AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT
(“Ryder”)
(“Ryder Holdings Canada”)
(“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”)
(“Ryder Limited”)
(“RSH” and together with Ryder Limited, the “U.K. Borrowers”)
(“Ryder PR”)
(the “Administrative Agent”),
(the “Syndication Agent”),
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
WELLS FARGO SECURITIES, LLC,
RBS SECURITIES INC.,
MIZUHO CORPORATE BANK, LTD.,
RBC CAPITAL MARKETS,
U.S. BANK, NATIONAL ASSOCIATION and
BNP PARIBAS
(each a “Co-Lead Arranger”),
MIZUHO CORPORATE BANK, LTD.,
and WELLS FARGO BANK, N.A.
(each a “Documentation Agent”),
(the “U.K. Agent”),
(the “Canadian Agent”),
(as Book Manager)
Page | ||||||||||
§1. | DEFINITIONS AND RULES OF INTERPRETATION | 1 | ||||||||
§1.1. | Definitions | 1 | ||||||||
§1.2. | Rules of Interpretation | 31 | ||||||||
§1.3. | Accounting Terms | 32 | ||||||||
§1.4. | Currency Equivalents | 32 | ||||||||
§1.5. | Times of Day | 32 | ||||||||
§1.6. | Letter of Credit Amounts | 33 | ||||||||
§2. | THE CREDIT FACILITIES | 33 | ||||||||
§2.1. | Commitment to Lend | 33 | ||||||||
§2.1.1. | Domestic Loans | 33 | ||||||||
§2.1.2. | Canadian Loans | 33 | ||||||||
§2.1.3. | U.K. Loans | 34 | ||||||||
§2.1.4. | PR Loans | 34 | ||||||||
§2.2. | Facility Fee | 34 | ||||||||
§2.3. | Reduction of Commitments | 35 | ||||||||
§2.4. | Reallocation of Commitments | 37 | ||||||||
§2.5. | The Notes and Loan Accounts | 39 | ||||||||
§2.6. | Interest on Loans | 41 | ||||||||
§2.7. | Requests for Loans | 42 | ||||||||
§2.8. | Election of LIBOR Rate; Notice of Election; Interest Periods; Minimum Amounts | 44 | ||||||||
§2.9. | Funds for Loans | 46 | ||||||||
§2.10. | Maturity of the Loans | 46 | ||||||||
§2.11. | Optional Prepayments or Repayments of Loans | 46 | ||||||||
§2.12. | The Domestic Swing Line | 47 | ||||||||
§2.13. | The U.K. Swing Line | 52 | ||||||||
§2.14. | The Canadian Swing Line | 56 | ||||||||
§2.15. | Cash Collateral | 60 | ||||||||
§2.16. | Defaulting Banks | 62 | ||||||||
§2.17. | Sharing of Payments by Banks | 64 | ||||||||
§3. | BANKERS’ ACCEPTANCES | 65 | ||||||||
§3.1. | Acceptance and Purchase | 65 | ||||||||
§3.2. | Refunding Bankers’ Acceptances | 67 | ||||||||
§3.3. | Acceptance Fee | 68 | ||||||||
§4. | LETTERS OF CREDIT | 68 | ||||||||
§4.1. | Letter of Credit Commitments | 68 |
i
(continued)
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§4.2. | Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit | 70 | ||||||||
§4.3. | Drawings and Reimbursements; Funding of Participations | 72 | ||||||||
§4.4. | Repayment of Participations | 74 | ||||||||
§4.5. | Obligations Absolute | 75 | ||||||||
§4.6. | Role of Issuing Bank | 75 | ||||||||
§4.7. | [Reserved.] | 76 | ||||||||
§4.8. | Applicability of ISP and UCP | 76 | ||||||||
§4.9. | Letter of Credit Fees | 76 | ||||||||
§4.10. | Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank | 77 | ||||||||
§4.11. | Conflict with Issuing Documents | 77 | ||||||||
§4.12. | Letters of Credit Issued for Domestic Subsidiaries | 77 | ||||||||
§5. | GUARANTY | 77 | ||||||||
§5.1. | Guaranty of Payment | 77 | ||||||||
§5.2. | Ryder’s Agreement to Pay Enforcement Costs, etc | 78 | ||||||||
§5.3. | Waivers by Ryder; Banks’ Freedom to Act | 78 | ||||||||
§5.4. | Unenforceability of Guaranteed Obligations | 79 | ||||||||
§5.5. | Subrogation; Subordination | 79 | ||||||||
§5.5.1. | Postponement of Rights | 79 | ||||||||
§5.5.2. | Subordination | 80 | ||||||||
§5.5.3. | Provisions Supplemental | 80 | ||||||||
§5.6. | Further Assurances | 80 | ||||||||
§5.7. | Reinstatement | 81 | ||||||||
§5.8. | Successors and Assigns | 81 | ||||||||
§5.9. | Currency of Payment | 81 | ||||||||
§5.10. | Concerning Joint and Several Liability of the U.K. Borrowers and the Canadian Borrowers | 81 | ||||||||
§6. | PROVISIONS RELATING TO ALL LOANS | 82 | ||||||||
§6.1. | Funds for Payments | 82 | ||||||||
§6.2. | Status of Banks; Tax Documentation | 83 | ||||||||
§6.3. | Currency of Payment | 85 | ||||||||
§6.4. | Mandatory Repayments of the Loans | 86 | ||||||||
§6.5. | Computations | 87 | ||||||||
§6.6. | Illegality; Inability to Determine LIBOR Rate or EURIBOR Rate | 87 | ||||||||
§6.7. | Additional Costs, Etc | 88 | ||||||||
§6.8. | Capital Adequacy | 89 | ||||||||
§6.9. | Certificate; Etc | 90 | ||||||||
§6.10. | Eurodollar Indemnity | 90 | ||||||||
§6.11. | Interest on Overdue Amounts | 91 |
ii
(continued)
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§6.12. | Interest Limitation | 91 | ||||||||
§6.13. | Reasonable Efforts to Mitigate | 91 | ||||||||
§6.14. | Replacement of Banks | 91 | ||||||||
§6.15. | Advances by Administrative Agent; Canadian Agent; and U.K. Agent | 92 | ||||||||
§6.16. | Currency Fluctuations | 94 | ||||||||
§7. | REPRESENTATIONS AND WARRANTIES | 96 | ||||||||
§7.1. | Corporate Authority | 96 | ||||||||
§7.2. | Governmental Approvals | 97 | ||||||||
§7.3. | Title to Properties; Leases | 97 | ||||||||
§7.4. | Financial Statements | 97 | ||||||||
§7.5. | Litigation | 97 | ||||||||
§7.6. | Compliance With Other Instruments, Laws, Etc | 98 | ||||||||
§7.7. | Tax Status | 98 | ||||||||
§7.8. | No Event of Default | 98 | ||||||||
§7.9. | Holding Company and Investment Company Acts | 98 | ||||||||
§7.10. | Absence of Financing Statements, Etc | 98 | ||||||||
§7.11. | ERISA Compliance | 99 | ||||||||
§7.12. | Environmental Compliance | 99 | ||||||||
§7.13. | Disclosure | 99 | ||||||||
§7.14. | Location of Chief Executive Office | 100 | ||||||||
§7.15. | Debt Ratings | 100 | ||||||||
§7.16. | Consolidated Subsidiaries | 100 | ||||||||
§7.17. | Foreign Assets Control Regulations, Etc. | 100 | ||||||||
§7.18. | Use of Proceeds | 100 | ||||||||
§7A. | REPRESENTATIONS AS TO FOREIGN OBLIGORS | 100 | ||||||||
§8. | AFFIRMATIVE COVENANTS OF THE BORROWERS | 101 | ||||||||
§8.1. | Punctual Payment | 101 | ||||||||
