Document:

exv10w12

Exhibit 10.12

CARBONITE, INC.

LOAN AND SECURITY AGREEMENT

 

 

This LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into as of May 11, 2011, by and
between COMERICA BANK (“Bank”) and CARBONITE, INC., a Delaware corporation (“Borrower”).

RECITALS

Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to
Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and
Borrower will repay the amounts owing to Bank.

AGREEMENT

The parties agree as follows:

     1. DEFINITIONS AND CONSTRUCTION.

          1.1 Definitions. As used in this Agreement, all capitalized terms shall have the
definitions set forth on Exhibit A. Any term used in the Code and not defined herein shall have
the meaning given to the term in the Code.

          1.2 Accounting Terms. Any accounting term not specifically defined on Exhibit
A shall be construed in accordance with GAAP and all calculations shall be made in accordance
with GAAP. The term “financial statements” shall include the accompanying notes and schedules.

     2. LOAN AND TERMS OF PAYMENT.

          2.1 Credit Extensions.

               (a) Promise to Pay; Use of Proceeds. Borrower promises to pay to Bank, in lawful money
of the United States of America, the aggregate unpaid principal amount of all Credit Extensions
made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit
Extensions at rates in accordance with the terms hereof. Borrower shall use the proceeds of the
Credit Extensions solely as working capital and to fund its general business requirements and not
for personal, family, household or agricultural purposes.

               (b) Advances Under Revolving Line.

                    (i) Amount. Subject to and upon the terms and conditions of this Agreement Borrower
may request Advances in an aggregate outstanding amount not to exceed the lesser of (A) the
Revolving Line or (B) the Borrowing Base. Except as set forth in the Pricing Addendum, amounts
borrowed pursuant to this Section 2.1(b) may be repaid and reborrowed at any time without penalty
or premium prior to the Revolving Maturity Date, at which time all Advances under this Section
2.1(b) shall be immediately due and payable.

                    (ii) Form of Request. Whenever Borrower desires an Advance, Borrower will notify
Bank by facsimile transmission or telephone no later than 3:00 p.m. Pacific time (12:00 p.m.
Pacific time for wire transfers), on the Business Day that the Advance is to be made. Each such
notification shall be promptly confirmed by a Payment/Advance Form in substantially the form of
Exhibit C. Bank is authorized to make Advances under this Agreement, based upon
instructions received from a Responsible Officer or a designee of a Responsible Officer, or without
instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have
become due and remain unpaid. Bank shall be entitled to rely on any facsimile or telephonic notice
given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof,
and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a
result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to
Borrower’s deposit account.

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          2.2 Overadvances. If the aggregate amount of the outstanding Advances at any time
exceeds the lesser of the Revolving Line or the Borrowing Base, Borrower shall immediately pay to
Bank, in cash, the amount of such excess.

          2.3 Interest Rates, Payments, and Calculations.

               (a) Interest Rate. Except as set forth in Section 2.3(b), the Advances shall bear
interest, on the outstanding daily balance thereof, as set forth in the Pricing Addendum.

               (b) Late Fee; Default Rate. If any payment is not made within ten (10) days after the
date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five
percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged
under applicable law. All Obligations shall bear interest, from and after the occurrence and during
the continuance of an Event of Default, at a rate equal to five (5) percentage points above the
interest rate applicable immediately prior to the occurrence of the Event of Default.

               (c) Payments. Except as set forth in the Pricing Addendum, interest hereunder shall be
due and payable on the first (1st) calendar day of each month during the term hereof. Bank shall,
at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of
Borrower’s deposit accounts or against the Revolving Line, in which case those amounts shall
thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due
shall be compounded by becoming a part of the Obligations, and such interest shall thereafter
accrue interest at the rate then applicable hereunder. All payments shall be free and clear of any
taxes, withholdings, duties, impositions or other charges, to the end that Bank will receive the
entire amount of any Obligations payable hereunder, regardless of source of payment.

               (d) Computation. With respect to Obligations bearing interest at a rate based on the
Prime Rate, in the event the Prime Rate is changed from time to time hereafter, the applicable rate
of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is
changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the
Loan Documents shall be computed on the basis of a three hundred sixty (360) day year for the
actual number of days elapsed.

          2.4 Crediting Payments. Prior to the occurrence of an Event of Default, Bank shall
credit a wire transfer of funds, check or other item of payment to such deposit account or
Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of
Default, Bank shall have the right, in its sole discretion, to immediately apply any wire transfer
of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but
such applications of funds shall not be considered a payment on account unless such payment is of
immediately available federal funds or unless and until such check or other item of payment is
honored when presented for payment. Notwithstanding anything to the contrary contained herein, any
wire transfer or payment received by Bank after 12:00 noon Pacific time shall be deemed to have
been received by Bank as of the opening of business on the immediately following Business Day.
Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of
acceleration) on a date that is not a Business Day, such payment shall instead be due on the next
Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for
the period of such extension.

          2.5 Fees. Borrower shall pay to Bank the following:

               (a) Facility Fee. On the Closing Date, a fee equal to Fifteen Thousand Dollars
($15,000), which shall be nonrefundable and fully-earned upon receipt; and

               (b) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing
Date, and, after the Closing Date, all Bank Expenses, as and when they become due.

          2.6 Term. This Agreement shall become effective on the Closing Date and, subject to
Section 13.8, shall continue in full force and effect for so long as any Obligations remain
outstanding or Bank has
any obligation to make Credit Extensions under this Agreement or any other Loan Document. Upon
the full and

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final payment and satisfaction, in cash, of all of the Obligations, the deposit of cash collateral
with respect to all contingent Obligations in amounts and on terms and conditions and with parties
satisfactory to Bank, and the full and final termination of all of Bank’s obligations and
commitments to make Credit Extensions, Bank shall, at Borrower’s sole cost and expense, release the
security interest in the Collateral granted under this Agreement. Notwithstanding the foregoing,
Bank shall have the right to terminate its obligation to make Credit Extensions under this
Agreement immediately and without notice upon the occurrence and during the continuance of an Event
of Default.

     3. CONDITIONS OF LOANS.

          3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to
make the initial Credit Extension is subject to the condition precedent that Bank shall have
received, in form and substance satisfactory to Bank, the following:

               (a) this Agreement, duly executed by Borrower;

               (b) the Pricing Addendum, duly executed by Borrower;

               (c) an officer’s certificate of Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Agreement and the other Loan Documents;

               (d) a UCC National Form Financing Statement;

               (e) agreement to furnish insurance;

               (f) payment of the fees and Bank Expenses then due specified in Section 2.5;

               (g) current SOS Reports indicating that except for Permitted Liens, there are no other
security interests or Liens of record in the Collateral;

               (h) prior to the initial Advance under the Revolving Line, an audit of the Collateral, the
results of which shall be satisfactory to Bank, which audit shall be completed within thirty (30)
days after the date hereof;

               (i) current financial statements, including audited statements for Borrower’s most recently
ended fiscal year, together with an unqualified opinion, company prepared consolidated and
consolidating balance sheets and income statements for the most recently ended month in
accordance with Section 6.2, and such other updated financial information as Bank may reasonably
request;

               (j) current Compliance Certificate in accordance with Section 6.2;

               (k) a Collateral Information Certificate;

               (l) securities and/or deposit account control agreements with respect to any accounts
permitted hereunder to be maintained outside Bank;

               (m) Collateral Access Agreements for all Collateral locations as may be required by Bank;

               (n) evidence of the funding by Borrower, in one or more deposit accounts
maintained with Bank, of the Minimum Deposit Amount;

               (o) evidence of timely completion of each of the post-closing covenants and undertakings
set forth in Section 6.12;

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               (p) an Automatic Debit Authorization, duly executed by Borrower; and

               (q) such other documents, instruments or certificates, and completion of such other
matters, as Bank may reasonably deem necessary or appropriate.

          3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make
each Credit Extension, including the initial Credit Extension, is further subject to the following
conditions:

               (a) timely receipt by Bank of the Payment/Advance Form as provided in Section 2.1;

               (b) the representations and warranties contained in Section 5 shall be true and correct in all
material respects on and as of the date of such Payment/Advance Form and on the effective date of
each Credit Extension as though made at and as of each such date, and no Event of Default shall
have occurred and be continuing, or would exist after giving effect to such Credit Extension
(provided, however, that those representations and warranties expressly referring to another date
shall be true, correct and complete in all material respects as of such date). The making of each
Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of
such Credit Extension as to the accuracy of the facts referred to in this Section 3.2; and

               (c) Bank shall have received the financial statements specified in Section 6.2(a)(i) for the
Reporting Period ending on the applicable Draw-down Reporting Date, a Borrowing Base Certificate
(and the other items required under Section 6.2(b)) as of the applicable Draw-down Reporting Date,
and a Compliance Certificate as of the applicable Draw-down Reporting Date. As used herein
“Draw-down Reporting Date” means, in relation to the proposed funding date of any Advance hereunder
(the “Funding Date”), the last day of the calendar month immediately preceding such Funding Date,
unless the Funding Date occurs during the first 25 days of a calendar month, in which case the
Draw-down Reporting Date for such Advance shall be the last day of the second most recently ended
calendar month.

          4. CREATION OF SECURITY INTEREST.

               4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing
security interest in the Collateral to secure prompt repayment of any and all Obligations and to
secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents.
Except as set forth in the Schedule, such security interest constitutes a valid, first priority
security interest in the presently existing Collateral, and will constitute a valid, first priority
security interest in later-acquired Collateral. Borrower also hereby agrees not to sell, transfer,
assign, mortgage, pledge, lease, grant a security interest in, or encumber any of its Intellectual
Property and not to allow any Lien to exist on any of its Intellectual Property, except in
connection with Permitted Liens and Permitted Transfers. Notwithstanding any termination of this
Agreement, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations are
outstanding.

               4.2 Perfection of Security Interest. Borrower authorizes Bank to file at any time
financing statements, continuation statements, and amendments thereto that (i) either specifically
describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged
hereunder, and (ii) contain any other information required by the Code for the sufficiency of
filing office acceptance of any financing statement, continuation statement, or amendment,
including whether Borrower is an organization, the type of organization and any organizational
identification number issued to Borrower, if applicable. Any such financing statements may be filed
by Bank at any time in any jurisdiction whether or not Revised Article 9 of the Code is then in
effect in that jurisdiction. Borrower shall from time to time endorse and deliver to Bank, at the
request of Bank, all Negotiable Collateral and other documents that Bank may reasonably request, in
form satisfactory to Bank, to perfect and continue perfection of Bank’s security interests in the
Collateral and in order to fully consummate all of the transactions contemplated under the Loan
Documents. Borrower shall have possession of the Collateral, except where expressly otherwise
provided in this Agreement or where Bank chooses to perfect its security interest by possession in
addition to the filing of a financing statement. Where Collateral is in possession of a third party
bailee, Borrower shall take such steps as Bank reasonably requests for Bank to (i) obtain an
acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds
such Collateral for the benefit of Bank, and (ii) obtain “control” of any Collateral consisting of
investment property, deposit accounts, letter-of-credit rights

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or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9
of the Code) by causing the securities intermediary or depositary institution or issuing bank to
execute a control agreement in form and substance satisfactory to Bank. Borrower will not create
any chattel paper without placing a legend on the chattel paper acceptable to Bank indicating that
Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank
specific cash collateral to secure specific Obligations; Borrower authorizes Bank to hold such
specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower
or any other Person to pay or otherwise transfer any part of such balances for so long as the
specific Obligations are outstanding.

          4.3 Right to Inspect. Bank (through any of its officers, employees, or agents) shall
have the right, upon reasonable prior notice, from time to time during Borrower’s usual business
hours but no more than once in any six (6) month period (unless an Event of Default has occurred
and is continuing), to inspect Borrower’s Books and to make copies thereof, to audit Borrower’s
Accounts and to check, test, and appraise the Collateral, all at Borrower’s sole cost and expense,
in order to verify Borrower’s financial condition or the amount, condition of, or any other matter
relating to, the Collateral.

          4.4 Pledge of Collateral. Borrower hereby pledges, assigns and grants to Bank a
security interest in all the Shares, together with all proceeds and substitutions thereof, all
cash, stock and other moneys and property paid thereon, all rights to subscribe for securities
declared or granted in connection therewith, and all other cash and noncash proceeds of the
foregoing, as security for the performance of the Obligations. On the Closing Date, the certificate
or certificates for the Shares will be delivered to Bank, accompanied by an instrument of
assignment duly executed in blank by Borrower. To the extent required by the terms and conditions
governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the
Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and
during the continuance of an Event of Default hereunder, Bank may effect the transfer of any
securities included in the Collateral (including but not limited to the Shares) into the name of
Bank and cause new certificates representing such securities to be issued in the name of Bank or
its transferee. Borrower will execute and deliver such documents, and take or cause to be taken
such actions, as Bank may reasonably request to perfect or continue the perfection of Bank’s
security interest in the Shares. Unless an Event of Default shall have occurred and be continuing,
Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give
consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or
consent, waiver or ratification given or action taken which would be inconsistent with any of the
terms of this Agreement or which would constitute or create any violation of any of such terms. All
such rights to vote and give consents, waivers and ratifications shall terminate upon the
occurrence and during the continuance of an Event of Default.

     5. REPRESENTATIONS AND WARRANTIES.

     Borrower represents and warrants as follows:

          5.1 Due Organization and Qualification. Borrower is a corporation duly organized and
validly existing under the laws of the State of Delaware and each Subsidiary is an entity duly
organized and validly existing under the laws of the jurisdiction in which it is organized;
Borrower and each Subsidiary are qualified and licensed to do business in any state or other
jurisdiction in which the conduct of its business or its ownership of property requires that it be
so qualified, except where the failure to do so could not reasonably be expected to cause a
Material Adverse Effect.

          5.2 Due Authorization; No Conflict. The execution, delivery, and performance of the
Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict
with nor constitute a breach of any provision contained in Borrower’s Certificate of Incorporation,
bylaws or other organizational documents, nor will they constitute an event of default under any
material agreement by which Borrower is bound. Borrower is not in default under any agreement by
which it is bound, except to the extent such default would not reasonably be expected to cause a
Material Adverse Effect.

          5.3 Collateral. Borrower has rights in or the power to transfer the Collateral, and
its title to the Collateral is free and clear of Liens, adverse claims, and restrictions on
transfer or pledge except for Permitted Liens. All Collateral is located solely in the Collateral
States at the locations specified in the Collateral Information

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Certificate, and at such other locations as may be timely disclosed in writing to Bank pursuant to
Section 7.2. The Eligible Accounts included in the most recent calculation of the Borrowing Base
are (a) bona fide existing obligations of the applicable account debtors arising out of
Subscription Agreements in the ordinary course of Borrower’s business; (b) are owed to Borrower
without any defenses, disputes, offsets or cancellation asserted by the applicable account debtor
or known to Borrower, and (c) are not excluded as ineligible by virtue of one or more of the
excluding criteria set forth in the definition of Eligible Accounts. Borrower has not received
notice of actual or imminent Insolvency Proceeding of any account debtor whose accounts are
included in any Borrowing Base Certificate as an Eligible Account. No licenses or agreements giving
rise to any such Eligible Account is with any Prohibited Territory or with any Person organized
under or doing business in a Prohibited Territory. All Inventory is in all material respects of
good and merchantable quality, free from all material defects, except for Inventory for which
adequate reserves have been made. Except as set forth in the Schedule or as disclosed in writing
from time to time with respect to accounts maintained outside of Bank to the extent expressly
permitted under Section 6.6, none of Borrower’s operating, deposit, investment or securities
accounts, is maintained or invested with a Person other than Bank or Bank’s Affiliates.

          5.4 Intellectual Property. Borrower is the sole owner of the Intellectual Property,
except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of
business. To the best of Borrower’s knowledge, each of the Copyrights, Trademarks and Patents is
valid and enforceable, and no part of the Intellectual Property has been judged invalid or
unenforceable, in whole or in part, and no claim has been made to Borrower that any part of the
Intellectual Property violates the rights of any third party except to the extent either set forth
on the Schedule or such invalidity, unenforceability or claim could not reasonably be expected to
cause a Material Adverse Effect.

          5.5 Name; Location of Chief Executive Office. Except as disclosed in the Schedule,
Borrower has not done business under any name other than that specified on the signature page
hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The
chief executive office of Borrower is located in the Chief Executive Office State at the address
indicated in Section 10 hereof or at such other location as to which Borrower has provided notice
in accordance with Section 7.2.

          5.6 Actions, Suits, Litigation, or Proceedings. Except as set forth in the Schedule,
there are no actions, suits, litigation or proceedings, at law or in equity, pending by or against
Borrower or any Subsidiary before any court, administrative agency, or arbitrator in which a likely
adverse decision could reasonably be expected to have a Material Adverse Effect.

          5.7 No Material Adverse Change in Financial Statements. All consolidated and
consolidating financial statements related to Borrower and any Subsidiary that are delivered by
Borrower to Bank fairly present in all material respects Borrower’s consolidated and consolidating
financial condition as of the date thereof and Borrower’s consolidated and consolidating results of
operations for the period then ended. There has not been a material adverse change in the
consolidated or in the consolidating financial condition of Borrower since the date of the most
recent of such financial statements submitted to Bank.

          5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade
debts) as they mature; the fair saleable value of Borrower’s assets (including goodwill minus
disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with
unreasonably small capital after the transactions contemplated by this Agreement.

          5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary have met the
minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA.
No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably
likely to result in Borrower’s incurring any liability that could reasonably be expected to have a
Material Adverse Effect. Borrower is not an “investment company” or a company “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940. Borrower is not
engaged principally, or as one of the important activities, in the business of extending credit for
the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of
the Board of Governors of the Federal Reserve System). Borrower has complied in all material
respects with all the provisions of the Federal Fair Labor Standards Act. Borrower is in compliance
with all environmental laws, regulations and ordinances except where the failure to comply is not
reasonably likely to have a

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Material Adverse Effect. Borrower has not violated any statutes, laws, ordinances or rules
applicable to it, the violation of which could reasonably be expected to have a Material Adverse
Effect. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to
be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected
therein except those being contested in good faith with adequate reserves under GAAP or where the
failure to file such returns or pay such taxes could not reasonably be expected to have a Material
Adverse Effect.

          5.10 Subsidiaries. Borrower does not own any stock, partnership interest or other
equity securities of any Person, except for Permitted Investments and Subsidiaries identified on
the Schedule. Carbonite Holdings (i) holds 100% of the Equity Interests in Carbonite China, (ii)
conducts no business or financial operations, (iii) has no Indebtedness, (iv) holds no assets other
than assets incidental to the ownership of such Equity Interests of Carbonite China, and (v) has no
Liens on any of its assets. Carbonite Canada (i) conducts no business or financial operations, (ii)
has no Indebtedness, (iii) holds no assets other than internet domain names related to Borrower’s
business operations in Canada required under applicable law to be held by a Canadian entity, and
other assets incidental to the ownership of such domain names, and (iv) has no Liens on any of its
assets. Carbonite China qualifies as an Excluded Foreign Subsidiary.

          5.11 Government Consents. Borrower and each Subsidiary have obtained all consents,
approvals and authorizations of, made all declarations or filings with, and given all notices to,
all governmental authorities that are necessary for the continued operation of Borrower’s business
as currently conducted, except where the failure to do so would not reasonably be expected to cause
a Material Adverse Effect.

          5.12 Inbound Licenses. Except as disclosed on the Schedule, Borrower is not a party
to, nor is bound by, any inbound license or other agreement, the failure, breach, or termination of
which could reasonably be expected to cause a Material Adverse Effect, or that prohibits or
otherwise restricts Borrower from granting a security interest in Borrower’s interest in such
license or agreement or any other property.

          5.13 Shares. Borrower has full power and authority to create a first lien on the
Shares and no disability or contractual obligation exists that would prohibit Borrower from
pledging the Shares pursuant to this Agreement. To Borrower’s knowledge, there are no
subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or
options exercisable with respect to the Shares. The Shares have been and will be duly authorized
and validly issued, and are fully paid and non-assessable. To Borrower’s knowledge, the Shares are
not the subject of any present or threatened suit, action, arbitration, administrative or other
proceeding, and Borrower knows of no reasonable grounds for the institution of any such
proceedings.

          5.14 Full Disclosure. No representation, warranty or other statement made by Borrower
in any certificate or written statement furnished to Bank taken together with all such
certificates and written statements furnished to Bank contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained in such
certificates or statements not misleading, it being recognized by Bank that the projections and
forecasts provided by Borrower in good faith and based upon reasonable assumptions are not to be
viewed as facts and that actual results during the period or periods covered by any such
projections and forecasts may differ from the projected or forecasted results.

     6. AFFIRMATIVE COVENANTS.

     Borrower covenants that, until payment and satisfaction in full, in cash, of all outstanding
Obligations, and for so long as Bank may have any commitment to make a Credit Extension
hereunder, Borrower shall do all of the following:

          6.1 Good Standing and Government Compliance. Borrower shall maintain its
organizational existence and good standing in the Borrower State, shall cause each of its
Subsidiaries to maintain its organizational existence in its jurisdiction of organization, shall
maintain, and shall cause each Subsidiary to maintain, qualification and good standing in each
other jurisdiction in which the failure to so qualify could reasonably be expected to have a
Material Adverse Effect, and shall furnish to Bank the organizational identification number issued
to Borrower by the authorities of the jurisdiction in which Borrower is organized, if applicable.
Borrower shall meet, and shall cause each Subsidiary, that is not a Foreign Subsidiary, to meet,
the minimum funding requirements of ERISA with

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respect to any employee benefit plans subject to ERISA. Borrower shall comply in all material
respects with all applicable Environmental Laws, and maintain all material permits, licenses and
approvals required thereunder where the failure to do so could reasonably be expected to have a
Material Adverse Effect. Borrower shall comply, and shall cause each Subsidiary to comply, with all
statutes, laws, ordinances and government rules and regulations to which it is subject, and shall
maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals
and agreements, the loss of which or failure to comply with which would reasonably be expected to
have a Material Adverse Effect.

          6.2 Financial Statements, Reports, Certificates.

               (a) Borrower shall deliver to Bank: (i) as soon as available, but in any event within
twenty-five (25) days after the last day of each Reporting Period, a company prepared consolidated
and consolidating balance sheet and income statement covering Borrower’s operations during such
period prepared in accordance with GAAP, in a form reasonably acceptable to Bank and certified by a
Responsible Officer; (ii) as soon as available, but in any event within one hundred eighty (180)
days after the end of Borrower’s fiscal year, audited consolidated and consolidating financial
statements of Borrower prepared in accordance with GAAP, consistently applied, together with an
opinion on such financial statements of an independent certified public accounting firm reasonably
acceptable to Bank (it being agreed that as of the Closing Date, Ernst & Young LLP is acceptable to
Bank) which opinion is either unqualified (including no going concern comment or qualification) or
otherwise consented to in writing by Bank; (iii) if applicable, copies of all statements, reports
and notices sent or made available generally by Borrower to its security holders or to any holders
of Subordinated Debt and all reports on Forms 10-K and 10-Q filed or required to be filed with the
Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a report of any
legal actions pending or threatened against Borrower or any Subsidiary that could reasonably be
expected to result in damages or costs to Borrower or any Subsidiary of Five Hundred Thousand
Dollars ($500,000) or more; (v) promptly upon receipt, each management letter prepared by
Borrower’s independent certified public accounting firm regarding Borrower’s management control
systems; (vi) as soon as available, but in any event not later than thirty (30) days after the last
day of each fiscal year, Borrower’s financial and business projections and budget for the
immediately following year (with monthly and quarterly detail), with evidence of approval thereof
by Borrower’s board of directors; and (vii) such budgets, sales projections, operating plans or
other financial information of Borrower as Bank may reasonably request from time to time.

               (b) Within twenty-five (25) days after the last day of each Reporting Period, Borrower shall
deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer in substantially the
form of Exhibit D hereto, together with (i) aged listings by invoice date of accounts
receivable and accounts payable, and (ii) detailed schedules supporting the calculations of
Applicable Bookings, the Subscription Renewal Rate and the Advance Rate.

               (c) Within twenty-five (25) days after the last day of each Reporting Period, Borrower shall
deliver to Bank with the financial statements required under Section 6.2(a)(i) a Compliance
Certificate certified as of the last day of the applicable Reporting Period and signed by a
Responsible Officer in substantially the form of Exhibit E hereto.

               (d) Immediately upon becoming aware of the occurrence or existence of an Event of Default
hereunder, a written statement of a Responsible Officer setting forth details of the Event of
Default, and the action which Borrower has taken or proposes to take with respect thereto.

               (e) Bank shall have the inspection, audit, appraisal and other rights set forth in Section
4.3.

     Borrower may deliver to Bank on an electronic basis any certificates, reports or information
required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information
contained in the electronic files, provided that Bank in good faith believes that the files were
delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall
also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or
        .pdf file within five (5) Business Days of submission of the unsigned electronic copy the
certification of monthly financial statements, the Borrowing Base Certificate and the Compliance
Certificate, each bearing the physical signature of the Responsible Officer.

[May 11, 2011]

8

 

          6.3 Inventory; Returns. Borrower shall keep all Inventory in good and merchantable
condition, free from all material defects except for Inventory for which adequate reserves have
been made. Returns and allowances, if any, as between Borrower and its account debtors shall be on
the same basis and in accordance with the usual customary practices of Borrower, as they exist on
the Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all
disputes and claims involving more than Two Hundred Fifty Thousand Dollars ($250,000).

          6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due and timely
payment or deposit of all material federal, state, and local taxes, assessments, or contributions
required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A.,
F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof satisfactory
to Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any
appropriate certificates attesting to the payment or deposit thereof; provided that Borrower or a
Subsidiary need not make any payment if the amount or validity of such payment is contested in good
faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by
Borrower.

          6.5 Insurance.

               (a) Borrower, at its expense, shall keep the Collateral insured against loss or damage by
fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as
ordinarily insured against by other owners in similar businesses conducted in the locations where
Borrower’s business is conducted on the date hereof. Borrower shall also maintain liability and
other insurance in amounts and of a type that are customary to businesses similar to Borrower’s.

               (b) All such policies of insurance shall be in such form, with such companies, and in such
amounts as are reasonably satisfactory to Bank. All policies of property insurance shall contain a
lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional
loss payee, and all liability insurance policies shall show Bank as an additional insured and
specify that the insurer must give at least twenty (20) days notice to Bank before canceling its
policy for any reason. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the
policies of insurance and evidence of all premium payments. If no Event of Default has occurred and
is continuing, proceeds payable under any casualty policy will, at Borrower’s option, be payable to
Borrower to replace the property subject to the claim, provided that any such replacement property
shall be deemed Collateral in which Bank has been granted a first priority security interest. If an
Event of Default has occurred and is continuing, all proceeds payable under any such policy shall,
at Bank’s option, be payable to Bank to be applied on account of the Obligations.

          6.6 Accounts. Borrower shall maintain, and shall cause all of its Subsidiaries to
maintain, all of its and their depository and operating accounts with Bank and all of its and their
securities and investment accounts with Bank; provided, however, (a) so long as (i)
no Event of Default has occurred that is continuing and (ii) Borrower maintains (at all times from
and after the date that is forty-five (45) days after the Closing Date) unencumbered Cash in one or
more deposit accounts with Bank in an amount not less than Fifteen Million Dollars ($15,000,000),
Borrower may maintain cash and securities in excess of such amount in the accounts outside of Bank
identified on the Schedule, so long as such accounts remain, at all times, subject Bank’s first
priority security interest, pursuant to account control agreements in form and substance
satisfactory to Bank; (b) Borrower’s Subsidiaries may maintain cash and securities the accounts
outside of Bank identified on the Schedule, so long as such accounts (other than accounts of
Excluded Foreign Subsidiaries) remain, at all times, subject Bank’s first priority security
interest, pursuant to account control agreements in form and substance satisfactory to Bank; and
(c) Carbonite China may maintain its accounts outside of Bank that are identified on the Schedule
and such accounts may be maintained without being subject to an account control agreement.

          6.7 Financial Covenants. Borrower shall at all times maintain the following financial
and operational ratios and covenants:

               (a) Adjusted Net Worth. From and after the date on which the outstanding
Obligations are first equal to or exceed Five Million Dollars ($5,000,000), an Adjusted Net Worth
of not less than Ten Million Dollars ($10,000,000), tested as of the last day of each Reporting
Period.

[May 11, 2011]

9

 

               (b) Minimum Active Subscriptions. From and after the date on which the outstanding
Obligations are first equal to or exceed Seven Million Five Hundred Thousand Dollars ($7,500,000),
not fewer than Eight Hundred Thousand (800,000) subscribers (not Affiliated with Borrower) under
active Subscription Agreements, tested as of the last day of each Reporting Period.

          6.8 Intellectual Property Rights.

               (a) Borrower shall register or cause to be registered (to the extent not already registered)
with the United States Patent and Trademark Office or the United States Copyright Office, as the
case may be, those registrable intellectual property rights now owned or hereafter developed or
acquired by Borrower, to the extent that Borrower, in its reasonable business judgment, deems it
appropriate to so protect such intellectual property rights.

               (b) Borrower shall periodically, and no less frequently than once each fiscal quarter, give
Bank written notice of any applications or registrations of intellectual property rights filed with
the United States Patent and Trademark Office and United States Copyright Office, including the
date of such filing and the registration or application numbers, if any.

               (c) Borrower shall periodically, and no less frequently than once each fiscal quarter, give
Bank prompt written notice of the filing of any applications or registrations with the United
States Copyright Office, including the title of such intellectual property rights to be registered,
as such title will appear on such applications or registrations, and the date such applications or
registrations will be filed.

               (d) Borrower shall (i) protect, defend and maintain the validity and enforceability of the
Intellectual Property that is material to its business as determined by Borrower in its reasonable
and good faith business judgment, (ii) use commercially reasonable efforts to detect infringements
of the Intellectual Property and promptly advise Bank in writing of material infringements detected
and (iii) not allow any material Intellectual Property to be abandoned, forfeited or dedicated to
the public without the written consent of Bank, which shall not be unreasonably withheld.

          6.9 Consent of Inbound Licensors. Prior to entering into or becoming bound by any
inbound license or agreement (other than over-the-counter software that is commercially available
to the public), the failure, breach, or termination of which could reasonably be expected to cause
a Material Adverse Effect, Borrower shall: (i) provide written notice to Bank of the material terms
of such license or agreement with a description of its likely impact on Borrower’s business or
financial condition; and (ii) in good faith take such actions as Bank may reasonably request to
obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for (A)
Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Bank to
have a security interest in such license or contract right, and to have the power to assign such
license or contract rights in connection with an enforcement of remedies, that might otherwise be
restricted by the terms of the applicable license or agreement, whether now existing or entered
into in the future, and (B) Bank to have the ability in the event of a liquidation of any
Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this
Agreement and the other Loan Documents; provided, however, so long as Borrower has
made such good faith efforts to obtain such consent or waiver, the failure to obtain the consent or
waiver shall not constitute a violation of this Section 6.9.

          6.10 Creation/Acquisition of Subsidiaries. Without limiting the generality of any
other provision hereof, in the event Borrower or any Subsidiary creates or acquires any Subsidiary,
Borrower and such Subsidiary shall promptly notify Bank of the creation or acquisition of such new
Subsidiary and take all such action as may be reasonably required by Bank to cause each such
Subsidiary (unless it is an Excluded Foreign Subsidiary) to guarantee the Obligations of Borrower
under the Loan Documents and grant a continuing pledge and security interest in and to the
collateral of such Subsidiary (substantially as described on Exhibit A hereto), and Borrower (or
any intermediate Subsidiary holding the Equity Interests in such new Subsidiary) shall grant and
pledge to Bank a perfected security interest in the Shares of each such new Subsidiary (whether
foreign or domestic). Within thirty (30) days of Carbonite Canada acquiring any assets or property
(other than Intellectual Property) with a fair market value in excess of One Hundred Thousand
Dollars ($100,000), a duly executed Third Party Security Agreement, duly executed by Carbonite
Canada.

[May 11, 2011]

10

 

          6.11 Further Assurances. At any time and from time to time Borrower shall execute and
deliver such further instruments and take such further action as may reasonably be requested by
Bank to effect the purposes of this Agreement.

          6.12 Post-Closing Undertakings.

               (a) Within thirty (30) days of the Closing Date, Borrower, Carbonite Holdings and Carbonite
Canada, as applicable, shall deliver to Bank, in each case in form and substance satisfactory to
Bank: (i) an Unconditional Guaranty duly executed by Carbonite Holdings; (ii) a Third Party
Security Agreement duly executed by Carbonite Holdings; (iii) an Unconditional Guaranty duly
executed by Carbonite Canada; and (iv) an officer’s certificate of each Guarantor with respect to
incumbency and resolutions authorizing the execution and delivery of each of the Loan Documents to
which they are a party;

               (b) Within forty-five (45) days of the Closing Date, Borrower shall: (i) fund a deposit
account maintained with Bank with at least the Minimum Deposit Amount; (ii) deliver to Bank duly
executed Collateral Access Agreements for its offices located at 177 Huntington Avenue, Boston,
Massachusetts; (iii) deliver to Bank the certificate for the Shares, together with Assignment(s)
Separate from Certificate, duly executed in blank; and (iv) deliver to Bank account control
agreements, in form and substance satisfactory to Bank, for each of the deposit, investment and
securities accounts of Borrower and Carbonite Holdings maintained outside of Bank duly executed by
Borrower or Carbonite Holdings (as applicable) and the bank, financial institution or securities
intermediary with or though whom such account is maintained;

               (c) Within sixty (60) days of the Closing Date, Borrower shall deliver to Bank duly executed
Collateral Access Agreements and for its data center maintained with Internap Network Services
Corp. and for any new data center or co-location facilities established after May 1, 2011, as Bank
may require.

Borrower acknowledges and agrees that completion and performance of the foregoing covenants is a
condition precedent to the Bank’s obligation to make the initial Advance.

     7. NEGATIVE COVENANTS.

     Borrower covenants and agrees that, so long as any credit hereunder shall be available and
until the outstanding Obligations are paid and satisfied in full, in cash, or for so long as Bank
may have any commitment to make any Credit Extensions, Borrower will not do any of the following
without Bank’s prior written consent:

          7.1 Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of
(collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of
its business or property, or subject to Section 6.6 of this Agreement, move cash balances on
deposit with Bank to accounts opened at another financial institution, other than Permitted
Transfers.

          7.2 Change in Name, Location, Executive Office, or Executive Management; Change in
Business; Change in Fiscal Year; Change in Control. Change its name or the Borrower State or
relocate its chief executive office without twenty (20) days prior written notification to Bank;
without at least thirty (30) days prior written notice to Bank, add any new offices or business or
Collateral locations (unless such new offices or locations contain, in the aggregate, less than One
Hundred Thousand Dollars ($100,000) in Borrower’s or such Subsidiaries’ assets or property);
replace its chief executive officer or chief financial officer without thirty (30) days prior
written notification to Bank; engage in any business, or permit any of its Subsidiaries to engage
in any business, other than or reasonably related or incidental to the businesses currently engaged
in by Borrower; change its fiscal year end; have a Change in Control.

          7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with or into any other Person (other than mergers or consolidations of a
Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries
to acquire, all or substantially all of the capital stock or property of another Person, or enter
into any agreement to do any of the same (each an “Acquisition Transaction”) except where: (i)
Borrower shall have given Bank at least ten (10) Business Days prior

[May 11, 2011]

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written notice of the closing of such Acquisition Transaction; (ii) the property acquired (or the
property of the Person acquired) in such Acquisition Transaction is used or useful in a line of
business substantially similar to those lines of business conducted by Borrower on the date such
Acquisition Transaction is consummated; (iii) the Aggregate Consideration for such Acquisition
Transaction, when added to the Aggregate Consideration for all previous Acquisition Transactions
occurring during the term of this Agreement, does not exceed the Aggregate Acquisition Cap then in
effect; (iv) in the case of an acquisition of the Equity Interests of another Person, the board of
directors (or other comparable governing body) of such other Person shall have duly approved such
acquisition, (v) no Event of Default, or other event or circumstance that with notice or the
passage of time or both could become an Event of Default, has occurred, is continuing or would
exist after giving effect to any such transaction; (vi) the Acquisition Transactions effected
during the term hereof, do not result, individually or in the aggregate, in a Change in Control;
(vii) Borrower is the surviving or successor entity in each such transaction; (viii) Borrower has
provided to Bank (a) such financial and other information regarding the property or Person who is
being so acquired, including historical financial statements and a description of such Person, as
Bank may reasonably request, (b) all documentation (including schedules and exhibits) relating to
each such Acquisition Transaction (including financial information and analysis, financial
projections, environmental assessments and reports, opinions, certificates and lien searches) as
Bank may reasonably request, and (c) a certificate of a Responsible Officer demonstrating pro forma
compliance with all applicable financial covenants for the most recent Reporting Period; and (ix)
the representations and warranties made by Borrower in each Loan Document shall be true and correct
in all material respects at and as if made as of the date of such Acquisition Transaction (after
giving effect thereto), except to the extent such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties shall be true and correct in
all material respects as of such earlier date.

          7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect
to any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness, or
prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any
Indebtedness, except Indebtedness to Bank.

          7.5 Encumbrances. Create, incur, assume or allow any Lien with respect to any of its
property, or assign or otherwise convey any right to receive income, including the sale of any
Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens. Agree with any
Person other than Bank not to grant a security interest in, or otherwise encumber, any of its
property, or covenant to any other Person that Borrower in the future will refrain from creating,
incurring, assuming or allowing any Lien with respect to any of Borrower’s property, or permit any
Subsidiary to do so.

          7.6 Distributions. Pay any dividends or make any other distribution or payment on
account of or in redemption, retirement or purchase of any Equity Interests, except that, subject
to the last sentence of this Section 7.6, Borrower may pay up to Two Hundred Fifty Thousand Dollars
($250,000) in the aggregate in any fiscal year to repurchase Equity Interests in Borrower, as
required pursuant to customary stock repurchase agreements approved by Borrower’s Board of
Directors, from former officers, directors or employees upon the death, disability or termination
or cessation of employment or service of such officers, directors or employees. Notwithstanding the
foregoing, Borrower shall be permitted to make such repurchases only if, at the time of such
repurchase, and immediately after giving effect thereto: (i) no Event of Default, or any event or
circumstance that with the giving of notice or the passage of time (or both) could result in an
Event of Default, exists or could reasonably be expected to occur, (ii) Borrower is solvent, and
(iii) such distribution is permitted under and is made in compliance with all applicable laws
including Sections 170 and 173 of the Delaware General Corporation Law.

          7.7 Investments. (i) Directly or indirectly acquire or own, or make any Investment in
or to any Person, or permit any of its Subsidiaries to do so, other than Permitted Investments,
(ii) except as otherwise provided in Section 6.6, maintain deposit accounts, investment accounts,
securities accounts or similar accounts with a Person other than Bank or Bank’s Affiliates or
permit any Subsidiary to do so unless such Person has entered into a control agreement with Bank,
in form and substance satisfactory to Bank, or (iii) suffer or permit any Subsidiary to be a party
to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise
distributing property to Borrower. Further, Borrower shall not enter into any license or agreement
with any Prohibited Territory or with any Person organized under or doing business in a Prohibited
Territory.

          7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist
any material transaction with any Affiliate of Borrower except for transactions that are in the
ordinary course of

[May 11, 2011]

12

 

Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than
would be obtained in an arm’s length transaction with a non-affiliated Person.

          7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit
any of its Subsidiaries to make any such payment, except in compliance with the terms of such
Subordinated Debt and the terms of the subordination agreement relating to such Subordinated Debt,
or amend any provision of any document evidencing such Subordinated Debt, except in compliance with
the terms of the subordination agreement relating to such Subordinated Debt, or amend any provision
affecting Bank’s rights contained in any documentation relating to the Subordinated Debt without
Bank’s prior written consent.

          7.10 Inventory and Equipment. Store, or cause or permit any Subsidiary (other than
Excluded Foreign Subsidiaries) to store, any Inventory or the Equipment, valued, individually or in
the aggregate, in excess of One Hundred Thousand Dollars ($100,000), with a bailee, warehouseman,
or similar third party unless (a) Borrower shall promptly thereafter give Bank written notice
thereof identifying the names and addresses of such third parties and briefly describing the
Inventory or Equipment in the possession of such third parties; and (b) the third party has been
notified of Bank’s security interest and Bank (i) shall have received a duly executed Collateral
Access Agreement, including an acknowledgment from the third party that it is holding or will hold
the Inventory or Equipment for Bank’s benefit, or (ii) is in possession of the warehouse receipt,
where negotiable, covering such Inventory or Equipment. Except for such locations as Bank may
approve in writing, Borrower shall keep, and shall cause each of its Subsidiaries to keep, its
Inventory and Equipment, valued, individually or in the aggregate, in excess of One Hundred
Thousand Dollars ($100,000), only at the locations set forth in the Schedule delivered by Borrower
to Bank prior to the Closing Date, and at such other locations of which Borrower gives Bank prior
written notice and as to which Bank files Security Instruments where needed to perfect its security
interests and liens in such Inventory and Equipment and as to which (x) Bank has received a
Collateral Access Agreement, and (y) Borrower has taken such actions as Bank reasonably requests to
perfect and maintain the perfection and priority of Bank’s Lien on the Collateral.

          7.11 No Investment Company; Margin Regulation. Become or be controlled by an
“investment company,” within the meaning of the Investment Company Act of 1940, or become
principally engaged in, or undertake as one of its important activities, the business of extending
credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit
Extension for such purpose.

     8. EVENTS OF DEFAULT.

     Any one or more of the following events shall constitute an Event of Default by Borrower under
this Agreement:

          8.1 Payment Default. If Borrower fails to pay any of the Obligations when
due;

          8.2 Covenant Default.

               (a) If Borrower fails to perform any obligation under Article 6 or violates any of the
covenants contained in Article 7 of this Agreement; or

               (b) If Borrower fails or neglects to perform or observe any other material term, provision,
condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other
present or future agreement between Borrower and Bank and as to any default under such other term,
provision, condition or covenant that can be cured, has failed to cure such default within ten (10)
days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof;
provided, however, that if the default cannot by its nature be cured within the ten (10) day period
or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such
default is likely to be cured within a reasonable time, then Borrower shall have an additional
reasonable period (which shall not in any case exceed thirty (30) days) to attempt to cure such
default, so long as Borrower continues to diligently attempt to cure such default, and within such
reasonable time period the failure to have cured such default shall not be deemed an Event of
Default but no Credit Extensions will be made;

[May 11, 2011]

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          8.3 Material Adverse Change. If there occurs any circumstance or circumstances
that has had, or could reasonably be expected to have, a Material Adverse Effect;

          8.4 Defective Perfection. If Bank shall receive at any time following the Closing
Date an SOS Report indicating that except for Permitted Liens, Bank’s security interest in the
Collateral is not prior to all other security interests or Liens of record reflected in the
report;

          8.5 Attachment. If any material portion of any Loan Party’s assets is attached,
seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of
any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or
distress warrant or levy has not been removed, discharged or rescinded within five (5) days, or if
any Loan Party is enjoined, restrained, or in any way prevented by court order from continuing to
conduct all or any material part of its business affairs, or if a judgment or other claim becomes a
lien or encumbrance upon any material portion of any Loan Party’s assets, or if a notice of lien,
levy, or assessment is filed of record with respect to any of any Loan Party’s assets by the United
States Government, or any department, agency, or instrumentality thereof, or by any state, county,
municipal, foreign or governmental agency, and the same is not paid within five (5) days after any
Loan Party receives notice thereof, provided that none of the foregoing shall constitute an Event
of Default where such action or event is stayed or an adequate bond has been posted pending a good
faith contest by Borrower (provided that no Credit Extensions will be made during such cure
period);

          8.6 Insolvency. If Borrower or any of its Subsidiaries becomes insolvent, or if an
Insolvency Proceeding is commenced by Borrower or any of its Subsidiaries, or if an Insolvency
Proceeding is commenced against Borrower or any of its Subsidiaries and is not dismissed or stayed
within forty-five (45) days (provided that no Credit Extensions will be made prior to the dismissal
of such Insolvency Proceeding);

          8.7 Other Agreements. If there is a default or other failure to perform in any
agreement to which any Loan Party is a party with a third party or parties resulting in a right by
such third party or parties, whether or not exercised, to accelerate the maturity of any
Indebtedness in an amount in excess of Five Hundred Thousand Dollars ($500,000) or that would
reasonably be expected to have a Material Adverse Effect;

          8.8 Subordinated Debt. If Borrower makes any payment on account of Subordinated Debt,
except to the extent the payment is allowed under any subordination agreement entered into with
Bank;

          8.9 Judgments; Settlements. If a judgment or judgments for the payment of money in an
amount, individually or in the aggregate, in excess of Five Hundred Thousand Dollars ($500,000)
shall be rendered against any Loan Party and shall remain unsatisfied and unstayed for a period of
ten (10) days (provided that no Credit Extensions will be made prior to the satisfaction or stay of
the judgment); or if a settlement or settlements is agreed upon for an amount individually or in
the aggregate in excess of Five Hundred Thousand Dollars ($500,000);

          8.10 Misrepresentations. If any material misrepresentation or material misstatement
exists now or hereafter in any warranty or representation set forth herein or in any certificate or
other writing delivered to Bank by Borrower or any Person acting for Borrower (including any
Responsible Officer) in connection with this Agreement or any other Loan Document or to induce Bank
to enter into this Agreement or any other Loan Document; or

          8.11 Guaranty. If (a) any guaranty of all or a portion of the Obligations (a
“Guaranty) ceases for any reason to be in full force and effect, or any Guarantor fails to perform
any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the
“Guaranty Documents”), or (b) any event of default occurs under any Guaranty Document, (c) or any
Guarantor revokes or purports to revoke a Guaranty, or (d) any material misrepresentation or
material misstatement exists now or hereafter in any warranty or representation set forth in any
Guaranty Document or in any certificate delivered to Bank in connection with any Guaranty Document.

[May 11, 2011]

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     9. BANK’S RIGHTS AND REMEDIES.

          9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event
of Default, Bank may, at its election, without notice of its election and without demand, do any
one or more of the following, all of which are authorized by Borrower:

               (a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan
Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event
of Default described in Section 8.6 (insolvency), all Obligations shall become immediately due and
payable without any action by Bank);

               (b) Demand that Borrower (i) deposit cash with Bank in an amount equal to the amount of any
Letters of Credit remaining undrawn, as collateral security for the repayment of any future
drawings under such Letters of Credit, and (ii) pay in advance all Letter of Credit fees scheduled
to be paid or payable over the remaining term of the Letters of Credit, and Borrower shall promptly
deposit and pay such amounts;

               (c) Cease advancing money or extending credit to or for the benefit of Borrower under this
Agreement or under any other agreement between Borrower and Bank;

               (d) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms
and in whatever order that Bank reasonably considers advisable;

               (e) Make such payments and do such acts as Bank considers necessary or reasonable to protect
its security interest in the Collateral. Borrower agrees to assemble the Collateral if Bank so
requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes
Bank to enter the premises where the Collateral is located, to take and maintain possession of the
Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance,
charge, or lien which in Bank’s determination appears to be prior or superior to its security
interest and to pay all expenses incurred in connection therewith. With respect to any of
Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such
premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or
remedies provided herein, at law, in equity, or otherwise;

               (f) Set off and apply to the Obligations any and all (i) balances and deposits of Borrower
held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of
Borrower held by Bank;

               (g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a
license or other right, solely pursuant to the provisions of this Section 9.1, to use, without
charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade
names, trademarks, service marks, and advertising matter, or any property of a similar nature, as
it pertains to the Collateral, in completing production of, advertising for sale, and selling any
Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1,
Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit;

               (h) Sell the Collateral at either a public or private sale, or both, by way of one or more
contracts or transactions, for cash or on terms, in such manner and at such places (including
Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the
Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral
without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties
of title or the like. This procedure will not be considered adversely to affect the commercial
reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit,
Borrower will be credited only with payments actually made by the purchaser, received by Bank, and
applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral,
Bank may resell the Collateral and Borrower shall be credited with the proceeds of the sale;

               (i) Bank may credit bid and purchase at any public sale;

[May 11, 2011]

15

 

               (j) Apply for the appointment of a receiver, trustee, liquidator or conservator of the
Collateral, without notice and without regard to the adequacy of the security for the Obligations
and without regard to the solvency of Borrower, any guarantor or any other Person liable for any
of the Obligations; and

               (k) Any deficiency that exists after disposition of the Collateral as provided above will
be paid immediately by Borrower.

Bank may comply with any applicable state or federal law requirements in connection with a
disposition of the Collateral and compliance will not be considered adversely to affect the
commercial reasonableness of any sale of the Collateral.

          9.2 Power of Attorney. Effective only upon the occurrence and during the continuance
of an Event of Default, Borrower hereby irrevocably appoints Bank (and each of Bank’s designated
officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests for
verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b)
endorse Borrower’s name on any checks or other forms of payment or security that may come into
Bank’s possession; (c) sign Borrower’s name on any invoice or bill of lading relating to any
Account, drafts against account debtors, schedules and assignments of Accounts, verifications of
Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and
adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle
and adjust disputes and claims respecting the accounts directly with account debtors, for amounts
and upon terms which Bank determines to be reasonable; (g) transfer all or any part of the
Collateral into the name of Bank or a third party to the extent permitted under the Code; (h) file,
in its sole discretion, one or more financing or continuation statements and amendments thereto,
relative to any of the Collateral without the signature of Borrower where permitted by law; (i)
after consultation with Borrower, execute and do all such assurances, acts and things which
Borrower is required, but fails to do under the covenants and provisions of the Loan Documents; (j)
take any and all such actions as Bank may reasonably determine to be necessary or advisable for the
purpose of maintaining, preserving or protecting the Collateral or any of the rights, remedies,
powers or privileges of Bank under this Agreement or the other Loan Documents; and (k) to sign
Borrower’s name on any documents or Security Instruments necessary to perfect or continue the
perfection of, or maintain the priority of, Bank’s security interest in the Collateral; provided
Bank may exercise such power of attorney to take any of the actions described in clauses (h)
through (k) above, regardless of whether an Event of Default has occurred or is continuing. The
appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and
powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully
repaid and performed and all of Bank’s obligations to provide Credit Extensions or other financial
accommodations to Borrower under this Agreement or any of the other Loan Documents shall have
terminated.

          9.3 Accounts Collection. At any time after the occurrence and during the continuation
of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security
interest in such funds and verify the amount of such Account. Borrower shall collect all amounts
owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately
deliver such payments to Bank in their original form as received from the account debtor, with
proper endorsements for deposit.

          9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof
of payment due to third persons or entities, as required under the terms of this Agreement, then
Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of
the same or any part thereof; (b) set up such reserves under the Revolving Line as Bank deems
necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain
insurance policies of the type discussed in Section 6.5 of this Agreement, and take any action with
respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall
constitute Bank Expenses, shall be immediately due and payable, and shall bear interest at the then
applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by
Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver
by Bank of any Event of Default under this Agreement.

          9.5 Bank’s Liability for Collateral. Bank has no obligation to clean up or otherwise
prepare the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be
borne by Borrower.

[May 11, 2011]

16

 

               9.6 No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the
Obligations by collecting them from any other Person liable for them and Bank may release, modify
or waive any collateral provided by any other Person to secure any of the Obligations, all without
affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to
pursue any other Person for any of the Obligations.

               9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan
Documents, and all other agreements shall be cumulative. Bank shall have all other rights and
remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by
Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of
Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a
waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a
written document signed on behalf of Bank and then shall be effective only in the specific instance
and for the specific purpose for which it was given. Borrower expressly agrees that this Section
9.7 may not be waived or modified by Bank by course of performance, conduct, estoppel or otherwise.

               9.8 Demand; Protest. Except as otherwise provided in this Agreement, Borrower waives
demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment
and any other notices relating to the Obligations.

     10. NOTICES.

Unless otherwise provided in this Agreement, all notices or demands by any party relating to this
Agreement or any other agreement entered into in connection herewith shall be in writing and
(except for financial statements and other informational documents which may be sent by first-class
mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery
service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower
or to Bank, as the case may be, at its addresses set forth below:

	 	 	 

	If to Borrower:

	 	CARBONITE, INC.
	 

	 	177 Huntington Ave.
	 

	 	Boston, MA 02115
	 

	 	Attn: General Counsel
	 

	 	FAX: (617) 587-1101
	 
	 	 
	with a copy to:

	 	CARBONITE, INC.
	 

	 	177 Huntington Ave.
	 

	 	Boston, MA 02115
	 

	 	Attn: Chief Financial Officer
	 

	 	FAX: (617) 587-1101
	 
	 	 
	with a copy to:

	 	Foley & Lardner LLP
	 

	 	111 Huntington Ave., Ste. 2600
	 

	 	Boston, MA 02199-7610
	 

	 	Attn: Susan E. Pravda, Esq.
	 

	 	FAX: (617) 342-4001
	 
	 	 
	If to Bank:

	 	Comerica Bank
	 

	 	M/C 7578
	 

	 	39200 Six Mile Rd.
	 

	 	Livonia, MI 48152
	 

	 	Attn: National Documentation Services

[May 11, 2011]

17

 

	 	 	 

	with a copy to:

	 	Comerica Bank
	 

	 	1000 Winter Street, Suite 3600
	 

	 	Waltham, MA 02451
	 

	 	Attn: William Sweeney, Sr. Vice President and
	 

	 	James Demoy, Vice President
	 

	 	FAX: (781) 487-5177

     Notwithstanding the foregoing, however, the failure by the Bank to deliver a copy of a notice
or demand to Borrower’s counsel or Borrower’s Chief Financial Officer shall not affect the validity
or efficacy of such notice or demand if otherwise sent to Borrower in accordance with this Section
10. The parties hereto may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other.

     11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

     This Agreement shall be governed by, and construed in accordance with, the internal laws of
the State of California, without regard to principles of conflicts of law. Each of Borrower and
Bank hereby submits to the exclusive jurisdiction of the State and Federal courts located in the
State of California. THE UNDERSIGNED ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED
BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF
ITS, HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES,
WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES.

     12. REFERENCE PROVISION.

          12.1 In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect
to proceed under this Judicial Reference Provision.

          12.2 With the exception of the items specified in Section 12.3, below, any controversy,
dispute or claim (each, a “Claim”) between the parties arising out of or relating to this Agreement
or any other document, instrument or agreement between the undersigned parties (collectively in
this Section, the “Comerica Documents”), will be resolved by a reference proceeding in California
in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure
(“CCP”), or their successor sections, which shall constitute the exclusive remedy for the
resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except
as otherwise provided in the Comerica Documents, venue for the reference proceeding will be in the
Superior Court in the County where the real property involved in the action, if any, is located or
in a County where venue is otherwise appropriate under applicable law (the “Court”).

          12.3 The matters that shall not be subject to a reference are the following: (i) foreclosure
of any security interests in real or personal property, (ii) exercise of selfhelp remedies
(including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary,
provisional or ancillary remedies (including, without limitation, writs of attachment, writs of
possession, temporary restraining orders or preliminary injunctions). This Agreement does not limit
the right of any party to exercise or oppose any of the rights and remedies described in clauses
(i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described
in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the
right of any party to a reference pursuant to this Agreement.

          12.4 The referee shall be a retired Judge or Justice selected by mutual written agreement of
the parties. If the parties do not agree within ten (10) days of a written request to do so by any
party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the
Court (or his or her representative). A request for appointment of a referee may be heard on an ex
parte or expedited basis, and the parties agree that irreparable harm would result if ex parte
relief is not granted.

[May 11, 2011]

18

 

          12.5 The parties agree that time is of the essence in conducting the reference
proceedings. Accordingly, the referee shall be requested, subject to change in the time periods
specified herein for good cause shown, to (i) set the matter for a status and trial-setting
conference within fifteen (15) days after the date of selection of the referee, (ii) if
practicable, try all issues of law or fact within one hundred twenty (120) days after the date of
the conference and (iii) report a statement of decision within twenty (20) days after the matter
has been submitted for decision.

          12.6 The referee will have power to expand or limit the amount and duration of discovery. The
referee may set or extend discovery deadlines or cutoffs for good cause, including a party’s
failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based
upon good cause shown, no party shall be entitled to “priority” in conducting discovery,
depositions may be taken by either party upon seven (7) days written notice, and all other
discovery shall be responded to within fifteen (15) days after service. All disputes relating to
discovery which cannot be resolved by the parties shall be submitted to the referee whose decision
shall be final and binding.

          12.7 Except as expressly set forth in this Agreement, the referee shall determine the manner
in which the reference proceeding is conducted including the time and place of hearings, the order
of presentation of evidence, and all other questions that arise with respect to the course of the
reference proceeding. All proceedings and hearings conducted before the referee, except for trial,
shall be conducted without a court reporter, except that when any party so requests, a court
reporter will be used at any hearing conducted before the referee, and the referee will be provided
a courtesy copy of the transcript. The party making such a request shall have the obligation to
arrange for and pay the court reporter. Subject to the referee’s power to award costs to the
prevailing party, the parties will equally share the cost of the referee and the court reporter at
trial.

          12.8 The referee shall be required to determine all issues in accordance with existing case
law and the statutory laws of the State of California. The rules of evidence applicable to
proceedings at law in the State of California will be applicable to the reference proceeding. The
referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that
will be binding on the parties and rule on any motion which would be authorized in a court
proceeding, including without limitation motions for summary judgment or summary adjudication. The
referee shall issue a decision at the close of the reference proceeding which disposes of all
claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision
shall be entered by the Court as a judgment or an order in the same manner as if the action had
been tried by the Court and any such decision will be final, binding and conclusive. The parties
reserve the right to appeal from the final judgment or order or from any appealable decision or
order entered by the referee. The parties reserve the right to findings of fact, conclusions of
laws, a written statement of decision, and the right to move for a new trial or a different
judgment, which new trial, if granted, is also to be a reference proceeding under this provision.

          12.9 If the enabling legislation which provides for appointment of a referee is repealed (and
no successor statute is enacted), any dispute between the parties that would otherwise be
determined by reference procedure will be resolved and determined by arbitration. The arbitration
will be conducted by a retired judge or Justice, in accordance with the California Arbitration Act
§1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to
discovery set forth above shall apply to any such arbitration proceeding.

          12.10 THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED
UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR
HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY
KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS
REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING
OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER COMERICA DOCUMENTS.

     13. GENERAL PROVISIONS.

          13.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the
respective successors and permitted assigns of each of the parties and shall bind all Persons who
become bound as a

	 	 	 

	19

	 	[May 11, 2011]

 

 

debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder
may be assigned by Borrower without Bank’s prior written consent, which consent may be granted or
withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to
Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any
interest in, Bank’s obligations, rights and benefits hereunder.

          13.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its
officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities
claimed or asserted by any other party in connection with the Collateral or the transactions
contemplated by this Agreement and/or the other Loan Documents; and (b) all losses or Bank Expenses
in any way suffered, incurred, or paid by Bank, its officers, employees and agents as a result of
or in any way arising out of, following, or consequential to transactions between Bank and Borrower
whether under this Agreement, or otherwise (including without limitation reasonable attorneys fees
and expenses), except for losses caused by Bank’s gross negligence or willful misconduct.

          13.3 Time of Essence. Time is of the essence for the performance of all obligations set forth
in this Agreement.

          13.4 Severability of Provisions. Each provision of this Agreement shall be severable from
every other provision of this Agreement for the purpose of determining the legal enforceability of
any specific provision.

          13.5 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in
this Agreement and the other Loan Documents consistent with the agreement of the parties.

          13.6 Amendments in Writing, Integration. All amendments to or terminations of this Agreement
or the other Loan Documents must be in writing signed by the parties. All prior agreements,
understandings, representations, warranties, and negotiations between the parties hereto with
respect to the subject matter of this Agreement and the other Loan Documents, if any, are merged
into this Agreement and the Loan Documents.

          13.7 Counterparts. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the
same Agreement.

          13.8 Survival. All covenants, representations and warranties made in this Agreement shall
continue in full force and effect so long as any Obligations remain outstanding or Bank has any
obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank
with respect to the expenses, damages, losses, costs and liabilities described in Section 13.2
shall survive until all applicable statute of limitations periods with respect to actions that may
be brought against Bank have run.

          13.9 Confidentiality. In handling any information identified by Borrower as confidential
information, Bank and all employees and agents of Bank shall exercise the same degree of care that
Bank exercises with respect to its own proprietary information of the same types to maintain the
confidentiality of any non-public information thereby received or received pursuant to this
Agreement except that disclosure of such information may be made (i) to the subsidiaries or
Affiliates of Bank in connection with their present or prospective business relations with
Borrower, (ii) to prospective transferees or purchasers of , or participants in, any interest in
the Obligations, (iii) as required by law, regulations, rule or order, subpoena, judicial order or
similar order, (iv) as may be required in connection with the examination, audit or similar
investigation of Bank, (v) to Bank’s accountants, auditors and regulators, and (vi) as Bank may
determine in connection with the enforcement of any remedies hereunder.
Confidential information hereunder shall not include information that either: (a) is in the public
domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the
public domain
after disclosure to Bank through no fault of Bank; or (b) is disclosed to Bank by a third party,
provided Bank does not have actual knowledge that such third party is prohibited from disclosing
such information.

[Balance of Page Intentionally Left Blank]

	 	 	 

	20

	 	[May 11, 2011]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written.

	 	 	 	 	 	 	 

	 	 	CARBONITE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew Keenan
 

	 	 
	 

	 	Name:
	 	Andrew Keenan	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ James Demoy
 

	 	 	 
	 

	 	Name:	 	James Demoy 	 	 
	 

	 	Title:	 	Vice President 	 	 

[Signature Page to Loan and Security Agreement]

	 	 	 

	 

	 	[May 11, 2011]

 

 

EXHIBIT A

DEFINITIONS

“Accounts” means all presently existing and hereafter arising accounts, contract rights, payment
intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease
of goods (including, without limitation, the licensing of software, intellectual property and other
technology) or the rendering of services by Borrower whether or not earned by performance, and
including, without limitation, all accounts, contract rights and payment intangibles of Borrower
under or in respect of term license agreements, subscription license agreements and maintenance
contracts, and also including all accounts, payment intangibles and other forms of obligations
owing to Borrower under any and all credit insurance, guaranties, and other security therefor, as
well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any
of the foregoing.

“Adjusted Net Worth” means, for any date of determination, an amount equal to Borrower’s
stockholder’s equity, including preferred stock equity, plus deferred revenue, all as determined in
accordance with GAAP consistently applied.

“Advance” or “Advances” means a cash advance or cash advances under the Revolving Line.

“Advance Rate” means, for any date of determination, the percentage equal to (a) the sum of the
monthly Subscription Renewal Rates for each of the three consecutive months ending immediately prior to
such date, divided by (b) three (3). In no event shall the Advance Rate be greater than one (1.00).

“Affiliate” means, with respect to any Person, any Person that owns or controls directly or
indirectly such Person, any Person that controls or is controlled by or is under common control
with such Person, and each of such Person’s senior executive officers, directors, and partners.

“Aggregate Acquisition Cap” means, for any time of determination: (a) Four Million Dollars
($4,000,000) if, at such time, the Net Cash Amount is less than Fifteen Million Dollars
($15,000,000); or (b) Ten Million Dollars
($10,000,000) if, at such time, the Net Cash Amount is equal to or greater than Fifteen
Million Dollars
($15,000,000). In respect of any Acquisition Transaction, the Aggregate Acquisition Cap
applicable to such Acquisition Transaction shall be determined based on the Net Cash Amount calculated after giving
effect to the consummation of such Acquisition Transaction. For the sake of clarity, the parties
acknowledge and agree that such amounts are not incremental and that each Acquisition Transaction
shall count against the Aggregate Acquisition Cap and all subsequent calculations of the Aggregate
Acquisition Cap, regardless of whether the Aggregate Acquisition Cap then in effect is $4,000,000
or $10,000,000.

“Aggregate Investment Cap” means, for any time of determination: (a) Two Million Dollars
($2,000,000) if, at such time, the Net Cash Amount is less than Fifteen Million Dollars
($15,000,000); or (b) Five Million Dollars
($5,000,000) if, at such time, the Net Cash Amount is equal to or greater than Fifteen Million
Dollars ($15,000,000).
In respect of any proposed Investment, the Aggregate Investment Cap shall be determined based on
the Net Cash Amount calculated after giving effect to the consummation and funding of such
Investment. For the sake of clarity, the parties acknowledge and agree that such amounts are not
incremental and that each Investment in Carbonite China during the term hereof shall count against
the Aggregate Investment Cap
and all subsequent calculations of the Aggregate Investment Cap, regardless of whether the
Aggregate Investment Cap then in effect is $2,000,000 or $5,000,000.

“Applicable Bookings” means, for any period of determination, the sum (without duplication) of (a)
Borrower’s aggregate net cash receipts during such period from credit card sales for Subscription
Contracts during such period, plus (b) the aggregate amount of Eligible Accounts invoiced during
such period in the ordinary course of Borrower’s business.

“Aggregate Consideration” means, in respect of any Acquisition Transaction, the aggregate
consideration paid or agreed to be paid by Borrower or any of its Subsidiaries in connection with
such Acquisition Transaction, including (i) any Indebtedness of the types described in clauses (a),
(b) and (c) of the definition of “Indebtedness” assumed or

	 	 	 

	1

	 	[May 11, 2011]

 

 

acquired directly in connection with any such Acquisition Transaction and (b) any payments in
connection with such Acquisition Transaction that are contingent upon future performance or
revenues and regardless of whether the entire amount of such cash consideration is actually paid at
the time of any such Acquisition Transaction.

“Bank Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and
expenses, whether generated in-house or by outside counsel) incurred in connection with the
preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable
Collateral audit fees; and Bank’s reasonable attorneys’ fees and expenses (whether generated
in-house or by outside counsel) incurred in amending, enforcing or defending the Loan Documents
(including fees and expenses of appeal), incurred before, during and after an Insolvency
Proceeding, whether or not suit is brought.

“Borrower State” means Delaware, the state under whose laws Borrower is organized.

“Borrower’s Books” means all of Borrower’s books and records including: ledgers; records concerning
Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and
all computer programs, or tape files, and the equipment, containing such information.

“Borrowing Base” means, as of any date of determination, an amount equal to the product of (a) the
Advance Rate, as of such date, multiplied by (b) the Applicable Bookings for the three month period
ending on the last day of the month immediately preceding such date (or such date if the date of
determination is the last day of a month), as determined by Bank with reference to the most recent
Borrowing Base Certificate delivered by Borrower or from other information then available to Bank
including information obtained from working capital or other similar audits conducted by or on
behalf of Bank, less such reserves as may be established, by Bank in its good faith credit
judgment, from time to time.

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the
State of California are authorized or required to close.

“Carbonite Canada” means 6745385 CANADA, INC., a corporation formed and organized under the Federal
Laws of Canada and a direct, wholly-owned Subsidiary of Borrower.

“Carbonite China” means CARBONITE (CHINA) CO., LTD., a company formed and organized under the laws
of China and a wholly-owned Subsidiary of Borrower, through Carbonite Holdings.

“Carbonite Holdings” means CARBONITE HOLDINGS, INC., a Delaware corporation and a direct
wholly-owned Subsidiary of Borrower.

“Cash” means unrestricted cash and cash equivalents.

“Change in Control” means any transaction, or series of related transactions, in which any “person”
or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of
1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of
1934), directly or indirectly, of a sufficient number of shares of all classes of stock then
outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such
“person” or “group” to elect a majority of the Board of Directors of Borrower, who did not have
such power before such transaction.

“Chief Executive Office State” means Massachusetts, where Borrower’s chief executive office is
located.

“Closing Date” means the date of this Agreement.

“Code” means the California Uniform Commercial Code as amended or supplemented from time to time.

“Collateral” means the property described on Exhibit B attached hereto and all Negotiable
Collateral, except to the extent any such property constitutes voting Equity Interests in an
Excluded Foreign
Subsidiary, in excess of sixty-five percent (65%) of the voting power of all classes of capital
stock of such Excluded Foreign Subsidiary entitled to

	 	 	 

	2

	 	[May 11, 2011]

 

 

vote; provided that in no case shall the definition of “Collateral” exclude any Accounts, proceeds
of the disposition of any property, or general intangibles consisting of rights to payment.

“Collateral Access Agreement” means an agreement in form and substance satisfactory to Bank in its
sole discretion, pursuant to which a mortgagee or lessor of real property on which Collateral is
stored or otherwise located, or a warehouseman, processor, contract manufacturer, equipment holder,
co-location facility or other bailee of Inventory, Equipment or other property owned by Borrower,
that acknowledges the Liens of Bank and waives any Liens held by such Person on such Inventory,
Equipment or other property and, includes such other agreements with respect to the Collateral,
including agreements relating to access to the Collateral, as Bank may require in its sole
discretion, as the same may be amended, restated or otherwise modified from time to time.

“Collateral State” means the state or states where the Collateral is located, which is
Massachusetts.

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability,
contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend,
letter of credit or other obligation of another, including, without limitation, any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that
Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any
obligations with respect to undrawn letters of credit, corporate credit cards or merchant services
issued for the account of that Person; and (iii) all obligations arising under any interest rate,
currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement,
or other agreement or arrangement designated to protect a Person against fluctuation in interest
rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent
Obligation” shall not include endorsements for collection or deposit in the ordinary course of
business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determined amount of the primary obligation in respect of which such Contingent
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by such Person in good faith; provided, however, that such amount
shall not in any event exceed the maximum amount of the obligations under the guarantee or other
support arrangement.

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations
and like protections in each work or authorship and derivative work thereof, whether published or
unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing,
created, acquired or held.

“Credit Extension” means each Advance or any other extension of credit by Bank to or for the
benefit of Borrower hereunder.

“Eligible Accounts” means those “accounts” (as defined in the Code) of Borrower, valued at the
invoice amount (net of all taxes, and net of all credit balances, returns, trade discounts,
customer deposits, unapplied cash, unbilled amounts or retention or finance charges) of such
accounts, that are in existence and have arisen in the ordinary course of Borrower’s business under
non-cancellable, business (non-consumer) Subscription Contracts that comply with all of Borrower’s
representations and warranties to Bank set forth herein; provided, that Bank may change the
standards of eligibility in its good faith credit judgment by giving Borrower thirty (30) days
prior written notice. Unless otherwise agreed to by Bank, Eligible Accounts shall not include the
following (and Borrower by including any Account in any computation of the Borrowing Base shall be
deemed to represent and warrant to Bank that none of the following apply to such Account):

	 	(a)	 	Accounts that the account debtor has failed to pay in full within ninety (90) days of
invoice date;
	 
	 	(b)	 	Credit balances over ninety (90) days;
	 
	 	(c)	 	Accounts with respect to an account debtor, twenty-five percent (25%) of whose Accounts
the account debtor has failed to pay within ninety (90) days of invoice date;
	 
	 	(d)	 	Accounts with respect to an account debtor, including Subsidiaries and Affiliates,
whose total obligations to Borrower exceed twenty-five percent (25%) of all Accounts, to
the extent such obligations exceed the aforementioned percentage, except as approved in
writing by Bank;

	 	 	 

	3

	 	[May 11, 2011]

 

 

	 	(e)	 	Accounts with respect to which the account debtor (i) does not have its chief executive office
and principal place of business in the United States, (ii) is not organized under the laws of the
United States or any state thereof or the District of Columbia, or (iii) is the government of any
foreign country or sovereign state, or of any state, province, municipality, or other political
subdivision thereof, or of any department, agency, public corporation, or other instrumentality
thereof, except for Eligible Foreign Accounts;
	 
	 	(f)	 	Accounts with respect to which the account debtor is the United States or any state,
commonwealth, provincial, federal foreign, territorial or other court, judicial, administrative
or governmental department, commission, board, bureau, agency, or instrumentality of the United
States or any other state, local or foreign government, except for Accounts of the United States
if the payee has assigned its payment rights to Bank and the assignment has been acknowledged
under the Assignment of Claims Act of 1940 (31 U.S.C. 3727);
	 
	 	(g)	 	Accounts with respect to which Borrower is liable to the account debtor for goods sold or
services rendered by the account debtor to Borrower, but only to the extent of any amounts owing
to the account debtor against amounts owed to Borrower;
	 
	 	(h)	 	Accounts with respect to which goods are placed on consignment, guaranteed sale, sale or
return, sale on approval, bill and hold, demo or promotional, or other terms by reason of which
the payment by the account debtor may be conditional;
	 
	 	(i)	 	Accounts with respect to which the account debtor is an individual or an officer, employee,
agent, Subsidiary or Affiliate of Borrower;
	 
	 	(j)	 	Accounts that have not yet been billed to the account debtor (or for which invoices for payment
have not been duly sent to the Account Debtor) or that relate to deposits (such as good faith
deposits) or other property of the account debtor held by Borrower for the performance of services
or delivery of goods which Borrower has not yet performed or delivered;
	 
	 	(k)	 	Accounts with respect to which the account debtor disputes liability or makes any claim with
respect thereto as to which Bank believes, in its reasonable discretion, that there may be a basis
for dispute (but only to the extent of the amount subject to such dispute or claim), or is subject
to any Insolvency Proceeding, or becomes insolvent, or goes out of business;
	 
	 	(l)	 	Accounts the collection of which Bank reasonably determines after inquiry and consultation
with Borrower to be doubtful;
	 
	 	(m)	 	Accounts which are subject to a Lien or security interest in favor of any Person other than
Bank; and
	 
	 	(n)	 	Retentions and hold-backs.

Unless otherwise agreed to by Bank, “Eligible Accounts” shall not include Accounts under any
Subscription Contract: (i) that has been terminated, cancelled or rescinded, or that is otherwise
not in full force and effect, or (ii) if the account debtor thereunder has exercised or attempted
to exercise any rights of termination, cancellation or rescission thereunder on account of any
breach or default thereunder or any breach or default in the performance or observance of any of
Borrower’s agreements or obligations thereunder.

“Eligible Foreign Accounts” means Accounts that satisfy all of the criteria set forth in the
definition of Eligible Accounts other than clause (e) of such definition and that are (i) supported
by one or more letters
of credit in an amount and of a tenor, and issued by a financial institution, acceptable to Bank,
in its sole discretion, (ii) insured by the Export Import Bank of the United States, (iii)
generated by an account debtor with its principal place of business in Canada, provided that the
Bank has perfected its security interest in the appropriate Canadian province, or (iv) approved by
Bank on a case-by-case basis. All Eligible Foreign Accounts must be calculated and payable only in

	 	 	 

	4

	 	[May 11, 2011]

 

 

U.S. Dollars and invoiced from the United States. In no event shall an Account owing from an
Account Debtor located in an Office of Foreign Assets Control of the U.S. Department of the
Treasury sanctioned country be deemed an Eligible Account.

“Environmental Laws” means all laws, rules, regulations, orders and the like issued by any federal
state, local foreign or other governmental or quasi-governmental authority or any agency pertaining
to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive
or radioactive materials, asbestos or other similar materials.

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture,
fixtures, vehicles, tools, parts and attachments in which Borrower has any interest.

“Equity Interests” means, with respect to any Person, any of the shares of capital stock of (or
other ownership, membership or profit interests in) such Person, any of the warrants, options or
other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership, membership or profit interests in) such Person, any of the securities convertible
into or exchangeable for shares of capital stock of (or other ownership, membership or profit
interests in) such Person or warrants, rights or options for the purchase or acquisition from such
Person of such shares (or such other interests), and any of the other ownership, membership or
profit interests in such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the
regulations thereunder.

“Event of Default” has the meaning assigned in Article 8.

“Excluded Foreign Subsidiary” means any Foreign Subsidiary that is a controlled foreign corporation
(as defined in the IRC) in respect of which either (a) the pledge of all of the voting Equity
Interests of such Foreign Subsidiary as Collateral or (b) the guaranteeing by such Foreign
Subsidiary of the Obligations would result in material adverse tax consequences to Borrower.

“Foreign Subsidiary” means, in relation to any Person, any Subsidiary of that Person that is
organized under the laws of a jurisdiction other than the United States of America or any of the
States (or the District of Columbia) thereof.

“GAAP” means generally accepted accounting principles, consistently applied, as in effect from time
to time in the United States.

“Guarantor” means each of Carbonite Holdings, Carbonite Canada and any other Person who from time
to time may guaranty or provide collateral or other credit support for all or any portion of the
Obligations.

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of
property or services, including without limitation reimbursement and other obligations with respect
to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or
similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations.

“Insolvency Proceeding” means any proceeding commenced by or against any Person or entity under any
provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or
insolvency law, including assignments for the benefit of creditors, formal or informal moratoria,
compositions, extension generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief.

“Intellectual Property” means all of Borrower’s right, title, and interest in and to the following:

	 	(a)	 	Copyrights, Trademarks and Patents;

	 	 	 

	5

	 	[May 11, 2011]

 

 

	 	(b)	 	Any and all trade secrets, and any and all intellectual property rights in computer
software and computer software products now or hereafter existing, created, acquired or held;
	 
	 	(c)	 	Any and all design rights which may be available to Borrower now or hereafter existing,
created, acquired or held;
	 
	 	(d)	 	Any and all claims for damages by way of past, present and future infringement of any of the
rights included above, with the right, but not the obligation, to sue for and collect such
damages for said use or infringement of the intellectual property rights identified above; and
	 
	 	(e)	 	All amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

“Inventory” means all present and future inventory in which Borrower has any interest, including
any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the
sale or disposition of any of the foregoing and any documents of title representing any of the
above, and Borrower’s Books relating to any of the foregoing.

“Investment” means any beneficial ownership of (including stock, partnership or limited liability
company interest or other securities) any Person, or any loan, advance or capital contribution to
any Person.

“IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

“Letter of Credit” means a commercial or standby letter of credit or similar undertaking issued
by Bank at Borrower’s request.

“Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other
encumbrance.

“Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and
any other document, instrument or agreement entered into in connection with this Agreement, all as
amended or extended from time to time.

“Loan Party” or “Loan Parties” means, individually or collectively, Borrower and each Guarantor, if
any.

“Material Adverse Effect” means (i) a material adverse change in Borrower’s business or financial
condition (including without limitation, evidence of a lack of investor support or Borrower’s
inability to attract sufficient additional equity financing from its investors at any time prior to
the Public Offering), or (ii) a material impairment in the prospect of repayment of all or any
portion of the Obligations or in otherwise performing Borrower’s obligations under the Loan
Documents, or (iii) a material impairment in the perfection, value or priority of Bank’s security
interests in the Collateral.

“Minimum Deposit Amount” means, as of any date of determination, an amount not less than the lesser
of (i) Fifteen Million Dollars ($15,000,000), and (ii) all of Borrower’s cash and cash equivalents,
including all amounts on deposit or credited to any deposit, securities or investment account, as
of such date.

“Negotiable Collateral” means all of Borrower’s present and future letters of credit of which
it is a beneficiary, drafts, instruments (including promissory notes), securities, documents of
title, and chattel paper, and Borrower’s Books relating to any of the foregoing.

“Net Cash Amount” means, as of any time of determination, an amount equal to Borrower’s domestic
Cash minus the aggregate outstanding Obligations owing at such time.

“Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by
Borrower pursuant to this Agreement or any other agreement, whether absolute or contingent, due or
to become due, now existing or hereafter arising, including any interest that accrues after the
commencement of an Insolvency

	 	 	 

	6

	 	[May 11, 2011]

 

 

Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank
may have obtained by assignment or otherwise.

“Patents” means all patents, patent applications and like protections including without limitation
improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of
the same.

“Periodic Payments” means all installments or similar recurring payments that Borrower may now or
hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument,
or agreement now or hereafter in existence between Borrower and Bank.

“Permitted Indebtedness” means:

	 	(a)	 	Indebtedness of Borrower in favor of Bank arising under this Agreement or any other
Loan Document;
	 
	 	(b)	 	Indebtedness existing on the Closing Date and disclosed in the Schedule;
	 
	 	(c)	 	Indebtedness of Borrower not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in
the aggregate outstanding at any time that is secured by a lien described in clause (c) of
the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser
of the cost or fair market value of the equipment financed with such Indebtedness;
	 
	 	(d)	 	Subordinated Debt;
	 
	 	(e)	 	Indebtedness to trade creditors incurred in the ordinary course of business; and
	 
	 	(f)	 	Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided
that the principal amount is not increased or the terms modified to impose more burdensome
terms upon Borrower or its Subsidiary, as the case may be.

