Document:

MHP-EX10.1-2013.9.30-Q3

1

TERMS AND CONDITIONS OF 2013 
PERFORMANCE SHARE UNIT AWARD
Performance Share Unit Award made as of the first day of April 2013 (the “Award Date”), by The McGraw-Hill Companies, Inc., a New York corporation (the “McGraw-Hill”).
WHEREAS, the Board of Directors of McGraw-Hill (the “Board”) has designated the Compensation Committee of the Board (the “Committee”) to administer the 2002 Stock Incentive Plan, as amended and restated (the “Plan”), with respect to certain executives of the Company;
WHEREAS, capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan;
WHEREAS, the Committee has determined that the Employee should be granted a Performance Share Unit Award under the Plan for the number of Performance Share Units (“Units”) as specified in the Employee’s Performance Share Unit Award Document; and
WHEREAS, the Employee is accepting the Performance Share Unit Award subject to the terms and conditions set forth below:
1.    Grant of Awards.  The grant of this Performance Share Unit Award (“Award”) is subject to the terms and conditions hereinafter set forth with respect to the Units covered by this Award.  Payment, if any, under the Award will be made in the number of shares of Stock corresponding to the number of Units earned hereunder, with each Unit corresponding to one share of Stock.
Upon grant of the Award, no stock or other certificate representing said Units or the shares of Stock represented thereby will be issued to or registered in the name of the Employee.  The ultimate receipt of the shares of Stock by the Employee is contingent upon achievement of the EPS goal established by the Committee hereunder and the additional requirements set forth herein.  
The Employee does not have an absolute right to receive a fixed or determinable amount either at the inception or expiration of the Award Period (as defined below).
2.    Performance Goals.  The achievement of this Award shall be measured against a schedule of a three-year Earnings Per Share (“EPS”) growth goal established by the Committee.  This schedule shall govern the determination of the Units earned and payable hereunder subject to and in accordance with the other terms of this Award.  If EPS growth equals 100% of the target EPS growth goal, the Employee shall earn 100% of the Units.  For EPS growth between the zero payout level as established by the Committee and the targeted growth goal, the Employee shall earn a pro rata portion of the Units.  For EPS growth that equals or exceeds the 200% payout level, as established by the Committee, the Employee shall earn 200% of the Units payable at the 100% payout level.  For growth between the targeted growth goal and the 200% payout level, as established by the Committee, the Employee shall earn 100% of the Units plus a pro rata portion of the additional Units between the 100% and 200% payout levels. For growth at or below the zero payout level, all Units shall be forfeited by the Employee. 
For purposes of this Award, EPS means diluted earnings per share as shown on the Consolidated Statement of Income in the Company's Annual Report adjusted to exclude the following items:

		
	1.
	Discontinued Operations in the Disposition Year (as defined below) and subsequent years,

		
	2.
	  Extraordinary Items and any other unusual or non-recurring items, including restructuring charges (whether arising from or related to Continuing Operations or Discontinued Operations),

		
	3.
	  The impact in the current year (as well as the cumulative effect) of changes in Accounting Principles when any such change was not reflected in the base year EPS,

4.  Any impact resulting from any non-budgeted acquisition or divestiture, and
5.  The effect of changes in Federal corporate Tax Rates.
6.  [Settlements (as defined below).]

The items in 1. through 5. above shall be taken into account as adjustments to EPS for purposes of calculating the amount of the Award earned by an Employee only to the extent that they are separately identified on the Consolidated Statement of Income in the Company's Annual Report or separately quantified in the Notes to the Consolidated Financial Statements, in the Management’s Discussion and Analysis section of the Company’s Annual Report or in other Company filings with the Securities and Exchange Commission.  [For purposes of Item 6, “Settlement” means, with respect to a year in the Performance Cycle and to the extent not otherwise taken into account in any of items 1. through 5 above, the actual amount paid by the Company in that year to settle a civil or administrative claim, regardless of whether the amount of the Settlement is separately identified on the Consolidated Statement of Income in the Company's Annual Report or separately quantified in the Notes to the Consolidated Financial Statements, in the Management’s Discussion and Analysis section of the Company’s Annual Report or in other Company filings with the Securities and Exchange Commission; provided, however, that the amount of the Settlement so excluded for a year shall not exceed the amount of Settlement actually deducted as an expense on the Consolidated Statement of Income for the year.]  Notwithstanding anything contained herein, the Committee, in its sole discretion, reserves the right: (i) with respect to any Employee who is, in the year such Award becomes deductible by the Company, a "covered employee" within the meaning of Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (a “Covered Employee”), to exclude from the computation of EPS all or any part of any [Settlement or any] item of extraordinary, unusual, non-recurring or special gain or income (but not any item of loss or expense), whether or not shown separately on the Consolidated Statement of Income, and whether or not separately quantified in the Notes to the Consolidated Financial Statements, in the Management’s Discussion and Analysis section of the Company’s Annual Report or in other Company filings with the Securities and Exchange Commission, that the Committee considers appropriate to so exclude, (ii) with respect to any Employee, to exclude less than all of an item of loss or expense described in 1. through [6]. above, (iii) with respect to any Employee who is not, in the year such Award becomes deductible by the Company, a Covered Employee (or who is a Covered Employee but whose aggregate compensation, including this Award, is less than $1 million) to exclude from the computation of EPS all or any part of any [Settlement or any] item of extraordinary, unusual, non-recurring or special gain, income, loss or expense, whether or not shown separately on the Consolidated Statement of Income, and whether or not separately quantified in the Notes to the Consolidated Financial Statements, in the Management’s Discussion and Analysis section of the Company’s Annual Report or in other Company filings with the Securities and Exchange Commission, that the Committee considers appropriate to so  exclude, and (iv) with respect to any employee, to adjust EPS for any year during which the Company repurchases shares and for any subsequent year in the performance cycle by adding back to the number of shares outstanding some or all of such repurchased shares.