§8.2. | Maintenance of Chief Executive Office | 102 | ||||||||
§8.3. | Records and Accounts | 102 | ||||||||
§8.4. | Financial Statements, Certificates and Information | 102 | ||||||||
§8.5. | Corporate Existence; Compliance with Laws, Other Agreements | 104 | ||||||||
§8.6. | Maintenance of Properties | 105 | ||||||||
§8.7. | Insurance | 105 | ||||||||
§8.8. | Taxes | 105 | ||||||||
§8.9. | Inspection of Properties, Books and Contracts | 105 | ||||||||
§8.10. | Notice of Potential Claims or Litigation | 106 | ||||||||
§8.11. | Notice of Default | 106 | ||||||||
§8.12. | Use of Proceeds | 106 | ||||||||
§8.13. | Debt Ratings | 106 | ||||||||
§8.14. | Notice of any ERISA Event | 106 |
iii
(continued)
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§8.15. | Further Assurances | 106 | ||||||||
§9. | CERTAIN NEGATIVE COVENANTS OF THE BORROWERS | 106 | ||||||||
§9.1. | Restrictions on Secured Indebtedness | 106 | ||||||||
§9.2. | Restrictions on Liens | 107 | ||||||||
§9.3. | Corporate Changes and Sales or Dispositions of Assets | 108 | ||||||||
§9.4. | Leasebacks | 109 | ||||||||
§9.5. | Limitation on Agreements | 109 | ||||||||
§10. | FINANCIAL COVENANT OF THE BORROWERS | 110 | ||||||||
§10.1. | Debt to Consolidated Tangible Net Worth | 110 | ||||||||
§11. | CONDITIONS TO CLOSING/EFFECTIVENESS | 110 | ||||||||
§11.1. | Corporate Action | 110 | ||||||||
§11.2. | Loan Documents, Etc | 110 | ||||||||
§11.3. | Certified Copies of Charter Documents | 110 | ||||||||
§11.4. | Incumbency Certificate | 110 | ||||||||
§11.5. | Certificates of Insurance | 110 | ||||||||
§11.6. | Opinion of Counsel | 111 | ||||||||
§11.7. | Existing Debt | 111 | ||||||||
§11.8. | Financial Condition; Debt Ratings | 111 | ||||||||
§11.9. | Payment of Fees | 111 | ||||||||
§11.10. | Closing Date Compliance Certificate | 111 | ||||||||
§11.11. | Receipt of Financial Statements | 111 | ||||||||
§12. | CONDITIONS TO ALL LOANS | 111 | ||||||||
§12.1. | Representations True | 111 | ||||||||
§12.2. | Performance; No Event of Default | 112 | ||||||||
§12.3. | No Legal Impediment | 112 | ||||||||
§12.4. | Delivery of Documents | 112 | ||||||||
§12.5. | Alternative Currency | 112 | ||||||||
§13. | EVENTS OF DEFAULT; ACCELERATION; TERMINATION OF COMMITMENT | 112 | ||||||||
§13.1. | Events of Default and Acceleration | 112 | ||||||||
§13.2. | Termination of Commitments | 115 | ||||||||
§13.3. | Remedies | 115 | ||||||||
§13.4. | Judgment Currency | 116 | ||||||||
§14. | SETOFF | 116 | ||||||||
§15. | COSTS AND EXPENSES | 117 | ||||||||
iv
(continued)
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§15A. | PAYMENTS SET ASIDE | 118 | ||||||||
§16. | THE AGENTS | 118 | ||||||||
§16.1. | Appointment and Authority | 118 | ||||||||
§16.2. | Rights as a Bank | 119 | ||||||||
§16.3. | Exculpatory Provisions | 119 | ||||||||
§16.4. | Reliance by Agents | 120 | ||||||||
§16.5. | Use of Sub-Agents | 120 | ||||||||
§16.6. | Resignation of an Agent | 120 | ||||||||
§16.7. | Non-Reliance on Agents and Other Banks | 122 | ||||||||
§16.8. | No Other Duties, Etc | 122 | ||||||||
§16.9. | Agent May File Proofs of Claim | 122 | ||||||||
§17. | CONSENTS, AMENDMENTS, WAIVERS, ETC | 123 | ||||||||
§18. | INDEMNIFICATION; DAMAGE WAIVER | 123 | ||||||||
§18.1. | Indemnification by the Borrowers | 123 | ||||||||
§18.2. | Reimbursement by Banks | 127 | ||||||||
§18.3. | Waiver of Consequential Damages, Etc | 124 | ||||||||
§18.4. | Payments | 125 | ||||||||
§18.5. | Survival | 125 | ||||||||
§19. | TAXES | 125 | ||||||||
§20. | SURVIVAL OF COVENANTS, ETC | 129 | ||||||||
§21. | SUCCESSORS AND ASSIGNS; PARTICIPATION | 129 | ||||||||
§21.1. | Successors and Assigns Generally | 129 | ||||||||
§21.2. | Conditions to Assignment by Banks | 130 | ||||||||
§21.3. | Register | 132 | ||||||||
§21.4. | Participations | 132 | ||||||||
§21.5. | Certain Pledges | 133 | ||||||||
§21.6. | Special Purpose Funding Vehicle | 133 | ||||||||
§21.7. | [Reserved.] | 134 | ||||||||
§21.8. | Resignation of Issuing Bank or Swing Line Lender after Assignment | 134 | ||||||||
§22. | PARTIES IN INTEREST | 135 | ||||||||
§23. | NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION | 135 | ||||||||
§23.1. | Notices Generally | 135 | ||||||||
§23.2. | Electronic Communications | 135 | ||||||||
§23.3. | The Platform | 136 |
v
(continued)
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§23.4. | Change of Address, Etc. | 136 | ||||||||
§23.5. | Reliance by Agents, Issuing Bank and Banks | 137 | ||||||||
§23A. | NO WAIVER; CUMULATIVE REMEDIES; ENFORCEMENT | 137 | ||||||||
§24. | MISCELLANEOUS | 138 | ||||||||
§25. | WAIVER OF JURY TRIAL; ETC | 138 | ||||||||
§26. | GOVERNING LAW; JURISDICTION; SERVICE OF PROCESS | 138 | ||||||||
§27. | SEVERABILITY | 139 | ||||||||
§28. | PARI PASSU TREATMENT | 139 | ||||||||
§29. | CONFIDENTIAL INFORMATION | 141 | ||||||||
§30. | USA PATRIOT ACT NOTICE | 142 | ||||||||
§31. | NO ADVISORY OR FIDUCIARY RESPONSIBILITY | 143 |
vi
Exhibit A-1 | Form of Domestic Note | |
Exhibit A-2 | Form of Canadian Note | |
Exhibit A-3 | Form of U.K. Note | |
Exhibit A-4 | Form of PR Note | |
Exhibit A-5 | Form of Domestic Swing Line Note | |
Exhibit A-6 | Form of U.K. Swing Line Note | |
Exhibit A-7 | Form of Canadian Swing Line Note | |
Exhibit B-1 | Form of Domestic Loan Request | |
Exhibit B-2 | Form of Canadian Loan Request | |
Exhibit B-3 | Form of U.K. Loan Request | |
Exhibit B-4 | Form of PR Loan Request | |
Exhibit C | Form of Compliance Certificate | |
Exhibit D | Form of Assignment and Assumption | |
Exhibit E | Form of Subordination Provisions | |
Exhibit F | Form of Bankers’ Acceptance Notice | |
Exhibit G-1 | Form of Domestic Swing Line Loan Request | |
Exhibit G-2 | Form of U.K. Swing Line Loan Request | |
Exhibit G-3 | Form of Canadian Swing Line Loan Request | |
Exhibit H | Form of Administrative Questionnaire |