“Permitted Investment” means:

	 	(a)	 	Investments existing on the Closing Date disclosed in the Schedule;
	 
	 	(b)	 	(i) Marketable direct obligations issued or unconditionally guaranteed by the United
States of America or any agency or any State thereof maturing within one (1) year from the
date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from
the date of creation thereof and currently having rating of at least A-2 or P-2 from either
Standard & Poor’s Ratings Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
(iii) Bank’s certificates of deposit maturing no more than one (1) year from the date of
investment therein, and (iv) Bank’s money market accounts;
	 
	 	(c)	 	Repurchases of stock from former employees or directors of Borrower under the terms of
applicable repurchase agreements under the terms of customary board-approved stock
repurchase agreements to the extent permitted under Section 7.6;
	 
	 	(d)	 	Investments accepted in connection with Permitted Transfers;
	 
	 	(e)	 	(i) Investments of wholly-owned Subsidiaries in or to other wholly-owned Subsidiaries
or Borrower; (ii) Investments by Borrower in Carbonite China, directly or indirectly
through Carbonite Holdings, so long as, at the time each such Investment is consummated and
funded, the amount of the Investment (when added to the aggregate amount of (x) all
previous Investments in
Carbonite China during the term hereof and (y) all previous Investments under clause (iii)
of this subparagraph (e)) does not exceed the Aggregate Investment Cap then in effect;
(iii) Investments in third parties located in China to the extent required to satisfy the
intellectual property and

	 	 	 

	7

	 	[May 11, 2011]

 

 

	 	 	 	business licensing requirements of the Chinese government in an aggregate amount
not to exceed Five Hundred Thousand Dollars ($500,000) during the term hereof; and
(iv) Investments by Borrower in other wholly-owned Subsidiaries not to exceed One
Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year;
	 
	 	(f)	 	Investments not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the
aggregate in any fiscal year consisting of (i) travel advances and employee relocation
loans and other employee loans and advances in the ordinary course of business, and (ii)
loans to employees, officers or directors relating to the purchase of equity securities of
Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved
by Borrower’s Board of Directors;
	 
	 	(g)	 	Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of,
and other disputes with, customers or suppliers arising in the ordinary course of
Borrower’s business;
	 
	 	(h)	 	Deposit and securities accounts maintained with banks and other financial institutions
to the extent expressly permitted under Section 6.6 and as to which Borrower has complied
with the requirements of Section 6.6;
	 
	 	(i)	 	Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers who are not Affiliates, in the ordinary course of
business, provided that this subparagraph (i) shall not apply to Investments of Borrower in
any Subsidiary;
	 
	 	(j)	 	Joint ventures or strategic alliances in the ordinary course of Borrower’s business
consisting of the non-exclusive licensing of technology, the development of technology or
the providing of technical support, provided that any cash Investments by Borrower do not
exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year;
	 
	 	(k)	 	Investments consisting of Acquisition Transactions expressly permitted under Section
7.3; and
	 
	 	(l)	 	Creation of wholly-owned Subsidiaries as to which all of the requirements set forth in
Section 6.10 have been performed and satisfied.

“Permitted Liens” means the following:

	 	(a)	 	Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens
to be satisfied with the proceeds of the Advances) or arising under this Agreement or the
other Loan Documents;
	 
	 	(b)	 	Liens for taxes, fees, assessments or other governmental charges or levies, either not
delinquent or being contested in good faith by appropriate proceedings and for which
Borrower maintains adequate reserves, provided the same have no priority over any of Bank’s
security interests;
	 
	 	(c)	 	Liens securing Permitted Indebtedness not to exceed Two Hundred Fifty Thousand Dollars
($250,000) in aggregate principal amount outstanding at any time (i) upon or in any
Equipment (other than Equipment financed by Bank) acquired or held by Borrower or
any of its Subsidiaries to secure the purchase price of such Equipment or
indebtedness incurred solely for the purpose of financing the acquisition or lease
of such Equipment, or (ii) existing on such Equipment at the time of its
acquisition, provided that the Lien is
confined solely to the property so acquired and improvements thereon, and the
proceeds of such Equipment;
	 
	 	(d)	 	Liens incurred in connection with the extension, renewal or refinancing of the
indebtedness secured by Liens of the type described in clauses (a) through (e) above,
provided that any extension, renewal or replacement Lien shall be limited to the property
encumbered by the

	 	 	 

	8

	 	[May 11, 2011]

 

 

	 	 	 	existing Lien and the principal amount of the indebtedness being extended, renewed
or refinanced does not increase;
	 
	 	(e)	 	Liens arising from judgments, decrees or attachments in circumstances not constituting
an Event of Default under Sections 8.5 (attachment) or 8.9 (judgments); and
	 
	 	(f)	 	Liens in favor of other financial institutions arising in connection with Borrower’s
deposit accounts held at such institutions to secured standard fees for deposit services
charged by, but not financing made available by, or borrowings from, such institutions,
provided that Bank has a perfected security interest in such deposit accounts and the
assets held in such deposit accounts and Borrower is in compliance with the requirements of
Section 6.6 with respect to such accounts.

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any
Subsidiary of:

	 	(a)	 	Inventory in the ordinary course of business;
	 
	 	(b)	 	Non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in
the ordinary course of business;
	 
	 	(c)	 	Worn-out or obsolete Equipment not financed by Bank;
	 
	 	(d)	 	Equipment (that has been fully depreciated on Borrower’s balance sheet) provided to or
acquired by Borrower from Promise Technology, Inc., Interactive Digital Systems, Inc. or
any party related thereto or acting as an agent or affiliate of Promise Technology, Inc. or
Interactive Digital Systems, Inc., which Equipment has been or is being replaced with new
or different Equipment with similar or superior functionality; or
	 
	 	(e)	 	Other assets of Borrower or its Subsidiaries that do not in the aggregate exceed Two
Hundred Fifty Thousand Dollars ($250,000) during any fiscal year.

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint
venture, trust, unincorporated organization, association, corporation, institution, public benefit
corporation, firm, joint stock company, estate, entity or governmental agency.

“Pricing Addendum” means that certain Prime Referenced Rate Addendum to Loan and Security
Agreement, by and between Bank and Borrower, dated as of the Closing Date, as amended, modified,
supplemented or restated from time to time, a copy of which is attached hereto as Exhibit F.

“Prime Rate” means the variable rate of interest, per annum, most recently announced by Bank, as
its “prime rate,” whether or not such announced rate is the lowest rate available from Bank.

“Prohibited Territory” means any person or country listed by the Office of Foreign Assets Control
of the United States Department of Treasury as to which transactions between a United States Person
and that territory are prohibited.

“Public Offering” means the closing of the initial firm commitment underwritten public offering of
Borrower’s common stock pursuant to an effective registration statement under the Securities Act of
1933, as amended, covering the offer and sale of such common stock and the listing of such common
stock on the NASDAQ — National Market, the NASDAQ SmallCap Market, the NYSE, the NYSE Amex or other
comparable domestic stock exchange.

“Reporting Period” means, for any date of determination, (a) each calendar month, if any Advances
have been outstanding on, or at any time during the thirty (30) days immediately prior to, such
date, or (b) otherwise, each fiscal quarter. The applicable Reporting Period shall be determined as
of the last day of each calendar month and the last day of each fiscal quarter.

	 	 	 

	9

	 	[May 11, 2011]

 

 

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the
Chief Financial Officer and the Controller of Borrower.

“Revolving Line” means a Credit Extension of up to Fifteen Million Dollars ($15,000,000).

“Revolving Maturity Date” means August 31, 2012.

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any.

“Security Instrument” means any security agreement, assignment, pledge agreement, financing or
other similar statement or notice, continuation statement, other agreement or instrument, or any
amendment or supplement to any thereof, creating, governing or providing for, evidencing or
perfecting or maintaining the priority of any security interest or Lien.

“Shares” means (i) sixty-five percent (65%) of the issued and outstanding voting Equity Interests
owned or held of record by Borrower in any Excluded Foreign Subsidiary; (ii) one hundred percent
(100%) of the issued and outstanding non-voting Equity Interests owned or held of record by
Borrower in any Excluded Foreign Subsidiary, and (iii) one hundred percent (100%) of the issued and
outstanding Equity Interests owned or held of record by Borrower in each Subsidiary of Borrower
that is not an Excluded Foreign Subsidiary.

“SOS Reports” means the official reports from the Secretaries of State of each Collateral State,
Chief Executive Office State and the Borrower State and other applicable federal, state or local
government offices identifying all current security interests filed in the Collateral and Liens of
record as of the date of such report.

“Subordinated Debt” means any Indebtedness incurred by Borrower that is subordinated in writing to
the Obligations owing by Borrower and its Subsidiaries to Bank on terms reasonably acceptable to Bank
(and identified as being such by Borrower and Bank), including without limiting the generality of
the foregoing, subordination of such Indebtedness in right of payment to the prior indefeasible
payment in full, in cash, of the Obligations, the subordination of the priority of any Lien at any
time securing such Indebtedness to Bank’s Lien, and prohibitions on the exercise of any rights or
remedies of the holder of such Indebtedness against Borrower or any of Borrower’s property pursuant
to a written subordination agreement executed and delivered by Bank.

“Subscription Contracts” means those written consumer and business subscription agreements for
Borrower’s products that: (a) have been entered into in the ordinary course of Borrower’s business
and consistent with past practice; (b) are with a counter-party that is not an Affiliate of
Borrower, and (c) provide for a subscription periods of one, two or three years.

“Subscription Renewal Rate” means, for any given month, the amount obtained by dividing (a) the
number of renewals of existing Subscription Contracts, that are actually renewed by customers
during such month, by (b) the aggregate number of Subscription Contracts expiring or otherwise
eligible for renewal during such month. In no event shall the Subscription Renewal Rate be greater
than one (1.00).

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability
company or joint venture in which (i) any general partnership interest or (ii) more than fifty
percent (50%) of the stock, limited liability company interest, joint venture interest or other
Equity Interest of which by the terms thereof has the ordinary voting power to elect the Board of
Directors, managers, trustees or similar governing body of the entity, at the time as of which any
determination is being made, is owned or controlled by such Person, either directly or through an
Affiliate.

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to
register and registrations of the same and like protections, and the entire goodwill of the
business of Borrower connected with and symbolized by such trademarks.

	 	 	 

	10

	 	[May 11, 2011]

 

 

	 	 	 

	DEBTOR:

	 	CARBONITE, INC.
	 
	 	 
	SECURED PARTY:

	 	COMERICA BANK

EXHIBIT B

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT

All personal property of Carbonite, Inc. (herein referred to as “Borrower” or “Debtor”) whether
presently existing or hereafter created or acquired, and wherever located, including, but not
limited to:

     (a) all accounts (including health-care-insurance receivables), chattel paper (including
tangible and electronic chattel paper), deposit accounts, documents (including negotiable
documents), equipment (including all accessions and additions thereto), financial assets, general
intangibles (including payment intangibles and software), goods (including fixtures), instruments
(including promissory notes), inventory (including all goods held for sale or lease or to be
furnished under a contract of service, and including returns and repossessions), investment
property (including securities and securities entitlements), letter of credit rights, money, and
all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records; and

     (b) any and all cash proceeds and/or noncash proceeds thereof, including, without limitation,
insurance proceeds, and all supporting obligations and the security therefor or for any right to
payment. All terms above have the meanings given to them in the California Uniform Commercial Code,
as amended or supplemented from time to time.

     Notwithstanding the foregoing, the Collateral shall not include any Intellectual Property;
provided, however, that the Collateral shall include all accounts and general intangibles that
consist of rights to payment or proceeds from the sale, licensing or disposition of all or any part
of, or rights in, the Intellectual Property (the “Rights to Payment”). Notwithstanding the
foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security
interest in the underlying Intellectual Property is necessary to have a security interest in the
Rights to Payment, then the Collateral shall automatically, and effective as of May 11, 2011,
include the Intellectual Property to the extent necessary to permit perfection of Bank’s security
interest in the Rights to Payment.

11

 

EXHIBIT C

TECHNOLOGY & LIFE SCIENCES DIVISION

LOAN ANALYSIS

LOAN ADVANCE/PAYDOWN REQUEST FORM

DEADLINE FOR SAME DAY PROCESSING IS 3:00* P.M., P.S.T.

DEADLINE FOR WIRE TRANSFERS IS 12:00 P.M., P.S.T.

*At month end and the day before a holiday, the cut off time is 1:30 P.M., P.S.T.

	 	 	 	 	 

	To: Loan Analysis

	 	DATE: ______________
	 	TIME: ____________
	FAX #: (650) 462-6061
	 	 	 	 

	FROM: CARBONITE, INC. TELEPHONE REQUEST (For Bank Use Only):
Borrower’s Name The following person is authorized to request the loan
payment transfer/loan
FROM: advance on the designated account and is known to me.
Authorized Signer’s Name
FROM:
Authorized Signature (Borrower) Authorized Request & Phone #
PHONE #:
Received by (Bank) & Phone #
FROM ACCOUNT#:
(please include Note number, if applicable)
TO ACCOUNT #: Authorized Signature (Bank)
(please include Note number, if applicable)
REQUESTED TRANSACTION TYPE REQUESTED DOLLAR AMOUNT For Bank Use Only
PRINCIPAL INCREASE* (ADVANCE) $Date Rec’d:
PRINCIPAL PAYMENT (ONLY) $Time:
Comp. Status: YES NO
OTHER INSTRUCTIONS: Status Date:
Time:
Approval:
All representations and warranties of Borrower stated in the Loan Agreement are true, correct
and complete in all material respects as of the date of the telephone request for and advance
confirmed by this Borrowing Certificate; provided, however, that those representations and
warranties expressly referring to another date shall be true, correct and complete in all material
respects as of such date.
*IS THERE A WIRE REQUEST TIED TO THIS LOAN ADVANCE? (PLEASE CIRCLE ONE) YES NO
If YES, the Outgoing Wire Transfer Instructions must be completed
below.
OUTGOING WIRE TRANSFER INSTRUCTIONS Fed Reference Number Bank Transfer Number
The items marked with an asterisk (*) are required to be completed.
*Beneficiary Name
*Beneficiary Account Number
*Beneficiary Address
Currency Type US DOLLARS ONLY
*ABA Routing Number (9 Digits)
*Receiving Institution Name
*Receiving Institution Address
*Wire Amount $

 

EXHIBIT D

BORROWING BASE CERTIFICATE

	 	 	 	 	 

	Borrower: Carbonite, Inc.

	 	Bank:
	 	Comerica Bank
	 

	 	 	 	Technology & Life Sciences Division
	Commitment Amount: $15,000,000

	 	 	 	Loan Analysis Department
	 

	 	 	 	250 Lytton Avenue
	 

	 	 	 	3rd Floor, MC 4240
	 

	 	 	 	Palo Alto, CA 94301
	 

	 	 	 	Phone: (650) 462-6060
	 

	 	 	 	Fax: (650) 462-6061

	 	 	 	 	 	 	 	 	 	 	 

	CONSUMER SUBSCRIPTION CONTRACT PAYMENTS	 	 	 	 	 	 	 	 
	1.	 	Total Cash Receipts From Credit Card Sales for consumer
Subscription Contracts for 3 months ending                     
	 	 	 	 	 	$	                    	 
	 	 	 
	 	 	 	 	 	 	 	 
	BUSINESS SUBSCRIPTION CONTRACT ACCOUNTS RECEIVABLE	 	 	 	 	 	 	 	 
	2.	 	Accounts (for business Subscription Contracts) invoiced during 3
months ending                     
	 	 	 	 	 	$	                    	 
	3.	 	Additions (please explain on reverse)
	 	 	 	 	 	$	                    	 
	4.	 	TOTAL ACCOUNTS RECEIVABLE AS OF                     
	 	 	 	 	 	$	                    	 
	 	 	 
	 	 	 	 	 	 	 	 
	BUSINESS SUBSCRIPTION CONTRACT ACCOUNTS DEDUCTIONS

(without duplication)	 	 	 	 	 	 	 	 
	5.	 	Amounts over 90 days
	 	$	                    	 	 	 	 	 
	6.	 	Credit Balances over 90 days
	 	$	                    	 	 	 	 	 
	7.	 	Balance of 25% over 90 day
	 	$	                    	 	 	 	 	 
	8.	 	Concentration limits 25%
	 	$	                    	 	 	 	 	 
	9.	 	Foreign Accounts
	 	$	                    	 	 	 	 	 
	10.	 	Governmental Accounts
	 	$	                    	 	 	 	 	 
	11.	 	Contra Accounts
	 	$	                    	 	 	 	 	 
	12.	 	Promotion or Demo Accounts
	 	$	                    	 	 	 	 	 
	13.	 	Intercompany/Employee Accounts
	 	$	                    	 	 	 	 	 
	14.	 	Other (please explain below)
	 	$	                    	 	 	 	 	 
	15.	 	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	 	 	 	 	 	$	                    	 
	16.	 	Eligible Subscription Contract Accounts (#4 minus #15)
	 	 	 	 	 	$	                    	 
	 	 	 
	 	 	 	 	 	 	 	 
	AVERAGE SUBSCRIPTION RENEWAL RATE	 	 	 	 	 	 	 	 
	17.	 	Actual renewals during month ending                      (three months prior)
	 	                    	 	 	 	 	 
	18.	 	Scheduled/ Eligible renewals during month ending                     
(three months prior)
	 	                    	 	 	 	 	 
	19.	 	Month 3 Renewal Rate (#17 divided by #18)
	 	 	 	 	 	                    	 
	20.	 	Actual renewals during month ending                      (two months prior)
	 	                    	 	 	 	 	 
	21.	 	Scheduled/ Eligible renewals during month ending
                     (two months prior)
	 	                    	 	 	 	 	 
	22.	 	Month 2 Renewal Rate (#20 divided by #21)
	 	 	 	 	 	                    	 
	23.	 	Actual renewals during month ending                      (month ending
on Certificate date)
	 	                    	 	 	 	 	 
	24.	 	Scheduled/ Eligible renewals during month ending                     
(month ending on Certificate date)
	 	                    	 	 	 	 	 
	25.	 	Month 1 Renewal Rate (#23 divided by #24)
	 	 	 	 	 	                    	 
	26.	 	ADVANCE RATE ([#19 plus #22 plus #25] divided by 3]
	 	 	 	 	 	                    	 
	 	 	 
	 	 	 	 	 	 	 	 
	BORROWING BASE	 	 	 	 	 	 	 	 
	27.	 	Applicable Bookings (#1 plus 16)
	 	$	                    	 	 	 	 	 
	28.	 	BORROWING BASE (#26 times #27)
	 	$	                    	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 
	BALANCES	 	 	 	 	 	 	 	 
	29.	 	Maximum Loan Amount
	 	$	15,000,000	 	 	 	 	 
	30.	 	Total Funds Available (Lesser of #28 or #29)
	 	 	 	 	 	$	                    	 
	31.	 	Outstanding under Sublimits (if any)
	 	 	 	 	 	$	                    	 
	32.	 	Present balance owing on Line of Credit
	 	 	 	 	 	$	                    	 
	33.	 	Reserve Position (#30 minus #31 and #32)
	 	 	 	 	 	$	                    	 

 

The undersigned represents and warrants that the foregoing is true, complete and correct, and
that the information reflected in this Borrowing Base Certificate complies with the representations
and warranties set forth in the Loan and Security Agreement between the undersigned and Comerica
Bank.

Comments:

	 	 	 	 	 	 	 	 	 

	 

	 	 	 	 	 	BANK USE ONLY	 	 
	CARBONITE, INC.
	 	 	 	 	 	 	 	 
	 

	 	 	 	Rec’d By:	 	 	 	 
	 

	 	 
	 	Date:
	 	 

	 	 
	 

	 	 
	 	Reviewed By:
	 	 

	 	 
	 

	 	 
	 	Date:
	 	 

	 	 
	 

Authorized Signer

	 	 	 	 	 	 
	 	 

 

EXHIBIT E

COMPLIANCE CERTIFICATE

	 	 	 

	Please send all Required Reporting to:

	 	Comerica Bank

Technology & Life Sciences Division

Loan Analysis Department

250 Lytton Avenue

3rd Floor, Mail Code 4240

Palo Alto, California 94301

Phone: 650-462-6060

Fax: 650-462-6061

FROM: CARBONITE, INC.

The undersigned authorized Officer of CARBONITE, INC., a Delaware corporation (“Borrower”), hereby
certifies that in accordance with the terms and conditions of the Loan and Security Agreement
between Borrower and Bank (the “Agreement”), (i)Borrower is in complete compliance for the period
ending                                                              with all required covenants, including without limitation the ongoing registration of
intellectual property rights in accordance with Section 6.8, except as noted below and (ii) all
representations and warranties of Borrower stated in the Agreement are true and correct in all
material respects as of the date hereof (provided, however, that those representations and
warranties expressly referring to another date remain true, correct and complete in all material
respects as of such date). Attached herewith are the required documents supporting the above
certification. The Officer further certifies that these are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next
except as explained in an accompanying letter or footnotes.

Please indicate compliance status by circling Yes/No under “Complies” or “Applicable” column.

	 	 	 	 	 	 	 
	REPORTING COVENANTS	 	REQUIRED	 	COMPLIES
	Company Prepared Monthly F/S

	 	Monthly*, within 25 days
	 	YES
	 	NO
	Compliance Certificate

	 	Monthly*, within 25 days
	 	YES
	 	NO
	CPA Audited, Unqualified F/S

	 	Annually, within 180 days of FYE
	 	YES
	 	NO
	Borrowing Base Cert., A/R & A/P Agings

	 	Monthly*, within 25 days
	 	YES
	 	NO
	Detailed Schedules re Applicable Bookings,

	 	Monthly, within 25 days
	 	YES
	 	NO
	Subscription Renewal Rate and Advance Rate
	 	 	 	 	 	 
	Calculations
	 	 	 	 	 	 
	Annual Business Plan (incl. operating budget)

	 	Annually, within 30 days of FYE
	 	YES
	 	NO
	IP Report

	 	Quarterly
	 	YES
	 	NO
	Audit

	 	Semi-annual
	 	YES
	 	NO
	 
	 	 	 	 	 	 
	If Public:
	 	 	 	 	 	 
	10-Q

	 	Quarterly, within 5 days of SEC filing (50 days)
	 	YES
	 	NO
	10-K

	 	Annually, within 5 days of SEC filing (95 days)
	 	YES
	 	NO

 

			
	*	 	Quarterly if no outstanding Advances w/in past 30 days

	 	 	 	 	 	 	 	 	 
	 	 	REQUIRED	 	ACTUAL	 	 	 	 
	Net Cash Amount

	 	n/a
	 	$                    
	 	—
	 	—
	Total amount of Borrower’s cash and
investments

	 	n/a
	 	$                    **
	 	YES
	 	NO
	Total amount of Borrower’s cash and
investments maintained with Bank

	 	>$15 million**
	 	$                    
	 	YES
	 	NO

 

			
	**	 	Cash/investments outside of Bank may not exceed amount by which total cash and investments
exceeds $15 million

	 	 	 	 	 	 	 
	REPORTING COVENANTS	 	DESCRIPTION	 	APPLICABLE
	Legal Action > $500,000 (Sect. 6.2(a)(iv))

	 	Notify promptly upon notice                     
	 	YES
	 	NO
	Inventory Disputes > $250,000 (Sect. 6.3)

	 	Notify promptly upon notice                     
	 	YES
	 	NO
	Cross default with other agreements

	 	Notify promptly upon notice                     
	 	YES
	 	NO
	> $500,000 (Sect. 8.7)

	 	 	 	YES
	 	NO
	Judgment > $500,000 (Sect. 8.9)

	 	Notify promptly upon notice                     
	 	YES
	 	NO
	Highest outstanding balance under Revolving

	 	 	 	N/A
	 	N/A
	Line prior to date of Certificate

	 	$                    ***/****	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	FINANCIAL COVENANTS	 	REQUIRED	 	ACTUAL	 	COMPLIES
	TESTED MONTHLY (QUARTERLY IF NO OUTSTANDINGS):	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Minimum Adjusted Net Worth***
	 	 	>           $10,000,000	 	 	$                    	 	YES	 	NO
	Minimum Subscribers****
	 	 	> 800,000	 	 	                    	 	YES	 	NO

	 	 	 	 	 	 	 	 	 	 	 
	OTHER COVENANTS	 	REQUIRED	 	ACTUAL	 	COMPLIES
	Permitted Acquisitions
	 	 	<$4 million	*****	 	                    	 	YES	 	NO
	 
	 	 	 	 	 	 	 	 	 	 
	Permitted Indebtedness for equipment leases
	 	 	<           $250,000	 	 	                    	 	YES	 	NO
	Permitted Investments for stock repurchase
	 	 	<           $250,000	 	 	                    	 	YES	 	NO
	Permitted Investments in Subsidiaries
	 	 	<           $100,000	******	 	                    	 	YES	 	NO
	Permitted Investments for employee loans
	 	 	<           $250,000	 	 	                    	 	YES	 	NO
	Permitted Investments for joint ventures
	 	 	<           $100,000	 	 	                    	 	YES	 	NO
	Permitted Liens for equipment leases
	 	 	<           $250,000	 	 	                    	 	YES	 	NO
	Permitted Transfers
	 	 	<           $250,000	 	 	                    	 	YES	 	NO

 

			
	***	 	Applicable at all times after date Revolving Line outstandings are first equal to or exceed $5
million
	 
	****	 	Applicable at all times after date Revolving Line outstandings are first equal to or exceed
$7.5 million
	 
	*****	 	$10 million if Net Cash Amount <$15 million
	 
	******	 	$2 million (less Investment in ICP license entity) in Carbonite China if Net Cash Amount
< $15 million; $5 million (less Investment in ICP license entity) in Carbonite China if Net Cash
Amount > $15 million

Please Enter Below Comments Regarding Violations:

The Officer further acknowledges that at any time Borrower is not in compliance with all the terms
set forth in the Agreement, including, without limitation, the financial covenants, no credit
extensions will be made.

Very truly yours,

	 	 	 

	 

Authorized Signer

	 	 
	 
	 	 
	Name: 

	 	 
	 
	 	 
	Title: 

	 	 

 

 

EXHIBIT F

PRIME REFERENCED RATE ADDENDUM

 

 

PRIME REFERENCED RATE ADDENDUM TO

LOAN AND SECURITY AGREEMENT

     This Prime Referenced Rate Addendum to Loan and Security Agreement (this “Addendum”) is
entered into as of May 11, 2011, by and between Comerica Bank (“Bank”) and Carbonite, Inc., a
Delaware corporation (“Borrower”). This Addendum supplements the terms of the Loan and Security
Agreement dated as of the date hereof by and between Borrower and Bank (as the same may be amended,
modified, supplemented, extended or restated from time to time, collectively, the “Agreement”).

1. Definitions. As used in this Addendum, the following terms shall have the following meanings.
Initially capitalized terms used and not defined in this Addendum shall have the meanings ascribed
thereto in the Agreement.

     a. 
“Applicable Margin” means one percent (1.00%) per annum.

     b. “Business Day” means any day, other than a Saturday, Sunday or any other day designated as
a holiday under Federal or applicable State statute or regulation, on which Bank is open for all or
substantially all of its domestic and international business (including dealings in foreign
exchange) in San Jose, California, and, in respect of notices and determinations relating the Daily
Adjusting LIBOR Rate, also a day on which dealings in dollar deposits are also carried on in the
London interbank market and on which banks are open for business in London, England.

     c. “Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal
to the quotient of the following:

	 	(1)	 	for any day, the per annum rate of interest determined on the basis of the rate
for deposits in United States Dollars for a period equal to one (1) month appearing
on Page BBAM of the Bloomberg Financial Markets Information Service as of 8:00 a.m.
(California time) (or as soon thereafter as practical) on such day, or if such day
is not a Business Day, on the immediately preceding Business Day. In the event that
such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or
otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for
such day shall be determined by reference to such other publicly available
service for displaying eurodollar rates as may be reasonably selected by
Bank, or in the absence of such other service, the “Daily Adjusting LIBOR
Rate” for such day shall, instead, be determined based upon the average of
the rates at which Bank is offered dollar deposits at or about 8:00 a.m.
(California time) (or as soon thereafter as practical), on such day, or if
such day is not a Business Day, on the immediately preceding Business Day,
in the interbank eurodollar market in an amount comparable to the
outstanding principal amount of the Obligations and for a period equal to
one (1) month;
	 
	 	 	 	divided by
	 
	 	(2)	 	1.00 minus the maximum rate (expressed as a decimal) on such day at which Bank
is required to maintain reserves on “Euro-currency Liabilities” as defined in and
pursuant to Regulation D of the Board of Governors of the Federal Reserve System or,
if such regulation or definition is modified, and as long as Bank is required to
maintain reserves against a category of liabilities which includes eurodollar
deposits or includes a category of assets which includes eurodollar loans, the rate
at which such reserves are required to be maintained on such category.

     d. “LIBOR Lending Office” means Bank’s office located in the Cayman Islands, British West
Indies, or such other branch of Bank, domestic or foreign, as it may hereafter designate as its
LIBOR Lending Office by notice to Borrower.

-1-

 

     e. “Prime Rate” means the per annum interest rate established by Bank as its prime rate for
its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest
rate on loans made by Bank at any such time.

     e. “Prime Referenced Rate” means, for any day, a per annum interest rate which is equal to the
Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be
less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent
(2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the
Daily Adjusting LIBOR Rate for any day, the Prime Referenced Rate for each such day shall be the
Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.

2. Interest Rate. Subject to the terms and conditions of this Addendum, the Obligations under the
Agreement shall bear interest at the Prime Referenced Rate plus the Applicable Margin.

3. Payment of Interest. Accrued and unpaid interest on the unpaid balance of the Obligations
outstanding under the Agreement shall be payable monthly, in arrears, on the first day of each
month, until maturity (whether as stated herein, by acceleration, or otherwise). In the event that
any payment under this Addendum becomes due and payable on any day which is not a Business Day, the
due date thereof shall be extended to the next succeeding Business Day, and, to the extent
applicable, interest shall continue to accrue and be payable thereon during such extension at the
rates set forth in this Addendum. Interest accruing hereunder shall be computed on the basis of a
year of 360 days, and shall be assessed for the actual number of days elapsed, and in such
computation, effect shall be given to any change in the applicable interest rate as a result of any
change in the Prime Referenced Rate on the date of each such change.

4. Bank’s Records. The amount and date of each advance under the Agreement, its applicable interest
rate, and the amount and date of any repayment shall be noted on Bank’s records, which records
shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank
to make any such notation, or any error in any such notation, shall not relieve Borrower of its
obligations to repay Bank all amounts payable by Borrower to Bank under or pursuant to this
Addendum and the Agreement, when due in accordance with the terms hereof.

5.  Default Interest Rate. From and after the occurrence of any Event of Default, and for so long
as any such
Event of Default remains unremedied or uncured thereafter, the Obligations outstanding under the
Agreement shall bear interest at a per annum rate of five percent (5%) above the otherwise
applicable interest rate hereunder, which interest shall be payable upon demand. In addition to the
foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be
charged on any payment not received by Bank within ten (10) calendar days after the payment due
date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any
Event of Default under the Agreement. In no event shall the interest payable under this Addendum
and the Agreement at any time exceed the maximum rate permitted by law.

6. Prepayment. Borrower may prepay all or part of the outstanding balance of any Obligations at any
time without premium or penalty. Any prepayment hereunder shall also be accompanied by the payment
of all accrued and unpaid interest on the amount so prepaid. Borrower hereby acknowledges and
agrees that the foregoing shall not, in any way whatsoever, limit, restrict, or otherwise affect
Bank’s right to make demand for payment of all or any part of the Obligations under the Agreement
due on a demand basis in Bank’s sole and absolute discretion.

7.  Regulatory Developments or Other Circumstances Relating to the Daily Adjusting LIBOR Rate.

     a. If the adoption after the date hereof, or any change after the date hereof in, any
applicable law, rule or regulation (whether domestic or foreign) of any governmental authority,
central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by Bank with any
request or directive (whether or not having the force of law) made by any such authority, central
bank or comparable agency after the date hereof: (a) shall subject Bank to any tax, duty or other
charge with respect to this Addendum or any Obligations under the Agreement, or shall change the
basis of taxation of payments to Bank of the principal of or interest under this Addendum or any
other amounts due under this Addendum in respect thereof (except for changes in the rate of tax on
the overall net income of Bank or its LIBOR Lending Office imposed by the jurisdiction in which
Bank’s

-2-

 

principal executive office or LIBOR Lending Office is located); or (b) shall impose, modify or deem
applicable any reserve (including, without limitation, any imposed by the Board of Governors of the
Federal Reserve System), special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by Bank, or shall impose on Bank or the foreign exchange and
interbank markets any other condition affecting this Addendum or the Obligations hereunder; and the
result of any of the foregoing is to increase the cost to Bank of maintaining any part of the
Obligations hereunder or to reduce the amount of any sum received or receivable by Bank under this
Addendum by an amount deemed by the Bank to be material, then Borrower shall pay to Bank, within
fifteen (15) days of Borrower’s receipt of written notice from Bank demanding such compensation,
such additional amount or amounts as will compensate Bank for such increased cost or reduction. A
certificate of Bank, prepared in good faith and in reasonable detail by Bank and submitted by Bank
to Borrower, setting forth the basis for determining such additional amount or amounts necessary to
compensate Bank shall be conclusive and binding for all purposes, absent manifest error.

     b. In the event that any applicable law, treaty, rule or regulation (whether domestic or
foreign) now or hereafter in effect and whether or not presently applicable to Bank, or any
interpretation or administration thereof by any governmental authority charged with the
interpretation or administration thereof, or compliance by Bank with any guideline, request or
directive of any such authority (whether or not having the force of law), including any risk-based
capital guidelines, affects or would affect the amount of capital required or expected to be
maintained by Bank (or any corporation controlling Bank), and Bank determines that the amount of
such capital is increased by or based upon the existence of any obligations of Bank hereunder or
the maintaining of any Obligations hereunder, and such increase has the effect of reducing the rate
of return on Bank’s (or such controlling corporation’s) capital as a consequence of such
obligations or the maintaining of such Obligations hereunder to a level below that which Bank (or
such controlling corporation) could have achieved but for such circumstances (taking into
consideration its policies with respect to capital adequacy), then Borrower shall pay to Bank,
within fifteen (15) days of Borrower’s receipt of written notice from Bank demanding such
compensation, additional amounts as are sufficient to compensate Bank (or such controlling
corporation) for any increase in the amount of capital and reduced rate of return which Bank
reasonably determines to be allocable to the existence of any obligations of the Bank hereunder or
to maintaining any Obligations hereunder. A certificate of Bank as to the amount of such
compensation, prepared in good faith and in reasonable detail by the Bank and submitted by Bank to
the undersigned, shall be conclusive and binding for all purposes absent manifest error.

8. Legal Effect. Except as specifically modified hereby, all of the terms and conditions of the
Agreement remain in full force and effect.

9. Conflicts. As to the matters specifically the subject of this Addendum, in the event of any
conflict between this Addendum and the Agreement, the terms of this Addendum shall control.

(remainder of page left blank)

-3-

 

     IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth
above.

	 	 	 	 	 	 	 	 	 

	COMERICA BANK	 	CARBONITE, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ James Demoy	 	By:
	 	/s/ Andrew Keenan	 	 
	 

	 	 

	 	 
	 	 

	 	 
	Name:

	 	James Demoy	 	Name:
	 	Andrew Keenan	 	 
	 

	 	 

	 	 	 	 	 	 
	Title:

	 	Vice President	 	Title:
	 	Chief Financial Officer	 	 
	 

	 	 

	 	 	 	 	 	 

[Signature Page to Prime Referenced Rate Addendum to Loan and Security Agreement]Exhibit 10.1

EXHIBIT 10.1

Confidential information in this Credit Agreement has been omitted and filed separately with the

Securities and Exchange Commission pursuant to a Confidential Treatment Request.

EXECUTION VERSION

Published CUSIP Number: 87075RAA5

CREDIT AGREEMENT

Dated as of December 21, 2010

among

SWIFT TRANSPORTATION CO., LLC,

as the Borrower,

SWIFT TRANSPORTATION COMPANY,

as Holdings,

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender and

L/C Issuer,

MORGAN STANLEY SENIOR FUNDING, INC.,

as Collateral Agent and Syndication Agent,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

CITIBANK, N.A. and

PNC CAPITAL MARKETS LLC,

as Co-Documentation Agents,

and

The Other Lenders Party Hereto

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

MORGAN STANLEY SENIOR FUNDING, INC.

WELLS FARGO SECURITIES, LLC,

CITIGROUP GLOBAL MARKETS INC. and

PNC CAPITAL MARKETS LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	 
	 	 	 	 
	ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

	 
	 	 	 	 
	1.01 Defined Terms
	 	 	1	 
	1.02 Other Interpretive Provisions
	 	 	30	 
	1.03 Accounting Terms
	 	 	31	 
	1.04 Rounding
	 	 	31	 
	1.05 Times of Day
	 	 	32	 
	1.06 Letter of Credit Amounts
	 	 	32	 
	1.07 Currency Equivalents Generally
	 	 	32	 
	 
	 	 	 	 
	ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

	 
	 	 	 	 
	2.01 The Loans
	 	 	32	 
	2.02 Borrowings, Conversions and Continuations of Loans
	 	 	33	 
	2.03 Letters of Credit
	 	 	34	 
	2.04 Swing Line Loans
	 	 	42	 
	2.05 Prepayments
	 	 	44	 
	2.06 Termination or Reduction of Commitments
	 	 	46	 
	2.07 Repayment of Loans
	 	 	47	 
	2.08 Interest
	 	 	47	 
	2.09 Fees
	 	 	48	 
	2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	 	 	48	 
	2.11 Evidence of Debt
	 	 	49	 
	2.12 Payments Generally; Administrative Agent’s Clawback
	 	 	49	 
	2.13 Sharing of Payments by Lenders
	 	 	51	 
	2.14 Defaulting Lenders
	 	 	52	 
	2.15 Borrower Repurchases
	 	 	53	 
	 
	 	 	 	 
	ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

	 
	 	 	 	 
	3.01 Taxes
	 	 	54	 
	3.02 Illegality
	 	 	57	 
	3.03 Inability to Determine Rates
	 	 	57	 
	3.04 Increased Costs; Reserves on Eurodollar Rate Loans
	 	 	57	 
	3.05 Compensation for Losses
	 	 	59	 
	3.06 Mitigation Obligations; Replacement of Lenders
	 	 	59	 
	3.07 Survival
	 	 	60	 

 

i

 

	 	 	 	 	 
	Section	 	Page	 
	 
	 	 	 	 
	ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

	 
	 	 	 	 
	4.01 Conditions of Initial Credit Extension
	 	 	60	 
	4.02 Conditions to all Credit Extensions
	 	 	63	 
	 
	 	 	 	 
	ARTICLE V

REPRESENTATIONS AND WARRANTIES

	 
	 	 	 	 
	5.01 Organization
	 	 	64	 
	5.02 Due Authorization; Non-Contravention
	 	 	64	 
	5.03 Governmental Approval; Regulation
	 	 	64	 
	5.04 Validity
	 	 	65	 
	5.05 Financial Information
	 	 	65	 
	5.06 No Material Adverse Change
	 	 	65	 
	5.07 Litigation; Labor Controversies
	 	 	65	 
	5.08 Subsidiaries
	 	 	65	 
	5.09 Ownership of Properties
	 	 	65	 
	5.10 Taxes
	 	 	66	 
	5.11 Pension and Welfare Plans
	 	 	66	 
	5.12 Environmental Warranties
	 	 	66	 
	5.13 Accuracy of Information
	 	 	67	 
	5.14 Regulations U and X
	 	 	67	 
	5.15 Solvency
	 	 	67	 
	5.16 No Default
	 	 	67	 
	5.17 Compliance with Laws
	 	 	67	 
	5.18 Insurance
	 	 	68	 
	5.19 Collateral Documents
	 	 	68	 
	 
	 	 	 	 
	ARTICLE VI

AFFIRMATIVE COVENANTS

	 
	 	 	 	 
	6.01 Financial Information, Reports, Notices, etc.
	 	 	69	 
	6.02 Maintenance of Existence; Compliance with Contracts, Laws, etc.
	 	 	71	 
	6.03 Properties
	 	 	71	 
	6.04 Insurance
	 	 	71	 
	6.05 Books and Records
	 	 	72	 
	6.06 Environmental Law Covenant
	 	 	72	 
	6.07 Use of Proceeds
	 	 	72	 
	6.08 Future Guarantors, Security, etc.
	 	 	72	 
	6.09 Secured Hedge Agreements
	 	 	73	 
	6.10 Maintenance of Ratings
	 	 	73	 
	6.11 Post-Closing Obligations
	 	 	74	 
	6.12 Ratings Information
	 	 	75	 
	6.13 Motor Vehicle Monitor
	 	 	75	 
	 
	 	 	 	 
	ARTICLE VII

NEGATIVE COVENANTS

	 
	 	 	 	 
	7.01 Business Activities
	 	 	75	 
	7.02 Indebtedness
	 	 	76	 
	7.03 Liens
	 	 	78	 
	7.04 Financial Condition and Operations
	 	 	81	 
	7.05 Investments
	 	 	81	 
	7.06 Restricted Payments
	 	 	83	 
	7.07 Capital Expenditures
	 	 	84	 
	7.08 No Prepayment of Certain Indebtedness
	 	 	84	 

 

ii

 

	 	 	 	 	 
	Section	 	Page	 
	 
	 	 	 	 
	7.09 Issuance of Capital Securities
	 	 	85	 
	7.10 Consolidation, Merger; Permitted Acquisitions, etc.
	 	 	85	 
	7.11 Permitted Dispositions
	 	 	86	 
	7.12 Modification of Certain Agreements
	 	 	87	 
	7.13 Transactions with Affiliates
	 	 	87	 
	7.14 Restrictive Agreements
	 	 	87	 
	7.15 Sale and Leaseback
	 	 	88	 
	7.16 Accounting Changes
	 	 	88	 
	 
	 	 	 	 
	ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

	 
	 	 	 	 
	8.01 Events of Default
	 	 	88	 
	8.02 Remedies upon Event of Default
	 	 	91	 
	8.03 Application of Funds
	 	 	91	 
	 
	 	 	 	 
	ARTICLE IX

AGENTS
	 	 	 	 
	 
	 	 	 	 
	9.01 Appointment and Authority
	 	 	92	 
	9.02 Rights as a Lender
	 	 	93	 
	9.03 Exculpatory Provisions
	 	 	93	 
	9.04 Reliance by Agent
	 	 	94	 
	9.05 Delegation of Duties
	 	 	94	 
	9.06 Resignation of Administrative Agent
	 	 	95	 
	9.07 Non-Reliance on Agents and Other Lenders
	 	 	96	 
	9.08 No Other Duties, Etc.
	 	 	96	 
	9.09 Administrative Agent May File Proofs of Claim
	 	 	96	 
	9.10 Collateral and Guaranty Matters
	 	 	97	 
	9.11 Secured Cash Management Agreements and Secured Hedge Agreements
	 	 	97	 
	9.12 Waiver of Claims
	 	 	98	 
	 
	 	 	 	 
	ARTICLE X

MISCELLANENOUS

	 
	 	 	 	 
	10.01 Amendments, Etc.
	 	 	98	 
	10.02 Notices; Effectiveness; Electronic Communications
	 	 	99	 
	10.03 No Waiver; Cumulative Remedies; Enforcement
	 	 	101	 
	10.04 Expenses; Indemnity; Damage Waiver
	 	 	102	 
	10.05 Payments Set Aside
	 	 	104	 
	10.06 Successors and Assigns
	 	 	104	 
	10.07 Treatment of Certain Information; Confidentiality
	 	 	108	 
	10.08 Right of Setoff
	 	 	108	 
	10.09 Interest Rate Limitation
	 	 	109	 
	10.10 Counterparts; Integration; Effectiveness
	 	 	109	 
	10.11 Survival of Representations and Warranties
	 	 	109	 
	10.12 Severability
	 	 	109	 
	10.13 Replacement of Lenders
	 	 	109	 
	10.14 Governing Law; Jurisdiction; Etc.
	 	 	110	 
	10.15 Waiver of Jury Trial
	 	 	111	 
	10.16 No Advisory or Fiduciary Responsibility
	 	 	111	 
	10.17 Electronic Execution of Assignments and Certain Other Documents
	 	 	111	 
	10.18 USA PATRIOT Act
	 	 	111	 
	 
	 	 	 	 
	SIGNATURES
	 	 	S-1	 

 

iii

 

SCHEDULES

	 	 	 
	1.01

	 	Existing Letters of Credit
	2.01

	 	Commitments and Applicable Percentages
	5.07

	 	Litigation
	5.08

	 	Subsidiaries
	5.09

	 	Owned Real Property
	5.11

	 	Contingent Liabilities under Welfare Plans
	5.12

	 	Environmental Matters
	5.19

	 	Mortgage Filing Offices
	7.02

	 	Existing Indebtedness
	7.03(c)

	 	Existing Liens
	7.05(a)

	 	Existing Investments
	7.13

	 	Permitted Transactions with Affiliates
	10.02

	 	Administrative Agent’s Office, Certain Addresses for Notices

EXHIBITS

	 	 	 
	Form of
	 	 
	 
	 	 
	A

	 	Committed Loan Notice
	B

	 	Swing Line Loan Notice
	C-1

	 	Term Note
	C-2

	 	Revolving Credit Note
	D

	 	Compliance Certificate
	E-1

	 	Assignment and Assumption
	E-2

	 	Administrative Questionnaire
	F

	 	Security Agreement
	G

	 	Intercreditor Agreement

 

iv

 

CREDIT AGREEMENT

This CREDIT AGREEMENT (“Agreement”) is entered into as of December 21, 2010, among SWIFT
TRANSPORTATION CO., LLC, a Delaware limited liability company (the “Borrower”), SWIFT
TRANSPORTATION COMPANY (“Holdings”), each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), MORGAN STANLEY SENIOR
FUNDING, INC., as Syndication Agent and Collateral Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION,
CITIBANK, N.A. and PNC CAPITAL MARKETS LLC, as co-documentation agents, and BANK OF AMERICA, N.A.,
as Administrative Agent (such term and each other capitalized term used but not defined herein
having the meaning given to it in Article I), Swing Line Lender and L/C Issuer.

PRELIMINARY STATEMENTS:

The Borrower has requested that the Lenders provide a term loan facility and a revolving
credit facility, and the Lenders have indicated their willingness to lend and the L/C Issuer has
indicated its willingness to issue letters of credit, in each case, on the terms and subject to the
conditions set forth herein.

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

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms. As used in this Agreement, the following terms shall have the
meanings set forth below:

“Additional Moyes Investors” means, collectively, Vickie Moyes, an individual, Jerry
and Vickie Moyes Family Trust Dated 12/11/87, an Illinois trust, Todd Moyes Trust Dated 4/27/07, an
Illinois trust, Hollie Moyes Trust Dated 4/27/07, an Illinois trust, Chris Moyes Trust Dated
4/27/07, an Illinois trust, Lyndee Moyes Nester Trust Dated 4/27/07, an Illinois trust, Marti Lyn
Moyes Trust Dated 4/27/07, an Illinois trust, and Michael J. Moyes Trust Dated 4/27/07, an Illinois
trust.

“Administrative Agent” means Bank of America, in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent.

“Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as
the Administrative Agent may from time to time notify to the Borrower and the Lenders.

“Administrative Questionnaire” means an Administrative Questionnaire in substantially
the form of Exhibit E-2 or any other form approved by the Administrative Agent.

“Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

“Agents” means, collectively, the Administrative Agent and the Collateral Agent.

“Aggregate Commitments” means the Commitments of all the Lenders.

 

 

 

“Agreement” means this Credit Agreement.

“Applicable Fee Rate” means, at any time, in respect of the Revolving Credit Facility,
(a) from the Closing Date to the date on which the Administrative Agent receives a Compliance
Certificate pursuant to Section 6.01(c) for the Fiscal Quarter ending June 30, 2011, 0.75%
per annum and (b) thereafter, the applicable percentage per annum set forth below determined by
reference to the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent pursuant to Section 6.01(c):

	 	 	 	 	 	 	 
	Applicable Fee Rate	 
	Pricing	 	Consolidated	 	Commitment	 
	Level	 	Leverage Ratio	 	Fee	 
	1
	 	≤ 3.00:1	 	 	0.50	%
	2
	 	> 3.00:1 but < 3.50:1	 	 	0.625	%
	3
	 	≥ 3.50:1	 	 	0.75	%

Any increase or decrease in the Applicable Fee Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 6.01(c); provided,
however, that if a Compliance Certificate is not delivered when due in accordance with such
Section, then, upon the request of the Required Revolving Lenders, Pricing Level 3 shall apply as
of the first Business Day after the date on which such Compliance Certificate was required to have
been delivered and shall remain in effect until the date on which such Compliance Certificate is
delivered.

Notwithstanding anything to the contrary contained in this definition, the determination of
the Applicable Fee Rate for any period shall be subject to the provisions of Section
2.10(b).

“Applicable Percentage” means (a) in respect of the Term Loan Facility, with respect
to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of the
Term Loan Facility represented by (i) on or prior to the Closing Date, such Term Lender’s Term
Loan Commitment at such time and (ii) thereafter, the principal amount of such Term Lender’s Term
Loans at such time, and (b) in respect of the Revolving Credit Facility, with respect to any
Revolving Credit Lender at any time, the percentage (carried out to the ninth decimal place) of the
Revolving Credit Facility represented by such Revolving Credit Lender’s Revolving Credit Commitment
at such time, subject to adjustment as provided in Section 2.14. If the commitment of each
Revolving Credit Lender to make Revolving Credit Loans and the obligation of the L/C Issuer to make
L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving
Credit Commitments have expired, then the Applicable Percentage of each Revolving Credit Lender in
respect of the Revolving Credit Facility shall be determined based on the Applicable Percentage of
such Revolving Credit Lender in respect of Revolving Credit Facility most recently in effect,
giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender in
respect of each Facility is set forth opposite the name of such Lender on Schedule 2.01 or
in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable.

“Applicable Rate” means (a) in respect of the Term Loan Facility, 3.50% per annum for
Base Rate Loans and 4.50% per annum for Eurodollar Rate Loans and (b) in respect of the Revolving
Credit Facility, (i) 3.50% per annum for Base Rate Loans and 4.50% per annum for Eurodollar Rate
Loans and Letter of Credit Fees.

“Applicable Revolving Credit Percentage” means with respect to any Revolving Credit
Lender at any time, such Revolving Credit Lender’s Applicable Percentage in respect of the
Revolving Credit Facility at such time.

 

2

 

“Appropriate Lender” means, at any time, (a) with respect to either the Term Loan
Facility or the Revolving Credit Facility, a Lender that has a Commitment with respect to such
Facility or holds a Term Loan or a Revolving Credit Loan, respectively, at such time, (b) with
respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have
been issued pursuant to Section 2.03(a), the Revolving Credit Lenders and (c) with respect
to the Swing Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Loans are
outstanding pursuant to Section 2.04(a), the Revolving Credit Lenders.

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

“Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit E-1 or any other form approved by the Administrative Agent.

“Attributable Indebtedness” means, on any date, (a) in respect of any Motor Vehicle
Financing, any Newly Acquired Motor Vehicle Financing or any operating lease incurred by any
Person, the present value (calculated using a discount rate equal to the rate of interest implicit
in such transaction, determined, to the extent applicable, in accordance with GAAP) of the
obligation of the lessee for net rental payments during the remaining term of the lease associated
with such transaction, including any period for which such lease has been extended or may, at the
option of the lessor, be extended; provided, that if such transaction is a Capitalized
Lease, the amount of Indebtedness represented thereby will be determined in accordance with clause
(b) of this definition, (b) in respect of any Capitalized Lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as of such date in
accordance with GAAP, (c) in respect of any Synthetic Lease Obligation, the capitalized amount of
the remaining lease or similar payments under the relevant lease or other applicable agreement or
instrument that would appear on a balance sheet of such Person prepared as of such date in
accordance with GAAP if such lease or other agreement or instrument were accounted for as a
Capitalized Lease and (d) all Synthetic Debt of such Person.

“Audited Financial Statements” means the audited (without any Impermissible
Qualification) consolidated balance sheet of Swift Corporation and its Subsidiaries for Fiscal Year
2009, and the related consolidated statements of income or operations, shareholders’ equity and
cash flows for such Fiscal Year of Swift Corporation and its Subsidiaries, including the notes
thereto.

“Auto-Extension Letter of Credit” has the meaning specified in Section
2.03(b)(iii).

“Availability” means, at any time, an amount equal to the Revolving Credit Commitments
at such time less the Revolving Credit Exposure at such time.

“Availability Period” means in respect of the Revolving Credit Facility, the period
from and including the Closing Date to the earliest of (a) the Maturity Date for the Revolving
Credit Facility, (b) the date of termination of the Revolving Credit Commitments pursuant to
Section 2.06, and (c) the date of termination of the commitment of each Revolving Credit
Lender to make Revolving Credit Loans and of the obligation of the L/C Issuer to make L/C Credit
Extensions pursuant to Section 8.02.

“Bank of America” means Bank of America, N.A. and its successors.

 

3

 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a)
the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate” and (c) the Eurodollar
Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next
preceding Business Day) in respect of a proposed Eurodollar Rate Loan with a one-month Interest
Period plus 1.0%; provided that in no event shall the Base Rate with respect to the
Term Loan Facility be less than 2.50%. The “prime rate” is a rate set by Bank of America based upon
various factors including Bank of America’s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in such rate announced by Bank of America shall
take effect at the opening of business on the day specified in the public announcement of such
change.

“Base Rate Loan” means a Loan that bears interest based on the Base Rate.

“Borrower” has the meaning specified in the introductory paragraph hereto.

“Borrower Materials” means any information provided by or on behalf of the Borrower
hereunder that the Administrative Agent makes available to the Lenders and the L/C Issuer by
posting such materials on the Platform.

“Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Loan
Borrowing, as the context may require.

“Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank eurodollar market.

“Capital Expenditures” means, for any period, the aggregate amount, without
duplication, of (i) all expenditures of Holdings and its Subsidiaries for fixed or capital assets
made during such period which, in accordance with GAAP, would be classified as capital
expenditures, (ii) Capitalized Lease obligations incurred by Holdings and its Subsidiaries during
such period and (iii) the Attributable Indebtedness with respect to operating leases incurred by
Holdings and its Subsidiaries during such period; provided that the term “Capital
Expenditures” (a) shall not include expenditures made to fund the purchase price for assets
acquired as Investments (including Permitted Acquisitions) or incurred by the Person acquired in
the Permitted Acquisition prior to (but not in anticipation of) the closing of such Permitted
Acquisition and (b) for purposes of Section 7.07 shall not include expenditures (x) made in
connection with the replacement, substitution or restoration of assets to the extent financed (1)
from insurance proceeds paid on account of the loss of or damage to the assets being replaced or
restored or (2) with awards of compensation arising from the taking by eminent domain or
condemnation of the assets being replaced and (y) Capital Expenditures to replace Motor Vehicles
acquired in any Permitted Acquisition.

“Capital Securities” means, with respect to any Person, all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person’s capital, whether now outstanding or hereafter issued.

“Capitalized Leases” means all leases that have been or should be, in accordance with
GAAP, recorded as capitalized leases.

 

4

 

“Captive Insurance Company” means each of Mohave Transportation Insurance Company, an
Arizona corporation, Red Rock Risk Retention Group, Inc., an Arizona Corporation, each of its
subsidiaries, if any, and each other Subsidiary of Holdings formed from time to time that engages
primarily in the business of being a captive insurance subsidiary for Holdings and its
Subsidiaries.

“Cash Collateral” has the meaning specified in Section 2.03(g).

“Cash Collateralize” has the meaning specified in Section 2.03(g).

“Cash Equivalents” means, at any time:

(a) any direct obligation of (or unconditionally guaranteed by) the United States or a
State thereof (or any agency or political subdivision thereof, to the extent such
obligations are supported by the full faith and credit of the United States or a State
thereof) maturing not more than one year after such time;

(b) commercial paper maturing not more than 270 days from the date of issue, which is
issued by (i) a corporation (other than an Affiliate of any Loan Party) organized under the
laws of any State of the United States or of the District of Columbia and rated A-1 or
higher by S&P or P-1 or higher by Moody’s, or (ii) any Lender of the type described in
clause (c)(i) below (or its holding company);

(c) any certificate of deposit, time deposit or bankers acceptance, maturing not more
than one year after its date of issuance, which is issued or accepted by any bank organized
under the laws of the United States (or any State thereof or the District of Columbia) and
which has (x) a credit rating of A2 or higher from Moody’s or A or higher from S&P and (y) a
combined capital and surplus greater than $500,000,000;

(d) any repurchase agreement having a term of 30 days or less entered into with any
Lender or any commercial banking institution satisfying the criteria set forth in clause
(c)(i) which (i) is secured by a fully perfected security interest in any obligation of the
type described in clause (a), and (ii) has a market value at the time such repurchase
agreement is entered into of not less than 100% of the repurchase obligation of such
commercial banking institution thereunder;

(e) shares of any money market mutual fund that (i) has substantially all of its assets
invested continuously in the types of investments referred to in clause (a) through (d)
above, (ii) has net assets of not less than $500,000,000, and (iii) has the highest rating
obtainable from either S&P or Moody’s; or

(f) so long as the representations and warranties set forth in Section 5.14
remain true and correct, debt securities (other than of Holdings or any of its Subsidiaries
or Affiliates) that are listed on a national securities exchange or Nasdaq or freely traded
in the over-the counter market so long as (i) the amount invested in such securities does
not exceed in the aggregate $10,000,000 and (ii) such debt securities have received a rating
of A2 or higher from Moody’s and A or higher from S&P.

“Cash Management Agreement” means any agreement to provide cash management services,
including treasury, depository, overdraft, credit, purchase or debit card, electronic funds
transfer and other cash management arrangements.

 

5

 

“Cash Management Bank” means (a) on the Closing Date, any Lender or Affiliate of a
Lender that is party to a Cash Management Agreement and (b) on or after the Closing Date, any
Person that, at
the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of a Lender,
in each case in its capacity as a party to such Cash Management Agreement.

“Casualty Event” means the damage, destruction or condemnation of or any taking under
power of eminent domain or by condemnation or similar proceeding of, any property of any Person or
any of its Subsidiaries.

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended.

“CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability
Information System maintained by the U.S. Environmental Protection Agency.

“CFC” means a Person that is a controlled foreign corporation under Section 957 of the
Code.

“Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority.

“Change in Control” means:

(a) the failure of Holdings to directly or indirectly own beneficially and of record on
a fully diluted basis 100% of the outstanding Capital Securities of the Borrower, such
Capital Securities to be held free and clear of all Liens (other than Liens (i) permitted
pursuant to Sections 7.03(f), (g), (h), (j) and (k)
or (ii) granted under a Loan Document or the Senior Note Documents);

(b) the failure of the Borrower to directly or indirectly own beneficially and of
record on a fully diluted basis 100% of the outstanding Capital Securities of Swift Arizona,
such Capital Securities to be held free and clear of all Liens (other than Liens (i)
permitted pursuant to Sections 7.03(f), (g), (h), (j) and
(k) or (ii) granted under a Loan Document or the Senior Note Documents);

(c) any Person or group (within the meaning of Sections 13(d) and 14(d) under the
Exchange Act), other than the Permitted Holders or their Affiliates, shall become the
ultimate “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of Capital Securities representing more than 35% of the voting power
of the Voting Securities of Holdings on a fully diluted basis unless the Permitted Holders
and their Affiliates are in the aggregate beneficial owners of more of the total voting
power of Holdings than such other Person or group; or

(d) the occurrence of any “Change in Control” (or similar term) under (and as defined
in) any Senior Note Document.

“Closing Date” means the first date all the conditions precedent in Section
4.01 are satisfied or waived in accordance with Section 10.01.

 

6

 

“Closing Date Revolving Credit Lender” means any Lender that is a Revolving Credit
Lender as of the Closing Date.

“Code” means the Internal Revenue Code of 1986.

“Collateral” means all of the “Collateral” and “Mortgaged Property”
referred to in the Collateral Documents and all of the other property that is or is intended under
the terms of the Collateral Documents to be subject to Liens in favor of the Collateral Agent for
the benefit of the Secured Parties.

“Collateral Agent” means Morgan Stanley Senior Funding, Inc., in its capacity as
collateral agent, or any successor collateral agent.

“Collateral Documents” means, collectively, the Security Agreement, the Intellectual
Property Security Agreements, the Mortgages, the Intercreditor Agreement, each of the mortgages,
collateral assignments, security agreements, supplements to the Security Agreement, supplements to
the Intellectual Property Security Agreements, pledge agreements or other similar agreements
delivered to the Administrative Agent pursuant to Section 6.08, and each of the other
agreements, instruments or documents that creates or purports to create a Lien in favor of the
Collateral Agent for the benefit of the Secured Parties.

“Commitment” means a Term Loan Commitment or a Revolving Credit Commitment, as the
context may require.

“Committed Loan Notice” means a notice of (a) a Term Loan Borrowing, (b) a Revolving
Credit Borrowing, (c) a conversion of Loans from one Type to the other, or (d) a continuation of
Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be
substantially in the form of Exhibit A.

“Compliance Certificate” means a certificate duly completed and executed by a
Responsible Officer of Holdings, substantially in the form of Exhibit D hereto, together
with such changes thereto as the Administrative Agent may from time to time reasonably request for
the purpose of monitoring Holdings’ compliance with the financial covenants contained herein.

“Consolidated EBITDA” means, at any date of determination, an amount equal to
Consolidated Net Income of Holdings and its Subsidiaries on a consolidated basis for the most
recently completed Measurement Period plus (a) the following to the extent deducted in
calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges,
(ii) the provision for Federal, state, local and foreign income taxes payable, (iii) depreciation
and amortization expense (including amortization of goodwill, other intangibles, Transaction
Expenses, financing fees, and related expenses), (iv) non-cash impairment charges, (v) non-cash
expenses resulting from the grant of stock and stock options and other compensation to management
personnel of Holdings and its Subsidiaries pursuant to a written incentive plan or agreement, (vi)
any expenses or charges related to any equity offering, including Transaction Expenses, or any
incurrence or refinancing, in each case after the Closing Date, of any Indebtedness permitted under
this Agreement, (vii) the amount of any one-time restructuring costs incurred in connection with
Permitted Acquisitions after the Closing Date, (viii) any losses or expenses resulting from any
Swap Termination Value, (ix) any losses attributable to non-cash mark-to-market adjustments on Swap
Contracts and (x) other non-recurring expenses reducing such Consolidated Net Income which do not
represent a cash item in such period or any future period (including without duplication any losses
with respect to the cancellation or early extinguishment of Indebtedness), in each case of or by
Holdings and its Subsidiaries for such Measurement Period and minus (b) the following to
the extent included in calculating such Consolidated Net Income (without duplication): (i)
Federal, state, local and

 

7

 

foreign income tax credits, (ii) any income or gain resulting from Swap
Termination Value, (iii) any income or  gain attributable to non-cash mark-to-market adjustments on
Swap Contracts and (iv) all non-cash items increasing Consolidated Net Income (including any income
or gain with respect to the cancellation or early extinguishment of Indebtedness), in each case of
or by Holdings and its Subsidiaries for such
Measurement Period; provided that, with respect to any calculations of Consolidated
EBITDA for any Measurement Period ending on or prior to June 30, 2011, (i) Consolidated EBITDA for
the Fiscal Quarter ended March 31, 2010 shall be deemed to be $90,335,000, (ii) Consolidated EBITDA
for the Fiscal Quarter ended June 30, 2010 shall be deemed to be $116,261,000 and (iii)
Consolidated EBITDA for the Fiscal Quarter ended September 30, 2010 shall be deemed to be
$135,694,000. For the purposes of calculating Consolidated EBITDA for any Measurement Period
pursuant to any determination of the Consolidated Leverage Ratio, if during such Measurement Period
Holdings or any Subsidiary shall have (A) made a Material Acquisition, upon satisfactory review of
the financial statements of the Person, business line, unit or division acquired pursuant to such
acquisition by the independent certified public accountant of Holdings (it being understood that
Holdings shall primarily perform such review and the independent certified public accountant shall
only review such matters that it would normally review in connection with Holdings’ normal auditing
and reporting procedures), Consolidated EBITDA for such Measurement Period shall be calculated
after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of
such Measurement Period or (B) made a Material Disposition, Consolidated EBITDA for such
Measurement Period shall be calculated after giving pro forma effect thereto as if such Material
Disposition occurred on the first day of such Measurement Period. For purposes of this definition,
“Material Acquisition” means any Permitted Acquisition that involves consideration (valued at fair
market value) by Holdings and its Subsidiaries in excess of $25,000,000 and “Material Disposition”
means any Disposition of Capital Securities of a Subsidiary or property constituting a business
line or division, or series of related such Dispositions, that yields gross proceeds to Holdings or
any of its Subsidiaries in excess of $25,000,000.

“Consolidated Funded Indebtedness” means, as of any date of determination, for
Holdings and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal
amount of all obligations, whether current or long-term, for borrowed money (including Obligations
hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other
similar instruments (but excluding any obligations arising under Swap Contracts), (b) all purchase
money Indebtedness, (c) all drawn amounts arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (d) all
Attributable Indebtedness (excluding amounts under clause (a) of the definition of Attributable
Indebtedness), (e) without duplication, all Guarantees with respect to outstanding Indebtedness of
the types specified in clauses (a) through (d) above of Persons other than the Borrower or any
Subsidiary, and (f) all Indebtedness of the types referred to in clauses (a) through (e) above of
any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which the Borrower or a Subsidiary is a general partner or joint
venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such
Subsidiary.

“Consolidated Interest Charges” means, for any Measurement Period, the sum, with
respect to Holdings and its Subsidiaries on a consolidated basis, of (a) all interest, premium
payments, fees, charges and related expenses in connection with borrowed money or in connection
with the deferred purchase price of assets, in each case to the extent treated as interest in
accordance with GAAP, (b) all interest paid or payable with respect to discontinued operations and
(c) the portion of rent expense under Capitalized Leases that is treated as interest in accordance
with GAAP, in each case that is either paid or required to be paid in cash during such Measurement
Period and net of interest income received or receivable during such Measurement Period, provided
there shall be excluded (i) any non-cash interest expense attributable to the movement in the mark
to market valuation of Swap Contracts or other derivative instruments pursuant to Financial
Accounting Standards Board Statement No. 133—Accounting for Derivative Instruments and Hedging
Activities” and any other applicable accounting standard and non-cash interest expense attributable
to the amortization of gains or losses resulting from the termination prior to or reasonably
contemporaneously with the Closing Date of Swap Contracts, (ii) any amortization or write-off of
financing or other debt issuance costs otherwise included therein, and (iii) any change in Swap
Termination Value (provided that there shall be included in the calculation of Consolidated
Interest
Charges payments made or received under any interest rate Swap Contracts (excluding payments
from the termination of any interest rate Swap Contract)).

 

8

 

“Consolidated Interest Coverage Ratio” means, as of the last day of any Fiscal
Quarter, the ratio computed for the Measurement Period ended on such day of:

(a) Consolidated EBITDA (for all such Fiscal Quarters)

to

(b) the sum (for all such Fiscal Quarters) of Consolidated Interest Charges;

provided that, with respect to (i) the Fiscal Quarter ended March 31, 2011, the
Measurement Period shall be the one Fiscal Quarter period ended on such date, (ii) the Fiscal
Quarter ended June 30, 2011, the Measurement Period shall be the two Fiscal Quarter period ended on
such date and (iii) the Fiscal Quarter ended September 30, 2011, the Measurement Period shall be
the three Fiscal Quarter period ended on such date.

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Funded Indebtedness (minus the excess of (i) unrestricted cash and Cash
Equivalents of Holdings and its Subsidiaries over (ii) the aggregate amount of any outstanding
Swing Line Loans) as of such date to (b) Consolidated EBITDA of Holdings and its Subsidiaries on a
consolidated basis for the most recently completed Measurement Period.

“Consolidated Net Income” means, at any date of determination, the net income (or
loss) of Holdings and its Subsidiaries on a consolidated basis for the most recently completed
Measurement Period; provided that Consolidated Net Income shall exclude (a) extraordinary
gains and extraordinary losses for such Measurement Period, (b) the net income of any Subsidiary
during such Measurement Period to the extent that the declaration or payment of dividends or
similar distributions by such Subsidiary of such income is not permitted by operation of the terms
of its Organization Documents or any agreement, instrument or Law applicable (it is understood that
the review and approval process of the applicable state department of insurance for dividends by
Captive Insurance Companies shall not constitute such a restriction) to such Subsidiary during such
Measurement Period, except that Holdings’ equity in any net loss of any such Subsidiary for such
Measurement Period shall be included in determining Consolidated Net Income, and (c) any income (or
loss) for such Measurement Period of any Person if such Person is not a Subsidiary, except that
Holdings’ equity in the net income of any such Person for such Measurement Period shall be included
in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person
during such Measurement Period to Holdings or a Subsidiary as a dividend or other distribution (and
in the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded
from further distributing such amount to Holdings as described in clause (b) of this proviso).

“Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

“Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

9

 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension.

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

“Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

“Default Rate” means, with respect to any Obligations, an interest rate equal to (a)
the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans under the
Term Loan Facility plus (c) 2.00% per annum; provided, however, that (i)
with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2.00%
per annum and (ii) with respect to Letter of Credit Fees, the Default Rate shall be an interest
rate equal to the Applicable Rate plus 2.00% per annum

“Defaulting Lender” means subject to Section 2.14(b), any Lender that, as
reasonably determined by the Administrative Agent, (a) has failed to perform any of its funding
obligations hereunder, including in respect of its Loans or participations in respect of Letters
of Credit or Swing Line Loans, within three Business Days of the date required to be funded by it
hereunder, (b) has notified the Borrower, or the Administrative Agent that it does not intend to
comply with its funding obligations or has made a public statement to that effect with respect to
its funding obligations hereunder or under other agreements in which it commits to extend credit,
(c) has failed, within three Business Days after written request by the Administrative Agent (based
on the reasonable belief that it may not fulfill its funding obligation), to confirm in a manner
reasonably satisfactory to the Administrative Agent that it will comply with its funding
obligations, or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or a custodian appointed for it, or (iii) taken any action in
furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or
appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority.

“Disposition” or “Dispose” means any sale, transfer, lease, contribution or
other conveyance (including by way of merger) of, or the granting of options, warrants or other
rights to, any of Holdings’ or any of its Subsidiaries’ assets (including the sale, transfer or
other conveyance of accounts receivable and the sale or issuance of Capital Securities of
Subsidiaries of Holdings) to any other Person (other than to a Borrower or a Guarantor) in a single
transaction or series of transactions.

“Dollar” and “$” mean lawful money of the United States.

“Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 10.06(b)(iii), (v) and (vi) (subject to such consents, if
any, as may be required under Section 10.06(b)(iii)).

“Environmental Laws” means all applicable federal, state or local statutes, laws,
ordinances, codes, rules, regulations and guidelines (including consent decrees and administrative
orders) relating to public health and safety and protection of the environment.

 

10

 

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

“Equity Interests” means Capital Securities and all warrants, options or other rights
to acquire Capital Securities (but excluding any debt security that is convertible into, or
exchangeable for, Capital Securities).

“ERISA” means the Employee Retirement Income Security Act of 1974.

“ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization (as defined in
Section 4241 of ERISA); (d) the filing of a notice of intent to terminate, the treatment of a Plan
amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings
by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which
constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of
ERISA, upon any Loan Party or any ERISA Affiliate; (g) the failure to make by its due date any
required installment under Section 430(j) of the Code with respect to any Pension Plan, the
determination that any Pension Plan is, or is expected to be, in “at risk” status (within the
meaning of Section 430 of the Code or Section 303 of ERISA, or the filing pursuant to Section
412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Pension Plan; or (h) the failure to make by its due date any required
contribution to a Multiemployer Plan pursuant to Sections 431 or 432 of the Code or receipt by any
Loan Party or any ERISA Affiliate of any determination that a Multiemployer Plan is, or is expected
to be, in “endangered” or “critical” status (within the meaning of Section 432 of the Code or
Section 305 of ERISA.

“Eurodollar Rate” means, for any Interest Period with respect to a Eurodollar Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”),
as published by Reuters (or other commercially available source providing quotations of BBA LIBOR
as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “Eurodollar Rate” for such
Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate
at which deposits in Dollars for delivery on the first day of such Interest Period in same day
funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by
Bank of America and with a term equivalent to such Interest Period would be offered by Bank of
America’s London Branch to major banks in the London interbank eurodollar market at their request
at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period. In no event shall the Eurodollar Rate with respect to the
Term Loan Facility be less than 1.50% (this sentence, the “Eurodollar Rate Floor”).

 

11

 

“Eurodollar Rate Floor” has the meaning specified in the defined term “Eurodollar
Rate”.

“Eurodollar Rate Loan” means a Revolving Credit Loan or a Term Loan that bears
interest at a rate based on the Eurodollar Rate.

“Event of Default” has the meaning specified in Section 8.01.

“Excess Cash Flow” means, for any Fiscal Year, the excess (if any) of (a) Consolidated
EBITDA for such Fiscal Year over (b) the sum (determined without duplication for such
Fiscal Year) of (i) Consolidated Interest Charges actually paid in cash by Holdings and its
Subsidiaries, (ii) scheduled principal repayments, to the extent actually made, of Term Loans
pursuant to Section 2.07(a), scheduled repayments, to the extent actually made, of any
other Indebtedness permitted under Section 7.02 and permitted to be repaid pursuant to
Section 7.08 (including scheduled lease or other repayments in connection with any Motor
Vehicle Financing or Newly Acquired Motor Vehicle Financing) and voluntary repayments of
Indebtedness (other than the Loans) permitted under Section 7.02 and, if applicable,
permitted to be repaid pursuant to Section 7.08 (excluding, for all purposes of this clause
(ii), repayments of Revolving Credit Loans or Swing Line Loans or similar types of Indebtedness
except to the extent the Revolving Credit Commitments or similar commitments are permanently
reduced in connection with such repayments), (iii) all income Taxes actually paid in cash by
Holdings and its Subsidiaries, (iv) Capital Expenditures made in cash (exclusive of Capital
Expenditures financed with the proceeds of Indebtedness, equity issuances, casualty proceeds or
other proceeds which are not included in Consolidated EBITDA), (v) cash consideration actually paid
in respect of Permitted Acquisitions or other capital Investments permitted under Section
7.05 (including in real estate assets), (vi) Restricted Payments (x) permitted under
Section 7.06 which are paid in cash during such period to the extent not deducted in any
determination of Excess Cash Flow for any prior Fiscal Year or (y) estimated in good faith by
Holdings to be payable in respect of such period and (vii) Investments in any Captive Insurance
Company permitted under Section 7.05(p).

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of the
Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the Laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
Lending Office is located or which it is otherwise doing business that is not solely in connection
with the Loan Documents, (b) any branch profits taxes imposed by the United States or any similar
tax imposed by any other jurisdiction in which the Borrower is located, (c) any backup withholding
tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to
comply with clause (A) of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender
(other than an assignee pursuant to a request by the Borrower under Section 10.13), any
United States withholding tax that (i) is required to be imposed on amounts payable to such Foreign
Lender pursuant to the Laws in force at the time such Foreign Lender becomes a party hereto (or
designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or
inability (other than as a result of a Change in Law) to comply with clause (B) of Section
3.01(e)(ii), 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
3.01(a)(ii).

 

12

 

“Existing Credit Agreement” means that certain Credit Agreement, dated as of May 10,
2007, among the Borrower (f/k/a Swift Transportation Co., Inc., a Nevada corporation), Swift
Arizona (f/k/a Swift Transportation Co., Inc., an Arizona corporation) party thereto, Swift
Corporation (f/k/a Saint Corporation), as guarantor, Morgan Stanley Senior Funding, Inc., as the
administrative agent, and the other agents and lenders from time to time parties thereto.

“Existing Letters of Credit” means the letters of credit outstanding on the Closing
Date and set forth on Schedule 1.01.

“Existing Notes Indentures” means, collectively, (i) the Indenture, dated as of May
10, 2007, between the Borrower, U.S. Bank National Association, as trustee, and the guarantors
named therein, pursuant to which the Floating Rate Notes have been issued and (ii) the Indenture,
dated as May 10, 2007, between the Borrower, U.S. Bank National Association, as trustee, and the
guarantors named therein, pursuant to which the Fixed Rate Notes have been issued.

“Facility” means the Term Loan Facility or the Revolving Credit Facility, as the
context may require.

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

“Fee Letters” means (a) the letter agreement, dated November 30, 2010, among Holdings,
the Borrower, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley Senior Funding, Inc., Wells Fargo Securities, LLC and Wells Fargo Bank, National
Association and (b) the letter agreement, dated December 21, 2010, among Holdings, the Borrower and
the Administrative Agent.

“Filing Statement” means all UCC financing statements or other similar financing
statements and UCC (Form UCC-3) termination statements required pursuant to the Loan Documents.

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

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

“Fixed Rate Notes” means those certain second-priority senior secured fixed rate notes
issued pursuant to that certain Indenture described in clause (ii) of the definition of “Existing
Notes Indentures”.

“Floating Rate Notes” means those certain second-priority senior secured floating rate
notes issued pursuant to that certain Indenture described in clause (i) of the definition of
“Existing Notes Indentures”.

 

13

 

“Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction
other than
that in which the Borrower is resident for tax purposes (including such a Lender when acting
in the capacity of the L/C Issuer). For purposes of this definition, the United States, each State
thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

“Foreign Subsidiary” means any Subsidiary that is not a U.S. Subsidiary (including,
but not limited to, any Subsidiary organized under the laws of Puerto Rico).

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect
to the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C
Obligations other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the
terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable
Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance
with the terms hereof.

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

“GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

“Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other Person exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

“Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for
the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the
payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital,
equity capital or any other financial statement condition or liquidity or level of income or cash
flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person
in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

14

 

“Guarantors” means, collectively, Holdings, the Subsidiaries of Holdings listed on
Schedule 5.08 and each other Subsidiary of Holdings that shall be required to execute and
deliver a supplement to the Security Agreement as a “guarantor” thereunder pursuant to Section
6.08.

“Guaranty” means, collectively, the Guarantee made by the Guarantors in favor of the
Secured Parties pursuant to Article II of the Security Agreement.

“Hazardous Materials” means (a) any “hazardous substance”, as defined by CERCLA, (b)
any “hazardous waste”, as defined by the Resource Conservation and Recovery Act, as amended, or (c)
any pollutant or contaminant or hazardous, dangerous or toxic chemical, material or substance
(including any petroleum product) within the meaning of any other applicable federal, state or
local law, regulation, ordinance or requirement (including consent decrees and administrative
orders) relating to or imposing liability or standards of conduct concerning any hazardous, toxic
or dangerous waste, substance or material, all as amended.

“Hedge Bank” means any Person that, at the time it enters into a Swap Contract
required or permitted under Article VI or VII, is a Lender or an Affiliate of a
Lender, in its capacity as a party to such Swap Contract.

“Hedging Obligations” means, with respect to any Person, all liabilities of such
Person under any Secured Hedge Agreement.

“Holdings” has the meaning specified in the introductory paragraph hereto.

“IEL” means Interstate Equipment Leasing, LLC.

“Immaterial Subsidiary” means, at any date of determination, any Subsidiary of
Holdings (other than the Borrower) that (i) does not, as of the most recently ended Measurement
Period, have total assets with a value in excess of 5% of the consolidated total assets of Holdings
and its Subsidiaries for such date and (ii) did not, during the most recently ended Measurement
Period, have gross revenues exceeding 5% of the consolidated gross revenues of Holdings and its
Subsidiaries, in each case determined in accordance with GAAP; provided that, the
aggregate total assets or gross revenues of all Immaterial Subsidiaries, determined in accordance
with GAAP, may not exceed 10% of consolidated total assets or consolidated gross revenues,
respectively, of Holdings and its Subsidiaries, collectively, at any time (and the Borrowers will
designate in writing to the Administrative Agent from time to time the Subsidiaries which will
cease to be treated as “Immaterial Subsidiaries” in order to comply with the foregoing limitation).

“Impermissible Qualification” means any qualification, explanatory note or exception
to the opinion or certification of any independent certified public accountant as to any financial
statement delivered hereunder (i) which is of a “going concern” or similar nature, (ii) which
relates to the limited scope of examination of matters relevant to such financial statement, or
(iii) which relates to the treatment or classification of any item in such financial statement and
which, as a condition to its removal, would require an adjustment to such item the effect of which
would be to cause the Person delivering such financial statement to be in Default.

 

15

 

“Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

(a) all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

(b) the maximum amount of all direct or contingent obligations of such Person arising
under letters of credit (including standby and commercial), bankers’ acceptances, bank
guaranties, surety bonds and similar instruments;

(c) net obligations of such Person under any Swap Contract;

(d) all obligations of such Person to pay the deferred purchase price of property or
services (other than trade accounts payable in the ordinary course of business and not past
due for more than 90 days after the date on which such trade account was created or, if past
due for more than 90 days, as to which a dispute exists and adequate reserves in conformity
with GAAP have been established on the books of such Person);

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned or being purchased by such Person (including indebtedness arising under conditional
sales or other title retention agreements), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse;

(f) all Attributable Indebtedness in respect of Motor Vehicle Financings, Newly
Acquired Motor Vehicle Financings, Capitalized Leases and Synthetic Lease Obligations of
such Person and all Synthetic Debt of such Person;

(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise
make any payment in respect of any Capital Securities in such Person or any other Person,
valued, in the case of a redeemable preferred interest, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; and

(h) all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such
date.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Indemnitee” has the meaning specified in Section 10.04(b).

