Document:

Exhibit
10.68

AMENDMENT TO
EMPLOYMENT AGREEMENT

This amendment (“Amendment”)
effective as of October 1, 2006, is made and entered into by and between DTS,
Inc., a Delaware corporation, with an office at 5171 Clareton Drive, Agoura
Hills, California 91301 (“DTS”) and Daniel E. Slusser (“you” or “Employee”)
with regard to the following facts.

WHEREAS, DTS and
Employee entered into that certain Employment Agreement effective January 2nd, 2006 (hereinafter referred
to as the “Agreement”); and

WHEREAS, DTS and Employee
wish to formally amend the Agreement to clarify the Stock Options provision.

NOW THEREFORE, the
parties hereto mutually agree to amend the Agreement as follows:

A.            The following shall be added
following the last sentence of Section 3. (c) (1) of the Agreement:

“If you retire past the
age of 60 while employed by the Company or an Affiliate, any stock options (to
the extent then exercisable) may be exercised, in whole or in part, by you at
any time prior to the earlier of the Expiration Date (as defined in your Stock
Option Agreement) and a Corporate Transaction (as defined in your Stock Option
Plan) which terminates such stock options. Further, upon such retirement, any
and all stock options shall continue to vest in accordance with its terms as if
you remained employed by the Company.”

B.            All capitalized terms not otherwise
defined in this Amendment shall have the same meaning as set forth in the
Agreement.

C.            This Amendment does not delete,
terminate, or replace any provision of the Agreement except as specifically
provided herein and all other terms of the Agreement shall remain in full force
and effect.

IN WITNESS
WHEREOF, the parties hereto hereby execute this Amendment to be effective as of
the date first written above.

	
  DTS, Inc. (DTS)

  	
  DANIEL SLUSSER (Employee)

  
	
   

  	
   

  
	
   

  	
   

  
	
       /s/ Jon Kirchner

  	
   

  	
       /s/ Daniel Slusser

  	
   

  
	
  Jon Kirchner

  	
  Daniel Slusser

  
	
  President and Chief Executive OfficerExhibit
10.1

TERM LOAN AGREEMENT

Dated as of September 29, 2006

among

J. B. HUNT TRANSPORT, INC.

as Borrower

THE
LENDERS FROM TIME TO TIME PARTY HERETO

and

SUNTRUST BANK

as Administrative Agent

 

 

	
  ARTICLE I

  	
  DEFINITIONS; CONSTRUCTION

  	
  1

  
	
  Section 1.1

  	
  Definitions

  	
  1

  
	
  Section 1.2

  	
  Accounting Terms and Determination

  	
  16

  
	
  Section 1.3

  	
  Terms Generally

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  AMOUNT AND TERMS OF THE COMMITMENTS

  	
  17

  
	
  Section 2.1

  	
  General Description of the Facility

  	
  17

  
	
  Section 2.2

  	
  Term Loan Commitments

  	
  17

  
	
  Section 2.3

  	
  Funding of Loans

  	
  17

  
	
  Section 2.4

  	
  Repayment of Loans

  	
  17

  
	
  Section 2.5

  	
  Evidence of Indebtedness

  	
  18

  
	
  Section 2.6

  	
  Prepayments

  	
  18

  
	
  Section 2.7

  	
  Interest on Loans

  	
  18

  
	
  Section 2.8

  	
  Computation of Interest

  	
  19

  
	
  Section 2.9

  	
  Inability to Determine Interest Rates

  	
  19

  
	
  Section 2.10

  	
  Illegality

  	
  19

  
	
  Section 2.11

  	
  Increased Costs

  	
  19

  
	
  Section 2.12

  	
  Taxes

  	
  20

  
	
  Section 2.13

  	
  Funding Indemnity

  	
  22

  
	
  Section 2.14

  	
  Payments Generally; Pro Rata Treatment; Sharing of Set-offs

  	
  22

  
	
  Section 2.15

  	
  Mitigation of Obligations; Replacement of Lenders

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  CONDITIONS PRECEDENT TO LOANS

  	
  24

  
	
  Section 3.1

  	
  Conditions To Effectiveness

  	
  24

  
	
  Section 3.2

  	
  Delivery of Documents

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  REPRESENTATIONS AND WARRANTIES

  	
  25

  
	
  Section 4.1

  	
  Existence; Power

  	
  25

  
	
  Section 4.2

  	
  Organizational Power; Authorization

  	
  25

  
	
  Section 4.3

  	
  Governmental Approvals; No Conflicts

  	
  26

  
	
  Section 4.4

  	
  Financial Statements

  	
  26

  
	
  Section 4.5

  	
  Litigation and Environmental Matters

  	
  26

  
	
  Section 4.6

  	
  Compliance with Laws and Agreements

  	
  27

  
	
  Section 4.7

  	
  Investment Company Act, Etc

  	
  27

  
	
  Section 4.8

  	
  Taxes

  	
  27

  
	
  Section 4.9

  	
  Margin Regulations

  	
  27

  
				

 

 i
 

 

 

	
  Section 4.10

  	
  ERISA

  	
  27

  
	
  Section 4.11

  	
  Ownership of Property

  	
  27

  
	
  Section 4.12

  	
  Disclosure

  	
  28

  
	
  Section 4.13

  	
  Labor Relations

  	
  28

  
	
  Section 4.14

  	
  Subsidiaries

  	
  28

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  AFFIRMATIVE COVENANTS

  	
  28

  
	
  Section 5.1

  	
  Financial Statements and Other Information

  	
  28

  
	
  Section 5.2

  	
  Notices of Material Events

  	
  29

  
	
  Section 5.3

  	
  Existence; Conduct of Business

  	
  30

  
	
  Section 5.4

  	
  Compliance with Laws, Etc

  	
  30

  
	
  Section 5.5

  	
  Payment of Obligations

  	
  30

  
	
  Section 5.6

  	
  Books and Records

  	
  31

  
	
  Section 5.7

  	
  Visitation, Inspection, Etc

  	
  31

  
	
  Section 5.8

  	
  Maintenance of Properties; Insurance

  	
  31

  
	
  Section 5.9

  	
  Use of Proceeds

  	
  31

  
	
  Section 5.10

  	
  Interest Rate Protection

  	
  31

  
	
  Section 5.11

  	
  Post Closing Documents

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  FINANCIAL COVENANTS

  	
  32

  
	
  Section 6.1

  	
  Adjusted Debt to Cash Flow Ratio

  	
  32

  
	
  Section 6.2

  	
  Fixed Charge Coverage Ratio

  	
  32

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  NEGATIVE COVENANTS

  	
  32

  
	
  Section 7.1

  	
  Negative Pledge

  	
  32

  
	
  Section 7.2

  	
  Investments

  	
  32

  
	
  Section 7.3

  	
  Publicly-Rated Indebtedness

  	
  32

  
	
  Section 7.4

  	
  Subsidiary Debt

  	
  32

  
	
  Section 7.5

  	
  Letters of Credit

  	
  32

  
	
  Section 7.6

  	
  Subordinated Indebtedness

  	
  33

  
	
  Section 7.7

  	
  Merger, Sale of Assets, etc

  	
  33

  
	
  Section 7.8

  	
  Limitation on Restrictions on Subsidiary Dividends
  and Other Distributions

  	
  34

  
	
  Section 7.9

  	
  No Conflicts

  	
  34

  
	
  Section 7.10

  	
  Nature of Business

  	
  34

  
	
  Section 7.11

  	
  Transactions with Affiliates

  	
  34

  
				

 

 ii
 

 

 

	
  Section 7.12

  	
  Margin Stock

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  EVENTS OF DEFAULT

  	
  34

  
	
  Section 8.1

  	
  Events of Default

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  THE ADMINISTRATIVE AGENT

  	
  38

  
	
  Section 9.1

  	
  Appointment of Administrative Agent

  	
  38

  
	
  Section 9.2

  	
  Nature of Duties of Administrative Agent

  	
  38

  
	
  Section 9.3

  	
  Lack of Reliance on the Administrative Agent

  	
  39

  
	
  Section 9.4

  	
  Certain Rights of the Administrative Agent

  	
  39

  
	
  Section 9.5

  	
  Reliance by Administrative Agent

  	
  39

  
	
  Section 9.6

  	
  The Administrative Agent in its Individual Capacity

  	
  39

  
	
  Section 9.7

  	
  Successor Administrative Agent

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  MISCELLANEOUS

  	
  40

  
	
  Section 10.1

  	
  Notices

  	
  40

  
	
  Section 10.2

  	
  Waiver; Amendments

  	
  41

  
	
  Section 10.3

  	
  Expenses; Indemnification

  	
  42

  
	
  Section 10.4

  	
  Successors and Assigns

  	
  43

  
	
  Section 10.5

  	
  Governing Law; Jurisdiction; Consent to Service of
  Process

  	
  45

  
	
  Section 10.6

  	
  WAIVER OF JURY TRIAL

  	
  46

  
	
  Section 10.7

  	
  Right of Setoff

  	
  46

  
	
  Section 10.8

  	
  Counterparts; Integration

  	
  46

  
	
  Section 10.9

  	
  Survival

  	
  47

  
	
  Section 10.10

  	
  Severability

  	
  47

  
	
  Section 10.11

  	
  Confidentiality

  	
  47

  
	
  Section 10.12

  	
  Interest Rate Limitation

  	
  48

  
	
   

  	
   

  	
   

  
	
  Schedules

  	
   

  	
   

  
	
  Schedule 1

  	
  -

  	
  Existing Liens

  	
   

  
	
  Schedule 4.5

  	
  -

  	
  Environmental
  Matters

  	
   

  
	
  Schedule 4.14

  	
  -

  	
  Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibits

  	
   

  	
   

  
	
  Exhibit A

  	
  -

  	
  Term Note

  	
   

  
	
  Exhibit B

  	
  -

  	
  Form of
  Assignment and Acceptance

  	
   

  
					

 

 iii

TERM
LOAN AGREEMENT

THIS TERM LOAN AGREEMENT (this “Agreement”)
is made and entered into as of September 29, 2006, by and among J. B. HUNT
TRANSPORT, INC., a Georgia corporation (the “Borrower”), SUNTRUST BANK
and several banks and other financial institutions from time to time party
hereto (the “Lenders”), and SUNTRUST BANK, in its capacity as
Administrative Agent for the Lenders (the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower has
requested that the Lenders make term loans in an aggregate principal amount
equal to $100,000,000 to the Borrower;

WHEREAS, subject to the terms
and conditions of this Agreement, the Lenders severally, to the extent of their
respective Commitments, are willing to make the term loans to the Borrower.

NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the Borrower, the
Lenders and the Administrative Agent agree as follows:

ARTICLE I

DEFINITIONS; CONSTRUCTION

Section
1.1            Definitions.
In addition to the other terms defined herein, the following terms used herein
shall have the meanings herein specified (to be equally applicable to both the
singular and plural forms of the terms defined):

“Adjusted Debt to Cash Flow Ratio” means the
ratio, expressed as a percentage, of (i) Indebtedness of the Parent
Corporation and its Subsidiaries to (ii) Cash Flow.

“Adjusted LIBOR Rate” shall mean the rate per
annum obtained by dividing (i) LIBOR by (ii) a percentage equal to 1.00 minus
the Eurodollar Reserve Percentage.

“Administrative Agent” shall have the meaning
assigned to such term in the opening paragraph hereof.

“Administrative Questionnaire” shall mean with
respect to each Lender, an administrative questionnaire in the form prepared by
the Administrative Agent and duly completed by a Lender.

“Affiliate” shall mean, as to any Person, any
other Person that directly, or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such Person.

“Applicable Lending Office” shall mean, for each
Lender, the “Lending Office” of such Lender (or an Affiliate of such Lender)
designated in the Administrative Questionnaire submitted 

 

by such Lender or such other office of such Lender (or
an Affiliate of such Lender) as such Lender may from time to time specify to
the Administrative Agent and the Borrower as the office by which its Loans are
maintained.

“Applicable Margin” shall mean 0.70% per annum; provided
however, that in the event the Parent Corporation’s Rating Category is
below BBB- by S&P, the Applicable Margin shall be 1.25% per annum.

“Assignment and Acceptance” shall mean an
assignment and acceptance entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 10.4(b)) and
accepted by the Administrative Agent, in the form of Exhibit B attached
hereto or any other form approved by the Administrative Agent.

“Base Rate” shall mean the higher of (i) the per
annum rate which the Administrative Agent publicly announces from time to time
to be its prime lending rate, as in effect from time to time, and (ii) the
Federal Funds Rate, as in effect from time to time, plus one-half of one
percent (0.50%). The Administrative Agent’s prime lending rate is a reference
rate and does not necessarily represent the lowest or best rate charged to
customers. The Administrative Agent may make commercial loans or other loans at
rates of interest at, above or below the Administrative Agent’s prime lending
rate. Each change in the Administrative Agent’s prime lending rate shall be
effective from and including the date such change is publicly announced as
being effective.

“Base Rate Loans” shall mean the Loans which no
longer bear interest as Eurodollar Loans pursuant to the terms of Section
2.9 or 2.10, and during such period the Loans shall bear interest at the
Base Rate minus one percent (1.00%) per annum.

“Borrower” shall have the meaning in the
introductory paragraph hereof.

“Business Day” shall mean (i) any day other than
a Saturday, Sunday or other day on which commercial banks in Atlanta, Georgia
and New York, New York are authorized or required by law to close and (ii) if
such day relates to a payment or prepayment of principal or interest on, a
Eurodollar Loan or a notice with respect to any of the foregoing, any day on
which dealings in Dollars are carried on in the London interbank market.

“Capital Lease Obligations” of any Person shall
mean all obligations of such Person to pay rent or other amounts under any
lease (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required to be
classified and accounted for as capital leases on a balance sheet of such
Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

“Cash Flow” means, for any period, an amount
equal to the sum of the following for such period: (a) Net Income plus
(b) Interest Expense plus (c) taxes on income of the Parent Corporation
and its Subsidiaries plus (d) depreciation and amortization expense of
the Parent Corporation and its Subsidiaries plus (e) Rentals.

 2
 

 

“Change of Control” means the earliest to occur
of (a) the date of a public announcement that a Person or group of affiliated
or associated Persons other than the current Persons who own 50% or more of the
Voting Stock of the Parent Corporation (an “Acquiring Person”) has
acquired, or has obtained the right to acquire, legal or beneficial ownership
of 50% or more of the Voting Stock of the Parent Corporation, (b) the date an
Acquiring Person acquires all or substantially all of the assets of the Parent
Corporation (for purposes hereof, the term “Acquiring Person” shall not include
the Parent Corporation, any of its Subsidiaries or any employee benefit plan
(or related trust) sponsored or maintained by the Parent Corporation or any of
its Subsidiaries) and (c) the date on which a majority of the board of
directors of the Parent Corporation shall consist of Persons other than
Continuing Directors (for purposes of this definition, “Continuing Director”
means any member of the board of directors of the Parent Corporation on the
date hereof and any other member of the board of directors of the Parent
Corporation who shall be nominated or elected to succeed a Continuing Director
by at least a majority of the Continuing Directors who are then members of the
board of directors of the Parent Corporation).

“Change in Law” shall mean (i) the adoption of
any applicable law, rule or regulation after the date of this Agreement, (ii)
any change in any applicable law, rule or regulation, or any change in the
interpretation or application thereof, by any Governmental Authority after the
date of this Agreement, or (iii) compliance by any Lender (or its Applicable
Lending Office) (or for purposes of Section 2.11(b), by such Lender’s
holding company, if applicable) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or
issued after the date of this Agreement.

