Exhibit 10.1.4
EXECUTION COPY
WAIVER AND AMENDMENT NO.
2
Dated as of February 12,
2009
to
CREDIT AGREEMENT
Dated as of August 17,
2007
THIS WAIVER AND AMENDMENT NO. 2
(“ Amendment ”) is made as of February 12,
2009 by and among YRC Worldwide Inc. (the “ Company
”), the Canadian Borrower and the UK Borrower (together with
the Company, the “ Borrowers ”), the financial
institutions listed on the signature pages hereof and JPMorgan
Chase Bank, National Association, as Administrative Agent (the
“ Administrative Agent ”), under that certain
Credit Agreement dated as of August 17, 2007 by and among the
Borrowers from time to time party thereto, the Lenders and the
Administrative Agent (as amended, supplemented or otherwise
modified from time to time, the “ Credit Agreement
”). Reference is made to that certain Waiver No. 1 to
the Credit Agreement, dated as of January 15, 2009, by and
among the Borrowers, certain of the Lenders and the Administrative
Agent (the “ Waiver ”). Capitalized terms used
herein and not otherwise defined herein shall have the respective
meanings given to them in the Credit Agreement or the Waiver, as
applicable.
WHEREAS, the Company has requested
that the Lenders and the Administrative Agent agree to certain
waivers in respect of and amendments to the Credit Agreement;
and
WHEREAS, the Lenders party hereto
and the Administrative Agent have agreed to such waivers and
amendments on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of
the premises set forth above, the terms and conditions contained
herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers, the
Lenders party hereto and the Administrative Agent have agreed to
enter into this Amendment.
1. Waiver .
(a) The Company has requested that
the Lenders waive any Default or Event of Default arising under
clause (d) of Article VII of the Credit
Agreement as a result of the Loan Parties’ failure to comply
with the negative covenants set forth in Section 6.02 of the
Credit Agreement by virtue of Liens granted in respect of those
certain secured intercompany notes identified on Annex F
hereto (the “ Lien Covenant Default
”).
(b) The Company has requested that
the Lenders waive any Default or Event of Default which has arisen
or may arise under clause (c) of Article VII of
the Credit Agreement as a result of representations or warranties
made or deemed made by or on behalf of any Borrower or any
Subsidiary in connection with any Loan Document or in any report,
certificate or other document furnished pursuant to or in
connection with any Loan Document proving to have been incorrect in
any material respect when made or deemed made solely as a result of
the Lien Covenant Default and/or the Lien Covenant Cross Default
(as defined below) (such failure, the “ Additional
Representation Default ”).
(c) The Company has requested that
the Lenders waive any Default or Event of Default arising under
clause (g) of Article VII of the Credit
Agreement as a result of the existence of a Servicer Default (as
defined in the Yellow Receivables Facility) arising solely as a
result of the Lien Covenant Default and/or the Additional
Representation Default (such cross default, the “ Lien
Covenant Cross Default ”).
(d) Effective as of the date of
satisfaction or waiver of the conditions precedent set forth in
Section 3 below, the Lenders party hereto hereby:
(i) waive the “Specified Defaults” (as defined in
the Waiver), the Lien Covenant Default, the Additional
Representation Default and the Lien Covenant Cross Default and
(ii) agree to the “Specified Prepayment Waiver”
and the “Representation Waivers” (in each case, as
defined in the Waiver).
(e) Pursuant to the provisions of
Section 11.02 of the Credit Agreement, except as set forth
herein, no failure or delay by any Agent, any Issuing Bank or any
Lender in exercising any right or power under the Credit Agreement
or under any other Loan Document shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and
remedies of the Agents, the Issuing Banks and the Lenders under the
Credit Agreement and under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of any Loan Document or
consent to any departure by any Borrower therefrom shall in any
event be effective unless the same shall be permitted by
Section 11.02(b) of the Credit Agreement, and then such waiver
or consent shall be effective only in the specific instance and for
the purpose for which given. Without limiting the generality of the
foregoing, the making of a Loan, acceptance of a Draft or issuance
of a Letter of Credit shall not be construed as a waiver of any
Default, regardless of whether any Agent, any Lender or any Issuing
Bank may have had notice or knowledge of such Default at the
time.
