GLOBAL REVOLVING CREDIT AGREEMENT
(“Ryder”)
(“Ryder Holdings Canada”)
(“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”)
(“Ryder Ltd.”)
RYDER SYSTEM HOLDINGS (U.K.) LIMITED,
(“RSH” and together with Ryder Ltd., the “U.K. Borrowers”)
(“Ryder PR”)
(the “Administrative Agent”),
(the “Syndication Agent”),
MIZUHO CORPORATE BANK, LTD.,
and WELLS FARGO BANK, N.A.
(each a “Co-Lead Arranger”),
(the “U.K. Agent”),
(the “Canadian Agent”),
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§1 | DEFINITIONS AND RULES OF INTERPRETATION | 1 | ||||||
§1.1. | Definitions | 1 | ||||||
§1.2. | Rules of Interpretation | 29 | ||||||
§1.3. | Accounting Terms | 30 | ||||||
§1.4. | Currency Equivalents | 30 | ||||||
§1.5. | Times of Day | 31 | ||||||
§1.6. | Letter of Credit Amounts | 31 | ||||||
§2. | THE CREDIT FACILITIES | 31 | ||||||
§2.1. | Commitment to Lend | 31 | ||||||
§2.1.1. Domestic Loans | 31 | |||||||
§2.1.2. Canadian Loans | 31 | |||||||
§2.1.3. U.K. Loans | 32 | |||||||
§2.1.4. PR Loans | 32 | |||||||
§2.2. | Facility Fee | 32 | ||||||
§2.3. | Reduction of Commitments | 33 | ||||||
§2.4. | Reallocation of Commitments | 35 | ||||||
§2.5. | The Notes and Loan Accounts | 37 | ||||||
§2.6. | Interest on Loans | 39 | ||||||
§2.7. | Requests for Loans | 40 | ||||||
§2.8. | Election of LIBOR Rate; Notice of Election; Interest Periods; Minimum Amounts | 42 | ||||||
§2.9. | Funds for Loans | 43 | ||||||
§2.10. | Maturity of the Loans | 44 | ||||||
§2.11. | Optional Prepayments or Repayments of Loans | 44 | ||||||
§2.12. | The Domestic Swing Line | 45 | ||||||
§2.13. | The U.K. Swing Line | 50 | ||||||
§2.14. | The Canadian Swing Line | 54 | ||||||
§3. | BANKERS’ ACCEPTANCES | 59 | ||||||
§3.1. | Acceptance and Purchase | 59 | ||||||
§3.2. | Refunding Bankers’ Acceptances | 62 | ||||||
§3.3. | Acceptance Fee | 62 | ||||||
§4. | LETTERS OF CREDIT | 62 | ||||||
§4.1. | Letter of Credit Commitments | 62 | ||||||
§4.2. | Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit | 65 | ||||||
§4.3. | Drawings and Reimbursements; Funding of Participations | 67 | ||||||
§4.4. | Repayment of Participations | 69 | ||||||
§4.5. | Obligations Absolute | 69 | ||||||
§4.6. | Role of Issuing Bank | 70 |
(continued)
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§4.7. | Cash Collateral | 71 | ||||||
§4.8. | Applicability of ISP and UCP | 71 | ||||||
§4.9. | Letter of Credit Fees | 72 | ||||||
§4.10. | Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank | 72 | ||||||
§4.11. | Conflict with Issuing Documents | 72 | ||||||
§4.12. | Letters of Credit Issued for Domestic Subsidiaries | 72 | ||||||
§5. | GUARANTY | 73 | ||||||
§5.1. | Guaranty of Payment | 73 | ||||||
§5.2. | Ryder’s Agreement to Pay Enforcement Costs, etc | 73 | ||||||
§5.3. | Waivers by Ryder; Banks’ Freedom to Act | 73 | ||||||
§5.4. | Unenforceability of Guaranteed Obligations | 74 | ||||||
§5.5. | Subrogation; Subordination | 75 | ||||||
§5.5.1. Postponement of Rights | 75 | |||||||
§5.5.2. Subordination | 75 | |||||||
§5.5.3. Provisions Supplemental | 75 | |||||||
§5.6. | Further Assurances | 76 | ||||||
§5.7. | Reinstatement | 76 | ||||||
§5.8. | Successors and Assigns | 76 | ||||||
§5.9. | Currency of Payment | 76 | ||||||
§5.10. | Concerning Joint and Several Liability of the U.K. Borrowers and the Canadian Borrowers | 76 | ||||||
§6. | PROVISIONS RELATING TO ALL LOANS | 77 | ||||||
§6.1. | Funds for Payments | 77 | ||||||
§6.2. | Status of Banks; Tax Documentation | 78 | ||||||
§6.3. | Currency of Payment | 81 | ||||||