“Information” has the meaning specified in Section 10.07.

“Intellectual Property” has the meaning specified in the Security Agreement.

“Intellectual Property Security Agreements” has the meaning specified in the Security
Agreement.

 

16

 

“Interco Subordination Agreement” means a subordination agreement, in form and
substance reasonably satisfactory to the Administrative Agent, executed and delivered by one or
more Loan Parties pursuant to the terms of this Agreement.

“Intercreditor Agreement” has the meaning specified in Section 4.01(a)(iv).

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of
each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such
Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate
Loan exceeds three months, the respective dates that fall every three months after the beginning of
such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or
Swing Line Loan, the last Business Day of each March, June, September and December and the Maturity
Date of the Facility under which such Loan was made (with Swing Line Loans being deemed made under
the Revolving Credit Facility for purposes of this definition).

“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its
Committed Loan Notice or such other period that is twelve months or less requested by the Borrower
and consented to by all the Appropriate Lenders; provided that:

(a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

(b) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

(c) no Interest Period shall extend beyond the Maturity Date of the Facility under
which such Loan was made.

“Investment” means, relative to any Person, (i) any loan, advance or extension of
credit made by such Person to any other Person, including the purchase by such Person of any bonds,
notes, debentures or other debt securities of any other Person, (ii) Guarantees in favor of any
other Person, and (iii) any Capital Securities held by such Person in any other Person. The amount
of any Investment shall be the original principal or capital amount thereof less all returns of
principal or equity thereon and shall, if made by the transfer or exchange of property other than
cash, be deemed to have been made in an original principal or capital amount equal to the fair
market value of such property at the time of such Investment.

“IPO Proceeds” has the meaning specified in Section 4.01(g).

“IRS” means the United States Internal Revenue Service.

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

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of
Credit.

 

17

 

“Joint Lead Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Morgan Stanley Senior Funding, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and
PNC
Capital Markets LLC, in their capacities as joint lead arrangers and joint bookrunners.

“Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

“L/C Advance” means, with respect to each Revolving Credit Lender, such Lender’s
funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving
Credit Percentage.

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit
Borrowing.

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

“L/C Exposure”: means, at any time, the Outstanding Amount with respect to L/C
Obligations. The L/C Exposure of any Lender at any time shall be its Applicable Revolving Credit
Percentage of the total L/C Exposure at such time.

“L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder.

“L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.06. For all purposes of this Agreement, if on any date of
determination a Letter of Credit has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be
deemed to be “outstanding” in the amount so remaining available to be drawn.

“Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the Swing Line Lender.

“Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent.

“Letter of Credit” means any standby letter of credit issued hereunder and shall
include the Existing Letters of Credit.

“Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

 

18

 

“Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business
Day, the next preceding Business Day).

“Letter of Credit Fee” has the meaning specified in Section 2.03(i).

“Letter of Credit Sublimit” means an amount equal to $300,000,000. The Letter of
Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

“Lien” means any security interest, mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in
property, or other priority or preferential arrangement of any kind or nature whatsoever, to secure
payment of a debt or performance of an obligation.

“LKE Program” means that certain program established by Holdings, the Borrower and its
Subsidiaries (or any replacement program) for the disposition and exchange of trucks, trailers and
other transportation assets, including terminals, in exchanges intended to qualify as “like-kind
exchanges” under Section 1031 of the Code with Chicago Deferred Exchange Corporation or any other
qualified institution acting as the “qualified intermediary” (as defined under Section 1031 of the
Code or the Treasury Regulations promulgated thereunder) for such exchanges.

“Loan” means a Term Loan, a Revolving Credit Loan or a Swing Line Loan.

“Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the
Letters of Credit, (d) the Collateral Documents, (e) the Fee Letters and (f) each other agreement,
certificate, document or instrument delivered in connection with any of the foregoing, whether or
not specifically mentioned herein or therein.

“Loan Parties” means, collectively, the Borrower and each Guarantor.

“Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, financial condition, performance or properties of
Holdings and its Subsidiaries taken as a whole; (b) a material impairment of the rights and
remedies of the Administrative Agent or any Lender under any Loan Document to which it is a party,
or of the ability of any Loan Party (other than an Immaterial Subsidiary) to perform its
obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability against any Loan Party (other than an
Immaterial Subsidiary) of any Loan Document to which it is a party.

“Material Subsidiary” means a Subsidiary that is not an Immaterial Subsidiary.

“Maturity Date” means (a) with respect to the Revolving Credit Facility, December 21,
2015 and (b) with respect to the Term Loan Facility, December 21, 2016; provided that, in
each case, if such date is not a Business Day, the Maturity Date shall be the next preceding
Business Day.

“Maximum Capital Expenditures Amount” has the meaning specified in Section
7.07.

“Measurement Period” means, at any date of determination, the most recently completed
four Fiscal Quarters of Holdings or, if fewer than four consecutive Fiscal Quarters of Holdings
have been completed since the Closing Date, the Fiscal Quarters of Holdings that have been
completed since the Closing Date.

 

19

 

“Minimum Notes Proceeds” has the meaning specified in Section 4.01(h).

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

“Mortgage” means each mortgage, deed of trust or agreement executed and delivered by
any Loan Party in favor of the Administrative Agent for the benefit of the Secured Parties pursuant
to the requirements of this Agreement in form and substance reasonably satisfactory to the
Administrative Agent, under which a Lien is granted on the real property and fixtures described
therein, in each case as amended, supplemented, amended and restated or otherwise modified from
time to time.

“Mortgaged Property” means each parcel of real property identified as “Mortgaged
Property” on Schedule 5.09 and any other parcel of real property hereafter acquired by any
Loan Party in the United States substantially similar to such “Mortgaged Properties” listed on
Schedule 5.09 that the Administrative Agent reasonably determines is material to the
business of Holdings and its Subsidiaries.

“Motor Vehicle Monitor” means VINtek, Inc. in its capacity as monitor of the
certificates of motor vehicle title held by Holdings and its Subsidiaries, or any successor thereto
appointed by the Collateral Agent and reasonably acceptable to the Borrower and the Administrative
Agent.

“Motor Vehicles” means motor vehicles, trailers, containers and related equipment
owned or leased by any Subsidiary of Holdings.

“Motor Vehicle Financing” means a secured debt financing (whether in the form of a
secured financing, a sale and leaseback transaction, a Capitalized Lease or otherwise) to be
entered into by one or more North American Subsidiaries of the Borrower collateralized by specified
owned Motor Vehicles and related assets, which financing may include (i) one or more tranches of
secured debt financings and/or sale and leasebacks of Motor Vehicles, and (ii) one or more put
options exercisable by such North American Subsidiary that would require the lender thereunder to
purchase specified Motor Vehicles at certain times and agreed upon prices and to lease back such
Motor Vehicles to such North American Subsidiary at certain agreed upon rental prices and lease
terms; provided that a Newly Acquired Motor Vehicle Financing shall not be a Motor Vehicle
Financing.

“Motor Vehicle Title Office” has the meaning specified in the Security Agreement.

“Mr. Moyes” means Jerry Moyes, an individual.

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA

“Net Cash Proceeds” means:

(a) with respect to any Disposition by any Loan Party or any of its Subsidiaries of
Motor Vehicles or pursuant to Section 7.11(c), the sale and leaseback of any real
property pursuant to Section 7.15(c) or the proceeds of any Casualty Event received
or paid to the account of any Loan Party or any of its Subsidiaries, the excess, if any, of
(i) the sum of cash and Cash Equivalents received in connection with such transaction
(including any cash or Cash Equivalents received by way of deferred payment pursuant to, or
by monetization of, a note receivable or otherwise, but only as and when so received) over
(ii) the sum of (A) the amount of any Indebtedness (including any fees, premium or penalty)
that is secured by the applicable asset and that is required to be repaid in connection with
such transaction (other than Indebtedness under the Loan Documents), (B) the reasonable and
customary out-of-pocket expenses incurred by such Loan Party or such Subsidiary in
connection with such

 

20

 

 transaction, (C) income and sales taxes reasonably estimated to be
actually payable by such Loan Party or such Subsidiary within two years of the date of the
relevant transaction as a result of any gain recognized in connection therewith;
provided that, if the amount of any estimated taxes pursuant to subclause (C)
exceeds the amount of taxes actually required to be paid in cash in respect of such
Disposition, the
aggregate amount of such excess shall constitute Net Cash Proceeds, (D) with respect to
a Casualty Event, any actual and reasonable costs incurred by such Loan Party or such
Subsidiary in connection with the adjustment or settlement of any claims of such Loan Party
or such Subsidiary in respect thereof and (E) with respect to any Disposition, the amount of
any reserve established by such Loan Party or such Subsidiary to fund contingent liabilities
reasonably estimated to be payable and that are directly attributable to such event,
provided that upon any termination of any such reserve, all amounts not paid out in
connection therewith shall be deemed to be “Net Cash Proceeds” of such Disposition;

(b) with respect to the sale or issuance of any Capital Securities by any Loan Party or
any of its Subsidiaries, the excess of (i) the sum of the cash and Cash Equivalents received
in connection with such transaction over (ii) the underwriting discounts and commissions,
and other reasonable and customary out-of-pocket expenses, incurred by such Loan Party or
such Subsidiary in connection therewith; and

(c) with respect to any Qualified Receivables Transaction or Motor Vehicle Financing,
the excess of (i) the sum of the cash and Cash Equivalents received in connection with such
transaction over (ii) the investment banking brokerage, sales commission expenses, and other
reasonable and customary out-of pocket expenses incurred by such Loan Party or such
Subsidiary in connection therewith.

“Newly Acquired Motor Vehicle Financing” means (a) any incurrence of Indebtedness
permitted under Section 7.02(e) secured by, or in the form of a purchase money obligation
or a Capitalized Lease in respect of, a Motor Vehicle purchased within 180 days of such incurrence
of Indebtedness (other than any such Motor Vehicle purchased during the continuance of an Event of
Default), (b) any sale and leaseback of a Motor Vehicle purchased within 180 days of such sale and
leaseback (other than any such Motor Vehicle purchased during the continuance of an Event of
Default) and (c) any entering by Holdings or any Subsidiary into any operating lease, as a lessee
thereunder, with respect to the leasing of a Motor Vehicle.

“Non-Extension Notice Date” has the meaning specified in Section 2.03(b)(iii).

“North American Subsidiary” means any U.S. Subsidiary and any other Subsidiary that is
incorporated or organized under the laws of Canada or Mexico or any province thereof.

“Note” means a Term Note or a Revolving Credit Note, as the context may require.

“Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any
Loan, Letter of Credit, Secured Cash Management Agreement or Secured Hedge Agreement, in each case
whether direct or indirect (including those acquired by assumption), absolute or contingent, due or
to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against any Loan Party thereof of any proceeding under any Debtor Relief
Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding.

 

21

 

“Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with respect thereto
filed in connection with its formation or organization with the applicable Governmental Authority
in the jurisdiction of its formation or organization and, if applicable, any certificate or
articles of formation or organization of such entity.

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

“Outstanding Amount” means (a) with respect to Term Loans, Revolving Credit Loans and
Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving
effect to any borrowings and prepayments or repayments of Term Loans, Revolving Credit Loans and
Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C
Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any
L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the
L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of
Unreimbursed Amounts.

“Participant” has the meaning specified in Section 10.06(d).

“PBGC” means the Pension Benefit Guaranty Corporation.

“Pension Plan” means a “pension plan,” as such term is defined in Section 3(2) of
ERISA, which is subject to Section 412 of the Code or Section 302 of ERISA or Title IV of ERISA
(other than a Multiemployer Plan), to which a Loan Party or any ERISA Affiliate may have liability,
including any liability by reason of having been a substantial employer within the meaning of
Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to
be a contributing sponsor under Section 4069 of ERISA.

“Permitted Acquisition” means an acquisition (whether pursuant to an acquisition of
Capital Securities, assets or otherwise) by any Subsidiary of Holdings from any Person of all or
substantially all of the assets of, all of the Capital Securities (or the offer or tender to
purchase all of such Capital Securities) of a Person, or a business line or unit or division of any
Person in which the following conditions are satisfied:

(a) immediately before and after giving effect to such acquisition no Default shall
have occurred and be continuing or would result therefrom (including under Section
6.08 and Section 7.01); and

(b) after giving pro forma effect to the consummation of such acquisition, Holdings and
its Subsidiaries are in compliance with the covenants set forth in Section 7.04 for
the period of four full Fiscal Quarters of Holdings ended immediately preceding such
acquisition and, with respect to any Permitted Acquisition for which the consideration
(valued at fair market value) is in excess of $25,000,000, Holdings shall have delivered to
the Administrative Agent a Compliance Certificate for such period (prepared in good faith
and in a manner and using such methodology which is consistent with the most recent
financial statements delivered pursuant to Section 6.01) evidencing such compliance.

 

22

 

“Permitted Holders” means, collectively, Mr. Moyes and the Additional Moyes Investors.

“Person” means any natural person, corporation, limited liability company, trust,
joint venture,
association, company, partnership, Governmental Authority or other entity.

“Platform” means IntraLinks or another similar electronic system.

“Public Lender” means a Lender with personnel who do not wish to receive material
non-public information with respect to Holdings or its Affiliates, or the respective securities of
any of the foregoing, and who may be engaged in investment and other market-related activities with
respect to such Persons’ securities.

“Public Offering” means a public offering and sale of the Capital Securities of
Holdings or any of its Subsidiaries pursuant to a prospectus, registration statement or similar
document under the Securities Act of 1933, as amended.

“Qualified Receivables Transaction” means (i) any Securitization Transaction of a
Receivables Subsidiary that meets the following conditions:

(a) the Board of Directors of Holdings (or the board of directors or members of any
Subsidiary which is the direct parent of such Receivables Subsidiary) shall have determined
in good faith that such Qualified Receivables Transaction (including financing terms,
covenants, termination events and other provisions) is in the aggregate economically fair
and reasonable to Holdings and the Receivables Subsidiary;

(b) all sales of Receivables Assets to the Receivables Subsidiary are made at fair
market value (as determined in good faith by Holdings or such direct parent);

(c) the financing terms, covenants, termination events and other provisions thereof
shall be market terms (as determined in good faith by Holdings or such direct parent) and
may include Standard Securitization Undertakings;

(d) no Default shall have occurred and be continuing or would result therefrom; and

(e) the proceeds pursuant to such Qualified Receivables Transaction are applied, if
required, in accordance with Section 2.05(b); or

(ii) to the extent a Securitization Transaction as described above is economically or
practically unfeasible (determined in the reasonable discretion of the Borrower) any other
transaction, including a secured loan, in which (A) Receivables Assets are the sole recourse
for such loan (it being understood that, for the avoidance of doubt, there shall be no
recourse to Holdings or any other Loan Party, although the provisions of such transaction
may include Standard Securitization Undertakings), (B) any excess Receivables Assets are
pledged to secure the Obligations, and (C) the proceeds of such transaction are applied, if
required, under Section 2.05(b) as if such transaction were a Qualified Receivables
Transaction.

“Quarterly Payment Date” means the last day of March, June, September and December,
or, if any such day is not a Business Day, the next succeeding Business Day.

 

23

 

“Receivables Assets” means a right of a Person to receive payment arising from a sale
or lease of goods or the performance of services by such Person pursuant to an arrangement with
another Person pursuant to which such other Person is obligated to pay for such goods or services
under terms that permit the purchase of such goods and services on credit and shall include, in any
event, any items of property that would be classified as an “account,” “chattel paper,” “payment
intangible” or “instrument” under the
UCC and any supporting obligations and any assets related thereto which are customarily
transferred, or in respect of which security interests are customarily granted, in connection with
an asset securitization transactions involving receivables, in each case so as long as the
documentation in connection therewith is reasonably satisfactory to the Administrative Agent.

“Receivables Subsidiary” means Swift Receivables and any other direct or indirect
wholly owned Subsidiary of Holdings that (i) is a special purpose entity engaged in Qualified
Receivables Transactions, (ii) engages in no activities other than in connection with the
purchase, sale or financing of Receivables Assets and any business or activities reasonably
incidental or related thereto, (iii) is designated by the board of directors of Holdings as a
Receivables Subsidiary and (iv) meets the following conditions:

(a) no portion of the Indebtedness or any other obligations (contingent or otherwise)
of such Receivables Subsidiary (i) is Guaranteed by Holdings or any of its Subsidiaries,
(ii) is recourse to or obligates Holdings or any of its Subsidiaries or (iii) subjects any
property or assets of Holdings or any of its Subsidiaries, directly or indirectly,
contingently or otherwise, to the satisfaction thereof;

(b) with which neither Holdings nor any of its Subsidiaries has any material contract,
agreement, arrangement or understanding (other than Standard Securitization Undertakings);
and

(c) to which neither Holdings nor any of its Subsidiaries has any obligation to
maintain or preserve such entity’s financial condition or cause such entity to achieve
certain levels of operating results.

Any such designation by the board of directors of Holdings shall be evidenced by a certified
copy of the resolution of the board of directors of Holdings giving effect to such designation and
an officers certificate certifying that such designation complies with the foregoing conditions.

“Reduction Amount” has the meaning set forth in Section 2.05(b)(vii).

“Register” has the meaning specified in Section 10.06(c).

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

“Release” means a “release”, as such term is defined in CERCLA.

“Repayment Percentage” means 50%; provided that the Repayment Percentage shall
be (i) 25% if the Consolidated Leverage Ratio at the end of the applicable Fiscal Year is less
than 2.50:1 but greater than or equal to 2.00:1 and (ii) 0% if such Consolidated Leverage Ratio is
less than 2.00:1.

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived pursuant to DOL Reg. Section
4043 as in effect on the date hereof (no matter how such notice requirement may be changed in the
future).

 

24

 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Term Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to
an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan,
a Swing Line Loan Notice.

“Required Lenders” means, as of any date of determination, Lenders holding more than
50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Revolving Credit
Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being
deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate
unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment
of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders.

“Required Revolving Lenders” means, as of any date of determination, Revolving Credit
Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the
aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in
L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit Lender for
purposes of this definition) and (b) aggregate unused Revolving Credit Commitments;
provided that the unused Revolving Credit Commitment of, and the portion of the Total
Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Revolving Lenders.

“Required Term Lenders” means, as of any date of determination, Term Lenders holding
more than 50% of the Term Loan Facility on such date.

“Responsible Officer” means, as to any Loan Party, those of its officers, general
partners or managing members (as applicable) whose signatures and incumbency shall have been
certified to the Administrative Agent, the Lenders and the L/C Issuer pursuant to Section
4.01(a)(vi). Any document delivered hereunder that is signed by a Responsible Officer of a
Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall
be conclusively presumed to have acted on behalf of such Loan Party.

“Restricted Payment” means (i) the declaration or payment of any dividend on, or the
making of any payment or distribution on account of, or setting apart assets for a sinking or other
analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of, any
class of Capital Securities of the Borrower or any other Subsidiary or any warrants, options or
other right or obligation to purchase or acquire any such Capital Securities, whether now or
hereafter outstanding, or (ii) the making of any other distribution in respect of such Capital
Securities, in each case either directly or indirectly, whether in cash, property or obligations of
the Borrower or any other Subsidiary or otherwise (in the case of clause (i) and (ii) above, other
than dividends or distributions payable solely in common stock of Holdings or any Subsidiary).

“Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving
Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest
Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(b).

“Revolving Credit Commitment” means, as to each Revolving Credit Lender, its
obligation to (a) make Revolving Credit Loans to the Borrower pursuant to Section 2.01(b),
(b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line
Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set
forth opposite such Lender’s name on Schedule 2.01 under the caption “Revolving Credit
Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement. On the Closing Date, the aggregate amount of Revolving Credit
Commitments is $400,000,000.

 

25

 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the
aggregate principal amount at such time of all outstanding Revolving Credit Loans of such Lender,
plus the aggregate amount at such time of such Lender’s L/C Exposure, plus the
aggregate amount at such time of such Lender’s Swing Line Exposure.

“Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving
Credit Lenders’ Revolving Credit Commitments at such time.

“Revolving Credit Lender” means, at any time, any Lender that has a Revolving Credit
Commitment at such time.

“Revolving Credit Loan” has the meaning specified in Section 2.01(b).

“Revolving Credit Note” means a promissory note made by the Borrower in favor of a
Revolving Credit Lender evidencing Revolving Credit Loans or Swing Line Loans, as the case may be,
made by such Revolving Credit Lender, substantially in the form of Exhibit C-2.

“S&P” means Standard & Poor’s Financial Services LLC, and any successor thereto.

“SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

“Secured Cash Management Agreement” means any Cash Management Agreement that is
entered into by and between any Loan Party and any Cash Management Bank.

“Secured Hedge Agreement” means any Swap Contract required or permitted under
Article VI or VII that is entered into by and between any Loan Party and any Hedge
Bank.

“Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent,
the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent
appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the
other Persons the Obligations owing to which are or are purported to be secured by the Collateral
under the terms of the Collateral Documents, and each of their respective successors, transferees
and assigns.

“Securitization Transactions” means any transaction or series of transactions entered
into by Holdings or any of its Subsidiaries pursuant to which any Person issues interests, the
proceeds of which are used to finance a discrete pool of Receivables Assets (in each case whether
now existing or arising in the future), and which may include a grant of a security interest in any
such Receivables Assets (whether now existing or arising in the future) of Holdings or any of its
Subsidiaries.

“Security Agreement” has the meaning specified in Section 4.01(a)(iii).

“Senior Notes” means the second-priority senior secured notes issued under the Senior
Notes Indenture.

“Senior Note Documents” means the Senior Notes, the Senior Note Indenture and all
other agreements, documents and instruments executed and delivered with respect to the Senior Notes
or the Senior Note Indenture, as the same may be amended, supplemented, amended and restated or
otherwise modified from time to time in accordance with this Agreement and the Senior Note
Indenture.

 

26

 

“Senior Note Indenture” means that certain Indenture, dated as of December 21, 2010,
among
Swift Transportation Company, Swift Services Holdings, Inc., as issuer, the subsidiary
guarantors party thereto and U.S. Bank National Association, as trustee, relating to the 10.00%
Senior Second Priority Secured Notes due 2018.

“Shareholder Loans” means that certain loan, made as of May 10, 2007, by the Borrower
to the Permitted Holders and that certain indebtedness owed to IEL from Swift Motor Sports, Inc.,
made as of March 1, 2002, as amended and restated effective October 10, 2006.

“Solvent” and “Solvency” mean, with respect to any Person and its Subsidiaries
on any date of determination, that on such date (a) the fair value of the property of such Person
and its Subsidiaries on a consolidated basis is greater than the total amount of liabilities,
including contingent liabilities, of such Person and its Subsidiaries on a consolidated basis, (b)
the present fair salable value of the assets of such Person and its Subsidiaries on a consolidated
basis is not less than the amount that will be required to pay the probable liability of such
Person and its Subsidiaries on a consolidated basis on its debts as they become absolute and
matured, (c) such Person does not intend to, and does not believe that it or its Subsidiaries will,
incur debts or liabilities beyond the ability of such Person and its Subsidiaries to pay such
debts and liabilities as they mature and (d) such Person and its Subsidiaries on a consolidated
basis is not engaged in business or a transaction, and such Person and its Subsidiaries on a
consolidated basis is not about to engage in business or a transaction, for which the property of
such Person and its Subsidiaries on a consolidated basis would constitute an unreasonably small
capital. The amount of contingent liabilities at any time shall be computed as the amount that, in
the light of all the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability.

“Standard Securitization Undertakings” means representations, warranties, covenants
and indemnities entered into by Holdings or any of its Subsidiaries which are reasonably customary
(as determined in good faith by Holdings) in a securitization of Receivables Assets.

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer
to a Subsidiary or Subsidiaries of Holdings and shall, for the avoidance of doubt, include IEL.

“Subsidiary Guarantor” means each Subsidiary (other than the Borrower) that is a Loan
Party.

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.

 

27

 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined in accordance with GAAP.

“Swift Academy” means Swift Academy LLC and each of its Subsidiaries, if any.

“Swift Arizona” means Swift Transportation Co. of Arizona, LLC, a Delaware limited
liability company.

“Swift Receivables” means Swift Receivables Company II, LLC, a Delaware limited
liability company.

“Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section
2.04.

“Swing Line Exposure” means, at any time, the Outstanding Amount of Swing Line Loans.
The Swing Line Exposure of any Lender at any time shall be its Applicable Revolving Credit
Percentage of the total Swing Line Exposure at such time.

“Swing Line Lender” means Bank of America, in its capacity as provider of Swing Line
Loans, or any successor swing line lender hereunder.

“Swing Line Loan” has the meaning specified in Section 2.04(a).

“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit
B.

“Swing Line Sublimit” means an amount equal to the lesser of (a) $25,000,000 and (b)
the Revolving Credit Facility. The Swing Line Sublimit is part of, and not in addition to, the
Revolving Credit Facility.

“Syndication Agent” means Morgan Stanley Senior Funding, Inc., in its capacity as
syndication agent, or any successor syndication agent.

“Synthetic Debt” means, with respect to any Person as of any date of determination
thereof, all obligations of such Person in respect of transactions entered into by such Person that
are intended to function primarily as a borrowing of funds (including any minority interest
transactions that function primarily as a borrowing) but are not otherwise included in the
definition of “Indebtedness” or as a liability on the consolidated balance sheet of such
Person and its Subsidiaries in accordance with GAAP.

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property (including sale and leaseback transactions), in each case, creating
obligations that do not appear on the balance sheet of such Person but which, upon the application
of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person
(without regard to accounting treatment).

 

28

 

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

“Term Lender” means (a) at any time on or prior to the Closing Date, any Lender that
has a Term Loan Commitment at such time and (b) at any time after the Closing Date, any Lender that
holds Term Loans at such time.

“Term Loan” means an advance made by any Term Lender under the Term Loan Facility.

“Term Loan Borrowing” means a borrowing consisting of simultaneous Term Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each
of the Term Lenders pursuant to Section 2.01(a).

“Term Loan Commitment” means, as to each Term Lender, its obligation to make Term
Loans to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on
Schedule 2.01 under the caption “Term Loan Commitment” or opposite such caption in the
Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. On
the Closing Date, the aggregate amount of Term Loan Commitments is $1,070,000,000.

“Term Loan Facility” means, at any time, (a) on or prior to the Closing Date, the
aggregate amount of the Term Loan Commitments at such time and (b) thereafter, the aggregate
principal amount of the Term Loans of all Term Lenders outstanding at such time.

“Term Loan Maturity Date” means the Maturity Date with respect to the Term Loan
Facility.

“Term Note” means a promissory note made by the Borrower in favor of a Term Lender
evidencing Term Loans made by such Term Lender, substantially in the form of Exhibit C-1.

“Total Revolving Credit Outstandings” means the aggregate Outstanding Amount of all
Revolving Credit Loans, Swing Line Loans and L/C Obligations.

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.

“Transaction” means (a) the issuance and sale of the Senior Notes, (b) the entering
into by the Loan Parties and their applicable Subsidiaries of the Loan Documents and the Senior
Notes Documents to which they are or are intended to be a party, (c) the refinancing of certain
outstanding Indebtedness of the Borrower and Swift Arizona and the termination of all commitments
with respect thereto, (d) the tender offer for the Floating Rate Notes and Fixed Rate Notes
(including purchases pursuant to the letter agreement with Apollo Fund VI BC, L.P. and Lily, L.P.),
and the consummation of such tender offer, (e) the cancellation of the Shareholder Loans, (f) the
consummation of the Public Offering of Holdings and (g) the payment of the fees and expenses
incurred in connection with the consummation of the foregoing.

“Transaction Documents” means, collectively, the Loan Documents and the Senior Note
Documents.

 

29

 

“Transaction Expenses” means the fees, premiums and expenses incurred in connection
with the consummation of the Transactions.

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan.

“UCC” means the Uniform Commercial Code as in effect in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority
of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code
as in effect from time to time in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority.

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to
Sections 412 or 430 of the Code or Section 302 of ERISA for the applicable plan year.

“United States” and “U.S.” mean the United States of America.

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

“U.S. Subsidiary” means any Subsidiary that is incorporated or organized under the
laws of the United States, a state thereof or the District of Columbia.

“Voting Securities” means, with respect to any Person, Capital Securities of any class
or kind ordinarily having the power to vote for the election of directors, managers or other voting
members of the governing body of such Person.

“Welfare Plan” means a “welfare plan”, as such term is defined in Section 3(1) of
ERISA.

1.02 Other Interpretive Provisions. With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document:

(a) 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.” Unless the context requires otherwise, (i)
any definition of or reference to any agreement, instrument or other document (including any
Organization Document) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in its
entirety and not to any particular provision thereof, (iv) all references in a Loan Document to
Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document
in which such references appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending, replacing or interpreting such law and any reference
to any law or regulation shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

30

 

(b) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and
including.”

(c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

1.03 Accounting Terms.

(a) Generally. All accounting terms not specifically or completely defined herein
shall be construed in conformity with, and all financial data (including financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the Audited Financial Statements, except as
otherwise specifically prescribed herein.

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation
of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (subject to the approval of the Required Lenders); provided
that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance
with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP. Notwithstanding any other
provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made, without
giving effect to any election under Statement of Financial Accounting Standards 159 (or any other
Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of Holdings, the Borrower or any Subsidiary at “fair value”, as defined therein.

(c) Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of Holdings and its Subsidiaries or to the determination of any
amount for Holdings and its Subsidiaries on a consolidated basis or any similar reference shall, in
each case, be deemed to include each variable interest entity that Holdings is required to
consolidate pursuant to FASB Interpretation No. 46 — Consolidation of Variable Interest Entities:
an interpretation of ARB No. 51 (January 2003) as if such variable interest entity were a
Subsidiary as defined herein.

1.04 Rounding. Any financial ratios required to be maintained by the Borrower
pursuant to this Agreement shall be calculated by dividing the appropriate component by the other
component, carrying the result to one place more than the number of places by which such ratio is
expressed herein and rounding the result up or down to the nearest number (with a rounding-up if
there is no nearest number).

 

31

 

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

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

1.07 Currency Equivalents Generally. Any amount specified in this Agreement (other
than in Articles II and IX) or any of the other Loan Documents to be in Dollars
shall also include the equivalent of such amount in any currency other than Dollars, such
equivalent amount thereof in the applicable currency to be determined by the Administrative Agent
at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency
with Dollars. For purposes of this Section 1.07, the “Spot Rate” for a currency
means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in
such capacity as the spot rate for the purchase by such Person of such currency with another
currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the
date two Business Days prior to the date of such determination; provided that the
Administrative Agent may obtain such spot rate from another financial institution designated by the
Administrative Agent if the Person acting in such capacity does not have as of the date of
determination a spot buying rate for any such currency.

ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

2.01 The Loans. (a) The Term Loan Borrowing. Subject to the terms and
conditions set forth herein, each Term Lender severally agrees to make a single loan to the
Borrower on the Closing Date in an amount not to exceed such Term Lender’s Term Loan Commitment.
The Term Loan Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in
accordance with their respective Term Loan Commitments. Amounts borrowed under this Section
2.01(a) and repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or
Eurodollar Rate Loans, as further provided herein.

(b) The Revolving Credit Borrowings. Subject to the terms and conditions set forth
herein, each Revolving Credit Lender severally agrees to make loans (each such loan, a
“Revolving Credit Loan”) to the Borrower from time to time, on any Business Day during the
Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of
such Lender’s Revolving Credit Commitment; provided, however, that after giving
effect to any Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings shall not
exceed the Revolving Credit Facility, and (ii) the aggregate Outstanding Amount of the Revolving
Credit Loans of any Lender, plus such Revolving Credit Lender’s Applicable Revolving Credit
Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender’s
Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not
exceed such Revolving Credit Lender’s Revolving Credit Commitment. Within the limits of each
Revolving Credit Lender’s Revolving Credit Commitment, and subject to the other terms and
conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under
Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans may
be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

 

32

 

2.02 Borrowings, Conversions and Continuations of Loans. (a) Each Term Loan
Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans
from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the
Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each
such notice must be received by the Administrative Agent not later than (i) 12:00 p.m. three
Business Days prior to the requested date of any Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or of any
conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) 11:00 a.m. on the requested
date of any Borrowing of Base Rate Loans; provided, however, that if the Borrower
wishes to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six
months in duration as provided in the definition of “Interest Period,” the applicable notice must
be received by the Administrative Agent not later than 12:00 p.m. four Business Days prior to the
requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent
shall give prompt notice to the Appropriate Lenders of such request and determine whether the
requested Interest Period is acceptable to all of them. Not later than 12:00 p.m., three Business
Days before the requested date of such Borrowing, conversion or continuation, the Administrative
Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested
Interest Period has been consented to by all the Lenders. Each telephonic notice by the Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a
Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of
Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c),
each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a
whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or
written) shall specify (i) whether the Borrower is requesting a Term Loan Borrowing, a Revolving
Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other,
or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of
Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which
existing Term Loans or Revolving Credit Loans are to be converted, and (v) if applicable, the
duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of
Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a
conversion or continuation, then the applicable Term Loans or Revolving Credit Loans shall be made
as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect to the applicable
Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period,
it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to
the contrary herein, a Swing Line Loan may not be converted to a Eurodollar Rate Loan.

(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount of its Applicable Percentage under the applicable Facility, and if
no timely notice of a conversion or continuation is provided by the Borrower, the Administrative
Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
described in Section 2.02(a). In the case of a Term Loan Borrowing or a Revolving Credit
Borrowing, each Appropriate Lender shall make the amount of its Loan available to the
Administrative Agent in immediately available funds at the Administrative Agent’s Office not later
than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing
is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all
funds so received available to the Borrower in like funds as received by the Administrative Agent
either by (i) crediting the account of the Borrower on the books of Bank of America with the amount
of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower;
provided, however, that if, on the date a Committed Loan Notice with respect to a
Revolving Credit Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the
proceeds of such Revolving Credit Borrowing, first, shall be applied to the payment in full
of any such L/C Borrowings, and second, shall be made available to the Borrower as provided
above.

 

33

 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or
converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During
the existence of an Event of Default, no Loans may be requested as, converted to or continued as
Eurodollar Rate Loans if the Administrative Agent has or the Required Term Lenders or Required
Revolving Lenders, as applicable, have determined in its or their sole discretion not to permit
such conversions.

(d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change.

(e) After giving effect to all Term Loan Borrowings, all conversions of Term Loans from one
Type to the other, and all continuations of Term Loans as the same Type, there shall not be more
than 10 Interest Periods in effect in respect of the Term Loan Facility. After giving effect to
all Revolving Credit Borrowings, all conversions of Revolving Credit Loans from one Type to the
other, and all continuations of Revolving Credit Loans as the same Type, there shall not be more
than 10 Interest Periods in effect in respect of the Revolving Credit Facility.

2.03 Letters of Credit. (a) The Letter of Credit Commitment. (i) Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the
agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to
time on any Business Day during the period from the Closing Date until the Letter of Credit
Expiration Date, to issue Letters of Credit for the account of the Borrower or its Subsidiaries,
and to amend or extend Letters of Credit previously issued by it, in accordance with Section
2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit
Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower
or its Subsidiaries and any drawings thereunder; provided that after giving effect to any
L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit
Outstandings shall not exceed the Revolving Credit Facility, (y) the aggregate Outstanding Amount
of the Revolving Credit Loans of any Revolving Credit Lender, plus such Lender’s Applicable
Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such
Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans
shall not exceed such Lender’s Revolving Credit Commitment, and (z) the Outstanding Amount of the
L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for
the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the
Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the
proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and
conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and
accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace
Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing
Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the
Closing Date shall be subject to and governed by the terms and conditions hereof.

(ii) The L/C Issuer shall not issue any Letter of Credit if:

(A) the expiry date of such requested Letter of Credit would occur more than
twelve months after the date of issuance or last extension, unless the Required
Revolving Lenders have approved such expiry date; or

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

 

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(iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

(A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of Credit
in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is
not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material
to it;

(B) the issuance of such Letter of Credit would violate one or more policies of
the L/C Issuer applicable to letters of credit generally;

(C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
such Letter of Credit is in an initial stated amount less than $50,000;

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

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

(F) any Lender is at that time a Defaulting Lender, unless the L/C Issuer has
entered into arrangements, including the delivery of Cash Collateral, satisfactory
to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to
eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving
effect to Section 2.14(a)(iv)) with respect to the Defaulting Lender arising
from either the Letter of Credit then proposed to be issued or that Letter of Credit
and all other L/C Obligations as to which the L/C Issuer has actual or potential
Fronting Exposure, as it may elect in its sole discretion; or

(G) the Letter of Credit contains any provisions for automatic reinstatement of
the stated amount after any drawing thereunder.

(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not
be permitted at such time to issue such Letter of Credit in its amended form under the terms
hereof.

(v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

 

35

 

(vi) The L/C Issuer shall act on behalf of the Revolving Credit Lenders with respect to
any Letters of Credit issued by it and the documents associated therewith, and the L/C
Issuer shall have all of the benefits and immunities (A) provided to the Administrative
Agent in Article IX with respect to any acts taken or omissions suffered by the L/C
Issuer in connection with
Letters of Credit issued by it or proposed to be issued by it and Issuer Documents
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in Article IX included the L/C Issuer with respect to such acts or omissions, and
(B) as additionally provided herein with respect to the L/C Issuer.

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in
the form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and
the Administrative Agent not later than 12:00 p.m. at least two Business Days (or such later date
and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their
sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In
the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit
Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount
thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text
of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the
purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer
may require. In the case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1)
the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a
Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C
Issuer may require. Additionally, the Borrower shall furnish to the L/C Issuer and the
Administrative Agent such other documents and information pertaining to such requested Letter of
Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the
Administrative Agent may require.

(ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from the Borrower and, if
not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the
L/C Issuer has received written notice from any Revolving Credit Lender, the Administrative
Agent or any Loan Party, at least one Business Day prior to the requested date of issuance
or amendment of the applicable Letter of Credit, that one or more applicable conditions
contained in Article IV shall not then be satisfied, then, subject to the terms and
conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for
the account of the Borrower (or the applicable Subsidiary) or enter into the applicable
amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and
customary business practices. Immediately upon the issuance of each Letter of Credit, each
Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an
amount equal to the product of such Revolving Credit Lender’s Applicable Revolving Credit
Percentage times the amount of such Letter of Credit.

 

36

 

(iii) If the Borrower so requests in any applicable Letter of Credit Application, the
L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that
has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to
prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof
not later than a day (the “Non-Extension Notice Date”) in each such twelve-month
period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise
directed by the L/C Issuer, the Borrower shall not be required
to make a specific request to the L/C Issuer for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be
deemed to have authorized (but may not require) the L/C Issuer to permit the extension of
such Letter of Credit at any time to an expiry date not later than the Letter of Credit
Expiration Date; provided, however, that the L/C Issuer shall not permit any
such extension if (A) the L/C Issuer has determined that it would not be permitted, or would
have no obligation at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of clause (ii) or
(iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which
may be by telephone or in writing) on or before the day that is seven Business Days before
the Non-Extension Notice Date (1) from the Administrative Agent that the Required Revolving
Lenders have elected not to permit such extension or (2) from the Administrative Agent, any
Revolving Credit Lender or the Borrower that one or more of the applicable conditions
specified in Section 4.02 is not then satisfied, and in each such case directing the
L/C Issuer not to permit such extension.

(iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

(c) Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from
the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00
p.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an
“Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent
in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C
Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of
the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the
amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage thereof. In such
event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without
regard to the minimum and multiples specified in Section 2.02 for the principal amount of
Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit
Commitments and the conditions set forth in Section 4.02 (other than the delivery of a
Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to
this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.

(ii) Each Revolving Credit Lender shall upon any notice pursuant to Section
2.03(c)(i) make funds available to the Administrative Agent for the account of the L/C
Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Revolving
Credit Percentage of the Unreimbursed Amount not later than 2:00 p.m. on the Business Day
specified in such notice by the Administrative Agent, whereupon, subject to the provisions
of Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds available
shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The
Administrative Agent shall remit the funds so received to the L/C Issuer.

 

37

 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in
Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be
deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest)
and shall bear interest at the Default Rate. In such event, each Revolving Credit
Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to
Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such
L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its
participation obligation under this Section 2.03.

(iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance
pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn
under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Credit
Percentage of such amount shall be solely for the account of the L/C Issuer.

(v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C
Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as
contemplated by this Section 2.03(c), shall be absolute and unconditional and shall
not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the L/C Issuer, the Borrower or
any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Revolving Credit Lender’s obligation
to make Revolving Credit Loans pursuant to this Section 2.03(c) is subject to the
conditions set forth in Section 4.02 (other than delivery by the Borrower of a
Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair
the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment
made by the L/C Issuer under any Letter of Credit, together with interest as provided
herein.

(vi) If any Revolving Credit Lender fails to make available to the Administrative Agent
for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to
the foregoing provisions of this Section 2.03(c) by the time specified in
Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Lender
(acting through the Administrative Agent), on demand, such amount with interest thereon for
the period from the date such payment is required to the date on which such payment is
immediately available to the L/C Issuer at a rate per annum equal to the greater of the
Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender
pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such Lender’s Revolving Credit Loan included in the relevant Borrowing or L/C Advance in
respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer
submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to
any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest
error.

 

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(d) Repayment of Participations. (i) At any time after the L/C Issuer has made a
payment under any Letter of Credit and has received from any Revolving Credit Lender such Lender’s
L/C Advance in respect of such payment in accordance with Section 2.03(c), if the
Administrative Agent receives for the account of the L/C Issuer any payment in respect of the
related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise,
including proceeds of Cash Collateral applied thereto by the Administrative Agent), the
Administrative Agent will distribute to such Lender its Applicable Revolving Credit Percentage
thereof in the same funds as those received by the Administrative Agent.

(ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of
the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Revolving Credit Lender shall pay to
the Administrative Agent for the account of the L/C Issuer its Applicable Revolving Credit
Percentage thereof on demand of the Administrative Agent, plus interest thereon from
the date of such demand to the date such amount is returned by such Lender, at a rate per
annum equal to the Federal Funds Rate from time to time in effect. The obligations of the
Lenders under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

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

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

(ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

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

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

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

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

 

39

 

(f) Role of L/C Issuer. (i) Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or
delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall
be liable to any Lender for (A) any action taken or omitted in connection herewith at the request
or with the approval of the Revolving Credit Lenders or the Required Revolving Lenders, as
applicable; (B) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (C) the due execution, effectiveness, validity or enforceability of any document or
instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all
risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Letter of Credit; provided, however, that this assumption is not intended to, and
shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the
beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the
Administrative Agent, any of their respective Related Parties nor any correspondent, participant or
assignee of the L/C Issuer shall be liable or responsible for any of the matters described in
clauses (i) through (v) of Section 2.03(e); provided, however, that
anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the
L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower
which the Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or
the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by
the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C
Issuer may accept documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary, and the L/C Issuer
shall not be responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason.

(ii) The L/C Issuer shall, no later than the third Business Day following the last day
of each month, provide to the Administrative Agent a schedule of the Letters of Credit
issued by it, in form and substance reasonably satisfactory to the Administrative Agent,
showing, with respect to any Letter of Credit outstanding an any time during such month: (A)
the date of issuance, (B) the account party, (C) the original face amount (if any), (D) the
expiration date, (E) the reference number and (F) the aggregate amount (if any) payable by
the Borrower to such L/C Issuer during such month. Promptly after the receipt of such
schedule from the L/C Issuer, the Administrative Agent shall provide to Lenders a summary of
such schedule.

(g) Cash Collateral. Upon the request of the Administrative Agent, (i) if the L/C
Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing
has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C
Obligation for any reason remains outstanding, the Borrower shall, in each case, immediately Cash
Collateralize the then Outstanding Amount of all L/C Obligations. Sections 2.05 and
8.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder.
For purposes of this Section 2.03, Section 2.05 and Section 8.02(c),
“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations,
cash or deposit account balances in an aggregate amount equal to 105% of the L/C Obligations
(“Cash Collateral”) pursuant to documentation in form and substance satisfactory to the
Administrative Agent and the L/C Issuer (which documents are hereby consented to by the Lenders).
Derivatives of such term have corresponding meanings. The Borrower hereby grants to the
Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a security interest in all
such cash, deposit accounts and all

 

40

 

balances  therein and all proceeds of the foregoing. Cash
Collateral shall be maintained in blocked deposit accounts at Bank of America. If at any time the
Administrative Agent determines that any funds held as Cash Collateral are subject to any right or
claim of any Person other than the Administrative Agent or that the total amount of such funds is
less than the aggregate Outstanding Amount of all L/C Obligations, the
Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative
Agent, as additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x)
such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash
Collateral that the Administrative Agent determines to be free and clear of any such right and
claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral,
such funds shall be applied, to the extent permitted under applicable Laws, to reimburse the L/C
Issuer.

(h) Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer
and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an
Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit,
and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently
published by the International Chamber of Commerce at the time of issuance shall apply to each
commercial Letter of Credit.

(i) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the
account of each Revolving Credit Lender in accordance with its Applicable Revolving Credit
Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit
equal to the Applicable Rate times the daily amount available to be drawn under such Letter
of Credit; provided, however, any Letter of Credit Fees otherwise payable for the account
of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has
not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this Section 2.03
shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in
accordance with the upward adjustments in their respective Applicable Percentages allocable to such
Letter of Credit pursuant to Section 2.14(a)(iv), with the balance of such fee, if any,
payable to the L/C Issuer for its own account. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and
payable on the first Business Day after the end of each March, June, September and December,
commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in
arrears.

(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit, at the rate per annum separately agreed by the Borrower and the L/C Issuer,
computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis
in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of
each March, June, September and December in respect of the most recently-ended quarterly period (or
portion thereof, in the case of the first payment), commencing with the first such date to occur
after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter
on demand. For purposes of computing the daily amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section
1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account the
customary issuance, presentation, amendment and other processing fees, and other standard costs and
charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such
customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

(k) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

 

41

 

(l) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of
Credit issued or outstanding hereunder is in support of any obligations of, or is for the account
of, a Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and
all drawings under such
Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for
the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business
derives substantial benefits from the businesses of such Subsidiaries.

2.04 Swing Line Loans. (a) The Swing Line. Subject to the terms and
conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements of the
other Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing
Line Loan”) to the Borrower from time to time on any Business Day during the Availability
Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line
Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable
Revolving Credit Percentage of the Outstanding Amount of Revolving Credit Loans and L/C Obligations
of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit
Commitment; provided, however, that after giving effect to any Swing Line Loan, (i)
the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility at such
time, and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving
Credit Lender at such time, plus such Revolving Credit Lender’s Applicable Revolving Credit
Percentage of the Outstanding Amount of all L/C Obligations at such time, plus such
Revolving Credit Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all
Swing Line Loans at such time shall not exceed such Lender’s Revolving Credit Commitment, and
provided further that the Borrower shall not use the proceeds of any Swing Line
Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the
other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay
under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan
shall bear interest only at a rate based on the Base Rate. Immediately upon the making of a Swing
Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing
Line Loan in an amount equal to the product of such Revolving Credit Lender’s Applicable Revolving
Credit Percentage times the amount of such Swing Line Loan.

(b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent
not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be
borrowed, which shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall
be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing
Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately
completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing
Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
(by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A)
directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set
forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or
more of the applicable conditions specified in Article IV is not then satisfied, then,
subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on
the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan
available to the Borrower at its office by crediting the account of the Borrower on the books of
the Swing Line Lender in immediately available funds.

 

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(c) Refinancing of Swing Line Loans. (i) The Swing Line Lender at any time in its
sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender
make a Base Rate
Loan in an amount equal to such Lender’s Applicable Revolving Credit Percentage of the amount
of Swing Line Loans then outstanding. Such request shall be made in writing (which written request
shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.02, without regard to the minimum and multiples specified therein
for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving
Credit Facility and the conditions set forth in Section 4.02. The Swing Line Lender shall
furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering
such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal
to its Applicable Revolving Credit Percentage of the amount specified in such Committed Loan Notice
available to the Administrative Agent in immediately available funds for the account of the Swing
Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in
such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving
Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the
Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing
Line Lender.

(ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving
Credit Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate
Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request
by the Swing Line Lender that each of the Revolving Credit Lenders fund its risk
participation in the relevant Swing Line Loan and each Revolving Credit Lender’s payment to
the Administrative Agent for the account of the Swing Line Lender pursuant to Section
2.04(c)(i) shall be deemed payment in respect of such participation.

(iii) If any Revolving Credit Lender fails to make available to the Administrative Agent
for the account of the Swing Line Lender any amount required to be paid by such Lender
pursuant to the foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such
Lender (acting through the Administrative Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which such
payment is immediately available to the Swing Line Lender at a rate per annum equal to the
greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in
accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with
the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Lender’s Committed Loan included in the relevant
Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may
be. A certificate of the Swing Line Lender submitted to any Lender (through the
Administrative Agent) with respect to any amounts owing under this clause (iii) shall be
conclusive absent manifest error.

(iv) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or to
purchase and fund risk participations in Swing Line Loans pursuant to this Section
2.04(c) shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the Swing Line Lender, the Borrower or any other Person
for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Revolving Credit Lender’s obligation to make
Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions
set forth in Section 4.02. No such funding of risk participations shall relieve or
otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with
interest as provided herein.

 

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(d) Repayment of Participations. (i) At any time after any Revolving Credit Lender
has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender
receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to
such Revolving Credit Lender its Applicable Revolving Credit Percentage thereof in the same funds
as those received by the Swing Line Lender.

(ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan is required to be returned by the Swing Line Lender under
any of the circumstances described in Section 10.05 (including pursuant to any
settlement entered into by the Swing Line Lender in its discretion), each Revolving Credit
Lender shall pay to the Swing Line Lender its Applicable Revolving Credit Percentage thereof
on demand of the Administrative Agent, plus interest thereon from the date of such
demand to the date such amount is returned, at a rate per annum equal to the Federal Funds
Rate. The Administrative Agent will make such demand upon the request of the Swing Line
Lender. The obligations of the Lenders under this clause shall survive the payment in full
of the Obligations and the termination of this Agreement.

(e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be
responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Revolving
Credit Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04
to refinance such Revolving Credit Lender’s Applicable Revolving Credit Percentage of any Swing
Line Loan, interest in respect of such Applicable Revolving Credit Percentage shall be solely for
the account of the Swing Line Lender.

(f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of
principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

2.05 Prepayments. (a) Optional. (i) The Borrower may, upon notice to the
Administrative Agent, at any time or from time to time voluntarily prepay Term Loans and Revolving
Credit Loans in whole or in part without premium or penalty; provided that (A) such notice
must be received by the Administrative Agent not later than (1) 12:00 p.m. three Business Days
prior to any date of prepayment of Eurodollar Rate Loans and (2) 11:00 a.m. on the date of
prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal
amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (C) any prepayment of
Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.
Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to
be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.
The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and
of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s
Applicable Percentage in respect of the relevant Facility). If such notice is given by the
Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan
shall be accompanied by all accrued interest on the amount prepaid, together with any additional
amounts required pursuant to Section 3.05. Each prepayment of the outstanding Term Loans
pursuant to this Section 2.05(a) shall be applied as directed by the Borrower to the
principal repayment installments thereof, and each such prepayment shall be paid to the Lenders in
accordance with their respective Applicable Percentages in respect of each of the relevant
Facilities.

 

44

 

(ii) The Borrower may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans
in
whole or in part without premium or penalty; provided that (A) such notice must
be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m.
on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal
amount of $500,000. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by the Borrower, the Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified
therein.

(b) Mandatory. (i) Commencing with Fiscal Year 2011, within five Business Days after
financial statements have been delivered pursuant to Section 6.01(b) and the related
Compliance Certificate has been delivered pursuant to Section 6.01(c), the Borrower shall
prepay an aggregate principal amount of Loans equal to the excess (if any) of (A) the Repayment
Percentage of Excess Cash Flow for the Fiscal Year covered by such financial statements
over (B) the sum of (i) the aggregate principal amount of Term Loans prepaid during such
Fiscal Year pursuant to Section 2.05(a)(i) and (ii) the excess of (x) all prepayments made
under Section 2.05(b)(iii) over (y) the aggregate amount of prepayments made under
Section 2.05(b)(iii) that, pursuant to the operation of clause (x), have previously reduced
the prepayment amount pursuant to this Section 2.05(b)(i) (such prepayments to be applied
as set forth in clauses (v) and (vii) below).

(ii) If any Loan Party or any of its Subsidiaries Disposes of any Motor Vehicle (other
than in connection with a Motor Vehicle Financing (including in connection with the
repayment or other discharge of any Motor Vehicle Financing with or in anticipation of the
receipt of proceeds from any sale or other disposition of any Motor Vehicles securing or the
subject of such Motor Vehicle Financing) or a Newly Acquired Motor Vehicle Financing),
Disposes of any property pursuant to Section 7.11(c), Disposes of any property in
connection with a sale and leaseback pursuant to Section 7.15(c) or suffers a
Casualty Event which results in the realization by such Person of Net Cash Proceeds, the
Borrower shall prepay an aggregate principal amount of Loans equal to 100% of such Net Cash
Proceeds within five (5) Business Days of receipt thereof by such Person (such prepayments
to be applied as set forth in clauses (v) and (vii) below);
provided, however, that, with respect to any Net Cash Proceeds realized
under a Disposition or Casualty Event described in this Section 2.05(b)(ii), at the
election of the Borrower, and so long as no Default or Event of Default shall have occurred
and be continuing, such Loan Party or such Subsidiary may reinvest all or any portion of
such Net Cash Proceeds in operating assets (including Permitted Acquisitions) so long as
within 365 days after the receipt of such Net Cash Proceeds, such purchase shall have been
consummated (as certified by the Borrower in writing to the Administrative Agent);
provided further, that acquisitions of assets (including pursuant to
Permitted Acquisitions) that occurred within 90 days prior to receipt of such Net Cash
Proceeds shall be treated as a permitted application pursuant to this clause; and
provided further, however, that any Net Cash Proceeds not subject to
such definitive agreement or so reinvested shall be immediately applied to the prepayment of
the Loans as set forth in this Section 2.05(b)(ii).

(iii) Upon the sale or issuance by Holdings of any of its Capital Securities (other
than any sales or issuances of Capital Securities to another Loan Party, any such sale or
issuance on the Closing Date, any sale or issuance that yields Net Cash Proceeds of up to
$28,000,000 as a result of the exercise of any over-allotment option in connection with any
such sale or issuance on the Closing Date (provided that in the case of any such
sale and issuance that yields Net Cash Proceeds in excess of $28,000,000, such excess shall
be applied in accordance with this clause (iii)) and any issuance or sale for the
purpose of funding a Permitted Acquisition), the Borrower shall prepay an aggregate
principal amount of Loans equal to the Repayment Percentage of all Net Cash Proceeds
received therefrom within three (3) Business Days of receipt thereof by such Loan Party or
such Subsidiary (such prepayments to be applied as set forth in clauses (v) and
(vii)
below).

 

45

 

(iv) If any Loan Party receives any Net Cash Proceeds from (x) any Qualified
Receivables Transaction representing an increase in the net outstanding realizations by the
Loan Parties under all Qualified Receivables Transactions to in excess of $275,000,000 (or,
if greater, the largest prior amount since the Closing Date of such net outstanding
realizations) or (y) any Motor Vehicle Financing, the Borrower shall prepay an aggregate
principal amount of Loans equal to 100% of such Net Cash Proceeds, to be applied as set
forth in clauses (v) and (vii) below.

(v) Each prepayment of Loans pursuant to the foregoing provisions of this Section
2.05(b) shall be applied, first, to the Term Loan Facility to the principal
repayment installments thereof occurring within the next 24 months in direct order of
maturity, second, to the Term Loan Facility to the remaining principal repayment
installments thereof on a pro-rata basis, and third, to the Revolving Credit
Facility in the manner set forth in clause (vii) of this Section 2.05(b).

(vi) If for any reason the Total Revolving Credit Outstandings at any time exceed the
Revolving Credit Facility at such time, the Borrower shall immediately prepay Revolving
Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C
Obligations (other than the L/C Borrowings) in an aggregate amount equal to such excess.

(vii) Prepayments of the Revolving Credit Facility made pursuant to this Section
2.05(b), first, shall be applied ratably to the L/C Borrowings and the Swing
Line Loans, second, shall be applied ratably to the outstanding Revolving Credit
Loans, and, third, shall be used to Cash Collateralize the remaining L/C
Obligations; and, in the case of prepayments of the Revolving Credit Facility required
pursuant to clause (i), (ii), (iii), (iv) or (v) of
this Section 2.05(b), the amount remaining, if any, after the prepayment in full of
all L/C Borrowings, Swing Line Loans and Revolving Credit Loans outstanding at such time and
the Cash Collateralization of the remaining L/C Obligations in full (the sum of such
prepayment amounts, cash collateralization amounts and remaining amount being, collectively,
the “Reduction Amount”) may be retained by the Borrower for use in the ordinary
course of its business, and the Revolving Credit Facility shall be automatically and
permanently reduced by the Reduction Amount as set forth in Section 2.06(b)(ii).
Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held
as Cash Collateral shall be applied (without any further action by or notice to or from the
Borrower or any other Loan Party) to reimburse the L/C Issuer or the Revolving Credit
Lenders, as applicable.

2.06 Termination or Reduction of Commitments. (a) Optional. The Borrower
may, upon notice to the Administrative Agent, terminate the Revolving Credit Facility, the Letter
of Credit Sublimit or the Swing Line Sublimit, or from time to time permanently reduce the
Revolving Credit Facility, the Letter of Credit Sublimit or the Swing Line Sublimit;
provided that (i) any such notice shall be received by the Administrative Agent not later
than 12:00 p.m. five Business Days prior to the date of termination or reduction, (ii) any such
partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of
$1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving
Credit Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the
Total Revolving Credit Outstandings would exceed the Revolving Credit Facility, (B) the Letter of
Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not
fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing
Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the
Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit.

 

46

 

(b) Mandatory. (i) The aggregate Term Loan Commitments shall be automatically and
permanently reduced to zero on the date of the Term Loan Borrowing.

(ii) The Revolving Credit Facility shall be automatically and permanently reduced on
each date on which the prepayment of Revolving Credit Loans outstanding thereunder is
required to be made pursuant to Section 2.05(b)(ii), (iii) or (iv)
by an amount equal to the applicable Reduction Amount.

(iii) If after giving effect to any reduction or termination of Revolving Credit
Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swing Line
Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit
or the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount
of such excess.

(c) Application of Commitment Reductions; Payment of Fees. The Administrative Agent
will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit,
Swing Line Sublimit or the Revolving Credit Commitment under this Section 2.06. Upon any
reduction of the Revolving Credit Commitments, the Revolving Credit Commitment of each Revolving
Credit Lender shall be reduced by such Lender’s Applicable Revolving Credit Percentage of such
reduction amount. All fees in respect of the Revolving Credit Facility accrued until the effective
date of any termination of the Revolving Credit Facility shall be paid on the effective date of
such termination.

2.07 Repayment of Loans. (a) Term Loans. On each Quarterly Payment Date
commencing March 31, 2011, the Borrower shall repay to the Term Lenders an aggregate principal
amount of Term Loans equal to 0.25% of the original aggregate outstanding principal amount of the
Term Loans (which amounts shall be reduced as a result of the application of prepayments in
accordance with the order of priority set forth in Section 2.05); provided,
however, that the final principal repayment installment of the Term Loans shall be repaid
on the Term Loan Maturity Date and in any event shall be in an amount equal to the aggregate
principal amount of all Term Loans outstanding on such date.

(b) Revolving Credit Loans. The Borrower shall repay to the Revolving Credit Lenders
on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all
Revolving Credit Loans outstanding on such date.

(c) Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to
occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date for the
Revolving Credit Facility.

2.08 Interest. (a) Subject to the provisions of Section 2.08(b), (i) each
Eurodollar Rate Loan under a Facility shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest
Period plus the Applicable Rate for such Facility; (ii) each Base Rate Loan under a
Facility shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such
Facility; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate for the Revolving Credit Facility.

(b) (i) After the occurrence and during the continuance of any Event of Default described in
Section 8.01(a) or (i), upon the request of the Required Lenders (except in the case of an
Event of Default as a result of the failure to pay any principal amounts due, such request shall
not be required), the Borrower shall pay interest on all Obligations not paid when due at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws.

 

47

 

(ii) After the occurrence and during the continuance of any Event of Default with
respect to Section 7.04 for a period of five consecutive days, upon the request of
the Required Lenders, the Borrower shall pay interest on all outstanding Obligations
hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

(iii) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

2.09 Fees. In addition to certain fees described in Sections 2.03(i) and (j):

(a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the
account of each Revolving Credit Lender in accordance with its Applicable Revolving Credit
Percentage, a commitment fee equal to the Applicable Fee Rate times the actual daily amount
by which the Revolving Credit Facility exceeds the sum of (i) the Outstanding Amount of Revolving
Credit Loans and (ii) the Outstanding Amount of L/C Obligations. The commitment fee shall accrue
at all times during the Availability Period, including at any time during which one or more of the
conditions in Article IV is not met, and shall be due and payable quarterly in arrears on
each Quarterly Payment Date, commencing with the first such date to occur after the Closing Date,
and on the last day of the Availability Period for the Revolving Credit Facility. The commitment
fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Fee Rate
during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Fee
Rate separately for each period during such quarter that such Applicable Fee Rate was in effect.

(b) Other Fees. (i) The Borrower shall pay to the Joint Lead Arrangers and the
Administrative Agent for their own respective accounts fees in the amounts and at the times
specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever.

(ii) The Borrower shall pay to the Lenders such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Fee Rate.
(a) All computations of interest for Base Rate Loans when the Base Rate is determined by Bank of
America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be,
and actual days elapsed. All other computations of fees and interest shall be made on the basis of
a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan
for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for
the day on which the Loan or such portion is paid, provided that any Loan that is repaid on
the same day on which it is made shall, subject to Section 2.12(a), bear interest for one
day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be
conclusive and binding for all purposes, absent manifest error.

 

48

 

(b) If, as a result of any restatement of or other adjustment to the financial statements of
Holdings or for any other reason, the Borrower, Holdings or the Lenders determine that (i) the
Consolidated Leverage Ratio as calculated by Holdings as of any applicable date was inaccurate
and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher
pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to
the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case
may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or
deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the
United States, automatically and without further action by the Administrative Agent, any Lender or
the L/C Issuer), an amount equal to the excess of the amount of fees that should have been paid for
such period over the amount of fees actually paid for such period. This paragraph shall not limit
the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under
Section 2.08(b) or under Article VIII. The Borrower’s obligations under this
paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other
Obligations hereunder.

2.11 Evidence of Debt. (a) The Credit Extensions made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative
Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit
Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure
to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records
of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any
Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to
such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the
date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

(b) In addition to the accounts and records referred to in Section 2.11(a), each
Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts
or records evidencing the purchases and sales by such Lender of participations in Letters of Credit
and Swing Line Loans. In the event of any conflict between the accounts and records maintained by
the Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

2.12 Payments Generally; Administrative Agent’s Clawback. (a) General. All
payments to be made by the Borrower shall be made without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all
payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of
the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in
Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.
The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in
respect of the relevant Facility (or other applicable share as provided herein) of such payment in
like funds as received by wire transfer to such Lender’s Lending Office. All payments received by
the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the
Borrower shall come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected on computing interest or
fees, as the case may be.

 

49

 

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior
to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with Section 2.02
(or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available
in accordance with and at the time required by Section 2.02) and may, in reliance upon such
assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to the Administrative Agent, then
the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the
date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Administrative Agent in connection with the
foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate
applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly
remit to the Borrower the amount of such interest paid by the Borrower for such period. If such
Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so
paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have
failed to make such payment to the Administrative Agent.

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the time at which
any payment is due to the Administrative Agent for the account of the Lenders or the L/C
Issuer 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 Appropriate Lenders or the L/C Issuer,
as the case may be, the amount due. In such event, if the Borrower has not in fact made
such payment, then each of the Appropriate Lenders or the L/C Issuer, as the case may be,
severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or the L/C Issuer, in immediately available funds 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 Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this subsection (b) shall be conclusive, absent manifest error.

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the
Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest.

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Term Loans and Revolving Credit Loans, to fund participations in Letters of Credit and Swing Line
Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The
failure of any Lender to make any Loan, to fund any such participation or to make any payment under
Section 10.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to
do so on such date, and no Lender shall be responsible for the failure of any other Lender to so
make its Loan, to purchase its participation or to make its payment under Section 10.04(c).

 

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

(f) Insufficient Funds. If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings,
interest and fees then due hereunder, such funds shall be applied (i) first, toward 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, toward
payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

2.13 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any
the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such
time in excess of its ratable share (according to the proportion of (i) the amount of such
Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the
Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the
other Loan Documents at such time) of payments on account of the Obligations in respect of the
Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time
obtained by all the Lenders at such time or (b) Obligations in respect of any of the Facilities
owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such
time in excess of its ratable share (according to the proportion of (i) the amount of such
Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate
amount of the Obligations in respect of the Facilities owing (but not due and payable) to all
Lenders hereunder and under the other Loan Parties at such time) of payment on account of the
Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder
and under the other Loan Documents at such time obtained by all of the Lenders at such time then
the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such
fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations
in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as
shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of Obligations in respect of the Facilities then due and
payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be,
provided that:

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

(ii) the provisions of this Section shall not be construed to apply to (A) any payment
made by the Borrower pursuant to and in accordance with the express terms of this Agreement
(including the application of funds arising from the existence of a Defaulting Lender) or
(B) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or subparticipations in L/C Obligations or Swing Line
Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof
(as to which the provisions of this Section shall apply).

 

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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 setoff 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.

2.14 Defaulting Lenders.

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

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in Section 10.01.

(ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 10.08), shall be applied at such time or times as may be
determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the
payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuer
or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or
requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future
funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or
Letter of Credit; fourth, as the Borrower may request (so long as no Default or Event of
Default exists), to the funding of any Loan in respect of which that Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower,
to be held in a non-interest bearing deposit account and released in order to satisfy
obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the
payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result
of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer
or Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; seventh, so long as no Default or Event of
Default exists, to the payment of any amounts owing to the Borrower as a result of any
judgment of a court of competent jurisdiction obtained by the Borrower against that
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender
has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at
a time when the conditions set forth in Section 4.02 were satisfied or waived, such
payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all
non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section
2.14(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto.

 

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(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to
receive any
commitment fee pursuant to Section 2.09(a) for any period during which that
Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee
that otherwise would have been required to have been paid to that Defaulting Lender) and (y)
shall be limited in its right to receive Letter of Credit Fees as provided in Section
2.03(i).

(iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure.
During any period in which there is a Defaulting Lender, for purposes of computing the
amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03
and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be computed
without giving effect to the Commitment of that Defaulting Lender; provided, that,
(i) each such reallocation shall be given effect only if, at the date the applicable Lender
becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate
obligation of each non-Defaulting Lender to acquire, refinance or fund participations in
Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of
(1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding
Amount of the Committed Loans of that Lender.

(v) Borrower May Terminate Commitments. The Borrower may terminate the unused
amount of the Revolving Credit Commitment of a Defaulting Lender upon not less than three
(3) Business Days’ prior notice to the Administrative Agent (which will promptly notify the
Lenders thereof), and in such event the provisions of Section 2.14(a)(ii) above will
apply to all amounts thereafter paid by the Borrower for the account of such Defaulting
Lender under this Agreement (whether on account of principal, interest, fees, indemnity or
other amounts); provided that such termination will not be deemed to be a waiver or release
of any claim the Borrower, the Administrative Agent, the L/C Issuer, the Swing Line Lender
or any Lender may have against such Defaulting Lender.

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swing Line
Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should
no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or
take such other actions as the Administrative Agent may determine to be necessary to cause the
Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held
on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving
effect to Section 2.14(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

2.15 Borrower Repurchases. So long as no Default or Event of Default has occurred and
is continuing, the Borrower may from time to time purchase, in accordance with this Section
2.15, Term Loans from one or more Lenders on a non-pro rata basis pursuant to a Dutch auction
(open to all Lenders), on terms to be agreed between the Borrower and the Lenders participating in
such Dutch auction; provided that (i) the procedures with respect to any such Dutch auction
shall be approved by the Administrative Agent, (ii) any principal and accrued interest and unpaid
interest on the Term Loans purchased by the Borrower shall be cancelled and such Term Loans shall
no longer be outstanding for all purposes of this Agreement and the other Loan Documents, (iii) no
proceeds of the Revolving Credit Facility shall be used to consummate such purchase and (iv) both
immediately before and after giving
effect to such purchase, the Borrower shall have unrestricted cash and Cash Equivalents
(excluding any outstanding Revolving Credit Loans and Swing Line Loans) of not less than
$75,000,000. By initiating a Dutch auction and repurchasing Loans pursuant to this Section
2.15, the Borrower shall be deemed to represent as of the date of such notice and purchase that
the Borrower is not in possession of any information regarding any Loan Party, its assets, its
ability to perform its Obligations or any other matter that may be material to a decision by any
Term Lender to participate in such Dutch auction or participate in any of the transactions
contemplated thereby, that has not previously been disclosed to the Administrative Agent and the
Lenders.

 

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ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

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

(ii) If any Loan Party or the Administrative Agent shall be required by the Code to
withhold or deduct any Taxes, including both United States Federal backup withholding and
withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or
make such deductions as are determined by the Administrative Agent to be required based upon
the information and documentation it has received pursuant to subsection (e) below, (B) the
Administrative Agent shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with the Code, and (C) to the extent that the
withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum
payable by the applicable Loan Party shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions
applicable to additional sums payable under this Section) the Administrative Agent, Lender
or L/C Issuer, as the case may be, receives an amount equal to the sum it would have
received had no such withholding or deduction been made.

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

(c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, the Borrower shall, and does hereby, indemnify the Administrative Agent, each Lender and
the L/C Issuer, and shall make payment in respect thereof within 10 days after demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted
by the Borrower or the Administrative Agent or paid by the Administrative Agent, such Lender or the
L/C Issuer, as the case may be, 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; provided,
however, that payment of penalties, interest and other expenses shall not be required to
the extent attributable to the gross negligence or willful misconduct of the Person seeking
indemnification. The Borrower shall also, and does hereby,
indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days
after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay
indefeasibly to the Administrative Agent as required by clause (ii) of this subsection. A
certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender
or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

 

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(ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and
the L/C Issuer shall, and does hereby, indemnify the Borrower and the Administrative Agent,
and shall make payment in respect thereof within 10 days after demand therefor, against any
and all Taxes and any and all related losses, claims, liabilities, penalties, interest and
expenses (including the fees, charges and disbursements of any counsel for the Borrower or
the Administrative Agent) incurred by or asserted against the Borrower or the Administrative
Agent by any Governmental Authority as a result of the failure by such Lender or the L/C
Issuer, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or
deficiency of, any documentation required to be delivered by such Lender or the L/C Issuer,
as the case may be, to the Borrower or the Administrative Agent pursuant to subsection (e).
Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and
apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case
may be, under this Agreement or any other Loan Document against any amount due to the
Administrative Agent under this clause (ii). The agreements in this clause (ii) shall
survive the resignation and/or replacement of the Administrative Agent, any assignment of
rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations.

(d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent,
as the case may be, after any payment of Taxes by the Borrower or the Administrative Agent to a
Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the
Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be,
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of any return required by Laws to report such payment or other evidence of such
payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

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

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

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

 

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

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

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

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

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

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

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

 

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

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that
any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest
rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars
in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to
convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of
such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such
prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or
converted.

3.03 Inability to Determine Rates. If the Required Lenders determine that for any
reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation
thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar
market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly
reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so
notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain
Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of
the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke
any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or,
failing that, will be deemed to have converted such request into a request for a Committed
Borrowing of Base Rate Loans in the amount specified therein.

3.04 Increased Costs; Reserves on Eurodollar Rate Loans. (a) Increased Costs
Generally. If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer;

 

57

 

(ii) subject any Lender or the L/C Issuer to any tax of any kind whatsoever with
respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or
any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such
Lender or the L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes
covered by Section 3.01 and the imposition of, or any change in the rate of, any
Excluded Tax payable by such Lender or the L/C Issuer); or

(iii) impose on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such Loan), or
to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining
any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer
hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or
the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be,
for such additional costs incurred or reduction suffered.

(b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change
in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such
Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements has or would
have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on
the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this
Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below
that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C
Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with
respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the
L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or
the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
suffered.

(c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer
setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its
holding company, as the case may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such
Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof.

(d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer
to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the
foregoing provisions of this Section for any increased costs incurred or reductions suffered more
than nine months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies
the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof).

 

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(e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long
as such Lender shall be required to maintain reserves with respect to liabilities or assets
consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), which shall be due and payable
on each date on which interest is payable on such Loan, provided the Borrower shall have
received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender. If a Lender fails to give notice 10 days prior to the
relevant Interest Payment Date, such additional interest shall be due and payable 10 days from
receipt of such notice.

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and
hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in
the amount notified by the Borrower; or

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the
Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded.

3.06 Mitigation Obligations; Replacement of Lenders. (a) Designation of a
Different Lending Office. If any Lender requests compensation under Section 3.04, or
the Borrower is required to pay any additional amount to any Lender, the L/C Issuer, or any
Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section
3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender or the
L/C Issuer shall, as applicable, 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, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section
3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such
Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in
connection with any such designation or assignment.

 

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(b) Replacement of Lenders. If any Lender requests compensation under Section
3.04, 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 3.01, the Borrower
may replace such Lender in accordance with Section 10.13.

3.07 Survival. All of the Borrower’s obligations under this Article III shall
survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and
resignation of the Administrative Agent.

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and
each Lender to make its initial Credit Extension hereunder is subject to satisfaction or waiver of
the following conditions precedent:

(a) The Administrative Agent’s receipt of the following, each of which shall be originals or
telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a
Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of
certificates of governmental officials, a recent date before the Closing Date) and each in form and
substance satisfactory to the Administrative Agent:

(i) executed counterparts of this Agreement, in number reasonably requested by the
Administrative Agent;

(ii) a Note executed by the Borrower in favor of each Lender requesting a Note;

(iii) a Guarantee and Collateral agreement, in substantially the form of Exhibit
F (together with each other guarantee and collateral agreement and guarantee and
collateral agreement supplement delivered pursuant to Section 6.08, the
“Security Agreement”), duly executed by each Loan Party and the Collateral Agent,
together with:

(A) the results of a lien search listing all effective financing statements
that name any Loan Party as debtor, together with copies of such financing
statements,

(B) financing statements suitable in form for filing naming each Loan Party as
a debtor and the Collateral Agent as the secured party, or other similar instruments
or documents to be filed under the UCC of all jurisdictions necessary to perfect the
security interests of the Collateral Agent pursuant to such Security Agreement, and

(C) evidence that all other action that the Administrative Agent or the
Collateral Agent may deem necessary or desirable in order to perfect the Liens
created under the Security Agreement has been taken (including receipt of duly
executed payoff letters and UCC-3 termination statements);

(iv) an intercreditor agreement, in substantially the form of Exhibit G, duly
executed by each Loan Party, the Collateral Agent and the trustees with respect to the
Senior Notes (the “Intercreditor Agreement”).

 

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(v) to the extent required by the Security Agreement, the Intellectual Property
Security Agreements, duly executed by each Loan Party, with respect to Intellectual
Property included in the Collateral, together with evidence that all action that the
Administrative Agent or the Collateral Agent may deem necessary or desirable in order to
perfect the Liens created under the Intellectual Property Security Agreement has been taken
or shall be taken within the time specified by the Security Agreement (or, if not specified
therein, as specified by the Administrative Agent or the Collateral Agent);

(vi) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Administrative Agent
may require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this Agreement and the
other Loan Documents to which such Loan Party is a party or is to be a party;

(vii) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Loan Party is duly organized or formed, and that each Loan
Party is validly existing, in good standing and qualified to engage in business in is
jurisdiction of organization and each jurisdiction where its ownership, lease or operation
of properties or the conduct of its business requires such qualification, except to the
extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect;

(viii) a favorable opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel to the
Loan Parties, addressed to the Administrative Agent and each Lender, in form and substance
reasonably satisfactory to the Administrative Agent;

(ix) a certificate of a Responsible Officer of each Loan Party either (A) attaching
copies of all consents, licenses and approvals required in connection with the consummation
by such Loan Party of the Transaction and the execution, delivery and performance by such
Loan Party and the validity against such Loan Party of the Loan Documents to which it is a
party, and such consents, licenses and approvals shall be in full force and effect, or (B)
stating that no such consents, licenses or approvals are so required;

(x) a certificate signed by a Responsible Officer of the Borrower certifying that the
conditions specified in Sections 4.02(a) and (b) have been satisfied;

(xi) a certificate signed by a Responsible Officer of Holdings certifying (A) that
there has been no event or circumstance since December 31, 2009 that has had, or could be
reasonably expected to have, either individually or in the aggregate, a Material Adverse
Effect, (B) a calculation of the Consolidated Leverage Ratio as of the last day of the
Fiscal Quarter of Holdings most recently ended at least 45 days prior to the Closing Date,
after giving pro forma effect to the Transaction, which Consolidated Leverage Ratio shall
not be in excess of 4.20:1.00 and (C) that there is no pending or, to the knowledge of
Holdings or any of its Subsidiaries, threatened litigation, action, proceeding or labor
controversy (i) except as disclosed in Schedule 5.07, against Holdings or any of its
Subsidiaries, or any of their respective properties, businesses, assets or revenues, which
could reasonably be expected to have a Material Adverse Effect, or (ii) which purports to
affect the legality, validity or enforceability of any Loan Document, the Transaction
Documents or the Transaction;

 

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(xii) (A) the Audited Financial Statements and the audited (without any Impermissible
Qualification) consolidated balance sheet of Swift Corporation and its Subsidiaries for
Fiscal Year 2007 and Fiscal Year 2008, and the related consolidated statements of income or
operations, shareholders’ equity and cash flows for each such Fiscal Year of Swift
Corporation and its
Subsidiaries, including the notes thereto and (B) the unaudited consolidated balance
sheet of Swift Corporation and its Subsidiaries for the Fiscal Quarters ended March 31,
2010, June 30, 2010 and September 30, 2010 and the related consolidated statements of income
or operations, shareholders’ equity and cash flows for each such Fiscal Quarter of Swift
Corporation and its Subsidiaries;

(xiii) forecasts prepared by management of Holdings of consolidated balance sheets and
statements of income or operations and cash flows of Holdings and its Subsidiaries through
December 31, 2015;

(xiv) a certificate attesting to the Solvency of the Loan Parties, taken as a whole,
before and after giving effect to the Transaction, from Holdings’ chief financial officer;

(xv) evidence that all insurance required to be maintained pursuant to the Loan
Documents has been obtained and is in effect, together with the certificates of insurance,
naming the Collateral Agent, on behalf of the Lenders, as an additional insured or loss
payee, as the case may be, under all insurance policies maintained with respect to the
assets and properties of the Loan Parties that constitutes Collateral;

(xvi) evidence that the Existing Credit Agreement has been, or concurrently with the
Closing Date is being, terminated (other than letters of credit under the Existing Credit
Agreement that will be deemed Letters of Credit hereunder) and all Liens securing
obligations under the Existing Credit Agreement have been, or concurrently with the Closing
Date are being, released;

(xvii) evidence that the Shareholder Loans have been, or concurrently with the Closing
Date are being, cancelled; and

(xviii) evidence that any outstanding interest rate Swap Contracts to which Holdings or
any of its Subsidiaries is a party has been, or concurrently with the Closing Date is being,
terminated, and all amounts payable by Holdings or any such Subsidiary in connection with
such termination has been, or concurrently with the Closing Date is being, paid.

(b) (i) All fees required to be paid to the Administrative Agent and the Joint Lead Arrangers
on or before the Closing Date shall have been, or concurrently with the Closing Date are being,
paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have
been, or concurrently with the Closing Date are being, paid.

(c) The Borrower shall have, or concurrently with the Closing Date will have, paid all fees,
charges and disbursements of counsel to the Administrative Agent (directly to such counsel if
requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus
such additional amounts of such fees, charges and disbursements as shall constitute its reasonable
estimate of such fees, charges and disbursements incurred or to be incurred by it through the
closing proceedings (provided that such estimate shall not thereafter preclude a final
settling of accounts between the Borrower and the Administrative Agent).

