bank or any Bank.

     §5.5.2. Subordination. The payment of any amounts due with respect to
any indebtedness of Ryder PR, either of the Canadian Borrowers or either of the U.K.
Borrowers for money borrowed or credit received now or hereafter owed to Ryder is
hereby subordinated to the prior final payment in full in cash of all of the
Guaranteed Obligations; provided that, so long as no Event of Default has
occurred and is continuing, Ryder PR, the Canadian Borrowers or the U.K. Borrowers
may pay, and Ryder may receive, such payment. Ryder agrees that, after the
occurrence of any Event of Default, Ryder will not demand, sue for or otherwise
attempt to collect any such indebtedness of Ryder PR, the Canadian Borrowers or the
U.K. Borrowers to Ryder until all of the Guaranteed Obligations shall have been
irrevocably paid in full in cash. If, notwithstanding the foregoing sentence, Ryder
shall collect, enforce or receive any amounts in respect of such indebtedness while
any Guaranteed Obligations are still outstanding, such amounts shall be collected,
enforced and received by Ryder as trustee for the Banks, the Issuing Bank and the
Agents and be paid over to the Agents, for the benefit of the Banks, the Issuing
Bank and the Agents, on account of the Guaranteed Obligations without affecting in
any manner the liability of Ryder under the other provisions of this Guaranty.

     §5.5.3. Provisions Supplemental. The provisions of this §5.5 shall be
supplemental to and not in derogation of any rights and remedies of the Banks, the
Issuing Bank and the Agents under any separate subordination agreement which the
Agents or any of them may at any time and from time to time enter into with Ryder
for the benefit of the Banks, the Issuing Bank and the Agents.

     §5.6. Further Assurances. Ryder agrees that it will from time to time, at the request
of the Agents, do all such things and execute all such documents as the Agents may reasonably
consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve
the rights and powers of the Banks, the Issuing Bank and the Agents hereunder. Ryder acknowledges
and confirms that it has established its own adequate means of obtaining from Ryder PR, each of the
Canadian Borrowers and each of the U.K. Borrowers on a continuing basis all information desired by
it concerning the financial condition of such Persons and that it will look to such Persons and not
to the Agents, the Issuing Bank or any Bank in order for it to keep adequately informed of changes
in any of such Person’s financial condition.

 

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     §5.7. Reinstatement. Notwithstanding any termination of this Guaranty upon the final
and indefeasible payment in full, in cash, of the Guaranteed Obligations, this Guaranty shall
continue to be effective or be reinstated, if at any time any payment made or value received
with respect to any Obligation is rescinded or must otherwise be returned by the Agents, the
Issuing Bank or any Bank upon the insolvency, bankruptcy or reorganization of Ryder PR, either of
the Canadian Borrowers or either of the U.K. Borrowers, or otherwise, all as though such payment
had not been made or value received.

     §5.8. Successors and Assigns. This Guaranty shall be binding upon Ryder, its
successors and assigns, and shall inure to the benefit of the Agents, the Issuing Bank and the
Banks and their respective successors, transferees and assigns. Without limiting the generality of
the foregoing sentence, each Bank may, in accordance with the provisions of §21 and subject to the
limitations set forth therein, assign or otherwise transfer this Agreement, the other Loan
Documents or any other agreement or note held by it evidencing, securing or otherwise executed in
connection with the Guaranteed Obligations, or sell participations in any interest therein, to any
other entity or other person, and such other entity or other person shall thereupon become vested,
to the extent set forth in the agreement evidencing such assignment, transfer or participation,
with all the rights in respect thereof granted to such Bank herein. Ryder may not assign any of
its Guaranteed Obligations hereunder.

     §5.9. Currency of Payment. Ryder shall pay the Guaranteed Obligations in the currency
in which such Obligations were incurred by the applicable Borrower(s).

     §5.10. Concerning Joint and Several Liability of the U.K. Borrowers and the Canadian
Borrowers.

     (a) Each U.K. Borrower hereby irrevocably and unconditionally jointly and severally
guarantees to the U.K. Agent and the U.K. Banks the full and punctual payment when due
(whether at stated maturity, by required pre-payment, by acceleration or otherwise) of all
of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents
in consideration of the financial accommodations to be provided by the Banks, the Agents and
the Issuing Bank under this Credit Agreement, for the mutual benefit, directly and
indirectly, of each U.K. Borrower and in consideration of the undertakings of the other U.K.
Borrower to accept joint and several liability for the Obligations. Each U.K. Borrower
agrees that this is an absolute, unconditional and continuing guaranty of the full and
punctual payment of all of the Obligations of the other U.K. Borrower hereunder and under
the other Loan Documents and not of their collectability only and is in no way conditioned
upon any requirement that the U.K. Agent or any U.K. Bank first attempt to collect any of
such Obligations from such U.K. Borrower or resort to any collateral security or other means
of obtaining payment. Each U.K. Borrower, jointly and severally, hereby irrevocably and
unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several
liability with the other U.K. Borrower with respect to the payment and performance of all of
the Obligations (including, without limitation, any Obligations arising under this
§5.10(a)), it being the intention of the parties hereto that all of the Obligations of the
U.K. Borrowers shall be the joint and several Obligations of each U.K. Borrower without
preferences or distinction among them. Each U.K. Borrower hereby waives all defenses
relating to the joint and several liability described above, including, without limitation,
all suretyship defenses.

 

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     (b) Each Canadian Borrower hereby irrevocably and unconditionally jointly and severally
guarantees to the Canadian Agent and the Canadian Banks the full and punctual payment when
due (whether at stated maturity, by required pre-payment, by acceleration or otherwise) of
all of the Obligations of the other Canadian Borrower hereunder and under the other Loan
Documents in consideration of the financial accommodations to be provided by the Banks, the
Agents and the Issuing Bank under this Credit Agreement, for the mutual benefit, directly
and indirectly, of each Canadian Borrower and in consideration of the undertakings of the
other Canadian Borrower to accept joint and several liability for the Obligations. Each
Canadian Borrower agrees that this is an absolute, unconditional and continuing guaranty of
the full and punctual payment of all of the Obligations of the other Canadian Borrower
hereunder and under the other Loan Documents and not of their collectability only and is in
no way conditioned upon any requirement that the Canadian Agent or any Canadian Bank first
attempt to collect any of such Obligations from such Canadian Borrower or resort to any
collateral security or other means of obtaining payment. Each Canadian Borrower, jointly
and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but
also as a co-debtor, joint and several liability with the other Canadian Borrower with
respect to the payment and performance of all of the Obligations (including, without
limitation, any Obligations arising under this §5.10(b)), it being the intention of the
parties hereto that all of the Obligations of the Canadian Borrowers shall be the joint and
several Obligations of each Canadian Borrower without preferences or distinction among them.
Each Canadian Borrower hereby waives all defenses relating to the joint and several
liability described above, including, without limitation, all suretyship defenses.

     §6. PROVISIONS RELATING TO ALL LOANS.

     §6.1. Funds for Payments. All payments of principal, interest, fees (other than the
Acceptance Fee) and any other amounts due hereunder or under any of the other Loan Documents shall
be made to the Administrative Agent, the Canadian Agent, the U.K. Agent or any Swing Line Lender
(as expressly provided hereunder), as applicable, received at such Agent’s Head Office (or, in the
case of payments made to any Swing Line Lender (as expressly provided hereunder), to the account
specified by such Swing Line Lender) in immediately available funds, without condition or deduction
for any defense, setoff, recoupment, counterclaim or other withholding of any kind (other than any
withholding resulting from the failure of a Bank to comply with the provisions of §6.2), by 12:00
noon (local time for such Agent or Swing Line Lender) on any due date. Subject to the provisions
of §28, if a payment is received by such Agent at or before 2:00 p.m. (local time for such Agent or
Swing Line Lender) on any Business Day, such Agent shall on the same Business Day transfer in
immediately available funds to (1) each of the Domestic Banks, their pro-rata portion of such
payment in accordance with their respective Domestic Commitment Percentages, in the case of
payments with respect to Domestic Loans, (2) the Domestic Swing Line Lenders in the case of
payments with respect to Domestic Swing Line Loans, (3) each of the Canadian Banks, their pro-rata
portion of such payment in accordance with their respective Canadian Commitment Percentages in the
case of payments with respect to Canadian Loans and Bankers’ Acceptances, except to the extent
necessary to reflect Bankers’ Acceptances issued on a non-pro-rata basis pursuant to §3.1(e), (4)
the Canadian Swing Line Lender with respect to payments of Canadian Swing Line

 

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Loans, (5) each of the U.K. Banks, their pro-rata portion of such payment in accordance with
their respective U.K. Commitment Percentages in the case of payments with respect to the U.K.
Loans, (6) the U.K. Agent with respect to payments of U.K. Swing Line Loans, (7) each of the PR
Banks, their pro-rata portion of such payment in accordance with their respective PR Commitment
Percentages in the case of payments with respect to PR Loans, (8) the Issuing Bank in the case of
payments with respect to L/C Obligations payable to the Issuing Bank, and (9) the Domestic Banks,
their pro-rata portion of such payment in accordance with their respective applicable Commitment
Percentages in the case of payments with respect to L/C Obligations payable to such Domestic Banks.
If such payment is received by such Agent after 2:00 p.m. (local time for such Agent or Swing Line
Lender) on any Business Day, such transfer shall be made by such Agent to the applicable Bank(s) on
the next Business Day. All such payments received by any Agent after 2:00 p.m. (local time for
such Agent or Swing Line Lender) shall be deemed received on the next succeeding Business Day and
any applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

     §6.2. Status of Banks; Tax Documentation.

     (a) (i) Each Bank that may lawfully do so shall deliver to Ryder and to the
Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably
requested by Ryder or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction
and such other reasonably requested information as will permit Ryder or the Administrative
Agent, as the case may be, to determine (A) whether or not payments made by the respective
Borrowers hereunder or under any other Loan Document are subject to Taxes, (B) if
applicable, the required rate of withholding or deduction, and (C) such Bank’s entitlement
to any available exemption from, or reduction of, applicable Taxes in respect of all
payments to be made to such Bank by the respective Borrowers pursuant to this Agreement or
otherwise to establish such Bank’s status for withholding tax purposes in the applicable
jurisdictions.

     (ii) Without limiting the generality of the foregoing, if a Borrower is
resident for tax purposes in the United States,

     (A) any such Bank that is a “United States person” within the meaning
of Section 7701(a)(30) of the Code shall deliver to Ryder and the
Administrative Agent executed originals of Internal Revenue Service Form W-9
or such other documentation or information prescribed by applicable Laws or
reasonably requested by Ryder on behalf of such Borrower or the
Administrative Agent as will enable such Borrower or the Administrative
Agent, as the case may be, to determine whether or not such Bank is subject
to backup withholding or information reporting requirements; and

 

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     (B) each such Foreign Bank that is entitled under the Code or any
applicable treaty to an exemption from or reduction of withholding tax
with respect to payments hereunder or under any other Loan Document
shall deliver to Ryder and the Administrative Agent (in such number of
copies as shall be reasonably requested by the recipient) on or prior to the
date on which such Foreign Bank becomes a Bank under this Agreement (and, to
the extent that such Bank may lawfully do so thereafter, from time to time
thereafter upon the request of Ryder on behalf of such Borrower or the
Administrative Agent, but only if such Foreign Bank is legally entitled to
do so), whichever of the following is applicable:

     (I) executed originals of Internal Revenue Service Form W-8BEN
claiming eligibility for benefits of an income tax treaty to which
the United States is a party,

     (II) executed originals of Internal Revenue Service Form W-8ECI,

     (III) executed originals of Internal Revenue Service Form W-8IMY
and all required supporting documentation,

     (IV) in the case of a Foreign Bank claiming the benefits of the
exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Bank is not (A) a
“bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a
“10 percent shareholder” of such Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code and (y)
executed originals of Internal Revenue Service Form W-8BEN, or

     (V) executed originals of any other form prescribed by
applicable Laws as a basis for claiming exemption from or a reduction
in United States Federal withholding tax together with such
supplementary documentation as may be prescribed by applicable Laws
to permit such Borrower or the Administrative Agent to determine the
withholding or deduction required to be made.

     (iii) Each Bank shall, upon obtaining actual knowledge thereof, promptly (A)
notify Ryder and the Administrative Agent of any change in circumstances which would
modify or render invalid any claimed exemption or reduction, and (B) take such steps
as shall not be materially disadvantageous to it, in the reasonable judgment of such
Bank, and as may be reasonably necessary (including the re-designation of its
lending office) to avoid any requirement of applicable Laws of any jurisdiction that
any Borrower or the Administrative Agent make any withholding or deduction for taxes
from amounts payable to such Bank.

 

85

     (iv) Each of the Borrowers shall promptly deliver to the Administrative Agent
or any Bank, as the Administrative Agent or such Bank shall reasonably request, on
or prior to the Closing Date (or such later date on which it first becomes a
Borrower), and in a timely fashion thereafter, such documents and forms required by
any relevant taxing authorities under the Laws of any jurisdiction, duly executed
and completed by such Borrower, as are required to be furnished by such Bank or the
Administrative Agent under such Laws in connection with any payment by the
Administrative Agent or any Bank of Taxes or Other Taxes, or otherwise in connection
with the Loan Documents, with respect to such jurisdiction.

     (b) The Borrowers shall not be required to pay any additional amounts in respect of
Domestic Loans to any Foreign Bank in respect of United States Federal withholding tax
pursuant to §19 to the extent that (i) the obligation to withhold amounts with respect to
United States Federal withholding tax existed on the date such Foreign Bank became a party
to this Agreement or, with respect to payments to a different lending office designated by
the Foreign Bank as its applicable lending office (a “New Lending Office”), the date such
Foreign Bank designated such New Lending Office with respect to a Loan; provided,
however, that this clause (i) shall not apply to any transferee or New Lending
Office as a result of a Reallocation or an assignment, transfer or designation made at the
request of the Borrowers; and provided further, however, that this clause (i) shall
not apply to the extent the indemnity payment or additional amounts any transferee, or Bank
through a New Lending Office, would be entitled to receive without regard to this clause (i)
do not exceed the indemnity payment or additional amounts that the Person making the
assignment or transfer to such transferee, or Bank making the designation of such New
Lending Office, would have been entitled to receive in the absence of such assignment,
transfer or designation; or (ii) the obligation to pay such additional amounts would not
have arisen but for a failure by such Foreign Bank (that could lawfully do so) to comply
with the provisions of paragraph (a) above.

     (c) Notwithstanding the foregoing, each Bank agrees to use reasonable efforts
(consistent with legal and regulatory restrictions) to change its lending office to avoid or
to minimize any amounts otherwise payable under §19 in each case solely if such change (i)
can be made in a manner so that such Bank does not incur any costs or expenses unless the
Borrowers have agreed to reimburse such Person therefor and (ii) does not result in any
legal or regulatory disadvantage to such Person.

     §6.3. Currency of Payment. Payments of principal or interest with respect to any Loan
or obligation with respect to Bankers’ Acceptance or Letters of Credit shall be made in the
currency in which such Loan was advanced or in which such Bankers’ Acceptance or such Letter of
Credit was issued. Notwithstanding the foregoing, the Acceptance Fee shall be payable solely in
Canadian Dollars and any and all other fees payable hereunder shall be payable in solely U.S.
Dollars unless, with respect to any fees payable by the Canadian Borrowers and the U.K. Borrowers,
otherwise agreed to by the Canadian Agent and/or the U.K. Agent respectively.

 

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     §6.4. Mandatory Repayments of the Loans. Except as provided in §6.16 hereof, if at
any time

     (i) the sum of (A) the outstanding L/C Obligations with respect to Letters of Credit
issued for the account of Ryder and its domestic Subsidiaries, plus (B) the outstanding
principal amount of the Domestic Loans exceeds the Total Domestic Commitment, whether by
reduction of the Total Domestic Commitment or otherwise, or

     (ii) the sum of (A) the outstanding principal amount of the Canadian Loans denominated
in U.S. Dollars, plus (B) the Outstanding Amount of the Canadian Loans denominated in
Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances then outstanding
exceeds the Total Canadian Commitment, whether by reduction of the Total Canadian Commitment
or otherwise, or

     (iii) the sum of (A) the outstanding principal amount of the U.K. Loans denominated in
U.S. Dollars, plus (B) the Outstanding Amount of the U.K. Loans denominated in Sterling,
plus (C) the Outstanding Amount of the U.K. Loans denominated in Euros exceeds the Total
U.K. Commitment, whether by reduction of the Total U.K. Commitment or otherwise, or

     (iv) the sum of the outstanding principal amount of the PR Loans exceeds the Total PR
Commitment, whether by reduction of the Total PR Commitment or otherwise,

     then the applicable Borrower(s) shall immediately pay the amount of such excess to the
Administrative Agent in the case of clauses (i) and (iv) above, the Canadian Agent, in the case of
clause (ii) above, or the U.K. Agent, in the case of clause (iii) above, (a) for application to the
Loans in the following order: first, pro rata to any Unreimbursed Amounts (including any L/C
Borrowings) with respect to the Letters of Credit issued for the account of such Borrower (if
applicable), second, pro rata to Domestic Swing Line Loans, Canadian Swing Line Loans, and U.K.
Swing Line Loans, and third, pro rata to Domestic Loans (other than Domestic Swing Line Loans),
Canadian Loans (other than Canadian Swing Line Loans), U.K. Loans (other than U.K. Swing Line
Loans) and PR Loans, subject to §6.10, or (b) if no Loans shall be outstanding, to be held pro rata
by the Administrative Agent (in the case of Letters of Credit) and the Canadian Agent (in the case
of Bankers’ Acceptances) for the benefit of the Issuing Bank or (as the case may be) the Domestic
Banks in the case of Letters of Credit and/or the Canadian Banks in the case of Bankers’
Acceptances, as applicable, as collateral security for the amount of Bankers’ Acceptances and as
Cash Collateral for the Letters of Credit; provided, however, that if the amount of Cash Collateral
held by the Administrative Agent (in the case of Letters of Credit) and the Canadian Agent (in the
case of Bankers’ Acceptances) pursuant to this §6.4 exceeds the amount of Bankers’ Acceptances and
the Letters of Credit, as the case may be, from time to time, the Administrative Agent or the
Canadian Agent shall return such excess to Ryder or the Canadian Borrowers, as applicable.

 

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     §6.5. Computations.

     (a) Except as otherwise expressly provided herein, other than calculations in respect
of interest for Domestic Base Rate Loans (which shall be made on the basis of
actual number of days elapsed in a 365/366-day year) all computations of interest and
the Facility Fee shall be based on a 360-day year and paid for the actual number of days
elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and
shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid. Whenever a payment hereunder or under any of the other Loan Documents
becomes due on a day that is not a Business Day, the due date for such payment shall be
extended to the next succeeding Business Day, and interest shall accrue during such
extension; provided that for any Interest Period for any LIBOR Rate Loan if such next
succeeding Business Day falls in the next succeeding calendar month or after the Maturity
Date, it shall be deemed to end on the next preceding Business Day. Each determination by
an Agent of an interest rate or fee hereunder shall be conclusive and binding for all
purposes, absent manifest error.

     (b) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or
fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains
fewer days than the actual number of days in the calendar year of calculation, such rate of
interest or fee rate shall be expressed as a yearly rate by multiplying such rate of
interest or fee rate by the actual number of days in the calendar year of calculation and
dividing it by the number of days in the deemed year, (ii) the principle of deemed
reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the
rates of interest stipulated herein are intended to be nominal rates and not effective rates
or yields.

     (c) All computations of outstanding Loans, Commitment availability, mandatory
prepayments, or other matters hereunder shall be made in U.S. Dollars or Dollar Equivalents.

     §6.6. Illegality; Inability to Determine LIBOR Rate or EURIBOR Rate. Notwithstanding
any other provision of this Agreement if (a) the introduction of, any change in, or any change in
the interpretation of, any Law or regulation applicable to any Bank or Agent shall make it
unlawful, or any central bank or other governmental authority having jurisdiction thereof shall
assert that it is unlawful, for any Bank or any such Agent to perform its obligations in respect of
any LIBOR Rate Loans or EURIBOR Rate Loans, or (b) if any Bank or any such Agent, as applicable
shall reasonably determine with respect to LIBOR Rate Loans or EURIBOR Rate Loans that (i) by
reason of circumstances affecting any eurodollar interbank market, adequate and reasonable methods
do not exist for ascertaining the LIBOR Rate and/or EURIBOR Rate which would otherwise be
applicable during any Interest Period, or (ii) deposits in the relevant currency and amount for the
relevant Interest Period are not available to such Bank or such Agent in any eurodollar interbank
market, then such Bank or such Agent shall promptly give notice of such determination to the
Borrowers (which notice shall be conclusive and binding upon such Borrowers). Upon such
notification by such Bank or such Agent, the obligation of the Banks and such Agent to make LIBOR
Rate Loans (or Domestic Base Rate Loans the interest rate on which is determined by reference to
the Domestic LIBOR Rate component of the Domestic Base Rate) or EURIBOR Rate Loans, as the case may
be, shall be suspended until the Banks or such Agent, as the case may be, determine that such
circumstances no longer exist, and to the extent permitted by Law the outstanding LIBOR Rate Loans
(or Domestic Base Rate Loans the interest rate on which is determined by reference to the Domestic

 

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LIBOR Rate component of the Domestic Base Rate) and/or EURIBOR Rate Loans shall continue to
bear interest at the applicable rate based on the LIBOR Rate and/or EURIBOR Rate, respectively,
until the end of the applicable Interest Period, and thereafter shall be deemed converted to
Domestic Base Rate Loans (without reference to the Domestic LIBOR Rate component of the Domestic
Base Rate), Canadian Base Rate Loans or U.K. Base Rate Loans, as applicable, in equal principal
amounts of such former LIBOR Rate Loans (or Domestic Base Rate Loans the interest rate on which is
determined by reference to the Domestic LIBOR Rate component of the Domestic Base Rate) or EURIBOR
Rate Loans.

     §6.7. Additional Costs, Etc. Except for any matters addressed by §19, and except as
otherwise reflected in the interest rate applicable under this Agreement, if any Change in Law
(which expression, as used herein, includes requests, directives, instructions and notices at any
time or from time to time hereafter made upon or otherwise issued to any Bank or the Issuing Bank
by any central bank or other fiscal, monetary or other authority, whether or not having the force
of law) or if any applicable Law adopted after the date hereof shall:

     (a) subject such Bank or the Issuing Bank to any tax, levy, impost, duty, charge, fee,
deduction or withholding of any nature with respect to this Agreement, the other Loan
Documents, such Bank’s Commitment, the Loans, any Letters of Credit or the Bankers’
Acceptances (other than taxes based upon or measured by the income, capital or profits of
such Bank or the Issuing Bank imposed by the jurisdiction of its incorporation or
organization, or the location of its lending office or any political subdivision thereof);
or

     (b) materially change the basis of taxation (except for changes in taxes on income,
capital or profits of such Bank or the Issuing Bank imposed by the jurisdiction of its
incorporation or organization, or the location of its lending office or any political
subdivision thereof) of payments to such Bank or the Issuing Bank of the principal or of the
interest on any Loans or Letters of Credit or the Bankers’ Acceptances or any other amounts
payable to such Bank or the Issuing Bank under this Agreement or the other Loan Documents;
or

     (c) impose or increase or render applicable (other than to the extent specifically
provided for elsewhere in this Agreement) any special deposit, reserve, assessment,
liquidity, capital adequacy or other similar requirements against assets held by, or
deposits in or for the account of, or loans by, or reimbursement obligations owed to, or
commitments of, an office of any Bank or the Issuing Bank with respect to this Agreement,
the other Loan Documents, such Bank’s Commitment, the Loans, the Letters of Credit or the
Bankers’ Acceptances; or

     (d) impose on such Bank or the Issuing Bank any other conditions or requirements with
respect to this Agreement, the other Loan Documents, the Loans, the Bankers’ Acceptances,
any Letters of Credit, such Bank’s Commitment, or any class of loans or commitments of which
any of the Loans, such Letters of Credit or such Bank’s Commitment forms a part, and the
result of any of the foregoing is:

 

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     (i) to increase the cost to such Bank or the Issuing Bank of making, funding,
issuing, renewing, extending or maintaining the Loans or such Bank’s Commitment or
any Letter of Credit or accepting and purchasing Bankers’ Acceptances;

     (ii) to reduce the amount of principal, interest, reimbursement obligations or
other amount payable to such Bank or the Issuing Bank hereunder on account of such
Bank’s Commitment or the Loans or Bankers’ Acceptances or any Letter of Credit; or

     (iii) to require such Bank or the Issuing Bank to make any payment or to forego
any interest or other sum payable hereunder, the amount of which payment or foregone
interest or other sum is calculated by reference to the gross amount of any sum
receivable or deemed received by such Bank or the Issuing Bank from the Borrowers
hereunder,

     then, and in each such case, the applicable Borrower will, upon demand made by such Bank or
the Issuing Bank at any time and from time to time as often as the occasion therefore may arise
(which demand shall be accompanied by a statement setting forth the basis of such demand which
shall be conclusive absent manifest error), pay such reasonable additional amounts as will be
sufficient to compensate such Bank or the Issuing Bank for such additional costs, reduction,
payment or foregone interest or other sum. A Borrower shall only be obligated to pay a Bank or the
Issuing Bank such additional amounts to the extent such Bank or the Issuing Bank has allocated such
additional costs, reduction, payment or foregone interest or other sum among its like situated
customers in good faith and on an equitable and nondiscriminatory basis.

     §6.8. Capital Adequacy. Except as otherwise reflected in the interest rate applicable
under this Agreement, if any Bank or the Issuing Bank shall have determined that, after the date
hereof, the adoption of any applicable Law regarding capital adequacy, or any Change in Law, or any
change in the interpretation or administration thereof by any Governmental Authority, central bank
or comparable agency charged with the interpretation or administration thereof, or any request or
directive regarding capital adequacy of any such Governmental Authority, central bank or comparable
agency, in each case, whether or not having the force of law, has or would have the effect of
reducing the rate of return on capital of such Bank or the Issuing Bank (or any corporation
controlling such Bank or the Issuing Bank) as a consequence of such Bank’s or the Issuing Bank’s
obligations hereunder to a level below that which such Bank or the Issuing Bank (or any corporation
controlling such Bank or the Issuing Bank) could have achieved but for such adoption, change,
request or directive (taking into consideration its policies with respect to capital adequacy), in
each case, whether or not having the force of law, by an amount deemed by such Bank or the Issuing
Bank to be material, then from time to time, within fifteen (15) days after demand by such Bank or
the Issuing Bank, the applicable Borrower shall pay to such Bank or the Issuing Bank such
additional amount or amounts as will, in such Bank’s or the Issuing Bank’s reasonable
determination, fairly compensate such Bank or the Issuing Bank (or any corporation controlling such
Bank or the Issuing Bank) for such reduction. A Borrower shall only be obligated to pay a Bank or
the Issuing Bank such cost increases to the extent such Bank or the Issuing Bank has allocated such
costs among its customers in good faith and on an equitable and nondiscriminatory basis.

 

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     §6.9. Certificate; Etc. A certificate setting forth the additional amounts payable
pursuant to §6.7 or §6.8 and a reasonable explanation of such amounts which are due, submitted by
any Bank or the Issuing Bank to the applicable Borrower(s), shall be conclusive, absent manifest
error, that such amounts are due and owing. Such certificate shall contain a certification as to
the matters specified in the last sentence of §6.7 or §6.8, as the case may be. A Borrower shall
only be obligated to pay additional amounts under §6.7 or §6.8 hereof which accrue or are incurred
after a Bank or the Issuing Bank has given notice to a Borrower pursuant to this §6.9. Any
additional amounts paid by a Borrower to a Bank or the Issuing Bank pursuant to §6.7 or §6.8 hereof
which are subsequently refunded to such Bank or the Issuing Bank shall be refunded to the
applicable Borrower.

     §6.10. Eurodollar Indemnity. Each Borrower agrees to indemnify the applicable Banks
and the applicable Agents, and to hold them harmless from and against any reasonable loss, cost or
expense that any such Bank or such Agent may sustain or incur as a consequence of (a) the default
by such Borrower in payment of the principal amount of or any interest on any LIBOR Rate Loans or
EURIBOR Rate Loans, as and when due and payable, including any such loss or expense arising from
interest or fees payable by any Bank or such Agent to lenders of funds obtained by it in order to
maintain its LIBOR Rate Loans or EURIBOR Rate Loans, (b) the default by such Borrower in making a
borrowing of a LIBOR Rate Loan or EURIBOR Rate Loan or conversion of a LIBOR Rate Loan, EURIBOR
Rate Loan or a prepayment of a LIBOR Rate Loan or EURIBOR Rate Loan other than on an Interest
Payment Date after such Borrower has given a Domestic Loan Request, a Canadian Loan Request, a U.K.
Loan Request, or a PR Loan Request, a notice pursuant to §2.8, or a notice pursuant to §2.11,
§2.12, §2.13 or §2.14, and (c) the making of any payment of a LIBOR Rate Loan or EURIBOR Rate Loan,
or the making of any conversion of any LIBOR Rate Loan or EURIBOR Rate Loan to a Base Rate Loan, or
the Reallocation of any LIBOR Rate Loan or EURIBOR Rate Loan pursuant to §2.4 on a day that is not
the last day of the applicable Interest Period with respect thereto. So long as no Event of
Default shall have occurred and be continuing, the Borrowers may elect to avoid the payment of such
breakage costs by requesting that the applicable Agent apply amounts received with respect to LIBOR
Rate Loans or EURIBOR Rate Loans to Cash Collateralize such LIBOR Rate Loans or EURIBOR Rate Loans,
as the case may be, but in no event shall a Borrower be deemed to have paid such LIBOR Rate Loans
or EURIBOR Rate Loans until such cash has been paid to the applicable Agent for application to such
LIBOR Rate Loans or EURIBOR Rate Loans, respectively. Such loss or reasonable expense shall
include an amount equal to the excess, if any, as reasonably determined by each Bank of (i) its
cost of obtaining the funds for the LIBOR Rate Loan or EURIBOR Rate Loan being paid, prepaid,
converted, not converted, reallocated, or not borrowed, as the case may be (based on the applicable
LIBOR Rate or EURIBOR Rate, as the case may be) for the period from the date of such payment,
prepayment, conversion, or failure to borrow or convert, as the case may be, to the last day of the
Interest Period for such Loan (or, in the case of a failure to borrow, the Interest Period for the
Loan which would have commenced on the date of such failure to borrow) over (ii) the amount of
interest (as reasonably determined by such Bank) that would be realized by such Bank in reemploying
the funds so paid, prepaid, converted, or not borrowed, converted, or prepaid for such period or
Interest Period, as the case may be, which determinations shall be conclusive absent manifest
error.

 

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     §6.11. Interest on Overdue Amounts. Overdue principal and (to the extent permitted by
applicable Law) interest on the Loans, including Swing Line Loans, and all other
overdue amounts payable hereunder or under any of the other Loan Documents (other than Letter
of Credit Fees and Acceptance Fees) shall bear interest compounded monthly and payable on demand at
a rate per annum equal to (a) the applicable rate in effect for any Base Rate Loan plus (b)
the relevant Applicable Margin plus (c) 2%, until such amount shall be paid in full (after
as well as before judgment and after as well as before the commencement of any proceeding under any
Debtor Relief Law); provided, however, that with respect to a LIBOR Rate Loan, such
rate shall be an interest rate equal to the interest rate (including the Applicable Margin for
LIBOR Rate Loans and any Additional Costs) otherwise applicable to such Loan plus 2% per annum.
With respect to Letter of Credit Fees, a rate equal to 2% above the Letter of Credit Fees otherwise
applicable thereto. With respect to the Acceptance Fee, a rate equal to the Applicable Acceptance
Fee Rate plus 2% per annum. Notwithstanding the foregoing, the addition of 2% per annum on overdue
amounts under this Section shall be subject in all cases (other than with respect to an Event of
Default regarding the payment under §13.1(a) which shall not require the request of the Majority
Banks) to the request of the Majority Banks.

     §6.12. Interest Limitation. Notwithstanding any other term of this Agreement or the
Notes, any other Loan Document or any other document referred to herein or therein, the maximum
amount of interest which may be charged to or collected from any Person liable hereunder or under
the Notes by any Bank shall be absolutely limited to, and shall in no event exceed, the maximum
amount of interest which could lawfully be charged or collected by such Bank under applicable Laws
(including, to the extent applicable, the provisions of §5197 of the Revised Statutes of the United
States of America, as amended, 12 U.S.C. §85, as amended and the Criminal Code (Canada)).