§6.4. | Mandatory Repayments of the Loans | 81 | ||||||
§6.5. | Computations | 82 | ||||||
§6.6. | Illegality; Inability to Determine LIBOR Rate or EURIBOR Rate | 82 | ||||||
§6.7. | Additional Costs, Etc | 83 | ||||||
§6.8. | Capital Adequacy | 84 | ||||||
§6.9. | Certificate; Etc | 85 | ||||||
§6.10. | Eurodollar Indemnity | 85 | ||||||
§6.11. | Interest on Overdue Amounts | 86 | ||||||
§6.12. | Interest Limitation | 86 | ||||||
§6.13. | Reasonable Efforts to Mitigate | 86 | ||||||
§6.14. | Replacement of Banks | 87 | ||||||
§6.15. | Advances by Administrative Agent; Canadian Agent; and U.K. Agent | 88 | ||||||
§6.16. | Currency Fluctuations | 90 | ||||||
§7. | REPRESENTATIONS AND WARRANTIES | 91 |
(continued)
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§7.1. | Corporate Authority | 91 | ||||||
§7.2. | Governmental Approvals | 92 | ||||||
§7.3. | Title to Properties; Leases | 92 | ||||||
§7.4. | Financial Statements | 92 | ||||||
§7.5. | Litigation | 93 | ||||||
§7.6. | Compliance With Other Instruments, Laws, Etc | 93 | ||||||
§7.7. | Tax Status | 93 | ||||||
§7.8. | No Event of Default | 93 | ||||||
§7.9. | Holding Company and Investment Company Acts | 93 | ||||||
§7.10. | Absence of Financing Statements, Etc | 93 | ||||||
§7.11. | Employee Benefit Plans | 94 | ||||||
§7.12. | Environmental Compliance | 94 | ||||||
§7.13. | Disclosure | 95 | ||||||
§7.14. | Location of Chief Executive Office | 95 | ||||||
§7.15. | Debt Ratings | 95 | ||||||
§7.16. | Consolidated Subsidiaries | 95 | ||||||
§7.17. | Foreign Assets Control Regulations, Etc | 95 | ||||||
§7.18. | Use of Proceeds | 96 | ||||||
§7A. | REPRESENTATIONS AS TO FOREIGN OBLIGORS | 96 | ||||||
§8. | AFFIRMATIVE COVENANTS OF THE BORROWERS 9 | 7 | ||||||
§8.1. | Punctual Payment | 97 | ||||||
§8.2. | Maintenance of Chief Executive Office | 97 | ||||||
§8.3. | Records and Accounts | 97 | ||||||
§8.4. | Financial Statements, Certificates and Information | 98 | ||||||
§8.5. | Corporate Existence; Compliance with Laws, Other Agreements | 100 | ||||||
§8.6. | Maintenance of Properties | 100 | ||||||
§8.7. | Insurance | 100 | ||||||
§8.8. | Taxes | 101 | ||||||
§8.9. | Inspection of Properties, Books and Contracts | 101 | ||||||
§8.10. | Notice of Potential Claims or Litigation | 101 | ||||||
§8.11. | Notice of Default | 101 | ||||||
§8.12. | Use of Proceeds | 101 | ||||||
§8.13. | Debt Ratings | 101 | ||||||
§8.14. | Notice of any ERISA Reportable Event | 102 | ||||||
§8.15. | Further Assurances | 102 | ||||||
§9. | CERTAIN NEGATIVE COVENANTS OF THE BORROWERS | 102 | ||||||
§9.1. | Restrictions on Secured Indebtedness | 102 | ||||||
§9.2. | Restrictions on Liens | 102 | ||||||
§9.3. | Corporate Changes and Sales or Dispositions of Assets | 103 | ||||||
§9.4. | Leasebacks | 104 |
(continued)
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§9.5. | Limitation on Agreements | 105 | ||||||
§9.6. | Employee Benefit Plans | 105 | ||||||
§10. | FINANCIAL COVENANT OF THE BORROWERS | 105 | ||||||
§10.1. | Debt to Consolidated Tangible Net Worth | 106 | ||||||
§11. | CONDITIONS TO CLOSING/EFFECTIVENESS | 106 | ||||||
§11.1. | Corporate Action | 106 | ||||||
§11.2. | Loan Documents, Etc | 106 | ||||||
§11.3. | Certified Copies of Charter Documents | 106 | ||||||
§11.4. | Incumbency Certificate | 106 | ||||||
§11.5. | Certificates of Insurance | 106 | ||||||
§11.6. | Opinion of Counsel | 106 | ||||||
§11.7. | Existing Debt | 107 | ||||||
§11.8. | Financial Condition; Debt Ratings | 107 | ||||||
§11.9. | Payment of Fees | 107 | ||||||
