Document:

Exhibit 10.1

Exhibit 10.1

PURCHASE AND SALE AGREEMENT

dated as of June 8, 2011

between

THE VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO,

as Originators

and

SWIFT RECEIVABLES COMPANY II, LLC

 

 

 

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE I AGREEMENT TO PURCHASE AND SELL
	 	 	2	 
	 
	 	 	 	 
	SECTION 1.1 Agreement To Purchase and Sell
	 	 	2	 
	SECTION 1.2 Timing of Purchases
	 	 	3	 
	SECTION 1.3 Consideration for Purchases
	 	 	3	 
	SECTION 1.4 Purchase and Sale Termination Date
	 	 	3	 
	SECTION 1.5 Intention of the Parties
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II PURCHASE REPORT; CALCULATION OF PURCHASE PRICE
	 	 	4	 
	 
	 	 	 	 
	SECTION 2.1 Purchase Report
	 	 	4	 
	SECTION 2.2 Calculation of Purchase Price
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III PAYMENT OF PURCHASE PRICE
	 	 	5	 
	 
	 	 	 	 
	SECTION 3.1 Initial Purchase Price Payment
	 	 	5	 
	SECTION 3.2 Subsequent Purchase Price Payments
	 	 	5	 
	SECTION 3.3 Settlement as to Specific Receivables and Dilution
	 	 	6	 
	SECTION 3.4 Reconveyance of Receivables
	 	 	7	 
	SECTION 3.5 Letters of Credit
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS OF PURCHASES
	 	 	8	 
	 
	 	 	 	 
	SECTION 4.1 Conditions Precedent to Initial Purchase
	 	 	8	 
	SECTION 4.2 Certification as to Representations and Warranties
	 	 	10	 
	SECTION 4.3 Additional Originators
	 	 	10	 
	 
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS
	 	 	11	 
	 
	 	 	 	 
	SECTION 5.1 Existence and Power
	 	 	11	 
	SECTION 5.2 Company and Governmental Authorization, Contravention
	 	 	11	 
	SECTION 5.3 Binding Effect of Agreement
	 	 	11	 
	SECTION 5.4 Accuracy of Information
	 	 	12	 
	SECTION 5.5 Actions, Suits or Proceedings
	 	 	12	 
	SECTION 5.6 No Material Adverse Effect, Unmatured Purchase and Sale Termination
Event or Purchase and Sale Termination Event
	 	 	12	 
	SECTION 5.7 Names and Location
	 	 	12	 
	SECTION 5.8 Bulk Sales, Margin Regulations, No Fraudulent Conveyance
	 	 	12	 
	SECTION 5.9 Nature of Receivables
	 	 	13	 
	SECTION 5.10 Credit and Collection Policy
	 	 	13	 
	SECTION 5.11 Investment Company
	 	 	13	 
	SECTION 5.12 Compliance with Transaction Documents
	 	 	13	 
	SECTION 5.13 Taxes
	 	 	13	 
	SECTION 5.14 Compliance with Applicable Laws
	 	 	13	 

 

 

 

	 	 	 	 	 
	 	 	Page	 
	 
	SECTION 5.15 Licenses and Labor Controversies
	 	 	13	 
	SECTION 5.16 Ordinary Course of Business
	 	 	13	 
	SECTION 5.17 Financial Condition
	 	 	14	 
	SECTION 5.18 Reliance on Separate Legal Identity
	 	 	14	 
	SECTION 5.19 Perfection
	 	 	14	 
	SECTION 5.20 Creation of Receivables
	 	 	14	 
	SECTION 5.21 Good Title
	 	 	14	 
	SECTION 5.22 Enforceability of Contracts
	 	 	15	 
	SECTION 5.23 Reaffirmation of Representations and Warranties by each Originator
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VI COVENANTS OF THE ORIGINATORS
	 	 	15	 
	 
	 	 	 	 
	SECTION 6.1 Affirmative Covenants
	 	 	15	 
	SECTION 6.2 Reporting Requirements
	 	 	17	 
	SECTION 6.3 Negative Covenants
	 	 	18	 
	SECTION 6.4 Substantive Consolidation
	 	 	19	 
	 
	 	 	 	 
	ARTICLE VII ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF RECEIVABLES
	 	 	21	 
	 
	 	 	 	 
	SECTION 7.1 Rights of the Company
	 	 	21	 
	SECTION 7.2 Responsibilities of the Originators
	 	 	21	 
	SECTION 7.3 Further Action Evidencing Purchases
	 	 	22	 
	SECTION 7.4 Application of Collections
	 	 	22	 
	 
	 	 	 	 
	ARTICLE VIII PURCHASE AND SALE TERMINATION EVENTS
	 	 	23	 
	 
	 	 	 	 
	SECTION 8.1 Purchase and Sale Termination Events
	 	 	23	 
	SECTION 8.2 Remedies
	 	 	23	 
	 
	 	 	 	 
	ARTICLE IX INDEMNIFICATION
	 	 	24	 
	 
	 	 	 	 
	SECTION 9.1 Indemnities by the Originators
	 	 	24	 
	 
	 	 	 	 
	ARTICLE X MISCELLANEOUS
	 	 	26	 
	 
	 	 	 	 
	SECTION 10.1 Amendments, etc
	 	 	26	 
	SECTION 10.2 Notices, etc
	 	 	26	 
	SECTION 10.3 No Waiver; Cumulative Remedies
	 	 	26	 
	SECTION 10.4 Binding Effect; Assignability
	 	 	27	 
	SECTION 10.5 Governing Law
	 	 	27	 
	SECTION 10.6 Costs, Expenses and Taxes
	 	 	27	 
	SECTION 10.7 SUBMISSION TO JURISDICTION
	 	 	27	 
	SECTION 10.8 WAIVER OF JURY TRIAL
	 	 	28	 
	SECTION 10.9 Captions and Cross References; Incorporation by Reference
	 	 	28	 
	SECTION 10.10 Execution in Counterparts
	 	 	28	 

 

 

 

	 	 	 	 	 
	 	 	Page	 
	 
	SECTION 10.11 Acknowledgment and Agreement
	 	 	28	 
	SECTION 10.12 No Proceeding
	 	 	29	 
	SECTION 10.13 Limited Recourse
	 	 	29	 
	 
	 	 	 	 

 

 

 

	 	 	 
	SCHEDULES
	 	 
	Schedule I

	 	List of the Originators
	Schedule II

	 	Actions and Proceedings
	Schedule III

	 	State of Organization of the Originators
	Schedule IV

	 	Location of Books and Records of the Originators
	Schedule V

	 	Trade Names

	 	 	 
	EXHIBITS
	 	 
	Exhibit A

	 	Form of Purchase Report
	Exhibit B

	 	Form of Company Note
	Exhibit C

	 	Form of Joinder Agreement
	 
	 	 

 

 

 

This PURCHASE AND SALE AGREEMENT (as amended, restated, supplemented or otherwise modified
from time to time, this “Agreement”), dated as of June 8, 2011 is entered into between THE
VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO (each an “Originator”, and collectively, the
“Originators”), and SWIFT RECEIVABLES COMPANY II, LLC, a Delaware limited liability company
(the “Company”).

BACKGROUND:

1. The Company is a special purpose limited liability company, all of the issued and
outstanding membership interests of which are owned by Swift;

2. The Originators generate Receivables in the ordinary course of their business;

3. The Originators wish to sell Receivables to the Company, and the Company is willing to
purchase Receivables from the Originators, on the terms and subject to the conditions set forth
herein; and

4. The Originators and the Company intend this transaction to be a true sale of Receivables by
the Originators to the Company, providing the Company with the full benefits of ownership of the
Receivables, and the Originators and the Company do not intend the transactions hereunder to be a
loan from the Company to the Originators.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
herein and for other good and valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

DEFINITIONS

Unless otherwise indicated herein, capitalized terms used and not otherwise defined in this
Agreement are defined in Exhibit I to the Receivables Purchase Agreement, dated as of the
date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to
time, the “Receivables Purchase Agreement”), among the Company, as Seller, Swift
Transportation Services, LLC (individually, “Swift”), as Servicer (in such capacity, the
“Servicer”), the various Conduit Purchasers from time to time party thereto, the various
Related Committed Purchasers from time to time party thereto, the various Purchaser Agents from
time to time party thereto, the various LC Participants from time to time party thereto, and PNC
Bank, National Association, as Administrator and LC Bank. All references herein to months are to
calendar months unless otherwise expressly indicated.

 

 

 

ARTICLE I

AGREEMENT TO PURCHASE AND SELL

SECTION 1.1 Agreement To Purchase and Sell. On the terms and subject to the
conditions set forth in this Agreement, each Originator agrees to sell to the Company, and the
Company agrees to purchase from such Originator, from time to time on or after the Closing Date,
but before the Purchase and Sale Termination Date (as defined in Section 1.4), all of such
Originator’s right, title and interest in and to:

(a) each Receivable generated by such Originator after the Closing Date to, but
excluding, the Purchase and Sale Termination Date;

(b) all rights to, but not the obligations of, such Originator under all Related
Security with respect to any of the foregoing Receivables;

(c) all monies due or to become due to such Originator with respect to any of the
foregoing;

(d) all books and records of such Originator to the extent related to any of the
foregoing, together with all rights (but not obligations) of such Originator under the
Contracts to which such Originator is a party;

(e) all Collections and other proceeds (as defined in the UCC) of any of the foregoing
that are or were received by such Originator on or after the Closing Date, including,
without limitation, all funds which either are received by such Originator, the Company or
the Servicer from or on behalf of the Obligors in payment of any amounts owed (including,
without limitation, invoice price, finance charges, interest and all other charges) in
respect of any of the above Receivables or are applied to such amounts owed by the Obligors
(including, without limitation, any insurance payments that such Originator, the Company or
the Servicer applies in the ordinary course of its business to amounts owed in respect of
any of the above Receivables, and net proceeds of sale or other disposition of repossessed
goods or other collateral or property of the Obligors in respect of any of the above
Receivables or any other parties directly or indirectly liable for payment of such
Receivables); and

(f) all right, title and interest (but not obligations) in and to the Lock-Box
Accounts, into which any Collections or other proceeds (as defined in the UCC) with respect
to such Receivables may be deposited, and any related investment property acquired with any
such Collections or other proceeds.

All purchases and contributions hereunder shall be made without recourse, but shall be made
pursuant to, and in reliance upon, the representations, warranties and covenants of such Originator
set forth in this Agreement and each other Transaction Document. No obligation or liability to any
Obligor on any Receivable is intended to be assumed by the Company hereunder,
and any such assumption is expressly disclaimed. The Company’s foregoing commitment to
purchase Receivables and the proceeds and rights described in clauses (b) through
(f) (collectively, the “Related Rights”) is herein called the “Purchase
Facility.”

 

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SECTION 1.2 Timing of Purchases.

(a) Closing Date Purchases. Each Originator’s entire right, title and interest in (i)
each Receivable that existed and was owing to such Originator at the Closing Date and (ii) all
Related Rights with respect thereto automatically shall be deemed to have been sold or contributed,
as applicable, by such Originator to the Company on the Closing Date.

(b) Subsequent Purchases. After the Closing Date, until the Purchase and Sale
Termination Date, each Receivable and the Related Rights generated by each Originator shall be
deemed to have been sold or contributed, as applicable, by such Originator to the Company
immediately (and without further action) upon the creation of such Receivable.

SECTION 1.3 Consideration for Purchases. On the terms and subject to the conditions
set forth in this Agreement, the Company agrees to make Purchase Price payments to the Originators
in accordance with Article III and to reflect all capital contributions in accordance with
Section 3.2.

SECTION 1.4 Purchase and Sale Termination Date. The “Purchase and Sale
Termination Date” shall be the earlier to occur of (a) the date the Purchase Facility is
terminated pursuant to Section 8.2 and (b) the Payment Date immediately following the day
on which the Originators shall have given written notice to the Company and the Administrator at or
prior to 10:00 a.m. (New York City time) that the Originators desire to terminate this Agreement.

SECTION 1.5 Intention of the Parties. It is the express intent of each Originator and
the Company that each conveyance by such Originator to the Company pursuant to this Agreement of
any Receivables and Related Rights, including, without limitation, all Receivables, if any,
constituting “general intangibles” (as defined in the UCC), and all Related Rights be construed as
a valid and perfected sale and absolute assignment (without recourse except as provided herein) of
such Receivables and Related Rights by such Originator to the Company (rather than the grant of a
security interest to secure a debt or other obligation of such Originator) and that the right,
title and interest in and to such Receivables and Related Rights conveyed to the Company be prior
to the rights of and enforceable against all other Persons at any time, including, without
limitation, lien creditors, secured lenders, purchasers and any Person claiming through such
Originator. The parties acknowledge that an outright sale of receivables and interests in
receivables is governed by Article 9 of the UCC as enacted in the State of New York and the states
in which the parties may be organized or otherwise have a presence (without distinguishing the
applicable jurisdiction, “Article 9”), notwithstanding that such a sale is not intended for
security. The
parties also acknowledge that, as a drafting convention under Article 9, terms used under
Article 9 for secured transactions also apply to outright sales of receivables, including “debtor,”
which applies to a seller of receivables, “secured party,” which applies to a buyer of receivables,
and “security interest,” which applies to the buyer’s outright ownership interest. Thus, such
terms, and other terms used in Article 9, will apply to this Agreement, and may be used in this
Agreement or in connection with

 

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this Agreement and such use does not affect the nature of the
outright sale of the Receivables by the Originators to the Company. Thus, under the Article 9
drafting convention, the outright sale of the Receivables may be described as a transaction by
which the Originators have granted to the Company a security interest in, among other things, the
Receivables. However, if, contrary to the mutual intent of the parties, any conveyance of
Receivables and Related Rights, including, without limitation, any Receivables constituting
“accounts” or “general intangibles” (as defined in the UCC), is not construed to be both a valid
and perfected sale and absolute assignment of such Receivables and Related Rights, and a conveyance
of such Receivables and Related Rights that is prior to the rights of and enforceable against all
other Persons at any time, including, without limitation, lien creditors, secured lenders,
purchasers and any Person claiming through any Originator, then, it is the intent of such
Originator and the Company that (i) this Agreement also shall be deemed to be, and hereby is, a
security agreement within the meaning of the UCC; and (ii) such Originator shall be deemed to have
granted to the Company as of the date of this Agreement, and such Originator hereby grants to the
Company, a security interest in, to and under, all of such Originator’s right, title and interest
in and to the Receivables and the Related Rights transferred or purported to be transferred
hereunder, whether now existing or hereafter created by such Originator.

ARTICLE II

PURCHASE REPORT; CALCULATION OF PURCHASE PRICE

SECTION 2.1 Purchase Report. On the Closing Date and on the third Business Day of
each week thereafter (each such date, a “Purchase Report Date”), the Company shall cause
the Servicer to deliver to the Company and each Originator a report in substantially the form of
Exhibit A (each such report being herein called a “Purchase Report”) setting forth,
among other things:

(a) the Purchase Price of all Receivables purchased by the Company from each Originator
as of the Closing Date (in the case of the Purchase Report to be delivered on the Closing
Date);

(b) the Purchase Price of all Receivables purchased by the Company from each Originator
during the week immediately preceding such Purchase Report Date (in the case of each
subsequent Purchase Report); and

(c) the calculations of reductions of the Purchase Price payment for any Receivables as
provided in Sections 3.3 (a) and (b).

 

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SECTION 2.2 Calculation of Purchase Price. The “Purchase Price” to be paid to
each Originator for the
Receivables that are purchased hereunder from such Originator shall be (i) determined in
accordance with the following formula and (ii) subject to the reductions as provided in
Sections 3.3(a) and (b):

	 	 	 	 	 	 	 
	 

	 	PP
	 	=
	 	OB x FMVD
	 
	 	 	 	 	 	 
	 

	 	where:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	PP
	 	=
	 	Purchase Price for each Receivable as calculated on the
relevant Payment Date.
	 
	 	 	 	 	 	 
	 

	 	OB
	 	=
	 	The Outstanding Balance of such Receivable on the relevant
Payment Date.
	 
	 	 	 	 	 	 
	 

	 	FMVD
	 	=
	 	Fair Market Value Discount, as measured on such Payment
Date, which is equal to the quotient (expressed as
percentage) of (a) one divided by (b) the sum of (i) one,
plus (ii) the product of (A) the Prime Rate (calculated as
of the last Business Day of the week preceding such
Payment Date), and (B) a fraction, the numerator of which
is the Days’ Sales Outstanding (calculated as of the last
Business Day of the week preceding such Payment Date) and
the denominator of which is 365.

ARTICLE III

PAYMENT OF PURCHASE PRICE

SECTION 3.1 Initial Purchase Price Payment. On the terms and subject to the
conditions set forth in this Agreement, the Company agrees to pay to each Originator the Purchase
Price for the purchase to be made from such Originator on the Closing Date partially in cash (in an
amount to be agreed between the Company and such Originator and set forth in the initial Purchase
Report) and partially by issuing a promissory note in the form of Exhibit B to such
Originator with an initial principal amount equal to the remaining Purchase Price (each such
promissory note, as it may be amended, supplemented, endorsed or otherwise modified from time to
time, together with all promissory notes issued from time to time in substitution therefor or
renewal thereof in accordance with the Transaction Documents, each being herein called a
“Company Note”), by accepting a contribution to its capital or by causing the LC Bank to
issue one or more Letters of Credit on terms and subject to the conditions of this Article
III and the Receivables Purchase Agreement, as more fully described below.

SECTION 3.2 Subsequent Purchase Price Payments. On each Payment Date subsequent to
the Closing Date, on the terms and subject to the conditions set forth in this
Agreement, the Company shall pay to each Originator the Purchase Price for the Receivables
generated by such Originator on such Payment Date:

(a) FIRST, in cash to the extent the Company has cash available therefor and
such payment is not prohibited under the Receivables Purchase Agreement;

(b) SECOND, if such Originator has requested a Letter of Credit pursuant to
Section 3.5, by the Company’s obtaining and delivering such Letter of Credit;

 

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(c) THIRD, to the extent any portion of the Purchase Price remains unpaid, the
principal amount outstanding under the applicable Company Note shall, subject to subclause
(d) below, be automatically increased by an amount equal to such remaining Purchase Price;
and

(d) FOURTH, to the extent any portion of the Purchase Price remains unpaid,
solely in the case of Swift as Originator, at such Originator’s election unless the Purchase
and Sale Termination Date has occurred, by accepting a contribution to its capital in an
amount equal to the remaining unpaid balance of such Purchase Price.

The Servicer shall make all appropriate record keeping entries with respect to the Company
Notes to reflect the foregoing payments and reductions made pursuant to Section 3.3, and
the Servicer’s books and records shall constitute rebuttable presumptive evidence of the principal
amount of, and accrued interest on, the Company Notes at any time. Each Originator hereby
irrevocably authorizes the Servicer to mark the Company Notes “CANCELLED” and to return the Company
Notes to the Company upon the final payment thereof after the occurrence of the Purchase and Sale
Termination Date.

SECTION 3.3 Settlement as to Specific Receivables and Dilution.

(a) If, (i) on the day of purchase or contribution of any Receivable from an Originator
hereunder, any of the representations or warranties set forth in Sections 5.9, 5.19
and 5.21 are not true with respect to such Receivable or (ii) as a result of any action or
inaction (other than solely as a result of the failure to collect such Receivable due to a
discharge in bankruptcy or similar insolvency proceeding or other credit related reasons with
respect to the relevant Obligor) of an Originator, on any subsequent day, any of such
representations or warranties set forth in Sections 5.9, 5.19 and 5.21 is
no longer true with respect to such Receivable, then the Purchase Price, with respect to such
Receivable shall be reduced by an amount equal to the Outstanding Balance of such Receivable and
shall be accounted to such Originator as provided in clause (c) below; provided,
that if the Company thereafter receives payment on account of Collections due with respect to such
Receivable, the Company promptly shall deliver such funds to such Originator.

(b) If, on any day, the Outstanding Balance of any Receivable purchased or contributed
hereunder is reduced or adjusted as a result of any defective, rejected, returned, repossessed or
foreclosed goods or services, or any revision, cancellation, allowance, rebate, discount or other
adjustment made by any Originator, the Company or the Servicer or any setoff or dispute between
such Originator or the Servicer and an Obligor as indicated on the books of
the Company, or as a result of any tariff or other governmental or regulatory action, then the
Purchase Price with respect to such Receivable shall be reduced by the amount of such net reduction
and shall be accounted to such Originator as provided in clause (c) below.

 

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(c) Any reduction in the Purchase Price of any Receivable pursuant to clause (a) or
(b) above shall be applied as a credit for the account of the Company against the Purchase
Price of Receivables subsequently purchased by the Company from such Originator hereunder;
provided, however if there have been no purchases of Receivables from such
Originator (or
insufficiently large purchases of Receivables) to create a Purchase Price sufficient
to so apply such credit against, the amount of such credit:

(i) to the extent of any outstanding principal amount under the Company Note payable to
such Originator, shall be deemed to be a payment under, and shall be deducted from the
principal amount outstanding under, the Company Note payable to such Originator; and

(ii) after making any deduction pursuant to clause (i) above, shall be paid in
cash to the Company by such Originator; provided, that at any time (y) when a
Termination Event or an Unmatured Termination Event exists under the Receivables Purchase
Agreement or (z) on or after the Purchase and Sale Termination Date, the amount of any such
credit shall be paid by such Originator to the Company by deposit in immediately available
funds into a Lock-Box Account for application by the Servicer to the same extent as if
Collections of the applicable Receivable in such amount had actually been received on such
date.

SECTION 3.4 Reconveyance of Receivables. In the event that an Originator has paid to
the Company the full Outstanding Balance of any Receivable pursuant to Section 3.3, the
Company shall reconvey such Receivable to such Originator, without representation or warranty, but
free and clear of all liens, security interests, charges, and encumbrances created by the Company.

SECTION 3.5 Letters of Credit. (a) Upon the request of any Originator and in
accordance with Section 3.1, and subject to the terms and conditions for issuing Letters of
Credit under the Receivables Purchase Agreement (including any limitations therein on the amount of
any such issuance), the Company agrees to cause the LC Bank to issue, on the Payment Dates
specified by such Originator, Letters of Credit on behalf of the Company (and, if applicable, on
behalf of, or for the account of, any Originator in favor of such beneficiaries as such Originator
may elect). The aggregate face amount of the Letters of Credit being issued on any Payment Date
shall constitute a credit against the aggregate Purchase Price otherwise payable by the Company on
such Payment Date pursuant to Section 3.2. To the extent that the aggregate face amount of
the Letters of Credit being issued on any Payment Date exceeds the aggregate Purchase Price payable
by the Company on such Payment Date, such excess shall be deemed to be a reduction in the
outstanding principal amount of (and, to the extent necessary, the accrued but unpaid interest on)
the applicable Company Note. The aggregate face amount of Letters of Credit to be issued on any
Payment Date cannot exceed the sum of the aggregate Purchase Price payable on such
Payment Date plus the aggregate outstanding principal amount of and accrued but unpaid
interest on the Company Notes on such Payment Date. In the event that any Letter of Credit issued
(i) expires or is cancelled or otherwise terminated with all or any portion of its face amount
undrawn, (ii) has its face amount decreased (for a reason other than a drawing having been made
thereunder) or (iii) the Company’s Reimbursement Obligation in respect thereof is reduced for any
reason other than by virtue of a payment made in respect of a drawing thereunder, then an amount
equal to such undrawn amount or such reduction, as the case may be, shall either be paid in cash to
such Originator on the next Payment Date or, if the Company does not then have cash available
therefor, shall be deemed to
be added to the outstanding principal amount of the Company Note
issued to such Originator. Under no circumstances shall any Originator (and no Affiliate thereof
(other than the Company)) have any reimbursement or recourse obligations in respect of any Letter
of Credit.

 

-7-

 

(b) In the event that an Originator requests a Letter of Credit hereunder, such Originator
shall on a timely basis provide the Company with such information as is necessary for the Company
to obtain such Letter of Credit from the LC Bank.

(c) Each Originator agrees to be bound by the terms of each Letter of Credit Application
referenced in the Receivables Purchase Agreement and by the LC Bank’s interpretations of any Letter
of Credit issued for the Company and by the LC Bank’s written regulations and customary practices
relating to letters of credit.

(d) Each Originator appoints the Servicer as its agent (on which appointment the Company, the
Purchaser Agents, the Administrator, the LC Bank, the LC Participants and the Purchasers may rely
until such Originator provides contrary written notice to all of such Persons) to act on such
Originator’s behalf to take all actions and to make all decisions in respect of the issuance,
amendment and administration of the Letters of Credit, including requests for the issuance and
extension of Letters of Credit and the allocation of the face amounts of Letters of Credit against
the Purchase Price owed to particular Originators and against Company Notes issued to particular
Originators. In the event that the Servicer requests a Letter of Credit hereunder, the Servicer
shall on a timely basis provide the Company with such information as is necessary for the Company
to obtain such Letter of Credit from the LC Bank, and shall notify the relevant Originators, the
Company and the Administrator of the allocations described in the preceding sentence. Such
allocations shall be binding on the Company and each Originator, absent manifest error.

ARTICLE IV

CONDITIONS OF PURCHASES

SECTION 4.1 Conditions Precedent to Initial Purchase. The initial purchase hereunder
is subject to the condition precedent that the Company and the Administrator (as the Company’s
assignee) shall have received, on or before the Closing Date, the following, each (unless otherwise
indicated) dated the Closing Date, and each in form and substance reasonably satisfactory to the
Company and the Administrator (as the Company’s assignee):

(a) A copy of the resolutions of the board of directors or managers of each Originator
approving the Transaction Documents to be executed and delivered by it and the transactions
contemplated hereby and thereby, certified by the Secretary or Assistant Secretary of such
Originator;

(b) Good standing certificates for each Originator issued as of a recent date
reasonably acceptable to the Company and the Administrator (as the Company’s assignee) by
the Secretary of State of the jurisdiction of such Originator’s organization and each
jurisdiction where such Originator conducts a substantial amount of business;

 

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(c) A certificate of the Secretary or Assistant Secretary of each Originator certifying
the names and true signatures of the officers authorized on such Person’s behalf to sign the
Transaction Documents to be executed and delivered by it (on which certificate the Servicer,
the Company and the Administrator (as the Company’s assignee) may conclusively rely until
such time as the Servicer, the Company and the Administrator (as the Company’s assignee)
shall receive from such Person a revised certificate meeting the requirements of this
clause (c));

(d) The certificate or articles of incorporation, certificate of formation or other
organizational document of each Originator duly certified by the Secretary of State of the
jurisdiction of such Originator’s organization as of a recent date, together with a copy of
the by-laws or limited liability company agreement of such Originator, each duly certified
by the Secretary or an Assistant Secretary of such Originator;

(e) Originals of the proper financing statements (Form UCC-1) that have been duly
authorized and name each Originator as the debtor/seller and the Company as the
buyer/assignor (and the Administrator, for the benefit of the Purchasers, as secured
party/assignee) of the Receivables generated by such Originator as may be necessary or, in
the Company’s or the Administrator’s reasonable opinion, desirable under the UCC of all
appropriate jurisdictions to perfect the Company’s ownership interest in all Receivables and
Related Rights (including, without limitation, Related Security) in which an ownership or
security interest has been assigned to the Company hereunder;

(f) A written search report from a Person reasonably satisfactory to the Company and
the Administrator (as the Company’s assignee) listing all effective financing statements
that name the Originators as debtors or sellers and that are filed in all jurisdictions in
which filings may be made against such Person pursuant to the applicable UCC, together with
copies of such financing statements (none of which, except for those described in the
foregoing clause (e) (and/or released or terminated, as the case may be, prior to
the Closing Date), shall cover any Receivable or any Related Rights which are to be sold or
contributed to the Company hereunder), and tax and judgment lien search reports from a
Person reasonably satisfactory to the Company showing no evidence of such liens filed
against any Originator;

(g) A favorable opinion of Snell & Wilmer L.L.P., counsel to the Originators, in form
and substance reasonably satisfactory to the Company and the Administrator (as the Company’s
assignee);

(h) A Company Note in favor of each Originator, duly executed by the Company;

(i) Evidence (i) of the execution and delivery by each of the parties thereto of each
of the other Transaction Documents to be executed and delivered in connection herewith and
(ii) that each of the conditions precedent to the execution, delivery and effectiveness of
such other Transaction Documents has been satisfied to the Company’s and the Administrator’s
(as the Company’s assignee) reasonable satisfaction; and

 

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(j) Evidence that such Originator has placed on the most recent, and has taken all
steps reasonably necessary to ensure that there shall be placed on subsequent, summary
master data processing reports the following legend (or the substantive equivalent thereof):
“THE RECEIVABLES DESCRIBED HEREIN HAVE BEEN CONTRIBUTED OR SOLD TO SWIFT RECEIVABLES COMPANY
II, LLC PURSUANT TO A PURCHASE AND SALE AGREEMENT, DATED AS OF JUNE 8, 2011, BETWEEN THE
ORIGINATORS NAMED THEREIN AND SWIFT RECEIVABLES COMPANY II, LLC; AND AN INTEREST IN THE
RECEIVABLES DESCRIBED HEREIN HAS BEEN GRANTED TO PNC BANK, NATIONAL ASSOCIATION, FOR THE
BENEFIT OF THE PURCHASERS UNDER THE RECEIVABLES PURCHASE AGREEMENT, DATED AS OF JUNE 8,
2011, AMONG SWIFT RECEIVABLES COMPANY II, LLC, SWIFT TRANSPORTATION SERVICES, LLC, AS
SERVICER, THE VARIOUS PURCHASERS AND PURCHASING AGENTS FROM TIME TO TIME PARTY THERETO AND
PNC BANK, NATIONAL ASSOCIATION, AS ADMINISTRATOR AND LC BANK.”

SECTION 4.2 Certification as to Representations and Warranties. Each Originator, by
accepting the Purchase Price related to each purchase of Receivables generated by such Originator,
shall be deemed to have certified that the representations and warranties contained in Article
V, as from time to time amended in accordance with the terms hereof, are true and correct on
and as of such day, with the same effect as though made on and as of such day (except for
representations and warranties which apply to an earlier date, in which case such representations
and warranties shall be true and correct as of such earlier date).

SECTION 4.3 Additional Originators. Additional Persons may be added as Originators
hereunder, with the prior written consent of the Company, the Administrator and each Purchaser;
provided that the following conditions are satisfied on or before the date of such
addition:

(a) the Servicer shall have given the Company, the Administrator and each Purchaser at
least thirty (30) days’ prior written notice of such proposed addition and the identity of
the proposed additional Originator and shall have provided such other information with
respect to such proposed additional Originator as the Company, the Administrator or any
Purchaser may reasonably request;

(b) such proposed additional Originator shall have executed and delivered to the
Company, the Administrator and each Purchaser an agreement substantially in the form
attached hereto as Exhibit C (a “Joinder Agreement”);

(c) such proposed additional Originator shall have delivered to the Company and the
Administrator (as the Company’s assignee) each of the documents with respect to such
Originator described in Section 4.1, in each case in form and substance reasonably
satisfactory to the Company and the Administrator (as the Company’s assignee);

(d) Swift shall have delivered a performance guaranty in favor of the Administrator, in
form and substance reasonably acceptable to the Administrator;

 

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(e) unless the receivables intended to be sold by such additional Originator to the
Company hereunder are Receivables, the related underlying goods or services of which are and
will continue to be generated by an already existing Originator, the Rating Agency Condition
shall have been satisfied with respect to the addition of such Originator; and

(f) no Purchase and Sale Termination Date shall have occurred and be continuing.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS

In order to induce the Company to enter into this Agreement and to make purchases hereunder,
each Originator hereby represents and warrants with respect to itself that each representation and
warranty concerning it or the Receivables sold or contributed by it hereunder that is contained in
the Receivables Purchase Agreement is true and correct, and hereby makes the representations and
warranties set forth in this Article V. In addition, the Company makes the representations
and warranties set forth in Section 5.16.

SECTION 5.1 Existence and Power. Such Originator is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, and has all power and
authority and all governmental licenses, authorizations, consents and approvals required to carry
on its business in each jurisdiction in which its business is conducted unless the failure to have
such power, authority, licenses, authorizations, consents or approvals could not reasonably be
expected to have a Material Adverse Effect.

SECTION 5.2 Company and Governmental Authorization, Contravention. The execution,
delivery and performance by such Originator of this Agreement and each other Transaction Document
to which it is a party: (i) are within such Originator’s organizational powers, (ii) have been duly
authorized by all necessary organizational action, (iii) require no authorization, approval or
other action by or in respect of, and no notice to or filing with (other than the filing of the UCC
financing statements and continuation statements
contemplated hereunder and disclosures and filings under applicable securities laws), any
Governmental Authority or other Person, and (iv) do not (A) contravene, or constitute a default
under, any provision of (1) applicable law or regulation, (2) the organizational documents of such
Originator or (3) any agreement, judgment, writ, injunction, order, award, decree or other
instrument binding upon such Originator or (B) result in the creation or imposition of any lien
(other than liens in favor of the Company and the Administrator under the Transaction Documents) on
assets of such Originator or any of its Subsidiaries. This Agreement and the other Transaction
Documents to which it is a party have been duly executed and delivered by such Originator.

SECTION 5.3 Binding Effect of Agreement. This Agreement and each of the other
Transaction Documents to which it is a party constitute the legal, valid and binding obligations of
such Originator enforceable against such Originator in accordance with their respective terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors’ rights generally and by general
principles of
equity, regardless of whether enforceability is considered in a proceeding in equity or at law.

 

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SECTION 5.4 Accuracy of Information. None of the factual information, when taken as a
whole, heretofore or contemporaneously, and furnished in writing, to the Administrator or the
Company by or on behalf of such Originator pursuant to or in connection with this Agreement or any
other Transaction Document or any transaction contemplated hereby or thereby contains, as of the
date such information was furnished (and as modified or supplemented by other information so
furnished) any untrue statement of a material fact, or omits to state any material fact necessary
to make any information, in light of the circumstances under which they were made, not materially
misleading.

SECTION 5.5 Actions, Suits or Proceedings. Except as set forth in Schedule II
or as otherwise disclosed in its publicly available SEC filings, there are no actions, suits or
proceedings pending or, to the best of such Originator’s knowledge, threatened against or affecting
such Originator or any of its Affiliates or its respective properties, in or before any court,
arbitrator or governmental body, which could reasonably be expected to have a Material Adverse
Effect upon the ability of such Originator (or such Affiliate) to perform its obligations under
this Agreement or any other Transaction Document to which it is a party. Such Originator is not in
default with respect to any order of any court, arbitrator or governmental body.

SECTION 5.6 No Material Adverse Effect, Unmatured Purchase and Sale Termination Event or
Purchase and Sale Termination Event. Since March 31, 2011, there has been no Material Adverse
Effect with respect to such Originator. No event has occurred and is continuing or would result
from a sale or contribution of Receivables or the application of the proceeds therefrom, that
constitutes an Unmatured Purchase and Sale Termination Event or a Purchase and Sale Termination
Event.

SECTION 5.7 Names and Location. Except as described in Schedule V, such
Originator has not used any corporate or company names, trade names or assumed names other than its
name set forth on the signature pages of this Agreement. As of the date hereof, such Originator is
“located” (as defined in the UCC) in the jurisdiction set forth on Schedule III hereto, and
such location has not been changed for at least four months before the date hereof. The offices
where the Originator keeps all records concerning the Receivables are located at the addresses set
forth on Schedule IV hereto or such other locations of which the Company and the
Administrator (as the Company’s assignee) have been given written notice in accordance with the
terms hereof.

SECTION 5.8 Bulk Sales, Margin Regulations, No Fraudulent Conveyance. No transaction
contemplated hereby requires compliance with or will become subject to avoidance under any bulk
sales act or similar law. The Originator is not engaged in the business of extending credit for
the purpose of purchasing or carrying any margin stock (within the meaning of Regulations T, U and
X, as issued by the Federal Reserve Board), and no funds obtained by the Originator hereunder will
be used to purchase or carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock. No purchase hereunder constitutes a fraudulent transfer
or conveyance under any United States federal or
applicable state bankruptcy or insolvency laws or
is otherwise void or voidable under such or similar laws or principles or for any other reason.

 

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SECTION 5.9 Nature of Receivables. Each Receivable purchased or contributed hereunder
and included in the calculation of Net Receivables Pool Balance is, on the date of such purchase,
contribution or calculation, an Eligible Receivable.

SECTION 5.10 Credit and Collection Policy. Such Originator has complied in all
material respects with its Credit and Collection Policy in regard to each Receivable sold or
contributed by it hereunder and the related Contract.

SECTION 5.11 Investment Company. Such Originator is not an “investment company,” or a
company “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended.

SECTION 5.12 Compliance with Transaction Documents. Such Originator has complied in
all material respects with all of the terms, covenants and agreements contained in this Agreement
and the other Transaction Documents to which it is a party and that are applicable to it.

SECTION 5.13 Taxes. Such Originator has filed or caused to be filed all U.S. federal
income tax returns and all other material returns, statements, forms and reports for taxes,
domestic or foreign, required to be filed by it and has paid or has made adequate provision for
payment of, all taxes payable by it which have become
due or any assessments made against it or any of its property and all other material taxes,
fees or other charges imposed on it or any of its property by any Governmental Authority other than
any taxes or assessments that are being contested in good faith and by appropriate proceedings
diligently conducted, and for which adequate reserves have been set aside in accordance with GAAP.

SECTION 5.14 Compliance with Applicable Laws. Such Originator is in compliance with
the requirements of all applicable laws, rules, regulations and orders of all Governmental
Authorities except to the extent that the failure to comply could not be reasonably expected to
have a Material Adverse Effect. In addition, no Receivable sold or contributed hereunder
contravenes any laws, rules or regulations applicable thereto or to such Originator.

SECTION 5.15 Licenses and Labor Controversies.

(a) Such Originator has not failed to obtain any licenses, permits, franchises or other
governmental authorizations necessary to the ownership of its properties or to the conduct of its
business unless such failure could not reasonably be expected to have a Material Adverse Effect.

(b) There are no labor controversies pending against such Originator that have had (or could
be reasonably expected to have) a Material Adverse Effect.

SECTION 5.16 Ordinary Course of Business. If (but only to the extent that) the
conveyance of any property described herein is not characterized by a court or other governmental
authority as a sale, each remittance of Collections by an Originator to the
Company hereunder will
have been (i) in payment of a debt incurred by such Originator in the ordinary course of business
or financial affairs of such Originator and the Company and (ii) made in the ordinary course of
business or financial affairs of such Originator and the Company.

 

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SECTION 5.17 Financial Condition.

(a) The balance sheets of the Parent and its consolidated Subsidiaries at March 31, 2011 and
the related statements of income and retained income for the Fiscal Quarter then ended, copies of
which have been made publicly available, fairly present in all material respects the financial
position of the Parent and its consolidated Subsidiaries as of such date and the results of
operations of the Parent and its consolidated Subsidiaries for the period ended on such date, all
in accordance with GAAP.

(b) On the date hereof, and on the date of each purchase or contribution hereunder (both
before and after giving effect to such purchase or contribution), such Originator is Solvent.

SECTION 5.18 Reliance on Separate Legal Identity. Such Originator acknowledges
that each of the Purchasers and the Administrator are entering into the Transaction Documents
to which they are parties in reliance upon the Company’s identity as a legal entity separate from
such Originator.

SECTION 5.19 Perfection. Immediately preceding its contribution or sale of each
Receivable hereunder, such Originator was the owner of such Receivable contributed or sold or
purported to be sold, free and clear of any Adverse Claims, and each such sale hereunder
constitutes a valid sale, transfer and assignment of all of such Originator’s right, title and
interest in, to and under the Receivables sold by it, free and clear of any Adverse Claims. On or
before the date hereof and before the generation by such Originator of any new Receivable to be
sold or otherwise conveyed hereunder, all financing statements and other documents, if any,
required to be recorded or filed in order to perfect and protect the Company’s ownership interest
in such Receivable against all creditors of and purchasers from such Originator will have been duly
filed in each filing office necessary for such purpose, and all filing fees and taxes, if any,
payable in connection with such filings shall have been paid in full.

SECTION 5.20 Creation of Receivables. Such Originator has exercised at least the same
degree of care and diligence in the creation of the Receivables sold, contributed or otherwise
transferred hereunder as it has exercised in connection with the creation of previous receivables
originated by it and not so transferred hereunder.

SECTION 5.21 Good Title. Upon the creation of each new Receivable sold or otherwise
conveyed or purported to be conveyed hereunder and on the Closing Date for then existing
Receivables, the Company shall have a valid and perfected first priority ownership interest in each
Receivable sold or contributed to it hereunder, free and clear of any Adverse Claim.

 

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SECTION 5.22 Enforceability of Contracts. Each Contract related to any Receivable
sold or contributed by such Originator hereunder is effective to create, and has created, a legal,
valid and binding obligation of the related Obligor to pay the Outstanding Balance of such
Receivable, enforceable against the Obligor in accordance with its terms, without being subject to
any defense, deduction, offset or counterclaim and such Originator has fully performed its
obligations under such Contract.

SECTION 5.23 Reaffirmation of Representations and Warranties by each Originator. On
each day that a new Receivable is created, and when sold or contributed to the Company hereunder,
such Originator shall be deemed to have certified that all representations and warranties set forth
in this Article V are true and correct on and as of such day (except for representations
and warranties which apply as to an earlier date (in which case such representations and warranties
shall be true and correct as of such earlier date)).

ARTICLE VI

COVENANTS OF THE ORIGINATORS

SECTION 6.1 Affirmative Covenants. At all times from the date hereof until the latest
of (i) the Facility Termination Date, (ii) the date on which no Capital of or Discount in respect
of the Purchased Interest shall be outstanding and an amount equal to 100% of the LC Participation
Amount has been deposited in the LC Collateral Account or all Letters of Credit have expired, and
(iii) the date all amounts owed by the Seller under the Receivables Purchase Agreement to any
Purchaser, any Purchaser Agent, the Administrator and any other Indemnified Party or Affected
Person shall be paid in full, each Originator will, unless the Administrator and the Company shall
otherwise consent in writing, perform the following:

(a) Conduct Business. Such Originator will carry on and conduct its business
in substantially the same manner in substantially the same fields of enterprise as it is
presently conducted and will do all things necessary to remain duly organized, validly
existing and in good standing as an entity in its jurisdiction of organization and maintain
all requisite authority to conduct its business in each jurisdiction in which its business
is conducted if the failure to have such authority could reasonably be expected to have a
Material Adverse Effect.

(b) Compliance with Laws. Such Originator will comply with all laws, rules,
regulations, order, writs, judgments, injunctions, decrees or awards to which it may be
subject if the failure to comply could reasonably be expected to have a Material Adverse
Effect.

(c) Furnishing of Information and Inspection of Records. Such Originator will
furnish to the Company and the Administrator from time to time such information with respect
to the Receivables as such Person may reasonably request. Such Originator will, at such
Originator’s expense, at any time during regular business hours with, if a Termination Event
or Purchase and Sale Termination Event has not occurred and is not continuing, no less than
30 days prior written notice from the Company or the Administrator (i) permit the Company or
the Administrator, or their respective agents or representatives, (A) to examine and make
copies of and abstracts from all books and records relating to the Receivables and Related
Rights and (B) to visit the

 

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offices and properties of such Originator for the purpose of
examining such books and records, and  to discuss matters relating to the Receivables, the
Related Rights or such Originator’s performance hereunder or under the other Transaction
Documents to which it is a party with any of the officers, directors, employees or
independent public accountants of such Originator (provided that representatives of
such Originator are present during such discussions) having knowledge of such matters;
provided, that so long as no Termination Event or Purchase and Sale Termination
Event has occurred and is continuing, such examinations and visits shall not exceed one (1)
per year (without duplication with respect to audits of the Company under the Receivables
Purchase Agreement), and (ii) without limiting the provisions of clause (i) above,
from time to time during regular
business hours, at such Originator’s expense, upon, if a Termination Event or Purchase
and Sale Termination Event has not occurred and is not continuing, no less than 30 days
prior written notice from the Company or the Administrator, permit certified public
accountants or other auditors acceptable to the Administrator to conduct a review of its
books and records with respect to the Receivables; provided, that so long as no
Termination Event or Purchase and Sale Termination Event has occurred and is continuing,
such Originator shall be required to reimburse the Company and/or the Administrator for only
one (1) such audit per year. For the avoidance of doubt, the Administrator may require
examinations and audits in addition to the examinations and audits specified in clause
(i) and clause (ii) above, but the expense of any such additional examination or
audit shall be borne by the Administrator and not the Originator.

(d) Keeping of Records and Books. Such Originator will maintain, implement and
keep (i) administrative and operating procedures (including an ability to recreate records
evidencing Receivables and related Contracts if originals are destroyed), (ii) adequate
facilities, personnel and equipment and (iii) all documents, books, records, computer tapes,
disks and other information reasonably necessary or advisable for collection of the
Receivables originated by such Originator (including records adequate to permit the daily
identification of each new such Receivable and all Collections of, and adjustments to, each
existing such Receivable). Such Originator will give the Company and the Administrator
prior notice of any change in such administrative and operating procedures that causes them
to be materially different from the procedures described to the Company and the
Administrator on or before the date hereof as such Originator’s then existing or planned
administrative and operating procedures for collecting Receivables.