     §6.13. Reasonable Efforts to Mitigate. Each Bank and the Issuing Bank agrees that as
promptly as practicable after it becomes aware of the occurrence of an event or the existence of a
condition that would cause it to be affected under §6.2, §6.6, §6.7 or §6.8, such Bank or the
Issuing Bank will give notice thereof to the applicable Borrower(s), with a copy to the applicable
Agent and, to the extent so requested by such Borrower(s) and not inconsistent with such Bank’s or
the Issuing Bank’s internal policies, such Bank or the Issuing Bank shall use reasonable efforts
and take such actions as are reasonably appropriate (including, without limitation, designating a
different lending office for funding or booking its Loans hereunder or assigning its rights and
obligations hereunder to another of its offices, branches or Affiliates) if as a result thereof the
additional moneys which would otherwise be required to be paid to such Bank or the Issuing Bank
pursuant to such subsections would be materially reduced, or the illegality or other adverse
circumstances which would otherwise require a conversion of such Loans or result in the inability
to make such Loans pursuant to such sections would cease to exist, and in each case if, as
determined by such Bank or the Issuing Bank in its sole discretion, the taking of such actions
would not adversely affect such Loans or such Bank or otherwise be disadvantageous to such Bank or
the Issuing Bank. The applicable Borrowers hereby agree to pay all reasonable costs and expenses
incurred by any Bank in connection with any such designation or assignment.

     §6.14. Replacement of Banks. If any Bank or the Issuing Bank (an “Affected Bank”) (a)
(i) makes demand upon a Borrower for (or if a Borrower is otherwise required to pay) amounts
pursuant to §6.7, §6.8 or §19, (ii) is unable to make or maintain LIBOR Rate Loans as a result of a
condition described in §6.6, (iii) defaults in its obligation to make Loans, or accept and purchase
Bankers’ Acceptances or reimburse the Issuing Bank for the amount of each draft

 

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paid under any Letter of Credit or fails to comply with the provisions of §2.17 or §14 with
respect to making dispositions and arrangements with the other Banks, where such Bank’s share of
any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such
payments due and payable to all of the Banks, in each case in accordance with the terms of this
Agreement or (iv) is otherwise a Defaulting Bank, or (b) fails to approve any amendment, waiver or
consent requested by any Borrower and such amendment, waiver or consent has received the written
approval of not less than the Majority Banks, but also requires the approval of such Affected Bank,
then in each case, such Borrower may, at its sole expense and effort, within ninety (90) days of
receipt of such demand, notice (or the occurrence of such other event causing such Borrower to be
required to pay such compensation or causing §6.6 to be applicable), or default, as the case may
be, by notice (a “Replacement Notice”) in writing to the Agents and such Affected Bank, require
such Affected Bank to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, §21), all of its interests, rights and
obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Bank, if a Bank accepts such assignment),
provided that:

     (a) the applicable Agent, the applicable Swing Line Lender, and, for each assignment of
a Domestic Commitment hereunder, the Issuing Bank, shall have consented to such assignment
in writing (in each case, such consent not to be unreasonably withheld);

     (b) such Borrower shall have paid to the Administrative Agent the assignment fee
specified in §21;

     (c) such Affected Bank shall have received payment of an amount equal to the
outstanding principal of its Loans, L/C Advances and purchased Bankers’ Acceptances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the
other Loan Documents from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or such Borrower (in the case of all other amounts);

     (d) in the case of any such assignment resulting from a claim for compensation under
clause (i) of this §6.14, such assignment will result in a reduction in such compensation or
payments thereafter; and

     (e) such assignment does not conflict with applicable Laws or provisions hereunder.

     A Bank shall not be required to make any such assignment or delegation if, prior
thereto, as a result of a waiver by such Bank or otherwise, the circumstances entitling such
Borrower to require such assignment and delegation cease to apply.

     §6.15. Advances by Administrative Agent; Canadian Agent; and U.K. Agent.

     (a) The Administrative Agent, the Canadian Agent or the U.K. Agent, as applicable, may
(unless earlier notified to the contrary by any Bank by 1:00 p.m. (local time for such
Agent) one (1) Business Day prior to any Drawdown Date, or in the case of

 

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Domestic Base Rate Loans, on such Drawdown Date) assume that each Bank has made
available (or will before the end of the applicable Drawdown Date make available) to such
Agent the amount of such Bank’s Domestic Commitment Percentage, Canadian Commitment
Percentage, U.K. Commitment Percentage or PR Commitment Percentage, as applicable, with
respect to the Loans to be made on such Drawdown Date, and such Agent may (but shall not be
required to), in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. If any Bank makes such amount available to such Agent on a date after
such Drawdown Date, such Bank shall pay such Agent on demand an amount equal to the product
of (i) the average, computed for the period referred to in clause (iii) below, of the
weighted average annual interest rate paid by such Agent for funds acquired by such Agent
during each day included in such period times (ii) the amount equal to such Bank’s Domestic
Commitment Percentage of such Domestic Loan, Canadian Commitment Percentage of such Canadian
Loan, U.K. Commitment Percentage of such U.K. Loan and PR Commitment Percentage of such PR
Loan, as applicable, times (iii) a fraction, the numerator of which is the number of days
that elapse from and including such Drawdown Date to but not including the date on which the
amount equal to such Bank’s Domestic Commitment Percentage, Canadian Commitment Percentage,
U.K. Commitment Percentage or PR Commitment Percentage, as applicable, of such Loans, shall
become immediately available to such Agent, and the denominator of which is 365. A
statement of such Agent submitted to such Bank with respect to any amounts owing under this
paragraph shall be prima facie evidence of the amount due and owing to such Agent by such
Bank. If such amount is not in fact made available to such Agent by such Bank within three
(3) Business Days of such Drawdown Date, such Agent shall be entitled to recover such amount
from, and the applicable Bank and the applicable Borrower(s) severally agree to pay to such
Agent forthwith on demand such corresponding amount in Same Day Funds, with interest
thereon, for each day from and including the date such amount is made available to such
Borrower to but excluding the date of payment to such Agent, at (A) in the case of a payment
to be made by such Bank, the Overnight Rate, plus any administrative, processing or similar
fees customarily charged by such Agent in connection with the foregoing, and (B) in the case
of a payment made by such Borrower, the interest rate applicable to Base Rate Loans. If
such Borrower and such Bank shall pay such interest to such Agent for the same or an
overlapping period, such Agent shall promptly remit to such Borrower the amount of such
interest paid by such Borrower for such period. If such Bank pays its share of the
applicable borrowing to such Agent, then the amount so paid (less all such aforementioned
interest and fees incurred by such Bank as a result of its failure to pay the required
amounts to the applicable Agent) shall constitute such Bank’s Loan included in such
borrowing. Any payment by such Borrower shall be without prejudice to any claim such
Borrower may have against a Bank that shall have failed to make such payment to such Agent.

     (b) Unless Ryder, the Canadian Borrowers, the U.K. Borrowers or Ryder PR, as the case
may be, has notified the Administrative Agent, the Canadian Agent or the U.K. Agent, as
applicable, prior to the date any payment is required to be made by it to the applicable
Agent hereunder, that such Borrower will not make such payment, the applicable Agent may
assume that such Borrower has timely made such payment and may (but shall not be so required
to), in reliance thereon, make available a corresponding

 

94

amount to such Bank. If and to the extent that such payment was not in fact made to
the applicable Agent by the applicable Borrower in immediately available funds, then each
applicable Bank shall forthwith on demand repay to the applicable Agent the portion of such
assumed payment that was made available to such Bank in Same Day Funds, together with
interest thereon in respect of each day from and including the date such amount was made
available by the applicable Agent to such Bank to the date such amount is repaid to the
applicable Agent in Same Day Funds at the Overnight Rate from time to time in effect.

     (c) A notice of the applicable Agent to any Bank or any Borrower with respect to any
amount owing under §§6.15(a) and (b) shall be conclusive, absent manifest error.

     (d) [Reserved.]

     (e) Failure to Satisfy Conditions Precedent. If any Bank makes available to
any applicable Agent funds for any Loan to be made by such Bank to any Borrower as provided
in the foregoing provisions of §2, and such funds are not made available to such Borrower by
such Agent because the conditions to the applicable credit extension set forth in §11 and/or
§12, as applicable, are not satisfied or waived in accordance with the terms hereof, the
applicable Agent shall return such funds (in like funds as received from such Bank) to such
Bank in a timely manner, without interest.

     (f) Obligations of Banks Several. The obligations of the Banks hereunder to
make Loans, to accept and purchase Bankers’ Acceptances, to fund participations in Letters
of Credit and Swing Line Loans and to make payments pursuant to §18.2 are several and not
joint. The failure of any Bank to make any Loan, to accept and purchase Bankers’
Acceptances, to fund any such participation or to make any payment under §18.2 on any date
required hereunder shall not relieve any other Bank of its corresponding obligation to do so
on such date, and no Bank shall be responsible for the failure of any other Bank to so make
its Loan, to accept and purchase Bankers’ Acceptances, to purchase its participation or to
make its payment under §18.2.

     (g) Funding Source. Nothing herein shall be deemed to obligate any Bank to
obtain the funds for any Loan in any particular place or manner or to constitute a
representation by any Bank that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

     §6.16. Currency Fluctuations.

     (a) The Administrative Agent or the Issuing Bank, as applicable, shall determine the
Exchange Rates as of each Revaluation Date to be used for calculating Dollar Equivalent
amounts of credit extensions and Outstanding Amounts denominated in Canadian Dollars,
Sterling and Euros. Such Exchange Rates shall become effective as of such Revaluation Date
and shall be the Exchange Rates employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur. Except for purposes of financial
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calculating financial covenants hereunder or except as otherwise provided herein, the
applicable amount of any currency (other than Dollars) for purposes of the Loan Documents
shall be such Dollar Equivalent amount as so determined by the Agents or the Issuing Bank,
as applicable.

     (b) Not later than 4:00 p.m. (Eastern time) on each Revaluation Date, the
Administrative Agent shall, in consultation with the Canadian Agent and the U.K. Agent,
determine the Dollar Equivalent of the outstanding Canadian Loans denominated in Canadian
Dollars, Bankers’ Acceptances and U.K. Loans denominated in Sterling and Euros.

     (c) If, on any Revaluation Date, the Outstanding Amount of all Canadian Loans and the
aggregate face amount of all Bankers’ Acceptances, exceeds the Total Canadian Commitment
(the amount of such excess referred to herein as the “Canadian Excess Amount”) by more than
one percent (1%) of the aggregate amount of such Commitment, then (A) the Canadian Agent
shall give notice thereof to the Canadian Borrowers, the Issuing Bank and the Canadian Banks
and (B) within two (2) Business Days thereafter, the Canadian Borrowers shall repay or
prepay Canadian Loans in an aggregate principal amount such that, after giving effect
thereto, the Outstanding Amount of all Canadian Loans and the aggregate face amount of all
Bankers’ Acceptances no longer exceeds the Total Canadian Commitment. Notwithstanding the
foregoing, to avoid the incurrence of breakage costs with respect to Canadian Loans which
are LIBOR Rate Loans, the Canadian Borrowers shall not be obligated to repay any Canadian
Loan that is a LIBOR Rate Loan until the end of the Interest Period relating thereto to the
extent that the unused amount of the Domestic Commitments of the Domestic Banks which are
affiliates of the Canadian Banks shall be greater than or equal to the Canadian Excess
Amount. On each Revaluation Date and until the Canadian Loans are repaid in accordance with
the first sentence of this paragraph (c), the Total Domestic Commitment shall be
automatically reduced by an amount equal to the Canadian Excess Amount. Such reduction
shall be made by reducing the Domestic Commitments of each such Domestic Bank that is an
affiliate of a Canadian Bank by an amount equal to such Domestic Bank’s Domestic Commitment
Percentage of the Canadian Excess Amount.

     (d) If, on any Revaluation Date, the Outstanding Amount of all U.K. Loans exceeds the
Total U.K. Commitment (the amount of such excess referred to herein as the “U.K. Excess
Amount”) by more than one percent (1%) of the aggregate amount of such Commitment, then (A)
the U.K. Agent shall give notice thereof to the U.K. Borrowers and the U.K. Banks and (B)
within two (2) Business Days thereafter, the U.K. Borrowers shall repay or prepay U.K. Loans
in an aggregate principal amount such that, after giving effect thereto, the Outstanding
Amount of all U.K. Loans no longer exceeds the Total U.K. Commitment. Notwithstanding the
foregoing, to avoid the incurrence of breakage costs with respect to U.K. Loans which are
LIBOR Rate Loans, the U.K. Borrowers shall not be obligated to repay any U.K. Loan that is a
LIBOR Rate Loan until the end of the Interest Period relating thereto to the extent that the
unused amount of the Domestic Commitments of the Domestic Banks which are affiliates of the
U.K. Banks shall be greater than or equal to the U.K. Excess Amount. On each Revaluation
Date and until the U.K. Loans are repaid in accordance with the first sentence of this
paragraph (d), the

 

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Total Domestic Commitment shall be automatically reduced by an amount equal to the U.K.
Excess Amount. Such reduction shall be made by reducing the Domestic Commitments of each
such Domestic Bank that is an affiliate of a U.K. Bank by an amount equal to such Domestic
Bank’s Domestic Commitment Percentage of the U.K. Excess Amount.

     §7. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers represents and warrants to
the Agents, the Banks and the Issuing Bank that:

     §7.1. Corporate Authority.

     (a) Incorporation; Good Standing. Each of the Borrowers and each of Ryder’s
Consolidated Subsidiaries (other than Immaterial Subsidiaries) (i) is a corporation duly
organized, validly existing and in good standing under the Laws of its respective
jurisdiction of incorporation, (ii) has all requisite corporate power to own its property
and conduct its material business operations so that the Borrowers and their Consolidated
Subsidiaries, taken as a whole, may conduct business substantially in the manner presently
conducted by them, and (iii) is in good standing (or such qualification can be readily
obtained without material penalty) as a foreign corporation and is duly authorized to do
business in each jurisdiction in which its property or business as presently conducted or
contemplated makes such qualification necessary, except where a failure to be so qualified
would not have a material adverse effect on the business, assets or financial condition of
Ryder and its Consolidated Subsidiaries, taken as a whole.

     (b) Authorization. The execution, delivery and performance of this Agreement
and the other Loan Documents and the transactions contemplated hereby and thereby (i) are
within the corporate authority of each of the Borrowers, (ii) have been duly authorized by
all necessary corporate proceedings on the part of each of the Borrowers, (iii) do not
materially conflict with or result in any material breach or contravention of any provision
of Law, statute, rule or regulation to which any of the Borrowers is subject or any
judgment, order, writ, injunction, license or permit applicable to any of the Borrowers, and
(iv) do not conflict with any provision of the corporate charter, bylaws or constitutional
documents of any of the Borrowers or any material agreement or other material instrument
binding upon any of the Borrowers.

     (c) Enforceability. The execution, delivery and performance of this Agreement
and the other Loan Documents by each of the Borrowers will result in valid and legally
binding obligations of each of the Borrowers enforceable against each such Borrower in
accordance with the respective terms and provisions hereof and thereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other
Laws relating to or affecting generally the enforcement of creditors’ rights and except to
the extent that availability of the remedy of specific performance or injunctive relief is
subject to the discretion of the court before which any proceeding therefor may be brought.

 

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     §7.2. Governmental Approvals. The execution, delivery and performance of this
Agreement and the other Loan Documents by each of the Borrowers and the consummation by
each of the Borrowers of the transactions contemplated hereby and thereby do not require any
approval or consent of, or filing with, any governmental agency or authority other than those
already obtained.

     §7.3. Title to Properties; Leases. Ryder and its Consolidated Subsidiaries own all of
the assets reflected in the consolidated balance sheet of Ryder and its Consolidated Subsidiaries
as at the Balance Sheet Date or acquired since that date (except property and assets (a) sold or
otherwise disposed of in the ordinary course of business since that date or as otherwise permitted
pursuant to §9.3 or (b) held pursuant to lease, trust or conditional sales agreement), subject to
no mortgages, conditional sales agreements, title retention agreements, liens or other encumbrances
except Permitted Liens.

     §7.4. Financial Statements. There have been furnished to the Banks the consolidated
balance sheet of Ryder and its Consolidated Subsidiaries dated the Balance Sheet Date and the
consolidated statements of income, shareholders’ equity and cash flow for the fiscal periods then
ended, certified by Ryder’s independent certified public accountants of nationally recognized
standing. All said balance sheets and statements of operations have been prepared in accordance
with GAAP (but, in the case of any of such financial statements which are unaudited, only to the
extent GAAP is applicable to interim unaudited reports) and fairly present the financial condition
of Ryder and its Consolidated Subsidiaries as at the close of business on the Balance Sheet Date
and the results of operations for the period then ended (subject, in the case of unaudited interim
financial statements, to changes resulting from audit and normal year-end adjustments and to the
absence of complete footnotes). There are no contingent liabilities of Ryder and its Consolidated
Subsidiaries involving material amounts, known to the officers of Ryder, which have not been
disclosed in said balance sheets and the related notes thereto or otherwise in writing to the
Administrative Agent.

     §7.5. Litigation. Except as set forth on Schedule 7.5, there are no actions, suits,
proceedings or investigations of any kind pending or, to the knowledge of each of the Borrowers,
threatened against Ryder or any of Ryder’s Consolidated Subsidiaries before any court, tribunal or
administrative agency or board which, either in any case or in the aggregate, if adversely
determined, Ryder reasonably believes would be expected to have a material adverse effect on the
financial condition, business, or assets of Ryder and its Consolidated Subsidiaries, considered as
a whole, or materially impair the right of Ryder and its Consolidated Subsidiaries, considered as a
whole, to carry on business substantially as now conducted, or result in any substantial liability
not adequately covered by insurance, or for which adequate reserves are not maintained on the
consolidated balance sheet or which question the validity of any of the Loan Documents to which
Ryder or any of its Consolidated Subsidiaries is a party, or any action taken or to be taken
pursuant hereto or thereto.

     §7.6. Compliance With Other Instruments, Laws, Etc. None of the Borrowers nor any of
Ryder’s Consolidated Subsidiaries is (a) violating any provision of its charter documents or
by-laws or (b) any agreement or instrument to which any of them may be subject or by which any of
them or any of their properties may be bound or any decree, order, judgment, or, to the knowledge
of Ryder’s officers, any statute, license, rule or regulation, in a manner which materially and
adversely affects the financial condition, business or assets of Ryder and its Consolidated
Subsidiaries, considered as a whole.

 

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     §7.7. Tax Status. Each Borrower and each of Ryder’s Consolidated Subsidiaries (other
than its Immaterial Subsidiaries) have (a) made or filed all federal, state, provincial and
territorial income and all other tax returns, reports and declarations (or obtained extensions with
respect thereto) required by applicable Law to be filed by them, other than state or provincial tax
returns covering immaterial amounts, (b) paid all taxes and other governmental assessments and
charges as shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith, and (c) set aside on their books provisions reasonably adequate for
the payment of all taxes for periods subsequent to the periods to which such returns, reports or
declarations apply. Except as set forth on Schedule 7.7, there are no unpaid taxes in any amount
material to Ryder and its Consolidated Subsidiaries, taken as a whole, claimed to be due by the
taxing authority of any jurisdiction, and the officers of the Borrowers know of no basis for any
such claim.

     §7.8. No Event of Default. No Default or Event of Default has occurred and is
continuing.

     §7.9. Holding Company and Investment Company Acts. Neither Ryder nor any of its
Subsidiaries is a “holding company” or a “public utility company” as such terms are defined in the
Public Utility Holding Company Act of 2005; nor is any of them a “registered investment company”,
or an “affiliated company” or a “principal underwriter” of a “registered investment company”, as
such terms are defined in the Investment Company Act of 1940, as amended.

     §7.10. Absence of Financing Statements, Etc. Except as permitted by §9.2 of this
Agreement, (i) there is no Indebtedness of the Borrowers or obligors hereunder senior to the
Obligations and (ii) there is no effective financing statement, security agreement, chattel
mortgage, real estate mortgage or other document filed or recorded with any filing records,
registry, or other public office, which purports to cover, affect or give notice of any present or
possible future lien on, or security interests in, any assets or property of Ryder or any of its
Consolidated Subsidiaries or right thereunder.

     §7.11. ERISA Compliance.

     (a) Each Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code and other Federal or state laws.

     (b) There are no pending or, to the best knowledge of the Borrowers, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that
could reasonably be expected to have a material adverse effect on the business, financial
condition, or results of operation of the Borrowers and their Subsidiaries, taken as a
whole.

     (c) (i) No ERISA Event has occurred, and neither the Borrowers nor any ERISA Affiliate
is aware of any fact, event or circumstance that could reasonably be expected to constitute
or result in an ERISA Event with respect to any Pension Plan that could reasonably be
expected to have a material adverse effect on the business, financial condition, or results
of operation of the Borrowers and their Subsidiaries taken as

 

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a whole; (ii) the Borrowers and each ERISA Affiliate has met in all material respects all
applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and
no waiver of the minimum funding standards under the Pension Funding Rules has been applied
for or obtained; and (iii) as of the most recent valuation date for any Pension Plan, the
Pension Plan unfunded liabilities did not exceed the value of its assets in an amount that
could reasonably be expected to have a material adverse effect on the business, financial
condition, or results of operation of the Borrowers and their Subsidiaries, taken as a
whole.

     (d) No Borrower nor any ERISA Affiliate has incurred any material liability (including
secondary liability) to any Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan under §4201 of ERISA or as a result of a sale of
assets described in §4204 of ERISA that could reasonably be expected to have a material
adverse effect on the business, financial condition, or results of operation of the
Borrowers and their Subsidiaries, taken as a whole. No Borrower nor any ERISA Affiliate has
been notified that any Multiemployer Plan is in reorganization or is insolvent under and
within the meaning of §4241 or §4245 of ERISA or has been terminated under §4041A of ERISA
that could reasonably be expected to have a material adverse effect on the business,
financial condition, or results of operation of the Borrowers and their Subsidiaries, taken
as a whole.

     §7.12. Environmental Compliance. In the ordinary course of its business, each
Borrower reviews the effect of Environmental Laws on the business, operations and properties of
such Borrower and its Subsidiaries, in the course of which it identifies and evaluates associated
liabilities and costs (including, without limitation, capital or operating expenditures required
for clean-up or closure of properties presently or previously owned, capital or operating
expenditures required to achieve or maintain compliance with environmental protection standards
imposed by Law or as a condition of any license, permit or contract, any periodic or permanent
shutdown of any facility or reduction in the level or change in the nature of operation conducted
thereat, any costs or liabilities in connection with off-site disposal of wastes or Hazardous
Substances, and any actual or potential liabilities to third parties, including employees, and any
related costs and expenses). Except as set forth on Schedule 7.12, on the basis of this review,
each Borrower has reasonably concluded that such associated liabilities and costs, including the
costs of compliance with Environmental Laws, are unlikely to have a material adverse effect on the
business, financial condition, results of operations or prospects of Ryder and its Consolidated
Subsidiaries, taken as a whole.

     §7.13. Disclosure. The representations and warranties made by the Borrowers in this
Agreement or by the Borrowers in any agreement, instrument, document, certificate, statement or
letter furnished to the Banks in connection with the transactions contemplated by the Loan
Documents do not, taken as a whole, together with all other information provided by or on behalf of
the Borrowers, which includes (i) any information provided pursuant §8.4 or otherwise provided by
the Borrowers to the Agents and the Banks in writing and (ii) all information contained in the
reports filed by Ryder with the Securities and Exchange Commission, contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make such representation,
warranties and information, taken as a whole, in light of the circumstances under which they were
made, not misleading in any material respect.

 

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     §7.14. Location of Chief Executive Office. Ryder’s chief executive office and the
location where its books and records are kept is 11690 N.W. 105th Street, Miami, Florida 33178
(except as the same may be updated pursuant to §8.2). Ryder is incorporated under the laws of the
state of Florida.

     §7.15. Debt Ratings. Schedule 7.15 contains a true and accurate list as of the
Closing Date of the Senior Public Debt Ratings.

     §7.16. Consolidated Subsidiaries. Each of the Consolidated Subsidiaries of Ryder and
the other Borrowers as of the date hereof is listed on Schedule 7.16 attached hereto.

     §7.17. Foreign Assets Control Regulations, Etc. None of the requesting or borrowing
of the Loans, the Bankers’ Acceptances, the requesting or issuance, extension or renewal of any
Letters of Credit or the use of the proceeds of any thereof will violate the Trading With the Enemy
Act (50 U.S.C. § 1 et seq., as amended) (the “Trading With the Enemy Act”) or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V,
as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or executive
order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to
(a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With
Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the
“Executive Order”) and (b) the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). Furthermore,
neither the Borrower nor any of its Subsidiaries or other affiliates (a) is a “blocked person” as
described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets Control
Regulations or (b) engages in any dealings or transactions, or be otherwise associated, with any
such “blocked person”.

     §7.18. Use of Proceeds. The proceeds of the Loans, borrowings by Bankers’ Acceptances
and the Letters of Credit shall be used for general corporate purposes and working capital
purposes, including, without limitation, to provide liquidity enhancement to the commercial paper
financing program maintained by Ryder. No Loans or Bankers’ Acceptances or any portion of any
Letter of Credit shall be used in any way that will violate Regulations T, U or X of the Board of
Governors of the Federal Reserve System. The Borrowers will not use the proceeds of any Loan or
borrowing by way of Bankers’ Acceptances or any portion of any Letter of Credit to purchase or
carry any “margin security” or “margin stock” (as such terms are defined in said Regulations U and
X).

     §7A. REPRESENTATIONS AS TO FOREIGN OBLIGORS. Each of Ryder and each Foreign Obligor
(with regard to itself but not with regard to any other Foreign Obligor) represents and warrants to
the Agents, the Banks and the Issuing Bank that:

     (a) Such Foreign Obligor is subject to civil and commercial Laws with respect to its
obligations under this Agreement and the other Loan Documents to which it is a party
(collectively as to such Foreign Obligor, the “Applicable Foreign Obligor Documents”), and
the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign
Obligor Documents constitute and will constitute private and commercial acts and not public
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any of its material property has any immunity from jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) under the Laws of the jurisdiction
in which such Foreign Obligor is organized and existing in respect of its obligations under
the Applicable Foreign Obligor Documents.

     (b) There are no form requirements applicable to the Applicable Foreign Obligor
Documents under the Laws of the jurisdiction in which such Foreign Obligor is organized and
existing for the enforcement thereof against such Foreign Obligor under the Laws of such
jurisdiction, or to ensure the legality, validity, enforceability, priority or admissibility
in evidence of the Applicable Foreign Obligor Documents. It is not necessary to ensure the
legality, validity, enforceability, priority or admissibility in evidence, in each case, in
all material respects, of the Applicable Foreign Obligor Documents that the Applicable
Foreign Obligor Documents be filed, registered or recorded with, or executed or notarized
before, any court or other authority in the jurisdiction in which such Foreign Obligor is
organized and existing or that any registration charge or stamp or similar tax be paid on or
in respect of the Applicable Foreign Obligor Documents or any other document, except for (i)
any such filing, registration, recording, execution or notarization as has been made or is
not required to be made until the Applicable Foreign Obligor Document or any other document
is sought to be enforced and (ii) any charge or tax as has been timely paid.

     (c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge,
or any deduction or withholding, imposed by any Governmental Authority in or of the
jurisdiction in which such Foreign Obligor is organized, existing and a resident for tax
purposes either (i) on or by virtue of the execution or delivery of the Applicable Foreign
Obligor Documents or (ii) on any payment to be made by such Foreign Obligor pursuant to the
Applicable Foreign Obligor Documents, except as has been disclosed to the Agents.

     (d) The execution, delivery and performance of the Applicable Foreign Obligor Documents
executed by such Foreign Obligor are, under applicable foreign exchange control regulations
of the jurisdiction in which such Foreign Obligor is organized and existing, not subject to
any notification or authorization except (i) such as have been made or obtained or (ii) such
as cannot be made or obtained until a later date and are not material (provided that
any notification or authorization described in clause (ii) shall be made or obtained as soon
as is reasonably practicable).

     §8. AFFIRMATIVE COVENANTS OF THE BORROWERS. Each of the Borrowers agrees that, so
long as any Obligation is outstanding or the Banks have any obligation to make Loans, or the
Canadian Banks have any Obligations with respect to Bankers’ Acceptances, or the Issuing Bank has
any obligation to issue, extend or renew any Letters of Credit:

     §8.1. Punctual Payment. The applicable Borrower(s) will duly and punctually pay or
cause to be paid the principal and interest on the Loans, all Bankers’ Acceptances, all Letters
of Credit, fees and other amounts provided for in this Agreement and the other Loan Documents,
all in accordance with the terms of this Agreement and such other Loan Documents.

 

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     §8.2. Maintenance of Chief Executive Office. Ryder will maintain its chief executive
office at the location referred to in §7.14 or at such other place in the United States of America
as Ryder shall designate upon thirty (30) days prior written notice to the Agents.

     §8.3. Records and Accounts. Each of the Borrowers will, and will cause each of its
Consolidated Subsidiaries to, (a) keep true and accurate records and books of account in which
full, true and correct entries will be made in accordance with (i) with respect to Ryder and its
Consolidated Subsidiaries only, GAAP and (ii) with respect to each such Person, the requirements of
all regulatory authorities and (b) maintain adequate accounts and reserves for all taxes (including
income taxes), depreciation, depletion, obsolescence and amortization of its properties, all other
contingencies, and all other proper reserves in accordance with GAAP with respect to Ryder and its
Consolidated Subsidiaries and in accordance with all regulatory authorities with respect to each of
the other Borrowers, provided that if any changes in GAAP with which Ryder’s independent
accountants concur or changes in the application of GAAP with which Ryder’s independent accountants
concur result in a change (other than an immaterial change) in the method of calculation or the
basis upon which such calculation is made of any of the financial covenants, standards or terms
contained in this Agreement, the Borrowers and the Banks agree to amend such provisions to reflect
such changes in GAAP so that the criteria for evaluating the consolidated financial condition of
Ryder and its Consolidated Subsidiaries shall be the same after such accounting changes as if such
changes had not been made.

     §8.4. Financial Statements, Certificates and Information. Ryder will deliver to each
of the Banks, the Issuing Bank and the Agents:

     (a) as soon as practicable, but, in any event not later than one hundred twenty (120)
days after the end of each fiscal year of Ryder, the consolidated balance sheet of Ryder and
its Consolidated Subsidiaries as at the end of such year, and the consolidated statements of
income and cash flows for Ryder and its Consolidated Subsidiaries for the fiscal year then
ended, each setting forth in comparative form the figures for the previous fiscal year, all
such consolidated financial statements to be in reasonable detail, prepared, in accordance
with GAAP audited and accompanied by a report and opinion of independent certified public
accountants of nationally recognized standing selected by Ryder, which report and opinion
shall be prepared in accordance with generally accepted auditing standards and shall not be
subject to any “going concern” or like qualification or exception or any qualification or
exception as to the scope of such audit. In addition, within one hundred twenty (120) days
of the end of each such fiscal year, Ryder shall provide the Banks with a written statement
from such accountants to the effect that they have read a copy of this Agreement, and that,
in making the examination necessary to said certification, they have obtained no knowledge
of any Default or Event of Default, or, if such accountants shall have obtained knowledge of
any then existing Default or Event of Default they shall disclose in such statement any such
Default or Event of Default; provided that such accountants shall not be liable to
the Banks for failure to obtain knowledge of any Default or Event of Default;

 

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     (b) as soon as practicable, but in any event not later than sixty (60) days after the
end of each of the first three fiscal quarters of each fiscal year of Ryder, copies of the
consolidated balance sheets of Ryder and its Consolidated Subsidiaries as at the end of such
quarter, and the related consolidated statements of income and cash flows for the portion of
the fiscal year then ended, all in reasonable detail and prepared in accordance with GAAP
(to the extent GAAP is applicable to interim unaudited financial statements) with a
certification by the principal financial officer of Ryder that the consolidated financial
statements are prepared in accordance with GAAP (to the extent GAAP is applicable to interim
unaudited financial statements) and fairly present the consolidated financial condition of
Ryder and its Consolidated Subsidiaries on a consolidated basis as at the close of business
on the date thereof and the results of operations for the period then ended;

     (c) simultaneously with the delivery of the financial statements referred to in (a) and
(b) above, a certificate in the form of Exhibit C hereto (the “Compliance Certificate”)
signed by the principal financial officer, treasurer or assistant treasurer of Ryder,
stating that Ryder and its Consolidated Subsidiaries are in compliance with §10 hereof as of
the end of the applicable period setting forth in reasonable detail computations evidencing
such compliance and certifying (i) no Default or Event of Default exists or if a Default or
Event of Default shall then exist, specifying the nature thereof and (ii) such other matters
as are set forth therein;

     (d) as soon as practicable but, in any event, within thirty (30) Business Days after
the issuance thereof, copies of all material of a financial nature filed with the Securities
and Exchange Commission or sent to the stockholders of Ryder or any of its Subsidiaries
generally; and

     (e) from time to time, and with reasonable promptness, such other financial data and
other information as the Banks may reasonably request.