“Closing Date” shall mean the date on which the
conditions precedent set forth in Section 3.1 have been satisfied or
waived in accordance with Section 10.2.

“Code” shall mean the Internal Revenue Code of
1986, as amended and in effect from time to time.

“Commitment” shall mean a Term Loan Commitment.

“Control” shall mean the power, directly or
indirectly, either to (i) vote 5% or more of securities having ordinary voting
power for the election of directors (or persons performing similar functions)
of a Person or (ii) direct or cause the direction of the management and
policies of a Person, whether through the ability to exercise voting power, by
contract or otherwise. The terms “Controlling”,
“Controlled by”, and “under common Control with” have
meanings correlative thereto.

“Default” shall mean any condition or event that,
with the giving of notice or the lapse of time or both, would constitute an
Event of Default.

“Default Interest” shall have the meaning set
forth in Section 2.7.

“Dollar(s)” and the sign “$”
shall mean lawful money of the United States of America.

“Environmental Laws” shall mean all laws, rules,
regulations, codes, ordinances, orders, decrees, judgments, injunctions,
notices or binding agreements issued, promulgated or entered 

 3
 

 

into by or with any Governmental Authority, relating
in any way to the environment, preservation or reclamation of natural
resources, the management, Release or threatened Release of any Hazardous
Material or to health and safety matters.

“Environmental Liability” shall mean any
liability, contingent or otherwise (including any liability for damages, costs
of environmental investigation and remediation, costs of administrative
oversight, fines, natural resource damages, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon
(a) any actual or alleged violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of
any Hazardous Materials, (c) any actual or alleged exposure to any Hazardous
Materials, (d) the Release or threatened Release of any Hazardous Materials or
(e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

“ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as amended from time to time, and any successor statute.

“ERISA Affiliate” shall mean any trade or
business (whether or not incorporated), which, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely
for the purposes of Section 302 of ERISA and Section 412 of the Code, is
treated as a single employer under Section 414 of the Code.

“ERISA Event” shall mean (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated
funding deficiency” (as defined in Section 412 of the Code or Section 302 of
ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the
Code or Section 303(d) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Parent
Corporation or any of its ERISA Affiliates of any liability under Title IV of
ERISA with respect to the termination of any Plan; (e) the receipt by the
Parent Corporation or any ERISA Affiliate from the PBGC or a plan administrator
appointed by the PBGC of any notice relating to an intention to terminate any
Plan or Plans or to appoint a trustee to administer any Plan; (f) the
incurrence by the Parent Corporation or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Parent Corporation or any ERISA
Affiliate of any notice, or the receipt by any Multiemployer Plan from the
Parent Corporation or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan
is, or is expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA.

“Eurodollar” or “Eurodollar Loans” when used in
reference to any Loan that bears interest at a rate determined by reference to
the Adjusted LIBOR Rate.

“Eurodollar Reserve Percentage” shall mean the
aggregate of the maximum reserve percentages (including, without limitation,
any emergency, supplemental, special or other marginal reserves) expressed as a
decimal (rounded upwards to the next 1/100th of 1%) in effect on any day to
which the Administrative Agent is subject with respect to the Adjusted LIBOR 

 4
 

 

Rate pursuant to regulations issued by the Board of
Governors of the Federal Reserve System (or any Governmental Authority
succeeding to any of its principal functions) with respect to eurocurrency
funding (currently referred to as “eurocurrency liabilities” under Regulation
D). Eurodollar Loans shall be deemed to constitute eurocurrency funding and to
be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any
Lender under Regulation D. The Eurodollar Reserve Percentage shall be adjusted
automatically on and as of the effective date of any change in any reserve
percentage.

“Event of Default” shall have the meaning
provided in Article VIII.

“Excluded Taxes” shall mean with respect to the
Administrative Agent, any Lender, or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder, (a) income
or franchise taxes imposed on (or measured by) its net income by the United
States of America, or by the jurisdiction under the laws of which such
recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located, (b) any
branch profits taxes imposed by the United States of America or any similar tax
imposed by any other jurisdiction in which the Borrower is located and (c) in
the case of a Foreign Lender, any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party
to this Agreement (or designates a new lending office) or is attributable to
such Foreign Lender’s failure to comply with Section 2.12(e), except to
the extent that such Foreign Lender (or its assignor, if any) was entitled, at
the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax
pursuant to Section 2.12(a).

“Federal Funds Rate” shall mean, for any day, the
rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal
to the weighted average of the rates on overnight Federal funds transactions
with member banks of the Federal Reserve System arranged by Federal funds
brokers, as published by the Federal Reserve Bank of New York on the next
succeeding Business Day or if such rate is not so published for any Business
Day, the Federal Funds Rate for such day shall be the average rounded upwards,
if necessary, to the next 1/100th of 1% of the quotations for such day on such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by the Administrative Agent.

“Fixed Charges Coverage Ratio” shall mean, for
the Parent Corporation and its Subsidiaries for each Fiscal Quarter, the ratio
of (a) Net Income for the four Fiscal Quarters then ended, after adding back,
but only to the extent previously deducted in determining Net Income and
without duplication, the sum for the four Fiscal Quarters then ended of (i)
taxes on income of the Parent Corporation and its Subsidiaries, plus
(ii) Interest Expense, plus (iii) Rentals, divided by (b) the sum
for the four Fiscal Quarters then ended of (y) Interest Expense plus (z)
Rentals.

“Foreign Lender” shall mean any Lender that is
organized under the laws of a jurisdiction other than that of the Borrower. For
purposes of this definition, the United States of America or any State thereof
or the District of Columbia shall constitute one jurisdiction.

“Fiscal Quarter” shall mean each fiscal quarter
of the Parent Corporation and its Subsidiaries.

 5
 

 

“Fiscal Year” means each fiscal year of the
Parent Corporation and its Subsidiaries.

“GAAP” shall mean generally accepted accounting
principles in the United States applied on a consistent basis and subject to
the terms of Section 1.3.

“Governmental Authority” shall mean the
government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

“Guarantee” of or by any Person (the “guarantor”) shall mean any
obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation of any
other Person (the “primary obligor”) in any
manner, whether directly or indirectly and including any obligation, direct or
indirect, of the guarantor (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other obligation or to
purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation
of the payment thereof, (c) to maintain working capital, equity capital or any
other financial statement condition or liquidity of the primary obligor so as
to enable the primary obligor to pay such Indebtedness or other obligation or
(d) as an account party in respect of any letter of credit or guaranty issued
in support of such Indebtedness or obligation; provided, that the term “Guarantee”
shall not include endorsements for collection or deposits in the ordinary
course of business. The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the primary obligation in respect
of which Guarantee is made or, if not so stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is
required to perform thereunder) as determined by such Person in good faith. The
term “Guarantee” used as a verb has a corresponding meaning.

“Hazardous Materials” means all explosive or
radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or
asbestos containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law.

“Hedging Agreements” shall mean interest rate
swap, cap or collar agreements, interest rate future or option contracts,
currency swap agreements, currency future or option contracts, commodity
agreements and other similar agreements or arrangements designed to protect
against fluctuations in interest rates, currency values or commodity values.

“Indebtedness” with respect to any Person means,
without duplication, (a) all indebtedness for borrowed money of such Person or
for the deferred purchase price of property acquired by, or for services
rendered to (other than trade payables), such Person, (b) all indebtedness of
such Person created or arising under any conditional sale or other title
retention agreement with respect to any property acquired by such Person, (c)
the present value determined in accordance with GAAP of all obligations of such
Person under Capital Lease 

 6
 

 

Obligations, (d) all indebtedness for borrowed money
or for the deferred purchase price of property or services secured by any Lien
upon or in any property owned by such Person whether or not such Person has
assumed or become liable for the payment of such indebtedness for borrowed
money, (e) indebtedness arising under acceptance facilities, (f) any asserted
withdrawal liability of such Person or a commonly controlled entity to a
Multiemployer Plan, (g) all amounts of indebtedness which (x) represent
recourse liabilities of such Person with respect to Securitized Receivables
Transactions and which, (y) in accordance with GAAP, would be included on a
balance sheet of such Person in respect of any Securitized Receivables
Transactions if such facility were characterized as Indebtedness secured by
Receivables rather than as a sale of assets, (h) all Guarantees by such Person,
and (i) the present value of the minimum aggregate operating lease payments,
determined on a consolidated basis in accordance with GAAP, payable by such Person
pursuant to Long-Term Leases, discounted at 8%.

“Indemnified Taxes” shall mean Taxes other than
Excluded Taxes.

“Interest Expense” means, without duplication,
for any period, the sum of (a) aggregate interest expense of the Parent
Corporation and its Subsidiaries for such period, as determined in accordance
with GAAP and in any event including, without duplication, all commissions,
discounts and other fees and charges owed with respect to letters of credit and
banker’s acceptances and net costs under Hedging Agreements and the portion of
any obligation under Capital Lease Obligations allocable to interest expense; plus
(b) aggregate interest expense of the Parent Corporation and its Subsidiaries
capitalized during such period; plus (c) Receivables Charges of the
Parent Corporation and its Subsidiaries for such period under any Securitized
Receivables Transaction.

“Investment” of any Person means any loan,
advance, extension of credit, or capital contribution to, investment in,
purchase or acquisition of any stock, notes, debt, obligations or securities
of, or any other interest in, any Person.

“Lenders” shall have the meaning assigned to such
term in the opening paragraph of this Agreement.

“LIBOR Rate” shall mean, with respect to any
Eurodollar Loan, the rate per annum for deposits in Dollars for a three (3)
month period appearing on the display designated as Page 3750 on the Dow Jones
Markets Service (or such other page on that service or such other service
designated by the British Banker’s Association for the display of such
Association’s Interest Settlement Rates for Dollar deposits) as of 11:00 a.m.
(London, England time) on the Closing Date and thereafter on each Reset Date or
if such Page 3750 is unavailable for any reason at such time, the rate which
appears on the Reuters Screen ISDA Page as of such date and such time; provided,
that if the Administrative Agent determines that the relevant foregoing sources
are unavailable for such interest period, LIBOR Rate shall mean the rate of
interest determined by the Administrative Agent to be the average (rounded
upward, if necessary, to the nearest 1/100th of 1%) of the rates per annum at
which deposits in Dollars are offered to the Administrative Agent each Reset
Date by leading banks in the London interbank market as of 10:00 a.m. in an
amount comparable to the amount of the Loans. The initial LIBOR Rate shall be
initially determined on the Closing Date and shall be determined thereafter on
each Reset Date.

 7
 

 

“Lien” shall mean any mortgage, pledge, security
interest, lien (statutory or otherwise), charge, encumbrance, hypothecation,
assignment, deposit arrangement, or other arrangement having the practical
effect of the foregoing or any preference, priority or other security agreement
or preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement and any capital lease
having the same economic effect as any of the foregoing).

“Loan Documents” shall mean, collectively, this
Agreement, the Notes, the Security Agreement, the Parent Guarantee Agreement,
and any and all other instruments, agreements, documents and writings executed
in connection with any of the foregoing.

“Loan Parties” shall mean the Borrower and the
Parent Corporation.

“Loans” shall mean the Term Loans in the
aggregate, or any of them, as the context shall require.

“Long-Term Lease” means any lease (other than any
Capital Lease Obligations) of real property or Revenue-Generating Equipment
having an original term (including any required renewals or any renewals at the
option of lessor) of one year or more.

“Material Adverse Effect” shall mean, with
respect to any event, act, condition or occurrence of whatever nature
(including any adverse determination in any litigation, arbitration, or
governmental investigation or proceeding), whether singly or in conjunction
with any other event or events, act or acts, condition or conditions,
occurrence or occurrences whether or not related, a material adverse change in,
or a material adverse effect on, (i) the business, results of operations,
financial condition, assets, liabilities or prospects of the Borrower, the
Parent Corporation and its Subsidiaries taken as a whole, (ii) the ability of
the Loan Parties to perform any of their respective obligations under the Loan
Documents, (iii) the rights and remedies of the Administrative Agent and the
Lenders under any of the Loan Documents or (iv) the legality, validity or
enforceability of any of the Loan Documents.

“Maturity Date” shall mean September 29, 2009.

“Moody’s” shall mean Moody’s Investors Service,
Inc.

“Multiemployer Plan” shall have the meaning set
forth in Section 4001(a)(3) of ERISA.

“Net Income” means, for any period, (a) the gross
revenues of the Parent Corporation and its Subsidiaries for such period; reduced
by (b) the sum (without duplication) of the following items for such period
(to the extent, except in the case of clause (i), included in such gross
revenues):

(i)            operating and non-operating expenses
of the Parent Corporation and its Subsidiaries according to GAAP (including
current and deferred taxes on income, provision for taxes on unremitted foreign
earnings included in such gross revenues and current additions to reserves but
excluding the lower of cost or market inventory write-downs and write-ups of
current assets);

 8
 

 

(ii)           all material gains (net of expense
and taxes applicable thereto) arising from the sale, conversion or other
disposition of capital assets (i.e., assets other than current assets), other
than gains or losses arising from sales in the ordinary course of business of
revenue equipment;

(iii)          all gains arising from the write-up of
assets (other than the write-up of current assets as a result of the lower of
cost or market adjustments to inventory);

(iv)          all gains arising from the
reacquisition of Indebtedness;

(v)           all equity of the Parent Corporation
or any Subsidiary in the unremitted earnings of any Person in which the Parent
Corporation has a minority interest;

(vi)          all earnings of each Person acquired
by the Parent Corporation or any Subsidiary through purchase of substantially
all assets, merger, consolidation or otherwise for any period prior to the date
of acquisition;

(vii)         all deferred credits representing the
excess of equity in any Subsidiary of the Parent Corporation at the date of
acquisition thereof over the cost of the investment in such Subsidiary;

(viii)        any portion of net earnings of any
Subsidiary of the Parent Corporation which for any reason is unavailable for
the payment of dividends to the Parent Corporation or any other Subsidiary of
the Parent Corporation; and

(ix)           the aggregate amount of dividends
paid by all Subsidiaries of the Parent Corporation to the Parent Corporation or
to any Subsidiary of the Parent Corporation during such period.

“Net Worth” means at any time the sum of capital
stock, additional paid-in capital and retained earnings (minus
accumulated deficits) of the Parent Corporation and its Subsidiaries as
determined in accordance with GAAP.

“Notes” shall mean, collectively, the Term Notes.

“Obligations” shall mean all amounts owing by the
Borrower to the Administrative Agent, or any Lender pursuant to or in
connection with this Agreement or any other Loan Document, including without
limitation, all principal, interest (including any interest accruing after the
filing of any petition in bankruptcy or the commencement of any insolvency,
reorganization or like proceeding relating to the Borrower, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding),
all reimbursement obligations, fees, expenses, indemnification and
reimbursement payments, costs and expenses (including all fees and expenses of
counsel to the Administrative Agent and any Lender incurred pursuant to this
Agreement or any other Loan Document), whether direct or indirect, absolute or
contingent, liquidated or unliquidated, now existing or hereafter arising
hereunder or thereunder, together with all renewals, extensions, modifications
or refinancings thereof.

 9
 

 

“Off-Balance Sheet Liabilities” of any Person
shall mean (i) any repurchase obligation or liability of such Person with
respect to accounts or notes receivable sold by such Person, (ii) any liability
of such Person under any sale and leaseback transactions which do not create a
liability on the balance sheet of such Person, (iii) any liability of such
Person under any so-called “synthetic” lease transaction or (iv) any obligation
arising with respect to any other transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a
liability on the balance sheet of such Person.