(e) Performance and Compliance with Receivables and Contracts and Credit and
Collection Policy. Such Originator shall, at its expense, timely and fully perform and
comply with all material provisions, covenants and other promises required to be observed by
it under all Contracts related to the Receivables and timely and fully comply in all
material respects with the Credit and Collection Policy with regard to each Receivable and
the related Contract.

(f) Receivable Purchase Agreement. Such Originator will perform and comply
with each covenant and other undertaking in the Receivables Purchase Agreement that the
Company undertakes to cause such Originator to perform, subject to
any grace periods for
such performance provided for in the Receivables Purchase Agreement.

 

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(g) Location and Location of Records. Such Originator will remain “located”
(as defined in the UCC) at the location referred to in Schedule III, and the offices
where it keeps its records concerning or related to Receivables at the address(es) referred
to in Schedule IV, or, upon thirty (30) days’ prior written notice to the Company
and the Administrator (as the Company’s assignee), at such other locations or addresses
where all actions required by Section 7.3 shall have been taken and completed.

(h) Post Office Boxes. On or prior to the date hereof, deliver to the Servicer
(on behalf of the Company) a certificate from an authorized officer of such Originator to
the effect that (i) the names of the renter of all post office boxes into which such
Originator has or will direct Obligors to send Collections have been changed to the name of
the Company (unless such post office boxes are in the name of the relevant Lock-Box Banks)
and (ii) all relevant postmasters have been notified that each of the Servicer and the
Administrator are authorized to collect mail delivered to such post office boxes (unless
such post office boxes are in the name of the relevant Lock-Box Banks).

SECTION 6.2 Reporting Requirements. At all times from the date hereof until the
latest of (i) the Facility Termination Date, (ii) the date on which no Capital of or Discount in
respect of the Purchased Interest shall be outstanding and an amount equal to 100% of the LC
Participation Amount has been deposited in the LC Collateral Account or all Letters of Credit have
expired, and (iii) the date all amounts owed by the Seller under the Receivables Purchase Agreement
to any Purchaser, any Purchaser Agent, the Administrator and any other Indemnified Party or
Affected Person shall be paid in full, each Originator will, unless the Company and the
Administrator shall otherwise consent in writing, furnish to the Company and the Administrator:

(a) Purchase and Sale Termination Events. As soon as possible, and in any
event within three (3) Business Days after an Originator becomes aware of the occurrence of
a Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event, a
written statement of an appropriate responsible officer of such Originator describing such
Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event and the
action that such Originator proposes to take with respect thereto, in each case in
reasonable detail;

(b) Proceedings. As soon as possible and in any event within three (3)
Business Days after such Originator becomes aware thereof, written notice of (i) litigation,
investigation or proceeding of the type described in Section 5.5 not previously
disclosed to the Company and the Administrator which could reasonably be expected to have a
Material Adverse Effect, and (ii) all material adverse developments that have occurred with
respect to any previously disclosed litigation, proceedings and investigations; and

(c) Other. Promptly, from time to time, such other information, documents,
records or reports respecting the Receivables or the conditions or operations, financial or
otherwise, of such Originator as the Company or the Administrator may from time to time
reasonably request in order to protect the interests of the Company, the Purchasers, or the
Administrator under or as contemplated by the Transaction Documents.

 

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SECTION 6.3 Negative Covenants. At all times from the date hereof until the latest of
(i) the Facility Termination Date, (ii) the date on which no Capital of or Discount in respect of
the Purchased Interest shall be outstanding and an amount equal to 100% of the LC Participation
Amount has been deposited in the LC Collateral Account or all Letters of Credit have expired, and
(iii) the date all
amounts owed by the Seller under the Receivable Purchase Agreement to any Purchaser, any
Purchaser Agent, the Administrator and any other Indemnified Party or Affected Person shall be paid
in full, each Originator agrees that, unless the Company and the Administrator shall otherwise
consent in writing, it shall not:

(a) Sales, Liens, Etc. Except as otherwise provided herein or in any other
Transaction Document, sell, assign (by operation of law or otherwise) or otherwise dispose
of, or create or suffer to exist any Adverse Claim upon (including, without limitations the
filing of any financing statement) or with respect to, any Receivable sold, contributed or
otherwise conveyed or purported to be sold, contributed or otherwise conveyed hereunder or
the related Contract or Related Security, or any interest therein, or any Collections
thereon, or assign any right to receive income in respect thereof.

(b) Extension or Amendment of Receivables. Except as otherwise permitted in
Section 4.2(a) of the Receivables Purchase Agreement, extend, amend or otherwise
modify the terms of any Receivable in any material respect generated by it that is sold,
contributed or otherwise conveyed hereunder, or amend, modify or waive, in any material
respect, the provisions of any Contract related thereto.

(c) Change in Business or Credit and Collection Policy. (i) Make any material
change in the character of its business, which change would impair the collectability of any
Receivable, or (ii) make any change in its Credit and Collection Policy that could
reasonably be expected to adversely affect the collectability of the Receivables, the credit
quality of any Receivable, the enforceability of any related Contract or its ability to
perform its obligations under the related Contract or the Transaction Documents, in the case
of either clause (i) or (ii) above, without the prior written consent of the
Company and the Administrator.

(d) Receivables Not to be Evidenced by Promissory Notes or Chattel Paper.
Except as otherwise provided in the Receivables Purchase Agreement in regard to servicing,
take any action to cause or permit any Receivable generated by it that is sold or
contributed by it hereunder to become evidenced by any “instrument” or “chattel paper” (as
defined in the UCC).

 

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(e) Mergers, Acquisitions, Sales, etc. (i) Be a party to any merger,
consolidation or other restructuring, except a merger of a Subsidiary into the Originator or
a wholly-owned Subsidiary of the Originator (provided that in any merger involving
the Originator, the Originator is the surviving entity) or a merger, consolidation or other
restructuring where the Company and the Administrator have each (A) received thirty
(30) days’ prior notice thereof, (B) consented in writing thereto, (C) received executed copies
of all documents, certificates and opinions (including, without limitation, opinions
relating to bankruptcy and UCC matters) as the Company and the Administrator shall
reasonably request, and (D) been satisfied that all other action to perfect and protect the
interests of the Company and the Administrator, on behalf of the Purchasers, in and to the
Receivables to be contributed or sold by such Originator hereunder and other Related Rights,
as reasonably requested by the Company and the Administrator shall have been
taken by, and at the expense of such Originator (including the filing of any UCC
financing statements, the receipt of certificates and other requested documents from public
officials and all such other actions required pursuant to Section 7.3) or (ii)
directly or indirectly sell, transfer, assign, convey or lease (A) whether in one or a
series of transactions, all or substantially all of its assets or (B) any Receivables or any
interest therein (other than pursuant to this Agreement).

(f) Lock-Box Banks. Make any changes in its instructions, as described in
Section 7.2(a), to Obligors regarding Collections on Receivables sold, contributed or
otherwise conveyed by it hereunder or add or terminate any bank as a Lock-Box Bank unless
the requirements of Section 1(f) of Exhibit IV to the Receivables Purchase
Agreement have been met.

(g) Accounting for Purchases. Account for or treat (whether in financial
statements or otherwise) the transactions contemplated hereby in any manner other than as
sales or contributions of the Receivables and Related Rights by such Originator to the
Company.

(h) Transaction Documents. Enter into, execute, deliver or otherwise become
bound after the Closing Date by any agreement, instrument, document or other arrangement
that restricts the right of such Originator to amend, supplement, restate or otherwise
modify, or to extend or renew, or to waive any right under, this Agreement or any other
Transaction Document.

SECTION 6.4 Substantive Consolidation. Each Originator hereby acknowledges that this
Agreement and the other Transaction Documents are being entered into in reliance upon the Company’s
identity as a legal entity separate from such Originator and its Affiliates. Therefore, from and
after the date hereof, each Originator shall take all reasonable steps necessary to make it
apparent to third Persons that the Company is an entity with assets and liabilities distinct from
those of such Originator and any other Person, and is not a division of such Originator, its
Affiliates or any other Person. Without limiting the generality of the foregoing and in addition
to and consistent with the other covenants set forth herein, such Originator shall take such
actions as shall be required in order that:

(a) such Originator (except as permitted by the Receivables Purchase Agreement in
connection with servicing the Pool Receivables) shall not be involved in the day to day
management of the Company;

(b) such Originator shall maintain separate corporate records and books of account from
the Company and otherwise will observe corporate formalities;

 

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(c) the financial statements and books and records of such Originator shall be prepared
after the date of creation of the Company to reflect and shall reflect the separate
existence of the Company; provided, that the Company’s assets and liabilities may be
included in a consolidated financial statement issued by an Affiliate of the Company;
provided, however, that any such consolidated financial statement or the
notes thereto
shall make clear that the Company’s assets are not available to satisfy the obligations
of such Affiliate;

(d) except as permitted by the Receivables Purchase Agreement, (i) such Originator
shall maintain its assets (including, without limitation, deposit accounts) separately from
the assets (including, without limitation, deposit accounts) of the Company and (ii) the
Company’s assets, and records relating thereto, have not been, are not, and shall not be,
commingled with those of the Company;

(e) all of the Company’s business correspondence and other communications shall be
conducted in the Company’s own name;

(f) such Originator shall not act as an agent for the Company, other than Swift in its
capacity as the Servicer, and in connection therewith, Swift shall present itself to the
public as an agent for the Company and a legal entity separate from the Company;

(g) such Originator shall not conduct any of the business of the Company in its own
name;

(h) such Originator shall not pay any liabilities of the Company out of its own funds
or assets;

(i) such Originator shall maintain an arm’s-length relationship with the Company;

(j) such Originator shall not assume or guarantee or become obligated for the debts of
the Company or hold out its credit as being available to satisfy the obligations of the
Company;

(k) such Originator shall not acquire obligations of the Company;

(l) such Originator shall allocate fairly and reasonably overhead or other expenses
that are properly shared with the Company, including, without limitation, shared office
space;

(m) such Originator shall identify and hold itself out as a separate and distinct
entity from the Company;

(n) such Originator shall correct any known misunderstanding respecting its separate
identity from the Company;

(o) such Originator shall not enter into, or be a party to, any transaction with the
Company, except in the ordinary course of its business and on terms which are
intrinsically
fair and not more or less favorable to it than would be obtained in a comparable
arm’s-length transaction with an unrelated third party;

 

-20-

 

(p) such Originator shall not pay the salaries of the Company’s employees, if any; and

(q) to the extent not already covered in paragraphs (a) through (p)
above, such Originator shall comply and/or act in accordance with all of the other
separateness covenants set forth in Section 3 of Exhibit IV to the
Receivables Purchase Agreement.

ARTICLE VII

ADDITIONAL RIGHTS AND OBLIGATIONS

IN RESPECT OF RECEIVABLES

SECTION 7.1 Rights of the Company. Each Originator hereby authorizes the Company and
the Servicer to take any and all steps in such Originator’s name necessary or desirable, in their
respective determination, to collect all amounts due under any and all Receivables sold,
contributed or otherwise conveyed or purported to be conveyed by it hereunder, including, without
limitation, endorsing the name of such Originator on checks and other instruments representing
Collections and enforcing such Receivables and the provisions of the related Contracts that concern
payment and/or enforcement of rights to payment.

SECTION 7.2 Responsibilities of the Originators. Anything herein to the contrary
notwithstanding:

(a) Collection Procedures. Each Originator agrees to direct its respective Obligors
to make payments of Receivables sold, contributed or otherwise conveyed or purported to be conveyed
by it hereunder directly to a post office box related to the relevant Lock-Box Account at a
Lock-Box Bank or directly to a Lock-Box Account. Each Originator further agrees to transfer any
Collections of Receivables sold or conveyed by it hereunder that it receives directly to a Lock-Box
Account within two (2) Business Days of receipt thereof, and agrees that all such Collections shall
be deemed to be received in trust for the Company and the Administrator (for the benefit of the
Purchasers).

(b) Each Originator shall perform its obligations hereunder, and the exercise by the Company
or its designee of its rights hereunder shall not relieve such Originator from such obligations.

(c) None of the Company, the Servicer, the Purchasers, or the Administrator shall have any
obligation or liability to any Obligor or any other third Person with respect to any Receivables,
Contracts related thereto or any other related agreements, nor shall the Company, the Servicer, the
Purchasers, or the Administrator be obligated to perform any of the obligations of any Originator
thereunder.

 

-21-

 

 (d) Each Originator hereby grants to the Administrator an irrevocable power of attorney, with
full power of substitution, coupled with an interest, during the occurrence and continuation of a
Purchase and Sale Termination Event to take in the name of such Originator all
steps necessary or
advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held
or transmitted by such Originator or transmitted or received by the
Company (whether or not from such Originator) in connection with any Receivable or Related
Rights sold, contributed or otherwise conveyed or purported to be conveyed by it hereunder.

SECTION 7.3 Further Action Evidencing Purchases. Each Originator agrees that from
time to time, at its expense, it will promptly execute and deliver all further instruments and
documents, and take all further action that the Company, the Servicer or the Administrator may
reasonably request in order to perfect, protect or more fully evidence the Receivables and Related
Rights purchased by or contributed to the Company hereunder, or to enable the Company to exercise
or enforce any of its rights hereunder or under any other Transaction Document. Without limiting
the generality of the foregoing, upon the request of the Company or the Administrator, such
Originator will:

(a) execute (if applicable), authorize and file such financing or continuation
statements, or amendments thereto or assignments thereof, and such other instruments or
notices, as may be necessary or appropriate; and

(b) on the Closing Date and from time to time thereafter, mark the summary master data
processing reports that evidence or list such Receivables and related Contracts with the
legend set forth in Section 4.1(j).

Each Originator hereby authorizes the Company or its designee or assignee (including, without
limitation, the Administrator) to file one or more financing or continuation statements, and
amendments thereto and assignments thereof, without the signature of such Originator, relative to
all or any of the Receivables and Related Rights sold, contributed or otherwise conveyed or
purported to be conveyed by it hereunder, whether now existing or hereafter generated by such
Originator. If any Originator fails to perform any of its agreements or obligations under this
Agreement, the Company or its designee or assignee (including, without limitation, the
Administrator) may (but shall not be required to) itself perform, or cause the performance of, such
agreement or obligation, and the expenses of the Company or its designee or assignee (including,
without limitation, the Administrator) incurred in connection therewith shall be payable by such
Originator.

SECTION 7.4 Application of Collections. Any payment by an Obligor in respect of any
indebtedness owed by it to any Originator shall, except as otherwise specified by such Obligor or
required by applicable law and unless otherwise instructed by the Servicer (with the prior written
consent of the Administrator) or the Administrator, be applied as a Collection of any Receivable or
Receivables of such Obligor to the extent of any amounts then due and payable thereunder before
being applied to any other indebtedness of such Obligor.

 

-22-

 

ARTICLE VIII

PURCHASE AND SALE TERMINATION EVENTS

SECTION 8.1 Purchase and Sale Termination Events. Each of the following events
or occurrences described in this Section 8.1 shall constitute a “Purchase and Sale
Termination Event”:

(a) The Facility Termination Date shall have occurred; or

(b) Any Originator shall fail to make when due any payment or deposit to be made by it
under this Agreement or any other Transaction Document to which it is a party and such
failure shall remain unremedied for one (1) Business Day; or

(c) Any representation or warranty made or deemed to be made by any Originator (or any
of its officers) under or in connection with this Agreement, any other Transaction Documents
to which it is a party, or any other information or report delivered pursuant hereto or
thereto shall prove to have been incorrect or untrue in any material respect when made or
deemed made or delivered and, if the representation or warranty is of a type that is capable
of being cured, shall remain incorrect or untrue for thirty (30) days after the earlier of
such Originator’s actual knowledge or notice thereof; or

(d) Any Originator shall fail to perform or observe any other term, covenant or
agreement contained in this Agreement or any other Transaction Document to which it is a
party and, except as otherwise provided herein, such failure shall, solely to the extent
capable of cure, remain unremedied for thirty (30) days after the earlier of such
Originator’s actual knowledge or notice thereof.

SECTION 8.2 Remedies.

(a) Optional Termination. Upon the occurrence of a Purchase and Sale Termination
Event, the Company shall have the option, by notice to the Originators (with a copy to the
Administrator), to declare the Purchase Facility as terminated.

(b) Remedies Cumulative. Upon any termination of the Purchase Facility pursuant to
Section 8.2(a), the Company shall have, in addition to all other rights and remedies under
this Agreement, all other rights and remedies provided under the UCC of each applicable
jurisdiction and other applicable laws, which rights shall be cumulative.

 

-23-

 

ARTICLE IX

INDEMNIFICATION

SECTION 9.1 Indemnities by the Originators. Without limiting any other rights which
the Company may have hereunder or under applicable law, each Originator, severally and for itself
alone, and Swift, jointly and severally with each Originator, hereby agrees to indemnify and hold
harmless, on an after-tax basis, the Company and each of its officers, directors, employees and
agents (each of the foregoing Persons being individually called a
“Purchase and Sale
Indemnified Party”), forthwith on demand, from and against any and all damages, losses, claims,
judgments, liabilities, penalties, Taxes, costs and expenses, (including Attorney Costs) (all of
the foregoing being collectively called “Purchase and Sale Indemnified Amounts”) awarded
against or incurred by any of them arising out of or as a result of the failure of such Originator
to perform
its obligations under this Agreement or any other Transaction Document, or arising out of the
claims asserted against a Purchase and Sale Indemnified Party relating to the transactions
contemplated herein or therein or the use of proceeds thereof or therefrom, excluding, only
Purchase and Sale Indemnified Amounts to the extent, (i) a final judgment of a court of competent
jurisdiction holds that such Purchase and Sale Indemnified Amounts resulted from gross negligence
or willful misconduct of the Purchase and Sale Indemnified Party seeking indemnification, (ii) due
to the credit risk of the Obligor and for which reimbursement would constitute recourse to any
Originator, for uncollectible Receivables or (iii) such Purchase and Sale Indemnified Amounts
include Taxes imposed or based on, or measured by, the gross or net income or receipts of such
Purchase and Sale Indemnified Party by the jurisdiction under the laws of which such Purchase and
Sale Indemnified Party is organized (or any political subdivision thereof); provided, that
nothing contained in this sentence shall limit the liability of such Originator or limit the
recourse of any Purchase and Sale Indemnified Party to such Originator for any amounts otherwise
specifically provided to be paid by such Originator hereunder. Without limiting the foregoing
indemnification, but subject to the limitations set forth in clauses (i), (ii) and
(iii) of the previous sentence, each Originator, severally for itself alone, and Swift,
jointly and severally with each Originator, shall indemnify each Purchase and Sale Indemnified
Party for Purchase and Sale Indemnified Amounts relating to or resulting from:

(a) the failure of any Receivable included in the calculation of Net Receivables Pool
Balance as an Eligible Receivable to be an Eligible Receivable, the failure of any
information contained in any Information Package to be true and correct, or the failure of
any other information provided to the Company with respect to the Receivables or this
Agreement to be true and correct;

(b) the transfer by such Originator of an interest in any Receivable to any Person
other than the Company;

(c) the failure of any representation, warranty or statement made or deemed made by
such Originator (or any employee, officer or agent or such Originator) under or in
connection with this Agreement or any other Transaction Document, or any information or
report delivered by such Originator pursuant hereto or thereto, to have been true and
correct as of the date made or deemed made in all respects;

(d) the failure by such Originator to comply with any applicable law, rule or
regulation with respect to any Receivable generated by such Originator sold, contributed or
otherwise transferred or purported to be transferred hereunder or the related Contract, or
the nonconformity of any Receivable generated by such Originator sold, contributed or
otherwise transferred or purported to be transferred hereunder or the related Contract with
any such applicable law, rule or regulation;

 

-24-

 

(e) the failure by such Originator to vest and maintain vested in the Company an
ownership interest in the Receivables generated by such Originator sold, contributed or
otherwise transferred or purported to be transferred hereunder free and clear of any Adverse
Claim;

(f) any commingling of funds to which the Company, the Administrator, any Purchaser
Agent or any Purchaser is entitled hereunder with any other funds;

(g) the failure to have filed, or any delay in filing, by such Originator financing
statements or other similar instruments or documents under the UCC of any applicable
jurisdiction or other applicable laws with respect to any Receivables or purported
Receivables generated by such Originator sold, contributed or otherwise transferred or
purported to be transferred hereunder, whether at the time of any purchase or contribution
or at any subsequent time;

(h) any dispute, claim, offset or defense (other than discharge in bankruptcy of an
Obligor) of the Obligor to the payment of any Receivable or purported Receivable generated
by such Originator sold, contributed or otherwise transferred or purported to be transferred
hereunder (including, without limitation, a defense based on such Receivable’s or the
related Contract’s not being a legal, valid and binding obligation of such Obligor
enforceable against it in accordance with its terms), or any other claim resulting from the
sale or lease of goods or the rendering of services related to any such Receivable or the
furnishing of or failure to furnish such goods or services or relating to collection
activities (if such collection activities were performed by such Originator or by any agent
or independent contractor retained by such Originator) with respect to such Receivable;

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

(j) any action taken by the Company or the Administrator or an attorney-in-fact for
such Originator pursuant to this Agreement or any other Transaction Document;

(k) any environmental liability claim, products liability claim or personal injury or
property damage suit or other similar or related claim or action of whatever sort, arising
out of or in connection with any Receivable or any other suit, claim or action of whatever
sort relating to any of the Transaction Documents; and

(l) any Tax or governmental fee or charge (other than any Tax excluded pursuant to
clause (iii) in the proviso to the preceding sentence), all interest and penalties
thereon or with respect thereto, and all out-of-pocket costs and expenses, including the
Attorney Costs in defending against the same, which are required to be paid by reason of the
purchase or ownership of the Receivables generated by such Originator or any Related
Security connected with any such Receivables.

 

-25-

 

If for any reason the indemnification provided above in this Section 9.1 is
unavailable to a Purchase and Sale Indemnified Party or is insufficient to hold such Purchase and
Sale Indemnified Party harmless, then each Originator, severally and for itself alone, and Swift,
jointly and severally with each Originator, shall contribute to the amount paid or payable by such
Purchase and Sale Indemnified Party to the maximum extent permitted under applicable law.

ARTICLE X

MISCELLANEOUS

SECTION 10.1 Amendments, etc.

(a) The provisions of this Agreement may from time to time be amended, modified or waived, if
such amendment, modification or waiver is in writing and executed by the Company and the
Originators, with the prior written consent of the Administrator.

(b) No failure or delay on the part of the Company, the Servicer, any Originator or any third
party beneficiary in exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right. No notice to or demand on the
Company, the Servicer or any Originator in any case shall entitle it to any notice or demand in
similar or other circumstances. No waiver or approval by the Company or the Servicer under this
Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to
subsequent transactions. No waiver or approval under this Agreement shall require any similar or
dissimilar waiver or approval thereafter to be granted hereunder.

(c) The Transaction Documents contain a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter thereof and shall constitute
the entire agreement among the parties hereto with respect to the subject matter thereof,
superseding all prior oral or written understandings.

SECTION 10.2 Notices, etc. All notices and other communications provided for
hereunder shall, unless otherwise stated herein, be in writing (including facsimile and email
communication) and shall be delivered or sent by facsimile, email, or by overnight mail, to the
intended party at the mailing or email address or facsimile number of such party set forth under
its name on the signature pages hereof or at such other address or facsimile number as shall be
designated by such party in a written notice to the other parties hereto or in the case of the
Administrator at its address for notices pursuant to the Receivables Purchase Agreement. All such
notices and communications shall be effective (i) if delivered by overnight mail, when received,
and (ii) if transmitted by facsimile or email, when sent, receipt confirmed by telephone or
electronic means.

SECTION 10.3 No Waiver; Cumulative Remedies. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each
Originator hereby authorizes the Company, at any time and from time to time, to the fullest extent
permitted by law, to set off, against any obligations of such Originator to the Company arising in
connection with the Transaction Documents (including, without limitation, amounts payable pursuant
to Section 9.1) that are then due and payable or that are not then due and
payable but have
accrued, any and all indebtedness at any time owing by the Company to or for the credit or the
account of such Originator.

 

-26-

 

SECTION 10.4 Binding Effect; Assignability. This Agreement shall be binding upon and
inure to the benefit of the Company and each Originator and their respective successors and
permitted assigns. No Originator may assign any of its rights hereunder or any interest herein
without the prior written consent of the Company and the Administrator except as otherwise herein
specifically provided. This Agreement shall create and constitute the continuing obligations of
the parties hereto in accordance with its terms, and shall remain in full force and effect until
such time as the parties hereto shall agree. The rights and remedies with respect to any breach of
any representation and warranty made by any Originator pursuant to Article V and the
indemnification and payment provisions of Article IX and Section 10.6 shall be
continuing and shall survive any termination of this Agreement.

SECTION 10.5 Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE CONFLICTS OR LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE PERFECTION OF A SECURITY
INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF
A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

SECTION 10.6 Costs, Expenses and Taxes. In addition to the obligations of the
Originators under Article IX, each Originator, severally and for itself alone, and Swift,
jointly and severally with each Originator, agrees to pay on demand:

(a) to the Company (and any successor and permitted assigns thereof) all reasonable
costs and expenses incurred by such Person in connection with the enforcement of this
Agreement and the other Transaction Documents; and

(b) all stamp and other taxes and fees payable in connection with the execution,
delivery, filing and recording of this Agreement or the other Transaction Documents to be
delivered hereunder, and agrees to indemnify each Purchase and Sale Indemnified Party
against any liabilities with respect to or resulting from any delay in paying or omitting to
pay such taxes and fees.

SECTION 10.7 SUBMISSION TO JURISDICTION. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR
THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE
PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT
PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY
NOW OR HEREAFTER HAVE TO THE

 

-27-

 

BRINGING
OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT
OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER
JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH OF THE PARTIES
HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE
MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

SECTION 10.8 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES ITS RESPECTIVE
RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER
LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER
WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT
ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY
JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING THAT
SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY
PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.

SECTION 10.9 Captions and Cross References; Incorporation by Reference. The various
captions (including, without limitation, the table of contents) in this Agreement are included for
convenience only and shall not affect the meaning or interpretation of any provision of this
Agreement. References in this Agreement to any underscored Article, Section, Schedule or Exhibit
are to such Article, Section, Schedule or Exhibit of this Agreement, as the case may be. The
Schedules and Exhibits hereto are hereby incorporated by reference into and made a part of this
Agreement.

SECTION 10.10 Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same Agreement.

SECTION 10.11 Acknowledgment and Agreement. By execution below, each Originator
expressly acknowledges and agrees that all of the Company’s rights, title, and
interests in, to, and under this Agreement (but not its obligations), shall be assigned by the
Company to the Administrator (for the benefit of the Purchasers) pursuant to the Receivables
Purchase Agreement, and such Originator consents to such assignment. Each of the parties hereto
acknowledges and agrees that the Purchasers and the Administrator are third party
beneficiaries of
the rights of the Company arising hereunder and under the other Transaction Documents to which such
Originator is a party.

 

-28-

 

SECTION 10.12 No Proceeding. Each Originator hereby agrees that it will not
institute, or join any other Person in instituting, against the Company any Insolvency Proceeding
so long as any obligations of the Company pursuant to the Receivables Purchase Agreement or any
other Transaction Document remains outstanding and for at least one year and one day following the
day on which such obligations are paid in full. Each Originator further agrees that
notwithstanding any provisions contained in this Agreement to the contrary, the Company shall not,
and shall not be obligated to, pay any amount in respect of any Company Note or otherwise to such
Originator pursuant to this Agreement unless the Company has received funds which may, subject to
Section 1.4 of the Receivables Purchase Agreement, be used to make such payment. Any
amount which the Company does not pay pursuant to the operation of the preceding sentence shall not
constitute a claim (as defined in §101 of the Bankruptcy Code) against or corporate obligation of
the Company by such Originator for any such insufficiency unless and until the provisions of the
foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any
termination of this Agreement.

SECTION 10.13 Limited Recourse. Except as explicitly set forth herein, the
obligations of the Company under this Agreement or any other Transaction Documents to which it is a
party are solely the obligations of the Company. No recourse under any Transaction Document shall
be had against, and no liability shall attach to, any officer, employee, director, or beneficiary,
whether directly or indirectly, of the Company. The agreements in this Section 10.13 shall
survive any termination of this Agreement.

[SIGNATURE PAGES FOLLOW]

 

-29-

 

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

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT RECEIVABLES COMPANY II, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Swift Receivables Company II, LLC	 	 
	 

	 	 	 	 	 	2200 South 75th Avenue	 	 
	 

	 	 	 	 	 	Phoenix, Arizona 85043	 	 
	 

	 	 	 	 	 	Attention: Jim Fry	 	 
	 

	 	 	 	 	 	Telephone: (602) 269-9700	 	 
	 

	 	 	 	 	 	Facsimile: (623) 907-7464	 	 
	 

	 	 	 	 	 	Email: Jim_Fry@swifttrans.com	 	 

Purchase and Sale Agreement

(Swift Receivables Company II, LLC)

 

S-1

 

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION SERVICES, LLC, 

     as an Originator	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Swift Transportation Services, LLC	 	 
	 

	 	 	 	 	 	2200 South 75th Avenue 

Phoenix, Arizona 85043

Attention: Jim Fry 

Telephone: (602) 269-9700

Facsimile: (623) 907-7464

Email: Jim_Fry@swifttrans.com	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SWIFT LEASING CO., LLC,	 	 
	 	 	  as an Originator	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Swift Transportation Services, LLC	 	 
	 

	 	 	 	 	 	2200 South 75th Avenue	 	 
	 

	 	 	 	 	 	Phoenix, Arizona 85043	 	 
	 

	 	 	 	 	 	Attention: Jim Fry	 	 
	 

	 	 	 	 	 	Telephone: (602) 269-9700	 	 
	 

	 	 	 	 	 	Facsimile: (623) 907-7464	 	 
	 

	 	 	 	 	 	Email: Jim_Fry@swifttrans.com	 	 

Purchase and Sale Agreement

(Swift Receivables Company II, LLC)

 

S-2

 

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT INTERMODAL, LLC,	 	 
	 	 	  as an Originator	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Swift Transportation Services, LLC	 	 
	 

	 	 	 	 	 	2200 South 75th Avenue	 	 
	 

	 	 	 	 	 	Phoenix, Arizona 85043	 	 
	 

	 	 	 	 	 	Attention: Jim Fry	 	 
	 

	 	 	 	 	 	Telephone: (602) 269-9700	 	 
	 

	 	 	 	 	 	Facsimile: (623) 907-7464	 	 
	 

	 	 	 	 	 	Email: Jim_Fry@swifttrans.com	 	 

Purchase and Sale Agreement

(Swift Receivables Company II, LLC)

 

S-3

 

Schedule I

LIST OF ORIGINATORS

Swift Transportation Services, LLC

Swift Leasing Co., LLC

Swift Intermodal, LLC

Schedule I-1

 

 

 

Schedule II

ACTIONS AND PROCEEDINGS

NONE.

Schedule II-1

 

 

 

Schedule III

STATE OF ORGANIZATION OF THE ORIGINATORS

	 	 	 
	Originator	 	State of Organization
	 
	Swift Transportation Services, LLC
	 	Delaware
	 
	Swift Leasing Co., LLC
	 	Delaware
	 
	Swift Intermodal, LLC
	 	Delaware

Schedule III-1

 

 

 

Schedule IV

LOCATION OF BOOKS AND RECORDS OF THE ORIGINATORS

	 	 	 
	Originator	 	Location of Books and Records
	 
	Swift Transportation Services, LLC
	 	2200 South 75th Avenue
	 
	 	Phoenix, Arizona 85043
	 
	 	 
	Swift Leasing Co., LLC
	 	2200 South 75th Avenue
	 
	 	Phoenix, Arizona 85043
	 
	 	 
	Swift Intermodal, LLC
	 	2200 South 75th Avenue
	 
	 	Phoenix, Arizona 85043

Schedule IV-1

 

 

 

Schedule V

TRADE NAMES

	 	 	 
	Legal Name	 	Trade Names
	 
	Swift Transportation Services, LLC
	 	Swift Transportation Corporation
	 
	Swift Leasing Co., LLC
	 	Swift Leasing Co., Inc.
	 
	Swift Intermodal, LLC
	 	Swift Intermodal Ltd.

Schedule V-1

 

 

 

Exhibit A

FORM OF PURCHASE REPORT

	 	 	 
	Originator: [                    ]
	 
	 	 
	Company: [                    ]
	 
	 	 
	Purchase Report Date:                                              
	 
	 	 
	1.

	 	Outstanding Balance of Receivables Purchased:           $                    
	 
	 	 
	2.

	 	Fair Market Value Discount:
	 
	 	 
	 

	 	1/{1 + [Prime Rate x Days’ Sales Outstanding]}
	 

	 	                
               
                   365
	 
	 	 
	 

	 	Where:
	 
	 	 
	 

	 	Prime Rate =                     
	 
	 	 
	 

	 	Days’ Sales Outstanding =                     
	 
	 	 
	3.

	 	Purchase Price (1 x 2) = $                    
	 
	 	 
	4.

	 	Reductions in the Purchase Price = $                    
	 
	 	 
	5.

	 	Net Purchase Price (3-4) = $                    

Exhibit A-1

 

 

 

Exhibit B

FORM OF COMPANY NOTE

New York, New York

June 8, 2011

FOR VALUE RECEIVED, the undersigned, SWIFT RECEIVABLES COMPANY II, LLC, a Delaware limited
liability company (the “Company”), promises to pay to [                    ], a [                    ]
(the “Originator”), on the terms and subject to the conditions set forth herein and in the
Purchase and Sale Agreement referred to below, the aggregate unpaid Purchase Price of all
Receivables purchased by the Company from the Originator pursuant to such Purchase and Sale
Agreement, as such unpaid Purchase Price is shown in the records of the Servicer.

1. Purchase and Sale Agreement. This Company Note is the Company Note described in,
and is subject to the terms and conditions set forth in, that certain Purchase and Sale Agreement
dated as of June 8, 2011 (as the same may be amended, supplemented, restated or otherwise modified
in accordance with its terms, the “Purchase and Sale Agreement”), between the Company and
the Originators named therein. Reference is hereby made to the Purchase and Sale Agreement for a
statement of certain other rights and obligations of the Company and the Originator.

2. Definitions. Capitalized terms used (but not defined) herein have the meanings
assigned thereto in the Purchase and Sale Agreement and in Exhibit I to the Receivables
Purchase Agreement (as defined in the Purchase and Sale Agreement). In addition, as used herein,
the following terms have the following meanings:

“Bankruptcy Proceedings” has the meaning set forth in clause (b) of
paragraph 9 hereof.

“Final Maturity Date” means the Payment Date immediately following the date that falls
one year and one day after the Facility Termination Date.

“Interest Period” means the period from and including a Settlement Date (or, in the
case of the first Interest Period, the date hereof) to but excluding the next Settlement Date.

“Screen Rate” means, for any Interest Period, the rate for thirty day commercial paper
denominated in Dollars reported by Bloomberg Finance, L.P. and shown on US0001M Screen (or such
other screen as may replace that screen on that service for the purpose of displaying Dollar
commercial paper rates) at approximately 9:00 a.m., New York City time, on the first day of such
Interest Period.

“Senior Interests” means, collectively, (i) all accrued Discount on the Purchased
Interest, (ii) the fees referred to in Section 1.5 of the Receivables Purchase Agreement,
(iii) all amounts payable pursuant to Sections 1.7 or 6.4 of the Receivables
Purchase Agreement, (iv) the Capital
and (v) all other obligations of the Company and the Servicer that are due and payable, to (a)
the

 

Exhibit B-2

 

Purchasers, the Administrator and their respective successors, permitted transferees and
assigns arising in connection with the Transaction Documents and (b) any Indemnified Party or
Affected Person arising in connection with the Receivables Purchase Agreement, in each case,
howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or
hereafter existing, or due or to become due, together with any and all interest and Discount
accruing on any such amount after the commencement of any Bankruptcy Proceedings, notwithstanding
any provision or rule of law that might restrict the rights of any Senior Interest Holder, as
against the Company or anyone else, to collect such interest.

“Senior Interest Holders” means, collectively, the Purchasers, the Administrator and
the Indemnified Parties and Affected Persons.

“Subordination Provisions” means, collectively, clauses (a) through
(l) of paragraph 9 hereof.

3. Interest. Subject to the Subordination Provisions set forth below, the Company
promises to pay interest on this Company Note as follows:

(a) Prior to the Final Maturity Date, the principal amount of this Company Note from
time to time outstanding during any Interest Period shall bear interest at a rate
per annum equal to the Screen Rate for such Interest Period, as determined
by the Servicer; and

(b) From (and including) the Final Maturity Date to (but excluding) the date on which
the entire principal amount of this Company Note is fully paid, the principal amount of this
Company Note from time to time outstanding shall bear interest at a rate per
annum equal to the rate of interest publicly announced from time to time by PNC
Bank, National Association, as its “base rate”, “reference rate” or other comparable rate,
as determined by the Servicer.

4. Interest Payment Dates. Subject to the Subordination Provisions set forth below,
the Company shall pay accrued interest on this Company Note on each Settlement Date, and shall pay
accrued interest on the amount of each principal payment made in cash on a date other than a
Settlement Date at the time of such principal payment.

5. Basis of Computation. Interest accrued hereunder that is computed by reference to
the Screen Rate shall be computed for the actual number of days elapsed on the basis of a 360-day
year, and interest accrued hereunder that is computed by reference to the rate described in
paragraph 3(b) of this Company Note shall be computed for the actual number of days elapsed
on the basis of a 365- or 366-day year, as applicable.

6. Principal Payment Dates. Subject to the Subordination Provisions set forth below,
payments of the principal amount of this Company Note shall be made as follows:

(c) The principal amount of this Company Note shall be reduced by an amount equal to
each payment deemed made pursuant to Section 3.3 of the Purchase and Sale Agreement;
and

 

Exhibit B-3

 

(d) The entire principal amount of this Company Note shall be paid on the Final
Maturity Date.

Subject to the Subordination Provisions set forth below, the principal amount of and accrued
interest on this Company Note may be prepaid by, and in the sole discretion of the Company, on any
Business Day without premium or penalty.

7. Payment Mechanics. All payments of principal and interest hereunder are to be made
in lawful currency of the United States of America in the manner specified in Article III
of the Purchase and Sale Agreement.

8. Enforcement Expenses. In addition to and not in limitation of the foregoing, but
subject to the Subordination Provisions set forth below and to any limitation imposed by applicable
law, the Company agrees to pay all expenses, including reasonable attorneys’ fees and legal
expenses, incurred by the Originator in seeking to collect any amounts payable hereunder which are
not paid when due.

9. Subordination Provisions. The Company covenants and agrees, and the Originator and
any other holder of this Company Note (collectively, the Originator and any such other holder are
called the “Holder”), by its acceptance of this Company Note, likewise covenants and agrees
on behalf of itself and any Holder, that the payment of the principal amount of and interest on
this Company Note is hereby expressly subordinated in right of payment to the payment and
performance of the Senior Interests to the extent and in the manner set forth in the following
clauses of this paragraph 9:

(a) No payment or other distribution of the Company’s assets of any kind or character,
whether in cash, securities, or other rights or property, shall be made on account of this
Company Note except to the extent such payment or other distribution is (i) permitted under
Section 1(m) of Exhibit IV to the Receivables Purchase Agreement or (ii)
made pursuant to clause (a) or (b) of paragraph 6 of this Company
Note;

(b) In the event of any dissolution, winding up, liquidation, readjustment,
reorganization or other similar event relating to the Company, whether voluntary or
involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership
proceedings, or upon an assignment for the benefit of creditors, or any other marshalling of
the assets and liabilities of the Company or any sale of all or substantially all of the
assets of the Company other than as permitted by the Purchase and Sale Agreement (such
proceedings being herein collectively called “Bankruptcy Proceedings”), the Senior
Interests shall first be paid and performed in full and in cash before the Originator shall
be entitled to receive and to retain any payment or distribution in respect of this Company
Note. In order to implement the foregoing: (i) all payments and distributions of any kind
or character in respect of this Company Note to which the Holder would be entitled except
for this clause (b) shall be made directly to the Administrator (for the benefit of
the Senior Interest Holders); (ii) the Holder shall promptly file a claim or claims, in
the form required in any Bankruptcy Proceedings, for the full outstanding amount of this
Company Note, and shall use commercially reasonable efforts to cause said claim or claims to
be approved and all payments and other distributions in respect

 

Exhibit B-4

 

thereof to be made directly
to the Administrator (for the benefit of the Senior Interest Holders) until the Senior
Interests shall have been paid and performed in full and in cash; and (iii) the Holder
hereby irrevocably agrees that the Administrator (acting on behalf of the Purchasers), in
the name of the Holder or otherwise, demand, sue for, collect, receive and receipt for any
and all such payments or distributions, and file, prove and vote or consent in any such
Bankruptcy Proceedings with respect to any and all claims of the Holder relating to this
Company Note, in each case until the Senior Interests shall have been paid and performed in
full and in cash;

(c) In the event that the Holder receives any payment or other distribution of any kind
or character from the Company or from any other source whatsoever, in respect of this
Company Note, other than as expressly permitted by the terms of this Company Note, such
payment or other distribution shall be received in trust for the Senior Interest Holders and
shall be turned over by the Holder to the Administrator (for the benefit of the Senior
Interest Holders) forthwith. The Holder will mark its books and records so as clearly to
indicate that this Company Note is subordinated in accordance with the terms hereof. All
payments and distributions received by the Administrator in respect of this Company Note, to
the extent received in or converted into cash, may be applied by the Administrator (for the
benefit of the Senior Interest Holders) first to the payment of any and all expenses
(including reasonable attorneys’ fees and legal expenses) paid or incurred by the Senior
Interest Holders in enforcing these Subordination Provisions, or in endeavoring to collect
or realize upon this Company Note, and any balance thereof shall, solely as between the
Originator and the Senior Interest Holders, be applied by the Administrator (in the order of
application set forth in Section 1.4(d) of the Receivables Purchase Agreement)
toward the payment of the Senior Interests; but as between the Company and its creditors, no
such payments or distributions of any kind or character shall be deemed to be payments or
distributions in respect of the Senior Interests;

(d) Notwithstanding any payments or distributions received by the Senior Interest
Holders in respect of this Company Note, while any Bankruptcy Proceedings are pending the
Holder shall not be subrogated to the then existing rights of the Senior Interest Holders in
respect of the Senior Interests until the Senior Interests have been paid and performed in
full and in cash. If no Bankruptcy Proceedings are pending, the Holder shall only be
entitled to exercise any subrogation rights that it may acquire (by reason of a payment or
distribution to the Senior Interest Holders in respect of this Company Note) to the extent
that any payment arising out of the exercise of such rights would be permitted under
Section 1(m) of Exhibit IV to the Receivables Purchase Agreement;

(e) These Subordination Provisions are intended solely for the purpose of defining the
relative rights of the Holder, on the one hand, and the Senior Interest Holders on the other
hand. Nothing contained in these Subordination Provisions or elsewhere in this Company Note
is intended to or shall impair, as between the Company, its creditors
(other than the Senior Interest Holders) and the Holder, the Company’s obligation,
which is unconditional and absolute, to pay the Holder the principal of and interest on this
Company Note as and when the same shall become due and payable in
accordance with the terms
hereof or to affect the relative rights of the Holder and creditors of the Company (other
than the Senior Interest Holders);

 

Exhibit B-5

 

(f) The Holder shall not, until the Senior Interests have been paid and performed in
full and in cash, (i) cancel, waive, forgive, or commence legal proceedings to enforce or
collect, or subordinate to any obligation of the Company, howsoever created, arising or
evidenced, whether direct or indirect, absolute or contingent, or now or hereafter existing,
or due or to become due, other than the Senior Interests, this Company Note or any rights in
respect hereof or (ii) convert this Company Note into an equity interest in the Company,
unless the Holder shall, in either case, have received the prior written consent of the
Administrator;

(g) The Holder shall not, without the prior written consent of the Administrator and
Purchaser, commence, or join with any other Person in commencing, any Bankruptcy Proceedings
with respect to the Company until at least one year and one day shall have passed since the
Senior Interests shall have been paid and performed in full and in cash;

(h) If, at any time, any payment (in whole or in part) of any Senior Interest is
rescinded or must be restored or returned by a Senior Interest Holder (whether in connection
with Bankruptcy Proceedings or otherwise), these Subordination Provisions shall continue to
be effective or shall be reinstated, as the case may be, as though such payment had not been
made;

(i) Each of the Senior Interest Holders may, from time to time, at its sole discretion,
without notice to the Holder, and without waiving any of its rights under these
Subordination Provisions, take any or all of the following actions: (i) retain or obtain an
interest in any property to secure any of the Senior Interests; (ii) retain or obtain the
primary or secondary obligations of any other obligor or obligors with respect to any of the
Senior Interests; (iii) extend or renew for one or more periods (whether or not longer than
the original period), alter or exchange any of the Senior Interests, or release or
compromise any obligation of any nature with respect to any of the Senior Interests; (iv)
amend, supplement, restate, or otherwise modify any Transaction Document; and (v) release
its security interest in, or surrender, release or permit any substitution or exchange for
all or any part of any rights or property securing any of the Senior Interests, or extend or
renew for one or more periods (whether or not longer than the original period), or release,
compromise, alter or exchange any obligations of any nature of any obligor with respect to
any such rights or property;

(j) The Holder hereby waives: (i) notice of acceptance of these Subordination
Provisions by any of the Senior Interest Holders; (ii) notice of the existence, creation,
non-payment or non-performance of all or any of the Senior Interests; and (iii) all
diligence in enforcement, collection or protection of, or realization upon, the Senior
Interests, or any thereof, or any security therefor;

 

Exhibit B-6

 

(k) Each of the Senior Interest Holders may, from time to time, on the terms and
subject to the conditions set forth in the Transaction Documents to which such
Persons are
party, but without notice to the Holder, assign or transfer any or all of the Senior
Interests, or any interest therein; and, notwithstanding any such assignment or transfer or
any subsequent assignment or transfer thereof, such Senior Interests shall be and remain
Senior Interests for the purposes of these Subordination Provisions, and every immediate and
successive assignee or transferee of any of the Senior Interests or of any interest of such
assignee or transferee in the Senior Interests shall be entitled to the benefits of these
Subordination Provisions to the same extent as if such assignee or transferee were the
assignor or transferor; and

(l) These Subordination Provisions constitute a continuing offer from the Holder to all
Persons who become the holders of, or who continue to hold, Senior Interests; and these
Subordination Provisions are made for the benefit of the Senior Interest Holders, and the
Administrator may proceed to enforce such provisions on behalf of each of such Persons.

