<SEC-DOCUMENT>0001193125-21-361744.txt : 20211220
<SEC-HEADER>0001193125-21-361744.hdr.sgml : 20211220
<ACCEPTANCE-DATETIME>20211220072756
ACCESSION NUMBER:		0001193125-21-361744
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20211214
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211220
DATE AS OF CHANGE:		20211220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RYDER SYSTEM INC
		CENTRAL INDEX KEY:			0000085961
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				590739250
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04364
		FILM NUMBER:		211503658

	BUSINESS ADDRESS:	
		STREET 1:		11690 N.W. 105TH STREET
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178
		BUSINESS PHONE:		3055003726

	MAIL ADDRESS:	
		STREET 1:		11690 N.W. 105TH STREET
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178
</SEC-HEADER>
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<TYPE>8-K
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<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2021-12-14_to_2021-12-14" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2021-12-14_to_2021-12-14" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to <span style="white-space:nowrap">Rule&#160;14a-12&#160;under</span> the Exchange Act (17 <span style="white-space:nowrap">CFR&#160;240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
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<td style="width:5%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2021-12-14_to_2021-12-14" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement&#160;communications</span> pursuant to <span style="white-space:nowrap">Rule&#160;14d-2(b)&#160;under</span> the Exchange Act (17 <span style="white-space:nowrap">CFR&#160;240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2021-12-14_to_2021-12-14" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement&#160;communications</span> pursuant to <span style="white-space:nowrap">Rule&#160;13e-4(c)&#160;under</span> the Exchange Act (17 <span style="white-space:nowrap">CFR&#160;240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section 12(b) of the Act:</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:34%"></td>
<td style="vertical-align:bottom"></td>
<td style="width:32%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:32%"></td></tr>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of each class</p></td>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Symbol(s)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of each exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on which registered</p></td></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2021-12-14_to_2021-12-14">R</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2021-12-14_to_2021-12-14" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or <span style="white-space:nowrap">Rule&#160;12b-2&#160;of</span> the Securities Exchange Act of <span style="white-space:nowrap">1934&#160;(&#167;240.12b-2&#160;of</span> this chapter).</p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Emerging growth company&#160;&#160;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2021-12-14_to_2021-12-14" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p></div></div>

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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;1.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry into a Material Definitive Agreement </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Five Year Revolving Credit Facility </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&#160;14, 2021, Ryder System, Inc. (the &#8220;Company&#8221;) and certain of its subsidiaries entered into a third amended and restated syndicated global multi-currency revolving credit facility (the &#8220;A&amp;R Credit Agreement&#8221;) with the financial institutions and other Lenders named therein, including Bank of America, N.A., as Administrative Agent, Royal Bank of Canada, as the Canadian Agent, and a syndicate of banks and financial institutions as Lenders. The A&amp;R Credit Agreement provides for a total revolving loan ability of $1.4&#160;billion and can also be used to issue up to $75&#160;million in letters of credit. Capitalized terms used in this Current Report on Form <span style="white-space:nowrap">8-K</span> that are not defined have the meanings provided in the A&amp;R Credit Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amounts borrowed under the A&amp;R Credit Agreement are unsecured. The A&amp;R Credit Agreement is scheduled to mature on December&#160;14, 2026 but may be extended for up to two additional years on terms set forth in the A&amp;R Credit Agreement. The maximum amount of outstanding borrowings and letters of credit permitted at any one time under the A&amp;R Credit Agreement is $1,400,000,000, including borrowings of up to $150,000,000 in Canadian Dollars and up to $100,000,000 in Pounds Sterling and/or Euro. The proceeds of the A&amp;R Credit Agreement are to be used for working capital and other general corporate purposes of the Company and its subsidiaries. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Without limitation, the A&amp;R Credit Agreement modifies the Company&#8217;s existing second amended and restated global revolving credit facility dated September&#160;28, 2018, as amended, to extend the maturity from September&#160;28, 2023 to December&#160;14, 2026 and to incorporate interest rate provisions and fallbacks in line with the transition by the syndicated loan market from using LIBOR as an interest rate benchmark to specific risk-free rates.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Borrowings under the A&amp;R Credit Agreement will bear interest at a base rate or the applicable benchmark, plus, in each case, a margin determined with reference to the Company&#8217;s credit ratings (the &#8220;Applicable Rate&#8221;). Based on the Company&#8217;s current credit ratings, the Applicable Rate for LIBOR, SONIA, and EURIBOR rate Loans and U.K. Swing Line Loans would be 1.125%, and for Base Rate Loans, Canadian Prime Rate Loans, Domestic Swing Line Loans and Canadian Swing Line Loans, the Applicable Rate would be 0.125%. In addition, the Company is required to pay the lenders a facility fee on the facility amount (whether or not used) at a rate per annum which is based on the Company&#8217;s credit ratings (the &#8220;Facility Fee&#8221;). Based on the Company&#8217;s current credit ratings, the Facility Fee will be equal to 0.125%. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has guaranteed the obligations of all subsidiary borrowers under the A&amp;R Credit Agreement. The A&amp;R Credit Agreement contains customary covenants, including covenants applicable to the Company and its subsidiaries limiting the amount of secured indebtedness, liens, substantial asset sales and mergers. Most of these restrictions are subject to certain minimum thresholds and exceptions. The A&amp;R Credit Agreement also contains the following financial covenant: the Company is required to maintain a ratio of (a)&#160;the aggregate amount of indebtedness of the Company and its consolidated subsidiaries to (b)&#160;consolidated adjusted net worth, not to exceed 3.0 to 1.0. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The A&amp;R Credit Agreement contains no provisions restricting its availability in the event of a material adverse change to the Company&#8217;s business operations. 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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">2 </p>

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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the A&amp;R Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the A&amp;R Credit Agreement which is filed as Exhibit&#160;10.1 to this Current Report on <span style="white-space:nowrap">Form&#160;8-K.&#160;The</span> A&amp;R Credit Agreement has been included to provide investors with information regarding its terms. Except for its status as a contractual document that establishes and governs the legal relations among the parties thereto with respect to the transaction described in this Current Report on <span style="white-space:nowrap">Form&#160;8-K,&#160;the</span> A&amp;R Credit Agreement is not intended to be a source of factual, business or operational information about the parties. Investors are not third-party beneficiaries under the Agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the parties or any of their affiliates. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;2.03</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Creation of a Direct Financial Obligation </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information included in Item&#160;1.01 of this Current Report on <span style="white-space:nowrap">Form&#160;8-K&#160;is</span> incorporated by reference into this Item&#160;2.03. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;7.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Regulation FD Disclosure </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information included in Item&#160;1.01 of this Current Report on <span style="white-space:nowrap">Form&#160;8-K&#160;is</span> incorporated by reference into this Item&#160;7.01. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;9.01(d)</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Exhibits </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are furnished as part of this Current Report on <span style="white-space:nowrap">Form&#160;8-K:</span> </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><a href="d276397dex101.htm">Third Amended and Restated Global Revolving Credit Agreement, dated as of December&#160;14, 2021, by and among, Ryder System, Inc., certain Ryder subsidiaries, and the lenders and agents named therein. </a></td></tr>
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<td style="vertical-align:top"><a href="d276397dex991.htm">Press Release, dated December&#160;20, 2021 </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">Exhibit 104</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Cover Page Interactive Data File - The Cover page of this Current Report on Form <span style="white-space:nowrap">8-K,</span> formatted in Inline XBRL.</td></tr>
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<td style="vertical-align:top">Date: December&#160;20, 2021</td>
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<td colspan="3" style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RYDER SYSTEM, INC.</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</p></td></tr>
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<td style="vertical-align:bottom;white-space:nowrap">By:</td>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John J. Diez</p></td></tr>
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<td style="vertical-align:bottom;white-space:nowrap">Name:</td>
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<td style="vertical-align:bottom;white-space:nowrap">John J. Diez</td></tr>
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<td style="vertical-align:top;white-space:nowrap">Title:</td>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President and</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</p></td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>EXECUTION VERSION </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Published CUSIP Numbers: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Deal: 78355FAN3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Domestic Revolver:
78355FAS2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Canadian Revolver: 78355FAR4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">U.K. Revolver: 78355FAP8 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">PR
Revolver: 78355FAQ6 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of December&nbsp;14, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">by and among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER SYSTEM, INC.,
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER TRUCK RENTAL HOLDINGS CANADA LTD., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER TRUCK RENTAL CANADA LTD., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER SUPPLY CHAIN SOLUTIONS CANADA ULC, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER LIMITED, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER SYSTEM
HOLDINGS (UK) LIMITED, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER PUERTO RICO, INC., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RYDER SUPPLY CHAIN SOLUTIONS PUERTO RICO, LLC, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN OTHER SUBSIDIARIES OF
RYDER PARTY HERETO, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the Borrowers, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANK OF AMERICA, N.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the
Administrative Agent, a L/C Issuer, a Domestic Swing Line Lender, and the U.K. Swing Line Lender, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ROYAL BANK OF CANADA, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the Canadian Agent and the Canadian Swing Line Lender, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MUFG BANK, LTD., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Syndication
Agent, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BNP PARIBAS, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">MIZUHO
BANK, LTD., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">PNC BANK, NATIONAL ASSOCIATION, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">ROYAL BANK OF CANADA, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">TRUIST BANK,
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">U.S. BANK NATIONAL ASSOCIATION, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WELLS FARGO BANK, NATIONAL
ASSOCIATION, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as <FONT STYLE="white-space:nowrap">Co-Documentation</FONT> Agents, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE OTHER LENDERS, L/C
ISSUERS AND SWING LINE LENDERS PARTY HERETO </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">BOFA SECURITIES, INC., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">MUFG BANK, LTD., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BNP PARIBAS, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">MIZUHO BANK, LTD., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">PNC CAPITAL
MARKETS LLC, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">RBC CAPITAL MARKETS<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">TRUIST SECURITIES, INC., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">U.S. BANK
NATIONAL ASSOCIATION, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WELLS FARGO SECURITIES, LLC, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as
