Document:

schedule13d072210ex10-1.htm

    

      

      STOCK
PURCHASE AGREEMENT, dated as of July 8, 2010 by and between Daulat Nijjar
(hereinafter referred to as the “Buyer”), Coastline Corporate
Services, Inc., a Florida corporation (the “Company”), and Toni A. Eldred
(collectively, the “Seller”).

       

      WITNESSETH:

       

      WHEREAS, Buyer desires to
purchase (the “Purchase”)
in the aggregate 600,000 shares (the “Shares”) of common stock, par
value $.001 per share of the Company (the “Common Stock”), from the
Seller, for an aggregate purchase price of $0.5526 and the Seller desires to
sell the Shares to the Buyer;

       

      WHEREAS, the Company is a
corporation subject to the reporting requirements of Section 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the shares
of Common Stock are eligible for quotation on the OTC Bulletin Board (the “OTCBB”) under the symbol
“CCSV”;

       

      WHEREAS, immediately following
the closing of the Purchase, the outstanding securities of the Company shall be
792,999 shares of Common Stock consisting of (a) 600,000 shares of Common Stock
owned by Buyer, and (b) 192,999 shares of Common Stock owned by the Company's
other stockholders.

       

      NOW, THEREFORE, in
consideration of the promises and the mutual covenants, representations and
warranties contained herein, the parties hereto do hereby agree as
follows:

       

      1. SALE OF SECURITIES,
ETC.

       

      1.1           Share
Purchase.  Subject to the terms and conditions of this
Agreement, at the Closing (as defined in Section 2.1 below) to be held pursuant
to Section 2 below, the Seller shall sell, assign, transfer, convey and deliver
to Buyer, and Buyer shall purchase and acquire from the Seller, good and
marketable title to the Shares, free and clear of all mortgages, liens,
encumbrances, claims, equities and obligations to other persons of every kind
and character, except that the Shares will be “restricted securities” as defined
in the Securities Act of 1933, as amended (the “Securities
Act”).  The purchase price for the Shares shall be $331,560,
payable to the Seller (the “Purchase Price”).

       

      1.2           Post-Closing
Capital Structure.  Immediately following the Closing there
shall be no outstanding securities of the Company except 792,999 shares of
Common Stock consisting of (a) 600,000 owned by Buyer; and (b) 192,999 shares of
Common Stock owned by the other stockholders of the Company.

       

      2. THE
CLOSING

       

      2.1           Place and
Time.  The closing of the sale and purchase of the Shares (the
“Closing”) shall take
place at the offices of David Lubin & Associates, PLLC, 5 North Village
Avenue, Rockville Centre, N.Y. 11570 on such date (the “Closing Date”) and time as the
parties shall so agree.  Except as agreed to by the parties, the
Closing shall occur simultaneous with the execution and delivery of this
Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      2.2           Deliveries
by the Seller.  At the Closing, the Seller shall deliver to
Buyer certificate(s) representing the 644,500 Shares, duly registered in the
name of the Buyer, signature medallion guaranteed, and all other documents,
instruments and writings required (or reasonably requested by the Buyer and/or
its counsel), by this Agreement to be delivered by the Seller at the
Closing.

       

      2.3           Deliveries
by the Company.  At the Closing, the Company shall deliver to
the Buyer the following:

       

      (a) A
certificate issued by the Florida Secretary of State as to the good standing of
the Company as of the date of the Closing;

       

      (b) A true
and complete copy of the Articles of Incorporation of the Company as in effect
as of the date of the Closing, certified by the Secretary of State of
Florida;

       

      (c) A true
and correct copy of the By-Laws of the Company as in effect as of the date of
the Closing, certified by the Secretary of the Company;

       

      (d) Board
Resolutions authorizing all transactions contemplated by this Agreement,
including, without limitation with respect to the appointment of the officers
and directors provided for in Section 7.7 below;

       

      (e) The
Company’s original minute books containing the resolutions and actions by
written consent of the directors and stockholders of the Company and the
Company’s other original books and records;

       

      (f) The
Company’s financial and accounting records (including the Company’s general
ledger), all banking records and federal and state tax and other regulatory
filings and filing codes (including SEC EDGAR filing codes) in whatever media
they exist, including paper and electronic media;

       

      (g) Duly
executed resignations from the Company’s sole officer and director, with the
resignation of ____ as a director being effective only after the filing and
distribution of a Schedule 14f-1 Information Statement; and

       

      (h) All other
documents, instruments and writings required by this Agreement to be delivered
by the Company at the Closing, all of the Company’s original books of account
and record, and any other documents or records relating to the Company’s
business reasonably requested by Buyer in connection with this
Agreement.

       

      2.4           Deliveries
by Buyer.  At the Closing, the Buyer shall deliver the
following to the Seller and the Company the Purchase Price, payable by wire
transfer to the account designed prior to Closing by Seller.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                3.  

              	
                REPRESENTATIONS
      AND WARRANTIES OF THE SELLER

              

      

       

      Each
Seller, jointly and severally, represents, warrants and covenants to and with
Buyer, both as of the date of this Agreement and as of the date of Closing, as
an inducement to Buyer to enter into this Agreement and to consummate the
transaction contemplated hereby as follows:

       

      3.1           Authorization
of Agreement.  The Company and the Seller are fully able,
authorized and empowered to execute and deliver this Agreement and any other
agreement or instrument contemplated by this Agreement and to perform their
respective covenants and agreements hereunder and thereunder.  This
Agreement and any such other agreement or instrument, upon execution and
delivery by the Seller and the Company (and assuming due execution and delivery
hereof and thereof by the other parties hereto and thereto), will constitute a
valid and legally binding obligation of the Seller and the Company, in each case
enforceable against each of them in accordance with its terms.

       

      3.2            Ownership
of the Shares.  Toni Eldred is the record and beneficial owner
of 600,000 of the Shares; Alex Long is the record and beneficial owner of 24,500
of the Shares; and Nanuk Warman is the record and beneficial owner of 20,000 of
the Shares.  The Seller holds the Shares free and clear of any lien,
pledge, encumbrance, charge, security interest, claim or right of another and
has the absolute right to sell and transfer the Shares to the Buyer as provided
in this Agreement without the consent of any other person or
entity.  Upon transfer of the Shares to Buyer hereunder, Buyer will
acquire good and marketable title to the Shares free and clear of any lien,
pledge, encumbrance, charge, security interest, claim or right of another, other
than applicable securities laws.

       

      3.3            No
Breach.  Neither the execution and delivery of this Agreement
nor compliance by the Company and/or the Seller with any of the provisions
hereof nor the consummation of the transactions and actions contemplated hereby
will:

       

      (a) violate
or conflict with any provision of the Articles of Incorporation or By-Laws of
the Company;

       

      (b) violate
or, alone or with notice of the passage of time, result in the material breach
or termination of, or otherwise give any contracting party the right to
terminate, or declare a material default under, the terms of any agreement or
other document or undertaking, oral or written to which the Seller and/or the
Company is a party or by which any of them or any of their respective properties
or assets may be bound;

       

      (c) result in
the creation of any lien, security interest, charge or encumbrance upon any of
the properties or assets of the Seller and/or the Company;

       

      (d) violate
any statute, ordinance, regulation judgment, order, injunction, decree or award
of any court or governmental or quasi governmental agency against, or binding
upon the Seller and/or the Company or upon any of their respective properties or
assets; or

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (e) violate
any law or regulation of any jurisdiction relating to the Seller and/or the
Company or any of their respective assets or properties.

       

      3.4            Obligations;
Authorizations.  Neither the Company nor the Seller are (i) in
violation of any judgment, order, injunction, award or decree which is binding
on any of them or any of their assets, properties, operations or business which
violation, by itself or in conjunction with any other such violation, would
materially and adversely affect the consummation of the transaction
contemplated hereby; or (ii) in violation of any law or regulation or any other
requirement of any governmental body, court or arbitrator relating to him or it,
or to his or its assets, operations or businesses which violation, by itself or
in conjunction with other violations of any other law, regulation or other
requirement, would materially adversely affect the consummation of the
transaction contemplated hereby.

       

      3.5            Consents.  All
requisite consents of third parties, including, but not limited to, governmental
or other regulatory agencies, federal, state or municipal, required to be
received by or on the part of the Company and the Seller for the execution and
delivery of this Agreement and the performance of their respective obligations
hereunder have been obtained and are in full force and effect. The Company and
the Seller have fully complied with all conditions of such
consents.

       

      3.6           SEC
Reports.  The Company has filed in a timely manner with the
Securities and Exchange Commission (the “SEC”) all reports required to
be filed and is “current” in its reporting obligations (collectively, the “SEC Reports”).  As
of their respective dates, the SEC Reports comply in all material respects with
the requirements of the Exchange Act and the rules and regulations promulgated
thereunder and none of the SEC Reports contained an untrue statement of a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading. As of their respective dates, the SEC Reports complied in all
material respects with the requirements of the 1934 Act and the rules and
regulations of the SEC promulgated thereunder applicable to the SEC Reports, and
none of the SEC Reports, at the time they were filed with the SEC, contained any
untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not
misleading.  None of the statements made in any such SEC Reports is,
or has been, required to be amended or updated under applicable law (except for
such statements as have been amended or updated in subsequent filings prior the
date hereof).  The Company has not received any other communication
from the SEC, FINRA or any other regulatory authority regarding any SEC Report
or any disclosure contained therein.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.7            Financial
Statements.  The financial statements (the “Financial
Statements”) of the Company included in the SEC Reports (including in
each case the related notes thereto) (i) are in accordance with the books and
records of the Company, (ii) are correct and complete in all material respects,
(iii) present fairly the financial position and results of operations of the
Company as of the respective dates indicated (subject, in the case of unaudited
statements, to normal, recurring adjustments, none of which were material) and
(iv) have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis (“GAAP”). As of their respective
dates, the Financial Statements complied as to form in all material respects
with applicable accounting requirements and the published rules and regulations
of the SEC with respect thereto.

       

      3.8            Organization.  The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Florida and has full power and authority to own,
lease and operate its properties and to carry on its business as now being and
as heretofore conducted.  The Company is not qualified or licensed to
do business as a foreign corporation in any other jurisdiction and neither the
location of its assets nor the nature of its business requires it to be so
qualified.

       

      3.9           Capitalization.  The total
authorized and issued capital stock of the Company as of the date of this
Agreement is 100,000,000 authorized and 792,999 outstanding shares of Common
Stock.  Each
holder of Common Stock issued by the Company is  entitled to
cast one vote
for  each  share  held  on  all  matters  properly  submitted
to the shareholders for their vote; and  there are
no  pre-preemptive  rights and no  cumulative
voting. There is one class of preferred stock authorized, but no shares of
preferred stock were ever issued. The Company has no shares reserved for
issuance pursuant to any stock option plan or pursuant to securities exercisable
for, or convertible into or exchangeable for shares of Common
Stock.  All of the issued and outstanding shares of capital stock of
the Company (i) are duly authorized, validly issued, fully paid and
nonassessable and (ii) were issued in compliance with all applicable securities
laws.  No shares of capital stock of Company are subject to preemptive
rights or any other similar rights.  There are (i) no outstanding
options, warrants, scrip, rights to subscribe for, puts, calls, rights of first
refusal, agreements, understandings, claims or other commitments or rights of
any character whatsoever relating to, or securities or rights convertible into
or exchangeable for any shares of capital stock of the Company or arrangements
by which the Company is or may become bound to issue additional shares of
capital stock of the Company, (ii) no agreements or arrangements under which the
Company is obligated to register the sale of any of its or their securities
under the Securities Act and (iii) no anti-dilution or price adjustment
provisions contained in any security issued by the Company (or in any agreement
providing any such rights). The Shares are free and clear of all liens,
encumbrances, objections, title defects, security interest, pledges, mortgages,
charges, claims, options, preferential arrangements or restrictions of any kind,
including but not limited to any restriction on the use, voting, transfer or
other exercise of any attributes of ownership, other than those created by
applicable federal and state securities laws. Neither the Company nor any of its
shareholders is a party to any agreement, voting trust, proxy, option, right of
first refusal or any other agreement or understanding with respect to the Common
Stock or its respective equity interests.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Upon the
Closing, the Buyer will own 81.3% of the issued and outstanding share capital of
the Company on a fully-diluted basis, free and clear of any liens, encumbrances,
objections, title defects, security interest, pledges, mortgages, charges,
claims, options, preferential arrangements or restrictions of any kind,
including but not limited to any restriction on the use, voting, transfer or
other exercise of any attributes of ownership, other than those created by
applicable federal and state securities laws.

       

      3.10            Liabilities
Etc.

       

      (a) The
Company has filed all federal, state and local tax returns which are required to
be filed by it, through and including the date hereof and as of the Closing
date, including, but not limited to, its federal income tax returns and all
taxes shown to be due thereon (together with any applicable penalties and
interest) have been paid.  The Company has not incurred any liability
for taxes except in the ordinary course of business.  The Company has
paid or provided adequate reserves for all taxes which have become due for all
periods prior to the date of this Agreement or pursuant to any assessments
received by it or which the Company is obligated to withhold from amounts owing
to any employee, creditor or other third party as at or with respect to any
period prior to the date of this Agreement.  The federal income tax
returns of the Company have never been audited by the Internal Revenue
Service.  The Company has not waived any statute of limitations in
respect of taxes, nor agreed to any extension of time with respect to a tax
assessment or deficiency.

       

      (b) On the
date hereof and as of the Closing date, there are no liabilities, debts or
obligations of the Company, whether accrued, absolute, contingent or otherwise
(the “Liabilities”) that
are not reflected in the Financial Statements. As of the Closing, the Company
will have no Liabilities.

       

      3.11            Adverse
Developments.  Since January 31, 2010, there has been no
material adverse change in the business, operations or condition (financial or
otherwise) of the Company; nor has there been since such date, any damage,
destruction or loss, whether covered by insurance or not, materially or
adversely affecting the business, properties or operations of the
Company.

       

      3.12            Actions
and Proceedings.  Neither the Seller nor the Company is a
subject to any outstanding orders, writs, injunctions or decrees of any court or
arbitration tribunal or any governmental department, commission, board, agency
or instrumentality, domestic or foreign, against, involving or affecting the
business, properties or employees of the Company or the Seller’s right to enter
into, execute and perform this Agreement (or any of the transactions
contemplated hereby).  There are no actions, suits, claims or legal,
administrative or arbitration proceedings or investigations, including any
warranty or product liability claims (whether or not the defense thereof or
liabilities in respect thereof are covered by policies of insurance) relating to
or arising out of the business, properties or employees of the Company pending
or, to the best knowledge of the Company and the Seller, threatened against or
affecting the Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.13            Compliance
with Laws. The Company has complied in all material respects with all
laws, ordinances, regulations and orders applicable to the conduct of its
business, including all laws relating to environmental matters, employees and
working conditions.