10. General. No failure or delay on the part of the Originator in exercising any
power or right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power or right preclude any other or further exercise thereof or the exercise
of any other power or right. No amendment, modification or waiver of, or consent with respect to,
any provision of this Company Note shall in any event be effective unless (i) the same shall be in
writing and signed and delivered by the Company and the Holder and (ii) all consents required for
such actions under the Transaction Documents shall have been received by the appropriate Persons.

11. Maximum Interest. Notwithstanding anything in this Company Note to the contrary,
the Company shall never be required to pay unearned interest on any amount outstanding hereunder
and shall never be required to pay interest on the principal amount outstanding hereunder at a rate
in excess of the maximum nonusurious interest rate that may be contracted for, charged or received
under applicable federal or state law (such maximum rate being herein called the “Highest
Lawful Rate”). If the effective rate of interest which would otherwise by payable under this
Company Note would exceed the Highest Lawful Rate, or if the holder of this Company Note shall
receive any unearned interest or shall receive monies that are deemed to constitute interest which
would increase the effective rate of interest payable by the Company under this Company Note to a
rate in excess of the Highest Lawful Rate, then (i) the amount of interest which would otherwise be
payable by the Company under this Company Note shall be reduced to the amount allowed by applicable
law, and (ii) any unearned interest paid by the Company or any interest paid by the Company in
excess of the Highest Lawful Rate shall be refunded to the Company. Without limitation of the
foregoing, all calculations of the rate of interest contracted for, charged or received by the
Originator under this Company Note that are made for the purpose of determining whether such rate
exceeds the Highest Lawful Rate applicable to the Originator (such Highest Lawful Rate being herein
called the “Originator’s 
Maximum Permissible Rate”) shall be made, to the extent permitted by usury laws
applicable to the Originator (now or hereafter enacted), by amortizing, prorating and spreading in
equal parts during the actual period during which any amount has been outstanding hereunder all
interest at any time contracted for, charged or received by the Originator in connection herewith.
If at any

 

Exhibit B-7

 

time and from time to time (i) the amount of interest payable to the Originator on any
date shall be computed at the Originator’s Maximum Permissible Rate pursuant to the provisions of
the foregoing sentence and (ii) in respect of any subsequent interest computation period the amount
of interest otherwise payable to the Originator would be less than the amount of interest payable
to the Originator computed at the Originator’s Maximum Permissible Rate, then the amount of
interest payable to the Originator in respect of such subsequent interest computation period shall
continue to be computed at the Originator’s Maximum Permissible Rate until the total amount of
interest payable to the Originator shall equal the total amount of interest which would have been
payable to the Originator if the total amount of interest had been computed without giving effect
to the provisions of the foregoing sentence.

12. Governing Law. THIS COMPANY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS OF THE
STATE OF NEW YORK).

13. Captions. Paragraph captions used in this Company Note are for convenience only
and shall not affect the meaning or interpretation of any provision of this Company Note.

14. Third Party Beneficiary. The Company agrees that the Administrator, for the benefit of
the Secured Interest Holders, is a third party beneficiary of this Company Note.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

Exhibit B-8

 

IN WITNESS WHEREOF, the Company has caused this Company Note to be executed as of the date
first written above.

	 	 	 	 	 	 	 
	 	 	SWIFT RECEIVABLES COMPANY II, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

Exhibit B-9

 

Exhibit C

FORM OF JOINDER AGREEMENT

THIS JOINDER AGREEMENT, dated as of                     , 20
 _____ 
(this “Agreement”) is executed
by                    , a [corporation][limited liability company] organized under the laws of                     
(the “Additional Originator”), with its principal place of business located at                     .

BACKGROUND:

A. Swift Receivables Company II, LLC, a Delaware limited liability company (the
“Company”) and the various entities from time to time party thereto, as Originators
(collectively, the “Originators”), have entered into that certain Purchase and Sale
Agreement, dated as of June 8, 2011 (as amended, restated, supplemented or otherwise modified
through the date hereof, and as it may be further amended, restated, supplemented or otherwise
modified from time to time, the “Purchase and Sale Agreement”).

B. The Additional Originator desires to become an Originator pursuant to Section 4.3
of the Purchase and Sale Agreement.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Additional Originator hereby
agrees as follows:

SECTION 1. Definitions. Capitalized terms used in this Agreement and not otherwise
defined herein shall have the meanings assigned thereto in the Purchase and Sale Agreement or in
Exhibit I to the Receivables Purchase Agreement (as defined in the Purchase and Sale
Agreement).

SECTION 2. Transaction Documents. The Additional Originator hereby agrees that it
shall be bound by all of the terms, conditions and provisions of, and shall be deemed to be a party
to (as if it were an original signatory to), the Purchase and Sale Agreement and each of the other
relevant Transaction Documents. From and after the later of the date hereof and the date that the
Additional Originator has complied with all of the requirements of Section 4.3 of the
Purchase and Sale Agreement, the Additional Originator shall be an Originator for all purposes of
the Purchase and Sale Agreement and all other Transaction Documents. The Additional Originator
hereby acknowledges that it has received copies of the Purchase and Sale Agreement and the other
Transaction Documents.

 

Exhibit C-10

 

SECTION 3. Representations and Warranties. The Additional Originator hereby makes all
of the representations and warranties set forth in Article V (to the extent applicable) of
the Purchase and Sale Agreement as of the date hereof (unless such representations or warranties
relate to an earlier date, in which case as of such earlier date), as if such representations and
warranties were fully set forth herein. The Additional Originator hereby represents and warrants
that its location (as defined in the UCC) is [                    ], and the offices where the
Additional Originator keeps all of its records and Related Security are as follows:

 

 

 

SECTION 4. Miscellaneous. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York. This Agreement is executed by the
Additional Originator for the benefit of the Company, and its assigns, and each of the foregoing
parties may rely hereon. This Agreement shall be binding upon, and shall inure to the benefit of,
the Additional Originator and its successors and permitted assigns.

[Signature Pages Follow]

 

Exhibit C-11

 

IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly
authorized officer as of the date and year first above written.

	 	 	 	 	 	 	 
	 	 	[NAME OF ADDITIONAL ORIGINATOR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	 	 	 	 
	Consented to:	 	 
	 
	 	 	 	 
	SWIFT RECEIVABLES COMPANY II, LLC	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Acknowledged by:	 	 
	 
	 	 	 	 
	PNC BANK, NATIONAL ASSOCIATION,
	 	 
	as Administrator	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	[PURCHASERS]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

 

Exhibit C-12exv10w2

Exhibit 10.2

Confidential information in this Receivables Purchase Agreement has been omitted and filed separately with
the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

RECEIVABLES PURCHASE AGREEMENT

dated as of June 8, 2011

among

SWIFT RECEIVABLES COMPANY II, LLC,

as Seller

SWIFT TRANSPORTATION SERVICES, LLC,

as Servicer

THE VARIOUS CONDUIT PURCHASERS FROM TIME TO TIME PARTY HERETO,

THE VARIOUS RELATED COMMITTED PURCHASERS FROM TIME TO TIME PARTY HERETO,

THE VARIOUS PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO,

THE VARIOUS LC PARTICIPANTS FROM TIME TO TIME PARTY HERETO,

and

PNC BANK, NATIONAL ASSOCIATION,

as Administrator and LC Bank

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE I
	 	 	 	 
	AMOUNTS AND TERMS OF THE PURCHASES
	 	 	 	 
	 
	 	 	 	 
	Section 1.1 Purchases
	 	 	1	 
	Section 1.2 Making Purchases
	 	 	3	 
	Section 1.3 Purchased Interest Computation
	 	 	6	 
	Section 1.4 Settlement Procedures
	 	 	6	 
	Section 1.5 Fees
	 	 	11	 
	Section 1.6 Payments and Computations, Etc.
	 	 	11	 
	Section 1.7 Increased Costs.
	 	 	11	 
	Section 1.8 Requirements of Law
	 	 	13	 
	Section 1.9 Funding Losses
	 	 	13	 
	Section 1.10 Taxes
	 	 	14	 
	Section 1.11 Inability to Determine Euro-Rate or the LIBOR Market Index Rate
	 	 	17	 
	Section 1.12 Letters of Credit
	 	 	18	 
	Section 1.13 Issuance of Letters of Credit
	 	 	18	 
	Section 1.14 Requirements For Issuance of Letters of Credit
	 	 	19	 
	Section 1.15 Disbursements, Reimbursement
	 	 	19	 
	Section 1.16 Repayment of Participation Advances
	 	 	20	 
	Section 1.17 Documentation
	 	 	21	 
	Section 1.18 Determination to Honor Drawing Request
	 	 	21	 
	Section 1.19 Nature of Participation and Reimbursement Obligations
	 	 	21	 
	Section 1.20 Indemnity
	 	 	23	 
	Section 1.21 Liability for Acts and Omissions
	 	 	23	 
	Section 1.22 Extension of Termination Date
	 	 	24	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS
	 	 	 	 
	 
	 	 	 	 
	Section 2.1 Representations and Warranties; Covenants
	 	 	25	 
	Section 2.2 Termination Events
	 	 	25	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	INDEMNIFICATION
	 	 	 	 
	 
	 	 	 	 
	Section 3.1 Indemnities by the Seller
	 	 	25	 
	Section 3.2 Indemnities by the Servicer
	 	 	27	 

 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE IV
	 	 	 	 
	ADMINISTRATION AND COLLECTIONS
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 Appointment of the Servicer
	 	 	27	 
	Section 4.2 Duties of the Servicer
	 	 	28	 
	Section 4.3 Lock-Box Account Arrangements
	 	 	30	 
	Section 4.4 Enforcement Rights
	 	 	30	 
	Section 4.5 Responsibilities of the Seller
	 	 	31	 
	Section 4.6 Servicing Fee
	 	 	31	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	THE AGENTS
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Appointment and Authorization
	 	 	32	 
	Section 5.2 Delegation of Duties
	 	 	33	 
	Section 5.3 Exculpatory Provisions
	 	 	33	 
	Section 5.4 Reliance by Agents
	 	 	33	 
	Section 5.5 Notice of Termination Events
	 	 	34	 
	Section 5.6 Non-Reliance on Administrator, Purchaser Agents and Other Purchasers
	 	 	34	 
	Section 5.7 Administrator, Purchasers, Purchaser Agents and Affiliates
	 	 	35	 
	Section 5.8 Indemnification
	 	 	35	 
	Section 5.9 Successor Administrator
	 	 	35	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Amendments, Etc
	 	 	36	 
	Section 6.2 Notices, Etc
	 	 	37	 
	Section 6.3 Successors and Assigns; Participations; Assignments
	 	 	37	 
	Section 6.4 Costs, Expenses and Taxes
	 	 	39	 
	Section 6.5 No Proceedings; Limitation on Payments
	 	 	40	 
	Section 6.6 GOVERNING LAW AND JURISDICTION
	 	 	41	 
	Section 6.7 Confidentiality
	 	 	41	 
	Section 6.8 Execution in Counterparts
	 	 	42	 
	Section 6.9 Survival of Termination
	 	 	42	 
	Section 6.10 WAIVER OF JURY TRIAL
	 	 	42	 
	Section 6.11 Sharing of Recoveries
	 	 	42	 

 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	Section 6.12 Right of Setoff
	 	 	42	 
	Section 6.13 Entire Agreement
	 	 	43	 
	Section 6.14 Headings
	 	 	43	 
	Section 6.15 Purchaser Groups’ Liabilities
	 	 	43	 
	 
	 	 	 	 

 

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	EXHIBITS
	 	 
	Exhibit I

	 	Definitions
	Exhibit II

	 	Conditions to Purchases
	Exhibit III

	 	Representations and Warranties
	Exhibit IV

	 	Covenants
	Exhibit V

	 	Termination Events
	 
	 	 
	SCHEDULES
	 	 
	Schedule I

	 	Credit and Collection Policy
	Schedule II

	 	Lock-Box Banks and Lock-Box Accounts
	Schedule III

	 	Actions and Proceedings
	 
	 	 
	ANNEXES
	 	 
	Annex A-1

	 	Form of Information Package
	Annex A-2

	 	Form of Weekly Report
	Annex B

	 	Form of Purchase Notice
	Annex C

	 	Form of Assumption Agreement
	Annex D

	 	Form of Transfer Supplement
	Annex E

	 	Form of Paydown Notice
	Annex F

	 	Form of Letter of Credit Application

  

-v-

 

This RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented or otherwise modified
from time to time, this “Agreement”) is entered into as of June 8, 2011, among SWIFT
RECEIVABLES COMPANY II, LLC, a Delaware limited liability company, as seller (the
“Seller”), SWIFT TRANSPORTATION SERVICES, LLC, a Delaware limited liability company
(together with its successors and permitted assigns, “Swift”), as servicer (in such
capacity, together with its successors and permitted assigns in such capacity, the
“Servicer”), the various Conduit Purchasers from time to time party hereto, the various
Related Committed Purchasers from time to time party hereto, the various Purchaser Agents from time
to time party hereto, the various LC Participants from time to time party hereto and PNC BANK,
NATIONAL ASSOCIATION, as administrator (in such capacity, together with its successors and assigns
in such capacity, the “Administrator”) and as issuer of Letters of Credit (in such
capacity, together with its successors and assigns in such capacity, the “LC Bank”).

BACKGROUND

The Seller (i) desires to sell, transfer and assign an undivided variable percentage ownership
interest in a pool of Receivables, and the Purchasers desire to acquire such undivided variable
percentage ownership interest, as such percentage interest shall be adjusted from time to time
based upon, in part, reinvestment payments that are made by such Purchasers and (ii) may, subject
to the terms and conditions hereof, request that the LC Bank issue or cause the issuance of one or
more Letters of Credit.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

DEFINITIONS

Certain terms that are capitalized and used throughout this Agreement are defined in
Exhibit I. References in the Exhibits, Schedules and Annexes hereto to the “Agreement”
refer to this Agreement, as amended, restated, supplemented or otherwise modified from time to
time.

ARTICLE I

AMOUNTS AND TERMS OF THE PURCHASES

Section 1.1 Purchases.

(a) On the terms and subject to the conditions hereof, the Seller may, from time to time
before the Facility Termination Date, (i) ratably (based on each Purchaser Group’s Ratable Share)
request that each Purchaser Group’s Conduit Purchaser or, only if there is no Conduit Purchaser in
such Purchaser Group or a Conduit Purchaser denies such request or is unable to fund (and provides
notice of such denial or inability to the Seller, the Administrator and its Purchaser Agent),
ratably (based on each Purchaser Group’s Ratable Share) request that its Related Committed
Purchasers, make purchases of and reinvestments in undivided percentage ownership interests with
regard to the Purchased Interest from the Seller from time to time from the date hereof to the
Facility Termination Date and (ii) request that the LC Bank issue or cause the issuance of Letters
of Credit, in each case subject to the terms hereof (each such

 

 

purchase,
reinvestment or issuance is referred to herein as a “Purchase”). Subject to
Section 1.4(b) concerning reinvestments, at no time will a Conduit Purchaser have any
obligation to make a Purchase. Each Related Committed Purchaser severally hereby agrees, on the
terms and subject to the conditions hereof, to make Purchases of undivided percentage ownership
interests with regard to the Purchased Interest from the Seller from time to time from the date
hereof to the Facility Termination Date, based on the applicable Purchaser Group’s Ratable Share of
each Purchase requested pursuant to Section 1.2(a) (and, in the case of each Related
Committed Purchaser, its Commitment Percentage of its Purchaser Group’s Ratable Share of such
Purchase) and, on the terms of and subject to the conditions of this Agreement, the LC Bank agrees
to issue Letters of Credit in return for (and each LC Participant hereby severally agrees to make
participation advances in connection with any draws under such Letters of Credit equal to such LC
Participant’s Pro Rata Share of such draws) undivided percentage ownership interests with regard to
the Purchased Interest from the Seller from time to time from the date hereof to the Facility
Termination Date; provided, that under no circumstances shall any Purchaser make any
Purchase (including, without limitation, any mandatory deemed Purchases pursuant to Section
1.1(b)) or issue any Letters of Credit hereunder, as applicable, if, after giving effect to
such Purchase, the (i) aggregate outstanding amount of the Capital funded by such Purchaser, when
added to all other Capital funded by all other Purchasers in such Purchaser’s Purchaser Group would
exceed (A) its Purchaser Group’s Group Commitment (as the same may be reduced from time to time
pursuant to Section 1.1(c)) minus (B) the related LC Participant’s Pro Rata Share
of the face amount of any outstanding Letters of Credit, (ii) Aggregate Capital plus the LC
Participation Amount would exceed the Purchase Limit or (iii) LC Participation Amount would exceed
the aggregate of the Commitments of the LC Bank and the LC Participants.

The Seller may, subject to the requirements and conditions herein, use the proceeds of any
Purchase by the Purchasers hereunder to satisfy its Reimbursement Obligation to the LC Bank and the
LC Participants (ratably, based on the outstanding amounts funded by the LC Bank and each such LC
Participant) pursuant to Section 1.15.

(b) In addition, in the event the Seller fails to reimburse the LC Bank for the full amount of
any drawing under any Letter of Credit on the applicable Drawing Date (out of its own funds
available therefor) pursuant to Section 1.15, then the Seller shall, automatically (and
without the requirement of any further action on the part of any Person hereunder), be deemed to
have requested a new Purchase from the Conduit Purchasers or Related Committed Purchasers, as
applicable, on such date, on the terms and subject to the conditions hereof, in an amount equal to
the amount of such Reimbursement Obligation at such time without resulting in a Termination Event
hereunder. Subject to the limitations on funding set forth in paragraph (a) above (and the
other requirements and conditions herein), the Conduit Purchasers or Related Committed Purchasers,
as applicable, shall fund such deemed Purchase request and deliver the proceeds thereof directly to
the Administrator to be immediately distributed to the LC Bank and the applicable LC Participants
(ratably, based on the outstanding amounts funded by the LC Bank and each such LC Participant) in
satisfaction of the Reimbursement Obligation pursuant to Section 1.15.

 

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(c) The Seller may, upon fifteen (15) days’ written notice to the Administrator and each
Purchaser Agent, terminate the purchase facility in whole or reduce the unfunded portion of the
Purchase Limit in whole or in part (but not below the amount which would cause the Group
Capital of any Purchaser Group plus the related LC Participant’s Pro Rata Share of the face
amount of any outstanding Letters of Credit to exceed its Group Commitment (after giving effect to
such reduction)); provided that each partial reduction shall be in the amount of at least
$5,000,000, and in integral multiples of $1,000,000 in excess thereof and that, unless terminated
in whole, the Purchase Limit shall in no event be reduced below $50,000,000. Each reduction in the
Commitments hereunder shall be made ratably among the Purchasers in accordance with their
respective Commitments. The Administrator shall advise the Purchaser Agents of any notice received
by it pursuant to this Section 1.1(c); it being understood that (in addition to and
without limiting any other requirements for termination, prepayment and/or the funding of the LC
Collateral Account hereunder) no such termination or reduction shall be effective unless and until
(i) in the case of a termination, the amount on deposit in the LC Collateral Account is at least
equal to the then outstanding LC Participation Amount and (ii) in the case of a partial reduction,
the amount on deposit in the LC Collateral Account is at least equal to the positive difference
between the then outstanding LC Participation Amount and the Purchase Limit as so reduced by such
partial reduction.

(d) As of each date a Weekly Report is delivered, the sum of the LC Participation Amount and
the Aggregate Capital shall not be less than the Minimum Usage Amount.

Section 1.2 Making Purchases. (a) Each Funded Purchase (but not reinvestment) of
undivided percentage ownership interests with regard to the Purchased Interest hereunder may be
made on any day upon the Seller’s irrevocable written notice in the form of Annex B (each,
a “Purchase Notice”) delivered to the Administrator and each Purchaser Agent in accordance
with Section 6.2 (which notice must be received by the Administrator and each Purchaser
Agent before 2:00 p.m., New York City time) at least two (2) Business Days before the requested
Purchase Date, which notice shall specify: (A) in the case of a Funded Purchase (other than one
made pursuant to Section 1.15(b)), the amount requested to be paid to the Seller (such
amount, which shall not be less than $300,000 (or such lesser amount as agreed to by the
Administrator and the Majority Purchaser Agents) and shall be in integral multiples of $100,000 in
excess thereof, with respect to each Purchaser Group, (B) the date of such Funded Purchase (which
shall be a Business Day) and (C) the pro forma calculation of the Purchased Interest after giving
effect to the increase in the Aggregate Capital.

(b) On the date of each Funded Purchase (but not reinvestment, issuance of a Letter of Credit
or a Funded Purchase pursuant to Section 1.2(e)) of undivided percentage ownership
interests with regard to the Purchased Interest hereunder, each applicable Conduit Purchaser or
Related Committed Purchaser, as the case may be, shall, upon satisfaction of the applicable
conditions set forth in Exhibit II, make available to the Seller in same day funds, at the
Administration Account an amount equal to the portion of Capital relating to the undivided
percentage ownership interest with regard to the Purchased Interest then being funded by such
Purchaser.

(c) Effective on the date of each Funded Purchase or other Purchase pursuant to this
Section 1.2 and each reinvestment pursuant to Section 1.4, the Seller hereby sells
and assigns to the Administrator for the benefit of the Purchasers (ratably, based on the sum of
the Capital plus
the LC Participation Amount outstanding at such time for each such Purchaser) the Purchased
Interest.

 

-3-

 

(d) To secure all of the Seller’s obligations (monetary or otherwise) under this Agreement and
the other Transaction Documents to which it is a party, whether now or hereafter existing or
arising, due or to become due, direct or indirect, absolute or contingent, the Seller hereby grants
to the Administrator, for the benefit of the Purchasers, a security interest in all of the Seller’s
right, title and interest (including any undivided interest of the Seller) in, to and under all of
the following, whether now or hereafter owned, existing or arising: (i) all Pool Receivables, (ii)
all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to
such Pool Receivables, (iv) the Lock-Box Accounts and all amounts on deposit therein, and all
certificates and instruments, if any, from time to time evidencing such Lock-Box Accounts and
amounts on deposit therein, (v) all rights (but none of the obligations) of the Seller under the
Sale Agreement, (vi) all proceeds of, and all amounts received or receivable under any or all of,
the foregoing and (vii) all of its other property (collectively, the “Pool Assets”). The
Seller hereby authorizes the Administrator to file financing statements describing as the
collateral covered thereby as “all of the debtor’s personal property or assets” or words to that
effect, notwithstanding that such wording may be broader in scope than the collateral described in
this Agreement. The Administrator, for the benefit of the Purchasers, shall have, with respect to
the Pool Assets, and in addition to all the other rights and remedies available to the
Administrator and the Purchasers, all the rights and remedies of a secured party under any
applicable UCC.

(e) Whenever the LC Bank issues a Letter of Credit pursuant to Section 1.12 hereof, in
the event that such Letter of Credit is subsequently drawn and such drawn amount shall not have
been reimbursed pursuant to Section 1.15 upon such draw or through the distribution of such
LC Participant’s Pro Rata Share of the amount on deposit in the LC Collateral Account, each LC
Participant shall, automatically and without further action of any kind have irrevocably been
deemed to have made a Funded Purchase hereunder in an amount equal to such LC Participant’s Pro
Rata Share of such unreimbursed draw and such deemed Funded Purchase shall not result in a
Termination Event hereunder. If the LC Bank pays a drawing under a Letter of Credit that is not
reimbursed by the Seller on the applicable Drawing Date or through the distribution of the LC
Bank’s Pro Rata Share of the amount on deposit in the LC Collateral Account, the LC Bank shall be
deemed to have made a Funded Purchase in an amount equal to its Pro Rata Share of such unreimbursed
draw. All such Funded Purchases shall accrue Discount from the date of such draw. In the event
that any Letter of Credit expires or is surrendered without being drawn (in whole or in part) then,
in such event, the foregoing commitment to make Funded Purchases shall expire with respect to such
Letter of Credit and the LC Participation Amount shall automatically reduce by the face amount of
the Letter of Credit which is no longer outstanding.

 

-4-

 

(f) The Seller may, with the written consent of the Administrator and each Purchaser Agent
(and, in the case of a new related LC Participant, the LC Bank), add additional Persons as
Purchasers (either to an existing Purchaser Group or by creating new Purchaser Groups) or with the
written consent of the applicable Purchaser Agent and written acknowledgment of the Administrator
(or written consent of the Administrator with respect to Commitment increases exceeding
$25,000,000) cause an existing Related Committed Purchaser or related LC
Participant to increase its Commitment in connection with a corresponding increase in the
Purchase Limit; provided, that the Commitment of any Related Committed Purchaser or related
LC Participant may only be increased with the prior written consent of such Purchaser. Each new
Conduit Purchaser, Related Committed Purchaser or related LC Participant (or Purchaser Group) shall
become a party hereto, by executing and delivering to the Administrator and the Seller, an
Assumption Agreement in the form of Annex C hereto (which Assumption Agreement shall, in
the case of any new Purchaser Group, be executed by each Person in such new Purchaser Group).

(g) Each Related Committed Purchaser’s and related LC Participant’s obligations hereunder
shall be several, such that the failure of any Related Committed Purchaser or related LC
Participant to make any Purchase hereunder or a payment in connection with drawing under a Letter
of Credit hereunder, as the case may be, shall not relieve any other Related Committed Purchaser or
related LC Participant of its obligation hereunder to make payment for any Funded Purchase or such
drawing. Further, in the event any Related Committed Purchaser or related LC Participant fails to
satisfy its obligation to make a Purchase or payment with respect to such drawing as required
hereunder, upon receipt of notice of such failure from the Administrator (or any relevant Purchaser
Agent), subject to the limitations set forth herein, (i) (A) the non-defaulting Related Committed
Purchasers in such defaulting Related Committed Purchaser’s Purchaser Group shall fund the
defaulting Related Committed Purchaser’s Commitment Percentage of its Purchaser Group’s Ratable
Share of the related Purchase (based on their relative Commitment Percentages (determined without
regard to the Commitment Percentage of the defaulting Related Committed Purchaser)) or (B) the
non-defaulting related LC Participants in such defaulting related LC Participant’s Purchaser Group
shall fund the defaulting related LC Participant’s Pro Rata Share of the related drawing (based on
their relative Pro Rata Shares (determined without regard to the Pro Rata Share of the defaulting
related LC Participant)); and (ii) if there are no other (A) Related Committed Purchasers in such
Purchaser Group or if such other Related Committed Purchasers are also defaulting Related Committed
Purchasers, then such defaulting Related Committed Purchaser’s Commitment Percentage of its
Purchaser Group’s Ratable Share of such Purchase shall be funded by each other Purchaser Group
ratably (based on their relative Purchaser Group Ratable Shares) and applied in accordance with
this paragraph (g) or (B) if there are no other related LC Participants in such Purchaser
Group or if such other related LC Participants are also defaulting related LC Participants, then
such defaulting related LC Participant’s Pro Rata Share of such drawing shall be funded by each
other Purchaser Group ratably (based on their relative Pro Rata Shares) and applied in accordance
with this paragraph (g). Notwithstanding anything in this paragraph (g) to the
contrary, no Related Committed Purchaser or related LC Participant shall be required to make a
Purchase or payment with respect to such drawing pursuant to this paragraph (g) for an
amount which would cause the aggregate Capital of such Related Committed Purchaser or Pro Rata
Share of the face amount of any outstanding Letter of Credit of such related LC Participant (after
giving effect to such Purchase or payment with respect to such drawing) to exceed its Commitment.

 

-5-

 

Section 1.3 Purchased Interest Computation. The Purchased Interest shall be initially
computed on the date of the initial Purchase hereunder. Thereafter, until the Facility Termination
Date, such Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on
each Business Day other than a Termination Day. From and after the occurrence of any Termination
Day, the Purchased Interest shall (until the event(s) giving rise to such Termination
Day are satisfied or are waived by the Administrator in accordance with Section 2.2)
be deemed to be 100%. The Purchased Interest shall become zero when (a) the Aggregate Capital
thereof and Aggregate Discount thereon shall have been paid in full, (b) an amount equal to 100% of
the LC Participation Amount shall have been deposited in the LC Collateral Account, or all Letters
of Credit shall have expired and (c) all the amounts owed by the Seller and the Servicer hereunder
to each Purchaser, the Administrator and any other Indemnified Party or Affected Person are paid in
full, and the Servicer shall have received the accrued Servicing Fee thereon.

Section 1.4 Settlement Procedures.

(a) The collection of the Pool Receivables shall be administered by the Servicer in accordance
with this Agreement. The Seller shall provide to the Servicer on a timely basis all information
needed for such administration, including notice of the occurrence of any Termination Day and
current computations of the Purchased Interest.

(b) The Servicer shall, on each day on which Collections of Pool Receivables are received (or
deemed received) by the Seller or the Servicer:

(i) set aside and hold (or cause the Seller to set aside and hold) in trust (and shall,
at the request of the Administrator, segregate in a separate account approved by the
Administrator) for the benefit of each Purchaser Group, out of such Collections,
first, an amount equal to the Aggregate Discount accrued through such day and not
previously set aside, second, an amount equal to the Fees accrued and unpaid through
such day, and third, to the extent funds are available therefor, an amount equal to
the aggregate of each Purchasers’ Share of the Servicing Fee accrued through such day and
not previously set aside,

(ii) subject to Section 1.4(f), if such day is not a Termination Day, remit to
the Seller, ratably, on behalf of each Purchaser Group, the remainder of such Collections.
Such remainder shall, to the extent representing a return on the Aggregate Capital, ratably,
according to each Purchaser’s Capital, be automatically reinvested in Pool Receivables and
the Related Rights; provided, that if the Purchased Interest would exceed 100%, then
the Servicer shall not remit such remainder to the Seller or reinvest it, but shall set
aside and hold (or cause the Seller to set aside and hold) in trust for the benefit of the
Purchasers (and shall, at the request of the Administrator, segregate in a separate account
approved by the Administrator) a portion of such Collections that, together with the other
Collections set aside pursuant to this clause (ii), shall equal the amount necessary
to reduce the Purchased Interest to 100% (determined as if such Collections set aside had
been applied to reduce the Aggregate Capital at such time), which amount shall be deposited
ratably to each Purchaser Agent’s account (for the benefit of its related Purchasers) on the
next Settlement Date in accordance with Section 1.4(c); provided,
further, that in the case of any Purchaser that has provided notice (an “Exiting
Notice”) to its Purchaser Agent of its refusal, pursuant to Section 1.22, to
extend its Commitment hereunder (an “Exiting Purchaser”), then, such Collections
shall not be reinvested and shall instead be held in trust for the benefit of such Purchaser
and applied in accordance with clause (iii) below,

 

-6-

 

(iii) if such day is a Termination Day (or a day on which the Commitment of an Exiting
Purchaser terminates), set aside and hold (or cause the Seller to set aside and hold) in
trust (and shall, at the request of the Administrator, segregate in a separate account
approved by the Administrator) for the benefit of each Purchaser Group the entire remainder
of such Collections (or, in the case of an Exiting Purchaser, an amount equal to such
Purchaser’s ratable share of such Collections based on its Capital; provided, that
solely for the purpose of determining such Purchaser’s ratable share of such Collections,
such Purchaser’s Capital shall be deemed to remain constant from the day on which the
Commitment of such Exiting Purchaser terminates, until the date such Purchaser’s Capital has
been paid in full; it being understood that if such day is also a
Termination Day, such Exiting Purchaser’s Capital shall be recalculated taking into account
amounts received by such Purchaser in respect of this parenthetical and thereafter
Collections shall be set aside for such Purchaser ratably in respect of its Capital (as
recalculated); provided, further, that if amounts are set aside and held in
trust on any Termination Day of the type described in clause (a) of the definition
of “Termination Day” (or any day on which the Commitment of such Exiting Purchaser
terminates) and, thereafter, the conditions set forth in Section 2 of Exhibit
II are satisfied or waived by the Administrator and the Majority Purchaser Agents (or in
the case of an Exiting Notice, such Exiting Notice has been revoked by the related Exiting
Purchaser and written notice thereof has been provided to the Administrator, the related
Purchaser Agent and the Servicer), such previously set-aside amounts shall, to the extent
representing a return on Aggregate Capital (or the Capital of the Exiting Purchaser) and
ratably in accordance with each Purchaser’s Capital, be reinvested in accordance with
clause (ii) above on the day of such subsequent satisfaction or waiver of conditions
or revocation of Exiting Notice, as the case may be, and

(iv) subject to Section 1.4(f), release to the Seller for its own account any
Collections in excess of: (x) the amounts that are required to be set aside or reinvested
pursuant to clauses (i), (ii) and (iii) above plus (y) the
Seller’s Share of the Servicing Fee accrued and unpaid through such day and all reasonable
and appropriate out-of-pocket costs and expenses of the Servicer for servicing, collecting
and administering the Pool Receivables plus (z) all other amounts then due and
payable by the Seller under this Agreement to the Purchasers, the LC Bank, the Administrator
and any other Indemnified Party or Affected Person.

(c) The Servicer shall, in accordance with the priorities set forth in Section 1.4(d)
below, deposit into each applicable Purchaser Agent’s account (or such other account designated by
such applicable Purchaser or its Purchaser Agent), on each Settlement Date (for any Portion of
Capital), Collections held for each Purchaser pursuant to Sections 1.4(b)(i), (ii)
and (iii) and Section 1.4(f); provided, that if Swift or an Affiliate
thereof is the Servicer, such day is not a Termination Day and the Administrator has not notified
Swift (or such Affiliate) that such right is revoked, Swift (or such Affiliate) may retain the
portion of the Collections set aside pursuant to Section 1.4(b)(i) that represents the
aggregate of each Purchasers’ Share of the Servicing Fee. On or prior to the last day of each
Calculation Period, each Purchaser Agent will notify the Servicer by email communications or other
electronic delivery of the amount of Discount accrued with respect to its Portion of Capital during
such Calculation Period or portion thereof.

 

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(d) The Servicer shall distribute the amounts described (and at the times set forth) in
Section 1.4(c), as follows:

(i) if such distribution occurs on a day that is not a Termination Day, that is not a
day on which the Commitment of an Exiting Purchaser terminates and on which the Purchased
Interest does not exceed 100%, first to each Purchaser Agent ratably (based on the
Discount and Fees accrued during such Yield Period) (for the benefit of the relevant
Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of all accrued
Discount and Fees with respect to each Portion of Capital maintained by the Purchasers
within such Purchaser Agent’s Purchaser Group; it being understood
that each Purchaser Agent shall distribute such amounts to the Purchasers within its
Purchaser Group ratably according to Discount and Fees, and second, if the Servicer
has set aside amounts in respect of the Servicing Fee pursuant to Section 1.4(b)(i)
and has not retained such amounts pursuant to Section 1.4(c), to the Servicer’s own
account (payable in arrears on each Settlement Date) in payment in full of the aggregate of
the Purchasers’ Share of accrued Servicing Fees so set aside, and

(ii) if such distribution occurs on a Termination Day, on a day on which the Commitment
of an Exiting Purchaser terminates or on a day when the Purchased Interest exceeds 100%,
first if Swift or an Affiliate thereof is not the Servicer or if Swift or an
Affiliate thereof is the Servicer and a Termination Event shall have occurred and be
continuing, to the Servicer’s own account in payment in full of the Purchasers’ Share of all
accrued Servicing Fees, second to each Purchaser Agent ratably (based on the
Discount and Fees accrued during such Yield Period) (for the benefit of the relevant
Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of all accrued
Discount and Fees with respect to each Portion of Capital funded or maintained by the
Purchasers within such Purchaser Agent’s Purchaser Group, third to each Purchaser
Agent ratably (based on the aggregate of the Capital of each Purchaser in each such
Purchaser Agent’s Purchaser Group) (for the benefit of the relevant Purchasers within such
Purchaser Agent’s Purchaser Group) in payment in full of (x) if such day is a Termination
Day, each Purchaser’s Capital, (y) if such day is not a Termination Day, the amount
necessary to reduce the Purchased Interest to 100%, or (z) if such day is a day on which the
Commitment of an Exiting Purchaser terminates, an amount equal to the Exiting Purchaser’s
ratable share of the Collections set aside pursuant to Section 1.4(b)(iii) based on
its Capital (determined as if such Collections had been applied to reduce the Aggregate
Capital); it being understood that each Purchaser Agent shall
distribute the amounts described in the second and third clauses of this
clause (ii) to the Purchasers within its Purchaser Group ratably (based on Discount
and Fees and Capital, respectively), fourth, to the LC Collateral Account for the
benefit of the LC Bank and the LC Participants, the amount necessary to cash collateralize
the LC Participation Amount until the amount of cash collateral held in such LC Collateral
Account equals 100% of the LC Participation Amount, fifth, if the Aggregate Capital
and accrued Aggregate Discount with respect to each Portion of Capital for all Purchaser
Groups have been reduced to zero, the Fees have been paid in full and the Purchasers’ Share
of all accrued Servicing Fees payable to the Servicer (if other than Swift or an Affiliate
thereof) have been paid in full, to each Purchaser Group ratably (based on the amounts
payable to each) (for the benefit of the Purchasers within such Purchaser Group), the
Administrator and
any other Indemnified Party or Affected Person in payment in full of any other amounts
owed thereto by the Seller or the Servicer hereunder and sixth, to the Servicer’s
own account (if the Servicer is Swift or an Affiliate thereof and a Termination Event is not
continuing) in payment in full of the aggregate of the Purchaser’s Share of all accrued
Servicing Fees.

 

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After the Capital (on and after a day when the Purchased Interest exceeds 100% or any day on which
the Commitment of an Exiting Purchaser terminates), Aggregate Discount, Fees and Servicing Fees
with respect to the Purchased Interest, and any other amounts payable by the Seller and the
Servicer to each Purchaser Group, the Administrator or any other Indemnified Party or Affected
Person hereunder have been paid in full, and (on and after a Termination Day) after Aggregate
Capital and an amount equal to 100% of the LC Participation Amount has been deposited in the LC
Collateral Account, all additional Collections with respect to the Purchased Interest shall be paid
to the Seller for its own account.

(e) For the purposes of this Section 1.4:

(i) if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted
as a result of any defective, rejected, returned, repossessed or foreclosed goods or
services, or any revision, cancellation, allowance, rebate, discount or other adjustment
made by the Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the
Servicer, or any setoff or dispute between the Seller or any Affiliate of the Seller, or the
Servicer or any Affiliate of the Servicer and an Obligor, the Seller shall be deemed to have
received on such day a Collection of such Pool Receivable in the amount of such reduction or
adjustment or, in the case of a Receivable which has been canceled and contemporaneously
reissued pursuant to the Credit and Collection Policy, the negative difference (if any)
between such canceled Receivable and such reissued Receivable, and shall, subject to
Section 1.4(e)(v), immediately pay any and all such amounts in respect thereof to a
Lock-Box Account for the benefit of the Purchasers and their assigns and for application
pursuant to Section 1.4(b);

(ii) if on any day any of the representations or warranties in Sections 1(j) or
3(a) of Exhibit III is not true with respect to any Pool Receivable, the
Seller shall be deemed to have received on such day a Collection of the full Outstanding
Balance of such Pool Receivable and shall, subject to Section 1.4(e)(v), immediately
pay any and all such amounts in respect thereof to a Lock-Box Account (or as otherwise
directed by the Administrator at such time) for the benefit of the Purchasers and their
assigns and for application pursuant to Section 1.4(b) (Collections deemed to have
been received pursuant to Sections 1.4(e)(i) or (ii) are hereinafter
sometimes referred to as “Deemed Collections”);

(iii) except as provided in Sections 1.4(e)(i) or (ii) or as otherwise
required by applicable law or the relevant Contract, all Collections received from an
Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order
of the age of such Receivables, starting with the oldest such Receivable, unless such
Obligor specified an applicable Receivable;

 

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(iv) if and to the extent the Administrator, any Purchaser Agent or any Purchaser shall
be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or
similar official in any Insolvency Proceeding) any amount received by it hereunder, such
amount shall be deemed not to have been so received by such Person but rather to have been
retained by the Seller and, accordingly, such Person shall have a claim against the Seller
for such amount, payable when and to the extent that any distribution from or on behalf of
such Obligor is made in respect thereof; and

(v) if at any time before the Facility Termination Date the Seller is deemed to have
received any Deemed Collection under Sections 1.4(e)(i) and (ii), so long as
no Termination Day then exists, the Seller may satisfy its obligation to deliver the amount
of such Deemed Collections to a Lock-Box Account by instead recalculating (or being deemed
to have recalculated) the Purchased Interest by decreasing the Net Receivables Pool Balance
by the amount of such Deemed Collections, so long as such adjustment does not cause the
Purchased Interest to exceed 100%.

(f) If at any time the Seller wishes to cause the reduction of Aggregate Capital (but not to
commence the liquidation, or reduction to zero, of the entire Aggregate Capital) the Seller may do
so as follows:

(i) the Seller shall give the Administrator, each Purchaser Agent and the Servicer
written notice in the form of Annex E (each, a “Paydown Notice”) at least
two (2) Business Days prior to the date of such reduction for any reduction of the Aggregate
Capital, and each such Paydown Notice shall include, among other things, the amount of such
proposed reduction and the proposed date on which such reduction will commence;

(ii) on the proposed date of the commencement of such reduction and on each day
thereafter, the Servicer shall cause Collections not to be reinvested until the amount
thereof not so reinvested shall equal the desired amount of reduction; and

(iii) the Servicer shall hold (or cause the Seller to set aside and hold) such
Collections in trust for the benefit of each Purchaser ratably according to its Capital, for
payment to each such Purchaser (or its related Purchaser Agent for the benefit of such
Purchaser) on the date specified in the Paydown Notice (or such other date as agreed to by
the Administrator) with respect to any Portions of Capital maintained by such Purchaser
immediately following the related current Yield Period, and the Aggregate Capital (together
with the Capital of any related Purchaser) shall be deemed reduced in the amount to be paid
to such Purchaser (or its related Purchaser Agent for the benefit of such Purchaser) only
when in fact finally so paid;

provided, that:

(A) the amount of any such reduction shall not be less than $100,000 for each Purchaser
Group and shall be an integral multiple of $100,000, and the sum of the Aggregate Capital
and the Adjusted LC Participation Amount after giving effect to such reduction shall not be
less than the Minimum Usage Amount; and

 

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(B) with respect to any Portion of Capital, the Seller shall choose a reduction amount,
and the date of commencement thereof, so that to the extent practicable such reduction shall
commence and conclude in the same Yield Period.

Section 1.5 Fees. The Seller shall pay, or cause to be paid, to each Purchaser Agent
for the benefit of the Purchasers and Liquidity Providers in the related Purchaser Group in
accordance with the provisions set forth in Section 1.4(d) certain fees in the amounts and
on the dates set forth in the fee letter agreement, dated the Closing Date, among the Seller, and
the applicable Purchaser Agent, respectively (as any such fee letter agreement may be amended,
restated, supplemented or otherwise modified from time to time, the “Fee Letter”).

Section 1.6 Payments and Computations, Etc.

(a) All amounts to be paid or deposited by the Seller or the Servicer hereunder or under any
other Transaction Document shall be made without reduction for offset or counterclaim and shall be
paid or deposited no later than 2:00 p.m. (New York City time) on the day when due in same day
funds to the account for each Purchaser maintained by the applicable Purchaser Agent (or such other
account as may be designated from time to time by such Purchaser Agent to the Seller and the
Servicer). All amounts received after 2:00 p.m. (New York City time) will be deemed to have been
received on the next Business Day.

(b) The Seller or the Servicer, as the case may be, shall, to the extent permitted by law, pay
interest on any amount not paid or deposited by the Seller or the Servicer, as the case may be,
when due hereunder, at an interest rate equal to 2.0% per annum above the Base
Rate, payable on demand.

(c) All computations of interest under Section 1.6(b) and all computations of
Discount, Fees and other amounts hereunder shall be made on the basis of a year of 360 (or 365 or
366, as applicable, with respect to Discount or other amounts calculated by reference to the Base
Rate) days for the actual number of days elapsed. Whenever any payment or deposit to be made
hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on
the next Business Day and such extension of time shall be included in the computation of such
payment or deposit.