§11.10. | Closing Date Compliance Certificate | 107 | ||||||
§11.11. | Receipt of Financial Statements | 107 | ||||||
§12. | CONDITIONS TO ALL LOANS | 107 | ||||||
§12.1. | Representations True | 107 | ||||||
§12.2. | Performance; No Event of Default | 108 | ||||||
§12.3. | No Legal Impediment | 108 | ||||||
§12.4. | Delivery of Documents | 108 | ||||||
§12.5. | Alternative Currency | 108 | ||||||
§13. | EVENTS OF DEFAULT; ACCELERATION; TERMINATION OF COMMITMENT | 108 | ||||||
§13.1. | Events of Default and Acceleration | 108 | ||||||
§13.2. | Termination of Commitments | 111 | ||||||
§13.3. | Remedies | 111 | ||||||
§13.4. | Judgment Currency | 112 | ||||||
§14. | SETOFF | 112 | ||||||
§15. | COSTS AND EXPENSES | 113 | ||||||
§15A. | PAYMENTS SET ASIDE | 114 | ||||||
§16. | THE AGENTS | 114 | ||||||
§16.1. | Appointment and Authority | 114 | ||||||
§16.2. | Rights as a Bank | 114 |
(continued)
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§16.3. | Exculpatory Provisions | 114 | ||||||
§16.4. | Reliance by Agents | 115 | ||||||
§16.5. | Use of Sub-Agents | 116 | ||||||
§16.6. | Resignation of an Agent | 116 | ||||||
§16.7. | Non-Reliance on Agents and Other Banks | 117 | ||||||
§16.8. | No Other Duties, Etc | 117 | ||||||
§16.9. | Agent May File Proofs of Claim | 117 | ||||||
§17. | CONSENTS, AMENDMENTS, WAIVERS, ETC | 118 | ||||||
§18. | INDEMNIFICATION; DAMAGE WAIVER | 119 | ||||||
§18.1. | Indemnification by the Borrowers | 119 | ||||||
§18.2. | Reimbursement by Banks | 119 | ||||||
§18.3. | Waiver of Consequential Damages, Etc | 120 | ||||||
§18.4. | Payments | 120 | ||||||
§18.5. | Survival | 120 | ||||||
§19. | TAXES | 120 | ||||||
§20. | SURVIVAL OF COVENANTS, ETC | 124 | ||||||
§21. | SUCCESSORS AND ASSIGNS; PARTICIPATION | 125 | ||||||
§21.1. | Successors and Assigns Generally | 125 | ||||||
§21.2. | Conditions to Assignment by Banks | 125 | ||||||
§21.3. | Register | 127 | ||||||
§21.4. | Participations | 127 | ||||||
§21.5. | Certain Pledges | 128 | ||||||
§21.6. | Special Purposes Funding Vehicle | 128 | ||||||
§21.7. | Reserved | 129 | ||||||
§21.8. | Resignation of Issuing Bank or Swing Line Lender after Assignment | 129 | ||||||
§22. | PARTIES IN INTEREST | 129 | ||||||
§23. | NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION | 130 | ||||||
§23.1. | Notices Generally | 130 | ||||||
§23.2. | Electronic Communications | 130 | ||||||
§23.3. | The Platform | 131 | ||||||
§23.4. | Change of Address, Etc | 131 | ||||||
§23.5. | Reliance by Agents, Issuing Bank and Banks | 131 | ||||||
§23A. | NO WAIVER; CUMULATIVE REMEDIES; ENFORCEMENT | 132 | ||||||
§24. | MISCELLANEOUS | 132 |
(continued)
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§25. | WAIVER OF JURY TRIAL; ETC | 133 | ||||
§26. | GOVERNING LAW; JURISDICTION; Service of Process | 133 | ||||
§27. | SEVERABILITY | 134 | ||||
§28. | Pari Passu treatment | 134 | ||||
§29. | CONFIDENTIAL INFORMATION | 135 | ||||
§30. | USA PATRIOT ACT NOTICE | 137 | ||||
§31. | No Advisory or Fiduciary Responsibility | 137 |
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 | |
Schedules | ||
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 | ||
Annex A | Power of Attorney Terms — Bankers’ Acceptances |
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Domestic LIBOR Rate = | Eurodollar Base Rate 1.00 — Eurodollar Reserve Percentage |
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Applicable | |||||||||||||||||||||||||
Margin on | |||||||||||||||||||||||||
LIBOR Rate | |||||||||||||||||||||||||