Joint Lead Arrangers </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">BOFA SECURITIES, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">MUFG BANK, LTD., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Joint Bookrunners </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates. </P>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Section</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Defined Terms</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Other Interpretive Provisions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>43</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Accounting Terms</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>44</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Rounding</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Times of Day</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Letter of Credit Amounts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Interest Rates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Exchange Rates; Currency Equivalents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Change of Currency</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>46</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Amendment and Restatement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>46</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Revolving Loans</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>46</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Revolving Borrowings; Conversions and Continuations of Revolving Loans</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>48</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Letters of Credit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>52</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Swing Line Loans</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>61</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Prepayments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>73</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Termination or Reduction of Aggregate Commitments; Reallocation of Commitments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>76</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Repayment of Loans</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>79</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Interest</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>79</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Fees</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>80</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Computation of Interest and Fees</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>82</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.11</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Evidence of Debt</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>83</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.12</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Payments Generally; Agent&#146;s Clawback</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>83</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.13</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Sharing of Payments by Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>85</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.14</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Extension of Maturity Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>86</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.15</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Increase in Aggregate Commitments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>87</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.16</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Cash Collateral</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>88</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.17</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Defaulting Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>89</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.18</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Designated Borrowers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>92</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.19</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Bankers&#146; Acceptances</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>93</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.20</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>ESG Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>96</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Taxes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>97</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Illegality</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>105</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Inability to Determine Rates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>105</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Increased Costs</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>110</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Compensation for Losses</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>112</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Mitigation Obligations; Replacement of Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>112</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Survival</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>113</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV. CONDITIONS PRECEDENT TO CLOSING AND EFFECTIVENESS; CONDITIONS PRECEDENT TO
CREDIT EXTENSIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Conditions to Closing and Effectiveness</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>113</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Conditions to all Credit Extensions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>114</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V. REPRESENTATIONS AND WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Corporate Authority</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>116</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Governmental Approvals</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>116</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Title to Properties; Leases</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>116</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Financial Statements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>116</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Litigation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>117</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Compliance With Other Instruments, Laws, etc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>117</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Tax Status</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>117</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>No Default</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>117</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Holding Company and Investment Company Acts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>117</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Absence of Financing Statements, etc</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>117</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.11</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>ERISA Compliance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>118</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.12</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Environmental Compliance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>118</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.13</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Disclosure</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>119</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.14</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>[Reserved]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>119</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.15</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Debt Ratings</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>119</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.16</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Consolidated Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>119</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.17</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>OFAC; Anti-Corruption Laws; Anti-Money Laundering Laws</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>119</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.18</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Use of Proceeds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>119</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.19</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>No Affected Financial Institution</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.20</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Covered Entity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.21</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Representations as to Foreign Obligors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI. AFFIRMATIVE COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Punctual Payment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>121</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>[Reserved]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>121</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Records and Accounts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>121</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Financial Statements, Certificates and Information</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>121</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Existence; Compliance with Laws and Other Agreements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>123</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Maintenance of Properties</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>123</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Insurance</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>124</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Taxes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>124</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Inspection of Properties, Books and Contracts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>124</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Notice of Potential Claims or Litigation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>124</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.11</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Notice of Default</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>124</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.12</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Use of Proceeds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>124</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.13</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Debt Ratings</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>125</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.14</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Notice of any ERISA Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>125</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.15</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Further Assurances</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>125</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.16</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>125</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII. NEGATIVE COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Restrictions on Secured Indebtedness</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>125</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Restrictions on Liens</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>125</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Fundamental Changes; Sales or Dispositions of Assets</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>126</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Leasebacks</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>127</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Limitations on Agreements</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>128</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Sanctions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>128</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Anti-Corruption Laws and Anti-Money Laundering Laws</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>128</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Financial Covenant</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>128</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Events of Default; Remedies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>128</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Termination of Aggregate Commitments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>131</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Application of Funds</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>131</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IX. AGENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Appointment and Authority</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>132</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Rights as a Lender</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>132</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Exculpatory Provisions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>132</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Reliance by Agents</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>133</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Delegation of Duties</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>133</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Resignation of Agent</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>134</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on the Agents, the Arrangers, Sustainability Coordinator and the Other Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>135</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>No Other Duties, Etc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>135</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Administrative Agent May File Proofs of Claim</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>135</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Certain ERISA Matters</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>136</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.11</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Recovery of Erroneous Payments</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>137</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE X. GUARANTY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Guaranty of Payment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>137</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Ryder&#146;s Agreement to Pay Enforcement Costs, Etc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>138</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Waivers by Ryder; Lenders&#146; Freedom to Act</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>138</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Unenforceability of Guaranteed Obligations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>139</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Subrogation; Subordination</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>139</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Further Assurances</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>140</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Reinstatement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>140</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Successors