       

      3.14            Bank
Accounts and Credit Cards.  At Closing, the Company will not
have any bank account, safe deposit box or credit or charge
cards.  All bank statements have or will be provided to Buyer on or
prior to the Closing.

       

      3.15            Stockholders.  Attached
hereto as Exhibit 3.15 is a current stockholder list as provided by the
Company’s transfer agent.

       

      3.16            Subsidiaries.  There
are no corporations, partnerships or other business entities controlled by the
Company.  As used herein, “controlled by” means (i) the ownership of
not less than fifty (50%) percent of the voting securities or other interests of
a corporation, partnership or other business entity, or (ii) the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of a corporation, partnership or other business entity,
whether through the ownership of voting shares, by contract or
otherwise.  The Company has not made any investments in, nor does it
own, any of the capital stock of, or any other proprietary interest in, any
other corporation, partnership or other business entity.

       

      3.17            Litigation,
Compliance with Law.  There are no actions, suits, proceedings,
or governmental investigations (or any investigation of any self-regulatory
organization) relating to the Company or to any of its properties, assets or
businesses pending or, to the best of its knowledge, threatened, or any order,
injunction, award or decree outstanding against the
Company or against or relating to any of its properties, assets or
businesses.  The Company is not in violation of any law, regulation,
ordinance, order, injunction, decree, award or other requirements of any
governmental body, court or arbitrator relating to its properties, assets or
business.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.18            Agreements
and Obligations; Performance.  The Company is not a party to,
or bound by any: (i) contract, arrangements, commitment or understanding; (ii)
contractual obligation or contractual liability of any kind to any Company
stockholder; (iii) contract, arrangement, commitment or understanding with its
customers or any officer, employee, stockholder, director, representative or
agent thereof for the repurchase of products, sharing of fees, the rebating of
charges to such customers, bribes, kickbacks from such customers or other
similar arrangements; (iv) contract for the purchase or sale of any materials,
products or supplies which contain, or which commits or will commit it for a
fixed term; (v) contract of employment with any officer or employee not
terminable at will without penalty or premium or any continuing obligation of
liability; (vi) deferred compensation, bonus or incentive plan or agreement not
cancelable at will without penalty or premium or any continuing obligation or
liability: (vii) management or consulting agreement not terminable at will
without penalty or premium or any continuing obligation or liability; (viii)
lease for real or personal property (including borrowings thereon), license or
royalty agreement; (ix) union or other collective bargaining agreement; (x)
agreement, commitment or understanding relating to the indebtedness for borrowed
money; (xi) contract involving aggregate payments or receipts of $100 or more
which, by its terms, requires the consent of any party thereto to the
consummation of the transactions contemplated hereby; (xii) contract containing
covenants limiting the freedom of the Company to engage or compete in any line
of business or with any person in any geographic area; (xiii) contract or
opinion relating to the acquisition or sale of any business; (xiv) voting trust
agreement or similar stockholders' agreement; and/or (xiv) other contract,
agreement, commitment or understanding which materially affects any of its
properties, assets or business, whether directly or indirectly, or which was
entered into other than in the ordinary course of business.

       

      3.19            Permits
and Licenses.  The Company is in compliance in all material
respects with all requirements, standards and procedures of the federal, state,
local and foreign governmental bodies which issued such permits, licenses,
orders, franchises and approvals.

       

      3.20            Employee
Benefit Plans.  The Company does not maintain and is not
required to make contributions to any “pension” and “welfare” benefit plans
(within the respective meanings of Sections 4(2) and 4(1) of the Employee
Retirement Income Security Act of 1974, as amended).

       

      3.21            Trading.  The
shares of Common Stock are quoted on the OTCBB under the symbol “CCSV” and the
shares of Common Stock are eligible for deposit with the DTC.  Actual
sales of shares of Common Stock have taken place in the over-the-counter market
and have been reported on the OTCBB.  The Company has not received any
correspondence and/or notice (nor has any reason to believe it will in the
future receive) regarding the continued eligibility of the Common Stock to be
quoted on the OTCBB or deposited with the DTC. The Company is not a “shell
company”, as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as
mended (the “Exchange
Act”), and has never been considered such a company.

       

      3.22            Insurance.  The
Company has no insurance policies.  The Company does not provide any
insurance.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.23           Sarbanes-Oxley

       

      (a) The
Company (i) makes and keeps accurate books and records and (ii) maintain and has
maintained effective internal control over financial reporting as defined in
Rule 13a-15 under the Exchange Act and a system of internal accounting controls
sufficient to provide reasonable assurance that (A) transactions are executed in
accordance with management’s general or specific authorization, (B) transactions
are recorded as necessary to permit preparation of the Company’s financial
statements in conformity with accounting principles generally accepted in the
United States and to maintain accountability for its assets, (C) access to the
Company’s assets is permitted only in accordance with management’s general or
specific authorization and (D) the recorded accountability for the Company’s
assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.

       

      (b) The
Company has established and maintains disclosure controls and procedures (as
such term is defined in Rule 13a-15 under the Exchange Act), (ii) such
disclosure controls and procedures are designed to ensure that the information
required to be disclosed by the Company in the reports it will file or submit
under the Exchange Act is accumulated and communicated to management of the
Company, including its principal executive officer and principal financial
officer, as appropriate, to allow timely decisions regarding required disclosure
to be made and (iii) such disclosure controls and procedures are effective in
all material respects to perform the functions for which they were
established.

       

      (c) Since
April 30, 2010, (i) the Company has not been advised of (A) any significant
deficiencies in the design or operation of internal controls that could
adversely affect the ability of the Company and each of its subsidiaries to
record, process, summarize and report financial data, or any material weaknesses
in internal controls and (B) any fraud, whether or not material, that involves
management or other employees who have a significant role in the internal
controls of the Company and each of its subsidiaries, and (ii) since that date,
there have been no significant changes in internal controls or in other factors
that could significantly affect internal controls, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

       

      (d) There is
and has been no failure on the part of the Company and any of the Company’s
directors or officers, in their capacities as such, to comply with the
provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith.

       

      3.24           Internal
Accounting Controls.  The Company maintains a system of
internal accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management’s general or specific
authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability, and (iii) the
recorded amounts for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any
differences.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.5            Disclosure.
Neither this Agreement, nor any certificate, exhibit, or other written document
or statement, furnished to the Buyer by the Seller and/or the Company in
connection with the transactions contemplated by this Agreement contains or will
contain any untrue statement of a material fact or omits or will omit to state a
material fact necessary to be stated in order to make the statements contained
herein or therein not misleading.

       

      4. REPRESENTATIONS
AND WARRANTIES OF BUYER

       

      Buyer
represents and warrants to the Company and the Seller, both as of the date of
this Agreement and as of the date of the Closing, as follows:

       

      4.1            Authorization
of Agreement.  The Buyer is fully able, authorized and
empowered to execute and deliver this Agreement, and any other agreement or
instrument contemplated by this Agreement, and to perform his, her or its
obligations contemplated hereby and thereby. This Agreement, and any such other
agreement or instrument, upon execution and delivery by Buyer (and assuming due
execution and delivery hereof and thereof by the other parties hereto and
thereto), will constitute the legal, valid and binding obligation of the Buyer,
enforceable against him in accordance with its terms.

       

      4.2            No Buyer
Defaults.  Neither the execution and delivery of this
Agreement, nor the consummation of the transaction contemplated hereby, will (i)
violate, conflict with or result in the breach or termination of, or otherwise
give any other contracting party the right to terminate, or constitute a default
under the terms of, any mortgage, bond, indenture or material agreement to which
the Buyer is a party or by which the Buyer or any of their property or assets
may be bound or materially affected, (ii) violate any judgment, order,
injunction, decree or award of any court, administrative agency or governmental
body against, or binding upon, the Buyer or upon the property of the Buyer, or
(iii) constitute a violation by the Buyer of any applicable law or regulation of
any jurisdiction as such law or regulation relates to Buyer or to the property
of the Buyer.

       

      4.3           No
Litigation, Etc.  There is no material suit, action, or legal,
administrative, arbitration or other proceeding or governmental investigation
pending or, to Buyer's best knowledge, threatened against, materially affecting
or which will materially affect, the property of the Buyer.

       

      4.4           Investment
Intent.  The Buyer is acquiring the securities being purchased
pursuant to this Agreement for its own account and for investment purposes and
not with a view to distribution or resale, nor with the intention of selling,
transferring or otherwise disposing of all or any part of the Shares except in
compliance with all applicable provisions of the Securities Act, the rules and
regulations promulgated by the SEC thereunder, and applicable state securities
laws.

       

      4.5           Disclosure
of Information.  The Buyer has
access to review all the SEC Reports and Buyer has had an opportunity to discuss
the business, management, financial affairs and the terms and conditions of the
offering of the Shares with Seller.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.6           Restricted
Stock.  The Buyer
understands that the Shares have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Buyer’s
representations as expressed herein. The Buyer understands that the Shares
constitute “restricted securities” under applicable U.S. federal and state
securities laws and that, pursuant to these laws, the Buyer must hold the Shares indefinitely
unless they are registered with the Securities and Exchange Commission and
qualified by state authorities, or an exemption from such registration and
qualification requirements is available.

       

      4.7           Legend.  The
Buyer understands that all certificates representing securities of the Company
received by it pursuant to this Agreement shall bear the following legend, or
one substantially similar thereto:

       

      “The
securities represented by this certificate have not been registered under the
Securities Act of 1933.  The shares have been acquired for investment
and may not be sold, transferred or assigned in the absence of an effective
registration statement for those shares under the Securities Act of 1933, as
amended, or an opinion satisfactory to the Company's counsel that registration
is not required under said Act.”

       

      5. PRE-CLOSING
COVENANTS AND AGREEMENTS OF THE PARTIES

       

      The
Seller and the Company and the Buyer (as to covenants they expressly are
providing below in this Section 5 hereby covenant and agree that, from the date
hereof and until the Closing:

       

      5.1           Access.  The
Company (and its subsidiaries) shall afford to the officers, attorneys,
accountants and other authorized representatives of the Buyer free and full
access, during regular business hours and upon reasonable notice, to the
Company's books, records, personnel and properties (including, without
limitation, the work papers prepared by its auditors) so that the Buyer may have
full opportunity to make such review, examination and investigation as it may
desire of the Company's business and affairs.  The Company will cause
its employees, accountants and attorneys to cooperate fully with said review,
examination and investigation and to make full disclosure to the Buyer of all
material facts affecting the Company's financial conditions and business
operations.

       

      5.2           Conduct
of Business.  The Company shall each conduct its business only
in the ordinary and usual course and make no material change
thereto.

       

      5.3           Liabilities.  The
Company shall not incur any obligation or liability, absolute and continent, and
on the Closing have no obligations or liabilities.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5.4           No
Breach.  Each of the parties hereto will (i) use its best
efforts to assure that all of its respective representations and warrants
contained herein are true in all material respects at and as of the date hereof,
and as of the Closing no breach shall occur with respect to any of the parties'
covenants, representations or warranties contained herein that has not been
cured by the Closing; (ii) not voluntarily take any action or do anything which
will cause a material breach of or default respecting such covenants,
representations or warranties; and (iii) promptly notify the other of any event
or fact which represents a breach or default.

       

      5.5           Other
SEC/FINRA Filings.  The Company shall file with the SEC and the
FINRA (if required) all required forms and disclosure items in a timely manner
(which forms and disclosure items must be approved by legal counsel to the
Company and the Buyer prior to filing and/or disclosure) required and/or
relating to this Agreement or otherwise.

       

      5.6           Public
Announcements.  No party hereunder shall, without the express
prior written consent of the Company and the Buyer make any announcement or
otherwise disclose any information regarding this Agreement and/or the
transactions contemplated hereby other than as required by law or otherwise
deemed advisable in counsel's opinion to ensure compliance with public
disclosure requirements under the federal securities laws; provided, however,
that the parties hereto agree that the Company, following the closing of the
Purchase, shall file a Current Report on Form 8-K with the SEC in the period
proscribed by applicable law.

       

      5.7           Brokers.  Each
of the Company and the Seller on the one hand, and the Buyer on the other hand
represent and warrant to the other that neither has employed any broker, finder
or similar agent and no person or entity with which each has had any dealings or
communications of any kind is entitled to any brokerage, finder's or placement
fee or any similar compensation in connection with this Agreement or the
transaction contemplated hereby.

       

      5.8           Expenses.  Each
of the parties hereto agrees to bear its own expenses in connection with the
negotiation, preparation, execution and delivery of this Agreement and the
consummation of the transaction contemplated hereby.

       

      5.9           Further
Assurances.  Each of the parties shall execute such documents
or other papers and take such further actions as may be reasonably required or
desirable to carry out the provisions hereof and the transactions contemplated
in this Agreement.

       

      
        	
                6.  

              	
                NATURE
      AND SURVIVAL OF REPRESENTATIONS AND
WARRANTIES

              

      

       

      6.1           Nature of
Statements.  All statements contained in any Exhibit,
certificate or other instruments delivered by or on behalf of any party hereto
pursuant to this Agreement, shall be deemed representations and warranties by
such party.

       

      6.2           Survival
of Representations and Warranties.  Regardless of any
investigation at any time made by or on behalf of any party hereto or of any
information any party may have in respect thereof, all covenants, agreements,
representations and warranties made hereunder or pursuant hereto or in
connection with the transaction contemplated hereby shall survive the Closing
and continue in effect through the first anniversary of the
Closing.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      7. CONDITIONS
PRECEDENT TO THE OBLIGATIONS OF THE BUYER

       

      The
obligations of the Buyer to effectuate the Closing is subject to the
fulfillment, prior to the date of Closing, of each of the following conditions
(any one or more of which may be waived by the Buyer unless such condition is a
requirement of law).

       

      7.1           Representations
and Warranties.  All representations and warranties of the
Company and the Seller contained in this Agreement and in any written statement,
Exhibit or other documents delivered pursuant hereto or in connection with the
transactions contemplated hereby shall be true and correct in all material
respects as of the date hereof and as of the Closing Date.

       

      7.2           Covenants.  The
Company and the Seller shall have performed and complied in all material
respects with all covenants and other agreements required by (or contained in)
this Agreement to be performed or complied with or by them prior to or at the
Closing Date.

       

      7.3           No
Actions.  No action, suit, proceeding or investigation shall
have been instituted against the Seller or the Company, and be continuing before
a court or before or by a governmental body or agency, and be unresolved, to
restrain or to prevent or to obtain damages in respect of, the carrying out of
the transactions contemplated hereby or which might materially and adversely
affect the rights of the Buyer to consummate the transactions contemplated
hereby.