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Credit Fees / | |||||||||||||||||||||||||
Applicable | Applicable | Applicable | Applicable | ||||||||||||||||||||||
Senior Public Debt | Facility Fee | Acceptance Fee | Margin on Base | Margin on Swing | |||||||||||||||||||||
Level | Rating | Rate | Rate | Rate Loans | Line Loans | ||||||||||||||||||||
I | A / A2 / A or better | 22.5 | 152.5 | 52.5 | 52.5 | ||||||||||||||||||||
II | A- / A3 / A- | 30.0 | 170.0 | 70.0 | 70.0 | ||||||||||||||||||||
III | BBB+ / Baa1 / BBB+ | 37.5 | 212.5 | 112.5 | 112.5 | ||||||||||||||||||||
IV | BBB / Baa2 / BBB | 45.0 | 255.0 | 155.0 | 155.0 | ||||||||||||||||||||
V | BBB- / Baa3 / BBB- | 50.0 | 275.0 | 175.0 | 175.0 | ||||||||||||||||||||
VI | Worse than BBB- / Baa3 / BBB- | 62.5 | 337.5 | 237.5 | 237.5 | ||||||||||||||||||||
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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: | Senior Vice President and Treasurer | |||
RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | /s/ W. Daniel Susik | |||
Name: | W. Daniel Susik | |||
Title: | Senior Vice President and Treasurer | |||
RYDER LIMITED | ||||
By: | /s/ Calene F. Candela | |||
Name: | Calene F. Candela | |||
Title: | Director | |||
RYDER SYSTEM HOLDINGS (U.K.) 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: | Senior Vice President and Treasurer | |||
140
Bank of America, N.A., as Administrative Agent | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
141
Bank of America, N.A., as Issuing Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
142
Bank of America, N.A., as Domestic Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
143
Bank of America, N.A., as Domestic Swing Line Lender | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
144
Bank of America, N.A., as U.K. Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
145
Bank of America, N.A., as PR Bank | ||||
By: | /s/ Judith A. Huckins | |||
Name: | Judith A. Huckins | |||
Title: | Vice President | |||
146
The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Domestic Bank | ||||
By: | /s/ Harumi Kambara | |||
Name: | Harumi Kambara | |||
Title: | Authorized Signatory | |||
147
Mizuho Corporate Bank, Ltd., as Domestic Bank | ||||
By: | /s/ Robert Gallagher | |||
Name: | Robert Gallagher | |||
Title: | Authorized Signatory | |||
148
Mizuho Corporate Bank, Ltd., as Canadian Bank | ||||
By: | /s/ Robert Gallagher | |||
Name: | Robert Gallagher | |||
Title: | Authorized Signatory | |||
149
Mizuho Corporate Bank, Ltd., as U.K. Bank | ||||
By: | /s/ Robert Gallagher | |||
Name: | Robert Gallagher | |||
Title: | Authorized Signatory | |||
150
The Royal Bank of Scotland plc, as Domestic Bank | ||||
By: | /s/ Angela Reilly | |||
Name: | Angela Reilly | |||
Title: | Managing Director | |||
151
The Royal Bank of Scotland plc, as Domestic Swing Line Lender | ||||
By: | /s/ Angela Reilly | |||
Name: | Angela Reilly | |||
Title: | Managing Director | |||
152
The Royal Bank of Scotland plc, as U.K. Agent | ||||
By: | /s/ Angela Reilly | |||
Name: | Angela Reilly | |||
Title: | Managing Director | |||
153
The Royal Bank of Scotland plc, as U.K. Bank | ||||
By: | /s/ Angela Reilly | |||
Name: | Angela Reilly | |||
Title: | Managing Director | |||
154
Wells Fargo Bank, National Association, as Domestic Bank | ||||
By: | /s/ Kevin R. Combs | |||
Name: | Kevin R. Combs | |||
Title: | Senior Vice President | |||
155
ROYAL BANK OF CANADA, as Domestic Bank | ||||
By: | /s/ Meredith Majesty | |||
Name: | Meredith Majesty | |||