Schedule 1 | Domestic Banks; Domestic Commitment Percentages; Canadian Banks; Canadian Commitment Percentages; U.K. Banks, U.K. Commitment Percentages; PR Banks; PR Commitment Percentages; Total Commitment; Total Commitment Percentages | |
Schedule 2 | Additional Costs | |
Schedule 7.5 | Litigation | |
Schedule 7.7 | Taxes | |
Schedule 7.12 | Environmental Compliance | |
Schedule 7.15 | Debt Ratings | |
Schedule 7.16 | Subsidiaries | |
Schedule 23.1 | Notices, etc. |
Annex A | Power of Attorney Terms — Bankers’ Acceptances |
vii
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Domestic LIBOR Rate | = | Eurodollar Base Rate | ||
1.00 – Eurodollar Reserve Percentage |
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Applicable | |||||||||||||||||||||||||||
Margin on | |||||||||||||||||||||||||||
LIBOR Rate | |||||||||||||||||||||||||||
Loans / Letter of | |||||||||||||||||||||||||||
Credit Fees / | |||||||||||||||||||||||||||
Applicable | Applicable | Applicable | Applicable | ||||||||||||||||||||||||
Senior Public Debt | Facility | Acceptance Fee | Margin on Base | Margin on Swing | |||||||||||||||||||||||
Level | Rating | Fee Rate | Rate | Rate Loans | Line Loans | ||||||||||||||||||||||
I | A / A2 / A or better | 10.0 | 90.0 | 0 | 0 | ||||||||||||||||||||||
II | A- / A3 / A- | 12.5 | 100.0 | 0 | 0 | ||||||||||||||||||||||
III | BBB+ / Baa1 / BBB+ | 15.0 | 110.0 | 10.0 | 10.0 | ||||||||||||||||||||||
IV | BBB / Baa2 / BBB | 22.5 | 127.5 | 27.5 | 27.5 | ||||||||||||||||||||||
V | BBB- / Baa3 / BBB- | 27.5 | 147.5 | 47.5 | 47.5 | ||||||||||||||||||||||
VI | Worse than BBB- / Baa3 / BBB- | 32.5 | 167.5 | 67.5 | 67.5 | ||||||||||||||||||||||
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RYDER SYSTEM, INC. | ||||
By: | /s/ W. Daniel Susik | |||
Name: | W. Daniel Susik | |||
Title: | Senior Vice President — Finance and Treasurer | |||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | /s/ W. Daniel Susik | |||
Name: | W. Daniel Susik | |||
Title: | Vice President — Finance and Treasurer | |||
RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | /s/ W. Daniel Susik | |||
Name: | W. Daniel Susik | |||
Title: | Senior Vice President -- Finance and Treasurer | |||
RYDER LIMITED | ||||
By: | /s/ Calene F. Candela | |||
Name: | Calene F. Candela | |||
Title: | Director | |||
RYDER SYSTEM HOLDINGS (UK) LIMITED | ||||
By: | /s/ Calene F. Candela | |||
Name: | Calene F. Candela | |||
Title: | Director | |||
RYDER PUERTO RICO, INC. | ||||
By: | /s/ W. Daniel Susik | |||
Name: | W. Daniel Susik | |||
Title: | Vice President and Treasurer | |||
BANK OF AMERICA, N.A., as Administrative Agent | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A., as Issuing Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A., as Domestic Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A., as Domestic Swing Line Lender | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A., as U.K. Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A., as PR Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Domestic Bank | ||||
By: | /s/ B. McNany | |||
Name: | B. McNany | |||
Title: | Vice President | |||
MIZUHO CORPORATE BANK, LTD., as Domestic Bank | ||||
By: | /s/ Robert Gallagher | |||
Name: | Robert Gallagher | |||
Title: | Authorized Signatory | |||
MIZUHO CORPORATE BANK, LTD., as Canadian Bank | ||||
By: | /s/ Robert Gallagher | |||
Name: | Robert Gallagher | |||
Title: | Authorized Signatory | |||
MIZUHO CORPORATE BANK, LTD., as U.K. Bank | ||||
By: | /s/ Robert Gallagher | |||
Name: | Robert Gallagher | |||
Title: | Authorized Signatory | |||
WELLS FARGO BANK, N.A., as Domestic Bank | ||||
By: | /s/ Kathleen Reedy | |||
Name: | Kathleen Reedy | |||
Title: | Managing Director | |||
RBC BANK (USA), as Domestic Bank | ||||
By: | /s/ Charlie S. Beverly Jr. | |||
Name: | Charlie S. Beverly Jr. | |||
Title: | Senior Vice President | |||
U.S. BANK NATIONAL ASSOCIATION, as Domestic Bank | ||||
By: | /s/ Edward B. Hanson | |||
Name: | Edward B. Hanson | |||
Title: | Vice President | |||
BNP PARIBAS, as Domestic Bank | ||||
By: | /s/ Mike Shryock | |||
Name: | Mike Shryock | |||
itle: Managing Director | ||||
By: | /s/ Curt Price | |||
Name: | Curt Price | |||
Title: | Managing Director | |||
THE BANK OF NEW YORK MELLON, as Domestic Bank | ||||
By: | /s/ Robert J. Mitchell Jr. | |||
Name: | Robert J. Mitchell Jr. | |||
Title: | Managing Director | |||
REGIONS BANK, as Domestic Bank | ||||
By: | /s/ Stephen Hanas | |||
Name: | Stephen Hanas | |||
Title: | Senior Vice President | |||
PNC BANK, NATIONAL ASSOCIATION, as Domestic Bank | ||||
By: | /s/ Jose Mazariegos | |||
Name: | Jose Mazariegos | |||
Title: | Senior Vice President | |||
BRANCH BANKING AND TRUST COMPANY, as Domestic Bank | ||||
By: | /s/ Anthony D. Nigro | |||
Name: | Anthony D. Nigro | |||
Title: | Senior Vice President | |||
THE ROYAL BANK OF SCOTLAND PLC, as Domestic Swing Line Lender | ||||
By: | /s/ L. Peter Yetman | |||
Name: | L. Peter Yetman | |||
Title: | Director | |||
THE ROYAL BANK OF SCOTLAND PLC, as U.K. Agent | ||||
By: | /s/ Andrew N. Guthrie | |||
Name: | Andrew N. Guthrie | |||
Title: | Director | |||
THE ROYAL BANK OF SCOTLAND PLC, as Domestic Bank | ||||
By: | /s/ L. Peter Yetman | |||
Name: | L. Peter Yetman | |||
Title: | Director | |||
THE ROYAL BANK OF SCOTLAND PLC, as U.K. Bank | ||||
By: | /s/ Matthew Whitford | |||
Name: | Matthew Whitford | |||
Title: | Director, Portfolio Management | |||
ROYAL BANK OF CANADA, as Canadian Agent | ||||
By: | /s/ Yvonne Brazier | |||
Name: | Yvonne Brazier | |||
Title: | Manager, Agency | |||
ROYAL BANK OF CANADA, as Canadian Bank | ||||
By: | /s/ Scott Umbs | |||
Name: | Scott Umbs | |||
Title: | Authorized Signatory | |||
ROYAL BANK OF CANADA, as Canadian Bank | ||||
By: | /s/ Yvonne Brazier | |||
Name: | Yvonne Brazier | |||
Title: | Manager, Agency | |||
ROYAL BANK OF CANADA, as Canadian Swing Line Lender | ||||