In addition, starting with the first year of the performance cycle as of which any given operations are sold, separated, disposed of or otherwise terminated (the “Disposition Year”) in a transaction that results in an EPS adjustment pursuant to any of items 1. through [6]. Identified above, the Committee shall with respect to each Covered Employee, and may with respect to any Employee who is not a Covered Employee: 
		
	(i)
	recalculate the EPS targets for the Disposition Year by applying the target growth percentages on which such targets were based to EPS for the year preceding the Disposition Year net of  the operations sold, separated, disposed of or otherwise terminated; 

		
	(ii)
	if the Disposition Year is not the final year of the performance cycle, recalculate the EPS targets for the year following the Disposition Year by using the EPS targets for the Disposition Year as recalculated pursuant to the preceding clause (i), and the EPS targets for any subsequent years in the performance cycle shall be recalculated in a similar manner; and 

		
	(iii)
	adjust the aggregate EPS targets for the performance cycle by using the EPS targets for each year in the performance cycle as recalculated, where applicable, pursuant to the foregoing clauses (i) and (ii); 

provided, that the Committee, in its sole discretion, reserves the right to decline to make such adjustment, in whole or in part, where such adjustment would result in a reduction the aggregate EPS targets for the performance cycle.  The EPS targets referred to in this paragraph are the EPS targets expressed as a dollar amount approved by the Committee for the performance cycle applicable to this award (as such EPS targets may have been adjusted pursuant to prior application of this paragraph).

It is the intention of the Company that the Award shall satisfy the requirements for "other performance based compensation" within the meaning of Section 162(m)(4)(C) of the Internal Revenue Code of 1986, as amended, and the Regulations thereunder.  Such "other performance based compensation" is deductible by the Company notwithstanding the provisions of Section 162(m) disallowing deductions for annual compensation in excess of $1 million paid or accrued to or for a Covered Employee.  The Company reserves the right, in the event that any Award otherwise payable hereunder to a Covered Employee is ineligible for treatment as "other performance based compensation" and if, but only if, such ineligibility would result in the loss of tax deductions to the Company, to defer, in whole or in part, the Employee's receipt of such Award under the terms of the following paragraph, but only with respect to Awards that become payable before a Change of Control.

Under the circumstances described in the preceding paragraph, (a) the Employee will, but only to the extent necessary to avoid a deduction disallowance to the Company, forfeit all rights to this Award and (b) the Company shall credit to an account for the Employee maintained on the books and records of the Company an amount equal to the value of such forfeited Award.  If the Award is paid in shares, the Award will be valued as of the date such Award is valued for other Employees.  Said amount credited to the Employee's Deferred Account, together with interest calculated at the same rates used to calculate interest on deferred balances in the Company’s Key Executive Short-Term Deferred Compensation Plan, shall be paid in a lump sum on the earliest date at which the Company reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of section 162(m). 