     The Borrowers hereby authorize each Bank to disclose any information obtained pursuant to this
Agreement to all appropriate governmental regulatory authorities where required by Law, including,
without limitation, with respect to requests or directives, whether or not having the force of law.
Except for any such disclosure to governmental banking regulatory authorities upon the request
therefor, the applicable Agent or Bank or the Issuing Bank shall, to the extent practicable and
legally permissible, provide prompt written notice to Ryder so that Ryder may have the opportunity
to contest such disclosure and such Agent or Bank or the Issuing Bank shall use reasonable efforts
within Law to maintain the confidentiality of such Information.

     Documents required to be delivered pursuant to §§8.4(a), (b) and (c) (to the extent any such
documents are included in materials otherwise filed with the Securities and Exchange Commission)
may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which Ryder posts such documents, or provides a link thereto on its website on the
Internet at www.ryder.com; or (ii) on which such documents are posted on Ryder’s behalf on
an Internet or intranet website, if any, to which each Bank and the Agents have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided
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the Administrative Agent or any Bank that requests Ryder to deliver such paper copies until a
written request to cease delivering paper copies is given by the Administrative Agent or such Bank
and (ii) Ryder shall notify the Administrative Agent and each Bank (by telecopier or electronic
mail) of the posting of any such documents and provide to the Administrative Agent by electronic
mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained
herein, in every instance Ryder shall be required to provide paper copies of the Compliance
Certificates required by §8.4(c) to the Administrative Agent. Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the delivery or to
maintain copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by Ryder with any such request for delivery, and each Bank shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents.

     Each Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arranger
will make available to the Banks and the Issuing Bank materials and/or information provided by or
on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower
Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of
the Banks (each, a “Public Bank”) may have personnel who do not wish to receive material non-public
information with respect to any of the Borrowers or their respective Affiliates, or the respective
securities of any of the foregoing, and who may be engaged in investment and other market-related
activities with respect to such Persons’ securities. Each Borrower hereby agrees that so long as
such Borrower is the issuer of any outstanding debt or equity securities that are registered or
issued pursuant to a private offering or is actively contemplating issuing any such securities (w)
all Borrower Materials that are to be made available to Public Banks shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers
shall be deemed to have authorized the Administrative Agent, the Lead Arranger, the Issuing Bank
and the Banks to treat such Borrower Materials as not containing any material non-public
information with respect to the Borrowers or their respective securities for purposes of United
States Federal and state securities laws (provided, however, that to the extent
such Borrower Materials constitute Information, they shall be treated as set forth in §29); (y) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Side Information;” and (z) the Administrative Agent and the Lead
Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Side Information.”
Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower
Materials “PUBLIC.”

     §8.5. Corporate Existence; Compliance with Laws, Other Agreements. Each of the
Borrowers will, and Ryder will cause each of its Consolidated Subsidiaries (other than its
Immaterial Subsidiaries) to, (a) keep in full force and effect their respective corporate existence
and all rights, licenses, leases and franchises reasonably necessary to the conduct of its
business, and (b) comply with (i) all applicable Laws and regulations (including, without
limitation, all Environmental Laws) wherever its business is conducted, (ii) the provisions of its
charter documents, by-laws and constitutional documents, and (iii) all agreements and instruments
by which it or any of its properties may be bound and all applicable decrees, orders and judgments,
in each case in such manner that there will not result a material and adverse effect on the
financial condition, properties or business of the Borrowers, considered separately, or Ryder and
its Consolidated Subsidiaries considered as a whole.

 

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     §8.6. Maintenance of Properties. Each of the Borrowers will, and Ryder will cause
each of its Consolidated Subsidiaries to, cause all material properties used or useful in the
conduct of its business to be maintained and kept in good condition, repair and working order
(ordinary wear and tear excepted) and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of Ryder and its
Consolidated Subsidiaries may be necessary for the conduct of their business; provided, however,
that nothing in this section shall prevent Ryder or any of its Consolidated Subsidiaries from
discontinuing the operation and maintenance of any of its properties if such discontinuance is, in
the judgment of such Person, desirable in the conduct of its business and which does not in the
aggregate materially adversely affect the financial condition, business or assets of Ryder and its
Consolidated Subsidiaries, taken as a whole.

     §8.7. Insurance. Each of the Borrowers will, and Ryder will cause each of its
Consolidated Subsidiaries to, maintain (either in the name of such Borrower or in such Subsidiary’s
own name), insurance with respect to their properties in at least such amounts and against at least
such risks (and with such risk retention) as are usually insured against in the same general area
by companies of established repute engaged in the same or a similar business and of similar size;
and will furnish to the Banks, upon request of the Administrative Agent, information presented in
reasonable detail as to the insurance so carried.

     §8.8. Taxes. Each of the Borrowers will, and Ryder will cause each of its
Consolidated Subsidiaries to, duly pay and discharge, or cause to be paid and discharged, before
the same shall become overdue, all taxes, assessments and other governmental charges imposed upon
it and its real properties, sales and activities, or any part thereof, or upon the income or
profits therefrom, as well as all claims for labor, materials or supplies, which if unpaid might by
Law become a lien or charge upon any of its property; provided that the Borrowers or any
Consolidated Subsidiary shall not be required to pay any such tax, assessment, charge or levy if
the same shall not at the time be due and payable or can be paid thereafter without penalty; or if
the validity thereof shall currently be contested in good faith by appropriate proceedings if it
shall have set aside on its books reserves deemed by it adequate with respect to such tax,
assessment, charge or levy; or if the failure to pay such tax, assessment, charge or levy shall not
result in a material adverse change in the financial position, results of operations, business or
other condition of the Borrowers and their Consolidated Subsidiaries, taken as a whole.

     §8.9. Inspection of Properties, Books and Contracts. The Banks, through the Agents or
any of their designated representatives, shall have the right to visit and inspect any of the
properties of the Borrowers to examine their books of account (and to make copies thereof and
extracts therefrom), and to discuss the affairs, finances and accounts of the Borrowers with, and
to be advised as to the same by, its officers, all at such reasonable times and intervals as the
Banks may reasonably request.

 

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     §8.10. Notice of Potential Claims or Litigation. Each of the Borrowers shall deliver
to the Banks, within thirty (30) days of receipt thereof, written notice of the initiation of any
action, claim, complaint, or any other notice of dispute or potential litigation, including
pursuant to any applicable Environmental Laws, against any of the Borrowers or any of Ryder’s
Consolidated Subsidiaries, including, without limitation, the initiation of any action, claim,
complaint, or any other notice of dispute or potential litigation, including pursuant to any
applicable Environmental Laws brought by any Governmental Authority, wherein the potential
liability is in excess of $50,000,000 and which are required to be reported pursuant to Regulation
S-K under the Securities Act of 1933.

     §8.11. Notice of Default. Each of the Borrowers will promptly notify the Banks in
writing of the occurrence of any Default or Event of Default.

     §8.12. Use of Proceeds. The proceeds of the Loans, borrowings by Bankers’ Acceptances
and the Letters of Credit shall be used for general corporate purposes and working capital
purposes, including, without limitation, to provide liquidity enhancement to the commercial paper
financing program maintained by Ryder. No Loans or Bankers’ Acceptances or any portion of any
Letter of Credit shall be used in any way that will violate Regulations T, U or X of the Board of
Governors of the Federal Reserve System. The Borrowers will not use the proceeds of any Loan or
borrowing by way of Bankers’ Acceptances or any portion of any Letter of Credit to purchase or
carry any “margin security” or “margin stock” (as such terms are defined in said Regulations U and
X).

     §8.13. Debt Ratings. The Borrowers will notify the Agents promptly upon becoming
aware thereof, of any publicly announced change in the Senior Public Debt Ratings and/or any change
in the rating of any other Indebtedness of any of their Subsidiaries which is rated by S&P, Moody’s
or Fitch.

     §8.14. Notice of any ERISA Event. Each of the Borrowers will promptly notify the
Banks in writing of the occurrence of any ERISA Event.

     §8.15. Further Assurances. Each of the Borrowers will cooperate with the
Administrative Agent and execute such further instruments and documents as the Administrative Agent
shall reasonably request to carry out to the Banks’ satisfaction the transactions contemplated by
this Agreement.

     §9. CERTAIN NEGATIVE COVENANTS OF THE BORROWERS. Each of the Borrowers agrees that,
so long as any Obligation is outstanding or the Banks have any obligation to make Loans, or the
Canadian Banks have any Obligations with respect to Bankers’ Acceptances, or the Issuing Bank has
any obligation to issue, extend or renew any Letters of Credit:

     §9.1. Restrictions on Secured Indebtedness. None of the Borrowers nor any of their
Consolidated Subsidiaries shall create, incur, assume, or be or remain liable, contingently or
otherwise, with respect to any Secured Indebtedness other than:

     (a) Secured Indebtedness consisting of (i) Indebtedness of Ryder’s Consolidated
Subsidiaries to a Borrower and (ii) unsecured Intercompany Indebtedness; and

 

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     (b) other Secured Indebtedness (including, without limitation, Indebtedness under
capitalized leases), provided that the aggregate amount of Secured Indebtedness outstanding,
pursuant to this §9.1(b) shall not exceed at any time thirty percent (30%) of the Adjusted
Consolidated Tangible Assets of Ryder and its Consolidated Subsidiaries, determined at such
time.

For purposes of calculating the amount of Secured Indebtedness of Ryder and its Consolidated
Subsidiaries under §9.1(b), Ryder shall be deemed to have incurred Secured Indebtedness in an
amount equal to the aggregate amount of all Derivatives Obligations which are secured by a lien
permitted pursuant to Section §9.2(e).

     §9.2. Restrictions on Liens. None of the Borrowers will, nor will Ryder permit any of
its Consolidated Subsidiaries to, create or incur or suffer to be created or incurred or to exist
any Lien upon any property or assets of any character, except as follows (the “Permitted Liens”):

     (a) Liens securing Secured Indebtedness, provided that such Secured Indebtedness is
permitted by §9.1 hereof, and provided further that the aggregate net book value of the
assets of Ryder and its Consolidated Subsidiaries securing Secured Indebtedness which (i)
consists of Indebtedness included within clause (i) of the definition of “Secured
Indebtedness” and (ii) is incurred pursuant to §9.1(b), shall not, at any time, exceed an
amount equal to two-hundred percent (200%) of the aggregate outstanding principal amount of
such Secured Indebtedness;

     (b) any encumbrances consisting of zoning restrictions, exceptions, easements, leases
or other like restrictions on the use of real property which do not materially impair the
use of such property;

     (c) the following Liens or charges which are not yet due or are payable without penalty
or of which the amount, applicability or validity is being contested in good faith by
appropriate proceedings:

     (i) Liens for taxes, assessments or other governmental charges;

     (ii) Liens given in the ordinary course of business pursuant to any
governmental regulation in order to allow Ryder or a Consolidated Subsidiary to
maintain self-insurance, or to participate in any fund or participate in any
benefits in connection with worker’s compensation, unemployment insurance, old age
pensions or other social security, or for any other purpose at any time required by
Law or governmental regulation as a condition to the transaction of business or the
exercise of any privilege or license;

     (iii) mechanic’s, carrier’s, worker’s, warehouseman’s, landlord’s or other like
Liens arising in the ordinary course of business, including Liens incident to
construction;

     (iv) any inchoate Liens arising under ERISA to secure any contingent liability
of Ryder or a Consolidated Subsidiary; and

 

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     (v) other Liens incidental to the conduct of business or ownership of property
and assets which were not incurred in connection with the borrowing of money and
which do not in the aggregate materially impair the use of property or assets of
Ryder or its Consolidated Subsidiaries;

     (d) Liens on accounts receivable subject to the Receivables Purchase Agreements
referred to in §9.3(d);

     (e) Liens on cash, cash equivalents and marketable securities securing Derivatives
Obligations; and

     (f) Liens on assets subject to the securitization permitted pursuant to §9.3(e).

     §9.3. Corporate Changes and Sales or Dispositions of Assets. Each of the Borrowers
will not, and Ryder will not permit any of its Consolidated Subsidiaries to, become a party to any
merger, consolidation, asset acquisition, stock acquisition or disposition of assets, with the
following exceptions, provided that such merger, consolidation, acquisition or disposition would
not cause Ryder to not be in compliance with all the covenants and conditions of this Agreement:

     (a) mergers of a Consolidated Subsidiary into another Consolidated Subsidiary of Ryder,
or mergers or consolidations pursuant to which Ryder is the surviving Person;

     (b) acquisitions of interests in other corporations or business entities (either
through the purchase of assets or capital stock or otherwise);

     (c) dispositions of assets in the ordinary course of business;

     (d) sales by Ryder and its Subsidiaries of their accounts receivable pursuant to the
Receivables Purchase Agreements, provided that (i) the aggregate face amount of all
accounts receivable of Ryder treated as purchased receivables and sold by Ryder and/or its
Subsidiaries to the securitization conduit under the Receivables Purchase Agreements shall
not exceed at any time the lesser of (A) seventy-five percent (75%) of the aggregate face
amount of all accounts receivable of Ryder and its Consolidated Subsidiaries, taken as a
whole, including the accounts receivable which constitute purchased receivables under the
Receivables Purchase Agreements and (B) $425,000,000, and (ii) from and after the date of
the first sale of accounts receivable pursuant to the Receivables Purchase Agreements, the
cumulative net cash proceeds received by Ryder from sales of accounts receivable thereunder
shall not be less than seventy-five percent (75%) of the cumulative face amount of all
accounts receivable of Ryder sold thereunder;

     (e) the securitization, in one or more securitization transactions, by Ryder of trucks,
tractors and trailers (collectively, the “Securitized Assets”) together with the financial
component of their associated lease and service agreements, provided that (i) the
unamortized balance of all Indebtedness of Ryder and its Consolidated Subsidiaries or of any
special purpose securitization subsidiary or conduit incurred in connection with such
securitization programs (excluding any Indebtedness as to which Ryder or any of its

 

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Consolidated Subsidiaries is the holder) shall not, at any time, exceed $1,250,000,000
and (ii) the cumulative net cash proceeds received by Ryder in connection with such
securitization transactions shall not be less than seventy-five percent (75%) of the net
book value of all such Securitized Assets; and

     (f) other dispositions of assets not otherwise permitted by the foregoing clauses of
this section, provided that (i) the aggregate fair market value of assets so disposed of in
any consecutive twelve (12) month period shall not exceed ten percent (10%) of the aggregate
book value of all Consolidated Tangible Assets of Ryder and its Consolidated Subsidiaries,
determined in accordance with GAAP, measured as of the first day of such twelve (12) month
period and (ii) the revenue attributable to the assets so disposed of in any consecutive
twelve (12) month period shall not exceed twenty percent (20%) of the revenues of Ryder and
its Consolidated Subsidiaries during such twelve (12) month period, determined in accordance
with GAAP.

     §9.4. Leasebacks. Each of the Borrowers will not, and Ryder will not permit any of
its Consolidated Subsidiaries to, sell, transfer or otherwise convey any property of Ryder or any
Consolidated Subsidiary more than one hundred twenty (120) days after the acquisition thereof for
purposes of leasing back such property except:

     (a) leasebacks with a term of three years or less (including all permitted extensions
and renewals);

     (b) leasebacks whereby the proceeds from the sale or transfer of property are used to
reduce the Obligations or other Indebtedness of a rank at least equal to the Obligations; or

     (c) leasebacks permitted by §9.1 and §9.2.

     §9.5. Limitation on Agreements. Each of the Borrowers will not, and Ryder will not
permit any of its Consolidated Subsidiaries to, enter into any agreement which restricts or
prohibits any guarantees, advances, dividends or distributions (i) from any Consolidated Subsidiary
to such Borrower, or (ii) between or among Consolidated Subsidiaries. Notwithstanding the
foregoing, any Consolidated Subsidiary of Ryder may issue capital stock which is preferred as to
dividends or upon liquidation to any other capital stock of such Consolidated Subsidiary
(“Preferred Stock”); provided that (i) the aggregate liquidation preference of all such Preferred
Stock issued by Ryder’s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated
Subsidiaries does not, at any time, exceed five percent (5%) of Consolidated Adjusted Tangible Net
Worth at such time, (ii) immediately before, and immediately after, and after giving effect to such
issuance of Preferred Stock, no Default or Event of Default shall have occurred and be continuing,
and (iii) prior to the issuance by any Subsidiary of Preferred Stock, such Subsidiary shall have
delivered to the Administrative Agent, for the benefit of the Banks, the Issuing Bank and the
Agents, a guarantee of the Obligations in form and substance satisfactory to the Administrative
Agent (it being understood that the obligations of such Subsidiary under such guaranty shall be
limited to the aggregate amount of the liquidation preference of all such Preferred Stock issued by
such Subsidiary which is not owned by Ryder and its Consolidated Subsidiaries), together with
corporate authority
documentation and a legal opinion, in form and substance satisfactory to the Administrative
Agent, as to the authorization, execution, delivery and enforceability of such guaranty. The
Borrowers, the Agents, the Issuing Bank and the Banks agree that each such guaranty shall be deemed
to be a “Loan Document” hereunder.

 

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     §10. FINANCIAL COVENANT OF THE BORROWERS. Each of the Borrowers agrees that, so long
as any Obligation is outstanding or the Banks have any obligation to make Loans, or the Canadian
Banks have any Obligations with respect to Bankers’ Acceptances, or the Issuing Bank has any
obligation to issue, extend or renew any Letters of Credit:

     §10.1. Debt to Consolidated Tangible Net Worth. Ryder will not, at any time, permit
the ratio of (a) the aggregate amount of Indebtedness of Ryder and its Consolidated Subsidiaries to
(b) Consolidated Adjusted Tangible Net Worth of Ryder and its Consolidated Subsidiaries to exceed
3.00:1.00.

     §11. CONDITIONS TO CLOSING/EFFECTIVENESS. The effectiveness of this Agreement and the
obligations of the Banks to make any Loans, of the Canadian Banks to accept or purchase any
Bankers’ Acceptance, of the Issuing Bank to issue, extend or renew any Letter of Credit and of the
Banks to otherwise be bound by the terms of this Agreement as of the Closing Date shall be subject
to the satisfaction of each of the following conditions precedent (which shall occur no later than
June 30, 2011):

     §11.1. Corporate Action. All corporate action necessary for the valid execution,
delivery and performance by the Borrowers of the Loan Documents shall have been duly and
effectively taken, and evidence thereof certified by authorized officers of the Borrowers and
satisfactory to the Banks shall have been provided to the Banks.

     §11.2. Loan Documents, Etc. Each of the Loan Documents shall have been duly and
properly authorized, executed and delivered by the respective parties thereto and shall be in full
force and effect in a form satisfactory to the Banks. Each of the representations and warranties
of the Borrowers contained in §§7 and 7A of this Agreement shall be true as of the Closing Date.

     §11.3. Certified Copies of Charter Documents. The Administrative Agent shall have
received from each of the Borrowers a copy, certified by a duly authorized officer of such Person
to be true and complete on the Closing Date, of (a) its charter or other incorporation documents as
in effect on such date of certification and (b) its by-laws as in effect on such date.

     §11.4. Incumbency Certificate. The Administrative Agent shall have received an
incumbency certificate, dated as of the Closing Date, signed by duly authorized officers giving the
name and bearing a specimen signature of each individual who shall be authorized: (a) to sign the
Loan Documents on behalf of each of the Borrowers; (b) to make Loan Requests and to apply for
Letters of Credit; and (c) to give notices and to take other action on the Borrowers’ behalf under
the Loan Documents.

     §11.5. Certificates of Insurance. The Banks shall have received a certificate of
insurance, dated as of the Closing Date, or within thirty (30) days prior thereto, identifying
insurers, types of insurance, insurance limits, and policy terms.

 

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     §11.6. Opinion of Counsel. The Banks shall have received a favorable legal opinion
from (i) Ryder Law Department, United States counsel to the Borrowers, (ii) Mills & Reeve, United
Kingdom counsel to the U.K. Borrowers, (iii) Osler, Hoskin & Harcourt LLP, Ontario counsel to Ryder
Canada Limited, (iv) Stewart McKelvey Stirling Scales, Nova Scotia counsel to Ryder Holdings Canada
and (v) Ryder Law Department, counsel to Ryder PR, in each case, addressed to the Banks, dated the
Closing Date, in form and substance satisfactory to the Administrative Agent and the Banks.

     §11.7. Existing Debt. The Administrative Agent shall have received evidence with
respect to the termination of the Existing Credit Agreement and repayment in full of all
obligations thereunder in form satisfactory to the Administrative Agent.

     §11.8. Financial Condition; Debt Ratings. No material adverse change, in the judgment
of the Majority Banks, shall have occurred in the financial condition, results of operations,
business, properties or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole,
since the audited financial statements of Ryder and its Consolidated Subsidiaries for the fiscal
year ending December 31, 2010. There shall have occurred no material adverse change in the Senior
Public Debt Ratings since December 31, 2010.

     §11.9. Payment of Fees. Each of the Borrowers shall have paid the fees required to be
paid on the Closing Date.

     §11.10. Closing Date Compliance Certificate. Each of the Banks shall have received a
Compliance Certificate, dated the Closing Date, in form and substance satisfactory to the Banks,
evidencing the Borrowers’ compliance with §10.1 hereto.

     §11.11. Receipt of Financial Statements. Each of the Banks shall have received the
financial statements of Ryder and its Consolidated Subsidiaries required to be delivered pursuant
to §8.4(a) with respect to the fiscal year of Ryder ended December 31, 2010 and any financial
statements of Ryder and its Consolidated Subsidiaries required to be delivered pursuant to §8.4(b)
with respect to any subsequent period for which such information becomes available on or prior to
the Closing Date, in form and substance satisfactory to the Banks.

Without limiting the generality of the provisions of the last paragraph of §16.3, for purposes of
determining compliance with the conditions specified in this §11, each Bank that has signed this
Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter required thereunder to be consented to or approved by or acceptable or
satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank
prior to the proposed Closing Date specifying its objection thereto.

     §12. CONDITIONS TO ALL LOANS. The obligations of the Banks to make any Loan, the
obligation of the Canadian Banks to accept or purchase any Bankers’ Acceptance and the obligation
of the Issuing Bank to issue, extend or renew any Letter of Credit, in each case, at the time of
and subsequent to the Closing Date is subject to the following conditions precedent:

     §12.1. Representations True. Each of the representations and warranties contained in
§7.1, §7.2, §7.6(a), §7.9, §7.10, §7.14, §7.17, §7.18 and §7A shall be true at and as of the time
of the making of such Loan or the acceptance or purchase of such Bankers’ Acceptance or the

 

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issuance, extension or renewal of such Letter of Credit, as applicable, with the same effect
as if made at and as of that time (except to the extent of changes resulting from transactions
contemplated or permitted by this Agreement and changes occurring in the ordinary course of
business which singly or in the aggregate are not materially adverse to the business, assets or
financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent
that such representations and warranties relate expressly and solely to an earlier date).

     §12.2. Performance; No Event of Default. The Borrowers shall have performed and
complied with all terms and conditions required by §2, §3, or §4, as applicable, and this §12, and
there shall exist no Default or Event of Default or condition which would result in a Default or an
Event of Default upon consummation of such Loan or the acceptance and purchase of such Bankers’
Acceptance or the issuance, extension or renewal of such Letter of Credit, as applicable. Each
request for a Loan or for the acceptance or purchase of a Bankers’ Acceptance or for the issuance,
extension or renewal of a Letter of Credit shall constitute certification by the Borrowers that the
conditions specified in this §12.2 will be duly satisfied on the date of such Loan.

     §12.3. No Legal Impediment. No Change in Law shall have occurred as a consequence of
which it shall have become and continue to be unlawful for (a) the first Loan to be made or the
first Bankers’ Acceptance to be accepted and purchased hereunder or the first Letter of Credit to
be issued, renewed or extended hereunder only, or for any Bank or the Issuing Bank to perform any
of its agreements or obligations under any of the Loan Documents to which it is a party or (b) for
any Borrower to perform any of its respective agreements or obligations under any of the Loan
Documents.

     §12.4. Delivery of Documents. The Borrower(s) shall have delivered to the applicable
Agent(s) and the Issuing Bank, as applicable, the documentation required to be delivered hereunder
in connection with such Loan or such Bankers’ Acceptance or such Letter of Credit.

     §12.5. Alternative Currency. In the case of a credit extension to be denominated in
Canadian Dollars, Euros or Sterling, there shall not have occurred any change in the general
availability of such currency as legal tender customarily used in the applicable jurisdiction which
in the reasonable opinion of the Agents or the Majority Banks (in the case of any Loans to be
denominated in Canadian Dollars, Euros or Sterling) would make it impossible or impracticable for
such credit extension to be denominated in such currency.

     §13. EVENTS OF DEFAULT; ACCELERATION; TERMINATION OF COMMITMENT.

     §13.1. Events of Default and Acceleration. If any of the following events (“Events of
Default”) shall occur:

     (a) if any Borrower shall fail to pay any principal of the Loans made to such Borrower,
any L/C Obligation or any obligation in respect of any Banker’s Acceptance when the same
shall become due and payable, whether at the stated date of maturity or any accelerated date
of maturity or at any other date fixed for payment and such default
shall not have been remedied within one (1) Business Day after written notice thereof
shall have been given to such Borrower and Ryder by an Agent;

 

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     (b) if the applicable Borrowers shall fail to pay any interest or fees owing by such
Borrower hereunder when the same shall become due and payable, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment and such
default shall not have been remedied within three (3) Business Days after written notice
thereof shall have been given to such Borrower and Ryder by an Agent;

     (c) if the Borrowers shall fail to comply with any of the covenants contained in §9.1,
§9.2, §9.3, or §10.1 hereof;

     (d) if the Borrowers shall fail to perform any term, covenant or agreement contained
herein or in any of the other Loan Documents or pay any amounts (other than those specified
in subsections (a), (b), and (c) above) and such failure shall not be remedied within twenty
(20) days after written notice of such failure shall have been given to the Borrowers and
Ryder by an Agent;

     (e) if any representation, warranty or certification made in writing by or on behalf of
any Borrower contained in this Agreement or in any document or instrument delivered pursuant
to this Agreement shall prove to have been false in any material respect upon the date when
made or repeated and such representation, warranty or certification shall be material at the
time it shall have been determined to have been false or incorrect, and if such false
representation, warranty or certification or its adverse effects shall be susceptible of
cure, the Borrowers shall not, within a period of twenty (20) days after written notice
thereof has been given to the Borrowers and Ryder by the Administrative Agent, (i) have
cured (to the satisfaction of the Majority Banks) the representation, warranty or
certification and (ii) have cured the adverse effect of the failure of such representation,
warranty or certification to have been true and correct when made or repeated;

     (f) if any of the Borrowers or any of Ryder’s Consolidated Subsidiaries shall (i) fail
to pay within the later of (A) three (3) Business Days after maturity and (B) three (3)
Business Days after any applicable period of grace, any Indebtedness, reimbursement
obligation in respect of any letter of credit or the aggregate amount of any Derivatives
Obligation, in each case, in an aggregate amount greater than $75,000,000, or (ii) fail to
observe or perform any material term, covenant or agreement contained in any one or more
agreements by which it is bound, evidencing or securing any Indebtedness, reimbursement
obligation in respect of any letter of credit or the aggregate amount of any Derivatives
Obligation, in each case, in an aggregate amount greater than $75,000,000, resulting in the
acceleration of such Indebtedness;

     (g) if any of the Borrowers or any of Ryder’s Consolidated Subsidiaries makes an
assignment for the benefit of creditors, or admits in writing its inability to pay or
generally fails to pay its debts as they mature or become due, or petitions or applies for
the appointment of a trustee or other custodian, liquidator or receiver of any such Person,

 

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or of any substantial part of the assets of any such Person or commences any case or
other proceeding relating to any such Person under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar Law of
any jurisdiction, now or hereafter in effect, or takes any action to authorize or in
furtherance of any of the foregoing, or if any such petition or application is filed or any
such case or other proceeding is commenced against any such Person or any such Person
indicates its approval thereof, consent thereto or acquiescence therein;

     (h) if a decree or order is entered appointing any trustee, custodian, liquidator or
receiver or adjudicating any of the Borrowers or any of Ryder’s Consolidated Subsidiaries
bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a
decree or order for relief is entered in respect of any such Person in an involuntary case
under the bankruptcy laws of any jurisdiction or any analogous proceeding, procedure or
step is taken in any jurisdiction as now or hereafter constituted, and such decree or order
remains in effect for more than sixty (60) days, whether or not consecutive;

     (i) if there shall remain in force, undischarged, unsatisfied and unstayed, for more
than sixty (60) days, whether or not consecutive, any judgment or order against any of the
Borrowers or any of Ryder’s Consolidated Subsidiaries which, with other outstanding
judgments or orders against any such Person exceeds in the aggregate $75,000,000;

     (j) if any judicial lien or attachment on the property of any Borrower or any of
Ryder’s Consolidated Subsidiaries in an amount of $75,000,000 or greater shall not be
released or provided for to the satisfaction of the Administrative Agent and the Majority
Banks within sixty (60) days after such lien or attachment shall have come into existence;

     (k) An ERISA Event occurs with respect to a Pension Plan and the Majority Banks shall
have determined in their reasonable discretion that such event could reasonably be expected
to result in liability of any of the Borrowers or any of their Subsidiaries under Title IV
of ERISA to the Pension Plan or the PBGC in an aggregate amount in excess of $75,000,000,
and such event, under the circumstances could reasonably constitute grounds for the partial
or complete termination of such Plan by the PBGC or for the appointment by the appropriate
United States District Court of a trustee to administer such Plan; or a trustee shall have
been appointed by the appropriate United States District Court to administer such Plan; or
the PBGC shall have instituted proceedings to terminate such Plan;;

     (l) if any person or group of persons (within the meaning of Section 13 or 14 of the
Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership
(within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission
under said Act) of fifty percent (50%) or more of the outstanding shares of common voting
stock of Ryder; or, during any period of twelve consecutive calendar months, individuals who
were directors of Ryder on the first day of such period shall cease to constitute a majority
of the board of directors of Ryder (excluding any directors elected or nominated by such
board); or

 

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     (m) if any Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder or satisfaction in full of
all the Obligations, ceases to be in full force and effect; or if Ryder or any of its
Consolidated Subsidiaries contests in any manner the validity or enforceability of any Loan
Document, including any material rights and obligations thereunder; or if any Ryder, any
Canadian Borrower, any U.K. Borrower or Ryder PR denies that it has any or further liability
or obligation under any Loan Document, or purports to revoke, terminate or rescind any
provision of any Loan Document;

then, and in any such event, so long as the same may be continuing, the Administrative Agent may,
and upon the written or telephonic (confirmed in writing) requests of the Majority Banks, shall, by
written notice to the Borrowers, declare all amounts under this Agreement and the Notes and all L/C
Obligations to be forthwith due and payable, whereupon the same shall forthwith mature and become
immediately due and payable, together with accrued interest thereon, without presentment, demand,
protest or notice, all of which are hereby waived by each of the Borrowers, provided that in the
case of the occurrence of any event specified in paragraphs (g) or (h) of this §13.1, all such
amounts outstanding hereunder and under the Notes shall become due and payable forthwith without
the requirement of any such notice or the action of any Person and without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by each of the
Borrowers. Upon written demand by the Majority Banks after the occurrence of any Event of Default,
and automatically without the necessity of demand in the event of any Event of Default specified in
paragraphs (g) or (h) of this §13.1, Ryder shall immediately provide to the Administrative Agent
cash in an amount equal to the aggregate L/C Obligations on all then outstanding Letters of Credit
issued for the account of Ryder or any of its domestic Subsidiaries to be held by the
Administrative Agent as Cash Collateral for such L/C Obligations.

     §13.2. Termination of Commitments. If any Event of Default pursuant to §13.1(g) or
§13.1(h) hereof shall occur, any unused portion of the Total Commitment hereunder shall forthwith
terminate and the Banks and the Agents shall be relieved of all obligations to make Loans or to
accept and purchase Bankers’ Acceptances hereunder and the Issuing Bank shall be relieved of all
further obligations to issue, extend or renew Letters of Credit; or if any other Event of Default
shall occur, the Majority Banks may by notice to the Borrowers terminate the unused portion of the
Total Commitment hereunder, and, upon such notice being given, such unused portion of the Total
Commitment hereunder shall terminate immediately and the Banks and the Agents shall be relieved of
all further obligations to make Loans or to accept and purchase Bankers’ Acceptances and the
Issuing Bank shall be relieved of all further obligations to issue, extend or renew Letters of
Credit. No termination of any portion of the Total Commitment hereunder shall relieve the
Borrowers of any of their existing Obligations to the Banks, the Issuing Bank or the Agents
hereunder or elsewhere.