By: | /s/ Scott Umbs | |||
Name: | Scott Umbs | |||
Title: | Authorized Signatory | |||
ROYAL BANK OF CANADA, as Domestic Bank | ||||
By: | /s/ Scott Umbs | |||
Name: | Scott Umbs | |||
Title: | Authorized Signatory | |||
DOMESTIC NOTE
$________________ | as of June [8], 2011 |
- 2 -
RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: |
- 3 -
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
CANADIAN NOTE
$________________ or the | as of June [8], 2011 | |
Canadian Dollar Equivalent thereof |
- 2 -
RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: |
- 3 -
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
U.K. NOTE
$________________ or the | as of June [8], 2011 | |
Sterling Equivalent or the | ||
Euro Equivalent thereof |
-2-
EXECUTEDandDELIVEREDas aDEED | ) | |||
byRYDER LIMITEDacting by | ) | |||
[two directors] [a director and its secretary] | ) |
EXECUTEDandDELIVEREDas aDEED | ) | |||
byRYDER LIMITEDacting by | ) | |||
a director in the presence of | ) |
Witness’ signature: | ||||
Witness’ name: | ||||
Witness’ address: | ||||
Witness’ occupation: |
-3-
EXECUTEDandDELIVEREDas aDEED | ) | |||
byRYDER SYSTEM HOLDINGS (UK) LIMITED | ) | |||
acting by [two directors] [a director and its secretary] | ) |
EXECUTEDandDELIVEREDas aDEED | ) | |||
byRYDER SYSTEM HOLDINGS (UK) LIMITED | ) | |||
acting by a director in the presence of | ) |
Witness’ signature: | ||||
Witness’ name: | ||||
Witness’ address: | ||||
Witness’ occupation: |
-4-
(UK) LIMITED, DATED AS OF JUNE [8], 2011
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
PR NOTE
$________________ | as of June [8], 2011 |
- 2 -
RYDER PUERTO RICO, INC. | ||||
By: | ||||
Name: | ||||
Title: |
- 3 -
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
DOMESTIC SWING LINE NOTE
$25,000,000 | as of June [8], 2011 |
- 2 -
RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: |
- 3 -
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
U.K. SWING LINE NOTE
$50,000,000 or the Sterling Equivalent or the Euro Equivalent thereof | as of June [8], 2011 |
- 2 -
EXECUTEDandDELIVEREDas aDEED | ) | |||
byRYDER LIMITEDacting by | ) | |||
[two directors] [a director and its secretary] ) |
Director’s name | Director’s signature | |
Director’s[/Secretary’s] name | Director’s[/Secretary’s] signature |
EXECUTEDandDELIVEREDas aDEED | ) | |
byRYDER LIMITEDacting by | ) | |
a director in the presence of | ) |
Director’s signature | ||
Director’s name | ||
Witness’ signature: | ||
Witness’ name: | ||
Witness’ address: | ||
Witness’ occupation: | ||
- 3 -
EXECUTEDandDELIVEREDas aDEED | ) | |||
byRYDER SYSTEM HOLDINGS (UK) LIMITED | ) | |||
acting by [two directors] [a director and its secretary] | ) |
Director’s name | Director’s signature | |
Director’s[/Secretary’s] name | Director’s[/Secretary’s] signature |
EXECUTEDandDELIVEREDas aDEED | ) | |
byRYDER SYSTEM HOLDINGS (UK) LIMITED | ) | |
acting by a director in the presence of | ) |
Director’s signature | ||
Director’s name | ||
Witness’ signature: | ||
Witness’ name: | ||
Witness’ address: | ||
Witness’ occupation: | ||
- 4 -
SYSTEM HOLDINGS (UK) LIMITED, DATED AS OF JUNE [8], 2011
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
CANADIAN SWING LINE NOTE
$50,000,000 or the Canadian Dollar Equivalent thereof | as of June [8], 2011 |
- 2 -
RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: |
- 3 -
Amount of | ||||||||||
Principal | Balance of | |||||||||
Amount of | Paid or | Principal | Notation | |||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | |||||
DOMESTIC LOAN REQUEST
as Administrative Agent
101 South Tryon Street
Bank of America Plaza
Mail Code: NC1-002-15-36
Charlotte, NC 28255-0001
Yours sincerely, RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
1 | Applicable only to Domestic Loan Request on the Closing Date. |
CANADIAN LOAN REQUEST
as Canadian Agent
Royal Bank Plaza
P.O. Box 50
200 Bay Street
12th Floor, South Tower
Toronto, Ontario MSJ 2J5
Attention: Agency Services Group
2 | As provided for in the Credit Agreement, no requested Canadian Loan denominated in Canadian Dollars may be a LIBOR Rate Loan. | |
3 | Applicable only to Canadian Loan Request on the Closing Date. |
Yours sincerely, RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
By: | Date: | ||||||
Name: | |||||||
Title: |
-2-
U.K. LOAN REQUEST
Agency Operations
Bankside 3
90-100 Southwark Street
London SE1 0SW
United Kingdom
Attention: Head of Agency Operations
1 | As provided for in the Credit Agreement, any requested U.K. Loan denominated in Sterling or Euros (other than the U.K. Swing Line Loans) shall be LIBOR Rate Loans. | |
2 | Applicable only to U.K. Loan Request on the Closing Date. |
Yours sincerely, RYDER LIMITED | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER SYSTEM HOLDINGS (UK) LIMITED | ||||
By: | ||||
Name: | ||||
Title: | ||||
By: | Date: | ||||||
Name: | |||||||
Title: |
- 2 -
PR LOAN REQUEST
as Administrative Agent
101 South Tryon Street
Bank of America Plaza
Mail Code: NC1-002-15-36
Charlotte, NC 28255-0001
1 | Applicable only to PR Loan Request on the Closing Date. |
Yours sincerely, RYDER PUERTO RICO, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
By: | Date: | ||||||
Name: | |||||||
Title: |
-2-
COMPLIANCE CERTIFICATE
Compliance Certificate dated ___________
2 | Bracketed language to be included in any Compliance Certificate delivered pursuant to §8.4(c) of the Credit Agreement with respect to the delivery of financial statements referred to in §8.4(a) of the Credit Agreement. |
RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
-2-
1. | Adjusted Consolidated Tangible Assets (Item 8 of Appendix) | $ | ||||
2. | Secured Indebtedness (Item 24 of Appendix) | $ | ||||
3. | Maximum Permitted Secured Indebtedness (Item 1 x .30) | $ |
4. | Total Indebtedness of Ryder and its Consolidated Subsidiaries (Item 19 of Appendix) | $ | ||||