Title: | Authorized Signatory | |||
156
ROYAL BANK OF CANADA, as Canadian Agent | ||||
By: | /s/ Renuka Gnanaswaran | |||
Name: | Renuka Gnanaswaran | |||
Title: | Manager, Agency | |||
157
ROYAL BANK OF CANADA, as Canadian Bank | ||||
By: | /s/ Matthew Balicki | |||
Name: | Matthew Balicki | |||
Title: | Attorney-in-Fact | |||
158
ROYAL BANK OF CANADA, as Canadian Swing Line Lender | ||||
By: | /s/ Matthew Balicki | |||
Name: | Matthew Balicki | |||
Title: | Attorney-in-Fact | |||
159
SunTrust Bank, as Domestic Bank | ||||
By: | /s/ Tesha Winslow | |||
Name: | Tesha Winslow | |||
Title: | Portfolio Manager | |||
160
BNP Paribas, as Domestic Bank | ||||
By: | /s/ Michael Shryock | |||
Name: | Michael Shryock | |||
Title: | Managing Director | |||
By: | /s/ Michael Pearce | |||
Name: | Michael Pearce | |||
Title: | Director | |||
161
The Bank of New York Mellon, as Domestic Bank | ||||
By: | /s/ Clifford A. Mull | |||
Name: | Clifford A. Mull | |||
Title: | First Vice President | |||
162
U.S. BANK NATIONAL ASSOCIATION, as Domestic Bank | ||||
By: | /s/ Edward B. Hanson | |||
Name: | Edward B. Hanson | |||
Title: | Assistant Vice President | |||
163
Regions Bank, as Domestic Bank | ||||
By: | /s/ Stephen Hanas | |||
Name: | Stephen Hanas | |||
Title: | Senior Vice President | |||
164
Citibank, N.A., as Domestic Bank | ||||
By: | /s/ Lewis Fisher | |||
Name: | Lewis Fisher | |||
Title: | Vice President | |||
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Comerica Bank, as Domestic Bank | ||||
By: | /s/ Gerard R. Finney, Jr. | |||
Name: | Gerard R. Finney, Jr. | |||
Title: | Vice President | |||
Domestic | Canadian | U.K. | P.R. | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | Commitment | Canadian | Commitment | U.K. | Commitment | P.R. | Commitment | Total | Commitment | |||||||||||||||||||||||||||||||||||||||||||
BANK | Commitment | Percentage | Commitment | Percentage | Commitment | Percentage | Commitment | Percentage | Commitment | Percentage | ||||||||||||||||||||||||||||||||||||||||||
Bank of America, N.A.* (Domestic Commitment) Bank of America, N.A. (U.K. Commitment) Bank of America, N.A. (PR Commitment) | $ | 78,000,000.00 | 11.386861314 | % | $ | 0.00 | 0.000000000 | % | $ | 25,000,000.00 | 27.777777778 | % | $ | 10,000,000.00 | 100.000000000 | % | $ | 113,000,000.00 | 12.914285714 | % | ||||||||||||||||||||||||||||||||
The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch | $ | 113,000,000.00 | 16.496350365 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 113,000,000.00 | 12.914285714 | % | ||||||||||||||||||||||||||||||||
Mizuho Corporate Bank, Ltd. (Domestic Commitment) Mizuho Corporate Bank, Ltd. (Canadian Commitment) Mizuho Corporate Bank, Ltd. (U.K. Commitment) | $ | 63,000,000.00 | 9.197080292 | % | $ | 30,000,000.00 | 33.333333333 | % | $ | 20,000,000.00 | 22.222222222 | % | $ | 0.00 | 0.000000000 | % | $ | 113,000,000.00 | 12.914285714 | % | ||||||||||||||||||||||||||||||||
Royal Bank of Scotland plc* (Domestic Commitment) Royal Bank of Scotland plc (U.K. Commitment) | $ | 68,000,000.00 | 9.927007299 | % | $ | 0.00 | 0.000000000 | % | $ | 45,000,000.00 | 50.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 113,000,000.00 | 12.914285714 | % | ||||||||||||||||||||||||||||||||
Wells Fargo Bank, National Association | $ | 113,000,000.00 | 16.496350365 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 113,000,000.00 | 12.914285714 | % | ||||||||||||||||||||||||||||||||