and Assigns</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>140</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Currency of Payment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>140</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Concerning Joint and Several Liability of the U.K</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>140</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE XI. MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.01</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Amendments, Etc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>142</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.02</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Notices; Effectiveness; Electronic Communication</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>143</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.03</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>No Waiver; Cumulative Remedies; Enforcement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>145</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.04</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Expenses; Indemnity; Damage Waiver</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>146</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.05</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Payments Set Aside</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>147</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.06</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Successors and Assigns</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>148</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.07</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Treatment of Certain Information; Confidentiality</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>153</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.08</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Right of Setoff</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>154</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.09</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Interest Rate Limitation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>155</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.10</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Integration; Effectiveness</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>155</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.11</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Survival of Representations and Warranties</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>155</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.12</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Severability</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>155</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.13</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Replacement of Lenders</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>156</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.14</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Governing Law; Jurisdiction; Etc.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>157</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.15</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Waiver of Jury Trial</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>157</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.16</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>No Advisory or Fiduciary Responsibility</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>158</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.17</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Electronic Execution; Electronic Records; Counterparts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>158</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.18</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>USA PATRIOT Act; Canadian AML Acts</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>159</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.19</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>ENTIRE AGREEMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>159</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.20</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial Institutions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>160</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.21</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Judgment Currency</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>160</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.22</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Acknowledgement Regarding Any Supported QFCs</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>160</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SCHEDULES </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Letters of Credit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commitments and Applicable Percentages</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2.03</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">L/C Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2.04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Swing Line Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2.19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Power of Attorney Terms &#150; Bankers&#146; Acceptances</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Litigation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.07</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Taxes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Environmental Compliance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Public Debt Ratings</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consolidated Subsidiaries</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">11.02</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Head Offices; Certain Addresses for Notices</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXHIBITS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment and Assumption</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Domestic Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">B-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Canadian Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">B-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.K. Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">B-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of PR Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">C-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Domestic Swing Line Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">C-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Canadian Swing Line Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">C-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.K. Swing Line Loan Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Designated Borrower Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Designated Borrower Request and Assumption Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Extension Letter</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Letter of Credit Report</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Bankers&#146; Acceptance Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">K-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate &#150; Foreign Lenders (Not Partnerships)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">K-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate &#150; <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Participants (Not Partnerships)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">K-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate &#150; <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Participants (Partnerships)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">K-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of U.S. Tax Compliance Certificate &#150; Foreign Lenders (Partnerships)</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT</B> is entered into as of December&nbsp;14, 2021 by and among
(a)&nbsp;RYDER SYSTEM, INC., a corporation organized under the laws of Florida (&#147;<U>Ryder</U>&#148;), RYDER TRUCK RENTAL HOLDINGS CANADA LTD., a corporation organized under the laws of Nova Scotia, Canada (&#147;<U>Ryder Holdings
Canada</U>&#148;), RYDER TRUCK RENTAL CANADA LTD. LOCATION DE CAMIONS RYDER DU CANADA LTEE., a corporation organized under the laws of Ontario, Canada (&#147;<U>Ryder Canada Limited</U>&#148;), RYDER SUPPLY CHAIN SOLUTIONS CANADA ULC, an unlimited
liability company organized under the laws of Nova Scotia, Canada (&#147;<U>Ryder Supply Chain Canada</U>&#148;), certain Canadian Subsidiaries of Ryder party hereto pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U> (each, a &#147;<U>Designated
Canadian Borrower</U>&#148; and collectively, the &#147;<U>Designated Canadian Borrowers</U>&#148;; the Designated Canadian Borrowers, together with Ryder Holdings Canada, Ryder Canada Limited, and Ryder Supply Chain Canada, the &#147;<U>Canadian
Borrowers</U>&#148; and each a &#147;<U>Canadian Borrower</U>&#148;), RYDER LIMITED, a corporation organized under the laws of England and Wales (&#147;<U>Ryder Limited</U>&#148;), RYDER SYSTEM HOLDINGS (UK) LIMITED, a corporation organized under
the laws of England and Wales (&#147;<U>RSH</U>&#148;), certain U.K. Subsidiaries of Ryder party hereto pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U> (each, a &#147;<U>Designated U.K. Borrower</U>&#148; and collectively, the &#147;<U>Designated
U.K. Borrowers</U>&#148;; the Designated U.K. Borrowers, together with Ryder Limited and RSH, the &#147;<U>U.K. Borrowers</U>&#148; and each a &#147;<U>U.K. Borrower</U>&#148;), RYDER PUERTO RICO, INC., a corporation organized under the laws of
Delaware (&#147;<U>Ryder PR</U>&#148;), RYDER SUPPLY CHAIN SOLUTIONS PUERTO RICO, LLC, a limited liability company organized under the laws of Delaware (&#147;<U>Ryder Supply Chain PR</U>&#148;), certain Domestic Subsidiaries of Ryder party hereto
pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U> (each, a &#147;<U>Designated PR Borrower</U>&#148; and collectively, the &#147;<U>Designated PR Borrowers</U>&#148;; the Designated PR Borrowers, together with Ryder PR and Ryder Supply Chain PR,
the &#147;<U>PR Borrowers</U>&#148; and each a &#147;<U>PR Borrower</U>&#148;; the PR Borrowers together with Ryder, the Canadian Borrowers, and the U.K. Borrowers, the &#147;<U>Borrowers</U>&#148; and each a &#147;<U>Borrower</U>&#148;), (b) each
Lender from time to time party hereto, (c)&nbsp;BANK OF AMERICA, N.A., as the Administrative Agent, a L/C Issuer, a Domestic Swing Line Lender, and the U.K. Swing Line Lender, (d)&nbsp;ROYAL BANK OF CANADA, as the Canadian Agent and the Canadian
Swing Line Lender, and (e)&nbsp;the other L/C Issuers and Swing Line Lenders party hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ryder has requested that the Lenders provide
credit facilities for the purposes set forth herein, and the Lenders are willing to do so on the terms and conditions set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ryder, certain of its affiliates, certain lending institutions and the agents party thereto have entered into that certain Second Amended and
Restated Global Revolving Credit Agreement, dated as of September&nbsp;28, 2018 (as amended and in effect immediately prior to the Closing Date, the &#147;<U>Existing Credit Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ryder has requested that the Existing Credit Agreement be amended and restated as set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth herein, the parties hereto have agreed to amend and restate the Existing Credit Agreement as
hereinafter provided. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.01</B> <B>Defined Terms</B>. As used in this Agreement, the following terms shall have the meanings set forth
below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acceptance Fee</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.19(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted Consolidated Tangible Assets</U>&#148; means, as at any date, Consolidated Tangible Assets after (a)&nbsp;including the
consolidated book value of all assets of Ryder and its Consolidated Subsidiaries which are subject to any synthetic lease, and (b)&nbsp;excluding the 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, prepared in accordance with GAAP, and secure or are the subject of any Limited Recourse Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent</U>&#148; means Bank of America (through itself or through one of its designated Affiliates or branch offices)
in its capacity as administrative agent, and agent for the Aggregate Domestic Commitments, the Aggregate PR Commitments, and the Aggregate U.K. Commitments under any of the Loan Documents, or any successor administrative agent and agent for the
Aggregate Domestic Commitments, the Aggregate PR Commitments, and the Aggregate U.K. Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative
Questionnaire</U>&#148; means an administrative questionnaire in a form approved by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Financial
Institution</U>&#148; means (a)&nbsp;any EEA Financial Institution, or (b)&nbsp;any UK Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; or &#147;<U>affiliate</U>&#148; means, with respect to a specified Person, another Person that directly or
indirectly Controls or is Controlled by or is under common Control with the Person specified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent</U>&#148; means each of the
Administrative Agent and the Canadian Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Canadian Commitments</U>&#148; means, as of any date of determination,
the aggregate Canadian Commitments of all the Canadian Lenders as of such date. The Aggregate Canadian Commitments of all of the Canadian Lenders on the Closing Date shall be $150,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Commitments</U>&#148; means, as of any date of determination, the aggregate Commitments of all the Lenders as of such date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Domestic Commitments</U>&#148; means, as of any date of determination, the aggregate Domestic Commitments of all the
Domestic Lenders as of such date. The Aggregate Domestic Commitments of all of the Domestic Lenders on the Closing Date shall be $1,135,000,000. For the avoidance of doubt, if all of the Aggregate Canadian Commitments, all of the Aggregate U.K.
Commitments and all of the Aggregate PR Commitments are reallocated to the Aggregate Domestic Commitments in accordance with <U>Section</U><U></U><U>&nbsp;2.06(e)</U>, the Aggregate Domestic Commitments shall be $1,400,000,000 (subject to adjustment
as provided in <U>Sections 2.06(a)</U> through <U>(d)</U>, <U>Section</U><U></U><U>&nbsp;2.15</U>, or <U>Section</U><U></U><U>&nbsp;8.02</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate PR Commitments</U>&#148; means, as of any date of determination, the aggregate PR Commitments of all the PR Lenders as of
such date. The Aggregate PR Commitments of all of the PR Lenders on the Closing Date shall be $15,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate U.K.