5. | Consolidated Adjusted Tangible Net Worth (Item 13 of Appendix) | $ | ||||
6. | Actual Ratio (Item 4dividedby Item 5) | _____:1.00 | ||||
7. | Maximum permitted ratio | 3.00:1.00 |
1. | Consolidated assets | $ | ||||
2. | All intercompany items | $ | ||||
3. | All Intangible Assets | $ | ||||
4. | Investments in Subsidiaries other than Consolidated Subsidiaries | $ | ||||
5. | Consolidated Tangible Assets [(Item 1) - (Items 2 + 3 + 4)] | $ | ||||
6. | Consolidated book value of all assets of Ryder and its Consolidated Subsidiaries which are subject to any synthetic lease | $ | ||||
7. | Consolidated book value of all assets of Ryder and its Consolidated Subsidiaries that are reflected on the consolidated balance sheet of Ryder and its Consolidated Subsidiaries and secure or are the subject of any Limited Recourse Facility | $ | ||||
8. | Adjusted Consolidated Tangible Assets [Item 5 + Item 6 - Item 7] | $ |
9. | Consolidated shareholders’ equity | $ | ||||
10. | Without duplication, 50% of any deferred federal income taxes | $ | ||||
11. | Investments in Subsidiaries other than Consolidated Subsidiaries | $ | ||||
12. | Book value of intangibles under GAAP | $ | ||||
13. | Consolidated Adjusted Tangible Net Worth [(Items 9 + 10) - (Items 11 + 12)] | $ |
-2-
14. | (a) All obligations for borrowed money, (b) All obligations evidenced by bonds, debentures, notes or other similar instruments, (c) All obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (d) All obligations as lessee under Capitalized Leases | $ | ||||
15. | All obligations under Limited Recourse Facilities (to the extent included in Item 14) | $ | ||||
16. | All Deemed Indebtedness Under Limited Recourse Facilities (Item 28 below) | $ | ||||
17. | All obligations as lessee in respect of synthetic leases | $ | ||||
18. | All Indebtedness of others guaranteed by such Person | $ | ||||
19. | Indebtedness [(Items 14 - 15) + (Items 16 + 17 + 18)] | $ |
20. | Indebtedness and all Derivative Obligations of any Borrower or any of Ryder’s Consolidated Subsidiaries and all reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, in each case, secured by a lien or other encumbrance on, or title to, any real or personal property | $ | ||||
21. | Unsecured Indebtedness and Derivatives Obligations of any of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers) and unsecured reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person (other than the Canadian Borrowers or the U.K. Borrowers) | $ |
-3-
22. | Aggregate liquidation preference of all Preferred Stock issued by Ryder’s Consolidated Subsidiaries not owned by Ryder and its Consolidated Subsidiaries | $ | ||||
23. | Any Deemed Indebtedness Under Limited Recourse Facilities (Item 28 below) and all obligations as lessee in respect of synthetic leases, in each case to the extent not otherwise included as Secured Indebtedness | $ | ||||
24. | Secured Indebtedness (Items 20 + 21 + 22 + 23) | $ |
25. | Deemed Receivables Indebtedness | $ | ||||
26. | Deemed Securitization Indebtedness | $ | ||||
27. | In respect of any other Limited Recourse Facility, an amount equal to the greater of (a) 10% of the principal amount or aggregate payment obligations, as applicable, of such Limited Recourse Facility or (b) two times the percentage recourse under such Limited Recourse Facility of the principal amount or aggregate payment obligations, as applicable, of such Limited Recourse Facility (as determined in accordance with the definition of Limited Recourse Facilities) | $ | ||||
28. | Total Deemed Indebtedness Under Limited Recourse Facilities (Items 25 + 26 +27) | $ |
-4-
ASSIGNMENT AND ASSUMPTION
1. | Assignor: | |||
2. | Assignee: | |||
3. | Borrower(s): | Ryder System, Inc., Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada Ltd., Ryder Limited, Ryder System Holdings (UK) Limited, and Ryder Puerto Rico, Inc. (collectively, the “Borrowers”) | ||
4. | Administrative Agent: | Bank of America, N.A. | ||
5. | Credit Agreement: | The Amended and Restated Global Revolving Credit Agreement, dated as of June [8], 2011, by and among (i) the Borrowers, (ii) |
the lending institutions identified as Banks therein, (iii) Bank of America, N.A., as Administrative Agent for the Banks, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v) The Royal Bank of Scotland plc, as United Kingdom Agent for the Banks, with Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as lead arranger and book manager | ||||
6. | Assigned Interest: |
Aggregate Amount of | Amount of | |||||||||||
Commitment/Loans | Commitment/Loans | Percentage Assigned of | ||||||||||
Facility Assigned | for all Banks* | Assigned* | Commitment/ Loans8 | |||||||||
$ | $ | % | ||||||||||
$ | $ | % | ||||||||||
$ | $ | % |
* | Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. | |
8 | Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Banks thereunder. | |
9 | To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. |
-2-
ASSIGNOR [NAME OF ASSIGNOR] | ||||
By: | ||||
Title: | ||||
ASSIGNEE [NAME OF ASSIGNEE] | ||||
By: | ||||
Title: | ||||
Consented to and Accepted: BANK OF AMERICA, N.A., as Administrative Agent | ||||
By: | ||||
Name: | ||||
Title: | ||||
Consented to and Accepted: [BANK OF AMERICA, N.A., as Issuing Bank | ||||
By: | ||||
Name: | ||||
Title:] | ||||
Consented to and Accepted: [BANK OF AMERICA, N.A., as Domestic Swing Line Lender] [The Royal Bank of Scotland plc, as Domestic Swing Line Lender] [The Royal Bank of Scotland plc, as U.K. Agent, as provider of U.K. Swing Line Loans] [Royal Bank of Canada, as Canadian Swing Line Lender] | ||||
By: | ||||
Name: | ||||
Title: | ||||
[Consented to: RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title:] | ||||
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among (i) Ryder System, Inc., Ryder Truck Rental Holdings Canada Ltd., Ryder Truck Rental Canada