       

      7.4           Approvals.  The
Seller and the Company shall have obtained all approvals and consents to
consummate this Agreement and the transactions to be consummated at or
immediately following the Closing, in accordance with all applicable laws, rules
and regulations.

       

      7.5           Due
Diligence.  The Buyer shall have completed to its sole
satisfaction its due diligence of the Company, the Seller and all other items it
deems necessary and/or advisable, and shall be satisfied with the results
thereof.

       

      7.6           Closing
Documents.  The Buyer shall receive all of the documents
(executed where applicable) set forth in Section 2.2 and Section 2.3 of this
Agreement, which documents shall be in form and substance reasonably
satisfactory to Buyer and its legal counsel.

       

      7.7           Resignation
of Officers. Effective on the Closing Date, all officers of the Company
shall have resigned as officers of the Company and they shall have appointed the
Buyer as the President, Chief Executive Officer and a director of the
Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      8.           CONDITIONS PRECEDENT TO THE
OBLIGATION TO THE COMPANY AND THE SELLER TO CLOSE

       

      The
obligations of the Company and the Seller to effectuate the Closing is subject
to the fulfillment, prior to the date of Closing, of each of the following
conditions (any one or more of which may be waived by the Buyer unless such
condition is a requirement of law).

       

      8.1           Representations
and Warranties.  All representations and warranties of the
Buyer contained in this Agreement and in any written statement, Exhibit or other
documents delivered pursuant hereto or in connection with the transactions
contemplated hereby shall be true and correct in all material respects as of the
date hereof  and as of the Closing Date.

       

      8.2           Covenants.  The
Buyer shall have performed and complied in all material respects with all
covenants and other agreements required by (or contained in) this Agreement to
be performed or complied with by it prior to or at the Closing.

       

      8.3           No
Actions.  No action, suit, proceeding or investigation shall
have been instituted against the Buyer, and be continuing before a court or
before or by a governmental body or agency, and be unresolved, to restrain or to
prevent or to obtain damages in respect of, the carrying out of the transactions
contemplated hereby, or which might materially and adversely affect the rights
of the Seller and the Company to consummate the transactions contemplated
hereby.

       

      8.4           Approvals.  The
Buyer shall have obtained all required consents and approvals to this Agreement
and the transactions to be consummated at or immediately following the Closing,
in accordance with all applicable laws, rules and regulations.

       

      8.5           Closing
Documents.  The Seller and/or the Company shall receive all of
the documents set forth in Section 2.4 of this Agreement, which documents shall
be in form and substance reasonably satisfactory to such parties and their legal
counsel.

       

      9.           INDEMNIFICATION
BY THE COMPANY AND THE SELLER

       

      9.1           Claims
Against the Company and the Seller.

       

      (a)           The
Company and the Seller, jointly and severally, shall indemnify and hold the
Buyer harmless from and against any loss, damage or expense (including
reasonable attorneys' fees) caused by or arising out of any claim made against
the Company:

       

      (i) for any
broker's or finder's fee or any similar fee, charge or commission incurred by
the Company and/or the Seller prior to or in connection with this Agreement or
the transaction contemplated hereby;

       

      (ii) for any
foreign, Federal, state or local tax of any kind arising out of or by reason of
the existence or operations of the Company and/or the Seller prior to the
Closing, including, without limitation, any payroll taxes owed by the Company on
account of compensation paid to any employee of the Company prior to such
date;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (iii) in
respect of any salary, bonus, wages or other compensation of any kind owed by
the Company to its employees for services rendered on or prior to the
Closing;

       

      (iv) for any
damages to the environment caused by or arising out of any pollution resulting
from or otherwise attributable to the operation of the business of the Company
prior to the Closing;

       

      (v) in
respect of any payable of the Company incurred prior to the
Closing;

       

      (vi) in
respect of any liability or indebtedness for borrowed money or otherwise
incurred on or before the Closing, including, without limitation, with respect
to the execution and performance of this Agreement; and

       

      (vii) for
expenses required to be borne by the Company and/or the Seller under the
provisions of this Agreement.

       

      (b)           Other
Matters.  The Company and the Seller, jointly and severally,
shall also indemnify and hold the Buyer harmless from and against any loss,
damage or expense (including reasonable attorneys' fees) caused by or arising
out of (i) any breach or default in the performance by the Company and the
Seller of any covenant or agreement of the Company and the Seller contained in
this Agreement, (ii) any breach of warranty or inaccurate or erroneous
representation made by the Company and the Seller herein or in any Exhibit,
certificate or other instrument delivered by or on behalf of the Company and the
Seller pursuant hereto, and (iii) any and all actions, suits, proceedings,
claims, demands, judgments, costs and expenses (including reasonable legal and
accounting fees) incident to any of the foregoing.

       

      
        	
                10.  

              	
                INDEMNIFICATION
      BY BUYER

              

      

       

      The Buyer
shall indemnify and hold harmless the Seller from and against all loss, damage
or expense (including reasonable attorneys' fees) caused by or arising out of
(i) any breach or default in the performance by the Buyer of any covenant or
agreement of the Buyer contained in this Agreement, (ii) any breach of warranty
or inaccurate or erroneous representation made by the Buyer herein or in any
certificate or other instrument delivered by or on behalf of the Buyer pursuant
hereto and (iii) any and all actions, suits, proceedings, claims, demands,
judgments, costs and expenses (including reasonable legal and accounting fees)
incident to the foregoing.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                11.  

              	
                NOTICE
      AND OPPORTUNITY TO DEFEND

              

      

       

      Promptly
after the receipt by Buyer or the Company and/or the Seller of notice of any
action, proceeding, claim or potential claim (any of which is hereinafter
individually referred to as a “Circumstance”) which could
give rise to a right to indemnification under this Agreement, such party (the
“Indemnified Party”)
shall give prompt written notice to the party or parties who may become
obligated to provide indemnification hereunder (the “Indemnifying
Party”).  Such notice shall specify in reasonable detail the
basis and amount, if ascertainable, of any claim that would be based upon the
Circumstance.  The failure to give such notice promptly shall relieve
the Indemnifying Party of its indemnification obligations under this Agreement,
unless the Indemnified Party establishes that the Indemnifying Party either had
knowledge of the Circumstance or was not prejudiced by the failure to give
notice of the Circumstance.  The Indemnifying Party shall have the
right, at its option, to compromise or defend the claim, at its own expense and
by its own counsel, and otherwise control any such matter involving the asserted
liability of the Indemnified Party, provided that any such compromise or control
shall be subject to obtaining the prior written consent of the Indemnified Party
which shall not be unreasonably withheld. An Indemnifying Party shall not be
liable for any costs of settlement incurred without the written consent of the
Indemnifying Party.  If any Indemnifying Party undertakes to
compromise or defend any asserted liability, it shall promptly notify the
Indemnified Party of its intention to do so, and the Indemnified Party agrees to
cooperate fully with the Indemnifying Party and its counsel in the compromise of
or defense against any such asserted liability.  All costs and
expenses incurred in connection with such cooperation shall be borne by the
Indemnifying Party, provided such costs and expenses have been previously
approved by the Indemnifying Party. In any event, the Indemnified Party shall
have the right at its own expense to participate in the defense of an asserted
liability.

       

      For the
purposes of Articles 9, 10 and 11 only, the defined term “Seller” shall only
mean Toni A. Eldred and shall not include either Alex Long or Nanuk
Warman.

       

      
        	
                12.  

              	
                MISCELLANEOUS

              

      

       

      12.1            Successors
and Assigns.  This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
successors and assigns.  No assignment of this Agreement or of any
rights hereunder shall relieve the assigning party of any of its obligations or
liabilities hereunder.

       

      12.2            Notices.
All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand, overnight courier, facsimile transmission or prepaid cable or
telegram and confirmed in writing, or mailed first class, postage prepaid, by
registered or certified mail, return receipt requested (mailed notices and
notices sent by facsimile transmission, cable or telegram shall be deemed to
have been given on the date sent) to the address of the parties provided to each
other or in any case to such other address or addresses as hereafter shall be
furnished as provided in this Section 12.2 by either of the parties hereto to
the other party hereto.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      12.3            Waiver;
Remedies.  No delay on the part of any of the Seller, the
Company or Buyer in exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any waiver on the part of the Seller, the
Company or Buyer of any right, power or privilege hereunder operate as a waiver
of any other right, power or privilege hereunder, nor shall any single or
partial exercise of any right, power or privilege hereunder preclude any other
or further exercise of any other right, power or privilege
hereunder.  The rights and remedies herein provided are cumulative and
are not exclusive of any rights or remedies which the parties hereto may
otherwise have at law or in equity.

       

      12.4            Entire
Agreement.  This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior agreements or understandings (in writing, oral or otherwise) of the
parties relating thereto.

       

      12.5            Amendment.  This
Agreement may be modified or amended only by written agreement of the parties
hereto.

       

      12.6            Counterparts.  This
Agreement may be executed in any number of counterparts and by facsimile, each
of which shall be deemed an original but all of which together shall constitute
a single instrument.

       

      12.7
Governing
Law.  This Agreement shall be governed by and construed
exclusively in accordance with the internal laws of the State of New York
without regard to the conflicts of laws principles thereof.  The
parties hereto hereby expressly and irrevocably agree that any suit or
proceeding arising directly and/or indirectly pursuant to, arising out of or
under this Agreement, shall be brought solely and exclusively in a federal or
state court located in the City of New York.  By its execution hereof,
the parties hereby expressly covenant and irrevocably submit to the in personam jurisdiction
of the federal and state courts located in the City of New York and agree that
any process in any such action may be served upon any of them personally, or by
certified mail or registered mail upon them or their agent, return receipt
requested, with the same full force and effect as if personally served upon them
in the City of New York.  The parties hereto expressly and irrevocably
waive any claim that any such jurisdiction is not a convenient forum for any
such suit or proceeding and any defense or lack of in personam jurisdiction
with respect thereto.  In the event of any such action or proceeding,
the party prevailing therein shall be entitled to payment from the other party
hereto of its reasonable counsel fees and disbursements in an amount judicially
determined.

       

      12.8            Captions.  All
Section titles or captions contained in this Agreement, in any Exhibit referred
to herein or in any Exhibit annexed hereto are for convenience only, shall not
be deemed a part of this Agreement and shall not affect the meaning or
interpretation of this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      12.9           Confidential
Information.  Each party agrees that such party and its
representatives will hold in strict confidence all information and documents
received from the other parties and, if the transactions herein contemplated
shall not be consummated, each party will continue to hold such information and
documents in strict confidence and will return to such other party all such
documents (including the documents annexed to this Agreement) then in such
receiving party's possession without retaining copies thereof, provided, however,
that each party's obligations under this Section 12.9 to maintain such
confidentiality shall not apply to any information or documents that are in the
public domain at the time furnished by the others or that become in the public
domain thereafter through any means other than as a result of any act of the
receiving party or of its agents, officers, directors or stockholders which
constitutes a breach of this Agreement, or that are required by applicable law
to be disclosed.

       

      
        	
                13.  

              	
                TERMINATION
      AND WAIVER

              

      

       

      13.1            Termination.  Notwithstanding
anything herein or elsewhere to the contrary; this Agreement may be terminated
and the transactions provided for herein abandoned at any time prior to the
Closing as follows:

       

      (a)           By
mutual written consent of the Buyer, Company and the Seller; or

       

      (b)           By
the Buyer on or any time after _______________, 2010, if the Closing does not
occur prior to such date (unless extended by the parties or unless the failure
to close is the result of the actions of the Buyer).

       

      13.2            Waiver.  Any
condition to the performance of any party hereto which legally may be waived on
or prior to the Closing may be waived at any time by the party entitled to the
benefit thereof by action taken or authorized by an instrument in writing
executed by the relevant party or parties.  The failure of any party
at any time or times to require performance of any provision hereof shall in no
manner affect the right of such party at a later time to enforce the
same.  No waiver by any party of the breach of any term, covenant,
representation or warranty contained in this Agreement as a condition to such
party's obligations hereunder shall release or affect any liability resulting
from such breach, and no waiver of any nature, whether by conduct or otherwise,
in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such condition or of any breach of any other term,
covenant, representation or warranty of this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered on the day and year first above written.

      

      COASTLINE
CORPORATE SERVICES, INC.

      

      By: __/s/_
_______________________

      Name: Toni A. Eldred

      Title:   President and
Director

      

      SELLER:

      

      ___/s/___________

      Toni A.
Eldred

      

      

      

      BUYER:

      

      

      __/s/___________

      Daulat
Nijjarexv10w3

Exhibit 10.3

 

PURCHASE AND SALE AGREEMENT

Dated as of July 30, 2008

among

SWIFT TRANSPORTATION CORPORATION,

AS ORIGINATOR AND A SELLER,

SWIFT INTERMODAL LTD. AND SWIFT LEASING CO., INC.

EACH AS A SELLER,

and

SWIFT RECEIVABLES CORPORATION II,

AS BUYER

 

 

 

          THIS PURCHASE AND SALE AGREEMENT dated as of July 30, 2008 (this “Agreement”) is among
Swift Transportation Corporation, a Nevada corporation (“Originator”), Swift Intermodal
Ltd. and Swift Leasing Co., Inc. (together with the Originator, the “Sellers”, and each a
“Seller”), and Swift Receivables Corporation II, a Delaware corporation (“Buyer”).
The parties agree as follows:

PRELIMINARY STATEMENTS

          Each Seller may own, and from time to time hereafter, will own, Receivables. The Originator
owns a residual interest in Receivables transferred by the Existing Receivables Subsidiary to the
Originator pursuant to the Assignment Agreement, which residual interest is being transferred and
assigned by the Originator to the Buyer pursuant to the Contribution Agreement as the initial
capital of the Buyer (the “Residual Interest”). Each Seller wishes to sell and assign to
Buyer, and Buyer wishes to purchase from each Seller, all of each Seller’s right, title and
interest in and to the Receivables, together with the Related Security and Collections with respect
thereto.

          Each Seller and Buyer intend that the transaction contemplated hereby be a true sale of the
Receivables from each Seller to Buyer, providing Buyer with the full benefits of ownership of the
Receivables, and each Seller and Buyer does not intend this transaction to be characterized for any
purpose as a loan from Buyer to the Sellers.