Royal Bank of Canada (Domestic Commitment) Royal Bank of Canada (Canadian Commitment) | $ | 10,000,000.00 | 1.459854015 | % | $ | 60,000,000.00 | 66.666666667 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 70,000,000.00 | 8.000000000 | % | ||||||||||||||||||||||||||||||||
SunTrust Bank | $ | 70,000,000.00 | 10.218978102 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 70,000,000.00 | 8.000000000 | % | ||||||||||||||||||||||||||||||||
BNP Paribas | $ | 35,000,000.00 | 5.109489051 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 35,000,000.00 | 4.000000000 | % | ||||||||||||||||||||||||||||||||
The Bank of New York Mellon | $ | 35,000,000.00 | 5.109489051 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 35,000,000.00 | 4.000000000 | % | ||||||||||||||||||||||||||||||||
US Bank National Association | $ | 35,000,000.00 | 5.109489051 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 35,000,000.00 | 4.000000000 | % | ||||||||||||||||||||||||||||||||
Regoins Bank | $ | 25,000,000.00 | 3.649635036 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 25,000,000.00 | 2.857142857 | % | ||||||||||||||||||||||||||||||||
Citibank, N.A. | $ | 20,000,000.00 | 2.919708029 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 20,000,000.00 | 2.285714286 | % | ||||||||||||||||||||||||||||||||
Comerica Bank | $ | 20,000,000.00 | 2.919708029 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 0.00 | 0.000000000 | % | $ | 20,000,000.00 | 2.285714286 | % | ||||||||||||||||||||||||||||||||
Total: | $ | 685,000,000.00 | 100.000000000 | % | $ | 90,000,000.00 | 100.000000000 | % | $ | 90,000,000.00 | 100.000000000 | % | $ | 10,000,000.00 | 100.000000000 | % | $ | 875,000,000.00 | 100.000000000 | % | ||||||||||||||||||||||||||||||||
* | On the Closing Date, each of Bank of America N.A. and Royal Bank of Scotland plc have a Domestic Swing Line Commitment of $50,000,000. The Domestic Swing Line Commitment is part of, and not in addition to, the Total Domestic Commitment. |
DOMESTIC NOTE
$_______________ | as of April 30, 2009 |
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RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
Amount of | |||||||||||||||||
Principal | Balance of | ||||||||||||||||
Amount of | Paid or | Principal | Notation | ||||||||||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | ||||||||||||
�� | |||||||||||||||||
CANADIAN NOTE
$_______________ or the Canadian Dollar Equivalent thereof | as of April 30, 2009 |
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RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
LTD., DATED AS OF APRIL 30, 2009
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 April 30, 2009 | |
Sterling Equivalent or the Euro Equivalent thereof |
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EXECUTEDandDELIVEREDas aDEED | ) | |||||
for and on behalf of | ) | |||||
RYDER LIMITED | ) | |||||
acting by | ) |
By: | ||||
Title: | ||||
By: | ||||
Title: | ||||
EXECUTEDandDELIVEREDas aDEED | ) | |||||
for and on behalf of | ) | |||||
RYDER SYSTEM HOLDINGS (U.K.) LIMITED | ) | |||||
acting by | ) |
By: | ||||
Title: | ||||
By: | ||||
Title: | ||||
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HOLDINGS (U.K.) LIMITED, DATED AS OF APRIL 30, 2009
Amount of | |||||||||||||||||
Principal | Balance of | ||||||||||||||||
Amount of | Paid or | Principal | Notation | ||||||||||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | ||||||||||||
PR NOTE
$_______________ | as of April 30, 2009 |
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RYDER PUERTO RICO, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