     §13.3. Remedies. In case any one or more of the Events of Default shall have occurred
and be continuing, and whether or not the Banks shall have accelerated the maturity of the Loans
and other Obligations pursuant to §13.1, subject to §23A, each Bank, upon notice to the other
Banks, if owed any amount with respect to the Loans, may proceed to protect and enforce its rights
by suit in equity, action at law or other appropriate proceeding, whether for the specific
performance of any covenant or agreement contained in this Agreement and the other

 

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Loan Documents or any instrument pursuant to which the Obligations to such Bank are evidenced,
including, without limitation, as permitted by applicable Law the obtaining of the ex parte
appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise,
proceed to enforce the payment thereof or any legal or equitable right of such Bank. No remedy
herein conferred upon any Bank, the Issuing Bank or the Agents or the holder of any Note, Loan or
any Obligations hereunder or purchaser of any Letter of Credit Participation is intended to be
exclusive of any other remedy and each and every remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at Law or in equity or
by statute or any other provision of Law.

     §13.4. Judgment Currency. If, for the purpose of obtaining judgment in any court or
obtaining an order enforcing a judgment, it becomes necessary to convert any amount due under this
Agreement in Dollars or in any other currency (hereinafter in this §13.4 called the “first
currency”) into any other currency (hereinafter in this §13.4 called the “second currency”), then
the conversion shall be made at the applicable Agent’s spot rate of exchange for buying the first
currency with the second currency prevailing at the applicable Agent’s close of business on the
Business Day next preceding the day on which the judgment is given or (as the case may be) the
order is made. Any payment made to the Agents, the Issuing Bank or any Bank pursuant to this
Agreement in the second currency shall constitute a discharge of the obligations of the applicable
Borrowers to pay to the Agents, the Issuing Bank and the Banks any amount originally due to the
Agent, the Issuing Bank and the Banks in the first currency under this Agreement only to the extent
of the amount of the first currency which the applicable Agent, the Issuing Bank and each of the
applicable Banks is able, on the date of the receipt by it of such payment in any second currency,
to purchase, in accordance with the applicable Agent’s, the Issuing Bank’s and such Bank’s normal
banking procedures, with the amount of such second currency so received. If the amount of the
first currency falls short of the amount originally due to the applicable Agent, the Issuing Bank
and the applicable Banks in the first currency under this Agreement, each of the applicable
Borrowers agrees that it will indemnify the applicable Agent, the Issuing Bank and each of the
applicable Banks against and save the applicable Agent, the Issuing Bank and each of the applicable
Banks harmless from any shortfall so arising. This indemnity shall constitute an obligation of
each such Borrower separate and independent from the other obligations contained in this Agreement,
shall give rise to a separate and independent cause of action and shall continue in full force and
effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due
to the applicable Agent, the Issuing Bank or any applicable Bank under this Agreement or under any
such judgment or order. Any such shortfall shall be deemed to constitute a loss suffered by the
applicable Agent, the Issuing Bank and each such Bank, as the case may be, and the applicable
Borrowers shall not be entitled to require any proof or evidence of any actual loss. The covenant
contained in this §13.4 shall survive the payment in full of all of the other obligations of the
Borrowers under this Credit Agreement.

     §14. SETOFF. Regardless of the adequacy of any collateral, during the continuance of
any Event of Default, any deposits or other sums credited by or due from any of the Banks or any
affiliate of a Bank to any of the Borrowers and any securities or other property of any of the
Borrowers in the possession of such Bank or such affiliate of a Bank may be applied to or set off
by such Bank against the payment of Obligations and, with respect to Ryder, Guaranteed Obligations,
and any and all other liabilities, direct, or indirect, absolute or contingent, due or to

 

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become due, now existing or hereafter arising, of such Borrower to such Bank, the other Banks,
the Issuing Bank and the Agents. Any amounts set off pursuant to this §14 shall be distributed
ratably in accordance with §28 among all of the Banks by the Bank setting off such amount;
provided, that in the event that any Defaulting Bank shall exercise any such right of
setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for
further application in accordance with the provisions of §2.16 and, pending such payment, shall be
segregated by such Defaulting Bank from its other funds and deemed held in trust for the benefit of
the Administrative Agent and the Banks, and (y) the Defaulting Bank shall provide promptly to the
Administrative Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Bank as to which it exercised such right of setoff. If any Bank fails to share such
setoff ratably, the Administrative Agent, the Canadian Agent and/or the U.K. Agent, as applicable,
shall have the right to withhold such Bank’s share of any Borrower’s payments until each of the
Banks shall have, in the aggregate, received a pro rata repayment.

     §15. COSTS AND EXPENSES.

     (a) The Borrowers shall pay (i) all reasonable documented out of pocket expenses
incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent), in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable
documented out of pocket expenses incurred by the Issuing Bank in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all out reasonable documented of pocket expenses incurred by the
Administrative Agent, any Bank or the Issuing Bank (including the reasonable fees, charges
and disbursements of any counsel for the Administrative Agent, any Bank or the Issuing
Bank), in connection with the enforcement or protection of its rights (A) in connection with
this Agreement and the other Loan Documents, including its rights under this Section, or (B)
in connection with the Loans made or Bankers’ Acceptances and Letters of Credit issued
hereunder, including all such reasonable documented out of pocket expenses incurred during
any workout, restructuring or negotiations in respect of such Loans, Bankers’ Acceptances or
Letters of Credit.

 

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     (b) Reimbursement by Banks. To the extent that the Borrowers for any reason
fails to indefeasibly pay any amount required under §15(a) to be paid by it to the Agents
(or any sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing,
each Bank severally agrees to pay to such Agent(s) (or any such sub-agent), the Issuing Bank
or such Related Party, as the case may be, such Bank’s Commitment Percentage (determined as
of the time that the applicable unreimbursed expense or indemnity payment is sought) of such
unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted
against such Agent(s) (or any such sub-agent) or the Issuing Bank in its capacity as such,
or against any Related Party of any of the foregoing acting for such Agents (or any such
sub-agent) or Issuing in connection with such capacity. The obligations of the Banks under
this §15(b) are several and not joint.

     (c) Payments. All amounts due under this Section shall be payable not later
than ten (10) Business Days after demand therefor.

     (d) Survival. The agreements in this Section shall survive the resignation of
any Agent, the Issuing Bank and any Swing Line Lender, the replacement of any Bank, the
termination of the Total Commitments and the repayment, satisfaction or discharge of all the
other Obligations.

     §15A. PAYMENTS SET ASIDE. To the extent that any payment by or on behalf of a
Borrower is made to the Administrative Agent, the Canadian Agent, the U.K. Agent, the Issuing Bank
or any Bank, or the Administrative Agent, the Canadian Agent, the U.K. Agent, the Issuing Bank or
any Bank exercises its right of setoff, and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by the Administrative Agent, the
Canadian Agent, the U.K. Agent, the Issuing Bank or such Bank in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law
or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b) each Bank and the Issuing Bank, as
applicable, severally agrees to pay to the Administrative Agent, the Canadian Agent or the U.K.
Agent upon demand its applicable share (without duplication) of any amount so recovered from or
repaid by the Administrative Agent, the Canadian Agent or the U.K. Agent plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum equal to the
applicable Overnight Rate from time to time in effect. The obligations of the Banks and the
Issuing Bank under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement.

     §16. THE AGENTS.

     §16.1. Appointment and Authority. Each of the Banks and the Issuing Bank hereby
irrevocably appoints (a) Bank of America to act on its behalf as the Administrative Agent hereunder
and under the other Loan Documents, (b) RBC to act on its behalf as the Canadian Agent hereunder
and under the other Loan Documents and (c) RBS to act on its behalf as the U.K. Agent hereunder and
under the other Loan Documents, and authorizes each Agent to take

 

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such actions on its behalf and to exercise such powers as are delegated to such Agents by the
terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this §16 are solely for the benefit of the Agents, the Banks and the
Issuing Bank, and neither any Borrower nor any guarantor hereunder shall have rights as a third
party beneficiary of any of such provisions.

     §16.2. Rights as a Bank. The Person serving as the Administrative Agent, the Canadian
Agent and the U.K. Agent hereunder shall have the same rights and powers in its capacity as a Bank
as any other Bank and may exercise the same as though it were not an Agent and the term “Bank” or
“Banks” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent, the Canadian Agent and the U.K. Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as
if such Person were not the Administrative Agent, Canadian Agent or the U.K. Agent hereunder and
without any duty to account therefor to the Banks.

     §16.3. Exculpatory Provisions. The Agents shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, no Agent:

     (a) shall be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

     (b) shall have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other
Loan Documents that any Agent is required to exercise as directed in writing by the Majority
Banks (or such other number or percentage of the Banks as shall be expressly provided for
herein or in the other Loan Documents), provided that no Agent shall be required to
take any action that, in its reasonable opinion or the opinion of its counsel, may expose
such Agent to liability or that is contrary to any Loan Document or applicable Law; and

     (c) shall, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and no Agent shall be liable for the failure to disclose, any
information relating to any of the Borrowers or any of their respective Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent, the Canadian
Agent, the U.K. Agent or any of its Affiliates in any capacity.

No Agent shall be liable for any action taken or not taken by it (i) with the consent or at the
request of the Majority Banks (or such other number or percentage of the Banks as shall be
necessary, or as the applicable Agent shall believe in good faith shall be necessary, under the
circumstances as provided in §17) or (ii) in the absence of such Agent’s own gross negligence or
willful misconduct. No Agent shall be deemed to have knowledge of any Default unless and until
notice describing such Default is given to such Agent by Ryder, a Bank or the Issuing Bank.

 

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No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or
in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
condition set forth in §11 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to such Agent.

     §16.4. Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made
to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be
fulfilled to the satisfaction of a Bank or the Issuing Bank, the applicable Agent may presume that
such condition is satisfactory to such Bank or the Issuing Bank unless such Agent shall have
received notice to the contrary from such Bank or the Issuing Bank prior to the making of such Loan
or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be
counsel for Ryder, the Borrowers or any of them), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

     §16.5. Use of Sub-Agents. Each Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by such Agent. Any Agent and any such sub-agent may perform any and all
of its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this §16 shall apply to any such sub-agent and to the Related Parties
of such Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as an Agent
hereunder.

     §16.6. Resignation of an Agent. Any Agent may at any time give forty-five (45) days
prior written notice of its resignation to the Banks, the Issuing Bank and Ryder. Upon receipt of
any such notice of resignation, the Majority Banks shall have the right to appoint a successor
(and, so long as no Default or Event of Default exists, shall be acceptable to Ryder (with such
acceptance not to be unreasonably withheld or delayed)), which shall be a bank with an office in
the appropriate jurisdiction for such Agent, or an Affiliate of any such bank. If no such
successor shall have been so appointed by the Majority Banks and shall have accepted such
appointment within thirty (30) days after such retiring Agent gives notice of its resignation, then
the retiring Agent may on behalf of the Banks and the Issuing Bank, appoint a successor
Administrative Agent, Canadian Agent or U.K. Agent, as applicable, meeting the qualifications set
forth above (and, so long as no Default or Event of Default exists, such successor appointed by the
retiring Agent shall be acceptable to Ryder (with such acceptance not to be unreasonably

 

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withheld or delayed)); provided that if such Agent shall notify Ryder and the Banks
that no qualifying Person has accepted such appointment or been approved by Ryder, then such
resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents and (2) all payments, communications and determinations provided to be made by, to or
through such Agent shall instead be made by or to each Bank and the Issuing Bank directly, until
such time as the Majority Banks appoint a successor Agent as provided for above in this Section.
Upon the acceptance of a successor’s appointment as Administrative Agent, Canadian Agent or U.K.
Agent, as applicable, hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents (if not already discharged therefrom as provided above in this Section). The fees
payable by Ryder to a successor Agent shall be the same as those payable to its predecessor unless
otherwise agreed between Ryder and such successor. After the retiring Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this §16 and §15 and §18 shall
continue in effect for the benefit of such retiring Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring Agent was acting as an Administrative Agent, the Canadian Agent or the U.K. Agent, as
applicable.

Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as Issuing Bank and Swing Line Lender. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank
and Swing Line Lender, (b) the retiring Issuing Bank and Swing Line Lender shall be discharged from
all of their respective duties and obligations hereunder or under the other Loan Documents, and (c)
the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit,
if any, outstanding at the time of such succession or make other arrangements satisfactory to the
retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with
respect to such Letters of Credit.

Any resignation by RBC as Canadian Agent pursuant to this Section shall also constitute its
resignation as the Canadian Swing Line Lender. Upon the acceptance of a successor’s appointment as
Canadian Agent hereunder, (a) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the Canadian Swing Line Lender and (b) the retiring
Canadian Swing Line Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents.

Any resignation by RBS as U.K. Agent pursuant to this Section shall also constitute its resignation
as a Swing Line Lender of U.K. Swing Line Loans. Upon the acceptance of a successor’s appointment
as U.K. Agent hereunder, (a) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the Swing Line Lender of U.K. Swing Line Loans and (b) the
retiring Swing Line Lender of U.K. Swing Line Loans shall be discharged from all of their
respective duties and obligations hereunder or under the other Loan Documents.

 

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     §16.7. Non-Reliance on Agents and Other Banks. Each Bank and the Issuing Bank
acknowledges that it has, independently and without reliance upon any Agent or any other Bank or
any of their Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank and
the Issuing Bank also acknowledges that it will, independently and without reliance upon any Agent
or any other Bank or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

     §16.8. No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Book Manager, the Lead Arranger, Co-Lead Arrangers, Documentation Agents or Syndication Agent
listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the
Administrative Agent, the Canadian Agent, the U.K. Agent, a Bank or the Issuing Bank hereunder.

     §16.9. Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to any Borrower or guarantor
hereunder, the Administrative Agent, or in the case of such proceeding not in the United States of
America, the applicable local Agent (irrespective of whether the principal of any Loan, Bankers’
Acceptance or L/C Obligation shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether any Agent shall have made any demand on any Borrower) shall
be entitled and empowered, by intervention in such proceeding or otherwise

     (a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, Bankers’ Acceptances, L/C Obligations and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary
or advisable in order to have the claims of the Banks, the Issuing Bank and the Agents
(including any claim for the reasonable compensation, expenses, disbursements and advances
of the Banks, the Issuing Bank and the Agents and their respective agents and counsel and
all other amounts due the Banks, the Issuing Bank and the Agents under §2.2, §3.3, §4.9,
§4.10, §15 and §18) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Bank and the Issuing Bank to make such
payments to the Agents and, in the event that the Agents shall consent to the making of such
payments directly to the Banks and the Issuing Bank, to pay to the Agents any amount due for the
reasonable compensation, expenses, disbursements and advances of the Agents and their agents and
counsel, and any other amounts due to such Agent under §2.2, §3.3, §4.9, §4.10, §15 and §18.

 

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Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or
accept or adopt on behalf of any Bank or Issuing Bank any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Bank or Issuing Bank to
authorize the Agents to vote in respect of the claim of any Bank or Issuing Bank in any such
proceeding.

     §17. CONSENTS, AMENDMENTS, WAIVERS, ETC. Any action to be taken (including the giving
of notice) may be taken, any consent or approval required or permitted by this Agreement or any
other Loan Document to be given by the Banks may be given, any term of this Agreement, any other
Loan Document or any other instrument, document or agreement related to this Agreement or the other
Loan Documents or mentioned therein may be amended, and the performance or observance by the
Borrowers or any other Person of any of the terms thereof and any Default or Event of Default (as
defined in any of the above-referenced documents or instruments) may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with the written consent
of the Majority Banks; provided, however, that no such consent or amendment which affects the
rights, duties or liabilities of any Agent, the Issuing Bank, or any Swing Line Lender, shall be
effective without the written consent of such Person, as applicable. In addition, no amendment,
waiver or consent shall do any of the following unless in writing and signed by (a) each Bank: (i)
waive any condition set forth in §11; (ii) change the definition of “Majority Banks”; (iii) amend
this §17; or (iv) release any Borrower from its Obligations or release Ryder, in its capacity as
guarantor, from its obligations under §5 hereof or in respect of the Guaranteed Obligations; or (b)
each of the Banks directly affected thereby: (i) increase the principal amount of such Bank’s
Commitment (or subject any Bank to any additional obligations, including the extension of such
Bank’s Commitment); (ii) reduce the principal of or interest on the Loans or any Letter of Credit,
L/C Obligations or any Bankers’ Acceptance (including, without limitation, interest on overdue
amounts) or any fees payable hereunder; (iii) change the Commitment Percentage of any Bank, except
pursuant to §2.4 or §21, (iv) alter any provision relating to the pro rata treatment of the Banks
as required hereby or (v) extend or postpone any date fixed for any payment in respect of principal
or interest (including, without limitation, interest on overdue amounts) on the Notes or any L/C
Obligation, or any fee hereunder.

     Notwithstanding anything to the contrary herein, no Defaulting Bank shall have any right to
approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or
consent which by its terms requires the consent of all Banks or each affected Bank may be effected
with the consent of the applicable Banks other than Defaulting Banks), except that (x) the
Commitment of any Defaulting Bank may not be increased or extended without the consent of such Bank
and (y) any waiver, amendment or modification requiring the consent of all Banks or each affected
Bank that by its terms affects any Defaulting Bank more adversely than other affected Banks shall
require the consent of such Defaulting Bank.

     §18. INDEMNIFICATION; DAMAGE WAIVER.

     §18.1. Indemnification by the Borrowers. Each Borrower shall indemnify the Agents
(and any sub-agent thereof), each Co-Lead Arranger, the Syndication Agent, each Documentation
Agent, the Book Manager, each Bank and the Issuing Bank, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against,

 

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and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses (including the reasonable fees, charges and disbursements of any counsel for any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
any Borrower or any Affiliate of a Borrower hereunder arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their
respective obligations hereunder or thereunder, the consummation of the transactions contemplated
hereby or thereby, or, in the case of each Agent (and any sub-agent thereof) and its Related
Parties only, the administration of this Agreement and the other Loan Documents (including in
respect of any matters addressed in §6), (ii) any Loan or Letter of Credit or the use or proposed
use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for
payment under a Letter of Credit if the documents presented in connection with such demand do not
strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or
release of Hazardous Substances on or from any property owned or operated by any Borrower or any of
its Subsidiaries, or any Environmental Liability related in any way to any Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by any Borrower or any guarantor hereunder, and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (x) are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y)
result from a claim brought by any Borrowers hereunder against an Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such
Borrowers has obtained a final and nonappealable judgment in its favor on such claim as determined
by a court of competent jurisdiction. The provisions of this §18.1 shall not apply to any
litigation, proceeding or dispute solely between the Borrowers or any of their Consolidated
Subsidiaries on the one hand and the Agents, the Issuing Bank or the Banks on the other hand, if
the final non-appealable judgment in such litigation, proceeding or dispute is in favor of the
Borrowers or any of their Consolidated Subsidiaries and against such Indemnitee.

     §18.2. Reimbursement by Banks. To the extent that the Borrowers for any reason fail
to indefeasibly pay any amount required under §18.1 to be paid by them to the Agents (or any
sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing, each Bank
severally agrees to pay to such Agent(s) (or any such sub-agent), the Issuing Bank or such Related
Party, as the case may be, such Bank’s Commitment Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against such Agent(s) (or any such
sub-agent) or the Issuing Bank in its capacity as such, or against any Related Party of any of the
foregoing acting for such Agents (or any such sub-agent) or Issuing Bank in connection with such
capacity. The obligations of the Banks under this §18.2 are several and not joint.

 

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     §18.3. Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable Law, no Borrower shall assert, and hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the
transactions contemplated hereby or thereby, any Loan or Bankers’ Acceptance or Letter of Credit or
the use of the proceeds thereof. No Indemnitee referred to in §18.1 shall be liable for any
damages arising from the use by unintended recipients of any information or other materials
distributed to such unintended recipients by such Indemnitee through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby other than for direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined
by a final and nonappealable judgment of a court of competent jurisdiction.

     §18.4. Payments. All amounts due under this Section shall be payable not later than
ten (10) Business Days after demand therefor.

     §18.5. Survival. The agreements in this Section shall survive the resignation of the
Agents, the Issuing Bank and any Swing Line Lender, the replacement of any Bank, the termination of
the Total Commitments and the repayment, satisfaction or discharge of all the other Obligations.

     §19. TAXES.

     (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of
Taxes. (i) Any and all payments by or on account of any obligation of the respective
Borrowers hereunder and under the other Loan Documents shall to the extent permitted by
applicable Laws be made free and clear of, and without deduction for Taxes. If, however,
applicable Laws require any Borrower or any Agent to withhold or deduct any Tax, such Tax
shall be withheld or deducted in accordance with such Laws as determined by such Borrower or
such Agent, as the case may be, upon the basis of the information and documentation to be
delivered pursuant to §6.2.

     (ii) If any Borrower or any Agent shall be required by the Code to withhold or
deduct any Taxes, including both United States Federal backup withholding and
withholding taxes, from any payment, then (A) such Agent shall withhold or make such
deductions as are determined by such Agent to be required based upon the information
and documentation it has received pursuant to §6.2, (B) such Agent shall timely pay
the full amount withheld or deducted to the relevant Governmental Authority in
accordance with the Code or the applicable Law or treaty, and (C) to the extent that
the withholding or deduction is made on account of Indemnifiable Taxes or Other
Taxes, the sum payable by such Borrower shall be increased as necessary so that
after any required withholding or the making of all required deductions (including
deductions applicable to additional sums payable under this Section) each of the
Agents, Banks, the Issuing Bank or any holder of Notes, Loans or any Obligations
hereunder, as the case may be, receives an amount equal to the sum it would have
received had no such withholding or deduction been made.

 

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     (iii) If any Borrower or any Agent shall be required by any applicable Laws
other than the Code to withhold or deduct any Taxes from any payment, then (A) such
Borrower or such Agent, as required by such Laws, shall withhold or make such
deductions as are determined by it to be required based upon the information and
documentation it has received pursuant to §6.2, (B) such Borrower or such Agent, to
the extent required by such Laws, shall timely pay the full amount so withheld or
deducted by it to the relevant Governmental Authority in accordance with such Laws,
and (C) to the extent that the withholding or deduction is made on account of
Indemnifiable Taxes or Other Taxes, the sum payable by such Borrower shall be
increased as necessary so that after any required withholding or the making of all
required deductions (including deductions applicable to additional sums payable
under this Section) the Agents, Banks, the Issuing Bank or any holder of Notes,
Loans or any Obligations hereunder, as the case may be, receives an amount equal to
the sum it would have received had no such withholding or deduction been made.

     (iv) If any Indemnifiable Taxes are directly asserted against the applicable
Agent, the Issuing Bank or any Bank with respect to any payment received by the
Agents, the Issuing Bank or such Bank by reason of a Borrower’s failure to properly
deduct and withhold such Indemnifiable Taxes from such payment, the applicable
Agent, the Issuing Bank or such Bank may pay such Indemnifiable Taxes and such
Borrower will promptly pay all such additional amounts (including any penalties,
interest or reasonable expenses) as are necessary in order that the net amount
received by such Person after the payment of such Indemnifiable Taxes (including any
Indemnifiable Taxes on such additional amount) shall equal the amount such Person
would have received had not such Indemnifiable Taxes been asserted. Any such
payment shall be made promptly after the receipt by such Borrower from the
applicable Agent, the Issuing Bank or such Bank, as the case may be, of a written
statement setting forth in reasonable detail the amount of the Indemnifiable Taxes
and the basis of the claim.

     (b) Payment of Other Taxes by the Borrowers. Without limiting the provisions
of subsection (a) above, each Borrower shall timely pay any Other Taxes to the relevant
Government Authority in accordance with applicable Laws.

     (c) Tax Indemnifications. (i) Without limiting the provisions of subsection
(a) and (b) above, each Borrower shall, and does hereby indemnify the Agents, each Bank and
the Issuing Bank and shall make payment in respect thereof within 10 days after demand
therefor (which demand must set forth in reasonable detail the amount of such Indemnifiable
Taxes or such Other Taxes, as the case may be, and the basis of the claim), for the full
amount of any Indemnifiable Taxes or Other Taxes (including Indemnifiable Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld
or deducted by such Borrower or the applicable Agent or paid by the applicable Agent, such
Bank or the Issuing Bank, as the case may be, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnifiable Taxes
or Other Taxes were correctly or legally

 

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imposed or asserted by the relevant Governmental Authority. Each Borrower shall also,
and does hereby, indemnify the Agents, and shall make payment in respect thereof within 10
days after demand therefor, for any amount which a Bank or the Issuing Bank for any reason
fails to pay indefeasibly to the applicable Agent as required by clause (ii) of this
subsection; provided, that such indemnity shall not affect any Bank’s or Issuing
Bank’s obligation to indemnify any Borrower for such amounts, pursuant to clause (ii). A
certificate as to the amount of any such payment or liability delivered to a Borrower by a
Bank or the Issuing Bank (with a copy to the applicable Agent), or by the applicable Agent
on its own behalf or on behalf of a Bank or the Issuing Bank, shall be conclusive absent
manifest error.

     (ii) Without limiting the provisions of subsection (a) or (b) above, each Bank
and the Issuing Bank shall, and does hereby, indemnify each Borrower and each Agent,
and shall make payment in respect thereof within 10 days after demand therefor,
against any and all Taxes and any and all related losses, claims, liabilities,
penalties, interest and expenses (including the fees, charges and disbursements of
any counsel for such Borrower or the applicable Agent) incurred by or asserted
against such Borrower or the applicable Agent by any Governmental Authority as a
result of the failure by such Bank or the Issuing Bank, as the case may be, to
deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any
documentation required to be delivered by such Bank or the Issuing Bank, as the case
may be, to such Borrower or the applicable Agent pursuant to §6.2. Each Bank and
the Issuing Bank hereby authorizes the Agents, as applicable, to set off and apply
any and all amounts at any time owing to such Bank or the Issuing Bank, as the case
may be, under this Agreement or any other Loan Document against any amount due to
the applicable Agent under this clause (ii). The agreements in this clause (ii)
shall survive the resignation and/or replacement of any Agent, any assignment of
rights by, or the replacement of, a Bank or the Issuing Bank, the termination of the
Total Commitments and the repayment, satisfaction or discharge of all other
Obligations. If the Borrowers shall pay any Taxes or make any payments with respect
to any Taxes which are not Indemnifiable Taxes or Other Taxes, then the applicable
Agent, the Issuing Bank or the Bank which has received any such payment or with
respect to which any such payment was made shall reimburse the applicable Borrower,
within ten (10) Business Days of request by such Borrower, the amount so paid by
such Borrower, together with interest at the Overnight Rate from the date such
amounts were paid by such Borrower.

     (d) Evidence of Payments. Upon request by a Borrower or the applicable Agent,
as the case may be, after any payment of Taxes by such Borrower or by the Administrative
Agent to a Governmental Authority as provided in this §19, such Borrower shall deliver to
the applicable Agent or the applicable Agent shall deliver to such Borrower, as the case may
be, the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of any return required by Laws to report such payment or
other evidence of such payment reasonably satisfactory to such Borrower or the applicable
Agent, as the case may be.

 

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     (e) Failure to Deduct or Withhold. In the event any taxing authority notifies
any of the Borrowers that any of them has improperly failed to deduct or withhold any taxes
(other than Indemnifiable Taxes) from a payment made hereunder to the Agents, the Issuing
Bank or any Bank, the Borrowers shall timely and fully pay such taxes to such taxing
authority.

     (f) Mitigation of Indemnifiable Taxes. The Agents, the Issuing Bank or the
Banks shall, upon the request of the Borrowers, take reasonable measures to avoid or
mitigate the amount of Indemnifiable Taxes required to be deducted or withheld from any
payment made hereunder if such measures can be taken without the imposition on such Person
of any costs or expenses unless the Borrowers have agreed to reimburse such Person therefor
or result in such Person in its reasonable judgment suffering any material legal or
regulatory disadvantage; provided that if after the date hereof, any Change in Law results
in the imposition on the Borrowers of a deduction or withholding obligation with respect to
amount payable to banks or bank holding companies, to the extent that any such Change in Law
relates to amounts payable hereunder and to the extent that such Change in Law results in
banks or bank holding companies receiving an undue benefit arising as a result of the
payment of such additional amount by the Borrowers, the Borrowers and the Agents shall make
a reasonable, good faith effort to negotiate a change in the terms of this Agreement that
would allocate the benefits and costs (if any) of such deductions and withholdings among the
affected parties in a manner equitable to the Borrowers and the Banks (including the Issuing
Bank, if applicable).

     (g) Treatment of Certain Refunds. Unless required by applicable Laws, at no
time shall an Agent have any obligation to file for or otherwise pursue on behalf of a Bank
or the Issuing Bank, or have any obligation to pay to any Bank or the Issuing Bank, any
refund of Taxes withheld or deducted from funds paid for the account of such Bank or the
Issuing Bank, as the case may be. If an Agent, any Bank or the Issuing Bank determines, in
its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which
it has been indemnified by any Borrower or with respect to which any Borrower has paid
additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal
to such refund (but only to the extent of indemnity payments made, or additional amounts
paid, by such Borrower under this Section with respect to the Taxes or Other Taxes giving
rise to such refund), net of all out-of-pocket expenses and net of any loss or gain realized
in the conversion of such funds from or to another currency incurred by such Agent, such
Bank or the Issuing Bank, as the case may be, and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund), provided
that each Borrower, upon the request of such Agent, such Bank or the Issuing Bank, agrees to
repay the amount paid over to such Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to such Agent, such Bank or the Issuing Bank
in the event such Agent, such Bank or the Issuing Bank is required to repay such refund to
such Governmental Authority. This subsection shall not be construed to require any Agent,
any Bank or the Issuing Bank to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to any Borrower or any other Person.

 

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     (h) Right to Assert and Control Challenges to Indemnifiable Taxes or Other
Taxes. If any Indemnifiable Taxes or Other Taxes are imposed that result in an
indemnification or payment obligation on any Borrower, such Borrower shall be entitled,
after the payment of such taxes pursuant to subsection (a) or (b) above, to challenge or
dispute the imposition of such Indemnifiable Taxes or Other Taxes with the applicable
Governmental Authority. A Borrower may request that the Agents, Banks and/or the Issuing
Bank cooperate (such cooperation to be in the sole discretion of such Agent, such Bank or
such Issuing Bank, as the case may be, and, in each case, at such Borrower’s expense) in any
such challenge, dispute, or proceeding.

     (i) Survival. Without prejudice to the survival of any other agreement of the
parties hereunder, the agreements and obligations of the Borrowers contained in this §19
shall survive the payment in full of the Obligations and the termination of the Commitments.

     §20. SURVIVAL OF COVENANTS, ETC. All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Unless otherwise stated herein, all covenants and agreements, representations and warranties made
herein, in the other Loan Documents or in any documents or other papers delivered by or on behalf
of the Borrowers pursuant hereto shall be deemed to have been relied upon by the Banks, the Issuing
Bank and the Agents, notwithstanding any investigation heretofore or hereafter made by them and
notwithstanding that the Agents or any Bank may have had notice or knowledge of any Default at the
time of any credit extension, and shall survive the making by the Banks of the Loans and the
acceptance and purchase of any Bankers’ Acceptance and the issuance, extension or renewal of any
Letters of Credit, as herein contemplated, and shall continue in full force and effect so long as
any amount due under this Agreement, any Obligation, any Bankers’ Acceptance, any Letter of Credit
or any Note remains outstanding and unpaid or any Bank has any obligation to make any Loans or the
Canadian Banks have any obligation to purchase and accept Bankers’ Acceptances or the Issuing Bank
has any obligation to issue, extend or renew any Letter of Credit. All statements contained in any
certificate or other paper delivered by or on behalf of the Borrowers pursuant hereto shall
constitute representations and warranties by the Borrowers hereunder.

     §21. SUCCESSORS AND ASSIGNS; PARTICIPATION.

     §21.1. Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Agent and each Bank and
no Bank may assign or otherwise transfer any of its rights or obligations hereunder except (i) to
an Eligible Assignee in accordance with the provisions of §21.2, (ii) by way of participation in
accordance with the provisions of §21.4, (iii) by way of pledge or assignment of a security
interest pursuant to §21.5, or (iv) to an SPC in accordance with the provisions of §21.6 (and any
other attempted assignment or transfer by any party hereto shall be null and void). Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided by §21.4 and, to the extent expressly contemplated hereby, the Indemnitees and
the Related Parties of each Agent, the Issuing Bank and each Bank) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

 

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     §21.2. Conditions to Assignment by Banks. Except as provided herein, each Bank may
assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations
under this Agreement, including, as applicable, all or a portion of its Domestic Commitment
Percentage, its Canadian Commitment Percentage, its U.K. Commitment Percentage and/or its PR
Commitment Percentage, its participations in L/C Obligations, Bankers’ Acceptances and Swing Line
Loans at the time owing to it, provided that any such assignment shall be subject to the following
conditions:

     (a) Minimum Amounts.