          Upon each purchase of Receivables from the Sellers, Buyer will sell undivided interests
therein, and in the associated Related Security and Collections, pursuant to that certain
Receivables Sale Agreement dated as of the date hereof (as the same may, from time to time
hereafter be amended, supplemented, restated or otherwise modified, the “Second Tier
Agreement”) among (i) Buyer, (ii) Originator, as Initial Collection Agent, (iii) Wells Fargo
Foothill, LLC, Morgan Stanley Senior Funding, Inc. and General Electric Capital Corporation, as
Co-Collateral Agents, (iv) Wells Fargo Foothill, LLC, as Administrative Agent, (v) the Purchasers
from time to time party thereto and (vi) Morgan Stanley Senior Funding, Inc., as Syndication Agent,
Sole Bookrunner and Lead Arranger.

          SECTION 1. DEFINITIONS AND RELATED MATTERS.

          SECTION 1.1 Defined Terms. In this Agreement, unless otherwise specified or defined herein:
(a) capitalized terms are used as defined in Schedule I to the Second Tier Agreement, as such
agreement may be amended or modified from time to time; and (b) terms defined in Article 9 of the
UCC and not otherwise defined herein are used as defined in such Article 9.

          In addition, the following terms will have the meanings specified below:

          “Available Funds” is defined in Section 2.3(b) hereof.

2

 

          “Change in Law” means, the introduction of, or any change in or in the interpretation
of, any law, treaty or governmental rule, regulation or order or the compliance with any guideline,
request or directive from any Governmental Authority (whether or not having the force of law).

          “Closing Date” means the date on which this Agreement and the Second Tier Agreement
become effective in accordance with their terms.

          “Contract” means a written agreement between any applicable Seller and an Obligor, or,
in the case of any open account agreement, as evidenced by an invoice (x) setting forth the amount
payable, the payment due date and other relevant terms of payment and a description, in reasonable
detail, of the services covered thereby or (y) otherwise approved by the Administrative Agent in
its discretion from time to time (which approval shall not be unreasonably withheld), in each case
pursuant to or under which such Obligor shall be obligated to pay for services from time to time.

          “Excluded Losses” is defined in Section 7.1 hereof.

          “Initial Funding Date” means the date of the first purchase by Buyer from a Seller
under this Agreement as approved by the Administrative Agent.

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

          “Permitted Lien” means (i) an inchoate tax, PBGC Lien or other Lien arising solely by
operation of law, (ii) a Lien created by the Transaction Documents, (iii) a Lien in favor of a
Lock-Box Bank in respect of a Lock-Box Account or (iv) a Lien in favor of a securities intermediary
in respect of any securities account, or any securities entitlement therein, under the control
(within the meaning of Section 9-104 of the UCC) of the Administrative Agent.

          “Receivables Activity Report” means a report prepared by a Seller, in form and
substance reasonably satisfactory to the Buyer and the Administrative Agent, pursuant to Section
3.2(c).

          “Residual Interest” is defined in the Preliminary Statements hereof.

          “Settlement Period” means a calendar week (or, in the case of the first Settlement
Period, the period from the Initial Funding Date to the end of the calendar week in which the
Initial Funding Date occurs).

3

 

          “Trigger Event” means that (x) the outstanding principal amount of the Subordinated
Notes exceeds the value of Buyer’s interest in the Receivables (determined in accordance with
GAAP), and (y) such condition has continued for five Business Days.

          SECTION 1.2 Other Interpretive Matters. In this Agreement, unless otherwise specified: (a)
references to any Section or Annex refer to such Section of, or Annex to, this Agreement, and
references in any Section or definition to any subsection or clause refer to such subsection or
clause of such Section or definition; (b) “herein”, “hereof”, “hereto”, “hereunder” and similar
terms refer to this Agreement as a whole and not to any particular provision of this Agreement; (c)
“including” means including without limitation, and other forms of the verb “to include” have
correlative meanings; (d) the word “or” is not exclusive; and (e) captions are solely for
convenience of reference and shall not affect the meaning of this Agreement.

          SECTION 2. AGREEMENT TO CONTRIBUTE, PURCHASE AND SELL.

          SECTION 2.1 Purchase and Sale. On the terms and subject to the conditions set forth in this
Agreement, each Seller hereby sells, transfers and assigns to Buyer, and Buyer hereby purchases
from each Seller, all of each Seller’s right, title and interest in, to and under the Receivables
and all proceeds thereof (including all Related Security and Collections with respect thereto), in
each case whether now existing or hereafter arising or acquired.

          SECTION 2.2 Purchases. All of the Receivables, the Related Security and all related
Collections existing at the opening of each Seller’s business on the Initial Funding Date are
hereby sold to Buyer as of the Closing Date. After the Initial Funding Date, each Receivable, the
Related Security and all related Collections shall be deemed to have been sold to Buyer immediately
(and without further action by any Person) upon the creation of such Receivable. The proceeds with
respect to each Receivable (including all Collections with respect thereto) shall be sold at the
same time as such Receivable, whether such proceeds (or Collections) exist at such time or arise or
are acquired thereafter.

          SECTION 2.3 Purchase Price. (a) The aggregate purchase price for the Receivables and the
Related Security sold on the Initial Funding Date shall be such amount as agreed upon prior to the
Initial Funding Date among the applicable Sellers and Buyer to be the fair market value of such
Receivables on such date, which shall equal the excess of the (i) estimated aggregate outstanding
balance of such Receivables over (ii) an amount agreed upon by Buyer and the applicable Seller in a
commercially reasonable manner representing the uncertainty of payment and cost of purchase of such
Receivables and the Related Security. The purchase price for Receivables subsequently sold during
any Settlement Period shall be calculated in accordance with the provisions set forth in Exhibit A
hereto.

4

 

          (b) On the Initial Funding Date, Buyer shall pay the applicable Seller the purchase price for
the Receivables, the Related Security and related Collections sold on that date; except that the
Buyer may, with respect to any purchase, offset against such purchase price any amounts owed by
such Seller to the Buyer hereunder and which remain unpaid. Unless all of the Sellers and the
Buyer shall have otherwise agreed, cash payments of purchase price shall be allocated, first, to
the purchase price in respect of the Receivables, Related Security and Collections sold by Sellers
(if any) other than the Originator, ratably, and second, to the purchase price in respect of the
Receivables, Related Security and Collections sold by the Originator. On each Business Day after
the Initial Funding Date on which each Seller sells any Receivables and the Related Security and
all related Collections to Buyer pursuant to the terms of Section 2.1, until the termination of the
purchase and sale of Receivables and the Related Security and all related Collections under Section
6 hereof, Buyer shall pay to each applicable Seller the purchase price of such Receivables and the
Related Security and all related Collections (i) by depositing into such account as Originator
shall specify immediately available funds from monies then held by or on behalf of Buyer solely to
the extent that such monies do not constitute Collections that are required to be identified or are
deemed to be held by the Collection Agent pursuant to the Second Tier Agreement for the benefit of,
or required to be distributed to, the Administrative Agent, the Co-Collateral Agents or the
Purchasers pursuant to the Second Tier Agreement or required to be paid to the Collection Agent as
the Collection Agent Fee, or otherwise necessary to pay current expenses of Buyer (in its
reasonable discretion) (such available monies, the “Available Funds”) and provided that
Originator has paid all amounts then due by Originator hereunder or (ii) by increasing the
principal amount owed to the applicable Seller under the promissory note (each, as amended or
modified from time to time, a “Subordinated Note”) executed and delivered by Buyer to the
order of the applicable Seller as of the Initial Funding Date; provided that, unless all of
the Sellers and the Buyer shall have otherwise agreed, increases to the principal amounts of the
Subordinated Note issued to the Originator shall be made to the fullest extent necessary to pay the
purchase price of Receivables, Related Security and Collections sold by such Originator before any
increase shall be made to the principal amount of the Subordinated Notes issued to the Sellers
other than the Originator that is necessary to pay the purchase price of Receivables, Related
Security and Collections sold by the other Sellers other than the Originator; provided,
further, that the Buyer may not pay the purchase price by means of an increase to the
principal amount of any Subordinated Note to the extent that, as a result thereof (and after giving
effect thereto), the Buyer’s net worth (calculated after giving effect to all such purchases and
all increases to the principal amount of any Subordinated Note to be made on such date) would be
less than 6.0% of the aggregate outstanding principal amount of all Receivables purchased or
purported to be purchased by the Buyer hereunder. To the extent that the Buyer shall at any time
be unable to pay the purchase price in respect of a purchase of Receivables, Related Security and
Collections from the Originator as set forth in the preceding sentence, then the Originator shall
be automatically deemed to have made a capital contribution to the Buyer of the Receivables,
Related Security and Collections which are the subject of such purchase to the extent that the
purchase price for such Receivables, Related Security and Collections

5

 

is not paid for in cash or by means of an increase in the aggregate outstanding balance under
the Subordinated Note issued to the Originator. The outstanding principal amount owed to each
Seller under a Subordinated Note may be reduced from time to time as provided in Section 3.2 hereof
or by payments made by Buyer from Available Funds, provided that the applicable Seller has
paid all amounts then due by such Seller hereunder. Each Seller shall make all appropriate record
keeping entries with respect to amounts due to such Seller under the applicable Subordinated Note
to reflect payments by Buyer thereon and increases of the principal amount thereof, and each
Seller’s books and records shall constitute rebuttable presumptive evidence of the principal amount
of and accrued interest owed to such Seller under such Subordinated Note. The Subordinated Notes
shall bear interest for each day at the Prime Rate, less one percent (1%).

          (c) It shall be a condition precedent to the Buyer’s obligation to make the initial purchase
of the Receivables, Related Security and Collections on the Initial Funding Date that all
conditions precedent set forth in Section 7.1 of the Second Tier Agreement shall have been
satisfied or waived. In addition, it shall be a condition precedent to the Buyer’s obligation to
make any purchase of the Receivables, Related Security and Collections hereunder (including the
initial purchase of the Receivables, Related Security and Collections on the Initial Funding Date)
that (i) the representations and warranties of the applicable Seller contained in Section 4.2 are
correct in all material respects as to it and as to the Receivables, Related Security and
Collections purchased from it on and as of such day as though made on and as of such date and (ii)
no event has occurred and is continuing, or would result from such purchase, which constitutes an
Termination Event or Potential Termination Event. Each Seller, by accepting the proceeds of the
purchase price for a purchase of the Receivables, Related Security and Collections hereunder, shall
be deemed to have certified to the Buyer the satisfaction of the conditions precedent described in
the immediately preceding sentence.

          (d) Upon the payment of the purchase price for any purchase of the Receivables, Related
Security and Collections hereunder (whether in cash, by an increase in the principal balance under
the applicable Subordinated Note or by a contribution to capital pursuant to Section 2.3(b)), title
to the Receivables, Related Security and Collections included in such purchase shall vest in the
Buyer, whether or not the conditions precedent to such purchase described in Section 2.3(c) above
were in fact satisfied; provided, however, that the Buyer shall not be deemed to
have waived any claim it may have under this Agreement for the failure by the applicable Seller in
fact to satisfy any such condition precedent.

          (e) The indebtedness of the Buyer under each Subordinated Note shall be subordinated to the
prior right and payment in full of any obligations of the Buyer arising under the Second Tier
Agreement. On each Payment Date in respect of Yield, each Seller shall determine the net increase
or the net reduction in the outstanding principal amount of the Subordinated Note issued to such
Seller occurring during the immediately preceding calendar month and shall account for such net
increase or net reduction in its books and records.

6

 

          (f) Notwithstanding anything to the contrary herein, with respect to any Seller other than the
Originator, such Seller will distribute to the Originator all Receivables, Related Security and
Collections that such Seller would otherwise sell to the Buyer, and the Originator will sell or
contribute, as applicable, those Receivables, Related Security and Collections to the Buyer in
accordance with the provisions hereof, to the extent that such Seller could not be compensated by
the Buyer for the transfer of such Receivables, Related Security and Collections in cash or
advances under the Subordinated Note payable to such Seller pursuant to the provisions of Section
2.3(b).

          SECTION 2.4 No Recourse or Assumption of Obligations. Except as specifically provided in
this Agreement, the purchase and sale of the Receivables, the Related Security and all related
Collections under this Agreement shall be without recourse to the applicable Seller. The Sellers
and Buyer intend the transactions hereunder to constitute true sales of the Receivables (together
with all Related Security and all related Collections) by each Seller to Buyer, and that this
transaction shall constitute a “sale of accounts” (as such term is used in Article 9 of the UCC),
which sale is absolute and irrevocable, and provides Buyer with the full risks and benefits of
ownership of the Receivables (together with all Related Security and related Collections) such that
the Receivables (together with all Related Security and all related Collections) would not be
property of the applicable Seller’s estate in the event of the applicable Seller’s bankruptcy. If,
however, despite the intention of the parties, the conveyances provided for in this Agreement are
determined not to be “True Sales” of the Receivables (together with all Related Security and all
related Collections) from the applicable Seller to Buyer, then this Agreement shall also be deemed
to be a “Security Agreement” within the meaning of Article 9 of the UCC and each Seller hereby
grants to Buyer a “Security Interest” within the meaning of Article 9 of the UCC in all of the
applicable Seller’s right, title and interest in and to the Receivables, Related Security and
Collections, now existing and thereafter created, to secure a loan in an amount equal to the
aggregate purchase prices therefor and each of the applicable Seller’s other payment obligations
under this Agreement. Buyer shall not have any obligation or liability with respect to any
Receivable, nor shall Buyer have any obligation or liability to any Obligor or other customer or
client of the applicable Seller (including any obligation to perform any of the obligations of the
applicable Seller under any Receivable).

          SECTION 2.5 Transfer of Records. In connection with the purchase of the Receivables, the
Related Security and all related Collections hereunder and the transfer of the Residual Interest
pursuant to the Contribution Agreement, each Seller hereby sells, transfers, assigns and otherwise
conveys to Buyer all of such Seller’s right and title to and interest in the Records relating to
the Residual Interest and all Receivables sold hereunder, without the need for any further
documentation in connection with any purchase of Receivables, subject, however, to the requirements
of A.R.S. §6-1401 et seq., to which each Seller agrees to comply. In connection with such
transfer, each Seller hereby grants to each of Buyer, the Administrative Agent and the Collection
Agent an irrevocable, non-exclusive license to use, without royalty or payment of any kind, all
software used by such Seller to account for the Receivables, to the extent

7

 

necessary to administer the Receivables, whether such software is owned by such applicable
Seller or is owned by others and used by such applicable Seller under license agreements with
respect thereto, provided that should the consent of any licensor of a Seller to such grant
of the license described herein be required, such Seller hereby agrees that it will use its
reasonable efforts to obtain the consent of such third party licensor. The license granted hereby
shall be irrevocable, and shall terminate on the date this Agreement terminates in accordance with
its terms.