2. Amendments to Credit
Agreement . Effective as of the date of satisfaction or waiver
of the conditions precedent set forth in Section 3
below, the Credit Agreement is hereby amended as
follows:
(a) The Credit Agreement is hereby
amended to incorporate the blacklined changes shown on the marked
copy of the Credit Agreement attached hereto as Annex A
.
(b) Schedule 6.02 to the
Credit Agreement is hereby deleted in its entirety and replaced
with Schedule 6.02 attached hereto as Annex B .
(c) A new Schedule 6.01 is
hereby added to the Credit Agreement as set forth on Annex C
hereto.
(d) A new Schedule 6.07(d) is
hereby added to the Credit Agreement as set forth on Annex D
hereto
(e) A new Schedule 6.13 is
hereby added to the Credit Agreement as set forth on Annex E
hereto.
3. Conditions of
Effectiveness . The effectiveness of this Amendment is subject
to the conditions precedent that (a) the Administrative Agent
shall have received (i) counterparts of this Amendment duly
executed by the Borrowers, the Required Lenders and the
Administrative Agent, (ii) the Consent and Reaffirmation
attached hereto duly executed by the Subsidiary Guarantors,
(iii) evidence reasonably satisfactory to it that, on or prior
to the date hereof, the maturity of the Yellow
Receivables
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Facility has been extended to February 1,
2010 or beyond and (iv) those documents, instruments and legal
opinions as are set forth in Section 4.03 of the amended
Credit Agreement attached as Annex A hereto, (b) the
Company shall have paid all fees and invoiced, reasonable,
out-of-pocket expenses of the Administrative Agent (including, to
the extent invoiced, reasonable attorneys’ fees and expenses)
in connection with this Amendment and the other Loan Documents and
(c) the Administrative Agent shall have received for the
account of each Lender which delivers its executed signature page
hereto by such time as is requested by the Administrative Agent, an
amendment fee equal to 0.75% of such Lender’s Revolving
Commitment and the amount of such Lender’s outstanding Term
Loans.
4. Representations and Warranties
of the Borrowers . Each Borrower hereby represents and warrants
as follows:
(a) This Amendment and the Credit
Agreement, as amended hereby, constitute legal, valid and binding
obligations of such Borrower and are enforceable against such
Borrower in accordance with their terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a
proceeding in equity or at law.
(b) As of the date hereof after
giving effect to the terms of this Amendment, (i) no Default
shall have occurred and be continuing and (ii) the
representations and warranties of the Borrowers set forth in the
Credit Agreement, as amended hereby, are true and correct in all
material respects on and as of the date hereof, except to the
extent any such representation or warranty is stated to relate
solely to an earlier date, in which case such representation or
warranty shall have been true and correct in all material respects
on and as of such earlier date.
5. Reference to and Effect on the
Credit Agreement .
(a) Upon the effectiveness hereof,
each reference to the Credit Agreement in the Credit Agreement or
any other Loan Document shall mean and be a reference to the Credit
Agreement as amended hereby.
(b) Except as specifically amended
above, the Credit Agreement and all other documents, instruments
and agreements executed and/or delivered in connection therewith
shall remain in full force and effect and are hereby ratified and
confirmed.
(c) Except as specified above, the
execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the
Administrative Agent or the Lenders, nor constitute a waiver of any
provision of the Credit Agreement or any other documents,
instruments and agreements executed and/or delivered in connection
therewith.