     (i) in the case of an assignment of the entire remaining amount of the
assigning Bank’s Commitment and the Loans at the time owing to it or in the case of
an assignment to a Bank or an affiliate of a Bank or an Approved Fund with respect
to a Bank, no minimum amount need be assigned; and

     (ii) in any case not described in §21.2(a)(i), the aggregate amount of the
Commitment (which for this purpose includes Loans outstanding thereunder) or, if the
Commitment is not then in effect, the principal outstanding balance of the Loans of
the assigning Bank subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of
the Administrative Agent and, so long as no Event of Default has occurred and is
continuing, Ryder otherwise consents (each such consent not to be unreasonably
withheld or delayed).

     (b) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Bank’s rights and obligations under
this Agreement with respect to the Loans or the Commitment assigned, except that this clause
(b) shall not apply to rights in respect of Swing Line Loans.

     (c) Required Consents. No consent shall be required for any assignment except
to the extent required by §21.2(a)(ii), and in addition:

     (i) the consent of Ryder (such consent not to be unreasonably withheld or
delayed) shall be required unless (1) an Event of Default has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Bank or an
affiliate of a Bank or an Approved Fund;

     (ii) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Bank, an Affiliate of such Bank or an Approved Fund with
respect to such Bank;

 

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     (iii) the consent of the Issuing Bank (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment of a Domestic Commitment
or for any assignment that increases the obligation of the assignee to participate
in exposure under one or more Letters of Credit (whether or not then outstanding);
and

     (iv) the consent of the applicable Swing Line Lender (such consent not to be
unreasonably withheld or delayed) shall be required for any assignment of a Domestic
Commitment, a Canadian Commitment or a U.K. Commitment, as the case may be.

     (d) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500; provided, however, that (i) the
Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment and (ii) the processing and recordation fee of
$3,500 shall not apply in the case of an assignment from a Bank to an Affiliate of such
Bank. The assignee, if it is not a Bank, shall deliver to the Administrative Agent an
Administrative Questionnaire.

     (e) No Assignment to Certain Persons. No such assignment shall be made (A) to
the Borrowers or any of their Affiliates or Subsidiaries, or (B) to any Defaulting Bank or
any of its Subsidiaries, or any Person who, upon becoming a Bank hereunder, would constitute
any of the foregoing Persons described in this clause (B), or (C) to a natural person.

     (f) Certain Additional Payments. In connection with any assignment of rights
and obligations of any Defaulting Bank hereunder in whole or in part, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth
herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as
appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of
Ryder and the Administrative Agent, the applicable pro rata share of Loans
previously requested but not funded by the Defaulting Bank, to each of which the applicable
assignee (as evidenced by its execution of the applicable Assignment and Assumption) and
assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities
then owed by such Defaulting Bank to the Agents or any Bank hereunder (and interest accrued
thereon) in respect of all or the portion of the Loans, participations in Letters of Credit
and Swing Line Loans, and the Commitment of such Defaulting Bank that is being assigned and
(y) acquire (and fund as appropriate) its full pro rata share of the Loans
and participations in Letters of Credit and Swing Line Loans in accordance with all or the
portion of its Commitment Percentage that is being assigned. Notwithstanding the foregoing,
in the event that any assignment of rights and obligations of any Defaulting Bank hereunder
shall become effective under applicable Law without compliance with the provisions of this
paragraph, then the assignee of such interest shall
be deemed to be a Defaulting Bank for all purposes of this Agreement until such
compliance occurs.

 

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     Ryder shall not be deemed to have unreasonably withheld its consent for the purposes of this
section if it advises the Administrative Agent and the applicable assignor Bank in good faith of
the competitive business reasons why Ryder does not desire a financing relationship with the
proposed assignee.

     Subject to acceptance and recording thereof by the Administrative Agent pursuant to §21.3,
from and after the effective date specified in each Assignment and Assumption, the Eligible
Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Bank under this Agreement,
and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Bank’s rights and obligations under this
Agreement, such Bank shall cease to be a party hereto) but shall continue to be entitled to the
benefits of §6.7, §6.8, §6.10, §15, §18 and §19 with respect to facts and circumstances occurring
prior to the effective date of such assignment. Upon request, each applicable Borrower (at its
expense) shall execute and deliver a Note to the assignee Bank. Any assignment or transfer by a
Bank of rights or obligations under this Agreement that does not comply with this subsection shall
be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights
and obligations in accordance §21.4. In the case of any assignments by and between any Bank and
any affiliate of such Bank, such Persons shall use their reasonable best efforts to coordinate the
administration of this Agreement and approvals of any amendment, modification or waiver of any
provision of this Agreement so as to minimize (to the extent reasonably possible) the
administrative burden on the Borrowers.

     §21.3. Register. The Administrative Agent, acting solely for this purpose as an agent
of the Borrowers, shall maintain at the Administrative Agent’s Head Office a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Banks, and the Commitments of, and principal amounts of the Loans, Bankers’
Acceptances and L/C Obligations owing to, each Bank pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive absent manifest error, and the
Borrowers, the Agents and the Banks may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on
the Register information regarding the designation, and revocation of designation, of any Bank as a
Defaulting Bank. The Register shall be available for inspection by the Borrowers and the Banks at
any reasonable time and from time to time, or the Administrative Agent shall provide a copy to
Ryder, upon reasonable prior notice.

     §21.4. Participations. Any Bank may at any time, without the consent of, or notice
to, the Borrowers or the Administrative Agent, sell participations to any Person (other than (w) a
natural person, (x) a Defaulting Bank, (y) the Borrowers or any of the Borrower’s Affiliates or
Subsidiaries or (z) General Electric Capital Corporation or any affiliate of General Electric
Capital Corporation) (each, a “Participant”) in all or a portion of such Bank’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans

 

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(including such Bank’s participations in L/C Obligations and/or Swing Line Loans, if
applicable) owing to it) and/or Bankers’ Acceptances; provided that (i) each such participation
shall be in an amount of not less than $5,000,000, (ii) such Bank’s obligations under this
Agreement shall remain unchanged, (iii) such Bank shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iv) the Borrowers, the Administrative
Agent and the other Banks shall continue to deal solely and directly with such Bank in connection
with such Bank’s rights and obligations under this Agreement.

     Any agreement or instrument pursuant to which a Bank sells such a participation shall provide
that such Bank shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Bank will not, without the consent of the Participant, agree to
any amendment, waiver or other modification that would reduce the principal of or the interest rate
on any Loans, L/C Obligations or Bankers’ Acceptances, extend the term or increase the amount of
the Commitment(s) of such Bank as it relates to such participant, if applicable, reduce the amount
of any facility fees to which such participant is entitled, extend any regularly scheduled payment
date for principal or interest or release any Borrower from its Obligations or release Ryder, in
its capacity as guarantor, from its obligations under §5 hereof or in respect of the Guaranteed
Obligations. Subject to this §21.4, each Borrower agrees that each Participant shall be entitled
to the benefits of §6.7, §6.8, §6.10 and §19 to the same extent as if it were a Bank and had
acquired its interest by assignment pursuant to §21.2; provided that no Participant shall be
entitled to receive any amounts greater than the amounts that the selling Bank would have been
entitled to receive had it not sold the participation; provided further that a
Participant that would be a Foreign Bank if it were a Bank shall not be entitled to the benefits of
§19 unless the Borrowers are notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrowers, to comply with §6.2 as though it were a Bank.
To the extent permitted by Law, so long as any Bank within 10 Business Days of selling any
participation pursuant to this §21.4 notifies Ryder in writing of such participation and the
Participant thereunder, each such identified Participant also shall be entitled to the benefits of
§14 as though it were a Bank, provided such Participant agrees to be subject to §2.17 and §28 as
though it were a Bank.

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

     §21.6. Special Purpose Funding Vehicle. Notwithstanding anything to the contrary
contained herein, any Bank (a “Granting Bank”) may grant to a special purpose funding vehicle which
is a wholly-owned subsidiary of such Granting Bank or an affiliate of such Granting Bank identified
as such in writing from time to time by the Granting Bank to the Administrative Agent and the
Borrowers (an “SPC”) the option to provide all or any part of any Loan that such Granting Bank
would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to
exercise such option or otherwise fails to make all or any part of such Loan, the

 

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Granting Bank shall be obligated to make such Loan pursuant to the terms hereof or, if it
fails to do so, to make such payment to the Administrative Agent as is required under §6.15(a).
Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC
of such option shall increase the costs or expenses or otherwise increase or change the obligations
of the Borrower under this Agreement (including its obligations under §6.7, §6.8, §6.10 and §19),
(ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement
for which a Bank would be liable, and (iii) the Granting Bank shall for all purposes, including the
approval of any amendment, waiver or other modification of any provision of any Loan Document,
remain the Bank of record hereunder. The making of a Loan by an SPC hereunder shall utilize the
applicable Commitment of the Granting Bank to the same extent, and as if, such Loan were made by
such Granting Bank. In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the date that is one year
and one day after the payment in full of all outstanding commercial paper or other senior debt of
any SPC, it will not institute against, or join any other Person in instituting against, such SPC
any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the Laws
of the United States or any State thereof. Notwithstanding anything to the contrary contained
herein, any SPC may (i) with notice to, but without prior consent of the Borrowers and the
Administrative Agent and without paying any processing fee therefor, assign all or any portion of
its right to receive payment with respect to any Loan to the Granting Bank and (ii) disclose on a
confidential basis any non-public information relating to its funding of Loans to any rating
agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity
enhancement to such SPC.

     §21.7. [Reserved.]

     §21.8. Resignation of Issuing Bank or Swing Line Lender after Assignment.
Notwithstanding anything to the contrary contained herein, if at any time the Issuing Bank assigns
all of its Commitments and Loans pursuant to §21.2, the Issuing Bank may, upon 45 days’ notice to
the Borrowers and the Banks, resign in its capacity as the Issuing Bank. In the event of any such
resignation as Issuing Bank, Ryder, with the consent of the Administrative Agent, shall be entitled
to appoint from among the Domestic Banks a successor Issuing Bank hereunder; provided, however,
that no failure by Ryder to appoint any such successor shall affect the resignation of the Issuing
Bank. If the Issuing Bank resigns in such capacity, it shall retain all the rights and obligations
of the Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective
date of its resignation as Issuing Bank and all L/C Obligations with respect thereto (including the
right to require the Domestic Banks to make Base Rate Loans or fund risk participations in
Unreimbursed Amounts pursuant to §4.3).

     Notwithstanding anything to the contrary contained herein, if at any time a Swing Line Lender
assigns all of its Commitments and Loans pursuant to §21.2, such Swing Line Lender may, (i) upon 45
days’ notice to the Borrowers and the Banks, resign in its capacity as a Swing Line Lender. In the
event of any such resignation as a Swing Line Lender, Ryder, with the consent of the Administrative
Agent (such consent not to be unreasonably withheld), shall be entitled to appoint from among the
applicable Banks a successor Swing Line Lender hereunder; provided, however, that
no failure by Ryder to appoint any such successor shall affect the resignation of such Bank as a
Swing Line Lender. If a Swing Line Lender resigns in such capacity, it shall retain all the rights
of the Swing Line Lender provided for hereunder with
respect to Swing Line Loans made by it and outstanding as of the effective date of such
resignation, including the right to require the Banks to make Base Rate Loans or fund risk
participations in outstanding Swing Line Loans pursuant to §2.12, §2.13 and §2.14 herein.

 

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     Upon the appointment of a successor Issuing Bank and/or Swing Line Lender, (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring Issuing Bank or Swing Line Lender, as the case may be, and (b) the successor Issuing Bank
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the
time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to
effectively assume the obligations of such retiring Issuing Bank with respect to such Letters of
Credit.

     §22. PARTIES IN INTEREST. All the terms of this Agreement and the other Loan
Documents shall be binding upon and inure to the benefit of and be enforceable by the respective
successors and assigns of the parties hereto and thereto; provided, that the Borrowers
shall not assign or transfer their rights or obligations hereunder or thereunder without the prior
written consent of each of the Banks.

     §23. NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION.

     §23.1. Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone, and except as provided in §23.2 below, all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier as follows,
and all notices and other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:

     (a) if to a Borrower, any Agent, the Issuing Bank or a Swing Line Lender, to the
address, telecopier number, electronic mail address or telephone number specified for such
Person on Schedule 23.1; and

     (b) if to any other Bank, to the address, telecopier number, electronic mail address or
telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other
communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices and other communications
delivered through electronic communications to the extent provided in §23.2 below, shall be
effective as provided in such §23.2.

     §23.2. Electronic Communications. Notices, requests and other communications
(including any notices or requests under §2, §3 or §4, but excluding for service of process) to the
Banks and the Issuing Bank hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agents,
provided that the foregoing shall not apply to notices to any Bank or Issuing Bank pursuant
to §2, §3 or §4 if such Bank or Issuing Bank, as applicable, has notified

 

136

the Agents that it is incapable of receiving notices under such Sections by electronic
communication. The Agents or Ryder may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices or
communications.

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

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

     §23.4. Change of Address, Etc. Each of the Borrowers, the Agents, the Issuing Bank
and the Swing Line Lenders may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the other parties hereto. Each other Bank may change
its address, telecopier or telephone number for notices and other communications hereunder by
notice to Ryder, the Agents, the Issuing Bank and the Swing Line Lenders. In addition, each Bank
agrees to notify the Agents from time to time to ensure that the Agents have on record (i) an
effective address, contact name, telephone number, telecopier number and electronic mail address to
which notices and other communications may be sent and (ii) accurate wire instructions for such
Bank. Furthermore, each Public Bank agrees to cause at least one individual at or on behalf of
such Public Bank to at all times have selected the “Private

 

137

Side Information” or similar designation on the content declaration screen of the Platform in
order to enable such Public Bank or its delegate, in accordance with such Public Bank’s compliance
procedures and applicable Law, including United States Federal and state securities laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the
Borrowers or their securities for purposes of United States Federal or state securities laws.

     §23.5. Reliance by Agents, Issuing Bank and Banks. The Agents, the Issuing Bank and
the Banks shall be entitled to rely and act upon any notices (including telephonic Loan Requests
and Swing Line Loan Requests) purportedly given by or on behalf of any Borrower even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by
the recipient, varied from any confirmation thereof. Ryder shall indemnify the Agents, the Issuing
Bank, each Bank and the Related Parties of each of them from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of any Borrower. All telephonic notices to and other telephonic communications with the
Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such
recording.

     §23A. NO WAIVER; CUMULATIVE REMEDIES; ENFORCEMENT. No failure by any Bank or any
Agent or any Borrower to exercise, and no delay by any such Person in exercising, any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by Law.

     Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Borrowers or any guarantor hereunder or any of them shall be vested exclusively in, and all actions
and proceedings at Law in connection with such enforcement shall be instituted and maintained
exclusively by, the Administrative Agent (who shall act, subject to §16, at the direction of the
Majority Banks (or such other number or percentage of the Banks as shall be necessary, or as the
Administrative Agent shall believe in good faith shall be necessary) if, and to the extent, so
directed) for the benefit of all the Banks, the Agents and the Issuing Bank; provided,
however, that the foregoing shall not prohibit (a) any of the Agents from exercising on its
own behalf the rights and remedies that inure to its benefit (solely in its capacity as an Agent)
hereunder and under the other Loan Documents, (b) the Issuing Bank or any Swing Line Lender from
exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing
Bank or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c)
any Bank from exercising setoff rights in accordance with §14 (subject to the terms of §2.17 and
§6.1), or (d) any Bank from filing proofs of claim or appearing and filing pleadings on its own
behalf during the pendency of a proceeding relative to any Borrower or guarantor under any Debtor
Relief Law; and provided, further, that if at any time there is no Person acting as
Administrative Agent, Canadian Agent or U.K. Agent, as applicable, hereunder and under the other
Loan Documents, then (i) the Majority Banks shall have the rights
otherwise ascribed to such Agent pursuant to this §23A and (ii) in addition to the matters set
forth in clauses (b), (c) and (d) of the preceding proviso and subject to §2.17 and §6.1, any Bank
may, with the consent of the Majority Banks, enforce any rights and remedies available to it and as
authorized by the Majority Banks.

 

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     §24. MISCELLANEOUS. The rights and remedies herein expressed are cumulative and not
exclusive of any other rights which the Banks, the Issuing Bank, the Administrative Agent or the
Agents would otherwise have. The captions in this Agreement are for convenience of reference only
and shall not define or limit the provisions hereof. This Agreement and any amendment hereof may
be executed in several counterparts and by each party on a separate counterpart, each of which when
so executed and delivered shall be an original, but all of which together shall constitute one
instrument. In proving this Agreement it shall not be necessary to produce or account for more
than one such counterpart signed by the party against whom enforcement is sought. To the extent
permitted by Law, no course of dealing or delay or omission on the part of any of the Banks or the
Agents in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. No notice to or demand upon the Borrowers shall entitle the Borrowers to other or further
notice or demand in similar or other circumstances.

     §25. WAIVER OF JURY TRIAL; ETC. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION

     §26. GOVERNING LAW; JURISDICTION; SERVICE OF PROCESS. THIS AGREEMENT AND EACH OF THE
OTHER LOAN DOCUMENTS ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL
PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS
APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401
AND §5-1402)). EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW
YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH
OF THE PARTIES HERETO IRREVOCABLY AND

 

139

UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN
DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT, ANY BANK OR THE ISSUING BANK MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY
BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH OF THE U.K. BORROWERS, THE
CANADIAN BORROWERS AND RYDER PR HEREBY IRREVOCABLY APPOINTS RYDER AS ITS AGENT FOR THE SERVICE OF
PROCESS. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     §27. SEVERABILITY. The provisions of this Agreement are severable and if any one
clause or provision hereof shall be held invalid or unenforceable in whole or in part in any
jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision,
or part thereof, in such jurisdiction, and shall not in any manner affect such clause or provision
in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction.
Without limiting the foregoing provisions of this §27, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Banks shall be limited by Debtor Relief
Laws, as determined in good faith by the Agents, the Issuing Bank or the Swing Line Lenders, as
applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

     §28. PARI PASSU TREATMENT.

     (a) Notwithstanding anything to the contrary set forth herein, each payment or
prepayment of principal and interest received after the occurrence and during the
continuance of an Event of Default hereunder shall be distributed pari passu among the
Banks, in accordance with the aggregate outstanding principal amount of the Obligations
owing to each Bank divided by the aggregate outstanding principal amount of all Obligations.

     (b) Following the occurrence and during the continuance of any Event of Default, each
Bank agrees that if it shall, through the exercise of a right of banker’s lien, setoff or
counterclaim against any Borrower (pursuant to §14 or otherwise), including a secured claim
under Section 506 of the Bankruptcy Code or other security or interest arising from or in
lieu of, such secured claim, received by such Bank under any applicable bankruptcy,
insolvency or other similar Law or otherwise, obtain payment (voluntary or involuntary) in
respect of the Notes, Loans, Bankers’ Acceptances, Letters of Credit, L/C Obligations and
other Obligations held by it as a result of which the unpaid principal portion of the Notes
and the Obligations held by it shall be proportionately less than the unpaid principal
portion of the Notes and Obligations held by any other Bank, it

 

140

shall be deemed to have simultaneously purchased from such other Bank a participation
in the Notes and Obligations held by such other Bank, so that the aggregate unpaid principal
amount of the Notes, Obligations and participations in Notes and Obligations held by each
Bank shall be in the same proportion to the aggregate unpaid principal amount of the Notes
and Obligations then outstanding as the principal amount of the Notes and other Obligations
held by it prior to such exercise of banker’s lien, setoff or counterclaim was to the
principal amount of all Notes and other Obligations outstanding prior to such exercise of
banker’s lien, setoff or counterclaim; provided, however, that if any such
purchase or purchases or adjustments shall be made pursuant to this §28 and the payment
giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments
shall be rescinded to the extent of such recovery and the purchase price or prices or
adjustments restored without interest.

     (c) Following the occurrence and during the continuance of any Event of Default and
unless and until the effectiveness of a transfer of Commitments pursuant to §28(d), each
Bank agrees that it shall be deemed to have, automatically upon the occurrence of such Event
of Default, purchased from each other Bank a participation in the risk associated with the
Notes and Obligations held by such other Bank, so that the aggregate principal amount of the
Notes and Obligations held by each Bank shall be equivalent to such Bank’s Total Commitment
Percentage. Upon demand by the Administrative Agent, made at the request of the Majority
Banks, each Bank that has purchased such participation (a “Purchasing Bank”) shall pay the
amount of such participation to the Administrative Agent for the account of each Bank whose
outstanding Loans and participations in Bankers’ Acceptances and L/C Obligations exceed
their Total Commitment Percentages. Any such participation may, at the option of such
Purchasing Bank, be paid in Dollars, Canadian Dollars, Sterling or Euros (the “Funding
Currency”) (in an amount equal to the then applicable Dollar Equivalent, Canadian Dollar
Equivalent, Sterling Equivalent or Euro Equivalent, as the case may be, amount of such
participation) and such payment shall be converted by the Administrative Agent at the
Exchange Rate into the currency of the Loan, Bankers’ Acceptance or L/C Obligation in which
such participation is being purchased. The Borrowers agree to indemnify each Purchasing
Bank for any loss, cost or expense incurred by such Purchasing Bank as a result of entering
into any reasonable hedging arrangements between the Funding Currency and the currency of
the Loan, Bankers’ Acceptance or L/C Obligation in which such participation is being
purchased in connection with the funding of such participation or as a result of any payment
on account of such participation in a currency other than that funded by the Purchasing
Bank.

     (d) Upon the written instruction of the Majority Banks, the Total U.K. Commitment,
Total Canadian Commitment and the Total PR Commitment shall be immediately transferred by
the Borrowers to the Total Domestic Commitment; provided that (i) no such transfer
of Commitments shall occur until the date of the acceleration of the Obligations pursuant to
§13.1 and (ii) prior to requesting any such transfer of Commitments, the Agents and the
Banks shall utilize their reasonable best efforts to avoid the imposition of withholding tax
liability on Ryder which would arise as a result of any such transfer of Commitments
(including, without limitation, to the extent useful, the use of participations pursuant to
§28(c) and the use of fronting banks in the United

 

141

Kingdom and Canada). Upon the effectiveness of any such transfer the outstanding U.K.
Loans, Canadian Loans and PR Loans shall be repaid with advances made to Ryder under the
Domestic Commitments, advanced by the Banks in such manner that after giving effect thereto,
the percentage of the outstanding Loans, Bankers’ Acceptances and L/C Obligation of each
Bank will equal such Bank’s Total Commitment Percentage of all outstanding Loans, Bankers’
Acceptances and L/C Obligations.

     (e) Each Borrower expressly consents to the foregoing arrangements and agrees that any
Person holding such a participation in the Notes and the Obligations deemed to have been so
purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with
respect to any and all moneys owing by such Borrower to such Person as fully as if such
Person had made a Loan directly to such Borrower in the amount of such participation.

     §29. CONFIDENTIAL INFORMATION.

     Each of the Agents, the Banks and the Issuing Bank agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a) to its Affiliates
and to its and its Affiliates’ respective directors, officers, employees, agents, trustees,
advisors and representatives (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such
Information confidential in accordance with the terms herein), (b) to the extent requested by any
regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other
party hereto, (e) to the extent necessary in connection with the exercise of any remedies hereunder
or under any other Loan Document or any action or proceeding relating to this Agreement or any
other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or any Eligible Assignee or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to a Borrower and its
obligations, (g) with the consent of Ryder or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section by such Agent, Bank or
Issuing Bank or (y) becomes available to the Administrative Agent, any Bank, the Issuing Bank or
any of their respective Affiliates on a nonconfidential basis from a source other than Ryder which
is authorized to disclose such Information. In the case of (b) (except disclosure to governmental
banking regulatory authorities) or (c) of this paragraph, the applicable Agent or Bank or the
Issuing Bank shall, to the extent practicable and legally permissible, provide prompt written
notice to Ryder so that Ryder may have the opportunity to contest such disclosure and such Agent or
Bank or the Issuing Bank shall use reasonable efforts within Law to maintain the confidentiality of
such Information.

     Except as otherwise agreed to herein or in any of the other Loan Documents, each of the
Agents, the Issuing Bank and each Bank agrees that it will not, and it will use their best efforts
to cause its agents, employees, advisors or any other Persons retained or engaged by such Agent or
any such Bank, as the case may be (collectively, “Advisors”), not to, issue or release for external
publication any article or advertising or publicity matter relating to the transactions
contemplated by this Agreement without the prior written consent of Ryder.

 

142

     For purposes of this Section, “Information” means all information received from Ryder or any
Subsidiary relating to Ryder or any Subsidiary or any of their respective businesses, whether oral
or written, including, without limitation, all data, reports, interpretations, forecasts and
records, regardless of storage and transmission media or source, and all information derived,
directly or indirectly, therefrom, which such Person or its Advisors obtains or to which such
Person or its Advisors shall be afforded access in connection with the transactions contemplated by
this Agreement or any of the other Loan Documents, but other than any such information that is
available to the Administrative Agent, any Bank or the Issuing Bank on a nonconfidential basis
prior to disclosure by Ryder or any Subsidiary. Any such Information shall be held and treated by
such Person in utmost and strictest confidence, and shall not, without the prior written consent of
Ryder (which consent may be given or withheld in Ryder’s sole discretion), be disclosed by such
Person or any manner whatsoever, in whole or in part, or used by such Person, other than in
accordance with this Section, and such Person shall use its best efforts to cause its Advisors to
hold and treat such Information in utmost and strictest confidence and not to disclose or use such
Information other than in accordance with this Section Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

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

     §30. USA PATRIOT ACT NOTICE.

     Each Bank, each Issuing Bank and each Agent (for itself and not on behalf of any Bank or
Issuing Bank) that is subject to the Act (as hereinafter defined) and each of the Agents (for
itself and not on behalf of any Bank) hereby notifies each of the Borrowers that pursuant to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies the
Borrowers, which information includes the name and address of each Borrower and other information
that will allow such Bank, Issuing Bank or such Agent, as applicable, to identify such Borrower in
accordance with the Act. Each Borrower shall, promptly following a request by the Agents, any Bank
or Issuing Bank, provide all documentation and other information that the Agent, such Bank or
Issuing Bank requests in order to comply with its ongoing obligations under applicable “know your
customer” and anti-money laundering rules and regulations, including the Act.

 

143

     §31. NO ADVISORY OR FIDUCIARY RESPONSIBILITY. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), each
Borrower and each guarantor hereunder acknowledges and agrees, that: (i) (A) the arranging and
other services regarding this Agreement provided by the Agents, the Co-Lead Arrangers and the Lead
Arranger are arm’s-length commercial transactions between such Borrower, each guarantor hereunder
and their respective Affiliates, on the one hand, and the Agents, the Co-Lead Arrangers and the
Lead Arranger, on the other hand, (B) each of such Borrower and guarantor hereunder has consulted
its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and
(C) such Borrower and guarantor hereunder is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (ii) (A) the Agents, the Co-Lead Arrangers and the Lead Arranger each is and has been
acting solely as a principal and, except as expressly agreed in writing by the relevant parties,
has not been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower,
any guarantor hereunder or any of their respective Affiliates, or any other Person and (B) neither
the Agents, the Co-Lead Arrangers nor the Lead Arranger has any obligation to such Borrower, any
guarantor hereunder or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Agents, the Co-Lead Arrangers and the Lead Arranger and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of such Borrower, the guarantors hereunder and their respective Affiliates, and neither the
Agents, the Co-Lead Arrangers nor the Lead Arranger has any obligation to disclose any of such
interests to the Borrowers, any guarantor hereunder or any of their respective Affiliates. To the
fullest extent permitted by Law, each of the Borrowers and the guarantors hereunder hereby waives
and releases any claims that it may have against the Agents, the Co-Lead Arrangers and the Lead
Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby.

     §32. TRANSITIONAL ARRANGEMENTS. On the Closing Date, this Agreement shall amend,
restate and supersede the Existing Credit Agreement in its entirety, except as provided in this
§32. On the Closing Date, the rights and obligations of the parties evidenced by the Existing
Credit Agreement shall be evidenced by this Agreement and the other Loan Documents. All references
to the Existing Credit Agreement in any Loan Document or other document or instrument delivered in
connection therewith shall be deemed to refer to this Agreement and the provisions hereof. Without
limiting the generality of the foregoing and to the extent necessary, the Banks and the Agents
reserve all of their rights under the Existing Credit Agreement, as amended and restated by this
Agreement.

     All interest and fees and expenses, if any, owing or accruing under or in respect of the
Existing Credit Agreement through the Closing Date shall be calculated as of the Closing Date (pro
rated in the case of any fractional periods), and shall be paid on the Closing Date. Commencing on
the Closing Date, all fees hereunder shall be payable by the Borrowers to the Agents for the
account of the Banks in accordance with this Agreement.

[remainder of page intentionally left blank]

 

     IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date first set
forth above.

	 	 	 	 	 
	 	RYDER SYSTEM, INC.

 	 
	 	By:  	/s/ W. Daniel Susik
 	 
	 	 	Name:  	W. Daniel Susik 	 
	 	 	Title:  	Senior Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	RYDER TRUCK RENTAL CANADA LTD.

 	 
	 	By:  	/s/ W. Daniel Susik
 	 
	 	 	Name:  	W. Daniel Susik 	 
	 	 	Title:  	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 	 
	 	By:  	/s/ W. Daniel Susik
 	 
	 	 	Name:  	W. Daniel Susik 	 
	 	 	Title:  	Senior Vice President -- Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	RYDER LIMITED

 	 
	 	By:  	/s/ Calene F. Candela
 	 
	 	 	Name:  	Calene F. Candela 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	RYDER SYSTEM HOLDINGS (UK) LIMITED

 	 
	 	By:  	/s/ Calene F. Candela
 	 
	 	 	Name:  	Calene F. Candela 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	RYDER PUERTO RICO, INC.

 	 
	 	By:  	/s/ W. Daniel Susik
 	 
	 	 	Name:  	W. Daniel Susik 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	/s/ Judith A. Huckins
 	 
	 	 	Name:  	Judith A. Huckins 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

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

 	 
	 	By:  	/s/ Judith A. Huckins
 	 
	 	 	Name:  	Judith A. Huckins 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

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

 	 
	 	By:  	/s/ Judith A. Huckins
 	 
	 	 	Name:  	Judith A. Huckins 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Domestic Swing Line Lender

 	 
	 	By:  	/s/ Judith A. Huckins
 	 
	 	 	Name:  	Judith A. Huckins 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as U.K. Bank

 	 
	 	By:  	/s/ Judith A. Huckins
 	 
	 	 	Name:  	Judith A. Huckins 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

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

 	 
	 	By:  	/s/ Judith A. Huckins
 	 
	 	 	Name:  	Judith A. Huckins 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Domestic Bank

 	 
	 	By:  	/s/ B. McNany
 	 
	 	 	Name:  	B. McNany 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as Domestic Bank

 	 
	 	By:  	/s/ Robert Gallagher
 	 
	 	 	Name:  	Robert Gallagher 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as Canadian Bank

 	 
	 	By:  	/s/ Robert Gallagher
 	 
	 	 	Name:  	Robert Gallagher 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as U.K. Bank

 	 
	 	By:  	/s/ Robert Gallagher
 	 
	 	 	Name:  	Robert Gallagher 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as Domestic Bank

 	 
	 	By:  	/s/ Kathleen Reedy
 	 
	 	 	Name:  	Kathleen Reedy 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	RBC BANK (USA), as Domestic Bank

 	 
	 	By:  	/s/ Charlie S. Beverly Jr.
 	 
	 	 	Name:  	Charlie S. Beverly Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Domestic Bank

 	 
	 	By:  	/s/ Edward B. Hanson
 	 
	 	 	Name:  	Edward B. Hanson 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	BNP PARIBAS, as Domestic Bank

 	 
	 	By:  	/s/ Mike Shryock
 	 
	 	 	Name:  	Mike Shryock 	 
	 	 	itle:  Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Curt Price
 	 
	 	 	Name:  	Curt Price 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Domestic Bank

 	 
	 	By:  	/s/ Robert J. Mitchell Jr.
 	 