3.    Distribution Following Maturity Date.  If the Employee remains an employee of the Company through the Maturity Date, the Units earned in accordance with the payout schedule established by the Committee, shall be paid to the Employee on the Payment Date.  The Units payable to the Employee shall be converted into shares of Stock and such shares shall be delivered to the Employee on the Payment Date.  Before payment is made to the Employee, the Company must withhold all applicable Federal, state and local income taxes.  The Company shall hold back a sufficient number of the shares and cash which would otherwise be delivered to the Employee to satisfy the required withholding obligation.
[The Employee shall indemnify the Company for any loss sustained by the Company from the failure to satisfy such withholding obligations, and the Employee shall, upon request, provide the Company with satisfactory evidence that the Employee has satisfied such obligations.]
5.    Termination of Employment Prior to Maturity Date.  In the event of the termination of the Employee's employment with the Company prior to the Maturity Date due to (i) Normal Retirement, Early Retirement, or Disability under the Company's or one of its subsidiaries' retirement or disability plans, (ii) death, or (iii) with the approval of the Committee, in connection with a termination by the Company other than for Cause, the Employee shall be eligible to receive payment of a pro rata portion of this Award.
Except as provided in Section 9 hereof, in the event the Employee voluntarily resigns his or her employment with the Company or is involuntarily terminated by the Company for Cause prior to the Maturity Date, the Employee shall forfeit the right to any payment under this Award.
(a)    Determination of Pro Rata Award Opportunity.
(i)    The pro rata portion of the Award to be received by the Employee if he or she terminates because of Normal Retirement, Early Retirement, or Disability under the Company’s or one of its subsidiaries’ retirement or disability plans, shall be determined:  (a) first, by multiplying the number of Units by a fraction, the numerator of which is the number of years completed (counting the year of termination as a completed year) during the period commencing on January 1, 2013, and ending on the Maturity Date (the “Award Period”) and the denominator of which is three years; (b) second, by measuring the compound annual growth from the Award cycle base year through the Maturity Date; and (c) by awarding the number of Units determined in (a) based on the degree to which the achievement calculated in (b) achieves the EPS goal established for the Award, subject to the limits set forth in the goal and payout schedule established for this Award and to the provisions of Section 2 hereof.
(ii)    The pro rata portion of the Award to be received by the Employee, with the approval of the Committee, in connection with a termination by the Company other than for Cause, shall be determined:  (a) first, by multiplying the number of Units by a fraction, the numerator of which is the number of full months during the performance period in which the Employee participated and the denominator of which is 36 months; (b) second, by measuring the compound annual growth from the Award cycle base year through the Maturity Date; and (c) by awarding the number of Units determined in (a) based on the degree to which the achievement calculated in (b) achieves the EPS goal established for the Award, subject to the limits set forth in the goal and payout schedule established for this Award and to the provisions of Section 2 hereof.
(iii)    The pro rata portion of the Award to be received by the Employee if he or she terminates because of death, shall be determined:  (a) first, by multiplying the number of Units by a fraction, the numerator of which is the number of years completed during the Award Period (counting the year of termination as a completed year) and the denominator of which is three years; (b) second, by measuring the compound annual growth from the Award cycle base year through the end of the year in which termination occurs; and (c) by awarding the number of Units determined in (a) based on the degree to which the achievement calculated in (b) achieves the EPS goal established for the Award, subject to the limits set forth in the goal and payout schedule established for this Award and to the provisions of Section 2 hereof.
(b)    Distribution of Pro Rata Award.
(i)Termination Other Than for Death.  In the event of the termination of the Employee’s employment with the Company prior to the Maturity Date other than for death (including, without limitation, Normal Retirement, Early Retirement, Disability under the Company’s or one of its subsidiaries’ retirement or disability plans, or other than for Cause), the Employee’s pro rata portion of the Award (if any) determined to have been earned out pursuant to Section 5(a) herein shall be delivered to the Employee on the Payment Date.
(ii)Termination for Death.  In the event of the termination of the Employee’s employment with the Company prior to the Maturity Date due to death, the Employee’s pro rata portion of the Award (if any) determined to have been earned out pursuant to Section 5(a) herein shall be delivered to the beneficiary designated by the Employee (or if the Employee has not designated a beneficiary, to the representative of the Employee’s estate), not later than March 15, in the year immediately following the year in which death occurred.
6.    Voting and Dividend Rights.  Prior to the delivery of any shares of Stock covered by this Award, the Employee shall not have the right to vote or to receive any dividends with respect to such shares.  
7.    Transfer Restrictions.  This Award and the Units are nontransferable (other than by will or by the laws of descent and distribution), and may not be transferred, sold, assigned, pledged or hypothecated and shall not be subject to execution, attachment or similar process.  Any attempt to effect any of the foregoing shall be null and void.
8.    Miscellaneous.  These Terms and Conditions (a) shall be binding upon and inure to the benefit of any successor of the Company, (b) shall be governed by the laws of the State of New York and any applicable laws of the United States, and (c) may not be amended or modified in any way without the express written consent of both the Company and the Employee.  Consent on behalf of the Company may only be given through a writing signed, dated and authorized by the Executive Vice President of Human Resources for McGraw-Hill, which directly refers to these Terms and Conditions and this Award.  No other modifications to these Terms and Conditions are valid under any circumstances.  No contract or right of employment shall be implied by this Award.  If this Award is assumed or a new award is substituted therefor in any corporate reorganization, employment by such assuming or substituting corporation or by a parent corporation or subsidiary thereof shall be considered for all purposes of this Award to be employment by the Company.
In the event of any merger, reorganization, consolidation, recapitalization, dividend, stock split or other change in corporate structure affecting the Stock, such substitution or adjustment shall be made in the number of Units granted pursuant to this Award as may be determined to be appropriate by the Committee in its sole discretion.
This Award shall be subject to the requirements of the Senior Executive Pay Recovery Policy of The McGraw-Hill Companies, Inc. (the “Policy”), and all shares of Stock or other amounts paid or payable to a Participant under or in respect of the Award shall, if applicable, be subject to recovery or other action pursuant to and as, and to the extent, provided by the Policy (or any successor policy or requirement), as in effect from time to time.
Any payment pursuant to this Award shall not be deemed compensation for purposes of computing benefits under any retirement plan of the Company, and, except as the Committee may otherwise determine, shall not affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.
9.    Change in Control.  In the event of a Change in Control, the following shall apply:
(a)    The EPS goal hereunder shall be deemed to have been achieved, and such achievement shall be at the higher of (i) the target EPS goal and (ii) the EPS goal the Employee would have earned for the Award cycle if the achievement of the relevant goal were measured as of the date such Change in Control is determined to have occurred solely with respect to the time frame in which the Award was outstanding.  
(b)    (i)    If the Change in Control constitutes a “change in control event” within the meaning of Section 409A(a)(2)(A)(v) of the Code (a “Section 409A Change in Control”), then a pro rata portion of the Units earned under this Award as determined in Section 9(b)(ii) below shall be distributed immediately to the Employee in the form of shares of Stock, if any, on such shares for the period from January 1, 2013, through the Change in Control.  If such Change in Control is not a Section 409A Change in Control, then all of the Units earned under this Award shall be converted into cash in accordance with Section 9(c) below and payment shall be made on the Payment Date or, if earlier, the Separation Payment Date, in accordance with the provisions of Section 9(c).
(ii)    Calculation of the pro rata portion of the Units to be distributed to the Employee hereunder in the event of a Section 409A Change in Control shall be determined solely by multiplying the number of Units earned under this Award by a fraction, (x) the numerator of which is the number of calendar quarters of the 12 quarter cycle for the award which have occurred from the date hereof up to and including the calendar quarter in which the Section 409A Change in Control occurred and (y) the denominator of which is 12 quarters.
(c)    (i)    The Units earned under this Award other than the Units distributed to the Employee as shares of Stock pursuant to Section 9(b)(i) above in the event of a Section 409A Change in Control shall be converted into cash by the Company as of the date such Change in Control is determined to have occurred.  The converted cash amount for each share of Stock shall be the Change in Control Price.  For purposes of this paragraph, the “Change in Control Price” means the highest cash price per share of Stock paid in any transaction reported on the Consolidated Transaction Reporting System, or paid or offered in the transaction or transactions that result in the Change in Control or any other bona fide transaction related to a Change in Control or possible Change in Control at any time during the sixty-day period ending on the date of the Change in Control, as determined by the Committee.  Such cash amounts shall be retained by the Company for the benefit of the Employee and thereafter shall be distributed by the Company to the Employee on the Payment Date or, if earlier, the Separation Payment Date, in accordance with the other provisions of this Section 9(c).
(ii)If the payment to the shareholders of the Company in connection with the transaction giving rise to a Change in Control is in the form of securities, either in whole or in part, then for the purpose of determining the Change in Control Price such securities shall be deemed converted immediately by the Company into a cash equivalent amount as of the date of the Change in Control.  The determination of such cash equivalent amount for such securities shall be made by an independent investment banking firm selected by the Company.  The determination of the cash equivalent amount by this independent investment banking firm shall be final, conclusive and binding on all persons having an interest therein.  All fees incurred in retaining this investment banking firm shall be paid for by the Company.  These cash amounts so determined as a cash equivalent in the manner provided herein, together with the cash derived from converting the shares of Stock into cash under Section 9(c)(i) above, shall be retained by the Company for the benefit of the Employee and thereafter shall be distributed by the Company to the Employee on the Payment Date or, if earlier, the Separation Payment Date, in accordance with the provisions of this Section 9(c).
(iii)Notwithstanding anything herein to the contrary in Sections 9(c)(i) and 9(c)(ii) above, if in connection with a Change in Control the Company elects to fund other payments due senior executives of the Company pursuant to various management and benefit plans by effecting payments to the “rabbi trust” by a third-party trustee or through some other comparable vehicle in order to protect these payments for the benefit of the senior executives, the Company in such instance shall immediately fund the cash payment referred to herein on the same basis, for example, using a rabbi trust or other comparable vehicle, that are provided for other payments due senior executives of the Company.
(iv)If the Employee is terminated involuntarily (except for Cause) prior to the Maturity Date, Employee shall receive a cash payment computed as provided in Section 9(c) (i) and (ii) with respect to the Units that were not converted into shares of Stock and distributed to the Employee pursuant to Section 9(a) and (b)(i) calculated as of the date such Change in Control is determined to have occurred.  The Employee shall receive the payment on (A) the Separation Payment Date, if the Change in Control is a Section 409A Change in Control and the Separation Date is not more than two years after the Change in Control, or (B) the Payment Date, if the Change in Control is not a Section 409A Change in Control or the Separation Date is more than two years after the Change in Control.  For purposes of this Section 9(c), the “Separation Date” means the date of the Employee’s “separation from service” with the Company within the meaning of Section 409A(a)(2)(A)(i) of the Code, and the “Separation Payment Date” means the Separation Date or, if the Employee is a “specified employee” as of the Separation Date within the meaning of Section 409A(a)(2)(B)(i) of the Code, the date that is six months after the Separation Date (or, if earlier, the date of the Employee’s death).
(v)If the employment of the Employee is terminated voluntarily prior to the Maturity Date and the Employee receives severance in accordance with any of the provisions of the severance plan in which the Employee participates at the time of a Change in Control, the Employee shall receive a cash payment computed as provided in Section 9(c) (i) and (ii) with respect to the Units that were not converted into shares of Stock and distributed to the Employee pursuant to Section 9(a) and (b)(i) calculated as of the date such Change in Control is determined to have occurred.  The Employee shall receive the payment on (A) the Separation Payment Date, if the Change in Control is a Section 409A Change in Control and the Separation Date is not more than two years after the Change in Control, or (B) the Payment Date, if the Change in Control is not a Section 409A Change in Control or the Separation Date is more than two years after the Change in Control.
(vi)If the employment of the Employee is terminated due to Retirement or Disability under the Company’s or one of its subsidiaries’ retirement or disability plans prior to the Maturity Date, the Employee shall receive a cash payment computed as provided in Section 9(c)(i) and (ii) with respect to the Units that were not converted into shares of Stock and distributed to the Employee pursuant to Section 9(a) and (b)(i) calculated as of the date the Change in Control is determined to have occurred.  The Employee shall receive such payment on (A) the Separation Payment Date, if the Change in Control is a Section 409A Change in Control and the Separation Date is not more than two years after the Change in Control, or (B) the Payment Date, if the Change in Control is not a Section 409A Change in Control or the Separation Date is more than two years after the Change in Control.
(vii)If the employment of the Employee is terminated due to death prior to the Maturity Date, upon such termination, the beneficiary designated by the Employee (or if the Employee has not designated a beneficiary, to the representative of the Employee’s estate) shall receive, within 60 days following the date of the Employee’s death, a cash payment computed as provided in Section 9(c)(i) and (ii) with respect to the Units that were not converted into shares of Stock and distributed to the Employee pursuant to Section 9(a) and (b)(i) calculated as of the date the Change in Control is determined to have occurred.
(viii)If the employment of the Employee terminates prior to the Maturity Date for any reason not described in Sections 9(c)(iv) through (vii) the Employee will forfeit all Units that were not converted into shares of Stock and distributed to the Employee purchase to Section 9(a) and (b)(1)
(d)    If in the event of a Change in Control no listing or registration statement is in effect pursuant to Section 10 below, the Company shall distribute to the Employee a cash equivalent amount representing the shares of Stock to be distributed to the Employee.
10.    Securities Law Requirements.  The Company shall not be required to issue shares of Stock in settlement of or otherwise pursuant to this Award unless and until (a) the shares have been duly listed upon each stock exchange on which the Stock is then registered; (b) a registration statement under the Securities Act of 1933, as amended, with respect to such shares is then effective; and (c) the issuance of the shares would comply with such legal or regulatory provisions of such countries or jurisdictions outside the United States as may be applicable in respect of this Award.
11.    Section 409A.  This Award is intended to provide for the “deferral of compensation” within the meaning of Section 409A(d)(1) of the Code and to meet the requirements of Section 409A(a)(2), (3) and (4) of the Code, and it shall be interpreted and construed in accordance with this intent.
12.    Incorporation of Plan Provisions.  This Award, including the Units and the shares of Stock, if any, to be issued hereunder, is made pursuant to the Plan and, except where specifically noted, the terms and conditions thereof are incorporated as if fully set forth herein.