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

“Parent Corporation” shall mean J. B. Hunt
Transport Services, Inc. and its permitted successors and assignee.

“Parent Guaranty” shall mean that certain
Guarantee Agreement dated as of the Closing Date executed by the Parent
Corporation and by the Administrative Agent on behalf of the Lenders, as it may
be amended or restated from time to time.

“Participant” shall have the meaning set forth in
Section 10.4(c).

“Payment Office” shall mean the office of the
Administrative Agent located at 25 Park Place, N.E., Atlanta, Georgia 30303, or
such other location as to which the Administrative Agent shall have given
written notice to the Borrower and the other Lenders.

“PBGC” shall mean the Pension Benefit Guaranty
Corporation referred to and defined in ERISA, and any successor entity
performing similar functions.

“Permitted Investments” means any one or more of
the following:

(a)           Investments, loans and advances by
the Borrower and its Subsidiaries in and to its Subsidiaries, including any
Investment in a corporation which, after giving effect to such Investment, will
become a Subsidiary of Borrower and loans and advances by a wholly-owned
Subsidiary to the Borrower;

(b)           Investments, maturing in twelve
months or less from the date of acquisition, in direct obligations of the
United States of America, or any agency thereof;

(c)           Investments in corporate debt
obligations, maturing within twelve months or less from the date of
acquisition, which (i) are issued by (x) any of the Lenders or (y) corporations
having substantially all of their assets located in the United States, and (ii)
at the time of acquisition, are accorded a rating of A, or better, by S&P
or A, or better, by Moody’s (or an equivalent rating by another nationally
recognized credit rating agency of similar standing if neither of such agencies
is then in the business of rating long-term corporate debt obligations);

 10
 

 

(d)           Investments in commercial paper which
(i) is issued by (x) any of the Lenders or (y) by corporations having
substantially all of their assets located in the United States, (ii) matures in
270 days or less from the date of acquisition and, (iii) at the time of
acquisition, is accorded a rating of A-1, or better, by S&P or P-1, or
better, by Moody’s (or an equivalent rating by another nationally recognized
credit rating agency of similar standing if neither of such agencies is then in
the business of rating commercial paper);

(e)           Investments in certificates of
deposit, maturing within twelve months or less from the date of acquisition,
(i) which are issued by (x) any of the Lenders or (y) by other commercial banks
located in the United States having capital, surplus and undivided profits
aggregating more than $500,000,000, and (ii) the issuer of which, at the time
of acquisition, is accorded a rating of A, or better, by S&P or A, or
better, by Moody’s (or an equivalent rating by another nationally recognized
credit rating agency of similar standing if neither of such agencies is then in
the business of rating long-term unsecured corporate debt obligations) with
respect to its outstanding unsecured long-term indebtedness;

(f)            Investments in marketable obligations,
maturing within twelve months or less from the date of acquisition, of any
state, territory or possession of the United States of America or any political
subdivision of any of the foregoing, or the District of Columbia, which are, at
the time of acquisition, accorded a rating of AA, or better, by S&P or Aa,
or better, by Moody’s (or an equivalent rating by another nationally recognized
credit rating agency of similar standing if neither of such agencies is then in
the business of rating municipal obligations);

(g)           Investments in Receivables arising in
the ordinary course of business of the Borrower and its Subsidiaries;

(h)           Investments in Transplace, Inc.
existing on the Closing Date;

(i)            Investments in a Special Purpose
Subsidiary in connection with a Permitted Securitization Receivables
Transaction;

(j)            other Investments (in addition to
those permitted by the foregoing clauses (a) through (i)), provided
that the aggregate amount of all such other Investments (calculated at the
original book value or principal amount of such Investments, without regard to
gain or loss, reduced only by the amount, if any, of cash distribution and
principal repayments received with respect to such Investments), plus all
Guarantees at any time held or made by the Parent Corporation and its
Subsidiaries (other than the Parent Guaranty as defined herein and the
Subsidiary Guaranty as defined in the Senior Revolving Credit Facility) shall
not at any time exceed an amount equal to ten percent (10%) of Net Worth; and

(k)           Investments in the following types of
auction rate securities that bear a rating of “A” or higher by a nationally
recognized credit rating agency: (a) auction rate preferred stocks eligible for
the dividend received deduction (commonly called D.R.D. 

 11
 

 

preferreds) for corporate holders and such security is
issued by a domestic or foreign corporation, (b) auction rate preferred stocks
issued by U.S. municipalities and the dividends paid on which are not taxable
by the U.S. Federal government or state governments (commonly called tax-exempt
preferreds) for the holder of the security, (c) auction rate preferred stocks
issued by corporations based in the United Kingdom and whose income received is
subject to the “US — UK Treaty on Double Taxation” (commonly called UK Preferreds)
for the United States—based holder of the security, and (d) auction rate
preferred debt and equity securities issued by domestic and foreign
corporations and the dividends paid on which are fully taxable by both the U.S.
federal and state governments (commonly called taxable preferreds) for the
holder of the security.

“Permitted Liens” of the Borrower and its
Subsidiaries means:

(a)           Liens for taxes, assessments, or
governmental charges or levies not yet due or which are being actively
contested in good faith by appropriate proceedings, so long as reserves have
been established to the extent required by GAAP;

(b)           other Liens incidental to the conduct
of their business or the ownership of their property and assets (such as common
carrier’s Liens, producer’s Liens, mechanic’s Liens, and other similar
statutory and non-consensual Liens) which were not incurred in connection with
the borrowing of money or the obtaining of advances or credit, and which do not
in the aggregate materially detract from the value of their property or assets
or materially impair the use thereof in the operation of their business;

(c)           any Lien existing on any property of
any corporation at the time it becomes a Subsidiary of Borrower or existing
prior to the time of acquisition upon any property acquired by the Borrower or
any Subsidiary of Borrower through purchase, merger or consolidation or
otherwise, whether or not assumed by the Borrower or such Subsidiary, or placed
upon property at the time of its acquisition by the Borrower or any Subsidiary
of Borrower to secure a portion of the purchase price thereof, or placed upon
property hereafter acquired by the Borrower or any Subsidiary of Borrower at
the time of the acquisition thereof; provided (i) that at the time of
creation of such Lien the principal amount of debt secured thereby does not
exceed the amounts otherwise permitted by clause (h) of this definition,
and (ii) that any such Lien shall not encumber any other property of the
Borrower or such Subsidiary;

(d)           Liens on any property or assets of
the Borrower or any Subsidiary of Borrower existing on the date hereof as set
forth on Schedule 1 and Liens, if any, which are the subject of a
Securitized Receivables Transaction but only with respect to the Receivables
sold;

(e)           any Lien renewing, extending or
replacing any Lien permitted by clause (d) above, provided
that the principal amount secured and then outstanding is not increased, the
Lien is not extended to other property and the Indebtedness secured thereby is
permitted hereunder;

 12
 

 

(f)            deposits, bonding arrangements and
Liens to secure the performance of (or to secure obligations in respect of
letters of credit posted to secure the performance of) bids, trade contracts,
leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature incurred in the ordinary course of business;

(g)           any attachment or judgment Lien which
is being contested in good faith by appropriate proceedings for which adequate
reserves have been established in accordance with GAAP; and

(h)           Liens (not otherwise prohibited by
this Agreement) on any property or assets of the Borrower or any Subsidiary of
Borrower acquired in each case after the Effective Date to secure Indebtedness
under Capital Lease Obligations or Indebtedness incurred at the time of
acquisition of any property to finance a portion of the purchase price thereof;
provided that such Lien attaches only to such property.

“Permitted Securitized Receivables Transaction”
means any Securitized Receivables Transaction to the extent that the aggregate
investment or claims held at any time by all purchasers, assignees, transferees
or (or of interests in) receivables and other rights to payment in all
Securitized Receivables Transactions would at any time not exceed $250,000,000.

“Person” shall mean any individual, partnership,
firm, corporation, association, joint venture, limited liability company, trust
or other entity, or any Governmental Authority.

“Plan” means any employee pension benefit plan
(other than a Multiemployer Plan) subject to the provisions of Title IV of
ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of
which the Parent Corporation or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA.

“Pro Rata Share” shall mean, with respect to any
Lender at any time, a percentage, the numerator of which shall be such Lender’s
outstanding Term Loan and the denominator of which shall be the sum of the
aggregate outstanding Term Loans of all Lenders.

“Rating Category” means the public rating, if
any, assigned to the Parent Corporation’s senior unsecured and unsupported long
term debt by S&P, or any other nationally recognized debt rating agency, as
the case may be.

“Receivable” of any Person means, as at any date
of determination thereof, the unpaid principal portion of the obligation of any
customer of such Person to pay money to such Person in respect of any services
performed by such Person or inventory purchased from such Person, net of all
credits, rebates and offsets owed to such customer by such Person and also net
of all commissions payable by such Person to third parties (and for purposes
hereof, a credit or rebate paid by check or draft of such Person shall be
deemed to be outstanding until such check or draft shall have been debited to
the respective account of such Person on which such check or draft was drawn
and all rights, security and guaranties with respect to the foregoing and any
collections with respect thereto).

 13
 

 

“Receivables Charges” means any charges, fees,
interest expense, discounts, or similar items incurred by the Parent
Corporation or its Subsidiaries in connection with the sale, transfer, or
assignment by such Person of Receivables of such Person.

“Regulation D” shall mean Regulation D of the
Board of Governors of the Federal Reserve System, as the same may be in effect
from time to time, and any successor regulations.

“Related Parties” shall mean, with respect to any
specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s
Affiliates.

“Release” means any release, spill, emission,
leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal,
leaching or migration into the environment (including ambient air, surface
water, groundwater, land surface or subsurface strata) or within any building,
structure, facility or fixture.

“Rentals” means the aggregate fixed amounts
payable by the Parent Corporation and its Subsidiaries under any lease of real
property or Revenue-Generating Equipment having an original term (including any
required renewals or any renewals at the option of lessor) of one year or more
but does not include any amounts payable under any Capital Lease Obligations by
the Parent Corporation or its Subsidiaries, as lessee.

“Required Lenders” shall mean, at any time,
Lenders holding more than 50% of the aggregate outstanding Term Loans at such
time.

“Reset Date” shall mean the following dates upon
which the LIBOR Rate shall be redetermined and reset until the next ensuing
Reset Date:

December 29, 2006

March 29, 2007

June 29, 2007

September 28, 2007

December 31, 2007

March 31, 2008

June 30, 2008

September 29, 2008

December 29, 2008

March 30, 2009

June 29, 2009

“Responsible Officer” shall mean any of the
President, the Chief Financial Officer or the Treasurer of the Borrower or such
other representative of the Borrower as may be designated in writing by any one
of the foregoing with the consent of the Administrative Agent; and, with
respect to the financial covenants only, the Chief Financial Officer or the
Treasurer of the Borrower.

“Revenue Generating Equipment” means tractors,
trailers, containers or chasses.

 14
 

 

“S&P” shall mean Standard & Poor’s.

“Sale-Leaseback Transaction” means any
arrangement whereby the Parent Corporation or any Subsidiary shall sell,
transfer or otherwise dispose of any of its property which it has owned and
occupied (in the case of real property) or owned (in the case of property other
than real property), and then or thereafter rent or lease, as lessee, such
property or any part thereof (except any such arrangements pursuant to which
one or more Subsidiaries of the Parent Corporation shall sell, transfer or
otherwise dispose of such property to the Parent Corporation and thereafter
lease such property from the Parent Corporation).

“Securitized Receivables Transaction” means a
sale, transfer, conveyance, lease, or assignment by the Parent Corporation and
its Subsidiaries of Receivables of the Parent Corporation or its Subsidiaries
created after the Effective Date, in connection with any one or more
transactions involving the securitization of such Receivables.

“Special Purpose Subsidiary” means any special
purpose entity that is a Subsidiary and that is established for the purposes of
purchasing Receivables and financing such Receivables in a permitted
Securitized Receivables Transaction.

“Subordinated Indebtedness” means all unsecured
Indebtedness of the Borrower or a Subsidiary of Borrower which is made
subordinate and junior in right of payment to the Obligations by the inclusion
in the instrument evidencing or creating such Indebtedness or the indenture or
other instrument under which such Indebtedness is issued of subordination
provisions and terms acceptable to the Administrative Agent.

“Security Agreement” shall mean that certain
Security Agreement dated as of the date hereof, executed by Borrower and the
Administrative Agent on behalf of the Lenders, as it may be amended or restated
from time to time.

“Senior Revolving Credit Facility” shall mean
that certain $200,000,000 Senior Revolving Credit Facility dated April 27, 2005
by and among the Parent Corporation, the Banks named therein from time to time
and Bank of America, N.A. as administrative agent, as previously amended and as
it may be amended from time to time.

“Subordinated Debt Documents” shall mean any
indenture, agreement or similar instrument governing any Permitted Subordinated
Debt.

“Subsidiary” shall mean, with respect to any
Person (the “parent”), any corporation,
partnership, joint venture, limited liability company, association or other
entity the accounts of which would be consolidated with those of the parent in
the parent’s consolidated financial statements if such financial statements
were prepared in accordance with GAAP as of such date, as well as any other
corporation, partnership, joint venture, limited liability company, association
or other entity (i) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary
voting power, or in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned, Controlled or held, or (ii)
that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the
parent.

 15
 

 

“Taxes” shall mean any and all present or future
taxes, levies, imposts, duties, deductions, charges or withholdings imposed by
any Governmental Authority.

“Term Loan(s)” shall have the meaning set forth
in Section 2.2.

“Term Loan Commitment” shall mean, with respect
to each Lender, the obligation of such Lender to make a Term Loan hereunder on
the Closing Date, in a principal amount not exceeding the amount set forth with
respect to such Lender on the signature pages to this Agreement. The aggregate
principal amount of all Lenders’ Term Loan Commitments is $100,000,000.

“Withdrawal Liability” shall mean liability to a
Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title
IV of ERISA.

Section
1.2            Accounting
Terms and Determination. Unless otherwise defined or specified herein, all
accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required
to be delivered hereunder shall be prepared, in accordance with GAAP as in
effect from time to time, applied on a basis consistent (except for such
changes approved by the Borrower’s independent public accountants) with the
most recent audited consolidated financial statement of the Borrower delivered
pursuant to Section 5.1(a); provided, that if the Borrower
notifies the Administrative Agent that the Borrower wishes to amend any
covenant in Article VI to eliminate the effect of any change in GAAP on the
operation of such covenant (or if the Administrative Agent notifies the
Borrower that the Required Lenders wish to amend Article VI for such purpose),
then the Borrower’s compliance with such covenant shall be determined on the
basis of GAAP in effect immediately before the relevant change in GAAP became
effective, until either such notice is withdrawn or such covenant is amended in
a manner satisfactory to the Borrower and the Required Lenders.

Section
1.3            Terms
Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be
construed to have the same meaning and effect as the word “shall”. In the
computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including” and the word “to” means “to but
excluding”. Unless the context requires otherwise (i) any definition of or
reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as it
was originally executed or as it may from time to time be amended, supplemented
or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (ii) any reference herein to
any Person shall be construed to include such Person’s successors and permitted
assigns, (iii) the words “hereof”, “herein” and “hereunder” and words of
similar import shall be construed to refer to this Agreement as a whole and not
to any particular provision hereof, (iv) all references to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles, Sections,
Exhibits and Schedules to this 

 16
 

 

Agreement and (v) all references to a specific time
shall be construed to refer to central standard or daylight time, as
applicable.