	 	 	Name:  	Robert J. Mitchell Jr. 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	REGIONS BANK, as Domestic Bank

 	 
	 	By:  	/s/ Stephen Hanas
 	 
	 	 	Name:  	Stephen Hanas 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as Domestic Bank

 	 
	 	By:  	/s/ Jose Mazariegos
 	 
	 	 	Name:  	Jose Mazariegos 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	BRANCH BANKING AND TRUST COMPANY, as Domestic Bank

 	 
	 	By:  	/s/ Anthony D. Nigro
 	 
	 	 	Name:  	Anthony D. Nigro 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC,

as Domestic Swing Line Lender

 	 
	 	By:  	/s/ L. Peter Yetman
 	 
	 	 	Name:  	L. Peter Yetman 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC, as U.K. Agent

 	 
	 	By:  	/s/ Andrew N. Guthrie
 	 
	 	 	Name:  	Andrew N. Guthrie 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC, as Domestic Bank

 	 
	 	By:  	/s/ L. Peter Yetman
 	 
	 	 	Name:  	L. Peter Yetman 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC, as U.K. Bank

 	 
	 	By:  	/s/ Matthew Whitford
 	 
	 	 	Name:  	Matthew Whitford 	 
	 	 	Title:  	Director, Portfolio Management 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as Canadian Agent

 	 
	 	By:  	/s/ Yvonne Brazier
 	 
	 	 	Name:  	Yvonne Brazier 	 
	 	 	Title:  	Manager, Agency 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as Canadian Bank

 	 
	 	By:  	/s/ Scott Umbs
 	 
	 	 	Name:  	Scott Umbs 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as Canadian Bank

 	 
	 	By:  	/s/ Yvonne Brazier
 	 
	 	 	Name:  	Yvonne Brazier 	 
	 	 	Title:  	Manager, Agency 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as Canadian Swing Line Lender

 	 
	 	By:  	/s/ Scott Umbs
 	 
	 	 	Name:  	Scott Umbs 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as Domestic Bank

 	 
	 	By:  	/s/ Scott Umbs
 	 
	 	 	Name:  	Scott Umbs 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Ryder System, Inc. Credit Agreement]

 

 

EXHIBIT A-1

[FORM OF]

DOMESTIC NOTE

      

			
	$________________
	 	as of June [8], 2011

     FOR VALUE RECEIVED, the undersigned, RYDER SYSTEM, INC., a Florida corporation (“Ryder”),
hereby absolutely and unconditionally promises to pay to the order of [INSERT NAME OF PAYEE BANK]
(the “Bank”), without offset or counterclaim, at the head office of Bank of America, N.A., as
Administrative Agent, at 101 South Tryon Street, Charlotte, NC 28255:

     (a) on the Maturity Date, the principal amount of ___________________ DOLLARS ($_________) or,
if less, the then outstanding aggregate unpaid principal amount of Domestic Loans made by the Bank
to Ryder pursuant to the Amended and Restated Global Revolving Credit Agreement, dated as of June
[8], 2011 (as amended, restated, amended and restated, modified or supplemented and in effect from
time to time, the “Credit Agreement”), by and among (i) Ryder, Ryder Truck Rental Holdings Canada
Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK) Limited, Ryder
Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein, (iii) Bank of
America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent
for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with
Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     This Domestic Note evidences borrowings under, is subject to the terms and conditions of, and
has been issued by Ryder in accordance with, the Credit Agreement and is one of the Domestic Notes
referred to therein. The Bank and any holder hereof are entitled to the benefits of the Credit
Agreement and may enforce the agreements of Ryder contained therein, and any holder hereof may
exercise the respective remedies provided for thereby or otherwise available in respect thereof,
all in accordance with the respective terms thereof. All capitalized terms used in this Domestic
Note and not otherwise defined herein shall have the same meanings herein as in the Credit
Agreement.

     The Bank may endorse, and is hereby irrevocably authorized by Ryder to endorse, on its records
and/or on the schedule attached to this Domestic Note or a continuation of such schedule attached
hereto and made a part hereof, an appropriate notation evidencing advances to Ryder and repayments
of principal by Ryder of this Domestic Note, provided that failure by the Bank to

 

 

make any such notations or any error therein shall not affect any of Ryder’s obligations or the
validity of any repayments made by Ryder in respect of this Domestic Note.

     Ryder has the right in certain circumstances and the obligation in certain other circumstances
to prepay the whole or part of the principal of this Domestic Note on the terms and conditions
specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
Domestic Note and all of the unpaid interest accrued thereon may become or be declared due and
payable in the manner and with the effect provided in the Credit Agreement.

     Ryder and every endorser of this Domestic Note or the obligation represented hereby waive
presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration and
all other demands and notices in connection with the delivery, acceptance, performance, default or
enforcement of this Domestic Note and assent to any extension or postponement of the time of
payment or any other indulgence, to any substitution, exchange or release of collateral and to the
addition or release of any other party or person primarily or secondarily liable.

     THIS DOMESTIC NOTE AND THE OBLIGATIONS OF RYDER HEREUNDER SHALL FOR ALL PURPOSES BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE
TO CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401). TO THE
EXTENT PERMITTED BY APPLICABLE LAW, EACH OF RYDER AND THE BANK, BY ITS ACCEPTANCE OF THIS NOTE,
HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY
DISPUTE IN CONNECTION WITH THIS DOMESTIC NOTE AND THE OBLIGATIONS OF RYDER HEREUNDER OR THE
PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.

- 2 -

 

     IN WITNESS WHEREOF, the undersigned has caused this Domestic Note to be signed on its behalf
by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 
	 	RYDER SYSTEM, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 3 -

 

	 	 	 	 	 

SCHEDULE TO DOMESTIC NOTE OF RYDER SYSTEM, INC. DATED AS OF June [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

 

 

EXHIBIT A-2

[FORM OF]

CANADIAN NOTE

      

			
	$________________ or the
	 	as of June [8], 2011
	Canadian Dollar Equivalent thereof	 	 

     FOR VALUE RECEIVED, the undersigned, RYDER TRUCK RENTAL HOLDINGS CANADA LTD., a corporation
organized under the laws of Canada (“Ryder Holdings Canada”), and RYDER TRUCK RENTAL CANADA LTD., a
corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder
Holdings Canada, the “Canadian Borrowers”), hereby, jointly and severally, absolutely and
unconditionally promise to pay to the order of [INSERT NAME OF PAYEE BANK] (the “Bank”), without
offset or counterclaim, at the designated office of Royal Bank of Canada, as Canadian Agent, at
Agency Services Group, Royal Bank Plaza, P.O. Box 50, 200 Bay Street, 12th Floor, South Tower,
Toronto, Ontario M5J 2W7:

     (a) on the Maturity Date, the principal amount of _______________ DOLLARS ($_________) (or
the Canadian Dollar Equivalent thereof in the case of any Loan made in Canadian Dollars) or, if
less, the then outstanding aggregate unpaid principal amount of Canadian Loans made by the Bank to
the Canadian Borrowers pursuant to the Amended and Restated Global Revolving Credit Agreement,
dated as of June [8], 2011 (as amended, restated, amended and restated, modified, or supplemented
and in effect from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc.,
Ryder Holdings Canada, Ryder Canada Limited, Ryder Limited, Ryder System Holdings (UK) Limited,
Ryder Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein, (iii) Bank of
America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent
for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with
Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     As provided in the Credit Agreement, the Canadian Loans evidenced by this Canadian Note may be
advanced in either U.S. Dollars or Canadian Dollars. Each of the Canadian Borrowers jointly and
severally promises to repay each Canadian Loan in the currency in which such Canadian Loan was
advanced.

     This Canadian Note evidences borrowings under, is subject to the terms and conditions of, and
has been issued by the Canadian Borrowers in accordance with, the Credit Agreement and is one of
the Canadian Notes referred to therein. The Bank and any holder hereof are entitled to the
benefits of the Credit Agreement and may enforce the agreements of the Canadian Borrowers
contained therein, and any holder hereof may exercise the respective remedies

 

 

provided for thereby
or otherwise available in respect thereof, all in accordance with the respective terms thereof.
All capitalized terms used in this Canadian Note and not otherwise defined herein shall have the
same meanings herein as in the Credit Agreement.

     The Bank may endorse, and is hereby irrevocably authorized by the Canadian Borrowers to
endorse, on its records and/or on the schedule attached to this Canadian Note or a continuation of
such schedule attached hereto and made a part hereof, an appropriate notation evidencing advances
to the Canadian Borrowers and repayments by the Canadian Borrowers of principal of this Canadian
Note, provided that failure by the Bank to make any such notations or any error therein
shall not affect any of the Canadian Borrowers’ obligations or the validity of any repayments made
by the Canadian Borrowers in respect of this Canadian Note.

     The Canadian Borrowers have the right in certain circumstances and the obligation in certain
other circumstances to prepay the whole or part of the principal of this Canadian Note on the terms
and conditions specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
Canadian Note and all of the unpaid interest accrued thereon may become or be declared due and
payable in the manner and with the effect provided in the Credit Agreement.

     Each of the Canadian Borrowers and every endorser of this Canadian Note or the obligation
represented hereby waives presentment, demand, notice, protest, notice of intent to accelerate,
notice of acceleration and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of this Canadian Note and assents to any extension
or postponement of the time of payment or any other indulgence, to any substitution, exchange or
release of collateral and to the addition or release of any other party or person primarily or
secondarily liable.

     THIS CANADIAN NOTE AND THE OBLIGATIONS OF THE CANADIAN BORROWERS HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
(EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1401). TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE CANADIAN
BORROWERS AND THE BANK, BY ITS ACCEPTANCE OF THIS NOTE, HEREBY WAIVES ITS RIGHT TO A JURY TRIAL
WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS CANADIAN
NOTE AND THE OBLIGATIONS OF THE CANADIAN BORROWERS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND
OBLIGATIONS.

- 2 -

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Canadian Note to be signed on its
behalf by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 
	 	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RYDER TRUCK RENTAL CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 3 -

 

	 	 	 	 	 

SCHEDULE TO CANADIAN NOTE OF RYDER TRUCK RENTAL HOLDINGS CANADA LTD. AND RYDER TRUCK RENTAL CANADA,
LTD., DATED AS OF JUNE [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

 

 

EXHIBIT A-3

[FORM OF]

U.K. NOTE

      

			
	$________________
or the

	 	as of June [8], 2011
	Sterling Equivalent or the	 	 
	Euro Equivalent thereof	 	 

     FOR VALUE RECEIVED, the undersigned, RYDER LIMITED, a corporation organized under the laws of
England and Wales (“Ryder Limited”) and RYDER SYSTEM HOLDINGS (UK) LIMITED, a corporation organized
under the laws of England and Wales (“RSH” and together with Ryder Limited, the “U.K. Borrowers”),
hereby, jointly and severally, absolutely and unconditionally promise to pay to the order of
[INSERT NAME OF PAYEE BANK] (the “Bank”), without offset or counterclaim, at the head office of The
Royal Bank of Scotland PLC, as U.K. Agent, at 2 1/2 Devonshire Square, London EC2M 4XJ, Depot Code
028:

     (a) on the Maturity Date, the principal amount of ___________________ DOLLARS ($_________) (or
the Sterling Equivalent or the Euro Equivalent thereof in the case of any Loan made in Sterling or
Euros, respectively) or, if less, the then outstanding aggregate unpaid principal amount of U.K.
Loans made by the Bank to the U.K. Borrowers pursuant to the Amended and Restated Global Revolving
Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated, modified
or supplemented and in effect from time to time, the “Credit Agreement”), by and among (i) Ryder
System, Inc., Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder
Limited, RSH, Ryder Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein,
(iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as
Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for
the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and
book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     As provided in the Credit Agreement, the U.K. Loans evidenced by this U.K. Note may be
advanced in any of U.S. Dollars, Sterling or Euros. Each of the U.K. Borrowers jointly and
severally promises to repay each U.K. Loan in the currency in which such U.K. Loan was advanced.

     This U.K. Note evidences borrowings under, is subject to the terms and conditions of, and has
been issued by the U.K. Borrowers in accordance with, the Credit Agreement and is one of the U.K.
Notes referred to therein. The Bank and any holder hereof are
entitled to the benefits of the Credit Agreement and may enforce the agreements of the U.K. Borrowers contained

 

therein, and
any holder hereof may exercise the respective remedies provided for thereby or otherwise available
in respect thereof, all in accordance with the respective terms thereof. All capitalized terms
used in this U.K. Note and not otherwise defined herein shall have the same meanings herein as in
the Credit Agreement.

     The Bank may endorse, and is hereby irrevocably authorized by the U.K. Borrowers to endorse,
on its records and/or on the schedule attached to this U.K. Note or a continuation of such schedule
attached hereto and made a part hereof, an appropriate notation evidencing advances to the U.K.
Borrowers and repayments by the U.K. Borrowers of principal of this U.K. Note, provided
that failure by the Bank to make any such notations or any error therein shall not affect any of
the U.K. Borrowers’ obligations or the validity of any repayments made by the U.K. Borrowers in
respect of this U.K. Note.

     The U.K. Borrowers have the right in certain circumstances and the obligation in certain other
circumstances to prepay the whole or part of the principal of this U.K. Note on the terms and
conditions specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
U.K. Note and all of the unpaid interest accrued thereon may become or be declared due and payable
in the manner and with the effect provided in the Credit Agreement.

     Each of the U.K. Borrowers and every endorser of this U.K. Note or the obligation represented
hereby waives presentment, demand, notice, protest, notice of intent to accelerate, notice of
acceleration and all other demands and notices in connection with the delivery, acceptance,
performance, default or enforcement of this U.K. Note and assents to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of
collateral and to the addition or release of any other party or person primarily or secondarily
liable.

     THIS U.K. NOTE AND THE OBLIGATIONS OF THE U.K. BORROWERS HEREUNDER SHALL FOR ALL PURPOSES BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS
APPLICABLE TO CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION
5-1401). TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE U.K. BORROWERS AND THE BANK, BY
ITS ACCEPTANCE OF THIS NOTE, HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR
CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS U.K. NOTE AND THE OBLIGATIONS OF THE U.K.
BORROWERS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.

-2-

 

     IN WITNESS WHEREOF, each of the undersigned has caused this U.K. Note to be signed on its
behalf by its duly authorized officer as of the day and year first above written.

EITHER

	 	 	 	 	 

	EXECUTED and DELIVERED as a DEED

	 	 	)	 
	by RYDER LIMITED acting by

	 	 	)	 
	[two directors] [a director and its secretary]

	 	 	)	 

	 	 	 	 	 

	 
	 	 	 	 
	 

Director’s name

	 	 

Director’s signature
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

Director’s[/Secretary’s] name

	 	 

Director’s[/Secretary’s] signature
	 	 

OR

	 	 	 	 	 

	EXECUTED and DELIVERED as a DEED

	 	 	)	 
	by RYDER LIMITED acting by

	 	 	)	 
	a director in the presence of

	 	 	)	 

	 	 	 	 	 

	 
	 	 	 	 
	 

	 	 

Director’s signature
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Director’s name
	 	 
	 
	 	 	 	 
	Witness’ signature:
	 	 
	 	 
	 
	 	 	 	 
	Witness’ name:
	 	 
	 	 
	 
	 	 	 	 
	Witness’ address:
	 	 
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	Witness’ occupation:

	 	 
	 	 

-3-

 

EITHER

	 	 	 	 	 

	EXECUTED and DELIVERED as a DEED

	 	 	)	 
	by RYDER SYSTEM HOLDINGS (UK) LIMITED

	 	 	)	 
	acting by [two directors] [a director and its secretary]

	 	 	)	 

	 	 	 	 	 

	 
	 	 	 	 
	 

Director’s name

	 	 

Director’s signature
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

Director’s[/Secretary’s] name

	 	 

Director’s[/Secretary’s] signature
	 	 

OR

	 	 	 	 	 

	EXECUTED and DELIVERED as a DEED

	 	 	)	 
	by RYDER SYSTEM HOLDINGS (UK) LIMITED

	 	 	)	 
	acting by a director in the presence of

	 	 	)	 

	 	 	 	 	 

	 
	 	 	 	 
	 

	 	 

Director’s signature
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Director’s name
	 	 
	 
	 	 	 	 
	Witness’ signature:
	 	 	 	 
	 

	 	 

	 	 
	Witness’ name:
	 	 	 	 
	 

	 	 

	 	 
	Witness’ address:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Witness’ occupation:

	 	 

	 	 

-4-

 

SCHEDULE
TO U.K. NOTE OF RYDER LIMITED AND RYDER SYSTEM HOLDINGS 
(UK) LIMITED, DATED AS OF JUNE [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

 

 

EXHIBIT A-4

[FORM OF]

PR NOTE

      

			
	$________________
	 	as of June [8], 2011

     FOR VALUE RECEIVED, the undersigned, RYDER PUERTO RICO, INC., a Delaware corporation (“Ryder
PR”), hereby absolutely and unconditionally promises to pay to the order of [INSERT NAME OF PAYEE
BANK] (the “Bank”), without offset or counterclaim, at the head office of Bank of America, N.A., as
Administrative Agent, at 101 South Tryon Street, Charlotte, NC 28255:

     (a) on the Maturity Date, the principal amount of ___________________ DOLLARS ($_________) or,
if less, the then outstanding aggregate unpaid principal amount of PR Loans made by the Bank to
Ryder PR pursuant to the Amended and Restated Global Revolving Credit Agreement, dated as of June
[8], 2011 (as amended, restated, amended and restated, modified or supplemented and in effect from
time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., Ryder Truck Rental
Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK)
Limited, Ryder PR, (ii) the lending institutions identified as Banks therein, (iii) Bank of
America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent
for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with
Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     This PR Note evidences borrowings under, is subject to the terms and conditions of, and has
been issued by Ryder PR in accordance with, the Credit Agreement and is one of the PR Notes
referred to therein. The Bank and any holder hereof are entitled to the benefits of the Credit
Agreement and may enforce the agreements of Ryder PR contained therein, and any holder hereof may
exercise the respective remedies provided for thereby or otherwise available in respect thereof,
all in accordance with the respective terms thereof. All capitalized terms used in this PR Note
and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement.

     The Bank may endorse, and is hereby irrevocably authorized by Ryder PR to endorse, on its
records and/or on the schedule attached to this PR Note or a continuation of such schedule attached
hereto and made a part hereof, an appropriate notation evidencing advances to Ryder PR and
repayments by Ryder PR of principal of this PR Note, provided that failure by the Bank to
make any such notations or any error therein shall not affect any of Ryder PR’s obligations or the
validity of any repayments made by Ryder PR in respect of this PR Note.

 

 

     Ryder PR has the right in certain circumstances and the obligation in certain other
circumstances to prepay the whole or part of the principal of this PR Note on the terms and
conditions specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
PR Note and all of the unpaid interest accrued thereon may become or be declared due and payable in
the manner and with the effect provided in the Credit Agreement.

     Ryder PR and every endorser of this PR Note or the obligation represented hereby waive
presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration and
all other demands and notices in connection with the delivery, acceptance, performance, default or
enforcement of this PR Note and assent to any extension or postponement of the time of payment or
any other indulgence, to any substitution, exchange or release of collateral and to the addition or
release of any other party or person primarily or secondarily liable.

     THIS PR NOTE AND THE OBLIGATIONS OF RYDER PR HEREUNDER SHALL FOR ALL PURPOSES BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO
CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401). TO THE
EXTENT PERMITTED BY APPLICABLE LAW, EACH OF RYDER PR AND THE BANK, BY ITS ACCEPTANCE OF THIS NOTE
HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY
DISPUTE IN CONNECTION WITH THIS PR NOTE AND THE OBLIGATIONS OF RYDER PR HEREUNDER OR THE
PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.

- 2 -

 

     IN WITNESS WHEREOF, the undersigned has caused this PR Note to be signed on its behalf by its
duly authorized officer as of the day and year first above written.

	 	 	 	 	 
	 	RYDER PUERTO RICO, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 3 -

 

	 	 	 	 	 

SCHEDULE TO PR NOTE OF RYDER PUERTO RICO, INC., DATED AS OF JUNE [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

 

 

EXHIBIT
A-5

[FORM OF]

DOMESTIC SWING LINE NOTE

      

			
	$25,000,000
	 	as of June [8], 2011

     FOR VALUE RECEIVED, the undersigned, RYDER SYSTEM, INC., a Florida corporation (“Ryder”),
hereby absolutely and unconditionally promises to pay to the order of [BANK OF AMERICA, N.A.] [THE
ROYAL BANK OF SCOTLAND PLC] (the “Domestic Swing Line Lender”), without offset or counterclaim, at
its head office at [101 South Tryon Street, Charlotte, NC 28255][2 1/2 Devonshire Square,
London EC2M 4XJ, Depot Code 028]:

     (a) on the Maturity Date, the principal amount of TWENTY-FIVE MILLION DOLLARS ($25,000,000)
or, if less, the then outstanding aggregate unpaid principal amount of Domestic Swing Line Loans
made by the Domestic Swing Line Lender to Ryder pursuant to the Amended and Restated Global
Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated,
modified or supplemented and in effect from time to time, the “Credit Agreement”), by and among (i)
Ryder, Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited,
Ryder System Holdings (UK) Limited, Ryder Puerto Rico, Inc., (ii) the lending institutions
identified as Banks therein, (iii) Bank of America, N.A., as Administrative Agent for the Banks,
(iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc,
as United Kingdom Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated,
acting as lead arranger and book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     This Domestic Swing Line Note evidences borrowings under, is subject to the terms and
conditions of, and has been issued by Ryder in accordance with the Credit Agreement and is the
Domestic Swing Line Note referred to therein. The Domestic Swing Line Lender and any holder hereof
are entitled to the benefits of the Credit Agreement and may enforce the agreements of Ryder
contained therein, and any holder hereof may exercise the respective remedies provided for thereby
or otherwise available in respect thereof, all in accordance with the respective terms thereof.
All capitalized terms used in this Domestic Swing Line Note and not otherwise defined herein shall
have the same meanings herein as in the Credit Agreement.

     The Domestic Swing Line Lender may endorse, and is hereby irrevocably authorized by Ryder to
endorse, on its records and/or on the schedule attached to this Domestic Swing Line Note or a
continuation of such schedule attached hereto and made a part hereof, an appropriate notation
evidencing advances to Ryder and repayments by Ryder of principal of this Domestic
Swing Line Note, provided that failure by the Domestic Swing Line Lender to make any such

 

 

notations or any error therein shall not affect any of Ryder’s obligations or the validity of any
repayments made by Ryder in respect of this Domestic Swing Line Note.

     Ryder has the right in certain circumstances and the obligation in certain other circumstances
to prepay the whole or part of the principal of this Domestic Swing Line Note on the terms and
conditions specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
Domestic Swing Line Note and all of the unpaid interest accrued thereon may become or be declared
due and payable in the manner and with the effect provided in the Credit Agreement.

     Ryder and every endorser of this Domestic Swing Line Note or the obligation represented hereby
waive presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration
and all other demands and notices in connection with the delivery, acceptance, performance, default
or enforcement of this Domestic Swing Line Note and assent to any extension or postponement of the
time of payment or any other indulgence, to any substitution, exchange or release of collateral and
to the addition or release of any other party or person primarily or secondarily liable.

     THIS DOMESTIC SWING LINE NOTE AND THE OBLIGATIONS OF RYDER HEREUNDER SHALL FOR ALL PURPOSES BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS
APPLICABLE TO CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION
5-1401). TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF RYDER AND THE BANK, BY ITS ACCEPTANCE
OF THIS NOTE, HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING
OUT OF ANY DISPUTE IN CONNECTION WITH THIS DOMESTIC SWING LINE NOTE AND THE OBLIGATIONS OF RYDER
HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.

- 2 -

 

     IN WITNESS WHEREOF, the undersigned has caused this Domestic Swing Line Note to be signed on
its behalf by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 
	 	RYDER SYSTEM, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 3 -

 

	 	 	 	 	 

SCHEDULE TO DOMESTIC SWING LINE NOTE OF RYDER SYSTEM, INC. DATED AS OF JUNE [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

 

EXHIBIT A-6

[FORM OF]

U.K. SWING LINE NOTE

      

			
	$50,000,000 or the 

Sterling Equivalent or the 

Euro Equivalent thereof
	 	as of June [8], 2011

     FOR VALUE RECEIVED, the undersigned, RYDER LIMITED, a corporation organized under the laws of
England and Wales (“Ryder Limited”) and RYDER SYSTEM HOLDINGS (UK) LIMITED, a corporation organized
under the laws of England and Wales (“RSH” and together with Ryder Limited, the “U.K. Borrowers”),
hereby, jointly and severally, absolutely and unconditionally promise to pay to the order of THE
ROYAL BANK OF SCOTLAND PLC (the “U.K. Agent”), without offset or counterclaim, at its head office
at 2 1/2 Devonshire Square, London EC2M 4XJ, Depot Code 028:

     (a) on the Maturity Date, the principal amount of FIFTY MILLION DOLLARS ($50,000,000) (or the
Sterling Equivalent or the Euro Equivalent thereof in the case of any Loan made in Sterling or
Euros, respectively) or, if less, the then outstanding aggregate unpaid principal amount of U.K.
Swing Line Loans made by the U.K. Agent to the U.K. Borrowers pursuant to the Amended and Restated
Global Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and
restated, modified or supplemented and in effect from time to time, the “Credit Agreement”), by and
among (i) Ryder System, Inc., Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada
Ltd., Ryder Limited, RSH, Ryder Puerto Rico, Inc., (ii) the lending institutions identified as
Banks therein, (iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank
of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as United
Kingdom Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as
lead arranger and book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     As provided in the Credit Agreement, the U.K. Swing Line Loans evidenced by this U.K. Swing
Line Note may be advanced in either U.S. Dollars, Sterling or Euros. Each of the U.K. Borrowers
jointly and severally promises to repay each U.K. Swing Line Loan in the currency in which such
U.K. Swing Line Loan was advanced.

     This U.K. Swing Line Note evidences borrowings under, is subject to the terms and conditions
of, and has been issued by the U.K. Borrowers in accordance with, the Credit Agreement and is one
of the U.K. Swing Line Notes referred to therein. The U.K. Agent and any holder hereof are
entitled to the benefits of the Credit Agreement and may enforce the

 

 

agreements of the U.K.
Borrowers contained therein, and any holder hereof may exercise the respective remedies provided
for thereby or otherwise available in respect thereof, all in accordance with the respective terms
thereof. All capitalized terms used in this U.K. Swing Line Note and not otherwise defined herein
shall have the same meanings herein as in the Credit Agreement.

     The U.K. Agent may endorse, and is hereby irrevocably authorized by the U.K. Borrowers to
endorse, on its records and/or on the schedule attached to this U.K. Swing Line Note or a
continuation of such schedule attached hereto and made a part hereof, an appropriate notation
evidencing advances to the U.K. Borrowers and repayments by the U.K. Borrowers of principal of this
U.K. Swing Line Note, provided that failure by the U.K. Agent to make any such notations or
any error therein shall not affect any of the U.K. Borrowers’ obligations or the validity of any
repayments made by the U.K. Borrowers in respect of this U.K. Swing Line Note.

     The U.K. Borrowers have the right in certain circumstances and the obligation in certain other
circumstances to prepay the whole or part of the principal of this U.K. Swing Line Note on the
terms and conditions specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
U.K. Swing Line Note and all of the unpaid interest accrued thereon may become or be declared due
and payable in the manner and with the effect provided in the Credit Agreement.

     The U.K. Borrowers and every endorser of this U.K. Swing Line Note or the obligation
represented hereby waive presentment, demand, notice, protest, notice of intent to accelerate,
notice of acceleration and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of this U.K. Swing Line Note and assent to any
extension or postponement of the time of payment or any other indulgence, to any substitution,
exchange or release of collateral and to the addition or release of any other party or person
primarily or secondarily liable.

     THIS U.K. SWING LINE NOTE AND THE OBLIGATIONS OF THE U.K. BORROWERS HEREUNDER SHALL FOR ALL
PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
(EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1401). TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE U.K.
BORROWERS AND THE BANK, BY ITS ACCEPTANCE OF THIS NOTE, HEREBY WAIVES ITS RIGHT TO A JURY TRIAL
WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS U.K. SWING
LINE NOTE AND THE OBLIGATIONS OF THE U.K. BORROWERS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND
OBLIGATIONS.

- 2 -

 

     IN WITNESS WHEREOF, this U.K. Swing Line Note has been executed as a deed on the day and year
first above written.

EITHER

	 	 	 	 	 

	EXECUTED and DELIVERED as a DEED

	 	)	 	 
	by RYDER LIMITED acting by

	 	)	 	 
	[two directors] [a director and its secretary] )
	 	 	 	 

	 	 	 

	 

	 	 
	Director’s name

	 	Director’s signature
	 
	 	 
	 

	 	 
	Director’s[/Secretary’s] name

	 	Director’s[/Secretary’s] signature

OR

	 	 	 

	EXECUTED and DELIVERED as a DEED
	 	)
	by RYDER LIMITED acting by
	 	)
	a director in the presence of
	 	)

	 	 	 

	 

	 	 
	 

	 	Director’s signature
	 
	 	 
	 

	 	 
	 

	 	Director’s name
	 
	 	 
	Witness’ signature:
	 	 
	 

	 	 
	 
	 	 
	Witness’ name:
	 	 
	 

	 	 
	 
	 	 
	Witness’ address:
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	Witness’ occupation:
	 	 
	 

	 	 

- 3 -

 

EITHER

	 	 	 	 	 

	EXECUTED and DELIVERED as a DEED

	 	)	 	 
	by RYDER SYSTEM HOLDINGS (UK) LIMITED

	 	)	 	 
	acting by [two directors] [a director and its secretary]

	 	)	 	 

	 	 	 

	 

	 	 
	Director’s name

	 	Director’s signature
	 
	 	 
	 

	 	 
	Director’s[/Secretary’s] name

	 	Director’s[/Secretary’s] signature

OR

	 	 	 

	EXECUTED and DELIVERED as a DEED
	 	)
	by RYDER SYSTEM HOLDINGS (UK) LIMITED
	 	)
	acting by a director in the presence of
	 	)

	 	 	 
	 

	 	 
	 

	 	Director’s signature
	 
	 	 
	 

	 	 
	 

	 	Director’s name
	 
	 	 
	Witness’ signature:
	 	 
	 

	 	 
	 
	 	 
	Witness’ name:
	 	 
	 

	 	 
	 
	 	 
	Witness’ address:
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	Witness’ occupation:
	 	 
	 

	 	 

- 4 -

 

SCHEDULE
TO U.K. SWING LINE NOTE OF RYDER LIMITED AND RYDER 
SYSTEM HOLDINGS (UK) LIMITED,
DATED AS OF JUNE [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

EXHIBIT A-7

[FORM OF]

CANADIAN SWING LINE NOTE

      

			
	$50,000,000 or the 

Canadian Dollar Equivalent thereof
	 	as of June [8], 2011

     FOR VALUE RECEIVED, the undersigned, RYDER TRUCK RENTAL HOLDINGS CANADA LTD., a corporation
organized under the laws of Canada (“Ryder Holdings Canada”), and RYDER TRUCK RENTAL CANADA LTD., a
corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder
Holdings Canada, the “Canadian Borrowers”), hereby absolutely and unconditionally promise to pay to
the order of ROYAL BANK OF CANADA (the “Canadian Swing Line Lender”), without offset or
counterclaim, at its designated office at Agency Services Group, Royal Bank Plaza, P.O. Box 50, 200
Bay Street, 12th Floor, South Tower, Toronto, Ontario M5J 2W7:

     (a) on the Maturity Date, the principal amount of FIFTY MILLION DOLLARS ($50,000,000) (or the
Canadian Dollar Equivalent thereof in the case of any Loan made in Canadian Dollars) or, if less,
the then outstanding aggregate unpaid principal amount of Canadian Swing Line Loans made by the
Canadian Swing Line Lender to the Canadian Borrowers pursuant to the Amended and Restated Global
Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated,
modified or supplemented and in effect from time to time, the “Credit Agreement”), by and among (i)
Ryder System, Inc., Ryder Holdings Canada, Ryder Canada Limited, Ryder Limited, Ryder System
Holdings (UK) Limited, Ryder Puerto Rico, Inc., (ii) the lending institutions identified as Banks
therein, (iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of
Canada, as Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom
Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead
arranger and book manager; and

     (b) interest on the principal balance hereof from time to time outstanding from and including
the date hereof to but not including the date on which such principal amount is paid in full, at
the times and at the rates provided in the Credit Agreement, subject however to the provisions of
§6.12 of the Credit Agreement.