NYDOCS01/1321604.2Ryder EX 10.14(c)-Q3 2013

EXHIBIT 10.14(c)

AMENDMENT NO. 2

to that certain

AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT

This AMENDMENT NO. 2 (this “Amendment”), dated as of October 18, 2013, relates to that certain AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT, dated as of June 8, 2011 (as amended, the “Credit Agreement”), by and among (i) RYDER SYSTEM, INC., a corporation organized under the laws of Florida (“Ryder”), RYDER TRUCK RENTAL HOLDINGS CANADA LTD. (“Ryder Holdings Canada”), RYDER TRUCK RENTAL CANADA Ltd. (“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”), RYDER LIMITED, a corporation organized under the laws of England and Wales (“Ryder Limited”), RYDER SYSTEM HOLDINGS (UK) LIMITED (“RSH” and together with Ryder Limited, the “U.K. Borrowers”) and RYDER PUERTO RICO, INC. (“Ryder PR”), a corporation organized under the laws of Delaware, (ii)  the lending institutions identified as Banks therein, (iii)  Bank of America, N.A. (“Bank of America”), as administrative agent for the Banks (the “Administrative Agent”), (iv)  ROYAL BANK OF CANADA, as Canadian agent for the Banks (the “Canadian Agent”) and (v) THE ROYAL BANK OF SCOTLAND PLC, as United Kingdom agent for the Banks (the “U.K. Agent” and, together with the Administrative Agent and the Canadian Agent, the “Agents”), with MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED acting as lead arranger and book manager thereunder.  Capitalized terms used herein without definition shall have the respective meanings provided therefor in the Credit Agreement.