Ltd., Ryder Limited, Ryder System Holdings (UK) Limited, and Ryder Puerto Rico, Inc. (collectively,
the “Borrowers’), (ii) the lending institutions identified as Banks therein, (iii) Bank of America,
N.A., as Administrative Agent, (iv) Royal Bank of Canada, as Canadian Agent for the Banks and (v)
The Royal Bank of Scotland plc, as U.K. Agent for the Banks, with Merrill Lynch, Pierce, Fenner &
Smith Incorporated, acting as lead arranger and book manager
ASSIGNMENT AND ASSUMPTION
-2-
SUBORDINATIONPROVISIONS
- 2 -
-3-
BANKERS’ ACCEPTANCE NOTICE
as Canadian Agent
Royal Bank Plaza
P.O. Box 50
200 Bay Street
12th Floor, South Tower
Toronto, Ontario MSJ 2J5
Attention: Agency Services Group
(a) | Aggregate Face Amount of Bankers’ Acceptances1 C$_________________________. | ||
(b) | Date of Proposed Borrowing _______________________. | ||
(c) | Term2 ___________________ months. |
1 | Not less than C$3,000,000.00 and in integral multiples of C$100,000.00 in excess thereof. | |
2 | Must be 1, 2, 3 or 6 months maturing no later than five (5) days prior to the Maturity Date. |
Very truly yours, RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
3 | Applicable only to Banker’s Acceptance request on the Closing Date. |
-2-
DOMESTIC SWING LINE LOAN REQUEST
as Domestic Swing Line Lender
101 South Tryon Street
Bank of America Plaza
Mail Code: NC1-002-15-36
Charlotte, NC 28255-0001
as Domestic Swing Line Lender
[2 1/2 Devonshire Square,
London EC2M 4XJ, Depot Code 028]
1 | Applicable only to Domestic Swing Line Loan Request on the Closing Date. |
Yours sincerely, RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: |
- 2 -
U.K. SWING LINE LOAN REQUEST
Agency Operations
Bankside 3
90-100 Southwark Street
London SE1 0SW
United Kingdom
Attention: Head of Agency Operations
1 | Applicable only to U.K. Loan Request on the Closing Date. |
Yours sincerely, RYDER LIMITED RYDER SYSTEM HOLDINGS (UK) LIMITED | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
The above notice is hereby confirmed on behalf of Ryder by: | ||||||
By: | Date: | |||||
Name: | ||||||
Title: | ||||||
- 2 -
CANADIAN SWING LINE LOAN REQUEST
as Canadian Swing Line Lender
20 King Street West
7th Floor
Toronto, Ontario
Canada
M5H 1C4
Attention: Global Loan Administration
1 | Applicable only to Canadian Swing Line Loan Request on the Closing Date. |
Yours sincerely, RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
RYDER TRUCK RENTAL CANADA LTD. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
The above notice is hereby confirmed on behalf of Ryder by: | ||||||
By: | Date: | |||||
Name: | ||||||
Title: | ||||||
-2-
Banks | Domestic | Domestic | Canadian | Canadian | U.K. | U.K. | P.R | P.R. | Total | Total | ||||||||||||||||||||||||||||||||||||||||||
Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | |||||||||||||||||||||||||||||||||||||||||||
Percentage | Percentage | Percentage | Percentage | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank of America, N.A. | $ | 57,500,000.00 | 8.333333333 | % | $ | 0.00 | 0.000000000 | % | $ | 25,000,000.00 | 25.00000000 | % | $ | 10,000,000.00 | 100.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
Bank of Tokyo-Mitsubishi UFJ, Ltd. | $ | 92,500,000.00 | 13.405797101 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
Mizuho Corporate Banking | $ | 37,500,000.00 | 5.434782608 | % | $ | 35,000,000.00 | 35.000000000 | % | $ | 20,000,000.00 | 20.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
Royal Bank of Scotland | $ | 37,500,000.00 | 5.434782608 | % | $ | 0.00 | 0.000000000 | % | $ | 55,000,000.00 | 55.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. | $ | 92,500,000.00 | 13.405797101 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
Royal Bank of Canada | $ | 10,000,000.00 | 1.449275362 | % | $ | 65,000,000.00 | 65.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 75,000,000.00 | 1.111111111 | % | ||||||||||||||||||||||||||||||||
RBC Bank (USA) | $ | 17,500,000.00 | 2.536231884 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 17,500,000.00 | 8.333333333 | % | ||||||||||||||||||||||||||||||||
U.S. Bank N.A. | $ | 92,500,000.00 | 13.405797101 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
BNP Paribas | $ | 92,500,000.00 | 13.405797101 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 92,500,000.00 | 10.277777777 | % | ||||||||||||||||||||||||||||||||
The Bank of New York Mellon | $ | 40,000,000.00 | 5.797101449 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 40,000,000.00 | 4.444444444 | % | ||||||||||||||||||||||||||||||||
Regions Bank | $ | 40,000,000.00 | 5.797101449 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 40,000,000.00 | 4.444444444 | % | ||||||||||||||||||||||||||||||||
PNC Bank, National Association | $ | 40,000,000.00 | 5.797101449 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 40,000,000.00 | 4.444444444 | % | ||||||||||||||||||||||||||||||||
Branch Banking and Trust Company | $ | 40,000,000.00 | 5.797101449 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 40,000,000.00 | 4.444444444 | % | ||||||||||||||||||||||||||||||||
Total: | $ | 690,000,000.00 | 100.000000000 | % | $ | 100.000.000.00 | 100.0000000 | % | $ | 100,000,000.00 | 100.000000000 | % | $ | 10,000,000.00 | 100.000000000 | % | $ | 900,000,000.00 | 100.00000000 | % | ||||||||||||||||||||||||||||||||
1. | The Additional Costs (to the extent applicable) are an addition to the interest rate to compensate U.K. Banks for the cost of compliance with: (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions); or (b) the requirements of the European Central Bank. | |