Section 1.7 Increased Costs. (a) If, after the date hereof, the Administrator, any
Purchaser, any Purchaser Agent, any Liquidity Provider or any Program Support Provider or any of
their respective Affiliates (each an “Affected Person”) reasonably determines that the
existence of or compliance with: (i) any law, rule, regulation, generally accepted accounting
principle or any change therein or in the interpretation or application thereof, or (ii) any
request, guideline or directive from any central bank or other Governmental Authority (whether or
not having the force of law) issued or adopted or occurring after the date hereof affects or would
affect the amount of capital required or expected to be maintained by such Affected Person, and
such Affected Person determines that the amount of such capital is increased by or based upon the
existence of any Commitment to make Purchases of (or otherwise to maintain the investment in) Pool
Receivables or issue any Letter of Credit or any related liquidity facility, credit enhancement
facility and other commitments of the same type, then, upon demand by such Affected Person (with a
copy to the Administrator), the Seller shall promptly pay such Affected
Person, from time to time as specified by such Affected Person, additional amounts sufficient
to compensate such Affected Person for both increased costs and maintenance of bargained for yield
in the light of such circumstances, to the extent that such Affected Person reasonably determines
such increase in capital to be allocable to the existence of any of such commitments. A
certificate as to such amounts submitted to the Seller and the Administrator by such Affected
Person shall be conclusive and binding for all purposes, absent manifest error.

  

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(b) If, after the date hereof, due to either: (i) the introduction of or any change in or in
the interpretation of any law, rule, regulation or generally accepted accounting principle or (ii)
compliance with any guideline or request from any central bank or other Governmental Authority
(whether or not having the force of law) issued or adopted or occurring after the date hereof,
there shall be any increase in the cost to any Affected Person of agreeing to purchase or
purchasing, or maintaining the ownership of, the Purchased Interest (or its portion thereof) in
respect of which Discount is computed by reference to the Euro-Rate or the LIBOR Market Index Rate,
as applicable, then, upon demand by such Affected Person, the Seller shall promptly pay to such
Affected Person, from time to time as specified by such Affected Person, additional amounts
sufficient to compensate such Affected Person for both increased costs and maintenance of bargained
for yield. A certificate as to such amounts submitted to the Seller and the Administrator by such
Affected Person shall be conclusive and binding for all purposes, absent manifest error.

(c) Within a reasonable time period after any Affected Person has actual knowledge that it is
subject to increased capital requirements or incurs other increased costs pursuant to this
Section 1.7, such Affected Person shall use reasonable efforts to notify the Servicer of
such fact; provided, that any failure to give such notice shall not preclude such Affected
Person from asserting any claim for compensation at any time or relieve the Seller from its
obligations under this Section 1.7; provided, further, that if such
increased costs affect the related Affected Person’s portfolio of financing transactions, such
Affected Person shall use reasonable averaging and attribution methods to allocate such increased
capital requirements or increased costs to the transactions contemplated by this Agreement.

(d) Notwithstanding anything in this Section 1.7 to the contrary, (i) if any Affected
Person fails to give demand for amounts or losses incurred in connection with this Section
1.7 within 180 days after it obtains knowledge that it is subject to increased capital
requirements or has incurred other increased costs, such Affected Person shall, with respect to
amounts payable pursuant to this Section 1.7, only be entitled to payment under this
Section 1.7 for amounts or losses incurred from and after the date 180 days prior to the
date that such Affected Person does give such demand and (ii) the Seller shall not be required to
pay to any Affected Person (x) any amount that has been fully and finally paid in cash to such
Affected Person pursuant to any other provision of this Agreement or any other Transaction
Document, (y) any amount, if the payment of such amount is expressly excluded by any provision of
this Agreement or any other Transaction Document or (z) any amount, if such amount constitutes
Taxes (which shall be governed by Section 1.10).

(e) For the avoidance of doubt, any increase in cost and/or reduction in yield caused by
regulatory capital allocation adjustments caused by implementation of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or
directives thereunder or issued in connection therewith shall be covered by this Section
1.7 regardless of the date enacted, adopted or issued.

  

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(f) The Seller may designate any Purchaser that requests amounts under this Section as an
“Exiting Purchaser” by delivering a written notice to the Administrator and the related Purchaser
Agent.

Section 1.8 Requirements of Law. If, after the date hereof, any Affected Person
determines that the existence of or compliance with: (x) any law, regulation or rule or any change
therein or in the interpretation or application thereof, or (y) any request, guideline or directive
from any central bank or other Governmental Authority (whether or not having the force of law)
issued or adopted or occurring after the date hereof:

(i) does or shall subject such Affected Person to any increase in the Purchased
Interest (or its portion thereof) or in the amount of Capital relating thereto,

(ii) does or shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, or deposits or other
liabilities in or for the account of, purchases, advances or loans by, or other credit
extended by, or any other acquisition of funds by, any office of such Affected Person that
are not otherwise included in the determination of the Euro-Rate or the LIBOR Market Index
Rate, as applicable, hereunder, or

(iii) does or shall impose on such Affected Person any other condition,

and the result of any of the foregoing is: (A) to increase the cost to such Affected Person of
agreeing to Purchase or Purchasing or maintaining the ownership of undivided percentage ownership
interests with regard to the Purchased Interest or any Portion of Capital or issuing any Letter of
Credit, or (B) to reduce any amount receivable hereunder (whether directly or indirectly), then, in
any such case, upon demand by such Affected Person, the Seller shall promptly pay to such Affected
Person additional amounts necessary to compensate such Affected Person for such additional cost or
reduced amount receivable. All such amounts shall be payable as incurred. A certificate as to
such amounts submitted to the Seller and the Administrator by such Affected Person shall be
conclusive and binding for all purposes, absent manifest error. The Seller may designate any
Purchaser that requests amounts under this Section as an “Exiting Purchaser” by delivering a
written notice to the Administrator and the related Purchaser Agent

Section 1.9 Funding Losses. If, for any reason, funding or maintaining any Portion of
Capital hereunder at an interest rate determined by reference to the Euro-Rate or the LIBOR Market
Index Rate, as applicable, does not occur on a date specified therefore, the Seller shall
compensate such Affected Person, upon written request by such Person, for the difference, if any,
between the rate to be paid by such Affected Person for such Euro-Rate or LIBOR Market Index Rate,
as applicable, and the rate of any replacement Euro-Rate or LIBOR Market Index Rate, as applicable.

 

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Section 1.10 Taxes. The Seller agrees that:

(a) Any and all payments by the Seller to or for the account of any Purchaser under this
Agreement and any other Transaction Document shall be made free and clear of and without deduction
for any Taxes or Other Taxes; provided, however that such payments shall not
include (i) overall income taxes (however determined) or franchise taxes, in either case, imposed
on any Affected Person by the United States, the jurisdiction under whose laws such Person is
organized, the jurisdiction of such Person’s principal place of business or the jurisdiction in
which such Person holds its undivided percentage ownership interest with regard to the Purchased
Interest, or any political subdivision thereof; (ii) any branch profits taxes imposed by the United
States or any similar tax imposed by any other jurisdiction (iii) any backup withholding that is
required by the Code to be withheld from amounts payable to any Affected Person that has failed to
comply with Section 1.10(e), (iv) in the case of each Affected Person, any United States
withholding tax imposed with respect to any payment by the Seller pursuant to this Agreement, but
only up to the rate (if any) at which United States withholding tax would apply to such payments to
such Purchaser at the time such Purchaser first becomes a party to this Agreement as more fully set
forth in Section 1.10 (e)(4), and (v) any and all taxes imposed pursuant to or as a result
of Section 1471 through 1474 of the Internal Revenue Code and any applicable Treasury Regulations
promulgated thereunder or published administrative guidance implementing such Internal Revenue Code
sections, whether in existence on the date hereof or promulgated or published hereafter (“FATCA”)
(all such Taxes other than those referred to in the provisos (i) through (v) above shall
hereinafter be referred to as “Indemnified Taxes”). If the Seller shall be required by law
to deduct any Indemnified Taxes from or in respect of any sum payable hereunder to any Affected
Person, then (A) the sum payable shall be increased by the amount necessary to yield to such Person
(after payment of all Taxes) an amount equal to the sum it would have received had no such
deductions been made, (B) the Seller shall make such deductions, and (C) the Seller shall pay the
amount deducted to the relevant taxation authority or other authority in accordance with applicable
law. Further, if Seller is required by law to deduct any Taxes other than Indemnified Taxes from
or in respect of any sum payable hereunder to any Affected Person, then (A) Seller shall make such
deductions, (C) the Seller shall pay the amount deducted to the relevant taxation authority or
other authority in accordance with applicable law, and (C) the amounts so deducted and paid to the
relevant taxation authority shall be treated under this Agreement as made to such Affected Person.

(b) Whenever any Indemnified Taxes are payable by the Seller, as promptly as possible
thereafter, the Seller shall send to the Administrator for its own account or for the account of
the related Affected Person, a certified copy of an original official receipt showing payment
thereof or such other evidence of such payment as may be available to the Seller and acceptable to
the taxing authorities having jurisdiction over such Person. If the Seller fails to pay any
Indemnified Taxes when due to the appropriate taxing authority or fails to remit to the
Administrator the required receipts or other required documentary evidence, the Seller shall
indemnify the Administrator and/or any other Affected Person, as applicable, for any incremental
Taxes, interest or penalties that may become payable by such party as a result of any such failure.

 

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(c) The Seller shall indemnify each Affected Person, within twenty (20) Business Days after
written demand therefor, for the full amount of any Indemnified Taxes paid by such Affected Party
on or with respect to any payment by or on account of any obligation of the Seller hereunder
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 1.10) and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto. Such demand shall be made as promptly as practicable, but in any event within 90
days after such Affected Person obtains actual knowledge of such event; provided, however, that if
any Affected Person fails to make such demand within 90 days after such Affected Person obtains
knowledge of such event, such Affected Person shall, with respect to compensation payable in
respect of such event, not be entitled to compensation in respect of the costs and losses incurred
between the 90th day after such Affected Person obtains actual knowledge of such event and the date
such Affected Person makes such demand. None of Sections 1.7, 1.8, 3.1,
3.2 or 6.4(a) shall apply to Taxes, which shall be governed exclusively by this
Section 1.10.

(d) If an Affected Person determines, in its sole discretion, that it has received a refund or
credit of any Taxes or Other Taxes as to which it has been indemnified by the Seller, it shall pay
over such refund or credit to the Seller (but only to the extent of indemnity payments made, or
additional amounts paid, by the Seller under this Section 1.10 with respect to the Taxes or
Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Affected Person
and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund net of any applicable Taxes payable in respect of such interest);
provided, that the Seller agrees to repay each such Affected Person, within ten (10)
Business Days after the request of such Affected Person, the amount paid over to the Seller (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the
event such Affected Person is required to repay such refund to such Governmental Authority. This
Section 1.10 shall not be construed to require any Affected Person to make available its
tax returns (or any other information relating to its Taxes which it deems confidential) to the
Seller or any other Person.

(e) (1) Each Purchaser shall deliver to the Seller and to the Administrator, at the time or
times prescribed by applicable laws or when reasonably requested by the Seller or the
Administrator, 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 the Seller or the Administrator, as the case may be, to determine (A) whether or not
payments made hereunder are subject to Taxes, (B) if applicable, the required rate of withholding
or deduction, and (C) such Purchaser’s entitlement to any available exemption from, or reduction
of, applicable Taxes in respect of all payments to be made to such Purchaser by the Seller pursuant
to this Agreement or otherwise to establish such Purchaser’s status for withholding tax purposes in
the applicable jurisdiction.

(2) Without limiting the generality of the foregoing:

(A) any Purchaser that is a “United States Person” within the meaning of
Section 7701(a)(30) of the Internal Revenue Code, and not an exempt recipient
described in Section 6049(b)(4) of the Internal Revenue Code, shall deliver to the
Seller and the Administrator executed originals of Internal Revenue Service Form
W-9 or such other documentation or information prescribed by applicable laws or
reasonably requested by the Seller or the Administrator as will enable the Seller or
the Administrator, as the case may be, to determine whether or not such Purchaser is
subject to backup withholding or information reporting requirements; and

 

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(B) each Purchaser that is organized under the laws of a jurisdiction other
than the United States (including each State thereof and the District of Columbia)
(a “Foreign Purchaser”) that is entitled under the Internal Revenue Code or any
applicable treaty to an exemption from or reduction of withholding tax with respect
to payments hereunder shall deliver to the Seller and the Administrator (in such
number of copies as shall be reasonably requested by the recipient) on or prior to
the date on which such Foreign Purchaser becomes a Purchaser under this Agreement
(and from time to time thereafter upon the request of the Seller or the
Administrator, but only if such Foreign Purchaser 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 Purchaser claiming the benefits of the
exemption for portfolio interest under section 881(c) of the Internal
Revenue Code, (x) a certificate to the effect that such Foreign Purchaser is
not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Internal
Revenue Code, (B) a “10 percent shareholder” of the Seller within the
meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the
Internal Revenue 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 the Seller or the
Administrator to determine the withholding or deduction required to be made.

 

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(C) Each Purchaser or Administrator shall deliver to the Seller such other tax
forms or other documents as shall be prescribed by applicable law, to the extent
applicable, (x) to demonstrate that payments to such Purchaser or
Administrator under this Agreement are exempt from any United States
withholding tax imposed pursuant to FATCA, and (y) to allow the Seller to determine
the amount to deduct or withhold under FATCA from a payment hereunder. Each
Purchaser or Administrator further agrees to complete and to deliver to the Seller
from time to time, so long as it is eligible to do so, any successor or additional
form required by the Internal Revenue Service or reasonably requested by the Seller
in order to secure an exemption from, or reduction in the rate of, withholding tax
imposed pursuant to FATCA.

(3) Each Purchaser shall promptly notify the Seller and the Administrator of
any change in circumstances which would modify or render invalid any claimed
exemption or reduction.

(4) If the form provided by a Purchaser at the time such Purchaser first
becomes a party to this Agreement indicates a United States interest withholding tax
rate in excess of zero, withholding tax at such rate shall be considered excluded
from Taxes unless and until such Purchaser provides the appropriate forms certifying
that a lesser rate applies, whereupon withholding tax at such lesser rate only shall
be considered excluded from Taxes for periods governed by such form.

(f) For any period with respect to which a Purchaser has failed to provide the Seller with the
appropriate form, certificate or other document described in Section 1.10(e) (other than as
a result of a change in law occurring after the date such Purchaser becomes a Purchaser), such
Purchaser shall not be entitled to gross up under Section 1.10(a)(1) with respect to Taxes
imposed by reason of such failure; provided, however, that should a Purchaser become subject to
Taxes because of its failure to deliver a form, certificate or other document required hereunder,
the Seller shall take such steps at the Purchaser’s expense as the Purchaser shall reasonably
request to assist the Purchaser to recover such Taxes.

(g) Any Affected Person claiming any additional amounts payable pursuant to this Section
1.10 agrees to use reasonable efforts (consistent with its internal policy and legal and
regulatory restrictions) to change the jurisdiction of its lending office if the making of such a
change would avoid the need for, or reduce the amount of, any such additional amounts that may
thereafter accrue and would not, in the reasonable judgment of such Affected Person, be otherwise
disadvantageous to such Affected Person.

Section 1.11 Inability to Determine Euro-Rate or the LIBOR Market Index Rate. (a) If
the Administrator (or any Purchaser Agent) determines before the first day of any Yield Period
(which determination shall be final and conclusive) that, by reason of circumstances affecting the
interbank eurodollar market generally (i) deposits in Dollars (in the relevant amounts for such
Yield Period) are not being offered to banks in the interbank eurodollar market for such Yield
Period, (ii) adequate means do not exist for ascertaining the Euro-Rate or the LIBOR Market Index
Rate, as applicable, for such Yield Period or (iii) the Euro-Rate or the LIBOR Market Index Rate,
as applicable, does not accurately reflect the cost to any Purchaser (as determined by the related
Purchaser or the applicable Purchaser Agent) of maintaining any Portion of Capital during such
Yield Period, then the Administrator or such Purchaser Agent shall give notice
thereof to the Seller. Thereafter, until the Administrator or such Purchaser Agent notifies
the Seller that the circumstances giving rise to such suspension no longer exist, (a) no Portion of
Capital shall be funded at the Alternate Rate determined by reference to the Euro-Rate or the LIBOR
Market Index Rate, as applicable, and (b) the Discount for any outstanding Portions of Capital then
funded at the Alternate Rate determined by reference to the Euro-Rate or the LIBOR Market Index
Rate, as applicable, shall, on the last day of the then current Yield Period, be converted to the
Alternate Rate determined by reference to the Base Rate.

 

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(b) If, on or before the first day of any Yield Period, the Administrator shall have been
notified by any Affected Person that such Affected Person has determined (which determination shall
be final and conclusive) that any enactment, promulgation or adoption of or any change in any
applicable law, rule or regulation, or any change in the interpretation or administration thereof
by a Governmental Authority charged with the interpretation or administration thereof, or
compliance by such Affected Person with any guideline, request or directive (whether or not having
the force of law) of any such Governmental Authority shall make it unlawful or impossible for such
Affected Person to fund or maintain any Portion of Capital at the Alternate Rate and based upon the
Euro-Rate or the LIBOR Market Index Rate, as applicable, the Administrator shall notify the Seller
thereof. Upon receipt of such notice, until the Administrator notifies the Seller that the
circumstances giving rise to such determination no longer apply, (a) no Portion of Capital shall be
funded at the Alternate Rate determined by reference to the Euro-Rate or the LIBOR Market Index
Rate, as applicable, and (b) the Discount for any outstanding Portions of Capital then funded at
the Alternate Rate determined by reference to the Euro-Rate or the LIBOR Market Index Rate, as
applicable, shall be converted to the Alternate Rate determined by reference to the Base Rate
either (i) on the last day of the then current Yield Period if such Affected Person may lawfully
continue to maintain such Portion of Capital at the Alternate Rate determined by reference to the
Euro-Rate or the LIBOR Market Index Rate, as applicable, to such day, or (ii) immediately, if such
Affected Person may not lawfully continue to maintain such Portion of Capital at the Alternate Rate
determined by reference to the Euro-Rate or the LIBOR Market Index Rate, as applicable, to such
day.

Section 1.12 Letters of Credit. On the terms and subject to the conditions hereof,
the LC Bank shall issue or cause the issuance of Letters of Credit on behalf of Seller (and, if
applicable, on behalf of, or for the account of, any Originator in favor of such beneficiaries as
such Originator may elect); provided, that the LC Bank will not be required to issue or
cause to be issued any Letters of Credit to the extent that after giving effect thereto the
issuance of such Letters of Credit would then cause (a) the sum of (i) the Aggregate Capital plus
(ii) the LC Participation Amount to exceed the Purchase Limit or (b) the LC Participation Amount to
exceed the aggregate of the Commitments of the LC Bank and the LC Participants. All amounts drawn
upon Letters of Credit shall accrue Discount. Letters of Credit that have not been drawn upon shall
not accrue Discount.

Section 1.13 Issuance of Letters of Credit.

(a) The Seller may request the LC Bank, upon two (2) Business Days’ prior written notice
submitted on or before 11:00 a.m., New York time, to issue a Letter of Credit by delivering to the
Administrator a Letter of Credit Application (the “Letter of Credit Application”),
substantially in the form of Annex F hereto and a Purchase Notice, in the form of
Annex B hereto, in each case completed to the satisfaction of the Administrator and
the LC Bank and, such other certificates, documents and other papers and information as the
Administrator may reasonably request. The Seller also has the right to give instructions and make
agreements with respect to any Letter of Credit Application and the disposition of documents, and
to agree with the Administrator upon any amendment, extension or renewal of any Letter of Credit.

 

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(b) Each Letter of Credit shall, among other things, (i) provide for the payment of sight
drafts or other written demands for payment when presented for honor thereunder in accordance with
the terms thereof and when accompanied by the documents described therein and (ii) have an expiry
date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension or
renewal, as the case may be, and in no event later than the date that is twelve (12) months after
the date in clause (a) of the definition of “Facility Termination Date.” Each
Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary
Credits (2007 Revision), International Chamber of Commerce Publication No. 600, and any amendments
or revisions thereof adhered to by the LC Bank or the International Standby Practices
(ISP98-International Chamber of Commerce Publication Number 590), and any amendments or revisions
thereof adhered to by the LC Bank, as determined by the LC Bank.

(c) The Administrator shall promptly notify the LC Bank and LC Participants, at such Person’s
respective address for notices hereunder, of the request by the Seller for a Letter of Credit
hereunder, and shall provide the LC Bank and LC Participants with the Letter of Credit Application
delivered to the Administrator by the Seller pursuant to Section 1.13(a) above, by the
close of business on the day received or if received on a day that is not a Business Day or on any
Business Day after 11:00 a.m. New York time on such day, on the next Business Day.

Section 1.14 Requirements For Issuance of Letters of Credit. The Seller shall
authorize and direct the LC Bank to name the Seller or any Originator as the “Applicant” or
“Account Party” of each Letter of Credit.

Section 1.15 Disbursements, Reimbursement.

(a) Immediately upon the issuance of each Letter of Credit, each LC Participant shall be
deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the LC Bank a
participation in such Letter of Credit and each drawing thereunder in an amount equal to such LC
Participant’s Pro Rata Share of the face amount of such Letter of Credit and the amount of such
drawing, respectively.

(b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or
transferee thereof, the LC Bank will promptly notify the Administrator and the Seller of such
request. Provided that it shall have received such notice, the Seller shall reimburse (such
obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement
Obligation”) the LC Bank prior to 12:00 p.m., New York time on each date that an amount is paid
by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount
equal to the amount so paid by the LC Bank. In the event the Seller fails to reimburse the LC Bank
for the full amount of any drawing under any Letter of Credit by 12:00 p.m., New York time, on the
Drawing Date, the LC Bank will promptly notify each LC Participant thereof, and the Seller shall be
deemed to have requested that a Funded Purchase be made by the Purchasers
in the Purchaser Group for the LC Bank and the LC Participants to be disbursed on the Drawing
Date under such Letter of Credit in accordance with Section 1.1(b). Any notice given by
the LC Bank pursuant to this Section 1.15(b) may be oral if immediately confirmed in
writing; provided that the lack of any such written confirmation shall not affect the
conclusiveness or binding effect of the oral notice.

 

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(c) Each LC Participant shall upon any notice pursuant to Section 1.15(b) above make
available to the LC Bank an amount in immediately available funds equal to its Pro Rata Share of
the amount of the drawing. If any LC Participant so notified fails to make available to the LC
Bank the amount of such LC Participant’s Pro Rata Share of such amount by no later than 2:00 p.m.,
New York time on the Drawing Date, then interest shall accrue on such LC Participant’s obligation
to make such payment, from the Drawing Date to the date on which such LC Participant makes such
payment (i) at a rate per annum equal to the Federal Funds Rate during the first
three days following the Drawing Date and (ii) at a rate per annum equal to the
rate applicable to Capital on and after the fourth day following the Drawing Date. The LC Bank
will promptly give notice of the occurrence of the Drawing Date, but failure of the LC Bank to give
any such notice on the Drawing Date or in sufficient time to enable any LC Participant to effect
such payment on such date shall not relieve such LC Participant from its obligation under this
Section 1.15(c); provided that such LC Participant shall not be obligated to pay
interest as provided in clauses (i) and (ii) above until and commencing from the
date of receipt of notice from the LC Bank or the Administrator of a drawing. Each LC
Participant’s Commitment shall continue until the last to occur of any of the following events: (A)
the LC Bank ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (B)
no Letter of Credit issued hereunder remains outstanding and uncancelled; or (C) all Persons (other
than the Seller) have been fully reimbursed for all payments made under or relating to Letters of
Credit.

Section 1.16 Repayment of Participation Advances.

(a) Upon (and only upon) receipt by the LC Bank for its account of immediately available funds
from or for the account of the Seller in reimbursement of any payment made by the LC Bank under a
Letter of Credit with respect to which any LC Participant has made a participation advance to the
LC Bank, the LC Bank (or the Administrator on its behalf) will pay to each LC Participant, ratably
(based on the outstanding drawn amounts funded by each such LC Participant in respect of such
Letter of Credit), in the same funds as those received by the LC Bank; it being
understood, that the LC Bank shall retain a ratable amount of such funds that were not the
subject of any payment in respect of such Letter of Credit by any LC Participant.

(b) If the LC Bank is required at any time to return to the Seller, or to a trustee, receiver,
liquidator, custodian, or any official in any Insolvency Proceeding, any portion of the payments
made by the Seller to the LC Bank pursuant to this Agreement in reimbursement of a payment made
under the Letter of Credit or interest or fee thereon, each LC Participant shall, on demand of the
LC Bank, forthwith return to the LC Bank the amount of its Pro Rata Share of any amounts so
returned by the LC Bank plus interest at the Federal Funds Rate, from the date the payment was
first made to such LC Participant through, but not including, the date the payment is returned by
such LC Participant.

 

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Section 1.17 Documentation. The Seller agrees to be bound by (i) the terms of the
Letter of Credit Application, (ii) by the LC Bank’s interpretations of any Letter of Credit issued
for the Seller and (iii) by the LC Bank’s written regulations and customary practices relating to
letters of credit, though the LC Bank’s interpretation of such regulations and practices may be
different from the Seller’s own. In the event of a conflict between the Letter of Credit
Application and this Agreement, this Agreement shall govern. It is understood and agreed that,
except in the case of gross negligence or willful misconduct by the LC Bank, the LC Bank shall not
be liable for any error, negligence and/or mistakes, whether of omission or commission, in
following the Seller’s instructions or those contained in the Letters of Credit or any
modifications, amendments or supplements thereto.

Section 1.18 Determination to Honor Drawing Request. In determining whether to honor
any request for drawing under any Letter of Credit by the beneficiary thereof, the LC Bank shall be
responsible only to determine that the documents and certificates required to be delivered under
such Letter of Credit have been delivered and that they comply on their face with the requirements
of such Letter of Credit and that any other drawing condition appearing on the face of such Letter
of Credit has been satisfied in the manner so set forth.

Section 1.19 Nature of Participation and Reimbursement Obligations. Each LC
Participant’s obligation in accordance with this Agreement to make participation advances as a
result of a drawing under a Letter of Credit, and the obligations of the Seller to reimburse the LC
Bank upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Article I under all
circumstances, including the following circumstances:

(a) any set-off, counterclaim, recoupment, defense or other right which such LC
Participant may have against the LC Bank, the Administrator, the Purchasers, the Purchaser
Agents, the Seller or any other Person for any reason whatsoever;

(b) the failure of the Seller or any other Person to comply with the conditions set
forth in this Agreement for the making of Purchases, reinvestments, requests for Letters of
Credit or otherwise, it being acknowledged that such conditions are not required for the
making of participation advances hereunder;

(c) any lack of validity or enforceability of any Letter of Credit or any set-off,
counterclaim, recoupment, defense or other right which Seller or any Originator on behalf of
which a Letter of Credit has been issued may have against the LC Bank, the Administrator,
any Purchaser, or any other Person for any reason whatsoever;

(d) any claim of breach of warranty that might be made by the Seller, the LC Bank or
any LC Participant against the beneficiary of a Letter of Credit, or the existence of any
claim, set-off, defense or other right which the Seller, the LC Bank or any LC Participant
may have at any time against a beneficiary, any successor beneficiary or any transferee of
any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee
may be acting), the LC Bank, any LC Participant, the Purchasers or Purchaser Agents or any
other Person, whether in connection with this Agreement, the transactions contemplated
herein or any unrelated transaction (including any underlying
transaction between the Seller or any Subsidiaries of the Seller or any Affiliates of
the Seller and the beneficiary for which any Letter of Credit was procured);

 

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(e) the lack of power or authority of any signer of, or lack of validity, sufficiency,
accuracy, enforceability or genuineness of, any draft, demand, instrument, certificate or
other document presented under any Letter of Credit, or any such draft, demand, instrument,
certificate or other document proving to be forged, fraudulent, invalid, defective or
insufficient in any respect or any statement therein being untrue or inaccurate in any
respect, even if the Administrator or the LC Bank has been notified thereof;

(f) payment by the LC Bank under any Letter of Credit against presentation of a demand,
draft or certificate or other document which does not comply with the terms of such Letter
of Credit other than as a result of the gross negligence or willful misconduct of the LC
Bank;

(g) the solvency of, or any acts or omissions by, any beneficiary of any Letter of
Credit, or any other Person having a role in any transaction or obligation relating to a
Letter of Credit, or the existence, nature, quality, quantity, condition, value or other
characteristic of any property or services relating to a Letter of Credit;

(h) any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter
of Credit in the form requested by the Seller, unless the LC Bank has received written
notice from the Seller of such failure within three (3) Business Days after the LC Bank
shall have furnished the Seller a copy of such Letter of Credit and such error is material
and no drawing has been made thereon prior to receipt of such notice;

(i) any Material Adverse Effect on the Seller, any Originator or any Affiliates
thereof;

(j) any breach of this Agreement or any Transaction Document by any party thereto;

(k) the occurrence or continuance of an Insolvency Proceeding with respect to the
Seller, any Originator or any Affiliate thereof;

(l) the fact that a Termination Event or an Unmatured Termination Event shall have
occurred and be continuing;

(m) the fact that this Agreement or the obligations of the Seller or the Servicer
hereunder shall have been terminated; and

(n) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing.

 

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Section 1.20 Indemnity. In addition to other amounts payable hereunder, the Seller
hereby agrees to protect, indemnify, pay and save harmless the Administrator, the LC Bank, each LC
Participant and any of the LC Bank’s Affiliates that have issued a Letter of Credit from and
against any and all claims, demands, liabilities, damages, taxes, penalties, interest,
judgments, losses, costs, charges and expenses (including Attorney Costs) which the Administrator,
the LC Bank, any LC Participant or any of their respective Affiliates may incur or be subject to as
a consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result
of (a) the gross negligence or willful misconduct of the party to be indemnified as determined by a
final judgment of a court of competent jurisdiction or (b) the wrongful dishonor by the LC Bank of
a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from
any act or omission, whether rightful or wrongful, of any present or future de jure or de facto
Governmental Authority (all such acts or omissions herein called “Governmental Acts”).

Section 1.21 Liability for Acts and Omissions. As between the Seller, on the one
hand, and the Administrator, the LC Bank, the LC Participants, the Purchasers and the Purchaser
Agents, on the other, the Seller assumes all risks of the acts and omissions of, or misuse of any
Letter of Credit by, the respective beneficiaries of such Letter of Credit. In furtherance and not
in limitation of the respective foregoing, none of the Administrator, the LC Bank, the LC
Participants, the Purchasers or the Purchaser Agents shall be responsible for: (i) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party
in connection with the application for an issuance of any such Letter of Credit, even if it should
in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged
(even if the LC Bank or any LC Participant shall have been notified thereof); (ii) the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer or assign any
such 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; (iii) the failure of the
beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be
transferred, to comply fully with any conditions required in order to draw upon such Letter of
Credit or any other claim of the Seller against any beneficiary of such Letter of Credit, or any
such transferee, or any dispute between or among the Seller and any beneficiary of any Letter of
Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or
delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in
cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any such Letter of Credit or
of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit
of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from
causes beyond the control of the Administrator, the LC Bank, the LC Participants, the Purchasers
and the Purchaser Agents, including any Governmental Acts, and none of the above shall affect or
impair, or prevent the vesting of, any of the LC Bank’s rights or powers hereunder. Nothing in the
preceding sentence shall relieve the LC Bank from liability for its gross negligence or willful
misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction,
in connection with actions or omissions described in such clauses (i) through
(viii) of such sentence. In no event shall the Administrator, the LC Bank, the LC
Participants, the Purchasers or the Purchaser Agents or their respective Affiliates, be liable to
the Seller or any other Person for any indirect, consequential, incidental, punitive, exemplary or
special damages or expenses (including without limitation Attorney Costs), or for any damages
resulting from any change in the value of any property relating to a Letter of Credit.

 

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Without limiting the generality of the foregoing, the Administrator, the LC Bank, the LC
Participants, the Purchasers and the Purchaser Agents and each of its Affiliates: (i) may rely on
any written communication believed in good faith by such Person to have been authorized or given by
or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the
documents presented appear on their face to comply with the terms and conditions of the relevant
Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit,
whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful
dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such
presentation had initially been honored, together with any interest paid by the LC Bank or its
Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement advising
negotiation or payment, upon receipt of such statement (even if such statement indicates that a
draft or other document is being delivered separately), and shall not be liable for any failure of
any such draft or other document to arrive, or to conform in any way with the relevant Letter of
Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the
laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim
or demand made on the Administrator, the LC Bank, the LC Participants, the Purchasers or the
Purchaser Agents or their respective Affiliates, in any way related to any order issued at the
applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or
any similar document (each an “Order”) and may honor any drawing in connection with any
Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other
documents presented in connection with such Letter of Credit fail to conform in any way with such
Letter of Credit.

In furtherance and extension and not in limitation of the specific provisions set forth above,
any action taken or omitted by the LC Bank under or in connection with any Letter of Credit issued
by it or any documents and certificates delivered thereunder, if taken or omitted in good faith and
without gross negligence or willful misconduct, as determined by a final non-appealable judgment of
a court of competent jurisdiction, shall not put the LC Bank under any resulting liability to the
Seller, any LC Participant or any other Person.

Section 1.22 Extension of Termination Date. Seller may request the extension of the
then current Facility Termination Date by providing written notice to the Administrator and each
Purchaser Agent; provided such request is made not more than 180 days prior to, and not
less than 90 days prior to, the then current Facility Termination Date. In the event that the
Purchasers are all agreeable to such extension, the Administrator shall so notify the Seller and
the Servicer (it being understood that the Purchasers may accept or decline such a request
in their sole discretion and on such terms as they may elect) not more than 90 days from the date
of the Seller’s written notice and the Seller, the Servicer, the Administrator, the Purchaser
Agents and the Purchasers shall enter into such documents as the Purchasers may deem necessary or
appropriate to reflect such extension, and all reasonable costs and expenses incurred by the
Purchasers, the Administrator and the Purchaser Agents in connection therewith (including Attorney
Costs) shall be paid by the Seller. In the event any Purchaser declines the request for such
extension, (a) the Purchase Limit shall be reduced by an amount equal to the Commitment of such
Purchaser and (b) such Purchaser (or the applicable Purchaser Agent on its behalf) shall so notify
the Administrator and the Administrator shall so notify the Seller of such determination;
provided, that the failure of the Administrator to notify the Seller of the determination
to decline such extension shall not affect the understanding and agreement that the
applicable Purchasers shall be deemed to have refused to grant the requested extension in the
event the Administrator fails to affirmatively notify the Seller of their agreement to accept the
requested extension.

 

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ARTICLE II

REPRESENTATIONS AND WARRANTIES; COVENANTS;

TERMINATION EVENTS

Section 2.1 Representations and Warranties; Covenants. Each of the Seller and the
Servicer hereby makes the representations and warranties, and hereby agrees to perform and observe
the covenants, applicable to it set forth in Exhibits III and IV, respectively.

Section 2.2 Termination Events. If any of the Termination Events set forth in
Exhibit V shall occur, the Administrator may (with the consent of the Majority Purchaser
Agents) or shall (at the direction of the Majority Purchaser Agents), by notice to the Seller,
declare the Facility Termination Date to have occurred (in which case the Facility Termination Date
shall be deemed to have occurred); provided, that upon the occurrence of any event (without
any requirement for the passage of time or the giving of notice) described in paragraph (f)
of Exhibit V, the Facility Termination Date shall automatically occur. Upon any such
declaration, occurrence or deemed occurrence of the Facility Termination Date, the Administrator,
each Purchaser Agent and each Purchaser shall have, in addition to the rights and remedies that
they may have under this Agreement, all other rights and remedies provided after default under the
UCC and under other applicable law, which rights and remedies shall be cumulative.

ARTICLE III

INDEMNIFICATION

Section 3.1 Indemnities by the Seller. Without limiting any other rights any such
Person may have hereunder or under applicable law, the Seller hereby indemnifies and holds
harmless, on an after-tax basis, the Administrator, each Purchaser Agent, each Liquidity Provider,
each Program Support Provider and each Purchaser and their respective officers, directors, agents
and employees (each an “Indemnified Party”) from and against any and all damages, losses,
claims, liabilities, penalties, Taxes, costs and expenses (including Attorney Costs) (all of the
foregoing collectively, the “Indemnified Amounts”) at any time imposed on or incurred by
any Indemnified Party arising out of or otherwise relating to any Transaction Document, the
transactions contemplated thereby or the acquisition of any portion of the Purchased Interest, or
any action taken or omitted by any of the Indemnified Parties (including any action taken by the
Administrator as attorney-in-fact for the Seller or any Originator hereunder or under any other
Transaction Document), whether arising by reason of the acts to be performed by the Seller
hereunder or otherwise, excluding only Indemnified Amounts to the extent (a) a final judgment of a
court of competent jurisdiction holds that such Indemnified Amounts resulted from gross negligence
or willful misconduct of the Indemnified Party seeking indemnification, (b) due to the credit risk
of the Obligor and for which reimbursement would constitute recourse to any Originator, the Seller
or the Servicer for uncollectible Receivables or (c) such

 

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Indemnified Amounts include Taxes imposed
or based on, or measured by, the gross or net income or receipts of such Indemnified Party by the jurisdiction under the laws of which
such Indemnified Party is organized (or any political subdivision thereof); provided, that
nothing contained in this sentence shall limit the liability of the Seller or the Servicer or limit
the recourse of any Indemnified Party to the Seller or the Servicer for any amounts otherwise
specifically provided to be paid by the Seller or the Servicer hereunder. Without limiting the
foregoing indemnification, but subject to the limitations set forth in clauses (a),
(b) and (c) of the previous sentence, the Seller shall indemnify each Indemnified
Party for amounts (including losses in respect of uncollectible Receivables, regardless, for
purposes of these specific matters, whether reimbursement therefor would constitute recourse to the
Seller or the Servicer) relating to or resulting from:

(a) the failure of any Receivable included in the calculation of the Net Receivables
Pool Balance as an Eligible Receivable to be an Eligible Receivable, the failure of any
information contained in any Information Package to be true and correct, or the failure of
any other information provided to any Purchaser or the Administrator with respect to the
Receivables or this Agreement to be true and correct;

(b) the failure of any representation, warranty or statement made or deemed made by the
Seller (or any employee, officer or agent of the Seller) under or in connection with this
Agreement, any other Transaction Document, or any Information Package or any other
information or report delivered by or on behalf of the Seller pursuant hereto to have been
true and correct as of the date made or deemed made in all respects;

(c) the failure by the Seller to comply with any applicable law, rule or regulation
with respect to any Receivable or the related Contract, or the nonconformity of any
Receivable or related Contract with any such applicable law, rule or regulation;

(d) the failure of the Seller to vest and maintain vested in the Administrator, for the
benefit of the Purchasers, a first priority perfected ownership or security interest in the
Purchased Interest and the property conveyed hereunder, free and clear of any Adverse Claim;

(e) any commingling of funds to which the Administrator, any Purchaser Agent or any
Purchaser is entitled hereunder with any other funds;

(f) [intentionally omitted];

(g) any failure of a Lock-Box Bank to comply in all material respects with the terms of
the applicable Lock-Box Agreement;

(h) any dispute, claim, offset or defense (other than discharge in bankruptcy of the
Obligor) of the Obligor to the payment of any Receivable (including a defense based on such
Receivable or the related Contract not being a legal, valid and binding obligation of such
Obligor enforceable against it in accordance with its terms), or any other claim resulting
from the sale or lease of goods or the rendering of services related to such Receivable or
the furnishing or failure to furnish any such goods or services or relating to collection
activities (if such collection activities were performed by the Seller
or any of its Affiliates acting as the Servicer or by any agent or independent
contractor retained by the Seller or any of its Affiliates) with respect to such Receivable;

 

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(i) any failure of the Seller (or any of its Affiliates acting as the Servicer) to
perform its duties or obligations in accordance with the provisions of this Agreement, any
Contract or any other Transaction Document to which it is a party;

(j) [intentionally omitted];

(k) any reduction in Capital as a result of the distribution of Collections pursuant to
Section 1.4(d), if all or a portion of such distributions shall thereafter be
rescinded or otherwise must be returned for any reason;

(l) the use of proceeds of Purchase or reinvestment or the issuance of any Letter of
Credit on behalf of Seller (and, if applicable, on behalf of, or for the account of, any
Originator); or

(m) any environmental liability claim, products liability claim or personal injury or
property damage suit or other similar or related claim or action of whatever sort, arising
out of or in connection with any Receivable or any other suit, claim or action of whatever
sort relating to any of the Transaction Documents.

Section 3.2 Indemnities by the Servicer. Without limiting any other rights that any
Indemnified Party may have hereunder or under applicable law, rules or regulations, the Servicer
hereby agrees to indemnify each Indemnified Party from and against any and all Indemnified Amounts
arising out of or resulting from (whether directly or indirectly): (a) the failure of any
information contained in any Information Package to be true and correct, or the failure of any
other information provided to such Indemnified Party by, or on behalf of, the Servicer to be true
and correct, (b) the failure of any representation, warranty or statement made or deemed made by
the Servicer (or any of its officers) under or in connection with this Agreement or any other
Transaction Document to which it is a party to have been true and correct as of the date made or
deemed made in all respects when made, (c) the failure by the Servicer to comply with any
applicable law, rule or regulation with respect to any Pool Receivable or the related Contract, (d)
any dispute, claim, offset or defense of the Obligor (other than as a result of discharge in
bankruptcy with respect to such Obligor) to the payment of any Receivable in, or purporting to be
in, the Receivables Pool resulting from or related to the collection activities with respect to
such Receivable or (e) any failure of the Servicer to perform its duties or obligations in
accordance with the provisions hereof or any other Transaction Document to which it is a party.

ARTICLE IV

ADMINISTRATION AND COLLECTIONS

Section 4.1 Appointment of the Servicer.

(a) The servicing, administering and collection of the Pool Receivables shall be conducted by
the Person so designated from time to time as the Servicer in accordance with this Section
4.1. Until the Administrator gives notice to Swift (in accordance with this Section
4.1) of
the designation of a new Servicer, Swift is hereby designated as, and hereby agrees to perform
the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of a
Termination Event, the Administrator may (with the consent of the Majority Purchaser Agents) or
shall (at the direction of the Majority Purchaser Agents) terminate Swift as Servicer and designate
as Servicer any Person (including itself) to succeed Swift or any successor Servicer, on the
condition in each case that any such Person so designated shall agree to perform the duties and
obligations of the Servicer pursuant to the terms hereof.

 

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(b) Upon the designation of a successor Servicer as set forth in Section 4.1(a), Swift
agrees that it will terminate its activities as Servicer hereunder in a manner that the
Administrator determines will facilitate the transition of the performance of such activities to
the new Servicer, and Swift shall cooperate with and assist such new Servicer. Such cooperation
shall include access to and transfer of related records (including all Contracts) and use by the
new Servicer of all licenses (or the obtaining of new licenses), hardware or software necessary or
desirable to collect the Pool Receivables and the Related Security.

(c) Swift acknowledges that, in making their decision to execute and deliver this Agreement,
the Administrator and each member in each Purchaser Group have relied on Swift’s agreement to act
as Servicer hereunder. Accordingly, Swift agrees that it will not voluntarily resign as Servicer.

(d) The Servicer may delegate its duties and obligations hereunder to any subservicer (each a
“Sub-Servicer”); provided, that, in each such delegation: (i) such Sub-Servicer
shall agree in writing to perform the delegated duties and obligations of the Servicer pursuant to
the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties and
obligations so delegated, (iii) the Seller, the Administrator and each Purchaser Group shall have
the right to look solely to the Servicer for performance, (iv) the terms of any agreement with any
Sub-Servicer shall provide that the Administrator may terminate such agreement upon the termination
of the Servicer hereunder by giving notice of its desire to terminate such agreement to the
Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (v) the
Administrator and the Majority Purchaser Agents shall have consented in writing in advance to such
delegation. For the avoidance of doubt, this Section 4.1(d) shall not apply to any third
party collection agency collecting Defaulted Receivables or other third party servicer provider
assisting in the servicing of the Defaulted Receivables.

Section 4.2 Duties of the Servicer.