 

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(d) The Collateral Agent’s receipt of the following, each of which shall be originals and each
in form and substance satisfactory to the Collateral Agent:

(i) certificates (in the case of Capital Securities that are certificated securities
(as defined in the UCC)) evidencing all of the issued and outstanding Capital Securities
owned by
each Loan Party in its U.S. Subsidiaries and 65% of the issued and outstanding Voting
Securities of each Foreign Subsidiary (together with all the issued and outstanding
non-voting Capital Securities of such Foreign Subsidiary) directly owned by each Loan Party,
which certificates in each case shall be accompanied by undated instruments of transfer duly
executed in blank, or for any Capital Securities that are uncertificated securities (as
defined in the UCC), confirmation and evidence that the security interest therein has been
transferred to and perfected by the Administrative Agent for the benefit of the Secured
Parties in accordance with Articles 8 and 9 of the UCC and all laws otherwise applicable to
the perfection of the pledge of such Capital Securities; and

(ii) each promissory note (if any) pledged to the Collateral Agent pursuant to the
Security Agreement endorsed (without recourse) in blank (or accompanied by an executed
transfer form in blank) by the pledgor thereof to the extent delivery thereof to the
Collateral Agent is required under the Security Agreement;

(e) There shall not have occurred and be continuing any default or event of default under the
Existing Notes Indentures or any documents governing any Qualified Receivables Transaction.

(f) The Borrower shall have received a corporate rating from S&P, a corporate family rating
from Moody’s and a rating with respect to the Loans from each of Moody’s and S&P.

(g) Holdings shall have executed an underwriting agreement with respect to a Public Offering
of its common stock and, concurrently with the Closing Date, such Public Offering shall have been
consummated.

(h) Concurrently with the Closing Date, the sale of the Senior Notes shall have been
consummated.

(i) The Borrower shall have tendered for, tenders shall have been received for, and all
conditions precedent to the consummation of such tender shall have been satisfied with respect to,
at least 66 2/3% of the Floating Rate Notes and at least 66 2/3% of the Fixed Rate Notes (it being
agreed that all Floating Rate Notes and Fixed Rate Notes covered under that certain letter
agreement with Apollo Fund VI BC, L.P. and Lily, L.P. shall be deemed included in such tendered
notes).

Without limiting the generality of the provisions of the last paragraph of Section 9.03,
for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any
Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of
Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the satisfaction
or waiver of the following conditions precedent:

(a) The representations and warranties set forth in each Loan Document shall be true and
correct in all material respects with the same effect as if then made (unless stated to relate
solely to an earlier date, in which case such representations and warranties shall have been true
and correct in all material respects as of such earlier date), in each case other than
representations and warranties which are subject to a materiality qualifier, in which case such
representations and warranties shall be (or shall have
been) true and correct.

 

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(b) No Default or Event of Default shall have occurred and be continuing, or would result from
such proposed Credit Extension or from the application of the proceeds thereof.

(c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall
have received a Request for Credit Extension in accordance with the requirements hereof.

(d) Each Request for Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the
Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a) and (b) have been satisfied on and as of the date of the
applicable Credit Extension.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

Each of Holdings and the Borrower represents and warrants to the Administrative Agent and the
Lenders that:

5.01 Organization. Each Loan Party is validly organized and existing and in good
standing under the laws of the state or jurisdiction of its incorporation or organization, is duly
qualified to do business and is in good standing as a foreign entity in each jurisdiction where the
nature of its business requires such qualification (except in jurisdictions where the failure to be
so qualified or in good standing has not had and could not reasonably be expected to result in a
Material Adverse Effect), and each Loan Party has full power and authority and holds all requisite
governmental licenses, permits and other approvals to enter into and perform its Obligations under
each Loan Document to which it is a party, to own and hold under lease its property and to conduct
its business substantially as currently conducted by it (except, other than with respect to
Holdings and the Borrower, where the failure to do so could not reasonably be expected to result in
a Material Adverse Effect).

5.02 Due Authorization; Non-Contravention. The execution, delivery and performance by
each Loan Party of each Loan Document executed or to be executed by it, each Loan Party’s
participation in the consummation of all aspects of the Transaction, and the execution, delivery
and performance by Holdings, the Borrower or (if applicable) any other Loan Party of the agreements
executed and delivered by it in connection with the Transaction are in each case within such
Person’s powers, have been duly authorized by all necessary action, and do not

(a) contravene any (i) Loan Party’s Organization Documents, if applicable, (ii) court decree
or order binding on or affecting any Loan Party or (iii) law or governmental regulation binding on
or affecting any Loan Party; or

(b) result in (i) or require the creation or imposition of, any Lien on, except (in the case
of both clause (a) above and this clause (b)) as permitted by this Agreement, or (ii) a default
under any material Contractual Obligation binding on or affecting any Loan Party.

5.03 Governmental Approval; Regulation. No authorization or approval or other action
by, and no notice to or filing with, any Governmental Authority or other Person (other than those
that have been, or on the Closing Date will be, duly obtained or made and which are, or on the
Closing Date will be, in full force and effect) is required for the due execution, delivery or
performance by any Loan Party of any Loan Document to which it is a party, or for the due
execution, delivery and/or performance of the
Loan Documents, in each case by the parties thereto or the consummation of the Transaction
except, to the extent such failure to obtain such approval or to provide such notice (other than in
respect of a Governmental Authority) could not reasonably be expected to result in a Material
Adverse Effect. Neither Holdings nor any of its Subsidiaries is an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

 

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5.04 Validity. Each Loan Document to which any Loan Party is a party constitutes the
legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in
accordance with their respective terms (except, in any case, as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally and by principles of equity).

5.05 Financial Information. The consolidated financial statements of Holdings and its
Subsidiaries furnished to the Administrative Agent and each Lender pursuant to Section
4.01(a)(xii) have been prepared in accordance with GAAP consistently applied, and present
fairly in all material respects the consolidated financial condition of the Persons covered thereby
as at the dates thereof and the results of their operations for the periods then ended, subject
with respect to unaudited periods to normal year-end adjustments. All balance sheets, all
statements of income and of cash flow and all other financial information of Holdings and its
Subsidiaries furnished pursuant to Section 6.01 have been and will for periods following
the Closing Date be prepared in accordance with GAAP consistently applied with the financial
statements delivered pursuant to Section 4.01(a)(xii), and do or will present fairly in all
material respects the consolidated financial condition of the Persons covered thereby as at the
dates thereof and the results of their operations for the periods then ended, subject with respect
to unaudited periods to normal year-end adjustments.

5.06 No Material Adverse Change. Since December 31, 2009, there has been no event or
circumstance that has had, or could be reasonably expected to have, either individually or in the
aggregate, a Material Adverse Effect.

5.07 Litigation; Labor Controversies. There is no pending or, to the knowledge of
Holdings or any of its Subsidiaries, threatened litigation, action, proceeding or labor controversy
(i) except, as of the Closing Date, as disclosed in Schedule 5.07, against Holdings any of
its Subsidiaries, or any of their respective properties, businesses, assets or revenues, which
could reasonably be expected to have a Material Adverse Effect, and no development has occurred in
any labor controversy, litigation, arbitration or governmental investigation or proceeding
disclosed in Schedule 5.07 that could reasonably be expected to have a Material Adverse
Effect, or (ii) which purports to affect the legality, validity or enforceability of any Loan
Document, the Transaction Documents or the Transaction.

5.08 Subsidiaries. Holdings has no Subsidiaries, except those Subsidiaries which are
identified in Schedule 5.08, or which are permitted to have been organized or acquired in
accordance with Section 7.05 or 7.10. As of the Closing Date, Schedule
5.08 identifies each Loan Party, and sets forth the ownership interests of each Loan Party in
each Subsidiary.

5.09 Ownership of Properties. Holdings and each of its Subsidiaries owns (i) in the
case of owned real property, good and marketable fee title to, and (ii) in the case of owned
personal property, good and valid title to, or, in the case of leased real or personal property,
valid and enforceable leasehold interests (as the case may be) in, all of its tangible properties
and assets of any nature whatsoever, free and clear in each case of all Liens or claims, except for
minor defects in title that do not materially interfere with its ability to conduct business or to
utilize such assets for their intended purposes and Liens permitted pursuant to Section
7.03. As of the Closing Date, set forth in Schedule 5.09 is a true and complete list of
all real property owned or leased by the Loan Parties, and each Mortgaged Property is
identified therein.

 

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5.10 Taxes. Holdings and each of its Subsidiaries has filed all tax returns and
reports required by law to have been filed by it and has paid all Taxes thereby shown to be due and
owing, except any such Taxes which are being diligently contested in good faith by appropriate
proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on
its books, except to the extent the failure to file such tax returns or pay such Taxes (in each
case other than with respect to federal Taxes) has not had and could not reasonably be expected to
result in a Material Adverse Effect.

5.11 Pension and Welfare Plans. Except as could not reasonably be expected to result
in a Material Adverse Effect, (i) no ERISA Event has occurred and no condition exists with respect
to any Pension Plan and (ii) no Pension Plan has any Unfunded Pension Liabilities. As of the
Closing Date, except as disclosed in Schedule 5.11, no Loan Party or ERISA Affiliate has
any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other
than liability for continuation coverage described in Part 6 of Title I of ERISA.

5.12 Environmental Warranties.

Except as set forth in Schedule 5.12:

(a) all facilities and property (including underlying groundwater) owned or leased by
Holdings or any of its Subsidiaries have been, and continue to be, owned or leased by
Holdings and its Subsidiaries in compliance with all Environmental Laws, except to the
extent the failure to be in compliance could not reasonably be expected to result in a
Material Adverse Effect;

(b) there have been no past, and there are no pending or threatened (i) claims,
complaints, notices or requests for information received by Holdings or any of its
Subsidiaries with respect to any alleged violation of any Environmental Law, or (ii)
complaints, notices or inquiries to Holdings or any of its Subsidiaries regarding potential
liability under any Environmental Law, in each case, that singly or in the aggregate have
had, or could reasonably be expected to have, a Material Adverse Effect;

(c) there have been no Releases of Hazardous Materials at, on or under any property now
or previously owned or leased by Holdings or any of its Subsidiaries that have, or could
reasonably be expected to have, a Material Adverse Effect;

(d) Holdings and its Subsidiaries have been issued and are in compliance with all
permits, certificates, approvals, licenses and other authorizations relating to
environmental matters, except to the extent the non-issuance or the failure to be in
compliance could not reasonably be expected to result in a Material Adverse Effect;

(e) no property now or, to the knowledge of Holdings or any of its Subsidiaries,
previously owned or leased by Holdings or any of its Subsidiaries is listed or proposed for
listing (with respect to owned property only) on the National Priorities List pursuant to
CERCLA, on the CERCLIS or on any similar state list of sites requiring investigation or
clean-up;

(f) there are no underground storage tanks, active or abandoned, including petroleum
storage tanks, on or under any property now or previously owned or leased by Holdings or any
of its Subsidiaries that, singly or in the aggregate, have, or could reasonably be expected
to have, a Material Adverse Effect;

 

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(g) neither Holdings nor any Subsidiary has directly transported or directly arranged
for the transportation of any Hazardous Material to any location which is listed or proposed
for listing on the National Priorities List pursuant to CERCLA, on the CERCLIS or on any
similar state list or which is the subject of federal, state or local enforcement actions or
other investigations which may lead to material claims against Holdings or such Subsidiary
for any remedial work, damage to natural resources or personal injury, including claims
under CERCLA, except that could not reasonably be expected to have a Material Adverse
Effect;

(h) there are no polychlorinated biphenyls or friable asbestos present at any property
now or previously owned or leased by Holdings or any Subsidiary that, singly or in the
aggregate, have, or could reasonably be expected to have, a Material Adverse Effect; and

(i) no conditions exist at, on or under any property now or previously owned or leased
by Holdings which, with the passage of time, or the giving of notice or both, would give
rise to liability under any Environmental Law that singly or in the aggregate have had, or
could reasonably be expected to have, a Material Adverse Effect.

5.13 Accuracy of Information. None of the factual information (other than projected
financial information and general economic or industry data), when taken as a whole, heretofore or
contemporaneously, and furnished in writing, to any Secured Party by or (with the knowledge of
Holdings or Borrower) on behalf of any Loan Party in connection with any Loan Document or any
transaction contemplated hereby (including the Transaction) contains, as of the date such
information was furnished (and as modified or supplemented by other information so furnished) any
untrue statement of a material fact, or omits to state any material fact necessary to make any
information, in light of the circumstances under which they were made, not materially misleading.
With respect to projected financial information, Holdings and the Borrower represent only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time
prepared, it being understood and acknowledged that projections are as to future events and are not
to be viewed as facts and are subject to significant uncertainties and contingencies, many of which
are beyond the control of Holdings and the Borrower, and no assurances can be given that any
particular projections will be realized and that actual results during the period or periods
covered by the projections may differ significantly from the projected results and such differences
may be material.

5.14 Regulations U and X. Neither Holdings nor any of its Subsidiaries is engaged in
the business of extending credit for the purpose of buying or carrying margin stock, and no
proceeds of any Credit Extensions will be used to purchase or carry margin stock in a way which
violates, or would be inconsistent with, FRB Board Regulation U or Regulation X. Terms for which
meanings are provided in FRB Regulation U or Regulation X or any regulations substituted therefor,
as from time to time in effect, are used in this Section with such meanings.

5.15 Solvency. The Borrower and the Guarantors, taken as a whole, on a consolidated
basis, both before and after giving effect to any Credit Extension, are Solvent.

5.16 No Default. Neither any Loan Party nor any Subsidiary thereof is in default
under or with respect to, or a party to, any Contractual Obligation that could, either individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has
occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Loan Document.

5.17 Compliance with Laws. Each Loan Party and each Subsidiary thereof is in
compliance in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees
applicable to it or to its properties, except in such instances in which (a) such requirement
of Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

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5.18 Insurance. The Borrower and its Subsidiaries maintain insurance with financially
sound and reputable insurance companies (including Captive Insurance Companies), in such amounts,
with such deductibles and covering such risks as are consistent with past practices of Holdings and
its Subsidiaries.

5.19 Collateral Documents. (a) The Security Agreement and each other Security
Document is, or upon execution, will be, effective to create in favor of the Collateral Agent, for
the benefit of the Secured Parties, a valid security interest in the Collateral described therein
and proceeds thereof (to the extent a security interest can be created therein under the UCC). In
the case of the pledged equity interests described in the Security Agreement, when stock or
interest certificates representing such pledged equity interests (along with properly completed
stock or interest powers endorsing the pledged equity interest and executed by the owner of such
shares or interests are delivered to the Collateral Agent), and in the case of the other Collateral
described in the Security Agreement or any other Security Document (other than deposit accounts and
Motor Vehicles), when financing statements in appropriate form are filed in the appropriate
offices, all other filings and recordations contemplated hereby and by the Collateral Documents are
properly filed and recorded, the Collateral Agent, for the benefit of the Secured Parties, shall
have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan
Parties in such Collateral and the proceeds thereof, as security for the Obligations, in each case
prior and superior in right to any other Person (except Liens permitted by Section 7.03
which by operation of law or contract would have priority over the Liens securing the Obligations).
In the case of Collateral that consists of deposit accounts, when a control agreement is executed
and delivered by all parties thereto with respect to such accounts, the Collateral Agent, for the
benefit of the Secured Parties, shall have a fully perfected Lien on, and security interest in, all
right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as
security for the Obligations, prior and superior to any other Person except as provided under the
applicable control agreement with respect to the financial institution party thereto. In the case
of Collateral that consists of Motor Vehicles, when the recordation or notation of the Collateral
Agent’s security interest on the certificates of title or ownership in respect of such Motor
Vehicle is made, the Collateral Agent, for the benefit of the Secured Parties, shall have a fully
perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in
such Collateral and the proceeds thereof, as security for the Obligations, in each case prior and
superior in right to any other Person (except Liens permitted by Section 7.03 which by
operation of law or contract would have priority over the Liens securing the Obligations).

(b) Each of the Mortgages is effective to create in favor of the Collateral Agent, for
the benefit of the Secured Parties, a valid security interest in the Mortgaged Properties
described therein and proceeds thereof, and when the Mortgages are filed in the offices
specified on Schedule 5.19, each such Mortgage shall constitute a fully perfected
Lien on, and security interest in, all right, title and interest of the Loan Parties in the
Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined
in the relevant Mortgage), in each case prior and superior in right to any Person (except
Liens permitted by Section 7.03 which by operation of law or contract would have
priority over the Liens securing the Obligations)

 

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ARTICLE VI

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding,
each of Holdings and Borrower will, and will cause each of its Subsidiaries to, perform or cause to
be performed the obligations set forth below.

6.01 Financial Information, Reports, Notices, etc. Holdings will furnish to the
Administrative Agent (and the Administrative Agent will make available to each Lender) copies of
the following financial statements, reports, notices and information:

(a) within 45 days after the end of each of the first three Fiscal Quarters of each
Fiscal Year (or if Holdings is required to file such information on a Form 10-Q with the
SEC, promptly following such filing, but in no event later than 45 days after the end of the
applicable Fiscal Quarter, unless Holdings obtains an extension of its Form 10-Q filing date
as permitted under the Exchange Act, in which case, such information will be provided
contemporaneously with such filing and in any event no later than the expiration date of
such extension), an unaudited consolidated balance sheet of Holdings and its Subsidiaries as
of the end of such Fiscal Quarter and consolidated statements of income of Holdings and its
Subsidiaries for such Fiscal Quarter and consolidated statements of income and cash flows of
Holdings and its Subsidiaries for the period commencing at the end of the previous Fiscal
Year and ending with the end of such Fiscal Quarter, and including (in each case), in
comparative form the figures for the corresponding Fiscal Quarter in, and year to date
portion of, the immediately preceding Fiscal Year, certified as complete and correct by the
chief financial or accounting Responsible Officer of Holdings (subject to normal year-end
audit adjustments);

(b) within 90 days after the end of each Fiscal Year (or if Holdings is required to
file such information on a Form 10-K with the SEC, promptly following such filing, but in no
event later than 90 days after the end of the applicable Fiscal Year, unless Holdings
obtains an extension of its Form 10-K filing date as permitted under the Exchange Act, in
which case, such information will be provided contemporaneously with such filing and in any
event no later than the expiration date of such extension), a copy of the consolidated
balance sheet of Holdings and its Subsidiaries, and the related consolidated statements of
income and cash flow of Holdings and its Subsidiaries for such Fiscal Year, setting forth in
comparative form the figures for the immediately preceding Fiscal Year, which (i) shall be
audited (without any Impermissible Qualification) by independent certified public
accountants reasonably acceptable to the Administrative Agent, and (ii) shall be accompanied
by a report from such accountants including a calculation of the financial covenants set
forth in Section 7.04 and stating that, in performing the examination necessary to
deliver the audited financial statements of Holdings, as of the date of delivery, no
knowledge was obtained of any Event of Default, except as specified therein;

(c) concurrently with the delivery of the financial information pursuant to clauses (a)
and (b) (commencing with the delivery of the financial information pursuant to clause (b)
for the Fiscal Year ending December 31, 2010), a Compliance Certificate, executed by the
chief financial or accounting Responsible Officer of Holdings, (i) showing compliance with
the financial covenants set forth in Section 7.04 and stating that (x) no Default
has occurred and is continuing (or, if a Default has occurred, specifying the details of
such Default and the action that Holdings or a Loan Party has taken or proposes to take with
respect thereto and (y) no change in the generally accepted accounting principles used in
the preparation of the financial statements provided pursuant to Sections 6.01(a) or
(b) has occurred (or if such a change has occurred, Holdings shall provide a
statement of reconciliation conforming such financial statements to GAAP), (ii) stating that
no Subsidiary has been formed or acquired since the delivery of the last Compliance
Certificate (or, if a Subsidiary has been formed or acquired since the delivery

 

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of the last
Compliance Certificate, a statement that such Subsidiary has complied with Section
6.08), (iii) indicating (x) the amounts of any Net Cash Proceeds to be applied pursuant to
Section 2.05(b) and (y) in the case of any Net Cash Proceeds in respect of a
Disposition or Casualty Event, the amounts of any such proceeds being retained by the
applicable Loan Party pursuant to Section 2.05(b)(ii) and the time period within
which such proceeds are to be, or were, applied, (iv) indicating any changes to the
Schedules to any Security Agreement provided pursuant to the terms of such Security
Agreement, (v) providing the information required with respect to Motor Vehicles required
under Section 5.6(a) of the Security Agreement and (vi) in the case of a Compliance
Certificate delivered concurrently with the financial information pursuant to clause
(b), including a calculation of Excess Cash Flow;

(d) as soon as available and in any event no later than the date the annual financial
statements are delivered pursuant to clause (b), an annual budget, prepared on a
quarterly basis for such Fiscal Year and containing consolidated projected financial
statements (including balance sheets and statements of operations and cash flows) of
Holdings and its Subsidiaries, in substantially the form of the projections previously
delivered to the Administrative Agent;

(e) as soon as possible and in any event within three days after Holdings or any other
Loan Party obtains knowledge of the occurrence of a Default, a statement of a Responsible
Officer of Holdings or the Borrower setting forth details of such Default and the action
which Holdings or such Loan Party has taken and proposes to take with respect thereto;

(f) as soon as possible and in any event within three days after Holdings or any other
Loan Party obtains knowledge of (i) the occurrence of any material adverse development with
respect to any litigation, action, proceeding or labor controversy described in Schedule
5.07 or (ii) the commencement of any litigation, action, proceeding or labor controversy
of the type and materiality described in Section 5.07, notice thereof and, to the
extent the Administrative Agent requests, copies of all documentation relating thereto;

(g) promptly after the sending or filing thereof, copies of all reports, notices,
prospectuses and registration statements which any Loan Party files with the SEC or any
national securities exchange;

(h) promptly upon becoming aware of (i) the occurrence of any ERISA Event; or (ii) the
occurrence of any event with respect to any Pension Plan or Multiemployer Plan which could
result in the incurrence by any Loan Party or any ERISA Affiliate of any liability, fine or
penalty that could reasonably be expected to have a Material Adverse Effect, notice thereof
and, to the extent the Administrative Agent requests, copies of all documentation relating
thereto;

(i) promptly upon receipt thereof, copies of all “management letters” submitted to
Holdings or any other Loan Party by the independent certified public accountants referred to
in clause (b) in connection with each audit made by such accountants;

(j) promptly following the mailing or receipt of any notice or report delivered under
the terms of the Existing Notes Indentures or the Senior Note Documents, copies of such
notice or report;

(k) all PATRIOT Act Disclosures, to the extent reasonably requested by the
Administrative Agent or any Lender; and

(l) such other financial and other information as any Lender or the L/C Issuer through
the Administrative Agent may from time to time reasonably request (including
information and reports in such detail as the Administrative Agent may reasonably
request with respect to the terms of and information provided pursuant to the Compliance
Certificate).

 

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Financial statements and other information required to be delivered pursuant to Sections
6.01(a), 6.01(b), 6.01(g) and 6.01(j) shall be deemed to have been
delivered if such statements and information shall have been posted by Holdings on its website or
shall have been posted on the SEC EDGAR system, Intralinks or similar site to which all of the
Lenders have been granted access.

6.02 Maintenance of Existence; Compliance with Contracts, Laws, etc. Holdings will,
and will cause each of its Subsidiaries to, preserve and maintain its legal existence (except as
otherwise permitted by Section 7.10), and comply in all respects with all applicable laws,
rules, regulations and orders, including the payment (before the same become delinquent), of all
Taxes, imposed upon Holdings or its Subsidiaries or upon their property except to the extent being
diligently contested in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP have been set aside on the books of Holdings or its Subsidiaries, as
applicable, except, in each case, to the extent the failure to do so could not reasonably be
expected to result in a Material Adverse Effect.

6.03 Properties. Holdings will, and will cause each of its Subsidiaries to:

(a) maintain, preserve, protect and keep its and their respective tangible material
properties in good repair, working order and condition (ordinary wear and tear and casualty
and other insurance events excepted), and make necessary repairs, renewals and replacements
so that the business carried on by Holdings and its Subsidiaries may be properly conducted
at all times, unless Holdings or such Subsidiary determines in good faith that the continued
maintenance of such property is no longer economically desirable, necessary or useful to the
business of Holdings or any of its Subsidiaries or the Disposition of such property is
otherwise permitted by Section 7.10 or 7.11; and

(b) upon the request of the Administrative Agent or the Collateral Agent with respect
to any Mortgaged Property, as promptly as practicable, engage an appraiser and cause to be
delivered an appraisal with respect to such Mortgaged Property; provided that (i)
any initial appraisal with respect to any Mortgaged Property and (ii) a second appraisal
with respect to any Mortgaged Property so requested after the occurrence and during the
continuance of an Event of Default shall, in each case, be at the sole cost and expense of
Holdings and its Subsidiaries.

6.04 Insurance. Holdings will, and will cause each of its Subsidiaries to maintain:

(a) insurance with financially sound and reputable insurance companies (including
Captive Insurance Companies) against loss, damage and liability in at least the amounts (and
with only those deductibles), and against such risks as are consistent with past practices
of Holdings and its Subsidiaries; and

(b) all worker’s compensation, employer’s liability insurance or similar insurance as
may be required under the laws of any state or jurisdiction in which it may be engaged in
business.

Without limiting the foregoing, (i) all insurance policies required pursuant to this Section
shall (x) name the Administrative Agent on behalf of the Secured Parties as mortgagee (in the case
of property insurance), as applicable and (y) be in addition to any requirements to maintain
specific types of insurance contained in the other Loan Documents and (ii) each of Holdings and the
Borrower shall use commercially reasonable efforts to cause the insurance policies required
pursuant to this Section to
provide that no cancellation or modification of the policies will be made without thirty days’
prior written notice to the Administrative Agent.

 

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6.05 Books and Records. Holdings will, and will cause each of its Subsidiaries to,
keep books and records in accordance with GAAP which accurately reflect all of its business affairs
and transactions in all material respects and permit the Administrative Agent, at reasonable times
during normal business hours and intervals upon reasonable notice to Holdings, to visit Holdings’,
the Borrower’s and each of their respective Subsidiaries’ offices, to discuss such Person’s
financial matters with its officers and employees, and its independent certified public accountants
(and Holdings hereby authorizes such independent certified public accountant to discuss each such
Person’s financial matters with each Secured Party or their representatives whether or not any
representative of such Person is present, provided that Holdings shall be given the opportunity to
be present at any such meeting) and to examine (and photocopy extracts from) any of its books and
records. Holdings shall pay any fees of such independent certified public accountant incurred in
connection with any Secured Party’s exercise of its rights pursuant to this Section.

6.06 Environmental Law Covenant. Holdings will, and will cause each of its
Subsidiaries to:

(a) use and operate all of its and their facilities and properties in compliance with
all Environmental Laws, keep all necessary permits, approvals, certificates, licenses and
other authorizations relating to environmental matters in effect and remain in compliance
therewith, and handle all Hazardous Materials in compliance with all applicable
Environmental Laws, except in each case, to the extent the failure to do so could not
reasonably be expected to result in a Material Adverse Effect; and

(b) promptly notify the Administrative Agent and provide copies upon receipt of all
written claims, complaints, notices or inquiries relating to the condition of its facilities
and properties in respect of, or as to compliance with, Environmental Laws, and shall
promptly resolve any non-compliance with Environmental Laws and keep its property free of
any Lien imposed by any Environmental Law, except in each case, to the extent the failure to
do so could not reasonably be expected to result in a Material Adverse Effect.

6.07 Use of Proceeds. The Borrower will apply the proceeds of (a) the Term Loans to
(i) repay the Existing Credit Agreement and certain other outstanding Indebtedness of the Borrower
and (ii) pay fees and expenses incurred in connection with the Transactions and (b) the Revolving
Credit Loans to provide ongoing working capital and for other general corporate purposes of the
Borrower and its Subsidiaries.

6.08 Future Guarantors, Security, etc. Holdings will, and will cause each Material
Subsidiary that is a U.S. Subsidiary (other than any Captive Insurance Company, any Receivables
Subsidiary and Swift Academy) to, execute any documents, Filing Statements, agreements and
instruments, and take all further action (including filing Mortgages, providing title insurance
policies, and delivering other documents in support thereof, but only to the extent such documents
were required in connection with the Mortgages provided in accordance with Section 6.11)
that may be required under applicable law, or that the Administrative Agent or the Collateral Agent
may reasonably request, in order to effectuate the transactions contemplated by the Loan Documents
and in order to grant, preserve, protect and perfect the validity and first priority (subject to
Liens permitted by Section 7.03) of the Liens created or intended to be created by the Loan
Documents. With respect to any subsequently acquired or organized U.S. Subsidiary, Holdings will,
within 10 days of such acquisition or organization, (a) cause any amendment to the Security
Agreement to be executed that the Administrative Agent or the Collateral Agent deems necessary or
advisable to grant to the Collateral Agent, for the benefit of the

 

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Lenders, a perfected first priority interest in the Capital Securities of such new Subsidiary that is owned by a Loan
Party (other than any Captive Insurance Company, Swift Academy and, to the extent the pledge of the
Capital Securities of a Receivables Subsidiary is not permitted pursuant to the terms of the
applicable Qualified Receivables Transaction, the Capital Securities of such Receivables
Subsidiary), (b) cause the applicable Loan Party (other than any Captive Insurance Company, Swift
Academy and, to the extent a pledge of the Capital Securities of a Receivables Subsidiary is not
permitted pursuant to the terms of the applicable receivables financing, the owner of the Capital
Securities of such Receivables Subsidiary with respect to such Capital Securities) to deliver to
the Collateral Agent certificates representing such Capital Securities, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party,
(c) cause each such new Subsidiary that is a Material Subsidiary (other than any Captive Insurance
Company, any Receivables Subsidiary and Swift Academy) to (i) execute a supplement (in form and
substance satisfactory to the Administrative Agent and the Collateral Agent) to the Security
Agreement and each other applicable Loan Document in favor of the Secured Parties and (ii) to take
such actions necessary or advisable to grant to the Collateral Agent for the benefit of the Secured
Parties a perfected first priority security interest in the Collateral described in the Security
Agreement with respect to such new Subsidiary, including the filing of UCC financing statements in
such jurisdictions as may be required by the Security Agreement or by law or as may be requested by
the Administrative Agent or the Collateral Agent. In addition, from time to time, Holdings will,
and will cause each of the Guarantors to, at its cost and expense, promptly secure the Obligations
by pledging or creating, or causing to be pledged or created (including, with respect to material
real property comparable to properties required to be mortgaged in accordance with Section
6.11, by filing Mortgages, and in connection therewith providing title insurance policies, and
delivering other documents in support thereof, but only to the extent such documents were required
in connection with the Mortgages required to be provided in accordance with Section 6.11),
perfected Liens with respect to such of its assets and properties as the Administrative Agent or
the Collateral Agent shall designate, it being agreed that it is the intent of the parties that the
Obligations shall be secured by, among other things, substantially all of the assets of Holdings
and its Material Subsidiaries that are U.S. Subsidiaries (other than any Captive Insurance Company,
any Receivables Subsidiary and Swift Academy) (including real and personal property (including
Mortgaged Property) acquired subsequent to the Closing Date), subject to the limitations set forth
herein and in the other Loan Documents; provided that neither Holdings nor its Subsidiaries
shall be required to pledge more than 65% of the Voting Securities of any Foreign Subsidiary unless
such pledge would not result in materially adverse tax consequences to Holdings and its
Subsidiaries, taken as a whole. Such Liens will be created under the Loan Documents in form and
substance reasonably satisfactory to the Collateral Agent, and Holdings shall deliver or cause to
be delivered to the Collateral Agent all such instruments and documents (including legal opinions,
title insurance policies and lien searches) as the Administrative Agent or the Collateral Agent
shall reasonably request to evidence compliance with this Section.

6.09 Secured Hedge Agreements. If at any time prior to the fourth anniversary of the
Closing Date, the Eurodollar Rate (as calculated without giving effect to the Eurodollar Rate
Floor) exceeds 1.50% for 30 consecutive days, then, at the request of the Administrative Agent,
within 60 days of the last day of such 30-day period, the Borrower will enter into interest rate
Swap Contracts designed to protect the Borrower against fluctuations in interest rates, such that,
through the Term Loan Maturity Date, at least 50% of the outstanding Indebtedness for borrowed
money of Holdings and its Subsidiaries is either (a) subject to such interest rate Swap Contracts
or (b) fixed-rate Indebtedness.

6.10 Maintenance of Ratings. Holdings will use its commercially reasonable efforts to
cause a (i) corporate rating by S&P or corporate family Rating by Moody’s and (ii) senior secured
credit rating with respect to the Loans from each of S&P and Moody’s to be available at all times
until the Term Loan Maturity Date.

 

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6.11 Post-Closing Obligations. Within 90 days of the Closing Date (or such later date
as
consented to by the Administrative Agent in its reasonable discretion), Holdings will and will
cause each applicable Loan Party to provide to the Collateral Agent (i) any landlords’ and
bailees’ waiver and consent agreements deemed necessary or desirable by the Administrative Agent or
the Collateral Agent in order to perfect the Liens created under the Security Agreement and (ii) a
Mortgage with respect to each Mortgaged Property, duly executed and delivered by the applicable
Loan Party, together with:

(a) satisfactory arrangements for the completion of all recordings and filings of each
Mortgage with respect to each Mortgaged Property as may be necessary to create a valid,
perfected first priority Lien against the properties purported to be covered thereby;

(b) mortgagee’s title insurance policies in favor of the Collateral Agent for the
benefit of the Secured Parties in amounts and in form and substance and issued by insurers,
reasonably satisfactory to the Administrative Agent and the Collateral Agent, with respect
to the property purported to be covered by each such Mortgage, insuring fee simple title
(provided that in jurisdictions that impose mortgage recording taxes, the Security Documents
shall not secure Indebtedness in an amount exceeding 120% of the fair market value of the
Mortgaged Property, as reasonably determined in good faith by the Loan Parties and
reasonably acceptable to the Collateral Agent) and that the interests created by each such
Mortgage constitute valid first Liens thereon free and clear of all defects and encumbrances
other than as approved by the Administrative Agent, and if required by the Administrative
Agent, and if requested by the Administrative Agent or the Collateral Agent and if
available, revolving credit endorsement, comprehensive endorsement, variable rate
endorsement, access and utilities endorsements, mechanic’s lien endorsement and such other
endorsements as the Administrative Agent or the Collateral Agent shall reasonably request
and shall be accompanied by evidence of the payment in full of all premiums thereon;

(c) American Land Title Association/American Congress on Surveying and Mapping form
surveys, for which all necessary fees (where applicable) have been paid, and dated no more
than 30 days before the day of the granting of the applicable Mortgage, certified to the
Administrative Agent and the Collateral Agent and the issuer of the title insurance policies
in a manner reasonably satisfactory to the Administrative Agent and the Collateral Agent by
a land surveyor duly registered and licensed in the States in which the property described
in such surveys is located and acceptable to the Administrative Agent and the Collateral
Agent, showing all buildings and other improvements, the location of any easements, parking
spaces, rights of way, building set-back lines and other dimensional regulations and the
absence of encroachments, either by such improvements or on to such property, and other
defects, other than encroachments and other defects acceptable to the Administrative Agent
and the Collateral Agent;

(d) with respect to each Mortgaged Property, the Borrower shall deliver (x) a “life of
loan” standard flood hazard determination with respect to such Mortgaged Property and (y)
with respect to each Mortgaged Property required to be insured pursuant to the Flood
Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the
regulations promulgated thereunder, because it is located in an area which has been
identified by the Secretary of Housing and Urban Development as a “special flood hazard
area,” (i) a policy of flood insurance that (A) covers such Mortgaged Property and (B) is
written in an amount reasonably satisfactory to the Administrative Agent and the Collateral
Agent and (ii) a confirmation that the applicable Loan Party has received the notice
requested pursuant to Section 208.25(i) of Regulation H of the Board;

(e) with respect to each Mortgaged Property, Phase I Environmental Site Assessments,
and, if requested by the Administrative Agent or the Collateral Agent, Phase II
Environmental Site Assessments; and

 

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(f) an opinion of counsel in each jurisdiction where the Mortgaged Property is located
and an opinion of counsel in the jurisdiction of organization of the grantor under each
Mortgage with respect to each Mortgaged Property.

6.12 Ratings Information. The Borrower shall, no later than one (1) Business Day
after Holdings or the Borrower obtains knowledge of any such change, give notice to the
Administrative Agent (by telephone, followed promptly by written notice) of any change (either
expressly or pursuant to a letter from S&P or Moody’s stating an “implied” rating, excluding in all
cases any private indicative ratings that Holdings or the Borrower may request from time to time
from Moody’s or S&P) in Holdings’ corporate rating by Moody’s or S&P, together with details
thereof, and of any announcement by S&P or Moody’s that its rating in respect of Holdings is “under
review” or that any such rating has been placed on a “Credit Watch List”(R) or “watch list” or that
any similar action has been taken by S&P or Moody’s.

6.13 Motor Vehicle Monitor. Holdings will, and will cause each of its Subsidiaries to
(a) permit the Motor Vehicle Monitor, at reasonable times during normal business hours and upon two
Business Day’s notice to Holdings, to visit any Motor Vehicle Title Offices, to examine (and
photocopy or otherwise image) any of the certificates of motor vehicle title held by Holdings and
its Subsidiaries, and any documents related thereto, and to assess the standard of care used by
Holdings and its Subsidiaries in holding such certificates of motor vehicle title and otherwise
taking actions to perfect, administer and protect the security interest of the Secured Parties in
the applicable Motor Vehicles, and (b) otherwise assist, and cooperate with, the Motor Vehicle
Monitor in the performance of its activities in its capacity as the Motor Vehicle Monitor
(including providing any information reasonably requested by the Motor Vehicle Monitor in its
capacity as such). Holdings shall pay any fees of such Motor Vehicle Monitor incurred in
connection with any exercise of the Motor Vehicle Monitor’s inspection rights pursuant to this
Section or the Security Agreement; provided that prior to an Event of Default, inspections
by the Motor Vehicle Monitor shall be limited to no more than four such inspections during any
calendar year.

ARTICLE VII

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding, each
of Holdings and the Borrower will, and will cause its Subsidiaries to, perform or cause to be
performed the obligations set forth below.

7.01 Business Activities. Except as expressly set forth hereunder:

(a) Holdings will not, and will not permit any of its Subsidiaries to, engage in any
business activity except those business activities engaged in on the date of this Agreement
and transportation and logistics activities.

(b) Notwithstanding anything to the contrary contained in this Agreement or any other
Loan Document, Swift Receivables will not engage in any business activity other than those
specified in the definition of “Receivables Subsidiary.”

 

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7.02 Indebtedness. Holdings will not, and will not permit any of its Subsidiaries to,
create, incur, assume or permit to exist any Indebtedness, other than:

(a) Indebtedness in respect of the Obligations;

(b) [Reserved];

(c) Indebtedness existing as of the Closing Date which is identified on Schedule
7.02(c), and extensions, amendments, renewals, restatements, replacements and
refinancings of such Indebtedness (including as contemplated in Section 7.08(f)), in
each case so long as after giving effect to any such extension, amendment, renewal,
restatement, replacement or refinancing (i) the maturity date of any principal amount
thereof is no shorter than the maturity existing on the Closing Date and (ii) the principal
amount of such Indebtedness does not exceed that which is outstanding on the Closing Date
(as such amount has been reduced following the Closing Date);

(d) unsecured Indebtedness (i) incurred in the ordinary course of business of Holdings’
Subsidiaries (in the nature of open accounts extended by suppliers on normal trade terms in
connection with purchases of goods and services which are not overdue for a period of more
than 90 days or, if overdue for more than 90 days, as to which a dispute exists and adequate
reserves in conformity with GAAP have been established on the books of such Subsidiary) and
(ii) in respect of performance, surety or appeal bonds provided, in each case, in the
ordinary course of business, but excluding (in each case), Indebtedness incurred through the
borrowing of money or Guarantees in respect thereof;

(e) Indebtedness (i) in respect of Capitalized Leases and (ii) evidencing the deferred
purchase price of newly acquired assets or incurred to finance the acquisition or lease of
new assets or the construction or improvement of any fixed assets of Holdings’ Subsidiaries
(pursuant to purchase money mortgages or Capitalized Leases, whether owed to the seller or a
third party), which assets are used in the ordinary course of business of such Subsidiaries
and such Indebtedness is incurred within 90 days (or, with respect to Newly Acquired Motor
Vehicle Financings, 180 days) of the acquisition or lease or completion of such construction
or improvements of such property) and extensions, renewals, amendments, restatements,
refinancings and replacements of any such Indebtedness that do not increase the outstanding
principal amount thereof or shorten the maturity of the principal amount of such
Indebtedness, in each case from that which existed at the time of any such extension,
renewal, amendment, restatement, refinancing or replacement; provided that the
aggregate amount of all Indebtedness outstanding pursuant to this clause (e) (other than
with respect to Newly Acquired Motor Vehicle Financings) shall not at any time exceed
$50,000,000;

(f) unsecured Indebtedness of any Subsidiary owing to the Borrower or any other
Subsidiary, which Indebtedness:

(i) (x) if the obligee under any such Indebtedness is a Loan Party, shall be
evidenced by one or more promissory notes in form and substance satisfactory to the
Administrative Agent, which promissory notes shall be duly executed and delivered in
pledge to the Administrative Agent pursuant to a Loan Document, and (y) if the
obligee under any such Indebtedness is not a Loan Party and the obligor is a Loan
Party, such obligee shall have previously executed and delivered to the
Administrative Agent the Interco Subordination Agreement, in each case such
Indebtedness shall not be forgiven or otherwise discharged for any consideration
other than payment in full or in part in cash (provided that only the amount repaid
in part shall be discharged); and

 

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(ii) if incurred by a Subsidiary that is not a Loan Party owing to the Borrower
or a Guarantor, shall not (when aggregated with all other Indebtedness of the
type described in this clause (ii) and the amount of all Investments made by
the Borrower and the Subsidiary Guarantors in Subsidiaries that are not Loan Parties
under clause Section 7.05(e)), exceed $100,000,000 in the aggregate;

(g) unsecured Indebtedness (not evidenced by a note or other instrument) incurred by
the Borrower owing to a Subsidiary that has previously executed and delivered to the
Administrative Agent the Interco Subordination Agreement;

(h) Indebtedness of the Loan Parties incurred pursuant to the terms of the Senior Note
Documents, as such amount is reduced on or after the Closing Date in accordance with the
terms hereof and any extensions, renewals, amendments, restatements, refinancings and
replacement of any such Indebtedness that do not increase the outstanding principal amount
or shorten the maturity of any principal amount thereof, in each case from that which
existed at the time of any such extension, renewal, amendment, restatement, refinancing or
replacement;

(i) (i) Indebtedness of a Person existing at the time such Person became a Subsidiary
of Holdings, provided that (x) the aggregate outstanding amount of all Indebtedness
existing pursuant to this clause (i) (other than any Indebtedness secured solely by Motor
Vehicles) does not exceed $75,000,000 and (y) the Consolidated Leverage Ratio as of the
period of four consecutive Fiscal Quarters most recently ended prior to the date of such
Person becoming a Subsidiary is, after giving pro forma effect to such event, at least .25
less than is otherwise required pursuant to Section 7.04(a) at the time of such
event and (ii) Indebtedness relating to any Permitted Acquisition, whether or not existing
at the time the target was acquired or was incurred in contemplation of such Permitted
Acquisition, and in each case, any refinancings, refundings, renewals, replacements or
extensions thereof (without any increase in the principal amount thereof or any shortening
of the maturity of any principal amount thereof, in each case from that which existed at the
time of any such extension, renewal, amendment, restatement, refinancing or replacement);

(j) other unsecured Indebtedness of the Borrower and its Subsidiaries (other than
Indebtedness of Foreign Subsidiaries owing to the Borrower or Subsidiary Guarantors) in an
aggregate amount at any time outstanding not to exceed $70,000,000;

(k) Indebtedness under Hedging Obligations entered into in the ordinary course of
business and not for speculative purposes (it being understood that the entering into of
offsetting hedges or trades to close open positions on existing Hedging Obligations shall be
deemed not to be for speculative purposes);

(l) Indebtedness in respect of judgments or awards not deemed to be a default under
Section 8.01(f);

(m) Indebtedness consisting of customary purchase price adjustments, earn-outs,
indemnification obligations and similar items incurred in connection with acquisitions and
asset sales not restricted by Sections 7.10 or 7.11 in an amount not to
exceed $55,000,000 at any time;

(n) Guarantees by Holdings’ Subsidiaries of obligations of any Subsidiary to the extent
of any Indebtedness permitted to be incurred by this Section 7.02 or otherwise
incurred in the ordinary course of business;

(o) Indebtedness incurred by any Receivables Subsidiary in connection with any
Qualified Receivables Transaction permitted by Section 7.11(d); provided
that such Indebtedness
is strictly limited in recourse to such Receivables Subsidiary and its assets, except
in respect of Standard Securitization Undertakings;

 

77

 

(p) Indebtedness of the Borrower or a Subsidiary Guarantor owing to a Captive Insurance
Company; provided that the amount of Indebtedness in this clause (p) does not exceed
$35,000,000 in original principal amount at any time outstanding;

(q) Attributable Indebtedness with respect to clause (a) of the definition thereof
incurred in connection with a sale and leaseback transaction permitted pursuant to
Section 7.15 or any other Motor Vehicle Financing, so long as the proceeds, with
respect to any Motor Vehicle Financing, received in connection therewith are applied
pursuant to Section 2.05(b);

(r) Attributable Indebtedness with respect to operating leases (including operating
leases in respect of Newly Acquired Motor Vehicle Financings) that are not Motor Vehicle
Financings incurred by Holdings or its Subsidiaries;

(s) Indebtedness in respect of workers’ compensation claims, payment obligations in
connection with health or other types of social security benefits, unemployment or other
insurance or self-insurance obligations, insurance premium finance agreements, reclamation,
statutory obligations, bankers’ acceptances and performance, appeal or surety bonds in the
ordinary course of business;

(t) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument inadvertently drawn against insufficient funds so long
as such Indebtedness is covered within five business days;

(u) Indebtedness consisting of indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the disposition of any
business or assets of a Subsidiary, other than guarantees of Indebtedness incurred or
assumed by any Person acquiring all or any portion of such business, assets or Subsidiary
for the purpose of financing such acquisition; or

(v) Indebtedness in respect of sale and leasebacks of real property permitted under
Section 7.15(c);

provided that no Indebtedness otherwise permitted by clause (c), (f)(ii),
(h), (i), (j), (m) or (v) shall be assumed, created or
otherwise incurred if a Default has occurred and is then continuing or would result therefrom.

7.03 Liens. Holdings will not, and will not permit any of its Subsidiaries to,
create, incur, assume or permit to exist any Lien upon any of its property (including Capital
Securities of any Person), revenues or assets, whether now owned or hereafter acquired, except:

(a) Liens securing payment of the Obligations;

(b) [Reserved];

(c) Liens existing as of the Closing Date and disclosed in Schedule 7.03(c)
securing Indebtedness described in Section 7.02(c), and, to the extent set forth in
such clause (c), any extensions, amendments, renewals, restatements, replacements or
refinancings of such Indebtedness; provided that, in the event of any such
extension, amendment, renewal,
restatement, replacement or refinancing, no such Lien shall encumber any additional
property and the amount of Indebtedness secured by such Lien is not increased from that
existing on the Closing Date, less the amount of any payments, prepayments or other
amortization of such Indebtedness after the Closing Date;

 

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(d) Liens securing Indebtedness of the type permitted under Section 7.02(e) and
any extensions, renewals, amendments, restatements, refinancing and replacements of any such
Indebtedness permitted under Section 7.02(e); provided that (i) such Lien is
granted within 90 days after such Indebtedness is incurred (except in the case of any
extension, renewal, amendment, restatement, replacement or refinancing), (ii) the
Indebtedness secured thereby (if it is of the type described in Section 7.02(e)(ii))
does not exceed the lesser of the cost or the fair market value of the applicable property,
improvements or equipment at the time of such acquisition (or construction) and (iii) such
Lien secures only the assets that are the subject of the Indebtedness referred to in such
Section;

(e) Liens securing Indebtedness permitted by Section 7.02(i) and any
refinancings, refundings, renewals, replacements or extensions thereof permitted by
Section 7.02(i); provided that (i) with respect to clause (i) thereof, such
Liens existed prior to such Person becoming a Subsidiary, were not created in anticipation
thereof and attach only to assets of such Person and (ii) with respect to clause (ii)
thereof, any such Liens are second priority or junior to the Liens granted pursuant to the
Collateral Documents and are subject to an intercreditor agreement substantially the same as
the Intercreditor Agreement or otherwise acceptable to the Administrative Agent
(provided that no such Lien shall extend to or cover any assets other than the
assets subject to the Liens granted to the Collateral Agent);

(f) statutory or common law Liens in favor of carriers, warehousemen, mechanics,
materialmen and landlords granted in the ordinary course of business for amounts not overdue
for a period of more than thirty (30) days or being diligently contested in good faith by
appropriate proceedings and for which adequate reserves in accordance with GAAP shall have
been set aside on its books;

(g) Liens incurred or deposits made in the ordinary course of business in connection
with worker’s compensation, unemployment insurance or other forms of governmental insurance
or benefits, or to secure performance of tenders, statutory obligations, bids, leases, trade
contracts, governmental contracts or other similar obligations (other than for borrowed
money) entered into in the ordinary course of business or to secure obligations on surety
and appeal bonds or performance bonds;

(h) judgment Liens in existence for less than 45 days after the entry thereof or with
respect to which execution has been stayed or the payment of which is covered in full
(subject to a customary deductible) by insurance maintained with responsible insurance
companies and which do not otherwise result in an Event of Default under Section
8.01(f);

(i) easements, rights-of-way, zoning restrictions, minor defects or irregularities in
title and other similar encumbrances not interfering in any material respect with the value
or use of the property to which such Lien is attached;

(j) Liens for Taxes not at the time delinquent or thereafter payable without penalty or
being diligently contested in good faith by appropriate proceedings and for which adequate
reserves in accordance with GAAP shall have been set aside on its books;

 

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(k) second priority Liens securing Indebtedness permitted by Section 7.02(h)
and subject to the Intercreditor Agreement; provided that no such Lien shall extend
to or cover any assets other than the assets subject to the Liens granted to the Collateral
Agent;

(l) licenses and sublicenses of Intellectual Property (i) existing on the date hereof,
(ii) entered into in the ordinary course of business, or (iii) between Borrower and any of
the Subsidiaries or among the Subsidiaries;

(m) purported Liens evidenced by the filing of precautionary UCC financing statements
relating solely to operating leases of personal property entered into in the ordinary course
of business;

(n) bankers liens and rights of set-off with respect to customary depositary
arrangements entered into in the ordinary course of business of Holdings’ Subsidiaries;

(o) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods;

(p) any Liens on the assets of any Receivables Subsidiary, and any Liens on Receivables
Assets of Holdings or any other Subsidiary, in each case, in connection with a Qualified
Receivables Transaction;

(q) Liens on the assets of Holdings’ Subsidiaries not otherwise permitted by this
Section so long as neither (i) the aggregate outstanding principal amount of the obligations
secured thereby nor (ii) the aggregate fair market value (determined as of the date such
Lien is incurred) of the assets subject thereto exceeds (as to Holdings’ Subsidiaries
collectively) $50,000,000 at any one time; provided that no such Lien shall extend
to or cover any parcel of real property owned by any Loan Party that is not Mortgaged
Property;

(r) any zoning or similar law or right reserved to or vested in any Governmental
Authority to control or regulate the use of any real property that does not materially
interfere with the ordinary conduct of the business of any Subsidiary;

(s) Liens on insurance policies and the proceeds thereof securing the financing of the
premiums with respect thereto;

(t) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Borrower in the ordinary course of
business;

(u) licenses or sublicenses granted to others in the ordinary course of business; and

(v) Liens on Motor Vehicles securing Indebtedness permitted by Section 7.02(e)
and Section 7.02(q).

 

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7.04 Financial Condition and Operations. Holdings will not permit any of the events
set forth below to occur.

(a) Holdings will not permit the Consolidated Leverage Ratio for any day in any period
set forth below to be greater than the ratio set forth opposite such period:

	 	 	 	 	 
	Period	 	Ratio	 
	Closing Date through September 30, 2011
	 	 	4.375:1.00	 
	October 1, 2011 through December 31, 2011
	 	 	4.25:1.00	 
	January 1, 2012 through September 30, 2012
	 	 	4.125:1.00	 
	October 1, 2012 through December 31, 2012
	 	 	3.875:1.00	 
	January 1, 2013 through September 30, 2013
	 	 	3.625: 1.00	 
	October 1, 2013 through March 31, 2014
	 	 	3.50:1.00	 
	April 1, 2014 through the Term Loan Maturity Date
	 	 	3.375:1.00	 

(b) Holdings will not permit the Consolidated Interest Coverage Ratio for any
Measurement Period ending during any period set forth below to be less than the ratio set
forth below opposite such period:

	 	 	 	 	 
	Period	 	Ratio	 
	January 1, 2011 through June 30, 2011
	 	 	2.375:1.00	 
	July 1, 2011 through September 30, 2011
	 	 	2.625:1.00	 
	October 1, 2011 through September 30, 2012
	 	 	2.875:1.00	 
	October 1, 2012 through December 31, 2012
	 	 	3.075:1.00	 
	January 1, 2013 through September 30, 2013
	 	 	3.125:1.00	 
	October 1, 2013 through the Term Loan Maturity Date
	 	 	3.25:1.00	 

7.05 Investments. Holdings will not, and will not permit any of its Subsidiaries to,
purchase, make, incur, assume or permit to exist any Investment in any other Person, except:

(a) Investments existing on the Closing Date and identified in Schedule 7.05(a)
and restructurings or exchanges in respect of any such Investment that do not increase the
principal amount of such Investment;

(b) Cash and Cash Equivalents;

(c) Investments received in connection with the bankruptcy or reorganization of, or
settlement of delinquent accounts and disputes with, customers and suppliers, in each case
in the ordinary course of business;

(d) Investments consisting of any deferred portion of the sales price received by any
Subsidiary in connection with any Disposition permitted under Section 7.11;

(e) Investments by way of contributions to capital or purchases of Capital Securities
by Holdings in any Subsidiary or by any Subsidiary in any other Subsidiary; provided
that, the aggregate amount of intercompany loans made pursuant to Section
7.02(f)(ii) and Investments
under this Section 7.05(e) made by Loan Parties in Subsidiaries that are not
Loan Parties shall not exceed the amount set forth in clause Section 7.02(f)(ii) at
any time;

 

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(f) Investments constituting (i) accounts receivable arising, (ii) trade debt granted,
or (iii) deposits made in connection with the purchase price of goods or services, in each
case in the ordinary course of business;

(g) Investments in Capital Securities constituting Permitted Acquisitions;
provided that (i) each such Investment shall result in the acquisition of a wholly
owned North American Subsidiary and (ii) the Consolidated Leverage Ratio as of the period of
four consecutive Fiscal Quarters most recently ended prior to the date of such Permitted
Acquisition is, after giving pro forma effect to such Permitted Acquisition, at least .25
less than is otherwise required pursuant to Section 7.04(a) at the time of such
Permitted Acquisition;

(h) Investments constituting Secured Hedge Agreements;

(i) Guarantees permitted by Section 7.02;

(j) loans and advances (i) to employees (including drivers of Motor Vehicles) of
Holdings or any of its Subsidiaries in the ordinary course of business (including for
travel, fuel costs, tolls, entertainment and relocation expenses) and (ii) to non-employee
owner/operators of Motor Vehicles in the ordinary course (in the nature of advances for fuel
costs, tolls, repairs and other similar ordinary course items);

(k) Capital Expenditures permitted by Section 7.07;

(l) intercompany loans permitted by Sections 7.02(f) and (g);

(m) Investments made in connection with Permitted Acquisitions permitted by clause
Section 7.10(b);

(n) Hedging Obligations permitted by Section 7.02(k);

(o) loans and advances in the ordinary course of business (i) to finance the purchase
or lease of Motor Vehicles or other equipment by non-employee owner/operators or similar
individuals performing services for Holdings or its Subsidiaries, provided that (x)
Holdings or such Subsidiary has a Lien on the Motor Vehicles or other equipment purchased or
leased and (y) the purchase of any such Motor Vehicles or other equipment are included as
Capital Expenditures for the purposes of Section 7.07 and (ii) to finance tuition
costs of student/trainees enrolled in driver training academies of the Borrower or one of
its Subsidiaries;

(p) Investments made in a Captive Insurance Company, in an amount not to exceed the
minimum amount of capitalization required pursuant to regulatory capital requirements;

(q) Investments in a Receivables Subsidiary or in any Persons by a Receivables
Subsidiary in connection with a Qualified Receivables Transaction;

(r) Investments incurred as a result of prepayments of Indebtedness not restricted by
Section 7.08; or

 

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(s) other Investments in an amount not to exceed $80,000,000 at any time
outstanding; provided that to the extent any Investment is made by Holdings or
its Subsidiaries in less than 100% of the the Capital Securities of any Person, and Holdings
or any of its Subsidiaries subsequently acquires the remainder of the Capital Securities of
such Person, such Investment shall no longer be considered a use of this clause (s)
so long as, at the time of the acquisition of the remainder of such Capital Securities, the
acquisition of 100% of the Capital Securities of such Person would be permitted as a
Permitted Acquisition under Section 7.05(g);

provided, however, that (i) any Investment which when made complies with the
requirements of the definition of the term “Cash Equivalent” may continue to be held
notwithstanding that such Investment if made thereafter would not comply with such requirements,
and (ii) no Investment otherwise permitted by clause (g), (m) or (s) shall
be permitted to be made if any Default has occurred and is continuing or would result therefrom.

7.06 Restricted Payments. Holdings will not, and will not permit any of its
Subsidiaries to, declare or make a Restricted Payment, or make any deposit for any Restricted
Payment, other than Restricted Payments made by its Subsidiaries either to the Borrower or to
Guarantors, or made by any Subsidiary that is not a Loan Party to any other Subsidiary that is not
a Loan Party, and, on a pro rata basis, to its equity holders (with respect to any non-wholly owned
Subsidiary), except:

(a) so long as there shall exist no Default (both before and after giving effect to the
payment thereof), Restricted Payments pursuant to and in accordance with stock option plans
or other benefit or compensation plans for present or former management or employees of
Holdings and its Subsidiaries, in an amount not to exceed $5,000,000 in any Fiscal Year and
$40,000,000 over the term of this Agreement; provided that, to the extent Restricted
Payments made in accordance with this clause (c) in any Fiscal Year do not exceed
$5,000,000, Restricted Payments made in accordance with this clause (c) in the
immediately succeeding Fiscal Year may be increased by an amount equal to such unutilized
amount from such prior Fiscal Year;

(b) Restricted Payments with respect to the repurchase of Equity Interests deemed to
occur upon the exercise of stock options to the extent such Equity Interests represent a
portion of the exercise price of those stock options and the repurchase of Equity Interests
deemed to occur in connection with the exercise of stock options and to the extent necessary
to pay applicable withholding taxes;

(c) the purchase of fractional shares upon conversion of any securities of Holdings or
the Borrower into, or the exercise of rights with respect to, Equity Interests of Holdings
or the Borrower, provided that the such fractional shares or the right to receive such
fractional shares shall have not been created for the purpose of circumventing the
provisions of this covenant; or

(d) so long as no Event of Default shall have occurred and be continuing or would
result therefrom, the Borrower may make Restricted Payments; provided that the aggregate
amount of Restricted Payments made pursuant to this clause (b) shall not exceed $25,000,000
in the aggregate.

 

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7.07 Capital Expenditures. Holdings will not, and will not permit any of
its Subsidiaries to, make or commit to make Capital Expenditures in any period set forth below
which aggregate in excess of the amount set forth below opposite such period (each amount, the
“Maximum Capital Expenditures Amount”):

	 	 	 	 	 
	 	 	Capital	 
	Period	 	Expenditure Amount	 
	Fiscal Year 2011
	 	$	550,000,000	 
	Fiscal Year 2012
	 	$	635,000,000	 
	Fiscal Year 2013
	 	$	740,000,000	 
	Fiscal Year 2014
	 	$	740,000,000	 
	Fiscal Year 2015
	 	$	730,000,000	 
	January 1, 2016 through the Term Loan Maturity Date
	 	$	750,000,000	 

; provided, that the Maximum Capital Expenditures Amount for any Fiscal Year shall be
increased by the lesser of (a) an amount equal to the excess, if any, of the Maximum Capital
Expenditures Amount for the previous Fiscal Year (without giving effect to any adjustment in
accordance with this proviso) over the actual amount of Capital Expenditures for such previous
Fiscal Year and (b) 10% of the Maximum Capital Expenditures Amount for the previous Fiscal Year.

7.08 No Prepayment of Certain Indebtedness. Holdings will not, and will not permit any
of its Subsidiaries to:

(a) make any payment or prepayment of principal of, or premium or interest on, any
Indebtedness incurred under the Senior Note Documents (including any redemption or
retirement thereof) other than the stated, scheduled date for payment of interest set forth
in the Senior Note Documents, except (i) to the extent permitted under Section 7.02
and (ii) with the Net Cash Proceeds of any sale or issuance of Capital Securities of
Holdings (other than any such sale or issuance on the Closing Date or any such sale or
issuance in connection with the exercise of any over-allotment option in connection with the
Public Offering on the Closing Date) which are not required under Section 2.05(b) to
prepay the Loans (and have not otherwise been applied to other payments permitted under this
Section 7.08);

(b) redeem, retire, purchase, defease or otherwise acquire for value any Indebtedness
incurred under the Senior Note Documents, except (i) to the extent permitted under
Section 7.02 and (ii) with the Net Cash Proceeds of any sale or issuance of Capital
Securities of Holdings (other than any such sale or issuance on the Closing Date or any such
sale or issuance in connection with the exercise of any over-allotment option in connection
with the Public Offering on the Closing Date) which are not required under Section
2.05(b) to prepay the Loans (and have not otherwise been applied to other payments
permitted under this Section 7.08);

(c) make any deposit (including the payment of amounts into a sinking fund or other
similar fund) for any of the foregoing purposes, except (i) to the extent permitted under
Section 7.02 and (ii) with the Net Cash Proceeds of any sale or issuance of Capital
Securities of Holdings (other than any such sale or issuance on the Closing Date or any such
sale or issuance in connection with the exercise of any over-allotment option in connection
with the Public Offering on the Closing Date) which are not required under Section
2.05(b) to prepay the Loans (and have not otherwise been applied to other payments
permitted under this Section 7.08);

(d) make any prepayment of principal or interest on any Indebtedness that is by its
express written terms subordinated to the payment of the Obligations;

(e) except as otherwise permitted herein, make any prepayment of principal or
interest on (i) any other second-lien or junior secured Indebtedness or (ii) any
unsecured Indebtedness; or

 

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(f) make any payment or prepayment of principal of, or premium or interest on, or
redeem, retire, purchase, defease or otherwise acquire any Floating Rate Notes or Fixed Rate
Notes, unless (i) the sum of unrestricted cash and Cash Equivalents of the Borrower and its
Subsidiaries plus Availability is not less than $40,000,000 or (ii) prior to August 31,
2012, any such payment, prepayment, redemption, retirement, purchase, defeasance or
acquisition is made with the proceeds of the exercise of any over-allotment option in
connection with the Public Offering on the Closing Date.

7.09 Issuance of Capital Securities. Holdings will not, and will not permit any of
its Subsidiaries to, issue any Capital Securities (whether for value or otherwise) to any Person
other than (in the case of Subsidiaries) to Holdings, the Borrower or a Guarantor or another direct
parent thereof unless the Net Cash Proceeds from such issuance are applied to prepay the Loans as
required by Section 2.05(b).

7.10 Consolidation, Merger; Permitted Acquisitions, etc. Holdings will not, and will
not permit any of its Subsidiaries to, liquidate or dissolve, consolidate with, or merge into or
with, any other Person, or purchase or otherwise acquire all or substantially all of the assets of
any Person (or any division thereof), except:

(a) any Subsidiary may liquidate or dissolve voluntarily into, and may merge with and
into, Holdings or any of its Subsidiaries (provided that a Subsidiary Guarantor may only
liquidate or dissolve into, or merge with and into, Holdings, the Borrower or another
Subsidiary Guarantor), and the assets or Capital Securities of any Subsidiary may be
purchased or otherwise acquired by Holdings or any of its Subsidiaries (provided
that the assets or Capital Securities of any Subsidiary Guarantor may only be purchased or
otherwise acquired by Holdings, the Borrower or another Subsidiary Guarantor);
provided, further, that in no event shall any Subsidiary consolidate with or merge
with and into any other Subsidiary unless, after giving effect thereto, the Collateral Agent
shall have a perfected pledge of, and security interest in and to, at least the same
percentage of the issued and outstanding interests of Capital Securities (on a fully diluted
basis) and other assets of the surviving Person as the Collateral Agent had immediately
prior to such merger or consolidation in form and substance reasonably satisfactory to the
Collateral Agent and its counsel, pursuant to such documentation and opinions as shall be
necessary in the opinion of the Collateral Agent to create, perfect or maintain the
collateral position of the Secured Parties therein;

(b) any Person (i) may merge with or into or consolidate with a Loan Party, or a Loan
Party may merge or consolidate with such Person, in a transaction in which (x) in the case
of a merger involving Holdings or the Borrower, the surviving entity is Holdings or the
Borrower, as applicable, or (y) otherwise, the surviving entity is such Loan Party or if the
surviving entity will not be such Loan Party, simultaneously with such transaction, the
Person formed by such consolidation or in which such Loan Party is merged, shall become a
Subsidiary Guarantor and the Person shall comply with Section 6.08 in connection
therewith and (ii) may merge with or into or consolidate with a Subsidiary that is not a
Loan Party (provided that any merger involving a Loan Party shall be permitted only
in accordance with clause (i)); provided that any such transaction under clause (i)
or (ii) involving a Person that is not a Loan Party or a Subsidiary shall be a Permitted
Acquisition permitted under Section 7.10(c); and

 

85

 

(c) the purchase of all or substantially all of the assets or Capital Securities of any
Person (or any division of any such Person), or the acquisition of such Person by merger (or
the
offer or tender to purchase 100% of the Capital Securities of such Person), in each
case if (i) such purchase or acquisition constitutes a Permitted Acquisition, and (ii) the
Consolidated Leverage Ratio as of the period of four consecutive Fiscal Quarters most
recently ended prior to the date of such Permitted Acquisition is, after giving pro forma
effect to such Permitted Acquisition, at least .25 less than is otherwise required pursuant
to Section 7.04(a) at the time of such Permitted Acquisition.

7.11 Permitted Dispositions. Holdings will not, and will not permit any of its
Subsidiaries to, Dispose of any of Holdings’, the Borrower’s or such other Subsidiaries’ assets
(including with respect to the sale, transfer or other conveyance of (i) accounts receivable or
(ii) Capital Securities of Subsidiaries) to any Person in one transaction or series of
transactions, except:

(a) a Disposition of inventory or obsolete, damaged, worn out or surplus personal
property Disposed of in the ordinary course of its business, including Motor Vehicles
(whether in connection with the LKE Program or otherwise); provided that the
proceeds of any Disposition of Motor Vehicles (other than any Dispositions pursuant to
Sections 7.11(g) or (h)) are applied pursuant to Section 2.05(b) to
the extent required thereby;

(b) a Disposition permitted by Sections 7.06, 7.09, 7.10 or 7.15;

(c) a Disposition that (i) is for fair market value and the consideration received
consists of no less than 80% in cash, (ii) results in net cash proceeds which, when taken
together with the net cash proceeds of all other assets Disposed of pursuant to this clause
(c) since the Closing Date, does not exceed (individually or in the aggregate) $100,000,000
and (iii) results in Net Cash Proceeds that are applied, if required by such Section,
pursuant to Section 2.05(b); provided, that notwithstanding clause (i) of
this Section 7.11(c), the proceeds of a Disposition(s) may be non-cash to the extent the
Disposition(s) is pursuant to an exchange for a similar asset in a transaction intended to
qualify as a “like-kind exchange” under Section 1031 of the Code;

(d) a Disposition of Receivables Assets to any or by any Receivables Subsidiary in
connection with any Qualified Receivables Transaction so long as the proceeds from such
Disposition are applied pursuant to Section 2.05(b), if required thereby;

(e) a Disposition of Cash Equivalents in the ordinary course of business;

(f) a Disposition or discount without recourse of accounts receivable that are overdue
for more than 60 days in the ordinary course of business and consistent with past practices
in connection with the compromise or collection thereof;

(g) Dispositions of Motor Vehicles and related assets pursuant to the exercise of a put
option or sale and leaseback in connection with the Motor Vehicle Financings, so long as the
proceeds from such Disposition, to the extent such proceeds are not required pursuant to the
terms of the Motor Vehicle Financing to be applied to the repayment of the Motor Vehicle
Financing, are applied pursuant to Section 2.05(b);

(h) Dispositions of Motor Vehicles and related assets pursuant to Newly Acquired Motor
Vehicle Financings or pursuant to a sale or trade-in as contemplated by the proviso to
clause (i) of the definition of Capital Expenditures in Section 1.01;

(i) Dispositions of Motor Vehicles to the extent that the Net Cash Proceeds of any such
Disposition are applied pursuant to Section 2.05(b) to the extent required thereby;

 

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(j) any Subsidiary of Holdings may Dispose of any assets or issue or sell Capital
Securities to any Loan Party or, subject to the limitations in Section 7.05(e), if
applicable, any other Subsidiary that is not a Loan Party;

(k) Dispositions of the Capital Securities of Asphalt Media, Inc.;

(l) Dispositions on the Closing Date with respect to the satisfaction, forgiveness or
cancellation of the Shareholder Loans;

(m) licenses and sublicenses of Intellectual Property entered into in the ordinary
course of business; and

(n) Dispositions of Intellectual Property (i) that is in the Borrower’s or a
Subsidiary’s reasonable business judgment no longer used or useful in any material respect
in the Borrower’s or any Subsidiaries’ business, taken as a whole, or (ii) by any Subsidiary
that is not a Loan Party to a Loan Party, (iii) among the Loan Parties or (iv) among
Subsidiaries that are not Loan Parties.

7.12 Modification of Certain Agreements. Holdings will not, and will not permit any
of its Subsidiaries to, consent to any amendment, supplement, waiver or other modification of, or
enter into any forbearance from exercising any rights with respect to the terms or provisions
contained in:

(a) the Senior Note Documents;

(b) the Existing Notes Indentures;

(c) any of the other Transaction Documents; or

(d) the Organization Documents of Holdings, the Borrower or any of their respective
Subsidiaries,

in each case if the result would have a material adverse effect on the rights or remedies of
any Secured Party.

7.13 Transactions with Affiliates. Except as identified in Schedule 7.13,
Holdings will not, and will not permit any of its Subsidiaries to, enter into or cause or permit to
exist any arrangement, transaction or contract (including for the purchase, lease or exchange of
property or the rendering of services) with any Affiliate (other than Holdings or one of its
Subsidiaries), unless such arrangement, transaction or contract (i) is on fair and reasonable terms
no less favorable to Holdings or such Subsidiary than it could obtain in an arm’s-length
transaction with a Person that is not an Affiliate and (ii) is of the kind which would be entered
into by a prudent Person in the position of Holdings or such Subsidiary with a Person that is not
one of its Affiliates, provided that, notwithstanding the foregoing, Holdings’
Subsidiaries may (i) make Restricted Payments permitted by Section 7.06 and (ii) enter into
the transactions permitted by Sections 7.02, 7.05, 7.09, 7.10 and
7.11.

7.14 Restrictive Agreements. Holdings will not, and will not permit any of its
Subsidiaries to, enter into any agreement prohibiting:

(a) the creation or assumption of any Lien upon its properties, revenues or assets,
whether now owned or hereafter acquired;

(b) the ability of any Loan Party to amend or otherwise modify any Loan Document;

 

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or

(c) the ability of any Subsidiary to make any payments, directly or indirectly, to
Holdings or the Borrower, including by way of dividends, advances, repayments of loans,
reimbursements of management and other intercompany charges, expenses and accruals or other
returns on investments.

The foregoing prohibitions shall not apply to restrictions contained (i) in any Loan Document,
(ii) in the case of clause (a), (A) any agreement governing any Indebtedness permitted by
Section 7.02(e) as to the assets financed with the proceeds of such Indebtedness, (B)
customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
or any of its assets pending such sale, provided such restrictions and conditions apply only to
the Subsidiary or assets that is to be sold and such sale is permitted hereunder, (C) customary
restrictions and conditions contained in agreements relating to a Qualified Receivables
Transaction permitted hereunder and the Motor Vehicle Financing, (D) agreements binding on a
Subsidiary at the time such Subsidiary becomes a Subsidiary of the Borrower so long as such
agreement is not entered into in contemplation of such occurrence, (E) agreements that are
customary provisions in joint venture agreements and other similar agreements applicable to joint
ventures permitted hereunder, (F) restrictions or conditions imposed by any agreement relating to
secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to
the property or assets securing such Indebtedness, (G) with respect to clause (a) only, customary
provisions in leases, subleases, licenses, sublicenses or permits so long as such restrictions
relate only to the property subject thereto (including customary restrictions on assignment of any
such leases, subleases. licenses and sublicenses), and (H) restrictions and conditions existing on
the Closing Date contained in agreements that are not material Contractual Obligations of Holdings
or any of its Subsidiaries (but shall apply to any extension of renewal of, or any amendment or
modification expanding the scope of such restriction or condition), or (iii) (A) any agreement of
a Foreign Subsidiary governing Indebtedness permitted by Section 7.02(f)(ii) and (B) any
agreement governing Indebtedness permitted by Section 7.02(h).

7.15 Sale and Leaseback. Holdings will not, and will not permit any of its
Subsidiaries to, directly or indirectly enter into any agreement or arrangement providing for the
sale or transfer by it of any property (now owned or hereafter acquired) to a Person and the
subsequent lease or rental of such property or other similar property from such Person, other than
(a) a sale and leaseback entered into in connection with the Motor Vehicle Financing, so long as
the proceeds of such transaction are applied pursuant to Section 2.05(b), (b) a sale and
leaseback entered into in connection with a Newly Acquired Motor Vehicle Financing and (c) any sale
and leaseback of real property that is not subject to a Mortgage, so long as the value of such
properties in the aggregate does not exceed $50,000,000.

7.16 Accounting Changes. Holdings and its Subsidiaries will not make any change in
(a) accounting principles or reporting practices, except as required by GAAP, or (b) fiscal year.

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

8.01 Events of Default. Any of the following shall constitute an Event of Default:

(a) Non-Payment. (i) The Borrower shall default in the payment or prepayment when due
of (x) any principal on any Loan, or any L/C Obligation or any deposit of cash for collateral
purposes pursuant to Section 2.03(g), or (y) any interest on any Loan or any fee described
in Article II or any other monetary Obligation, and such default shall continue unremedied
for a period of three days after such
amount was due or (ii) any Guarantor shall default in the payment when due of any payment
Obligation under a Guaranty;

 

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(b) Breach of Warranty. Any representation or warranty of any Loan Party made or
deemed to be made in any Loan Document (including any certificates delivered pursuant to
Article IV) is or shall be incorrect when made or deemed to have been made in any material
respect;

(c) Non-Performance of Certain Covenants and Obligations. The Borrower shall default
in the due performance or observance of any of its obligations under Sections 6.01(a),
(b), (c) and (e), Section 6.07, Section 6.11 or Article
VII; or

(d) Other Defaults. Any Loan Party shall default in the due performance and
observance of any other agreement contained in any Loan Document executed by it, and such default
shall continue unremedied for a period of 45 days after the earlier to occur of (i) notice thereof
given to Holdings or any Borrower by the Administrative Agent or any Lender or (ii) the date on
which any Loan Party has knowledge of such default; or

(e) Cross-Default. A default shall occur in the payment of any amount when due
(subject to any applicable grace period), whether by acceleration or otherwise, of any principal or
stated amount of, or interest or fees on, any Indebtedness (other than Indebtedness described in
Section 8.01(a)) of Holdings or any of its Subsidiaries or any other Loan Party having a
principal or stated amount, individually or in the aggregate, in excess of $30,000,000, a default
shall occur in the performance or observance of any obligation or condition with respect to such
Indebtedness, or an event of default shall occur, if the effect of such default or event of
default is to accelerate the maturity of any such Indebtedness or such default shall continue
unremedied for any applicable period of time sufficient to permit the holder or holders of such
Indebtedness, or any trustee or agent for such holders, to cause or declare such Indebtedness to
become due and payable or to require such Indebtedness to be prepaid, redeemed, purchased or
defeased, or require an offer to purchase or defease such Indebtedness to be made, prior to its
expressed maturity; or

(f) Judgments. Any (i) judgment or order for the payment of money individually or in
the aggregate in excess of $30,000,000 (exclusive of any amounts fully covered by insurance (less
any applicable deductible) and as to which the insurer has acknowledged its responsibility to cover
such judgment or order) shall be rendered against Holdings or any of its Subsidiaries or any other
Loan Party and such judgment shall not have been vacated or discharged or stayed or bonded pending
appeal within 45 days after the entry thereof or enforcement proceedings shall have been commenced
by any creditor upon such judgment or order or (b) non-monetary judgment or order that has had, or
could reasonably be expected to have, a Material Adverse Effect; or

(g) Pension Plans. An ERISA Event shall occur that, alone or together with any other
ERISA Event that has occurred or is continuing, would reasonably be expected to create liability to
any Loan Party or any ERISA Affiliate in excess of $30,000,000:

(h) Change in Control. Any Change in Control shall occur; or

(i) Bankruptcy; Insolvency, Etc. Holdings, any of its Subsidiaries or any other Loan
Party shall:

(i) become insolvent or generally fail to pay, or admit in writing its inability or
unwillingness generally to pay, debts as they become due;

(ii) apply for, consent to, or acquiesce in the appointment of a trustee, receiver,
sequestrator or other custodian for any substantial part of the property of any
thereof, or make a general assignment for the benefit of creditors;

 

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(iii) in the absence of such application, consent or acquiescence, permit or suffer to
exist the appointment of a trustee, receiver, sequestrator or other custodian for a
substantial part of the property of any thereof, and such trustee, receiver, sequestrator or
other custodian shall not be discharged within 60 days; provided that Holdings, each
Borrower, each Subsidiary and each other Loan Party hereby expressly authorizes each Secured
Party to appear in any court conducting any relevant proceeding during such 60-day period to
preserve, protect and defend their rights under the Loan Documents;

(iv) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt
arrangement or other case or proceeding under any bankruptcy or insolvency law or any
dissolution, winding up or liquidation proceeding, in respect thereof, and, if any such case
or proceeding is not commenced by Holdings, any Borrower, any Subsidiary or any Loan Party,
such case or proceeding shall be consented to or acquiesced in by Holdings, such Borrower,
such Subsidiary or such Loan Party, as the case may be, or shall result in the entry of an
order for relief or shall remain for 60 days undismissed; provided that Holdings,
each Borrower, each Subsidiary and each Loan Party hereby expressly authorizes each Secured
Party to appear in any court conducting any such case or proceeding during such 60-day
period to preserve, protect and defend their rights under the Loan Documents; or

(v) take any action authorizing, or in furtherance of, any of the foregoing.

(j) Invalidity of Loan Documents. Any provision of any Loan Document, at any time
after its execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect;
or any Loan Party contests in any manner the validity or enforceability of any provision of any
Loan Document; or any Loan Party denies that it has any or further liability or obligation under
any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of
any Loan Document; or

(k) Collateral Documents. Any Collateral Document after delivery thereof pursuant to
Sections 4.01 or 6.08 shall for any reason (other than pursuant to the terms
thereof) cease to create a valid and perfected first priority Lien (subject to Liens permitted by
Section 7.03) on the Collateral purported to be covered thereby, to the extent such Lien is
required to be perfected pursuant to the Loan Documents; or any Loan Party shall, directly or
indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability;
or

(l) Subordination Provisions. (i) The subordination provisions of the documents
evidencing or governing any subordinated Indebtedness in aggregate principal amount in excess of
$30,00,000 (the “Subordinated Provisions”) shall, in whole or in part, terminate, cease to
be effective or cease to be legally valid, binding and enforceable against any holder of the
applicable subordinated Indebtedness; or (ii) the Borrower or any other Loan Party shall, directly
or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability
of any of the Subordination Provisions, (B) that the Subordination Provisions exist for the benefit
of the Administrative Agent, the Lenders and the L/C Issuer or (C) that all payments of principal
of or premium and interest on the applicable subordinated Indebtedness, or realized from the
liquidation of any property of any Loan Party, shall be subject to any of the Subordination
Provisions.

 

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8.02 Remedies upon Event of Default. If any Event of Default occurs and is
continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the
Required Lenders, take any
or all of the following actions:

(a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower;

(c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to
the then Outstanding Amount thereof); and

(d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies
available to it, the Lenders and the L/C Issuer under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and
all interest and other amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become effective, in each case without further act of the Administrative Agent or any
Lender.