Commitments</U>&#148; means, as of any date of determination, the aggregate U.K. Commitments of all the U.K. Lenders as of such date. The Aggregate U.K. Commitments of all of the U.K. Lenders on the Closing Date shall be $100,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; means this Third Amended and Restated Global Revolving Credit Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement Currency</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.21</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency</U>&#148; means each of the following currencies: Euros, Sterling,
and Canadian Dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency Daily Rate Loan</U>&#148; means a Revolving Loan that bears interest at a rate based
on the definition of &#147;Alternative Currency Daily Rate.&#148; All Alternative Currency Daily Rate Loans must be denominated in an Alternative Currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency Daily Rate</U>&#148; means, for any day, with respect to any Revolving Loan denominated in Sterling, the rate
per annum equal to SONIA determined pursuant to the definition thereof <U>plus</U> the SONIA Adjustment; <U>provided</U>, <U>that</U>, if any Alternative Currency Daily Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement. Any change in an Alternative Currency Daily Rate shall be effective from and including the date of such change without further notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency Equivalent</U>&#148; means, at any time, with respect to any amount denominated in Canadian Dollars, Dollars,
Euros, or Sterling, the equivalent amount thereof in the applicable Alternative Currency as determined by the applicable Agent, the Canadian Swing Line Lender or the U.K. Swing Line Lender, as the case may be, by reference to Bloomberg (or such
other publicly available service for displaying exchange rates), to be the exchange rate for the purchase of such Alternative Currency with Dollars, Euros, or Sterling, as applicable, at approximately 11:00 a.m. (local time for such Agent) on the
date two (2)&nbsp;Business Days prior to the date as of which the foreign exchange computation is made; <U>provided</U>, <U>that</U>, if no such rate is available, the &#147;Alternative Currency Equivalent&#148; shall be determined by the applicable
Agent, the Canadian Swing Line Lender or the U.K. Swing Line Lender, as the case may be, using any reasonable method of determination its deems appropriate in its sole discretion (and such determination shall be conclusive absent manifest error).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency Loan</U>&#148; means an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency Term Rate Loan</U>&#148; means a Revolving Loan that bears interest at a rate based on the
definition of &#147;Alternative Currency Term Rate.&#148; All Alternative Currency Term Rate Loans must be denominated in an Alternative Currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Currency Term Rate</U>&#148; means, for any Interest Period, with respect to any Revolving Loan denominated in Euros, the
rate per annum equal to the Euro Interbank Offered Rate (&#147;<U>EURIBOR</U>&#148;), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the
Administrative Agent from time to time) on the day that is two (2)&nbsp;TARGET Days preceding the first day of such Interest Period with a term equivalent to such Interest Period; <U>provided</U>, <U>that</U>, if any Alternative Currency Term Rate
shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Anniversary Date</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;2.14(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Anti-Money Laundering Law</U>&#148; means any law, statute,
regulation or obligatory government order, decree, ordinance or rule applicable to any Borrower or any Subsidiary related to terrorism financing or money laundering, including any applicable provision of the PATRIOT Act and the Canadian AML Acts,
The Currency and Foreign Transactions Reporting Act (also known as the &#147;Bank Secrecy Act,&#148; 31 U.S.C. &#167;&#167; 5311-5330 and 12U.S.C. &#167;&#167; 1818(s), 1820(b) and 1951-1959), and the Money Laundering Control Act of 1986. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Authority</U>&#148; means (a)&nbsp;with respect to SOFR, the SOFR
Administrator or any Governmental Authority having jurisdiction over the applicable Agent or the SOFR Administrator, and (b)&nbsp;with respect to any Alternative Currency, the applicable administrator for the Relevant Rate for such Alternative
Currency or any Governmental Authority having jurisdiction over the applicable Agent or such administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable BA
Discount Rate</U>&#148; means (a)&nbsp;with respect to an issue of Bankers&#146; Acceptances accepted by a Schedule I Bank, the CDOR Rate; and (b)&nbsp;with respect to an issue of Bankers&#146; Acceptances accepted by a Canadian Lender that is a <FONT
STYLE="white-space:nowrap">Non-Schedule</FONT> I Bank, the lesser of: (i)&nbsp;the rate set out in <U>clause (a)</U>&nbsp;above <U>plus</U> ten (10)&nbsp;basis points; and (ii)&nbsp;the annual rate, expressed as a percentage, as being the average
discount rate for bankers&#146; acceptances having a comparable face value and a comparable issue and maturity date to the face value and issue and maturity date of such issue of Bankers&#146; Acceptances, expressed on the basis of a year of 365
days, quoted by the Canadian Reference Lenders that are <FONT STYLE="white-space:nowrap">Non-Schedule</FONT> I Banks, for the purchase by such Canadian Lenders of Bankers&#146; Acceptances accepted by them, at or about 10:00 a.m. (Toronto time) on
the date of issue of such Bankers&#146; Acceptances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Foreign Obligor Documents</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;5.21(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Percentage</U>&#148; means, (a)&nbsp;in respect of the Aggregate Domestic
Commitments, with respect to any Domestic Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Domestic Commitments represented by such Domestic Lender&#146;s Domestic Commitment at such time, subject to
adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>, (b) in respect of the Aggregate Canadian Commitments, with respect to any Canadian Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate
Canadian Commitments represented by such Canadian Lender&#146;s Canadian Commitment at such time, subject to adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>, (c) in respect of the Aggregate U.K. Commitments, with respect to any U.K.
Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate U.K. Commitments represented by such U.K. Lender&#146;s U.K. Commitment at such time, subject to adjustment as provided in
<U>Section</U><U></U><U>&nbsp;2.17</U>, (d) in respect of the Aggregate PR Commitments, with respect to any PR Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate PR Commitments represented by such PR
Lender&#146;s PR Commitment at such time, subject to adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>. If the commitment of each Domestic Lender to make Domestic Revolving Loans and the obligation of the L/C Issuers to make L/C
Credit Extensions have been terminated pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> or if the Aggregate Domestic Commitments have expired, then the Applicable Percentage of each Domestic Lender in respect of the Aggregate Domestic Commitments
shall be determined based on the Applicable Percentage in respect of the Aggregate Domestic Commitments of such Domestic Lender most recently in effect, giving effect to any subsequent assignments and to any Domestic Lender&#146;s status as a
Defaulting Lender at the time of determination. If the commitment of each Canadian Lender to make Canadian Revolving Loans and to accept and purchase Bankers&#146; Acceptances have been terminated pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U>
or if the Aggregate Canadian Commitments have expired, then the Applicable Percentage of each Canadian Lender in respect of the Aggregate Canadian Commitments shall be determined based on the Applicable Percentage in respect of the Aggregate
Canadian Commitments of such Canadian Lender most recently in effect, giving effect to any subsequent assignments and to any Canadian Lender&#146;s status as a Defaulting Lender at the time of determination. If the commitment of each U.K. Lender to
make U.K. Revolving Loans have been terminated pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> or if the Aggregate U.K. Commitments have expired, then the Applicable Percentage of each U.K. Lender in respect of the Aggregate U.K. Commitments
shall be determined based on the Applicable Percentage in respect of the Aggregate U.K. Commitments of such U.K. Lender most recently in effect, giving effect to any subsequent assignments and to any U.K. Lender&#146;s status as a Defaulting Lender
at the time of determination. If the commitment of each PR Lender to make PR Revolving Loans have been terminated pursuant to <U>Section</U><U></U><U>&nbsp;8.02</U> or if the Aggregate PR Commitments have expired, then the Applicable Percentage of
each PR Lender in respect of the Aggregate PR Commitments shall be determined based on the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Applicable Percentage in respect of the Aggregate PR Commitments of such PR Lender most recently in effect, giving effect to any subsequent assignments and to any PR Lender&#146;s status as a
Defaulting Lender at the time of determination. The initial Applicable Percentage of each Lender in respect of the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, and the Aggregate PR Commitments
is set forth opposite the name of such Lender on <U>Schedule 2.01</U> or in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Rate</U>&#148; means, from time to time, the following percentages per annum, based upon the Senior Public Debt Ratings as
set forth below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Pricing Level</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Debt Ratings</B><br><B>S&amp;P/Moody&#146;s/Fitch</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Facility<BR>Fees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Eurodollar&nbsp;Rate&nbsp;Loans,<BR>Alternative&nbsp;Currency&nbsp;Loans,<BR>U.K. Swing Line Loans,<BR>Letter of Credit Fees, and<BR>Acceptance