          The Sellers shall (i) take such action requested by Buyer and/or the Co-Collateral Agents or
the Administrative Agent (as Buyer’s assignee), from time to time hereafter, that may be necessary
or appropriate to ensure that Buyer and its assignees under the Second Tier Agreement have an
enforceable ownership interest in the Records relating to the Residual Interest and the Receivables
purchased from the Sellers, subject, however, to the requirements of A.R.S. §6-1401 et seq., to
which each Seller agrees to comply and (ii) use their reasonable efforts to ensure that Buyer, the
Co-Collateral Agents, the Administrative Agent and the Collection Agent each have an enforceable
right (whether by license or sublicense or otherwise) to use all of the computer software used to
account for the Receivables and/or to recreate such Records.

          SECTION 2.6 Transfer of Lock-Boxes. The Originator hereby grants to the Buyer all of the
Originator’s right, title and interest in, to and under the Lock-Boxes, the Lock-Box Accounts and
the Lock-Box Agreements.

          SECTION 3. ADMINISTRATION AND COLLECTION.

          SECTION 3.1 Originator to Act as Collection Agent. Notwithstanding the sale of the
Receivables, the Related Security and all related Collections pursuant to this Agreement and the
transfer of the Residual Interest pursuant to the Contribution Agreement, the Originator shall
continue to be responsible for the servicing, administration and collection of the Receivables, all
on the terms set out in (and subject to any rights to terminate Originator as Collection Agent
pursuant to) the Second Tier Agreement.

          SECTION 3.2 Deemed Collections.

          (a) If on any day the outstanding balance of a Receivable is reduced or cancelled as a result
of any defective or rejected services or damaged or missing cargo, any cash discount or adjustment
(including any adjustment resulting from the application of any special refund or other discounts
or any reconciliation), any setoff or credit (whether such claim or credit arises out of the same,
a related, or an unrelated transaction) or other similar reason not arising from the financial
inability of the Obligor to pay undisputed indebtedness, (i) the applicable Seller shall be deemed
to have received on such day a Collection on such Receivable in the amount of such reduction or
cancellation and (ii) such Receivable shall thereupon be, or be deemed to be reconveyed to the
applicable Seller, subject to satisfaction of Section 3.2(b). If on any day any representation,
warranty, covenant or other agreement of a Seller related to a Receivable

8

 

is not true or is not satisfied on such day (or if any such representation or warranty is made
as of another day, then on such other day), (i) the applicable Seller shall be deemed to have
received on such day a Collection in the amount of the outstanding balance of such Receivable and
(ii) such Receivable shall thereupon be, or be deemed to be, reconveyed to the applicable Seller,
subject to satisfaction of Section 3.2(b).

          (b) Not later than the next succeeding Business Day (commencing with the first such date to
occur subsequent to the Closing Date), to the extent that a Seller is deemed at any time pursuant
to this Section 3.2 to have received any Collections, such Seller shall transfer to Buyer, in
immediately available funds, or by setoff or adjustment of accounts between such Seller and Buyer
by way of a credit in favor of Buyer, the amount of any such Deemed Collections received at any
such time; provided, however, that if no such payment or adjustment is required
under the Second Tier Agreement, Buyer and such Seller may agree to reduce the outstanding
principal amount of the applicable Subordinated Note in lieu of all or part of such transfer. To
the extent that Buyer subsequently collects any payment with respect to any such Receivable, Buyer
shall pay the applicable Seller an amount equal to the amount so collected, or an appropriate
adjustment of the accounts between the applicable Seller and Buyer, in favor of such Seller, shall
be made, not later than the Business Day following the day on which Buyer has so collected any such
Receivable.

          (c) If requested by the Buyer, the Administrative Agent or the Co-Collateral Agents at least
10 Business Days before any Payment Date in respect of Yield, the Buyer’s Collection Agent shall,
at least two Business Days before such date, prepare and forward to the Buyer and the
Administrative Agent a Receivables Activity Report of the Buyer’s Collection Agent, as of the close
of business of the Buyer’s Collection Agent on the last day of the immediately preceding Yield
Period, setting forth the calculation of the actual purchase price for each Receivable, Related
Security and Collections sold, transferred and assigned during such Yield Period, and the
reconciliation of how the purchase price has been paid reflecting the cash advanced from the Buyer
to each Seller during such Yield Period, the adjustments to and current balance, if any, due from
the Buyer to each Seller under the applicable Subordinated Note and the amount of any capital
contribution pursuant to Section 2.3(b), and the amount of additional cash, if any, to be paid by
the Buyer to each Seller on such Payment Date in respect of Yield.

          SECTION 3.3 Application of Collections. Any payment by an Obligor in respect of any
indebtedness owed by it to a Seller shall, except as otherwise specified by such Obligor (including
by reference to a particular invoice), or required by the related Contracts or law, be applied,
first, as a Collection of any Receivable or Receivables then outstanding of such Obligor in the
order of the age of such Receivables, starting with the oldest of such Receivables, and, second, to
any other indebtedness of such Obligor to the applicable Seller.

          SECTION 3.4 Responsibilities of Each Seller. Each Seller shall pay when due all Taxes
payable in connection with the Receivables or their creation or satisfaction. Each Seller shall
perform all of its obligations under agreements related to

9

 

the Receivables to the same extent as if interests in the Receivables had not been transferred
hereunder. The Co-Collateral Agents’, the Administrative Agent’s or any Purchaser’s exercise of
any rights hereunder or under the Second Tier Agreement shall not relieve the Sellers from such
obligations. Neither the Co-Collateral Agents, the Administrative Agent nor any Purchaser shall
have any obligation to perform any obligation of a Seller or any other obligation (other than the
obligation to act in good faith and with commercial reasonableness) or liability in connection with
the Receivables.

          SECTION 3.5 Payments and Computations, Etc.

          (a) All amounts to be paid or deposited by Originator hereunder shall be paid or deposited no
later than 10:00 A.M. (California time) on the day when due in same day funds to the account
designated by the Administrative Agent.

          (b) Each Seller shall, to the extent permitted by law, pay to the Buyer interest on any amount
not paid or deposited by such Seller when due hereunder at an interest rate per annum equal to the
Prime Rate plus 2%, payable on demand; provided, however, that such interest rate
shall not at any time exceed the maximum rate permitted by applicable law.

          (c) All computations of interest and all computations of fees hereunder shall be made on the
basis of a year of 360 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 succeeding Business Day and such extension of time shall be
included in the computation of such payment or deposit.

          (d) Each Seller hereby irrevocably and unconditionally waives and relinquishes to the fullest
extent it may legally do so (i) any express or implied vendor’s lien, and any other Lien (which
would otherwise be imposed on or affect any Receivable, Related Security or Collections), on
account of any unpaid amount of such Seller’s purchase price therefor or on account of any other
unpaid amounts otherwise payable by the Buyer under or in connection with this Agreement or the
Subordinated Note payable to the order of such Seller or otherwise and (ii) with respect to the
obligations of such Seller to make payments or deposits under this Agreement (including, without
limitation, payments under Sections 3.2 and 7.1), any setoff, counterclaim, recoupment, defense and
other right or claim which such Seller may have against the Buyer as a result of or arising out of
the failure of the Buyer to pay any amount on account of such Seller’s purchase price under Section
2 or any other amount payable by the Buyer to such Seller under this Agreement or the Subordinated
Note payable to the order of such Seller or otherwise.

          SECTION 4. REPRESENTATIONS AND WARRANTIES.

          SECTION 4.1 Mutual Representations and Warranties. Each Seller and Buyer, as of the date
hereof and each date on which Receivables are transferred hereunder, represents and warrants as
follows:

10

 

          (a) Existence and Power It is a corporation, duly organized, validly existing and in
good standing under the laws of its state of organization and has all company power and authority
and all governmental licenses, authorizations, consents and approvals required to carry on its
business in each jurisdiction in which its business is now conducted, except where failure to
obtain such license, authorization, consent or approval would not have a Material Adverse Effect on
(i) its ability to perform its obligations under, or the enforceability of, any Transaction
Document to which it is a party, (ii) its business or financial condition, (iii) the interests of
Buyer or its assigns under the Transaction Documents or (iv) the enforceability or collectibility
of a material portion of the Receivables.

          (b) Authorization and Contravention. Its execution, delivery and performance of each
Transaction Document to which it is a party (i) are within its powers, (ii) have been duly
authorized by all necessary company action, (iii) do not contravene or constitute a default under:
(A) any applicable law, rule or regulation, (B) its charter or by-laws or (C) any material
agreement, order or other instrument to which it is a party or its property is subject and (iv)
will not result in any Lien on any Receivable, Related Security or Collection or give cause for the
acceleration of any of its indebtedness.

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

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

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

          SECTION 4.2 Additional Representations by Each Seller. Each Seller further represents and
warrants, as of the date hereof and each date on which Receivables are transferred hereunder, to
Buyer and the Administrative Agent as follows:

          (a) Accuracy of Information. All information furnished by each Seller or any of its
Affiliates to the Buyer, the Purchasers, the Administrative Agent or the

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Co-Collateral Agents in connection with any Transaction Document, or any transaction contemplated
thereby, is true and accurate in all material respects (and is not incomplete by omitting any
information necessary to prevent such information from being materially misleading).

          (b) No Actions, Suits. Except as disclosed on Schedule III attached to the Second
Tier Agreement or in financial statements and/or notices delivered on or prior to the date hereof,
there are no actions, suits or other proceedings (including matters relating to environmental
liability) pending or threatened against or affecting the Seller or any of its properties, that (i)
if adversely determined, in the aggregate, may have a Material Adverse Effect on the Seller or on
the collectibility of a material portion of the Receivables or (ii) involve any Transaction
Document or any transaction contemplated thereby. The Seller is not in default of any contractual
obligation or in violation of any order, rule or regulation of any Governmental Authority, which
default or violation may have a Material Adverse Effect.

          (c) Material Adverse Effect. There has been no event or circumstance since December
31, 2007, that either individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect.

          (d) Accuracy of Exhibits. All information on Exhibits D and E of the Second Tier
Agreement (to the extent describing the applicable Seller) is true and complete, subject to any
changes permitted by, and notified to the Administrative Agent and the Co-Collateral Agents in
accordance with the Second Tier Agreement.

          (e) Transfer. (i) Immediately prior to each sale, transfer, contribution and/or
assignment by such Seller of any Residual Interest, Receivables, Related Security or Collections to
the Buyer, such Seller is the legal and beneficial owner of such Residual Interest, Receivables,
Related Security or Collections (as applicable), free and clear of any Lien (other than Permitted
Liens and Liens, if any, created pursuant to the Transaction Documents).

               (ii) Upon each sale, transfer, contribution and/or assignment by such Seller of any Residual
Interest, Receivables, Related Security or Collections to the Buyer, such Seller shall transfer to
the Buyer making such acquisition (and such Buyer shall acquire), a valid interest in the such
Residual Interest, Receivables, Related Security or Collections (as applicable), free and clear of
any Lien (other than Permitted Liens), which interest shall be a perfected first priority ownership
or security interest upon the filing of the financing statements referred to in the Second Tier
Agreement.

               (iii) The purchase price payable to such Seller on the date of each purchase of the
Receivables, Related Security or Collections hereunder constitutes fair consideration and
approximates fair market value for the Receivables, Related Security or Collections, and the terms
and conditions (including the purchase price therefor, and the terms of the applicable Subordinated
Note, if applicable) of the sale, transfer and assignment of such Receivables, Related Security or
Collections pursuant to

12

 

Section 2 reasonably approximate an arm’s-length transaction between unaffiliated parties.
Each such purchase has been or will be made for “reasonably equivalent value” (as such term is
defined in Section 548 of the Bankruptcy Code). No such sale, transfer or assignment has been made
for or on account of an antecedent debt owed by such Seller to the Buyer and no such sale, transfer
or assignment is or may be voidable or subject to avoidance under any section of the Bankruptcy
Code.

          (f) Use of Proceeds. No proceeds of any sale, transfer and/or assignment by such
Seller of any Receivables, Related Security or Collections hereunder will be used to acquire any
security in any transaction which is subject to Sections 13 and 14 of the Securities Exchange Act
of 1934 (unless such transaction shall have been approved by the board of directors (or comparable
governing body) of the issuer of such security) or used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, for any purpose which entails a violation of the
provisions of the Regulations of the Board, including Regulation U or X thereof.

          (g) Reserved.

          (h) Records. The jurisdiction of incorporation and organizational identification
number (if any) of such Seller are as set forth in Exhibit D of the Second Tier Agreement.

          (i) Lock-Box Banks and Accounts. The names and addresses of all the Lock-Box Banks,
together with the lock-box numbers related to, and the account numbers and owners of, the Lock-Box
Accounts of such Seller at such Lock-Box Banks, are specified in Exhibit E of the Second Tier
Agreement. Except pursuant to the Lock-Box Agreements, such Seller has not granted any Person
dominion or control of any Lock-Box Account, or the right to take dominion or control over any
Lock-Box Account at a future time or upon the occurrence of a future event.

          (j) Receivables Assets. No effective financing statement or other instrument
similarly in effect covering the Residual Interest, any Contract, or any Receivable, Related
Security or Collections with respect thereto is on file in any recording office, except those filed
in favor of the Administrative Agent and the Buyer relating to this Agreement and in favor of the
Administrative Agent relating to the Second Tier Agreement.

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

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          (l) Financial Statements. (i) The audited financial statements (including the
consolidated balance sheet, consolidated statement of income and retained earnings and statement of
cashflows) of Parent and its Subsidiaries for the fiscal year ended December 31, 2007 and for the
first and second fiscal quarters of 2008 and the unaudited financial statements of the Existing
Receivables Subsidiary for the fiscal year ended December 31, 2007 and for the first fiscal quarter
of 2008, a copy of each of which has been furnished to the Administrative Agent and the
Co-Collateral Agents for distribution to the Purchasers, have been prepared in good faith and
present in all material respects the financial position of the relevant Swift Entities as at the
dates indicated and the results of their operations and cash flow for the periods indicated in
conformity with GAAP applied on a basis consistent with prior years or quarters, as applicable,
except as otherwise expressly noted therein. During the period from December 31, 2007 to and
including the Closing Date, there has been (i) no sale, transfer or other disposition by the Parent
or any of its Subsidiaries of any material part of the business or property of the Parent or any of
its Subsidiaries, taken as a whole, and (ii) no purchase or other acquisition by the Parent or any
of its Subsidiaries of any business or property (including any equity interests of any other
Person) material in relation to the consolidated financial position of the Parent and its
Subsidiaries, in each case, which is not reflected in the foregoing financial statements or in the
notes thereto or has not otherwise been disclosed in writing to the Purchasers prior to the Closing
Date.

               (ii) The forecasts of consolidated balance sheets, consolidated statements of income and
retained earnings and statements of cashflow of the Parent and its Subsidiaries which have been
furnished to the Administrative Agent and the Co-Collateral Agents prior to the Closing Date have
been prepared in good faith on the basis of the assumptions stated therein, which assumptions were
believed to be reasonable at the time of preparation of such forecasts.