8.03 Application of Funds. After the exercise of remedies provided for in Section
8.02 (or after the Loans have automatically become immediately due and payable and the L/C
Obligations have automatically been required to be Cash Collateralized as set forth in the proviso
to Section 8.02), any amounts received on account of the Obligations shall be applied by
the Administrative Agent in the following order:

First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable to the Agents in their
capacities as such (ratably among the Agents according to the outstanding Obligations due to them
in their capacities as Agents);

Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders
and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuer (including fees and time charges for attorneys who may be employees of any
Lender or the L/C Issuer) arising under the Loan Documents and amounts payable under Article
III, ratably among them in proportion to the respective amounts described in this clause
Second payable to them;

Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations arising under
the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective
amounts described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans, L/C Borrowings and Obligations then owing under Secured Hedge Agreements and Secured
Cash Management Agreements, ratably among the Lenders, the L/C Issuer, the Hedge Banks and the Cash
Management Banks in proportion to the respective amounts described in this clause
Fourth held by them;

 

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Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit; and

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount
of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Obligations, if any, in the order set forth above.

Notwithstanding the foregoing, Obligations arising under Secured Cash Management Agreements and
Secured Hedge Agreements shall be excluded from the application described above if the
Administrative Agent has not received written notice thereof, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or
Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to the Credit
Agreement that has given the notice contemplated by the preceding sentence shall, by such notice,
be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to
the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

ARTICLE IX

AGENTS

9.01 Appointment and Authority. (a) Each of the Lenders and the L/C Issuer hereby
irrevocably appoints Bank of America to act on its behalf as the Administrative Agent and hereunder
and under the other Loan Documents and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Agents, the Lenders and the L/C
Issuer, and the Borrower shall not have rights as a third party beneficiary of any of such
provisions.

(b) Each of the Lenders (including in its capacities as a potential Hedge Bank and a potential
Cash Management Bank), the Administrative Agent and the L/C Issuer hereby irrevocably appoints
Morgan Stanley Senior Funding, Inc. as Collateral Agent hereunder and under the other Loan
Documents (and Morgan Stanley Senior Funding, Inc. hereby accepts such appointment as Collateral
Agent) and authorizes the Collateral Agent (i) to act as the agent of such Lender and the L/C
Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by
any of the Loan Parties to secure any of the Obligations, together with such powers and discretion
as are reasonably incidental thereto, (ii) to enter into an arrangement with the Borrower whereby
the Borrower and its Subsidiaries will (A) retain physical possession of the certificates of title
(or similar instruments) relating to each Motor Vehicle owned by Holdings or any of its
Subsidiaries (each such Motor Vehicle, an “Owned Motor Vehicle”), (B) be authorized to list
or register the Collateral Agent as first lien holder with respect to each Owned Motor Vehicle, (C)
be authorized to communicate and deal with the applicable state department of motor vehicles in (1)
registering any Owned Motor Vehicle and listing and recording the Collateral Agent as first
lienholder in respect thereof and (2) releasing any registration of any Owned Motor Vehicle upon
any sale or other disposal or transfer of registration thereof and (D) be granted a power of
attorney by the

 

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Collateral Agent, which power of attorney shall grant specified employees of
Holdings or its Subsidiaries the ability to terminate the Collateral Agent’s liens, rights, title and interest in and to
Owned Motor Vehicles that are the Collateral of the Secured Parties in accordance with the terms of
such power of attorney and (iii) to appoint a Motor Vehicle Monitor, which Motor Vehicle Monitor
shall monitor the arrangement between the Borrower and the Collateral Agent detailed in clause (ii)
above and shall perform inspections and audits to ensure that the Borrower is complying with its
obligations hereunder and under the other Loan Documents with respect to certificates of title for
all Owned Motor Vehicles. In this connection, the Collateral Agent and any co-agents, sub-agents
and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 9.05 for
purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under
the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of
the Administrative Agent), shall be entitled to the benefits of all provisions of this Article
IX and Article X (including Section 10.04(c), as though such co-agents,
sub-agents and attorneys-in-fact were the Collateral Agent under the Loan Documents) as if set
forth in full herein with respect thereto (it being understood that Holdings and its Subsidiaries
shall in no event be deemed sub-agents of the Collateral Agent and shall not be entitled to the
provisions of this Article IX and Article X).

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

9.03 Exculpatory Provisions. The Agents shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Agents:

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

(b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that such Agent is required to exercise as directed in writing by the Required Lenders
(or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents), provided that the Agents shall not be required to take any
action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or
that is contrary to any Loan Document or applicable law;

(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
an Agent or any of its Affiliates in any capacity;

(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Sections 10.01 and 8.02), (ii) with respect to the Collateral Agent,
with the consent or at the request of the Administrative Agent or (iii) in the absence of its own
gross negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default
unless and until notice describing such Default is
given to such Agent by the Borrower, a Lender or the L/C Issuer;

 

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(e) 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 this Agreement or any other
Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document, or the creation,
perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the
value or the sufficiency of any Collateral, or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to such Agent.

Notwithstanding anything to the contrary herein or in any Loan Document, it is hereby
acknowledged and agreed that the Collateral Agent shall act solely at the written direction of the
Administrative Agent or the Required Lenders. The Collateral Agent shall be entitled to refrain
from any act or the taking of any action (including the failure to take an action) in connection
with any Loan Document or from the exercise of any power, discretion or authority vested in it
hereunder or under any other Loan Document until the Collateral Agent shall have received written
direction in respect thereof from the Administrative Agent or the Required Lenders and, upon such
written direction from the Administrative Agent or the Required Lenders, as applicable, the
Collateral Agent shall be entitled to act or (where so instructed) refrain from acting, or to
exercise such power, discretion or authority in accordance with such directions.

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

9.05 Delegation of Duties. Each Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all
of its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related
Parties of each 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 or Collateral Agent, as applicable.

 

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9.06 Resignation of Administrative Agent. (a) The Administrative Agent may at any
time give notice of its resignation to the Collateral Agent, the Lenders, the L/C Issuer and the
Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the
right, with the consent of
the Borrower (so long as no Default has occurred and is continuing), to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an
office in the United States. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the
Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set
forth above; provided that if the Administrative Agent shall notify the Borrower and the
Lenders that no qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (a) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents and (b) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer
directly, until such time as the Required Lenders appoint a successor Administrative Agent as
provided for above in this Section. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder
or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect
for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring
Administrative Agent was acting as Administrative Agent.

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

(b) The Collateral Agent may at any time give notice of its resignation to the Administrative
Agent, the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, with the consent of the Borrower (so long
as no Default has occurred and is continuing), to appoint a successor, which shall be a bank with
an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Collateral Agent gives notice of its
resignation, then the retiring Collateral Agent may on behalf of the Lenders and the L/C Issuer,
appoint a successor Collateral Agent meeting the qualifications set forth above; provided
that if the Collateral Agent shall notify the Borrower and the Lenders that no qualifying Person
has accepted such appointment, then such resignation shall nonetheless become effective in
accordance with such notice and (a) the retiring Collateral Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Collateral Agent on behalf of the Lenders or the L/C Issuer under
any of the Loan Documents, the retiring Collateral Agent shall continue to hold such collateral
security until such time as a successor Collateral Agent is appointed) and (b) all payments,
communications and determinations provided to be made by, to or through the Collateral Agent shall
instead be made by or to each Lender and the L/C Issuer directly, until such time as the Required

 

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Lenders appoint a successor Collateral Agent as provided for above in this Section. Upon the
acceptance of a successor’s appointment as Collateral Agent hereunder, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Collateral Agent, and the retiring Collateral Agent shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Collateral Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Article and Section
10.04 shall continue in effect for the benefit of such retiring Collateral Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while the retiring Collateral Agent was acting as Collateral Agent.

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

9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Joint Lead Arrangers listed on the cover page hereof shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except in its capacity,
as applicable, as the Administrative Agent, the Collateral Agent, a Lender or the L/C Issuer
hereunder.

9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party,
the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise

(a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of
the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the
Administrative Agent and their respective agents and counsel and all other amounts due the Lenders,
the L/C Issuer and the Administrative Agent under Sections 2.03(i) and (j), 2.09
and 10.04) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Administrative Agent and, if the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09
and 10.04.

 

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Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the L/C Issuer or in any such proceeding.

9.10 Collateral and Guaranty Matters. Each of the Lenders (including in its
capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer
irrevocably authorize the Collateral Agent, at its option and in its discretion,

(a) to release any Lien on any property granted to or held by the Collateral Agent under any
Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all
Obligations (other than (A) contingent indemnification obligations and (B) obligations and
liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which
arrangements satisfactory to the applicable Cash Management Bank of Hedge Bank shall have been
made) and the expiration or termination of all Letters of Credit (other than Letters of Credit as
to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have
been made), (ii) that is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in
writing in accordance with Section 10.01;

(b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder; and

(c) to subordinate any Lien on any property granted to or held by the Collateral Agent under
any Loan Document to the holder of any Lien on such property that is permitted by Section
7.03(d).

Upon request by the Collateral Agent at any time, the Required Lenders will, or the
Administrative Agent may, confirm in writing the Collateral Agent’s authority to release or
subordinate its interest in particular types or items of property, or to release any Guarantor from
its obligations under the Guaranty pursuant to this Section 9.10. In each case as
specified in this Section 9.10, the Collateral Agent will, at the Borrower’s expense,
execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably
request to evidence the release of such item of Collateral from the assignment and security
interest granted under the Collateral Documents or to subordinate its interest in such item, or to
release such Guarantor from its obligations under the Guaranty, in each case in accordance with the
terms of the Loan Documents and this Section 9.10.

9.11 Secured Cash Management Agreements and Secured Hedge Agreements. No Cash
Management Bank or Hedge Bank that obtains the benefits of Section 8.03, the Guaranty or
any Collateral by virtue of the provisions hereof or of the Guaranty or any Collateral Document
shall have any right to notice of any action or to consent to, direct or object to any action
hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the
release or impairment of any Collateral) other than in its capacity as a Lender and, in such case,
only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision
of this Article IX to the contrary, no Agent shall not be required to verify the payment
of, or that other satisfactory arrangements have been made with respect to, Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements unless such Agent has
received written notice of such Obligations, together with such supporting documentation as such
Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.

 

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9.12 Waiver of Claims. Each Lender hereby waives any claims against the Collateral
Agent arising as a result of the Collateral Agent’s entry into the arrangement with the Borrower
and the Motor Vehicle Monitor set forth in Section 9.01(b)(ii) and (iii), other
than any such claim arising from the gross negligence or willful misconduct of the Collateral Agent
with respect to such arrangements.

ARTICLE X

MISCELLANENOUS

10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or
any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party
therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or
the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and
each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no such amendment, waiver or
consent shall:

(a) waive any condition set forth in Section 4.02 as to any Credit Extension under the
Revolving Credit Facility without the written consent of the Required Revolving Lenders;

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender;

(c) postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders
(or any of them) hereunder or under such other Loan Document without the written consent of each
Lender entitled to such payment;

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01)
any fees or other amounts payable hereunder or under any other Loan Document; provided,
however, that only the consent of the Required Lenders shall be necessary to (i) amend or
modify the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest
or Letter of Credit Fees at the Default Rate; or (ii) to amend or modify the financial covenants or
defined terms used in the financial covenants in this Agreement and the Lenders agree that such
amendment or modification shall not constitute a reduction in the rate of interest or fees for
purposes of this clause (d);

(e) change (i) any provision of this Section 10.01 or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to
amend, waive or otherwise modify any rights hereunder or make any determination or grant any
consent hereunder (other than the definitions specified in clause (ii) of this Section
10.01(e)), without the written consent of each Lender or (ii) the definition of “Required
Revolving Lenders,” or “Required Term Lenders,” without the written consent of each Lender under
the applicable Facility;

(f) release all or substantially all of the Collateral in any transaction or series of related
transactions, without the written consent of each Lender;

(g) release all or substantially all of the value of the Guaranty, without the written consent
of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted
pursuant to Section 9.10 (in which case such release may be made by the Administrative
Agent acting alone);

 

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(h) impose any greater restriction on the ability of any Lender under a Facility to assign any
of its rights or obligations hereunder without the written consent of (i) if such Facility is
the Term Loan Facility, the Required Term Lenders and (ii) if such Facility is the Revolving Credit
Facility, the Required Revolving Lenders; or

(i) change any provision of Section 2.14, without the written consent of Required
Lenders, the Administrative Agent, the L/C Issuer and the Swing Line Lender;

and provided, further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of
Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or
duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document; (iv) no amendment, waiver or consent shall, unless in writing and signed by the
Collateral Agent in addition to the Lenders required above, affect the rights or duties of the
Collateral Agent under this Agreement or any other Loan Document and (v) the Fee Letters may be
amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except
that (x) the Commitment of such Defaulting Lender may not be increased or extended without the
consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all
Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than
other affected Lenders shall require the consent of such Defaulting Lender.

If any Lender does not consent to a proposed amendment, waiver, consent or release with
respect to any Loan Document that requires the consent of such Lender and that has been approved by
the Required Lenders (each such Lender, a “Non-Consenting Lender”), the Borrower may (i)
replace such Non-Consenting Lender in accordance with Section 10.13; provided that
such amendment, waiver, consent or release can be effected as a result of the assignment
contemplated by such Section (together with all other such assignments required by the Borrower to
be made pursuant to this paragraph) or (ii) with the consent of the Required Lenders (excluding the
unused Revolving Credit Commitment of, and the portion of the Total Outstandings held by, any
Non-Consenting Lender), terminate the outstanding Commitments of any Non-Consenting Lender and
repay the outstanding Loans of such Lender at par; provided that after giving effect to
such repayment, the (A) Total Revolving Credit Outstandings shall not exceed the Revolving Credit
Facility, (B) the L/C Exposure not fully Cash Collateralized shall not exceed the Letter of Credit
Sublimit and (C) the Swing Line Exposure shall not exceed the Swing Line Sublimit.

Any term or provision of this Section 10.01 to the contrary notwithstanding, if the
Administrative Agent, Holdings and the Borrower shall have jointly identified an obvious error or
any error or omission of a technical or immaterial nature in any provision of the Loan Documents,
then the Administrative Agent (or the Collateral Agent, acting at the direction of the
Administrative Agent), Holdings and the Borrower shall be permitted to amend such provision and
such amendment shall become effective without any further action or consent of any other party to
any Loan Document.

10.02 Notices; Effectiveness; Electronic Communications. (a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be
given by telephone (and except as provided in subsection (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail
or sent by telecopier as follows, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

(i) if to the Borrower, the Administrative Agent, the Collateral Agent, the L/C Issuer
or the Swing Line Lender, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and

 

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

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

(b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

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

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

 

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(d) Change of Address, Etc. Each of the Borrower, the Administrative Agent, the
Collateral Agent, the L/C Issuer and the Swing Line Lender may change its address, telecopier or
telephone number for notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the Borrower, the Administrative Agent, the Collateral
Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an
effective address, contact name, telephone number, telecopier number and electronic mail address to
which notices and other communications may be sent and (ii) accurate wire instructions for such
Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of
such Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such Public Lender
or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law,
including United States Federal and state securities Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that
may contain material non-public information with respect to the Borrower or its securities for
purposes of United States Federal or state securities laws.

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

10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C
Issuer, the Administrative Agent or the Collateral Agent to exercise, and no delay by any such
Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan
Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided, and provided under each other Loan Document, are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

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Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and
the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its
benefit (solely in its capacity as Administrative Agent) hereunder and
under the other Loan Documents, (b) the Collateral Agent from exercising on its own behalf the
rights and remedies that inure to its benefit (solely in its capacity as Collateral Agent)
hereunder and under the other Loan Documents, (c) the L/C Issuer or the Swing Line Lender from
exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer
or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (d) any
Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms
of Section 2.13), or (e) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under
any Debtor Relief Law; and provided, further, that if at any time there is no
Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the
Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to
Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c), (d) and (e)
of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of
the Required Lenders, enforce any rights and remedies available to it and as authorized by the
Required Lenders.

10.04 Expenses; Indemnity; Damage Waiver. (a) Costs and Expenses. The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent
and its Affiliates (including the reasonable fees, charges and disbursements of one primary counsel
for the Administrative Agent and one local counsel for the Lenders retained by the Administrative
Agent in each relevant jurisdiction and, subject to the Borrower’s consent (such consent not to be
unreasonably withheld), any special counsel for the Lenders deemed reasonably necessary by the
Administrative Agent), in connection with the syndication of the credit facilities provided for
herein, the preparation, negotiation, execution, delivery and administration of this Agreement and
the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii)
all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, any
Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for the
Administrative Agent, the Collateral Agent, any Lender or the L/C Issuer), in connection with the
enforcement or protection of its rights (A) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (B) in connection with Loans made or Letters
of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit.

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), the Collateral Agent (and any sub-agent thereof), each Lender
and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against
any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the
transactions contemplated hereby or thereby, or, in the case of the Agents (and any sub-agent
thereof) and their Related Parties only, the administration of this Agreement and the other Loan
Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if
the documents presented in connection with such demand do not strictly comply with the terms of
such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on
or from any property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its Subsidiaries,

 

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or (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or
any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee, (y) result from a claim brought by the Borrower or any other
Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction or (z) arise from any dispute solely among the Indemnitees (or their Related Persons),
other than any Agent acting in its capacity as such) and not involving, or arising or resulting
from any act or omission of Holdings or any of its Subsidiaries or any of its or their Affiliates.

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to
be paid by it to any Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any
of the foregoing (without limiting the Borrower’s obligation to do so), each Lender severally
agrees to pay to the applicable Agent (or any such sub-agent), the L/C Issuer or such Related
Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent), the Collateral Agent (or any such sub-agent) or the L/C Issuer in its
capacity as such, or against any Related Party of any of the foregoing acting for the
Administrative Agent (or any such sub-agent), the Collateral Agent (or any such sub-agent) or L/C
Issuer in connection with such capacity. The obligations of the Lenders under this subsection
(c) are subject to the provisions of Section 2.12(d).

(d) Waiver of Consequential Damages, Etc. To the fullest 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
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.
No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the
use by unintended recipients of any information or other materials distributed to such unintended
recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than for direct or actual damages resulting from
the gross negligence or willful misconduct of such Indemnitee as determined by a final and
nonappealable judgment of a court of competent jurisdiction.

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

(f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the Collateral Agent, the L/C Issuer and the Swing Line Lender, the
replacement of any Lender, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all the other Obligations.

 

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

10.06 Successors and Assigns. (a) Successors and Assigns Generally. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrower may not
assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an assignee in accordance with the
provisions of Section 10.06(b), (ii) by way of participation in accordance with the
provisions of Section 10.06(d), or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of Section 10.06(f) (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the Collateral Agent, the L/C Issuer and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment(s) and the Loans (including for purposes of this Section
10.06(b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it);
provided that any assignment shall be subject to the following conditions:

(i) Minimum Amounts.

(A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment under any Facility and the Loans at the time owing to
it under such Facility or in the case of an assignment to a Lender, an Affiliate of
a Lender or an Approved Fund, no minimum amount need be assigned; and

(B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000, in the case of any assignment in respect of the Revolving Credit
Facility, or $1,000,000, in the case of any assignment in respect of either Term
Facility, unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an
Assignee Group and concurrent assignments from members of an Assignee Group to a
single Eligible Assignee (or to an Eligible Assignee and members of its Assignee
Group) will be treated as a single assignment for purposes of determining whether
such minimum amount has been met;

 

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(ii) Proportionate Amounts. 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 with respect to the Loans or the Commitment assigned, except that this
clause (ii) shall not (A) apply to the Swing Line Lender’s rights and obligations in respect
of Swing Line Loans or (B) prohibit any Lender from assigning all or a portion of its rights
and obligations among separate Facilities on a non-pro rata basis;

(iii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

(A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed, it being understood that it is reasonable for the Borrower to withhold
consent with regard to assignments of Revolving Credit Loans to a financial
institution that is not a commercial bank or investment bank that customarily enters
into such revolving facilities) shall be required unless (1) an Event of Default has
occurred and is continuing at the time of such assignment, (2) with respect to the
Revolving Credit Facility, (x) prior to the first anniversary of the Closing Date,
the assigning Lender is a Closing Date Revolving Credit Lender (or an affiliate of,
or an Approved Fund with respect to, a Closing Date Revolving Credit Lender);
provided that any assignment by a Closing Date Revolving Credit Lender prior
to the first anniversary of the Closing Date (other than to an existing Revolving
Credit Lender, or an Affiliate of, or Approved Fund with respect to, a Revolving
Credit Lender) shall be effected in consultation with the Borrower or (y) such
assignment is to a Revolving Credit Lender, an Affiliate of a Revolving Credit
Lender or an Approved Fund with respect to a Revolving Credit Lender or (3) with
respect to the Term Loan Facility, such assignment is to a Term Lender, an Affiliate
of a Term Lender or an Approved Fund with respect to a Term Lender; provided
further that the Borrower shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to the Administrative Agent within
ten days after having received written notice thereof;

(B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments in respect of
(1) any Term Loan Commitment or Revolving Credit Commitment if such assignment is to
a Person that is not a Lender with a Commitment in respect of the applicable
Facility, an Affiliate of such Lender or an Approved Fund with respect to such
Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a
Lender or an Approved Fund;

(C) the consent of the L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment in respect of the Revolving Credit
Facility; and

(D) the consent of the Swing Line Lender (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment in respect of the
Revolving Credit Facility.

 

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(iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee payable by the assigning Lender in the amount of $3,500;
provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire;

(v) No Assignment to Borrower. No such assignment shall be made to the
Borrower or any of the Borrower’s Affiliates or Subsidiaries, except as permitted in
accordance with Section 2.15;

(vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning 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 3.01, 3.04, 3.05 and 10.04
with respect to facts and circumstances occurring prior to the effective date of such assignment.
Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee
Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that
does not comply with this subsection shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance with Section
10.06(d).

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in L/C Obligations and/or Swing Line 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 such obligations and
(iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve
any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the
Participant,
agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that affects such Participant. Subject to subsection (e) of this
Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to Section 10.06(b). To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be subject to Section
2.13 as though it were a Lender.

 

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(e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 3.01 unless the Borrower is notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.01(e) as though it were a Lender.

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

(g) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its
Revolving Credit Commitment and Revolving Credit Loans pursuant to Section 10.06(b), Bank
of America may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer
and/or (ii) upon 30 days’ notice to the Borrower, resign as Swing Line Lender. In the event of any
such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from
among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided,
however, that no failure by the Borrower to appoint any such successor shall affect the
resignation of Bank of America as L/C Issuer or Swing Line Lender, as the case may be. If Bank of
America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the
L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of
its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to
require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it shall
retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line
Loans made by it and outstanding as of the effective date of such resignation, including the right
to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing
Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer
and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case
may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make other arrangements
satisfactory to Bank of America to effectively assume the obligations of Bank of America with
respect to such Letters of Credit.

 

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10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and
representatives (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such
as the National Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party
hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the
extent such Information (i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of
their respective Affiliates on a nonconfidential basis from a source other than the Borrower.

For purposes of this Section, “Information” means all information received from any
Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their
respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by any Loan
Party or any Subsidiary thereof, provided that, in the case of information received from a
Loan Party or any such Subsidiary after the date hereof, such information is clearly identified at
the time of delivery as confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information.

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

10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any
time and from time to time, to the fullest extent permitted by applicable law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such
Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower
against any and all of the obligations of the Borrower now or hereafter existing under this
Agreement or any other Loan Document to such Lender or the L/C Issuer, irrespective of whether or
not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan
Document and although such obligations of the Borrower may be contingent or unmatured or are owed
to a branch or office of such Lender or the L/C Issuer different from the branch or office holding
such deposit or obligated on such indebtedness. The rights of each Lender, the L/C Issuer and
their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates
may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application.

 

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10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in
any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed
the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal,
refunded to the Borrower. In determining whether the interest contracted for, charged, or
received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the
extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount
of interest throughout the contemplated term of the Obligations hereunder.

10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed counterpart of this Agreement.

10.11 Survival of Representations and Warranties. All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent, the Collateral Agent and each Lender, regardless of any investigation made by
the Administrative Agent, the Collateral Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent, the Collateral Agent or any Lender may have had notice or knowledge
of any Default at the time of any Credit Extension, and shall continue in full force and effect as
long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter
of Credit shall remain outstanding.

10.12 Severability. If any provision of this Agreement or the other Loan Documents is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

10.13 Replacement of Lenders. If any Lender requests compensation under Section
3.04, 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 3.01 or if any
Lender is a Defaulting Lender, the Borrower may, at its sole expense and effort, upon notice to
such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 10.06), all of its interests, rights and obligations under this Agreement and
the related Loan Documents to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that:

(a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b);

(b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to
it
hereunder and under the other Loan Documents (including any amounts under Section
3.05) from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts);

 

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(c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

(d) such assignment does not conflict with applicable Laws.

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

10.14 Governing Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b) SUBMISSION TO JURISDICTION. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT
OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

(c) WAIVER OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
HERETO HEREBY 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) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT
THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

110

 

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

10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and
acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services
regarding this Agreement provided by the Agents and the Joint Lead Arrangers are arm’s-length
commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agents
and the Joint Lead Arrangers, on the other hand, (B) the Borrower has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the
Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of
the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agents and the
Joint Lead Arrangers each is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B)
none of the Agents nor the Joint Lead Arrangers has any obligation to the Borrower or any of its
Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Agents and the Joint Lead Arrangers
and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Borrower and its Affiliates, and no Agents or Joint Lead
Arranger has any obligation to disclose any of such interests to the Borrower or any of its
Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any
claims that it may have against the Agents and the Joint Lead Arrangers with respect to any breach
or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

10.17 Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in
any amendment or other modification hereof (including waivers and consents) shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

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

 

111

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	SWIFT TRANSPORTATION CO., LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SWIFT TRANSPORTATION COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent, L/C Issuer, Swing Line Lender

and a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

 

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC., as a 

Collateral
Agent, Syndication Agent and a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

 

[OTHER LENDERS AND AGENTS]

 

 

 

Schedule 1.01

Existing Letters of Credit

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Issue Date/ Letter of	 	 	 	 	 	 	 	 
	Issuer	 	Credit No.	 	Beneficiary	 	Current Amount	 	 	Expiration Date	 
	Bank of America
	 	10/17/08:	 	[*]	 	$	976,789.00	 	 	 	8/08/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	3/16/10:	 	[*]	 	$	4,250,000.00	 	 	 	7/06/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	3/16/10:	 	[*]	 	$	5,600,000.00	 	 	 	10/02/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	4/27/10:	 	[*]	 	$	105,000.00	 	 	 	8/08/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	4/27/10:	 	[*]	 	$	100,000.00	 	 	 	8/30/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	8/12/10:	 	[*]	 	$	1,000,000.00	 	 	 	8/31/11	 
	 
	 	[*]	 		 			 	 	 		 
	Bank of America
	 	8/12/10:	 	[*]	 	$	4,000,000.00	 	 	 	7/03/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	9/01/10:	 	[*]	 	$	9,575,815.00	 	 	 	9/28/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	9/01/10:	 	[*]	 	$	1,000,000.00	 	 	 	8/03/11	 
	 
	 	[*]	 		 			 	 	 		 
	Bank of America
	 	10/12/10:	 	[*]	 	$	6,379,547.00	 	 	 	8/01/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	10/27/10:	 	[*]	 	$	235,509.00	 	 	 	10/01/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	10/20/08:	 	[*]	 	$	57,250,000.00	 	 	 	1/01/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	10/20/08:	 	[*]	 	$	13,700,000.00	 	 	 	7/06/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	10/20/08:	 	[*]	 	$	5,860,195.00	 	 	 	9/28/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	3/31/10:	 	[*]	 	$	9,388,507.00	 	 	 	2/17/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	4/27/10:	 	[*]	 	$	13,500,000.00	 	 	 	7/24/11	 
	 
	 	[*]	 		 			 	 	 		 
	Bank of America
	 	5/11/10:	 	[*]	 	$	220,000.00	 	 	 	7/25/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	9/01/10:	 	[*]	 	$	50,000.00	 	 	 	6/24/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	9/01/10:	 	[*]	 	$	15,000,000.00	 	 	 	7/14/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 
	Bank of America
	 	10/12/10:	 	[*]	 	$	5,000,000.00	 	 	 	7/29/11	 
	 
	 	[*]	 	 	 	 	 	 	 	 	 	 

 

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

 

Schedule 1.01 - 1

 

Schedule 2.01

Commitments and Applicable Pledges

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Revolving	 	 	 	 	 	 	Term	 	 	 	 
	 	 	 	 	 	 	Credit	 	 	 	 	 	 	Loan	 	 	 	 
	 	 	Revolving	 	 	Facility	 	 	 	 	 	 	Facility	 	 	 	 
	 	 	Credit	 	 	Applicable	 	 	Term Loan	 	 	Applicable	 	 	Total	 
	Lender	 	Commitment	 	 	Percentage	 	 	Commitment	 	 	Percentage	 	 	Commitment	 
	Bank of America, N.A.
	 	$	80,000,000	 	 	 	20	%	 	$	1,070,000,000	 	 	 	100	%	 	$	1,150,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wells Fargo Bank, National Association
	 	$	80,000,000	 	 	 	20	%	 	$	0	 	 	 	0	%	 	$	80,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Morgan Stanley Senior Funding, Inc.
	 	$	55,000,000	 	 	 	13.75	%	 	$	0	 	 	 	0	%	 	$	55,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Citibank, N.A.
	 	$	40,000,000	 	 	 	10	%	 	$	0	 	 	 	0	%	 	$	40,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Deutsche Bank Trust Company Americas
	 	$	40,000,000	 	 	 	10	%	 	$	0	 	 	 	0	%	 	$	40,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	UBS Loan Finance LLC
	 	$	40,000,000	 	 	 	10	%	 	$	0	 	 	 	0	%	 	$	40,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Morgan Stanley Bank, N.A.
	 	$	25,000,000	 	 	 	6.25	%	 	$	0	 	 	 	0	%	 	$	25,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PNC Bank, National Association
	 	$	15,000,000	 	 	 	3.75	%	 	$	0	 	 	 	0	%	 	$	15,000,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Branch Banking & Trust Company
	 	$	12,500,000	 	 	 	3.125	%	 	$	0	 	 	 	0	%	 	$	12,500,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Royal Bank of Canada
	 	$	12,500,000	 	 	 	3.125	%	 	$	0	 	 	 	0	%	 	$	12,500,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	400,000,000	 	 	 	100	%	 	$	1,070,000,000	 	 	 	100	%	 	$	1,470,000,000	 

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

 

Schedule 2.01 - 1

 

Schedule 5.07

Litigation

The following is a list of all legal actions claims pending or threatened which could reasonably be
expected to have a Material Adverse Effect:

2004 owner-operator class action litigation

On January 30, 2004, a class action lawsuit was filed by Leonel Garza on behalf of himself and
all similarly situated persons against Swift Transportation: Garza vs. Swift Transportation Co.,
Inc., Case No. CV07-0472. The putative class originally involved certain owner-operators who
contracted with us under a 2001 Contractor Agreement that was in place for one year. The putative
class is alleging that we should have reimbursed owner-operators for actual miles driven rather
than the contracted and industry standard remuneration based upon dispatched miles. The trial court
denied plaintiff’s petition for class certification, the plaintiff appealed, and on August 6, 2008,
the Arizona Court of Appeals issued an unpublished Memorandum Decision reversing the trial court’s
denial of class certification and remanding the case back to the trial court. On November 14, 2008,
we filed a petition for review to the Arizona Supreme Court regarding the issue of class
certification as a consequence of the denial of the Motion for Reconsideration by the Court of
Appeals. On March 17, 2009, the Arizona Supreme Court granted our petition for review, and on July
31, 2009, the Arizona Supreme Court vacated the decision of the Court of Appeals opining that the
Court of Appeals lacked automatic appellate jurisdiction to reverse the trial court’s original
denial of class certification and remanded the matter back to the trial court for further
evaluation and determination. Thereafter, plaintiff renewed his motion for class certification and
expanded it to include all persons who were employed by Swift as employee drivers or who contracted
with Swift as owner-operators on or after January 30, 1998, in each case who were compensated by
reference to miles driven. On November 4, 2010, the Maricopa County trial court entered an order
certifying a class of owner-operators and expanding the class to include employees. We are
appealing this class certification and urging reversal on several grounds including, but not
limited to, the lack of an employee class representative, and because the named owner-operator
class representative only contracted with us for a 3-month period under a 1-year contract that no
longer exists. We intend to pursue all available appellate relief supported by the record, which we
believe demonstrates that the class is improperly certified and, further, that the claims raised
have no merit or are subject to mandatory arbitration. The Maricopa County trial court’s decision
pertains only to the issue of class certification, and we retain all of our defenses against
liability and damages. The final disposition of this case and the impact of such final disposition
cannot be determined at this time.

Driving academy class action litigation

On March 11, 2009, a class action lawsuit was filed by Michael Ham, Jemonia Ham, Dennis Wolf,
and Francis Wolf on behalf of themselves and all similarly situated persons against Swift
Transportation: Michael Ham, Jemonia Ham, Dennis Wolf and Francis Wolf v. Swift Transportation Co.,
Inc., Case No. 2:09-cv-02145-STA-dkv, or the Ham Complaint. The case was filed in the United States
District Court for the Western Section of Tennessee Western Division. The putative class involves
former students of our Tennessee driving academy who are seeking relief against us for the
suspension of their commercial drivers license (“CDL”) and any CDL retesting that may be required
of the former students by the relevant state department of motor vehicles. The allegations arise
from the Tennessee Department of Safety, or TDOS, having released a general statement questioning
the validity of CDLs issued by the State of Tennessee in connection with the Swift Driving Academy
located in the State of Tennessee. We have filed an answer to the Ham Complaint. We also have filed
a cross-claim against the Commissioner of the TDOS, or the Commissioner, for a judicial declaration
and judgment that we did not engage in any wrongdoing as alleged in the complaint and a grant of
injunctive relief to compel the Commissioner to redact any statements or publications that allege
wrongdoing by us and to issue corrective statements to any recipients of any such publications. The
issue of class certification must first be resolved before the court will address the merits of the
case, and we retain all of our defenses against liability and damages pending a determination of
class certification.

 

Schedule 5.07 - 1

 

On or about April 23, 2009, two class action lawsuits were filed against us in New Jersey and
Pennsylvania, respectively: Michael Pascarella, et al. v. Swift Transportation Co., Inc., Sharon A.
Harrington, Chief Administrator of the New Jersey Motor Vehicle Commission, and David Mitchell,
Commissioner of the Tennessee Department of Safety, Case No. 09-1921(JBS), in the United States
District Court for the District of New Jersey, or the Pascarella Complaint; and Shawn McAlarnen et
al. v. Swift Transportation Co., Inc., Janet Dolan, Director of the Bureau of Driver Licensing of
The Pennsylvania Department of Transportation, and David Mitchell, Commissioner of the Tennessee
Department of Safety, Case No. 09-1737 (E.D. Pa.), in the United States District Court for the
Eastern District of Pennsylvania, or the McAlarnen Complaint. Both putative class action complaints
involve former students of our Tennessee driving academy who are seeking relief against us, the
TDOS, and the state motor vehicle agencies for the threatened suspension of their CDLs and any CDL
retesting that may be required of the former students by the relevant state department of motor
vehicles. The potential suspension and CDL re-testing was initiated by certain states in response
to a general statement by the TDOS questioning the validity of CDL licenses the State of Tennessee
issued in connection with the Swift Driving Academy located in Tennessee. The Pascarella Complaint
and the McAlarnen Complaint are both based upon substantially the same facts and circumstances as
alleged in the Ham Complaint. The only notable difference among the three complaints is that both
the Pascarella and McAlarnen Complaints name the local motor vehicles agency and the TDOS as
defendants, whereas the Ham Complaint does not. We deny the allegations of any alleged wrongdoing
and intend to vigorously defend our position. The McAlarnen Complaint has been dismissed without
prejudice because the McAlarnen plaintiff has elected to pursue the Director of the Bureau of
Driver Licensing of the Pennsylvania Department of Transportation for damages. We have filed an
answer to the Pascarella Complaint. We also have filed a cross-claim against the Commissioner for a
judicial declaration and judgment that we did not engage in any wrongdoing as alleged in the
complaint and a request for injunctive relief to compel the Commissioner to redact any statements
or publications that allege wrongdoing by us to issue corrective statements to any recipients of
any such publications.

On May 29, 2009, we were served with two additional class action complaints involving the same
alleged facts as set forth in the Ham Complaint and the Pascarella Complaint. The two matters are
(i) Gerald L. Lott and Francisco Armenta on behalf of themselves and all others similarly situated
v. Swift Transportation Co., Inc. and David Mitchell the Commissioner of the Tennessee Department
of Safety, Case No. 2:09-cv-02287, filed on May 7, 2009 in the United States District Court for the
Western District of Tennessee, or the Lott Complaint; and (ii) Marylene Broadnax on behalf of
herself and all others similarly situated v. Swift Transportation Corporation, Case No.
09-cv-6486-7, filed on May 22, 2009 in the Superior Court of Dekalb County, State of Georgia, or
the Broadnax Complaint. While the Ham Complaint, the Pascarella Complaint, and the Lott Complaint
all were filed in federal district courts, the Broadnax Complaint was filed in state court. As with
all of these related complaints, we have filed an answer to the Lott Complaint and the Broadnax
Complaint. We also have filed a cross-claim against the Commissioner for a judicial declaration and
judgment that we did not engage in any wrongdoing as alleged in the complaint and a request for
injunctive relief to compel the Commissioner to redact any statements or publications that allege
wrongdoing by us and to issue corrective statements to any recipients of any such publications.

The Pascarella Complaint, the Lott Complaint, and the Broadnax Complaint are consolidated with
the Ham Complaint in the United States District Court for the Western District of Tennessee and
discovery is ongoing.

In connection with the above referenced class action lawsuits, on June 21, 2009, we filed a
Petition for Access to Public Records against the Commissioner. Since the inception of these class
action lawsuits, we have made numerous requests to the TDOS for copies of any records that may have
given rise to TDOS questioning the validity of CDLs issued by the State of Tennessee in connection
with the Swift Driving Academy located in the State of Tennessee. As a consequence of TDOS’s
failure to provide any such information, we filed a petition against TDOS for violation of
Tennessee’s Public Records Act. In response to our petition for access to public records, TDOS
delivered certain documents to us.

We intend to vigorously defend against certification of the class for all of the foregoing
class action lawsuits as well as the allegations made by the plaintiffs should the class be
certified. For the consolidated case described above, the issue of class certification must first
be resolved before the court will address the merits of the case, and we retain all of our defenses
against liability and damages pending a determination of class certification. Based on its
knowledge of the facts and advice of outside counsel, management does not believe the outcome of
this litigation is likely to have a material adverse effect on us; however, the final disposition
of this case and the impact of such final disposition cannot be determined at this time.

 

Schedule 5.07 - 2

 

Owner-operator misclassification class action

On December 22, 2009, a class action lawsuit was filed against Swift Transportation and IEL:
John Doe 1 and Joseph Sheer v. Swift Transportation Co., Inc., Interstate Equipment Leasing, Inc.,
Jerry Moyes, and Chad Killebrew, Case No. 09-CIV-10376 filed in the United States District Court
for the Southern District of New York, or the Sheer Complaint. The putative class involves
owner-operators alleging that Swift Transportation misclassifies owner-operators as independent
contractors in violation of the federal Fair Labor Standards Act, or FLSA, and various New York and
California state laws and that such owner-operators should be considered employees. The lawsuit
also raises certain related issues with respect to the lease agreements that certain
owner-operators have entered into with IEL. At present, in addition to the named plaintiffs, 160
other current or former owner-operators have joined this lawsuit. Upon our motion, the matter has
been transferred from the United States District Court for the Southern District of New York to the
United States District Court in Arizona. On May 10, 2010, plaintiffs filed a motion to
conditionally certify an FLSA collective action and authorize notice to the potential class
members. On June 23, 2010, plaintiffs filed a motion for a preliminary injunction seeking to enjoin
Swift and IEL from collecting payments from plaintiffs who are in default under their lease
agreements and related relief. On September 30, 2010, the District Court granted Swift’s motion to
compel arbitration and ordered that the class action be stayed pending the outcome of arbitration.
The Court further denied plaintiff’s motion for preliminary injunction and motion for conditional
class certification. The Court also denied plaintiff’s request to arbitrate the matter as a class.
We intend to vigorously defend against any arbitration proceedings. The final disposition of this
case and the impact of such final disposition cannot be determined at this time.

California employee driver class action

On March 22, 2010, a class action lawsuit was filed by John Burnell, individually and on
behalf of all other similarly situated persons against Swift Transportation: John Burnell and all
others similarly situated v. Swift Transportation Co., Inc., Case No. CIVDS 1004377 filed in the
Superior Court of the State of California, for the County of San Bernardino, or the Burnell
Complaint. On June 3, 2010, upon motion by Swift Transportation, the matter was removed to the
United States District Court for the Central District of California, Case No. EDCV10-00809-VAP. The
putative class includes drivers who worked for us during the four years preceding the date of
filing alleging that we failed to pay the California minimum wage, failed to provide proper meal
and rest periods, and failed to timely pay wages upon separation from employment. We intend to
vigorously defend certification of the class as well as the merits of these matters should the
class be certified. The final disposition of this case and the impact of such final disposition of
this case cannot be determined at this time.

 

Schedule 5.07 - 3

 

California owner-operator and employee driver class action

On July 1, 2010, a class action lawsuit was filed by Michael Sanders against Swift
Transportation and IEL: Michael Sanders individually and on behalf of others similarly situated v.
Swift Transportation Co., Inc. and Interstate Equipment Leasing, Case No. 10523440 in the Superior
Court of California, County of Alameda, or the Sanders Complaint. The putative class involves both
owner-operators and driver employees alleging differing claims against Swift and IEL. Many of the
claims alleged by both the putative class of owner-operators and the putative class of employee
drivers overlap the same claims as alleged in the Sheer Complaint with respect to owner-operators
and the Burnell Complaint as it relates to employee drivers. As alleged in the Sheer Complaint, the
putative class includes owner-operators of Swift during the four years preceding the date of filing
alleging that Swift misclassifies owner-operators as independent contractors in violation of the
federal FLSA and various California state laws and that such owner-operators should be considered
employees. As also alleged in the Sheer Complaint, the owner-operator portion of the Sanders

Complaint also raises certain related issues with respect to the lease agreements that certain
owner-operators have entered into with IEL. As alleged in the Burnell Complaint, the putative class
in the Sanders Complaint includes drivers who worked for us during the four years preceding the
date of filing alleging that we failed to provide proper meal and rest periods, failed to provide
accurate wage statements upon separation from employment, and failed to timely pay wages upon
separation from employment. The Sanders Complaint also raises two issues with respect to the
owner-operators and two issues with respect to drivers that were not also alleged as part of either
the Sheer Complaint or the Burnell Complaint. These separate owner-operator claims allege that
Swift failed to provide accurate wage statements and failed to properly compensate for waiting
times. The separate employee driver claims allege that Swift failed to reimburse business expenses
and coerced driver employees to
patronize the employer. The Sanders Complaint seeks to create two classes, one which is mostly
(but not entirely) encompassed by the Sheer Complaint, and another which is mostly (but not
entirely) encompassed by the Burnell Complaint. Upon our motion, the Sanders Complaint has been
transferred from the Superior Court of California for the County of Alameda to the United States
District Court for the Northern District of California. The Sanders matter is currently subject to
a stay of proceedings pending determinations in other unrelated appellate cases that seek to
address similar issues.

The issue of class certification must first be resolved before the court will address the
merits of the case, and we retain all of our defenses against liability and damages pending a
determination of class certification. We intend to vigorously defend against certification of the
class as well as the merits of this matter should the class be certified. The final disposition of
this case and the impact of such final disposition cannot be determined at this time.

 

Schedule 5.07 - 4

 

Schedule 5.08

Existing Subsidiaries

	 	 	 	 	 	 	 
	Loan Party	 	Subsidiary	 	Ownership Interest	 
	Swift Transportation Company*
	 	Swift Transportation Co., LLC	 	 	100	%
	 
	 	Interstate Equipment Leasing, LLC	 	 	100	%
	Swift Transportation Co., LLC
	 	Swift Transportation Co. of Arizona, LLC	 	 	100	%
	 
	 	Swift Services Holdings, Inc.	 	 	100	%
	Interstate Equipment Leasing, LLC*
	 	N/A	 	 	N/A	 
	Swift Transportation Co. of Arizona, LLC*
	 	M.S. Carriers, LLC	 	 	100	%
	
	 	Swift Intermodal, LLC	 	 	100	%
	 
	 	Estrella Distributing, LLC	 	 	100	%
	 
	 	Swift Transportation Co. of Virginia, LLC	 	 	100	%
	 
	 	Common Market Equipment Co., LLC	 	 	100	%
	 
	 	Swift Leasing Co., LLC	 	 	100	%
	 
	 	Mohave Transportation Insurance Company	 	 	100	%
	 
	 	Swift Academy LLC	 	 	100	%
	 
	 	Red Rock Risk Retention Group, Inc.	 	 	80	%
	Swift Leasing Co., LLC*
	 	Sparks Finance LLC	 	 	100	%
	Swift Transportation Services, LLC*
	 	Swift Logistics Mexico, S.A. de C.V.	 	 	100	%
	 
	 	Swift International S.A. de C.V.	 	 	100	%
	 
	 	Trans-Mex Inc., S.A. de C.V.	 	 	100	%
	 
	 	Swift Receivables Company II, LLC	 	 	100	%
	 
	 	TMX Administracion S.A. de C.V.	 	100% owned by Swift
	 
	 		 	International S.A. de C.V.

 

Schedule 5.08 - 1

 

	 	 	 	 	 	 	 
	Loan Party	 	Subsidiary	 	Ownership Interest	 
	Swift Transportation Co. of Virginia, LLC*
	 	N/A	 	 	N/A	 
	Swift Intermodal, LLC*
	 	N/A	 	 	N/A	 
	Common Market Equipment Co., LLC*
	 	N/A	 	 	N/A	 
	M.S. Carriers, LLC*
	 	Red Rock Risk Retention Group, Inc.	 	 	20	%
	Sparks Finance LLC*
	 	N/A	 	 	N/A	 
	Estrella Distributing, LLC*
	 	N/A	 	 	N/A	 
	Swift Services Holdings, Inc.*
	 	Swift Transportation Services, LLC1	 	 	100	%

 

	 	 	 
	1	 	Effective as of 1/3/11; prior to 1/3/11, Swift
Transportation Services, LLC will be a 100% owned direct subsidiary of
Swift Transportation Co. of Arizona, LLC

	 
	*	 	Guarantor

 

Schedule 5.08 - 2

 

Schedule 5.09

Real Property 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desc	 	L/O/CS	 	Location	 	Street Address	 	City, St. Zip	 	Notes	 	Mortgaged*
	Swift Yard

	 	Lease
	 	Albany, GA
	 	1534 Mock Road
	 	Albany, Georgia

31703	 	 	 	 
	Swift

	 	Own
	 	Albuquerque, NM*
	 	301 Airport Rd NW
	 	Albuquerque, NM

87109
	 	 	 	X
	Swift Yard

	 	Lease
	 	Antioch, TN
	 	4141 Murfreesboro

Road
	 	Antioch, TN	 	 	 	 
	Swift

	 	Own
	 	Avenel, NJ (Shop)
	 	943 Omar Avenue
	 	Avenel, NJ 07001
	 	 	 	X
	Swift Yard

	 	Lease
	 	Billings, MT
	 	1818 Minnesota Ave
	 	Billings, MT 59101	 	 	 	 
	Swift Yard

	 	Lease
	 	Brownsville, TX
	 	1385 Cheers St.
	 	Brownsville, TX

78521	 	 	 	 
	Swift

	 	Own/CS
	 	Buckeye, AZ 

(Lewis
Prison)
	 	26700 S. Highway 85
	 	Buckeye, AZ 85326
	 	Own Improvements on
Leased State of AZ
property inside
prison	 	 
	Swift Yard

	 	Lease
	 	Calexico, CA
	 	363 Nina Lee Road
	 	Calexico, CA 92231	 	 	 	 
	Swift Yard

	 	Lease
	 	Calgary Alberta

Canada
	 	4155 75th Ave SE
	 	Calgary Alberta

Canada	 	 	 	 
	Swift Yard

	 	Lease
	 	Calgary, AB Canada
	 	7530 114th Ave S.
East
	 	Calgary, AB Canada	 	 	 	 
	Swift Yard

	 	Lease
	 	Cheektowaga, NY
	 	1989 Harlem Rd
	 	Cheektowaga, NY

14212	 	 	 	 
	Swift Intermodal

	 	Lease
	 	Chicago, IL
	 	6205 W. 101st Street
	 	Chicago, IL 60686	 	 	 	 
	Swift Intermodal

	 	Lease
	 	Cicero, IL
	 	14th Street &

Cicero Ave
	 	Cicero, IL	 	 	 	 
	Swift Yard

	 	Lease
	 	Colorado City, TX
	 	2001 S. Hwy 208
	 	Colorado City, TX

79512	 	 	 	 
	Swift

	 	Own
	 	Columbus, OH
	 	4141 Park West Dr.
	 	Columbus, OH 43228
	 	 	 	X
	Swift

	 	Own
	 	Decatur, GA

(Atlanta)
	 	5250 Truman Drive
	 	Decatur, GA 30035
	 	 	 	X
	Swift

	 	Own
	 	Denver, CO
	 	4080 N. Rosemary Way
	 	Denver, CO 80216
	 	 	 	X
	Swift Yard

	 	Lease
	 	Denver, Colorado,

80207
	 	3988/3990 Ulster
	 	Denver, Colorado,

80207	 	 	 	 
	Swift Yard

	 	Lease
	 	East St. Louis, IL
	 	699 State Rt. 203
	 	East St. Louis, IL
62201-9908	 	 	 	 
	Swift

	 	Own
	 	Edwardsville, KS
	 	9000 Woodend Rd
	 	Edwardsville, KS

66111
	 	 	 	X
	Swift

	 	Own
	 	El Paso, TX
	 	1001 Diesel Drive
	 	El Paso, TX 79907
	 	 	 	X
	Swift

	 	Own
	 	Fontana, CA / Banana

Ave
	 	9951 Banana Ave
	 	Fontana, CA 92335
	 	 	 	X
	Swift

	 	Lease
	 	Fresno, CA
	 	4575 S. Chesnut Ave.
	 	Fresno, CA 93725	 	 	 	 

 

Schedule 5.09 - 1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desc	 	L/O/CS	 	Location	 	Street Address	 	City, St. Zip	 	Notes	 	Mortgaged*
	Swift

	 	Own
	 	Gary, IN
	 	6500 Industrial Hwy
	 	Gary, IN 46406
	 	 	 	X
	Swift Yard

	 	Lease
	 	Great Falls, MT
	 	1801 4th Ave NW
	 	Great Falls, MT

59403	 	 	 	 
	Swift

	 	Own
	 	Greer, SC
	 	2841 Old Woodruff Rd
	 	Greer, SC 29651
	 	 	 	X
	Swift

	 	Own
	 	Greer, SC (Truck

Trailer Shop)
	 	1875 Hwy 101 South
	 	Greer, SC 29651-7115
	 	 	 	X
	Swift

	 	Own
	 	Harrisburg, PA

(Jonestown)
	 	103 RRl Jonestown,

Box 1935
	 	Jonestown, PA 17038
	 	 	 	X
	Swift

	 	Lease
	 	Houston, TX

(Central Freight)
	 	5800 Mesa Dr
	 	Houston, TX

77028-4908	 	 	 	 
	Swift Yard

	 	Lease
	 	Indianapolis, IN
	 	2341 S. West St.
	 	Indianapolis, IN	 	 	 	 
	Swift

	 	Own
	 	Inver Grove Hts, MN
	 	11380 E Courthouse

Blvd
	 	INVR GRV HTS, MN

55077
	 	 	 	X
	Swift Yard

	 	Lease
	 	Kimball, Nebraska

69145
	 	701E. Third Street
	 	Kimball, Nebraska

69145	 	 	 	 
	Swift Yard

	 	Lease
	 	Kingman, KS (2nd
St.)
	 	230 W. Third St.

	 	Kingman, KS 67068
	 	 	 	
	
Swift

	 	
Own
	 	
Lancaster, TX
	 	
3250 N. Longhorn
	 	
Lancaster, TX 75134
	 	 	 	X
	M.S. Carriers

	 	Own
	 	Laredo, TX
	 	1101 Carrier Drive
	 	Laredo, TX 78045
	 	 	 	X
	M.S. Carriers

	 	Own
	 	Laredo, TX
	 	14210 Distribution

Ave
	 	Laredo, TX 78045	 	 	 	 
	Swift

	 	Own
	 	Lathrop, CA
	 	901 D’Arcy Parkway
	 	Lathrop, CA 95330
	 	 	 	X
	Swift

	 	Own-Imp. Only
	 	Lewiston, ID
	 	1616 6th Avenue, N.
	 	Lewiston, ID 83501	 	 	 	 
	Swift

	 	Lease
	 	Lewiston, ID

(Training Academy)
	 	1414 7th Ave. N
	 	Lewiston, ID 83501	 	 	 	 
	Swift Yard

	 	Lease
	 	Little Rock, AR
	 	8105 Zeuber Road
	 	Little Rock, AR

72206	 	 	 	 
	Swift Yard

	 	Lease
	 	Lubbock
	 	8214 Ash
	 	Lubbock, TX

79404-6303	 	 	 	 
	Swift

	 	Own
	 	Manteno, IL
	 	1215 N. Boudreau Rd
	 	Manteno, IL

60950-9383
	 	 	 	X
	M.S. Carriers

	 	Own
	 	Martinsburg, WV
	 	818 Corning Way
	 	Martinsburg, WV

25401-8404	 	 	 	 
	M.S. Carriers

	 	Own
	 	Memphis, TN / Brooks
Rd.
	 	3150 Starnes Cv
	 	Memphis, TN 38116
	 	 	 	X
	Swift

	 	Own
	 	Memphis, TN / Pilot
Dr.
	 	3961 Pilot Drive
	 	Memphis, TN 38118
	 	 	 	X
	Swift

	 	Lease
	 	Millington, TN

(Academy)
	 	7965 Veterans Pkwy

#108
	 	Millington, TN

38053-2512	 	 	 	 
	Swift

	 	Lease
	 	Millington, TN

(Singleton)
	 	8050 Singleton Ave
	 	Millington, TN 38053	 	 	 	 
	Swift

	 	Own
	 	Mira Loma, CA (Shop)
	 	11888 Mission Blvd
	 	Mira Loma, CA

91752-1003
	 	 	 	X
	Swift Yard

	 	Lease
	 	Muscatine, IA
	 	3206 Hershey Ave.
	 	Muscatine, IA 52761	 	 	 	 
	Swift Yard

	 	Lease
	 	N. Las Vegas, NV
	 	3038 Losee Rd
	 	North Las Vegas, NV

89030	 	 	 	 
	Swift

	 	Own
	 	Neenah, WI
	 	2476 American Drive
	 	Neenah, WI 54956	 	 	 	 

 

Schedule 5.09 - 2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desc	 	L/O/CS	 	Location	 	Street Address	 	City, St. Zip	 	Notes	 	Mortgaged*
	Swift

	 	Own
	 	New Boston, MI
(Detroit)
	 	24200 Bell
	 	Huron Township, MI

48164
	 	 	 	X
	Swift Private Lender

	 	 	 	Nogales, AZ

(Transmex)
	 	 	 	Nogales, AZ 85621	 	 	 	 
	Swift

	 	Own
	 	Ocala; FL
	 	2201 SW 57th Ave
	 	Ocala, FL 34474
	 	 	 	X
	Swift

	 	Own
	 	Oklahoma City, OK
	 	9400 NW 10
	 	Oklahoma City, OK

73127	 	 	 	 
	Swift

	 	Own
	 	Otay Mesa / San

Diego
	 	6933 Calle De Linea
	 	San Diego, CA

92154-8014	 	 	 	 
	Swift Yard

	 	Lease
	 	Pharr, TX
	 	901 E. Military Hwy
281
	 	Pharr, TX 78577	 	 	 	 
	Swift Office

	 	Lease
	 	Pharr, TX
	 	901 E. Military Hwy
281
	 	Pharr, TX 78577	 	 	 	 
	Swift Corp

	 	Own
	 	Phoenix, AZ
	 	2200 S. 75th Ave
	 	Phoenix, AZ 85043
	 	 	 	X
	Swift

	 	Own
	 	Richmond, VA
	 	2841 Charles City

Road
	 	Richmond, VA 23230
	 	 	 	X
	Swift

	 	Lease
	 	Richmond, VA
	 	5350-A Lewis Road
	 	Richmond, VA 23150	 	 	 	 
	Swift

	 	Own
	 	Salt Lake City, UT
	 	3720 W 800 S
	 	Salt Lake City, UT

84104-4565
	 	 	 	X
	Swift

	 	Lease
	 	San Antonio, TX

(Academy)
	 	5348 FM 1346
	 	San Antonio, TX

78220-1931	 	 	 	 
	Swift Yard

	 	Lease
	 	Shreveport, LA
	 	1401 Fullerton
	 	Shreveport, LA	 	 	 	 
	Swift

	 	Own
	 	Sparks, NV
	 	1455 Hulda Way
	 	Sparks, NY

89431-7124
	 	 	 	X
	Swift Yard

	 	Lease
	 	Spokane, WA 99216
	 	3808 N. Sullivan
Road
	 	Spokane, WA 99216	 	 	 	 
	Swift

	 	Lease
	 	St. Louis, MO
	 	6000 Hall St.
	 	St. Louis, MO 63147	 	 	 	 
	Swift

	 	Own
	 	Sumner, WA
	 	4720 142nd Avenue E
	 	Sumner WA 98390
	 	 	 	X
	Swift

	 	Own
	 	Syracuse, NY
	 	7470 Round Pond Rd
	 	Syracuse, NY

13212-3376
	 	 	 	X
	Swift

	 	Own
	 	Troutdale, OR
	 	2021 NW Sundial Rd
	 	Troutdale, OR 97060
	 	 	 	X
	Swift

	 	Lease
	 	Tucson, AZ (HDS)
	 	6251 S Wilmot Rd
	 	Tucson, AZ 85711	 	 	 	 
	Swift Yard

	 	Lease
	 	Wilkes Barre, PA
	 	109 South Diamond

Street
	 	Wilkes Barre, PA	 	 	 	 
	Swift

	 	Own
	 	Willows, CA
	 	1475 Highway 99 West
	 	Willows, CA 95988	 	 	 	 
	Swift

	 	Own
	 	Wilmington, CA
	 	221 E. D. Street
	 	Wilmington CA

90744-5911
	 	 	 	X
	Swift Yard

	 	Lease
	 	Windsor, CO 80550
	 	900 Metal 

Container
Crt
	 	Windsor, CO 80550	 	 	 	 
	Swift Yard

	 	Lease
	 	Zachary, LA
	 	17540 Barnett Road
	 	Zachary, LA 70791	 	 	 	 
	Swift

	 	Own
	 	Fontana, CA
	 	Vacant — Zac Parcel
	 	 	 	 	 	X
	Swift

	 	Own
	 	Sparks, NV
	 	LTL terminal
adjacent to
Terminal (Leased to
Estes Freight)
	 	 	 	 	 	X

 

Schedule 5.09 - 3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desc	 	L/O/CS	 	Location	 	Street Address	 	City, St. Zip	 	Notes	 	Mortgaged*
	Customer Sites Where Swift Leases	 	 	 	 	 	 	 	 	 	 
	Swift

	 	Lease/CS
	 	Bentonville, AR

(Walmart)
	 	208 North Walton
Blvd., Ste 7
	 	Bentonville, AR

72712
	 	Leases/CS -

Macaster, CA 

(Rite
Aid)	 	 
	Swift

	 	Lease/CS
	 	Casa Grande, AZ

(Walmart)
	 	58 S Thornton Rd
	 	Casa Grande, AZ

85222	 	 	 	 
	Swift

	 	Lease/CS
	 	Fort Worth, TX

(Super Target)
	 	5430 South Fwy.
	 	Fort Worth, TX 76115	 	 	 	 
	Swift

	 	Lease/CS
	 	Grandview, WA

(Walmart)
	 	545 Bethany Rd
	 	Grandview, WA

98930-9284	 	 	 	 
	Swift

	 	Lease/CS
	 	Los Lunas, NM
	 	670 Los Moreos Rd.
	 	Los Lunas, NM 87031	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Closed Terminals	 	 	 	 	 	 	 	 	 	 
	Swift

	 	Own
	 	Corsicana, TX
	 	1140 N. Hwy 45
	 	Corsicana, TX 75151	 	 	 	 
	Swift

	 	Own
	 	Eden, NC
	 	406 Summit Road
	 	Eden, NC 27288	 	 	 	 
	Swift

	 	Own
	 	Pueblo, CO
	 	4 Doane Place
	 	Pueblo, CO 81001	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Unimproved Land Owned	 	 	 	 	 	 	 	 	 	 
	Swift

	 	Own
	 	Phoenix, AZ
	 	Southwest Corner

75th Ave & Buckey
	 	Phoenix, AZ 85043
	 	 	 	X
	Swift

	 	Own
	 	Portland, OR
	 	Martin Luther King
Rd. & Race Track
	 	Portland, OR
	 	 	 	X
	Swift

	 	Own
	 	Oklahoma City, OK
	 	Southeast Corner

Council Rd & SW
	 	Oklahoma City, OK	 	 	 	 
	Swift

	 	Own
	 	Warren, OH
	 	Perkins-Jones Road
	 	Warren, OH	 	 	 	 
	Swift

	 	Own
	 	Richmond, VA
	 	Residence on small
lot adjacent to
terminal — Leased
to Swift Employee	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Mexico Properties	 	 	 	 	 	 	 	 	 	 
	M.S. Carriers
Logistics MX Corp.

	 	Own
	 	Monterrey, MX
	 	Drop Yard for

Transmex	 	 	 	 	 	 
	M.S. Carriers
Logistics

	 	Own
	 	Nuevo Laredo, MX
	 	Transmex Terminal
	 	 	 	 	 	X
	Swift Logistics 

MX
Corp

	 	Own
	 	Nogales, Sonora MX
	 	Property financed
by seller of
property.	 	 	 	 	 	 

 

Schedule 5.09 - 4

 

Schedule 5.11

Contingent Liabilities Under Welfare Plans

None.

 

Schedule 5.11 - 1

 

Schedule 5.12

Environmental Matters

On April 17, 2009, Holdings received a notice from the Lower Willamette Group, or LWG,
advising that there are a total of 250 potentially responsible parties, or PRPs, with respect to
alleged environmental contamination of the Lower Willamette River in Portland, Oregon designated as
the Portland Harbor Superfund site, or the Site, and that as a landowner at the Site we have been
asked to join a group of 60 PRPs and proportionately contribute to (i) reimbursement of funds
expended by LWG to investigate environmental contamination at the Site and (ii) remediation costs
of the same, rather than be exposed to potential litigation. We have not elected to join this
group to date. Although we do not believe we contributed any contaminants to the Site, we own
property at the Site and the Comprehensive Environmental Response, Compensation and Liability Act
imposes a standard of strict liability on property owners with respect to environmental claims.
Notwithstanding this standard of strict liability, we believe our potential proportionate exposure
to be minimal and not material. No formal complaint has been filed in this matter. Our pollution
liability insurer has been notified of this potential claim. We do not believe the outcome of this
matter is likely to have a material adverse effect on us. However, the final disposition of this
matter and the impact of such final disposition cannot be determined at this time.

 

Schedule 5.12 - 1

 

Schedule 5.19

Mortgage Filing Offices

	 	 	 	 	 	 	 
	PROPERTY	 	 	 	 	 	 
	LOCATION	 	COUNTY	 	CITY	 	STATE
	 
	Albuquerque, NM

	 	Bernalillo
	 	Albuquerque
	 	NM
	Avenal, NJ

	 	Middlesex
	 	Woodbridge
	 	NJ
	Columbus, OH

	 	Franklin
	 	Columbus
	 	OH
	Decatur, GA

	 	Dekalb
	 	Sycamore
	 	GA
	Denver, CO

	 	Denver
	 	Denver
	 	CO
	Edwardsville, KS

	 	Wyandotte
	 	Kansas City
	 	KS
	El Paso, TX

	 	El Paso
	 	El Paso
	 	TX
	Fontana, CA

	 	San Bernardino
	 	San Bernardino
	 	CA
	Gary, IN

	 	Lake
	 	Crown Point
	 	IN
	Greer, SC

	 	Spartenburg
	 	Spartenburg
	 	SC
	Harrisburg, PA

	 	Lebanon
	 	Lebanon
	 	PA
	Inver Grove Heights

	 	Dakota
	 	Hastings
	 	MN
	Lancaster, TX

	 	Dallas
	 	Dallas
	 	TX
	Laredo, TX

	 	Webb
	 	Laredo
	 	TX
	Lathrop, CA

	 	San Joaquin
	 	Stockton
	 	CA
	Manteno, IL

	 	Kankakee
	 	Kankakee
	 	IL
	Memphis, TN

	 	Shelby
	 	Memphis
	 	TN
	Mira Loma, CA

	 	Riverside
	 	Riverside
	 	CA
	New Boston, MI

	 	Huron
	 	Detroit
	 	MI
	Ocala, Fl

	 	Marion
	 	Ocala
	 	FL
	Phoenix, AZ

	 	Maricopa
	 	Phoenix
	 	AZ
	Portland, OR

	 	Multnoma
	 	Portland
	 	OR
	Richmond, VA

	 	Henrico
	 	Henrico
	 	VA
	Salt Lake City, UT

	 	Salt Lake
	 	Salt Lake City
	 	UT
	Sparks, NV

	 	Washoe
	 	Reno
	 	NV
	Sumner, WA

	 	Pierce
	 	Tacoma
	 	WA
	Syracuse, NY

	 	Onondaga
	 	Syracuse
	 	NY
	Troutdale, OR

	 	Multnoma
	 	Portland
	 	OR
	Wilmington, CA

	 	Los Angeles
	 	Los Angeles
	 	CA

 

Schedule 5.19 - 1

 

Schedule (c)

Existing Indebtedness

Indebtedness incurred in connection with that certain Receivables Sale Agreement, dated as of July
30, 2008, as amended, among Swift Receivables Corporation II, as the seller, Swift Transportation
Services, LLC, a Delaware limited liability company (formerly Swift Transportation Corporation, a
Nevada corporation) (“Swift Transportation Services”), as the initial collection agent,
Morgan Stanley, Wells Fargo Foothill, LLC and General Electric Capital Corporation, as collateral
agents for the purchasers, Wells Fargo Foothill, LLC, as administrative agent for the purchasers,
the purchasers from time to time party thereto and Morgan Stanley, as syndication agent, sole
bookrunner and lead arranger.

Indebtedness in an aggregate amount of $26,638,000 outstanding under the Existing Notes Indentures
and all Guarantees related thereto.

Intercompany loans listed on Schedule 7.13.

Certain Capitalized Leases of equipment with Lessors as described on Schedule 7.03(c) and
referenced below:

	 	 	 
	DEBTOR	 	CREDITOR/AGENT for CREDITOR
	Interstate Equipment Leasing, LLC (formerly Interstate Equipment Leasing, Inc.)
	 	Comerica Leasing Corporation
	M.S. Carriers, LLC (formerly M.S. Carriers, Inc.)
	 	Fleet Capital Corporation
	M.S. Carriers, LLC (formerly M.S. Carriers, Inc.)
	 	Fleet Capital Corporation
	M.S. Carriers, LLC (formerly M.S. Carriers, Inc.)
	 	Fleet Capital Corporation
	Swift Leasing Co., LLC (formerly Swift Leasing Co., Inc.)
	 	Fleet Capital Corporation
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	IBM Credit LLC
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	IBM Credit LLC
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	IBM Credit LLC
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	National City Commercial Capital Corporation
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	LaSalle National Leasing Corporation

 

Schedule 7.02 - 1

 

	 	 	 
	DEBTOR	 	CREDITOR/AGENT for CREDITOR
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	LaSalle National Leasing Corporation
	Swift Transportation Services, LLC (formerly Swift Transportation Corporation)
	 	LaSalle National Leasing Corporation
	Swift Transportation Services, LLC (formerly Swift Transportation Corporation)
	 	LaSalle National Leasing Corporation
	Swift Transportation Co., LLC (formerly Swift Transportation Co., Inc.)
	 	IOS Capital

 

Schedule 7.02 - 2

 

Government Surety Bonds as listed on the following chart:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BOND#	 	PRINCIPAL	 	OBLIGEE	 	DESCRIPTION	 	TYPE	 	BOND AMT	 	 	PREMIUM	 	 	EFFECTIVE	 	 	EXPIRATION
	070927010
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	CF301-International Carrier - Customs Bond #9908M2882	 	CU	 	$	50,000.00	 	 	$	1,250.00	 	 	 	07/29/2010	 	 	07/29/2011
	080905004
	 	TO SWIFT TRANSPORTATION CO. AZ, LLC	 	[*]	 	CF 301-Custodian of Bonded Goods - Customs Bond #9908S2490 IRS #86-026503000	 	CU	 	$	100,000.00	 	 	$	2,000.00	 	 	 	09/15/2009	 	 	09/14/2010
	100409007
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Instruments of International Traffic - Customs Bond #9910X3344	 	CU	 	$	50,000.00	 	 	$	1,000.00	 	 	 	04/29/2010	 	 	04/28/2011
	58656324
	 	MARCIA A. SCHMISKIE	 	[*]	 	Notary Public Bond for Marcia A. Schmiskie	 	NP	 	$	5,000.00	 	 	$	50.00	 	 	 	02/01/2009	 	 	01/31/2013
	58665762
	 	TERRY M. HURTADO	 	[*]	 	Arizona Notary Bond	 	NP	 	$	5,000.00	 	 	$	50.00	 	 	 	10/07/2009	 	 	10/06/2013
	6411448
	 	KELLY KELLY	 	[*]	 	State of Arizona Notary Public Bond for Kelly Kelly	 	NP	 	$	5,000.00	 	 	$	75.00	 	 	 	02/20/2007	 	 	02/19/2011
	6471228
	 	RENEE FONTES	 	[*]	 	State of Arizona Notary Public Bond for Renee Fontes	 	NP	 	$	5,000.00	 	 	$	75.00	 	 	 	06/25/2007	 	 	06/24/2011
	6471260
	 	MICHELLE A. WORLEY	 	[*]	 	State of Arizona Notary Public Bond for Michelle A. Worley	 	NP	 	$	5,000.00	 	 	$	75.00	 	 	 	04/12/2007	 	 	04/11/2011
	6510548
	 	PAMELA R. LYNN	 	[*]	 	State of Arizona Notary Public Bond for Pamela R. Lynn	 	NP	 	$	5,000.00	 	 	$	75.00	 	 	 	01/17/2008	 	 	01/16/2012
	K07786013
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Uniform Motor Carrier Bodily Injury and Property Damage Liability Surety Bond	 	LP	 	$	1,000,000.00	 	 	$	20,000.00	 	 	 	11/02/2009	 	 	11/02/2010

 

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

 

Schedule 7.02 - 3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BOND#	 	PRINCIPAL	 	OBLIGEE	 	DESCRIPTION	 	TYPE	 	BOND AMT	 	 	PREMIUM	 	 	EFFECTIVE	 	 	EXPIRATION
	K07786049
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Self-Insurance Aggregate	 	WC	 	$	200,000.00	 	 	$	4,000.00	 	 	 	12/09/2009	 	 	12/09/2010
	K08031125
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Toll Road Bond	 	GP	 	$	54,000.00	 	 	$	1,080.00	 	 	 	06/25/2010	 	 	06/25/2011
	K0803123A
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Private Education Bond	 	LP	 	$	7,123.04	 	 	$	142.00	 	 	 	08/01/2010	 	 	08/01/2011
	K08031241
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Highway Use Tax Bond	 	GP	 	$	10,000.00	 	 	$	200.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031277
	 	SWIFT TRANSPORTATION CO., OF ARIZONA, INC.	 	[*]	 	Property Broker’s Surety Bond Under 49 U.S.C. 13906	 	LP	 	$	10,000.00	 	 	$	200.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031289
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Bond for Permit Fee Account	 	GP	 	$	28,000.00	 	 	$	560.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031307
	 	SONYA BROWN, CREGE CARTER, LULA FUNCHES, AND CHRISTOPHER WATSON	 	[*]	 	Proprietary School and College Registration Blanket Agent Bond covering Sonya Brown, Crege Carter, Lula Funches and Christopher Watson.	 	LP	 	$	40,000.00	 	 	$	800.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031319
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Delivery Shipment Bond	 	PF	 	$	100,000.00	 	 	$	2,000.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031320
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Bond for the transportation of spirituous liquor	 	LP	 	$	1,000.00	 	 	$	100.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031332
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Covering any and all permits issued to principal for movements of excess loads over state highways.	 	LP	 	$	500,000.00	 	 	$	10,000.00	 	 	 	07/30/2010	 	 	07/30/2011
	K08031344
	 	SWIFT DRIVING ACADEMY	 	[*]	 	Commercial Driver Training School License Bond	 	LP	 	$	100,000.00	 	 	$	2,000.00	 	 	 	08/22/2010	 	 	08/22/2011

 

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

 

Schedule 7.02 - 4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BOND#	 	PRINCIPAL	 	OBLIGEE	 	DESCRIPTION	 	TYPE	 	BOND AMT	 	 	PREMIUM	 	 	EFFECTIVE	 	 	EXPIRATION
	K08031356
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Bond to guarantee toll charges	 	GP	 	$	5,900.00	 	 	$	118.00	 	 	 	08/22/2010	 	 	08/22/2011
	K0803137A
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Contract Bond for payment of fees and charges for movement of vehicles of excess size or weights over Arkansas roads or highways.	 	LP	 	$	1,000.00	 	 	$	100.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031381
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Over axle and over gross weight tolerance permit bond	 	LP	 	$	15,000.00	 	 	$	300.00	 	 	 	08/22/2010	 	 	08/22/2011
	K08031393
	 	BESS PADILLA-WINFIELD	 	[*]	 	Arizona Notary Bond	 	NP	 	$	5,000.00	 	 	$	100.00	 	 	 	09/16/2008	 	 	09/15/2012
	K0803140A
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Motor Vehicle Bond - 02 Chevrolet; Special Number Assigned AZ304504	 	LP	 	$	15,000.00	 	 	$	300.00	 	 	 	08/21/2010	 	 	08/21/2011
	K08031435
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	thruway bond	 	GP	 	$	2,500.00	 	 	$	100.00	 	 	 	09/18/2009	 	 	09/18/2010
	K08031459
	 	SWIFT DRIVING ACADEMY	 	[*]	 	Postsecondary Educational Institutions (Section 49-7-2013 TN Code Annotated)	 	LP	 	$	10,000.00	 	 	$	200.00	 	 	 	09/18/2009	 	 	09/18/2010
	K08031472
	 	SWIFT DRIVING ACADEMY	 	[*]	 	Commission on Proprietary School and College Registration	 	LP	 	$	50,000.00	 	 	$	1,000.00	 	 	 	09/18/2009	 	 	09/18/2010
	K08031502
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	turnpike toll	 	GP	 	$	250,000.00	 	 	$	5,000.00	 	 	 	09/18/2009	 	 	09/18/2010
	K08031514
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Permit Fee for oversized load moving	 	LP	 	$	1,000.00	 	 	$	100.00	 	 	 	09/18/2009	 	 	09/18/2010
	K08031526
	 	SWIFT DRIVING ACADEMY	 	[*]	 	Proprietary School Surety Bond	 	LP	 	$	100,000.00	 	 	$	2,000.00	 	 	 	11/22/2009	 	 	11/22/2010
	K08031599
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Fee & Tax Bond	 	GP	 	$	13,000.00	 	 	$	260.00	 	 	 	10/21/2009	 	 	10/21/2010

 

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

 

Schedule 7.02 - 5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BOND#	 	PRINCIPAL	 	OBLIGEE	 	DESCRIPTION	 	TYPE	 	BOND AMT	 	 	PREMIUM	 	 	EFFECTIVE	 	 	EXPIRATION
	K08232507
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Superheavy or Oversize Permit Bond	 	LP	 	$	10,000.00	 	 	$	200.00	 	 	 	09/01/2010	 	 	08/31/2011
	K08232581
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	New York Alcoholic Beverage Control Law	 	LP	 	$	1,000.00	 	 	$	100.00	 	 	 	01/01/2010	 	 	12/31/2010
	K08232635
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Bond of Permit Carrier	 	LP	 	$	1,000.00	 	 	$	100.00	 	 	 	01/01/2010	 	 	12/31/2010
	K0823307A
	 	M.S. CARRIER, LLC	 	[*]	 	Property Broker’s Surety Bond	 	LP	 	$	10,000.00	 	 	$	200.00	 	 	 	04/10/2010	 	 	04/10/2011
	K08309553
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	PrePass Financial Guarantee Bond	 	GP	 	$	3,160,000.00	 	 	$	63,200.00	 	 	 	06/25/2010	 	 	06/25/2011
	K08309838
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Scrap Tire Hauler Bond	 	GP	 	$	10,000.00	 	 	$	200.00	 	 	 	10/12/2009	 	 	10/12/2010
	K08309930
	 	KIM GRAYBEAL	 	[*]	 	Notary Public Bond for Kim Graybeal	 	NP	 	$	5,000.00	 	 	$	75.00	 	 	 	11/06/2009	 	 	11/06/2013
	K08309978
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Lease Agreement Bond	 	GP	 	$	33,672.00	 	 	$	673.00	 	 	 	12/01/2009	 	 	12/01/2010
	K08407496
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Bond for payment of special permit fees & charges for movement of vehicles of excess weight & dimensions on LA highways	 	LP	 	$	1,000.00	 	 	$	100.00	 	 	 	03/29/2010	 	 	03/29/2011
	K0840771A
	 	M  S CARRIERS LLC	 	[*]	 	Highway Use Tax Bond	 	LP	 	$	2,000.00	 	 	$	100.00	 	 	 	04/30/2010	 	 	04/30/2011
	K08407794
	 	SWIFT TRANSPORTATION CO., OF ARIZONA LLC	 	[*]	 	Vehicle Dealer Bond	 	LP	 	$	100,000.00	 	 	$	2,000.00	 	 	 	05/25/2010	 	 	05/25/2011
	K08407873
	 	MONICA ESPINOZA	 	[*]	 	Notary Bond for Monica Espinoza	 	NP	 	$	5,000.00	 	 	$	100.00	 	 	 	06/29/2010	 	 	06/28/2014

 

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

 

Schedule 7.02 - 6

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BOND#	 	PRINCIPAL	 	OBLIGEE	 	DESCRIPTION	 	TYPE	 	BOND AMT	 	 	PREMIUM	 	 	EFFECTIVE	 	 	EXPIRATION
	LPM8756493
	 	SWIFT TRANSPORTATION CO., OF ARIZONA, LLC	 	[*]	 	Self-Insurance Aggregate Surety Bond	 	WC	 	$	2,236,000.00	 	 	$	47,028.00	 	 	 	03/01/2010	 	 	03/01/2011
	LPM8756496
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Self-Insurance Workers’ Compensation Bond	 	WC	 	$	3,000,000.00	 	 	$	52,500.00	 	 	 	03/01/2010	 	 	03/01/2011
	LPM8828049
	 	SWIFT TRANSPORTATION CO., INC.	 	[*]	 	Self-Insurance Workers’ Compensation Guaranty Bond	 	WC	 	$	3,188,125.00	 	 	$	55,792.00	 	 	 	05/24/2010	 	 	05/24/2011
	LPM8828088
	 	SWIFT DRIVING ACADEMY	 	[*]	 	Bond of Out-of-State Private Occupational School Agent	 	LP	 	$	50,000.00	 	 	$	300.00	 	 	 	06/06/2010	 	 	06/06/2011
	 
	 
	 	 	 	 	 	 	 	Grand Total:	 	$	14,561,320.04	 	 	$	277,978.00	 	 	 	 	 	 	Total Bonds: 49
	 
	 	 	 	 	 	$8,424,125.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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

 

Schedule 7.02 - 7

 

Schedule 7.03(c)

Existing Liens

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	DCFS USA LLC
	 	 	200212079504	 	 	3/7/2002

Amended:
9/2/2009
	 	All new and used motor vehicles financed by and leased by secured party
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	Comerica Leasing Corporation
	 	 	200212457808	 	 	12/31/2002
Cont:
12/4/2007
	 	Cessna aircraft
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	Key Equipment Finance, a division of Key Corporate
Capital Inc.
	 	 	200312492483	 	 	1/29/2003

Cont: 
12/13/07
	 	30 freightliner tractors
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	DCFS USA LLC
	 	 	200312880121	 	 	11/3/2003

Cont:
5/8/2008
	 	Freightliner tractors
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	PACCAR Financial Corp.
	 	 	200413091891	 	 	3/25/2004
	 	Leased Kenmore tractors
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	DCFS USA LLC
	 	 	200413255446	 	 	8/5/2004

Cont:
9/2/2009
	 	All new and used motor vehicles financed and leased by secured party
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200513532422	 	 	2/11/2005
	 	Master lease agreement collateral

 

Schedule 7.03 - 1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200513532977	 	 	2/14/2005
	 	Master lease agreement collateral
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200513533070	 	 	2/15/2005
	 	Master lease agreement collateral
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	Paccar Financial Corp.
	 	 	200513765149	 	 	7/25/2005

Cont:
4/8/2010
	 	All chattel paper and leases between debtor and its customers
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200513789443	 	 	10/6/2005
	 	In lieu statement
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200513932595	 	 	12/30/2005
	 	Leased aircraft
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200513932608	 	 	12/30/2005
	 	Leased aircraft
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200714610616	 	 	1/5/2007
	 	Leased equipment

 

Schedule 7.03 - 2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200714641486	 	 	1/23/2007
	 	Leased equipment
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200714641975	 	 	1/24/2007
	 	Equipment
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	General Electric Capital Corporation
	 	 	200714641986	 	 	1/24/2007
	 	Leased equipment
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	Daimler Trust
	 	 	200714996406	 	 	9/18/2007
	 	Motor vehicles
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	Daimler Trust
	 	 	200715026858	 	 	10/2/2007
	 	Tractors and freightliners
	Interstate Equipment Leasing, Inc.