6. Perfection of Additional
Collateral . The parties hereto acknowledge that perfection of
the Collateral Agent’s Lien in certain Collateral, including,
without limitation, real property and improvements thereto,
tractors, trailers and other rolling stock, is ongoing, but the
Company and the Loan Parties continue to execute such documents,
agreements and instruments in connection therewith in accordance
with Section 5.10 of the Credit Agreement (as amended by the
Amendment) and the other Loan Documents. To the extent that any
release of Collateral pursuant to the Specified Sale and Leaseback
Transaction and any other Asset Sale consummated between the date
hereof and July 15, 2009 diminishes the value of Collateral,
the Company agrees that any perfection of Liens described in the
preceding sentence that occurs between the date hereof and
July 15, 2009 shall be considered to have occurred
substantially contemporaneously with any release of Collateral
pursuant to the Specified Sale and Leaseback Transaction and any
other Asset Sale consummated between the date hereof and
July 15, 2009 that diminishes the value of the
Collateral.
3
7. Release . In further
consideration of the execution by the Administrative Agent and the
Lenders of this Amendment, to the extent permitted by applicable
law, the Company, on behalf of itself and each of its Subsidiaries,
and all of the successors and assigns of each of the foregoing
(collectively, the “ Releasors ”), hereby
completely, voluntarily, knowingly, and unconditionally releases
and forever discharges the Collateral Agent, the Administrative
Agent, each of the Lenders, each of their advisors, professionals
and employees, each affiliate of the foregoing and all of their
respective permitted successors and assigns (collectively, the
“ Releasees ”), from any and all claims,
actions, suits, and other liabilities, including, without
limitation, any so-called “lender liability” claims or
defenses (collectively, “ Claims ”), whether
arising in law or in equity, which any of the Releasors ever had,
now has or hereinafter can, shall or may have against any of the
Releasees for, upon or by reason of any matter, cause or thing
whatsoever from time to time occurred on or prior to the date
hereof, in any way concerning, relating to, or arising from
(i) any of the Transactions, (ii) the Secured
Obligations, (iii) the Collateral, (iv) the Credit
Agreement or any of the other Loan Documents, (v) the
financial condition, business operations, business plans, prospects
or creditworthiness of the Borrowers, and (vi) the
negotiation, documentation and execution of this Amendment and any
documents relating hereto except for Claims determined by a court
of competent jurisdiction by final and nonappealable judgment to
have resulted from the gross negligence, bad faith or willful
misconduct of such Releasee (or any of its Related Parties). The
Releasors hereby acknowledge that they have been advised by legal
counsel of the meaning and consequences of this release.
8. Consent to Amendment to
Subsidiary Guarantee Agreement . Each Lender a party hereto
hereby consents to the Administrative Agent executing the Amended
and Restated Subsidiary Guarantee Agreement dated as of even date
herewith.
9. Governing Law . This
Amendment shall be construed in accordance with and governed by the
law of the State of New York.
10. Headings . Section
headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment
for any other purpose.
11. Counterparts . This
Amendment may be executed by one or more of the parties hereto on
any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same
instrument. Signatures delivered by facsimile or PDF shall have the
same force and effect as manual signatures delivered in
person.
[Signature Pages Follow]
4
IN WITNESS WHEREOF, this Amendment
has been duly executed as of the day and year first above
written.
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YRC WORLDWIDE
INC., as the Company
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By:
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Name:
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Timothy A.
Wicks
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Title:
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Executive Vice
President and Chief Financial Officer
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REIMER EXPRESS
LINES LTD./REIMER EXPRESS LTEE,
as a Canadian Borrower
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By:
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Name:
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Kenneth P.
Bowman
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Title:
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Vice President
- Finance
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YRC LOGISTICS
LIMITED, as a UK Borrower
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By:
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Name:
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Darren
Williams
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Title:
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Director
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JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
as
Administrative Agent, as a US Tranche Lender and
as US
Tranche Swingline Lender
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By:
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Name:
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Robert P.