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

               (ii) No ERISA Event has occurred or is reasonably expected to occur and neither such Seller
nor any of its Subsidiaries nor any ERISA Affiliate has engaged in a transaction that could be
subject to Section 4069 or 4212(c) of ERISA, except, with respect to each of the foregoing clauses
of this Section 3.01(o), as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect.

               (iii) Except where noncompliance could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect, (i) each Foreign Plan has been maintained in
compliance with its terms and with the requirements of any and all applicable laws, statutes,
rules, regulations and orders and has been maintained, where required, in good standing with
applicable regulatory authorities, and

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(ii) neither any party to the Transaction Documents nor any Subsidiary has incurred any
obligation in connection with the termination of or withdrawal from any Foreign Plan.

          (n) Credit and Collection Policy. If applicable, such Seller has complied with the
Credit and Collection Policy in all material respects and since the date of this Agreement there
has been no change in the Credit and Collection Policy except as permitted hereunder. Such Seller
has not extended or modified the terms of any Receivable or any Contract, except in accordance with
the Credit and Collection Policy.

          (o) Margin Regulations; Investment Company Act. Such Seller and each of its
Subsidiaries is not engaged nor will it engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued
by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. None of
such Seller or any of its Affiliates is or is required to be registered as an investment company
under the Investment Company Act of 1940.

          (p) Insurance. Schedule I hereto sets forth a description of all insurance maintained
by or on behalf of such Seller as of the Closing Date. As of the Closing Date, all premiums in
respect of such insurance currently due have been paid.

          (q) Labor Matters. As of the Closing Date, there are no strikes, lockouts or
slowdowns against such Seller and its Subsidiaries pending or, to the knowledge of such Seller,
threatened.

          (r) Solvency. As of the Closing Date, such Seller and each of its Subsidiaries, taken
as a whole, are Solvent.

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

          (t) Anti-Terrorism Laws. Such Seller (i) is not, and is not controlled by or is
acting on behalf of, a Terrorism Party; (ii) has not received funds or other property from a
Terrorism Party; (iii) is not in breach of or is the subject of any action or investigation under
any Anti-Terrorism Law and (iv) has taken reasonable measures to ensure compliance with the
Anti-Terrorism Laws.

          (u) All Receivables of Seller. The Receivables sold by such Seller to the Buyer in
accordance with the terms of this Agreement constitute all accounts receivable owned by such
Seller.

          SECTION 5. GENERAL COVENANTS.

15

 

          SECTION 5.1 Covenants. Each Seller hereby covenants and agrees to comply with the following
covenants and agreements, unless Buyer (with the written consent of the Administrative Agent and
the Co-Collateral Agents) shall otherwise consent:

          (a) Financial Reporting. Each Seller will, and will cause each Swift Entity to,
maintain a system of accounting established and administered in accordance with GAAP and will
furnish to Buyer, the Administrative Agent and the Co-Collateral Agents for distribution to the
Purchasers (unless such information has been delivered pursuant to the Second Tier Agreement):

               (i) During the existence of a Trigger Event, within 30 days after the end of each month,
unaudited consolidated financial statements (which shall include a balance sheet and income
statement, as well as statements of stockholder’s equity and cash flow) showing the financial
condition and results of operation of the Originator and its consolidated Subsidiaries as of the
end of and for such fiscal month, in each case certified by a Designated Financial Officer of the
Originator as being the same monthly financial statements generated in accordance with the
Originator’s normal procedures and submitted to management of the Originator. The Buyer, the
Administrative Agent, the Co-Collateral Agents and the Purchasers acknowledge that any monthly
unaudited consolidated financial statements furnished pursuant to this Section will not be
accompanied by the footnotes and other disclosures that would be necessary for fair presentation in
accordance with GAAP.

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

               (iii) Beginning with the second quarter of 2008, within 45 days after each (except the last)
fiscal quarter of each fiscal year of the Parent, copies of its unaudited financial statements
(including at least a consolidated balance sheet as of the close of such quarter and statements of
earnings and sources and applications of funds for the period from the beginning of the fiscal year
to the close of such quarter) certified by a Designated Financial Officer and prepared in a manner
consistent with the financial statements described in Section 5.l(a)(ii), together with a
certificate of a Designated

16

 

Financial Officer stating that such financial statements present fairly, in all material
respects, the financial position of the Parent and its Subsidiaries as at the dates indicated and
the results of their operations and cash flow for the periods indicated in conformity with GAAP
applied on a basis consistent with prior quarters (except for changes that shall have been
disclosed in the notes to the financial statements) and that, to the best knowledge of such
Designated Financial Officer after due inquiry, no Termination Event or Potential Termination Event
has occurred and is continuing;

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

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

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

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

               (i) Termination Event and Trigger Event. The occurrence or existence of (i) any
Trigger Event or (ii) any Potential Termination Event or Termination Event, specifying the nature
and extent thereof and the action (if any) which is proposed to be taken with respect thereto;

               (ii) Representations and Warranties. The failure of any representations or warranty
herein to be true (when made or at any time thereafter) in any material respect;

               (iii) Downgrading. The downgrading, withdrawal or suspension of any rating by any
rating agency of any indebtedness of the applicable Seller or the Parent or any of its
Subsidiaries;

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

               (v) ERISA. Except as would not reasonably be expected to result in a Material Adverse
Effect, any member of the ERISA group (A) giving or being required to give notice to the PBGC of
any reportable event (as defined in Section 4043

17

 

of ERISA) with respect to any Plan which might constitute grounds for a termination of such
Plan under Title IV of ERISA, or such member of the ERISA group knowing that the plan administrator
of any Plan has given or is required to give notice of any such reportable event, and such notice
to the Administrative Agent and the Co-Collateral Agents shall attach a copy of the notice of such
reportable event given or required to be given to the PBGC; (B) receiving notice of complete or
partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in
reorganization, is insolvent or has been terminated, and such notice to the Administrative Agent
and the Co-Collateral Agents shall attach a copy of such notice; (C) receiving notice from the PBGC
under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, and such notice
to the Administrative Agent and the Co-Collateral Agents shall attach a copy of such notice; (D)
applying for a waiver of the minimum funding standard under Section 412 of the Internal Revenue
Code, and such notice to the Administrative Agent and the Co-Collateral Agents shall attach a copy
of such application; (E) giving notice of intent to terminate any Plan under Section 4041(c) of
ERISA, and such notice to the Administrative Agent and the Co-Collateral Agents shall attach a copy
of such notice and other information filed with the PBGC; (F) giving notice of withdrawal from any
Plan pursuant to Section 4063 of ERISA, and such notice to the Administrative Agent and the
Co-Collateral Agents shall attach a copy of such notice; or (G) failing to make any payment or
contribution to any Plan or Multiemployer Plan or making any amendment to any Plan which has
resulted or could result in the imposition of a Lien or the posting of a bond or other security,
and such notice to the Administrative Agent and the Co-Collateral Agents shall attach a certificate
of the Originator’s chief financial officer or chief accounting officer setting forth details as to
such occurrence and the action, if any, which the Originator or applicable member of the ERISA
group is required or proposes to take;

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

               (vii) Information Regarding Such Seller. Within 20 days following any change in such
Seller’s (i) name, (ii) form of organization, (iii) jurisdiction of organization, (iv)
organizational number or (v) federal taxpayer identification number.

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

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

               (x) Other. Promptly, from time to time, such other information, documents, records or
reports respecting this Agreement or the other

18

 

Transaction Documents, or any other Receivables, Related Security and Collections or the
condition or operations, financial or otherwise, of such Seller as the Buyer, the Administrative
Agent or the Co-Collateral Agents may from time to time reasonably request.

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

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

          (e) Keeping Records. (i) Each Seller shall have and maintain (A) administrative and
operating procedures (including an ability to recreate Records if originals are destroyed), (B)
adequate facilities, personnel and equipment and (C) all Records and other information necessary or
advisable for collecting the Receivables (including Records adequate to permit the immediate
identification of each new Receivable and all Collections of, and adjustments to, each existing
Receivable). Such books and records shall be marked in accordance with Section 9.4(a) to indicate
the transfers of all Receivables, Related Security and Collections hereunder. Each Seller shall
give Buyer prior notice of any material change in such administrative operating procedures.

               (ii) Each Seller shall, at all times from and after the date hereof, create a legend screen
which automatically appears on its computer when its accounts receivable software program is
accessed from any computer which conspicuously describes Buyer’s interest in the Receivables, the
Related Security and the Collections, and shall clearly and conspicuously mark any other master
accounts receivable books and records which it maintains, if any, in order to reflect Buyer’s
interest in the Receivables.

          (f) Perfection. (i) Each Seller will at its expense, promptly execute and deliver all
instruments and documents and take all action necessary or requested by the Buyer (including the
execution and filing of financing or continuation statements, amendments thereto or assignments
thereof) to enable the Buyer to exercise and enforce all its rights against the Residual Interest,
the Receivables, the Related Security and all related Collections and to vest and maintain vested
in the Buyer a valid, first priority perfected security interest in the Residual Interest, the
Receivables, the Related Security and the Collections, and proceeds thereof free and clear of any
Lien (and a perfected ownership interest in the Receivables, the Related Security and the
Collections to the extent of the Sold Interest). To the extent permitted by applicable law, the
Buyer will be permitted to sign and file any continuation statements, amendments thereto and
assignments thereof without the Buyer’s signature.

19

 

               (ii) The Buyer will not change its name, identity or corporate structure or relocate its chief
executive office or the Records except after 30 days advance notice to the Buyer and the delivery
to the Buyer of all financing statements, instruments and other documents (including direction
letters) requested by the Buyer.

               (iii) The chief executive offices of Swift Transportation Corporation, Swift Leasing Co., Inc.
and Swift Intermodal Ltd. will at all times be located in the State of Arizona.

               (iv) The Originator will at all times be organized under the laws of the State of Nevada.
Swift Intermodal Ltd., and Swift Leasing Co., Inc. will at all times be organized under the laws of
the State of Nevada and the State of Arizona, respectively.

          (g) Payments on Receivables, Accounts. Each Seller will at all times instruct all
Obligors to deliver payments on the Receivables to a Lock-Box Account. If any such payments or
other Collections are received by a Seller, it shall hold such payments in trust for the benefit of
the Buyer and promptly (but in any event within one Business Day after receipt) remit such funds at
the written direction of the Administrative Agent.

          (h) Deposits to Lock-Box Accounts. The Sellers shall not deposit or otherwise credit,
or cause or grant permission to be so deposited or credited, to any Lock-Box Account cash or cash
proceeds other than Collections.

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

          (j) Extension or Amendment of Receivables. Except as otherwise permitted in the
Second Tier Agreement and then subject to Section 1.5 of the Second Tier Agreement, the Sellers
will not extend, amend, rescind or cancel any Receivable.

          (k) Performance of Duties. Each Seller will perform its duties or obligations in
accordance with the provisions of each of the Transaction Documents to which it is a party. Each
Seller (at its expense) will (i) fully and timely perform in all material respects all agreements,
if any, required to be observed by it in connection with each Receivable, (ii) comply in all
material respects with, and originate and service the Receivables in accordance with, the Credit
and Collection Policy, and (iii) refrain from any action that may impair the rights of Buyer in the
Residual Interest, the Receivables, the Related Security, the Collections or the Lock-Box Accounts.

          (l) Organizational Documents; Change of Name, Change of Business, Etc.

20

 

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

               (ii) The Seller will not cause or permit the Buyer’s organizational documents to be amended,
supplemented or otherwise modified without the written consent of the Administrative Agent (not to
be unreasonably withheld or delayed).

               (iii) The Seller will not make any material change in the character of its business.

          (m) Accounting. The Seller shall not prepare any financial statements which shall
account for the transactions contemplated hereby in any manner other than the sale of the
Receivables, Related Security and Collections by such Seller to the Buyer or in any other respect
account for (other than for tax purposes) or otherwise treat the transactions contemplated by this
Agreement in any manner other than as sales of the Receivables, Related Security and Collections by
such Seller to the Buyer (other than for tax purposes).

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

          (o) Performance and Compliance with Contracts and Credit and Collection Policy. At
its expense, the Seller shall (i) perform, or cause to be performed, and comply in all material
respects with, or cause to be complied with in all material respects, all provisions, covenants and
other promises required to be observed by it under the Contracts related to the Receivables, and
timely and fully comply in all material respects with the Credit and Collection Policy in regard to
the Receivables and the related Contracts and (ii) as beneficiary of any Related Security, enforce
such Related Security as reasonably requested by the Administrative Agent and the Co-Collateral
Agents.

          (p) Examination of Records; Audits.

               (i) The applicable Seller shall furnish to the Administrative Agent, the Co-Collateral Agents
and the Purchasers such information concerning the Receivables, the Related Security and the
Collections as the Administrative Agent, the Co-Collateral Agents or a Purchaser may reasonably
request. The applicable Seller will permit at any time during regular business hours, the
Administrative Agent, the Co-Collateral Agents or any Purchaser (or any representatives thereof)
(i) to examine and make copies of all Records, (ii) to visit the offices and properties of the
applicable Seller for the purpose of examining the Records and (iii) to discuss matters relating
hereto with

21

 

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

               (ii) Such Seller shall furnish to the Buyer, the Administrative Agent and the Co-Collateral
Agents any information that the Buyer, the Administrative Agent and the Co-Collateral Agents may
reasonably request regarding the determination and calculation of the Eligible Receivable Balance
including correct and complete copies of any invoices, underlying agreements, instruments or other
documents and the identity of all Obligors in respect of Receivables referred to therein.

          (q) Taxes. The Seller shall timely pay, discharge or otherwise satisfy as the same
shall become due and payable in the normal conduct of its business, all its obligations and
liabilities in respect of the Taxes imposed upon it or upon its income or profits or in respect of
its property, except, in each case, to the extent the failure to pay or discharge the same could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

          (r) Maintenance of Properties. Except if the failure to do so could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Seller shall
maintain, preserve and protect all of its material properties and equipment necessary in the
operation of its business in good working order, repair and condition, ordinary wear and tear
excepted and casualty or condemnation excepted.

          (s) Maintenance of Insurance. The Seller shall maintain with reputable insurance
companies, insurance with respect to its assets, properties and business against loss or damage to
the extent available on commercially reasonable terms of the kinds customarily insured against by
Persons of similar size engaged in the same or similar industry, of such types and in such amounts
(after giving effect to any self-insurance (including captive industry insurance) reasonable and
customary for similarly situated Persons of similar size engaged in the same or similar businesses
as such

22

 

Restricted Party) as are customarily carried under similar circumstances by such other
Persons.