	 	AZ/SOS
	 	VFS Leasing Co.
	 	 	200715142086	 	 	11/20/2007
	 	Leased equipment
	Interstate Equipment Leasing, LLC

	 	DE/SOS
	 	DCFS USA LLC
	 	 	2010 1440217	 	 	4/26/2010
	 	Motor vehicles
	Interstate Equipment Leasing, LLC

	 	DE/SOS
	 	Daimler Trust
	 	 	2010 1440332	 	 	4/26/2010
	 	Motor vehicles

 

Schedule 7.03 - 3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Interstate Equipment Leasing, LLC

	 	DE/SOS
	 	VFS Leasing Co.
	 	 	2010 2610941	 	 	7/27/2010
	 	Volvo trucks
	M.S. Carriers, Inc.

	 	TN/SOS
	 	PNC Leasing, LLC
	 	 	993-058627	 	 	11/10/99

Cont:
11/2/2004
	 	Material lease agreement collateral
	M.S. Carriers, Inc.

	 	TN/SOS
	 	PNC Leasing, LLC
	 	 	992-058628	 	 	11/10/99

Cont:
11/2/2004
	 	Leased equipment
	M.S. Carriers, Inc.

	 	TN/SOS
	 	Fleet Capital Corporation
	 	 	300-060262	 	 	5/20/2005
	 	Leased Lufkin and Trailmobile trailers
	Sparks Finance, Inc.

	 	NV/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007027337-0	 	 	8/22/2007
	 	Leased Equipment
	Sparks Finance, Inc.

	 	NV/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007027488-9	 	 	8/23/2007
	 	Leased Equipment
	Sparks Finance, Inc.

	 	NV/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007028674-5	 	 	8/31/2007
	 	Leased Equipment
	Sparks Finance, Inc.

	 	NV/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007030201-8	 	 	9/14/2007
	 	Leased Equipment

 

Schedule 7.03 - 4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Sparks Finance, Inc.

	 	NV/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007031091-4	 	 	9/21/2007
	 	Leased Equipment
	Sparks Finance, Inc.

	 	NV/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007031992-4	 	 	9/28/2007
	 	Leased Equipment
	Sparks Finance LLC

	 	DE/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007 3401949	 	 	9/7/2007
	 	Volvo trucks
	Sparks Finance LLC

	 	DE/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007 3486874	 	 	9/14/2007
	 	Volvo trucks
	Sparks Finance LLC

	 	DE/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007 3487476	 	 	9/14/2007
	 	Volvo Trucks
	Sparks Finance LLC

	 	DE/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007 3576625	 	 	9/21/2007
	 	Volvo trucks
	Sparks Finance LLC

	 	DE/SOS
	 	Citicapital Commercial Leasing Corporation
	 	 	2007 3666046	 	 	9/28/2007
	 	Volvo trucks
	Sparks Finance LLC

	 	DE/SOS
	 	VFS Leasing Co.
	 	 	2007 4384342	 	 	11/16/2007
	 	Leased Volvo trucks

 

Schedule 7.03 - 5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Sparks Finance LLC

	 	DE/SOS
	 	Navistar Financial Corporation
	 	 	2010 3174046	 	 	9/13/2010
	 	Trucks and trailers
	Sparks Finance LLC

	 	DE/SOS
	 	Navistar Financial Corporation
	 	 	2010 3174079	 	 	9/13/2010
	 	Trucks and trailers
	Swift Intermodal Ltd.

	 	NV/SOS
	 	Wells Fargo Foothill, LLC, as Administrative Agent
	 	 	2008023767-9	 	 	7/30/2008
	 	Receivables
	Swift Intermodal, LLC

	 	DE/SOS
	 	Wells Fargo Capital Finance, Inc., as Administrative Agent
	 	 	2010 1365307	 	 	4/20/2010
	 	Receivables and all collections and proceeds thereon
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	BA Leasing & Capital Corporation
	 	 	01087690	 	 	10/7/1999

Cont:
4/14/2006
	 	Leased property
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	DCFS USA LLC
	 	 	01101094	 	 	1/19/2000

Cont: 
7/27/10
	 	Motor vehicles
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	Fleet Capital Corporation (for itself and/or as Agent)
	 	 	01128495	 	 	7/5/2000

Cont:
5/22/06
	 	Leased freightliner tractors
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	BA Leasing & Capital Corporation
	 	 	200513771341	 	 	8/22/2005
	 	Leased Wabush trailers

 

Schedule 7.03 - 6

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	Daimler Trust
	 	 	200715010792	 	 	9/28/2007
	 	Motor vehicles
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	VFS Leasing Co.
	 	 	200715156242	 	 	11/29/2007
	 	Motor vehicles
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	Wells Fargo Foothill, LLC
	 	 	200815499759	 	 	7/30/2008
	 	Receivables and all collections and proceeds thereon
	Swift Leasing Co., Inc.

	 	AZ/SOS
	 	BNY Mellon Trust of Delaware
	 	 	200915681515	 	 	1/5/2009

Cont:
8/6/2010
	 	Trucks and trailers
	SWIFT LEASING CO., LLC

	 	DE/SOS
	 	Wells Fargo Capital Finance, LLC, as Administrative Agent
	 	 	2010 1365356	 	 	4/20/2010
	 	Receivables and all collections and proceeds thereon
	SWIFT LEASING CO., LLC

	 	DE/SOS
	 	DCFS USA LLC
	 	 	2010 1439979	 	 	4/26/2010
	 	Motor vehicles
	SWIFT LEASING CO., LLC

	 	DE/SOS
	 	Daimler Trust
	 	 	2010 1440092	 	 	4/26/2010
	 	Motor vehicles
	SWIFT LEASING CO., LLC

	 	DE/SOS
	 	Navistar Leasing Company
	 	 	2010 1804818	 	 	5/21/2010
	 	Trucks, trailers and all attachments

 

Schedule 7.03 - 7

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	SWIFT LEASING CO., LLC

	 	DE/SOS
	 	Navistar Financial Corporation
	 	 	2010 2187114	 	 	6/23/2010
	 	Trucks, trailers and all attachments
	SWIFT LEASING CO., LLC

	 	DE/SOS
	 	VFS Leasing Co.
	 	 	2010 2610925	 	 	7/27/2010
	 	Leased Volvo trucks
	Swift Transportation Co. of
Arizona, LLC

	 	DE/SOS
	 	DCFS USA LLC
	 	 	2010 1442262	 	 	4/26/2010
	 	Motor vehicles
	Swift Transportation Co. of
Arizona, LLC

	 	DE/SOS
	 	Daimler Trust
	 	 	2010 1442395	 	 	4/26/2010
	 	Motor vehicles
	Swift Transportation Co. of
Arizona, LLC

	 	DE/SOS
	 	VFS Leasing Co.
	 	 	2010 2610933	 	 	7/27/2010
	 	Volvo trucks
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	IBM Credit LLC
	 	 	200513806616	 	 	8/26/2005
	 	Leased equipment
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	National City Commercial Capital Corporation
	 	 	200614449300	 	 	9/26/2006
	 	Leased equipment
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	Daimler Trust
	 	 	200715010043	 	 	9/28/2007
	 	Motor vehicles

 

Schedule 7.03 - 8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	DaimlerChrysler Financial Services Americas LLC
	 	 	200715010270	 	 	9/28/2007
	 	Motor vehicles
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	DCFS USA LLC
	 	 	200715010918	 	 	9/28/2007
	 	Motor vehicles
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	IBM Credit LLC
	 	 	200715015822	 	 	10/2/2007
	 	Leased equipment
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	VFS Leasing Co.
	 	 	200715142031	 	 	11/20/2007
	 	Volvo trucks
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	Crown Credit Company
	 	 	200915782722	 	 	4/29/2009
	 	1 Hamtech lift truck and 1 Cascade bale clamp
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	IBM Credit LLC
	 	 	200915859644	 	 	7/6/2009
	 	Leased equipment
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	Mart Financial Group Inc.
	 	 	200915867031	 	 	7/13/2009
	 	4 PWIII water filtration units
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	Deere & Company
	 	 	200915872505	 	 	7/16/2009
	 	John Deere compact utility trailer, John Deere loader, Frontier Rotary
Flail Cutter, Frontier Box Scraper/Box Blade, Frontier Pallet forks,
and all attachments and accessories

 

Schedule 7.03 - 9

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Swift Transportation Co., Inc.

	 	AZ/SOS
	 	Milestone Equipment Corporation
	 	 	200915906755	 	 	9/3/2009
	 	Leased equipment
	Swift Transportation Co., Inc.

	 	NV/SOS
	 	LaSalle National Leasing Corporation
	 	 	2003020350-3	 	 	7/29/2003

Cont:
7/25/2008
	 	International tractors
	Swift Transportation Co., Inc.

	 	NV/SOS
	 	LaSalle National Leasing Corporation
	 	 	2003020351-5	 	 	7/29/2003

Cont:
7/25/2008
	 	Great Dane dry van trailers
	Swift Transportation Co., Inc.

	 	NV/SOS
	 	IOS Capital
	 	 	2006035690-6	 	 	10/25/2006
	 	Leased Equipment
	Swift Transportation Co., Inc.

	 	NV/SOS
	 	VFS Leasing Co.
	 	 	2007038732-1	 	 	11/20/2007
	 	Leased equipment
	Swift Transportation Co., Inc.

	 	NV/SOS
	 	Wells Fargo Foothill, LLC, as Administrative Agent
	 	 	2008023766-7	 	 	7/30/2008
	 	Receivables

 

Schedule 7.03 - 10

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	State/	 	 	 	 	 	 	 	 
	Debtor Name	 	Filing Office	 	Secured Party	 	File Number	 	File Date	 	Collateral Description
	Swift Transportation Co., Inc.

	 	NV/SOS
	 	Cisco Systems Capital Corporation
	 	 	2009007073-0	 	 	3/19/2009
	 	Leased equipment
	Swift Transportation Corporation

	 	NV/SOS
	 	LaSalle National Leasing Corporation
	 	 	2003020350-3	 	 	7/29/2003

Cont:
7/25/2008
	 	International tractors
	Swift Transportation Corporation

	 	NV/SOS
	 	LaSalle National Leasing Corporation
	 	 	2003020351-5	 	 	7/29/2003
	 	Great Dane dry van trailers
	Swift Transportation Corporation

	 	NV/SOS
	 	IOS Capital
	 	 	2006035690-6	 	 	10/25/2006
	 	Leased equipment
	Swift Transportation Corporation

	 	NV/SOS
	 	VFS Leasing Co.
	 	 	2007038732-1	 	 	11/20/2007
	 	Volvo trucks
	Swift Transportation Corporation

	 	NV/SOS
	 	Wells Fargo Foothill, LLC, as Administrative Agent
	 	 	2008023766-7	 	 	7/30/2008
	 	Receivables
	Swift Transportation Corporation

	 	NV/SOS
	 	Cisco Systems Capital Corporation
	 	 	2009007073-0	 	 	3/19/2009
	 	Leased equipment
	Swift Transportation Services, LLC

	 	DE/SOS
	 	Wells Fargo Capital Finance, LLC, as Administrative Agent
	 	 	2010 1365273	 	 	4/20/2010
	 	Receivables, collections, interest and proceeds thereon

 

Schedule 7.03 - 11

 

Schedule 7.05(a)

Existing Investments

Intercompany loans listed on Schedule 7.13.

Swift Transportation Co., LLC owns a 35.3% equity interest in Asphalt Media, Inc.

Swift Transportation Co. of Arizona, LLC owns a 49% interest in Diverse Logistics and
Transportation, Inc.

Swift Transportation Co. of Arizona, LLC owns a 9% interest in dHybrid, Inc.

Loans by Interstate Equipment Leasing, LLC in the amount of $9,733,376 as of December 6, 2010, to
finance the purchase of motor vehicles by owner-operators.

	 	 	 	 	 	 	 
	Description	 	11/30/10 Balance Sheet	 	 	Explanation
	Notes Receivable —
Student Loans

	 	$	2,792,627	 	 	This balance is the
total of loans and
advances made to
Swift Transportation
Co. of Arizona, LLC
Drivers who attended
driving school.
	Receivable — Loss
Reserves — Ceded

	 	$	13,502,970	 	 	Swift Transportation
Co. of Arizona, LLC
sold a portion of its
claims to its captive
insurance company,
Mohave Transportation
Insurance Company,
who, in turn, sold
the claims to Nexus
Re. This balance
represents a
receivable on
Mohave’s books from
Nexus Re.
	Security Deposits

	 	$	12,338,488.75	 	 	This balance
represents security
deposits Swift
Transportation Co. of
Arizona, LLC has paid
to vendors/customers
that it expects to
recover after various
periods of time. The
deposits relate to
such items as
insurance, rent, etc.
	Cash Value Life
Insurance

	 	$	988,358.64	 	 	M.S. Carriers, LLC
holds cash value life
insurance policies on
certain of its
members of prior
management team. The
policies include a
cash value feature.
	Investment in Asphalt
Media

	 	$	0	 	 	Swift Transportation
Co., LLC holds an
equity interest in
Asphalt Media in
which a gain/loss is
recorded based on
Asphalt Media’s net
income.
	Driver Advances

	 	$	661,000	 	 	Swift Transportation
Co. of Arizona, LLC
advances money to its
drivers for various
travel expenses for
which Swift records a
receivable. This
balance is net of the
portion that is
deemed uncollectible.
	Owner Operator
Advances

	 	$	1,546,000	 	 	Swift Transportation
Co. of Arizona, LLC
advances money to its
owner operators for
various travel
expenses for which
Swift records a
receivable. This
balance is net of the
portion that is
deemed uncollectible.
	Employee Advances

	 	$	433,000	 	 	Swift Transportation
Co. of Arizona, LLC
advances money to its
employees for various
reasons for which
Swift records a
receivable. This
balance is net of the
portion that is
deemed uncollectible.

 

Schedule 7.05(a) - 1

 

Schedule 7.13

Permitted Transactions with Affiliates

Swift Aviation Services, Inc. and Swift Air, Inc., corporations wholly-owned by Jerry Moyes,
provide air transportation services to Swift Transportation Co., Inc.

Swift Transportation Co., Inc. obtains legal services from Scudder Law Firm, P.C. Earl Scudder, a
director of Swift until July 20, 2010, is a member of Scudder Law Firm.

Transactions with Moyes-Affiliated Entities

We provide and receive freight services, facility leases, equipment leases, and other
services, including repair and employee services to and from several companies controlled by and/or
affiliated with Mr. Moyes. Competitive market rates based on local market conditions are used for
facility leases.

The rates we charge for freight services to each of these companies for transportation
services are market rates, which are comparable to what we charge third-party customers. The
transportation services we provide to affiliated entities provide us with an additional source of
operating revenue at our normal freight rates. Freight services received from affiliated entities
are brokered out at rates lower than the rate charged to the customer, therefore allowing us to
realize a profit. These brokered loads make it possible for us to provide freight services to
customers even in areas that we do not serve, providing us with an additional source of income.

Other services that we provided to Moyes-affiliated entities included employee services
provided by our personnel, including accounting-related services and negotiations for parts
procurement, repair and other truck stop services, and other services. The daily rates we charge
for employee-related services reflect market salaries for employees performing similar work
functions. Other payments we make to and receive from Moyes-affiliated entities include fuel tank
usage, employee expense reimbursement, executive air transport, and miscellaneous repair services.

Central Freight Lines. Inc.

Mr. Moyes and the Moyes Affiliates are the principal stockholders of Central Freight Lines,
Inc., or Central Freight. For the year ended December 31, 2009, the services we provided to Central
Freight included $3.9 million for freight services and $0.7 million for facility leases. For the
same period; the services we received from Central Freight included $0.1 million for freight
services and $0.4 million for facility leases. As of December 31, 2009, amounts owed to us by
Central Freight totaled $1.2 million.

For the year ended December 31, 2008, the services we provided to, Central Freight included
$18.8 million for freight services and $0.8 million for facility leases. For the same
period, the services received from Central Freight included $0.5 million for facility leases.
As of December 31, 2008, amounts owed to us by Central, Freight totaled $0.8 million.

 

Schedule 7.13 - 1

 

For the year ended December 31, 2007, the services we provided to Central Freight included
$8.0 million for freight services, $0.5 million for facility leases, and $0.2 million for equipment
leases. For the same period, the services we received from Central Freight included $0.2 million
for facility leases.

In 2006, IEL, which later became our wholly-owned subsidiary, leased 94 tractors financed by
Daimler Chrysler to Central Freight. The total amount of the lease was $5.3 million, payable in 50
monthly installments. On May 4, 2007, the lease agreement was terminated and the related note
payable was transferred to Central Freight to assume the remaining payments owed to Daimler
Chrysler. However, according to the transfer contract, Swift remains liable for the note payable
should Central Freight default on the agreement. In 2007, Swift received $0.2 million in connection
with the lease. There were no amounts owed to us at December 31, 2009 and 2008 related to the
lease.

Central Refrigerated Holdings, LLC

Mr. Moyes and the Moyes Affiliates are the members of Central Refrigerated Holdings, LLC, or
Central Holdings. For the year ended December 31, 2009, the services we provided to Central
Refrigerated Service, Inc., or Central Refrigerated, an indirect subsidiary of Central Holdings,
included $0.2 million for freight services. For the same period, the services we received from
Central Refrigerated included $1.9 million for freight services.

For the year ended December 31, 2008, the services we provided to Central Refrigerated
included $0.3 million for freight services. For the same period, the services we received from
Central Refrigerated included $0.6 million for freight services.

For the year ended December 31, 2007, the services we provided to Central Refrigerated
included $0.7 million for freight services and $0.4 million for equipment leases discussed below.

IEL, which later became our wholly-owned subsidiary, entered into equipment lease agreements
with Central Refrigerated in May 2002, and with Central Leasing, Inc., or Central Leasing, an
indirect subsidiary of Central Holdings, in February 2004. The leases were terminated on July 11,
2007. Upon termination, several tractors under the agreements were purchased by Central
Refrigerated and Central Leasing, while the remaining tractors were returned to us. In 2007, we
received $0.4 million in connection with these leases. No amounts were due to us as of December,
31, 2009 and 2008 for the equipment lease or equipment purchase.

In addition, in the second quarter of 2009, we entered into a one-time agreement with Central
Refrigerated to purchase 100 model year 2001-2002 Utility refrigerated trailers. The purchase price
paid for the trailers was comparable to the market price of similar model year utility trailers
according to the most recent auction value guide at the time of the sale. The total amount that we
paid to Central Refrigerated for the equipment was $1.2 million. There was no
further amount due to Central Refrigerated for the purchase of the trailers as of December 31,
2009.

 

Schedule 7.13 - 2

 

In addition to the above referenced transactions, Central Refrigerated will acquire a
membership Interest in Red Rock Risk Retention Group (Swift’s subsidiary captive insurance entity)
for a $100,000 capital investment in order to participate in a common interest motor carrier risk
retention group, which required the, participation by a second carrier, through which Central
Refrigerated will also insure up to $2 million in auto liability claims. Under this auto liability
insurance policy, Central Refrigerated will be responsible for the first $1 million in claim& and
25% of any claims between $1 million and $2 million, with Red Rock insuring 75% of any claims in
this $1 million to $2 million layer. Central Refrigerated will obtain insurance from other
third-party carriers for claims in excess of $2 million. Red Rock will provide this coverage to
Central Refrigerated for an annual premium of approximately $500,000. After reasonable
investigation and market analysis, the terms of Central Refrigerated’s participation in Red Rock
and the pricing of the auto liability coverage provided thereunder is comparable to the market
price of similar insurance coverage offered by third-party carriers in the industry. The inclusion
of the similar risk of this third party supports the standing of our risk retention group with the
insurance regulators.

Transpay

IEL contracts its employees from a third party, Transpay, Inc., or Transpay, which is
partially owned by Mr. Moyes. Transpay is responsible for all payroll-related liabilities and
employee benefits administration for IEL. For the years ended December 31, 2009, 2008, and 2007, we
paid Transpay $1.0 million, $1.0 million, and $2.0 million, respectively, for the employee services
and administration fees. As of December 31, 2009 and 2008, we had no outstanding balance owing to
Transpay for these services.

Swift Motor Sports

Swift Motor Sports, a company affiliated with Mr. Moyes, is obligor on a $1.5 million with,
wholly-owned subsidiary, IEL, as of September 30, 2010. The note accrues interest at 7.0% per annum
with monthly installments of principal and accrued interest equal to $38,000 through October 10,
2013 when the remaining balance is due. This note is guaranteed by Mr. Moyes. From January 1, 2009
through September 30, 2010, Swift Motor Sports paid Swift $798,000 in principal and interest
related to the note receivable. Prior to the consummation of this offering, the note will be
cancelled or retired.

Other affiliated entities

For the year ended December 31, 2009, the services provided by us to other affiliated entities
of Mr. Moyes, including SME Industries, Inc. and Swift Air LLC, included $0.3 million for freight
services. For, the same period, the services received by Swift from these other affiliated entities
included $0.1 million for other services.

For the year ended December 31, 2008, the services that we provided to these other affiliated
entities included $0.5 million for freight services.

 

Schedule 7.13 - 3

 

The following intercompany transactions/loans with entities which are not Loan Parties:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Referred
	 	 	 	 	 	 	to on
	 	 	Balance as of	 	 	 	Schedule
	Affiliates	 	11/30/2010	 	Description	 	7.05(a)
	 
	Swift
Transportation Co.
of Arizona, LLC and
TransMex

	 	$10 million note
receivable from
TransMex
	 	TransMex borrows
funds from time to
time from Swift
Transportation Co.
of Arizona, LLC for
the purchase of new
tractors and for
general working
capital needs.
	 	X
	 
	 	 	 	 	 	 
	Swift
Transportation
Services, LLC and
TransMex

	 	$1.7 million
payable to TransMex
for services
performed
	 	TransMex hauls
freight for Swift
Transportation
Services, LLC in
Mexico.	 	 
	 
	 	 	 	 	 	 
	Swift
Transportation Co.
of Arizona, LLC and
Swift Logistics
Mexico

	 	$1.8 million note
Receivable from
Swift Logistics
Mexico. (Face
amount of the note
is $18.1 million.)
	 	This note
represents the
amount funded by
Swift
Transportation Co.
of Arizona, LLC for
the cost of
construction and/or
purchase of the
Nuevo Laredo,
Tijuana and
Monterrey
terminals.
	 	X
	 
	 	 	 	 	 	 
	Swift
Transportation
Services, LLC and
Swift Logistics
Mexico

	 	$2.4 million
payable to Swift
Logistics Mexico
	 	This balance
represents Swift
Logistics Mexico’s
fee for collecting
trade receivables
from Swift
Transportation
Services’ Mexico
customers.	 	 
	 
	 	 	 	 	 	 
	Swift
Transportation Co.
of Arizona, LLC and
Mohave
Transportation
Insurance Company

	 	$7.7 million
payable to Mohave
Transportation
Insurance Company
	 	This balance is the
“net” balance owed
to Mohave for
insurance premiums,
payroll, legal fees
and management fees
for Swift
Transportation Co.
of Arizona, LLC.	 	 
	 
	 	 	 	 	 	 
	Swift
Transportation Co.
of Arizona, LLC and
Red Rock Risk
Retention Group

	 	$5.8 million
payable to Red Rock
Risk Retention
Group
	 	This balance is the
“net” balance owed
to Red Rock for
insurance premiums,
payroll, legal fees
and management fees
for Swift
Transportation Co.
of Arizona, LLC.	 	 
	 
	 	 	 	 	 	 
	TransMex, Inc. and
Swift Leasing Co.,
LLC

	 	TransMex leases
trucks from Swift
Leasing.
	 	TransMex, as
lessee, leases
approximately 113
border crossing
trucks from Swift
Leasing, as lessor.
	 	X

 

Schedule 7.13 - 4

 

Schedule 10.02

Administrative Agent’s Office; Certain Addresses for Notice

If to the Administrative Agent, the L/C Issuer or the Swing Line Lender:

Administrative Agent’s Office

(for payments and Requests for Credit Extensions and Swing Line Advances):

Bank of America, N.A.

901 Main St.

Mail Code: TX1-492-14-11

Dallas, TX 75202

Attention: Ramon Gomez Jr.

Phone: 214-209-2627

Electronic Mail: ramon.gomez_jr@baml.com

Account No.: [*]

Ref: Swift Transportation Co. LLC

ABA# [*]

Other Notices as Administrative Agent:

Bank of America, N.A.

Agency Management

135 S. LaSalle Street

Mail Code: IL4-135-05-41

Chicago, IL 60603

Attention: Rosanne Parsill

Phone: 312-923-1639

Fax: 877-206-8429

Electronic Mail: rosanne.parsill@baml.com

For Standby Letters of Credit:

LC Issuer:

Bank of America, N.A.

Trade Operations

1000 Temple Street

Mail Code: CA9-705-07-05

Los Angeles, CA 90012-1514

Attention: Manuel Banuelos

               Phone: 213-481-7837

               Fax: 213-457-8841

               Electronic Mail: manuel.banuelos@baml.com

 

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

 

Schedule 10.02 - 1

 

If to the Collateral Agent:

Morgan Stanley Senior Funding, Inc.

Attn:

Address:

Email:

Telephone No:

Fax No:

If to the Borrower:

Swift Transportation Co., LLC

Attn: James Fry

Address: 2200 South 75th Avenue, Phoenix, AZ 85043

Email: jim_fry@swifttrans.com

Telephone No: 602-477-3574

Fax No: 623-907-7464

 

Schedule 10.02 - 2

 

EXHIBIT A

FORM OF COMMITTED LOAN NOTICE

Date:                     , _____

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of December 21, 2010 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Swift
Transportation Company, Swift Transportation Co., LLC, a Delaware limited liability company (the
“Borrower”), the Lenders and agents from time to time party thereto, and Bank of America,
N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The undersigned hereby requests (select one):

o A Borrowing of [Revolving Credit][Term] Loans

o A conversion or continuation of [Revolving Credit][Term] Loans

	 	1.	 	On                                                              (a Business Day).

	 
	 	2.	 	In the amount of $                    

	 
	 	3.	 	Comprised of                                                             

                [Type of Loan requested]

	 
	 	4.	 	For Eurodollar Rate Loans: with an Interest Period of
 _____ 
months.

[The Revolving Credit Borrowing requested herein complies with the proviso to the first
sentence of Section 2.01(b) of the Agreement.]1

 

	 	 	 
	1	 	Include this sentence in the case of a Revolving Credit
Borrowing.

Form of Committed Loan Notice

 

A - 1

 

The Borrower hereby represents and warrants that the conditions specified in Sections
4.02(a) and (b) shall be satisfied on and as of the date of the applicable Credit Extension.

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CO., LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Form of Committed Loan Notice

 

A - 2

 

EXHIBIT B

FORM OF SWING LINE LOAN NOTICE

Date:                     , _____

To: Bank of America, N.A., as Swing Line Lender

Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of December 21, 2010 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Swift
Transportation Company, Swift Transportation Co., LLC, a Delaware limited liability company (the
“Borrower”), the Lenders and agents from time to time party thereto, and Bank of America,
N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The undersigned hereby requests a Swing Line Loan:

	 	1.	 	On                                                              (a Business Day).

	 
	 	2.	 	In the amount of $                    .

The Swing Line Borrowing requested herein complies with the requirements of the provisos to
the first sentence of Section 2.04(a) of the Agreement.

The Borrower hereby represents and warrants that the conditions specified in Sections
4.02(a) and (b) shall be satisfied on and as of the date of the applicable Credit Extension.

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CO., LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Form of Swing Line Loan Notice

 

B - 1

 

EXHIBIT C-1

FORM OF TERM NOTE

                    , ____

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
                                         (the “Lender”), in accordance with the provisions of the Agreement
(as hereinafter defined), the principal amount of the Term Loan from time to time made by the
Lender to the Borrower under that certain Credit Agreement, dated as of December 21, 2010 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Swift
Transportation Company, the Borrower, the Lenders and agents from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The Borrower promises to pay interest on the unpaid principal amount of the Term Loan made by
the Lender from the date of such Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Agreement. All payments of principal and interest shall
be made to the Administrative Agent for the account of the Lender in Dollars in immediately
available funds at the Administrative Agent’s Office. If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date
thereof until the date of actual payment (and before as well as after judgment) computed at the per
annum rate set forth in the Agreement.

This Term Note is one of the Term Notes referred to in the Agreement, is entitled to the
benefits thereof and may be prepaid in whole or in part subject to the terms and conditions
provided therein. This Term Note is also entitled to the benefits of the Guaranty and is secured
by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default
specified in the Agreement, all amounts then remaining unpaid on this Term Note shall become, or
may be declared to be, immediately due and payable all as provided in the Agreement. The Term Loan
made by the Lender shall be evidenced by one or more loan accounts or records maintained by the
Lender in the ordinary course of business. The Lender may also attach schedules to this Term Note
and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Term Note.

Form of Term Note

 

C-1 - 1

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CO., LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Form of Term Note

 

C-1 - 2

 

LOANS AND PAYMENTS WITH RESPECT THERETO

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Amount of	 	Outstanding	 	 
	 	 	 	 	 	 	End of	 	Principal or	 	Principal	 	 
	 	 	Type of Loan	 	Amount of	 	Interest	 	Interest Paid	 	Balance This	 	Notation
	Date	 	Made	 	Loan Made	 	Period	 	This Date	 	Date	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

Form of Term Note

 

C-1 - 3

 

EXHIBIT C-2

FORM OF REVOLVING CREDIT NOTE

___________, ____

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to

 _____ 
(the “Lender”), in accordance with the provisions of the Agreement
(as hereinafter defined), the principal amount of each Revolving Credit Loan from time to time made
by the Lender to the Borrower under that certain Credit Agreement, dated as of December 21, 2010
(as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Agreement;” the terms defined therein being used herein as therein defined), among
Swift Transportation Company, the Borrower, the Lenders and agents from time to time party thereto,
and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit
Loan from the date of such Loan until such principal amount is paid in full, at such interest rates
and at such times as provided in the Agreement. Except as otherwise provided in Section
2.04(f) of the Agreement with respect to Swing Line Loans, all payments of principal and
interest shall be made to the Administrative Agent for the account of the Lender in Dollars in
immediately available funds at the Administrative Agent’s Office. If any amount is not paid in
full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the
due date thereof until the date of actual payment (and before as well as after judgment) computed
at the per annum rate set forth in the Agreement.

This Revolving Credit Note is one of the Revolving Credit Notes referred to in the Agreement,
is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and
conditions provided therein. This Revolving Credit Note is also entitled to the benefits of the
Guaranty and is secured by the Collateral. Upon the occurrence and continuation of one or more of
the Events of Default specified in the Agreement, all amounts then remaining unpaid on this
Revolving Credit Note shall become, or may be declared to be, immediately due and payable all as
provided in the Agreement. Revolving Credit Loans made by the Lender shall be evidenced by one or
more loan accounts or records maintained by the Lender in the ordinary course of business. The
Lender may also attach schedules to this Revolving Credit Note and endorse thereon the date, amount
and maturity of its Revolving Credit Loans and payments with respect thereto.

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Revolving Credit
Note.

Form of Revolving Credit Note

 

C-2 - 1

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION CO., LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Form of Revolving Credit Note

 

C-2 - 2

 

LOANS AND PAYMENTS WITH RESPECT THERETO

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Amount of	 	Outstanding	 	 
	 	 	 	 	 	 	End of	 	Principal or	 	Principal	 	 
	 	 	Type of Loan	 	Amount of	 	Interest	 	Interest Paid	 	Balance This	 	Notation
	Date	 	Made	 	Loan Made	 	Period	 	This Date	 	Date	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

Form of Revolving Credit Note

 

C-2 - 3

 

EXHIBIT D

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: ________, ____

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of December 21, 2010 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among Swift
Transportation Co., LLC, a Delaware limited liability company (the “Borrower”), Swift
Transportation Company (“Holdings”), the agents and Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

The undersigned chief financial or accounting Responsible Officer hereby certifies as of the
date hereof that he/she is the                                                              of Holdings, and that, as such, he/she is
authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the
Borrower, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. Holdings has delivered the year-end audited financial statements required by Section
6.01(b) of the Agreement for the Fiscal Year of Holdings ended as of the above date (with
comparative figures for the immediately preceding Fiscal Year), together with the report and
opinion of an independent certified public accountant required by such section.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1. Holdings has delivered the unaudited financial statements required by Section
6.01(a) of the Agreement for the Fiscal Quarter of the Borrower ended as of the above date
together with comparative figures for the corresponding Fiscal Quarter and year to date portion of
the immediately preceding Fiscal Year. Such consolidated financial statements are complete and
correct as at such date and for such period, subject only to normal year-end audit adjustments.

[select one:]

2.

[To the best knowledge of the undersigned, during such fiscal period no Default has occurred
and is continuing.]

—or—

[To the best knowledge of the undersigned, the following is a list of each Default that has
occurred and is continuing and its nature and status, and the action that Holdings or a Loan Party
has taken or proposes to take with respect thereto:]

Form of Compliance Certificate

 

D - 1

 

3. [select one:]

[No change in generally accepted accounting principles used in the preparation of the
financial statements referenced in paragraph 1 has occurred.]

—or—

[The following changes in generally accepted accounting principles used in the preparation of
the financial statements referenced in paragraph 1 have occurred and Holdings has delivered a
statement of reconciliation conforming the financial statements referenced in paragraph 1 to GAAP.]

4. [select one:]

[No Subsidiary has been formed or acquired by Holdings, the Borrower or any of their
Subsidiaries since the delivery of the last Compliance Certificate.]

—or—

[Insert new Subsidiary] (the New Subsidiary”) has been [acquired by [
]] [formed] since the delivery of the last Compliance Certificate and the New Subsidiary has
complied with the terms of Section 6.08 of the Agreement, if applicable.]

5. [Set forth on Schedule 3 is a list of all changes to any Schedule to the Security
Agreement since the date of the last Compliance Certificate.]

6. Set forth of Schedule 4, in accordance with Section 5.6(a) of the Security
Agreement, is a list of (a) all Motor Vehicles which constitute Collateral and the depreciated
value of each such Motor Vehicle, (b) all Newly Acquired Motor Vehicles, the purchase date thereof
and, if applicable, the Newly Acquired Motor Vehicle Financing in respect thereof, and (c) all
Motor Vehicles that were previously designated Newly Acquired Motor Vehicles and are no longer
designated as such.

7. Set forth on Schedule 5 is (a) the amount of Net Cash Proceeds to be used to prepay
Loans in accordance with Section 2.05(b) of the Agreement and (b) in the case of any Net
Cash Proceeds in respect of a Disposition or Casualty Event, the amounts of any such proceeds being
retained by the applicable Loan Party pursuant to Section 2.05(b)(ii) and the time period
within which such proceeds are to be, or were, applied.

8. The financial covenant analyses and information set forth on Schedule[s] 1 [and
2] attached hereto are true and accurate on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as
of                     ,                     .

	 	 	 	 	 	 	 	 	 
	 	 	SWIFT TRANSPORTATION COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Form of Compliance Certificate

 

D - 2

 

For the Quarter/Year ended ___________________, ____ (“Statement Date”)

SCHEDULE 1

to the Compliance Certificate

($ in 000’s)

	 	 	 	 	 
	I. Section 7.04 (a) — Consolidated Leverage Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Consolidated Funded Indebtedness at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	B. Unrestricted Cash and Cash Equivalents at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	C. Outstanding Swing Line Loans at Statement Date:
	 	$	                    	 
	 
	 	 	 	 
	D. Consolidated EBITDA for Measurement Period ending on above date (“Subject Period”):
	 	 	 	 
	 
	 	 	 	 
	With respect to the Subject Period:
	 	 	 	 
	 
	 	 	 	 
	1. Consolidated Net Income:
	 	$	                    	 
	 
	 	 	 	 
	2. Consolidated Interest Charges:
	 	$	                    	 
	 
	 	 	 	 
	3. Provision for Federal, state, local and foreign income taxes payable:
	 	$	                    	 
	 
	 	 	 	 
	4. Depreciation expenses:
	 	$	                    	 
	 
	 	 	 	 
	5. Amortization expenses (including amortization of goodwill, other intangibles, Transaction Expenses, financing fees, and related
expenses):
	 	$	                    	 
	 
	 	 	 	 
	6. Non-cash impairment charges:
	 	$	                    	 
	 
	 	 	 	 
	7. Non-cash expenses resulting from the grant of stock and stock
options and other compensation to management personnel of Holdings
and its Subsidiaries pursuant to a written incentive plan or
agreement:
	 	$	                    	 
	 
	 	 	 	 
	8. Any expenses or charges related to any equity offering, including
Transaction Expenses, or any incurrence or refinancing of
Indebtedness permitted under the Agreement:
	 	$	                    	 
	 
	 	 	 	 
	9. One-time restructuring costs in connection with Permitted
Acquisitions:
	 	$	                    	 
	 
	 	 	 	 
	10. Any losses or expenses resulting from Swap Termination Value:
	 	$	                    	 

Form of Compliance Certificate

 

D - 3

 

	 	 	 	 	 
	11. Any losses attributable to non-cash mark-to-market adjustments on
Swap Contracts:
	 	$	                    	 
	 
	 	 	 	 
	12. Other non-recurring expenses reducing Consolidated Net Income which
do not represent a cash item in such period or any future period
(including without duplication any losses with respect to the
cancellation or early extinguishment of Indebtedness):
	 	$	                    	 
	 
	 	 	 	 
	13. Federal, state, local and foreign income tax credits:
	 	$	                    	 
	 
	 	 	 	 
	14. Income or gain from Swap Termination Value:
	 	$	                    	 
	 
	 	 	 	 
	15. Income or gain attributable to non-cash mark-to-market adjustments
on Swap Contracts:
	 	$	                    	 
	 
	 	 	 	 
	16. Non-cash items increasing Consolidated Net Income (including any
income or gain with respect to the cancellation or early
extinguishment of Indebtedness):
	 	$	                    	 
	 
	 	 	 	 
	17. Consolidated EBITDA (Lines I.D.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 +
	 			 
	10 + 11 + 12 - 13 - 14 - 15 - 16)2:
	 	$	                    	 
	 
	 	 	 	 
	E. Consolidated Leverage Ratio (Line I.A — (Line I.B — Line I.C)  ̧ Line I.D.17):
	 	____ to 1

Maximum permitted:

	 	 	 	 	 
	Four Fiscal Quarters Ending	 	Maximum Consolidated 

Leverage Ratio	 
	 
	 	 	 	 
	Closing Date through September 30, 2011
	 	 	4.375:1.00	 
	 
	 	 	 	 
	October 1, 2011 through December 31, 2011
	 	 	4.25:1.00	 
	 
	 	 	 	 
	January 1, 2012 through September 30, 2012
	 	 	4.125:1.00	 
	 
	 	 	 	 
	October 1, 2012 through December 31, 2012
	 	 	3.875:1.00	 
	 
	 	 	 	 
	January 1, 2013 through September 30, 2013
	 	 	3.625:1.00	 
	 
	 	 	 	 
	October 1, 2013 through March 31, 2014
	 	 	3.50:1.00	 
	 
	 	 	 	 
	April 1, 2014 and each fiscal quarter thereafter
	 	 	3.375:1.00	 

 

	 	 	 
	2	 	With respect to any calculations of Consolidated EBITDA
for any Measurement Period ending on or prior to June 30, 2011, (i)
Consolidated EBITDA for the Fiscal Quarter ended March 31, 2010 shall be deemed
to be $90,335,000, (ii) Consolidated EBITDA for the Fiscal Quarter ended June
30, 2010 shall be deemed to be $116,261,000 and (iii) Consolidated EBITDA for
the Fiscal Quarter ended September 30, 2010 shall be deemed to be $135,694,000.

Form of Compliance Certificate

 

D - 4

 

	 	 	 	 	 
	II. Section 7.04 (b) — Consolidated Interest Coverage Ratio.
	 	 	 	 
	 
	 	 	 	 
	A. Consolidated EBITDA for Subject Period (Line I.D.17 above)
	 	$	                    	 
	 
	 	 	 	 
	B. Consolidated Interest Charges for Subject Period:
	 	$	                    	 
	 
	 	 	 	 
	C. Consolidated Interest Coverage Ratio (Line II.A  ̧ Line II.B)3:
	 	____ to 1

Minimum required:

	 	 	 	 	 
	 	 	Minimum Consolidated	 
	Four Fiscal Quarters Ending	 	Interest Coverage Ratio	 
	 
	January 1, 2011 through June 30, 2011
	 	 	2.375:1.00	 
	 
	 	 	 	 
	July 1, 2011 through September 30, 2011
	 	 	2.625:1.00	 
	 
	 	 	 	 
	October 1, 2011 through September 30, 2012
	 	 	2.875:1.00	 
	 
	 	 	 	 
	October 1, 2012 through December 31, 2012
	 	 	3.075:1.00	 
	 
	 	 	 	 
	January 1, 2013 through September 30, 2013
	 	 	3.125:1.00	 
	 
	 	 	 	 
	October 1, 2013 and each fiscal quarter thereafter
	 	 	3.25:1.00	 

 

	 	 	 
	3	 	With respect to (i) the Fiscal Quarter ended March 31,
2011, the Subject Period shall be the one Fiscal Quarter period ended on such
date, (ii) the Fiscal Quarter ended June 30, 2011, the Subject Period shall be
the two Fiscal Quarter period ended on such date and (iii) the Fiscal Quarter
ended September 30, 2011, the Subject Period shall be the three Fiscal Quarter
period ended on such date.

Form of Compliance Certificate

 

D - 5

 

	 	 	 	 	 
	III. Section 7.07 — Capital Expenditures
	 	 	 	 
	 
	 	 	 	 
	A. Capital Expenditures made in the current Fiscal Year:
	 	$	                    	 
	 
	 	 	 	 
	B. Capital Expenditures committed to be made (but not yet made)
in the current Fiscal Year:
	 	$	                    	 
	 
	 	 	 	 
	C. Capital Expenditures Amount (Line III.A + Line III.B):
	 	$	                    	 

Maximum permitted:

	 	 	 	 	 
	 	 	Maximum Capital 	 
	Period	 	Expenditures Amount4	 
	 
	 	 	 	 
	Fiscal Year 2011
	 	$	550,000,000	 
	 
	 	 	 	 
	Fiscal Year 2012
	 	$	635,000,000	 
	 
	 	 	 	 
	Fiscal Year 2013
	 	$	740,000,000	 
	 
	 	 	 	 
	Fiscal Year 2014
	 	$	740,000,000	 
	 
	 	 	 	 
	Fiscal Year 2015
	 	$	730,000,000	 
	 
	 	 	 	 
	January 1, 2016 and thereafter
	 	$	750,000,000	 

 

	 	 	 
	4	 	The Maximum Capital Expenditures Amount for any Fiscal
Year to be increased by the lesser of (a) an amount equal to the excess, if
any, of the Maximum Capital Expenditures Amount for the previous Fiscal Year
(without giving effect to any adjustment in accordance with this footnote) over
the actual amount of Capital Expenditures for such previous Fiscal Year and (b)
10% of the Maximum Capital Expenditures Amount for the previous Fiscal Year.

Form of Compliance Certificate

 

D - 6

 

For the Year ended ___________________, ____

SCHEDULE 25

to the Compliance Certificate

($ in 000’s)

Excess Cash Flow

(in accordance with the definition of Excess Cash Flow

as set forth in the Agreement)

	 	 	 	 	 
	1. Consolidated EBITDA for Fiscal Year (Line I.D. 17 above):
	 	$	                    	 
	 
	 	 	 	 
	2. Cash Consolidated Interest Charges actually paid in cash:
	 	$	                    	 
	 
	 	 	 	 
	3. Scheduled principal repayments, to the extent actually made, of Term Loans:
	 	$	                    	 
	 
	 	 	 	 
	4. Scheduled repayments, to the extent actually made, of any other
Indebtedness (including scheduled lease or other repayments in connection
with any Motor Vehicle Financing or Newly Acquired Motor Vehicle
Financing):
	 	$	                    	 
	 
	 	 	 	 
	5. Voluntary repayments of Indebtedness (other than the Loans and revolving
facilities that are not permanently reduced):
	 	$	                    	 
	 
	 	 	 	 
	6. Cash income Taxes actually paid in cash:
	 	$	                    	 
	 
	 	 	 	 
	7. Capital Expenditures made in cash (exclusive of Capital Expenditures
financed with the proceeds of Indebtedness, equity issuances, casualty
proceeds or other proceeds which are not included in Consolidated EBITDA):
	 	$	                    	 
	 
	 	 	 	 
	8. Cash consideration in respect of Permitted Acquisitions or other
permitted capital Investments (including in real estate assets):
	 	$	                    	 
	 
	 	 	 	 
	9. Restricted Payments (x) which are paid in cash during such period to the
extent not deducted in any determination of Excess Cash Flow for any prior
Fiscal Year or (y) estimated in good faith to be payable in respect of such
period:
	 	$	                    	 
	 
	 	 	 	 
	10. Investments in any Captive Insurance Company:
	 	$	                    	 
	 
	 	 	 	 
	11. Excess Cash Flow (Line 1 over Line 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10):
	 	$	                    	 

 

	 	 	 
	5	 	Schedule 2 should only be included in Compliance
Certificates accompanying annual financial statements

Form of Compliance Certificate

 

D - 7

 

EXHIBIT E-1

ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [the][each]6 Assignor
identified in item 1 below ([the][each, an] “Assignor”) and [the][each]7
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and
agreed that the rights and obligations of [the Assignors][the Assignees]8 hereunder are
several and not joint.]9 Capitalized terms used but not defined herein shall have the
meanings given to them in the Credit Agreement identified below (the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the
Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and
assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’]
rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the
extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] under the respective facilities
identified below (including, without limitation, the Letters of Credit and the Swing Line Loans
included in such facilities) and (ii) to the extent permitted to be assigned under applicable law,
all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a
Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person,
whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in
any way based on or related to any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights
and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses
(i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).
Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by [the][any]
Assignor.

	 	 	 	 	 	 	 
	1.

	 	Assignor[s]:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

	 	 	 
	6	 	For bracketed language here and elsewhere in this form
relating to the Assignor(s), if the assignment is from a single Assignor,
choose the first bracketed language. If the assignment is from multiple
Assignors, choose the second bracketed language.

	 
	7	 	For bracketed language here and elsewhere in this form
relating to the Assignee(s), if the assignment is to a single Assignee, choose
the first bracketed language. If the assignment is to multiple Assignees,
choose the second bracketed language.

	 
	8	 	Select as appropriate.
	 
	9	 	Include bracketed language if there are either multiple
Assignors or multiple Assignees.

Form of Assignment and Assumption

 

E-1 - 1 

 

	 	 	 	 	 	 	 
	2.

	 	Assignee[s]:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
	 
	3.	 	Borrower: Swift Transportation Co., LLC

	4.	 	Administrative Agent: Bank of America, N.A., as the administrative agent under the
Credit Agreement

	5.	 	Credit Agreement: Credit Agreement, dated as of December 21, 2010 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time), among
Swift Transportation Company, Swift Transportation Co., LLC, a Delaware limited liability
company, the Lenders and agents from time to time party thereto, and Bank of America, N.A., as
Administrative Agent, L/C Issuer and Swing Line Lender

	 
	6.	 	Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Aggregate	 	 	 	 	 	 	Percentage	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount of	 	 	Amount of	 	 	Assigned of	 	 	 	 
	 	 	 	 	 	 	Facility	 	 	Commitment/Loans	 	 	Commitment/Loans	 	 	Commitment/	 	 	CUSIP	 
	Assignor[s]10	 	Assignee[s]11	 	 	Assigned12	 	 	for all Lenders13	 	 	Assigned	 	 	Loans14	 	 	Number	 
	 
	 	 	 	 	 	 	                    	 	 	$	                    	 	 	$	                    	 	 	 	                    	%	 	 	 	 
	 
	 	 	 	 	 	 	                    	 	 	$	                    	 	 	$	                    	 	 	 	                    	%	 	 	 	 
	 
	 	 	 	 	 	 	                    	 	 	$	                    	 	 	$	                    	 	 	 	                    	%	 	 	 	 

	[7. 	 	Trade Date:
                                        
]15

Effective Date:
 ____________, 20_____ 

[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

ASSIGNOR

 

	 	 	 
	10	 	List each Assignor, as appropriate.
	 
	11	 	List each Assignee, as appropriate.
	 
	12	 	Fill in the appropriate terminology for the types of
facilities under the Credit Agreement that are being assigned under this
Assignment (e.g. “Revolving Credit Commitment”, “Term Commitment”, etc.).

	 
	13	 	Amounts in this column and in the column immediately
to the right to be adjusted by the counterparties to take into account any
payments or prepayments made between the Trade Date and the Effective Date.

	 
	14	 	Set forth, to at least 9 decimals, as a percentage of
the Commitment/Loans of all Lenders thereunder.
	 
	15	 	To be completed if the Assignor and the Assignee
intend that the minimum assignment amount is to be determined as of the Trade
Date.

Form of Assignment and Assumption

 

E-1 - 2 

 

	 	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Title:
	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE

[NAME OF ASSIGNEE]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Title:
	 	 

[Consented to and]16 Accepted:

BANK OF AMERICA, N.A., as

    Administrative Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Title:
	 	 

[Consented to:]17

SWIFT TRANSPORTATION CO., LLC

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Title:
	 	 

[Consented to:]18

BANK OF AMERICA, N.A., as

    L/C Issuer and Swing Line Lender

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Title:
	 	 

 

	 	 	 
	16	 	To be added only if the consent of the Administrative
Agent is required by the terms of the Credit Agreement. The consent of the
Administrative Agent (such consent not to be unreasonably withheld or delayed)
shall be required for assignments in respect of (1) any Term Loan Commitment or
Revolving Credit Commitment if such assignment is to a Person that is not a
Lender with a Commitment in respect of the applicable Facility, an Affiliate of
such Lender or an Approved Fund with respect to such Lender or (2) any Term
Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved
Fund.

	 
	17	 	To be added only if the consent of the Borrower is
required by the terms of the Credit Agreement. The consent of the Borrower
shall (such consent not to be unreasonably withheld or delayed, it being
understood that it is reasonable for the Borrower to withhold consent with
regard to assignments of Revolving Credit Loans to a financial institution that
is not a commercial bank or investment bank that customarily enters into such
revolving facilities) be required unless (1) an Event of Default has occurred
and is continuing at the time of such assignment, (2) with respect to the
Revolving Credit Facility, (x) prior to the first anniversary of the Closing
Date, the assigning Lender is a Closing Date Revolving Credit Lender (or an
affiliate of, or an Approved Fund with respect to, a Closing Date Revolving
Credit Lender); provided that any assignment by a Closing Date
Revolving Credit Lender prior to the first anniversary of the Closing Date
(other than to an existing Revolving Credit Lender, or an Affiliate of, or
Approved Fund with respect to, a Revolving Credit Lender) shall be effected in
consultation with the Borrower or (y) such assignment is to a Revolving Credit
Lender, an Affiliate of a Revolving Credit Lender or an Approved Fund with
respect to a Revolving Credit Lender or (3) with respect to the Term Loan
Facility, such assignment is to a Term Lender, an Affiliate of a Term Lender or
an Approved Fund with respect to a Term Lender.

	 
	18	 	The consent of the L/C Issuer and Swing Line Lender
shall be required for any assignment in respect of the Revolving Credit
Facility.

Form of Assignment and Assumption

 

E-1 - 3 

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

Credit Agreement, dated as of December 21, 2010, among Swift Transportation Company, Swift
Transportation Co., LLC, a Delaware limited liability company, the Lenders and agents from time to
time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line
Lender

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1. Representations and Warranties.

1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Loan Document or (iv) the performance or observance by
the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all the requirements to be an assignee under Section
10.06(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents,
if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from
and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a
Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by [the][such] Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire [the][such] Assigned Interest, is
experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement,
and has received or has been accorded the opportunity to receive copies of the most recent
financial statements delivered pursuant to Sections 6.01(a) and (b) thereof, as applicable,
and such other documents and information as it deems appropriate to make its own credit analysis
and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned
Interest, (vi) 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 Assignment and Assumption and to purchase
[the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and
without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based
on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender.

Form of Assignment and Assumption

 

E-1 - 4 

 

2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal,
interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to
but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued
from and after the Effective Date.

3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

Form of Assignment and Assumption

 

E-1 - 5 

 

EXHIBIT E-2

FORM OF ADMINISTRATIVE QUESTIONNAIRE

	 	 	 
	FAX ALONG WITH COMMITMENT LETTER TO:
	 	 
	 

	 	 

 

 

 

	 	 	 	 	 
	 

	 	FAX #
	 	
	 

	 	 	 	 

 

 

	 	 	 
	I. Borrower Name: SWIFT TRANSPORTATION CO., LLC
	 	 
	 

	 	 

 

 

$ 400MM Type of Credit Facility REVOLVER

 

II. Legal Name of Lender of Record for Signature Page:

 

 

 

 

	 	•	 	Signing Credit Agreement
 _____ 

YES
 _____ 

NO

	 	•	 	Coming in via Assignment
 _____ 

YES
 _____ 

NO

	 	 	 
	III. Type of Lender:
	 	 
	 

	 	 

 

 

 

(Bank, Asset Manager, Broker/Dealer, CLO/CDO, Finance Company, Hedge Fund, Insurance, Mutual Fund,
Pension Fund, Other Regulated Investment Fund, Special Purpose Vehicle, Other — please specify)

	 	 	 
	IV. Domestic Address:

	 	V. Eurodollar Address:
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 
	 	 
	 

Form of Administrative Questionnaire

 

E-2 - 1 

 

	 	 	 
	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 

	 	 

VI. Contact Information:

Syndicate level information (which may contain material non-public information about the
Borrower and its related parties or their respective securities will be made available to the
Credit Contact(s). The Credit Contacts identified must be able to receive such information in
accordance with his/her institution’s compliance procedures and applicable laws, including Federal
and State securities laws.

	 	 	 	 	 	 	 
	 	 	 	 	Primary	 	Secondary
	 	 	Credit Contact	 	Operations Contact	 	Operations Contact
	Name:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Telephone:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Facsimile:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	E Mail Address:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	IntraLinks E Mail Address:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

Form of Administrative Questionnaire

 

E-2 - 2 

 

Does Secondary Operations Contact need copy of notices?
 _____ 

YES
 _____ 

NO

	 	 	 	 	 	 	 
	 	 	Letter of Credit	 	Draft Documentation	 	 
	 	 	Contact	 	Contact	 	Legal Counsel
	Name:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Telephone:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Facsimile:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	E Mail Address:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 

VII. Lender’s Standby Letter of Credit, Commercial Letter of Credit, and Bankers’ Acceptance Fed
Wire Payment Instructions (if applicable):

	 	 	 	 	 
	Pay to:
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 
	 

	 	(Bank Name)	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 
	 

	 	(ABA #)	 	 
	 
	 	 	 
	 
	 	 	 	 
	 
	 

	 	(Account #)	 	 
	 
	 	 	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 

	 	(Attention)	 	 

Form of Administrative Questionnaire

 

E-2 - 3 

 

VIII. Lender’s Fed Wire Payment Instructions:

	 	 	 	 	 	 	 
	Pay to:
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 

	 	(Bank Name)	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 

	 	(ABA#)
	 	 	 	(City/State)
	 	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 

	 	(Account #)
	 	 	 	(Account Name)
	 	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	 
	 

	 	 	 	(Attention)	 	 

IX. Organizational Structure and Tax Status

Please refer to the enclosed withholding tax instructions below and then complete this section
accordingly:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lender Taxpayer Identification Number (TIN):
	 	 	                    	 	 	 	                    	 	 	 	_                     	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

Form of Administrative Questionnaire

 

E-2 - 4 

 

Tax Withholding Form Delivered to Bank of America*:

                     W-9

                     W-8BEN

                     W-8ECI

                     W-8EXP

                     W-8IMY

	 	 	 
	Tax Contact
	 

	 
	 

	 	 

	 	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 
	Address:
	 	 	 	 
	 

	 	 

	 	 
	Telephone:
	 	 	 	 
	 

	 	 

	 	 
	Facsimile:
	 	 	 	 
	 

	 	 

	 	 
	E Mail Address:
	 	 	 	 
	 

	 	 

	 	 

NON—U.S. LENDER INSTITUTIONS

1. Corporations:

If your institution is incorporated outside of the United States for U.S. federal income tax
purposes, and is the beneficial owner of the interest and other income it receives, you must
complete one of the following three tax forms, as applicable to your institution: a.) Form W-8BEN
(Certificate of Foreign Status of Beneficial Owner), b.) Form W-8ECI (Income Effectively Connected
to a U.S. Trade or Business), or c.) Form W-8EXP (Certificate of Foreign Government or Governmental
Agency).

A U.S. taxpayer identification number is required for any institution submitting a Form W-8 ECI.
It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty
with the U.S. Please refer to the instructions when completing the form applicable to your
institution. In addition, please be advised that U.S. tax regulations do not permit the acceptance
of faxed forms. An original tax form must be submitted.

2. Flow-Through Entities

If your institution is organized outside the U.S., and is classified for U.S. federal income tax
purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non-U.S.
flow-through entity, an original Form

W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. branches
for United States Tax Withholding) must be completed by the intermediary together with a
withholding statement. Flow-through entities other than Qualified Intermediaries are required to
include tax forms for each of the underlying beneficial owners.

Form of Administrative Questionnaire

 

E-2 - 5 

 

Please refer to the instructions when completing this form. In addition, please be advised that
U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must be
submitted.

U.S. LENDER INSTITUTIONS:

If your institution is incorporated or organized within the United States, you must complete and
return Form W-9 (Request for Taxpayer Identification Number and Certification). Please be advised
that we require an original form W-9.

Pursuant to the language contained in the tax section of the Credit Agreement, the applicable tax
form for your institution must be completed and returned on or prior to the date on which your
institution becomes a lender under this Credit Agreement. Failure to provide the proper tax form
when requested will subject your institution to U.S. tax withholding.

	 	 	 
	*	 	Additional guidance and instructions as to where to submit this documentation can be found at this
link:

X. Bank of America Payment Instructions:

	 	 	 
	Pay to:

	 	Bank of America, N.A.
	 

	 	ABA # [*] 
	 

	 	Dallas, TX
	 

	 	Acct. # [*]
	 

	 	Attn: Corporate Credit Services
	 

	 	Ref: Swift Transportation

 

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

Form of Administrative Questionnaire

 

E-2 - 6 

 

EXHIBIT F

FORM OF SECURITY AGREEMENT

(See attached)

 

F - 1

 

GUARANTEE AND COLLATERAL AGREEMENT

This GUARANTEE AND COLLATERAL AGREEMENT, dated as of December 21, 2010 (as amended,
supplemented, amended and restated or otherwise modified from time to time, this “Security
Agreement”), is made by SWIFT TRANSPORTATION COMPANY, a Delaware corporation
(“Holdings”), SWIFT TRANSPORTATION CO., LLC, a Delaware limited liability company (the
“Borrower”) and each Subsidiary of Holdings from time to time a party to this Security
Agreement (such Subsidiaries, together with Holdings, the “Guarantors”; and the Borrower
and each Guarantor, individually a “Grantor” and collectively, the “Grantors”), in
favor of BANK OF AMERICA, N.A., as administrative agent for each of the Secured Parties (together
with its successor(s) thereto in such capacity, the “Administrative Agent”) and MORGAN
STANLEY SENIOR FUNDING, INC., as the collateral agent for each of the Secured Parties (together
with its successor(s) thereto in such capacity, the “Collateral Agent”).

W I T N E S S E T H:

WHEREAS, pursuant to a Credit Agreement, dated as of December 21, 2010 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, Holdings, the various financial institutions and other Persons
from time to time parties thereto (the “Lenders”), the Administrative Agent, the Collateral
Agent and the other agents parties thereto from time to time, the Lenders and the L/C Issuer have
extended Commitments to make Credit Extensions to the Borrower; and

WHEREAS, as a condition precedent to the making of the Credit Extensions under the Credit
Agreement, each Grantor is required to execute and deliver this Security Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Grantor agrees, for the benefit of each Secured Party, as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1. Certain Terms. The following terms (whether or not underscored) when
used in this Security Agreement, including its preamble and recitals, shall have the following
meanings (such definitions to be equally applicable to the singular and plural forms thereof):

“Administrative Agent” is defined in the preamble.

“Borrower” is defined in the preamble.

“Borrower Obligations” is the collective reference to the unpaid principal of and
interest on the Loans and L/C Obligations and all other obligations and liabilities of the Borrower
(including, without limitation, interest accruing at the then applicable rate provided in the
Credit Agreement after the maturity of the Loans and L/C Obligations and interest accruing at the
then applicable rate provided in the Credit Agreement 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) to the Administrative Agent or any Lender (or, in the case of Secured Hedge Agreements
or Secured Cash Management Agreements, any Affiliate of any Lender), whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter
incurred, which may arise under, out of, or in connection with, the Credit Agreement, this
Agreement, the other Loan Documents, any Letter of Credit, any Secured Hedge Agreement or Secured
Cash Management Agreement to which the Borrower is a party or any other document made, delivered or
given in connection with any of the foregoing, in each case whether on account of principal,
interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including,
without limitation, all fees and disbursements of counsel to the Administrative Agent or to the
Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing
agreements).

 

F - 2

 

“Collateral” is defined in Section 3.1.

“Collateral Account” is defined in clause (b) of Section 5.3.

“Control Agreement” means an authenticated record in form and substance reasonably
satisfactory to the Collateral Agent, that provides for the Collateral Agent to have “control” (as
defined in the UCC) over any applicable Investment Property (including Securities Accounts) or
Deposit Accounts.

“Copyright Collateral” means with respect to each Grantor, all of such Grantor’s
right, title and interest throughout the world in and to:

(a) all copyrights and copyrightable works of authorship owned by any Grantor, whether
registered or unregistered and whether published or unpublished, in any media, now or
hereafter in force including copyrights registered in the United States Copyright Office and
corresponding offices in other countries of the world, and registrations thereof and all
applications for registration thereof, whether pending or in preparation and all extensions
and renewals of the foregoing (“Copyrights”), including the United States Copyright
registrations and applications referred to in Item A of Schedule V;

(b) all Copyright licenses and other agreements for the grant by or to such Grantor of
any right to use any items of the type referred to in clause (a) above (each a
“Copyright License”), including each written, exclusive, inbound license of any
material United States Copyright application and/or registration referred to in Item
B of Schedule V;

(c) the right to sue for past, present and future infringement or other violation of
any of the Copyrights owned by such Grantor, and for breach or enforcement of any Copyright
License; and

(d) all proceeds of, and rights associated with, the foregoing (including Proceeds,
licenses, royalties, income, payments, claims, damages and proceeds of infringement suits).

“Copyright License” is defined in the definition of “Copyright Collateral.”

“Copyrights” is defined in the definition of “Copyright Collateral.”

“Credit Agreement” is defined in the first recital.

“Distributions” means all dividends paid on Capital Securities, liquidating dividends
paid on Capital Securities, shares (or other designations) of Capital Securities resulting from (or
in connection with the exercise of) stock splits, reclassifications, warrants, options, non-cash
dividends, mergers, consolidations, and all other distributions (whether similar or dissimilar to
the foregoing) on or with respect to any Capital Securities constituting Collateral.

 

F - 3

 

“Filing Statements” is defined in clause (b) of Section 4.7.

“General Intangibles” means all “general intangibles” and all “payment intangibles”,
each as defined in the UCC, and shall include all interest rate or currency protection or hedging
arrangements, all tax refunds, all licenses, permits, concessions and authorizations and all
Intellectual Property Collateral (in each case, regardless of whether characterized as general
intangibles under the UCC).

“Grantor” and “Grantors” are defined in the preamble.

“Guarantor Obligations” means with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under or in connection with this Agreement
(including, without limitation, Section 2) or any other Loan Document, any Secured Hedge
Agreement or any Secured Cash Management Agreement to which such Guarantor is a party, in each case
whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the
Secured Parties that are required to be paid by such Guarantor pursuant to the terms of this
Agreement or any other Loan Document).

“Guarantors” is defined in the preamble.

“IEL Notes” means those certain “Installment Contracts-Security Agreements” or any
similar documents entered into from time to time by IEL and its operators with respect to the sale
of Motor Vehicles.

“Intellectual Property” means Trademarks, Patents, Copyrights, Trade Secrets and all
other intellectual property arising under any applicable Law, statutory provision or common Law
doctrine in the United States or anywhere else in the world.

“Intellectual Property Collateral” means, collectively, the Copyright Collateral, the
Patent Collateral, the Trademark Collateral and the Trade Secrets Collateral.

“Intellectual Property Security Agreements” means the Copyright Security Agreement,
the Patent Security Agreement, and the Trademark Security Agreement substantially in the form set
forth in Exhibits A, B, and C, respectively.

“LKE Account” means the accounts held by Swift Transportation Company with account
numbers [*]  for tractors and [*] for trailers (and any successor or replacement
account numbers associated with such accounts) in each case at Bank of America, N.A.; and any other
Deposit Account or Securities Account established by any Grantor following the Closing Date and
designated as a “Like Kind Exchange” account in the name of such account.

“Motor Vehicle Title Office” is defined in Section 5.6(b).

“Motor Vehicles” means all motor vehicles, tractors, containers, trailers and other
like property, whether or not title thereto is governed by a Certificate of Title or ownership.

 

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

 

F - 4

 

“Newly Acquired Motor Vehicles” means any Motor Vehicle acquired by a Loan Party that
such Loan Party reasonably anticipates will become subject to a Newly Acquired Motor Vehicle
Financing within 180 days of the acquisition of such Motor Vehicle; provided that (i) if at any
time within such 180-day period the applicable Loan Party no longer reasonably anticipates such
Motor Vehicle will become subject to a Newly Acquired Motor Vehicle Financing within such 180-day
period, (ii) if such Motor Vehicle does not become subject to a Newly Acquired Motor Vehicle
Financing within such 180-day period or (iii) if at any time after becoming subject to a Newly
Acquired Motor Vehicle Financing, such Motor Vehicle is longer subject to a Newly Acquired Motor
Vehicle Financing (or any refinancing thereof), such Motor Vehicle shall, in each case, no longer
be a Newly Acquired Motor Vehicle.

“Non-Fleet Type Motor Vehicles” means company cars and other Motor Vehicles used at
terminals for the repair, maintenance, servicing and other similar business operations of Holdings
and its Subsidiaries.

“Owned Intellectual Property Collateral” means with respect to any Grantor, all
Intellectual Property Collateral that is owned by such Grantor.

“Patent Collateral” means with respect to any Grantor, all of such Grantors’ right,
title and interest throughout the world in and to:

(a) inventions and discoveries, whether patentable or not, all letters patent and
applications for letters patent throughout the world, including all patent applications in
preparation for filing, including all reissues, divisions, continuations,
continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, in
each case, owned by any Grantor (“Patents”), including each United States issued
Patent and Patent application referred to in Item A of Schedule III;

(b) all Patent licenses, and other agreements for the grant by or to such Grantor of
any right to use any items of the type referred to in clause (a) above (each a
“Patent License”), including each written, exclusive, inbound license of any
material United States Patent application and/or registration referred to in Item B
of Schedule III;

(c) the right to sue third parties for past, present and future infringements of any
Patent or Patent application, or for breach or enforcement of any Patent License; and

(d) all proceeds of, and rights associated with, the foregoing (including Proceeds,
royalties, income, payments, claims, damage awards, and proceeds of infringement suits).

“Patent License” is defined in the definition of “Patent Collateral.”

“Patents” is defined in the definition of “Patent Collateral.”

“Permitted Liens” means all Liens permitted by Section 7.03 of the Credit
Agreement.

“Secured Obligations” means, collectively, the Borrower Obligations and the Guarantor
Obligations.

“Securities Act” is defined in Section 7.2(a).

“Security Agreement” is defined in the preamble.

“Termination Date” means the date on which all Obligations have been paid in full in
cash, all Letters of Credit have been terminated or expired (or have been either Cash
Collateralized or
supplemented by a “backstop” letter of credit reasonably satisfactory to the Fronting Bank),
all Secured Hedge Agreements have been terminated and all Commitments shall have terminated.

 

F - 5

 

“Trademark” is defined in the definition of “Trademark Collateral.”

“Trademark Collateral” means with respect to any Grantor, all of such Grantor’s right,
title and interest throughout the world in and to:

(a) (i) all trademarks, trade names, brand names, corporate names, company names,
business names, fictitious business names, trade styles, trade dress, domain names, service
marks, certification marks, collective marks, logos and other source or business
identifiers, whether registered or unregistered, in each case, owned by any Grantor and all
goodwill of the business associated therewith, now existing or hereafter adopted or
acquired, whether currently in use or not, all registrations thereof and all applications in
connection therewith, whether pending or in preparation for filing, including registrations
and applications in the United States Patent and Trademark Office or in any other office or
agency of the United States of America, or any State thereof, or in any other country or
political subdivision thereof, or otherwise, and all common law rights relating to the
foregoing, and (ii) the right to obtain all reissues, extensions or renewals of the
foregoing (collectively referred to as “Trademarks”), including those United States
Trademarks applications and registrations referred to in Item A of Schedule
IV;

(b) all Trademark licenses and other agreements for the grant by or to such Grantor of
any right to use any Trademark (each a “Trademark License”), including each written,
exclusive, inbound license of any material United States Trademark application and/or
registration referred to in Item B of Schedule IV;

(c) the right to sue third parties for past, present and future infringement, dilution
or other violation of the Trademarks described in clause (a) and, to the extent
applicable, clause (b) or for any injury to the goodwill associated with the use of
any such Trademark or for breach or enforcement of any Trademark License; and

(d) all proceeds of, and rights associated with, the foregoing (including Proceeds,
licenses, royalties, income, payments, claims, damages and proceeds of infringement suits).

“Trademark License” is defined in the definition of “Trademark Collateral.”

“Trade Secret License” is defined in the definition of “Trade Secrets Collateral.”

“Trade Secrets” is defined in the definition of “Trade Secrets Collateral.”

“Trade Secrets Collateral” means with respect to any Grantor all of such Grantor’s
right, title and interest throughout the world in and to (a) all common Law and statutory trade
secrets and all other confidential and proprietary information and know-how (collectively referred
to as “Trade Secrets”) obtained by or used in or contemplated at any time for use in the
business of a Grantor, whether or not such Trade Secret has been reduced to a writing or other
tangible form, including all documents and things embodying, incorporating or referring in any way
to such Trade Secret, (b) all Trade Secret licenses and other agreements for the grant by or to
such Grantor of any right to use any Trade Secret (each a “Trade Secret License”) including
the right to sue for and to enjoin and to collect damages for the actual or threatened
misappropriation of any Trade Secret and for the breach or enforcement of any such Trade Secret
License, and (d) all proceeds of, and rights associated with, the foregoing (including
Proceeds, licenses, royalties, income, payments, claims, damage awards and proceeds of
infringement suits).

 

F - 6

 

SECTION 1.2. Credit Agreement Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Security Agreement, including its preamble and
recitals, have the meanings provided in the Credit Agreement.

SECTION 1.3. UCC Definitions. When used herein the terms “Account”, “Certificate of
Title”, “Certificated Securities”, “Chattel Paper”, “Commercial Tort Claim”, “Commodity Account”,
“Commodity Contract”, “Deposit Account”, “Document”, “Electronic Chattel Paper”, “Equipment”,
“Fixtures”, “Goods”, “Instrument”, “Inventory”, “Investment Property”, “Letter-of-Credit Rights”,
“Payment Intangibles”, “Proceeds”, “Promissory Notes”, “Securities Account”, “Security
Entitlement’, “Supporting Obligations” and “Uncertificated Securities” have the meaning provided in
Article 8 or Article 9, as applicable, of the UCC. Letters of Credit has the meaning provided in
Section 5-102 of the UCC.

SECTION 1.4. Other Definitional Provisions.

(a) The words “hereof”, “herein”, “hereto” and “hereunder” and words of similar import when
used in this Security Agreement shall refer to this Security Agreement as a whole and not to any
particular provision of this Security Agreement, and Section and Schedule references are to this
Security Agreement unless otherwise specified.

(b) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

ARTICLE II

GUARANTEE

SECTION 2.1. Guarantee.

(a) Each of the Guarantors hereby, jointly and severally, unconditionally and
irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Secured
Parties and their respective successors, indorsees, transferees and assigns, the prompt and
complete payment and performance by the Borrower when due (whether at the stated maturity,
by acceleration or otherwise) of the Borrower Obligations.

(b) Anything herein or in any other Loan Document to the contrary notwithstanding, the
maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no
event exceed the amount which can be guaranteed by such Guarantor under applicable federal
and state fraudulent transfer or fraudulent conveyance laws and other laws relating to the
insolvency of debtors (after giving effect to the right of contribution established in
Section 2.2).

(c) Each Guarantor agrees that the Borrower Obligations may at any time and from time
to time exceed the amount of the liability of such Guarantor hereunder without impairing the
guarantee contained in this Section 2 or affecting the rights and remedies of the
Collateral Agent or any Lender hereunder.

 

F - 7

 

(d) The guarantee contained in this Section 2 shall remain in full force and
effect until all the Borrower Obligations and the obligations of each Guarantor under the
guarantee contained in
this Section 2 shall have been satisfied by payment in full, no Letter of
Credit shall be outstanding (which has not been backstopped or Cash Collateralized) and the
Commitments shall be terminated, notwithstanding that from time to time during the term of
the Credit Agreement the Borrower may be free from any Borrower Obligations.

(e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any
other Person or received or collected by the Collateral Agent or any Lender from the
Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any
action or proceeding or any set-off or appropriation or application at any time or from time
to time in reduction of or in payment of the Borrower Obligations shall be deemed to modify,
reduce, release or otherwise affect the liability of any Guarantor hereunder which shall,
notwithstanding any such payment (other than any payment made by such Guarantor in respect
of the Borrower Obligations or any payment received or collected from such Guarantor in
respect of the Borrower Obligations), remain liable for the Borrower Obligations up to the
maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in
full, no Letter of Credit shall be outstanding and the Commitments are terminated.

SECTION 2.2. Right of Contribution. Each Subsidiary Guarantor hereby agrees that to
the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any
payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive
contribution from and against any other Subsidiary Guarantor hereunder which has not paid its
proportionate share of such payment. Each Subsidiary Guarantor’s right of contribution shall be
subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2
shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the
Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the
Administrative Agent and the Lenders for the full amount guaranteed by such Subsidiary Guarantor
hereunder.

SECTION 2.3. Amendments, etc. with respect to the Borrower Obligations. To the
fullest extent permitted by applicable law, each Guarantor shall remain obligated hereunder
notwithstanding that, without any reservation of rights against any Guarantor and without notice to
or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made
by any Secured Party may be rescinded by such Secured Party and any of the Borrower Obligations
continued, and the Borrower Obligations, or the liability of any other Person upon or for any part
thereof, or any collateral security or guarantee therefor or right of offset with respect thereto,
may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by any Secured Party or any Lender, and the Credit
Agreement and the other Loan Documents and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in part, as the
Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may deem
advisable from time to time, and any collateral security, guarantee or right of offset at any time
held by any Secured Party for the payment of the Borrower Obligations may be sold, exchanged,
waived, surrendered or released. No Secured Party shall have any obligation to protect, secure,
perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for
the guarantee contained in this Section 2 or any property subject thereto.

 

F - 8

 

SECTION 2.4. Guarantee Absolute and Conditional. To the fullest extent permitted by
applicable law, each Guarantor waives any and all notice of the creation, renewal, extension or
accrual of any of the Borrower Obligations and notice of or proof of reliance by the Secured
Parties upon the guarantee contained in this Section 2 or acceptance of the guarantee
contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively
be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in
reliance upon the guarantee contained in this Section 2; and all dealings between the
Borrower and any of the Guarantors, on the one hand, and the
Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had
or consummated in reliance upon the guarantee contained in this Section 2. To the fullest
extent permitted by applicable law, each Guarantor waives diligence, presentment, protest, demand
for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors
with respect to the Borrower Obligations. When making any demand hereunder or otherwise pursuing
its rights and remedies hereunder against any Guarantor, any Secured Party may, but shall be under
no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may
have against the Borrower, any other Guarantor or any other Person or against any collateral
security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and
any failure by any Secured Party to make any such demand, to pursue such other rights or remedies
or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize
upon any such collateral security or guarantee or to exercise any such right of offset, or any
release of the Borrower, any other Guarantor or any other Person or any such collateral security,
guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability
hereunder, and shall not impair or affect the rights and remedies, whether express, implied or
available as a matter of law, of any Secured Party against any Guarantor. For the purposes hereof
“demand” shall include the commencement and continuance of any legal proceedings.

SECTION 2.5. Reinstatement. The guarantee contained in this Section 2 shall
continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part
thereof, of any of the Borrower Obligations is rescinded or must otherwise be restored or returned
by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor
or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any
substantial part of its property, or otherwise, in whole or in part, and such reinstatement shall,
to the fullest extent permitted by applicable law, be effective all as though such payments had not
been made.

SECTION 2.6. Payments. Each Guarantor hereby guarantees that payments hereunder will
be paid to the Administrative Agent without set-off or counterclaim in Dollars at the
Administrative Agent’s Office.

ARTICLE III

SECURITY INTEREST

SECTION 3.1. Grant of Security Interest. Each Grantor hereby grants to the
Collateral Agent, for its benefit and the ratable benefit of each other Secured Party, a continuing
security interest in all of such Grantor’s present and after acquired personal property, including
all of such Grantor’s right, title and interest in and to the following property, whether now or
hereafter existing, owned or acquired by such Grantor, and wherever located (collectively, the
“Collateral”):

(a) Accounts;

(b) Chattel Paper;

(c) Commercial Tort Claims listed on Item H of Schedule II (as such
schedule may be amended or supplemented from time to time);

(d) Deposit Accounts;

(e) Documents;

 

F - 9

 

(f) Equipment;

(g) Fixtures;

(h) General Intangibles;

(i) Goods;

(j) Instruments;

(k) Inventory;

(l) Investment Property;

(m) Intellectual Property Collateral;

(n) Letter-of-Credit Rights and Letters of Credit;

(o) Motor Vehicles;

(p) Supporting Obligations;

(q) all books, records, writings, databases, information and other property relating
to, used or useful in connection with, evidencing, embodying, incorporating or referring to,
any of the foregoing in this Section;

(r) all Proceeds of the foregoing and, to the extent not otherwise included,
(A) all payments under insurance (whether or not the Collateral Agent is the loss payee
thereof) and (B) all tort claims; and

(s) all other property and rights of every kind and description and interests therein.

Notwithstanding the foregoing, the term “Collateral” shall not include, and the grant of a
security interest as provided hereunder shall not extend to:

(i) such Grantor’s real property interests (including fee real estate and
leasehold interests);

(ii) any contracts, instruments, licenses or other documents, any rights
thereunder or any assets subject thereto, as to which the grant of a security
interest therein would (A) constitute a violation of a valid and enforceable
restriction in favor of a third party on such grant, unless and until any required
consents shall have been obtained, or (B) give any other party to such contract,
instrument, license or other document the right to terminate its obligations
thereunder, except to the extent that applicable terms in such contract, instrument,
license or other document are ineffective under applicable law;

(iii) Investment Property consisting of Capital Securities of a Foreign
Subsidiary of such Grantor, in excess of 65% of the total combined voting power of
all Capital Securities of each such Foreign Subsidiary, except that such 65%
limitation shall not apply to a Foreign Subsidiary that (x) is treated as a
partnership under the Code or (y)
is not treated as an entity that is separate from (A) such Grantor; (B) any
Person that is treated as a partnership under the Code or (C) any “United States
person” (as defined in Section 7701(a)(30) of the Code);

 

F - 10

 

(iv) any asset, the granting of a security interest in which would be void or
illegal under any applicable governmental law, rule or regulation, or pursuant
thereto would result in, or permit the termination of, such asset;

(v) any Newly Acquired Motor Vehicle;

(vi) any LKE Account and deposit accounts used solely for payroll, payroll
taxes and other employee and benefit plans;

(vii) any application for Trademarks filed in the United States Patent and
Trademark Office on the basis of any Grantor’s “intent-to-use” such Trademark
pursuant to 15 U.S.C. §1051 Section (b)(1) and for which a form evidencing use of
the mark in interstate commerce has not been filed pursuant to 15 U.S.C. §1051(c) or
(d) to the extent such application or Trademarks would be rendered invalidated,
canceled or abandoned due to the granting or enforcement of such security interest;

(viii) Accounts and related assets included as collateral security in any
Qualified Receivables Transaction;

(ix) Investment Property consisting of Capital Securities of Swift Academy, any
Captive Insurance Company or any Receivables Subsidiary (provided, that to the
extent such Capital Securities of any Receivables Subsidiary are permitted to be
pledged pursuant to the terms of the applicable Qualified Receivables Transaction,
the grant of security interest hereunder shall extend to such Capital Securities of
such Receivables Subsidiary); or

(x) assets (including proceeds thereof) subject to Liens under purchase money
Indebtedness or Capitalized Leases permitted under Section 7.02 of the
Credit Agreement, to the extent such Indebtedness or Capitalized Leases contains a
valid prohibition on using such assets to secure other indebtedness.