ARTICLE II

AMOUNT AND TERMS OF THE COMMITMENTS

Section
2.1            General
Description of the Facility. Subject to and upon the terms and conditions
herein set forth, the Lenders hereby establish in favor of the Borrower a
credit facility pursuant to which each Lender severally agrees to make a Term
Loan to the Borrower on the Closing Date in a principal amount not exceeding
such Lender’s Term Loan Commitment.

Section
2.2            Term
Loan Commitments. Subject to the terms and conditions set forth herein,
each Lender severally agrees to make a single loan (each, a “Term Loan”) to the Borrower on the
Closing Date in a principal amount not to exceed the Term Loan Commitment of
such Lender. The execution and delivery of this Agreement by the Borrower and
the satisfaction of all conditions precedent pursuant to Section 3.1
shall be deemed to constitute the Borrower’s request to borrow the Term Loans
on the Closing Date.

Section 2.3            Funding
of Loans.

(a)           Each Lender will make available the
Term Loan to be made by it hereunder on the Closing Date in immediately
available funds by 11:00 a.m. to the Administrative Agent at the Payment
Office. The Administrative Agent will make such Term Loans available to the
Borrower by promptly crediting the amounts that it receives, in like funds by
the close of business on the Closing Date, to an account maintained by the
Borrower with the Administrative Agent or at the Borrower’s option, by
effecting a wire transfer of such amounts to an account designated by the
Borrower to the Administrative Agent.

(b)           No Lender shall be responsible for
any default by any other Lender in its obligations hereunder, and each Lender
shall be obligated to make its Loans provided to be made by it hereunder,
regardless of the failure of any other Lender to make its Loans hereunder.

Section 2.4            Repayment of
Loans. The Borrower unconditionally promises to pay to the Administrative
Agent for the account of each Lender the principal amounts in installments
payable on the dates set forth below, with each such installment being in the
aggregate principal amount for all Lenders set forth opposite such date below:

	
  Installment Date

  	
   

  	
  Principal Payment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 29,
  2006

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  March 29, 2007

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  June 29, 2007

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  September 28,
  2007

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  September 29,
  2008

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  December 29,
  2008

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  March 30, 2009

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  
	
  June 29, 2009

  	
   

  	
  $

  	
  3,500,000.00

  	
   

  

 

 17
 

 

 

provided,
that the aggregate remaining unpaid principal balance of the Term Loans shall
be due and payable as a balloon payment on the Maturity Date.

Section
2.5            Evidence
of Indebtedness. Each Lender shall maintain in accordance with its usual
practice appropriate records evidencing the indebtedness of the Borrower to
such Lender resulting from the Term Loan made by such Lender, including the
amounts of principal and interest payable thereon and paid to such Lender from
time to time under this Agreement. The Administrative Agent shall maintain
appropriate records in which shall be recorded (i) the Term Loan Commitment of
each Lender, (ii) the date and amount of any principal or interest due and
payable or to become due and payable from the Borrower to each Lender hereunder
in respect of such Loans and (iii) both the date and amount of any sum received
by the Administrative Agent hereunder from the Borrower in respect of the Loans
and each Lender’s Pro Rata Share thereof. The entries made in such records shall
be prima facie evidence of the existence
and amounts of the obligations of the Borrower therein recorded; provided,
that the failure or delay of any Lender or the Administrative Agent in
maintaining or making entries into any such record or any error therein shall
not in any manner affect the obligation of the Borrower to repay the Loans
(both principal and unpaid accrued interest) of such Lender in accordance with
the terms of this Agreement.

Section
2.6            Prepayments.
In the event the Borrower shall prepay the Loans, the Borrower shall give
irrevocable written notice to the Administrative Agent no later than three (3)
Business Days prior to any such prepayment. Each such notice shall be
irrevocable and shall specify the proposed date of such prepayment and the
principal amount to be prepaid. Upon receipt of any such notice, the
Administrative Agent shall promptly notify each Lender of the contents thereof
and of such Lender’s Pro Rata Share of any such prepayment. If such notice is
given, the aggregate amount specified in such notice shall be due and payable
on the date designated in such notice, together with accrued interest to such
date on the amount so prepaid. Each partial prepayment of any Loan shall be in
a minimum amount of $1,000,000 and $100,000 increments in excess thereof. Each
prepayment shall be applied ratably to the Loans in inverse order of
maturity.  In the event a prepayment is
made on a date other than a Reset Date, the Borrower shall also pay any amounts
required under Section 2.13.

Section 2.7            Interest
on Loans.

(a)           The Borrower shall pay interest on
the Loans at the Adjusted LIBO Rate plus the Applicable Margin in effect.

(b)           While an Event of Default exists or
after acceleration, at the option of the Required Lenders, the Borrower shall
pay interest (“Default Interest”) with
respect to all Loans and all other Obligations hereunder (other than Loans), at
the Base Rate, plus an additional 2% per annum.

 18

 

(c)           Interest on the principal amount of
the Loans shall accrue from and including the date such Loans are made to but
excluding the date of any repayment thereof. Interest shall be payable in
arrears on the principal payment dates set forth in Section 2.4. On the
Maturity Date, the Borrower will repay all accrued interest on the Loans and
any other amounts owing hereunder.

Section 2.8            Computation
of Interest .

All computations of interest hereunder shall be made on the basis of a
year of 360 days for the actual number of days (including the first day but
excluding the last day) occurring in the period for which such interest or fees
are payable (to the extent computed on the basis of days elapsed). Each
determination by the Administrative Agent of an interest amount or fee
hereunder shall be made in good faith and, except for manifest error, shall be
final, conclusive and binding for all purposes.

Section
2.9            Inability
to Determine Interest Rates. If during the term hereof, market
circumstances affecting the relevant interbank market exist so that the LIBOR
Rate cannot be ascertained, the Administrative Agent shall give written notice
(or telephonic notice, promptly confirmed in writing) to the Borrower and to
the Lenders as soon as practicable thereafter. Until the Administrative Agent
shall notify the Borrower and the Lenders that the circumstances giving rise to
such notice no longer exist, (i) the obligations of the Lenders to continue
outstanding Loans as Eurodollar Loans shall be suspended on the next ensuing
Reset Date and (ii) all Loans shall be converted into Base Rate Loans on the
next ensuing Reset Date, unless the Borrower prepays the Loans in accordance
with this Agreement.

Section
2.10         Illegality.
If any Change in Law shall make in unlawful or impossible for any Lender to
make, maintain or fund any Eurodollar Loan and such Lender shall so notify the
Administrative Agent, the Administrative Agent shall promptly give notice
thereof to the Borrower and the other Lenders, whereupon until such Lender notifies
the Administrative Agent and the Borrower that the circumstances giving rise to
such suspension no longer exist, the obligation of such Lender to continue
outstanding Loans as Eurodollar Loans, shall be suspended. The affected
outstanding Eurodollar Loan shall be converted to a Base Rate Loan either on
the next ensuing Reset Date if such Lender may lawfully continue to maintain
such Loan to such date or (ii) immediately if such Lender shall determine that
it may not lawfully continue to maintain such Eurodollar Loan to such date.
Notwithstanding the foregoing, the affected Lender shall, prior to giving such
notice to the Administrative Agent, designate a different Applicable Lending
Office if such designation would avoid the need for giving such notice and if
such designation would not otherwise be disadvantageous to such Lender in the
good faith exercise of its discretion.

Section 2.11         Increased
Costs.

(a)           If any Change in Law shall:

(i)            impose, modify or deem applicable
any reserve, special deposit or similar requirement that is not otherwise
included in the determination of the Adjusted LIBO Rate hereunder against
assets of, deposits with or for the account 

 19
 

 

of, or credit extended
by, any Lender (except any such reserve requirement reflected in the Adjusted
LIBO Rate); or

(ii)           impose on any Lender or the
eurodollar interbank market any other condition affecting this Agreement or any
Eurodollar Loans made by such Lender or any participation therein;

and the result of the foregoing is to increase the cost
to such Lender of continuing or maintaining a Eurodollar Loan or to increase
the cost to such Lender or to reduce the amount received or receivable by such
Lender hereunder (whether of principal, interest or any other amount), then the
Borrower shall promptly pay, upon written notice from and demand by such Lender
upon the Borrower (with a copy of such notice and demand to the Administrative
Agent), to the Administrative Agent for the account of such Lender, within five
(5) Business Days after the date of such notice and demand, additional amount
or amounts sufficient to compensate such Lender, for such additional costs
incurred or reduction suffered.

(b)           If any Lender shall have determined
that on or after the date of this Agreement any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on
such Lender’s capital (or on the capital of such Lender’s parent corporation)
as a consequence of its obligations hereunder to a level below that which such
Lender or such Lender’s parent corporation could have achieved but for such
Change in Law (taking into consideration such Lender’s policies or the policies
of such Lender’s parent corporation with respect to capital adequacy) then,
from time to time, within five (5) Business Days after receipt by the Borrower
of written demand by such Lender (with a copy thereof to the Administrative
Agent), the Borrower shall pay to such Lender such additional amounts as will
compensate such Lender or such Lender’s parent corporation for any such
reduction suffered.

(c)           A certificate of a Lender setting
forth the amount or amounts necessary to compensate such Lender or such Lender’s
parent corporation, as the case may be, specified in paragraph (a) or (b) of
this Section shall be delivered to the Borrower (with a copy to the
Administrative Agent) and shall be conclusive, absent manifest error. The
Borrower shall pay any such Lender, as the case may be, such amount or amounts
within ten (10) days after receipt thereof.

(d)           Failure or delay on the part of any
Lender to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s right to demand such compensation.

Section 2.12         Taxes.

(a)           Any and all payments by or on account
of any obligation of the Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided,
that if the Borrower shall be required to deduct any Indemnified Taxes or Other
Taxes from such payments, then (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section) the Administrative
Agent, any 

 20
 

 

Lender shall receive an
amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall
pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

(b)           In addition, the Borrower shall pay
any Other Taxes to the relevant Governmental Authority in accordance with
applicable law.

(c)           The Borrower shall indemnify the
Administrative Agent and each Lender, within five (5) Business Days after
written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Lender on or with respect to any
payment by or on account of any obligation of the Borrower hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section) and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Borrower by a Lender, or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error.

(d)           As soon as practicable after any
payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental
Authority, the Borrower shall deliver to the Administrative Agent the original
or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent.

(e)           Any Foreign Lender that is entitled
to an exemption from or reduction of withholding tax under the law of the
jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time
or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a
reduced rate. Without limiting the generality of the foregoing, each Foreign
Lender agrees that it will deliver to the Administrative Agent and the Borrower
(or in the case of a Participant, to the Lender from which the related
participation shall have been purchased) two (2) duly completed copies of
Internal Revenue Service Form 1001 or 4224, or any successor form thereto, as
the case may be, certifying in each case that such Foreign Lender is entitled
to receive payments made by the Borrower hereunder and under the Notes payable
to it, without deduction or withholding of any United States federal income
taxes and (ii) a duly completed Internal Revenue Service Form W-8BEN or W-8ECI,
or any successor form thereto, as the case may be, to establish an exemption
from United State backup withholding tax. Each such Foreign Lender shall
deliver to the Borrower and the Administrative Agent such forms on or before
the date that it becomes a party to this Agreement (or in the case of a
Participant, on or before the date such Participant purchases the related
participation). In addition, each such Lender shall deliver such 

 21
 

 

forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Lender.
Each such Lender shall promptly notify the Borrower and the Administrative
Agent at any time that it determines that it is no longer in a position to
provide any previously delivered certificate to the Borrower (or any other form
of certification adopted by the U.S. taxing authorities for such purpose).

Section 2.13         Funding
Indemnity.  In the event of the
payment of principal of a Eurodollar Loan other than on a Reset Date (including
as a result of an Event of Default), the Borrower shall compensate each Lender,
within five (5) Business Days after written demand from such Lender, for any
loss attributable to such event. In the case of a Eurodollar Loan, such loss
shall be an amount equal to the excess, if any, of (A) the amount of interest
that would have accrued on the principal amount of such Eurodollar Loan if such
event had not occurred at the Adjusted LIBOR Rate applicable to such Eurodollar
Loan for the period from the date of such event to the next ensuing Reset Date
over (B) the amount of interest that would accrue on the principal amount of
such Eurodollar Loan for the same period if the Adjusted LIBOR Rate were set on
the date such Eurodollar Loan was prepaid. A certificate as to any additional
amount payable under this Section 2.13 submitted to the Borrower by any
Lender shall be conclusive, absent manifest error.

Section 2.14         Payments
Generally; Pro Rata Treatment; Sharing of Set-offs.

(a)           The Borrower shall make each payment
required to be made by it hereunder (whether of principal or interest, or of
amounts payable under Section 2.11, Section 2.12 or 2.13,
or otherwise) prior to 12:00 noon, on the date when due, in immediately
available funds, without set-off or counterclaim. Any amounts received after
such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the
Administrative Agent at the Payment Office, except that payments pursuant to Sections
2.11, 2.12 and 2.13 and 10.3 shall be made directly to
the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment
shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be made payable for the
period of such extension. All payments hereunder shall be made in Dollars.

(b)           If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts
of principal and interest then due hereunder, such funds shall be applied (i)
first, towards payment of interest and fees then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of interest and
fees then due to such parties, and (ii) second, towards payment of principal
then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal then due to such parties.

(c)           If any Lender shall, by exercising
any right of set-of or counterclaim or otherwise, obtain payment in respect of
any principal of or interest on its Loan that would 

 22
 

 

result in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loan
and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations in the Loans of other Lenders to the extent
necessary so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans; provided, that (i) if any
such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans to any
assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the
Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

(d)           Unless the Administrative Agent shall
have received notice from the Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of the Lenders hereunder
that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders
the amount or amounts due. In such event, if the Borrower has not in fact made
such payment, then each of the Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such
Lender with interest thereon, for each day from and including the date such amount
is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Effective Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

(e)           If any Lender shall fail to make any
payment required to be made by it pursuant to Section 2.14(d) or 10.3(d),
then the Administrative Agent may, in its discretion (notwithstanding any
contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are
fully paid.

Section 2.15         Mitigation
of Obligations; Replacement of Lenders.

(a)           If any Lender requests compensation
under Section 2.11, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.12, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its
Loans hereunder or to assign its rights and obligations hereunder to another of
its offices, 

 23
 

 

branches or affiliates,
if, in the sole judgment of such Lender, such designation or assignment (i)
would eliminate or reduce amounts payable under Section 2.11 or Section
2.12, as the case may be, in the future and (ii) would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and
expenses incurred by any Lender in connection with such designation or
assignment.

ARTICLE III

CONDITIONS PRECEDENT TO LOANS

Section
3.1            Conditions
To Effectiveness. The obligation of the Lenders to make Loans shall not
become effective until the date on which each of the following conditions is
satisfied.