Fees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Base&nbsp;Rate</B><br><B>Loan,&nbsp;Canadian<BR>Prime Loans,<BR>Domestic Swing<BR>Line&nbsp;Loans,&nbsp;and<BR>Canadian&nbsp;Swing<BR>Line Loans</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">A/A2/A or better</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.805 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000&nbsp;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">A-/A3/A-</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.920 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BBB+/Baa1/BBB+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.025 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.025 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BBB/Baa2/BBB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.125 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.125 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">BBB-/Baa3/BBB-&nbsp;or&nbsp;worse</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.200&nbsp;%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.200 %</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this definition, the Senior Public Debt Rating at Pricing Level&nbsp;1 shall be the highest Senior Public Debt
Rating and the Senior Public Debt Rating for Pricing Level&nbsp;5 shall be the lowest Senior Public Debt Rating. If at any time there is a split among Senior Public Debt Ratings of S&amp;P, Fitch and Moody&#146;s such that all three ratings fall in
different Pricing Levels in the table above, the Applicable Rate shall be determined by the Senior Public Debt Rating that is neither the highest nor the lowest of the three ratings, and, if at any time there is a split among Senior Public Debt
Ratings of S&amp;P, Fitch and Moody&#146;s such that two (2)&nbsp;of such Senior Public Debt Ratings are in one Pricing Level in the table above (the &#147;<U>Majority Level</U>&#148;) and the third Senior Public Debt Rating is in a different
Pricing Level, the Applicable Rate shall be determined by the rating at the Majority Level. In the event that a Senior Public Debt Rating is not available from any one of S&amp;P, Moody&#146;s or Fitch, the Applicable Rate shall be as set forth in
the table above based on the Senior Public Debt Ratings of S&amp;P, Moody&#146;s and Fitch that are available and in effect on such day; <U>provided</U>, <U>that</U>, (a)&nbsp;in the event of a one Pricing Level split in the Senior Public Debt
Rating by S&amp;P, Moody&#146;s and Fitch, as the case may be, then the Pricing Level for the higher Senior Public Debt Rating shall apply and (b)&nbsp;in the event of a two or more Pricing Level split in the Senior Public Debt Rating by S&amp;P,
Moody&#146;s and Fitch, as the case may be, the Pricing Level which is one step higher than the Pricing Level for the lower Senior Public Debt Rating shall apply. In the event that a Senior Public Debt Rating is not available from Fitch and one of
S&amp;P or Moody&#146;s, the Applicable Rate shall be as set forth in the table above based on the Senior Public Debt Rating available from S&amp;P or Moody&#146;s, as the case may be, in effect on such day. In the event that neither S&amp;P nor
Moody&#146;s has a Senior Public Debt Rating available, the Applicable Rate shall be as set forth in Pricing Level&nbsp;5 in the table above. If there is no Senior Public Debt Rating from any of Fitch, S&amp;P or Moody&#146;s, Pricing Level&nbsp;5
in the table above shall apply. Adjustments to the Applicable Rate shall be made on, and shall be effective as of, the day of any adjustment in the Senior Public Debt Rating. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Time</U>&#148; means, with respect to any Borrowings and payments in any Alternative Currency, the local time in the place
of settlement for such Alternative Currency as may be determined by the applicable Agent, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, as the case may be, to be necessary for timely settlement on the relevant date in accordance
with normal banking procedures in the place of payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicant Borrower</U>&#148; means any Applicant Canadian Borrower, Applicant PR
Borrower, and any Applicant U.K. Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicant Canadian Borrower</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.18(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicant PR Borrower</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.18(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicant U.K. Borrower</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.18(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Fund</U>&#148; means any Fund that is administered or managed by (a)&nbsp;a
Lender, (b)&nbsp;an Affiliate of a Lender, or (c)&nbsp;an entity or an Affiliate of an entity that administers or manages a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arranger</U>&#148; means each of (a)&nbsp;BofA Securities, in its capacities as a joint lead arranger and a joint bookrunner,
(b)&nbsp;MUFG Bank, Ltd., in its capacity as a joint lead arranger and a joint bookrunner, (c)&nbsp;BNP Paribas, in its capacity as a joint lead arranger, (d)&nbsp;Mizuho Bank, Ltd., in its capacity as a joint lead arranger, (e)&nbsp;PNC Capital
Markets LLC, in its capacity as a joint lead arranger, (f)&nbsp;RBC Capital Markets, in its capacity as a joint lead arranger (it being understood that RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada
and its affiliates), (g) Truist Securities, Inc., in its capacity as a joint lead arranger, (h)&nbsp;U.S. Bank National Association, in its capacity as a joint lead arranger, and (i)&nbsp;Wells Fargo Securities, LLC, in its capacity as a joint lead
arranger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Assumption</U>&#148; means an assignment and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by <U>Section</U><U></U><U>&nbsp;11.06(b)</U>), and accepted by the Administrative Agent, in substantially the form of <U>Exhibit A</U> or any other form (including electronic
documentation generated by use of an electronic platform) approved by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Auto-Extension Letter of
Credit</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Available Tenor</U>&#148; means, as of
any date of determination and with respect to the then-current Benchmark, as applicable, (a)&nbsp;if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period, or
(b)&nbsp;otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>BA Discount Proceeds</U>&#148; means with respect to any Bankers&#146; Acceptance to be accepted and purchased by a Canadian Lender,
an amount (rounded to the nearest whole Canadian cent, and with <FONT STYLE="white-space:nowrap">one-half</FONT> of one Canadian cent being rounded up) calculated on such day by multiplying (a)&nbsp;the face amount of such Bankers&#146; Acceptance
<U>times</U> (b)&nbsp;the quotient equal to (such quotient being rounded up or down to the nearest fifth decimal place and .000005 being rounded up)&nbsp;(i) one <U>divided by</U> (ii)&nbsp;the <U>sum</U> of (A)&nbsp;one <U>plus</U> (B)&nbsp;the
product of (1)&nbsp;the Applicable BA Discount Rate (expressed as a decimal) applicable to such Bankers&#146; Acceptance <U>times</U> (2)&nbsp;the quotient equal to (x)&nbsp;the number of days remaining in the term of such Bankers&#146; Acceptance
<U>divided by</U> (y) 365. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Action</U>&#148; means the exercise of any Write-Down
and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation</U>&#148; means,
(a)&nbsp;with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country
from time to time which is described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and
any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other
insolvency proceedings). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Balance Sheet Date</U>&#148; means December&nbsp;31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank of America</U>&#148; means Bank of America, N.A. and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankers&#146; Acceptance</U>&#148; means a <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing draft drawn by a Canadian
Borrower in Canadian Dollars in the form of either a depository bill subject to the Depository Bills and Notes Act (Canada) or a <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing bill of exchange, as defined in the Bills of Exchange Act
(Canada), in either case issued by a Canadian Borrower which has been accepted, and, if applicable, purchased by the Canadian Lenders at the request of a Canadian Borrower pursuant to <U>Section</U><U></U><U>&nbsp;2.19</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankers&#146; Acceptance Credit Extension</U>&#148; means, with respect to any Bankers&#146; Acceptance, the acceptance or purchase
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankers&#146; Acceptance Notice</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.19(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate Loan</U>&#148; means a Domestic Base Rate Loan or a Canadian Base Rate Loan, as the context may require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark</U>&#148; means, initially, LIBOR; <U>provided</U>, <U>that</U>, if a replacement of the Benchmark has occurred pursuant to
<U>Section</U><U></U><U>&nbsp;3.03(c)</U> then &#147;Benchmark&#148; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to &#147;Benchmark&#148; shall
include, as applicable, the published component used in the calculation thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Replacement</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For purposes of <U>Section</U><U></U><U>&nbsp;3.03(c)(i)</U>, the first alternative set forth below that can be determined
by the Administrative Agent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the sum of: (A)&nbsp;Term SOFR; <U>plus</U> (B) 0.11448% (11.448 basis points) for an