(a) The Servicer shall take or cause to be taken all such action as may be necessary or
advisable to administer and collect each Pool Receivable from time to time, all in accordance with
this Agreement and all applicable laws, rules and regulations, with reasonable care and diligence,
and in accordance with the Credit and Collection Policy. The Servicer shall set aside (or cause
the Seller to set aside and hold) for the accounts of the Seller and each Purchaser Group the
amount of Collections to which each such Purchaser Group is entitled in accordance with Article
I hereof. The Servicer may, in accordance with the applicable Credit and Collection Policy,
extend the maturity of any Pool Receivable and extend the maturity or adjust the Outstanding
Balance of any Defaulted Receivable, as the Servicer may reasonably determine to be appropriate to
maximize Collections thereof or reflect

 

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adjustments
expressly permitted under the Credit and Collection Policy or as expressly required under applicable laws, rules or
regulations or the applicable Contract; provided, that for purposes of this Agreement: (i)
such extension shall not, and shall not be deemed to, change the number of days such Pool
Receivable has remained unpaid from the date of the original due date related to such Pool
Receivable unless such Pool Receivable has been cancelled and reissued pursuant to the Credit and
Collection Policy with appropriate Deemed Collections being recorded pursuant to Section
1.4(e)(i) hereof, (ii) such extension or adjustment shall not alter the status of such Pool
Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of any
Purchaser, any Purchaser Agent or the Administrator under this Agreement or any other Transaction
Document and (iii) if a Termination Event has occurred and is continuing and Swift or an Affiliate
thereof is serving as the Servicer, Swift or such Affiliate may take such action only upon the
prior approval of the Administrator. The Seller shall deliver to the Servicer and the Servicer
shall hold for the benefit of the Seller and the Administrator (individually and for the benefit of
each Purchaser Group, in accordance with their respective interests), all records and documents
(including computer tapes or disks) with respect to each Pool Receivable. Notwithstanding anything
to the contrary contained herein, if a Termination Event has occurred and is continuing, the
Administrator may direct the Servicer (whether the Servicer is Swift or any other Person) to
commence or settle any legal action to enforce collection of any Pool Receivable or to foreclose
upon or repossess any Related Security.

(b) The Servicer shall, as soon as practicable following actual receipt of collected funds,
turn over to the Seller the collections of any indebtedness owed to the Seller that is not a Pool
Receivable, less, if Swift or an Affiliate thereof is not the Servicer, all reasonable and
appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and
administering such collections. The Servicer, if other than Swift or an Affiliate thereof, shall,
as soon as practicable upon demand, deliver to the Seller all records in its possession that
evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records in its
possession that evidence or relate to any indebtedness that is a Pool Receivable.

(c) The Servicer’s obligations hereunder shall terminate on the later of: (i) the Facility
Termination Date, (ii) the date on which no Capital or Discount in respect of the Purchased
Interest shall be outstanding, (iii) the date on which an amount equal to 100% of the LC
Participation Amount has been deposited in the LC Collateral Account or all Letters of Credit have
expired, and (iv) the date on which all amounts required to be paid to each Purchaser Agent, each
Purchaser, the Administrator and any other Indemnified Party or Affected Person hereunder shall
have been paid in full.

After such termination, if Swift or an Affiliate thereof was not the Servicer on the date of
such termination, the Servicer shall promptly deliver to the Seller all books, records and related
materials that the Seller previously provided to the Servicer, or that have been obtained by the
Servicer, in connection with this Agreement.

 

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Section 4.3 Lock-Box Account Arrangements. Prior to the Closing Date, the Seller
shall have entered into Lock-Box Agreements with all of the Lock-Box Banks and delivered executed
counterparts of each to the Administrator. Upon the occurrence and during the continuation of a
Termination Event, the Administrator may (with the consent of the Majority Purchaser Agents) or
shall (upon the direction of the Majority Purchaser Agents) at any time
thereafter give notice to each Lock-Box Bank that the Administrator is exercising its rights
under the Lock-Box Agreements to do any or all of the following: (a) to have the exclusive
ownership and control of the Lock-Box Accounts transferred to the Administrator (for the benefit of
the Purchasers) and to exercise exclusive dominion and control over the funds deposited therein,
(b) to have the proceeds that are sent to the respective Lock-Box Accounts redirected pursuant to
the Administrator’s instructions rather than deposited in the applicable Lock-Box Account, and (c)
to take any or all other actions permitted under the applicable Lock-Box Agreement. The Seller
hereby agrees that if the Administrator at any time takes any action set forth in the preceding
sentence, the Administrator shall have exclusive control (for the benefit of the Purchasers) of the
proceeds (including Collections) of all Pool Receivables and the Seller hereby further agrees to
take any other action that the Administrator or any Purchaser Agent may reasonably request to
transfer such control. Any proceeds of Pool Receivables received by the Seller or the Servicer
thereafter shall be sent immediately to, or as otherwise instructed by, the Administrator. The
parties hereto hereby acknowledge that if at any time the Administrator takes control of any
Lock-Box Account, the Administrator shall not have any rights to the funds therein in excess of the
unpaid amounts due to the Administrator, any member of any Purchaser Group, any Indemnified Party
or Affected Person or any other Person hereunder, and the Administrator shall distribute or cause
to be distributed such funds in accordance with Section 4.2(b) and Article I (in
each case as if such funds were held by the Servicer thereunder).

Section 4.4 Enforcement Rights.

(a) At any time following the occurrence and during the continuation of a Termination Event:

(i) the Administrator may direct the Obligors that payment of all amounts payable under
any Pool Receivable is to be made directly to the Administrator or its designee,

(ii) the Administrator may instruct the Seller or the Servicer to give notice of the
Purchaser Groups’ interest in Pool Receivables to each Obligor, which notice shall direct
that payments be made directly to the Administrator or its designee (on behalf of such
Purchaser Groups), and the Seller or the Servicer, as the case may be, shall give such
notice at the expense of the Seller or the Servicer, as the case may be; provided,
that if the Seller or the Servicer, as the case may be, fails to so notify each Obligor, the
Administrator (at the Seller’s or the Servicer’s, as the case may be, expense) may so notify
the Obligors,

(iii) the Administrator may request the Servicer to, and upon such request the Servicer
shall: (A) assemble all of the records necessary or desirable to collect the Pool
Receivables and the Related Security, and transfer or license to a successor Servicer the
use of all software necessary or desirable to collect the Pool Receivables and the Related
Security, and make the same available to the Administrator or its designee (for the benefit
of the Purchasers) at a place selected by the Administrator, and (B) segregate all cash,
checks and other instruments received by it from time to time constituting Collections in a
manner acceptable to the Administrator and, promptly upon receipt, remit all such cash,
checks and instruments, duly endorsed or with duly executed instruments of transfer, to
the Administrator or its designee, and

 

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(iv) the Administrator may collect any amounts due from any Originator under the Sale
Agreement.

(b) The Seller hereby authorizes the Administrator (on behalf of each Purchaser Group), and
irrevocably appoints the Administrator as its attorney-in-fact with full power of substitution and
with full authority in the place and stead of the Seller, which appointment is coupled with an
interest, to take any and all steps in the name of the Seller and on behalf of the Seller necessary
or desirable, in the determination of the Administrator, after the occurrence and during the
continuation of a Termination Event, to collect any and all amounts or portions thereof due under
any and all Pool Assets, including endorsing the name of the Seller on checks and other instruments
representing Collections and enforcing such Pool Assets. Notwithstanding anything to the contrary
contained in this Section 4.4(b), none of the powers conferred upon such attorney-in-fact
pursuant to the preceding sentence shall subject such attorney-in-fact to any liability if any
action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations
upon such attorney-in-fact in any manner whatsoever.

Section 4.5 Responsibilities of the Seller.

(a) Anything herein to the contrary notwithstanding, the Seller shall: (i) perform all of its
obligations, if any, under the Contracts related to the Pool Receivables to the same extent as if
interests in such Pool Receivables had not been transferred hereunder, and the exercise by the
Administrator, the Purchaser Agents or the Purchasers of their respective rights hereunder shall
not relieve the Seller from such obligations, and (ii) pay when due any Taxes, including any sales
taxes payable in connection with the Pool Receivables and their creation and satisfaction. None of
the Administrator, the Purchaser Agents or any of the Purchasers shall have any obligation or
liability with respect to any Pool Asset, nor shall any of them be obligated to perform any of the
obligations of the Seller, the Servicer, Swift or the Originators thereunder.

(b) Swift hereby irrevocably agrees that if at any time it shall cease to be the Servicer
hereunder, it shall act (if the then-current Servicer so requests) as the data-processing agent of
the Servicer and, in such capacity, Swift shall conduct the data-processing functions of the
administration of the Receivables and the Collections thereon in substantially the same way that
Swift conducted such data-processing functions while it acted as the Servicer.

Section 4.6 Servicing Fee. (a) Subject to clause (b), the Servicer shall be
paid a fee (the “Servicing Fee”) equal to 1.00% per annum (the
“Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool
Receivables. The Purchasers’ Share of the Servicing Fee shall be paid through the distributions
contemplated by Section 1.4(d), and the Seller’s Share of the Servicing Fee shall be paid
directly by the Seller.

(b) If the Servicer ceases to be Swift or an Affiliate thereof, the Servicing Fee shall be the
greater of: (i) the amount calculated pursuant to clause (a), and (ii) an alternative
amount specified by the successor Servicer not to exceed 110% of the aggregate reasonable costs and
expenses incurred by such successor Servicer in connection with the performance of its
obligations as Servicer.

 

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ARTICLE V

THE AGENTS

Section 5.1 Appointment and Authorization. (a) Each Purchaser and Purchaser Agent
hereby irrevocably designates and appoints PNC Bank, National Association, as the
“Administrator” hereunder and authorizes the Administrator to take such actions and to
exercise such powers as are delegated to the Administrator hereby and to exercise such other powers
as are reasonably incidental thereto. The Administrator shall hold, in its name, for the benefit
of each Purchaser, ratably, the Purchased Interest. The Administrator shall not have any duties
other than those expressly set forth herein or any fiduciary relationship with any Purchaser or
Purchaser Agent, and no implied obligations or liabilities shall be read into this Agreement, or
otherwise exist, against the Administrator. The Administrator does not assume, nor shall it be
deemed to have assumed, any obligation to, or relationship of trust or agency with, the Seller or
Servicer. Notwithstanding any provision of this Agreement or any other Transaction Document to the
contrary, in no event shall the Administrator ever be required to take any action which exposes the
Administrator to personal liability or which is contrary to the provision of any Transaction
Document or applicable law.

(b) Each Purchaser hereby irrevocably designates and appoints the respective institution
identified as the Purchaser Agent for such Purchaser’s Purchaser Group on the signature pages
hereto or in the Assumption Agreement or Transfer Supplement pursuant to which such Purchaser
becomes a party hereto, and each authorizes such Purchaser Agent to take such action on its behalf
under the provisions of this Agreement and to exercise such powers and perform such duties as are
expressly delegated to such Purchaser Agent by the terms of this Agreement, if any, together with
such other powers as are reasonably incidental thereto. Notwithstanding any provision to the
contrary elsewhere in this Agreement, no Purchaser Agent shall have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any Purchaser or other
Purchaser Agent or the Administrator, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities on the part of such Purchaser Agent shall be read into this
Agreement or otherwise exist against such Purchaser Agent.

(c) Except as otherwise specifically provided in this Agreement, the provisions of this
Article V are solely for the benefit of the Purchaser Agents, the Administrator and the
Purchasers, and none of the Seller or the Servicer shall have any rights as a third-party
beneficiary or otherwise under any of the provisions of this Article V, except that this
Article V shall not affect any obligations which any Purchaser Agent, the Administrator or
any Purchaser may have to the Seller or the Servicer under the other provisions of this Agreement.
Furthermore, no Purchaser shall have any rights as a third-party beneficiary or otherwise under any
of the provisions hereof in respect of a Purchaser Agent which is not the Purchaser Agent for such
Purchaser.

 

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(d) In performing its functions and duties hereunder, the Administrator shall act solely as
the agent of the Purchasers and the Purchaser Agents and does not assume nor shall be deemed to
have assumed any obligation or relationship of trust or agency with or for the Seller or the
Servicer or any of their successors and assigns. In performing its functions and duties hereunder,
each Purchaser Agent shall act solely as the agent of its respective Purchaser and does not assume
nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for
the Seller, the Servicer, any other Purchaser, any other Purchaser Agent or the Administrator, or
any of their respective successors and assigns.

Section 5.2 Delegation of Duties. The Administrator may execute any of its duties
through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties. The Administrator shall not be responsible for the negligence
or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

Section 5.3 Exculpatory Provisions. None of the Purchaser Agents, the Administrator
or any of their respective directors, officers, agents or employees shall be liable for any action
taken or omitted (i) with the consent or at the direction of the Majority Purchaser Agents (or in
the case of any Purchaser Agent, the Purchasers within its Purchaser Group that have a majority of
the aggregate Commitments of such Purchaser Group) or (ii) in the absence of such Person’s gross
negligence or willful misconduct. The Administrator shall not be responsible to any Purchaser,
Purchaser Agent or other Person for (i) any recitals, representations, warranties or other
statements made by the Seller, the Servicer, any Originator or any of their Affiliates, (ii) the
value, validity, effectiveness, genuineness, enforceability or sufficiency of any Transaction
Document, (iii) any failure of the Seller, the Servicer, any Originator or any of their Affiliates
to perform any obligation hereunder or under the other Transaction Documents to which it is a party
(or under any Contract), or (iv) the satisfaction of any condition specified in Exhibit II.
The Administrator shall not have any obligation to any Purchaser or Purchaser Agent to ascertain
or inquire about the observance or performance of any agreement contained in any Transaction
Document or to inspect the properties, books or records of the Seller, the Servicer, any Originator
or any of their respective Affiliates.

Section 5.4 Reliance by Agents. (a) Each Purchaser Agent and the Administrator shall
in all cases be entitled to rely, and shall be fully protected in relying, upon any document or
other writing or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person and upon advice and statements of legal counsel (including
counsel to the Seller), independent accountants and other experts selected by the Administrator.
Each Purchaser Agent and the Administrator shall in all cases be fully justified in failing or
refusing to take any action under any Transaction Document unless it shall first receive such
advice or concurrence of the Majority Purchaser Agents (or in the case of any Purchaser Agent, the
Purchasers within its Purchaser Group that have a majority of the aggregate Commitment of such
Purchaser Group), and assurance of its indemnification, as it deems appropriate.

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

 

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(c) The Purchasers within each Purchaser Group with a majority of the Commitments of such
Purchaser Group shall be entitled to request or direct the related Purchaser Agent to take action,
or refrain from taking action, under this Agreement on behalf of such Purchasers. Such Purchaser
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement in accordance with a request of such Majority Purchaser Agents, and such request and any
action taken or failure to act pursuant thereto shall be binding upon all of such Purchaser Agent’s
Purchasers.

(d) Unless otherwise advised in writing by a Purchaser Agent or by any Purchaser on whose
behalf such Purchaser Agent is purportedly acting, each party to this Agreement may assume that (i)
such Purchaser Agent is acting for the benefit of each of the Purchasers in respect of which such
Purchaser Agent is identified as being the “Purchaser Agent” in the definition of
“Purchaser Agent” hereto, as well as for the benefit of each assignee or other transferee
from any such Person, and (ii) each action taken by such Purchaser Agent has been duly authorized
and approved by all necessary action on the part of the Purchasers on whose behalf it is
purportedly acting. Each Purchaser Agent and its Purchaser(s) shall agree amongst themselves as to
the circumstances and procedures for removal, resignation and replacement of such Purchaser Agent.

Section 5.5 Notice of Termination Events. Neither any Purchaser Agent nor the
Administrator shall be deemed to have knowledge or notice of the occurrence of any Termination
Event or Unmatured Termination Event unless the Administrator and the Purchaser Agents have
received notice from any Purchaser, the Servicer or the Seller stating that a Termination Event or
an Unmatured Termination Event has occurred hereunder and describing such Termination Event or
Unmatured Termination Event. In the event that the Administrator receives such a notice, it shall
promptly give notice thereof to each Purchaser Agent whereupon each such Purchaser Agent shall
promptly give notice thereof to its related Purchasers. In the event that a Purchaser Agent
receives such a notice (other than from the Administrator), it shall promptly give notice thereof
to the Administrator. The Administrator shall take such action concerning a Termination Event or
an Unmatured Termination Event as may be directed by the Majority Purchaser Agents (unless such
action otherwise requires the consent of all Purchasers, the LC Bank and/or the Required LC
Participants), but until the Administrator receives such directions, the Administrator may (but
shall not be obligated to) take such action, or refrain from taking such action, as the
Administrator deems advisable and in the best interests of the Purchasers and the Purchaser Agents.

Section 5.6 Non-Reliance on Administrator, Purchaser Agents and Other Purchasers.
Each Purchaser expressly acknowledges that none of the Administrator, the Purchaser Agents or any
of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has
made any representations or warranties to it and that no act by the Administrator, or any Purchaser
Agent hereafter taken, including any review of the affairs of the Seller, Swift, the Servicer or
any Originator, shall be deemed to constitute any representation or warranty by the Administrator
or such Purchaser Agent, as applicable. Each Purchaser represents and warrants to the
Administrator and the Purchaser Agents that, independently and without reliance upon the
Administrator, Purchaser Agents or any other Purchaser and based on such documents and information
as it has deemed appropriate, it has made and will continue to make its own appraisal of and
investigation into the business, operations, property, prospects, financial and
other conditions and creditworthiness of the Seller, Swift, the Servicer or the Originators,
and the Receivables and its own decision to enter into this Agreement and to take, or omit, action
under any Transaction Document. Except for items specifically required to be delivered hereunder,
the Administrator shall not have any duty or responsibility to provide any Purchaser Agent with any
information concerning the Seller, Swift, the Servicer or the Originators or any of their
Affiliates that comes into the possession of the Administrator or any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

 

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Section 5.7 Administrator, Purchasers, Purchaser Agents and Affiliates. Each of the
Administrator, the Purchasers and the Purchaser Agents and any of their respective Affiliates may
extend credit to, accept deposits from and generally engage in any kind of banking, trust, debt,
equity or other business with the Seller, Swift, the Servicer or any Originator or any of their
Affiliates. With respect to the acquisition of the Eligible Receivables pursuant to this
Agreement, each of the Purchaser Agents and the Administrator shall have the same rights and powers
under this Agreement as any Purchaser and may exercise the same as though it were not such an
agent, and the terms “Purchaser” and “Purchasers” shall include, to the extent
applicable, each of the Purchaser Agents and the Administrator in their individual capacities.

Section 5.8 Indemnification. Each LC Participant and Related Committed Purchaser
shall indemnify and hold harmless the Administrator (but solely in its capacity as Administrator)
and the LC Bank and their respective officers, directors, employees, representatives and agents (to
the extent not reimbursed by the Seller, the Servicer or any Originator and without limiting the
obligation of the Seller, the Servicer, or any Originator to do so), ratably (based on its
Commitment) from and against any and all liabilities, obligations, losses, damages, penalties,
judgments, settlements, costs, expenses and disbursements of any kind whatsoever (including in
connection with any investigative or threatened proceeding, whether or not the Administrator, the
LC Bank or such Person shall be designated a party thereto) that may at any time be imposed on,
incurred by or asserted against the Administrator, the LC Bank or such Person as a result of, or
related to, any of the transactions contemplated by the Transaction Documents or the execution,
delivery or performance of the Transaction Documents or any other document furnished in connection
therewith (but excluding any such liabilities, obligations, losses, damages, penalties, judgments,
settlements, costs, expenses or disbursements resulting solely from the gross negligence or willful
misconduct of the Administrator, the LC Bank or such Person as finally determined by a court of
competent jurisdiction). Without limiting the generality of the foregoing, each LC Participant
agrees to reimburse the Administrator and the LC Bank, ratably according to its Pro Rata Shares,
promptly upon demand, for any out of pocket expenses (including Attorney Costs) incurred by the
Administrator or the LC Bank in connection with the administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in
respect of, its rights and responsibilities under this Agreement.

Section 5.9 Successor Administrator. The Administrator may, upon at least thirty (30)
days’ prior written notice to the Seller, each Purchaser and Purchaser Agent, resign as
Administrator. Such resignation shall not become effective until (x) a successor Administrator is
appointed by the Majority Purchaser Agents and has accepted such appointment and (y) so long as no
Termination Event or Unmatured Termination Event has occurred and is continuing, the Seller and the
Servicer shall have consented to such successor Administrator (such consent not to
be unreasonably withheld or delayed). Upon such acceptance of its appointment as
Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to
and become vested with all the rights and duties of the retiring Administrator, and the retiring
Administrator shall be discharged from its duties and obligations under the Transaction Documents.
After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1
and 3.2 and this Article V shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was the Administrator.

 

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ARTICLE VI

MISCELLANEOUS

Section 6.1 Amendments, Etc. No amendment or waiver of any provision of this
Agreement or any other Transaction Document, or consent to any departure by the Seller or the
Servicer therefrom, shall be effective unless in a writing signed by the Administrator, the LC Bank
and each of the Majority LC Participants and Majority Purchaser Agents, and, in the case of any
amendment, by the other parties thereto; and then such amendment, waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given;
provided, that, to the extent required by the securitization program of any Conduit
Purchaser, no such material amendment shall be effective until the Rating Agency Condition shall
have been satisfied with respect thereto (the Administrator hereby agrees to provide executed
copies of any material amendment to or waiver of any provision of this Agreement to the Rating
Agencies); provided, further that no such amendment or waiver shall, without the
consent of each affected Purchaser, (A) extend the date of any payment or deposit of Collections by
the Seller or the Servicer, (B) reduce the rate or extend the time of payment of Discount, (C)
reduce any fees payable to the Administrator, any Purchaser Agent or any Purchaser pursuant to the
Fee Letter, (D) change the amount of Capital of any Purchaser, any Purchaser’s pro rata share of
the Purchased Interest or any Related Committed Purchaser’s or LC Participant’s Commitment, (E)
amend, modify or waive any provision of the definition of “Majority Purchaser Agents” or
this Section 6.1, (F) consent to or permit the assignment or transfer by the Seller of any
of its rights and obligations under this Agreement, (G) change the definition of “Defaulted
Receivable,” “Delinquent Receivable,” “Eligible Receivable,” “Facility
Termination Date” (other than an extension of such date in accordance with clause (H)
or Section 1.22), “Loss Reserve,” “Loss Reserve Percentage,” “Dilution
Reserve,” “Dilution Reserve Percentage” or “Termination Event”, (H) extend the
“Facility Termination Date” or (I) amend or modify any defined term (or any defined term
used directly or indirectly in such defined term) used in clauses (A) through (I)
above in a manner that would circumvent the intention of the restrictions set forth in such
clauses. No failure on the part of the Purchasers, the Purchaser Agents or the Administrator to
exercise, and no delay in exercising any right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right.

 

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Section 6.2 Notices, Etc. All notices and other communications provided for hereunder
shall, unless otherwise stated herein, be in writing (including facsimile and email communications)
and shall be personally delivered or sent by facsimile or email, or by overnight mail, to the
intended party at the mailing or email address or facsimile number of such party set forth under
its name on the signature pages hereof (or in any other document or agreement
pursuant to which it is or became a party hereto), or at such other address or facsimile
number as shall be designated by such party in a written notice to the other parties hereto. All
such notices and communications shall be effective (i) if delivered by overnight mail, when
received, and (ii) if transmitted by facsimile or email, when sent, receipt confirmed by telephone
or electronic means.

Section 6.3 Successors and Assigns; Participations; Assignments.

(a) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. Except as otherwise
provided in Section 4.1(d), neither the Seller nor the Servicer may assign or transfer any
of its rights or delegate any of its duties hereunder or under any Transaction Document without the
prior consent of the Administrator, the LC Bank, the Required LC Participants and the Purchaser
Agents.

(b) Participations. (i) Except as otherwise specifically provided herein, any
Purchaser may sell to one or more Persons (each a “Participant”) participating interests in
the interests of such Purchaser hereunder; provided, that no Purchaser shall grant any
participation under which the Participant shall have rights to approve any amendment to or waiver
of this Agreement or any other Transaction Document. Such Purchaser shall remain solely
responsible for performing its obligations hereunder, and the Seller, the Servicer, each Purchaser
Agent and the Administrator shall continue to deal solely and directly with such Purchaser in
connection with such Purchaser’s rights and obligations hereunder. A Purchaser shall not agree
with a Participant to restrict such Purchaser’s right to agree to any amendment hereto, except
amendments that require the consent of all Purchasers.

(ii) Notwithstanding anything contained in paragraph (a) or clause (i) of
paragraph (b) of this Section 6.3, each of the LC Bank and each LC Participant may
sell participations in all or any part of any Funded Purchase made by such LC Participant to
another bank or other entity so long as (x) no such grant of a participation shall, without the
consent of the Seller, require the Seller to file a registration statement with the SEC and (y) no
holder of any such participation shall be entitled to require such LC Participant to take or omit
to take any action hereunder except that such LC Participant may agree with such participant that,
without such Participant’s consent, such LC Participant will not consent to an amendment,
modification or waiver referred to in Section 6.1. Any such Participant shall not have any
rights hereunder or under the Transaction Documents.

(c) Assignments by Certain Related Committed Purchasers. Any Related Committed
Purchaser may assign to one or more Persons (each a “Purchasing Related Committed
Purchaser”), reasonably acceptable to the Administrator, the LC Bank and the related Purchaser
Agent in its sole discretion, any portion of its Commitment (which shall be inclusive of its
Commitment as an LC Participant) pursuant to a supplement hereto, substantially in the form of
Annex D with any changes as have been approved by the parties thereto (each, a
“Transfer Supplement”), executed by each such Purchasing Related Committed Purchaser, such
selling Related Committed Purchaser, such related Purchaser Agent and the Administrator and with
the consent of the Seller (provided, that the consent of the Seller shall not be
unreasonably withheld or delayed and that no such consent shall be required if a Termination Event

 

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or Unmatured Termination Event has occurred and is continuing; provided, further,
that no consent of the Seller
 shall be required if the assignment is made by any Related Committed Purchaser to the
Administrator, to any other Related Committed Purchaser, to any Affiliate of the Administrator or
any Related Committed Purchaser, to any Program Support Provider or any Person which (i) is in the
business of issuing commercial paper notes and (ii) is associated with or administered by the
Administrator or any Affiliate of the Administrator). Any such assignment by a Related Committed
Purchaser cannot be for an amount less than $10,000,000. Upon (i) the execution of the Transfer
Supplement, (ii) delivery of an executed copy thereof to the Seller, the Servicer, such related
Purchaser Agent and the Administrator and (iii) payment by the Purchasing Related Committed
Purchaser to the selling Related Committed Purchaser of the agreed purchase price, if any, such
selling Related Committed Purchaser shall be released from its obligations hereunder to the extent
of such assignment and such Purchasing Related Committed Purchaser shall for all purposes be a
Related Committed Purchaser party hereto and shall have all the rights and obligations of a Related
Committed Purchaser hereunder to the same extent as if it were an original party hereto. The
amount of the Commitment of the selling Related Committed Purchaser allocable to such Purchasing
Related Committed Purchaser shall be equal to the amount of the Commitment of the selling Related
Committed Purchaser transferred regardless of the purchase price, if any, paid therefor. The
Transfer Supplement shall be an amendment hereof only to the extent necessary to reflect the
addition of such Purchasing Related Committed Purchaser as a “Related Committed Purchaser”
and a related “LC Participant” and any resulting adjustment of the selling Related
Committed Purchaser’s Commitment.

(d) Assignments to Liquidity Providers and other Program Support Providers. Any
Conduit Purchaser may at any time grant to one or more of its Liquidity Providers or other Program
Support Providers, participating interests in its portion of the Purchased Interest. In the event
of any such grant by such Conduit Purchaser of a participating interest to a Liquidity Provider or
other Program Support Provider, such Conduit Purchaser shall remain responsible for the performance
of its obligations hereunder. The Seller agrees that each Liquidity Provider and Program Support
Provider of any Conduit Purchaser hereunder shall be entitled to the benefits of Section
1.7.

(e) Other Assignment by Conduit Purchasers. Each party hereto agrees and consents (i)
to any Conduit Purchaser’s assignment, participation, grant of security interests in or other
transfers of any portion of, or any of its beneficial interest in, the Purchased Interest (or
portion thereof), including without limitation to any collateral agent in connection with its
commercial paper program and (ii) to the complete assignment by any Conduit Purchaser of all of its
rights and obligations hereunder to any other Person, and upon such assignment such Conduit
Purchaser shall be released from all obligations and duties, if any, hereunder; provided,
that such Conduit Purchaser may not, without the prior consent of its Related Committed Purchasers,
make any such transfer of its rights hereunder unless the assignee (i) is principally engaged in
the purchase of assets similar to the assets being purchased hereunder, (ii) has as its Purchaser
Agent the Purchaser Agent of the assigning Conduit Purchaser and (iii) issues commercial paper or
other Notes with credit ratings substantially comparable to the ratings of the assigning Conduit
Purchaser. Any assigning Conduit Purchaser shall deliver to any assignee a Transfer Supplement
with any changes as have been approved by the parties thereto, duly executed by such Conduit
Purchaser, assigning any portion of its interest in the Purchased Interest to its assignee. Such
Conduit Purchaser shall promptly (i) notify each of the other parties hereto of such assignment and
(ii) take all further action that the assignee reasonably requests in order to evidence the
assignee’s right, title and interest in such interest in the Purchased Interest and to enable
the assignee to exercise or enforce any rights of such Conduit Purchaser hereunder. Upon the
assignment of any portion of its interest in the Purchased Interest, the assignee shall have all of
the rights hereunder with respect to such interest (except that the Discount therefor shall
thereafter accrue at the rate, determined with respect to the assigning Conduit Purchaser unless
the Seller, the related Purchaser Agent and the assignee shall have agreed upon a different
Discount).

 

-38-

 

(f) Opinions of Counsel. If required by the Administrator or the applicable Purchaser
Agent or to maintain the ratings of the Notes of any Conduit Purchaser, each Transfer Supplement or
other assignment and acceptance agreement must be accompanied by an opinion of counsel of the
assignee as to such matters as the Administrator or such Purchaser Agent may reasonably request.

(g) Assignments to Federal Reserve Banks. Notwithstanding any other provision of this
Section 6.3, any Purchaser may at any time assign, as collateral or otherwise, all or any
portion of its rights (including, without limitation, rights to payment of interest and repayment
of the Purchased Interest) under this Agreement to any Federal Reserve Bank, without notice to or
consent of the Seller, Administrator or any other Person. In connection with such pledge, such
Purchaser shall be entitled to receive a physical note evidencing such Purchased Interest.

Section 6.4 Costs, Expenses and Taxes. (a) By way of clarification, and not of
limitation, of Sections 1.7, 1.20 or 3.1, the Seller shall pay to the
Administrator, each Purchaser Agent and/or any Purchaser on demand all reasonable costs and
expenses in connection with (i) the preparation, execution, delivery and administration of this
Agreement or the other Transaction Documents and the other documents and agreements to be delivered
hereunder and thereunder (and all reasonable costs and expenses in connection with any amendment,
waiver or modification of any thereof), (ii) the sale of the Purchased Interest (or any portion
thereof) by the Seller, (iii) the perfection (and continuation) of the Administrator’s rights in
the Receivables, Collections and other Pool Assets, (iv) the enforcement by the Administrator, any
Purchaser Agent or any member of any Purchaser Group of the obligations of the Seller, the Servicer
or the Originators under the Transaction Documents or of any Obligor under a Receivable and (v) the
maintenance by the Administrator of the Lock-Box Accounts (and any related lock-box or post office
box), including Attorney Costs for the Administrator, the Purchaser Agents and the Purchasers
relating to any of the foregoing or to advising the Administrator or any member of any Purchaser
Group (including, any related Liquidity Provider or any other related Program Support Provider)
about its rights and remedies under any Transaction Document or any other document, agreement or
instrument related thereto and all reasonable costs and expenses (including Attorney Costs) of the
Administrator, any Purchaser Agent and any Purchaser in connection with the enforcement or
administration of the Transaction Documents or any other document, agreement or instrument related
thereto. The Administrator and each member of each Purchaser Group agree, however, that unless a
Termination Event has occurred and is continuing, all of such entities will be represented by a
single law firm. The Seller shall, subject to the provisos in clause (e) of each of
Sections 1 and 2 of Exhibit IV, reimburse the Administrator, each Purchaser
Agent and each Purchaser for the cost of such Person’s auditors (which may be employees of such
Person) auditing the books, records and procedures of the Seller or the Servicer; provided, that
the Administrator shall discuss the scope and cost of any
such audit prior to commencement (it being understood that failure to discuss the scope or
cost of any such audit shall not relieve the Seller of its obligation to pay such amounts). The
Seller shall reimburse each Conduit Purchaser for any amounts such Conduit Purchaser must pay to
any related Liquidity Provider or other related Program Support Provider pursuant to any Program
Support Agreement on account of any Tax. The Seller shall reimburse each Purchaser on demand for
all reasonable out of pocket costs and expenses incurred by such Purchaser in connection with the
Transaction Documents or the transactions contemplated thereby.

 

-39-

 

(b) In addition, the Seller shall pay on demand any and all stamp, franchise and other taxes
and fees payable in connection with the execution, delivery, filing and recording of this Agreement
or the other documents or agreements to be delivered hereunder, and agrees to save each Indemnified
Party and Affected Person harmless from and against any liabilities with respect to or resulting
from any delay in paying or omission to pay such taxes and fees.

Section 6.5 No Proceedings; Limitation on Payments. (a) Each of the Seller, Swift,
the Servicer, the Administrator, the Purchaser Agents, the Purchasers, each assignee of the
Purchased Interest or any interest therein, and each Person that enters into a commitment to
purchase the Purchased Interest or interests therein, hereby covenants and agrees that it will not
institute against, or join any other Person in instituting against, any Conduit Purchaser any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding
under any federal or state bankruptcy or similar law, for one year and one day after the latest
maturing Note issued by such Conduit Purchaser is paid in full. The provisions of this paragraph
shall survive any termination of this Agreement. Each party hereto, each assignee of the Purchased
Interest or any interest therein, and each Person that enters into a commitment to purchase the
Purchased Interest or interests therein, agrees that it will not institute against, or join any
Person in instituting against, the Seller any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceeding, or any other proceeding under any federal or state bankruptcy or similar
law, for one year and one day after which all other indebtedness and other obligations of the
Seller hereunder and under each other Transaction Document shall have been paid in full;
provided that the Administrator may take any such action with the prior written consent of
the Majority Purchaser Agents and the LC Bank.

(b) Notwithstanding any provisions contained in this Agreement to the contrary, no Conduit
Purchaser shall or shall be obligated to, pay any amount, if any, payable by it pursuant to this
Agreement or any other Transaction Document unless (i) such Conduit Purchaser has received funds
which may be used to make such payment and which funds are not required to repay the Notes when due
and (ii) after giving effect to such payment, either (x) such Conduit Purchaser could issue Notes
to refinance all outstanding Notes (assuming such outstanding Notes matured at such time) in
accordance with the program documents governing such Conduit Purchaser’s securitization program or
(y) all Notes are paid in full. Any amount which such Conduit Purchaser does not pay pursuant to
the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the
Bankruptcy Code) against or company obligation of such Conduit Purchaser for any such insufficiency
unless and until such Conduit Purchaser satisfies the provisions of clauses (i) and
(ii) above. The provisions of this paragraph shall survive any termination of this
Agreement.

 

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Section 6.6 GOVERNING LAW AND JURISDICTION.

(a) THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER
THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO
THE EXTENT THAT THE PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY
PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY
EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF
THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER
JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH OF THE PARTIES
HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE
MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

Section 6.7 Confidentiality. Unless otherwise required by applicable law, each of the
Seller and the Servicer agrees to maintain the confidentiality of this Agreement and the other
Transaction Documents (and all drafts thereof) in communications with third parties and otherwise;
provided, that this Agreement may be disclosed (a) to third parties to the extent such
disclosure is made pursuant to a written agreement of confidentiality in form and substance
reasonably satisfactory to the Administrator and each Purchaser Agent and (b) to the Seller’s and
Servicer’s legal counsel and auditors if they agree to hold it confidential. Unless otherwise
required by applicable law, rules or regulations, the Administrator, the Purchaser Agents and the
Purchasers agree to maintain the confidentiality of non-public financial information regarding the
Seller, the Servicer and the Originators; provided, that such information may be disclosed
(i) to third parties to the extent such disclosure is made pursuant to a written agreement of
confidentiality in form and substance reasonably satisfactory to the Servicer, (ii) to legal
counsel and auditors of the Purchasers, the Purchaser Agents or the Administrator if they agree to
hold it confidential, (iii) to the rating agencies rating the Notes of any Conduit Purchaser, (iv)
to any Program Support Provider or potential Program Support Provider (if they agree to hold it
confidential), (v) to any placement agency placing the Notes, (vi) to any regulatory authorities
having jurisdiction over the Administrator, the Purchaser Agents, any Purchaser, any Program
Support Provider or any Liquidity Provider and (vii) to any Rating Agency or any non-hired
nationally recognized statistical rating organization that provides to a Conduit Purchaser or its
agent the certification required by subsection (e) of Rule 17g-5, and who agrees to keep such
information confidential as contemplated by Rule 17g-5, by posting such information to a password
protected internet website accessible to each such nationally recognized statistical rating
organization in connection with, and subject to the terms of Rule 17g-5.

 

-41-

 

Section 6.8 Execution in Counterparts. This Agreement may be executed in any number
of counterparts, each of which, when so executed, shall be deemed to be an original, and all of
which, when taken together, shall constitute one and the same agreement.

Section 6.9 Survival of Termination. The provisions of Sections 1.7,
1.8, 1.9, 1.10, 1.19, 1.20, 3.1, 3.2,
6.4, 6.5, 6.6, 6.7, 6.10 and 6.15 shall survive any
termination of this Agreement.

Section 6.10 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES ITS RESPECTIVE
RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER
LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER
WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT
ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY
JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING THAT
SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY
PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.

Section 6.11 Sharing of Recoveries. Each Purchaser agrees that if it receives any
recovery, through set-off, judicial action or otherwise, on any amount payable or recoverable
hereunder in a greater proportion than should have been received hereunder or otherwise
inconsistent with the provisions hereof, then the recipient of such recovery shall purchase for
cash an interest in amounts owing to the other Purchasers (as return of Capital or otherwise),
without representation or warranty except for the representation and warranty that such interest is
being sold by each such other Purchaser free and clear of any Adverse Claim created or granted by
such other Purchaser, in the amount necessary to create proportional participation by the Purchaser
in such recovery. If all or any portion of such amount is thereafter recovered from the recipient,
such purchase shall be rescinded and the purchase price restored to the extent of such recovery,
but without interest.

Section 6.12 Right of Setoff. Each Purchaser is hereby authorized (in addition to any
other rights it may have) to setoff, appropriate and apply (without presentment, demand, protest or
other notice which are hereby expressly waived) any deposits and any other indebtedness held or
owing by such Purchaser (including by any branches or agencies of such Purchaser) to, or for
the account of, the Seller against amounts owing by the Seller hereunder (even if contingent
or unmatured).

  

-42-

 

Section 6.13 Entire Agreement. This Agreement and the other Transaction Documents
embody the entire agreement and understanding between the parties hereto, and supersede all prior
or contemporaneous agreements and understandings of such Persons, verbal or written, relating to
the subject matter hereof and thereof.

Section 6.14 Headings. The captions and headings of this Agreement and any Exhibit,
Schedule or Annex hereto are for convenience of reference only and shall not affect the
interpretation hereof or thereof.

Section 6.15 Purchaser Groups’ Liabilities. The obligations of each Purchaser Agent
and each Purchaser under the Transaction Documents are solely the corporate obligations of such
Person. Except with respect to any claim arising out of the willful misconduct or gross negligence
of the Administrator, any Purchaser Agent or any Purchaser, no claim may be made by the Seller or
the Servicer or any other Person against the Administrator, any Purchaser Agent or any Purchaser or
their respective Affiliates, directors, officers, employees, attorneys or agents for any special,
indirect, consequential or punitive damages in respect of any claim for breach of contract or any
other theory of liability arising out of or related to the transactions contemplated by this
Agreement or any other Transaction Document, or any act, omission or event occurring in connection
therewith; and each of Seller and Servicer hereby waives, releases, and agrees not to sue upon any
claim for any such damages, whether or not accrued and whether or not known or suspected to exist
in its favor.

Section 6.16 Tax Treatment. Notwithstanding any other express or implied agreement to
the contrary, the parties hereto agree and acknowledge that each of them and each of their
employees, representatives, and other agents may disclose to any and all Persons, without
limitation of any kind, the tax treatment and tax structure of the transactions contemplated hereby
and all materials of any kind (including opinions or other tax analyses) that are provided to any
of them relating to such tax treatment and tax structure, except to the extent that confidentiality
is reasonably necessary to comply with U.S. federal or state securities laws. For purposes of this
paragraph, the terms “tax treatment” and “tax structure” have the meanings specified in Treasury
Regulation section 1.6011-4(c).

Section 6.17 USA Patriot Act. The Purchasers, each Liquidity Provider and each
Program Support Provider that is subject to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) hereby notifies the Seller
that pursuant to the requirements of the Patriot Act, it is required to obtain, verify, and record
information that identifies the Seller, which information includes the name and address of the
Seller and other information that will allow such Purchaser, Liquidity Provider or Program Support
Provider to identify the Seller in accordance with the Patriot Act.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

-43-

 

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

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT RECEIVABLES COMPANY II, LLC, as Seller	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:
	 	 	 	Swift Receivables Company II, LLC	 	 
	 

	 	 	 	 	 	2200 South 75th Avenue	 	 
	 

	 	 	 	 	 	Phoenix, Arizona 85043	 	 
	 

	 	 	 	 	 	Attention: Jim Fry	 	 
	 

	 	 	 	 	 	Telephone: (602) 269-9700	 	 
	 

	 	 	 	 	 	Facsimile: (623) 907-7464	 	 
	 

	 	 	 	 	 	Email: Jim_Fry@swifttrans.com	 	 

 

S-1

 

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION SERVICES, LLC, as Servicer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Swift Transportation Services, LLC	 	 
	 

	 	 	 	 	 	2200 South 75th Avenue	 	 
	 

	 	 	 	 	 	Phoenix, Arizona 85043	 	 
	 

	 	 	 	 	 	Attention: Jim Fry	 	 
	 

	 	 	 	 	 	Telephone: (602) 269-9700	 	 
	 

	 	 	 	 	 	Facsimile: (623) 907-7464	 	 
	 

	 	 	 	 	 	Email: Jim_Fry@swifttrans.com	 	 

 

S-2

 

	 	 	 	 	 	 	 	 	 
	 	 	THE PURCHASER GROUPS:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as 

Purchaser Agent for the
Market Street Purchaser Group	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	PNC Bank, National Association	 	 
	 

	 	 	 	 	 	Three PNC Plaza	 	 
	 

	 	 	 	 	 	225 Fifth Avenue	 	 
	 

	 	 	 	 	 	Pittsburgh, Pennsylvania 15222-2724	 	 
	 

	 	 	 	 	 	Attention: Robyn A. Reeher	 	 
	 

	 	 	 	 	 	Telephone: (412) 768-3090	 	 
	 

	 	 	 	 	 	Facsimile: (412)762-9184	 	 
	 

	 	 	 	 	 	Email: robyn.reeher@pnc.com	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Market Street Group Commitment: $150,000,000	 	 

 

S-3

 

	 	 	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,
	 	 
	 	 	as a Related Committed Purchaser	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	PNC Bank, National Association	 	 
	 

	 	 	 	 	 	Three PNC Plaza	 	 
	 

	 	 	 	 	 	225 Fifth Avenue	 	 
	 

	 	 	 	 	 	Pittsburgh, Pennsylvania 15222-2724	 	 
	 

	 	 	 	 	 	Attention: Robyn A. Reeher	 	 
	 

	 	 	 	 	 	Telephone: (412) 768-3090	 	 
	 

	 	 	 	 	 	Facsimile: (412)762-9184	 	 
	 

	 	 	 	 	 	Email: robyn.reeher@pnc.com	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Commitment: $150,000,000	 	 

 

S-4

 

	 	 	 	 	 	 	 	 	 
	 	 	MARKET STREET FUNDING LLC,

as Conduit Purchaser	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	c/o AMACAR Group, L.L.C.	 	 
	 

	 	 	 	 	 	6525 Morrison Blvd., Suite 318	 	 
	 

	 	 	 	 	 	Charlotte, North Carolina 28211	 	 
	 

	 	 	 	 	 	Attention: Doris J. Hearn	 	 
	 

	 	 	 	 	 	Telephone: (704) 365-0569	 	 
	 

	 	 	 	 	 	Facsimile: (704) 365-1362	 	 
	 

	 	 	 	 	 	Email: djhearn@amacar.com	 	 

 

S-5

 

	 	 	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as the LC Bank	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	PNC Bank, N.A.	 	 
	 