2. | On the first day of each Interest Period (or as soon as possible thereafter), the U.K. Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each U.K. Bank, in accordance with the paragraphs set out below. The Additional Costs will be calculated by the U.K. Agent as a weighted average of the U.K. Banks’ Additional Cost Rates (weighted in proportion to the percentage participation of each U.K. Bank in the relevant Loan) and will be expressed as a percentage rate per annum. The U.K. Agent will, at the request of the U.K. Borrowers or any U.K. Bank, deliver to the U.K. Borrowers or such U.K. Bank, as the case may be, a statement setting forth the calculation of any Additional Costs. | |
3. | The Additional Cost Rate for any U.K. Bank lending from a facility office in a Participating Member State will be the percentage notified by that U.K. Bank to the U.K. Agent. This percentage will be certified by such U.K. Bank in its notice to the U.K. Agent to be its reasonable determination of the cost (expressed as a percentage of such U.K. Bank’s participation in all U.K. Loans made from such facility office) of complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that facility office. | |
4. | The Additional Cost Rate for any U.K. Bank lending from a facility office in the United Kingdom will be calculated by the U.K. Agent as follows: |
(a) | in relation to a U.K. Loan denominated in Sterling: AB + C(B — D) + E x 0.01 percent per annum 100 — (A+C) | ||
(b) | in relation to a U.K. Loan denominated in Euros or U.S. Dollars: E x 0.01 percent per annum 300 |
Where: | ||
“A” is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that U.K. Bank is from time to time required to maintain as an interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. | ||
“B” is the percentage rate of interest (excluding the Applicable Margin, the Additional Costs and any interest charged on overdue amounts pursuant to §6.11 and, in the case of interest (other than on overdue amounts) charged at the rates specified in §6.11, without counting any increase in interest rate effected by the charging of such rates) payable for the relevant Interest Period on the U.K. Loan. |
“C” is the percentage (if any) of Eligible Liabilities which that U.K. Bank is required from time to time to maintain as interest bearing Special Deposits with the Bank of England. | ||
“D” is the percentage rate per annum payable by the Bank of England to the U.K. Agent on interest bearing Special Deposits. | ||
“E” is designed to compensate U.K. Banks for amounts payable under the Fees Rules and is calculated by the U.K. Agent as being the average of the most recent rates of charge supplied by the U.K. Banks to the U.K. Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. | ||
5. | For the purposes of this Schedule: |
a. | “Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England; | ||
b. | “Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the acceptance of deposits; | ||
c. | “Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and | ||
d. | “Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. |
6. | In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e., 5 percent will be included in the formula as 5 and not as 0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. | |
7. | If requested by the U.K. Agent or the U.K. Borrowers, each U.K. Bank with a facility office in the United Kingdom or a Participating Member State shall, as soon as practicable after publication by the Financial Services Authority, supply to the U.K. Agent and the U.K. Borrowers, the rate of charge payable by such U.K. Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by such U.K. Bank as being the average of the Fee Tariffs applicable to such U.K. Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of such U.K. Bank. | |
8. | Each U.K. Bank shall supply any information required by the U.K. Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each U.K. Bank shall supply the following information in writing on or prior to the date on which it becomes a U.K. Bank: |
a. | the jurisdiction of the facility office out of which it is making available its participation in the relevant Loan; and | ||
b. | any other information that the U.K. Agent may reasonably require for such purpose. |
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Each U.K. Bank shall promptly notify the U.K. Agent in writing of any change to the information provided by it pursuant to this paragraph. | ||
9. | The percentages of each U.K. Bank for the purpose of A and C above and the rates of charge of each U.K. Bank for the purpose of E above shall be determined by the U.K. Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a U.K. Bank notifies the U.K. Agent to the contrary, each U.K. Bank’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a facility office in the same jurisdiction as its facility office. | |
10. | The U.K. Agent shall have no liability to any Person if such determination results in an Additional Cost Rate which over- or under-compensates any U.K. Bank and shall be entitled to assume that the information provided by any U.K. Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. | |
11. | The U.K. Agent shall distribute the additional amounts received as a result of the Additional Costs to the U.K. Banks on the basis of the Additional Cost Rate for each U.K. Bank based on the information provided by each U.K. Bank pursuant to paragraphs 3, 7 and 8 above. | |
12. | Any determination by the U.K. Agent pursuant to this Schedule in relation to a formula, the Additional Costs, an Additional Cost Rate or any amount payable to a U.K. Bank shall, in the absence of manifest error, be conclusive and binding on all parties. | |
13. | The U.K. Agent may from time to time, after consultation with the U.K. Borrowers and the U.K. Banks, determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties. |
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Legal Proceedings
Tax Status
Environmental Compliance
Debt Ratings
Moody’s | Baa1 | |
S&P | BBB+ | |
Fitch | A- |
Subsidiaries