(a)           The Administrative Agent shall have
received all amounts due and payable on or prior to the Closing Date, including
reimbursement or payment of all out-of-pocket expenses (including reasonable
fees, charges and disbursements of counsel to the Administrative Agent)
required to be reimbursed or paid by the Borrower hereunder or under any other
Loan Document;

(b)           The Administrative Agent (or its
counsel) shall have received the following:

(i)            a counterpart of this Agreement
signed by or on behalf of each party hereto;

(ii)           duly executed Notes payable to each
Lender;

(iii)          a duly executed Parent Guaranty;

(iv)          a duly executed Security Agreement;

(v)           a certificate of the Secretary or
Assistant Secretary of Borrower, attaching and certifying copies of its bylaws
and of the resolutions of its boards of directors, authorizing the execution,
delivery and performance of the Loan Documents to which it is a party and
certifying the name, title and true signature of each officer executing the
Loan Documents to which it is a party;

(vi)          a certificate of the Secretary or
Assistant Secretary of the Parent Corporation, attaching and certifying copies
of its bylaws and certifying the name, title and true signature of each officer
of the parent Corporation executing the Loan Documents to which it is a party;

(vii)         certified copies of the articles of
incorporation or other charter documents of each Loan Party, together with
certificates of good standing or existence, as may be available from the
Secretary of State of the jurisdiction of incorporation of such Loan Party and
each other jurisdiction where such Loan Party is required to be qualified to do
business as a foreign corporation;

 24
 

 

(viii)        a favorable written opinion of Mitchell,
Williams, Selig, Gates & Woodyard, P.L.L.C., counsel to the Loan Parties,
addressed to the Administrative Agent for the benefit of the Lenders, and
covering such matters relating to the Loan Parties, the Loan Documents and the
transactions contemplated therein as the Administrative Agent shall reasonably
request;

(ix)           a payoff letter, in form and
substance satisfactory to the Administrative Agent, executed by General
Electric Capital Corporation, setting forth the amount required to pay in full
all obligations of the Borrower to such entity and undertaking to release its
lien upon the trailers scheduled in the Security Agreement and deliver to the
Administrative Agent titles thereto.

(x)            A lien search with respect to the
collateral described in the Security Agreement, showing no Liens with respect
thereto other than the Liens to be released pursuant to clause (ix) of this
subsection (b).

Section
3.2            Delivery
of Documents. All of the Loan Documents, certificates, legal opinions and
other documents and papers referred to in this Article III, unless otherwise
specified, shall be delivered to the Administrative Agent for the account of
each of the Lenders and, except for the Notes, in sufficient counterparts or
copies for each of the Lenders and shall be in form and substance satisfactory
in all respects to the Administrative Agent.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Administrative Agent and
each Lender as follows:

Section
4.1            Existence;
Power. The Borrower, the Parent Corporation and each of its Subsidiaries
(i) is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, (ii) has all requisite power and
authority to carry on its business as now conducted, and (iii) is duly
qualified to do business, and is in good standing, in each jurisdiction where
such qualification is required, except where a failure to be so qualified could
not reasonably be expected to result in a Material Adverse Effect.

Section 4.2            Organizational
Power; Authorization. The execution, delivery and performance by each Loan
Party of the Loan Documents to which it is a party are within such Loan Party’s
organizational powers and have been duly authorized by all necessary
organizational action. This Agreement has been duly executed and delivered by
the Borrower, and constitutes, and each other Loan Document to which any Loan
Party is a party, when executed and delivered by such Loan Party, will constitute,
valid and binding obligations of the Borrower or such Loan Party (as the case
may be), enforceable against it in accordance with their respective terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting the enforcement of creditors’ rights
generally and by general principles of equity.

 25
 

 

Section
4.3            Governmental
Approvals; No Conflicts. The execution, delivery and performance by the
Borrower of this Agreement, and by each Loan Party of the other Loan Documents
to which it is a party (a) do not require any consent or approval of,
registration or filing with, or any action by, any Governmental Authority,
except those as have been obtained or made and are in full force and effect or
where the failure to do so, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect, (b) will not violate
any applicable law or regulation or the charter, by-laws or other
organizational documents of the Borrower, the Parent Corporation or any of its
Subsidiaries or any order of any Governmental Authority, (c) will not violate
or result in a default under any indenture, material agreement or other
material instrument binding on the Borrower, the Parent Corporation or any of
its Subsidiaries or any of their assets or give rise to a right thereunder to
require any payment to be made by the Borrower, the Parent Corporation or any
of its Subsidiaries and (d) will not result in the creation or imposition of
any Lien on any asset of the Borrower, the Parent Corporation or any of its
Subsidiaries, except Liens created under the Loan Documents.

Section
4.4            Financial
Statements. The Parent Corporation has furnished to each Lender (i) the
audited consolidated balance sheet of the Parent Corporation and its
Subsidiaries as of December 31, 2005 and the related consolidated statements of
income, shareholders’ equity and cash flows for the fiscal year then ended and
(ii) the unaudited consolidated balance sheet of the Parent Corporation and its
Subsidiaries as at the end of the June 30, 2006, and the related unaudited
consolidated statements of income and cash flows for the fiscal quarter and
year-to-date period then ending, certified by a Responsible Officer. Such
financial statements fairly present the consolidated financial condition of the
Parent Corporation and its Subsidiaries as of such dates and the consolidated
results of operations for such periods in conformity with GAAP consistently
applied, subject to year end audit adjustments and the absence of footnotes in
the case of the statements referred to in clause (ii). Since December 31, 2005,
there have been no changes with respect to the Parent Corporation and its
Subsidiaries which have had or could reasonably be expected to have, singly or
in the aggregate, a Material Adverse Effect.

Section 4.5            Litigation
and Environmental Matters.

(a)           No litigation, investigation or
proceeding of or before any arbitrators or Governmental Authorities is pending
against or, to the knowledge of the Borrower, threatened against or affecting
the Parent Corporation or any of its Subsidiaries (i) as to which there is a
reasonable possibility of an adverse determination that could reasonably be
expected to have, either individually or in the aggregate, a Material Adverse
Effect or (ii) which in any manner draws into question the validity or
enforceability of this Agreement or any other Loan Document.

(b)           Except for the matters set forth on Schedule
4.5, neither the Parent Corporation nor any of its Subsidiaries (i) has
failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental
Law, (ii) has become subject to any Environmental Liability, (iii) has received
notice of any claim with respect to any Environmental Liability or (iv) knows
of any basis for any Environmental Liability.

 26
 

 

Section
4.6            Compliance
with Laws and Agreements. The Parent Corporation and each Subsidiary is in
compliance with (a) all applicable laws, rules, regulations and orders of any
Governmental Authority, and (b) all indentures, agreements or other instruments
binding upon it or its properties, except where non-compliance, either singly
or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

Section
4.7            Investment
Company Act, Etc. Neither the Parent Corporation nor any of its
Subsidiaries is (a) an “investment company”, as defined in, or subject to
regulation under, the Investment Company Act of 1940, as amended, (b) a “holding
company” as defined in, or subject to regulation under, the Public Utility
Holding Company Act of 2005, as amended or (c) otherwise subject to any other
regulatory scheme limiting its ability to incur debt.

Section
4.8            Taxes.
The Parent Corporation and its Subsidiaries have timely filed or caused to be
filed all federal income tax returns and all other material tax returns that
are required to be filed by them, and have paid all taxes shown to be due and
payable on such returns or on any assessments made against it or its property
and all other taxes, fees or other charges imposed on it or any of its property
by any Governmental Authority, except (i) to the extent the failure to do so
would not have a Material Adverse Effect or (ii) where the same are currently
being contested in good faith by appropriate proceedings and for which the
Parent Corporation or such Subsidiary, as the case may be, has set aside on its
books adequate reserves.

Section
4.9            Margin
Regulations. None of the proceeds of Loans will be used for “purchasing” or
“carrying” any “margin stock” with the respective meanings of each of such
terms under Regulation U as now and from time to time hereafter in effect or
for any purpose that violates the provisions of the applicable Margin
Regulations.

Section
4.10         ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken
together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse
Effect. The present value of all accumulated benefit obligations under each
Plan (based on the assumptions used for purposes of Statement of Financial
Standards No. 87) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed by more than $1,000,000 the fair
market value of the assets of such Plan, and the present value of all
accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Standards No. 87) did
not, as of the date of the most recent financial statements reflecting such
amounts, exceed by more than $1,000,000 the fair market value of the assets of
all such underfunded Plans.

Section 4.11         Ownership
of Property.

(a)           Each of the Parent Corporation and
its Subsidiaries has good title to, or valid leasehold interests in, all of its
real and personal property material to the operation of its business.

(b)           Each of the Parent Corporation and
its Subsidiaries owns, or is licensed, or otherwise has the right, to use, all
patents, trademarks, service marks, tradenames, copyrights and other
intellectual property material to its business, and the use thereof by 

 27
 

 

the Parent Corporation
and its Subsidiaries does not infringe on the rights of any other Person,
except for any such infringements that, individually or in the aggregate, would
not have a Material Adverse Effect.

Section
4.12         Disclosure.
The Borrower has disclosed to the Lenders all agreements, instruments, and
corporate or other restrictions to which the Borrower, the Parent Corporation
or any of its Subsidiaries is subject, and all other matters known to any of
them, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. Neither the reports (including without
limitation all reports that the Parent Corporation is required to file with the
Securities and Exchange Commission), financial statements, certificates or
other information furnished by the Borrower to the Administrative Agent or any
Lender in connection with the negotiation of this Agreement or any other Loan
Document or delivered hereunder or thereunder (as modified or supplemented by
any other information so furnished) contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein,
taken as a whole, in light of the circumstances under which they were made, not
misleading.

Section
4.13         Labor
Relations. There are no strikes, lockouts or other material labor disputes
or grievances against the Parent Corporation or any of its Subsidiaries, or, to
the Borrower’s knowledge, threatened against or affecting the Parent
Corporation or any of its Subsidiaries, and no significant unfair labor
practice, charges or grievances are pending against the Parent Corporation or
any of its Subsidiaries, or to the Borrower’s knowledge, threatened against any
of them before any Governmental Authority.

Section
4.14         Subsidiaries.
Schedule 4.14 sets forth the name of, the ownership interest of the Parent
Corporation in, the jurisdiction of incorporation of, and the type of each
Subsidiary as of the Closing Date.

ARTICLE V

AFFIRMATIVE COVENANTS

The Borrower covenants and agrees that so long as any principal or
interest on the Loans remains unpaid or any other Obligations remain unpaid:

Section
5.1            Financial
Statements and Other Information. The Borrower will deliver to the
Administrative Agent and each Lender:

(a)           as soon as available and in any event
within 100 days after the end of each Fiscal Year, a copy of the annual audited
report for such Fiscal Year for the Parent Corporation and its Subsidiaries,
containing a consolidated balance sheet of the Parent Corporation and its
Subsidiaries as of the end of such fiscal year and the related consolidated
statements of income, stockholders’ equity and cash flows (together with all
footnotes thereto) of the Parent Corporation and its Subsidiaries for such
fiscal year, setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail and reported on by Ernst &
Young or other independent public accountants of nationally recognized standing
(without a “going concern” or like 

 28
 

 

qualification, exception
or explanation and without any qualification or exception as to scope of such
audit) to the effect that such financial statements present fairly in all
material respects the financial condition and the results of operations of the
Parent Corporation and its Subsidiaries for such fiscal year on a consolidated basis
in accordance with GAAP and that the examination by such accountants in
connection with such consolidated financial statements has been made in
accordance with generally accepted auditing standards;

(b)           as soon as available and in any event
within 45 days after the end of each of the first three Fiscal Quarters of each
Fiscal Year, an unaudited consolidated balance sheet of the Parent Corporation
and its Subsidiaries as of the end of such Fiscal Quarter and the related
unaudited consolidated statements of income and cash flows of the Parent
Corporation and its Subsidiaries for such fiscal quarter and the then elapsed
portion of such fiscal year, setting forth in each case in comparative form the
figures for the corresponding quarter and the corresponding portion of Parent
Corporation’s previous Fiscal Year, all certified by the Chief Financial
Officer or Treasurer of the Parent Corporation as presenting fairly in all
material respects the financial condition and results of operations of the
Parent Corporation and its Subsidiaries on a consolidated basis in accordance
with GAAP, subject to normal year-end audit adjustments and the absence of
footnotes;

(c)           concurrently with the delivery of the
financial statements referred to in clauses (a) and (b) above, a certificate of
a Responsible Officer, (i) certifying as to whether there exists a Default or
Event of Default on the date of such certificate, and if a Default or an Event
of Default then exists, specifying the details thereof and the action which the
Borrower has taken or proposes to take with respect thereto, (ii) setting forth
in reasonable detail calculations demonstrating compliance with Article VI and
(iii) stating whether any change in GAAP or the application thereof has
occurred since the date of the Parent Corporation’s most recent audited
financial statements and, if any change has occurred, specifying the effect of
such change on the financial statements accompanying such certificate;

(d)           promptly after the same become
publicly available, copies of all periodic and other reports, proxy statements
and other materials filed with the Securities and Exchange Commission, or any
Governmental Authority succeeding to any or all functions of said Commission,
or with any national securities exchange, or distributed by the Parent
Corporation to its shareholders generally, as the case may be; and

(e)           promptly following any request
therefor, such other information regarding the results of operations, business
affairs and financial condition of the Parent Corporation or any Subsidiary
thereof, as the Administrative Agent may reasonably request.

Section
5.2            Notices
of Material Events. The Borrower will furnish to the Administrative Agent
prompt written notice of the following:

(a)           the occurrence of any Default or
Event of Default;

 29
 

 

(b)           the filing or commencement of any
action, suit or proceeding by or before any arbitrator or Governmental
Authority against or, to the knowledge of the Borrower, affecting the Parent
Corporation or any Subsidiary which, if adversely determined, could reasonably
be expected to result in a Material Adverse Effect;

(c)           the occurrence of any event or any
other development by which the Parent Corporation or any of its Subsidiaries
(i) fails to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental
Law, (ii) becomes subject to any Environmental Liability, (iii) receives notice
of any claim with respect to any Environmental Liability, or (iv) becomes aware
of any basis for any Environmental Liability and in each of the preceding
clauses, which individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect;

(d)           the occurrence of any ERISA Event
that alone, or together with any other ERISA Events that have occurred, could
reasonably be expected to result in liability of the Parent Corporation and its
Subsidiaries in an aggregate amount exceeding $1,000,000; and

(e)           any other development that results
in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a
written statement of a Responsible Officer setting forth the details of the
event or development requiring such notice and any action taken or proposed to
be taken with respect thereto.

Section
5.3            Existence;
Conduct of Business. The Borrower will, and will cause each of its
Subsidiaries to, do or cause to be done all things necessary to preserve, renew
and maintain in full force and effect its legal existence and its respective
rights, licenses, permits, privileges, franchises, patents, copyrights,
trademarks and trade names material to the conduct of its business and will
continue to engage in the same business as presently conducted or such other
businesses that are reasonably related thereto; provided, that nothing
in this Section shall prohibit any merger, consolidation, liquidation or
dissolution permitted under Section 7.3.

Section
5.4            Compliance
with Laws, Etc. The Borrower will, and will cause each of its Subsidiaries
to, comply with all laws, rules, regulations and requirements of any
Governmental Authority applicable to its properties, except where the failure
to do so, either individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

Section 5.5            Payment
of Obligations. The Borrower will, and will cause each of its Subsidiaries
to, pay and discharge at or before maturity, all of its obligations and
liabilities (including without limitation all tax liabilities and claims that
could result in a statutory Lien) before the same shall become delinquent or in
default, except where (a) the validity or amount thereof is being contested in
good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has
set aside on its books adequate reserves with respect thereto in accordance
with GAAP and (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect.

 30
 

 

Section
5.6            Books
and Records. The Borrower will, and will cause each of its Subsidiaries to,
keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to its business and
activities to the extent necessary to prepare the financial statements in
conformity with GAAP.