	 	 	 	 	 	225 Fifth Avenue	 	 
	 

	 	 	 	 	 	Pittsburgh, Pennsylvania 15222	 	 
	 

	 	 	 	 	 	Attention: Philip Liebscher	 	 
	 

	 	 	 	 	 	Telephone: (412) 762-3202	 	 
	 

	 	 	 	 	 	Facsimile: (412) 762-6484	 	 
	 

	 	 	 	 	 	Email: philip.liebscher@pnc.com	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Commitment: $150,000,000	 	 

 

S-6

 

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Purchaser Agent
for the Wells Fargo Purchaser Group	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Wells Fargo Bank, National Association	 	 
	 

	 	 	 	 	 	Wells Fargo Capital Finance	 	 
	 

	 	 	 	 	 	6 Concourse Parkway, Suite 1450	 	 
	 

	 	 	 	 	 	Atlanta, Georgia 30328	 	 
	 

	 	 	 	 	 	Attention: Elizabeth R. Wagner	 	 
	 

	 	 	 	 	 	Telephone: (404) 732-0819	 	 
	 

	 	 	 	 	 	Facsimile: (404) 732-0851

Email: elizabeth.wagner@wellsfargo.com	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Wells Fargo Group Commitment: $125,000,000	 	 

 

S-7

 

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Related Committed Purchaser	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Wells Fargo Bank, National Association	 	 
	 

	 	 	 	 	 	Wells Fargo Capital Finance	 	 
	 

	 	 	 	 	 	6 Concourse Parkway, Suite 1450	 	 
	 

	 	 	 	 	 	Atlanta, Georgia 30328	 	 
	 

	 	 	 	 	 	Attention: Elizabeth R. Wagner	 	 
	 

	 	 	 	 	 	Telephone: (404) 732-0819	 	 
	 

	 	 	 	 	 	Facsimile: (404) 732-0851

Email: elizabeth.wagner@wellsfargo.com	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Commitment: $125,000,000	 	 

 

S-8

 

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a LC Participant	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	Wells Fargo Bank, National Association	 	 
	 

	 	 	 	 	 	Wells Fargo Capital Finance	 	 
	 

	 	 	 	 	 	6 Concourse Parkway, Suite 1450	 	 
	 

	 	 	 	 	 	Atlanta, Georgia 30328	 	 
	 

	 	 	 	 	 	Attention: Elizabeth R. Wagner	 	 
	 

	 	 	 	 	 	Telephone: (404) 732-0819	 	 
	 

	 	 	 	 	 	Facsimile: (404) 732-0851

Email: elizabeth.wagner@wellsfargo.com	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Commitment: $125,000,000	 	 

 

S-9

 

	 	 	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as Administrator	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	PNC Bank, National Association	 	 
	 

	 	 	 	 	 	Three PNC Plaza	 	 
	 

	 	 	 	 	 	225 Fifth Avenue	 	 
	 

	 	 	 	 	 	Pittsburgh, Pennsylvania 15222-2724	 	 
	 

	 	 	 	 	 	Attention: Robyn A. Reeher	 	 
	 

	 	 	 	 	 	Telephone: (412) 768-3090	 	 
	 

	 	 	 	 	 	Facsimile: (412)762-9184	 	 
	 

	 	 	 	 	 	Email: robyn.reeher@pnc.com	 	 

 

S-10

 

EXHIBIT I

DEFINITIONS

1. Definitions. As used in this Agreement (including its Exhibits, Schedules and
Annexes), the following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined). Unless otherwise indicated,
all Section, Annex, Exhibit and Schedule references in this Exhibit are to Sections of and Annexes,
Exhibits and Schedules to this Agreement.

“Administration Account” means the account designated as the Administration Account
established and maintained by the Seller with PNC Bank, National Association having account number
[*]  and routing number [*] , or such other account as may be so designated as such by
the Seller with notice to the Administrator and each Purchaser Agent.

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

“Adjusted LC Participation Amount” means, at any time, the LC Participation Amount
minus the amount on deposit in the LC Collateral Account.

“Adverse Claim” means a lien, security interest or other charge or encumbrance, or any
other type of preferential arrangement; it being understood that any thereof in favor of
the Administrator (for the benefit of the Purchasers) or the Seller as contemplated in the Sale
Agreement shall not constitute an Adverse Claim.

“Affected Person” has the meaning set forth in Section 1.7 of this Agreement.

“Affiliate” means, as to any Person: (a) any Person that, directly or indirectly, is
in control of, is controlled by or is under common control with such Person, or (b) who is a
director or officer: (i) of such Person or (ii) of any Person described in clause (a),
except that, in the case of each Conduit Purchaser, Affiliate shall mean the holder of its capital
stock or membership interest, as the case may be. For purposes of this definition, control of a
Person shall mean the power, direct or indirect: (x) to vote 50% or more of the securities having
ordinary voting power for the election of directors of such Person, or (y) to direct or cause the
direction of the management and policies of such Person, in either case whether by ownership of
securities, contract, proxy or otherwise.

“Aggregate Capital” means the amount paid to the Seller in respect of the Purchased
Interest or portion thereof by each Purchaser pursuant to this Agreement, as reduced from time to
time by Collections distributed and applied on account of such Aggregate Capital pursuant to
Section 1.4(d) of this Agreement; provided, that if such Aggregate Capital shall
have been reduced by any distribution, and thereafter all or a portion of such distribution is
rescinded or must otherwise be returned for any reason, such Aggregate Capital shall be increased by the
amount of such rescinded or returned distribution as though it had not been made.

 

	 	 	 
	*	 	Confidential information on this page has been omitted
and filed separately with the Securities and Exchange Commission pursuant to a
Confidential Treatment Request.

 

I-1

 

“Aggregate Discount” means at any time, the sum of the aggregate for each
Purchaser of the accrued and unpaid Discount with respect to each such Purchaser’s Capital at such
time.

“Agreement” has the meaning set forth in the preamble hereto.

“Alternate Rate” for any Yield Period for any Capital (or portion thereof) funded by
any Purchaser: (a) other than through the issuance of Notes means an interest rate per annum equal
to the daily average LIBOR Market Index Rate for such Yield Period, or, (b) if the Base Rate is
applicable to such Purchaser pursuant to Section 1.11, the daily average Base Rate for such Yield
Period; provided, that the “Alternate Rate” for any day while a Termination Event
or an Unmatured Termination Event exists shall be an interest rate equal to 2.0% per annum above
the higher of (i) the Base Rate and (ii) the Euro-Rate.

“Assumption Agreement” means an agreement substantially in the form set forth in
Annex C to this Agreement.

“Attorney Costs” means and includes all reasonable fees and disbursements of any law
firm or other external counsel.

“Bankruptcy Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §
101, et seq.), as amended from time to time.

“Base Rate” means, with respect to any Purchaser, for any day, a fluctuating interest
rate per annum as shall be in effect from time to time, which rate shall be at all
times equal to the higher of:

(a) the rate of interest in effect for such day as publicly announced from time to time
by the applicable Purchaser Agent (or applicable Related Committed Purchaser) as its “prime
rate”. Such “prime rate” is set by the applicable Purchaser Agent based upon various
factors, including the applicable Purchaser Agent’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, and

(b) 0.50% per annum above the latest Federal Funds Rate.

“Business Day” means any day (other than a Saturday or Sunday) on which: (a) banks are
not authorized or required to close in Phoenix, Arizona, Pittsburgh, Pennsylvania, or New York, New
York, and (b) if this definition of “Business Day” is utilized in connection with the Euro-Rate or
the LIBOR Market Index Rate, as applicable, dealings are carried out in the London interbank
market.

“Calculation Period” means with respect to any Portion of Capital (a) initially the
period commencing on (and including) the date of the initial Purchase or funding of such Portion of
Capital and ending on (but not including) the next occurring Settlement Date, and (b) thereafter,
each period commencing on (and including) the first day after the last day included in the
immediately preceding Calculation Period for such Portion of Capital and ending on (but not
including) the next occurring Settlement Date.

 

I-2

 

“Capital” means with respect to any Purchaser, (a) the amount paid to the Seller by
such Purchaser pursuant to Section 1.1(a) or (b) of this Agreement or (b) such
Purchaser’s Pro Rata Share of the aggregate amount of all unreimbursed draws deemed to be Funded
Purchases pursuant to Section 1.2(e) of this Agreement, as reduced from time to time by
Collections distributed and applied on account of such Capital pursuant to Section 1.4(d)
of this Agreement; provided, that if such Capital shall have been reduced by any
distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be
returned for any reason, such Capital shall be increased by the amount of such rescinded or
returned distribution as though it had not been made.

“Change in Control” means (a) that Swift ceases to own, directly or indirectly, 100%
of the membership interests of the Seller free and clear of all Adverse Claims, (b) Parent ceases
to own, directly or indirectly, 100% of the membership interests of any Originator or (c) a “Change
in Control” (as such term is defined in the Credit Agreement, without giving effect to any
amendment, supplement, modification or waiver of such definition made or given after such time
either PNC or Wells is no longer a lender thereunder).

“Closing Date” means June 8, 2011.

“Collections” means, with respect to any Pool Receivable: (a) all funds that are
received by any Originator, Swift, the Seller or the Servicer in payment of any amounts owed in
respect of such Receivable (including purchase price, finance charges, interest and all other
charges), or applied to amounts owed in respect of such Receivable (including insurance payments
and net proceeds of the sale or other disposition of repossessed goods or other collateral or
property of the related Obligor or any other Person directly or indirectly liable for the payment
of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections and (c)
all other proceeds of such Pool Receivable.

“Commitment” means, with respect to any Related Committed Purchaser, LC Participant or
LC Bank, as applicable, the maximum aggregate amount which such Purchaser is obligated to pay
hereunder on account of all Funded Purchases and all drawings under all Letters of Credit, on a
combined basis, as set forth below its signature to this Agreement or in the Assumption Agreement
or Transfer Supplement pursuant to which it became a Purchaser, as such amount may be modified in
connection with any subsequent assignment pursuant to Section 6.3(c) or in connection with
a change in the Purchase Limit pursuant to Section 1.1(c).

“Commitment Percentage” means, for each Related Committed Purchaser or related LC
Participant in a Purchaser Group, the Commitment of such Related Committed Purchaser or related LC
Participant, as the case may be, divided by the total of all Commitments of all Related Committed
Purchasers or related LC Participants, as the case may be, in such Purchaser Group.

“Company Notes” has the meaning set forth in Section 3.1 of the Sale
Agreement.

 

I-3

 

“Concentration Percentage” means, at any time: (a) for any Group A Obligor, 15.0%, (b)
for any Group B Obligor, 7.0%, (c) for any Group C Obligor, 5.0% and (d) for any Group D Obligor,
3.0%;

“Concentration Reserve” means at any time, (a) the Concentration Reserve Percentage
divided by (b) 100% minus the Concentration Reserve Percentage.

“Concentration Reserve Percentage” means, at any time, the ratio (expressed as a
percentage) (a) the largest of the following (i) the sum of the five (5) largest Group D
Obligor Receivables balances (up to the Concentration Percentage for each such Obligor), (ii)
the sum of the three (3) largest Group C Obligor Receivables balances (up to the
Concentration Percentage for each such Obligor), (iii) the sum of the two (2) largest Group
B Obligor Receivables balances (up to the Concentration Percentage for such Obligor), and (iv) the
largest Group A Obligor Receivables balance (up to the Concentration Percentage for such Obligor),
divided by (b) the sum of the aggregate Outstanding Balances of all Eligible
Receivables in the Receivables Pool.

“Conduit Purchaser” means each commercial paper conduit that is a party to this
Agreement, as a purchaser, or that becomes a party to this Agreement, as a purchaser pursuant to an
Assumption Agreement, Transfer Supplement or otherwise.

“Contract” means, with respect to any Receivable, any and all contracts, instruments,
agreements, leases, invoices, notes or other writings (including electronic or other forms of
writings consistent with standard industry billing practices) pursuant to which such Receivable
arises or that evidence such Receivable or under which an Obligor becomes or is obligated to make
payment in respect of such Receivable.

“Contributed Receivables” has the meaning set forth in Section 1.1(a) of the
Sale Agreement.

“CP Rate” means, for any Conduit Purchaser and for any Yield Period for any Portion of
Capital (a) the per annum rate equivalent to the weighted average cost (as
determined by the applicable Purchaser Agent and which shall include commissions of placement
agents and dealers, incremental carrying costs incurred with respect to Notes of such Person
maturing on dates other than those on which corresponding funds are received by such Conduit
Purchaser, other borrowings by such Conduit Purchaser (other than under any Program Support
Agreement) and any other costs associated with the issuance of Notes) of or related to the issuance
of Notes that are allocated, in whole or in part, by the applicable Purchaser Agent to fund or
maintain such Portion of Capital (and which may be also allocated in part to the funding of other
assets of such Conduit Purchaser); provided, that if any component of such rate is a
discount rate, in calculating the “CP Rate” for such Portion of Capital for such Yield
Period, the applicable Purchaser Agent shall for such component use the rate resulting from
converting such discount rate to an interest bearing equivalent rate per annum;
provided, further, that notwithstanding anything in this Agreement or the other
Transaction Documents to the contrary, the Seller agrees that any amounts payable to the Purchasers
in respect of Discount for any Yield Period with respect to any Portion of Capital funded by such
Purchaser at the CP Rate shall include an amount equal to the portion of the face amount of the
outstanding Notes issued to fund or maintain such Portion of Capital that corresponds to the
portion of the proceeds of such Notes that was used to pay the
interest

 

I-4

 

 component of maturing Notes issued to fund or maintain such Portion of Capital, to
the extent that such Purchaser had not received payments of interest in respect of such interest
component prior to the maturity date of such maturing Notes (for purposes of the foregoing, the
“interest component” of Notes equals the excess of the face amount thereof over the net proceeds
received by such Purchaser from the issuance of Notes, except that if such Notes are issued on an
interest-bearing basis its “interest component” will equal the amount of interest accruing on such
Notes through maturity) or (b) any other rate designated as the “CP Rate” for such Conduit
Purchaser in an Assumption Agreement or Transfer Supplement pursuant to which such Person becomes a
party as a Conduit Purchaser to this Agreement, or any other writing or agreement provided by such
Conduit Purchaser to the Seller, the Servicer and the applicable Purchaser Agent from time to time.
The “CP Rate” for any day while a Termination Event or an Unmatured Termination Event
exists shall be an interest rate equal to the Alternate Rate as calculated in the definition
thereof.

“Credit Agreement” means that certain Credit Agreement, dated as of December 21, 2010,
among Swift Transportation Co., LLC, as borrower, Swift Transportation Co., LLC, the Parent, the
other Guarantors party thereto, Morgan Stanley Senior Funding, Inc., as Syndication Agent and
Collateral Agent, Wells, Citigroup Capital Markets, Inc. and PNC Capital Markets LLC, as
Co-Documentation Agents, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer and the other Lenders party thereto (as the same may be amended, restated, supplemented or
otherwise modified from time to time).

“Credit and Collection Policy” means, as the context may require, those receivables
credit and collection policies and practices of each Originator and of Swift in effect on the date
of this Agreement and described in Schedule I to this Agreement, as modified in compliance
with this Agreement.

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

“Cut-off Date” has the meaning set forth in Section 1.1(a) the Sale Agreement.

“Days’ Sales Outstanding” means, for any Fiscal Month, an amount computed as of the
last day of such Fiscal Month equal to: (a) the average of the Outstanding Balance of all
Pool Receivables as of the last day of each of the three most recent Fiscal Months ended on the
last day of such Fiscal Month divided by (b)(i) the aggregate Credit Sales during the three
Fiscal Months ended on the last day of such Fiscal Month divided by (ii) 90.

“Debt” of any Person shall mean, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes
or similar instruments, (c) all obligations of such Person under conditional sale or other title
retention agreements relating to property or assets purchased by such Person, (d) all obligations
of such Person issued or assumed as the deferred purchase price of property or services (other than
current trade liabilities and current intercompany liabilities (but not any refinancings,
extensions, renewals or replacements thereof) incurred in the ordinary course of business and
maturing within 365 days after the incurrence thereof), (e) all guarantees by such Person of Debt
of others, (f) all capital lease obligations of such Person, (g) all payments that such Person
would
have to make in the event of an early termination, on the date Debt of such Person is being
determined, in respect of outstanding swap agreements, (h) the principal component of all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and (i) the principal component of all obligations of such person in respect of bankers’
acceptances. The Debt of any person shall include the Debt of any partnership in which such Person
is a general partner, other than to the extent that the instrument or agreement evidencing such
Debt expressly limits the liability of such person in respect thereof.

 

I-5

 

“Deemed Collections” has the meaning set forth in Section 1.4(e)(ii) of this
Agreement.

“Default Ratio” means the ratio (expressed as a percentage and rounded to the nearest
1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month
by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that became
Defaulted Receivables during such month (other than Receivables that became Defaulted Receivables
as a result of an Insolvency Proceeding with respect to the Obligor thereof during such month)
by (b) the Credit Sales during the month that is four (4) Fiscal Months before such month.

“Defaulted Receivable” means a Receivable:

(a) as to which any payment, or part thereof, remains unpaid for more than 120 days
from the original invoice date for such payment, or

(b) without duplication (i) as to which an Insolvency Proceeding shall have occurred
with respect to the Obligor thereof or any other Person obligated thereon or owning any
Related Security with respect thereto; provided, however, that notwithstanding that an
Insolvency Proceeding has occurred with respect to such Obligor, such Receivable shall not
be deemed a Defaulted Receivable in the event that the applicable Originator is determined
by a bankruptcy court of competent jurisdiction to be a critical vendor or other entity
entitled to post-petition payment on its pre-petition claim or such Receivable is for
post-petition services which are entitled to administrative priority, (ii) as to which any
payment, or part thereof, has been written off the Seller’s or the applicable Originator’s
books as uncollectible or (iii) as to which the related Obligor is not entitled to any
further extensions of credit under the terms of the applicable Credit and Collection Policy.

“Delinquency Ratio” means the ratio (expressed as a percentage and rounded to the
nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal
Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were
Delinquent Receivables on such day by (b) the aggregate Outstanding Balance of all Pool
Receivables on such day.

“Delinquent Receivable” means a Receivable as to which any payment, or part thereof,
remains unpaid for more than 120 days from the original invoice date for such payment.

“Dilution Horizon Ratio” means, for any Fiscal Month, the ratio (expressed as a
percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) computed
as of the last day of such Fiscal Month by dividing: (a) the aggregate Credit Sales
during the two most recent Fiscal Months, by (b) the Net Receivables Pool Balance at
the last day of such Fiscal Month.

  

I-6

 

“Dilution Ratio” means the ratio (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal
Month by dividing: (a) the aggregate amount of payments made or owed by the Seller pursuant
to Section 1.4(e)(i) of this Agreement during such Fiscal Month by (b) the
aggregate Credit Sales during the Fiscal Month that is one month prior to such Fiscal Month.

“Dilution Reserve” means, on any day, an amount equal to (a) the Dilution
Reserve Percentage on such day, divided by (b) 100% minus the Dilution Reserve
Percentage on such day.

“Dilution Reserve Percentage” means on any day, the product (expressed as a
percentage) of (a) the Dilution Horizon Ratio multiplied by (b) the sum of (i) 2.25
times the average of the Dilution Ratios for the twelve most recent Fiscal Months
and (ii) the Dilution Spike Factor.

“Dilution Spike Factor” means, for any Fiscal Month, the product of (a) the
positive difference, if any, between: (i) the highest Dilution Ratio for any Fiscal
Month during the twelve most recent Fiscal Months and (ii) the arithmetic average
of the Dilution Ratios for such twelve Fiscal Months times (b) (i) the highest Dilution
Ratio for any Fiscal Month during the twelve most recent Fiscal Months, divided by (ii) the
arithmetic average of the Dilution Ratios for such twelve Fiscal Months.

“Discount” means with respect to any Purchaser:

(a) for any Portion of Capital for any Yield Period with respect to any Purchaser to
the extent such Portion of Capital will be funded by such Purchaser during such Yield Period
through the issuance of Notes:

CPR x C x ED/360

 

I-7

 

(b) for any Portion of Capital for any Yield Period with respect to any Purchaser to
the extent such Portion of Capital will not be funded by such Purchaser during such Yield
Period through the issuance of Notes or, if the LC Bank and/or any LC Participant has deemed
to have made a Funded Purchase in connection with any drawing under a Letter of Credit which
accrues Discount pursuant to Section 1.2(e) of this Agreement:

AR x C x ED/Year

where:

	 	 	 	 	 	 	 
	 

	 	AR
	 	=
	 	the Alternate Rate for such Portion of Capital for such Yield
Period with respect to such Purchaser,
	 
	 	 	 	 	 	 
	 

	 	C
	 	=
	 	the daily average Capital with respect to such Portion of
Capital during such Yield Period with respect to such Purchaser,
	 
	 	 	 	 	 	 
	 

	 	CPR
	 	=
	 	the CP Rate for the Portion of Capital for such Yield Period
with respect to such Purchaser,
	 
	 	 	 	 	 	 
	 

	 	ED
	 	=
	 	the actual number of days during such Yield Period, and
	 
	 	 	 	 	 	 
	 

	 	Year
	 	=
	 	if such Portion of Capital is funded based upon: (i) the
Euro-Rate or the LIBOR Market Index Rate, as applicable, 360 days, and (ii) the
Base Rate, 365 or 366 days, as applicable;

provided, that no provision of this Agreement shall require the payment or permit the
collection of Discount in excess of the maximum permitted by applicable law; and provided
further, that Discount for any Portion of Capital shall not be considered paid by any
distribution to the extent that at any time all or a portion of such distribution is rescinded or
must otherwise be returned for any reason.

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

“Drawing Date” has the meaning set forth in Section 1.15(b) of this Agreement.

“Eligible Receivable” means, at any time, a Pool Receivable:

(a) the Obligor of which is (i) a resident of the United States or, subject to the
limitations in the definition of “Excess Concentrations”, a resident of Mexico or Canada,
(ii) not subject to any action of the type described in paragraph (f) of Exhibit
V to this Agreement and (iii) not an Affiliate of Swift;

(b) that is denominated and payable in U.S. dollars to a Lock-Box Account in the United
States, and the Obligor with respect to which has been instructed on or prior to the Closing
Date to remit Collections in respect thereof to a Lock-Box Account in the United States;

(c) that does not have a stated maturity which is more than 60 days after the invoice
date of such Receivable;

(d) that arises under a duly authorized Contract for the sale and delivery of goods and
services in the ordinary course of an Originator’s business;

(e) that arises under a duly authorized Contract that is in full force and effect and
that is a legal, valid and binding obligation of the related Obligor, enforceable against
such Obligor in accordance with its terms;

(f) that conforms in all material respects with all applicable laws, rulings and
regulations in effect;

 

I-8

 

(g) that is not the subject of any asserted dispute, offset, hold back, defense,
Adverse Claim or other claim, but any such Pool Receivable shall be ineligible only to the
extent of the amount of such asserted dispute, offset, hold back, defense, Adverse Claim or
other claim;

(h) that satisfies in all material respects all applicable requirements of the
applicable Credit and Collection Policy;

(i) that has not been modified, waived or restructured since its creation, except as
permitted pursuant to Section 4.2 of this Agreement;

(j) in which the Seller has good and marketable title, free and clear of any Adverse
Claims, and that is freely assignable by the Seller (including without any consent of the
related Obligor unless such consent has already been obtained);

(k) for which the Administrator (for the benefit of each Purchaser) shall have a valid
and enforceable undivided percentage ownership or security interest, to the extent of the
Purchased Interest, and a valid and enforceable first priority perfected security interest
therein and in the Related Security and Collections with respect thereto, in each case free
and clear of any Adverse Claim;

(l) that constitutes an “account” or “general intangible” (each, as defined in the
UCC), and that is not evidenced by “instruments” or “chattel paper” (each, defined in the
UCC);

(m) that is not a Defaulted Receivable or a Delinquent Receivable;

(n) for which none of the Originator thereof, the Seller and the Servicer has
established any offset arrangements with the related Obligor (other than contractual
arrangements in the ordinary course of business which do not reduce the Outstanding Balance
of the applicable Receivable);

(o) for which Defaulted Receivables of the related Obligor do not exceed 50% of the
Outstanding Balance of all such Obligor’s Receivables;

(p) that represents amounts earned and payable by the Obligor that are not subject to
the performance of additional services by the Originator thereof; and

(q) that if such Receivable has not yet been billed, no more than 45 days have expired
since the date that such Receivable was created.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and any successor statute of similar import, together with the rulings and
regulations thereunder, in each case as in effect from time to time. References to sections of
ERISA also refer to any successor sections.

 

I-9

 

“ERISA Affiliate” means: (a) any corporation that is a member of the same controlled
group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as
the Seller, any Originator or Swift, (b) a trade or business (whether or not incorporated)
under common control (within the meaning of Section 414(c) of the Internal Revenue Code) with the
Seller, any Originator or Swift, or (c) a member of the same affiliated service group (within the
meaning of Section 414(m) of the Internal Revenue Code) as the Seller, any Originator, any
corporation described in clause (a) or any trade or business described in clause
(b).

“Euro-Rate” means with respect to any Yield Period, the interest rate per
annum determined by the applicable Purchaser Agent by dividing (the resulting
quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum,
rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) (a) the rate of interest
determined by such Purchaser Agent in accordance with its usual procedures (which determination
shall be conclusive absent manifest error) to be the rate per annum for deposits in
Dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered
rate for London interbank deposits for such period (or on any successor or substitute page of such
service, or any successor to or substitute for such service, providing rate quotations comparable
to those currently provided on such page of such service, as determined by such Purchaser Agent
from time to time for purposes of providing quotations of interest rates applicable to Dollar
deposits in the London interbank market) at or about 11:00 a.m. (London time) on the Business Day
which is two (2) Business Days prior to the first day of such Yield Period for an amount comparable
to the Portion of Capital to be funded at the Alternate Rate and based upon the Euro-Rate during
such Yield Period by (b) a number equal to 1.00 minus the Euro-Rate Reserve Percentage. The
Euro-Rate may also be expressed by the following formula:

	 	 	 	 	 
	 
	 	Composite of London interbank offered rates shown on	 	 
	 
	 	Bloomberg Finance L.P. Screen US0001M	 	 
	Euro-Rate =
	 	or appropriate successor

 

1.00 — Euro-Rate Reserve Percentage
	 	 

where “Euro-Rate Reserve Percentage” means, the maximum effective percentage in effect on
such day as prescribed by the Federal Reserve Board for determining the reserve requirements
(including without limitation, supplemental, marginal, and emergency reserve requirements) with
respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). The
Euro-Rate shall be adjusted with respect to any Portion of Capital funded at the Alternate Rate and
based upon the Euro-Rate that is outstanding on the effective date of any change in the Euro-Rate
Reserve Percentage as of such effective date. The applicable Purchaser Agent shall give prompt
notice to the Seller of the Euro-Rate as determined or adjusted in accordance herewith (which
determination shall be conclusive absent manifest error).

“Excess Concentration” means, for any day, the sum of, without duplication,
(a) the sum of the amounts by which the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivables Pool of each Obligor exceeds an amount equal to (i) the
applicable Concentration Percentage for such Obligor multiplied by (ii) the aggregate
Outstanding Balance of all Eligible Receivables then in the Receivables Pool, plus (b) the
amount by which the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool the Obligor of which is a resident of Mexico or Canada exceeds an amount equal
to (i) 3.0% (or such lower amount at the sole discretion of any Purchaser upon ten (10) days
prior written notice to
the Seller (it being understood that such percentage may be reduced to zero)) multiplied
by (ii) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables
Pool, plus (c) the amount by which the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivables Pool that have not been invoiced to the Obligor thereof exceeds
an amount equal to (i) 10.0% multiplied by (ii) the aggregate Outstanding Balance
of all Eligible Receivables then in the Receivables Pool.

 

I-10

 

“Exiting Notice” has the meaning set forth in Section 1.4(b)(ii) of this
Agreement.

“Exiting Purchaser” has the meaning set forth in Section 1.4(b)(ii) of this
Agreement and any Purchaser the Seller designates as an Exiting Purchaser pursuant to Sections 1.7
or 1.8.

“Facility Termination Date” means the earliest to occur of: (a) with respect to each
Purchaser June 8, 2014, (b) the date determined pursuant to Section 2.2 of this Agreement,
(c) the date the Purchase Limit reduces to zero pursuant to Section 1.1(c) of this
Agreement, (d) with respect to each Conduit Purchaser, the date that the commitments of all of the
Liquidity Providers terminate under the related Liquidity Agreement, (e) with respect to each
Purchaser Group, the date that the Commitment of all of the Related Committed Purchasers of such
Purchaser Group terminate pursuant to Section 1.22, and (f) the Seller shall fail to cause
the amendment or modification of any Transaction Document as reasonably requested by Fitch, Moody’s
or Standard & Poor’s, and such failure shall continue for 60 days after such amendment or
modification is initially requested.

“Fair Market Value Discount” has the meaning set forth in Section 2.2 of the
Sale Agreement.

“Federal Funds Rate” means, for any day, the per annum rate set forth
in the weekly statistical release designated as H.15(519), or any successor publication, published
by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day
opposite the caption “Federal Funds (Effective).” If on any relevant day such rate is not yet
published in H.15(519), the rate for such day will be the rate set forth in the daily statistical
release designated as the Composite 3:30 p.m. Quotations for U.S. Government Securities, or any
successor publication, published by the Federal Reserve Bank of New York (including any such
successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal
Funds Effective Rate.” If on any relevant day the appropriate rate is not yet published in either
H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean
as determined by the Administrator of the rates for the last transaction in overnight Federal funds
arranged before 9:00 a.m. (New York City Time) on that day by each of three leading brokers of
Federal funds transactions in New York City selected by the Administrator.

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or
any entity succeeding to any of its principal functions.

“Fee Letter” has the meaning set forth in Section 1.5 of this Agreement.

“Fees” means the fees payable by the Seller to each member of each Purchaser Group
pursuant to the Fee Letter.

 

I-11

 

“Fiscal Month” means each calendar month.

“Fiscal Quarter” means a quarter ending on the last day of March, June, September or
December.

“Fiscal Year” means any period of twelve consecutive calendar months ending on
December 31; references to a Fiscal Year with a number corresponding to any calendar year (e.g.,
the “2010 Fiscal Year”) refer to the Fiscal Year ending on December 31 of such calendar year.

“Fitch” means Fitch, Inc.

“Funded Purchase” means a Purchase or deemed Purchase of undivided percentage
ownership interests in the Purchased Interest under this Agreement which (a) is paid for in cash,
including pursuant to Section 1.1(b) (other than through reinvestment of Collections
pursuant to Section 1.4(b)) or (b) is treated as a Funded Purchase pursuant to Section
1.2(e).

“GAAP” means the generally accepted accounting principles and practices in the United
States, consistently applied.

“Governmental Acts” has the meaning given such term in Section 1.20.

“Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
body or entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, including any court, and any Person owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing.

“Group A Obligor” means any Obligor with a short-term rating of at least: (a) “A-1” by
Standard & Poor’s, or if such Obligor does not have a short-term rating from Standard & Poor’s, a
rating of “A+” or better by Standard & Poor’s on its long-term senior unsecured and
uncredit-enhanced debt securities, and (b) “P-1” by Moody’s, or if such Obligor does not have a
short-term rating from Moody’s, “A1” or better by Moody’s on its long-term senior unsecured and
uncredit-enhanced debt securities. If both a short-term and long-term rating exist for an Obligor,
the short-term rating will be used and if Standard & Poor’s and Moody’s ratings for an Obligor
indicate a different group for such Obligor, the lower of such ratings shall be used.

“Group B Obligor” means an Obligor, other than a Group A Obligor, with a short-term
rating of at least: (a) “A-2” by Standard & Poor’s, or if such Obligor does not have a short-term
rating from Standard & Poor’s, a rating of “BBB+” Standard & Poor’s on its long-term senior
unsecured and uncredit-enhanced debt securities, and (b) “P-2” by Moody’s, or if such Obligor does
not have a short-term rating from Moody’s, “Baa1” by Moody’s on its long-term senior unsecured and
uncredit-enhanced debt securities. If both a short-term and long-term rating exist for an Obligor,
the short-term rating will be used and if Standard & Poor’s and Moody’s ratings for an Obligor
indicate a different group for such Obligor, the lower of such ratings shall be used.

 

I-12

 

“Group C Obligor” means an Obligor, other than a Group A Obligor or Group B Obligor,
with a short-term rating of at least: (a) “A-3” by Standard & Poor’s, or if such Obligor does not
have a short-term rating from Standard & Poor’s, a rating of “BBB-” by Standard & Poor’s on its
long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-3” by Moody’s, or if
such Obligor does not have a short-term rating from Moody’s, “Baa3” by Moody’s on its long-term
senior unsecured and uncredit-enhanced debt securities. If both a short-term and long-term rating
exist for an Obligor, the short-term rating will be used and if Standard & Poor’s and Moody’s
ratings for an Obligor indicate a different group for such Obligor, the lower of such ratings shall
be used.

“Group Capital” means with respect to any Purchaser Group, an amount equal to the
aggregate of all Capital of the Purchasers within such Purchaser Group.

“Group Commitment” means with respect to any Purchaser Group, the aggregate of the
Commitments of each Purchaser within such Purchaser Group, which amount is set forth on the
signature pages hereto.

“Group D Obligor” means any Obligor that is not a Group A Obligor, Group B Obligor or
Group C Obligor.

“Indemnified Amounts” has the meaning set forth in Section 3.1 of this
Agreement.

“Indemnified Party” has the meaning set forth in Section 3.1 of this
Agreement.

“Indemnified Taxes” has the meaning set forth in Section 1.10 of this
Agreement.

“Independent Manager” has the meaning set forth in paragraph 3(c) of
Exhibit IV to this Agreement.

“Information Package” means each report, in substantially the form of Annex
A-1 to this Agreement, furnished by or on behalf of the Servicer to the Administrator and each
Purchaser Agent pursuant to this Agreement.

“Insolvency Proceeding” means: (a) any case, action or proceeding before any court or
other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the
benefit of creditors of a Person or any composition, marshalling of assets for creditors of a
Person, or other similar arrangement in respect of its creditors generally or any substantial
portion of its creditors, in each case undertaken under U.S. Federal, state or foreign law,
including the Bankruptcy Code.

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time
to time, and any successor statute of similar import, together with the regulations thereunder, in
each case as in effect from time to time. References to sections of the Internal Revenue Code also
refer to any successor sections.

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

 

I-13

 

“LC Collateral Account” means the account designated as the LC Collateral Account
established and maintained by the Administrator (for the benefit of the LC Bank and the LC
Participants), or such other account as may be so designated as such by the Administrator with
notice to the Seller and the Servicer.

“LC Participant” means each financial institution that is a party to this Agreement,
as a LC Participant, or that becomes a party to this Agreement, as a LC Participant pursuant to an
Assumption Agreement or otherwise.

“LC Participation Amount” means, at any time, the then sum of the undrawn amounts of
all outstanding Letters of Credits.

“Letter of Credit” means any stand-by letter of credit issued by the LC Bank for the
account of the Seller pursuant to this Agreement.

“Letter of Credit Application” has the meaning set forth in Section 1.13(a) of
this Agreement.

“LIBOR Market Index Rate” means, for any day, the three-month Eurodollar Rate for U.S.
dollar deposits as reported on the Reuters Screen LIBOR01 Page or any other page that may replace
such page from time to time for the purpose of displaying offered rates of leading banks for London
interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such date, or if
such day is not a Business Day, then the immediately preceding Business Day (or if not so reported,
then as determined by the Wells Purchaser Agent from another recognized source for interbank
quotation), in each case, changing when and as such rate changes.

“Liquidity Agreement” means any agreement entered into in connection with this
Agreement pursuant to which a Liquidity Provider agrees to make purchases or advances to, or
purchase assets from, any Conduit Purchaser in order to provide liquidity for such Conduit
Purchaser’s Purchases.

“Liquidity Provider” means each bank or other financial institution that provides
liquidity support to any Conduit Purchaser pursuant to the terms of a Liquidity Agreement.

“Lock-Box Account” means each account listed on Schedule II to this Agreement
and maintained, in each case in the name of the Seller and maintained by the Seller at a bank or
other financial institution acting as a Lock-Box Bank pursuant to a Lock-Box Agreement for the
purpose of receiving Collections.

“Lock-Box Agreement” means an agreement, among the Seller, the Servicer, a Lock-Box
Bank and the Administrator, governing the terms of the related Lock-Box Accounts, in each case
acceptable to the Administrator.

“Lock-Box Bank” means any of the banks or other financial institutions holding one or
more Lock-Box Accounts.

“Loss Reserve” means, on any day, an amount equal to (a) the Loss Reserve
Percentage on such date divided by (b) 100%, minus the Loss Reserve Percentage on
such date.

 

I-14

 

“Loss Reserve Percentage” means, on any day, an amount (expressed as a percentage)
equal to (a) the product of (i) 2.25 times the highest three month rolling
average of the Default Ratios during the twelve most recent Fiscal Months multiplied by
(ii) the aggregate Credit Sales during the four most recent Fiscal Months and one quarter of the
fifth most recent Fiscal Month divided by (b) the Net Receivables Pool Balance as of such
date.

“Majority LC Participants” shall mean LC Participants whose Pro Rata Shares aggregate
51% or more.

“Majority Purchaser Agents” means, at any time, the Purchaser Agents which in their
related Purchaser Group have Related Committed Purchasers whose Commitments aggregate more than 50%
of the aggregate of the Commitments of all Related Committed Purchasers in all Purchaser Groups;
provided, that so long as any one Related Committed Purchaser’s Commitment is greater than
50% of the aggregate Commitments and there is more than one Purchaser Group, then “Majority
Purchaser Agents” shall mean a minimum of two Purchaser Agents which in their related Purchaser
Group have Related Committed Purchasers whose Commitments aggregate more than 50% of the aggregate
Commitment of all Related Committed Purchasers in all Purchaser Groups.

“Material Adverse Effect” means, relative to any Person with respect to any event or
circumstance, a material adverse effect on:

(a) the assets, operations, business or financial condition of an Originator, the
Seller or the Servicer,

(b) the ability of any of an Originator, the Seller or Servicer to perform its
obligations under this Agreement or any other Transaction Document to which it is a party,

(c) the validity or enforceability of any of the Transaction Documents, or the
validity, enforceability or collectability of the Pool Receivables, or

(d) the status, perfection, enforceability or priority of the Administrator’s, any
Purchaser’s or the Seller’s interest in the Pool Assets.

“Minimum Dilution Reserve” means, on any day, (a) the Minimum Dilution Reserve
Percentage on such date divided by (b) 100% minus the Minimum Dilution Reserve
Percentage on such date.

“Minimum Dilution Reserve Percentage” means, at any time, the product
(expressed as a percentage) of (a) the 12-month rolling average of the Dilution Ratio at such time
multiplied by (b) the Dilution Horizon Ratio as of such date.

“Minimum Usage Amount” means, as of any date of determination, an amount greater than
or equal to the lesser of (a) 50% of the Purchase Limit or (b) an amount which causes the Purchased
Interest to equal 100%.

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

 

I-15

 

“Net Receivables Pool Balance” means, at any time: (a) the Outstanding Balance of
Eligible Receivables then in the Receivables Pool minus (b) the Excess Concentration.

“Notes” means short-term promissory notes issued, or to be issued, by any Conduit
Purchaser to fund its investments in accounts receivable or other financial assets.

“Obligor” means, with respect to any Receivable, the Person obligated to make payments
pursuant to the Contract relating to such Receivable.

“Order” has the meaning set forth in Section 1.21 of this Agreement.

“Originator” means each Person from time to time party to the Sale Agreement as an
Originator.

“Other Taxes” means any and 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 from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or
any other Transaction Document.

“Outstanding Balance” means, for any Receivable at any time, the then outstanding
principal balance thereof.

“Parent” means Swift Transportation Company, a Delaware corporation.

“Participant” has the meaning set forth in Section 6.3(b) of this Agreement.

“Patriot Act” has the meaning given such term in Section 6.17.

“Payment Date” means (a) the Closing Date and (b) each Business Day thereafter that
the Originators are open for business.

“Performance Guaranty” means that certain Performance Guaranty, dated as of the date
hereof, made by the Parent in favor of the Administrator with respect to certain obligations of the
Servicer and the Originators.

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

“PNC” means PNC Bank, National Association.

“Pool Assets” has the meaning set forth in Section 1.2(d) of this Agreement.

“Pool Receivable” means a Receivable in the Receivables Pool.

“Portion of Capital” means, with respect to any Purchaser and its related Capital, the
portion of such Capital being funded or maintained by such Purchaser by reference to a particular
interest rate basis.

 

I-16

 

“Pro Rata Share” means, for each LC Participant or the LC Bank, the Commitment of such
LC Participant or LC Bank, as the case may be, divided by the aggregate of the Commitments of all
LC Participants and the LC Bank at such time.

“Program Support Agreement” means and includes any Liquidity Agreement and any other
agreement entered into by any Program Support Provider providing for: (a) the issuance of one or
more letters of credit for the account of any Conduit Purchaser, (b) the issuance of one or more
surety bonds for which the such Conduit Purchaser is obligated to reimburse the applicable Program
Support Provider for any drawings thereunder, (c) the sale by such Conduit Purchaser to any Program
Support Provider of the Purchased Interest (or portions thereof) maintained by such Conduit
Purchaser and/or (d) the making of loans and/or other extensions of credit to any Conduit Purchaser
in connection with such Conduit Purchaser’s securitization program contemplated in this Agreement,
together with any letter of credit, surety bond or other instrument issued thereunder.

“Program Support Provider” means and includes with respect to each Conduit Purchaser,
any Liquidity Provider and any other Person (other than any customer of such Conduit Purchaser) now
or hereafter extending credit or having a commitment to extend credit to or for the account of, or
to make purchases from, such Conduit Purchaser pursuant to any Program Support Agreement.

“Purchase” has the meaning set forth in Section 1.1(a) of this Agreement.

“Purchase and Sale Indemnified Amounts” has the meaning set forth in Section
9.1 of the Sale Agreement.

“Purchase and Sale Indemnified Party” has the meaning set forth in Section 9.1
of the Sale Agreement.

“Purchase and Sale Termination Date” has the meaning set forth in Section 1.4
of the Sale Agreement.

“Purchase and Sale Termination Event” has the meaning set forth in Section 8.1
of the Sale Agreement.

“Purchase Date” means the date on which a Purchase or a reinvestment is made pursuant
to this Agreement.

“Purchase Facility” has the meaning set forth in Section 1.1 of the Sale
Agreement.

“Purchase Limit” means $275,000,000, as such amount may be reduced pursuant to
Section 1.1(c) or otherwise in connection with any Exiting Purchaser, or increased pursuant
to Section 1.1(f). References to the unused portion of the Purchase Limit shall mean, at
any time, the Purchase Limit minus the sum of the then outstanding Aggregate Capital plus the LC
Participation Amount.

“Purchase Notice” has the meaning set forth in Section 1.2(a) to this
Agreement.

 

I-17

 

“Purchase Price” has the meaning set forth in Section 2.2 of the Sale
Agreement.

“Purchased Interest” means, at any time, the undivided percentage ownership interest
of the Purchasers in: (a) each and every Pool Receivable now existing or hereafter arising, (b) all
Related Security with respect to such Pool Receivables and (c) all Collections with respect to, and
other proceeds of, such Pool Receivables and Related Security. Such undivided percentage ownership
interest shall be computed as:

Aggregate Capital + Adjusted LC Participation Amount + Total Reserves

Net Receivables Pool Balance

The Purchased Interest shall be determined from time to time pursuant to Section 1.3 of
this Agreement.

“Purchaser” means each Conduit Purchaser, each Related Committed Purchaser, each LC
Participant and/or the LC Bank, as applicable.

“Purchaser Agent” means each Person acting as agent on behalf of a Purchaser Group and
designated as a Purchaser Agent for such Purchaser Group on the signature pages to this Agreement
or any other Person who becomes a party to this Agreement as a Purchaser Agent pursuant to an
Assumption Agreement or a Transfer Supplement.

“Purchaser Group” means, (a) for any Conduit Purchaser, such Conduit Purchaser, its
Related Committed Purchaser, related Purchaser Agent, related LC Participants and, in the case of
Market Street Funding LLC as a Conduit Purchaser, the LC Bank or (b) with respect to the Wells
Fargo Purchaser Group, Wells’ roles as Related Committed Purchaser, Purchaser Agent and LC
Participant.

“Purchasers’ Share” of any amount, at any time, means such amount multiplied by the
Purchased Interest at such time.

“Purchasing Related Committed Purchaser” has the meaning set forth in Section
6.3(c) of this Agreement.

“Ratable Share” means, for each Purchaser Group, such Purchaser Group’s aggregate
Commitments divided by the aggregate Commitments of all Purchaser Groups.

“Rating Agency” means Fitch, Moody’s, Standard & Poor’s or any other rating agency a
Conduit Purchaser chooses to rate its Notes.

“Rating Agency Condition” means, when applicable, with respect to any material event
or occurrence, receipt by the Administrator (or the applicable Purchaser Agent) of written
confirmation from each of Fitch, Standard & Poor’s and Moody’s (and/or each other rating agency
then rating the Notes of the applicable Conduit Purchaser) that such event or occurrence shall not
cause the rating on the then outstanding Notes of any applicable Purchaser to be downgraded or
withdrawn.

 

I-18

 

“Receivable” means any accounts or notes receivable representing or evidencing any
indebtedness and other obligations owed to any Originator or the Seller or any right of the Seller
or any Originator to payment from or on behalf of an Obligor or any right to reimbursement for
funds paid or advanced by the Seller or any Originator on behalf of an Obligor, whether
constituting an “account,” “chattel paper,” “payment intangible,” “instrument” or “general
intangible,” (each, as defined in the UCC) however arising (whether or not earned by performance),
and includes, without limitation, the obligation to pay any finance charges, fees and other charges
with respect thereto, but which expressly excludes owner-operator advances and settlements.
Indebtedness and other obligations arising from any one transaction, including, without limitation,
indebtedness and other obligations represented by an individual invoice or agreement, shall
constitute a Receivable separate from a Receivable consisting of the indebtedness and other
obligations arising from any other transaction.

“Receivables Pool” means, at any time, all of the then outstanding Receivables
purchased by the Seller pursuant to the Sale Agreement prior to the Facility Termination Date.