WHEREAS, each of Ryder, the Canadian Borrowers, the U.K. Borrowers and Ryder PR (collectively, the “Borrowers”) has requested that the Banks agree, and the Banks party hereto have agreed, on the terms and subject to the conditions set forth herein, to amend certain of the terms and provisions of the Credit Agreement;
    
NOW THEREFORE, in consideration of the mutual agreements contained in the Credit Agreement and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

§1.     Amendments to Credit Agreement.  Subject to the satisfaction of the conditions precedent set forth in §4 below:  

(a)Schedule 1.  Schedule 1, attached to the Credit Agreement, is hereby amended and restated in its entirety and replaced with Schedule 1 attached hereto as Exhibit A.

(b)Schedule 2.  The Credit Agreement is hereby amended by deleting Schedule 2, attached to the Credit Agreement, in its entirety.

(c)New Definitions.  The Credit Agreement is hereby amended by inserting the following new definitions in §1.1 of the Credit Agreement in the appropriate alphabetical order:

Interpolated Screen Rate.  For any EURIBOR Rate Loan or any U.K. LIBOR Rate Loan denominated in Sterling or U.S. Dollars, the rate (rounded to the same number of decimal places as the two (2) relevant Screen Rates) which results from interpolating on a linear basis between: (a)  the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of such Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of such Loan, each as of the relevant time on the applicable interest rate determination date for such Loan.

Screen Rate.  The EURIBOR Screen Rate, the Dollars Screen Rate or the GBP Screen Rate, as applicable.

(d)Definition of Additional Costs.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “Additional Costs”.

(e)Definition of Canadian LIBOR Rate.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “Canadian LIBOR Rate” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

Canadian LIBOR Rate.  For any Interest Period with respect to any Canadian LIBOR Rate Loan: (a) the rate of interest per annum equal to the Canadian Dealer Offered Rate (“CDOR”), or a comparable or successor rate which rate is approved by the Canadian Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Canadian Agent from time to time) (in such case, the “CDOR Rate”), determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period with a term equivalent to such Interest Period, or (b) if the rates referenced in the preceding subsection (a) are not available, the rate per annum determined by the Canadian Agent as the rate of interest, expressed on a basis of 360 days at which deposits in U.S. Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Canadian LIBOR Rate Loan being made, continued or converted by the Canadian Agent and with a term and amount comparable to such Interest Period and principal amount of such Canadian LIBOR Rate Loan as would be offered by the Canadian Agent’s London Branch to major banks in the offshore U.S. Dollar market at their request at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period. 
(f)Definition of Domestic LIBOR Rate.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “Domestic LIBOR Rate” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

Domestic LIBOR Rate.  

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

Domestic LIBOR Rate  =                              Eurodollar Base Rate         
1.00 - Eurodollar Reserve Percentage
Where,

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

at their request at approximately 11:00 a.m. (London time) two Eurodollar Business Days prior to the commencement of such Interest Period. 

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

(b)    For any interest calculation with respect to a Domestic Base Rate Loan on any date, the rate per annum equal to (i) LIBOR Rate, at approximately 11:00 a.m., London time determined two Eurodollar Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Domestic Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time of determination.  
(g)Definition of EURIBOR Rate.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “EURIBOR Rate” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

EURIBOR Rate.  For any Interest Period with respect to a EURIBOR Rate Loan, the rate of interest equal to (i) the London Interbank Offered Rate, or a comparable or successor rate which rate is approved by the U.K. Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the U.K. Agent from time to time) at approximately 11:00 a.m. (Central European time) on the date that is two (2) TARGET Settlement Days preceding the first day of such Interest Period.  If the rate referenced in the preceding sentence is not available, “EURIBOR Rate” means the rate determined by the U.K. Agent to be the offered rate on such other page or other service that displays the percentage rate per annum determined by the Banking Federation of the European Union for deposits in Euros (for delivery on the first day of such Interest Period, the “EURIBOR Screen Rate”) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) on the date that is two (2) TARGET Settlement Days preceding the first day of such Interest Period.  If the rates referenced in the preceding two sentences are not available, “EURIBOR Rate” means the Interpolated Screen Rate.  If the rates referenced in the preceding three sentences are not available, “EURIBOR Rate” means the Euro Reference Rate.  For the purposes of this definition, “TARGET Settlement Day” means any dayon which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open.  
(h)Definition of Maturity Date.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “Maturity Date” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

Maturity Date.  October 18, 2018.

(i)Definition of Pricing Table.  The Credit Agreement is hereby amended by deleting in its entirety the table set forth in the definition of “Pricing Table” in §1.1 of the Credit Agreement and substituting the following new table in lieu thereof:
	
						
	Level
	Senior Public Debt Rating
	Applicable Facility Fee Rate
	Applicable Margin on LIBOR Rate Loans / Letter of Credit Fees / Applicable Acceptance Fee Rate
	Applicable Margin on Base Rate Loans
	Applicable Margin on Swing Line  Loans

	I
	A / A2 / A or better
	8.0
	79.5
	—
	—

	II
	A- / A3 / A-
	10.0
	90.0
	—
	—

	III
	BBB+ / Baa1 / BBB+
	12.5
	100.0
	—
	—

	IV
	BBB / Baa2 / BBB
	17.5
	107.5
	7.5
	7.5

	V
	BBB- / Baa3 / BBB-
	22.5
	127.5
	27.5
	27.5

	VI
	Worse than
BBB- / Baa3 / BBB-
	27.5
	147.5
	47.5
	47.5

(j)Definition of Sterling LIBOR Rate.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “Sterling LIBOR Rate” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