          (t) ERISA. Promptly after any Seller or any ERISA Affiliate knows or has reason to
know of the occurrence of any of the following events that, individually or in the aggregate
(including in the aggregate such events previously disclosed or exempt from disclosure hereunder,
to the extent the liability therefor remains outstanding), would reasonably be expected to have a
Material Adverse Effect, the Seller shall deliver to the Administrative Agent, the Co-Collateral
Agents and each of the Purchasers a certificate of a Designated Financial Officer setting forth
details as to such occurrence and the action, if any, that such Seller or such ERISA Affiliate is
required or proposes to take, together with any notices (required, proposed or otherwise) given to
or filed with or by the Seller, such ERISA Affiliate, the PBGC, a Plan participant (other than
notices relating to any individual participants benefits) or the Plan administrator with respect
thereto: (A) that a Reportable Event has occurred; (B) that an accumulated funding deficiency has
been incurred or an application is to be made to the Secretary of the Treasury for a waiver or
modification of the minimum funding standard (including any required installment payments) or an
extension of any amortization period under Section 412 of the Code (or Section 430 of the Code as
amended by the Pension Protection Act of 2006) with respect to a Plan; (C) that a Plan having an
unfunded current liability has been or is to be terminated, reorganized, partitioned or declared
insolvent under Title IV of ERISA (including the giving of written notice thereof); (D) that
proceedings will be or have been instituted to terminate a Plan having an unfunded current
liability (including the giving of written notice thereof); (E) that a proceeding has been
instituted against such Seller or an ERISA Affiliate pursuant to Section 515 of ERISA to collect a
delinquent contribution to a Plan; (F) that the PBGC has notified such Seller or any ERISA
Affiliate of its intention to appoint a trustee to administer any Plan; (G) that such Seller or any
ERISA Affiliate has failed to make a required installment or other payment pursuant to Section 412
of the Code with respect to a Plan; or (H) that such Seller or any ERISA Affiliate has incurred or
will incur (or has been notified in writing that it will incur) any liability (including any
contingent or secondary liability) to or on account of a Plan pursuant to Section 409, 502(i),
502(l), 515, 4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code.

          (u) Know Your Customer Requests. If (i) a Change in Law after the Closing
Date; (ii) any change in the status of a Swift Entity or the composition of the shareholders or
interest holders of a Swift Entity after the Closing Date; or (iii) a proposed assignment or
transfer by a Purchaser of any of its rights and obligations under the Purchase Agreement to a
party that is not a Purchaser prior to such assignment or transfer, obliges the Administrative
Agent, the Co-Collateral Agents or any Purchaser (or, in the case of paragraph (iii) above, any
prospective new Purchaser) to comply with know your customer or similar identification procedures
in circumstances where the necessary information is not already available to it, each Seller shall
promptly upon the request of the Administrative Agent or the Co-Collateral Agents supply, or
procure the supply of, such documentation and other evidence as is reasonably requested by the
Administrative

23

 

Agent (for itself or on behalf of any Purchaser, or, in the case of the event described in
paragraph (iii) above, on behalf of any prospective new Purchaser), the Administrative Agent or the
Co-Collateral Agents in order for such Purchaser, the Administrative Agent, the Co-Collateral
Agents or, in the case of the event described in paragraph (iii) above, such prospective new
Purchaser to carry out and be satisfied it has complied with all necessary know your customer or
other similar checks under all applicable laws and regulations pursuant to the transactions
contemplated in the Transaction Documents.

          (v) Facts and Assumptions in Opinions. The Seller shall comply with and not act
contrary to (and cause to be true and correct) each of the facts and assumptions contained in the
opinions of Snell & Wilmer L.L.P. delivered pursuant to the Transaction Documents.

          SECTION 5.2 Organizational Separateness. The Sellers agree not to take any action that would
cause Buyer to violate its certificate of incorporation and by-laws or the Buyer’s obligations
under Section 5.1(o) of the Second Tier Agreement. Buyer agrees to conduct its business in a
manner consistent with its certificate of incorporation and by-laws and to comply with its
obligations under Section 5.1(o) of the Second Tier Agreement.

          SECTION 5.3 Limitations on Certain Modifications to Credit Agreement and Indentures. The
Sellers will not make or consent to any amendment or modification to the definition of “Receivables
Assets”, “Receivables Subsidiary”, “Receivables Transaction”, “Qualified Receivables Transaction”
or “Standard Securitization Undertakings” as such terms are defined in the Credit Agreement and the
Indentures as in effect on the date hereof, without the prior written consent of the Co-Collateral
Agents such consent not to be unreasonably withheld, provided, however, without limiting the rights
of the Co-Collateral Agents, it shall be reasonable for the Co-Collateral Agents to withhold
consent if such amendment or modification would make the Agreement and any transaction contemplated
hereunder not permitted under the Credit Agreement or Indentures, or adversely impact the
Receivables, the Related Security or the proceeds thereof, or any sale thereof or the granting of
any Lien thereon in connection with the securitization transactions contemplated by this Agreement
and the other Transaction Documents.

          SECTION 6. TERMINATION OF PURCHASES.

          SECTION 6.1 Voluntary Termination. The purchase and sale of Receivables pursuant to this
Agreement may be terminated by either the Sellers or the Buyer, upon at least 30 Business Days’
prior written notice to the other parties, the Administrative Agent and the Co-Collateral Agents,
provided that the Administrative Agent has consented in writing to such termination within 10
Business Days of the day of such notification.

          SECTION 6.2 Automatic Termination. The purchase and sale of Receivables pursuant to this
Agreement shall continue notwithstanding a Termination

24

 

Event, but shall automatically terminate with respect to a Seller upon the occurrence of a
Bankruptcy Event pursuant to Section 8.1.

          SECTION 7. INDEMNIFICATION.

          SECTION 7.1 Seller’s Indemnity. Without limiting any other rights any Person may have
hereunder or under applicable law, each Seller jointly and severally hereby indemnifies and holds
harmless the Administrative Agent and the Co-Collateral Agents for the benefit of themselves and
the Purchasers, Buyer and their respective officers, managers, agents and employees (each a
“Seller Indemnified Party”) from and against any and all Indemnified Losses at any time
imposed on or incurred by any Seller Indemnified Party arising out of or otherwise relating to any
Transaction Document, the transactions contemplated thereby, or any action taken or omitted by any
of the Seller Indemnified Parties, whether arising by reason of the acts to be performed by the
Sellers hereunder or otherwise, excluding only Indemnified Losses (“Excluded Losses”) to
the extent (x) a final judgment of a court of competent jurisdiction holds such Indemnified Losses
resulted solely from gross negligence or willful misconduct of the Seller Indemnified Party seeking
indemnification, (y) solely due to the credit risk or financial inability to pay of the Obligor and
for which reimbursement would constitute recourse to Originator or the Collection Agent for
uncollectible Receivables or (z) such Indemnified Losses include Taxes on, or measured by, the
overall net income of the Buyer. Without limiting the foregoing indemnification, but subject to
the limitations set forth in clauses (x), (y) and (z) of the previous sentence, each Seller jointly
and severally shall indemnify each Seller Indemnified Party for Indemnified Losses relating to or
resulting from:

               (i) any representation or warranty made by or on behalf of a Seller (or any employee or agent
of the Seller) under or in connection with this Agreement, any Periodic Report or any other
information or report delivered by a Seller or any other Swift Entity or Affiliate pursuant to the
Transaction Documents, which shall have been false or incorrect in any material respect when made
or deemed made;

               (ii) the failure by a Seller or any other Swift Entity (other than the Buyer) to comply with
any applicable law, rule or regulation related to any Residual Interest, Receivable or the Related
Security, or the nonconformity of any Residual Interest, Receivable or the Related Security with
any such applicable law, rule or regulation or the failure by a Seller to satisfy any of its
obligations under any Transaction Documents;

               (iii) the failure of a Seller to vest and maintain vested in Buyer a perfected ownership or
security interest in the Residual Interest conveyed pursuant to the Contribution Agreement or the
Receivables and the other property conveyed pursuant hereto, free and clear of any Lien;

               (iv) any commingling of funds (whether or not permitted pursuant to the Transaction Documents)
to which Buyer or its assignees is entitled hereunder with any other funds;

25

 

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

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

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

               (viii) 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 Sellers’ obligations under the Transaction Documents;

               (ix) the transfer by a Seller of an interest in any Receivable to any Person other than the
Buyer;

               (x) the failure to file, or any delay in filing, financing statements or other similar
instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with
respect to the Residual Interest or any Receivables or purported Receivables generated by a Seller,
whether at the time of any purchase or acquisition or at any subsequent time;

               (xi) any Receivable which is stated to be, but is not, an Eligible Receivable;

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

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

26

 

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

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

               (xvi) the use of the proceeds of the sales under this Agreement.

          SECTION 7.2 Indemnification Due to Failure to Consummate Purchase. Each Seller, jointly and
severally, will indemnify Buyer on demand and hold it harmless against all costs (including,
without limitation, breakage costs) and expenses incurred by Buyer resulting from any failure by a
Seller to consummate a purchase after Buyer has requested a transfer of the applicable Receivables
to the Purchasers under the terms of the Second Tier Agreement.

          SECTION 7.3 Other Costs. If Buyer becomes obligated to compensate the Purchasers under the
Second Tier Agreement or any other Transaction Document for any costs or indemnities pursuant to
any provision of the Second Tier Agreement or any other Transaction Document as a result of any
acts or omissions of any Seller or any other Swift Entity (other than the Buyer), then each Seller,
jointly and severally, shall, on demand, reimburse Buyer for the amount of any compensation.

          SECTION 8. TERMINATION OF SELLERS

          SECTION 8.1 Termination of a Seller. (a) Any Seller (other than the Originator) shall be
terminated as a Seller hereunder by the Buyer and with prior written notice to the Administrative
Agent, on behalf of the Purchasers, and the Co-Collateral Agents (i) on the occurrence of a
Bankruptcy Event as to such Seller, (ii) with the consent of the Co-Collateral Agents, if the
Parent ceases to own, directly or indirectly, 100% of the Equity Interests of such Seller, or (iii)
on five Business Days written notice to such effect by the Administrative Agent (with the consent
or at the request of the Instructing Group) to the Buyer following the occurrence of any
Termination Event as to such Seller (each a “Mandatory Seller Termination Date”). From and
after any Mandatory Seller Termination Date, the Buyer shall cease buying Receivables, Related
Security and Collections from such Seller. Each such Seller being terminated shall be released as
a Seller party hereto for all purposes and shall cease to be a party hereto on the 91st
day after the date on which there are no amounts payable hereunder by such Seller and no
amounts outstanding with respect to the Residual Interest or Receivables previously transferred or
sold by such Seller to the Buyer, whether such amounts have been collected or written off in
accordance with the Credit and Collection Policy of such Seller. Prior to such day, such Seller
shall be obligated to perform its obligations hereunder and under the Transaction Documents to
which it is a party with respect to the Residual Interest, Receivables, Related Security and
Collections previously transferred or

27

 

sold by such Seller to the Buyer, including, without limitation, its obligation to direct the
deposit of Collections into the appropriate Lock-Box Account.

          (b) From time to time, the Sellers may request in writing (with a copy to the Administrative
Agent and the Co-Collateral Agents) that the Buyer designate one or more Sellers as Sellers that
cease to be parties to this Agreement (a “Permissive Seller Termination”); provided
that no Termination Event or Potential Termination Event has occurred or will occur as a result
thereof. Promptly after receipt of any such designation by the Administrative Agent, the
Co-Collateral Agents and each other Seller, such Seller shall select a date, which date shall not
be earlier than 15 Business Days after the date of receipt by the Administrative Agent and the
Co-Collateral Agents of written notice of such designation, as such Seller’s “Permissive Seller
Termination Date”; provided that such Permissive Seller Termination may not occur with
respect to a Seller without the written consent of the Administrative Agent, on behalf of the
Purchasers, and the Co-Collateral Agents if the aggregate outstanding balance of the Receivables of
such Seller exceeds 10% of the aggregate outstanding balance of all Receivables of all Sellers as
of the date of the Periodic Report received immediately prior to the date of such notice to the
Administrative Agent and the Co-Collateral Agents. From and after any Permissive Seller
Termination Date, the Buyer shall cease buying Receivables, Related Security and Collections from
such Seller. Each such Seller shall be released as a Seller party hereto for all purposes and
shall cease to be a party hereto on the 91st day after the date on which there are no
amounts payable hereunder by such Seller and no amounts outstanding with respect to the Residual
Interest or Receivables previously transferred or sold by such Seller to the Buyer, whether such
amounts have been collected or written off in accordance with the Credit and Collection Policy of
such Seller. Prior to such day, such Seller shall be obligated to perform its obligations
hereunder and under the Transaction Documents to which it is a party with respect to the Residual
Interest or Receivables previously transferred or sold by such Seller to Buyer, including, without
limitation, its obligation to direct the deposit of Collections into the appropriate Lock-Box
Account.

          (c) A terminated Seller shall have an obligation to repurchase any Receivables previously sold
by it to Buyer, to the extent required pursuant to this Agreement, and will have continuing
obligations with respect to such Receivables to the extent such obligations arise hereunder or
under any Transaction Document to which such Seller is a party, and shall be entitled to receive
any settlement of any purchase price payment pursuant to the provisions of Sections 2 and 3 hereof.

          SECTION 9. ADMINISTRATION AND COLLECTION

          SECTION 9.1 Designation of Buyer’s Collection Agent. The Receivables shall be serviced,
administered and collected by the Person (the “Buyer’s Collection Agent”) designated from
time to time to perform the duties of the Collection Agent under the Second Tier Agreement in
accordance with Section 3.1 of the Second Tier Agreement, and shall be serviced, administered and
collected by the Buyer’s Collection Agent in the manner set forth in Section 3.2 of the Second Tier
Agreement

28

 

(including by subcontracting to any other Seller in accordance with Section 3.1(b) of the
Second Tier Agreement). Until the Administrative Agent designates a new collection agent in
accordance with Section 3.1 of the Second Tier Agreement, the Originator is hereby designated to
act as, and the Originator hereby agrees to perform the duties and obligations of, the Buyer’s
Collection Agent hereunder.

          SECTION 9.2 Rights of the Buyer, the Administrative Agent and the Co-Collateral Agents. (a)
Each Seller hereby acknowledges the transfer by the Buyer to the Administrative Agent of the
exclusive ownership, dominion and control of the Lock-Box Accounts to which the Obligors of
Receivables shall make payments and shall take any further action that the Administrative Agent may
reasonably request to effect such transfer.