“Reimbursement Obligation” has the meaning set forth in Section 1.15(b) of
this Agreement.

“Related Committed Purchaser” means each Person listed as such (and its respective
Commitment) as set forth on the signature pages of this Agreement or in any Assumption Agreement or
Transfer Supplement.

“Related Rights” has the meaning set forth in Section 1.1 of the Sale
Agreement.

“Related Security” means, with respect to any Receivable:

(a) all of the Seller’s and the Originator thereof’s interest in any goods (including
returned goods), and documentation of title evidencing the shipment or storage of any goods
(including returned goods), the sale of which gave rise to such Receivable,

(b) all instruments and chattel paper that may evidence such Receivable,

(c) all other security interests or liens and property subject thereto from time to
time purporting to secure payment of such Receivable, whether pursuant to the Contract
related to such Receivable or otherwise, together with all UCC financing statements or
similar filings relating thereto,

(d) solely to the extent applicable to such Receivable, all of the Seller’s and the
Originator thereof’s rights, interests and claims under the Contracts relating to such
Receivable, and all guaranties, indemnities, insurance and other agreements (including the
related Contract) or arrangements of whatever character from time to time supporting or
securing payment of such Receivable or otherwise relating to such Receivable, whether
pursuant to the Contract related to such Receivable or otherwise, and

(e) all of the Seller’s rights, interests and claims under the Sale Agreement and the
other Transaction Documents.

 

I-19

 

“Required LC Participants” means the LC Participants whose Pro Rata Shares aggregate
662/3% or more.

“Restricted Payments” has the meaning set forth in Section 1(m) of Exhibit
IV to this Agreement.

“Sale Agreement” means the Purchase and Sale Agreement, dated as of the Closing Date
between the Seller and the Originators, as the same may be amended, restated, supplemented or
otherwise modified from time to time.

“SEC” means the U.S. Securities and Exchange Commission.

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

“Seller’s Share” of any amount means the greater of: (a) $0 and (b) such amount minus
the product of (i) such amount multiplied by (ii) the Purchased Interest.

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

“Servicing Fee” means the fee referred to in Section 4.6 of this Agreement.

“Servicing Fee Rate” has the meaning set forth in Section 4.6 of this
Agreement.

“Settlement Date” means the 20th day of each calendar month (or if such day is not a
Business Day, the next occurring Business Day) and such other dates as the Seller or Servicer shall
request and as consented to by the Administrator and Purchaser Agents; provided, that on
and after the occurrence and continuation of any Termination Event, the Settlement Date shall be
the date selected as such by the Administrator (with the consent or at the direction of the
Majority Purchaser Agents) from time to time (it being understood that the Administrator
(with the consent or at the direction of the Majority Purchaser Agents) may select such Settlement
Date to occur as frequently as daily) or, in the absence of any such selection, the date which
would be the Settlement Date pursuant to this definition.

“Solvent” means, with respect to any Person at any time, a condition under which:

(a) the fair value and present fair saleable value of such Person’s total assets
(including intangible assets) is, on the date of determination, greater than such Person’s
total liabilities (including contingent and unliquidated liabilities) at such time;

(b) the fair value and present fair saleable value of such Person’s assets is greater
than the amount that will be required to pay such Person’s probable liability on its
existing debts as they become absolute and matured (“debts,” for this purpose,
includes all legal liabilities, whether matured or unmatured, liquidated or unliquidated,
absolute, fixed, or contingent);

(c) such Person is and shall continue to be able to pay all of its liabilities as such
liabilities mature; and

 

I-20

 

(d) such Person does not have unreasonably small capital with which to engage in its
current and in its anticipated business.

For purposes of this definition:

(i) the amount of a Person’s contingent or unliquidated liabilities at any time shall
be that amount which, in light of all the facts and circumstances then existing, represents
the amount which can reasonably be expected to become an actual or matured liability;

(ii) the “fair value” of an asset shall be the amount which may be realized
within a reasonable time either through collection or sale of such asset at its regular
market value;

(iii) the “regular market value” of an asset shall be the amount which a
capable and diligent business person could obtain for such asset from an interested buyer
who is willing to purchase such asset under ordinary selling conditions; and

(iv) the “present fair saleable value” of an asset means the amount which can
be obtained if such asset is sold with reasonable promptness in an arm’s-length transaction
in an existing and not theoretical market.

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business.

“Sub-Servicer” has the meaning set forth in Section 4.1(d) of this Agreement.

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock of each class or other interests having ordinary
voting power (other than stock or other interests having such power only by reason of the happening
of a contingency) to elect a majority of the Board of Directors or other managers of such entity
are at the time owned, or management of which is otherwise controlled: (a) by such Person, (b) by
one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such
Person.

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

“Tangible Net Worth” means, with respect to any Person, the tangible net worth of such
Person as determined in accordance with GAAP.

“Taxes” means, with respect to any Person, any and all present or future taxes,
charges, fees, levies or other assessments (including income, gross receipts, profits, withholding,
excise, property, sales, use, value added, license, occupation and franchise taxes and including
any related interest, penalties or other additions) imposed by any jurisdiction or taxing authority
(whether foreign or domestic) under the laws of which such Person is organized.

 

I-21

 

“Termination Day” means: (a) each day on which the conditions set forth in Section
2 of Exhibit II to this Agreement are not satisfied or (b) each day that occurs on or
after the Facility Termination Date.

“Termination Event” has the meaning specified in Exhibit V to this Agreement.

“Total Reserves” means, on any day, an amount equal to the product of (a) the greater
of (i) 15% and (ii) the sum of: (1) the Yield Reserve, plus (2) the greater of (x) the sum
of the Loss Reserve plus the Dilution Reserve and (y) the sum of the Concentration Reserve
plus the Minimum Dilution Reserve and (b) the sum of the then outstanding Aggregate Capital
plus the LC Participation Amount.

“Transaction Documents” means this Agreement, the Lock-Box Agreements, the Fee Letter,
the Sale Agreement, the Performance Guaranty, the Company Notes and all other certificates,
instruments, reports, notices, agreements and documents executed, delivered or filed under or in
connection with this Agreement, in each case as the same may be amended, restated, supplemented or
otherwise modified from time to time in accordance with the terms thereof.

“Transfer Supplement” has the meaning set forth in Section 6.3(c) of this
Agreement.

“UCC” means the Uniform Commercial Code as from time to time in effect in the
applicable jurisdiction.

“Unmatured Purchase and Sale Termination Event” means any event which, with the giving
of notice or lapse of time, or both, would become a Purchase and Sale Termination Event.

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

“Weekly Report” means each report, in substantially the form of Annex A-2 to
this Agreement, furnished by or on behalf of the Servicer to the Administrator and each Purchase
Agent pursuant to this Agreement.

“Wells” means Wells Fargo Bank, National Association.

“Yield Period” means (a) with respect to any Portion of Capital funded by the issuance
of Notes, (i) initially the period commencing on (and including) the date of the initial Purchase
or funding of such Portion of Capital and ending on (but not including) the next occurring
Settlement Date, and (ii) thereafter, each period commencing on (and including) the first day after
the last day included in the immediately preceding Yield Period for such Portion of Capital and
ending on (but not including) the next occurring Settlement Date; and (b) with respect to any
Portion of Capital not funded by the issuance of Notes, (i) initially the period commencing on (and
including) the date of the initial Purchase or funding of such Portion of Capital and ending such
number of days later (including a period of one day) as the Administrator (with the consent or at
the direction of the applicable Purchaser Agent) shall select, and (ii) thereafter, each period
commencing on the last day of the immediately preceding Yield Period for such Portion of Capital
and ending such number of days later (including a period of one day) as the
Administrator (with the consent or at the direction of the applicable Purchaser Agent) shall
select; provided, that

 

I-22

 

(i) any Yield Period (other than of one day) which would otherwise end on a day which
is not a Business Day shall be extended to the next succeeding Business Day;
provided, if Discount in respect of such Yield Period is computed by reference to
the Euro-Rate or the LIBOR Market Index Rate, and such Yield Period would otherwise end on a
day which is not a Business Day, and there is no subsequent Business Day in the same
calendar month as such day, such Yield Period shall end on the next preceding Business Day;

(ii) in the case of any Yield Period of one day, (A) if such Yield Period is the
initial Yield Period for a Purchase hereunder (other than a reinvestment), such Yield Period
shall be the day of such Purchase; (B) any subsequently occurring Yield Period which is one
day shall, if the immediately preceding Yield Period is more than one day, be the last day
of such immediately preceding Yield Period, and, if the immediately preceding Yield Period
is one day, be the day next following such immediately preceding Yield Period; and (C) if
such Yield Period occurs on a day immediately preceding a day which is not a Business Day,
such Yield Period shall be extended to the next succeeding Business Day; and

(iii) in the case of any Yield Period for any Portion of Capital which commences before
the Facility Termination Date and would otherwise end on a date occurring after the Facility
Termination Date, such Yield Period shall end on such Facility Termination Date and the
duration of each Yield Period which commences on or after the Facility Termination Date
shall be of such duration as shall be selected by the Administrator (with the consent or at
the direction of the applicable Purchaser Agent).

“Yield Reserve” means, on any date, an amount (expressed as a percentage) equal
to (a) the Yield Reserve Percentage on such date divided by (b) 100%, minus the
Yield Reserve Percentage on such date.

“Yield Reserve Percentage” means, at any time, the following amount:

{(BR + SFR) x 1.5(DSO)}

360

where:

	 	 	 	 	 	 	 
	 

	 	BR
	 	=
	 	the Base Rate in effect at such time,
	 

	 	DSO
	 	=
	 	the Days’ Sales Outstanding, and
	 

	 	SFR
	 	=
	 	the Servicing Fee Rate.

2. Other Terms; Usage. All accounting terms not specifically defined herein shall be
construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New
York, and not specifically defined herein, are used herein as defined in such Article 9. Unless the
context otherwise requires, “or” means “and/or,” and “including” (and with correlative meaning
“include” and “includes”) means including without limiting the generality of any description
preceding such term.

 

I-23

 

EXHIBIT II

CONDITIONS TO PURCHASES

1. Conditions Precedent to Initial Purchase. The initial Purchase under this
Agreement is subject to the conditions precedent that the Administrator and each Purchaser Agent
shall have received on or before the date of such Purchase, each in form and substance (including
the date thereof) reasonable satisfactory to the Administrator and each Purchaser Agent the
following:

(a) A counterpart of this Agreement and the other Transaction Documents duly executed by the
parties thereto.

(b) Copies of: (i) the resolutions of the board of directors or board of managers of each of
the Parent, the Seller, the Originators and the Servicer authorizing the execution, delivery and
performance by the Parent, the Seller, such Originator and the Servicer, as the case may be, of
this Agreement and the other Transaction Documents to which it is a party; (ii) all documents
evidencing other necessary corporate action and governmental approvals, if any, with respect to
this Agreement and the other Transaction Documents; and (iii) the organizational documents of the
Parent, the Seller, each Originator and the Servicer, in each case, certified by the Secretary or
Assistant Secretary of the applicable party and, in the case of good standing certificates,
certificates of qualification, certificate of formation or similar documents, the applicable
secretary of state.

(c) A certificate of the Secretary or Assistant Secretary of the Parent, the Seller, the
Originators and the Servicer certifying the names and true signatures of its officers who are
authorized to sign this Agreement and the other Transaction Documents to which it is a party. Until
the Administrator and each Purchaser Agent receives a subsequent incumbency certificate from the
Parent, the Seller, an Originator or the Servicer, as the case may be, the Administrator and each
Purchaser Agent shall be entitled to rely on the last such certificate delivered to it by the
Seller, such Originator or the Servicer, as the case may be.

(d) [intentionally omitted]

(e) Acknowledgment copies, or time stamped receipt copies, of proper financing statements,
duly filed on or before the Closing Date under the UCC of all jurisdictions that the Administrator
may deem reasonably necessary or desirable in order to perfect the interests of the Seller and the
Administrator (for the benefit of the Purchasers) contemplated by this Agreement and the Sale
Agreement.

(f) Acknowledgment copies, or time stamped receipt copies, of proper financing statements, if
any, duly filed by the Administrator on or before the Closing Date under the UCC of all
jurisdictions that the Administrator may deem reasonably necessary or desirable in order to
terminate or release all security interests and other rights of any Person in the Receivables,
Contracts or Related Security previously granted by the Originators or the Seller in any applicable
secretary of state UCC filing office.

 

II-1

 

(g) Completed UCC search reports from all applicable state jurisdictions, dated on or shortly
before the Closing Date, listing all financing statements filed with the secretary of state in all
such state jurisdictions, that name Swift, the Originators or the Seller as debtor, and similar
search reports from all applicable jurisdictions with respect to judgment, tax, ERISA and other
liens as the Administrator may request, showing no Adverse Claims on any Pool Assets (other than
those which have been released as described in the preceding clause (f)).

(h) Favorable opinions, addressed to each Rating Agency, the Administrator, each Purchaser,
each Purchaser Agent and each Liquidity Provider, in form and substance reasonably satisfactory to
the Administrator and each Purchaser Agent, of Snell & Wilmer L.L.P., counsel for the Parent, the
Seller, the Originators and the Servicer, and/or in-house counsel for the Parent, the Seller, the
Originators and the Servicer, covering such matters as the Administrator or any Purchaser Agent may
reasonably request, including, without limitation, organizational and enforceability matters,
certain bankruptcy matters, and certain UCC perfection and priority matters (based on the search
results referred to in clause (g) above and the officer’s certificate referred to in
clause (d) above).

(i) Satisfactory results of a review, field examination and audit (performed by
representatives of the Administrator) of the Servicer’s collection, operating and reporting
systems, the Credit and Collection Policy of each Originator, historical receivables data and
accounts, including satisfactory results of a review of the Servicer’s operating location(s) and
satisfactory review and approval of the Eligible Receivables in existence on the date of the
initial Purchase under this Agreement.

(j) A pro forma Information Package representing the performance of the Receivables Pool for
the Fiscal Month before closing and a pro forma Weekly Report representing the performance of the
Receivables Pool for the week before the closing.

(k) Evidence of payment by the Seller of all accrued and unpaid fees (including those
contemplated by the Fee Letter), costs and expenses to the extent then due and payable on the date
thereof, including any such costs, fees and expenses arising under or referenced in Section
6.4 of this Agreement and the Fee Letter.

(l) Good standing certificates with respect to each of the Parent, the Seller, the Originators
and the Servicer issued by the Secretary of State (or similar official) of the state of each such
Person’s organization or formation and principal place of business.

(m) To the extent required by each Conduit Purchaser’s commercial paper program, letters from
each of the rating agencies then rating such Conduit Purchaser’s Notes confirming the rating of
such Notes after giving effect to the transaction contemplated by this Agreement.

(n) A computer file containing all information with respect to the Receivables as the
Administrator or any Purchaser Agent may reasonably request.

(o) Such documents necessary to terminate or release all security interests and other rights
of any Person in the membership interests of the Seller.

 

II-2

 

(p) Such other approvals, opinions or documents as the Administrator or any Purchaser Agent
may reasonably request.

2. Conditions Precedent to All Funded Purchases, Reinvestments and Issuance of Letters of
Credit. Each Funded Purchase, including the initial Funded Purchase (but excluding any deemed
Funded Purchase pursuant to Section 1.2(e)), reinvestment and issuance of any Letters of
Credit shall be subject to the further conditions precedent that:

(a) in the case of each Funded Purchase and the issuance of any Letters of Credit, the
Servicer shall have delivered to the Administrator and each Purchaser Agent on or before such
Purchase or issuance, as the case may be, in form and substance reasonably satisfactory to the
Administrator and each Purchaser Agent, the most recent Weekly Report and Information Package to
reflect the level of the Aggregate Capital, the LC Participation Amount and Total Reserves and the
calculation of the Purchased Interest after such subsequent Purchase or issuance, as the case may
be, and a completed Purchase Notice in the form of Annex B; and

(b) on the date of such Funded Purchase, reinvestment or issuance, as the case may be, the
following statements shall be true (and acceptance of the proceeds of such Funded Purchase,
reinvestment or issuance shall be deemed a representation and warranty by the Seller that such
statements are then true):

(i) the representations and warranties contained in Exhibit III to this
Agreement are true and correct in all material respects on and as of the date of such Funded
Purchase, reinvestment or issuance, as the case may be, as though made on and as of such
date except for representations and warranties which apply as to an earlier date (in which
case such representations and warranties shall be true and correct as of such earlier date);

(ii) no event has occurred and is continuing, or would result from such Funded
Purchase, reinvestment or issuance, as the case may be, that constitutes a Termination Event
or an Unmatured Termination Event;

(iii) the sum of the Aggregate Capital plus the LC Participation Amount, after giving
effect to any such Funded Purchase, reinvestment or issuance, as the case may be, shall not
be greater than the Purchase Limit, and the Purchased Interest shall not exceed 100%; and

(iv) the Facility Termination Date has not occurred.

 

II-3

 

EXHIBIT III

REPRESENTATIONS AND WARRANTIES

1. Representations and Warranties of the Seller. The Seller represents and warrants
to the Administrator, each Purchaser Agent and each Purchaser as of the date of execution of this
Agreement that:

(a) Existence and Power. The Seller is a limited liability company duly formed,
validly existing and in good standing under the laws of Delaware, and has all organizational power
and all governmental licenses, authorizations, consents and approvals required to carry on its
business in each jurisdiction in which its business is conducted unless the failure to have such
power, authority, licenses, authorizations consents of approvals could not be reasonably expected
to have a Material Adverse Effect.

(b) Company and Governmental Authorization, Contravention. The execution, delivery
and performance by the Seller of this Agreement and each other Transaction Document to which it is
a party including the use of the proceeds of purchases and reinvestments: (i) are within the
Seller’s organizational powers, (ii) have been duly authorized by all necessary organizational
action, (iii) require no authorization, approval or other action by or in respect of, and no notice
to or filing with (other than the filing of UCC financing statements and continuation statements),
any Governmental Authority or other Person, and (iv) do not (A) contravene, or constitute a default
under, any provision of (1) applicable law or regulation or (2) the organizational documents of the
Seller or (3) any agreement, judgment, award, injunction, order, writ, decree or other instrument
binding upon the Seller or (B) result in the creation or imposition of any lien (other than liens
in favor of the Administrator under the Transaction Documents) on assets of the Seller. This
Agreement and the other Transaction Documents to which the Seller is a party have been duly
executed and delivered by the Seller.

(c) Binding Effect of Agreement. Each of this Agreement and each other Transaction
Document to which it is a party constitutes the legal, valid and binding obligations of the Seller
enforceable against the Seller in accordance with its respective terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and by general principles of equity,
regardless of whether enforceability is considered in a proceeding in equity or at law.

(d) Accuracy of Information. None of the factual information, when taken as a whole,
heretofore or contemporaneously, and furnished in writing, to the Administrator or any Purchaser
Agent by or on behalf of the Seller pursuant to or in connection with this Agreement or any other
Transaction Document or any transaction contemplated hereby or thereby contains, as of the date
such information was furnished (and as modified or supplemented by other information so furnished)
any untrue statement of a material fact, or omits to state any material fact necessary to make any
information, in light of the circumstances under which they were made, not materially misleading.

 

III-1

 

(e) Actions, Suits and Proceedings. There are no actions, suits or proceedings
pending or, to the best of the Seller’s knowledge, threatened against or affecting the Seller or
any
of its Affiliates or their respective properties, in or before any court, arbitrator or
governmental body which could reasonably be expected to have a Material Adverse Effect upon the
ability of the Seller to perform its obligations under this Agreement or any other Transaction
Document to which it is a party. The Seller is not in default with respect to any order of any
court, arbitrator or governmental body.

(f) Accuracy of Exhibits; Lock-Box Arrangements. The names and addresses of all the
Lock-Box Banks together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks,
are specified in Schedule II to this Agreement (or at such other Lock-Box Banks and/or with
such other Lock-Box Accounts as have been notified to the Administrator), and all Lock-Box Accounts
are subject to Lock-Box Agreements. All information on each Exhibit, Schedule or Annex to this
Agreement or the other Transaction Documents (as updated by the Seller from time to time) is true
and complete. The Seller has delivered a copy of all Lock-Box Agreements to the Administrator.
The Seller has not granted any interest in any Lock-Box Account (or any related lock-box or post
office box) to any Person other than the Administrator and, upon delivery to a Lock-Box Bank of the
related Lock-Box Agreement, the Administrator will have exclusive ownership and control of the
Lock-Box Account at such Lock-Box Bank.

(g) No Material Adverse Effect, Unmatured Termination Event or Termination Event.
Since the date of organization of the Seller as set forth in its certificate of formation, there
has been no Material Adverse Effect with respect to the Seller. No event has occurred and is
continuing or would result from a Purchase in respect of the Purchased Interest or from the
application of the proceeds therefrom, that constitutes a Termination Event or an Unmatured
Termination Event.

(h) Names and Location. The Seller has not used any company names, trade names or
assumed names other than its name set forth on the signature pages of this Agreement. The Seller is
“located” (as defined in the UCC) in Delaware. The office where the Seller keeps its records
concerning the Receivables is at the address set forth below its signature to this Agreement.

(i) Margin Stock, No Fraudulent Conveyance. The Seller is not engaged in the business
of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of
Regulations T, U and X, as issued by the Federal Reserve Board), and no proceeds of any Purchase
will be used to purchase or carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock. No Purchase hereunder constitutes a fraudulent transfer
or conveyance under any United States federal or applicable state bankruptcy of insolvency laws or
is otherwise void or voidable under such or similar laws or principles or for any other reason.

(j) Eligible Receivables. Each Pool Receivable included as an Eligible Receivable in
the calculation of the Net Receivables Pool Balance is an Eligible Receivable.

(k) Credit and Collection Policy. The Seller has complied in all material respects
with the Credit and Collection Policy of each Originator with regard to each Receivable originated
by such Originator and the related Contract.

 

III-2

 

(l) Investment Company Act. The Seller is not an “investment company,” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940,
as amended.

(m) No Unmatured Termination Event or Termination Event. No event has occurred and is
continuing that constitutes a Termination Event or an Unmatured Termination Event.

(n) Taxes. The Seller has filed or caused to be filed all U.S. federal income tax
returns and all other material returns, statements, forms and reports for taxes, domestic or
foreign, required to be filed by it and has paid or has made adequate provision for payment of all
taxes payable by it which have become due or any assessments made against it or any of its property
and all other material taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority other than any taxes or assessments that are being contested in good faith
and by appropriate proceedings diligently conducted, and for which adequate reserves have been set
aside in accordance with GAAP.

(o) Compliance with Applicable Laws. The Seller is in compliance with the
requirements of all applicable laws, rules, regulations and orders of all Governmental Authorities
except to the extent that the failure to comply could not be reasonably expected to have a Material
Adverse Effect.

(p) Licenses and Labor Controversies.

(i) The Seller has not failed to obtain any licenses, permits, franchises or other
governmental authorizations necessary to the ownership of its properties or to the conduct
of its business unless such failure could not reasonably be expected to have a Material
Adverse Effect.

(ii) There are no labor controversies pending against the Seller that have had (or
could be reasonably expected to have) a Material Adverse Effect.

2. Representations and Warranties of the Servicer. The Servicer represents and
warrants to the Administrator, each Purchaser Agent and each Purchaser as of the date of execution
of this Agreement that:

(a) Existence and Power. The Servicer is a limited liability company duly formed,
validly existing and in good standing under the laws of its state of organization, and has all
corporate power and authority and all governmental licenses, authorizations, consents and approvals
required to carry on its business in each jurisdiction in which its business is conducted unless
the failure to have such power, authority, licenses, authorizations consents of approvals could not
be reasonably expected to have a Material Adverse Effect.

 

III-3

 

(b) Company and Governmental Authorization, Contravention. The execution, delivery
and performance by the Servicer of this Agreement and each other Transaction Document to which it
is a party including the use of the proceeds of purchase and reinvestment: (i) are within the
Servicer’s organizational powers, (ii) have been duly authorized by all necessary organizational
action, (iii) require no authorization, approval or other action by or in respect of, and no notice
to or filing with, any Governmental Authority or other Person, and (iv)
do not (A) contravene, or constitute a default under, any provision of (1) applicable law or
regulation, (2) the organizational documents of the Servicer or (3) any judgment, award,
injunction, order, writ, or decree or agreement or other instrument binding upon the Servicer or
(B) result in the creation or imposition of any lien (other than in favor of the Administrator
under the Transaction Documents) on assets of the Servicer or any of its Subsidiaries. This
Agreement and the other Transaction Documents to which the Servicer is a party have been duly
executed and delivered by the Servicer.

(c) Binding Effect of Agreement. This Agreement and each other Transaction Document
to which it is a party constitute the legal, valid and binding obligations of the Servicer
enforceable against the Servicer in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity, regardless of whether
enforceability is considered in a proceeding in equity or at law.

(d) Accuracy of Information. None of the factual information, when taken as a whole,
heretofore or contemporaneously, and furnished in writing, to the Administrator or any Purchaser
Agent by or on behalf of the Servicer pursuant to or in connection with this Agreement or any other
Transaction Document or any transaction contemplated hereby or thereby contains, as of the date
such information was furnished (and as modified or supplemented by other information so furnished)
any untrue statement of a material fact, or omits to state any material fact necessary to make any
information, in light of the circumstances under which they were made, not materially misleading.

(e) Actions, Suits and Proceedings. Except as set forth in Schedule III or as
otherwise disclosed in its publicly available SEC filings, there are no actions, suits or
proceedings pending or, to the best of the Servicer’s knowledge, threatened against or affecting
the Servicer or any of its Affiliates or their respective properties, in or before any court,
arbitrator or governmental body, which could reasonably be expected to have a Material Adverse
Effect upon the ability of the Servicer (or such Affiliate) to perform its obligations under this
Agreement or any other Transaction Document to which it is a party.

(f) No Material Adverse Effect, Unmatured Termination Event or Termination Event.
Since the date of the financial statements described in Section 2(i) below, there has been
no Material Adverse Effect with respect to the Servicer. No event has occurred and is continuing
or would result from a Purchase in respect of the Purchased Interest or from the application of the
proceeds therefrom, that constitutes a Termination Event or an Unmatured Termination Event.

(g) Credit and Collection Policy. The Servicer has complied in all material respects
with the Credit and Collection Policy of each Originator with regard to each Receivable originated
by such Originator and the related Contract.

(h) Investment Company Act. The Servicer is not an “investment company,” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940,
as amended.

 

III-4

 

(i) Financial Information. The balance sheets of the Parent and its consolidated
Subsidiaries at March 31, 2011, and the related statements of income and retained earnings for the
Fiscal Quarter then ended, copies of which have been made publicly available, fairly present in all
material respects the financial condition of the Parent and its consolidated Subsidiaries at such
date and the results of the operations of the Parent and its consolidated Subsidiaries for the
period ended on such date, all in accordance with GAAP.

(j) [intentionally omitted]

(k) Taxes. The Servicer has filed or caused to be filed all U.S. federal income tax
returns and all other material returns, statements, forms and reports for taxes, domestic or
foreign, required to be filed by it and has paid or has made adequate provision for payment of all
taxes payable by it which have become due or any assessments made against it or any of its property
and all other material taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority other than any taxes or assessments that are being contested in good faith
and by appropriate proceedings diligently conducted, and for which adequate reserves have been set
aside in accordance with GAAP.

(l) Compliance with Applicable Laws. The Servicer is in compliance with the
requirements of all applicable laws, rules, regulations and orders of all Governmental Authorities
except to the extent that the failure to comply could not be reasonably expected to have a Material
Adverse Effect.

(m) Licenses and Labor Controversies.

(i) The Servicer has not failed to obtain any licenses, permits, franchises or other
governmental authorizations necessary to the ownership of its properties or to the conduct
of its business unless such failure could not reasonably be expected to have a Material
Adverse Effect.

(ii) There are no labor controversies pending against the Servicer that have had (or
could be reasonably expected to have) a Material Adverse Effect.

3. Representations, Warranties and Agreements Relating to the Security Interest. The
Seller hereby makes the following representations, warranties and agreements with respect to the
Receivables and Related Security as of the date of execution of this Agreement:

(a) The Receivables.

(i) Creation. This Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the Pool Receivables in favor of the Administrator
(for the benefit of the Purchasers), which security interest is prior to all other Adverse
Claims, and is enforceable as such as against creditors of and purchasers from the Seller.

(ii) Nature of Receivables. The Pool Receivables constitute either “accounts”,
“general intangibles” or “tangible chattel paper” within the meaning of the applicable UCC.

 

III-5

 

(iii) Ownership of Receivables. The Seller owns and has good and marketable
title to the Pool Receivables and Related Security free and clear of any Adverse Claim.

(iv) Perfection and Related Security. The Seller has caused the filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the sale of the Receivables and
Related Security from the applicable Originator to the Seller pursuant to the Sale
Agreement, and the sale and security interest therein from the Seller to the Administrator
under this Agreement, to the extent that such collateral constitutes “accounts,” “general
intangibles,” or “tangible chattel paper” each within the meaning of the applicable UCC.

(v) Tangible Chattel Paper. With respect to any Pool Receivables that
constitute “tangible chattel paper” (within the meaning of the applicable UCC), if any, the
Seller (or the Servicer on its behalf) has in its possession the original copies of such
tangible chattel paper that constitute or evidence such Receivables, and the Seller has
caused (and will cause the applicable Originator to cause), within ten (10) days after the
Closing Date, the filing of financing statements described in clause (iv) above,
each of which will contain a statement that: “A purchase of, or security interest in, any
collateral described in this financing statement will violate the rights of the
Administrator” or similar words to that effect. The Receivables to the extent they are
evidenced by “tangible chattel paper” do not have any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed to any Person other than the Seller
or the Administrator.

(b) The Lock-Box Accounts.

(i) Nature of Accounts. Each Lock-Box Account constitutes a “deposit account”
within the meaning of the applicable UCC.

(ii) Ownership. The Seller owns and has good and marketable title to the
Lock-Box Accounts free and clear of any Adverse Claim.

(iii) Perfection. The Seller has delivered to the Administrator a fully
executed Lock-Box Agreement relating to each Lock-Box Account, pursuant to which each
applicable Lock-Box Bank, respectively, has agreed, following the delivery of a notice of
control by the Administrator, to comply with all instructions originated by the
Administrator (on behalf of the Purchasers) directing the disposition of funds in such
Lock-Box Account without further consent by the Seller or the Servicer.

(c) Priority.

(i) Other than the transfer of the Receivables to the Seller and the Administrator
under the Sale Agreement and this Agreement, respectively, and/or the security interest
granted to the Seller and the Administrator pursuant to the Sale Agreement and this
Agreement, respectively, neither the Seller nor any Originator has pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Receivables transferred or
purported to be transferred under the Transaction Documents, the Lock-Box Accounts or any
subaccount thereof, except for any such pledge, grant or
other conveyance which has been released or terminated. Neither the Seller nor any
Originator has authorized the filing of, or is aware of any financing statements against
either the Seller or such Originator that include a description of Receivables transferred
or purported to be transferred under the Transaction Documents, the Lock-Box Accounts or any
subaccount thereof, other than any financing statement (i) relating to the sale thereof by
such Originator to the Seller under the Sale Agreement, (ii) relating to the security
interest granted to the Administrator under this Agreement, or (iii) that has been released
or terminated.

 

III-6

 

(ii) The Seller is not aware of any judgment, ERISA or tax lien filings against either
the Seller, the Servicer or any Originator, other than any judgment, ERISA or tax lien
filing that (A) has not been outstanding for greater than 30 days from the earlier of such
Person’s knowledge or notice thereof, (B) is less than $250,000 and (C) does not otherwise
give rise to a Termination Event under clause (k) of Exhibit V to this
Agreement.

(iii) The Lock-Box Accounts are not in the name of any person other than the Seller or
the Administrator. Neither the Seller nor the Servicer has consented to any bank
maintaining such account to comply with instructions of any person other than the
Administrator and, prior to the occurrence and continuation of a Termination Event and the
delivery of a notice of control by the Administrator, the Servicer.

(d) Survival of Supplemental Representations. Notwithstanding any other provision of
this Agreement or any other Transaction Document, the representations contained in this Section
3 shall be continuing, and remain in full force and effect until such time as the Purchased
Interest and all other obligations under this Agreement have been finally and fully paid and
performed.

(e) No Waiver. To the extent required pursuant to the securitization program of any
Conduit Purchaser, the parties to this Agreement: (i) shall not, without obtaining a confirmation
of the then-current rating of the Notes of such Conduit Purchaser, waive any of the representations
set forth in this Section 3; (ii) shall provide the Ratings Agencies with prompt written
notice of any breach of any representations set forth in this Section 3, and shall not,
without obtaining a confirmation of the then-current rating of such Notes (as determined after any
adjustment or withdrawal of the ratings following notice of such breach) waive a breach of any of
the representations set forth in this Section 3.

(f) Servicer to Cooperate with Administrator to Maintain Perfection and Priority. In
order to evidence the interests of the Administrator under this Agreement, the Servicer shall, at
the reasonable request of the Administrator, from time to time take such action, or execute and
deliver such instruments as may be necessary (including, without limitation, such actions as are
reasonably requested by the Administrator or any Purchaser Agent) to maintain and perfect, as a
first-priority interest, the Administrator’s security interest in the Receivables, Related Security
and Collections. Notwithstanding anything else in the Transaction Documents to the contrary, the
Servicer shall not have any authority to file a termination, partial termination, release, partial
release, or any amendment that deletes the name of a debtor or excludes collateral of any such
financing statements, without the prior written consent of the Administrator, until such time as
the latest of (i) the Facility Termination Date, (ii) the date on which no Capital of or
Discount in respect of the Purchased Interest shall be outstanding and an amount equal to 100% of
the LC Participation Amount has been deposited in the LC Collateral Account or all Letters of
Credit have expired, and (iii) the date all amounts owed by the Seller under this Agreement to any
Purchaser, any Purchaser Agent, the Administrator and any other Indemnified Party or Affected
Person shall be paid in full.

 

III-7

 

4. Ordinary Course of Business. Each of the Seller and the Purchasers represents and
warrants, as to itself, that each remittance of Collections by or on behalf of the Seller to the
Purchasers under this Agreement will have been (i) in payment of a debt incurred by the Seller in
the ordinary course of business or financial affairs of the Seller and the Purchasers and (ii) made
in the ordinary course of business or financial affairs of the Seller and the Purchasers.

5. Reaffirmation of Representations and Warranties. On the date of each Purchase
and/or reinvestment hereunder, and on the date each Information Package or other report is
delivered to the Administrator, any Purchaser Agent or any Purchaser hereunder, the Seller and the
Servicer, by accepting the proceeds of such Purchase or reinvestment and/or the provision of such
information or report, shall each be deemed to have certified that (i) all representations and
warranties of the Seller and the Servicer, as applicable, described in this Exhibit III, as
from time to time amended in accordance with the terms hereof, are correct on and as of such day as
though made on and as of such day, except for representations and warranties which apply as to an
earlier date (in which case such representations and warranties shall be true and correct as of
such date), and (ii) no event has occurred or is continuing, or would result from any such
Purchase, which constitutes a Termination Event or an Unmatured Termination Event.

 

III-8

 

EXHIBIT IV

COVENANTS

1. Covenants of the Seller. Unless waived by Administrator and Majority Purchaser
Agents, at all times from the date hereof until the latest of (i) the Facility Termination Date,
(ii) the date on which no Capital of or Discount in respect of the Purchased Interest shall be
outstanding and an amount equal to 100% of the LC Participation Amount has been deposited in the LC
Collateral Account or all Letters of Credit have expired, and (iii) the date all amounts owed by
the Seller under this Agreement to any Purchaser, any Purchaser Agent, the Administrator and any
other Indemnified Party or Affected Person shall be paid in full:

(a) Financial Reporting. The Seller will maintain a system of accounting established
and administered in accordance with GAAP, and the Seller (or the Servicer on its behalf) shall
furnish to the Administrator and each Purchaser Agent:

(i) Annual Reporting. Promptly upon completion and in no event later than 120
days after the close of each Fiscal Year of the Seller, annual unaudited financial
statements of the Seller certified by a designated financial or other officer of the Seller.

(ii) Information Packages and Weekly Reports. As soon as available and in any
event not later than two (2) Business Days prior to the Settlement Date, an Information
Package as of the last day of the most recently completed Fiscal Month. As soon as
available and in any event not later than the third Business Day of each week, a Weekly
Report of the most recently completed week.

(iii) [intentionally deleted].

(iv) [intentionally deleted].

(v) Copies of Notices. Promptly upon its receipt of any notice, request for
consent, financial statements, certification, report or other communication under or in
connection with any Transaction Document from any Person other than the Administrator or any
Purchaser Agent, copies of the same.

(vi) Change in Credit and Collection Policy. At least ten days prior to the
effectiveness of any material change in or amendment to any Credit and Collection Policy,
notice of such change or amendment.

(vii) Other Information. Such other information (including non-financial
information) as the Administrator or any Purchaser Agent may from time to time reasonably
request, within a reasonable time after such request is received.

(b) Notices. The Seller will notify the Administrator and each Purchaser Agent in
writing of any of the following events promptly upon (but in no event later than three (3) Business
Days after) a financial or other officer learning of the occurrence thereof, with such notice
describing the same, and if applicable, the steps being taken by the Person(s) affected with
respect thereto:

 

IV-1

 

(i) Notice of Termination Events or Unmatured Termination Events. A statement
of the chief financial officer or chief accounting officer of the Seller setting forth
details of any Termination Event or Unmatured Termination Event.

(ii) Judgments and Proceedings. (A)(1) The entry of any judgment or decree
against the Parent or any Originator if the amount of such judgment or decree exceeds
$30,000,000 after deducting (I) the amount with respect to which such Person or any such
Subsidiary, as the case may be, is insured and with respect to which the insurer has assumed
responsibility in writing, and (II) the amount for which such Person or any such Subsidiary,
as the case may be, is otherwise indemnified if the terms of such indemnification are
reasonably satisfactory to the Administrator and (2) the institution of any litigation,
arbitration proceeding or governmental proceeding against the Parent or any Originator
which, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect; and (B) the entry of any judgment or decree or the institution of any
litigation, arbitration proceeding or governmental proceeding against the Seller.

(iii) Representations and Warranties. The failure of any representation or
warranty to be true (when made or at any time thereafter) with respect to the Pool
Receivables.

(iv) Notice of Purchase and Sale Termination Event. The occurrence of a
Purchase and Sale Termination Event or an Unmatured Purchase and Sale Termination Event.

(v) Defaults under Other Agreements. The occurrence of a default or an event of
default under any agreement pursuant to which any of the Parent, the Seller or any
Originator is a debtor or an obligor, which could reasonably be expected to have a Material
Adverse Effect.

(vi) Notices under Sale Agreement. Copies of all notices delivered under the
Sale Agreement.

(vii) Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the
Pool Receivables or Collections with respect thereto, (B) any Person other than the Seller,
the Servicer or the Administrator shall obtain any rights or direct any action with respect
to any Lock-Box Account (or related lock-box or post office box) or (C) any Obligor shall
receive any change in payment instructions with respect to Pool Receivable(s) from a Person
other than the Servicer or the Administrator.

(viii) ERISA and Other Claims. Promptly after the filing or receiving thereof,
copies of all reports and notices that the Seller or any ERISA Affiliate files under ERISA
with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S.
Department of Labor or that the Seller or any Affiliate receives from any of the foregoing
or from any multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) to which
the Seller or any of its Affiliates is or was, within the preceding five years, a
contributing employer, in each case in respect of any Reportable Event (as defined in
ERISA) that could, in the aggregate, result in the imposition of liability on the
Seller and/or any such Affiliate.

 

IV-2

 

(ix) Name Changes. At least thirty (30) days before any change in the Seller’s
name or any other change requiring the amendment of UCC financing statements, a notice
setting forth such changes and the effective date thereof.

(x) Material Adverse Change. Promptly after the occurrence thereof, notice of
a Material Adverse Change in respect of the Seller, the Servicer, Swift or any of their
respective Subsidiaries.

(c) Conduct of Business. The Seller will carry on and conduct its business in
substantially the same manner and in substantially the same fields of enterprise as it is presently
conducted and will do all things necessary to remain duly organized, validly existing and in good
standing as an entity in its jurisdiction of organization and maintain all requisite authority to
conduct its business in each jurisdiction in which its business is conducted if the failure to have
such authority could reasonably be expected to have a Material Adverse Effect.

(d) Compliance with Laws. The Seller will comply with all laws, rules, regulations,
orders, writs, judgments, injunctions, decrees or awards to which it may be subject if the failure
to comply could reasonably be expected to have a Material Adverse Effect.

(e) Furnishing of Information and Inspection of Receivables. The Seller will furnish
to the Administrator and each Purchaser Agent from time to time such information with respect to
the Pool Receivables as the Administrator or such Purchaser Agent may reasonably request. The
Seller will, at the Seller’s expense, at any time during regular business hours with, if a
Termination Event has not occurred and is not continuing, no less than 30 days prior written notice
(i) permit the Administrator or any Purchaser Agent, or their respective agents or representatives,
(A) to examine and make copies of and abstracts from all books and records relating to the Pool
Receivables or other Pool Assets and (B) to visit the offices and properties of the Seller for the
purpose of examining such books and records, and to discuss matters relating to the Pool
Receivables, other Pool Assets or the Seller’s performance hereunder or under the other Transaction
Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Seller (provided that representatives of the Seller are present
during such discussions) having knowledge of such matters; provided, that so long as no
Termination Event has occurred and is continuing such examinations and visits shall not exceed one
(1) per year and (ii) without limiting the provisions of clause (i) above, from time to
time during regular business hours, at the Seller’s expense, upon, if a Termination Event has not
occurred and is not continuing, no less than 30 days prior written notice from the Administrator
and the Purchaser Agents, permit certified public accountants or other auditors acceptable to the
Administrator to conduct a review of its books and records with respect to the Pool Receivables.

 

IV-3

 

(f) Payments on Receivables, Accounts. The Seller will, and will cause each
Originator to, at all times instruct all Obligors to deliver payments on the Pool Receivables to a
Lock-Box Account. If any such payments or other Collections are received by the Seller or an
Originator, it shall hold such payments in trust for the benefit of the Administrator and the
Purchasers and promptly (but in any event within two (2) Business Days after receipt) remit such
funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the
terms of each applicable Lock-Box Agreement. The Seller will not permit the funds other than
Collections on Pool Receivables and other Pool Assets to be deposited into any Lock-Box Account.
If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly
identify such funds for segregation. The Seller will not, and will not permit the Servicer, any
Originator or other Person to, commingle Collections or other funds to which the Administrator, any
Purchaser Agent or any Purchaser is entitled with any other funds. The Seller shall only add or
replace, and shall only permit an Originator to add or replace, a Lock-Box Bank (or the related
lock-box or post office box) or Lock-Box Account to those listed on Schedule II to this
Agreement if the Administrator has received notice of such addition or replacement, a copy of any
new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Agreement in form and
substance acceptable to the Administrator from any such new Lock-Box Bank. The Seller shall only
terminate a Lock-Box Bank or close a Lock-Box Account (or the related lock-box or post office box),
upon 30 days’ prior notice to and with the prior written consent of the Administrator.

(g) Sales, Liens, etc. Except as otherwise provided herein, the Seller will not sell,
assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any
Adverse Claim upon (including, without limitation, the filing of any financing statement) or with
respect to, any Pool Receivable or other Pool Asset or its membership interests, or assign any
right to receive income in respect thereof.

(h) Extension or Amendment of Pool Receivables. Except as otherwise permitted in
Section 4.2(a) of this Agreement, the Seller will not extend, amend or otherwise modify the
terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material
respect, the provisions of any Contract related thereto, without the prior written consent of the
Administrator. The Seller shall at its expense, timely and fully perform and comply with all
material provisions, covenants and other promises required to be observed by it under the Contracts
related to the Pool Receivables, and timely and fully comply in all material respects with the
Credit and Collection Policy with regard to each Receivable and the related Contract.

(i) Change in Business. The Seller will not (i) make any material change in the
character of its business, which change would impair the collectability of any Pool Receivable or
(ii) make any change in any Credit and Collection Policy that could reasonably be expected to
materially adversely affect the collectability of the Pool Receivables, the credit quality of any
Pool Receivable, the enforceability of any related Contract or its ability to perform its
obligations under the related Contract or the Transaction Documents, in the case of either
clause (i) or (ii) above, without the prior written consent of the Administrator.

 

IV-4

 

(j) Fundamental Changes. The Seller shall not, without the prior written consent of
the Administrator and the Majority Purchaser Agents, permit itself (i) to merge or consolidate with
or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a
series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to, any Person or (ii) to be owned by any Person other than Swift and thereby cause
Swift’s percentage of ownership or control of the Seller to be reduced. The Seller shall provide
the Administrator and each Purchaser Agent with at least 30 days’ prior written notice before
making any change in the Seller’s name, location or making any other change in the Seller’s
identity or corporate structure that could impair or otherwise render any UCC financing
statement filed in connection with this Agreement “seriously misleading” as such term (or similar
term) is used in the applicable UCC; each notice to the Administrator and the Purchaser Agents
pursuant to this sentence shall set forth the applicable change and the proposed effective date
thereof and at least ten (10) days prior to such change, deliver to the Administrator all financing
statements, instruments and other documents requested by the Administrator in connection with such
change or relocation. The Seller will also maintain and implement (or cause the Servicer to
maintain and implement) administrative and operating procedures (including an ability to recreate
records evidencing Pool Receivables and related Contracts in the event of the destruction of the
originals thereof), and keep and maintain (or cause the Servicer to keep and maintain) all
documents, books, records, computer tapes and disks and other information reasonably necessary or
advisable for the collection of all Pool Receivables (including records adequate to permit the
daily identification of each Pool Receivable and all Collections of and adjustments to each
existing Pool Receivable).