Sterling LIBOR Rate.  For any Interest Period with respect to a U.K. LIBOR Rate Loan denominated in Sterling, the annual rate of interest equal to the London Interbank Offered Rate, or a comparable or successor rate which rate is approved by the U.K. Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the U.K. Agent from time to time, the “GBP Screen Rate”) at approximately 11:00 a.m. (London time) on the first Eurodollar Business Day of such Interest Period.  If the rate referenced in the preceding sentence is not available, “Sterling LIBOR Rate” means the Interpolated Screen Rate.  If the rates referenced in the preceding two sentences are not available, the annual rate of interest referred to in the first sentence shall be equal to the rate determined by the U.K. Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Sterling or any successor rate thereto (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) on the first Eurodollar Business Day of such Interest Period.  If the rates referenced in the preceding three sentences are not available, the annual rate of interest referred to in the first sentence shall be equal to the Sterling Reference Rate.  
(k)Definition of U.K. Dollar LIBOR Rate.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “U.K. Dollar LIBOR Rate” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

U.K. Dollar LIBOR Rate.  For any Interest Period with respect to a U.K. LIBOR Rate Loan denominated in U.S. Dollars, the annual rate of interest equal to the London Interbank Offered Rate, or a comparable or successor rate which rate is approved by the U.K. Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the U.K. Agent from time to time, the “Dollars Screen Rate”) at approximately 11:00 a.m. (London time) two Eurodollar Business Days prior to the first day of such Interest Period. If the rate referenced in the preceding sentence is not available, “U.K. Dollar LIBOR Rate” means the Interpolated Screen Rate.  If the rates referenced in the preceding two sentences are not available, the annual rate of interest referred to in the first sentence shall be equal to the rate determined by the U.K. Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in U.S. Dollars or any successor rate thereto (for delivery on the first day of 

such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Eurodollar Business Days prior to the first day of such Interest Period.  If the rates referenced in the preceding three sentences are not available, the annual rate of interest referred to in the first sentence shall be equal to the Reference U.K. Dollar Base Rate.  
(l)Definition of U.K. Reference Banks.  The Credit Agreement is hereby amended by deleting in its entirety the definition of “U.K. Reference Banks” in §1.1 of the Credit Agreement and substituting the following new definition in lieu thereof:

U.K. Reference Banks.  Mizuho Bank, Ltd. and RBS.
(m)Amendment to §2.6(c) of the Credit Agreement.  The Credit Agreement is hereby amended by deleting in its entirety §2.6(c) of the Credit Agreement and substituting the following new §2.6(c) in lieu thereof:

(c)    Each U.K. Loan (other than the U.K. Swing Line Loans) shall bear interest on the outstanding principal amount thereof at the rate per annum equal to (i) the U.K. Dollar Base Rate plus the Applicable Margin on all Base Rate Loans denominated in Dollars, (ii) the Sterling LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans, (iii) the U.K. Dollar LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans or (iv) the EURIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans.  Each U.K. Swing Line Loan (i) denominated in Sterling shall bear interest at the rate per annum equal to the RBS-U.K. Sterling Reference Rate plus the Applicable Margin on all Swing Line Loans, (ii) denominated in U.S. Dollars shall bear interest at the rate per annum equal to the U.K. Dollar Base Rate plus the Applicable Margin on all Swing Line Loans and (iii) denominated in Euros shall bear interest at the rate per annum equal to the RBS-U.K. Euro Reference Rate plus the Applicable Margin on all Swing Line Loans.  In the case of any Bank advancing a U.K. Base Rate Loan (other than the U.K. Swing Line Loans) denominated in Sterling or Euro, such U.K. Base Rate Loans shall bear interest on the outstanding principal amount thereof at the rate per annum equal to (i) with respect to U.K. Base Rate Loans denominated in Sterling, the Sterling Reference Rate plus the Applicable Margin on all Base Rate Loans denominated in Sterling and (ii) with respect to U.K. Base Rate Loans denominated in Euros, the Euro Reference Rate plus the Applicable Margin on all Base Rate Loans denominated in Euro.  Notwithstanding anything to the contrary contained herein, any requested U.K. Loans denominated in Sterling or Euro (other than the U.K. Swing Line Loans) shall be LIBOR Rate Loans.
(n)Amendment to §2.8(b) of the Credit Agreement.  The Credit Agreement is hereby amended by deleting the words “plus (iii) the Additional Costs” in the penultimate sentence in §2.8(b) of the Credit Agreement.

(o)Amendment to §6.11 of the Credit Agreement.  The Credit Agreement is hereby amended by deleting the words “and any Additional Costs” in §6.11 of the Credit Agreement.

(p)Amendment to §7.17 of the Credit Agreement.  The Credit Agreement is hereby amended by deleting in its entirety §7.17 of the Credit Agreement and substituting the following new §7.17 in lieu thereof:

§7.17.    Foreign Assets Control Regulations, Etc.  None of the requesting or borrowing of the Loans, the Bankers’ Acceptances, the requesting or issuance, extension or renewal of any Letters of Credit or the use of the proceeds of any thereof will violate the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the “Trading With the Enemy Act”), the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), the Comprehensive Iran Sanctions, Accountability and Divestment Act (“CISADA”) or any similar law or regulation with respect to Iran or any other country (the “Foreign Assets Control Regulations”) or any enabling legislation or executive order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (b) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)).  Furthermore, none of the Borrowers or any of their respective 

Subsidiaries or other affiliates (a) are a “blocked person” as described in the Executive Order, the Trading With the Enemy Act, the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, United States Department of the Treasury, or the Foreign Assets Control Regulations or (b) engage in any dealings or transactions, or be otherwise associated, with any such “blocked person”.  Ryder has established procedures and controls which it reasonably believes are adequate to ensure that Ryder and its Subsidiaries or other affiliates will not engage in any dealings or transactions with any Blocked Persons or any country or person in that would violate the Foreign Assets Control Regulations.

(q)Amendment to §7.18 of the Credit Agreement.  The Credit Agreement is hereby amended by deleting in its entirety §7.18 of the Credit Agreement and substituting the following new §7.18 in lieu thereof:

§7.18.    Use of Proceeds.  The proceeds of the Loans, borrowings by Bankers’ Acceptances and the Letters of Credit shall be used for general corporate purposes and working capital purposes.  No Loans or Bankers’ Acceptances or any portion of any Letter of Credit shall be used in any way that will violate Regulations T, U or X of the Board of Governors of the Federal Reserve System.  The Borrowers will not use the proceeds of any Loan or borrowing by way of Bankers’ Acceptances or any portion of any Letter of Credit to purchase or carry any “margin security” or “margin stock” (as such terms are defined in said Regulations U and X).