Amount of | |||||||||||||||||
Principal | Balance of | ||||||||||||||||
Amount of | Paid or | Principal | Notation | ||||||||||||||
Date | Loan Type | Loan | Prepaid | Unpaid | Made By | ||||||||||||
DOMESTIC SWING LINE NOTE
$50,000,000 | as of April 30, 2009 |
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RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
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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 April 30, 2009 |
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EXECUTEDandDELIVEREDas aDEED | ) | |||||
for and on behalf of | ) | |||||
RYDER LIMITED | ) | |||||
acting by | ) |
By: | ||||
Title: | ||||
By: | ||||
Title: | ||||
EXECUTEDandDELIVEREDas aDEED | ) | |||||
for and on behalf of | ) | |||||
RYDER SYSTEM HOLDINGS (U.K.) LIMITED | ) | |||||
acting by | ) |
By: | ||||
Title: | ||||
By: | ||||
Title: | ||||
SYSTEM HOLDINGS (U.K.) LIMITED, DATED AS OF APRIL 30, 2009
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 April 30, 2009 |
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RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RENTAL HOLDINGS CANADA LTD. AND RYDER TRUCK RENTAL CANADA
LTD., DATED AS OF APRIL 30, 2009
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 North Tryon Street
One Independence Center
Mail Code: NC1-001-04-39
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
1 | As provided for in the Credit Agreement, no requested Canadian Loan denominated in Canadian Dollars may be a LIBOR Rate Loan. |
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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: | ||||
U.K. LOAN REQUEST
3rd Floor
2 1/2 Devonshire Square
London EC2M 4XJ
Depot Code 028]
Attention: Loans Administration — Agency
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. |
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Yours sincerely, RYDER LIMITED | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER SYSTEM HOLDINGS (U.K.) LIMITED | ||||
By: | �� | |||
Name: | ||||
Title: | ||||
The above notice is hereby confirmed on behalf of Ryder by: | ||||
By: | Date: | |||
Name: | ||||
Title: | ||||
PR LOAN REQUEST
as Administrative Agent
101 North Tryon Street
One Independence Center
Mail Code: NC1-001-04-39
Charlotte, NC 28255-0001
1 | Applicable only to PR Loan Request on the Closing Date. |
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Yours sincerely, RYDER PUERTO RICO, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
The above notice is hereby confirmed on behalf of Ryder by: | ||||
By: | Date: | |||
Name: | ||||
Title: | ||||
COMPLIANCE CERTIFICATE
Compliance Certificate dated ___________
RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
1 | 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. |
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) | ||||||
Debt to Consolidated Tangible Net Worth -§10.1 | ||||||
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 4 divided by 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] | $ | ||||
B.Consolidated Adjusted Tangible Net Worth | ||||||
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)] | $ | ||||
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C.Indebtedness | ||||||
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)] | $ | ||||
D.Secured Indebtedness | ||||||
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) | $ | ||||
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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) | $ | ||||