SECTION 3.2. Security for Secured Obligations.

This Security Agreement and the Collateral in which the Collateral Agent for the benefit of
the Secured Parties is granted a security interest hereunder by the Grantors secure the payment and
performance of all of the Secured Obligations.

SECTION 3.3. Grantors Remain Liable. Anything herein to the contrary
notwithstanding:

(a) the Grantors will remain liable under the contracts and agreements included in the
Collateral to the extent set forth therein, and will perform all of their duties and
obligations under such contracts and agreements to the same extent as if this Security
Agreement had not been executed;

(b) the exercise by the Collateral Agent of any of its rights hereunder will not
release any Grantor from any of its duties or obligations under any such contracts or
agreements included in the Collateral; and

 

F - 11

 

(c) no Secured Party will have any obligation or liability under any contracts or
agreements included in the Collateral by reason of this Security Agreement, nor will any
Secured Party be obligated to perform any of the obligations or duties of any Grantor
thereunder or to take any action to collect or enforce any claim for payment assigned
hereunder.

SECTION 3.4. Distributions on Pledged Shares. In the event that any Distribution
with respect to any Capital Securities pledged hereunder is permitted to be paid (in accordance
with Section 7.06 of the Credit Agreement), such Distribution or payment may be paid
directly to the applicable Grantor. If any Distribution is made in contravention of Section
7.06 of the Credit Agreement, such Grantor shall hold the same segregated and in trust for the
Collateral Agent until paid to the Collateral Agent in accordance with Section 5.1.5.

SECTION 3.5. Security Interest and Guarantee Absolute, etc. This Security Agreement,
including the guarantee contained in Section 2, shall in all respects be a continuing,
absolute, unconditional and irrevocable grant of security interest and guarantee of payment, and
shall remain in full force and effect until the Termination Date. All rights of the Secured
Parties and the security interests granted to the Collateral Agent (for its benefit and the ratable
benefit of each other Secured Party) hereunder, and all obligations of the Grantors hereunder,
shall, in each case, be absolute, unconditional and irrevocable irrespective of:

(a) any lack of validity, legality or enforceability of any Loan Document, any of the
Borrower Obligations or any other collateral security therefor or guaranty with respect
thereto;

(b) the failure of any Secured Party (i) to assert any claim or demand or to enforce
any right or remedy against any Loan Party or any other Person (including any other Grantor)
under the provisions of any Loan Document or otherwise, or (ii) to exercise any right or
remedy against any other guarantor (including any other Grantor) of, or collateral securing,
any Secured Obligations;

(c) any change in the time, manner or place of payment of, or in any other term of, all
or any part of the Secured Obligations, or any other extension, compromise or renewal of any
Secured Obligations;

(d) any reduction, limitation, impairment or termination of any Secured Obligations for
any reason, including any claim of waiver, release, surrender, alteration or compromise, and
shall not be subject to (and each Grantor hereby waives any right to or claim of) any
defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the
invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or
any other event or occurrence affecting, any Secured Obligations or otherwise;

(e) any amendment to, rescission, waiver, or other modification of, or any consent to
or departure from, any of the terms of any Loan Document;

(f) any addition, exchange or release of any collateral or of any Person that is (or
will become) a Grantor (including the Grantors hereunder) of the Secured Obligations, or any
surrender or non-perfection of any collateral, or any amendment to or waiver or release or
addition to, or consent to or departure from, any other guaranty held by any Secured Party
securing any of the Secured Obligations; or

 

F - 12

 

(g) any other circumstance which might otherwise constitute a defense available to, or
a legal or equitable discharge of, any Loan Party, any surety or any guarantor (other than
the defense of payment in full in cash or performance in full);

SECTION 3.6. Postponement of Subrogation. Each Grantor agrees that it will not
exercise any rights against another Grantor which it may acquire by way of rights of subrogation
under any Loan Document to which it is a party. No Grantor shall seek or be entitled to seek any
contribution or reimbursement from any Loan Party, in respect of any payment made under any Loan
Document or otherwise, until following the Termination Date. Any amount paid to such Grantor on
account of any such subrogation rights prior to the Termination Date shall be held in trust for the
benefit of the Secured Parties and shall immediately be paid and turned over to the Collateral
Agent for the benefit of the Secured Parties in the exact form received by such Grantor (duly
endorsed in favor of the Collateral Agent, if required), to be credited and applied against the
Secured Obligations, whether matured or unmatured, in accordance with Section 7.1;
provided that if such Grantor has made payment to the Secured Parties of all or any part of
the Secured Obligations and the Termination Date has occurred, then at such Grantor’s request, the
Collateral Agent (on behalf of the Secured Parties) will, at the expense of such Grantor, execute
and deliver to such Grantor appropriate documents (without recourse and without representation or
warranty) necessary to evidence the transfer by subrogation to such Grantor of an interest in the
Secured Obligations resulting from such payment. In furtherance of the foregoing, at all times
prior to the Termination Date, such Grantor shall refrain from taking any action or commencing any
proceeding against any other Loan Party (or its successors or assigns, whether in connection with a
bankruptcy proceeding or otherwise) to recover any amounts in respect of payments made under this
Security Agreement to any Secured Party.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

In order to induce the Secured Parties to enter into the Credit Agreement and make Credit
Extensions thereunder, the Grantors represent and warrant to each Secured Party as set forth below.

SECTION 4.1. As to Capital Securities of the Subsidiaries, Investment Property.

(a) With respect to any direct Subsidiary of any Grantor that is

(i) a corporation, business trust, joint stock company or similar Person, all
Capital Securities issued by such Subsidiary are duly authorized and validly issued,
fully paid and non-assessable, and represented by a certificate; and

(ii) a partnership or limited liability company, no Capital Securities issued
by such Subsidiary (A) are dealt in or traded on securities exchanges or in
securities markets, (B) expressly provides that such Capital Securities are
securities governed by Article 8 of the UCC or (C) are held in a Securities Account,
except, with respect to this clause (a)(ii), Capital Securities (x) for
which the Collateral Agent is the registered owner or (y) with respect to which the
issuer has agreed in an authenticated record with such Grantor and the Collateral
Agent to comply with any instructions of the Collateral Agent without the consent of
such Grantor if an Event of Default has occurred and is continuing.

(b) Each Grantor has delivered all Certificated Securities constituting Collateral held
by such Grantor on the Closing Date to the Collateral Agent, together with duly executed
undated
blank stock powers, or other equivalent instruments of transfer reasonably acceptable
to the Collateral Agent.

F - 13

19

 

(c) With respect to Uncertificated Securities constituting Collateral in excess of
$100,000 owned by any Grantor, such Grantor has caused the issuer thereof either to (i)
register the Collateral Agent as the registered owner of such security or (ii) agree in an
authenticated record with such Grantor and the Collateral Agent that, if an Event of Default
has occurred and is continuing, such issuer will comply with instructions with respect to
such security originated by the Collateral Agent without further consent of such Grantor.

(d) The percentage of the issued and outstanding Capital Securities of each Subsidiary
pledged by each Grantor hereunder is as set forth in Item A of Schedule I.

(e) Each Grantor is the record and beneficial owner of, and has good and marketable
title to, the Investment Property pledged by it hereunder, free of any and all Liens or
options in favor of, or claims of, any other person, except (i) the security interest
created by this Agreement, (ii) the security interests created by the Senior Note Documents,
(iii) with regard to Capital Securities, Liens permitted pursuant to Sections
7.03(j), (k) and (l) of the Credit Agreement and (iv) with regard to any
Collateral other than Capital Securities, any Permitted Liens.

SECTION 4.2. Grantor Name, Location, etc.

(a) The jurisdiction in which each Grantor is located for purposes of Sections 9-301
and 9-307 of the UCC is set forth in Item A of Schedule II.

(b) The Grantors do not have any trade names other than those set forth in Item
B of Schedule II hereto.

(c) During the four months preceding the date hereof, no Grantor has been known by any
legal name different from the one set forth on the signature page hereto, nor has such
Grantor been the subject of any merger or other corporate reorganization, except as set
forth in Item C of Schedule II hereto.

(d) Each Grantor’s federal taxpayer identification number is (and, during the four
months preceding the date hereof, such Grantor has not had a federal taxpayer identification
number different from that) set forth in Item D of Schedule II hereto.

(e) No Grantor is a party to any federal, state or local government contract except as
set forth in Item F of Schedule II hereto.

(f) No Grantor maintains any Deposit Accounts, Securities Accounts or Commodity
Accounts with any Person, in each case, except as set forth on Item E of
Schedule II and clause (vi) of Section 3.1.

(g) No Grantor is the beneficiary of any Letters of Credit with a value in excess of
$500,000, except as set forth on Item G of Schedule II.

(h) No Grantor has Commercial Tort Claims (x) in which a suit has been filed by such
Grantor and (y) where the amount of damages reasonably expected to be claimed exceeds
$1,000,000, except as set forth on Item H of Schedule II.

 

F - 14

 

(i) Each Grantor’s organizational identification number is set forth in Item I
of Schedule II hereto.

(j) The name set forth on the signature page attached hereto is the true and correct
legal name (as defined in the UCC) of each Grantor.

(k) Subject to Section 5.7(a), each Grantor has obtained a legal, valid and
enforceable consent of each issuer of any Letter of Credit to the assignment of the Proceeds
of such Letter of Credit to the Collateral Agent. No Grantor has consented to, and is
otherwise aware of, any Person (other than the Collateral Agent pursuant hereto and the
Collateral Agent under the Indenture) having control (within the meaning of Section 9-104 of
the UCC) over, or any other interest in any of such Grantor’s rights in respect thereof.

(l) Each LKE Account is utilized solely in connection with the LKE Program.

SECTION 4.3. Ownership, No Liens, etc. Each Grantor owns its Collateral, except with
respect to Intellectual Property Collateral that is not Owned Intellectual Property Collateral,
free and clear of any Lien, except for any security interest (a) created by this Security
Agreement, (b) subject to clause (c) below, in the case of Collateral other than the
Capital Securities pledged hereunder, that is a Permitted Lien and (c) in the case of Capital
Securities pledged hereunder, Liens permitted pursuant to Sections 7.03(j), (k) and
(l) of the Credit Agreement. No effective UCC financing statement or other filing similar
in effect covering all or any part of such Collateral is on file in any recording office, except
those filed in favor of the Collateral Agent relating to this Security Agreement, Permitted Liens
(subject to clause (c) above) or as to which a duly authorized termination statement
relating to such UCC financing statement or other instrument has been delivered to the Collateral
Agent on the Closing Date.

SECTION 4.4. Possession of Inventory, Control; etc.

(a) Each Grantor has, and agrees that it will maintain, exclusive possession of its
Documents, Instruments, Promissory Notes, Goods, Equipment and Inventory, other than (i)
Equipment and Inventory in transit in the ordinary course of business, (ii) Equipment and
Inventory that is in the possession or control of a warehouseman, bailee agent or other
Person (other than a Person controlled by or under common control with such Grantor) that,
either (x) all such Equipment or Inventory in the possession of such third parties has an
aggregate fair market value of less than $500,000 or (y) all such third parties have been
notified of the security interest created in favor of the Secured Parties pursuant to this
Security Agreement, and have authenticated a record acknowledging the security interest
created in favor of the Secured Parties’ pursuant to this Security Agreement, (iii)
Instruments or Promissory Notes that have been delivered to the Collateral Agent pursuant to
Section 4.5. In the case of Equipment or Inventory described in clause (ii)
above, no lessor or warehouseman of any premises or warehouse upon or in which such
Equipment or Inventory is located has (i) issued any warehouse receipt or other receipt in
the nature of a warehouse receipt in respect of any such Equipment or Inventory, (ii) issued
any Document for any such Equipment or Inventory, (iii) received notification of any
Person’s security interest (other than the security interest granted hereunder or under any
Permitted Lien) in any such Equipment or Inventory or (iv) any Lien on any such Equipment or
Inventory other than a Permitted Lien.

(b) Each Grantor is the sole entitlement holder of its Accounts and no other Person
(other than the Collateral Agent pursuant to this Security Agreement or any other Person
with
respect to Permitted Liens) has control or possession of, or any other interest in, any
of its Accounts that constitute Collateral or any other securities or property credited
thereto.

 

F - 15

 

SECTION 4.5. Negotiable Documents, Instruments and Chattel Paper. Each Grantor has
delivered to the Collateral Agent possession of all originals of all Documents, Instruments,
Promissory Notes, and tangible Chattel Paper with a value in excess of $500,000 in the aggregate
owned or held by such Grantor on the Closing Date, which Documents, Instruments, Promissory Notes
and tangible Chattel Paper are set forth in Item B of Schedule I.

SECTION 4.6. Intellectual Property Collateral.

(a) In respect of the Intellectual Property Collateral, as of the date hereof:

(i) set forth in Item A of Schedule III hereto is a complete
and accurate list of all issued United States Patents and Patent applications owned
by each Grantor that have been issued by or are pending at the United States Patent
and Trademark Office, and set forth in Item B of Schedule III hereto
is a complete and accurate list, in all material respects, of all written,
exclusive, inbound licenses of any material United States Patent and Patent
application to which any Grantor is a party;

(ii) set forth in Item A of Schedule IV hereto is a complete
and accurate list of all United States Trademark applications and registrations
owned by each Grantor that are registered, or for which an application for
registration has been made, with the United States Patent and Trademark Office, and
set forth in Item B of Schedule IV hereto is a complete and accurate
list, in all material respects, of all written, exclusive, inbound licenses of any
material United States Trademark application and/or registration to which any
Grantor is a party; and

(iii) set forth in Item A of Schedule V hereto is a complete
and accurate list of all United States Copyrights applications and registrations
owned by each Grantor that are registered, or for which an application for
registration has been made, with the United States Copyright Office; and set forth
in Item B of Schedule V hereto is a complete and accurate list, in
all material respects, of all written, exclusive, inbound licenses of any material
United States Copyright application and/or registration to which any Grantor is a
party.

(b) Except as disclosed on Schedule VI, in respect of each Grantor:

(i) except as could not reasonably be expected to have a Material Adverse
Effect, the Intellectual Property Collateral set forth in Item A of Schedules III
through V of such Grantor, is valid, subsisting, unexpired and enforceable and in
compliance with all legal requirements (including timely payment of all applicable
filing, examination and maintenance fees and timely filing of all applicable
applications and affidavits of working, use and incontestability) and has not been
abandoned or adjudged invalid or unenforceable, in whole or in part;

(ii) except as could not reasonably be expected to have a Material Adverse
Effect, such Grantor is the sole and exclusive owner of the entire right, title and
interest in and to its Owned Intellectual Property Collateral free of any Liens
(except for the Permitted Liens), such Grantor has the sole and exclusive right to
bring actions for infringement or misappropriation of its Owned Intellectual
Property Collateral and no
written claim has been made to Grantor that such Grantor is or may be, in
conflict with, infringing, misappropriating, diluting, misusing or otherwise
violating any of the Intellectual Property rights of any third party or that
challenges such Grantor’s ownership, use, protectability, registerability, validity,
or enforceability of any Owned Intellectual Property Collateral and, to such
Grantor’s knowledge, there is no valid basis for any such claims;

 

F - 16

 

(iii) except as could not reasonably be expected to have a Material Adverse
Effect, such Grantor has made all necessary filings and recordations, which it, in
its reasonable business judgment, deems advisable to protect its interest in any
Owned Intellectual Property Collateral that is material to the business of such
Grantor, including recordations of all of its interests in the United States
issuances, registrations and applications included in the Patent Collateral, the
Trademark Collateral and the Copyright Collateral in the United States Patent and
Trademark Office and the United States Copyright Office, as appropriate, and has
used legally required statutory notice, as applicable, in connection with its use of
any material, registered Patent, Trademark or Copyright that is included in its
Owned Intellectual Property Collateral;

(iv) such Grantor has taken commercially reasonable steps intended to safeguard
its material Trade Secrets and to its knowledge (A) none of the material Trade
Secrets of such Grantor have been used, divulged, disclosed or appropriated for the
benefit of any Person other than the Grantor in a manner that is reasonably likely
to jeopardize the value of such Trade Secret to such Grantor’s business; (B) Grantor
has not misappropriated any Trade Secrets of any other Person; and (C) no employee,
independent contractor or agent of such Grantor is in default or breach of any term
of any employment agreement, non-disclosure agreement, assignment of inventions
agreement or similar agreement or contract with respect to the protection,
ownership, development, use or transfer of such Grantor’s Intellectual Property
Collateral;

(v) no action by such Grantor is currently pending or threatened in writing
which asserts that any third party is infringing, misappropriating, diluting,
misusing or voiding any of its Owned Intellectual Property Collateral and, to such
Grantor’s knowledge, no third party is infringing upon, misappropriating, diluting,
misusing or voiding any of its Owned Intellectual Property Collateral, except as
could not reasonably be excepted to have a Material Adverse Effect;

(vi) except as could not reasonably be expected to have a Material Adverse
Effect, no settlement or consents, covenants not to sue, nonassertion assurances, or
releases have been entered into by such Grantor or to which such Grantor is bound
that adversely affects its rights to own or use any Intellectual Property
Collateral;

(vii) except as could not reasonably be expected to have a Material Adverse
Effect, except for the Permitted Liens, such Grantor has not made a previous
assignment, sale, transfer or agreement constituting a present or future assignment,
sale or transfer of any Intellectual Property Collateral for purposes of granting a
security interest or as collateral that has not been terminated or released;

(viii) such Grantor uses adequate standards of quality in its manufacture,
distribution, and sale of all products sold and in the provision of all services
rendered under or in connection with any Trademarks owned by such Grantor and has
taken
commercially reasonable action necessary to ensure that all licensees of any
Trademarks owned by such Grantor use such adequate standards of quality;

 

F - 17

 

(ix) no final holding, decision or judgment has been rendered by any
Governmental Authority which would limit, cancel or question the validity of, or
such Grantor’s right in, any Intellectual Property Collateral, except as could not
reasonably be expected to have a Material Adverse Effect;

(x) except as could not reasonably be expected to have a Material Adverse
Effect, the consummation of the transactions contemplated by the Credit Agreement
and this Security Agreement will not result in the termination or material
impairment of any of such Grantor’s rights in any of the Intellectual Property
Collateral; and

(xi) to such Grantor’s knowledge, such Grantor owns or otherwise has the right
to use all Intellectual Property Collateral used in or necessary for the conduct of
such Grantor’s business.

SECTION 4.7. Validity, etc.

(a) This Security Agreement creates a valid security interest in the Collateral
securing the payment of the Secured Obligations.

(b) Each Grantor has filed or caused to be filed all UCC-1 financing statements in the
filing office for each Grantor’s jurisdiction of organization listed in
Item A of Schedule II (collectively, the “Filing Statements”)
(or has authenticated and delivered to the Collateral Agent the Filing Statements suitable
for filing in such offices) and has taken all other:

(i) actions necessary to obtain control of the Collateral as provided in
Sections 9-104, 9-105, 9-106 and 9-107 of the UCC (subject to any extensions
permitted by the Collateral Agent in its reasonable discretion); and

(ii) actions necessary to perfect the Collateral Agent’s security interest with
respect to any Collateral evidenced by a Certificate of Title including, without
limitation, pursuant to Section 4.6.

(c) Upon the filing of the Filing Statements and the Intellectual Property Collateral
security agreements for all United States Copyrights, Patents and Trademarks owned, and for
all United States Copyrights exclusively licensed, by such Grantor with the appropriate
agencies therefor, the security interests created under this Security Agreement shall
constitute a perfected security interest in the Collateral described on such Filing
Statements and such Intellectual Property Collateral security agreements in favor of the
Collateral Agent on behalf of the Secured Parties to the extent that a security interest
therein may be perfected by filing pursuant to the relevant UCC, the United States Patent
and Trademark Office, and the United States Copyright Office, prior to all other Liens,
except for Permitted Liens that by operation of law or contract have priority over the Liens
securing the Obligations (in which case such security interest shall be second in priority
of right only to the Permitted Liens until the obligations secured by such Permitted Liens
have been satisfied). Notwithstanding anything to the contrary herein or in any other Loan
Document, no Grantor shall be obligated to take any actions to perfect the security interest
granted hereunder in any Intellectual Property Collateral issued, registered, applied for,
or otherwise existing in any jurisdiction outside of the United States.

 

F - 18

 

(d) Upon satisfaction of the requirements set forth in Section 5.6(c) with
respect to such Collateral evidenced by a Certificate of Title, the security interests
created under this Security Agreement shall constitute a perfected security interest in such
Collateral in favor of the Collateral Agent on behalf of the Secured Parties, prior to all
other Liens (other than Permitted Liens that by operation of law or contract have priority
over the Liens securing the Obligations).

(e) Each Grantor has executed and delivered to the Collateral Agent, Intellectual
Property Collateral security agreements for all United States Copyrights, Patents and
Trademarks owned by such Grantor, including all Copyrights, Patents and Trademarks on
Schedules III, IV and V.

SECTION 4.8. Authorization, Approval, etc. Except as have been obtained or made and
are in full force and effect, no authorization, approval or other action by, and no notice to or
filing with, any Governmental Authority or any other third party is required either

(a) for the grant by the Grantors of the security interest granted hereby or for the
execution, delivery and performance of this Security Agreement by the Grantors;

(b) for the perfection or maintenance of the security interests hereunder including the
first priority (subject to Permitted Liens) nature of such security interest (except with
respect to the Filing Statements or, with respect to Intellectual Property Collateral, the
recordation of any agreements with the United States Patent and Trademark Office or the
United States Copyright Office or corresponding offices in other countries of the world, or
with respect to Deposit Accounts or Investment Property, the execution of a Control
Agreement, or with respect to any Letter of Credit Rights obtaining the consent of the
issuer thereunder) or the exercise by the Collateral Agent of its rights and remedies
hereunder; or

(c) for the exercise by the Collateral Agent of the voting or other rights provided for
in this Security Agreement, except (i) with respect to any securities issued by a Subsidiary
of the Grantors, as may be required in connection with a disposition of such securities by
laws affecting the offering and sale of securities generally, the remedies in respect of the
Collateral pursuant to this Security Agreement and (ii) any “change of control” or similar
filings required by state licensing agencies.

SECTION 4.9. Best Interests. It is in the best interests of each Grantor to execute
this Security Agreement inasmuch as such Grantor will, as a result of being a Subsidiary or an
Affiliate of the Borrower, derive substantial direct and indirect benefits from the Loans and other
extensions of credit made from time to time to the Borrower by the Lenders and the issuer pursuant
to the Credit Agreement, and each Grantor agrees that the Secured Parties are relying on this
representation in agreeing to make such Loans and other extensions of credit pursuant to the Credit
Agreement to the Borrower.

 

F - 19

 

ARTICLE V

COVENANTS

Each Grantor covenants and agrees that, until the Termination Date, such Grantor will perform,
comply with and be bound by the obligations set forth below.

SECTION 5.1. As to Investment Property, etc.

SECTION 5.1.1. Capital Securities of Subsidiaries. No Grantor will allow any of its
Subsidiaries:

(a) that is a corporation, business trust, joint stock company or similar Person, to
issue Uncertificated Securities;

(b) that is a partnership or limited liability company, to (i) issue Capital Securities
that are to be dealt in or traded on securities exchanges or in securities markets,
(ii) expressly provide in its Organization Documents that its Capital Securities are
securities governed by Article 8 of the UCC, or (iii) place such Subsidiary’s Capital
Securities in a Securities Account; and

(c) to issue Capital Securities in addition to or in substitution for the Capital
Securities pledged hereunder, except to such Grantor (and such Capital Securities are
immediately pledged and delivered to the Collateral Agent pursuant to the terms of this
Security Agreement).

SECTION 5.1.2. Investment Property (other than Certificated Securities).

(a) With respect to any Securities Accounts, Commodity Accounts, Commodity Contracts or
Security Entitlements constituting Investment Property (other than LKE Accounts) owned or
held by any Grantor, such Grantor will cause (i) the intermediary maintaining any such
Investment Property with a principal balance in excess of $200,000 or (ii) if the aggregate
principal balance for all such Investment Property exceeds $1,000,000, each intermediary
maintaining any Investment Property, in each case to execute a Control Agreement relating to
such Investment Property pursuant to which such intermediary agrees to comply with the
Collateral Agent’s instructions with respect to such Investment Property without further
consent by such Grantor. Notwithstanding the foregoing, the Collateral Agent agrees that it
shall not give such instructions unless a Specified Default has occurred and is continuing.

(b) If the aggregate value of all Uncertificated Securities (other than Uncertificated
Securities credited to a Securities Account) owned or held by any Grantor exceeds $200,000,
such Grantor will cause the issuer of such securities to either (i) register the Collateral
Agent as the registered owner thereof on the books and records of the issuer or (ii) execute
a Control Agreement relating to such Investment Property pursuant to which the issuer agrees
to comply with the Collateral Agent’s instructions with respect to such Uncertificated
Securities without further consent by such Grantor.

SECTION 5.1.3. Certificated Securities (Stock Powers). Each Grantor agrees that all
Certificated Securities, including the Capital Securities delivered by such Grantor pursuant to
this Security Agreement, will be accompanied by duly executed undated blank stock powers, or other
equivalent instruments of transfer reasonably acceptable to the Collateral Agent.

SECTION 5.1.4. Continuous Pledge. Each Grantor will (subject to the terms of the
Credit Agreement) deliver to the Collateral Agent and at all times keep pledged to the Collateral
Agent pursuant hereto, on a first-priority, perfected basis all Investment Property, all dividends
and Distributions with respect thereto, all Payment Intangibles to the extent they are evidenced by
a Document, Instrument, Promissory Note or Chattel Paper, and all interest and principal with
respect to such Payment Intangibles to the extent required hereunder, and all Proceeds and rights
from time to time received by or distributable
to such Grantor in respect of any of the foregoing Collateral. Each Grantor agrees that it
will, promptly following receipt thereof, deliver to the Collateral Agent possession of all
originals of negotiable Documents, Instruments, Promissory Notes and Chattel Paper that it acquires
following the Closing Date to the extent required hereunder.

 

F - 20

 

SECTION 5.1.5. Voting Rights; Dividends, etc. Each Grantor agrees:

(a) promptly upon receipt of notice of the occurrence and continuance of an Event of
Default from the Administrative Agent and without any request therefor by the Collateral
Agent, so long as such Specified Default shall continue, to deliver (properly endorsed where
required hereby or requested by the Collateral Agent) to the Collateral Agent all Dividends
and Distributions with respect to Investment Property, all interest, principal, other cash
payments on Payment Intangibles, and all Proceeds of the Collateral, in each case thereafter
received by such Grantor, all of which shall be held by the Collateral Agent as additional
Collateral; and

(b) with respect to Collateral consisting of general partnership interests or limited
liability company interests, to promptly modify its Organization Documents to admit the
Collateral Agent as a general partner or member, as applicable, promptly upon the occurrence
and continuance of an Event of Default and so long as the Collateral Agent has notified such
Grantor of the Collateral Agent’s intention to exercise its voting power under this clause,

(i) that the Collateral Agent may exercise (to the exclusion of such Grantor)
the voting power and all other incidental rights of ownership with respect to any
Investment Property constituting Collateral and such Grantor hereby grants the
Collateral Agent an irrevocable proxy, exercisable under such circumstances, to vote
such Investment Property; and

(ii) to promptly deliver to the Collateral Agent such additional proxies and
other documents as may be necessary to allow the Collateral Agent to exercise such
voting power.

All dividends, Distributions, interest, principal, cash payments, Payment Intangibles and Proceeds
that may at any time and from time to time be held by such Grantor, but which such Grantor is then
obligated to deliver to the Collateral Agent, shall, until delivery to the Collateral Agent, be
held by such Grantor separate and apart from its other property in trust for the Collateral Agent.
The Collateral Agent agrees that unless an Event of Default shall have occurred and be continuing
and the Collateral Agent shall have given the notice referred to in clause (b), such
Grantor will have the exclusive voting power with respect to any Investment Property constituting
Collateral and the Collateral Agent will, upon the written request of such Grantor, promptly
deliver such proxies and other documents, if any, as shall be reasonably requested by such Grantor
which are necessary to allow such Grantor to exercise that voting power; provided that no
vote shall be cast, or consent, waiver, or ratification given, or action taken by such Grantor that
would impair any such Collateral or be inconsistent with or violate any provision of any Loan
Document.

SECTION 5.2. Change of Name, etc. No Grantor will change its name or place of
incorporation or organization or federal taxpayer identification number except upon one (1)
Business Day prior written notice to the Collateral Agent.

 

F - 21

 

SECTION 5.3. As to Accounts; Collateral Account.

(a) Each Grantor shall have the right to collect all Accounts so long as no Specified
Default shall have occurred and be continuing.

(b) Upon (i) the occurrence and continuance of an Event of Default and (ii) the
delivery of notice by the Collateral Agent to each Grantor, all Proceeds of Collateral
received by such Grantor (including in respect of Accounts) shall be delivered in kind to
the Collateral Agent for deposit in a Deposit Account of such Grantor maintained with the
Collateral Agent or another financial institution reasonably satisfactory to the Collateral
Agent (the “Collateral Account”), and such Grantor shall not commingle any such
Proceeds, and shall hold separate and apart from all other property, all such Proceeds in
express trust for the benefit of the Collateral Agent until delivery thereof is made to the
Collateral Agent.

(c) Following the delivery of notice pursuant to clause (b)(ii), the Collateral
Agent shall have the right to apply any amount in the Collateral Account to the payment of
any Secured Obligations which are due and payable.

(d) With respect to each of the Collateral Accounts, it is hereby confirmed and agreed
that (i) deposits in such Collateral Account are subject to a security interest as
contemplated hereby, (ii) such Collateral Account shall be under the control of the
Collateral Agent and (iii) the Collateral Agent shall have the sole right of withdrawal over
such Collateral Account.

SECTION 5.4. As to Grantors’ Use of Collateral.

(a) Subject to clause (b), each Grantor (i) may in the ordinary course of its
business, at its own expense, sell, lease or furnish under the contracts of service any of
the Inventory normally held by such Grantor for such purpose, and use and consume, in the
ordinary course of its business, any raw materials, work in process or materials normally
held by such Grantor for such purpose, (ii) will, at its own expense, endeavor to collect,
as and when due, all amounts due with respect to any of the Collateral, including the taking
of such action with respect to such collection as the Collateral Agent may request following
the occurrence of an Event of Default or, in the absence of such request, as such Grantor
may deem advisable, and (iii) may grant, in the ordinary course of business, to any party
obligated on any of the Collateral, any rebate, refund or allowance to which such party may
be lawfully entitled, and may accept, in connection therewith, the return of Goods, the sale
or lease of which shall have given rise to such Collateral.

(b) At any time following the occurrence and during the continuance of an Event of
Default, whether before or after the maturity of any of the Secured Obligations, the
Collateral Agent may (i) revoke any or all of the rights of each Grantor set forth in
clause (a), (ii) notify any parties obligated on any of the Collateral to make
payment to the Collateral Agent of any amounts due or to become due thereunder and (iii)
enforce collection of any of the Collateral by suit or otherwise and surrender, release, or
exchange all or any part thereof, or compromise or extend or renew for any period (whether
or not longer than the original period) any indebtedness thereunder or evidenced thereby.

(c) Upon the request of the Collateral Agent following the occurrence and during the
continuance of an Event of Default, each Grantor will, at its own expense, notify any
parties obligated on any of the Collateral to make payment to the Collateral Agent of any
amounts due or to become due thereunder.

 

F - 22

 

(d) At any time following the occurrence and during the continuation of an Event of
Default, the Collateral Agent may endorse, in the name of such Grantor, any item, howsoever
received by the Collateral Agent, representing any payment on or other Proceeds of any of
the Collateral.

SECTION 5.5. As to Intellectual Property Collateral. Each Grantor covenants and
agrees to comply with the following provisions as such provisions relate to any Intellectual
Property Collateral material to the business of such Grantor:

(a) with respect to its Owned Intellectual Property Collateral, such Grantor shall not
(i) do or knowingly fail to perform any act whereby any of the Patent Collateral is likely
to lapse or become abandoned or dedicated to the public or unenforceable, (ii) itself or
permit any of its licensees to (A) fail to continue to use any of the Trademark Collateral
in order to maintain the Trademark Collateral in full force free from any claim of
abandonment for non-use, (B) fail to maintain at least the quality of products and services
offered under the Trademark Collateral as of the date hereof, (C) fail to employ the
Trademark Collateral registered with any federal or state or foreign authority with an
appropriate notice of such registration to the extent legally required, (D) adopt or use any
other Trademark which is confusingly similar or a colorable imitation of any of the
Trademark Collateral, unless rights in such Trademark Collateral inure solely to Grantor and
do not infringe or weaken the validity or enforceability of any of the Intellectual Property
Collateral or (E) do or knowingly permit any act or knowingly omit to do any act whereby any
of the Trademark Collateral is likely to lapse or become invalid or unenforceable, or (iii)
do or knowingly permit any act or knowingly omit to do any act whereby any of the Copyright
Collateral or any of the Trade Secrets Collateral is likely to lapse or become invalid or
unenforceable or placed in the public domain except upon expiration of the end of an
unrenewable term of a registration thereof, unless, in the case of any of the foregoing
requirements in clauses (i), (ii) and (iii), the lapse, abandonment,
failure to maintain quality, invalidation or unenforceability in respect of any item of such
Owned Intellectual Property Collateral (individually and collectively, “Abandonment” or
“Abandoned”) could not reasonably be expected to have a Material Adverse Effect;

(b) such Grantor shall promptly notify the Collateral Agent if it knows, or has reason
to know, that any application or registration relating to any material item of the
Intellectual Property Collateral is likely to become Abandoned, dedicated to the public or
placed in the public domain or deemed invalid or unenforceable, or of any materially adverse
determination or development (including any such determination or development in, any
proceeding in the United States Patent and Trademark Office, the United States Copyright
Office or any foreign counterpart thereof or any court) regarding such Grantor’s ownership
of any such Intellectual Property Collateral, its right to register the same or to keep and
maintain and enforce the same, unless such Abandonment, determination or development could
not reasonably be expected to have a Material Adverse Effect;

(c) such Grantor shall (i) within ninety (90) days of such Grantor or any of its agents
on its behalf, employees on its behalf, or designees on its behalf filing an application for
the registration of any Patent or Trademark with the United States Patent and Trademark
Office or obtaining an ownership interest in any United States Patent or Trademark
application or registration or (ii) within thirty (30) days of such Grantor or any of its
agents on its behalf, employees on its behalf, or designees on its behalf filing an
application for the registration of any Copyright at the United States Copyright Office or
obtaining an ownership interest in, or becoming an exclusive licensee of any material United
States Patent, Trademark or Copyright application or registration pursuant to a written
agreement, inform the Collateral Agent, and
promptly execute and deliver an Intellectual Property Security Agreement substantially
in the form set forth as Exhibits A, B or C hereto as applicable and
any such other documents as the Administrative Agent may reasonably request to evidence the
Collateral Agent’s security interest in such Owned Intellectual Property Collateral; and

 

F - 23

 

(d) such Grantor shall take all commercially reasonable steps, including in any
proceeding before the United States Patent and Trademark Office and the United States
Copyright Office, to maintain and pursue any application (and to obtain the relevant
registration) filed with respect to, and to maintain any registration of its Owned
Intellectual Property Collateral, including the filing of applications for renewal,
affidavits of use, affidavits of incontestability and opposition, interference and
cancellation proceedings and the payment of fees and taxes (except to the extent that
Abandonment is permitted under the foregoing clause (a) or (b)).

SECTION 5.6. As to Motor Vehicles. Each Grantor covenants and agrees to comply with
the following provisions as such provisions relate to any Motor Vehicles (other any Non-Fleet Type
Motor Vehicle) of such Grantor:

(a) (i)(A) In the case of such Motor Vehicles owned by any Grantor on the Closing Date,
within thirty (30) days after the Closing Date (or such later dates from time to time as the
Administrative Agent may consent to in its discretion) and (B) in the case of such Motor
Vehicles acquired by any Grantor following the Closing Date, (I) within 45 days after the
end of the first three Fiscal Quarters of each Fiscal Year, and (II) within 90 days after
the end of the fourth Fiscal Quarter of each Fiscal Year, in each case the Grantors shall
deliver to the Collateral Agent a list of (x) all Motor Vehicles which constitute
Collateral, (y) all Newly Acquired Motor Vehicles, the purchase date thereof and, if
applicable, the Newly Acquired Motor Vehicle Financing in respect thereof, and (z) all Motor
Vehicles that were previously designated Newly Acquired Motor Vehicles and are no longer
designated as such, which lists shall be in form and substance satisfactory to the
Collateral Agent and shall include schedules setting forth the depreciated value of each
such Motor Vehicle which constitutes Collateral; (ii) upon the Collateral Agent’s reasonable
request at any time or times on or after the occurrence and continuance of an Event of
Default, each Grantor shall, at its expense, deliver or cause to be delivered to the
Collateral Agent written appraisals as to Motor Vehicles that constitute Collateral in form,
scope and methodology reasonably acceptable to the Collateral Agent and by an appraiser
acceptable to the Collateral Agent, addressed to the Collateral Agent and upon which the
Collateral Agent is expressly permitted to rely; (iii) each such Motor Vehicle that
constitutes Collateral is and shall be used in each Grantor’s business and not for personal,
family, household or farming use; and (iv) as between the Collateral Agent and such Grantor,
the Grantor assumes all responsibility and liability arising from the use of Motor Vehicles
that constitute Collateral.

(b) (i) Pursuant to a grant of authority by the Collateral Agent, such Grantor shall
hold and retain in trust for the Collateral Agent, physical possession of the original
Certificates of Title (or similar instruments) relating to each Motor Vehicle that
constitutes Collateral owned by such Grantor for so long as such Motor Vehicle shall be so
owned (it being understood and agreed that no Grantor shall be required to physically
possess a Certificate of Title for any Motor Vehicle registered in a jurisdiction which has
enacted an electronic lien recording or transfer process that prevents or does not
contemplate issuance of a physical Certificate of Title), (ii) to the extent a physical
Certificate of Title is issued, such Grantor shall hold all such original Certificates of
Title under lock and key, in a safe, fireproof location at the office(s) designated by the
Company on Schedule VII (as such Schedule may be amended from time to time by the
Grantors) (any such office a “Motor Vehicle Title Office”), and

 

F - 24

 

only the employees
listed on Schedule VII shall have access to such Motor Vehicle Title Offices (as such
Schedule may be amended from time to time by the Grantors), (iii) (A) within thirty (30)
days following the Closing Date (or such later dates from time to time as are consented to
by the Administrative Agent in its discretion) for any such Motor Vehicle owned on the
Closing Date by such Grantor (other than any Newly Acquired Motor Vehicle) and (B) promptly
after the acquisition of any Motor Vehicle (other than any Newly Acquired Motor Vehicle) by
such Grantor or any Newly Acquired Motor Vehicle of such Grantor ceasing to be a Newly
Acquired Motor Vehicle (but in no event later than twenty (20) business days after such
acquisition or cessation, such Grantor shall, in each case (x) cause the recordation or
notation of the Collateral Agent’s security interest either on the Certificates of Title or
otherwise pursuant to the applicable jurisdiction’s electronic lien recording process in
respect of each such Motor Vehicle and (y) take such other action as the Collateral Agent or
the Motor Vehicle Monitor shall deem appropriate to perfect the security interest created
hereunder in all such Motor Vehicles and deliver such other satisfactory evidence thereof as
the Collateral Agent or the Motor Vehicle Monitor may request. For the avoidance of doubt,
any Newly Acquired Motor Vehicle that ceases to be a Newly Acquired Motor Vehicle pursuant
to the definition thereof shall become Collateral and such Grantor shall take all steps to
cause the recordation or notation of the Collateral Agent’s security interest in such
Collateral in accordance with this Section 5.6.

(c) In accordance with Section 6.13 of the Credit Agreement, (i) such Grantor shall, at
reasonable times during normal business hours and upon two Business Days’ notice to
Holdings, provide access to the Motor Vehicle Title Offices to the Motor Vehicle Monitor to
allow the Motor Vehicle Monitor (A) to examine (and photocopy or otherwise image) the
original Certificates of Title with respect to Motor Vehicles that are Collateral held by
such Grantor, and any documents related thereto, and (B) to assess the standard of care used
by the Grantors in holding such original Certificates of Title and taking actions to perfect
the security interest created hereunder (it being understood that, so long as no Event of
Default has occurred, such examinations and assessments shall take place no more than four
times per calendar year) and (ii) such Grantor shall otherwise assist, and cooperate with,
the Motor Vehicle Monitor in the performance of its activities in its capacity as the Motor
Vehicle Monitor (including providing any information reasonably requested by the Motor
Vehicle Monitor in its capacity as such).

(d) Pursuant to a power of attorney granted by the Collateral Agent, designated
employees of the Grantors shall have the authorization to act as agents and
attorneys-in-fact for and on behalf of the Collateral Agent to make, execute and deliver any
and all Certificate of Title(s), Transfer of Ownership and other release documents necessary
to terminate the Collateral Agent’s liens, rights, title and interest in and to Motor
Vehicles that are Collateral; provided that the use of such power of attorney by
such designated employees shall only be permitted (and any use of such power of attorney not
permitted hereby shall be a breach of this Agreement) if such use is permitted by the terms
of such power of attorney and (i) the Secured Obligations have been fully satisfied, (ii)
the Credit Agreement or other Loan Documents expressly authorize such a release in the
ordinary course of such Grantor’s business, or (iii) such Grantor has received the
Collateral Agent’s express approval in writing that such termination is authorized.

(e) Upon any breach of any of Sections 5.6(a) through (d) or after the
occurrence and during the continuance of an Event of Default, the Collateral Agent may, or
at the direction of the Required Lenders must, (i) terminate the authorization of the
Grantors to hold physical possession of any physically-issued original Certificates of Title
with respect to Motor Vehicles that are Collateral by giving the Borrower written notice
thereof, and, with five Business Days of such termination, each Grantor must deliver all
such physically-issued original Certificates of Title to the
Collateral Agent (or a sub-agent thereof designated by the Collateral Agent)and (ii)
revoke the power of attorney described in Section 5.6(d) by giving the Borrower
written notice thereof.

 

F - 25

 

(f) Without limiting Section 6.1, at any time after a breach of any of
Sections 5.6(a) through (d) or after the occurrence of an Event of Default,
each Grantor hereby irrevocably appoints the Collateral Agent (and any of its sub-agents) as
its attorney-in-fact, with full authority in the place and stead of such Grantor and in the
name of such Grantor or otherwise, for the purpose of (i) executing on behalf of such
Grantor title or ownership applications for filing with appropriate state agencies to enable
Motor Vehicles constituting Collateral now owned or hereafter acquired by such Grantor to be
retitled and the Collateral Agent listed as lienholder thereon, (ii) filing such
applications with such state agencies and (iii) executing such other documents and
instruments on behalf of, and taking such other action in the name of, such Grantor as the
Collateral Agent may deem necessary or advisable to accomplish the purposes hereof
(including, without limitation, the purpose of creating in favor of the Collateral Agent a
first priority (subject to Permitted Liens that by operation of law or contract have
priority over the Liens securing the Obligations) perfected lien on the Motor Vehicles
constituting Collateral and exercising the rights and remedies of the Collateral Agent under
Section 7.1). Each Grantor hereby acknowledges, consents and agrees that the power
of attorney granted pursuant to this Section is irrevocable and coupled with an interest.

SECTION 5.7. As to Letter-of-Credit Rights.

(a) Each Grantor, by granting a security interest in its Letter-of-Credit Rights to the
Collateral Agent, intends to (and hereby does) collaterally assign to the Collateral Agent
its rights (including its contingent rights ) to the Proceeds of all Letter-of-Credit Rights
of which it is or hereafter becomes a beneficiary or assignee. Such Grantor will promptly
use its commercially reasonable best efforts to cause the issuer of each Letter of Credit
and each nominated person (if any) with respect thereto to consent to such assignment of the
Proceeds thereof in a consent agreement in form and substance satisfactory to the Collateral
Agent and deliver written evidence of such consent to the Collateral Agent.

(b) Upon the occurrence of an Event of Default, such Grantor will, promptly upon
request by the Collateral Agent, (i) notify (and such Grantor hereby authorizes the
Collateral Agent to notify) the issuer and each nominated person with respect to each of the
Letters of Credit that the Proceeds thereof have been assigned to the Collateral Agent
hereunder and any payments due or to become due in respect thereof are to be made directly
to the Collateral Agent and (ii) arrange for the Collateral Agent to become the transferee
beneficiary Letter of Credit.

SECTION 5.8. As to Commercial Tort Claims. If any Grantor shall obtain an interest
in any Commercial Tort Claim with a potential value in excess of $1,000,000, such Grantor shall
within thirty (30) days of obtaining such interest sign and deliver documentation acceptable to the
Administrative Agent granting a security interest under the terms and provisions of this Agreement
in and to such Commercial Tort Claim.

SECTION 5.9. [Reserved]

 

F - 26

 

SECTION 5.10. Further Assurances, etc. Each Grantor agrees that, from time to time
at its own expense, it will promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or that the Collateral Agent may reasonably request,
in order to perfect, preserve and protect any security interest granted or purported to be granted
hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder
with respect to any
Collateral (except, with respect to Intellectual Property Collateral, the parties acknowledge
that the obligation with respect to perfection shall apply only to the United States). Without
limiting the generality of the foregoing, such Grantor will.

(a) from time to time upon the reasonable request of the Collateral Agent, (i) promptly
deliver to the Collateral Agent such stock powers, instruments and similar documents,
reasonably satisfactory in form and substance to the Collateral Agent, with respect to such
Collateral as the Collateral Agent may request and (ii) after the occurrence and during the
continuance of any Specified Default, promptly transfer any securities constituting
Collateral into the name of any nominee designated by the Collateral Agent if any Collateral
shall be evidenced by an Instrument, negotiable Document, Promissory Note or tangible
Chattel Paper, deliver and pledge to the Collateral Agent hereunder such Instrument,
negotiable Document, Promissory Note or tangible Chattel Paper duly endorsed and accompanied
by duly executed instruments of transfer or assignment, all in form and substance
satisfactory to the Collateral Agent;

(b) file (and hereby authorizes the Collateral Agent to file) such Filing Statements or
continuation statements, or amendments thereto, and such other instruments or notices
(including any assignment of claim form under or pursuant to the federal assignment of
claims statute, 31 U.S.C. § 3726, any successor or amended version thereof or any regulation
promulgated under or pursuant to any version thereof), as the Collateral Agent may
reasonably request in order to perfect and preserve the security interests and other rights
granted or purported to be granted to the Collateral Agent hereby;

(c) deliver to the Collateral Agent and at all times keep pledged to the Collateral
Agent pursuant hereto, on a first-priority, perfected basis, at the request of the
Collateral Agent, all Investment Property constituting Collateral, all dividends and
Distributions (but, in the case of cash dividends and Distributions, only in the case of the
occurrence and continuance of an Event of Default) with respect thereto, and all interest
and principal with respect to Promissory Notes (but, in the case of such interests and
principal paid in cash, only in the case of the occurrence and continuance of an Event of
Default), and all Proceeds and rights from time to time received by or distributable to such
Grantor in respect of any of the foregoing Collateral to the extent required hereunder;

(d) [Reserved]

(e) not take or omit to take any action the taking or the omission of which would
result in any impairment or alteration of any obligation of the maker of any Payment
Intangible or other Instrument constituting Collateral, except as provided in Section
5.4;

(f) not create any tangible Chattel Paper with a value in excess of $500,000 without
placing a legend on such tangible Chattel Paper reasonably acceptable to the Collateral
Agent indicating that the Collateral Agent has a security interest in such Chattel Paper;

(g) furnish to the Collateral Agent, from time to time at the Collateral Agent’s
reasonable request, statements and schedules further identifying and describing the
Collateral and such other reports in connection with the Collateral as the Collateral Agent
may request, all in reasonable detail; and

(h) to the extent required under this Agreement, do all things reasonably requested by
the Collateral Agent in accordance with this Security Agreement in order to enable the
Collateral Agent to have and maintain control over the Collateral consisting of Motor
Vehicles, Investment Property, Deposit Accounts, Letter-of-Credit-Rights and Electronic
Chattel Paper.

 

F - 27

 

With respect to the foregoing and the grant of the security interest hereunder, each Grantor
hereby authorizes the Collateral Agent to file one or more financing or continuation statements,
and amendments thereto, relative to all or any part of the Collateral in any jurisdiction and with
any filing officers as the Collateral Agent may deem necessary or advisable and to make all
relevant filings with the United States Patent and Trademark Office and the United States Copyright
Office in respect of the United States Owned Intellectual Property Collateral. Each Grantor hereby
authorizes the Collateral Agent to file financing statements describing as the collateral covered
thereby “all of the debtor’s personal property or assets now existing or hereafter acquired” or
words to that effect, notwithstanding that such wording may be broader in scope than the Collateral
described in this Security Agreement.

SECTION 5.11. Deposit Accounts. (a) No Grantor shall establish or maintain, any
demand, time, savings, passbook or similar account, except for such accounts maintained with a bank
(as defined in Section 9-102 of the UCC) whose jurisdiction (determined in accordance with Section
9-304 of the UCC) is within a State of the United States. For each Deposit Account (other than (i)
the LKE Accounts utilized in connection with the LKE Program, (ii) any other Deposit Account used
solely for payroll, payroll taxes, and other employee wage and benefit payments, (iii) any Deposit
Account that either (I) a Control Agreement complying with the requirements set forth below in this
Section 5.11 is executed and delivered to the Collateral Agent on or before thirty (30)
days after the Closing Date (or such later dates from time to time as the Collateral Agent may
consent to in its discretion) or (II) is closed on or before thirty (30) days after the Closing
Date (or such later dates from time to time as the Collateral Agent may consent to in its
discretion) and (iv) any other Deposit Accounts maintained by any Grantor so long as the principal
balance in (x) any single Deposit Account does not exceed $100,000 at any time and (y) all such
Deposit Accounts does not exceed $500,000 in the aggregate at any time), the respective Grantor
shall cause the bank with which the Deposit Account is maintained to execute and deliver to the
Collateral Agent, on or before the Closing Date or, with respect to any Deposit Account established
after the Closing Date, at the time of the establishment of the respective Deposit Account, a
Control Agreement in form and substance reasonably satisfactory to the Collateral Agent pursuant to
which such bank agrees to comply with the Collateral Agent’s instructions with respect to such
Deposit Account without further consent by such Grantor. Notwithstanding the foregoing, the
Collateral Agent agrees that it shall not give such instructions unless an Event of Default has
occurred and is continuing. If any bank with which such a Deposit Account is maintained refuses
to, or does not, enter into such a Control Agreement, then the respective Grantor shall promptly
(and in any event prior to thirty (30) days after the Closing Date (or such later dates from time
to time as the Collateral Agent may consent to in its discretion or, with respect to any Deposit
Account established after the Closing Date, thirty (30) days after the establishment of such
account (or such later dates from time to time as the Collateral Agent may consent to in its
discretion) close the respective Deposit Account and transfer all balances therein to the
Collateral Account or another Deposit Account meeting the requirements of this Section
5.11.

(b) After the date of this Agreement, no Grantor shall establish any new demand, time,
savings, passbook or similar account, except for Deposit Accounts established and maintained
with banks and meeting the requirements of preceding clause (a). At the time any such
Deposit Account is established, the appropriate Control Agreement shall be entered into in
accordance with the requirements of preceding clause (a) and the respective Grantor shall
furnish to the Collateral Agent a supplement to Item F of Schedule II hereto
containing the relevant information with respect to the respective Deposit Account and the
bank with which same is established.

 

F - 28

 

SECTION 5.12. As to IEL Notes. The Grantors shall provide a written statement to the
Collateral Agent at the end of each Fiscal Quarter setting forth the aggregate outstanding amount
under the IEL Notes and at any time that the aggregate outstanding amount under the IEL Notes
exceeds $6,000,000, at the request of the Collateral Agent, the Grantors shall deliver originals of
such IEL Notes to the Collateral Agent in an aggregate outstanding amount equal to at least the
amount of such excess.

SECTION 5.13. LKE Accounts. Each Grantor agrees that all LKE Accounts will be
utilized solely in connection with the LKE Program.

ARTICLE VI

THE COLLATERAL AGENT

SECTION 6.1. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby
irrevocably appoints the Collateral Agent its attorney-in-fact, with full authority in the place
and stead of such Grantor and in the name of such Grantor or otherwise, from time to time in the
Collateral Agent’s discretion, following the occurrence and during the continuance of an Event of
Default, to take any action and to execute any instrument which the Collateral Agent may deem
necessary or advisable to accomplish the purposes of this Security Agreement, including:

(a) to ask, demand, collect, sue for, recover, compromise, receive and give acquittance
and receipts for moneys due and to become due under or in respect of any of the Collateral;

(b) to receive, endorse, and collect any drafts or other Instruments, Documents and
Chattel Paper, in connection with clause (a) above;

(c) to file any claims or take any action or institute any proceedings which the
Collateral Agent may deem necessary or desirable for the collection of any of the Collateral
or otherwise to enforce the rights of the Collateral Agent with respect to any of the
Collateral; and

(d) to perform the affirmative obligations of such Grantor hereunder.

Each Grantor hereby acknowledges, consents and agrees that the power of attorney granted pursuant
to this Section is irrevocable and coupled with an interest until the Termination Date.

SECTION 6.2. Collateral Agent May Perform. If any Grantor fails to perform any
agreement contained herein, the Collateral Agent may, after requesting in writing that the Grantor
perform such agreement, and subject to any applicable cure period, itself perform, or cause
performance of, such agreement, and the reasonable out-of-pocket expenses of the Collateral Agent
incurred in connection therewith shall be payable by such Grantor pursuant to Section 10.04
of the Credit Agreement.

SECTION 6.3. Collateral Agent Has No Duty. The powers conferred on the Collateral
Agent hereunder are solely to protect its interest (on behalf of the Secured Parties) in the
Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable
care of any Collateral in its possession and the accounting for moneys actually received by it
hereunder, the Collateral Agent shall have no duty as to any Collateral or responsibility for

(a) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relative to any Investment Property, whether or not the
Collateral Agent has or is deemed to have knowledge of such matters, or

(b) taking any necessary steps to preserve rights against prior parties or any other
rights pertaining to any Collateral.

 

F - 29

 

SECTION 6.4. Reasonable Care. The Collateral Agent is required to exercise
reasonable care in the custody and preservation of any of the Collateral in its possession;
provided that the Collateral Agent shall be deemed to have exercised reasonable care in the
custody and preservation of any of the Collateral, if it takes such action for that purpose as the
applicable Grantor reasonably requests in writing at times other than upon the occurrence and
during the continuance of any Specified Default, but failure of the Collateral Agent to comply with
any such request at any time shall not in itself be deemed a failure to exercise reasonable care so
long as the Collateral Agent treats such Collateral in a manner substantially similar to that which
it accords its own property.

ARTICLE VII

REMEDIES

SECTION 7.1. Certain Remedies. If any Specified Default shall have occurred and be
continuing:

(a) The Collateral Agent may exercise in respect of the Collateral, in addition to
other rights and remedies provided for herein or otherwise available to it, all the rights
and remedies of a Secured Party on default under the UCC (whether or not the UCC applies to
the affected Collateral) and also may

(i) take possession of any Collateral not already in its possession without
demand and without legal process;

(ii) require each Grantor to, and each Grantor hereby agrees that it will, at
its expense and upon request of the Collateral Agent forthwith, assemble all or part
of the Collateral as directed by the Collateral Agent and make it available to the
Collateral Agent at a place to be designated by the Collateral Agent that is
reasonably convenient to both parties;

(iii) enter onto the property where any Collateral is located and take
possession thereof without demand and without legal process; and

(iv) without notice except as specified below, lease, license, sell or
otherwise dispose of the Collateral or any part thereof in one or more parcels at
public or private sale, at any of the Collateral Agent’s offices or elsewhere, for
cash, on credit or for future delivery, and upon such other terms as the Collateral
Agent may deem commercially reasonable. Each Grantor agrees that, to the extent
notice of sale shall be required by law, at least ten (10) days’ prior notice to
such Grantor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification. The Collateral
Agent shall not be obligated to make any sale of Collateral regardless of notice of
sale having been given. The Collateral Agent may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was so
adjourned.

(b) All cash Proceeds received by the Collateral Agent in respect of any sale of,
collection from, or other realization upon, all or any part of the Collateral shall be
applied by the
Collateral Agent against, all or any part of the Secured Obligations as set forth in
Section 8.03 of the Credit Agreement.

 

F - 30

 

(c) The Collateral Agent may:

(i) transfer all or any part of the Collateral into the name of the Collateral
Agent or its nominee, with or without disclosing that such Collateral is subject to
the Lien hereunder;

(ii) notify the parties obligated on any of the Collateral to make payment to
the Collateral Agent of any amount due or to become due thereunder;

(iii) withdraw, or cause or direct the withdrawal, of all funds with respect to
the Collateral Account;

(iv) enforce collection of any of the Collateral by suit or otherwise, and
surrender, release or exchange all or any part thereof, or compromise or extend or
renew for any period (whether or not longer than the original period) any
obligations of any nature of any party with respect thereto;

(v) endorse any checks, drafts, or other writings in any Grantor’s name to
allow collection of the Collateral;

(vi) take control of any Proceeds of the Collateral; and

(vii) execute (in the name, place and stead of any Grantor) endorsements,
assignments, stock powers and other instruments of conveyance or transfer with
respect to all or any of the Collateral.

(d) Without limiting the foregoing, in respect of the Intellectual Property Collateral:

(i) upon the request of the Collateral Agent, each Grantor shall execute and
deliver to the Collateral Agent an assignment or assignments of its Intellectual
Property Collateral, subject (in the case of any Trademark Licenses, Copyright
Licenses, Patent Licenses, and Trade Secret Licenses) to any valid and enforceable
requirements to obtain consents from any third parties, and such other documents as
are necessary or appropriate to carry out the intent and purposes hereof;

(ii) each Grantor agrees that the Collateral Agent may file applications and
maintain registrations for the protection of such Grantor’s Owned Intellectual
Property Collateral and/or bring suit in the name of such Grantor, the Collateral
Agent or any Secured Party to enforce such Grantor’s rights in the Intellectual
Property Collateral and any licenses thereunder and, upon the request of the
Collateral Agent, each Grantor shall use commercially reasonable efforts to assist
with such filing or enforcement (including the execution of relevant documents); and

(iii) in the event that the Collateral Agent elects not to make any filing or
bring any suit as set forth in clause (ii), each Grantor shall, upon the request of
the Collateral Agent, use all commercially reasonable efforts, whether through
making appropriate filings or bringing suit or otherwise, to protect, enforce and
prevent the
infringement, misappropriation, dilution, unauthorized use or other violation
of its Intellectual Property Collateral.

 

F - 31

 

Notwithstanding the foregoing provisions of this Section 7.1, for the purposes of this
Section 7.1, “Collateral” and “Intellectual Property Collateral” shall include any “intent
to use” trademark application only to the extent (i) that the business of such Grantor, or portion
thereof, to which that mark pertains is also included in the Collateral and (ii) that such business
is ongoing and existing and (iii) that the grant or exercise of the rights in Section 7.1
does not impair the validity of such trademark application or cause its abandonment or
cancellation.

SECTION 7.2. [Reserved]

SECTION 7.3. Compliance with Restrictions. Each Grantor agrees that in any sale of
any of the Collateral whenever an Event of Default shall have occurred and be continuing, the
Collateral Agent is hereby authorized to comply with any limitation or restriction in connection
with such sale as it may be advised by counsel is necessary in order to avoid any violation of
applicable law (including compliance with such procedures as may restrict the number of prospective
bidders and purchasers, require that such prospective bidders and purchasers have certain
qualifications, and restrict such prospective bidders and purchasers to Persons who will represent
and agree that they are purchasing for their own account for investment and not with a view to the
distribution or resale of such Collateral), or in order to obtain any required approval of the sale
or of the purchaser by any Governmental Authority or official, and such Grantor further agrees that
such compliance shall not result in such sale being considered or deemed not to have been made in a
commercially reasonable manner, nor shall the Collateral Agent be liable nor accountable to such
Grantor for any discount allowed by the reason of the fact that such Collateral is sold in
compliance with any such limitation or restriction.

SECTION 7.4. Protection of Collateral. The Collateral Agent may from time to time,
at its option, perform any act which any Grantor fails to perform after being requested in writing
so to perform and which Grantor is required to so perform hereunder (except, with respect to
Intellectual Property Collateral, only as such failure to perform could reasonably be expected, in
Collateral Agent’s discretion, to have a Material Adverse Effect) (it being understood that no such
request need be given after the occurrence and during the continuance of an Event of Default) and
the Collateral Agent may from time to time take any other action which the Collateral Agent deems
necessary for the maintenance, preservation or protection of any of the Collateral or of its
security interest therein subject to the other terms of this Security Agreement and the Credit
Agreement.

SECTION 7.5. Application of Proceeds. If an Event of Default shall have occurred and
be continuing, at any time at the direction of Collateral Agent by the Administrative Agent or the
Required Lenders, the Collateral Agent may apply all or any part of Proceeds constituting
Collateral, whether or not held in any Collateral Account, and any proceeds of the guarantee set
forth in Section 2, in payment of the Obligations in accordance with the order of priority
as set forth in Section 8.03 of the Credit Agreement.

 

F - 32

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

SECTION 8.1. Loan Document. This Security Agreement is a Loan Document executed
pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be
construed, administered and applied in accordance with the terms and provisions thereof, including
Article X thereof.

SECTION 8.2. Binding on Successors, Transferees and Assigns; Assignment. This
Security Agreement shall remain in full force and effect until the Termination Date has occurred,
shall be binding upon the Grantors and their successors, transferees and assigns and shall inure to
the benefit of and be enforceable by each Secured Party and its successors, transferees and
assigns; provided that no Grantor may (unless otherwise permitted under the terms of the
Credit Agreement or this Security Agreement) assign any of its obligations hereunder without the
prior written consent of all Lenders.

SECTION 8.3. Amendments, etc. No amendment to or waiver of any provision of this
Security Agreement, nor consent to any departure by any Grantor from its obligations under this
Security Agreement, shall in any event be effective unless the same shall be in writing and signed
by the Collateral Agent (on behalf of the Lenders or the Required Lenders, as the case may be,
pursuant to Section 10.01 of the Credit Agreement) and the Grantors and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which
given.

SECTION 8.4. Notices. All notices and other communications provided for hereunder
shall be in writing or by facsimile and addressed, delivered or transmitted to the appropriate
party at the address or facsimile number of such party specified in the Credit Agreement
(provided that, any such notice or other communication to or upon any Guarantor shall be
addressed to such Guarantor at its notice address set forth on Schedule II) or at such other
address or facsimile number as may be designated by such party in a notice to the other party. Any
notice or other communication, if mailed and properly addressed with postage prepaid or if properly
addressed and sent by pre-paid courier service, shall be deemed given when received; any such
notice or other communication, if transmitted by facsimile, shall be deemed given when transmitted
and electronically confirmed.

SECTION 8.5. Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay
or reimburse each Lender and the Collateral Agent for all its reasonable and documented
out-of-pocket costs and expenses incurred in collecting against such Guarantor under the guarantee
contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement
and the other Loan Documents to which such Guarantor is a party, including, without limitation, the
reasonable and documented fees and disbursements of one local counsel to each Lender retained by
the Collateral Agent in each relevant jurisdiction and of one primary counsel to the Collateral
Agent.

(b) Each Guarantor agrees to pay, and to save the Collateral Agent and the Lenders
harmless from, any and all liabilities with respect to, or resulting from any delay in
paying, any and all stamp, excise, sales or other taxes which may be payable or determined
to be payable with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Agreement.

(c) Each Guarantor agrees to pay, and to save the Collateral Agent and the Lenders
harmless from, any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with
respect to the execution, delivery, enforcement, performance and administration of this
Agreement to the extent the Borrower would be required to do so pursuant to Section
10.04 of the Credit Agreement.

(d) The agreements in this Section 8.5 shall survive repayment of the
Obligations and all other amounts payable under the Credit Agreement and the other Loan
Documents.

 

F - 33

 

SECTION 8.6. Release of Liens and Guarantors. (a) Upon (i) the Disposition of
Collateral in accordance with the Credit Agreement or (ii) the occurrence of the Termination Date,
the security interests granted herein shall automatically terminate with respect to (A) such
Collateral (in the case of clause (i)) or (B) all Collateral (in the case of clause
(ii)), and in the case of clause (ii), each Guarantor
shall be released from its obligations with respect to the guarantee contained in Section
2. Upon any such Disposition or termination, the Collateral Agent will, at the Grantors’ sole
expense, deliver to the Grantors, without any representations, warranties or recourse of any kind
whatsoever, all Collateral held by the Collateral Agent hereunder, and execute and deliver to the
Grantors or Guarantors, as applicable, such documents as the Grantors or Guarantors, as applicable,
shall reasonably request to evidence such termination.

(b) At the request and sole expense of the Borrower, a Subsidiary Guarantor shall be
released from its obligations hereunder in the event that all the Capital Securities of such
Subsidiary Guarantor shall be sold, transferred or otherwise disposed of in a transaction
permitted by the Credit Agreement; provided that the Borrower shall have delivered
to the Collateral Agent, at least ten Business Days prior to the date of the proposed
release, a written request for release identifying the relevant Subsidiary Guarantor and the
terms of the sale or other disposition in reasonable detail, together with a certification
by the Borrower stating that such transaction is in compliance with the Credit Agreement and
the other Loan Documents.

(c) To the extent that a Grantor grants a security interest in the Capital Securities
of a Receivables Subsidiary, and thereafter such security interest is no longer permitted by
the applicable Qualified Receivables Transaction, such Capital Securities shall no longer
constitute Collateral and the Collateral Agent will, at the Grantors’ sole expense, deliver
to the Grantors the certificates (if any) with respect to such Capital Securities held by
the Collateral Agent hereunder, and execute and deliver to the Grantors such documents as
the Grantors shall reasonably request to evidence such termination; provided that
the Borrower shall have delivered a written request for release identifying the Capital
Securities to be released, together with a certification that such pledge of Capital
Securities is no longer permitted by the terms of the applicable Qualified Receivables
Transaction.

SECTION 8.7. Additional Guarantors and Grantors. Upon the execution and delivery by
any other Person of a supplement in the form of Annex I hereto, such Person shall become a
“Guarantor” and “Grantor” hereunder with the same force and effect as if it were originally a party
to this Security Agreement and named as a “Guarantor” and “Grantor” hereunder. The execution and
delivery of such supplement shall not require the consent of any other Guarantor or Grantor
hereunder, and the rights and obligations of each Guarantor or Grantor hereunder shall remain in
full force and effect notwithstanding the addition of any new Guarantor or Grantor as a party to
this Security Agreement.

SECTION 8.8. No Waiver; Remedies. In addition to, and not in limitation of
Section 3.5, no failure on the part of any Secured Party to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof or the exercise of
any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

SECTION 8.9. Headings. The various headings of this Security Agreement are inserted
for convenience only and shall not affect the meaning or interpretation of this Security Agreement
or any provisions thereof.

SECTION 8.10. Severability. Any provision of this Security Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Security Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

 

F - 34

 

SECTION 8.11. Governing Law, Entire Agreement, etc. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. This Security Agreement
and the other Loan Documents constitute the entire understanding among the parties hereto with
respect to the subject matter hereof and thereof and supersede any prior agreements, written or
oral, with respect thereto.

SECTION 8.12. Counterparts. This Security Agreement may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original and all of which
shall constitute together but one and the same agreement. Delivery of an executed counterpart of a
signature page to this Security Agreement by facsimile (or other electronic transmission) shall be
effective as delivery of a manually executed counterpart of this Security Agreement.

 

F - 35

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be duly
executed and delivered by its Authorized Officer as of the date first above written.

	 	 	 	 	 
	 	SWIFT TRANSPORTATION CO., LLC

SWIFT TRANSPORTATION COMPANY

SWIFT TRANSPORTATION CO. OF ARIZONA, LLC

SWIFT LEASING CO., LLC

SWIFT TRANSPORTATION SERVICES, LLC

SWIFT TRANSPORTATION CO. OF VIRGINIA, LLC

SWIFT INTERMODAL, LLC

COMMON MARKET EQUIPMENT CO., LLC

M.S. CARRIERS, LLC

SPARKS FINANCE LLC

ESTRELLA DISTRIBUTING, LLC

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SWIFT SERVICES HOLDINGS, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INTERSTATE EQUIPMENT LEASING, LLC

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.,

      as Collateral Agent

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

F - 36

 

SCHEDULE I

to Security Agreement

Item A.

Name of Grantor:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Common Stock
	 	 	 	 	# of	 	Authorized	 	Outstanding	 	% of Shares
	Issuer (corporate)	 	Cert. #	 	Shares	 	Shares	 	Shares	 	Pledged
	 

	 	 
	 	 
	 	 
	 	 
	 	 

	 	 	 	 	 
	 	 	Limited Liability Company Interests
		 	% of Limited Liability	 	Type of Limited Liability
	Issuer (limited liability company)	 	Company Interests Pledged	 	Company Interests Pledged
	 

	 	 
	 	 

	 	 	 	 	 
	 	 	Partnership Interests
	 	 	% of Partnership	 	% of Partnership
	Issuer (partnership)	 	Interests Owned	 	Interests Pledged
	 

	 	 
	 	 

Item B.

Documents, Instruments, Promissory Notes or tangible Chattel Paper Delivered at Closing:

Name of Grantor:

Pledge and Security Agreement

 

 

 

SCHEDULE II

to Security Agreement

Item A. Location of each Grantor.

	 	 	 
	Name of Grantor:

	 	Location for purposes of UCC:
	[GRANTOR]

	 	[LOCATION]

Item B. Trade names.

	 	 	 
	Name of Grantor:

	 	Trade Names:
	[GRANTOR]
	 	 

Item C. Merger or other corporate reorganization.

	 	 	 
	Name of Grantor:

	 	Merger or other corporate reorganization:
	[GRANTOR]
	 	 

Item D. Taxpayer ID numbers.

	 	 	 
	Name of Grantor:

	 	Taxpayer ID numbers:
	[GRANTOR]
	 	 

 

 

 

Item E. Government Contracts.

	 	 	 
	Name of Grantor:

	 	Description of Contract:
	[GRANTOR]
	 	 

Item F. Deposit Accounts and Securities Accounts.

	 	 	 
	Name of Grantor:

	 	Description of Deposit Accounts and Securities Accounts:
	[GRANTOR]
	 	 

Item G. Letter of Credit Rights.

	 	 	 
	Name of Grantor:

	 	Description of Letter of Credit Rights:
	[GRANTOR]
	 	 

Item H. Commercial Tort Claims.

	 	 	 
	Name of Grantor:

	 	Description of Commercial Tort Claims:
	[GRANTOR]
	 	 

Item I. Organizational Identification Numbers.

	 	 	 
	Name of Grantor:

	 	Organizational Identification Number:
	[GRANTOR]
	 	 

 

2

 

SCHEDULE III

to Security Agreement

Item A. Patents

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Issued Patents	 	 	 	 
	Country	 	Patent No.	 	Issue Date	 	Inventor(s)	 	Title
	 

	 	 
	 	 
	 	 
	 	 

	 	 	 	 	 	 	 	 	 
	Pending Patent ApplicationsCountry	 	Serial No.	 	Filing Date	 	Inventor(s)	 	Title
	 

	 	 
	 	 
	 	 
	 	 

Item B. Exclusive Patent Licenses

	 	 	 	 	 	 	 	 	 	 	 
	Country or	 	 	 	 	 	 	 	Effective	 	Expiration
	Territory	 	Patent	 	Licensor	 	Licensee	 	Date	 	Date
	 

	 	 
	 	 
	 	 
	 	 
	 	 

 

3

 

SCHEDULE IV

to Security Agreement

Item A. Trademarks

Registered Trademarks

	 	 	 	 	 	 	 
	Country	 	Trademark	 	Registration No.	 	Registration Date
	 

	 	 
	 	 
	 	 

	 	 	 	 	 	 	 
	Pending Trademark	 	 	 	 	 	 
	Applications Country	 	Trademark	 	Serial No.	 	Filing Date
	 

	 	 
	 	 
	 	 

Item B. Exclusive Trademark Licenses

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Country or	 	 	 	 	 	 	 	 	 	 	 	 	 	Effective	 	Expiration
	Territory	 	Trademark	 	Licensor	 	Licensee	 	Date	 	Date

 

4

 

SCHEDULE V

to Security Agreement

Item A. Copyrights

Registered Copyrights

	 	 	 	 	 	 	 	 	 
	Country	 	Registration No.	 	Registration Date	 	Author(s)	 	Title
	 
	 	 	 	 	 	 	 	 

Copyright Registration Applications

	 	 	 	 	 	 	 	 	 
	Country	 	Serial No.	 	Filing Date	 	Author(s)	 	Title
	 
	 	 	 	 	 	 	 	 

Item B. Exclusive Copyright Licenses

	 	 	 	 	 	 	 	 	 	 	 
	Country or	 	 	 	 	 	 	 	Effective	 	Expiration
	Territory	 	Copyright	 	Licensor	 	Licensee	 	Date	 	Date
	 
	 	 	 	 	 	 	 	 	 	 

 

5

 

SCHEDULE VI

to Security Agreement

Exceptions

 

6

 

SCHEDULE VII

to Security Agreement

Motor Vehicle Title Offices

	 	 	 	 	 
	Name of Grantor:	 	Location of Motor Vehicle Title Office:	 	Designated Employees With Access to Title:
	[GRANTOR]

	 	[LOCATION]
	 	[NAME(S) OF EMPLOYEE(S)]

 

7

 

EXHIBIT A
to Security Agreement

PATENT SECURITY AGREEMENT

This PATENT SECURITY AGREEMENT, dated as of
 _____ 
__, 200_____ 
(this “Agreement”), is
made by [NAME OF GRANTOR], a
 _____ 
(the “Grantor”), in favor of MORGAN STANLEY SENIOR
FUNDING, INC., as the collateral agent for each of the Secured Parties (as defined in the Credit
Agreement referred to below) (together with its successor(s) thereto in such capacity, the
“Collateral Agent”).

W I T N E S S E T H:

WHEREAS, pursuant to a Credit Agreement, dated as of December 21, 2010 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Credit
Agreement”), among SWIFT TRANSPORTATION CO., LLC, a Delaware limited liability company (the
“Borrower”), SWIFT TRANSPORTATION COMPANY, a Delaware corporation (“Holdings”), the
Guarantors, each lender from time to time party hereto (collectively, the “Lenders” and
individually, a “Lender”), MORGAN STANLEY SENIOR FUNDING, INC., as Syndication Agent, WELLS
FARGO BANK, NATIONAL ASSOCIATION, CITIGROUP GLOBAL CAPITAL MARKETS INC. (or an affiliate thereof)
and PNC CAPITAL MARKETS LLC (or an affiliate thereof) as Documentation Agents, and BANK OF AMERICA,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, the Lenders and the L/C Issuer (as
defined in the Credit Agreement) have extended Commitments (as defined in the Credit Agreement) to
make Credit Extensions (as defined in the Credit Agreement) to the Borrower;

WHEREAS, in connection with the Credit Agreement, the Grantor has executed and delivered a
Guarantee and Collateral Agreement in favor of the Collateral Agent, dated as of December 21, 2010
(as amended, supplemented, amended and restated or otherwise modified from time to time, the
“Security Agreement”);

WHEREAS, pursuant to the Credit Agreement and the Security Agreement, the Grantor is required
to execute and deliver this Agreement and to grant to the Collateral Agent for its benefit and the
ratable benefit of each other Secured Party, a continuing security interest in all of the Grantor’s
right, title and interest in the Patent Collateral (as defined below) to secure all the Secured
Obligations; and

WHEREAS, the Grantor has duly authorized the execution, delivery and performance of this
Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Grantor agrees, for the benefit of each Secured Party, as follows:

SECTION 1. Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings
provided (or incorporated by reference) in the Security Agreement.

 

 

 

SECTION 2. Grant of Security Interest. The Grantor hereby grants to the Collateral
Agent, for its benefit and the ratable benefit of each other Secured Party, a continuing security
interest in all of the Grantor’s right, title and interest in the United States, whether now or
hereafter existing, owned or acquired by such Grantor, and wherever located, in and to the
following (Patent Collateral”):

(a) all United States inventions and discoveries, whether patentable or not, all
letters patent and all applications for letters patent, including all patent applications in
preparation for filing in the United States, including all reissues, divisions,
continuations, continuations-in-part, extensions, renewals and reexaminations of any of the
foregoing, in each case, owned by any Grantor (“Patents”), including each United
States issued Patent and Patent application referred to in Schedule I;

(b) all Patent licenses, and other agreements for the grant by or to the Grantor of any
right to use any items of the type referred to in clause (a) above (each a
“Patent License”) including each written, exclusive inbound license of any material
United States Patent application and/or registrationas set forth in Item B of
Schedule I;

(c) the right to sue third parties for past, present and future infringements of any
issued Patent or Patent application, or for breach or enforcement of any Patent License; and

(d) all proceeds of, and rights associated with, the foregoing (including Proceeds,
licenses, royalties, income, payments, claims, damage awards and proceeds of infringement
suits).

Notwithstanding the foregoing, Patent Collateral shall not include, and the grant of a
security interest as provided hereunder shall not extend to those items set forth in clauses (i)
through (x) of Section 3.1 of the Security Agreement.

SECTION 3. Security Agreement. This Agreement has been executed and delivered by the
Grantor for the purpose of registering the security interest of the Collateral Agent in the Patent
Collateral with the United States Patent and Trademark Office. The security interest granted
hereby has been granted as a supplement to, and not in limitation of, the security interest granted
to the Collateral Agent for its benefit and the ratable benefit of each other Secured Party under
the Security Agreement. The Security Agreement (and all rights and remedies of the Collateral
Agent and each Secured Party thereunder) shall remain in full force and effect in accordance with
its terms.

SECTION 4. Acknowledgment. The Grantor does hereby further acknowledge and affirm
that the rights and remedies of the Collateral Agent with respect to the security interest in the
Patent Collateral granted hereby are more fully set forth in the Security Agreement, the terms and
provisions of which (including the remedies provided for therein) are incorporated by reference
herein as if fully set forth herein. To the extent there is any conflict between the terms of the
Security Agreement and this Agreement, the Security Agreement shall control.

SECTION 5. Loan Document. This Agreement is a Loan Document executed pursuant to the
Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered
and applied in accordance with the terms and provisions thereof, including Article XI thereof.

SECTION 6. Counterparts. This Agreement may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile (or other electronic transmission) shall be
effective, or delivery of a manually executed counterpart.

SECTION 7. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK.

 

2

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed
and delivered by its Authorized Officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.,

      as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

3

 

	 	 	 	 	 

SCHEDULE I 
to Patent Security Agreement

Item A. Patents

 Issued Patents

	 	 	 	 	 	 	 
	Country	 	Patent No.	 	Issue Date	 	Title
	 
	 	 	 	 	 	 

 Pending Patent Applications

	 	 	 	 	 	 	 
	Country	 	Serial No.	 	Filing Date	 	Title
	 
	 	 	 	 	 	 

Item B. Exclusive Patent Licenses

	 	 	 	 	 	 	 	 	 	 	 
	Country or	 	 	 	 	 	 	 	Effective	 	Expiration
	Territory	 	Patent	 	Licensor	 	Licensee	 	Date	 	Date
	 
	 	 	 	 	 	 	 	 	 	 

 

4

 

EXHIBIT B

to Security Agreement

TRADEMARK SECURITY AGREEMENT

This TRADEMARK SECURITY AGREEMENT, dated as of
 _____ 
___, 200_____ 
(this “Agreement”),
is made by [NAME OF GRANTOR], a
 _____ 
(the “Grantor”), in favor of MORGAN STANLEY
SENIOR FUNDING, INC., as the collateral agent (together with its successor(s) thereto in such
capacity, the “Collateral Agent”) for each of the Secured Parties (as defined in the Credit
Agreement referred to below).