Kellas
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Title:
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Executive
Director
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JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION,
TORONTO BRANCH, as Canadian Agent, as a
Canadian
Tranche Lender and as Canadian
Tranche Swingline Lender
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By:
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Name:
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Drew
McDonald
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Title:
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Executive
Director
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Signature Page to Waiver and
Amendment No. 2
YRC Worldwide Inc. et al
Credit Agreement dated as of August 17,
2007
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J.P. MORGAN
EUROPE LIMITED, as UK Agent
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By:
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Name:
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Ching
Loh
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Title:
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Associate
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JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION,
LONDON BRANCH, as a UK Tranche Lender and
as
UK Tranche Swingline
Lender
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By:
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Name:
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Robert P.
Kellas
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Title:
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Executive
Director
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BANK OF AMERICA, N.A., as a Syndication Agent
and as a
US Tranche Lender
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By:
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Name:
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F. A.
Zagar
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Title:
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Senior Vice
President
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BANK OF AMERICA, N.A. (CANADA BRANCH), as
a
Canadian Tranche Lender
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By:
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/s/ Medina Sales de
Andrade
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Name:
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Medina Sales de
Andrade
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Title:
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Vice
President
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BANK OF AMERICA, N.A., as Successor by Merger
to
LASALLE BANK NATIONAL ASSOCIATION, as a
US
Tranche Lender
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By:
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Name:
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F. A.
Zagar
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Title:
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Senior Vice
President
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Signature Page to Waiver and
Amendment No. 2
YRC Worldwide Inc. et al
Credit Agreement dated as of August 17,
2007
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SUNTRUST BANK, as a Syndication Agent and as a
US
Tranche Lender
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By:
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Name:
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Kip
Hurd
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Title:
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First Vice
President
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US BANK NATIONAL ASSOCIATION, as a
Documentation
Agent, as a US Tranche Lender and as a Canadian
Tranche
Lender
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By:
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Name:
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David
Kopolow
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Title:
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SVP
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WACHOVIA BANK, NATIONAL ASSOCIATION, as
a
Documentation Agent, as a US Tranche Lender and
as a UK
Tranche Lender
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By:
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Name:
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Andrew
Payne
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Title:
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Director
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THE BANK OF TOKYO-MITSUBISHI UFJ
TRUST
COMPANY, as a Documentation Agent and as a US
Tranche
Lender
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By:
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Name:
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David
Noda
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Title:
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VP and
Manager
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LASALLE BANK NATIONAL ASSOCIATION, as a
US
Tranche Lender
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By:
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Name:
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Title:
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Signature Page to Waiver and
Amendment No. 2
YRC Worldwide Inc. et al
Credit Agreement dated as of August 17,
2007
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THE ROYAL BANK OF SCOTLAND plc, as a US
Tranche
Lender and as a UK Tranche
Lender
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By:
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Name:
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Angela
Realby
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Title:
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Managing
Director
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BMO CAPITAL MARKETS FINANCING, INC.,
as a US Tranche Lender
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By:
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Name:
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Jason M.
Clary
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Title:
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Vice
President
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BANK OF
MONTREAL, as a Canadian Tranche Lender
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By:
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Name:
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Lawrence A.
Mizera
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Title:
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Managing
Director
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SUMITOMO MITSUI BANKING CORPORATION, as a
US
Tranche Lender
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By:
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Name:
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Leo E.
Pagarigan
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Title:
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General
Manager
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UMB BANK, n.a.,
as a US Tranche Lender
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By:
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Name:
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David A.
Proffitt
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Title:
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Senior Vice
President
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Signature Page to Waiver and
Amendment No. 2
YRC Worldwide Inc. et al
Credit Agreement dated as of August 17,
2007
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TAIWAN BUSINESS
BANK, as a US Tranche Lender
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By:
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Name:
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Title:
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MEGA
INTERNATIONAL COMMERCIAL BANK CO., LTD., NEW YORK BRANCH, as a US
Tranche Lender
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By:
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Name:
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Tsang-Poi
Hsu
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Title:
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VP and Deputy
General Manager
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TAIPEI FUBON
COMMERCIAL BANK, NEW YORK AGENCY, as a US Tranche Lender
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By:
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Name:
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Michael
Tan
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Title:
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VP and General
Manager
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HUA NAN
COMMERCIAL BANK, LTD., LOS ANGELES BRANCH, as a US Tranche
Lender
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By:
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Name:
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Oliver C. H.