     As provided in the Credit Agreement, the Canadian Swing Line Loans evidenced by this Canadian
Swing Line Note may be advanced in either U.S. Dollars or Canadian Dollars. Each of the Canadian
Borrowers promises to repay each Canadian Swing Line Loan in the currency in which such Canadian
Swing Line Loan was advanced.

     This Canadian Swing Line Note evidences borrowings under, is subject to the terms and
conditions of, and has been issued by the Canadian Borrowers in accordance with the Credit
Agreement and is the Canadian Swing Line Note referred to therein. The Canadian Swing Line Lender
and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the
agreements of the Canadian Borrowers contained therein, and any holder hereof may

 

 

exercise the
respective remedies provided for thereby or otherwise available in respect thereof, all in
accordance with the respective terms thereof. All capitalized terms used in this Canadian Swing
Line Note and not otherwise defined herein shall have the same meanings herein as in the Credit
Agreement.

     The Canadian Swing Line Lender may endorse, and is hereby irrevocably authorized by the
Canadian Borrowers to endorse, on its records and/or on the schedule attached to this Canadian
Swing Line Note or a continuation of such schedule attached hereto and made a part hereof, an
appropriate notation evidencing advances to the Canadian Borrowers and repayments by the Canadian
Borrowers of principal of this Canadian Swing Line Note, provided that failure by the
Canadian Swing Line Lender to make any such notations or any error therein shall not affect any of
the Canadian Borrowers’ obligations or the validity of any repayments made by the Canadian
Borrowers in respect of this Canadian Swing Line Note.

     The Canadian Borrowers have the right in certain circumstances and the obligation in certain
other circumstances to prepay the whole or part of the principal of this Canadian Swing Line Note
on the terms and conditions specified in the Credit Agreement.

     If any one or more Events of Default shall occur, the entire unpaid principal amount of this
Canadian Swing Line Note and all of the unpaid interest accrued thereon may become or be declared
due and payable in the manner and with the effect provided in the Credit Agreement.

     The Canadian Borrowers and every endorser of this Canadian Swing Line Note or the obligation
represented hereby waive presentment, demand, notice, protest, notice of intent to accelerate,
notice of acceleration and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of this Canadian Swing Line Note and assent to any
extension or postponement of the time of payment or any other indulgence, to any substitution,
exchange or release of collateral and to the addition or release of any other party or person
primarily or secondarily liable.

     THIS CANADIAN SWING LINE NOTE AND THE OBLIGATIONS OF THE CANADIAN BORROWERS HEREUNDER SHALL
FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
(EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1401). TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE CANADIAN
BORROWERS AND THE BANK, BY ITS ACCEPTANCE OF THIS NOTE, HEREBY WAIVES ITS RIGHT TO A JURY TRIAL
WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS CANADIAN
SWING LINE NOTE AND THE OBLIGATIONS OF THE CANADIAN BORROWERS HEREUNDER OR THE PERFORMANCE OF SUCH
RIGHTS AND OBLIGATIONS.

- 2 -

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Canadian Swing Line Note to be
signed on its behalf by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 
	 	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RYDER TRUCK RENTAL CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 3 -

 

	 	 	 	 	 

SCHEDULE TO CANADIAN SWING LINE NOTE OF RYDER TRUCK RENTAL HOLDINGS CANADA LTD. AND RYDER
TRUCK RENTAL CANADA LTD., DATED AS OF JUNE [8], 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	Principal	 	Balance of	 	 
	 	 	 	 	Amount of	 	Paid or	 	Principal	 	Notation
	Date	 	Loan Type	 	Loan	 	Prepaid	 	Unpaid	 	Made By
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

 

EXHIBIT B-1

[FORM OF]

DOMESTIC LOAN REQUEST

Bank of America, N.A.

   as Administrative Agent

101 South Tryon Street

Bank of America Plaza

Mail Code: NC1-002-15-36

Charlotte, NC 28255-0001

Dear Sir or Madam:

     In accordance with the provisions of §2.7(a) of that certain Amended and Restated Global
Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated,
modified or supplemented and in effect from time to time, the “Credit Agreement”; capitalized terms
used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement) by
and among (i) Ryder System, Inc. (“Ryder”), Ryder Truck Rental Holdings Canada Ltd., Ryder Truck
Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK) Limited, Ryder Puerto Rico, Inc.,
(ii) the lending institutions identified as Banks therein, (iii) Bank of America, N.A., as
Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and
(v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with Merrill Lynch,
Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager, notice is hereby
given of our intention to borrow a Domestic Loan, in the principal amount of [$____________], on
[the Drawdown Date][________ __, 20__]. Such Loan shall be a [Base Rate Loan] [LIBOR Rate Loan
with an Interest Period of _________ months].

     This notice shall constitute certification of compliance by Ryder as to the matters set forth
in [§11 and]1 §12 of the Credit Agreement. Thank you for your attention to this matter.

	 	 	 	 	 
	 	Yours sincerely,

RYDER SYSTEM, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	Applicable only to Domestic Loan Request on the
Closing Date.

 

 

EXHIBIT B-2

[FORM OF]

CANADIAN LOAN REQUEST

Royal Bank of Canada,

as Canadian Agent

Royal Bank Plaza

P.O. Box 50

200 Bay Street

12th Floor, South Tower

Toronto, Ontario MSJ 2J5

Attention: Agency Services Group

Ladies and Gentlemen:

     We refer to that certain Amended and Restated Global Revolving Credit Agreement, dated as of
June [8], 2011 (as amended, restated, amended and restated, modified or supplemented and in effect
from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have
the meanings ascribed thereto in the Credit Agreement), by and among (i) Ryder System, Inc.
(“Ryder”), Ryder Truck Rental Holdings Canada Ltd. (“Ryder Holdings Canada”), Ryder Truck Rental
Canada Ltd. (“Ryder Canada Limited”), Ryder Limited, Ryder System Holdings (UK) Limited, Ryder
Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein, (iii) Bank of
America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent
for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with
Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager. In
accordance with the provisions of §2.7(b) of the Credit Agreement, notice is hereby given of our
request to borrow a Canadian Loan denominated in [Canadian/U.S.] Dollars, in the principal amount
of [C$/US$____________], on [the Drawdown Date][________ __, 20__]. Such Loan shall be a [Base
Rate Loan] [LIBOR Rate Loan with an Interest Period of _________ months].2

     This notice and the confirmation signatures of the authorized officer or representative of
Ryder evidenced herewith or produced separately and submitted herewith shall constitute
certification of compliance by Ryder Holdings Canada, Ryder Canada Limited and Ryder as to the
matters set forth in [§11 and]3 §12 of the Credit Agreement. Thank you for your
attention to this matter.

 

			
	2	 	As provided for in the Credit Agreement, no
requested Canadian Loan denominated in Canadian Dollars may be a LIBOR Rate
Loan.
	 
	3	 	Applicable only to Canadian Loan Request on the
Closing Date.

 

	 	 	 	 	 
	 	Yours sincerely,

RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RYDER TRUCK RENTAL CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

The above notice is hereby confirmed on behalf of Ryder by:

	 	 	 	 	 	 	 	 
	 	 	 
	 	By:  	
 	 	Date:	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-2-

 

	 	 	 	 	 

EXHIBIT B-3

[FORM OF]

U.K. LOAN REQUEST

Royal Bank of Scotland Plc, as U.K. Agent

Agency Operations

Bankside 3

90-100 Southwark Street

London SE1 0SW

United Kingdom

Attention: Head of Agency Operations

Dear Sir or Madam:

     In accordance with the provisions of §2.7(c) of that certain Amended and Restated Global
Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated,
modified or supplemented and in effect from time to time, the “Credit Agreement”; capitalized terms
used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement), by
and among (i) Ryder System, Inc. (“Ryder”), Ryder Truck Rental Holdings Canada Ltd., Ryder Truck
Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK) Limited (“RSH”), Ryder Puerto Rico,
Inc., (ii) the lending institutions identified as Banks therein, (iii) Bank of America, N.A., as
Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and
(v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with Merrill Lynch,
Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager, notice is hereby
given of our intention to borrow a U.K. Loan denominated in [Sterling/Euros/U.S. Dollars], in the
principal amount of [£/EU/$____________], on [the Drawdown Date][________ __, 20__]. Such Loan
shall be a [LIBOR Rate Loan with an Interest Period of _________ months] [EURIBOR Rate Loan with an
Interest Period of _________ months].1

     This notice and the confirmation signatures of the authorized official of Ryder evidenced
herewith or produced separately and submitted herewith shall constitute certification of compliance
by Ryder Limited, RSH and Ryder as to the matters set forth in [§11 and]2 §12 of the
Credit Agreement. Thank you for your attention to this matter.

 

			
	1	 	As provided for in the Credit Agreement, any
requested U.K. Loan denominated in Sterling or Euros (other than the U.K. Swing
Line Loans) shall be LIBOR Rate Loans.
	 
	2	 	Applicable only to U.K. Loan Request on the
Closing Date.

 

 

	 	 	 	 	 
	 	Yours sincerely,

RYDER LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RYDER SYSTEM HOLDINGS (UK) LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

The above notice is hereby confirmed on behalf of Ryder by:

	 	 	 	 	 	 	 	 
	 	 	 
	 	By:  	
 	 	Date:	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 2 -

 

	 	 	 	 	 

EXHIBIT B-4

[FORM OF]

PR LOAN REQUEST

Bank of America, N.A.

   as Administrative Agent

101 South Tryon Street

Bank of America Plaza

Mail Code: NC1-002-15-36

Charlotte, NC 28255-0001

Dear Sir or Madam:

     In accordance with the provisions of §2.7(d) of that certain Amended and Restated Global
Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated,
modified or supplemented and in effect from time to time, the “Credit Agreement”; capitalized terms
used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement), by
and among (i) Ryder System, Inc. (“Ryder”), Ryder Truck Rental Holdings Canada Ltd., Ryder Truck
Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK) Limited, Ryder Puerto Rico, Inc.
(“Ryder PR”), (ii) the lending institutions identified as Banks therein, (iii) Bank of America,
N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent for the
Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with Merrill
Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager, notice is
hereby given of our intention to borrow a PR Loan, in the principal amount of [$____________], on
[the Drawdown Date][________ __, 20__]. Such Loan shall be a [Base Rate Loan] [LIBOR Rate Loan
with an Interest Period of _________ months].

     This notice and the confirmation signatures of the authorized official of Ryder evidenced
herewith or produced separately and submitted herewith shall constitute certification of compliance
by Ryder PR and Ryder as to the matters set forth in [§11 and]1 §12 of the Credit
Agreement. Thank you for your attention to this matter.

 

			
	1	 	Applicable only to PR Loan Request on the
Closing Date.

 

 

	 	 	 	 	 
	 	Yours sincerely,

RYDER PUERTO RICO, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

The above notice is hereby confirmed on behalf of Ryder by:

	 	 	 	 	 	 	 	 
	 	 	 
	 	By:  	
 	 	Date:	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 -2- 

 

	 	 	 	 	 

EXHIBIT
C

[FORM OF]

COMPLIANCE CERTIFICATE

RYDER SYSTEM, INC.

Compliance Certificate dated ___________

     Reference is hereby made to the Amended and Restated Global Revolving Credit Agreement, dated
as of June [8], 2011 (as amended, restated, amended and restated, modified or supplemented and in
effect from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc. (“Ryder”),
Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited,
Ryder System Holdings (UK) Limited, and Ryder Puerto Rico, Inc., (ii) the lending institutions
identified as Banks therein, (iii) Bank of America, N.A., as Administrative Agent for the Banks,
(iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc,
as U.K. Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as
lead arranger and book manager. Capitalized terms used and not defined herein shall have the
meanings ascribed thereto in the Credit Agreement.

     The undersigned ______________________, the [chief financial officer/treasurer/assistant treasurer] of Ryder hereby
certifies that no Default or Event of Default exists. Computations to evidence compliance with
§9.1(b) and §10.1 of the Credit Agreement are detailed on
Annex A attached hereto.

     [The undersigned hereby further certifies that:

          (i) the representations and warranties contained in §§7.1, 7.2, 7.3, 7.6, 7.8, 7.9,
7.10, 7.11 (other than clause (iii) of subsection (c) of such Section 7.11), 7.13, 7.14,
7.17, 7.18 and §7A of the Credit Agreement are true and correct in all material respects as
of the date hereof;

          (ii) the representations and warranties contained in §7.4 of the Credit Agreement are
true and correct in all material respects as of the date hereof; provided that each
reference to “Balance Sheet Date” in such §7.4 shall be deemed a reference to the most
recent fiscal year end of Ryder; and

          (iii) the representations and warranties contained in §§7.5, 7.7, 7.12, 7.15 and 7.16
of the Credit Agreement are true and correct in all material respects as of the date hereof
after taking into consideration any updated information provided to the Schedule
corresponding to any such Section (all such updated Schedules are attached hereto as
Annex B), if applicable.]2

 

			
	2	 	Bracketed language to be included in any Compliance
Certificate delivered pursuant to §8.4(c) of the Credit Agreement with respect
to the delivery of financial statements referred to in §8.4(a) of the Credit
Agreement.

 

 

	 	 	 	 	 
	 	RYDER SYSTEM, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 -2- 

 

Annex
A

Secured Indebtedness  —  §9.1(b)

	 	 	 	 	 	 	 

	1.	 	Adjusted
Consolidated Tangible Assets

(Item 8 of Appendix)
	 	$	                    	 
	 	 	 
	 	 	 	 
	2.	 	Secured
Indebtedness

(Item 24 of Appendix)
	 	$	                    	 
	 	 	 
	 	 	 	 
	3.	 	Maximum
Permitted Secured Indebtedness

(Item 1 x .30)
	 	$	                    	 

Debt to Consolidated Tangible Net Worth -§10.1

	 	 	 	 	 	 	 

	4.	 	Total Indebtedness of Ryder and its Consolidated
Subsidiaries

(Item 19 of Appendix)
	 	$	                    	 
	 	 	 
	 	 	 	 
	5.	 	Consolidated
Adjusted Tangible Net Worth

(Item 13 of Appendix)
	 	$	                    	 
	 	 	 
	 	 	 	 
	6.	 	Actual
Ratio

(Item 4 divided by Item 5)
	 	 	_____:1.00	 
	 	 	 
	 	 	 	 
	7.	 	Maximum permitted ratio
	 	 	3.00:1.00	 

 

 

Appendix

A. Adjusted Consolidated Tangible Assets

	 	 	 	 	 	 	 

	1.	 	Consolidated assets
	 	$	                    	 
	 	 	 
	 	 	 	 
	2.	 	All intercompany items
	 	$	                    	 
	 	 	 
	 	 	 	 
	3.	 	All Intangible Assets
	 	$	                    	 
	 	 	 
	 	 	 	 
	4.	 	Investments in Subsidiaries other than Consolidated
Subsidiaries
	 	$	                    	 
	 	 	 
	 	 	 	 
	5.	 	Consolidated
Tangible Assets

[(Item 1) - (Items 2 + 3 + 4)]
	 	$	                    	 
	 	 	 
	 	 	 	 
	6.	 	Consolidated book value of all assets of Ryder and
its Consolidated Subsidiaries which are subject to
any synthetic lease
	 	$	                    	 
	 	 	 
	 	 	 	 
	7.	 	Consolidated book value of all assets of Ryder and
its Consolidated Subsidiaries that are reflected on
the consolidated balance sheet of Ryder and its
Consolidated Subsidiaries and secure or are the
subject of any Limited Recourse Facility
	 	$	                    	 
	 	 	 
	 	 	 	 
	8.	 	Adjusted
Consolidated Tangible Assets

[Item 5 + Item 6 - Item 7]
	 	$	                    	 

B. Consolidated Adjusted Tangible Net Worth

	 	 	 	 	 	 	 

	9.	 	Consolidated shareholders’ equity
	 	$	                    	 
	 	 	 
	 	 	 	 
	10.	 	Without duplication, 50% of any deferred federal
income taxes
	 	$	                    	 
	 	 	 
	 	 	 	 
	11.	 	Investments in Subsidiaries other than Consolidated
Subsidiaries
	 	$	                    	 
	 	 	 
	 	 	 	 
	12.	 	Book value of intangibles under GAAP
	 	$	                    	 
	 	 	 
	 	 	 	 
	13.	 	Consolidated
Adjusted Tangible Net Worth

[(Items 9 + 10) - (Items 11 + 12)]
	 	$	                    	 

 -2- 

 

C. Indebtedness

	 	 	 	 	 	 	 

	14.	 	(a) All obligations for borrowed money, (b) All
obligations evidenced by bonds, debentures, notes
or other similar instruments, (c) All obligations to
pay the deferred purchase price of property or
services, except trade accounts payable arising in the
ordinary course of business, (d) All obligations as
lessee under Capitalized Leases
	 	$	                    	 
	 	 	 
	 	 	 	 
	15.	 	All obligations under Limited Recourse Facilities
(to the extent included in Item 14)
	 	$	                    	 
	 	 	 
	 	 	 	 
	16.	 	All Deemed Indebtedness Under Limited Recourse
Facilities (Item 28 below)
	 	$	                    	 
	 	 	 
	 	 	 	 
	17.	 	All obligations as lessee in respect of synthetic leases
	 	$	                    	 
	 	 	 
	 	 	 	 
	18.	 	All Indebtedness of others guaranteed by such Person
	 	$	                    	 
	 	 	 
	 	 	 	 
	19.	 	Indebtedness
[(Items 14 - 15) + (Items 16 + 17 + 18)]
	 	$	                    	 

D. Secured Indebtedness

	 	 	 	 	 	 	 

	20.	 	Indebtedness and all Derivative Obligations of any
Borrower or any of Ryder’s Consolidated Subsidiaries
and all reimbursement obligations with respect to
letters of credit, bankers’ acceptances or similar
facilities issued for the account of such Person, in
each case, secured by a lien or other encumbrance
on, or title to, any real or personal property
	 	$	                    	 
	 	 	 
	 	 	 	 
	21.	 	Unsecured Indebtedness and Derivatives Obligations
of any of Ryder’s Consolidated Subsidiaries (other
than the Canadian Borrowers or the U.K. Borrowers)
and unsecured reimbursement obligations with
respect to letters of credit, bankers’ acceptances or
similar facilities issued for the account of such Person
(other than the Canadian Borrowers or the U.K.
Borrowers)
	 	$	                    	 

 -3- 

 

	 	 	 	 	 	 	 

	22.	 	Aggregate liquidation preference of all Preferred
Stock issued by Ryder’s Consolidated Subsidiaries
not owned by Ryder and its Consolidated Subsidiaries
	 	$	                    	 
	 	 	 
	 	 	 	 
	23.	 	Any Deemed Indebtedness Under Limited Recourse
Facilities (Item 28 below) and all obligations as lessee
in respect of synthetic leases, in each case to the
extent not otherwise included as Secured Indebtedness
	 	$	                    	 
	 	 	 
	 	 	 	 
	24.	 	Secured
Indebtedness

(Items 20 + 21 + 22 + 23)
	 	$	                    	 

E. Deemed Indebtedness Under Limited Recourse Facilities

	 	 	 	 	 	 	 

	25.	 	Deemed Receivables Indebtedness
	 	$	                    	 
	 	 	 
	 	 	 	 
	26.	 	Deemed Securitization Indebtedness
	 	$	                    	 
	 	 	 
	 	 	 	 
	27.	 	In respect of any other Limited Recourse Facility, an
amount equal to the greater of (a) 10% of the principal
amount or aggregate payment obligations, as applicable,
of such Limited Recourse Facility or (b) two times the
percentage recourse under such Limited Recourse
Facility of the principal amount or aggregate payment
obligations, as applicable, of such Limited Recourse
Facility (as determined in accordance with the definition
of Limited Recourse Facilities)
	 	$	                    	 
	 	 	 
	 	 	 	 
	28.	 	Total Deemed Indebtedness Under Limited Recourse
Facilities (Items 25 + 26 +27)
	 	$	                    	 

 -4- 

 

Annex
B

[See attached updated schedule(s)]

 

 

EXHIBIT D

[FORM OF]

ASSIGNMENT AND ASSUMPTION

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

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

	 	 	 	 	 

	1.

	 	Assignor:	 	        
              
                 
               
              
             
	 
	 	 	 	 
	2.

	 	Assignee:	 	        
             
              
             
             
              
     
	 
	 	 	 	 
	3.

	 	Borrower(s):
	 	Ryder System, Inc., Ryder Truck Rental
Holdings Canada Ltd., Ryder Truck Rental
Canada Ltd., Ryder Limited, Ryder System
Holdings (UK) Limited, and Ryder Puerto
Rico, Inc. (collectively, the “Borrowers”)
	 
	 	 	 	 
	4.

	 	Administrative Agent:
	 	Bank of America, N.A.
	 
	 	 	 	 
	5.

	 	Credit Agreement:
	 	The Amended and Restated Global Revolving
Credit Agreement, dated as of June [8],
2011, by and among (i) the Borrowers, (ii)

 

 

	 	 	 	 	 

	 

	 	 	 	the lending institutions identified as
Banks therein, (iii) Bank of America, N.A.,
as Administrative Agent for the Banks, (iv)
Royal Bank of Canada, as Canadian Agent for
the Banks and (v) The Royal Bank of
Scotland plc, as United Kingdom Agent for
the Banks, with Merrill Lynch, Pierce,
Fenner & Smith Incorporated, acting as lead
arranger and book manager
	 
	 	 	 	 
	6.

	 	Assigned Interest:	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 	 	 
	 	 	Commitment/Loans	 	 	Commitment/Loans	 	 	Percentage Assigned of	 
	Facility Assigned	 	for all Banks*	 	 	Assigned*	 	 	Commitment/ Loans8	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 

[7. Trade Date: ______________]9

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

 

			
	*	 	Amount to be adjusted by the counterparties to take into
account any payments or prepayments made between the Trade Date and the
Effective Date.
	 
	8	 	Set forth, to at least 9 decimals, as a percentage of the
Commitment/Loans of all Banks thereunder.
	 
	9	 	To be completed if the Assignor and the Assignee intend
that the minimum assignment amount is to be determined as of the Trade Date.

-2-

 

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

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 
	 	ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

	 	 	 	 	 
	Consented to and Accepted:

BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	Consented to and Accepted:

[BANK OF AMERICA, N.A., as

Issuing Bank

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:]	 	 
	 
	Consented to and Accepted:

[BANK OF AMERICA, N.A., as Domestic Swing Line Lender]

[The Royal Bank of Scotland plc, as Domestic Swing Line Lender]

[The Royal Bank of Scotland plc, as U.K. Agent, as provider of U.K. Swing Line Loans]

[Royal Bank of Canada, as Canadian Swing Line Lender]

 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	[Consented to:

RYDER SYSTEM, INC.

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:]  	 	 
	 

-3-

 

ANNEX 1

The Amended and Restated Global Revolving Credit Agreement, dated as of June [8], 2011, by and

among (i) Ryder System, Inc., Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada

Ltd., Ryder Limited, Ryder System Holdings (UK) Limited, and Ryder Puerto Rico, Inc. (collectively,

the “Borrowers’), (ii) the lending institutions identified as Banks therein, (iii) Bank of America,

N.A., as Administrative Agent, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v)

The Royal Bank of Scotland plc, as U.K. Agent for the Banks, with Merrill Lynch, Pierce, Fenner &

Smith Incorporated, acting as lead arranger and book manager

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

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

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Bank under the
Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Bank
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Bank
thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type
represented by the Assigned Interest and is experienced in acquiring assets of such type, (v) it
has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to §§7.4 and 8.4 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has
made such analysis and decision independently and without reliance on the Administrative Agent, any
other Agent or any other Bank, and (vi) if it is a Foreign Lender, attached to the Assignment and
Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee; (b) agrees that (i) it will, independently
and without reliance on the Administrative Agent, any other Agent, the Assignor or any other Bank,
and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Bank, and (iii) any information obtained by it in
connection with the Loan Documents shall be held and treated in accordance with the terms of the
Credit Agreement; and (c) appoints and authorizes the Administrative Agent [and any other
applicable Agent] to take such actions as

 

 

agent on its behalf and to exercise such powers under the Credit
Agreement and the other Loan Documents as are delegated to the Administrative Agent [and any other
applicable Agent] by the terms thereof, together with such powers as are reasonably incidental
thereto.

     2. Payments. From and after the Effective Date, the Administrative Agent and any
other applicable Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have
accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all
appropriate adjustments in payments by the Administrative Agent or any other applicable Agent for
periods prior to the Effective Date or with respect to the making of this assignment directly
between themselves.

     3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the laws of the State of New York (without reference to
conflicts of laws other than New York General Obligations Law Section 5-1401).

-2-

 

Exhibit E

[FORM OF]

SUBORDINATION PROVISIONS

     1. “Borrowers” — Collectively, Ryder System, Inc., Ryder Truck Rental Holdings Canada
Ltd., Ryder Truck Rental Canada, Ltd., Ryder Limited, Ryder System Holdings (UK) Limited,
Ryder Puerto Rico, Inc. and any other obligor from time to time under the Credit Agreement.

     2. “Credit Agreement” — the Amended and Restated Global Revolving Credit
Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated, modified or
supplemented and in effect from time to time, the “Credit Agreement”), by and among (i) Ryder
System, Inc., Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder
Limited, Ryder System Holdings (UK) Limited, and Ryder Puerto Rico, Inc., (ii) the lending
institutions identified as Banks therein, (iii) Bank of America, N.A., as Administrative Agent for
the Banks, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of
Scotland plc, as United Kingdom Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith
Incorporated, acting as lead arranger and book manager, including any such agreement increasing the
principal amount of, extending the maturity of, refinancing or otherwise restructuring (including,
but not limited to, the inclusion of additional borrowers thereunder that are subsidiaries of the
Borrowers or the inclusion of additional or different or substitute lenders thereunder) all or any
portion of the indebtedness under such agreement or any successor to such Agreement. Capitalized
terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement.

     3. “Senior Debt” — at any date, without duplication, (a) the principal amount
outstanding from time to time under the Credit Agreement and any future indebtedness of the
Borrowers unless the instrument creating such future indebtedness specifically provides that such
indebtedness is subordinate to the Senior Debt; (b) interest, fees, expenses, indemnities and all
other monetary obligations payable by the Borrowers in connection therewith; and (c) any interest
payable in respect of the foregoing subsequent to the commencement of any proceeding against or
with respect to the Borrowers or any of them under any chapter of the Bankruptcy Code, 11 U.S.C.
§101 et. seq. or any similar bankruptcy, insolvency or reorganization law
(collectively, the “Bankruptcy Code”), regardless of whether or not the holder of
such Senior Debt would be entitled to receive dividends or payments with respect to any such
interest in any such proceeding (“Post-Petition Interest”).

     4. “Subordinated Debt” — The indebtedness of the Borrowers under this
agreement.

     5. Bankruptcy, Liquidation, Etc. — (a) Upon any payment or
distribution of assets of the Borrowers to creditors in the event of:

 

 

     (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding in connection therewith; or

     (ii) any liquidation, dissolution or other winding up of the Borrowers, whether
voluntary or involuntary and whether or not involving insolvency or bankruptcy; or

     (iii) any assignment for the benefit of creditors or any other marshalling of assets
and liabilities of the Borrowers;

then, and in any such event, the holders of Senior Debt shall be entitled to be indefeasibly paid
in full in cash or cash equivalents all amounts due or to become due (whether or not an event of
default has occurred thereunder or the maturity of such Senior Debt has been declared due and
payable prior to the date on which it would otherwise would have become due and payable) on or in
respect of all Senior Debt, including any Post-Petition Interest thereon, before any payment is
made to the holders of Subordinated Debt or to the trustee on behalf of the holders of Subordinated
Debt.

          (b) Upon the occurrence of any event described in clause (a) of this section, any distribution
of assets of the Borrowers which the holders of Subordinated Debt would be entitled to receive
following the occurrence of such event were it not for the provisions hereof, shall be paid by the
Borrowers or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution directly to the holders of Senior Debt (pro
rata to each such holder on the basis of the respective amounts of such Senior Debt held by
such holder) or their representatives to the extent necessary to pay all such Senior Debt in full
in cash or cash equivalents, after giving effect to any concurrent prepayment or distribution to or
for the benefit of the holders of such Senior Debt, before any payment is made to the holders of
Subordinated Debt.

          (c) In the event that, notwithstanding the foregoing provisions of this section, the holders
of Subordinated Debt, or any trustee on behalf of the holders of Subordinated Debt, have received
any payment or distribution of assets of the Borrowers (including any such payment or distribution
which may be payable or deliverable by reason of the payment of any other indebtedness of the
Borrowers being subordinated to the payment of Subordinated Debt) following the occurrence of any
event described in (a) above before all Senior Debt is indefeasibly paid in full, then and in such
event such payment or distribution shall be held in trust for the benefit of the holders of Senior
Debt and shall be paid over or delivered to the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee, agent or other person making payment or distribution of assets of the
Borrowers for application to the payment of all Senior Debt remaining unpaid to the extent
necessary to pay all Senior Debt in full, after giving effect to any concurrent payment or
distribution to or for the holders of Senior Debt.

          (d) In the event that any of the Borrowers shall file or have filed against it a petition
under any chapter of the Bankruptcy Code or be adjudicated a bankrupt thereunder, with the result
that any of the Borrowers are excused from the obligation to pay all or any part of the interest
otherwise payable in respect of any Senior Debt during the period subsequent to the
commencement of any such proceedings under the Bankruptcy Code, each holder of

- 2 -

 

Subordinated Debt by
its acceptance hereof does hereby agree that all or any part of such interest, as the case may be,
shall be payable out of, and to that extent diminish and be at the expense of, reorganization
dividends or other distributions in respect of such Subordinated Debt.

     6. Senior Debt Default — (a) In the event and during the continuation
of any default in the payment of any Senior Debt when the same becomes due and payable, whether at
maturity or at a date fixed for the prepayment or by acceleration or otherwise (a “Payment
Default”), then (i) no direct or indirect payment (in cash, property, securities, by
set-off or otherwise) shall be made by the Borrowers on account of principal of or interest or
premium (if any) on the Subordinated Debt or on account of any mandatory redemption provisions of
the Subordinated Debt, or in respect of any retirement, purchase or other acquisition of any of the
Subordinated Debt unless and until such Payment Default shall have been cured or waived or shall
have ceased to exist and any acceleration of such Senior Debt shall have been rescinded or
annulled; and (ii) the Subordinated Debt may not be declared due and payable before its stated
maturity unless and until the earlier of the (A) date on which such Payment Default shall have been
cured or waived or shall have ceased to exist and any acceleration of such Senior Debt shall have
been rescinded or annulled, or (B) 90 days after the occurrence of such Payment Default.

          (b) In the event and during the continuation of any default other than a Payment Default with
respect to any Senior Debt which permits (or with notice or lapse of time, or both, would permit)
the holders of such Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare
such Senior Debt due and payable prior to the date on which it would otherwise have become due and
payable, upon the occurrence of (x) the receipt by the Borrowers and the trustee on behalf of the
holders of Subordinated Debt of written notice of such default from the holders of such Senior Debt
(or a trustee or agent on behalf of the holders thereof) to which such default relates or (y) if
such default results from an acceleration of the Subordinated Debt, the date of such acceleration,
no payment or distribution prohibited by clause (a) of this section may be made by the Borrowers
for a period (the “Payment Blockage Period”) commencing on the earlier of
the date of receipt of such notice or the date of such acceleration and ending 180 days thereafter
(unless such Payment Blockage Period shall be terminated by written notice to the trustee on behalf
of the holders of Subordinated Debt and the Borrowers from the holders of such Senior Debt or a
trustee or agent on behalf of the holders thereof); provided, however, that not
more than one Payment Blockage Period may be commenced with respect to the Subordinated Debt during
any 360 day period. Notwithstanding this clause (b), in the event that the holders of such Senior
Debt (or a trustee or agent on behalf of the holders thereof) declare such Senior Debt due and
payable prior to the date on which it would otherwise have become due and payable because of any
default described under this clause (b), a Payment Default shall be deemed to have occurred as of
the date of such acceleration and the provisions of clause (a) will apply as of such date.

-3-

 

EXHIBIT
F

[FORM OF]

BANKERS’ ACCEPTANCE NOTICE

Date: [                                         ]

Royal Bank of Canada,

as Canadian Agent

Royal Bank Plaza

P.O. Box 50

200 Bay Street

12th Floor, South Tower

Toronto, Ontario MSJ 2J5

Attention: Agency Services Group

Ladies and Gentlemen:

     Reference is made to the Amended and Restated Global Revolving Credit Agreement, dated as of
June [8], 2011 (as amended, restated, amended and restated, modified or supplemented and in effect
from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., Ryder Truck Rental
Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited, Ryder System
Holdings (UK) Limited, and Ryder Puerto Rico, Inc., (ii) the lending institutions identified as
Banks therein, (iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank
of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as United
Kingdom Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as
lead arranger and book manager. Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to such terms in the Credit Agreement.