Section
5.7            Visitation,
Inspection, Etc. The Borrower will, and will cause each of its Subsidiaries
to, permit any representative of the Administrative Agent or any Lender, to visit
and inspect its properties, to examine its books and records and to make copies
and take extracts therefrom, and to discuss its affairs, finances and accounts
with any of its officers and with its independent certified public accountants,
all at such reasonable times and as often as the Administrative Agent or any
Lender may reasonably request after reasonable prior notice to the Borrower.

Section
5.8            Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its
Subsidiaries to, (a) keep and maintain all property material to the conduct of
its business in good working order and condition, ordinary wear and tear except
where the failure to do so, either individually or it the aggregate, could not
reasonably be expected to result in a Material Adverse Effect and (b) maintain
with financially sound and reputable insurance companies, insurance with
respect to its properties and business, and the properties and business of its
Subsidiaries, against loss or damage of the kinds customarily insured against
by companies in the same or similar businesses operating in the same or similar
locations.

Section
5.9            Use of
Proceeds. The Borrower will use the proceeds of the Loans to finance the
acquisition of the trailers described in the Security Agreement. No part of the
proceeds of the Loans will be used, whether directly or indirectly, for any
purpose that would violate any rule or regulation of the Board of Governors of
the Federal Reserve System, including Regulations T, U or X.

Section
5.10         Interest
Rate Protection. As promptly as practicable, and in any event within seven
(7) days after the Closing Date, the Borrower will enter into, and thereafter
maintain in effect, one or more Hedging Agreements on such terms and with such
parties as shall be reasonably satisfactory to the Administrative Agent, the
effect of which shall be to fix or limit the interest cost to the Borrower with
respect to at least 100% of the Loans until the Maturity Date.

Section
5.11         Post
Closing Documents. On or before November 1, 2006, the Borrower shall
deliver to the Administrative Agent:

(a)           a certificate of the Secretary or
Assistant Secretary of the Parent Corporation, attaching and certifying the
resolutions of its board of directors, ratifying the execution, delivery and
performance of the Parent Guaranty; and

(b)           a favorable supplemental opinion of
Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., counsel to the Loan
Parties, addressed to the Administrative Agent for the benefit of the Lenders,
and covering matters relating to the Parent Guaranty as the Administrative
Agent shall reasonably request.

 31
 

 

ARTICLE VI

FINANCIAL COVENANTS

The Borrower covenants and agrees that so long as any principal of or
interest on or the Loans remain unpaid or any other Obligation remain unpaid:

Section
6.1            Adjusted
Debt to Cash Flow Ratio. The Parent Corporation will have, as of the end of
each Fiscal Quarter an Adjusted Debt to Cash Flow Ratio of not greater than
3.00 to 1.00.

Section
6.2            Fixed
Charge Coverage Ratio. The Parent Corporation will have, as of the end of
each Fiscal Quarter, a Fixed Charge Coverage Ratio of not less than 1.25 to
1.00.

ARTICLE VII

NEGATIVE COVENANTS

The Borrower covenants and agrees that so long as any principal of or
interest on the Loans remains unpaid or any Obligations remain unpaid, the
Borrower shall not and shall not permit a Subsidiary of Borrower to:

Section 7.1            Negative
Pledge.  Create, assume or suffer to
exist any Lien upon any of its property or assets, including capital stock,
whether now owned or hereafter acquired, except for Permitted Liens.

Section
7.2            Investments.  Make any Investment or Guarantee (other than
the Parent Guarantee and other than the Subsidiary Guaranty as described and
defined in the Senior Revolving Credit Facility) other than a Permitted
Investment.

Section
7.3            Publicly-Rated
Indebtedness.  After receipt of a
notice by the Borrower from the Administrative Agent of the occurrence of any
event or events that individually or in the aggregate may have a Material
Adverse Effect, create, incur, permit, assume or suffer to exist any
publicly-rated Indebtedness maturing within 180 days after the date of
issuance, other than such publicly-rated Indebtedness of the Borrower that is
in existence as of the date of such notice (including any extensions, renewals
or refinancings thereof; provided that such extensions, renewals or
refinancings do not increase the principal amount of such publicly-rated
Indebtedness of the Borrower over that of the preceding day).

Section
7.4            Subsidiary
Debt.  Permit any Subsidiary to incur
Indebtedness (other than (i) Indebtedness under Capital Lease Obligations or
Indebtedness incurred at the time of acquisition of any property to secure a
portion of the purchase price thereof, and (ii) Indebtedness of a Special
Purpose Subsidiary in connection with a Permitted Securitized Receivables
Transaction).

Section 7.5            Letters
of Credit.  Arrange for or cause to
be issued for its account or the account of any of its Subsidiaries letters of
credit with an aggregate available amount at any time outstanding in excess of
$75,000,000.

 32
 

 

Section
7.6            Subordinated
Indebtedness.

(a)           Incur any Subordinated Indebtedness
unless such Subordinated Indebtedness is subordinated to the Obligations in
accordance with its terms, and has other terms and conditions, in all respects
acceptable to the Administrative Agent and the Required Lenders;

(b)           directly or indirectly pay, prepay,
defease or in substance defease, purchase, redeem, retire or otherwise acquire,
any principal amount of any Subordinated Indebtedness; or

(c)           permit any Subordinated Indebtedness
to be secured or to be guaranteed by any Subsidiary of Borrower.

Section 7.7            Merger,
Sale of Assets, etc.

(a)           Be a party to any merger,
consolidation or reorganization, unless (i) no Default then exists and no
Default would exist immediately after giving effect thereto or would result
therefrom, and (ii)(A) the Borrower is the surviving corporation, (B) if the
Borrower is not a party thereto, any wholly owned Subsidiary of the Borrower
party thereto is the surviving corporation, or (C) if neither the Borrower nor
a wholly owned Subsidiary of the Borrower is a party thereto, the surviving
corporation shall be a Subsidiary of the Borrower;

(b)           Sell, transfer, assign, pledge or
convey (other than any disposition to the Borrower or any Subsidiary of
Borrower of shares of any Subsidiary of Borrower) any shares of capital stock
of any Subsidiary of Borrower (each, a “Disposition”) if the cumulative
book value (at the time of the Disposition thereof) of such shares, when added
to the aggregate book value (at the time of the Disposition thereof) of all
other shares disposed of by the Borrower and its Subsidiaries under this clause
(b) from the Effective Date up to and including the day on which such
proposed Disposition is to occur, exceeds twenty percent (20%) of Net Worth as
of the date of the most recent balance sheet of the Parent Corporation
delivered pursuant to this Agreement; provided, however, that
concurrently with any Disposition made pursuant to this clause (b), all
or substantially all of the net proceeds of such Disposition shall be applied
to permanently reduce the Senior Revolving Credit Facility or the Term Loans
hereunder; and provided, further, that nothing in this clause
(b) shall be interpreted to permit any sale, transfer, assignment, pledge
or conveyance of the capital stock of Borrower;

(c)           Sell, transfer, assign or convey
(other than in the ordinary course of business, or in connection with (i) any
Permitted Lien granted thereon, (ii) Sale Leaseback Transactions of assets
prior to the Maturity Date having an aggregate book value up to 10% of the
Parent Corporation’s Net Worth as of the end of the preceding calendar year,
(iii) any Permitted Securitized Receivables Transaction, (iv) any sale of the
Borrower’s ownership interest in Transplace, Inc. or (v) any sale(s) in any
calendar year of property or assets for net proceeds up to an aggregate amount
of 10% of the Parent 

 33
 

 

Corporation’s Net Worth
as of the end of the preceding calendar year) any property or assets of the
Borrower, the Parent Corporation Transport or any other Subsidiary; or

(d)           Other than assignments of past due
Receivables for collection in the ordinary course of business or a Permitted
Securitized Receivables Transaction, sell, transfer, convey, lease or assign
with or without recourse any Receivables.

Section
7.8            Limitation
on Restrictions on Subsidiary Dividends and Other Distributions.   Permit any of its Subsidiaries, directly or
indirectly, to create or otherwise cause or suffer to exist or become effective
any encumbrance or restriction on the ability of any of such Subsidiaries to
(a) pay dividends or make any other distributions on its capital stock or any
other interest or participation in its profits owned by the Borrower or any of
its Subsidiaries, or pay any Indebtedness owed by any of the Subsidiaries to
the Borrower or to any other Subsidiary, (b) make loans or advances to the
Borrower or to any other Subsidiary of Borrower, (c) create, incur, assume or
suffer to exist Liens on the property of it or any other Subsidiary of
Borrower, or (d) transfer any of its properties or assets to the Borrower or to
any other Subsidiary of Borrower, except for such encumbrances or restrictions
existing under or by reason of applicable law, this Agreement, and Permitted
Liens (such restrictions existing by reason of any Permitted Lien only
prohibiting the transfer of such properties or assets subject to such Permitted
Lien).

Section
7.9            No
Conflicts.  Enter into any material
agreement containing any provision which would be violated or breached by the
performance of its obligations hereunder or under any other Loan Document or
any instrument or document delivered or to be delivered by it hereunder or
thereunder or in connection herewith or therewith.

Section
7.10         Nature
of Business.  Engage in any business
or operations except for providing distribution and distribution related
services, principally as a common carrier, in the United States and
internationally.

Section
7.11         Transactions
with Affiliates.  Enter into any
transaction or series of transactions (other than a Permitted Securitized
Receivables Transaction), whether or not in the ordinary course of business,
with any Affiliate other than on terms and conditions at least as favorable to
the Borrower or its Subsidiaries as would be obtainable by the Borrower or such
Subsidiaries at the time in a comparable arm’s-length transaction with a Person
other than an Affiliate.

Section
7.12         Margin
Stock.  Use or permit any proceeds of
the Loans to be used, either directly or indirectly, for the purpose, whether
immediate, incidental or ultimate, of “purchasing or carrying margin stock”
within the meaning of Regulation U of the Federal Reserve Board.

ARTICLE VIII

EVENTS OF DEFAULT

Section 8.1            Events
of Default. If any of the following events (each an “Event
of Default”) shall occur:

 34
 

 

(a)           the Borrower shall fail to pay any
principal of any Loan when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment or otherwise;
or

(b)           the Borrower shall fail to pay any
interest on any Loan or any other amount (other than an amount payable under
clause (a) of this Article) payable under this Agreement or any other Loan
Document, when and as the same shall become due and payable, and such failure
shall continue unremedied for a period of five (5) Business Days; or

(c)           any representation or warranty made
or deemed made by or on behalf of the Borrower, the Parent Corporation or any
Subsidiary in or in connection with this Agreement or any other Loan Document
or in any certificate, financial statement or other document submitted to the
Administrative Agent or the Lenders by any Loan Party in connection with this
Agreement is incorrect in any material respect when made; or

(d)           the Borrower shall fail to observe or
perform any covenant or agreement contained in Section 5.3 (with respect
to the Borrower’s existence), Section 5.11 or Articles VI or VII; or

(e)           any Loan Party shall fail to observe
or perform any covenant or agreement contained in this Agreement (other than
those referred to in clauses (a), (b) and (d) above), and such failure shall
remain unremedied for 30 days after the earlier of (i) any officer of the
Borrower becomes aware of such failure, or (ii) notice thereof shall have been
given to the Borrower by the Administrative Agent or any Lender; or

(f)            the Borrower, the Parent Corporation
or any of its Subsidiaries (whether as primary obligor or as guarantor or other
surety) shall fail to pay any principal of or premium or interest on any
Indebtedness (except any Indebtedness of any Subsidiary to a Loan Party or a
Loan Party to another Loan Party) that is in excess of $50,000,000, when and as
the same shall become due and payable (whether at scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue
after the applicable grace period, if any, specified in the agreement or
instrument evidencing such Indebtedness; or any other event shall occur or
condition shall exist under any agreement or instrument relating to such
Indebtedness and shall continue after the applicable grace period, if any,
specified in such agreement or instrument, if the effect of such event or
condition is to accelerate, or permit the acceleration of, the maturity of such
Indebtedness; or any such Indebtedness shall be declared to be due and payable;
or required to be prepaid or redeemed (other than by a regularly scheduled
required prepayment or redemption), purchased or defeased, or any offer to
prepay, redeem, purchase or defease such Indebtedness shall be required to be
made, in each case prior to the stated maturity thereof; or

(g)           the Borrower, the Parent Corporation
or any of its Subsidiaries shall (i) commence a voluntary case or other
proceeding or file any petition seeking liquidation, reorganization or other
relief under any federal, state or foreign bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a custodian,

 35
 

 

trustee, receiver,
liquidator or other similar official of it or any substantial part of its
property, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in clause (i) of
this Section, (iii) apply for or consent to the appointment of a custodian,
trustee, receiver, liquidator or other similar official for the Borrower, the
Parent Corporation or any of its Subsidiaries or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors, or (vi) take any action for the purpose of effecting any
of the foregoing; or

(h)           an involuntary proceeding shall be
commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of the Borrower, the Parent
Corporation or any of its Subsidiaries or its debts, or any substantial part of
its assets, under any federal, state or foreign bankruptcy, insolvency or other
similar law now or hereafter in effect or (ii) the appointment of a custodian,
trustee, receiver, liquidator or other similar official for the Borrower, the
Parent Corporation or any of its Subsidiaries or for a substantial part of its
assets, and in any such case, such proceeding or petition shall remain
undismissed for a period of 60 days or an order or decree approving or ordering
any of the foregoing shall be entered; or

(i)            the Borrower, the Parent Corporation
or any of its Subsidiaries shall become unable to pay, shall admit in writing
its inability to pay, or shall fail to pay, its debts as they become due; or

(j)            an ERISA Event shall have occurred
that, in the reasonable opinion of the Required Lenders, when taken together
with other ERISA Events that have occurred, could reasonably be expected to
result in liability to the Parent Corporation or any of its Subsidiaries in an
aggregate amount exceeding $10,000,000; or

(k)           any of the Obligations shall cease to
be “Senior Debt” or “Senior Funded Debt” within the meaning of the instruments
evidencing Subordinated Indebtedness, or the subordination provisions in the
instruments evidencing Subordinated Indebtedness shall at any time and for any
reason cease to be in full force and effect; or

(l)            the Borrower, the Parent Corporation
or any of its Subsidiaries shall default in the payment when due, or in the
performance or observance of, any material obligation of, or condition agreed
to by, such Person with respect to any material purchase or lease of goods or
services (except only to the extent that the existence of any such default is
being contested by the Borrower, the Parent Corporation or such Subsidiary in
good faith and by appropriate proceedings) if such default would reasonably be
expected to have a Materially Adverse Effect; or

(m)          assets of the Borrower, the Parent
Corporation or any of its Subsidiaries with a net book value in excess of
$15,000,000 shall be attached for execution or become subject to the order of
any court or any other process for execution and attachment and such
attachment, order or process shall remain in effect and undischarged for thirty
(30) days; or

 36
 

 

(n)           one or more final judgments for the
payment of money with respect to which the Borrower, the Parent Corporation or
any of its Subsidiaries is not indemnified or insured (which indemnification or
insurance shall not in any way be contested) shall be rendered against the
Borrower, the Parent Corporation or any of its Subsidiaries in an aggregate
amount in excess of $15,000,000 and the same shall remain undischarged for a
period of thirty (30) days during which execution of such judgment shall not be
effectively stayed; or

(o)           the Borrower, the Parent Corporation
or any of its Subsidiaries shall be the subject of any proceeding or
investigation pertaining to the release by the Borrower, the Parent Corporation
or any of its Subsidiaries, or any other Person, of any Hazardous Material, or
any violation of or non-compliance with any Environmental Requirement, which
would, in either case, have a Materially Adverse Effect; or

(p)           a Change in Control shall occur or
exist with respect to the Borrower or the Parent Corporation; or

(q)           A default exists and is continuing under
the Parent Guarantee Agreement or any provision of any Parent Guarantee
Agreement shall for any reason cease to be valid and binding on, or enforceable
against the Parent Corporation, or the Parent Corporation shall so state in
writing, or the Parent Corporation shall seek to terminate its Parent Guarantee
Agreement; or

(r)            A default exists and is continuing
under the Security Agreement or any provision of any Security Agreement shall
for any reason cease to be valid and binding on, or enforceable against the
Borrower or the Borrower shall so state in writing, or the Borrower shall seek
to terminate the Security Agreement; or

(s)           An Event of Default (as defined in
the Senior Revolving Credit Facility) exists under the Senior Revolving Credit
Facility subject to any grace periods or cure periods set forth therein;

then, and in every
such event (other than an event described in clause (g) or (h) of this Section)
and at any time thereafter during the continuance of such event, the
Administrative Agent may, and upon the written request of the Required Lenders
shall, by notice to the Borrower, take any or all of the following actions, at
the same or different times: (i) declare the principal of and any accrued
interest on the Loans, and all other Obligations owing hereunder, to be,
whereupon the same shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower and (ii) exercise all remedies contained in any
other Loan Document; and that, if an Event of Default specified in either
clause (g) or (h) shall occur, the principal of the Loans then outstanding,
together with accrued interest thereon, and all fees, and all other Obligations
shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the
Borrower.