		
	§2. 
	Representations and Warranties.  As of the Amendment Effective Date (as defined below), each of the Borrowers represents and warrants to the Banks and the Agents as follows:

(a)     Representations and Warranties in Credit Agreement.  The representations and warranties of the Borrowers contained in the Credit Agreement were true and correct in all material respects when made, and continue to be true and correct on the Amendment Effective Date (as defined below).

(b)    Authority, Etc.  The execution and delivery by each of the Borrowers of this Amendment and the performance by each of the Borrowers of all of its respective agreements and obligations of this Amendment and the other documents delivered in connection therewith (collectively, the “Amendment Documents”), the Credit Agreement as amended hereby and the other Loan Documents (i) are within the corporate or company authority of such Borrower, (ii) have been duly authorized by all necessary corporate or company proceedings by such Borrower, (iii) do not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which such Borrower is subject or any judgment, order, writ, injunction, license or permit applicable to such Borrower, (iv) do not conflict with any provision of the formation or governing documents of, or any agreement or other instrument binding upon, such Borrower, and (v) do not require the approval or consent of, or filing with, any Person other than those already obtained. 

(c)    Enforceability of Obligations. The Amendment Documents, the Credit Agreement as amended hereby, and the other Loan Documents constitute the legal, valid and binding obligations of such Borrower, enforceable against such Borrower in accordance with their respective terms.  

(d)     No Default.  Immediately after giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement or any other Loan Document.

§3.    References.  Each Borrower confirms and agrees that all references to the term “Credit Agreement” in the other Loan Documents shall hereafter refer to the Credit Agreement as amended hereby.  

§4.    Conditions to Effectiveness.  The amendments provided for in this Amendment shall take effect upon the satisfaction of the following conditions precedent (such date, the “Amendment Effective Date”):

(a)     the Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed and delivered by each of the Borrowers, the Agents and the Banks, and this Amendment shall be in full force and effect;

(b)     all corporate action necessary for the valid execution, delivery and performance by the Borrowers of the Amendment shall have been duly and effectively taken, and evidence thereof certified by authorized officers of the Borrowers and satisfactory to the Banks shall have been provided to the Banks;

(c)    the Administrative Agent shall have received from each of the Borrowers a copy, certified by a duly authorized officer of such Person to be true and complete on the Amendment Effective Date, of (a) its charter or other incorporation documents as in effect on such date of certification and (b) its by-laws as in effect on such date;

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

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

(f)    no material adverse change, in the judgment of the Majority Banks, shall have occurred in the financial condition, results of operations, business, properties or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole, since the audited financial statements of Ryder and its Consolidated Subsidiaries for the fiscal year ending December 31, 2012.  There shall have occurred no material adverse change in the Senior Public Debt Ratings since December 31, 2012;

(g)    each of the Borrowers shall have paid the fees required to be paid on the Closing Date;

(h)    the receipt by the Administrative Agent of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable legal fees and expenses) for which invoices have been presented which have been incurred or sustained by the Administrative Agent in connection with this Amendment and the Credit Agreement; and

(i)    all proceedings in connection with the transactions contemplated by this Amendment and all documents incident thereto shall be reasonably satisfactory in substance and form to the Administrative Agent, and the Administrative Agent shall have received all information and such counterpart originals or certified or other copies of such documents as the Administrative Agent may reasonably request.

§5.    Satisfaction of Conditions.  Without limiting the generality of the foregoing §4, for purposes of determining compliance with the conditions specified in §4, each Bank that has signed this Amendment shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required thereunder to be consented to or 

approved by or acceptable or satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank prior to the date hereof specifying its objection thereto.

§6.    Post-Closing Obligation.  Within 10 Business Days following the Amendment Effective Date, the Borrowers shall deliver to the Administrative Agent a Note in favor of PNC Bank, N.A. for its commitments under the Credit Agreement.

§7.    Miscellaneous Provisions.  This Amendment shall constitute one of the Loan Documents referred to in the Credit Agreement.  Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Credit Agreement shall remain the same.  It is declared and agreed by each of the parties hereto that the Credit Agreement, as amended hereby, shall continue in full force and effect, and that this Amendment and the Credit Agreement shall be read and construed as one instrument.  Nothing contained in this Amendment shall be construed to imply a willingness on the part of the Banks or the Administrative Agent to grant any similar or other future amendment of any of the terms and conditions of the Credit Agreement or the other Loan Documents or shall in any way prejudice, impair or effect any rights or remedies of the Banks and the Administrative Agent under the Credit Agreement or the other Loan Documents.  THIS AMENDMENT SHALL BE CONSTRUED ACCORDING TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401)).  This Amendment may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.  Delivery of an executed signature page of this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart thereof.  In making proof of this Amendment it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.  Headings or captions used in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof.  The Borrowers hereby agree to pay to the Administrative Agent on demand all reasonable costs and expenses incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment (including reasonable legal fees and disbursements of counsel for the Administrative Agent).

[Remainder of this page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as an agreement as of the date first written above.

RYDER SYSTEM, INC.
By:  /s/ Braden K. Moll            
Name:    Braden K. Moll
Title:    Senior Assistant Treasurer
RYDER TRUCK RENTAL CANADA LTD.
By:  /s/ Braden K. Moll            
Name:    Braden K. Moll
Title:    Senior Assistant Treasurer
RYDER TRUCK RENTAL HOLDINGS CANADA LTD.
By:  /s/ Braden K. Moll            
Name:    Braden K. Moll
Title:    Senior Assistant Treasurer
RYDER LIMITED

By:  /s/ Braden K. Moll            
Name:    Braden K. Moll
Title:    Director
RYDER SYSTEM HOLDINGS (UK) LIMITED
By:  /s/ Calene F. Candela            
Name:    Calene F. Candela
Title:    Director
RYDER PUERTO RICO, INC.
By:  /s/ Braden K. Moll            
Name:    Braden K. Moll
Title:    Senior Assistant Treasurer

    

Bank of America, N.A., as Administrative Agent
By:  /s/ Anthea Del Bianco        
Name:  Anthea Del Bianco
Title:  Vice President
 