W I T N E S S E T H:

WHEREAS, pursuant to a Credit Agreement, dated as of December 21, 2010 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Credit
Agreement”), among SWIFT TRANSPORTATION CO., LLC, a Delaware limited liability company
(the “Borrower”), SWIFT TRANSPORTATION COMPANY, a Delaware corporation
(“Holdings”), the Guarantors, each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), MORGAN STANLEY
SENIOR FUNDING, INC., as Syndication Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION,
CITIGROUP GLOBAL CAPITAL MARKETS INC. (or an affiliate thereof) and PNC CAPITAL MARKETS LLC
(or an affiliate thereof) as Documentation Agents, and BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line Lender and L/C Issuer, the Lenders and the L/C Issuer (as
defined in the Credit Agreement) have extended Commitments (as defined in the Credit
Agreement) to make Credit Extensions (as defined in the Credit Agreement) to the Borrower;

WHEREAS, in connection with the Credit Agreement, the Grantor has executed and
delivered a Guarantee and Collateral Agreement in favor of the Collateral Agent, dated as of
December 21, 2010 (as amended, supplemented, amended and restated or otherwise modified from
time to time, the “Security Agreement”);

WHEREAS, pursuant to the Credit Agreement and the Security Agreement, the Grantor is
required to execute and deliver this Agreement and to grant to the Collateral Agent for its
benefit and the ratable benefit of each other Secured Party, a continuing security interest
in all of the Grantor’s right, title and interest in the Trademark Collateral (as defined
below) to secure all the Secured Obligations; and

WHEREAS, the Grantor has duly authorized the execution, delivery and performance of
this Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Grantor agrees, for the benefit of each Secured Party, as
follows:

SECTION 1. Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings
provided (or incorporated by reference) in the Security Agreement.

 

 

 

SECTION 2. Grant of Security Interest. The Grantor hereby grants to the Collateral
Agent, for its benefit and the ratable benefit of each other Secured Party, a continuing security
interest in all of the Grantor’s right, title and interest in the United States, whether now or
hereafter existing, owned or acquired by such Grantor, and wherever located, in and to the
following (the “Trademark Collateral”):

(a) (i) all United States trademarks, trade names, brand names, corporate names,
company names, business names, fictitious business names, trade styles, trade dress, domain
names, service marks, certification marks, collective marks, logos and other source or
business identifiers, whether registered or unregistered, in each case, owned by the Grantor
and all goodwill of the business associated therewith, now existing or hereafter adopted or
acquired, whether currently in use or not, all registrations thereof and all applications in
connection therewith, including registrations and applications in the United States Patent
and Trademark Office or in any other office or agency of the United States of America, or
any State thereof, and all common law rights relating to the foregoing, and (ii) the right
to obtain all reissues, extensions or renewals of the foregoing in the United States,
including the United States Trademark registrations and applications listed on Item A of
Schedule I (collectively referred to as “Trademarks”);

(b) all Trademark licenses and other agreements for the grant by or to the Grantor of
any right to use any United States Trademark (each a “Trademark License”), including
each written, exclusive inbound license of any material United States Trademark application
and/or registration as set forth in Item B of Schedule I;

(c) the right to sue third parties for past, present and future infringements or
dilution of the Trademarks described in clause (a) and, to the extent applicable,
clause (b) for any injury to the goodwill associated with the use of any such
Trademark or for breach or enforcement of any Trademark License; and

(d) all proceeds of, and rights associated with, the foregoing (including Proceeds,
licenses, royalties, income, payments, claims, damages and proceeds of infringement suits).

Notwithstanding the foregoing, Trademark Collateral shall not include those items set forth in
clauses (i) through (x) of Section 3.1 of the Security Agreement.

SECTION 3. Security Agreement. This Agreement has been executed and delivered by the
Grantor for the purpose of registering the security interest of the Collateral Agent in the
Trademark Collateral with the United States Patent and Trademark Office. The security interest
granted hereby has been granted as a supplement to, and not in limitation of, the security interest
granted to the Collateral Agent for its benefit and the ratable benefit of each other Secured Party
under the Security Agreement. The Security Agreement (and all rights and remedies of the
Collateral Agent and each Secured Party thereunder) shall remain in full force and effect in
accordance with its terms.

SECTION 4. Acknowledgment. The Grantor does hereby further acknowledge and affirm
that the rights and remedies of the Collateral Agent with respect to the security interest in the
Trademark Collateral granted hereby are more fully set forth in the Security Agreement, the terms
and provisions of which (including the remedies provided for therein) are incorporated by reference
herein as if fully set forth herein. To the extent there is any conflict between the terms of the
Security Agreement and this Agreement, the Security Agreement shall control.

SECTION 5. Loan Document. This Agreement is a Loan Document executed pursuant to the
Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered
and applied in accordance with the terms and provisions thereof, including Article XI thereof.

 

2

 

SECTION 6. Counterparts. This Agreement may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile (or other electronic transmission) shall be
effective, or delivery of a manually executed counterpart.

SECTION 7. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK.* * * * *

 

3

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed
and delivered by its Authorized Officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.,

      as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

4

 

SCHEDULE I

to Trademark Security Agreement

Item A. Trademarks

Registered Trademarks

	 	 	 	 	 	 	 
	Country	 	Trademark	 	Registration No.	 	Registration Date
	 
	 	 	 	 	 	 

Pending Trademark Applications

	 	 	 	 	 	 	 
	Country	 	Trademark	 	 	Serial No.	 	 	Filing Date

 

Item B. Exclusive Trademark Licenses

	 	 	 	 	 	 	 	 	 	 	 
	Country or	 	 	 	 	 	 	 	Effective	 	Expiration
	Territory	 	Trademark	 	Licensor	 	Licensee	 	Date	 	Date
	 
	 	 	 	 	 	 	 	 	 	 

 

5

 

EXHIBIT C

to Security Agreement

COPYRIGHT SECURITY AGREEMENT

This COPYRIGHT SECURITY AGREEMENT, dated as of
 _____ 
__, 200_____ 
(this “Agreement”),
is made by [NAME OF GRANTOR], a
 _____ 
(the “Grantor”), in favor of MORGAN STANLEY
SENIOR FUNDING, INC., as the collateral agent (together with its successor(s) thereto in such
capacity, the “Collateral Agent”) for each of the Secured Parties (as defined in the Credit
Agreement referred to below).

W I T N E S S E T H:

WHEREAS, pursuant to a Credit Agreement, dated as of December 21, 2010 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Credit
Agreement”), among SWIFT TRANSPORTATION CO., LLC, a Delaware limited liability company
(the “Borrower”), SWIFT TRANSPORTATION COMPANY, a Delaware corporation,
(“Holdings”), the Guarantors, each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), MORGAN STANLEY
SENIOR FUNDING, INC., as Syndication Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION,
CITIGROUP GLOBAL CAPITAL MARKETS INC. (or an affiliate thereof) and PNC CAPITAL MARKETS LLC
(or an affiliate thereof) as Documentation Agents, and BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line Lender and L/C Issuer, the Lenders and the L/C Issuer (as
defined in the Credit Agreement) have extended Commitments (as defined in the Credit
Agreement) to make Credit Extensions (as defined in the Credit Agreement) to the Borrower;

WHEREAS, in connection with the Credit Agreement, the Grantor has executed and
delivered a Guarantee and Collateral Agreement in favor of the Collateral Agent, dated as of
December 21, 2010 (as amended, supplemented, amended and restated or otherwise modified from
time to time, the “Security Agreement”);

WHEREAS, pursuant to the Credit Agreement and the Security Agreement, the Grantor is
required to execute and deliver this Agreement and to grant to the Collateral Agent for its
benefit and the ratable benefit of each other Secured Party, a continuing security interest
in all of the Grantor’s right, title and interest in the Copyright Collateral (as defined
below) to secure all the Secured Obligations; and

WHEREAS, the Grantor has duly authorized the execution, delivery and performance of
this Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Grantor agrees, for the benefit of each Secured Party, as
follows:

SECTION 8. Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings
provided (or incorporated by reference) in the Security Agreement.

 

 

 

SECTION 9. Grant of Security Interest. The Grantor hereby grants to the Collateral
Agent, for its benefit and the ratable benefit of each other Secured Party, a continuing security
interest in all of the Grantor’s right, title and interest in the United States, whether now or
hereafter existing, owned or acquired by the Grantor, wherever located, in and to the following
(the “Copyright Collateral”):

(a) all United States copyrights and copyrightable works of authorship owned by the
Grantor, whether registered or unregistered and whether published or unpublished, in any
media, now or hereafter in force including copyrights registered in the United States
Copyright Office, and registrations thereof and all applications for registration thereof in
the United States, whether pending or in preparation and all extensions and renewals of the
foregoing (“Copyrights”), including the United States registrations and applications
referred to in Item A of Schedule I;

(b) all Copyright licenses and other agreements for the grant by or to the Grantor of
any right to use any items of the type referred to in clause (a) above (each a
“Copyright License”), including each written, exclusive, inbound license of any
material United States Copyright application and/or registration set forth in Item B
of Schedule I;

(c) the right to sue for past, present and future infringements of any of the
Copyrights described in clause (a), and for breach or enforcement of any Copyright License;
and

(d) all proceeds of, and rights associated with, the foregoing (including Proceeds,
licenses, royalties, income, payments, claims, damage awards and proceeds of infringement
suits).

Notwithstanding the foregoing, Copyright Collateral shall not include those items set forth in
clauses (i) through (x) of Section 3.1 of the Security Agreement.

SECTION 10. Security Agreement. This Agreement has been executed and delivered by
the Grantor for the purpose of registering the security interest of the Collateral Agent in the
Copyright Collateral with the United States Copyright Office and any copyright office anywhere in
the world. The security interest granted hereby has been granted as a supplement to, and not in
limitation of, the security interest granted to the Collateral Agent for its benefit and the
ratable benefit of each other Secured Party under the Security Agreement. The Security Agreement
(and all rights and remedies of the Collateral Agent and each Secured Party thereunder) shall
remain in full force and effect in accordance with its terms.

SECTION 11. Acknowledgment. The Grantor does hereby further acknowledge and affirm
that the rights and remedies of the Collateral Agent with respect to the security interest in the
Copyright Collateral granted hereby are more fully set forth in the Security Agreement, the terms
and provisions of which (including the remedies provided for therein) are incorporated by reference
herein as if fully set forth herein. To the extent there is any conflict between the terms of the
Security Agreement and this Agreement, the Security Agreement shall control.

SECTION 12. Loan Document. This Agreement is a Loan Document executed pursuant to
the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed,
administered and applied in accordance with the terms and provisions thereof, including Article XI
thereof.

 

C-2      

 

SECTION 13. Counterparts. This Agreement may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement. Delivery of an executed counterpart of a
signature page to this
Agreement by facsimile (or other electronic transmission) shall be effective, or delivery of a
manually executed counterpart.

SECTION 14. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK.

* * * * *

 

C-3      

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed
and delivered by its Authorized Officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.,

as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

C-4      

 

SCHEDULE I

to Copyright Security Agreement

Item A. Copyrights

Registered Copyrights

	 	 	 	 	 	 	 	 	 
	Country	 	Registration No.	 	Registration Date	 	Author(s)	 	Title
	 
	 	 	 	 	 	 	 	 

Copyright Pending Applications

	 	 	 	 	 	 	 	 	 
	Country	 	Serial No.	 	Filing Date	 	Author(s)	 	Title
	 
	 	 	 	 	 	 	 	 

Item B. Copyright Licenses

	 	 	 	 	 	 	 	 	 	 	 
	Country or	 	 	 	 	 	 	 	Effective	 	Expiration
	Territory	 	Copyright	 	Licensor	 	Licensee	 	Date	 	Date
	 
	 	 	 	 	 	 	 	 	 	 

 

C-5      

 

ANNEX I

to Security Agreement

SUPPLEMENT TO

GUARANTEE AND COLLATERAL AGREEMENT

This SUPPLEMENT, dated as of
 _____ 
___,
 _____ 
(this “Supplement”), is to the
Guarantee and Collateral Agreement, dated as of December 21, 2010 (as amended, supplemented,
amended and restated or otherwise modified from time to time, the “Security Agreement”),
among the Grantors (such term, and other terms used in this Supplement, to have the meanings set
forth in Article I of the Security Agreement) from time to time party thereto, in favor of MORGAN
STANLEY SENIOR FUNDING, INC., as the collateral agent (together with its successor(s) thereto in
such capacity, the “Collateral Agent”) for each of the Secured Parties (as defined in the
Credit Agreement referred to below).

W I T N E S S E T H:

WHEREAS, pursuant to a Credit Agreement, dated as of December 21, 2010 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Credit
Agreement”), among SWIFT TRANSPORTATION CO., LLC, a Delaware limited liability company (the
“Borrower”), SWIFT CORPORATION (to be merged with Swift Holdings Corp. on the Closing Date,
and with the surviving entity to be named Swift Transportation Company, a Delaware corporation)
(“Holdings”), the Guarantors, each lender from time to time party hereto (collectively, the
“Lenders” and individually, a “Lender”), MORGAN STANLEY SENIOR FUNDING, INC., as
Syndication Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION, CITIGROUP GLOBAL CAPITAL MARKETS INC.
(or an affiliate thereof) and PNC CAPITAL MARKETS LLC (or an affiliate thereof) as Documentation
Agents, and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer., the
Lenders and the L/C Issuer (as defined in the Credit Agreement) have extended Commitments (as
defined in the Credit Agreement) to make Credit Extensions (as defined in the Credit Agreement) to
the Borrower;

WHEREAS, pursuant to the provisions of Section 8.7 of the Security Agreement, each of the
undersigned is becoming a Guarantor and Grantor under the Security Agreement; and

WHEREAS, each of the undersigned desires to become a “Guarantor” and a “Grantor” under the
Security Agreement in order to induce the Secured Parties to continue to extend Loans and issue
Letters of Credit under the Credit Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, each of the undersigned agrees, for the benefit of each Secured Party, as
follows.

SECTION 1. Party to Security Agreement, etc. In accordance with the terms of the
Security Agreement, by its signature below each of the undersigned hereby irrevocably agrees to
become a Guarantor and Grantor under the Security Agreement with the same force and effect as if it
were an original signatory thereto and each of the undersigned hereby (a) agrees to be bound by and
comply with all of the terms and provisions of the Security Agreement applicable to it as a
Guarantor and Grantor, (b) represents and warrants that the representations and warranties made by
it as a Guarantor and Grantor thereunder are true and correct as of the date hereof, unless stated
to relate solely to an earlier date, in which case such representations and warranties shall be
true and correct as of such earlier date, and (c)
grants to the Collateral Agent, for its benefit and the ratable benefit of each other Secured
Party, a continuing security interest in all of the Collateral. In furtherance of the foregoing,
each reference to a “Guarantor”, a “Grantor”, “Guarantors” and/or “Grantors” in the Security
Agreement shall be deemed to include each of the undersigned.

 

C-6      

 

SECTION 2. Financing Statements. Each Grantor hereby authorizes the Collateral Agent
to file financing statements describing as the collateral covered thereby “all of the debtor’s
personal property or assets now existing or hereafter acquired” or words to that effect,
notwithstanding that such wording may be broader in scope than the Collateral described in this
Security Agreement.

SECTION 3. Representations. Each of the undersigned Grantors hereby represents and
warrants that this Supplement has been duly authorized, executed and delivered by it and that this
Supplement and the Security Agreement constitute the legal, valid and binding obligation of each of
the undersigned, enforceable against it in accordance with its terms.

SECTION 4. Full Force of Security Agreement. Except as expressly supplemented hereby,
the Security Agreement shall remain in full force and effect in accordance with its terms.

SECTION 5. Severability. Wherever possible each provision of this Supplement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Supplement shall be prohibited by or invalid under such law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Supplement or the Security Agreement.

SECTION 6. Governing Law, Entire Agreement, etc. THIS SUPPLEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. This Supplement and the
other Loan Documents (as defined in the Credit Agreement) constitute the entire understanding among
the parties hereto with respect to the subject matter thereof and supersede any prior agreements,
written or oral, with respect thereto.

SECTION 7. Counterparts. This Supplement may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement.

* * * * *

 

C-7      

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Supplement to be duly executed
and delivered by its Authorized Officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF ADDITIONAL SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[NAME OF ADDITIONAL SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	ACCEPTED AND AGREED FOR ITSELF 

AND ON BEHALF OF THE SECURED PARTIES:
	 
	 	 	 	 
	MORGAN STANLEY SENIOR FUNDING, INC., 

     as Collateral Agent
	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

C-8      

 

[COPY SCHEDULES FROM SECURITY AGREEMENT]

 

C-9      

 

EXHIBIT G

FORM OF INTERCREDITOR AGREEMENT

(See attached)

 

C-10      

 

EXECUTION DRAFT

INTERCREDITOR AGREEMENT

Intercreditor Agreement (this “Agreement”), dated as of December 21, 2010, among MORGAN
STANLEY SENIOR FUNDING INC., as Collateral Agent (in such capacity, with its successors and
assigns, and as more specifically defined below, the “First Priority Representative”) for the First
Priority Secured Parties (as defined below), U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
(in such capacity, with its successors and assigns, and as more specifically defined below, the
“Second Priority Representative”) for the Second Priority Secured Parties (as defined below), Swift
Transportation Co., LLC, a Delaware limited liability company (the “Borrower”) and each of the
other Loan Parties (as defined below) party hereto.

WHEREAS, the Borrower, the First Priority Representative and certain financial institutions
and other entities are parties to the Credit Agreement, dated as the date hereof, among Swift
Transportation Company, a Delaware corporation (“Parent”), the Borrower, the lenders named therein,
Bank of America, N.A., as administrative agent and the other agents named therein (the “Existing
First Priority Agreement”), pursuant to which such financial institutions and other entities have
agreed to make loans and extend other financial accommodations to the Borrower; and

WHEREAS, Swift Services Holdings, Inc, a Delaware corporation (the “Issuer”), the Second
Priority Representative, Parent and certain Subsidiaries of Parent are parties to the Indenture
dated as of the date hereof (the “Existing Second Priority Agreement”), pursuant to which the
Issuer has issued senior secured second lien notes (the “Second Lien Notes”); and

WHEREAS, the Borrower and the other Loan Parties have granted to the First Priority
Representative security interests in the Common Collateral as security for payment and performance
of the First Priority Obligations; and

WHEREAS, the Issuer and the other Loan Parties have granted to the Second Priority
Representative junior security interests in the Common Collateral as security for payment and
performance of the Second Priority Obligations;

NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and
other good and valuable consideration, the existence and sufficiency of which are expressly
recognized by all of the parties hereto, the parties agree as follows:

. Definitions.

1.1. Defined Terms. The following terms, as used herein, have the following meanings:

“Additional First Priority Agreement” means any agreement permitted to be designated as such
by the First Priority Agreement and the Second Priority Agreement.

“Additional First Priority Debt” has the meaning set forth in Section 9.3(b).

“Additional Second Priority Agreement” means any agreement permitted to be designated as such
by the First Priority Agreement and the Second Priority Agreement.

“Additional Second Priority Debt” has the meaning set forth in Section 9.3(b).

“Agreement” has the meaning set forth in the introductory paragraph hereof.

 

 

 

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

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial
banks in New York City are authorized or required by law to close.

“Borrower” has the meaning set forth in the introductory paragraph hereof.

“Cash Collateral” has the meaning set forth in Section 3.7.

“Common Collateral” means all assets that are both First Priority Collateral and Second
Priority Collateral.

“Comparable Second Priority Security Document” means, in relation to any Common Collateral
subject to any First Priority Security Document, that Second Priority Security Document that
creates a security interest in the same Common Collateral, granted by the same Loan Party, as
applicable.

“DIP Financing” has the meaning set forth in Section 5.2.

“Enforcement Action” means, with respect to the First Priority Obligations or the Second
Priority Obligations, the exercise of any rights and remedies with respect to any Common Collateral
securing such obligations or the commencement or prosecution of enforcement of any of the rights
and remedies with respect to the Common Collateral under, as applicable, the First Priority
Documents or the Second Priority Documents, or applicable law, including without limitation the
exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a
secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under the
Bankruptcy Code.

“Enforcement Notice” has the meaning set forth in Section 3.7.

“Existing First Priority Agreement” has the meaning set forth in the first WHEREAS clause of
this Agreement.

“Existing Second Priority Agreement” has the meaning set forth in the second WHEREAS clause of
this Agreement.

“First Priority Agreement” means the collective reference to (a) the Existing First Priority
Agreement, (b) any Additional First Priority Agreement and (c) any other credit agreement, loan
agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing
or governing the terms of any indebtedness or other financial accommodation that has been incurred
to extend, increase, renew, refund, replace (whether upon or after termination or otherwise) or
refinance (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time the indebtedness and other obligations outstanding under the Existing
First Priority Agreement, any Additional First Priority Agreement or any other agreement or
instrument referred to in this clause (c) unless such agreement or instrument expressly provides
that it is not intended to be and is not a First Priority Agreement hereunder (a “Replacement First
Priority Agreement”). Any reference to the First Priority Agreement hereunder shall be deemed a
reference to any First Priority Agreement then extant.

“First Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any
First Priority Secured Party as security for any First Priority Obligation.

 

 

 

“First Priority Creditors” means each “Secured Party” as defined in the First Priority
Agreement, or any Persons that are designated under the First Priority Agreement as the “First
Priority Creditors” for purposes of this Agreement.

“First Priority Documents” means the First Priority Agreement, each First Priority Security
Document and each First Priority Guarantee.

“First Priority Guarantee” means any guarantee by any Loan Party of any or all of the First
Priority Obligations.

“First Priority Lien” means any Lien created by the First Priority Security Documents.

“First Priority Obligations” means (a) with respect to the Existing First Priority Agreement,
all “Obligations” of each Loan Party as defined in the Existing First Priority Agreement and (b)
with respect to each other First Priority Agreement, all “Obligations” of each Loan Party as
defined in such First Priority Agreement, and shall in any event include (i) all principal of and
interest (including without limitation any Post-Petition Interest) and premium (if any) on all
loans made or other indebtedness issued or incurred pursuant to such First Priority Agreement, (ii)
all reimbursement obligations (if any) and interest thereon (including without limitation any
Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant
to such First Priority Agreement, (iii) all Specified Swap Agreements, (iv) all Specified Cash
Management Agreements and (v) all guarantee obligations, fees, expenses and other amounts payable
from time to time pursuant to the applicable First Priority Documents, in each case whether or not
allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any
First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security,
enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a
preference in any respect, set aside or required to be paid to a debtor in possession, any Second
Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally
intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations
of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be
reinstated and outstanding as if such payment had not occurred.

“First Priority Obligations Payment Date” means the first date on which (a) all of the First
Priority Liens have been released in accordance with the terms of the First Priority Documents and
(b) the First Priority Representative has delivered a written notice to the Second Priority
Representative stating that the event described in clause (a) has occurred to the satisfaction of
the First Priority Secured Parties, which notice shall be delivered by the First Priority
Representative promptly after the occurrence of the event described in clause (a).

“First Priority Representative” has the meaning set forth in the introductory paragraph
hereof. In the case of any Replacement First Priority Agreement, the First Priority Representative
shall be the Person identified as such in such Agreement.

“First Priority Secured Parties” means the First Priority Representative, the First Priority
Creditors and any other holders of the First Priority Obligations.

“First Priority Security Documents” means the “Collateral Documents” as defined in the First
Priority Agreement, and any other documents that are designated under the First Priority Agreement
as “First Priority Security Documents” for purposes of this Agreement.

“Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up,
receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing
events
whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy,
insolvency, reorganization, receivership or similar law. Insolvency Proceeding shall not include
any dissolution of a Loan Party that is permitted under, and effected in compliance with any
covenants under, the First Priority Documents and the Second Priority Documents.

 

 

 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge or other security interest 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
substantially the same economic effect as any of the foregoing).

“Loan Party” means the Borrower, Parent, and each direct or indirect subsidiary, affiliate or
shareholder (or equivalent) of the Borrower or any of its affiliates that is now or hereafter
becomes a party to any First Priority Document or Second Priority Document. All references in this
Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any
receiver or trustee for such Loan Party in any Insolvency Proceeding.

“Parent” has the meaning set forth in the first WHEREAS clause of this Agreement.

“Person” means any person, individual, sole proprietorship, partnership, joint venture,
corporation, limited liability company, unincorporated organization, association, institution,
entity, party, including any government and any political subdivision, agency or instrumentality
thereof.

“Post-Petition Interest” means any interest or entitlement to fees or expenses or other
charges that accrues after the commencement of any Insolvency Proceeding, whether or not allowed or
allowable in any such Insolvency Proceeding.

“Purchase” has the meaning set forth in Section 3.7.

“Purchase Notice” has the meaning set forth in Section 3.7.

“Purchase Price” has the meaning set forth in Section 3.7.

“Purchasing Parties” has the meaning set forth in Section 3.7.

“Real Property” means any right, title or interest in and to real property, including any fee
interest, leasehold interest, easement, or license and any other right to use or occupy real
property, including any right arising by contract.

“Recovery” has the meaning set forth in Section 5.5.

“Replacement First Priority Agreement” has the meaning set forth in the definition of “First
Priority Agreement.”

“Second Lien Notes” has the meaning set forth in the second “WHEREAS” clause of this
Agreement.

 

 

 

“Second Priority Agreement” means the collective reference to (a) the Existing Second Priority
Agreement, (b) any Additional Second Priority Agreement and (c) any other credit agreement, loan
agreement, note agreement, promissory note, indenture, or other agreement or instrument evidencing
or governing the terms of any indebtedness or other financial accommodation that has been incurred
to
extend, increase, renew, refund, replace (whether upon or after termination or otherwise) or
refinance (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time the indebtedness and other obligations outstanding under the Existing
Second Priority Agreement, any Additional Second Priority Agreement or any other agreement or
instrument referred to in this clause (c). Any reference to the Second Priority Agreement
hereunder shall be deemed a reference to any Second Priority Agreement then extant.

“Second Priority Collateral” means all assets, whether now owned or hereafter acquired by the
Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any
Second Priority Secured Party as security for any Second Priority Obligation.

“Second Priority Creditors” means the “Holders” as defined in the Second Priority Agreement
and any holder of a Second Lien Note, the Second Priority Representatives or any Persons that are
designated under the Second Priority Agreement as the “Second Priority Creditors” for purposes of
this Agreement.

“Second Priority Documents” means each Second Priority Agreement, each Second Priority
Security Document and each Second Priority Guarantee.

“Second Priority Guarantee” means any guarantee by any Loan Party of any or all of the Second
Priority Obligations.

“Second Priority Lien” means any Lien created by the Second Priority Security Documents.

“Second Priority Obligations” means (a) with respect to the Existing Second Priority
Agreement, all “Secured Obligations” of each Loan Party as defined in the “Security Agreement”
referred to in the Existing Second Priority Agreement and (b) with respect to each other Second
Priority Agreement, (i) all principal of and interest (including without limitation any
Post-Petition Interest) and premium (if any) on all indebtedness under such Second Priority
Agreement, and (ii) all guarantee obligations, fees, expenses and other amounts payable from time
to time pursuant to the applicable Second Priority Documents, in each case whether or not allowed
or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second
Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security,
enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a
preference in any respect, set aside or required to be paid to a debtor in possession, any First
Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally
intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations
of the First Priority Secured Parties and the Second Priority Secured Parties hereunder, be deemed
to be reinstated and outstanding as if such payment had not occurred.

“Second Priority Representative” has the meaning set forth in the introductory paragraph
hereof, but shall also include any Person identified as a “Second Priority Representative” in any
Second Priority Agreement other than the Existing Second Priority Agreement.

“Second Priority Secured Parties” means the Second Priority Representative, the Second
Priority Creditors and any other holders of the Second Priority Obligations.

“Second Priority Security Documents” means the “Collateral Documents” as defined in the Second
Priority Agreement and any documents that are designated under the Second Priority Agreement as
“Second Priority Security Documents” for purposes of this Agreement.

 

 

 

“Secured Parties” means the First Priority Secured Parties and the Second Priority Secured
Parties.

“Specified Cash Management Agreement”: any agreement providing for treasury, depositary,
overdraft, credit, purchase or debit card, electronic funds transfer or cash management services,
including in connection with any automated clearing house transfers of funds or any similar
transactions between any Loan Party and a Person who is (or was at the time such cash management
agreement was entered into) a holder of First Priority Obligations (other than under the Specified
Cash Management Agreement), or an affiliate thereof.

“Specified Swap Agreement”: means any Swap Agreement in respect of interest rates, currency
exchange rates or commodity prices entered into by any Loan Party and any Person that is (or was at
the time such Swap Agreement was entered into) a holder of First Priority Obligations (other than
under the Specified Swap Agreement) or an affiliate thereof, at the time such Swap Agreement is
entered into.

“Standstill Period” has the meaning set forth in Section 3.2.

“Surviving Obligations” has the meaning set forth in Section 3.7.

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more
rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions; provided that no phantom stock or
similar plan providing for payments only on account of services provided by current or former
directors, officers, employees or consultants of the Borrower or any of its subsidiaries shall be a
“Swap Agreement”.

“Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to
time in the applicable jurisdiction.

1.2 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”. 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
from time to time amended, restated, supplemented or otherwise modified, (ii) any reference herein
to any Person shall be construed to include such Person’s successors or permitted assigns, (iii)
the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all
references herein to Sections shall be construed to refer to Sections of this Agreement and (v) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

 

 

SECTION 2. Lien Priorities.

2.1 Subordination of Liens. (a) Any and all Liens on the Common Collateral now
existing or hereafter created or arising in favor of any Second Priority Secured Party securing the
Second Priority Obligations, regardless of how acquired, whether by grant, statute, operation of
law, subrogation or otherwise are expressly junior in priority, operation and effect to any and all
Liens on the Common
Collateral now existing or hereafter created or arising in favor of the First Priority Secured
Parties securing the First Priority Obligations, notwithstanding (i) anything to the contrary
contained in any agreement or filing to which any Second Priority Secured Party may now or
hereafter be a party, and regardless of the time, order or method of grant, attachment, recording
or perfection of any financing statements or other security interests, assignments, pledges, deeds,
mortgages and other Liens, or any defect or deficiency or alleged defect or deficiency in any of
the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any First
Priority Document or Second Priority Document or any other circumstance whatsoever and (iii) the
fact that any such Liens in favor of any First Priority Secured Party securing any of the First
Priority Obligations are (x) subordinated to any Lien securing any obligation of any Loan Party
other than the Second Priority Obligations or (y) otherwise subordinated, voided, avoided,
invalidated or lapsed.

(b) No First Priority Secured Party or Second Priority Secured Party shall object to or
contest, or support any other Person in contesting or objecting to, in any proceeding (including
without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority or
enforceability of any security interest in the Common Collateral granted to the other.
Notwithstanding any failure by any First Priority Secured Party or Second Priority Secured Party to
perfect its security interests in the Common Collateral or any avoidance, invalidation or
subordination by any third party or court of competent jurisdiction of the security interests in
the Common Collateral granted to the First Priority Secured Parties or the Second Priority Secured
Parties, the priority and rights as between the First Priority Secured Parties and the Second
Priority Secured Parties with respect to the Common Collateral shall be as set forth herein.

2.2 Nature of First Priority Obligations. The Second Priority Representative on
behalf of itself and the other Second Priority Secured Parties acknowledges that the First Priority
Obligations may represent debt that is revolving in nature and that the amount thereof that may be
outstanding at any time or from time to time may be increased or reduced and subsequently
reborrowed, and that the terms of the First Priority Obligations may be modified, extended or
amended from time to time, and that the aggregate amount of the First Priority Obligations may be
increased, replaced or refinanced, in each event, without notice to or consent by the Second
Priority Secured Parties and without affecting the provisions hereof, but only so long as, except
in the case of any DIP Financing, any such obligations are permitted to be incurred pursuant to the
Second Priority Documents as in effect on the date of this Agreement. The lien priorities provided
in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification,
supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or
refinancing of either the First Priority Obligations or the Second Priority Obligations, or any
portion thereof.

2.3 Agreements Regarding Actions to Perfect Liens. (a) The Second Priority
Representative on behalf of itself and the other Second Priority Secured Parties agrees that UCC-1
financing statements, patent, trademark or copyright filings or other filings or recordings filed
or recorded by or on behalf of the Second Priority Representative with respect to the Common
Collateral shall be in form satisfactory to the First Priority Representative.

(b) The Second Priority Representative agrees on behalf of itself and the other Second
Priority Secured Parties that all mortgages, deeds of trust, deeds and similar instruments
(collectively, “mortgages”) now or hereafter filed against Real Property that constitutes Common
Collateral in favor of or for the benefit of the Second Priority Representative and the other
Second Priority Secured Parties shall be in form satisfactory to the First Priority Representative
and shall contain the following notation: “The lien created by this mortgage on the property
described herein is junior and subordinate to the lien on such property created by any mortgage,
deed of trust or similar instrument now or hereafter granted to the First Priority Representative,
and its successors and assigns, in such property, in accordance with the provisions of the
Intercreditor Agreement dated as of December
 _____, 2010 among Morgan Stanley Senior
Funding Inc., as Collateral Agent for the First Priority Secured Parties, U.S. Bank, National
Association, as Collateral Agent for the Second Priority Secured Parties, Swift Transportation Co.,
LLC, a Delaware limited liability company, as Borrower, and the other Loan Parties referred to
therein, as amended, modified or supplemented from time to time.”

 

 

 

(c) The First Priority Representative hereby acknowledges that, to the extent that it holds,
or a third party holds on its behalf, physical possession of or “control” (as defined in the
Uniform Commercial Code) over, or has a notation of its lien on any certificate of title with
respect to, Common Collateral pursuant to the First Priority Security Documents, such possession,
control or notation of title is also for the benefit of and on behalf of, and the First Priority
Representative or such third party holds such possession, control or the benefit of such notation
of title as bailee and agent for, the Second Priority Representative and the other Second Priority
Secured Parties solely to the extent required to perfect their security interest in such Common
Collateral (such bailment and agency for perfection being intended, among other things, to satisfy
the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the Uniform Commercial Code).
Nothing in the preceding sentence shall be construed to impose any duty on the First Priority
Representative (or any third party acting on its behalf) with respect to such Common Collateral or
provide the Second Priority Representative or any other Second Priority Secured Party with any
rights with respect to such Common Collateral beyond those specified in this Agreement and the
Second Priority Security Documents, provided that subsequent to the occurrence of the First
Priority Obligations Payment Date, the First Priority Representative shall (i) deliver to the
Second Priority Representative, at the Borrower’s sole cost and expense, the Common Collateral in
its possession or control together with any necessary endorsements to the extent required by the
Second Priority Documents (and to the extent not so required, such delivery shall be made to the
Borrower) or (ii) direct and deliver such Common Collateral as a court of competent jurisdiction
otherwise directs, and provided, further, that the provisions of this Agreement are
intended solely to govern the respective Lien priorities as between the First Priority Secured
Parties and the Second Priority Secured Parties and shall not impose on the First Priority Secured
Parties any obligations in respect of the disposition of any Common Collateral (or any proceeds
thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other
Person that is not a Secured Party.

2.4 No New Liens. So long as the First Priority Obligations Payment Date has not
occurred, the parties hereto agree that (a) there shall be no Lien, and no Loan Party shall have
any right to create any Lien, on any assets of any Loan Party securing any Second Priority
Obligation if these same assets are not subject to, and do not become subject to, a Lien securing
the First Priority Obligations and (b) if any Second Priority Secured Party shall acquire or hold
any Lien on any assets of any Loan Party securing any Second Priority Obligation which assets are
not also subject to the first-priority Lien of the First Priority Representative under the First
Priority Documents, then the Second Priority Representative, upon demand by the First Priority
Representative, will without the need for any further consent of any other Second Priority Secured
Party, notwithstanding anything to the contrary in any other Second Priority Document either (i)
release such Lien or (ii) assign it to the First Priority Representative as security for the First
Priority Obligations (in which case the Second Priority Representative may retain a junior Lien on
such assets subject to the terms hereof). To the extent that the foregoing provisions are not
complied with for any reason, without limiting any other rights and remedies available to the First
Priority Secured Parties, the Second Priority Representative and the other Second Priority Secured
Parties agree that any amounts received by or distributed to any of them pursuant to or as a result
of Liens granted in contravention of this Section 2.4 shall be subject to Section 4.1.

 

 

 

SECTION 3. Enforcement Rights.

3.1 Exclusive Enforcement. Until the First Priority Obligations Payment Date has
occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party,
the First
Priority Secured Parties shall have the exclusive right to take and continue any Enforcement
Action with respect to the Common Collateral, without any consultation with or consent of any
Second Priority Secured Party, but subject to the provisos set forth in Sections 3.2 and 5.1. Upon
the occurrence and during the continuance of a default or an event of default under the First
Priority Documents, the First Priority Representative and the other First Priority Secured Parties
may take and continue any Enforcement Action with respect to the First Priority Obligations and the
Common Collateral in such order and manner as they may determine in their sole discretion.

3.2 Standstill and Waivers. The Second Priority Representative, on behalf of itself
and the other Second Priority Secured Parties, agrees that, until the First Priority Obligations
Payment Date has occurred, subject to the proviso set forth in Section 5.1:

(a) they will not take or cause to be taken any Enforcement Action with respect to the
Common Collateral;

(b) they will not take or cause to be taken any action, the purpose or effect of which
is to make any Lien in respect of any Second Priority Obligation pari passu with or senior
to, or to give any Second Priority Secured Party any preference or priority relative to, the
Liens with respect to the First Priority Obligations or the First Priority Secured Parties
with respect to any of the Common Collateral;

(c) they will not contest, oppose, object to, interfere with, hinder or delay, in any
manner, whether by judicial proceedings (including without limitation the filing of an
Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or
other disposition of the Common Collateral by any First Priority Secured Party or any other
Enforcement Action taken with respect to the Common Collateral (or any forbearance from
taking any Enforcement Action with respect to the Common Collateral) by or on behalf of any
First Priority Secured Party;

(d) they have no right to (i) direct either the First Priority Representative or any
other First Priority Secured Party to exercise any right, remedy or power with respect to
the Common Collateral or pursuant to the First Priority Security Documents or (ii) consent
or object to the exercise by the First Priority Representative or any other First Priority
Secured Party of any right, remedy or power with respect to the Common Collateral or
pursuant to the First Priority Security Documents or to the timing or manner in which any
such right is exercised or not exercised (or, to the extent they may have any such right
described in this clause (d), whether as a junior lien creditor or otherwise, they hereby
irrevocably waive such right);

(e) they will not institute any suit or other proceeding or assert in any suit,
Insolvency Proceeding or other proceeding any claim against any First Priority Secured Party
seeking damages from or other relief by way of specific performance, injunction or
otherwise, with respect to, and no First Priority Secured Party shall be liable for, any
action taken or omitted to be taken by any First Priority Secured Party with respect to the
Common Collateral or pursuant to the First Priority Documents; and

(f) they will not seek, and hereby waive any right, to have the Common Collateral or
any part thereof marshaled upon any foreclosure or other disposition of the Common
Collateral.

 

 

 

provided that, notwithstanding the foregoing, any Second Priority Secured Party may
exercise its rights and remedies in respect of the Common Collateral under the Second Priority
Security Documents or applicable law after the passage of a period of 270 days (the “Standstill
Period”) from the date of
delivery of a notice in writing by the Second Priority Representative to the First Priority
Representative of its intention to exercise such rights and remedies, which notice may only be
delivered following the occurrence of and during the continuation of an “Event of Default” under
and as defined in the Second Priority Agreement; provided, further, however, that,
notwithstanding the foregoing, in no event shall any Second Priority Secured Party exercise or
continue to exercise any such rights or remedies if, notwithstanding the expiration of the
Standstill Period, (i) any First Priority Secured Party shall have commenced and be diligently
pursuing the exercise of any of its rights and remedies with respect to any of the Common
Collateral (prompt notice of such exercise to be given to the Second Priority Representative) or
(ii) an Insolvency Proceeding in respect of any Loan Party shall have been commenced; and
provided, further, that in any Insolvency Proceeding commenced by or against any
Loan Party, the Second Priority Representative and the Second Priority Secured Parties may take any
action expressly permitted by Section 5.

3.3 Judgment Creditors. In the event that any Second Priority Secured Party becomes a
judgment lien creditor as a result of its enforcement of its rights as an unsecured creditor, any
such judgment lien on the Common Collateral shall be subject to the terms of this Agreement for all
purposes (including in relation to the First Priority Liens and the First Priority Obligations) to
the same extent as other Liens on the Common Collateral securing the Second Priority Obligations
are subject to the terms of this Agreement.

3.4 Cooperation. Subject to Section 9.15, the Second Priority Representative, on
behalf of itself and the other Second Priority Secured Parties, agrees that each of them shall take
such actions as the First Priority Representative shall reasonably request in connection with the
exercise by the First Priority Secured Parties of their rights set forth herein.

3.5 No Additional Rights For the Loan Parties Hereunder. Except as provided in
Section 3.6, if any First Priority Secured Party or Second Priority Secured Party shall enforce its
rights or remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to
use such violation as a defense to any action by any First Priority Secured Party or Second
Priority Secured Party, nor to assert such violation as a counterclaim or basis for set off or
recoupment against any First Priority Secured Party or Second Priority Secured Party;
provided, that it is acknowledged by the First Priority Secured Parties and the Second
Priority Secured Parties that indemnification by the Loan Parties may be limited to the extent set
forth in the First Priority Agreement or the Second Priority Agreement, as the case may be.

3.6 Actions Upon Breach. (a) If any Second Priority Secured Party, contrary to this
Agreement, commences or participates in any action or proceeding against any Loan Party or the
Common Collateral, such Loan Party, with the prior written consent of the First Priority Secured
Representative, may interpose as a defense or dilatory plea the making of this Agreement, and any
First Priority Secured Party may intervene and interpose such defense or plea in its or their name
or in the name of such Loan Party.

(b) Should any Second Priority Secured Party, contrary to this Agreement, in any way take,
attempt to or threaten to take any action with respect to the Common Collateral (including, without
limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or
fail to take any action required by this Agreement, any First Priority Secured Party (in its own
name or in the name of the relevant Loan Party) or the relevant Loan Party may obtain relief
against such Second Priority Secured Party by injunction, specific performance and/or other
appropriate equitable relief, it being understood and agreed by the Second Priority Representative
on behalf of each Second Priority Secured Party that (i) the First Priority Secured Parties’
damages from its actions may at that time be difficult to ascertain and may be irreparable, and
(ii) each Second Priority Secured Party waives (to the
extent it may lawfully do so) any defense it may have that the Loan Parties and/or the First
Priority Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages.

 

 

 

3.7 Option to Purchase. (a) The First Priority Representative agrees that it will
give the Second Priority Representative written notice (the “Enforcement Notice”) within five
Business Days after commencing any Enforcement Action with respect to Common Collateral (which
notice shall be effective for all Enforcement Actions taken after the date of such notice so long
as the First Priority Representative is diligently pursuing in good faith the exercise of its
default or enforcement rights or remedies against, or diligently attempting in good faith to vacate
any stay of enforcement rights of its senior Liens on a material portion of the Common Collateral,
including, without limitation, all Enforcement Actions identified in such notice). Any Second
Priority Secured Party shall have the option upon receipt of the Enforcement Notice by the Second
Priority Representative, by irrevocable written notice (the “Purchase Notice”) delivered by the
Second Priority Representative to the First Priority Representative no later than five Business
Days after receipt by the Second Priority Representative of the Enforcement Notice, to purchase all
(but not less than all) of the First Priority Obligations from the First Priority Secured Parties.
If the Second Priority Representative so delivers the Purchase Notice, the First Priority
Representative shall terminate any existing Enforcement Actions and shall not take any further
Enforcement Actions, provided, that the Purchase (as defined below) shall have been
consummated on the date specified in the Purchase Notice in accordance with this Section 3.7.

(b) On the date specified by the Second Priority Representative in the Purchase Notice (which
shall be a Business Day not less than five Business Days, nor more than ten Business Days, after
receipt by the First Priority Representative of the Purchase Notice), the First Priority Secured
Parties shall, subject to any required approval of any court or other governmental authority then
in effect, sell to the Second Priority Secured Parties electing to purchase pursuant to Section
3.7(a) (the “Purchasing Parties”), and the Purchasing Parties shall purchase (the “Purchase”) from
the First Priority Secured Parties, the First Priority Obligations; provided, that the
First Priority Obligations purchased shall not include any rights of First Priority Secured Parties
with respect to indemnification and other obligations of the Loan Parties under the First Priority
Documents that are expressly stated to survive the termination of the First Priority Documents (the
“Surviving Obligations”).

(c) Without limiting the obligations of the Loan Parties under the First Priority Documents
to the First Priority Secured Parties with respect to the Surviving Obligations (which shall not be
transferred in connection with the Purchase), on the date of the Purchase, the Purchasing Parties
shall (i) pay to the First Priority Secured Parties as the purchase price (the “Purchase Price”)
therefor the full amount of all First Priority Obligations then outstanding and unpaid (including
principal, accrued and unpaid interest at the contract rate, fees, breakage costs, attorneys’ fees
and expenses, and, in the case of any Specified Swap Agreements, the amount that would be payable
by the relevant Loan Party thereunder if it were to terminate such Specified Swap Agreements on the
date of the Purchase or, if not terminated, an amount determined by the relevant First Priority
Secured Party to be necessary to collateralize its credit risk arising out of such Specified Swap
Agreements), (ii) furnish cash collateral (the “Cash Collateral”) to the First Priority Secured
Parties in such amounts as the relevant First Priority Secured Parties determine is reasonably
necessary to secure such First Priority Secured Parties in connection with any outstanding letters
of credit (not to exceed 103% of the aggregate undrawn face amount of such letters of credit),
(iii) agree to reimburse the First Priority Secured Parties for any loss, cost, damage or expense
(including attorneys’ fees and expenses) in connection with any fees, costs or expenses related to
any checks or other payments provisionally credited to the First Priority Obligations or as to
which the First Priority Secured Parties have not yet received final payment and (iv) agree, after
written request from the First Priority Representative, to reimburse the First Priority Secured
Parties in respect of indemnification obligations of the Loan Parties under the First Priority
Documents as to matters or circumstances known to the Purchasing Parties at the time of the
Purchase which could reasonably be expected to result in any loss,
cost, damage or expense to any of the First Priority Secured Parties, provided that,
in no event shall any Purchasing Party have any liability for such amounts in excess of proceeds of
Common Collateral received by the Purchasing Parties.

 

 

 

(d) The Purchase Price and Cash Collateral shall be remitted by wire transfer in immediately
available funds to such account of the First Priority Representative as it shall designate to the
Purchasing Parties. The First Priority Representative shall, promptly following its receipt
thereof, distribute the amounts received by it in respect of the Purchase Price to the First
Priority Secured Parties in accordance with the First Priority Agreement. Interest shall be
calculated to but excluding the day on which the Purchase occurs if the amounts so paid by the
Purchasing Parties to the account designated by the First Priority Representative are received in
such account prior to 12:00 noon, New York City time, and interest shall be calculated to and
including such day if the amounts so paid by the Purchasing Parties to the account designated by
the First Priority Representative are received in such account later than 12:00 noon, New York City
time.

(e) The Purchase shall be made without representation or warranty of any kind by the First
Priority Secured Parties as to the First Priority Obligations, the Common Collateral or otherwise
and without recourse to the First Priority Secured Parties, except that the First Priority Secured
Parties shall represent and warrant: (i) the amount of the First Priority Obligations being
purchased, (ii) that the First Priority Secured Parties own the First Priority Obligations free and
clear of any Liens and (iii) that the First Priority Secured Parties have the right to assign the
First Priority Obligations and the assignment is duly authorized.

(f) For the avoidance of doubt, the parties hereto hereby acknowledge and agree that in no
event shall the Second Priority Representative (i) be deemed to be a Purchasing Party for purposes
of this Section 3.7, (ii) be subject to or liable for any obligations of a Purchasing Party
pursuant to this Section 3.7 or (iii) incur any liability to any First Priority Secured Party or
any other Person in connection with any Purchase pursuant to this Section 3.7.

SECTION 4. Application of Proceeds of Common Collateral; Dispositions and Releases of Common
Collateral; Inspection and Insurance.

4.1 Application of Proceeds; Turnover Provisions. All proceeds of Common Collateral
(including without limitation any interest earned thereon) resulting from the sale, collection or
other disposition of Common Collateral in connection with an Enforcement Action, whether or not
pursuant to an Insolvency Proceeding, shall, subject to Section 9.14 hereof, be distributed as
follows: first to the First Priority Representative for application to the First Priority
Obligations in accordance with the terms of the First Priority Documents, until the First Priority
Obligations Payment Date has occurred and thereafter, to the Second Priority Representative
for application in accordance with the Second Priority Documents. Until the occurrence of the
First Priority Obligations Payment Date, any Common Collateral, including without limitation any
such Common Collateral constituting proceeds, that may be received by any Second Priority Secured
Party in violation of this Agreement shall be segregated and held in trust and promptly paid over
to the First Priority Representative, for the benefit of the First Priority Secured Parties, in the
same form as received, with any necessary endorsements, and each Second Priority Secured Party
hereby authorizes the First Priority Representative to make any such endorsements as agent for the
Second Priority Representative (which authorization, being coupled with an interest, is
irrevocable).

4.2 Releases of Second Priority Lien. (a) Upon any release, sale or disposition of
all or any portion of the Common Collateral permitted pursuant to the terms of the First Priority
Documents (including pursuant to any waiver, consent, amendment or other modifications thereto)
that results in the release of the First Priority Lien on any Common Collateral (excluding the
release of all First Priority
Liens in connection with the payment in full of all First Priority Obligations), the Second
Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common
Collateral remaining after the First Priority Obligations Payment Date occurs) shall be
automatically and unconditionally released with no further consent or action of any Person.

 

 

 

(b) The Second Priority Representative shall promptly execute and deliver such release
documents and instruments (which shall be prepared by the First Priority Representative) at the
expense of the Borrower and shall take such further actions as the First Priority Representative
shall request to evidence any release of the Second Priority Lien described in paragraph (a). The
Second Priority Representative hereby appoints the First Priority Representative and any officer or
duly authorized person of the First Priority Representative, with full power of substitution, as
its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead
of the Second Priority Representative and in the name of the Second Priority Representative or in
the First Priority Representative’s own name, from time to time, in the First Priority
Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2,
to take any and all appropriate action and to execute and deliver any and all documents and
instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2,
including, without limitation, any financing statements, endorsements, assignments, releases or
other documents or instruments of transfer (which appointment, being coupled with an interest, is
irrevocable).

4.3 Inspection Rights and Insurance. (a) Any First Priority Secured Party and its
representatives may at any time inspect, repossess, remove and otherwise deal with the Common
Collateral, and the First Priority Representative may advertise and conduct public auctions or
private sales of the Common Collateral, in each case without notice to, the involvement of or
interference by any Second Priority Secured Party or liability to any Second Priority Secured
Party.

(b) Proceeds of Common Collateral include insurance proceeds in respect of such Common
Collateral and therefore the lien priorities provided in Section 2.1 shall govern the ultimate
disposition of casualty insurance proceeds. The First Priority Representative and Second Priority
Representative are to be named as additional insureds and loss payees with respect to all insurance
policies relating to Common Collateral. Until the First Priority Obligations Payment Date has
occurred, the First Priority Representative shall have the sole and exclusive right, as against the
Second Priority Representative, to adjust or settle any insurance claims in the event of any
covered loss, theft or destruction of Common Collateral to the extent provided for, and in
accordance with, the First Priority Agreements. All proceeds of such insurance shall be remitted
to the First Priority Representative or the Second Priority Representative, as the case may be, and
each of the Second Priority Representative and First Priority Representative shall cooperate (if
necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with
Section 4.1.

SECTION 5. Insolvency Proceedings.

5.1 Filing of Motions. Until the First Priority Obligations Payment Date has
occurred, the Second Priority Representative agrees on behalf of itself and the other Second
Priority Secured Parties that no Second Priority Secured Party shall, in or in connection with any
Insolvency Proceeding, file any pleadings or motions, take any position at any hearing or
proceeding of any nature, or otherwise take any action whatsoever, in each case that (a) violates,
or is prohibited by, this Section 5 (or, in the absence of an Insolvency Proceeding, otherwise
would violate or be prohibited by this Agreement), (b) asserts any right, benefit or privilege that
arises in favor of the Second Priority Secured Parties, in whole or in part, as a result of their
interest in the Common Collateral (unless the assertion of such right is expressly permitted by
this Agreement) or (c) challenges the validity, priority, enforceability or voidability of any
Liens or claims held by the First Priority Representative or any other First Priority Secured Party
with respect to the Common Collateral, or the extent to which the First Priority Obligations
constitute secured
claims or the value thereof under Section 506(a) of the Bankruptcy Code or otherwise;
provided that the Second Priority Representative may (i) file a proof of claim in an
Insolvency Proceeding and (ii) file any necessary responsive or defensive pleadings in opposition
to any motion or other pleadings made by any Person objecting to or otherwise seeking the
disallowance of any claims of the Second Priority Secured Parties on the Common Collateral, subject
to the limitations contained in this Agreement and only if consistent with the terms and the
limitations on the Second Priority Representative imposed hereby.

 

 

 

5.2 Financing Matters. If any Loan Party becomes subject to any Insolvency Proceeding
at any time prior to the First Priority Obligations Payment Date, and if the First Priority
Representative or the other First Priority Secured Parties desire to consent (or not object) to the
use of cash collateral under the Bankruptcy Code or to provide financing to any Loan Party under
the Bankruptcy Code or to consent (or not object) to the provision of such financing to any Loan
Party by any third party (any such financing, “DIP Financing”), then the Second Priority
Representative agrees, on behalf of itself and the other Second Priority Secured Parties, that each
Second Priority Secured Party (a) will be deemed to have consented to, will raise no objection to,
nor support any other Person objecting to, the use of such cash collateral or to such DIP
Financing, (b) will not request or accept adequate protection or any other relief in connection
with the use of such cash collateral or such DIP Financing except as set forth in Section
5.4 below, (c) will subordinate (and will be deemed hereunder to have subordinated) the Second
Priority Liens on any Common Collateral (i) to such DIP Financing on the same terms as the First
Priority Liens are subordinated thereto (and such subordination will not alter in any manner the
terms of this Agreement), (ii) to any adequate protection provided to the First Priority Secured
Parties and (iii) to any “carve-out” agreed to by the First Priority Representative or the other
First Priority Secured Parties, and (d) agrees that notice received two calendar days prior to the
entry of an order approving such usage of cash collateral or approving such financing shall be
adequate notice so long as (A) the Second Priority Representative retains its Lien on the Common
Collateral to secure the Second Priority Obligations (in each case, including proceeds thereof
arising after the commencement of the case under the Bankruptcy Code) and (B) all Liens on Common
Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the
First Priority Representative and the First Priority Creditors on Common Collateral securing the
First Priority Obligations.

5.3 Relief From the Automatic Stay. Until the First Priority Obligations Payment Date
has occurred, the Second Priority Representative agrees, on behalf of itself and the other Second
Priority Secured Parties, that none of them will seek relief from the automatic stay or from any
other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in
respect of any Common Collateral, without the prior written consent of the First Priority
Representative.

5.4 Adequate Protection. The Second Priority Representative, on behalf of itself and
the other Second Priority Secured Parties, agrees that, prior to the First Priority Obligations
Payment Date, none of them shall object, contest, or support any other Person objecting to or
contesting, (a) any request by the First Priority Representative or the other First Priority
Secured Parties for adequate protection of its interest in the Common Collateral or any adequate
protection provided to the First Priority Representative or the other First Priority Secured
Parties, (b) any objection by the First Priority Representative or any other First Priority Secured
Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate
protection in the Common Collateral or (c) the payment of interest, fees, expenses or other amounts
to the First Priority Representative or any other First Priority Secured Party under Section 506(b)
or 506(c) of the Bankruptcy Code or otherwise. The Second Priority Representative, on behalf of
itself and the other Second Priority Secured Parties, further agrees that, prior to the First
Priority Obligations Payment Date, none of them shall assert or enforce any claim under Section
506(b) or 506(c) of the Bankruptcy Code or otherwise that is senior to or on a parity with the
First Priority Liens for costs or expenses of preserving or disposing of any Common Collateral.
Notwithstanding anything to the contrary set forth

 

 

 

in this Section and in Section
5.2(c)(ii), but subject to all other provisions of this Agreement (including, without limitation, Section
5.2(c)(i) and Section 5.3), in any Insolvency Proceeding, (i) if the First Priority
Secured Parties (or any subset thereof) are granted adequate protection consisting of additional
collateral (with replacement Liens on such additional collateral) and superpriority claims in
connection with any DIP Financing or use of cash collateral with respect to the Common Collateral,
and the First Priority Secured Parties do not object to the adequate protection being provided to
them, then in connection with any such DIP Financing or use of cash collateral the Second Priority
Representative, on behalf of itself and any of the Second Priority Secured Parties, may, as
adequate protection of their interests in the Common Collateral, seek or accept (and the First
Priority Representative and the First Priority Secured Parties shall not object to) adequate
protection consisting solely of (x) a replacement Lien on the same additional collateral,
subordinated to the Liens securing the First Priority Obligations and such DIP Financing on the
same basis as the other Second Priority Liens on the Common Collateral are so subordinated to the
First Priority Obligations under this Agreement and (y) superpriority claims junior in all respects
to the superpriority claims granted to the First Priority Secured Parties, provided, however, that
the Second Priority Representative shall have irrevocably agreed, pursuant to Section 1129(a)(9) of
the Bankruptcy Code, on behalf of itself and the Second Priority Secured Parties, in any
stipulation and/or order granting such adequate protection, that such junior superpriority claims
may be paid under any plan of reorganization in any combination of cash, debt, equity or other
property having a value on the effective date of such plan equal to the allowed amount of such
claims and (ii) in the event the Second Priority Representative, on behalf of itself and the Second
Priority Secured Parties, seeks or accepts adequate protection in accordance with clause (i) above
and such adequate protection is granted in the form of additional collateral, then the Second
Priority Representative, on behalf of itself or any of the Second Priority Secured Parties, agrees
that the First Priority Representative shall also be granted a senior Lien on such additional
collateral as security for the First Priority Obligations and any such DIP Financing and that any
Lien on such additional collateral securing the Second Priority Obligations shall be subordinated
to the Liens on such collateral securing the First Priority Obligations and any such DIP Financing
(and all Obligations relating thereto) and any other Liens granted to the First Priority Secured
Parties as adequate protection, with such subordination to be on the same terms that the other
Liens securing the Second Priority Obligations are subordinated to such First Priority Obligations
under this Agreement. The Second Priority Representative, on behalf of itself and the other Second
Priority Secured Parties, agrees that except as expressly set forth in this Section none of them
shall seek or accept adequate protection with respect to their interests in the Common Collateral
without the prior written consent of the First Priority Representative.

5.5 Avoidance Issues. If any First Priority Secured Party is required in any
Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any
Loan Party any amount (a “Recovery”), whether received as proceeds of security, enforcement of any
right of set-off or otherwise, because such amount was avoided or ordered to be paid or disgorged
for any reason, including without limitation because it was found to be a fraudulent or
preferential transfer, then the First Priority Obligations shall be reinstated to the extent of
such Recovery and deemed to be outstanding as if such payment had not occurred and the First
Priority Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall
have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and
effect, and such prior termination shall not diminish, release, discharge, impair or otherwise
affect the obligations of the parties hereto. The Second Priority Representative, on behalf of
itself and each of the other Second Priority Secured Parties, agrees that none of them shall be
entitled to benefit from any avoidance action affecting or otherwise relating to any distribution
or allocation made in accordance with this Agreement, whether by preference or otherwise, it being
understood and agreed that the benefit of such avoidance action otherwise allocable to them shall
instead be allocated and turned over for application in accordance with the priorities set forth in
this Agreement.

 

 

 

5.6 Asset Dispositions in an Insolvency Proceeding. In an Insolvency Proceeding or
otherwise, neither the Second Priority Representative nor any other Second Priority Secured Party
shall
oppose any sale or disposition of any Common Collateral that is supported by the First
Priority Secured Parties, and the Second Priority Representative and each other Second Priority
Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and
otherwise) to any sale supported by the First Priority Secured Parties and to have released their
Liens on such assets.

5.7 Separate Grants of Security and Separate Classification. Each Secured Party
acknowledges and agrees that (a) the grants of Liens pursuant to the First Priority Security
Documents and the Second Priority Security Documents constitute two separate and distinct grants of
Liens and (b) because of, among other things, their differing rights in the Common Collateral, the
First Priority Obligations and the Second Priority Obligations are fundamentally different from
each other and must be separately classified in any plan of reorganization proposed or adopted in
an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the
immediately preceding sentence, if it is held that the claims of the First Priority Secured Parties
and Second Priority Secured Parties in respect of the Common Collateral constitute only one secured
claim (rather than separate classes of senior and junior secured claims), then the Second Priority
Representative, on behalf of itself and the other Second Priority Secured Parties, hereby
acknowledges and agrees that all distributions shall be made as if there were separate classes of
senior and junior secured claims against the Loan Parties in respect of the Common Collateral, with
the effect being that, to the extent that the aggregate value of the Common Collateral is
sufficient (for this purpose ignoring all claims held by the Second Priority Secured Parties), the
First Priority Secured Parties shall be entitled to receive, in addition to amounts distributed to
them in respect of principal, pre-petition interest and other claims, all amounts owing in respect
of Post-Petition Interest before any distribution is made in respect of the claims held by the
Second Priority Secured Parties. The Second Priority Representative, on behalf of itself and the
other Second Priority Secured Parties, hereby acknowledges and agrees to turn over to the First
Priority Representative amounts otherwise received or receivable by them to the extent necessary to
effectuate the intent of the preceding sentence, even if such turnover has the effect of reducing
the claim or recovery of the Second Priority Secured Parties.

5.8 No Waivers of Rights of First Priority Secured Parties. Nothing contained herein
shall prohibit or in any way limit the First Priority Representative or any other First Priority
Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any
Second Priority Secured Party not expressly permitted hereunder, including the seeking by any
Second Priority Secured Party of adequate protection with respect to its interests in the Common
Collateral (except as provided in Section 5.4).

5.9 Other Matters. To the extent that the Second Priority Representative or any
Second Priority Secured Party has or acquires rights under Section 363 or Section 364 of the
Bankruptcy Code with respect to any of the Common Collateral, the Second Priority Representative
agrees, on behalf of itself and the other Second Priority Secured Parties not to assert any of such
rights without the prior written consent of the First Priority Representative unless expressly
permitted to do so hereunder.

5.10 Effectiveness in Insolvency Proceedings. This Agreement, which the parties
hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the Bankruptcy
Code, shall be effective before, during and after the commencement of an Insolvency Proceeding.

SECTION 6. Security Documents.

(a) Each Loan Party and the Second Priority Representative, on behalf of itself and the
Second Priority Secured Parties, agrees that it shall not at any time execute or deliver any
amendment or other modification to any of the Second Priority Documents in violation of this
Agreement.

 

 

 

(b) Each Loan Party and the First Priority Representative, on behalf of itself and the First
Priority Secured Parties, agrees that it shall not at any time execute or deliver any amendment or
other modification to any of the First Priority Documents in violation of this Agreement.

(c) In the event the First Priority Representative enters into any amendment, waiver, consent
or release in respect of any of the First Priority Security Documents for the purpose of adding to,
or deleting from, or waiving or consenting to any departures from any provisions of, any First
Priority Security Document or changing in any manner the rights of any parties thereunder, in each
case solely with respect to any Common Collateral, then such amendment, waiver, consent or release
shall apply automatically to any comparable provision of the Comparable Second Priority Security
Document without the consent of or action by any Second Priority Secured Party (with all such
amendments, waivers, modifications and releases subject to the terms hereof); provided that
(other than with respect to amendments, modifications or waivers that secure additional extensions
of credit and add additional secured creditors and do not violate the express provisions of the
Second Priority Agreements), (i) no such amendment, waiver, consent or release shall have the
effect of removing assets subject to the Lien of any Second Priority Security Document, except to
the extent that a release of such Lien is permitted by Section 4.2, (ii) any such amendment,
waiver, consent or release that adversely affects the rights of the Second Priority Secured Parties
and does not affect the First Priority Secured Parties in a like or similar manner shall not apply
to the Second Priority Security Documents without the consent of the Second Priority
Representative, (iii) no such amendment, waiver, consent or release with respect to any provision
applicable to the Second Priority Representative under the Second Priority Documents shall be made
without the prior written consent of such Second Priority Representative and (iv) notice of such
amendment, waiver, consent or release shall be given to the Second Priority Representative no later
than 30 days after its effectiveness, provided that the failure to give such notice shall
not affect the effectiveness and validity thereof.

(d) The First Priority Obligations and the Second Priority Obligations may be refinanced or
replaced (and may be increased in connection therewith), in whole or in part, in each case, without
notice to, or the consent (except to the extent a consent is otherwise required to permit the
refinancing transaction under any First Priority Agreement or any Second Priority Agreement) of any
First Priority Secured Party or any Second Priority Secured Party, all without affecting the Lien
priorities provided for herein or the other provisions hereof; provided, however,
that the holders of any such refinancing or replacement indebtedness (or an authorized agent or
trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such
documents or agreements (including amendments or supplements to this Agreement) as the First
Priority Representative or the Second Priority Representative, as the case may be, shall reasonably
request and in form and substance reasonably acceptable to the First Priority Representative or the
Second Priority Representative, as the case may be; provided that such documents or
agreements shall comply with Section 6(a) and Section 6(b).

(e) If at any time in connection with or after the discharge of all First Priority
Obligations, the Borrower enters into any replacement First Priority Agreement (which may include
an increase in the amount of the First Priority Obligations) secured by all or a portion of the
First Priority Collateral on a first-priority basis, then such prior discharge of First Priority
Obligations shall automatically be deemed not to have occurred for the purposes of this Agreement,
and the obligations under such replacement First Priority Agreement shall automatically be treated
as First Priority Obligations for all purposes of this Agreement, including for purposes of the
Lien priorities and rights in respect of the First Priority Collateral (or such portion thereof)
set forth therein. The termination of the Existing First Priority Agreement in connection with any
such replacement shall not be deemed to be the First Priority Obligations Payment Date.

 

 

 

(f) In connection with any refinancing or replacement contemplated by Section 6(d) or 6(e),
this Agreement may be amended at the request and sole expense of the Borrower, and without the
consent of the First Priority Representative, the First Priority Secured Parties, or the Second
Priority Representative or the Second Priority Secured Parties (a) to add parties (or any
authorized agent or trustee therefor) providing any such refinancing or replacement indebtedness,
(b) to establish that Liens on any First Priority Collateral securing such refinancing or
replacement indebtedness shall have the same priority (or junior priority) as the Liens on any
First Priority Collateral securing the indebtedness being refinanced or replaced and (c) to
establish that Liens on any Second Priority Collateral securing such refinancing or replacement
indebtedness shall have the same priority as the Liens on any Second Priority Collateral securing
the indebtedness being refinanced or replaced, all on the terms provided for immediately prior to
such refinancing or replacement.

SECTION 7. Reliance; Waivers; etc.

7.1 Reliance. All extensions of credit under the First Priority Documents made after
the date hereof are deemed to have been made or incurred, in reliance upon this Agreement. The
Second Priority Representative, on behalf of itself and the Second Priority Secured Parties,
expressly waives all notice of the acceptance of and reliance on this Agreement by the First
Priority Secured Parties. The Second Priority Documents are deemed to have been executed and
delivered and all extensions of credit thereunder are deemed to have been made or incurred, in
reliance upon this Agreement. The First Priority Representative, on behalf of itself and the other
First Priority Secured Parties, expressly waives all notices of the acceptance of and reliance on
this Agreement by the Second Priority Representative and the other Second Priority Secured Parties.

7.2 No Warranties or Liability. The Second Priority Representative and the First
Priority Representative acknowledge and agree that neither has made any representation or warranty
with respect to the execution, validity, legality, completeness, collectibility or enforceability
of any First Priority Document or any Second Priority Document. Except as otherwise provided in
this Agreement, the Second Priority Representative and the First Priority Representative will be
entitled to manage and supervise their respective extensions of credit to any Loan Party in
accordance with law and their usual practices, modified from time to time as they deem appropriate.

7.3 No Waivers. No right or benefit of any party hereunder shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of such party or any other
party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the
First Priority Documents or the Second Priority Documents.

SECTION 8. Obligations Unconditional.

8.1 First Priority Obligations Unconditional. All rights and interests of the First
Priority Secured Parties hereunder, and all agreements and obligations of the Second Priority
Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full
force and effect irrespective of:

(a) any lack of validity or enforceability of any First Priority Document;

(b) any change in the time, place or manner of payment of, or in any other term of,
all or any portion of the First Priority Obligations, or any amendment, waiver or other
modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding or restatement of any First Priority Document;

 

 

 

(c) prior to the First Priority Obligations Payment Date, any exchange, release,
voiding, avoidance or non-perfection of any security interest in any Common Collateral or
any other collateral, or any release, amendment, waiver or other modification, whether by
course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of
all or any portion of the First Priority Obligations or any guarantee thereof; or

(d) any other circumstances that otherwise might constitute a defense available to, or
a discharge of, any Loan Party in respect of the First Priority Obligations, or of any of
the Second Priority Representative or any other Second Priority Secured Party, or any Loan
Party, to the extent applicable, in respect of this Agreement (other than the occurrence of
the First Priority Obligations Payment Date).

8.2 Second Priority Obligations Unconditional. All rights and interests of the Second
Priority Secured Parties hereunder, and all agreements and obligations of the First Priority
Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full
force and effect irrespective of:

(a) any lack of validity or enforceability of any Second Priority Document;

(b) any change in the time, place or manner of payment of, or in any other term of,
all or any portion of the Second Priority Obligations, or any amendment, waiver or other
modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding or restatement of any Second Priority Document;

(c) any exchange, release, voiding, avoidance or non-perfection of any security
interest in any Common Collateral or any other collateral, or any release, amendment, waiver
or other modification, whether by course of conduct or otherwise, or any refinancing,
replacement, refunding or restatement of all or any portion of the Second Priority
Obligations or any guarantee thereof; or

(d) any other circumstances that otherwise might constitute a defense available to, or
a discharge of, any Loan Party in respect of the Second Priority Obligations or any First
Priority Secured Party in respect of this Agreement.

SECTION 9. Miscellaneous.

9.1 Conflicts. In the event of any conflict between the provisions of this Agreement
and the provisions of any First Priority Document or any Second Priority Document, the provisions
of this Agreement shall govern. Notwithstanding the foregoing, the parties hereto acknowledge that
the terms of this Agreement are not intended to and shall not, as between the Loan Parties and the
Secured Parties, negate, impair, waive or cancel any rights granted to, or carry liability or
obligation of, any Loan Party in the First Priority Documents and the Second Priority Documents or
impose any additional obligations on the Loan Parties (other than as expressly set forth herein).

9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective,
and shall not be revocable by any party hereto, until the First Priority Obligation Payment Date
shall have occurred subject to the reinstatement as expressly set forth herein. This is a
continuing agreement and the First Priority Secured Parties and the Second Priority Secured Parties
may continue, at any time and without notice to the other parties hereto, to extend credit and
other financial accommodations, lend monies and provide indebtedness to, or for the benefit of,
Borrower or any other Loan Party on the faith hereof.

 

 

 

9.3 Amendments; Waivers. (a) No amendment or modification of any of the provisions
of this Agreement shall be effective unless the same shall be in writing and signed by the First
Priority Representative (in accordance with the First Priority Agreement) and the Second Priority
Representative (in accordance with the Second Priority Agreement), and, in the case of amendments
or modifications of Sections 3.5, 3.6, 4.2, 5.2, 5.4, 6(c), 6(d), 6(e), 6(f), 9.3, 9.5 or 9.6, the
Loan Parties, and each waiver, if any, shall be a waiver only with respect to the specific instance
involved and shall in no way impair the rights of the parties making such waiver or the obligations
of the other parties to such party in any other respect or at any other time. Anything herein to
the contrary notwithstanding, no consent of any Loan Party shall be required for amendments,
modifications or waivers of any other provisions of this Agreement other than those that (i) affect
any obligation or right of the Loan Parties hereunder or under the First Priority Documents or the
Second Priority Documents or that would impose any additional obligations on the Loan Parties or
(ii) change the rights of the Loan Parties to refinance the First Priority Obligations or the
Second Priority Obligations.

(b) It is understood that this Agreement may be amended from time to time at the request of
the Borrower, at the Borrower’s sole expense, and without the consent of the First Priority
Representative, Second Priority Representative, any other First Priority Secured Party or any other
Second Priority Secured Party to (i) add other parties holding additional Indebtedness or
obligations that constitute First Priority Obligations (“Additional First Priority Debt”) or Second
Priority Obligations (“Additional Second Priority Debt”) (or any agent or trustee thereof) in each
case to the extent such Indebtedness or obligation is permitted to be incurred by the First
Priority Agreement and Second Priority Agreement then extant, (ii) in the case of Additional Second
Priority Debt, (1) establish that the Lien on the Common Collateral securing such Additional Second
Priority Debt shall be junior and subordinate in all respects to all Liens on the Common Collateral
securing any First Priority Obligations and shall share in the benefits of the Common Collateral
equally and ratably with all Liens on the Common Collateral securing any Second Priority
Obligations, and (2) provide to the holders of such Additional Second Priority Debt (or any agent
or trustee thereof) the comparable rights and benefits (including any improved rights and benefits
that have been consented to by the First Priority Representative for the benefit of all Second
Priority Debt) as are provided to the holders of Second Priority Obligations under this Agreement,
and (iii) in the case of Additional First Priority Debt, (1) establish that the Lien on the Common
Collateral securing such Additional First Priority Debt shall be superior in all respects to all
Liens on the Common Collateral securing any Second Priority Obligations and shall share in the
benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral
securing any First Priority Lien Obligations, and (2) provide to the holders of such Additional
First Priority Debt (or any agent or trustee thereof) the comparable rights and benefits as are
provided to the holders of First Priority Lien Obligations under this Agreement, in each case so
long as such modifications do not expressly violate the provisions of any First Priority Agreement
or Second Priority Agreement. Any such additional party and each First Priority Representative and
Second Priority Representative shall be entitled to rely on the determination of the Borrower that
such modifications do not violate any First Priority Agreement or Second Priority Agreement if such
determination is set forth in an Officers’ Certificate and an opinion of counsel delivered to such
party, the First Priority Representative and the Second Priority Representative. Any amendment to
this Agreement that is proposed to be effected without the consent of any First Priority
Representative shall be submitted to such First Priority Representative reasonably promptly after
the effectiveness of such amendment, and no such First Priority Representative shall be deemed to
have knowledge of any such amendment until it receives a copy of such amendment. Any amendment to
this Agreement that is proposed to be effected without the consent of any Second Priority
Representative shall be submitted to such Second Priority Representative reasonably promptly after
the effectiveness of such amendment, and no such Second Priority Representative shall be deemed to
have knowledge of any such amendment until it receives a copy of such amendment.

 

 

 

9.4 Information Concerning Financial Condition of the Borrower and the other Loan
Parties. Neither the Second Priority Representative nor the First Priority Representative
hereby assumes responsibility for keeping each other informed of the financial condition of the
Borrower and each of the other Loan Parties and all other circumstances bearing upon the risk of
nonpayment of the First Priority Obligations or the Second Priority Obligations. The Second
Priority Representative and the First Priority Representative hereby agree that no party shall have
any duty to advise any other party of information known to it regarding such condition or any such
circumstances. In the event the Second Priority Representative or the First Priority
Representative, in its sole discretion, undertakes at any time or from time to time to provide any
information to any other party to this Agreement, it shall be under no obligation (a) to provide or
update any such information to such other party or any other party on any subsequent occasion, (b)
to undertake any investigation not a part of its regular business routine, or (c) to disclose any
other information. Neither the First Priority Representative nor the Second Priority
Representative shall have any responsibility to monitor or verify the financial condition of the
Borrower or other Loan Parties.

9.5 Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of New York.

9.6 Submission to Jurisdiction. (a) Each First Priority Secured Party, each Second
Priority Secured Party and each Loan Party hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York
and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement,
or for recognition or enforcement of any judgment with respect to this Agreement, and each such
party hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York State or, to the extent permitted by
law, in such Federal court. Each such party 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 shall affect any right that any
First Priority Secured Party or Second Priority Secured Party may otherwise have to bring any
action or proceeding against any Loan Party or its properties in the courts of any jurisdiction.

(b) Each First Priority Secured Party, each Second Priority Secured Party and each Loan Party
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so (i) any objection it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement in any court referred to in the first
sentence of paragraph (a) of this Section and (ii) the defense of an inconvenient forum to the
maintenance of such action or proceeding.

(c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.7. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

9.7 Notices. Unless otherwise specifically provided herein, any notice or other
communication herein required or permitted to be given shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile.
All such notices and other communications (i) sent by hand or overnight courier service, or mailed
by certified or registered mail, shall be deemed to have been given when received or (ii) sent by
facsimile shall be deemed to have been given when sent, provided that if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient. For the purposes hereof, the addresses of the
parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be
as set forth below each party’s name on the signature pages
hereof, or, as to each party, at such other address as may be designated by such party in a
written notice to all of the other parties.

 

 

 

9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and each of the First Priority Secured Parties and Second
Priority Secured Parties and their respective successors and permitted assigns, and nothing herein
is intended, or shall be construed to give, any other Person any right, remedy or claim under, to
or in respect of this Agreement or any Common Collateral.

9.9 Headings. Section headings used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration
in interpreting, this Agreement.

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

9.11 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by email or telecopy
shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement
shall become effective when it shall have been executed by each party hereto.

9.12 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY
COUNTERCLAIM THEREIN.

9.13 Additional Loan Parties. Each Person that becomes a Loan Party after the date
hereof shall become a party to this Agreement upon execution and delivery by such Person of an
Assumption Agreement in the form of Annex 1 to the Guarantee and Collateral Agreement referred to
in the First Priority Agreement.

9.14 Termination. This Agreement shall automatically terminate with no further action
required on the part of any Person upon the occurrence of any of the following: (a) the First
Priority Obligations Payment Date shall have occurred, or all of the First Priority Liens on all
Common Collateral have otherwise been released in accordance with the terms of the First Priority
Documents; (b) all Second Priority Obligations shall have been paid and discharged in full or have
been legally defeased, or all of the Second Priority Liens on all Common Collateral have otherwise
been released in accordance with the terms of the Second Priority Documents; or (c) each First
Priority Representative and Second Priority Representative party to this Agreement and the Grantors
shall have agreed to terminate this Agreement in writing; provided, however, in
case of any such termination under clause (a) above, upon the occurrence of any event described in
the last sentence of the definition of “First Priority Obligations”, such termination will be
deemed not to have occurred, and in case of any such termination under clause (b) above, upon the
occurrence of any event described in the last sentence of the definition of “Second Priority
Obligations”, such termination will be deemed not to have occurred

 

 

 

9.15 Concerning the Second Priority Representative. Each of the parties hereto
acknowledges that U.S. Bank, National Association is entering into this Agreement upon direction of
the Second Priority Creditors and solely in its capacity as Collateral Agent under the Second
Priority Security Documents and not in its individual capacity and in no event shall U.S. Bank,
National Association incur any liability in connection with this Agreement or be personally liable
for or on account of the statements, representations, warranties, covenants or obligations stated
to be those of the Second Priority Representative or the Second Priority Secured Parties hereunder
(including action taken on its behalf pursuant to Section 4.2(b)), all such liability, if any,
being expressly waived by the parties hereto and any Person claiming by, though or under such
party. Each party hereto hereby acknowledges and agrees that all of the rights, privileges,
protections, indemnities and immunities afforded U.S. Bank, National Association as Collateral
Agent under the Existing Second Priority Agreement and the Second Priority Security Documents are
hereby incorporated herein as if set forth herein in full. Notwithstanding anything to the
contrary herein, the fees, expenses and indemnities owing to U.S. Bank, National Association as
Collateral Agent, by any Loan Party, shall not be subordinated to any First Priority Obligation.

[Remainder of page intentionally left blank]

 

 

 

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

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING INC., as 
First Priority
Representative for and on behalf 

of the First Priority
Secured Parties

 	 
	 	By:  	 	 
	 	 	Name: 	 	 
	 	 	Title:  		 
	 
	 	 Address for Notices:

Telephone:

Telecopy:

 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
 Second Priority
Representative for and on behalf

 of the Second Priority
Secured Parties

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 Address for Notices:

Telephone:

Telecopy:

 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

 

 

	 	 	 	 	 
	 	SWIFT TRANSPORTATION CO., LLC 

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SWIFT SERVICES HOLDINGS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[OTHER GRANTORS]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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