Hsu
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Title:
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VP and General
Manager
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HUA NAN
COMMERCIAL BANK, LTD., NEW YORK AGENCY, as a US Tranche
Lender
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By:
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Name:
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Henry
Hsieh
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Title:
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Assistant Vice
President
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Signature Page to Waiver and
Amendment No. 2
YRC Worldwide Inc. et al
Credit Agreement dated as of August 17,
2007
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BANK OF COMMUNICATIONS CO., LTD., NEW
YORK
BRANCH, as a US Tranche
Lender
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By:
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Name:
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Shelley
He
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Title:
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Deputy General
Manager
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CHANG HWA COMMERCIAL BANK, LTD., NEW
YORK
BRANCH, as a US Tranche
Lender
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By:
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Name:
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Title:
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FIRST
COMMERCIAL BANK, LOS ANGELES BRANCH,
as a US Tranche Lender
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By:
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Name:
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Title:
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Signature Page to Waiver and
Amendment No. 2
YRC Worldwide Inc. et al
Credit Agreement dated as of August 17,
2007
CONSENT AND REAFFIRMATION
Each of the undersigned hereby
acknowledges receipt of a copy of the foregoing Waiver and
Amendment No. 2 to the Credit Agreement dated as of
August 17, 2007 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “
Credit Agreement ”) by and among YRC Worldwide Inc.
(the “ Company ”), the Canadian Borrower and the
UK Borrower from time to time party thereto (together with the
Company, the “ Borrowers ”), the financial
institutions from time to time party thereto (the “
Lenders ”) and JPMorgan Chase Bank, National
Association, as Administrative Agent (the “ Administrative
Agent ”), which Waiver and Amendment No. 2 is dated
as of February 12, 2009 (the “ Amendment
”). Capitalized terms used in this Consent and Reaffirmation
and not defined herein shall have the meanings given to them in the
Credit Agreement. Without in any way establishing a course of
dealing by the Administrative Agent or any Lender, each of the
undersigned consents to the Amendment and reaffirms the terms and
conditions of the Subsidiary Guarantee Agreement, the Security
Agreement and any other Loan Document executed by it and
acknowledges and agrees that such Subsidiary Guarantee Agreement,
the Security Agreement and each and every such Loan Document
executed by the undersigned in connection with the Credit Agreement
remains in full force and effect and is hereby reaffirmed, ratified
and confirmed. All references to the Credit Agreement contained in
the above referenced documents shall be a reference to the Credit
Agreement as so modified by the Amendment and as the same may from
time to time hereafter be amended, modified or restated.
Dated: February 12,
2009
[Signature Pages Follows]
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EXPRESS LANE
SERVICE, INC.
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By:
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Name:
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Phil J.
Gaines
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Title:
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Senior Vice
President and Chief Financial Officer
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GLOBE.COM
LINES, INC.
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By:
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Name:
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Brenda
Stasiulis
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Title:
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Vice President
- Finance
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IMUA HANDLING
CORPORATION
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By:
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Name:
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Brenda
Stasiulis
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Title:
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Vice President
- Finance
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NEW PENN MOTOR
EXPRESS, INC.
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice President
- Finance
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ROADWAY EXPRESS
INTERNATIONAL, INC.
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By:
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Name:
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Kenneth P.
Bowman
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Title:
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Vice President
- Finance and Administration
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ROADWAY
LLC
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By:
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Name:
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Kenneth P.
Bowman
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Title:
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Vice President
- Finance
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ROADWAY NEXT
DAY CORPORATION
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice President
- Finance
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ROADWAY REVERSE
LOGISTICS, INC.