          (b) At any time:

               (i) Each of the Buyer and the Administrative Agent acting together or alone may, at the
expense of the respective Sellers to which the respective Receivables shall have been originally
owed, direct the Obligors of such Receivables, or any of them, to make payment of all amounts due
or to become due to any Seller under Receivables directly to the Administrative Agent or its
designees.

               (ii) Each Seller shall, at the Buyer’s or the Administrative Agent’s request and at such
Seller’s expense, give notice of such ownership to such Obligors and direct them to make such
payments directly to the Administrative Agent or its designees.

               (iii) Each Seller shall, at the Buyer’s or the Administrative Agent’s request and at such
Seller’s expense, (A) assemble, and make available to the Buyer and the Administrative Agent at a
place reasonably selected by the Administrative Agent or its designees, all of the Records that
evidence or relate to the Receivables, Related Security and Collections, or which are otherwise
necessary or desirable to collect the Receivables, provided that in the case of Records
consisting of computer programs, data processing software and any other intellectual property under
license from third parties, such Seller will make available such Records only to the extent that
the license for such property so permits, and provided, further, such Seller shall,
at the request of the Buyer or the Administrative Agent, commence the process of assembling such
Records, and (B) segregate all cash, checks and other instruments received by it from time to time
constituting collections of Receivables in a manner reasonably acceptable to the Administrative
Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or
with duly executed instruments of transfer, to the Administrative Agent or its designees.

               (iv) The Administrative Agent may take any and all commercially reasonable steps in the name
of any Seller and on behalf of such Seller, the Buyer and the Purchasers that are necessary or
appropriate, in the reasonable determination of the Administrative Agent, to collect amounts due
under the Receivables,

29

 

including, without limitation, endorsing such Seller’s name on checks and other instruments
representing Collections of Receivables and enforcing the Receivables and the Related Security and
related Contracts, and adjusting, settling or compromising the amount or payment thereof, in the
same manner and to the same extent as such Seller might have done in the absence of Section 5.1(j).

          (c) The Administrative Agent or the Co-Collateral Agents may, at the applicable Seller’s
expense, request any of the Obligors of the Receivables to confirm the outstanding balance of such
Obligor’s Receivables.

          SECTION 9.3 Responsibilities of the Sellers. Anything herein to the contrary
notwithstanding:

          (a) Each Seller shall perform its obligations under the Contracts related to the Receivables
to the same extent as if the Receivables, Related Security and Collections had not been sold and
the exercise by the Buyer, the Administrative Agent or the Co-Collateral Agents of their rights
hereunder or under the Second Tier Agreement shall not release the Buyer’s Collection Agent or such
Seller from any of its duties or obligations with respect to any Receivables or under the related
Contracts; and

          (b) Neither the Buyer nor the Administrative Agent nor the Co-Collateral Agents nor the
Purchasers nor any other Seller Indemnified Party shall have any obligation or liability with
respect to any Receivables or related Contracts, nor shall any of them be obligated to perform any
of the obligations of any Seller thereunder.

          SECTION 9.4 Further Actions Evidencing Purchases. (a) Each Seller agrees that from time to
time, at its expense, it will promptly execute and deliver all further instruments and documents,
and take all further action, that may be necessary, or that the Buyer or the Administrative Agent
may reasonably request, to perfect, protect or more fully evidence or maintain the validity and
effectiveness of the sale, transfer and assignment of the Receivables, Related Security and
Collections by such Seller to the Buyer hereunder, the transfer of the Residual Interest pursuant
to the Contribution Agreement and the Receivable Interests purchased by the Purchasers under the
Second Tier Agreement, to carry out more effectively the purposes of the Transaction Documents and
to enable any of them or the Administrative Agent or the Co-Collateral Agents to exercise and
enforce their respective rights and remedies hereunder or under the other Transaction Documents.
Without limiting the foregoing, each Seller will, in order to perfect, protect or evidence such
sales, transfers and assignments and such interests in the Receivables: (i) file or cause to be
filed such financing or continuation statements, or amendments thereto or assignments thereof, and
such other instruments or notices as the Buyer or the Administrative Agent may reasonably request;
(ii) from and after the date hereof, mark conspicuously each invoice evidencing each Receivable
with a legend stating that such Receivable and related Contract has been sold, transferred and
assigned to the Seller; and (iii) mark its master data processing records evidencing such
Receivables and related Contracts with such legend.

30

 

          (b) Each Seller hereby authorizes each of the Buyer and the Administrative Agent acting
together or alone (upon prior written notice to the Seller) to file one or more financing or
continuation statements, and amendments thereto and assignments thereof, relating to the Residual
Interest, the Contracts, the Receivables, the Related Security and Collections, now existing or
hereafter arising, without the signature of the Seller where permitted by law. A photocopy or
other reproduction of this Agreement or any financing statement covering the Residual Interest, the
Contracts, the Receivables, the Related Security and Collections shall be sufficient as a financing
statement where permitted by law.

          (c) If the Originator in its capacity as Buyer’s Collection Agent fails to perform any of its
obligations hereunder, the Buyer or the Administrative Agent may itself perform, or cause
performance of, such obligation, and the reasonable costs and expenses of the Administrative Agent
or the Buyer incurred in connection therewith shall be payable by the Seller under Section 7 or
10.5, as applicable.

          SECTION 10. MISCELLANEOUS.

          SECTION 10.1 Amendments, Waiver, Etc. No amendment of this Agreement or waiver of any
provision hereof or consent to any departure by either party therefrom shall be effective without
the written consent of the party that is sought to be bound and of the Administrative Agent, the
Co-Collateral Agents and Collection Agent. Any such waiver or consent shall be effective only in
the specific instance given. No failure or delay on the part of either party 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. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. Each Seller agrees that the Purchasers may rely upon the terms of this
Agreement, and that the terms of this Agreement may not be amended, nor any material waiver of
those terms be granted, without the written consent of the Administrative Agent and the
Co-Collateral Agents; provided that each Seller and Buyer may agree to an adjustment of the
purchase price for any Receivable without the consent of the Administrative Agent and the
Co-Collateral Agents provided that the purchase price paid for any Receivable shall be an amount
not less than adequate consideration that represents fair value for such Receivable.

          SECTION 10.2 Assignment of Receivables Purchase Agreement. Each Seller hereby acknowledges
that on the date hereof, Buyer has collaterally assigned for security purposes all of its right,
title and interest in, to and under this Agreement to the Administrative Agent for the benefit of
the Purchasers pursuant to the Second Tier Agreement and that the Administrative Agent, the
Co-Collateral Agents and the Purchasers are third party beneficiaries hereof. Each Seller hereby
further acknowledges that after the occurrence and during the continuation of a Termination Event
all provisions of this Agreement shall inure to the benefit of the Administrative Agent, the
Co-Collateral Agents and the Purchasers, including the enforcement of any provision hereof to the
extent set forth in the Second Tier Agreement, but that neither the

31

 

Administrative Agent, the Co-Collateral Agents nor any Purchaser shall have any obligations or
duties under this Agreement. No purchases shall take place hereunder at any time that the
Administrative Agent has exercised their right to enforce Buyer’s rights hereunder pursuant to
Section 1.8 of the Second Tier Agreement. Each Seller hereby further acknowledges that the
execution and performance of this Agreement are conditions precedent for the Administrative Agent,
the Co-Collateral Agents and the Purchasers to enter into the Second Tier Agreement and that the
agreement of the Administrative Agent, the Co-Collateral Agents and Purchasers to enter into the
Second Tier Agreements will directly or indirectly benefit each Seller and constitutes good and
valuable consideration for the rights and remedies of the Administrative Agent, the Co-Collateral
Agents and each Purchaser with respect hereto.

          SECTION 10.3 Binding Effect, Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns and shall also, to
the extent provided herein, inure to the benefit of the parties to the Second Tier Agreement. No
assignment of this Agreement shall be effective without the prior written consent of the
Administrative Agent and the Co-Collateral Agents. Each Seller acknowledges that Buyer’s rights
under this Agreement are being assigned to the Administrative Agent and the Co-Collateral Agents
under the Second Tier Agreement and consents to such assignment and to the exercise of those rights
directly by the Administrative Agent and the Co-Collateral Agents, to the extent permitted by the
Second Tier Agreement.

          SECTION 10.4 Survival. The rights and remedies with respect to any breach of any
representation and warranty made by each Seller or Buyer pursuant to Section 4 and the
indemnification provisions of Section 7 shall survive any termination of this Agreement.

          SECTION 10.5 Costs, Expenses and Taxes. (a) In addition to the obligations of the Sellers
under Section 7, the Sellers and Buyer agree to pay on demand all costs and expenses incurred by
the other parties and their assigns (other than Excluded Losses) in connection with the enforcement
against such Seller or Buyer (as applicable) of, or any actual or claimed breach by such Seller or
Buyer (as applicable) of, this Agreement, the other Transaction Documents and the other instruments
and documents to be delivered in connection herewith or therewith, including the reasonable fees
and expenses of counsel to any of such Persons incurred in connection with any of the foregoing or
in advising such Persons as to their respective rights and remedies under this Agreement, the other
Transaction Documents and the other instruments and documents to be delivered in connection
herewith or therewith in connection with any of the foregoing. Each Seller further agrees to pay
all costs and expenses (including fees, expenses and disbursements of counsel) in connection with
the enforcement against such Seller of any of the Administrative Agent’s, the Co-Collateral Agents’
or the Purchasers’ rights and remedies under this Agreement, the other Transaction Documents and
the other instruments and documents to be delivered in connection herewith or therewith, any audits
or other accounting procedures, any refinancing of the transactions contemplated by this Agreement
or the other Transaction Documents in the nature of a “work-out” or

32

 

any insolvency or bankruptcy proceeding or any legal proceeding against such Seller relating
to or arising out of the transactions contemplated by this Agreement, the other Transaction
Documents and the other instruments and documents to be delivered in connection herewith or
therewith.

          (b) In addition, each Seller agrees to pay any present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies that arise from any payment made
hereunder or from the execution, delivery or registration of, or otherwise with respect to, this
Agreement, any other Transaction Document, or any other document or instrument delivered in
connection herewith or therewith (but excluding income taxes, such non-excluded taxes being
hereinafter referred to as “Other Taxes”). Each Seller shall indemnify each Seller
Indemnified Party for and hold it harmless against the full amount of Other Taxes (including,
without limitation, any taxes imposed by any jurisdiction on amounts payable under this Section
10.5(b)) imposed on or paid by such Seller Indemnified Party and any liability (including
penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto
whether or not such Other Taxes were correctly or legally asserted. This indemnification shall be
made within 30 days from the date such Seller Indemnified Party makes written demand therefor (with
a copy to the Administrative Agent and the Co-Collateral Agents).

          SECTION 10.6 Execution in Counterparts, Integration. This Agreement may be executed in any
number of counterparts and by the different parties 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 10.7 Governing Law; Submission to Jurisdiction; Jury Trial Waiver. (a) THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE
LAW OF CONFLICTS) OF THE STATE OF NEW YORK. THE PARTIES HERETO HEREBY SUBMIT TO THE NONEXCLUSIVE
JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY
NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING
OUT OF, OR RELATING TO, THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY. Each
party hereto hereby irrevocably waives, to the fullest extent permitted by law, any objection it
may now or hereafter have to the venue of any such proceeding and any claim that any such
proceeding has been brought in an inconvenient forum. Nothing in this Section 10.7 shall affect
the right of the Administrative Agent, the Co-Collateral Agents or the Buyer to bring any action or
proceeding against the Seller or its property in the courts of other jurisdictions.

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

33

 

          SECTION 10.8 No Proceedings. Each Seller agrees, for the benefit of the parties to the
Second Tier Agreement, that it will not institute against Buyer, or join any other Person in
instituting against Buyer, any proceeding of a type referred to in the definition of Bankruptcy
Event until one year and one day after no investment, loan or commitment is outstanding under the
Second Tier Agreement. In addition, all amounts payable by Buyer to the Sellers pursuant to this
Agreement shall be payable solely from funds available for that purpose (after Buyer has satisfied
all obligations then due and owing under the Second Tier Agreement).

          SECTION 10.9 Notices. Unless otherwise specified, all notices and other communications
hereunder shall be in writing (including by telecopier or other facsimile communication), given to
the appropriate Person at its address or telecopy number set forth in the Second Tier Agreement or
at such other address or telecopy number as such Person may specify, and effective when received at
the address specified by such Person.

          SECTION 10.10 Entire Agreement. This Agreement constitutes the entire understanding of the
parties thereto concerning the subject matter thereof. Any previous or contemporaneous agreements,
whether written or oral, concerning such matters are superseded thereby.

34

 

          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 TRANSPORTATION CORPORATION,

as Originator and Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	SWIFT RECEIVABLES CORPORATION II,

as Buyer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	SWIFT INTERMODAL LTD.,

as Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	SWIFT LEASING CO., INC.,

as Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Jerry Moyes	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 

PURCHASE AND SALE AGREEMENT

 

 

EXHIBIT A

PURCHASE PRICE

          All capitalized terms used, and not otherwise defined, herein have the meanings set forth for
such terms in the Purchase and Sale Agreement dated as of July 30, 2008 among Swift Transportation
Corporation, as the Originator and a Seller, Swift Intermodal Ltd. and Swift Leasing Co., Inc.,
each as a Seller, and Swift Receivables Corporation II, as the Buyer.

          The purchase price applicable to the Receivables purchased on any day after the Initial
Funding Date by Buyer from the Sellers shall be equal to 98.65% (the “Purchase Price Percentage”)
multiplied by the aggregate outstanding balance of such Receivables. The foregoing purchase price
was calculated to yield to Sellers a reasonable profit return on their equity and was calculated
assuming, among other things, that charge-offs of Receivables in any year will average
approximately 0.15% of the average outstanding balance of the Receivables and that LIBOR (which
represents the index for Sellers’ cost of funds under the Receivables Sale Agreement) would average
approximately 5.32% and that the Prime Rate (which represents the index for Sellers’ cost of funds
under the Subordinated Notes) would average approximately 8.25%. It is the intent of the parties
that the purchase price paid hereunder continue to represent adequate consideration for the sale
and purchase of the Receivables hereunder. To that end, the parties agree to review on a quarterly
basis whether the per annum percentage rates then existing for LIBOR or the Prime Rate have changed
to such an extent or if the each Seller’s average percentage of charge-off of Receivables has
varied more than 10% from what was originally estimated so as to change the fair value of the
Receivables to be sold to Buyer. In either such case, the Sellers and Buyer agree to negotiate, in
good faith, in order to adjust the Purchase Price Percentage to reflect the equitable impact of
such changes. All Purchase Price Percentage adjustments pursuant to the foregoing provisions shall
be prospective only and shall not operate to adjust retroactively the purchase price previously
paid for Receivables.

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