 37

 

ARTICLE IX

THE ADMINISTRATIVE AGENT

Section
9.1            Appointment
of Administrative Agent. Each Lender irrevocably appoints SunTrust Bank as
the Administrative Agent and authorizes it to take such actions on its behalf
and to exercise such powers as are delegated to the Administrative Agent under
this Agreement and the other Loan Documents, together with all such actions and
powers that are reasonably incidental thereto. The Administrative Agent may
perform any of its duties hereunder by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and
powers through their respective Related Parties. The exculpatory provisions set
forth in this Article shall apply to any such sub-agent and the Related Parties
of the Administrative Agent and any such sub-agent and shall apply to their
respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

Section 9.2            Nature
of Duties of Administrative Agent. The Administrative Agent shall not have
any duties or obligations except those expressly set forth in this Agreement
and the other Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other
implied duties, regardless of whether a Default or an Event of Default has
occurred and is continuing, (b) the Administrative Agent shall not have any
duty to take any discretionary action or exercise any discretionary powers,
except those discretionary rights and powers expressly contemplated by the Loan
Documents that the Administrative Agent is required to exercise in writing by
the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 10.2),
and (c) except as expressly set forth in the Loan Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower, the Parent
Corporation or any of its Subsidiaries that is communicated to or obtained by
the Administrative Agent or any of its Affiliates in any capacity. The Administrative
Agent shall not be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.2) or in the absence of its own gross negligence
or willful misconduct. The Administrative Agent shall not be deemed to have
knowledge of any Default or Event of Default unless and until written notice
thereof is given to the Administrative Agent by the Borrower or any Lender, and
the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements, or other terms and conditions set forth in any Loan
Document, (iv) the validity, enforceability, effectiveness or genuineness of
any Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article III or elsewhere in any Loan
Document, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

 38
 

 

Section
9.3            Lack
of Reliance on the Administrative Agent. Each of the Lenders acknowledges
that it has, independently and without reliance upon the Administrative Agent
or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each of the Lenders also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it has deemed
appropriate, continue to make its own decisions in taking or not taking of any
action under or based on this Agreement, any related agreement or any document
furnished hereunder or thereunder.

Section
9.4            Certain
Rights of the Administrative Agent. If the Administrative Agent shall
request instructions from the Required Lenders with respect to any action or
actions (including the failure to act) in connection with this Agreement, the
Administrative Agent shall be entitled to refrain from such act or taking such
act, unless and until it shall have received instructions from such Lenders;
and the Administrative Agent shall not incur liability to any Person by reason
of so refraining. Without limiting the foregoing, no Lender shall have any
right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting hereunder in accordance
with the instructions of the Required Lenders where required by the terms of
this Agreement.

Section
9.5            Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed
by it to be genuine and to have been signed, sent or made by the proper Person.
The Administrative Agent may also rely upon any statement made to it orally or
by telephone and believed by it to be made by the proper Person and shall not
incur any liability for relying thereon. The Administrative Agent may consult
with legal counsel (including counsel for the Borrower), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or not taken by it in accordance with the advice of such counsel,
accountants or experts.

Section
9.6            The
Administrative Agent in its Individual Capacity. The bank serving as the
Administrative Agent shall have the same rights and powers under this Agreement
and any other Loan Document in its capacity as a Lender as any other Lender and
may exercise or refrain from exercising the same as though it were not the
Administrative Agent; and the terms “Lenders”, “Required Lenders”, “holders of
Notes”, or any similar terms shall, unless the context clearly otherwise
indicates, include the Administrative Agent in its individual capacity. The
bank acting as the Administrative Agent and its Affiliates may accept deposits
from, lend money to, and generally engage in any kind of business with the
Borrower, the Parent Corporation or any Subsidiary or Affiliate of the Parent
Corporation as if it were not the Administrative Agent hereunder.

Section 9.7            Successor
Administrative Agent.

(a)           The Administrative Agent may resign
at any time by giving notice thereof to the Lenders and the Borrower. Upon any
such resignation, the Required Lenders shall have the right to appoint a
successor Administrative Agent, subject to the approval by the Borrower provided
that no Default or Event of Default shall exist at such time. If no successor
Administrative Agent shall have been so appointed, and shall have accepted 

 39
 

 

such appointment within
30 days after the retiring Administrative Agent gives notice of resignation,
then the retiring Administrative Agent may, on behalf of the Lenders, appoint a
successor Administrative Agent, which shall be a commercial bank organized
under the laws of the United States of America or any state thereof or a bank
which maintains an office in the United States, having a combined capital and
surplus of at least $500,000,000.

(b)           Upon the acceptance of its
appointment as the Administrative Agent hereunder by a successor, such
successor Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring
Administrative Agent, and the retiring Administrative Agent shall be discharged
from its duties and obligations under this Agreement and the other Loan
Documents. If within 45 days after written notice is given of the retiring
Administrative Agent’s resignation under this Section 9.7 no successor
Administrative Agent shall have been appointed and shall have accepted such
appointment, then on such 45th day (i) the retiring Administrative Agent’s
resignation shall become effective, (ii) the retiring Administrative Agent
shall thereupon be discharged from its duties and obligations under the Loan
Documents and (iii) the Required Lenders shall thereafter perform all duties of
the retiring Administrative Agent under the Loan Documents until such time as
the Required Lenders appoint a successor Administrative Agent as provided
above. After any retiring Administrative Agent’s resignation hereunder, the
provisions of this Article IX shall continue in effect for the benefit of such
retiring Administrative Agent and its representatives and agents in respect of
any actions taken or not taken by any of them while it was serving as the
Administrative Agent.

ARTICLE X

MISCELLANEOUS

Section 10.1         Notices.

(a)           Except in the case of notices and
other communications expressly permitted to be given by telephone, all notices
and other communications to any party herein to be effective shall be in
writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:

	
  To the Borrower:

  	
  J. B. Hunt Transport, Inc.

  
	
   

  	
  615 J. B. Hunt
  Corporate Drive

  
	
   

  	
  Lowell, Arkansas
  72745

  
	
   

  	
  Attention:

  	
  David Chelette,

  
	
   

  	
   

  	
  Vice President
  and Treasurer

  
	
   

  	
  Facsimile
  Number: (479) 820-8896

  
	
   

  	
   

  
	
  To the
  Administrative Agent:

  	
  SunTrust Bank

  
	
   

  	
  201 Fourth
  Avenue North

  
	
   

  	
  3rd Floor

  
	
   

  	
  Nashville,
  Tennessee 37219

  

 

 40
 

 

 

	
  

  	
  Attention: 

  	
  William H.
  Crawford,

  
	
   

  	
   

  	
  Director

  
	
   

  	
  Facsimile
  Number: (615) 748-3269

  
	
   

  	
   

  
	
  To any other
  Lender:

  	
  the address set forth in the Administrative

  
	
   

  	
  Questionnaire

  

 

Any party hereto may change its address or telecopy
number for notices and other communications hereunder by notice to the other
parties hereto. All such notices and other communications shall, when
transmitted by overnight delivery, or faxed, be effective when delivered for
overnight (next-day) delivery, or transmitted in legible form by facsimile
machine, respectively, or if mailed, upon the third Business Day after the date
deposited into the mails or if delivered, upon delivery; provided, that notices
delivered to the Administrative Agent shall not be effective until actually
received by such Person at its address specified in this Section 10.1.

(b)           Any agreement of the Administrative
Agent and the Lenders herein to receive certain notices by telephone or
facsimile is solely for the convenience and at the request of the Borrower. The
Administrative Agent and the Lenders shall be entitled to rely on the authority
of any Person purporting to be a Person authorized by the Borrower to give such
notice and the Administrative Agent and Lenders shall not have any liability to
the Borrower or other Person on account of any action taken or not taken by the
Administrative Agent or the Lenders in reliance upon such telephonic or
facsimile notice. The obligation of the Borrower to repay the Loans and all
other Obligations hereunder shall not be affected in any way or to any extent
by any failure of the Administrative Agent and the Lenders to receive written
confirmation of any telephonic or facsimile notice or the receipt by the
Administrative Agent and the Lenders of a confirmation which is at variance
with the terms understood by the Administrative Agent and the Lenders to be
contained in any such telephonic or facsimile notice.

Section 10.2         Waiver;
Amendments.

(a)           No failure or delay by the
Administrative Agent, or any Lender in exercising any right or power hereunder
or any other Loan Document, and no course of dealing between the Borrower and
the Administrative Agent or any Lender, shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power or any
abandonment or discontinuance of steps to enforce such right or power, preclude
any other or further exercise thereof or the exercise of any other right or
power hereunder or thereunder. The rights and remedies of the Administrative
Agent and the Lenders hereunder and under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies provided by law. No
waiver of any provision of this Agreement or any other Loan Document or consent
to any departure by the Borrower therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for
the purpose for which given.

 41
 

 

(b)           No amendment or waiver of any
provision of this Agreement or the other Loan Documents, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Borrower and the Required Lenders or
the Borrower and the Administrative Agent with the consent of the Required
Lenders and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided, that no
amendment or waiver shall: (i) reduce the principal amount of any Loan or
reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender affected thereby, (ii) postpone the
date fixed for any payment of any principal of, or interest on, any Loan or
interest thereon or any fees hereunder or reduce the amount of, waive or excuse
any such payment, without the written consent of each Lender affected thereby,
(iii) change Section 2.14 in a manner that would alter the pro rata
sharing of payments required thereby, without the written consent of each
Lender, (iv) change any of the provisions of this Section or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of
Lenders which are required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the consent of
each Lender; (v) release any guarantor or limit the liability of any such
guarantor under any guaranty agreement; (vi) release all or substantially all
collateral (if any) securing any of the Obligations except under the terms
hereof or under the Security Agreement or agree to subordinate any Lien in such
collateral; provided further, that no such agreement shall amend, modify or
otherwise affect the rights, duties or obligations of the Administrative Agent,
without the prior written consent of such Person.

Section 10.3         Expenses;
Indemnification.

(a)           The Borrower shall pay (i) all
reasonable, out-of-pocket costs and expenses of the Administrative Agent and
its Affiliates, including the reasonable fees, charges and disbursements of
counsel for the Administrative Agent and its Affiliates, in connection with the
preparation and administration of the Loan Documents and any amendments,
modifications or waivers thereof (whether or not the transactions contemplated
in this Agreement or any other Loan Document shall be consummated),
(ii) all out-of-pocket costs and expenses (including, without limitation,
the reasonable fees, charges and disbursements of outside counsel and the
allocated cost of inside counsel) incurred by the Administrative Agent or any
Lender in connection with the enforcement or protection of its rights in
connection with this Agreement, including its rights under this Section, or in
connection with the Loans made hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such
Loans.

(b)           The Borrower shall indemnify the
Administrative Agent, each Lender, and each Related Party of any of the
foregoing (each, an “Indemnitee”) against, and
hold each of them harmless from, any and all costs, losses, liabilities,
claims, damages and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, which may be incurred by or
asserted against any Indemnitee arising out of, in connection with or as a
result of (i) the execution or delivery of this Agreement or any other
agreement or instrument contemplated hereby, the performance by the parties 

 42
 

 

hereto of their
respective obligations hereunder or the consummation of any of the transactions
contemplated hereby, (ii) any Loan or any actual or proposed use of the
proceeds therefrom, (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned by the Borrower, the Parent
Corporation or any Subsidiary thereof or any Environmental Liability related in
any way to the Borrower, the Parent Corporation or any Subsidiary thereof or
(iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other
theory and regardless of whether any Indemnitee is a party thereto; provided,
that the Borrower shall not be obligated to indemnify any Indemnitee for any of
the foregoing arising out of such Indemnitee’s gross negligence or willful
misconduct as determined by a court of competent jurisdiction in a final and
nonappealable judgment.

(c)           The Borrower shall pay, and hold the
Administrative Agent and each of the Lenders harmless from and against, any and
all present and future stamp, documentary, and other similar taxes with respect
to this Agreement and any other Loan Documents, any collateral described
therein, or any payments due thereunder, and save the Administrative Agent and
each Lender harmless from and against any and all liabilities with respect to
or resulting from any delay or omission to pay such taxes.

(d)           To the extent that the Borrower fails
to pay any amount required to be paid to the Administrative Agent under clauses
(a), (b) or (c) hereof, each Lender severally agrees to pay to the
Administrative Agent such Lender’s Pro Rata Share (determined as of the time
that the unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided, that the unreimbursed expense or indemnified payment,
claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent.

(e)           To the extent permitted by applicable
law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to actual or direct damages) arising out of, in
connection with or as a result of, this Agreement or any agreement or
instrument contemplated hereby, the transactions contemplated therein, any Loan
or the use of proceeds thereof.

(f)            All amounts due under this Section
shall be payable promptly after written demand therefor.

Section 10.4         Successors
and Assigns.

(a)           The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that the Borrower may not assign or
transfer any of its rights hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by the Borrower without such
consent shall be null and void).