(k) Ownership Interest, Etc. The Seller shall (and shall cause the Servicer to), at
its expense, take all action necessary or desirable to establish and maintain a valid and
enforceable undivided percentage ownership or security interest, to the extent of the Purchased
Interest, in the Pool Receivables, the Related Security and Collections with respect thereto, and a
first priority perfected security interest in the Pool Assets, in each case free and clear of any
Adverse Claim, in favor of the Administrator (on behalf of the Purchasers), including taking such
action to perfect, protect or more fully evidence the interest of the Administrator (on behalf of
the Purchasers) as the Administrator or any Purchaser Agent may reasonably request.

(l) Certain Agreements. Without the prior written consent of the Administrator and the
Majority Purchaser Agents, the Seller will not amend, modify, waive, revoke or terminate any
Transaction Document to which it is a party or any provision of the Seller’s organizational
documents which requires the consent of the “Independent Manager”.

(m) Restricted Payments. (i)Except pursuant to clause (ii) and (iii) below,
the Seller will not: (A) purchase or redeem any shares of its membership interests, (B) declare or
pay any dividend or set aside any funds for any such purpose, (C) other than Company Notes, prepay,
purchase or redeem any Debt, (D) lend or advance any funds or (E) other than Company Notes, repay
any loans or advances to, for or from any of its Affiliates (the amounts described in clauses
(A) through (E) being referred to as “Restricted Payments”).

(ii) Subject to the limitations set forth in clause (iii) below, the Seller may make
Restricted Payments so long as such Restricted Payments are made only in one or more of the
following ways: (A) the Seller may make cash payments (including prepayments) on the Company Notes
in accordance with their respective terms, and (B) if no amounts are then outstanding under any
Company Note, the Seller may declare and pay dividends.

(iii) The Seller may make Restricted Payments only out of the funds, if any, it receives
pursuant to Sections 1.4(b)(ii) and (iv) and 1.4(d) of this Agreement.
Furthermore, the Seller shall not pay, make or declare: (A) any dividend if, after giving effect
thereto, the Tangible Net Worth of the Seller would be less than $15,000,000, or (B) any Restricted
Payment (including
any dividend) if, after giving effect thereto, any Termination Event or Unmatured Termination
Event shall have occurred and be continuing.

 

IV-5

 

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

(o) Use of Seller’s Share of Collections. The Seller shall apply the Seller’s Share of
Collections to make payments in the following order of priority: (i) the payment of its expenses
(including all obligations payable to the Purchasers, the Purchaser Agents and the Administrator
under this Agreement and under the Fee Letter), (ii) the payment of accrued and unpaid interest on
the Company Notes and (iii) other legal and valid corporate purposes.

(p) Tangible Net Worth. The Seller will not permit its Tangible Net Worth, at any
time, to be less than $15,000,000.

(q) Further Assurances. The Seller hereby authorizes Administrator and hereby agrees
from time to time, at its own expense, promptly to execute (if necessary) and deliver all further
instruments and documents, and to take all further actions, that may be necessary or reasonably
desirable, or that the Administrator or the Purchaser Agents may reasonably request, to perfect,
protect or more fully evidence the purchases or issuances made under this Agreement and/or security
interest granted pursuant to this Agreement or any other Transaction Document, or to enable the
Administrator or the Purchaser Agents to exercise and enforce their respective rights and remedies
under this Agreement or any other Transaction Document. Without limiting the foregoing, the Seller
hereby authorizes, and will, upon the request of the Administrator or the Purchaser Agents, at its
own expense, execute (if necessary) and file such financing or continuation statements, or
amendments thereto, and such other instruments and documents, that may be necessary or desirable,
or that the Administrator or the Purchaser Agents may reasonably request, to perfect, protect or
evidence any of the foregoing. The Seller authorizes the Administrator to file financing or
continuation statements, and amendments thereto and assignments thereof, relating to the
Receivables and the Related Security, the related Contracts and the Collections with respect
thereto and the other collateral subject to a lien under any Transaction Document without the
signature of the Seller. A photocopy or other reproduction of this Agreement shall be sufficient
as a financing statement where permitted by law.

 

IV-6

 

2. Covenants of the Servicer. Unless waived by Administrator and Majority Purchaser
Agents, at all times from the date hereof until the latest of (i) the Facility Termination Date,
(ii) the date on which no Capital of or Discount in respect of the Purchased Interest shall be
outstanding and an amount equal to 100% of the LC Participation Amount has been deposited in the LC
Collateral Account or all Letters of Credit have expired, and (iii) the date all amounts owed by
the Seller under this Agreement to any Purchaser, any Purchaser Agent, the Administrator and any
other Indemnified Party or Affected Person shall be paid in full:

(a) Financial Reporting. The Servicer will maintain a system of accounting
established and administered in accordance with GAAP as in effect in the appropriate jurisdiction,
and the Servicer shall furnish or cause to be furnished to the Administrator and each Purchaser
Agent or, in the case of any of clauses (i) or (ii) below, make publicly available:

(i) Annual Reporting. Subject to clause (x) below, promptly upon completion
and in no event later than 120 days after the close of each Fiscal Year of the Parent,
annual audited financial statements of the Parent and its consolidated subsidiaries audited
by independent certified public accountants selected by the Parent but reasonably acceptable
to the Administrator and each such Purchaser Agent, prepared in accordance with GAAP,
including consolidated balance sheets as of the end of such period, and the related
consolidated statements of income or operations, shareholders’ (or members’) equity and cash
flows for such Fiscal Year, setting forth, in each case, in comparative form, the figures
for the previous Fiscal Year.

(ii) Quarterly Reporting. Subject to clause (x) below, promptly upon
completion and in no event later than 60 days after the close of each Fiscal Quarter of the
Parent, unaudited financial statements of the Parent certified by a designated financial
officer of the Parent prepared in accordance with GAAP, including consolidated balance
sheets of the Parent as of the end of such period, and the related consolidated statements
of income or operations, shareholders’ (or members’) equity and cash flows for such Fiscal
Quarter, setting forth, in each case, in comparative form, the figures for the previous
Fiscal Quarter; provided, that such obligation shall be met if the Parent files such
report with the SEC.

(iii) Compliance Certificates. Together with the annual report required above,
a compliance certificate in form and substance acceptable to the Administrator and each
Purchaser Agent signed by its chief financial officer, chief accounting officer or treasurer
solely in their capacities as officers of the Servicer stating that no Termination Event or
Unmatured Termination Event exists, or if any Termination Event or Unmatured Termination
Event exists, stating the nature and status thereof.

(iv) Information Packages and Weekly Reports. As soon as available and in any
event not later than two (2) Business Days prior to the Settlement Date, an Information
Package as of the last day of the most recently completed Fiscal Month. As soon as
available and in any event not later than the third Business Day of each week, a Weekly
Report of the most recently completed week.

(v) Shareholders Statements and Reports and SEC Filings. Subject to clause (x)
below, promptly upon the furnishing thereof to the shareholders of the Parent copies of all
financial statements, reports and proxy statements so furnished.

(vi) Delivery of Financial Information. Subject to clause (x) below, promptly
upon the filing thereof, copies of all registration statements and annual, quarterly,
monthly or other regular reports which the Seller, Swift, the Parent or any of their
respective Affiliates files with the SEC.

 

IV-7

 

(vii) Copies of Notices. Subject to clause (x) below, promptly upon its
receipt of any notice, request for consent, financial statements, certification, report or
other communication under or in connection with any Transaction Document from any Person
other than the Administrator or any Purchaser Agent, copies of the same.

(viii) Change in Credit and Collection Policy. At least ten (10) days prior to
the effectiveness of any material change in or amendment to any Credit and Collection
Policy, notice of such change or amendment.

(ix) Other Information. Such other information (including non-financial
information) as the Administrator or any Purchaser Agent may from time to time reasonably
request, within a reasonable time after such request is received.

(x) Public Reports. Documents required to be delivered pursuant to this
Section 2(a) (to the extent such documents are included otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Parent posts such documents, or provides a link
thereto on the Parent’s website on the Internet at swifttrans.com; or (ii) on which such
documents are posted on the Parent’s behalf on an Internet or intranet website, if any, to
which the Administrator, any Purchaser Agents or any Purchaser has access (whether a
commercial, third party website or whether sponsored by the Administrator);
provided, that (i) the Parent shall deliver paper copies of such documents to the
Administrator, any Purchaser Agents or any Purchaser that requests in writing that the
Parent deliver such paper copies until a written request to cease delivering such paper
copies is given by the Administrator, any Purchaser Agents or such Purchaser and (ii) the
Parent shall notify the Administrator (by telecopier or electronic mail) of the posting of
any such documents and provide to the Administrator by electronic mail electronic versions
(i.e., soft copies) of such documents. Notwithstanding anything contained herein to the
contrary, the Servicer shall be required to provide paper copies of Information Packages and
Officer’s Certificates required by Sections 2(a)(iii) and 2(a)(iv),
respectively.

(b) Notices. The Servicer will notify the Administrator and each Purchaser Agent in
writing of any of the following events promptly upon (but in no event later than three (3) Business
Days after) a financial or other officer learning of the occurrence thereof, with such notice
describing the same, and if applicable, the steps being taken by the Person(s) affected with
respect thereto:

(i) Notice of Termination Events or Unmatured Termination Events. A statement
of the chief financial officer or chief accounting officer of the Servicer setting forth
details of any Termination Event or Unmatured Termination Event.

(ii) Judgments and Proceedings. (A)(1) The entry of any judgment or decree
against the Parent or any Originator if the amount of such judgment or decree exceeds
$30,000,000 after deducting (I) the amount with respect to which such Person or any such
Subsidiary, as the case may be, is insured and with respect to which the insurer has assumed
responsibility in writing, and (II) the amount for which such Person or any such Subsidiary,
as the case may be, is otherwise indemnified if the terms of such
indemnification are reasonably satisfactory to the Administrator and (2) the
institution of any litigation, arbitration proceeding or governmental proceeding against the
Parent or any Originator which, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect; and (B) the entry of any judgment or decree or
the institution of any litigation, arbitration proceeding or governmental proceeding against
the Seller.

 

IV-8

 

(iii) Representations and Warranties. The failure of any representation or
warranty to be true (when made or at any time thereafter) with respect to the Pool
Receivables.

(iv) Notice of Purchase and Sale Termination Event. The occurrence of a
Purchase and Sale Termination Event or an Unmatured Purchase and Sale Termination Event.

(v) Defaults Under Other Agreements. The occurrence of a default or an event
of default under any agreement pursuant to which any of the Parent, any Originator or Seller
is a debtor or an obligor, which could reasonably be expected to have a Material Adverse
Effect.

(vi) Notices under Sale Agreement. Copies of all notices delivered under the
Sale Agreement.

(vii) Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the
Pool Receivables or Collections with respect thereto, (B) any Person other than the Seller,
the Servicer or the Administrator shall obtain any rights or direct any action with respect
to any Lock-Box Account (or related lock-box or post office box) or (C) any Obligor shall
receive any change in payment instructions with respect to Pool Receivable(s) from a Person
other than the Servicer or the Administrator.

(viii) ERISA and Other Claims. Promptly after the filing or receiving thereof,
copies of all reports and notices that Swift or any ERISA Affiliate files under ERISA with
the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S.
Department of Labor or that Swift or any Affiliate receives from any of the foregoing or
from any multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) to which
Swift or any of its Affiliates is or was, within the preceding five years, a contributing
employer, in each case in respect of any Reportable Event (as defined in ERISA) that could,
in the aggregate, result in the imposition of liability on Swift and/or any such Affiliate.

(ix) Name Changes. At least thirty (30) days before any change in Swift’s name
or any other change requiring the amendment of UCC financing statements, a notice setting
forth such changes and the effective date thereof.

(x) Material Adverse Change. Promptly after the occurrence thereof, notice of a
Material Adverse Change in respect of the Seller, the Servicer, Swift or any of their
respective Subsidiaries.

 

IV-9

 

(c) Conduct of Business. The Servicer will carry on and conduct its business in
substantially the same manner and in substantially the same fields of enterprise as it is presently
conducted and will do all things necessary to remain duly organized, validly existing and in good
standing as an entity in its jurisdiction of organization and maintain all requisite authority to
conduct its business in each jurisdiction in which its business is conducted if the failure to have
such authority could reasonably be expected to have a Material Adverse Effect.

(d) Compliance with Laws. The Servicer will comply with all laws, rules, regulations,
orders, writs, judgments, injunctions, decrees or awards to which it may be subject if the failure
to comply could reasonably be expected to have a Material Adverse Effect.

(e) Furnishing of Information and Inspection of Receivables. The Servicer will
furnish to the Administrator and each Purchaser Agent from time to time such information with
respect to the Pool Receivables as the Administrator or such Purchaser Agent may reasonably
request. The Servicer will, at the Servicer’s expense, at any time during regular business hours
with, if a Termination Event has not occurred and is not continuing, no less than 30 days prior
written notice (i) permit the Administrator or any Purchaser Agent, or their respective agents or
representatives, (A) to examine and make copies of and abstracts from all books and records
relating to the Pool Receivables or other Pool Assets and (B) to visit the offices and properties
of the Servicer for the purpose of examining such books and records, and to discuss matters
relating to the Pool Receivables, other Pool Assets or the Servicer’s performance hereunder or
under the other Transaction Documents to which it is a party with any of the officers, directors,
employees or independent public accountants of the Servicer (provided that representatives
of the Servicer are present during such discussions) having knowledge of such matters;
provided, that so long as no Termination Event has occurred and is continuing such
examinations and visits shall not exceed one (1) per year and (ii) without limiting the provisions
of clause (i) above, during regular business hours, at the Servicer’s expense, upon, if a
Termination Event has not occurred and is not continuing, no less than 30 days prior written notice
from the Administrator, permit certified public accountants or other auditors acceptable to the
Administrator and the Purchaser Agents to conduct, a review of its books and records with respect
to the Pool Receivables; provided, that so long as no Termination Event has occurred and is
continuing, the Servicer shall be required to reimburse the Administrator and Purchaser Agents for
only one (1) such audit per year. For the avoidance of doubt, the Administrator may require
examinations and audits in addition to the examinations and audits specified in clause (i)
and clause (ii) above, but the expense of any such additional examination or audit shall be
borne by the Administrator and not the Servicer.

(f) Payments on Receivables, Accounts. The Servicer will at all times instruct all
Obligors to deliver payments on the Pool Receivables to a Lock-Box Account. If any such payments
or other Collections are received by the Servicer, it shall hold such payments in trust for the
benefit of the Administrator and the Purchasers and promptly (but in any event within two (2)
Business Days after receipt) remit such funds into a Lock-Box Account. The Servicer will cause
each Lock-Box Bank to comply with the terms of each applicable Lock-Box Agreement. The Servicer
will not permit the funds other than Collections on Pool Receivables and other Pool Assets to be
deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box
Account, the Servicer will promptly identify such funds for segregation. The Servicer will not
commingle Collections with any other funds. The Servicer shall only add or
replace, a Lock-Box Bank (or the related lock-box or post office box) or Lock-Box Account to
those listed on Schedule II to this Agreement if the Administrator has received notice of such
addition or replacement, a copy of any new Lock-Box Agreement and an executed and acknowledged copy
of a Lock-Box Agreement in form and substance acceptable to the Administrator from any such new
Lock-Box Bank. The Servicer shall only terminate a Lock-Box Bank or close a Lock-Box Account (or
the related lock-box or post office box), upon 30 days’ prior notice to and with the prior written
consent of the Administrator.

 

IV-10

 

(g) Extension or Amendment of Pool Receivables. Except as otherwise permitted in
Section 4.2(a) of this Agreement, the Servicer will not extend, amend or otherwise modify
the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any
material respect, the provisions of any Contract related thereto, without the prior written consent
of the Administrator.

(h) Change in Business. The Servicer will not (i) make any material change in the
character of its business, which change would impair the collectability of any Pool Receivable or
(ii) make any change in any Credit and Collection Policy that could reasonably be expected to
adversely affect the collectability of the Pool Receivables, the credit quality of any Pool
Receivable, the enforceability of any related Contract or its ability to perform its obligations
under the related Contract or the Transaction Documents, in the case of either clause (i)
or (ii) above, without the prior written consent of the Administrator.

(i) Records. The Servicer will maintain, implement and keep (i) administrative and
operating procedures (including an ability to recreate records evidencing Pool Receivables and
related Contracts if originals are destroyed), (ii) adequate facilities, personnel and equipment
and (iii) all documents, books, records, computer tapes and disks and other information reasonably
necessary or advisable for the collection of all Pool Receivables (including records adequate to
permit the daily identification of each new Pool Receivable and all Collections of, and adjustments
to, each existing Pool Receivable). The Servicer will give the Administrator prior notice of any
change in such administrative and operating procedures that causes them to be materially different
from the procedures described to Administrator on or before the date hereof as the Servicer’s then
existing or planned administrative and operating procedures for collecting Receivables.

(j) Ownership Interest, Etc. The Servicer shall, at its expense, take all action
necessary or desirable to establish and maintain a valid and enforceable undivided percentage
ownership or security interest, to the extent of the Purchased Interest, in the Pool Receivables,
the Related Security and Collections with respect thereto, and a first priority perfected security
interest in the Pool Assets, in each case free and clear of any Adverse Claim in favor of the
Administrator (on behalf of the Purchasers), including taking such action to perfect, protect or
more fully evidence the interest of the Administrator (on behalf of the Purchasers) as the
Administrator or any Purchaser Agent may reasonably request.

 

IV-11

 

3. Separate Existence. Each of the Seller and the Servicer hereby acknowledges that
the Purchasers and the Administrator are entering into the transactions contemplated by this
Agreement and the other Transaction Documents in reliance upon the Seller’s identity as a legal
entity separate from Swift, the Originators and their respective Affiliates. Therefore, from and
after the date hereof, each of the Seller and the Servicer shall take all steps specifically
required by this Agreement or reasonably required by the Administrator or any Purchaser Agent to
continue the Seller’s identity as a separate legal entity and to make it apparent to third Persons
that the Seller is an entity with assets and liabilities distinct from those of Swift, any
Originator and any other Person, and is not a division of Swift, any Originator or any other
Person. Without limiting the generality of the foregoing and in addition to and consistent with the
other covenants set forth herein, each of the Seller and the Servicer shall take such actions as
shall be required in order that:

(a) The Seller will be a limited liability company whose primary activities are restricted in
its operating agreement to: (i) purchasing or otherwise acquiring from the Originators, owning,
holding, granting security interests or selling interests in Pool Assets, (ii) entering into
agreements for the selling and servicing of the Receivables Pool, and (iii) conducting such other
activities as it deems necessary or appropriate to carry out its primary activities;

(b) The Seller shall not engage in any business or activity, or incur any indebtedness or
liability (including, without limitation, any assumption or guaranty of any obligation of Swift,
any Originator or any Affiliate thereof), other than as expressly permitted by the Transaction
Documents;

(c) At all times have a Board of Managers and not less than one member of Seller’s Board of
Managers shall be an individual who (A) has (1) prior experience as an Independent Director or
Independent Manager for a corporation or limited liability company whose charter documents required
the unanimous consent of all Independent Directors or Independent Managers thereof before such
corporation or limited liability company could consent to the institution of bankruptcy or
insolvency proceedings against it or could file a petition seeking relief under any applicable
federal or state law relating to bankruptcy and (2) at least three years of employment experience
with one or more entities that provide, in the ordinary course of their respective businesses,
advisory, management or placement services to issuers of securitization or structured finance
instruments, agreements or securities, (B) is reasonably acceptable to the Administrator as
evidenced in a writing executed by the Administrator (it being understood and agreed that any
equity owner, manager or employee of Global Securitization Services, LLC or Lord Securities
Corporation is hereby consented to by the Administrator), (C) is not, and has not been for a period
of five years prior to his or her appointment as an Independent Manager of the Seller: (1) a member
(whether direct, indirect or beneficial), customer, advisor or supplier of Swift or any of its
respective Affiliates, (2) a director, officer, employee, partner, attorney or consultant of Swift
or any of its Affiliates (Swift and its Affiliates other than the Seller being hereinafter referred
to as the “Parent Group”), (3) a person related to any person referred to in clauses
(1) or (2) above, (4) a person or other entity controlling or under common control with
any such stockholder, partner, customer, supplier, employee, officer or director or (5) a trustee,
conservator or receiver for any member of the Parent Group and (D) shall not at any time serve as a
trustee in bankruptcy for the Seller, Swift or any Affiliate thereof (such an individual meeting
the requirements set forth above, the “Independent Manager”) and causing its limited liability
company agreement to provide that (w) at least one member of the Seller’s Board of Managers shall
be an Independent Manager, (x) the Seller’s Board of Managers shall not approve, or take any other
action to

 

IV-12

 

cause
the filing of, a voluntary bankruptcy petition with respect to the Seller unless a unanimous vote of the Seller’s Board of Managers (which vote
shall include the affirmative vote of all Independent Managers) shall approve the taking of such
action in writing prior to the taking of such action, (y) the Seller’s Board of Managers shall not
vote on any matter requiring the vote of its Independent Managers under its certificate of
formation unless and until at least one Independent Manager is then serving on the Seller’s Board
of Managers and (z) the provisions requiring an Independent Manager and the provision described in
clauses (x) and (y) of this paragraph (c) cannot be amended without the
prior written consent of each Independent Manager (it being understood that, as used in this
paragraph (c), “control” means the possession directly or indirectly of the power
to direct or cause the direction of management policies or activities of a person or entity whether
through ownership of voting securities, by contract or otherwise);

(d) The Independent Manager shall not at any time serve as a trustee in bankruptcy for the
Seller, Swift, any Originator or any of their respective Affiliates;

(e) The Seller shall conduct its affairs strictly in accordance with its organizational
documents and observe all necessary, appropriate and customary company formalities, including, but
not limited to, holding all regular and special members’ and board of managers’ meetings
appropriate to authorize all limited liability company action, keeping separate and accurate
minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken
or to be taken, and maintaining accurate and separate books, records and accounts, including, but
not limited to, payroll and intercompany transaction accounts;

(f) Any employee, consultant or agent of the Seller will be compensated from the Seller’s
funds for services provided to the Seller, and to the extent that Seller shares the same officers
or other employees as Swift or any Originator (or any other Affiliate thereof), the salaries and
expenses relating to providing benefits to such officers and other employees shall be fairly
allocated among such entities, and each such entity shall bear its fair share of the salary and
benefit costs associated with such common officers and employees. The Seller will not engage any
agents other than its attorneys, auditors and other professionals, and a servicer and any other
agent contemplated by the Transaction Documents for the Receivables Pool, which servicer will be
fully compensated for its services by payment of the Servicing Fee, and a manager, which manager
will be fully compensated from the Seller’s funds;

(g) The Seller will contract with the Servicer to perform for the Seller all operations
required on a daily basis to service the Receivables Pool. The Seller will pay the Servicer the
Servicing Fee pursuant hereto. Except as otherwise permitted by this Agreement, the Seller will not
incur any material indirect or overhead expenses for items shared with Swift or any Originator (or
any other Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any,
that the Seller (or any Affiliate thereof) shares items of expenses not reflected in the Servicing
Fee or the manager’s fee, such as legal, auditing and other professional services, such expenses
will be allocated to the extent practical on the basis of actual use or the value of services
rendered, and otherwise on a basis reasonably related to the actual use or the value of services
rendered; it being understood that Swift, in its capacity as Servicer, shall pay all
expenses relating to the preparation, negotiation, execution and delivery of the Transaction
Documents, including legal, agency and other fees;

 

IV-13

 

(h) The Seller’s operating expenses will not be paid by Swift or any Originator (except as
permitted by this Agreement in connection with servicing the Pool Receivables) or any Affiliate
thereof;

(i) The Seller’s books and records will be maintained separately from those of Swift, each
Originator and any other Affiliate thereof and in a manner such that it will not be difficult or
costly to segregate, ascertain or otherwise identify the assets and liabilities of Seller;

(j) All financial statements of Swift or any Originator or any Affiliate thereof that are
consolidated to include Seller will disclose that (i) the Seller’s sole business consists of the
purchase or acceptance through capital contributions of the Receivables and Related Rights from the
Originators and the subsequent retransfer of or granting of a security interest in such Receivables
and Related Rights to certain purchasers party to this Agreement, (ii) the Seller is a separate
legal entity with its own separate creditors who will be entitled, upon its liquidation, to be
satisfied out of the Seller’s assets prior to any assets or value in the Seller becoming available
to the Seller’s equity holders and (iii) the assets of the Seller are not available to pay
creditors of Swift or the Originators or any other Affiliates of Swift or the Originators;

(k) The Seller’s assets will be maintained in a manner that facilitates their identification
and segregation from those of Swift, the Originators or any Affiliates thereof;

(l) The Seller will strictly observe corporate formalities in its dealings with Swift, the
Originators or any Affiliates thereof, and funds or other assets of the Seller will not be
commingled with those of Swift, the Originators or any Affiliates thereof except as permitted by
this Agreement in connection with servicing the Pool Receivables. The Seller shall not maintain
joint bank accounts or other depository accounts to which Swift or any Affiliate thereof (other
than Swift in its capacity as the Servicer) has independent access. The Seller is not named, and
has not entered into any agreement to be named, directly or indirectly, as a direct or contingent
beneficiary or loss payee on any insurance policy with respect to any loss relating to the property
of Swift, the Originators or any Subsidiaries or other Affiliates thereof. The Seller will pay to
the appropriate Affiliate the marginal increase or, in the absence of such increase, the market
amount of its portion of the premium payable with respect to any insurance policy that covers the
Seller and such Affiliate;

(m) The Seller will maintain arm’s-length relationships with Swift, the Originators and any
Affiliates thereof. Any Person that renders or otherwise furnishes services to the Seller will be
compensated by the Seller at market rates for such services it renders or otherwise furnishes to
the Seller. Neither the Seller on the one hand, nor Swift or any Originator, on the other hand,
will be or will hold itself out to be responsible for the debts of the other or the decisions or
actions respecting the daily business and affairs of the other. The Seller, Swift and the
Originators will immediately correct any known misrepresentation with respect to the foregoing, and
they will not operate or purport to operate as an integrated single economic unit with respect to
each other or in their dealing with any other entity;

(n) The Seller shall have a separate area from Swift and each Originator for its business
(which may be located at the same address as such entities) and to the extent that any
other such entity has offices in the same location, there shall be a fair and appropriate
allocation of overhead costs between them, and each shall bear its fair share of such expenses; and

(o) To the extent not already covered in paragraphs (a) through (n) above,
Seller shall comply and/or act in accordance with the provisions of Section 6.4 of the Sale
Agreement.

 

IV-14

 

EXHIBIT V

TERMINATION EVENTS

Each of the following shall be a “Termination Event”:

(a) (i) the Parent, the Seller, Swift, any Originator or the Servicer shall fail to perform or
observe any term, covenant or agreement under this Agreement or any other Transaction Document to
which it is a party and, except as otherwise provided herein, such failure shall, solely to the
extent capable of cure, continue for thirty (30) days after the earlier of any such Person’s actual
knowledge or notice thereof or (ii) the Seller or the Servicer shall fail to make when due any
payment or deposit to be made by it under this Agreement or any other Transaction Document and such
failure shall remain unremedied for two (2) Business Days;

(b) Swift (or any Affiliate thereof) shall fail to transfer to any successor Servicer, when
required, any rights pursuant to this Agreement that Swift (or such Affiliate) then has as
Servicer;

(c) any representation or warranty made or deemed made by the Parent, the Seller, the Servicer
or any Originator (or any of their respective officers) under or in connection with this Agreement
or any other Transaction Document to which it is a party, or any information or report delivered by
the Seller, the Servicer or any Originator pursuant to this Agreement or any other Transaction
Document to which it is a party, shall prove to have been incorrect or untrue in any material
respect when made or deemed made or delivered and, if the representation or warranty is of a type
that is capable of being cured, shall remain incorrect or untrue for thirty (30) days after the
earlier of such Person’s actual knowledge or notice thereof;

(d) the Seller or the Servicer shall fail to deliver any (i) Information Package when due
pursuant to this Agreement, and such failure shall remain unremedied for two (2) Business Days or
(ii) Weekly Report when due pursuant to this Agreement, and such failure shall remain unremedied
for two (2) Business Days;

(e) this Agreement (and each Lock-Box Agreement, as applicable) or any Purchase pursuant to
this Agreement shall for any reason: (i) cease to create, or the Purchased Interest shall for any
reason cease to be, a valid and enforceable first priority perfected undivided percentage ownership
or security interest to the extent of the Purchased Interest in each Pool Receivable, the Related
Security and Collections with respect thereto, free and clear of any Adverse Claim, or (ii) cease
to create with respect to the Pool Assets, or the interest of the Administrator (for the benefit of
the Purchasers) with respect to such Pool Assets shall cease to be, a valid and enforceable first
priority perfected security interest, free and clear of any Adverse Claim;

 

V-1

 

(f) the Parent, the Seller, Swift, the Servicer or any Originator shall generally not pay its
debts as such debts become due, shall admit in writing its inability to pay its debts generally, or
shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted
by or against the Parent, the Seller, Swift, the Servicer or any Originator seeking to adjudicate
it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of
an order for relief or the appointment of a receiver, trustee, custodian or other similar official
for it or for any substantial part of its property and, in the case of any such proceeding
instituted against it (but not instituted by it), either such proceeding shall remain undismissed
or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including the
entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other
similar official for, it or for any substantial part of its property) shall occur; or the Parent,
the Seller, Swift, the Servicer or any Originator shall take any corporate action to authorize any
of the actions set forth above in this paragraph;

(g) (i) the average for three consecutive Fiscal Months of: (A) the Default Ratio shall exceed
5.5%, (B) the Delinquency Ratio shall exceed 6.0%, or (C) the Dilution Ratio shall exceed 3.0% or
(ii) the Days’ Sales Outstanding exceeds 45 days;

(h) a Change in Control shall occur;

(i) the Purchased Interest shall exceed 100% for two (2) Business Days;

(j) a default shall occur in the payment of any amount when due (subject to any applicable
grace period), whether by acceleration or otherwise, of any principal or stated amount of, or
interest or fees on, any Debt (other than Debt described in clause (a) above) of the Parent
or any of its Subsidiaries having a principal or stated amount, individually or in the aggregate,
in excess of $30,000,000, a default shall occur in the performance or observance of any obligation
or condition with respect to such Debt, or an event of default shall occur, if the effect of such
default or event of default is to accelerate the maturity of any such Debt or such default shall
continue unremedied for any applicable period of time sufficient to permit the holder or holders of
such Debt, or any trustee or agent for such holders, to cause or declare such Debt to become due
and payable or to require such Debt to be prepaid, redeemed, purchased or defeased, or require an
offer to purchase or defease such Debt to be made, prior to its expressed maturity;

(k) either the Internal Revenue Service or the Pension Benefit Guaranty Corporation shall have
filed one or more notices of lien asserting a claim or claims pursuant to the Internal Revenue
Code, or ERISA, as applicable, against the assets of Seller, any Originator, Swift or any ERISA
Affiliate; or

(l) the Parent permits the Consolidated Leverage Ratio (as such term is defined in the Credit
Agreement on the Closing Date without giving effect to any amendment, supplement, modification or
waiver of such definition made or given after the Closing Date) for any day to be greater than
4.375:1.00.

 

V-2

 

SCHEDULE I

CREDIT AND COLLECTION POLICY

(attached)

Schedule I-1

 

 

 

SCHEDULE II

LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS

	 	 	 	 	 
	 	 	LOCK-BOX	 	 
	BANK	 	ADDRESS AND NO.	 	BANK ACCOUNT NO.
	 
	PNC Bank, National Association
	 	[*]	 	[*]
	 
	PNC Bank, National Association
	 	[*]	 	[*]

	 	 	 
	*	 	Confidential information on this page has been omitted and filed separately with
the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

Schedule II-1

 

 

 

SCHEDULE III

ACTIONS AND PROCEEDINGS

[NONE]

Schedule III-1

 

 

 

ANNEX A-1

FORM OF INFORMATION PACKAGE

Annex A-1-1

 

 

 

ANNEX A-2

FORM OF WEEKLY REPORT

Annex A-2-1

 

 

 

ANNEX B

FORM OF PURCHASE NOTICE

Dated as of [                    
 _____, 20
 _____]

PNC Bank, National Association

One PNC Plaza, 26th Floor

249 Fifth Avenue

Pittsburgh, PA 15222-2707

Attention: [_____]

Wells Fargo Bank, National Association

Wells Fargo Capital Finance

6 Concourse Parkway, Suite 1450

Atlanta, Georgia 30328

Attention: [_____]

[Each Purchaser Agent]

Ladies and Gentlemen:

Reference is hereby made to the Receivables Purchase Agreement, dated as of June 8, 2011 (as
amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables
Purchase Agreement”), among Swift Receivables Company II, LLC, as Seller, Swift Transportation
Services, LLC, as Servicer, the various Conduit Purchasers, Related Committed Purchasers, Purchaser
Agents and LC Participants from time to time party thereto and PNC Bank, National Association, as
Administrator and as LC Bank. Capitalized terms used in this Purchase Notice and not otherwise
defined herein shall have the meanings assigned thereto in the Receivables Purchase Agreement.

[This letter constitutes a Purchase Notice pursuant to Section 1.2(a) of the
Receivables Purchase Agreement. Seller desires to sell an undivided percentage ownership interest
in a pool of Receivables on                     , [20_____],
for a purchase price of
$                    .1
Subsequent to this Purchase, the Aggregate Capital will be
$                    .]2[This letter
constitutes a notice pursuant to Section 1.13(a) of the Receivables Purchase Agreement.
Seller desires that the LC Bank issue Letters of Credit [currently issued under the [                    ]]
on                     ,
[20_____], with a face amount of $                    . Subsequent to this Purchase, the LC
Participation Amount will be
$                     and the Aggregate Capital will be $                    .]3

 

	 	 	 
	1	 	Such amount shall not be less than $300,000 (or such
lesser amount as agreed to by the Administrator and the Majority Purchaser
Agents) and shall be in integral multiples of $100,000 with respect to each
Purchaser Group.

	 
	2	 	In the case of a Borrowing Request.

	 
	3	 	In the case of a request for an issuance of a Letter of
Credit.

 

Annex B-1

 

Seller hereby represents and warrants as of the date hereof, and as of the date of Purchase,
as follows:

(i) the representations and warranties contained in Exhibit III of the
Receivables Purchase Agreement are true and correct in all material respects on and as of
the date of such purchase as though made on and as of such date (except for representations
and warranties which apply as to an earlier date, in which case such representations and
warranties shall be true and correct as of such earlier date);

(ii) no event has occurred and is continuing, or would result from such Purchase, that
constitutes a Termination Event or Unmatured Termination Event;

(iii) the sum of the Aggregate Capital plus the LC Participation Amount, after
giving effect to any such Purchase shall not be greater than the Purchase Limit, and the
Purchased Interest will not exceed 100%; and

(iv) the Facility Termination Date has not occurred.

 

Annex B-2

 

IN WITNESS WHEREOF, the undersigned has caused this Purchase Notice to be executed by its duly
authorized officer as of the date first above written.

	 	 	 	 	 	 	 
	 	 	SWIFT RECEIVABLES COMPANY II, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

Annex B-3

 

ANNEX C

FORM OF ASSUMPTION AGREEMENT

Dated as of [                    
 _____, 20_____]

THIS ASSUMPTION AGREEMENT (this “AGREEMENT”), dated as of [                    
 _____,
 _____], is among
SWIFT RECEIVABLES COMPANY II, LLC (the “Seller”), [[         
           ], as purchaser (the “[    
                ]
Conduit Purchaser”)], [               
     ], as the related committed purchaser (the “[       
             ]
Related Committed Purchaser”), [              
      ], as related LC participant (the “[                    ] LC
Participant” and together with the Conduit Purchaser and the Related Committed Purchaser, the
“[                    
] Purchasers”), and [               
     ], as agent for the [           
         ] Purchasers (the “[  
                  ]
Purchaser Agent” and together with the [                    ] Purchasers, the “[                    ] Purchaser
Group”).

BACKGROUND

The Seller and various others are parties to that certain Receivables Purchase Agreement dated
as of June 8, 2011 (as amended, restated, supplemented or otherwise modified through the date
hereof, the “Receivables Purchase Agreement”). Capitalized terms used and not otherwise
defined herein have the respective meaning assigned to such terms in the Receivables Purchase
Agreement.

NOW, THEREFORE, the parties hereto hereby agree as follows:

SECTION 1. This letter constitutes an Assumption Agreement pursuant to Section 1.2(f)
of the Receivables Purchase Agreement. The Seller desires [the [_____] Purchasers] [the [_____]
Related Committed Purchaser][_____] related LC Participant] to [become Purchasers under] [increase
its existing Commitment under] the Receivables Purchase Agreement and upon the terms and subject to
the conditions set forth in the Receivables Purchase Agreement, the [_____] Purchasers agree to
[become Purchasers thereunder] [increase its Commitment in an amount equal to the amount set forth
as the “Commitment” under the signature of such [_____] Related Committed Purchaser hereto]
[increase its Commitment in an amount equal to the amount set forth as the “Commitment”
under the signature of such [_____] related LC Participant hereto].

Seller hereby represents and warrants to the [_____] Purchasers as of the date hereof, as
follows:

(i) the representations and warranties of the Seller contained in Exhibit III
of the Receivables Purchase Agreement are true and correct in all material respects on and
as the date of such purchase or reinvestment as though made on and as of such date (except
for representations and warranties which apply as to an earlier date, in which case such
representations and warranties shall be true and correct as of such earlier date);

 

Annex C-1

 

(ii) no event has occurred and is continuing, or would result from such Purchase, that
constitutes a Termination Event or an Unmatured Termination Event; and

(iii) the Facility Termination Date has not occurred.

SECTION 2. Upon execution and delivery of this Agreement by the Seller and each member of the
[                    ] Purchaser Group, satisfaction of the other conditions to assignment specified in
Section 1.2(f) of the Receivables Purchase Agreement (including the written consent of the
Administrator and each Purchaser Agent) and receipt by the Administrator and Seller of counterparts
of this Agreement (whether by facsimile or otherwise) executed by each of the parties hereto, [the
[                    ] Purchasers shall become a party to, and have the rights and obligations of Purchasers
under, the Receivables Purchase Agreement][the [                    ] Related Committed Purchaser shall increase
its Commitment in the amount set forth as the “Commitment” under the signature of the [                    ]
Related Committed Purchaser hereto][the [                    ] related LC Participant shall increase its
Commitment in the amount set forth as the “Commitment” under the signature of the [                    ] related
LC Participant hereto].

SECTION 3. Each party hereto hereby covenants and agrees that it will not institute against,
or join any other Person in instituting against, any Conduit Purchaser, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any
federal or state bankruptcy or similar law, for one year and one day after the latest maturing Note
issued by such Conduit Purchaser is paid in full. The covenant contained in this paragraph shall
survive any termination of the Receivables Purchase Agreement.

SECTION 4. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE PERFECTION OF A
SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY
THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

SECTION 5. This Agreement may not be amended, supplemented or waived except pursuant to a
writing signed by the party to be charged. This Agreement may be executed in counterparts, and by
the different parties on different counterparts, each of which shall constitute an original, but
all together shall constitute one and the same agreement.

(signatures commence on following page)

 

Annex C-2

 

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

	 	 	 	 	 	 	 
	 	 	[[                    ], as a Conduit Purchaser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
] 
	 
	 	 	 	 
	 	 
	 	 	[Address]	 	 
	 
	 	 	 	 	 	 
	 	 	[                    ], as a Related Committed Purchaser
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]

[Commitment]	 	 
	 
	 	 	 	 	 	 
	 	 	[                    ], as a related LC Participant
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]

[Commitment]	 	 
	 
	 	 	 	 	 	 
	 	 	[                    ], as Purchaser Agent for [                    ]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]	 	 

 

Annex C-3

 

	 	 	 	 	 	 	 
	SWIFT RECEIVABLES COMPANY II, LLC, as Seller
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Consented and Agreed:
	 
	 	 	 	 	 	 
	PNC BANK, NATIONAL ASSOCIATION, as Administrator
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Address:	 	PNC Bank, National Association	 	 
	 

	 	 	 	One PNC Plaza	 	 
	 

	 	 	 	249 Fifth Avenue	 	 
	 

	 	 	 	Pittsburgh, Pennsylvania 15222-2707	 	 
	 
	 	 	 	 	 	 
	PNC BANK, NATIONAL ASSOCIATION, as LC Bank
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Address:	 	PNC Bank, National Association	 	 
	 

	 	 	 	One PNC Plaza	 	 
	 

	 	 	 	249 Fifth Avenue	 	 
	 

	 	 	 	Pittsburgh, Pennsylvania 15222-2707	 	 
	 
	 	 	 	 	 	 
	[THE PURCHASER AGENTS]
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	[Address]

 

Annex C-4

 

ANNEX D

FORM OF TRANSFER SUPPLEMENT

Dated as of [_______ __, 20__]

	 	 	 	 	 
	Section 1.
	 	 	 	 
	 
	 	 	 	 
	Commitment assigned:
	 	$	                    	 
	Assignor’s remaining Commitment:
	 	$	                    	 
	Capital allocable to Commitment assigned:
	 	$	                    	 
	Assignor’s remaining Capital:
	 	$	                    	 
	Discount (if any) allocable to
Capital assigned:
	 	$	                    	 
	Discount(if any) allocable to Assignor’s
remaining Capital:
	 	$	                    	 

Section 2.

Effective Date of this Transfer Supplement: [                    ]

Upon execution and delivery of this Transfer Supplement by transferee and transferor and the
satisfaction of the other conditions to assignment specified in Section 6.3(c) of the
Receivables Purchase Agreement (as defined below), from and after the effective date specified
above, the transferee shall become a party to, and have the rights and obligations of a Related
Committed Purchaser under, the Receivables Purchase Agreement, dated as of June 8, 2011 (as
amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables
Purchase Agreement”), among SWIFT RECEIVABLES COMPANY II, LLC, as Seller, SWIFT TRANSPORTATION
SERVICES, LLC, as initial Servicer, the various Purchasers, Purchaser Agents and LC Participants
from time to time party thereto, and PNC Bank, National Association, as Administrator and as LC
Bank.

 

Annex D-1

 

ASSIGNOR: [                    ], as a Related Committed Purchaser

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

ASSIGNEE: [                    ], as a Purchasing Related Committed Purchaser

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	[Address]	 	 

	 	 	 	 	 	 	 
	Accepted as of date first above written:	 	 
	 
	 	 	 	 	 	 
	[                    ], as Purchaser Agent for	 	 
	the [                    ] Purchaser Group	 	 
	 
	 	 	 	 	 	 
	By
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	Swift Receivables Company II, LLC, as Seller	 	 
	 
	 	 	 	 	 	 
	By
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

Annex D-2

 

ANNEX E

FORM OF PAYDOWN NOTICE

Dated as of [                    
 _____, 20
 _____]

PNC Bank, National Association

One PNC Plaza, 26th Floor

249 Fifth Avenue

Pittsburgh, Pennsylvania 15222-2707

Attention: [_____]

Wells Fargo Bank, National Association

Wells Fargo Capital Finance

6 Concourse Parkway, Suite 1450

Atlanta, Georgia 30328

Attention: [_____]

[Each Purchaser Agent]

Ladies and Gentlemen:

Reference is hereby made to the Receivables Purchase Agreement, dated as of June 8, 2011 (as
amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables
Purchase Agreement”), among Swift Receivables Company II, LLC, as Seller, Swift Transportation
Services, LLC, as Servicer, the various Purchasers, Purchaser Agents and LC Participants from time
to time party thereto and PNC Bank, National Association, as Administrator and as LC Bank.
Capitalized terms used in this paydown notice and not otherwise defined herein shall have the
meanings assigned thereto in the Receivables Purchase Agreement.

This letter constitutes a paydown notice pursuant to Section 1.4(f)(i) of the
Receivables Purchase Agreement. The Seller desires to reduce the Aggregate Capital on
                    ,
 _____4
by the application of $                     in cash to pay Aggregate Capital
and Discount to accrue (until such cash can be used to pay commercial paper notes) with respect to
such Aggregate Capital, together with all costs related to such reduction of Aggregate Capital.
Subsequent to this paydown, the aggregate outstanding Capital will be $                    .

	 	 	 
	4	 	Notice must be given at least two Business Days prior to
the date of such reduction for any reduction of the Aggregate Capital.

 

Annex E-3

 

IN WITNESS WHEREOF, the undersigned has caused this paydown notice to be executed by its duly
authorized officer as of the date first above written.

	 	 	 	 	 	 	 
	 	 	SWIFT RECEIVABLES COMPANY II, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

Annex E-4

 

ANNEX F

FORM OF LETTER OF CREDIT APPLICATION

(attached)

 

Annex F-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]