Associated Ryder Capital Services, Inc. | Florida | |
Network Vehicle Central, Inc. | Florida | |
Network Vehicle Central, LLC | Florida | |
Road Master, Limited | Bermuda | |
Ryder Dedicated Logistics, Inc. -—(new/inactive) | Delaware | |
Ryder Fleet Products, Inc. | Tennessee | |
Ryder Integrated Logistics, Inc. | Delaware | |
Ryder Integrated Logistics of California, LLC | Delaware | |
Ryder Integrated Logistics of California Contractors, LLC | Delaware | |
Ryder Integrated Logistics of Texas, LLC | Texas | |
Ryder Puerto Rico, Inc. | Delaware | |
Ryder St. Louis Redevelopment Corporation | Missouri | |
Ryder Truck Rental, Inc. | Florida | |
Ryder Truck Rental Canada Ltd. | Canada | |
Ryder Truck Rental Holdings Canada Ltd. | Canada | |
Ryder Vehicle Sales, LLC | Florida | |
Spring Hill Integrated Logistics Management, Inc. | Delaware | |
Tandem Transport, L.P. (a limited partnership) | Georgia | |
TLC Holdings, Inc. | Wisconsin | |
Total Logistic Control, LLC | Delaware | |
Total Logistics, Inc. | Wisconsin | |
Truck Transerv, Inc. | Delaware |
RTR Leasing I, Inc. | Delaware | |
RTR Leasing II, Inc. | Delaware | |
Ryder Funding LP | Delaware | |
Ryder Funding II LP | Delaware | |
Ryder Holding, LLC | Delaware | |
Ryder Truck Rental I LLC | Delaware | |
Ryder Truck Rental II LLC | Delaware | |
Ryder Truck Rental III LLC | Delaware | |
Ryder Truck Rental IV LLC | Delaware | |
Ryder Truck Rental I LP | Delaware | |
Ryder Truck Rental II LP | Delaware | |
Ryder Truck Rental LT | Delaware |
3241290 Nova Scotia Company | Nova Scotia | |
CRTS LOGISTICA Automotiva S.A. | Brazil | |
Phaseking Limited | United Kingdom | |
RSI Holding B.V. | Netherlands | |
RTI Argentina S.A. | Argentina | |
RTRC Finance LP | Canada | |
RTR Holdings (B.V.I.) LimitedBritish Virgin Islands Ryder Argentina S.A. | Argentina | |
Ryder-Ascent Logistics Pte Ltd. | Singapore | |
Ryder Asia Pacific Holdings B.V. | Netherlands | |
Ryder Asia Pacific Pte Ltd | Singapore | |
Ryder Australia Pty Ltd. | Australia | |
Ryder Capital Luxembourg | United Kingdom | |
Ryder Capital S. de R.L. de C.V. | Mexico | |
Ryder Colombia Ltda | Colombia | |
Ryder Container Terminal | Canada | |
Ryder CRSA Logistics | Canada | |
Ryder CRSA Logistics (HK) Limited | Hong Kong | |
Ryder de Mexico S. de R.L. de C.V. | Mexico | |
Ryder Deutschland GmbH | West Germany | |
Ryder Distribution Services Limited | United Kingdom | |
Ryder do Brasil Ltda. | Brazil | |
Ryder Europe B.V. | Netherlands | |
Ryder Europe Operations B.V. | Netherlands | |
Ryder Hungary Logistics LLC | Hungary | |
Ryder Italia S.r.l. | Italy | |
Ryder Limited | United Kingdom | |
Ryder Logistica Ltda. | Brazil | |
Ryder Logistics (Shanghai) Co., Ltd. | China | |
Ryder Mauritius Holdings, Ltd. | Mauritius | |
Ryder Mexican Holding B.V. | Netherlands | |
Ryder Mexicana, S. de R.L. de C.V. | Mexico | |
Ryder Pension Fund Limited | United Kingdom | |
Ryder Polska Sp. z o.o. | Poland | |
Ryder Servicios do Brasil Ltda. | Brazil | |
Ryder Servicios S. de R.L. de C.V. | Mexico | |
Ryder (Shanghai) Logistics Co., Ltd. | China | |
Ryder Singapore Pte Ltd. | Singapore | |
Ryder Sistemas Integrados de Logistica Limitada | Chile | |
Ryder Supply Chain Solutions Asia Limited | Asia | |
Ryder Sweden AB | Sweden | |
Ryder System B.V. | Netherlands | |
Ryder System Holdings (UK) Limited | United Kingdom | |
Ryder System Limited | United Kingdom | |
Ryder System Malaysia Sdn. Bhd. | Malaysia | |
Ryder System (Thailand) Co., Ltd. | Thailand | |
Sistemas Logisticos Sigma S.A. | Argentina | |
Translados Americanos S. de R.L. de C.V. | Mexico |
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Far East Freight, Inc. | Florida | |
Globe Master Insurance | Vermont | |
RSI Acquisition Corp. | Delaware | |
RSI Purchase Corp. | Delaware | |
Ryder Capital Ireland Holdings I LLC | Delaware | |
Ryder Capital Ireland Holdings II LLC | Delaware | |
RYDERCORP | Florida | |
RYDERCORP, Inc. | Delaware | |
Ryder Airport Operations Corp. | Florida | |
Ryder Capital Luxembourg Limited, Corp. | Florida | |
Ryder Capital Services Corporation | Delaware | |
Ryder Canadian Financing US LLC | Delaware | |
Ryder Energy Distribution Corporation | Florida | |
Ryder Fuel Services, LLC | Delaware | |
Ryder, Inc. of Florida | Florida | |
Ryder International Acquisition Corp. | Florida | |
Ryder International, Inc. | Florida | |
Ryder Mexican Investments I LLC | Delaware | |
Ryder Mexican Investments II LLC | Delaware | |
Ryder Mexican Investments I LP | Delaware | |
Ryder Mexican Investments II LP | Delaware | |
Ryder Offshore Holdings I LLC | Delaware | |
Ryder Offshore Holdings II LLC | Delaware | |
Ryder Offshore Holdings III LLC | Delaware | |
Ryder Offshore Holdings LP | Delaware | |
Ryder Purchasing LLC | Delaware | |
Ryder Realty, Inc. | Delaware | |
Ryder Receivable Funding III, LLC | Delaware | |
Ryder Services Corporation | Florida | |
Ryder Thailand I, LLC | Florida | |
Ryder Thailand II, LLC | Florida | |
Ryder Thailand III, LLC | Florida | |
Ryder Thailand IV, LLC | Florida | |
Ryder Thailand V, LLC | Florida | |
Ryder Thailand VI, LLC | Florida | |
Ryder Truckstops, Inc. | Florida | |
Surplus Property Holding Corp. | Florida |
Ryder System, Inc. Employees Political Action Committee | Florida | |
Ryder System Charitable Foundation, Inc. | Florida |
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1. | to sign for and on behalf and in the name of each Canadian Borrower as drawer, drafts in the Canadian Bank’s standard form of a “depository bill” under and as defined in the Depository Bills and Notes Act (Canada) (the “DBNA”) (“Drafts”) drawn on the Canadian Bank payable to the order of a “clearing house” under the DBNA or its nominee for deposit by the Canadian Bank with the “clearing house” after acceptance thereof by the Canadian Bank; and | |
2. | to fill in the amount, date and maturity date of such Drafts; |