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By:
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Name:
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Kenneth P.
Bowman
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Title:
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Vice President
- Finance
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USF BESTWAY
INC.
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice
President
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USF CANADA
INC.
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice
President
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USF DUGAN
INC.
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice
President
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USF GLEN MOORE
INC.
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By:
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Name:
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Kenneth P.
Bowman
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Title:
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Vice President
- Finance
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USF HOLLAND
INC.
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By:
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Name:
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Daniel L.
Olivier
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Title:
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Vice President
- Finance
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USF LOGISTICS
(MEXICO) INC.
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By:
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Name:
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Brenda
Stasiulis
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Title:
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Vice President
- Finance
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USF LOGISTICS
SERVICES (PUERTO RICO) INC.
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By:
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Name:
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Brenda
Stasiulis
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Title:
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Vice President
- Finance
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USF MEXICO
INC.
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice
President
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USF REDSTAR
LLC
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By:
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Name:
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Paul F.
Liljegren
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Title:
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Vice
President
|
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USF REDDAWAY
INC.
|
|
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By:
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Name:
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Thomas S.
Palmer
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Title:
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Vice President
- Finance and Chief Financial Officer
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USF SALES
CORPORATION
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By:
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Name:
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Paul F.
Liljegren
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Title:
|
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Vice
President
|
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USF TECHNOLOGY
SERVICES INC.
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By:
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Name:
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Paul F.
Liljegren
|
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Title:
|
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Vice
President
|
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|
USFREIGHTWAYS
CORPORATION
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|
|
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By:
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Name:
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Paul F.
Liljegren
|
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Title:
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Vice
President
|
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YRC ASSOCIATION
SOLUTIONS, INC.
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|
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By:
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Name:
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Phil J.
Gaines
|
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Title:
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Senior Vice
President and Chief Financial Officer
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YRC ENTERPRISE
SOLUTIONS GROUP INC.
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|
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By:
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|
|
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Name:
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Terry
Gerrond
|
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Title:
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Vice President
- Tax
|
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|
YRC
INC.
|
|
|
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By:
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Name:
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Phil J.
Gaines
|
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Title:
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Senior Vice
President and Chief Financial Officer
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YRC
INTERNATIONAL INVESTMENTS, INC.
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By:
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Name:
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Brenda
Stasiulis
|
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Title:
|
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Vice President
- Finance
|
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|
YRC LOGISTICS
GLOBAL, LLC
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|
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By:
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Name:
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Brenda
Stasiulis
|
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Title:
|
|
Vice President
- Finance
|
|
|
YRC LOGISTICS
SERVICES, INC.
|
|
|
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By:
|
|
|
|
Name:
|
|
Brenda
Stasiulis
|
|
Title:
|
|
Vice President
- Finance
|
|
|
YRC LOGISTICS,
INC.
|
|
|
|
By:
|
|
|
|
Name:
|
|
Brenda
Stasiulis
|
|
Title:
|
|
Vice President
- Finance
|
|
|
|
|
YRC MORTGAGES,
LLC
|
|
|
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By:
|
|
|
|
Name:
|
|
Christina E.
Wise
|
|
Title:
|
|
President
|
|
|
YRC NORTH
AMERICAN TRANSPORTATION, INC.
|
|
|
|
By:
|
|
|
|
Name:
|
|
Phil J.
Gaines
|
|
Title:
|
|
Senior Vice
President and Chief Financial Officer
|
|
|
YRC REGIONAL
TRANSPORTATION, INC.
|
|
|
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By:
|
|
|
|
Name:
|
|
Paul F.
Liljegren
|
|
Title:
|
|
Vice President
- Finance
|
|
|
YRC WORLDWIDE
TECHNOLOGIES, INC.
|
|
|
|
By:
|
|
|
|
Name:
|
|
Christina E.
Wise
|
|
Title:
|
|
Treasurer
|
ANNEX A TO AMENDMENT NO. 1
2