 43
 

 

(b)           Any Lender may at any time assign to
one or more assignees all or a portion of its rights and obligations under this
Agreement and the other Loan Documents (including all or a portion of its Loans
at the time owing to it); provided, that (i) except in the case of an
assignment to a Lender or an Affiliate of a Lender, each of the Borrower and
the Administrative Agent must give their prior written consent (which consent
shall not be unreasonably withheld or delayed), (ii) except in the case of an
assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire amount of the assigning Lender’s Loan hereunder or an assignment while
an Event of Default has occurred and is continuing, the amount of the Loan of
the assigning Lender subject to each such assignment (determined as of the date
the Assignment and Acceptance with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $1,000,000 (unless the
Borrower and the Administrative Agent shall otherwise consent), (iii) each
partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement and the
other Loan Documents, (iv) the assigning Lender and the assignee shall execute
and deliver to the Administrative Agent an Assignment and Acceptance, together
with a processing and recordation fee payable by the assigning Lender or the
assignee (as determined between such Persons) in an amount equal to $3,500 and
(v) such assignee, if it is not a Lender, shall deliver a duly completed
Administrative Questionnaire to the Administrative Agent; provided, that
any consent of the Borrower otherwise required hereunder shall not be required
if an Event of Default has occurred and is continuing. Upon the execution and
delivery of the Assignment and Acceptance and payment by such assignee to the
assigning Lender of an amount equal to the purchase price agreed between such Persons,
such assignee shall become a party to this Agreement and any other Loan
Documents to which such assigning Lender is a party and, to the extent of such
interest assigned by such Assignment and Acceptance, shall have the rights and
obligations of a Lender under this Agreement, and the assigning Lender shall be
released from its obligations hereunder to a corresponding extent (and, in the
case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections
2.11, 2.12, 2.13 and 10.3. Upon the consummation of
any such assignment hereunder, the assigning Lender, the Administrative Agent
and the Borrower shall make appropriate arrangements to have new Notes issued
if so requested by either or both the assigning Lender or the assignee. Any
assignment or other transfer by a Lender that does not fully comply with the
terms of this clause (b) shall be treated for purposes of this Agreement as a
sale of a participation pursuant to clause (c) below.

(c)           Any Lender may at any time, without
the consent of the Borrower or the Administrative Agent sell participations to
one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of, the Loans owing to it); provided, that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the
performance of its obligations hereunder, and (iii) the Borrower, the
Administrative Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and the other Loan Documents. Any agreement
between such Lender and the Participant with respect to such participation 

 44
 

 

shall provide that such
Lender shall retain the sole right and responsibility to enforce this Agreement
and the other Loan Documents and the right to approve any amendment,
modification or waiver of this Agreement and the other Loan Documents; provided,
that such participation agreement may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, modification or waiver
of this Agreement described in the first proviso of Section 10.2(b) that
affects the Participant. The Borrower agrees that each Participant shall be
entitled to the benefits of Sections 2.11, 2.12 and 2.13
to the same extent as if it were a Lender hereunder and had acquired its
interest by assignment pursuant to paragraph (b); provided, that no
Participant shall be entitled to receive any greater payment under Section
2.11 or Section 2.13 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant
unless the sale of such participation is made with the Borrower’s prior written
consent. To the extent permitted by law, the Borrower agrees that each
Participant shall be entitled to the benefits of Section 2.14 as though
it were a Lender, provided, that such Participant agrees to share with
the Lenders the proceeds thereof in accordance with Section 2.14 as
fully as if it were a Lender hereunder. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of Section
2.12 unless the Borrower is notified of such participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to
comply with Section 2.12(e) as though it were a Lender hereunder.

(d)           Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this
Agreement and its Notes (if any) to secure its obligations to a Federal Reserve
Bank without complying with this Section; provided, that no such pledge
or assignment shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto.

Section 10.5         Governing
Law; Jurisdiction; Consent to Service of Process.

(a)           This Agreement and the other Loan
Documents shall be construed in accordance with and be governed by the law
(without giving effect to the conflict of law principles thereof) of the State
of Tennessee.

(b)           The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of the United States District Court of the Middle District of
Tennessee, or the Chancery Court of Davidson County, Tennessee and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or any other Loan Document or the transactions
contemplated hereby or thereby, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in such Tennessee state court or , to the extent permitted by
applicable law, such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement or any other Loan Document shall
affect any right that the Administrative Agent or any Lender may otherwise have
to bring any action 

 45
 

 

or proceeding relating to
this Agreement or any other Loan Document against the Borrower or its
properties in the courts of any jurisdiction.

(c)           The Borrower irrevocably and
unconditionally waives any objection which it may now or hereafter have to the
laying of venue of any such suit, action or proceeding described in paragraph
(b) of this Section and brought in any court referred to in paragraph (b) of
this Section. Each of the parties hereto irrevocably waives, to the fullest
extent permitted by applicable law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

(d)           Each party to this Agreement
irrevocably consents to the service of process in the manner provided for
notices in Section 10.1. Nothing in this Agreement or in any other Loan
Document will affect the right of any party hereto to serve process in any other
manner permitted by law.

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

Section
10.7         Right of
Setoff. In addition to any rights now or hereafter granted under applicable
law and not by way of limitation of any such rights, each Lender shall have the
right, at any time or from time to time upon the occurrence and during the
continuance of an Event of Default, without prior notice to the Borrower, any
such notice being expressly waived by the Borrower to the extent permitted by
applicable law, to set off and apply against all deposits (general or special,
time or demand, provisional or final) of the Borrower at any time held or other
obligations at any time owing by such Lender to or for the credit or the
account of the Borrower against any and all Obligations held by such Lender, as
the case may be, irrespective of whether such Lender shall have made demand
hereunder and although such Obligations may be unmatured. Each Lender agrees
promptly to notify the Administrative Agent and the Borrower after any such
set-off and any application made by such Lender; provided, that the
failure to give such notice shall not affect the validity of such set-off and
application.

Section
10.8         Counterparts;
Integration. This Agreement may be executed by one or more of the parties
to this Agreement on any number of separate counterparts (including by
telecopy), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. This Agreement, the other Loan
Documents, and any separate letter agreement(s) relating to any fees payable to
the Administrative Agent constitute the entire 

 46
 

 

agreement among the parties hereto and thereto
regarding the subject matters hereof and thereof and supersede all prior
agreements and understandings, oral or written, regarding such subject matters.

Section
10.9         Survival.
All covenants, agreements, representations and warranties made by the Borrower
herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon
by the other parties hereto and shall survive the execution and delivery of
this Agreement and the making of any Loans, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid. The provisions of Sections
2.11, 2.12, 2.13, and 10.3 and Article IX shall
survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the repayment of the Loans, or the
termination of this Agreement or any provision hereof. All representations and
warranties made herein, in the certificates, reports, notices, and other documents
delivered pursuant to this Agreement shall survive the execution and delivery
of this Agreement and the other Loan Documents and the making of the Loans.

Section
10.10       Severability.
Any provision of this Agreement or any other Loan Document held to be illegal,
invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction,
be ineffective to the extent of such illegality, invalidity or unenforceability
without affecting the legality, validity or enforceability of the remaining
provisions hereof or thereof; and the illegality, invalidity or
unenforceability of a particular provision in a particular jurisdiction shall
not invalidate or render unenforceable such provision in any other
jurisdiction.

Section
10.11       Confidentiality.
The Administrative Agent and each Lender agrees to take normal and reasonable
precautions to maintain the confidentiality of any information designated in
writing as confidential and provided to it by the Borrower, the Parent
Corporation or any Subsidiary, except that such information may be disclosed
(i) to any Related Party of the Administrative Agent or any such Lender,
including without limitation accountants, legal counsel and other advisors,
(ii) to the extent required by applicable laws or regulations or by any subpoena
or similar legal process, (iii) to the extent requested by any regulatory
agency or authority, (iv) to the extent that such information becomes publicly
available other than as a result of a breach of this Section, or which becomes
available to the Administrative Agent, any Lender or any Related Party of any
of the foregoing on a nonconfidential basis from a source other than the
Borrower, (v) in connection with the exercise of any remedy hereunder or any
suit, action or proceeding relating to this Agreement or the enforcement of
rights hereunder, and (ix) subject to provisions substantially similar to this Section
10.11, to any actual or prospective assignee or Participant, or (vi) with
the consent of the Borrower. Any Person required to maintain the confidentiality
of any information as provided for in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such information as such
Person would accord its own confidential information.

 47
 

 

Section
10.12       Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any
time the interest rate applicable to the Loan, together with all fees, charges
and other amounts which may be treated as interest on the Loan under applicable
law (collectively, the “Charges”),
shall exceed the maximum lawful rate of interest (the “Maximum
Rate”) which may be contracted for, charged, taken, received or
reserved by a Lender in accordance with applicable law, the rate of interest
payable in respect of the Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of the
Loan but were not payable as a result of the operation of this Section shall be
cumulated and the interest and Charges payable to Lenders shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Rate to the date of repayment, shall
have been received by such Lender.

(remainder of page left
intentionally blank)

 48
 

 

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

	
  

  	
  J. B HUNT
  TRANSPORT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jerry W.
  Walton

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Jerry W. Walton

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUNTRUST BANK

  
	
   

  	
  as
  Administrative Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William H.
  Crawford

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  William H.
  Crawford

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Term Loan
  Commitment: $100,000,000

  
						

 

 49

 

SCHEDULE 1

EXISTING
LIENS

NONE

 

SCHEDULE 4.5

ENVIRONMENTAL
MATTERS

NONE

 

SCHEDULE
4.14

SUBSIDIARIES

1.                                         J.
B. Hunt Corp., a Delaware corporation (Subsidiary of the Parent Corporation)

2.                                         J.
B. Hunt Logistics, Inc., an Arkansas corporation (Subsidiary of L.A., Inc.)

3.                                         L.A.,
Inc., an Arkansas corporation (Subsidiary of the Parent Corporation)

4.                                         FIS,
Inc., a Nevada corporation (Subsidiary of the Parent Corporation)

5.                                         Hunt
Mexicana, S.A. de C.V., a Mexican corporation (Subsidiary of L.A., Inc.)

6.                                         JBH
Receivables LLC, a Delaware limited liability company (Subsidiary of Borrower)

 

EXHIBIT A

TERM
NOTE

	
  [$                ]

  	
   

  	
  Nashville, Tennessee

  
	
   

  	
   

  	
  September 29, 2006

  

 

FOR VALUE RECEIVED, the undersigned, J. B. Hunt Transport, Inc., a
Georgia corporation (the “Borrower”),
hereby promises to pay to                     
(the “Lender”) or its registered assigns,
at the office of SunTrust Bank (“SunTrust”)
at 25 Park Place, N.E., Atlanta, Georgia 30303, (i) on the Maturity Date (as
defined in the Term Loan Agreement dated as of September 29, 2006, as the same
may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the
Borrower, the Lenders from time to time party thereto and SunTrust, as
Administrative Agent for the Lenders, the aggregate unpaid principal amount of
the Term Loan made by the Lender to the Borrower pursuant to the Credit
Agreement, and (ii) on each date specified in the Credit Agreement prior to the
Maturity Date, the principal amount of the Term Loan made to the Borrower by
the Lender pursuant to the Credit Agreement and payable to the Lender on such
date as specified therein, in each case in lawful money of the United States of
America in immediately available funds, and to pay interest from the date
hereof on the principal amount thereof from time to time outstanding, in like
funds, at said office, at the rate or rates per annum and payable on such dates
as provided in the Credit Agreement. In addition, should legal action or
an attorney-at-law be utilized to collect any amount due hereunder, the
Borrower further promises to pay all costs of collection, including the
reasonable attorneys’ fees of the Lender.

The Borrower promises to pay interest, on demand, on any overdue
principal and, to the extent permitted by law, overdue interest from their due
dates at a rate or rates provided in the Credit Agreement.

All borrowings evidenced by this Term Note and all payments and
prepayments of the principal hereof and the date thereof shall be endorsed by
the holder hereof on the schedule attached hereto and made a part hereof or on
a continuation thereof which shall be attached hereto and made a part hereof,
or otherwise recorded by such holder in its internal records; provided,
that the failure of the holder hereof to make such a notation or any error in
such notation shall not affect the obligations of the Borrower to make the
payments of principal and interest in accordance with the terms of this Term
Note and the Credit Agreement.

This Term Note is issued in connection with, and is entitled to the
benefits of, the Credit Agreement which, among other things, contains
provisions for the acceleration of the maturity hereof upon the happening of
certain events, for prepayment of the principal hereof prior to the maturity
hereof and for the amendment or waiver of certain provisions of the Credit
Agreement, all upon the terms and conditions therein specified.

THIS TERM NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF TENNESSEE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.

 

 

	
   

  	
  J. B. HUNT TRANSPORT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 2

LOANS
AND PAYMENTS

	
  Date

  	
   

  	
  Amount of Loan

  	
   

  	
  Payments of

  Principal

  	
   

  	
  Unpaid Principal

  Balance of Note

  	
   

  	
  Name of Person

  Making Notation

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
               

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT B

[FORM
OF]

ASSIGNMENT
AND ACCEPTANCE

[date to be
supplied]

Reference is made to the Term Loan Agreement dated as of September 29,
2006 (as amended and in effect on the date hereof, the “Credit Agreement”),
among J.B. HUNT TRANSPORT, INC., a Georgia corporation, the Lenders from time
to time party hereto and SunTrust Bank, as Administrative Agent for the
Lenders. Terms defined in the Credit Agreement are used herein with the same
meanings.

The Assignor hereby sells and assigns, without recourse, to the
Assignee designated below, and the Assignee hereby purchases and assumes,
without recourse, from the Assignor, effective as of the Assignment Date set
forth below, the interests set forth below (the “Assigned Interest”) in the
Assignor’s rights and obligations under the Credit Agreement, including,
without limitation, the interests set forth below in the Term Loan of the
Assignor on the Assignment Date, but excluding accrued interest and fees to and
excluding the Assignment Date. The Assignee hereby acknowledges receipt of a
copy of the Credit Agreement. From and after the Assignment Date (i) the
Assignee shall be a party to and be bound by the provisions of the Credit
Agreement and, to the extent of the Assigned Interest, have the rights and
obligations of a Lender thereunder and (ii) the Assignor shall, to the extent
of the Assigned Interest, relinquish its rights and be released from its
obligations under the Credit Agreement.

This Assignment and Acceptance is being delivered to the Administrative
Agent together with (i) if the Assignee is a Foreign Lender, any documentation
required to be delivered by the Assignee pursuant to Section 2.12(e) of the
Credit Agreement, duly completed and executed by the Assignee, and (ii) if the
Assignee is not already a Lender under the Credit Agreement, an Administrative
Questionnaire in the form supplied by the Administrative Agent, duly completed
by the Assignee. The Assignee shall pay the fee payable to the Administrative
Agent pursuant to Section 10.4(b) of the Credit Agreement.

This Assignment and Acceptance shall be governed by and construed in
accordance with the laws of the State of Tennessee.

	
  Date of Assignment:

  
	
   

  
	
  Legal Name of
  Assignor:

  
	
   

  
	
  Legal Name of
  Assignee:

  
	
   

  
	
  Assignee’s
  Address for Notices:

  

 

 2
 

 

 

	
  Effective Date of
  Assignment:

  
	
   

  
	
   

  
	
  (“Assignment
  Date”):

  
	
   

  	
  Percentage
  Assigned of

  
	
   

  	
  Term Loan

  
	
   

  	
  (set forth, to
  at

  
	
   

  	
  least 8
  decimals, as a

  
	
   

  	
  percentage of
  the aggregate

  
	
   

  	
  Term Loans of
  all Lenders thereunder)

  
	
   

  	
   

  	
   

  
	
   

  	
  Principal Amount

  	
   

  
	
   

  	
  Assigned

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  $

  	
   

  	
  %

  
	
   

  
	
  Term Loan:

  
	
   

  
	
  The terms set
  forth above are hereby agreed to:

  
	
   

  
	
   

  	
  [Name of
  Assignor], as Assignor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name of
  Assignee], as Assignee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
								

 

 3
 

 

The undersigned hereby
consents to the within assignment:(1)

	
  [Borrower]

  	
  SunTrust Bank,
  as

  
	
   

  	
  Administrative
  Agent:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Name:

  
	
   

  	
  Title:

  	
   

  	
  Title:

  
								

 

(1)           Consents to be
included to the extent required by Section 10.4(b) of the Credit Agreement.

 4

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