E.Deemed Indebtedness Under Limited Recourse Facilities | ||||||
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) | $ | ||||
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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 (U.K.) Limited, and Ryder Puerto Rico, Inc. (collectively, the “Borrowers”) | ||
4. | Administrative Agent: | Bank of America, N.A. | ||
5. | Credit Agreement: | The Global Revolving Credit Agreement, dated as of April 30, 2009, by and among (i) the Borrowers, (ii) the |
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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 Banc of America Securities LLC and RBS Securities Inc., each acting as a lead arranger and book manager | ||||
6. | Assigned Interest: |
Facility Assigned Aggregate Amount of | Amount of | Percentage Assigned | ||||||
Commitment/Loans for | Commitment/Loans | of Commitment/ | ||||||
all Banks* | Assigned* | Loans1 | ||||||
$ | $ | % | ||||||
$ | $ | % | ||||||
$ | $ | % | ||||||
* | Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. | |
1 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Banks thereunder. | ||
2 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. |
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ASSIGNOR [NAME OF ASSIGNOR] | ||||
By: | ||||
Title: | ||||
ASSIGNEE [NAME OF ASSIGNEE] | ||||
By: | ||||
Title: | ||||
Administrative Agent
By: | ||||
Name: | ||||
Title: | ||||
Issuing Bank
By: | ||||
Name: | ||||
Title: | ] | |||
[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: | ||||
By: | ||||
Name: | ||||
Title: | ] | |||
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ASSIGNMENT AND ASSUMPTION
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SUBORDINATIONPROVISIONS
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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’ Acceptances2/ C$___. | ||
(b) | Date of Proposed Borrowing ___. | ||
(c) | Term1/ ___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. |
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Very truly yours, RYDER TRUCK RENTAL HOLDINGS CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
RYDER TRUCK RENTAL CANADA LTD. | ||||
By: | ||||
Name: | ||||
Title: | ||||
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DOMESTIC SWING LINE LOAN REQUEST
as Domestic Swing Line Lender
101 North Tryon Street
One Independence Center
Mail Code: NC1-001-04-39
Charlotte, NC 28255-0001
as Domestic Swing Line Lender
___]
1 | Applicable only to Domestic Swing Line Loan Request on the Closing Date. |
Yours sincerely, RYDER SYSTEM, INC. | ||||
By: | ||||
Name: | ||||
Title: | ||||
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U.K. SWING LINE LOAN REQUEST
3rd Floor
2 1/2 Devonshire Square
London EC2M 4XJ
Depot Code 028]
Attention: Loans Administration — Agency
1 | Applicable only to U.K. Loan Request on the Closing Date. |
Yours sincerely, RYDER LIMITED RYDER SYSTEM HOLDINGS (U.K.) LIMITED | ||||
By: | ||||
Name: | ||||
Title: | ||||
The above notice is hereby confirmed on behalf of Ryder by: | ||||
By: | ||||
Name: | ||||
Title: | ||||
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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
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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: | ||||
Name: | ||||
Title: | ||||
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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; |
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