Available Tenor of <FONT STYLE="white-space:nowrap">one-month&#146;s</FONT> duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months&#146; duration, 0.42826% (42.826 basis points) for an Available Tenor of <FONT
STYLE="white-space:nowrap">six-months&#146;</FONT> duration, and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months&#146; duration; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the sum of: (i)&nbsp;Daily Simple SOFR; <U>plus</U> (ii) 0.11448% (11.448 basis points); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>that</U>, if initially LIBOR is replaced with the rate contained in <U>clause (a)(ii)</U> above and subsequent to such
replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the Administrative Agent in its sole discretion, and the Administrative Agent notifies Ryder and each Lender of such
availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30)&nbsp;days after the date of such notice, the
Benchmark Replacement shall be as set forth in <U>clause (a)(i)</U> above; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) for purposes of <U>Section</U><U></U><U>&nbsp;3.03(c)(ii)</U>, the sum
of (i)&nbsp;the alternate benchmark rate, <U>plus</U> (ii)&nbsp;an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and Ryder as the replacement Benchmark giving due
consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by a Relevant Governmental Body, for Dollar-denominated syndicated credit facilities at such time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>that</U>, if any Benchmark Replacement as determined pursuant to <U>clause (a)</U>&nbsp;or <U>(b)</U> above would be less than zero, such
Benchmark Replacement will be deemed to be zero for the purposes of this Agreement and the other Loan Documents. Any Benchmark Replacement shall be applied in a manner consistent with market practice; <U>provided</U>, <U>that</U>, to the extent such
market practice is not administratively feasible for the Administrative Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Replacement Conforming Changes</U>&#148; means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of &#147;Domestic Base Rate,&#148; the definition of &#147;Business Day,&#148; the definition of &#147;Interest Period,&#148; the definition of &#147;U.K. Swing Line Overnight Dollar
Rate,&#148; the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of
breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides, in consultation with Ryder, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to
permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or
if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides, in consultation with Ryder, is reasonably
necessary in connection with the administration of this Agreement and the other Loan Documents). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benchmark Transition
Event</U>&#148; means, with respect to any then-current Benchmark other than LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark or a Governmental Authority
with jurisdiction over such administrator announcing or stating that all Available Tenors are or will no longer be representative, or made available, or used for determining the interest rate of loans, or shall or will otherwise cease;
<U>provided</U>, <U>that</U>, at the time of such statement or publication, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide any representative tenors of such Benchmark after such
specific date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Certification</U>&#148; means a certification regarding beneficial ownership required by the
Beneficial Ownership Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Regulation</U>&#148; means 31 C.F.R. &#167; 1010.230. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benefit Plan</U>&#148; means any of (a)&nbsp;an &#147;employee benefit plan&#148; (as defined in ERISA) that is subject to Title I of
ERISA, (b)&nbsp;a &#147;plan&#148; as defined in and subject to Section&nbsp;4975 of the Code, or (c)&nbsp;any Person whose assets include (for purposes of ERISA Section&nbsp;3(42) or otherwise for purposes of Title I of ERISA or Section&nbsp;4975
of the Code) the assets of any such &#147;employee benefit plan&#148; or &#147;plan&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>BHC Act Affiliate</U>&#148; of a party means an &#147;affiliate&#148; (as such term
is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Blocking Law</U>&#148; means
(a)&nbsp;any provision of Council Regulation (EC) No 2271/1996 of 22&nbsp;November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union), (b) any provision of Council Regulation (EC) No 2271/1996 of
22&nbsp;November 1996, as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, or (c)&nbsp;section 7 of the German Foreign Trade Regulation
(<I>Au</I><I>&szlig;</I><I>enwirtschaftsverordnung</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>BofA Securities</U>&#148; means BofA Securities, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; and &#147;<U>Borrowers</U>&#148; each has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Materials</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.04</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing</U>&#148; means a Revolving Borrowing, a Domestic Swing Line Borrowing, a Canadian Swing Line Borrowing, or a U.K. Swing
Line Borrowing, as the context may require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148;<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>means,
(a)&nbsp;when used in connection with the Domestic Commitments, the U.K. Commitments, and the PR Commitments, any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent&#146;s Head Office is located and (b)&nbsp;when used in connection with the Canadian Commitments, any day other than a Saturday, Sunday, or any day on which banking institutions in Toronto, Canada
or New York, New York are authorized or required by Laws to be closed; <U>provided</U>, <U>that</U>: (i)&nbsp;if such day relates to Eurodollar Rate Loans or U.K. Swing Line Overnight Dollar Rate Loans, means a Business Day that is also a day on
which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market, (ii)&nbsp;if such day relates to any interest rate settings as to an Alternative Currency Loan or a U.K. Swing Line Alternative Currency
Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Alternative Currency Loan or such U.K. Swing Line Alternative Currency Rate Loan, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Alternative Currency Loan or any such U.K. Swing Line Alternative Currency Rate Loan, means a Business Day that is also a TARGET Day; (iii)&nbsp;if such day relates to any interest rate settings as
to an Alternative Currency Loan or a U.K. Swing Line Alternative Currency Rate Loan denominated in Sterling, means any such day other than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal
holiday under the laws of the United Kingdom; (iv)&nbsp;if such day relates to a U.K. Swing Line Loan, means any such other than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal holiday under
the laws of the United Kingdom; and (v)&nbsp;if such day relates to any fundings, disbursements, settlements and payments in a currency other than Euro in respect of an Alternative Currency Loan denominated in a currency other than Euro, or any
other dealings in any currency other than Euro to be carried out pursuant to this Agreement in respect of any such Alternative Currency Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange
business in the principal financial center of the country of such currency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Agent</U>&#148; means RBC, in its capacity
as the agent with respect to the Aggregate Canadian Commitments under any of the Loan Documents, or any successor agent for the Aggregate Canadian Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian AML Acts</U>&#148; means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government
sanction and &#147;know your client&#148; matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Availability Period</U>&#148; means the period from and including the
Closing Date to the earliest of (a)&nbsp;the Maturity Date, (b)&nbsp;the date of termination of the Aggregate Canadian Commitments pursuant to <U>Section</U><U></U><U>&nbsp;2.06(b)</U>, and (c)&nbsp;the date of termination of the commitment of each
Canadian Lender to make Canadian Revolving Loans and Canadian Swing Line Loans and to accept Bankers&#146; Acceptances pursuant to <U>Section</U><U></U><U>&nbsp;8.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Base Rate</U>&#148; means, with respect to a Canadian Revolving Loan that is a Canadian Base Rate Loan or a Canadian Swing
Line Loan denominated in U.S. Dollars, the annual rate of interest announced from time to time by the Canadian Agent as its reference rate then in effect for U.S.&nbsp;Dollar denominated commercial loans made by the Canadian Agent in Canada;
<U>provided</U>, <U>that</U>, if the Canadian Base Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Base Rate Loan</U>&#148; means a Canadian Revolving Loan or a Canadian Swing Line Loan that bears interest based at the
Canadian Base Rate. All Canadian Base Rate Loans are only available to the Canadian Borrowers and shall be denominated in Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Borrower</U>&#148; and &#147;<U>Canadian Borrowers</U>&#148; each has the meaning specified in the introductory paragraph
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Commitment</U>&#148; means, as to each Canadian Lender, its obligation to (a)&nbsp;make Canadian Revolving
Loans to the Canadian Borrowers pursuant to <U>Section</U><U></U><U>&nbsp;2.01(b)</U>, (b) accept Bankers&#146; Acceptances for the Canadian Borrowers, and (c)&nbsp;purchase participations in Canadian Swing Line Loans, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth opposite such Canadian Lender&#146;s name on <U>Schedule 2.01</U> or in the Assignment and Assumption or other documentation pursuant to which such Canadian Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian
Dollars</U>&#148; or &#147;<U>C$</U>&#148; means the lawful currency of Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Excess Amount</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;2.05(d)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Facility Fee</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.09(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Lender</U>&#148; means, at any time, (a)&nbsp;so long as any Canadian