     Each of Ryder Truck Rental Holdings Canada Ltd. and Ryder Truck Rental Canada Ltd. (the
“Canadian Borrowers”) hereby requests a borrowing by way of Bankers’ Acceptances under the Credit
Agreement and in that connection sets forth below the information relating to such borrowing (the
“Proposed Borrowing”) as required by §3.1 of the Credit Agreement:

	 	(a)	 	Aggregate Face Amount of Bankers’
Acceptances1
C$_________________________.
	 
	 	(b)	 	Date of Proposed Borrowing _______________________.
	 
	 	(c)	 	Term2 ___________________ months.

 

			
	1	 	Not less than C$3,000,000.00 and in integral
multiples of C$100,000.00 in excess thereof.
	 
	2	 	Must be 1, 2, 3 or 6 months maturing no later than five
(5) days prior to the Maturity Date.

 

 

     Each of the Canadian Borrowers acknowledges that, as a condition precedent to the acceptance
of any of the requested Bankers’ Acceptances, an Acceptance Fee shall be payable to each of the
Canadian Banks in respect thereof pursuant to Section 3.3 of the Credit Agreement.

     By delivery of this Bankers’ Acceptance Notice and the acceptance of any or all of the
Bankers’ Acceptances by the Canadian Banks in response to this Bankers’ Acceptance Notice, the
Canadian Borrowers shall be deemed to have represented and warranted that the conditions to lending
specified in [§11
and]3 §12 of the Credit Agreement have been satisfied with respect to
the Proposed Borrowing.

	 	 	 	 	 
	 	Very truly yours,

RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RYDER TRUCK RENTAL CANADA LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	3	 	Applicable only to Banker’s Acceptance request
on the Closing Date.

-2-

 

EXHIBIT G-1

[FORM OF]

DOMESTIC SWING LINE LOAN REQUEST

Bank of America, N.A.

     as Domestic Swing Line Lender

101 South Tryon Street

Bank of America Plaza

Mail Code: NC1-002-15-36

Charlotte, NC 28255-0001

The Royal Bank of Scotland plc

     as Domestic Swing Line Lender

[2 1/2 Devonshire Square,

London EC2M 4XJ, Depot Code 028]

Ladies and Gentlemen:

     In accordance with the provisions of Section 2.12(b) of that certain Amended and Restated
Global Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and
restated, modified or supplemented and in effect from time to time, the “Credit Agreement”;
capitalized terms used and not defined herein shall have the meanings ascribed thereto in the
Credit Agreement), by and among (i) Ryder System, Inc. (“Ryder”), Ryder Truck Rental Holdings
Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK) Limited,
Ryder Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein, (iii) Bank of
America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent
for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with
Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager,
notice is hereby given of our intention to borrow a Domestic Swing Line Loan (to be made by each
Domestic Swing Line Lender ratably based on its Domestic Swing Line Commitment Percentage of such
Domestic Swing Line Loan), in the aggregate principal amount of [$____________], on [the Drawdown
Date][________ __, 20__]. The Swing Line Loan Maturity Date relating to such Loan shall be
[___________].

     This notice shall constitute certification of compliance by Ryder as to the matters set forth
in [§11
and]1 §12 of the Credit Agreement. Thank you for your attention to this matter.

 

			
	1	 	Applicable only to Domestic Swing Line Loan
Request on the Closing Date.

 

 

	 	 	 	 	 
	Yours sincerely,

RYDER SYSTEM, INC.

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

- 2 -

 

	 	 	 	 	 

EXHIBIT  G-2

[FORM OF]

U.K. SWING LINE LOAN REQUEST

Royal Bank of Scotland Plc, as U.K. Agent

Agency Operations

Bankside 3

90-100 Southwark Street

London SE1 0SW

United Kingdom

Attention: Head of Agency Operations

Ladies and Gentlemen:

     In accordance with the provisions of Section 2.13(b) of that certain Amended and Restated
Revolving Credit Agreement, dated as of June [8], 2011 (as amended, restated, amended and restated,
modified or supplemented and in effect from time to time, the “Credit Agreement”; capitalized terms
used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement), by
and among (i) Ryder System, Inc. (“Ryder”), Ryder Truck Rental Holdings Canada Ltd., Ryder Truck
Rental Canada Ltd., Ryder Limited (“Ryder Limited”), Ryder System Holdings (UK) Limited (“RSH,” and
together with Ryder Limited., the “U.K. Borrowers”), and Ryder Puerto Rico, Inc., (ii) the lending
institutions identified as Banks therein, (iii) Bank of America, N.A., as Administrative Agent for
the Banks, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of
Scotland plc, as United Kingdom Agent for the Banks, with Merill Lynch, Pierce, Fenner & Smith
Incorporated, acting as lead arranger and book manager, notice is hereby given of our intention to
borrow a U.K. Swing Line Loan denominated in [Sterling/Euros/U.S. Dollars], in the principal amount
of [£/EU/$____________], on the Drawdown Date. The Swing Line Loan Maturity Date relating to such
Loan shall be [_____________].

     This notice and the confirmation signatures of the authorized official of Ryder evidenced
herewith or produced separately and submitted herewith shall constitute certification of compliance
by the U.K. Borrowers and Ryder as to the matters set forth in
[§11
and]1 §12 of the Credit
Agreement. Thank you for your attention to this matter.

 

			
	1	 	Applicable only to U.K. Loan Request on the
Closing Date.

 

 

	 	 	 	 	 	 	 
	Yours sincerely,

RYDER LIMITED

RYDER SYSTEM HOLDINGS (UK) LIMITED

 	 
	By:  	 	 	 	 
	 	Name:  	 	 	 	 
	 	Title:  	 	 	 	 
	 
	 
	The above notice is hereby confirmed on behalf of Ryder by:

 	 
	By:  	
 	  	Date:	 
	 	Name:  	 	 	 	 
	 	Title:  	 	 	 	 
	 

- 2 -

 

	 	 	 	 	 

EXHIBIT  G-3

[FORM OF]

CANADIAN SWING LINE LOAN REQUEST

Royal Bank of Canada,

as Canadian Swing Line Lender

20 King Street West

7th Floor

Toronto, Ontario

Canada

M5H 1C4

Attention: Global Loan Administration

Ladies and Gentlemen:

     In accordance with the provisions of Section 2.14(b) of that certain Amended and Restated
Global Revolving Credit Agreement, dated as of June [8] 2011 (as amended, restated, amended and
restated, modified or supplemented and in effect from time to time, the “Credit Agreement”;
capitalized terms used and not defined herein shall have the meanings ascribed thereto in the
Credit Agreement), by and among (i) Ryder System, Inc., Ryder Truck Rental Holdings Canada Ltd.
(“Ryder Holdings Canada”), Ryder Truck Rental Canada Ltd. (“Ryder Canada Limited,” and together
with Ryder Holdings Canada, the “Canadian Borrowers”), Ryder Limited, Ryder System Holdings (UK)
Limited and Ryder Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein,
(iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as
Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for
the Banks, with Merill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book
manager, notice is hereby given of our request to borrow a Canadian Swing Line Loan denominated in
[Canadian/U.S.] Dollars, in the principal amount of [C$/US$____________], on the Drawdown Date.
The Swing Line Loan Maturity Date relating to such Loan shall be [___________].

     This notice and the confirmation signatures of the authorized official of Ryder evidenced
herewith or produced separately and submitted herewith shall constitute certification of compliance
by the Canadian Borrowers and Ryder as to the matters set forth in
[§11
and]1 §12 of the
Credit Agreement. Thank you for your attention to this matter.

 

			
	1	 	Applicable only to Canadian Swing Line Loan
Request on the Closing Date.

 

 

	 	 	 	 	 	 	 
	Yours sincerely,

RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 	 
	By:  	 	 	 	 
	 	Name:  	 	 	 	 
	 	Title:  	 	 	 	 
	 
	RYDER TRUCK RENTAL CANADA LTD.

 	 
	By:  	 	 	 	 
	 	Name:  	 	 	 	 
	 	Title:  	 	 
	 
	The above notice is hereby confirmed on behalf of Ryder by:

 	 
	By:  	
 	  	Date:	 
	 	Name:  	 	 	 	 
	 	Title:  	 	 	 	 
	 

 -2- 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Banks	 	 	Domestic	 	 	Domestic	 	 	Canadian	 	 	Canadian	 	 	U.K.	 	 	U.K.	 	 	P.R	 	 	P.R.	 	 	Total	 	 	Total	 
	 	 	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 	 	Commitment	 
	 	 	 	 	 	 	 	 	 	Percentage	 	 	 	 	 	 	 	Percentage	 	 	 	 	 	 	 	Percentage	 	 	 	 	 	 	 	Percentage	 	 	 	 	 	 	 	Percentage	 
	 	Bank of America,
N.A.

	 	 	$	57,500,000.00	 	 	 	 	8.333333333	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	25,000,000.00	 	 	 	 	25.00000000	%	 	 	$	10,000,000.00	 	 	 	 	100.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	Bank of
Tokyo-Mitsubishi
UFJ, Ltd.

	 	 	$	92,500,000.00	 	 	 	 	13.405797101	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	Mizuho Corporate 

Banking

	 	 	$	37,500,000.00	 	 	 	 	5.434782608	%	 	 	$	35,000,000.00	 	 	 	 	35.000000000	%	 	 	$	20,000,000.00	 	 	 	 	20.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	Royal Bank of
Scotland

	 	 	$	37,500,000.00	 	 	 	 	5.434782608	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	55,000,000.00	 	 	 	 	55.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	Wells Fargo Bank,
N.A.

	 	 	$	92,500,000.00	 	 	 	 	13.405797101	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	Royal Bank of Canada

	 	 	$	10,000,000.00	 	 	 	 	1.449275362	%	 	 	$	65,000,000.00	 	 	 	 	65.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	75,000,000.00	 	 	 	 	1.111111111	%	 
	 	RBC Bank (USA)

	 	 	$	17,500,000.00	 	 	 	 	2.536231884	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	17,500,000.00	 	 	 	 	8.333333333	%	 
	 	U.S. Bank N.A.

	 	 	$	92,500,000.00	 	 	 	 	13.405797101	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	BNP Paribas

	 	 	$	92,500,000.00	 	 	 	 	13.405797101	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	92,500,000.00	 	 	 	 	10.277777777	%	 
	 	The Bank of New
York Mellon

	 	 	$	40,000,000.00	 	 	 	 	5.797101449	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	40,000,000.00	 	 	 	 	4.444444444	%	 
	 	Regions Bank

	 	 	$	40,000,000.00	 	 	 	 	5.797101449	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	40,000,000.00	 	 	 	 	4.444444444	%	 
	 	PNC Bank, National 

Association

	 	 	$	40,000,000.00	 	 	 	 	5.797101449	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	40,000,000.00	 	 	 	 	4.444444444	%	 
	 	Branch Banking and
Trust Company

	 	 	$	40,000,000.00	 	 	 	 	5.797101449	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	0.00	 	 	 	 	0.000000000	%	 	 	$	40,000,000.00	 	 	 	 	4.444444444	%	 
	 	Total:

	 	 	$	690,000,000.00	 	 	 	 	100.000000000	%	 	 	$	100.000.000.00	 	 	 	 	100.0000000	%	 	 	$	100,000,000.00	 	 	 	 	100.000000000	%	 	 	$	10,000,000.00	 	 	 	 	100.000000000	%	 	 	$	900,000,000.00	 	 	 	 	100.00000000	%	 
	 

 

 

SCHEDULE 2

ADDITIONAL COSTS FORMULAE

	1.	 	The Additional Costs (to the extent applicable) are an addition to the interest rate to
compensate U.K. Banks for the cost of compliance with: (a) the requirements of the Bank of
England and/or the Financial Services Authority (or, in either case, any other authority
which replaces all or any of its functions); or (b) the requirements of the European
Central Bank.
	 
	2.	 	On the first day of each Interest Period (or as soon as possible thereafter), the U.K.
Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each
U.K. Bank, in accordance with the paragraphs set out below. The Additional Costs will be
calculated by the U.K. Agent as a weighted average of the U.K. Banks’ Additional Cost Rates
(weighted in proportion to the percentage participation of each U.K. Bank in the relevant
Loan) and will be expressed as a percentage rate per annum. The U.K. Agent will, at the
request of the U.K. Borrowers or any U.K. Bank, deliver to the U.K. Borrowers or such U.K.
Bank, as the case may be, a statement setting forth the calculation of any Additional
Costs.
	 
	3.	 	The Additional Cost Rate for any U.K. Bank lending from a facility office in a
Participating Member State will be the percentage notified by that U.K. Bank to the U.K.
Agent. This percentage will be certified by such U.K. Bank in its notice to the U.K. Agent
to be its reasonable determination of the cost (expressed as a percentage of such U.K.
Bank’s participation in all U.K. Loans made from such facility office) of complying with
the minimum reserve requirements of the European Central Bank in respect of Loans made from
that facility office.
	 
	4.	 	The Additional Cost Rate for any U.K. Bank lending from a facility office in the United
Kingdom will be calculated by the U.K. Agent as follows:

	 	(a)	 	in relation to a U.K. Loan denominated in Sterling:

AB + C(B — D) + E x 0.01      percent per annum

          100 — (A+C)
	 
	 	(b)	 	in relation to a U.K. Loan denominated in Euros or U.S. Dollars:

E x 0.01      percent per annum

  300

	 	 	 Where:
	 
	 	 	 “A” is the percentage of Eligible Liabilities (assuming these to be in excess of any
stated minimum) which that U.K. Bank is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio
requirements.
	 
	 	 	 “B” is the percentage rate of interest (excluding the Applicable Margin, the Additional
Costs and any interest charged on overdue amounts pursuant to §6.11 and, in the case of
interest (other than on overdue amounts) charged at the rates specified in §6.11,
without counting any increase in interest rate effected by the charging of such rates)
payable for the relevant Interest Period on the U.K. Loan.

 

 

	 	 	 “C” is the percentage (if any) of Eligible Liabilities which that U.K. Bank is required
from time to time to maintain as interest bearing Special Deposits with the Bank of
England.
	 
	 	 	 “D” is the percentage rate per annum payable by the Bank of England to the U.K. Agent on
interest bearing Special Deposits.
	 
	 	 	 “E” is designed to compensate U.K. Banks for amounts payable under the Fees Rules and is
calculated by the U.K. Agent as being the average of the most recent rates of charge
supplied by the U.K. Banks to the U.K. Agent pursuant to paragraph 7 below and expressed
in pounds per £1,000,000.
	 
	5.	 	For the purposes of this Schedule:

	 	a.	 	“Eligible Liabilities” and “Special Deposits” have the meanings given
to them from time to time under or pursuant to the Bank of England Act 1998 or (as
may be appropriate) by the Bank of England;
	 
	 	b.	 	“Fees Rules” means the rules on periodic fees contained in the FSA
Supervision Manual or such other law or regulation as may be in force from time to
time in respect of the payment of fees for the acceptance of deposits;
	 
	 	c.	 	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under
the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
fee required pursuant to the Fees Rules but taking into account any applicable
discount rate); and
	 
	 	d.	 	“Tariff Base” has the meaning given to it in, and will be calculated in
accordance with, the Fees Rules.

	6.	 	In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e., 5 percent will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting
figures shall be rounded to four decimal places.
	 
	7.	 	If requested by the U.K. Agent or the U.K. Borrowers, each U.K. Bank with a facility
office in the United Kingdom or a Participating Member State shall, as soon as practicable
after publication by the Financial Services Authority, supply to the U.K. Agent and the
U.K. Borrowers, the rate of charge payable by such U.K. Bank to the Financial Services
Authority pursuant to the Fees Rules in respect of the relevant financial year of the
Financial Services Authority (calculated for this purpose by such U.K. Bank as being the
average of the Fee Tariffs applicable to such U.K. Bank for that financial year) and
expressed in pounds per £1,000,000 of the Tariff Base of such U.K. Bank.
	 
	8.	 	Each U.K. Bank shall supply any information required by the U.K. Agent for the purpose
of calculating its Additional Cost Rate. In particular, but without limitation, each U.K.
Bank shall supply the following information in writing on or prior to the date on which it
becomes a U.K. Bank:

	 	a.	 	the jurisdiction of the facility office out of which it is making
available its participation in the relevant Loan; and
	 
	 	b.	 	any other information that the U.K. Agent may reasonably require for
such purpose.

-2-

 

	 	 	Each U.K. Bank shall promptly notify the U.K. Agent in writing of any change to the
information provided by it pursuant to this paragraph.
	 
	9.	 	The percentages of each U.K. Bank for the purpose of A and C above and the rates of
charge of each U.K. Bank for the purpose of E above shall be determined by the U.K. Agent
based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the
assumption that, unless a U.K. Bank notifies the U.K. Agent to the contrary, each U.K.
Bank’s obligations in relation to cash ratio deposits and Special Deposits are the same as
those of a typical bank from its jurisdiction of incorporation with a facility office in
the same jurisdiction as its facility office.
	 
	10.	 	The U.K. Agent shall have no liability to any Person if such determination results in
an Additional Cost Rate which over- or under-compensates any U.K. Bank and shall be
entitled to assume that the information provided by any U.K. Bank pursuant to paragraphs 3,
7 and 8 above is true and correct in all respects.
	 
	11.	 	The U.K. Agent shall distribute the additional amounts received as a result of the
Additional Costs to the U.K. Banks on the basis of the Additional Cost Rate for each U.K.
Bank based on the information provided by each U.K. Bank pursuant to paragraphs 3, 7 and 8
above.
	 
	12.	 	Any determination by the U.K. Agent pursuant to this Schedule in relation to a formula,
the Additional Costs, an Additional Cost Rate or any amount payable to a U.K. Bank shall,
in the absence of manifest error, be conclusive and binding on all parties.
	 
	13.	 	The U.K. Agent may from time to time, after consultation with the U.K. Borrowers and
the U.K. Banks, determine and notify to all parties any amendments which are required to be
made to this Schedule in order to comply with any change in law, regulation or any
requirements from time to time imposed by the Bank of England, the Financial Services
Authority or the European Central Bank (or, in any case, any other authority which replaces
all or any of its functions) and any such determination shall, in the absence of manifest
error, be conclusive and binding on all parties.

-3-

 

Schedule 7.5

Legal Proceedings

We are a party to various claims, complaints and proceedings arising in the ordinary course of
business including but not limited to those relating to litigation matters, environmental matters,
risk management matters (e.g., vehicle liability, workers’ compensation, etc.) and administrative
assessments primarily associated with operating taxes. We have established loss provisions for
matters in which losses are probable and can be reasonably estimated. Litigation is subject to
many uncertainties, and the outcome of any individual litigated matter is not predictable with
assurance. It is possible that certain of the actions, claims, inquiries or proceedings could be
decided unfavorably to Ryder. Although the final resolution of any such matters could have a
material effect on our consolidated operating results for the particular reporting period in which
an adjustment of the estimated liability is recorded, we believe that any resulting liability
should not materially affect our consolidated financial position.

 

 

Schedule 7.7

Tax Status

None

 

 

Schedule 7.12

Environmental Compliance

None

 

 

Schedule 7.15

Debt Ratings

Ryder’s Senior Public Debt Ratings are:

	 	 	 
	Moody’s
	 	Baa1
	S&P
	 	BBB+
	Fitch
	 	A-

(“Senior Public Debt Ratings”, “Moody’s”, “S&P” and “Fitch” are used herein as defined in the
Credit Agreement)

 

 

Schedule 7.16

Subsidiaries

Vehicle Leasing and Service; Logistics

	 	 	 
	Associated Ryder Capital Services, Inc.
	 	Florida
	Network Vehicle Central, Inc.
	 	Florida
	Network Vehicle Central, LLC
	 	Florida
	Road Master, Limited
	 	Bermuda
	Ryder Dedicated Logistics, Inc. -— (new/inactive)
	 	Delaware
	Ryder Fleet Products, Inc.
	 	Tennessee
	Ryder Integrated Logistics, Inc.
	 	Delaware
	Ryder Integrated Logistics of California, LLC
	 	Delaware
	Ryder Integrated Logistics of California Contractors, LLC
	 	Delaware
	Ryder Integrated Logistics of Texas, LLC
	 	Texas
	Ryder Puerto Rico, Inc.
	 	Delaware
	Ryder St. Louis Redevelopment Corporation
	 	Missouri
	Ryder Truck Rental, Inc.
	 	Florida
	Ryder Truck Rental Canada Ltd.
	 	Canada
	Ryder Truck Rental Holdings Canada Ltd.
	 	Canada
	Ryder Vehicle Sales, LLC
	 	Florida
	Spring Hill Integrated Logistics Management, Inc.
	 	Delaware
	Tandem Transport, L.P. (a limited partnership)
	 	Georgia
	TLC Holdings, Inc.
	 	Wisconsin
	Total Logistic Control, LLC
	 	Delaware
	Total Logistics, Inc.
	 	Wisconsin
	Truck Transerv, Inc.
	 	Delaware

Securitization

	 	 	 
	RTR Leasing I, Inc.
	 	Delaware
	RTR Leasing II, Inc.
	 	Delaware
	Ryder Funding LP
	 	Delaware
	Ryder Funding II LP
	 	Delaware
	Ryder Holding, LLC
	 	Delaware
	Ryder Truck Rental I LLC
	 	Delaware
	Ryder Truck Rental II LLC
	 	Delaware
	Ryder Truck Rental III LLC
	 	Delaware
	Ryder Truck Rental IV LLC
	 	Delaware
	Ryder Truck Rental I LP
	 	Delaware
	Ryder Truck Rental II LP
	 	Delaware
	Ryder Truck Rental LT
	 	Delaware

 

 

International

	 	 	 
	3241290 Nova Scotia Company
	 	Nova Scotia
	CRTS LOGISTICA Automotiva S.A.
	 	Brazil
	Phaseking Limited
	 	United Kingdom
	RSI Holding B.V.
	 	Netherlands
	RTI Argentina S.A.
	 	Argentina
	RTRC Finance LP
	 	Canada
	RTR Holdings (B.V.I.) LimitedBritish Virgin Islands
Ryder Argentina S.A.
	 	Argentina
	Ryder-Ascent Logistics Pte Ltd.
	 	Singapore
	Ryder Asia Pacific Holdings B.V.
	 	Netherlands
	Ryder Asia Pacific Pte Ltd
	 	Singapore
	Ryder Australia Pty Ltd.
	 	Australia
	Ryder Capital Luxembourg
	 	United Kingdom
	Ryder Capital S. de R.L. de C.V.
	 	Mexico
	Ryder Colombia Ltda
	 	Colombia
	Ryder Container Terminal
	 	Canada
	Ryder CRSA Logistics
	 	Canada
	Ryder CRSA Logistics (HK) Limited
	 	Hong Kong
	Ryder de Mexico S. de R.L. de C.V.
	 	Mexico
	Ryder Deutschland GmbH
	 	West Germany
	Ryder Distribution Services Limited
	 	United Kingdom
	Ryder do Brasil Ltda.
	 	Brazil
	Ryder Europe B.V.
	 	Netherlands
	Ryder Europe Operations B.V.
	 	Netherlands
	Ryder Hungary Logistics LLC
	 	Hungary
	Ryder Italia S.r.l.
	 	Italy
	Ryder Limited
	 	United Kingdom
	Ryder Logistica Ltda.
	 	Brazil
	Ryder Logistics (Shanghai) Co., Ltd.
	 	China
	Ryder Mauritius Holdings, Ltd.
	 	Mauritius
	Ryder Mexican Holding B.V.
	 	Netherlands
	Ryder Mexicana, S. de R.L. de C.V.
	 	Mexico
	Ryder Pension Fund Limited
	 	United Kingdom
	Ryder Polska Sp. z o.o.
	 	Poland
	Ryder Servicios do Brasil Ltda.
	 	Brazil
	Ryder Servicios S. de R.L. de C.V.
	 	Mexico
	Ryder (Shanghai) Logistics Co., Ltd.
	 	China
	Ryder Singapore Pte Ltd.
	 	Singapore
	Ryder Sistemas Integrados de Logistica Limitada
	 	Chile
	Ryder Supply Chain Solutions Asia Limited
	 	Asia
	Ryder Sweden AB
	 	Sweden
	Ryder System B.V.
	 	Netherlands
	Ryder System Holdings (UK) Limited
	 	United Kingdom
	Ryder System Limited
	 	United Kingdom
	Ryder System Malaysia Sdn. Bhd.
	 	Malaysia
	Ryder System (Thailand) Co., Ltd.
	 	Thailand
	Sistemas Logisticos Sigma S.A.
	 	Argentina
	Translados Americanos S. de R.L. de C.V.
	 	Mexico

-2-

 

Other Ryder Subsidiaries

	 	 	 
	Far East Freight, Inc.
	 	Florida
	Globe Master Insurance
	 	Vermont
	RSI Acquisition Corp.
	 	Delaware
	RSI Purchase Corp.
	 	Delaware
	Ryder Capital Ireland Holdings I LLC
	 	Delaware
	Ryder Capital Ireland Holdings II LLC
	 	Delaware
	RYDERCORP
	 	Florida
	RYDERCORP, Inc.
	 	Delaware
	Ryder Airport Operations Corp.
	 	Florida
	Ryder Capital Luxembourg Limited, Corp.
	 	Florida
	Ryder Capital Services Corporation
	 	Delaware
	Ryder Canadian Financing US LLC
	 	Delaware
	Ryder Energy Distribution Corporation
	 	Florida
	Ryder Fuel Services, LLC
	 	Delaware
	Ryder, Inc. of Florida
	 	Florida
	Ryder International Acquisition Corp.
	 	Florida
	Ryder International, Inc.
	 	Florida
	Ryder Mexican Investments I LLC
	 	Delaware
	Ryder Mexican Investments II LLC
	 	Delaware
	Ryder Mexican Investments I LP
	 	Delaware
	Ryder Mexican Investments II LP
	 	Delaware
	Ryder Offshore Holdings I LLC
	 	Delaware
	Ryder Offshore Holdings II LLC
	 	Delaware
	Ryder Offshore Holdings III LLC
	 	Delaware
	Ryder Offshore Holdings LP
	 	Delaware
	Ryder Purchasing LLC
	 	Delaware
	Ryder Realty, Inc.
	 	Delaware
	Ryder Receivable Funding III, LLC
	 	Delaware
	Ryder Services Corporation
	 	Florida
	Ryder Thailand I, LLC
	 	Florida
	Ryder Thailand II, LLC
	 	Florida
	Ryder Thailand III, LLC
	 	Florida
	Ryder Thailand IV, LLC
	 	Florida
	Ryder Thailand V, LLC
	 	Florida
	Ryder Thailand VI, LLC
	 	Florida
	Ryder Truckstops, Inc.
	 	Florida
	Surplus Property Holding Corp.
	 	Florida

Non-Profit Organizations

	 	 	 
	Ryder System, Inc. Employees Political Action Committee
	 	Florida
	Ryder System Charitable Foundation, Inc.
	 	Florida

-3-

 

Annex A

POWER OF ATTORNEY TERMS- BANKERS’ ACCEPTANCES

          In order to facilitate the acceptance of Bankers’ Acceptances pursuant to the terms of the
Amended and Restated Global Revolving Credit Agreement, dated as of June 8, 2011 (as amended,
restated, amended and restated, modified or supplemented and in effect from time to time, the
“Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed
thereto in the Credit Agreement), by and among (i) Ryder System, Inc., Ryder Truck Rental Holdings
Canada Ltd. (“Ryder Holdings Canada Limited”), Ryder Truck Rental Canada Ltd. (and together with
Ryder Holdings Canada, the “Canadian Borrowers”), Ryder Limited, Ryder System Holdings (UK)
Limited, and Ryder Puerto Rico, Inc., (ii) the lending institutions identified as Banks therein,
(iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as
Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as U.K. Agent for the Banks,
with Merrill Lynch, Pierce, Fenner & Smith Inc., acting as lead arranger and book manager, each of
the Canadian Borrowers hereby appoints each Canadian Bank (individually, the “Canadian Bank”),
acting by its duly authorized signatories (the “Attorney”) for the time being at the Canadian
Bank’s main branch in Toronto, Ontario or at such other branch designated by the Bank (the “Branch
of Account”), the attorney of such Canadian Borrower:

	1.	 	to sign for and on behalf and in the name of each Canadian Borrower as drawer, drafts in the
Canadian Bank’s standard form of a “depository bill” under and as defined in the Depository
Bills and Notes Act (Canada) (the “DBNA”) (“Drafts”) drawn on the Canadian Bank payable to the
order of a “clearing house” under the DBNA or its nominee for deposit by the Canadian Bank
with the “clearing house” after acceptance thereof by the Canadian Bank; and
	 
	2.	 	to fill in the amount, date and maturity date of such Drafts;

provided that such acts in each case are to be undertaken by the Canadian Bank in accordance with
written instructions given to the Canadian Bank by the authorized officers of each Canadian
Borrower as provided in this power of attorney.

          Notwithstanding paragraph 1 above, in the event the Canadian Bank is an old system issuer,
such Canadian Bank shall sign for and on behalf of and in the name of the Canadian Borrower as
drawer, drafts in the Canadian Bank’s standard form (“Old System Issuer Drafts”) drawn on the
Canadian Bank payable to the order of the Canadian Bank.

          Instructions to the Canadian Bank relating to the execution, completion, endorsement, discount
and/or delivery or deposit by the Canadian Bank on behalf of each Canadian Borrower of Drafts or
Old System Issuer Drafts, as applicable, which the Canadian Borrower wishes to submit to the
Canadian Bank for acceptance by the Canadian Bank shall be communicated by the Canadian Agent
and/or by officers of the Canadian Borrower, designated by the Canadian Borrower as its “authorized
officers,” to the Canadian Bank in writing at the Branch of Account following delivery by the
Canadian Borrowers of a Bankers’ Acceptance Notice or any other notice in connection with Bankers’
Acceptances delivered pursuant to the Credit Agreement.

 

 

          The communication in writing by the authorized officers of each Canadian Borrower to the
Canadian Bank of the instructions referred to above shall constitute the authorization and
instruction of each Canadian Borrower to the Canadian Bank to complete and execute and, if
applicable, endorse Drafts and Old System Issuer Drafts in accordance with such information as set
out above and the request of each Canadian Borrower to the Canadian Bank to accept such Drafts and
Old System Issuer Drafts and deliver the same or deposit the same with the “clearing house”,
against payment as set out in the
instructions. Each Canadian Borrower acknowledges that the Canadian Bank shall not be
obligated to accept any such Drafts and Old System Issuer Drafts except in accordance with the
provisions of the Credit Agreement. The Canadian Bank shall be and it is hereby authorized to act
on behalf of each Canadian Borrower upon and in compliance with instructions communicated to the
Canadian Bank as provided herein if the Canadian Bank reasonably believes them to be genuine.

          Each Canadian Borrower agrees to indemnify the Canadian Bank and its directors, officers,
employees, affiliates and agents and to hold it and them harmless from and against any loss,
liability, expense or claim of any kind or nature whatsoever incurred by any of them as a result of
any action or inaction in any way relating to or arising out of this power of attorney or the acts
contemplated hereby including the deposit of any Draft with the “clearing house”; provided that
this indemnity shall not apply to any such loss, liability, expense or claim which results from the
gross negligence or wilful misconduct of the Bank or any of its directors, officers, employees,
affiliates or agents.

          This power of attorney may be revoked by the Canadian Borrowers at any time upon not less than
five (5) Business Days’ written notice served upon the Canadian Bank at the Branch of Account,
provided that (i) it may be replaced with another power of attorney forthwith in accordance with
the requirements of the Credit Agreement; and (ii) no such revocation shall reduce, limit or
otherwise affect the obligations of the Canadian Borrowers in respect of any Draft or Old System
Issuer Drafts executed, completed, discounted and/or deposited in accordance herewith prior to the
time at which such revocation becomes effective. This power of attorney may be terminated by the
Canadian Bank at any time upon not less than five (5) Business Days’ written notice to the Canadian
Borrowers.

          Any revocation or termination of this power of attorney shall not affect the rights of the
Canadian Bank and the obligations of the Canadian Borrowers with respect to the indemnities of the
Canadian Borrowers above stated with respect to all matters arising prior in time to any such
revocation or termination.

          This power of attorney is in addition to and not in substitution for any agreement to which
the Canadian Bank and the Canadian Borrowers are parties.

          This power of attorney shall be governed in all respects by the laws of the Province of
Ontario and the laws of Canada applicable therein and each of the Canadian Borrowers and the
Canadian Bank hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of such
jurisdiction in respect of all matters arising out of this power of attorney.

          In the event of a conflict between the provisions of this Power of Attorney and the Credit
Agreement, the Credit Agreement shall prevail.

     -2-

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