Bank of America, N.A., as a Domestic Swing Line Lender and as Issuing Bank
By:  /s/ Christopher Wozniak        
Name:  Christopher Wozniak
Title:  Vice President

Bank of America, N.A., as Domestic Bank
By:  /s/ Christopher Wozniak        
Name:  Christopher Wozniak
Title:  Vice President

Bank of America, N.A., as U.K. Bank
By:  /s/ Gary Saint        
Name:  Gary Saint
Title:  Director

Bank of America, N.A., as PR Bank
By:  /s/ Christopher Wozniak        
Name:  Christopher Wozniak
Title:  Vice President

BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Domestic Bank
By:  /s/ Lawrence Elkins        
Name:  Lawrence Elkins
Title:  Vice President
  

MIZUHO BANK, LTD., as Domestic Bank
By:  /s/ Tenya Mitsuboshi        
Name:  Tenya Mitsuboshi
Title:  Deputy General Manager

MIZUHO BANK, LTD., as Canadian Bank
By:  /s/ Tenya Mitsuboshi        
Name:  Tenya Mitsuboshi
Title:  Deputy General Manager

MIZUHO BANK, LTD., as U.K. Bank
By:  /s/ Tenya Mitsuboshi        
Name:  Tenya Mitsuboshi
Title:  Deputy General Manager
  

The Royal Bank of Scotland plc, as U.K. Agent
By:  /s/ Brian Tomkins        
      Name:  Brian Tomkins
      Title:  Director, Syndicated Loans Agency

The Royal Bank of Scotland plc, as a Domestic Swing Line Lender
By:  /s/ Jonathan Lasner        
       Name:  Jonathan Lasner
       Title:  Director  

The Royal Bank of Scotland plc, as Domestic Bank
By:  /s/ Jonathan Lasner        
       Name:  Jonathan Lasner
       Title:  Director

The Royal Bank of Scotland plc, as U.K. Bank
By:  /s/ Stephen Davison        
Name:  Stephen Davison
Title:  Relationship Director

WELLS FARGO BANK, N.A., as Domestic Bank
By:  /s/ Kay Reedy        
Name:  Kay Reedy
Title:  Managing Director 

Royal Bank of Canada, as Canadian Agent and as Canadian Swing Line Lender
By:  /s/ Kevin Flynn        
Name:  Kevin Flynn
Title:  Authorized Signatory  

Royal Bank of Canada, as Canadian Bank
By:  /s/ Kevin Flynn        
Name:  Kevin Flynn
Title:  Authorized Signatory  

Royal Bank of Canada, as Domestic Bank
By:  /s/ Kevin Flynn    
Name:  Kevin Flynn
       Title:  Authorized Signatory

U.S. BANK N.A., as Domestic Bank
By:  /s/ Michael P. Dickman        
Name:  Michael P. Dickman
Title:  Vice President  

BNP PARIBAS, as Domestic Bank
By:  /s/ Mike Shryock        
Name:  Mike Shryock
Title:  Managing Director

By:  /s/ Nader Tannous        
Name:  Nader Tannous
Title:  Director
  

THE BANK OF NEW YORK MELLON, as Domestic Bank
By:  /s/ David Wirl        
Name:  David Wirl
Title:  Managing Director  

REGIONS BANK, as Domestic Bank
By:  /s/ Stephen Hanas        
Name:  Stephen Hanas
Title:  Senior Vice President
  

PNC BANK, NATIONAL ASSOCIATION, for itself and as successor to RBC Bank (USA), as Domestic Bank 
By:  /s/ David A. Coleman        
Name:  David A. Coleman
Title:  Vice President 

BRANCH BANKING AND TRUST COMPANY, as Domestic Bank
By:  /s/ Robert M. Searson        
Name:  Robert M. Searson
        Title:  Senior Vice President  

        

Exhibit A

Schedule 1

(attached)

	
											
	Banks
	Domestic Commitment
	Domestic Commitment Percentage
	Canadian Commitment
	Canadian Commitment Percentage
	U.K. Commitment
	U.K. Commitment Percentage
	P.R Commitment
	P.R. Commitment Percentage
	Total Commitment
	Total Commitment Percentage

	Bank of America, N.A.
	$57,500,000.00
	8.33333334%
	$0.00
	0%
	$25,000,000.00
	25%
	$10,000,000.00
	100%
	$92,500,000.00
	10.27777778%

	Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$92,500,000.00
	13.4057971%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$92,500,000.00
	10.27777778%

	Mizuho Bank, Ltd.
	$37,500,000.00
	5.43478261%
	$35,000,000.00
	35%
	$20,000,000.00
	20%
	$0.00
	0%
	$92,500,000.00
	10.27777778%

	Royal Bank of Scotland
	$37,500,000.00
	5.43478261%
	$0.00
	0%
	$55,000,000.00
	55%
	$0.00
	0%
	$92,500,000.00
	10.27777778%

	Wells Fargo Bank, N.A.
	$92,500,000.00
	13.4057971%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$92,500,000.00
	10.27777778%

	Royal Bank of Canada
	$10,000,000.00
	1.44927536%
	$65,000,000.00
	65%
	$0.00
	0%
	$0.00
	0%
	$75,000,000.00
	8.33333333%

	Reserved.
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	U.S. Bank N.A.
	$92,500,000.00
	13.4057971%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$92,500,000.00
	10.27777778%

	BNP Paribas
	$92,500,000.00
	13.4057971%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$92,500,000.00
	10.27777778%

	The Bank of New York Mellon
	$40,000,000.00
	5.79710145%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$40,000,000.00
	4.44444444%

	Regions Bank
	$40,000,000.00
	5.79710145%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$40,000,000.00
	4.44444444%

	PNC Bank, National Association
	$57,500,000.00
	8.33333333%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$57,500,000.00
	6.38888889%

	Branch Banking and Trust Company
	$40,000,000.00
	5.79710145%
	$0.00
	0%
	$0.00
	0%
	$0.00
	0%
	$40,000,000.00
	4.44444444%

	Total:
	$690,000,000.00
	100%
	$100,000,000.00
	100%
	$100,000,000.00
	100%
	$10,000,000.00
	100%
	$900,000,000.00
	100%

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