Commitment is in effect, any Lender that has a Canadian Commitment at such time, or (b)&nbsp;if the Canadian Commitments have terminated or expired, any Lender that has a Canadian Revolving Loan or a participation in Canadian Swing Line Loans at
such time or has accepted a Bankers&#146; Acceptance at such time, and, in each case, each of which is a bank or other financial institution which is resident in Canada for purposes of the Income Tax Act (Canada) and which is named in Schedule I or
Schedule II to the Bank Act (Canada) or deemed resident in Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this Agreement and which is named in Schedule III to the Bank Act (Canada). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Loan Notice</U>&#148; means a notice of (a)&nbsp;a Canadian Revolving Borrowing, or (b)&nbsp;a conversion of Canadian
Revolving Loans from one Type to the other, pursuant to <U>Section</U><U></U><U>&nbsp;2.02(b)</U>, which shall be substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">B-2</FONT></U> or such other form as may be approved by the
Canadian Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Canadian Agent), appropriately completed and signed by a Responsible Officer of the applicable Canadian Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Prime Rate</U>&#148; means, with respect to a Canadian Revolving Loan that
is a Canadian Prime Rate Loan or a Canadian Swing Line Loan denominated in Canadian Dollars, the annual rate of interest announced from time to time by the Canadian Agent as its reference rate then in effect for determining interest rates for
commercial loans in Canadian Dollars made by the Canadian Agent in Canada; <U>provided</U>, <U>that</U>, if the Canadian Prime Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Prime Rate Loan</U>&#148; means a Canadian Revolving Loan or a Canadian Swing Line Loan that bears interest based at
the Canadian Prime Rate. All Canadian Prime Rate Loans are only available to the Canadian Borrowers and shall be denominated in Canadian Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Reference Lenders</U>&#148; means Mizuho Bank Ltd. and RBC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Revolving Borrowing</U>&#148; means a borrowing consisting of simultaneous Canadian Revolving Loans of the same Type, in the
same currency, and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Canadian Lenders pursuant to <U>Section</U><U></U><U>&nbsp;2.01(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Revolving Credit Exposure</U>&#148; means, as to any Canadian Lender at any time, the aggregate principal amount of such
Canadian Lender&#146;s (a)&nbsp;outstanding Canadian Revolving Loans at such time, <U>plus</U> (b)&nbsp;outstanding Bankers&#146; Acceptances at such time, <U>plus</U> (c)&nbsp;participation in Canadian Swing Line Loans at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Revolving Loan</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.01(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Sanctions List</U>&#148; means the list of names subject to the Regulations Establishing a List of Entities made under
subsection 83.05(1) of the Criminal Code (Canada), the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism, the United Nations <FONT STYLE="white-space:nowrap">Al-Qaida</FONT> and Taliban Regulations and/or the
Special Economic Measures Act (Canada). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Subsidiary</U>&#148; means a Subsidiary organized under the Laws of Canada.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Swing Line Borrowing</U>&#148; means a borrowing of a Canadian Swing Line Loan pursuant to
<U>Section</U><U></U><U>&nbsp;2.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Swing Line Commitment</U>&#148; means, as to the Canadian Swing Line Lender,
the amount set forth opposite the Canadian Swing Line Lender&#146;s name on <U>Schedule 2.04</U> (as such Schedule may be updated from time to time pursuant to this Agreement). The Canadian Swing Line Commitment of the Canadian Swing Line Lender may
be modified from time to time by agreement among Ryder, the Canadian Agent, and the Canadian Swing Line Lender. <U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect any modification to the Canadian Swing Line Lender&#146;s
Canadian Swing Line Commitment effected pursuant to the immediately preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Swing Line Lender</U>&#148;
means RBC (through itself or through one of its designated Affiliates or branch offices), in its capacity as provider of Canadian Swing Line Loans hereunder. The definition of &#147;Canadian Swing Line Lender&#148; shall be deemed to be
automatically updated to reflect any replacement or resignation of the Canadian Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.04(g)(ii)</U>, <U>Section</U><U></U><U>&nbsp;2.04(h)(ii)</U>, or
<U>Section</U><U></U><U>&nbsp;11.06(f)</U>, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Swing Line Loan</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.04(a)(ii)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Swing Line Loan Notice</U>&#148; means a notice of a Canadian Swing Line
Borrowing pursuant to <U>Section</U><U></U><U>&nbsp;2.04(b)(ii)</U>, which shall be substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">C-2</FONT></U> or such other form as approved by the Canadian Agent and the Canadian Swing
Line Lender (including any form on an electronic platform or electronic transmission system as shall be approve by the Canadian Agent), appropriately completed and signed by a Responsible Officer of the applicable Canadian Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Swing Line Sublimit</U>&#148; means, as of any date of determination, an amount equal to the lesser of (a) $50,000,000, and
(b)&nbsp;the amount of the Aggregate Canadian Commitments as of such date. The Canadian Swing Line Sublimit is part of, and not in addition to, the Aggregate Canadian Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease</U>&#148; means, with respect to any Person, any lease under which such Person or any of its consolidated
Subsidiaries is the lessee or obligor, the discounted future rental payment obligations under which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Collateralize</U>&#148; means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the L/C Issuers or the Domestic Lenders, as collateral for L/C Obligations or obligations of the Domestic Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the
applicable L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and such L/C Issuer. &#147;<U>Cash Collateral</U>&#148; shall
have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CDOR Rate</U>&#148; means, on any day, the annual rate of interest determined by the Canadian Agent which is equal to the average of
the yield rates per annum (calculated on the basis of a year of 365 days) applicable to Canadian Dollar bankers&#146; acceptances having, where applicable, identical issue and comparable maturity dates as the Bankers&#146; Acceptances proposed to be
issued by the Canadian Borrowers displayed and identified as such on the &#147;CDOR Page&#148; (or any display substituted therefore) of Reuters Monitor Money Rates Service at approximately 10:00 a.m. (Toronto time) on that day or, if that day is
not a Business Day, then on the immediately preceding Business Day (as adjusted by the Canadian Agent after 10:00 a.m. (Toronto time) to reflect any error in a posted rate of interest or in the posted average annual rate of interest);
<U>provided</U>, <U>however</U>, (a)&nbsp;if those rates do not appear on that CDOR Page, then the CDOR Rate shall be the discount rate (expressed as a rate per annum on the basis of a year of 365 day) applicable to those Canadian Dollar
bankers&#146; acceptances in a comparable amount to the Bankers&#146; Acceptances proposed to be issued by the Canadian Borrowers quoted by the Canadian Agent as of 10:00 a.m. (Toronto time) on that day or, if that day is not a Business Day, then on
the immediately preceding Business Day and (b)&nbsp;if the CDOR Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Each determination of the CDOR Rate by the Canadian Agent shall
be conclusive and binding, absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Law</U>&#148; means the occurrence, after the Closing Date, of any
of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty; (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority; or (c)&nbsp;the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <U>provided</U>, <U>that</U>, notwithstanding anything herein to the
contrary, (i)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof, and (ii)&nbsp;all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian, or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted, issued or implemented. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ChoiceLease Charge to Equity</U>&#148; has the meaning specified in the definition
of &#147;Consolidated Adjusted Net Worth.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; means December&nbsp;14, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment</U>&#148; means a Domestic Commitment, a Canadian Commitment, a U.K. Commitment and/or a PR Commitment, as the context may
require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Communication</U>&#148; means this Agreement, any other Loan Document, and any other document, amendment, approval,
consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Compliance Certificate</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.04(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conforming Changes</U>&#148; means, with respect to the use, administration of or any conventions associated with ESTR, EURIBOR,
Simple SONIA, SONIA, or any proposed Successor Rate for an Alternative Currency, as applicable, any conforming changes to the definition of &#147;ESTR,&#148; the definition of &#147;EURIBOR,&#148; the definition of &#147;Simple SONIA,&#148; the
definition of &#147;SONIA,&#148; the definition of &#147;Interest Period,&#148;, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of
doubt, the definition of &#147;Business Day,&#148; timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) that the Administrative Agent decides, in consultation with Ryder, may be appropriate
to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the applicable Agent in a manner substantially consistent with market practice for such Alternative Currency (or, if the applicable
Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for such Alternative Currency exists, in such other manner of administration as the
applicable Agent determines, in consultation with Ryder, is reasonably necessary in connection with the administration of this Agreement and any other Loan Document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Connection Income Taxes</U>&#148; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated</U>&#148; or &#147;<U>consolidated</U>&#148; with reference to
any term defined herein means as that term is applied to the accounts of Ryder and its Consolidated Subsidiaries consolidated in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Adjusted Net Worth</U>&#148; means, at any date, the total of (a)&nbsp;consolidated shareholders&#146; equity of Ryder
and its Consolidated Subsidiaries, <U>plus</U> (b)&nbsp;any <FONT STYLE="white-space:nowrap">non-cash</FONT> goodwill impairment charges for the FMS North America reporting unit of Ryder and its Consolidated Subsidiaries which after May&nbsp;22,
2020 are recorded on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP in an aggregate amount not exceed $244,000,000 during the period from May&nbsp;22, 2020 through the Maturity Date,
<U>plus</U> (c)&nbsp;that certain $374,000,000 <FONT STYLE="white-space:nowrap">after-tax</FONT> charge to shareholders&#146; equity of Ryder and its Consolidated Subsidiaries resulting from the adoption of FASB ASC 842 which was recorded on the
consolidated financial statements of Ryder and its Consolidated Subsidiaries for the fiscal year ended December&nbsp;31, 2018, in accordance with GAAP (the &#147;<U>ChoiceLease Charge to Equity</U>&#148;), <U>minus</U> (d)&nbsp;an amount equal to
(i) $6,700,000 on May&nbsp;22, 2020, and (ii) $6,700,000 per fiscal quarter, commencing with the fiscal quarter ended June&nbsp;30, 2020 (it being understood that each such $6,700,000 reduction of shareholders&#146; equity of Ryder and its
Consolidated Subsidiaries pursuant to this <U>clause (d)(ii)</U> shall occur on the last day of each fiscal quarter), in each case, as amortization of the ChoiceLease Charge to Equity in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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an aggregate amount not to exceed $187,000,000 during the period from May&nbsp;22, 2020 through the Maturity Date, <U>minus</U> (e)&nbsp;investments in Subsidiaries other than Consolidated
Subsidiaries; <U>provided</U>, <U>that</U>, Consolidated Adjusted Net Worth shall exclude (i)&nbsp;any accumulated other comprehensive income or loss associated with Ryder and its Consolidated Subsidiaries&#146; pension and other post-retirement
plans which is recorded on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP, and (ii)&nbsp;any <FONT STYLE="white-space:nowrap">non-cash</FONT> gains or losses from currency translation
adjustments which are recorded in shareholders&#146; equity on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Subsidiary</U>&#148; means, as of any date, any Subsidiary or other Person the accounts of which would be consolidated
with those of Ryder in its consolidated financial statements if prepared on such date, in accordance with Generally Accepted Accounting Principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Tangible Assets</U>&#148; means, as at any date, the consolidated assets of Ryder and its Consolidated Subsidiaries
which may properly be classified as assets in accordance with GAAP, on a consolidated basis and after eliminating (a)&nbsp;all intercompany items, (b)&nbsp;all Intangible Assets, and (c)&nbsp;all investments in Subsidiaries other than Consolidated
Subsidiaries (to the extent such investments are not otherwise eliminated). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control</U>&#148; means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. &#147;<U>Controlling</U>&#148; and &#147;<U>Controlled</U>&#148;
have meanings correlative thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Corresponding Tenor</U>&#148; with respect to any Available Tenor means, as applicable,
either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Entity</U>&#148; means any of the following: (a)&nbsp;a &#147;covered entity&#148; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (b) a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (c)&nbsp;a &#147;covered FSI&#148; as that term is defined in,
and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Party</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.22</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Extension</U>&#148; means each of the following: (a)&nbsp;a Borrowing;
(b)&nbsp;a L/C Credit Extension, and (c)&nbsp;a Bankers&#146; Acceptance Credit Extension. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Current Maturity Date</U>&#148; has
the meaning specified in <U>Section</U><U></U><U>&nbsp;2.14(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily Simple SOFR</U>&#148; with respect to any applicable
determination date means the secured overnight financing rate (&#147;<U>SOFR</U>&#148;) published on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank
of New York&#146;s website (or any successor source). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>DBNA</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.19(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debt Rating</U>&#148; has the meaning specified in the definition of
&#147;Applicable Rate.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debtor Relief Laws</U>&#148; means the Bankruptcy Code of the United States, the Bankruptcy and
Insolvency Act (Canada), the Companies&#146; Creditors Arrangement Act (Canada), the <FONT STYLE="white-space:nowrap">Winding-Up</FONT> and Restructuring Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Canada, or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deemed Indebtedness Under Limited Recourse Facilities</U>&#148; means (a)&nbsp;the
Deemed Receivables Indebtedness, (b)&nbsp;the Deemed Securitization Indebtedness, and (c)&nbsp;in respect of any other Limited Recourse Facility, an amount equal to the greater of (i)&nbsp;ten percent (10%) of the principal amount or aggregate
payment obligations, as applicable, under such Limited Recourse Facility, and (ii)&nbsp;two (2) times the percentage recourse under such Limited Recourse Facility of the principal amount or aggregate payment obligations, as applicable, under such
Limited Recourse Facility (as determined in accordance with the definition of &#147;Limited Recourse Facility&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deemed
Receivables Indebtedness</U>&#148; means, in respect of any Receivables Purchase Agreement, so long as there is a purchased receivables balance outstanding under such Receivables Purchase Agreement, an amount equal to ten percent (10%) of the
aggregate face amount of all accounts receivable of Ryder and its Consolidated Subsidiaries which at any given time constitute purchased receivables under such Receivables Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deemed Securitization Indebtedness</U>&#148; means, in respect of any Securitization Transaction, an amount equal to twenty-five
percent (25%) of the amount of Indebtedness of Ryder and its Consolidated Subsidiaries (or of any special purpose securitization conduit incurred in connection with such Securitization Transaction) incurred in connection with such Securitization
Transaction, excluding any Indebtedness as to which Ryder and its Consolidated Subsidiaries is the holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148;
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Rate</U>&#148; means: (a)&nbsp;when used with respect to Obligations other than Letter of Credit Fees and Acceptance Fees, an
interest rate equal to (i)&nbsp;the Domestic Base Rate, <U>plus</U> (ii)&nbsp;the Applicable Rate, if any, applicable to Base Rate Loans, <U>plus</U> (iii)&nbsp;two percent (2%) per annum; <U>provided</U>, <U>that</U>, with respect to a Eurodollar
Rate Loan or an Alternative Currency Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan <U>plus</U> two percent (2%) per annum; (b)&nbsp;when used with
respect to Letter of Credit Fees, a rate equal to the Applicable Rate <U>plus</U> two percent (2%) per annum; and (c)&nbsp;when used with respect to Acceptance Fees, a rate equal to the Applicable Rate <U>plus</U> two percent (2%) per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Right</U>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;
252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender</U>&#148; means, subject to <U>Section</U><U></U><U>&nbsp;2.17(b)</U>,
any Lender that (a)&nbsp;has failed to (i)&nbsp;fund all or any portion of its Loans within two (2)&nbsp;Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the applicable Agent and Ryder in writing
that such failure is the result of such Lender&#146;s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not
been satisfied, or (ii)&nbsp;pay to any Agent, any L/C Issuer, any Swing Line Lender, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit, in Domestic Swing Line
Loans, Canadian Swing Line Loans, or in U.K. Swing Line Loans) within two (2)&nbsp;Business Days of the date when due, (b)&nbsp;has notified Ryder, any Agent, any L/C Issuer, or any Swing Line Lender in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect with respect to its funding obligations hereunder or has defaulted in fulfilling its obligation under other credit agreements in which it commits to extend credit,
(c)&nbsp;has failed, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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within three (3)&nbsp;Business Days after written request by the applicable Agent or Ryder, to confirm in writing to such Agent and Ryder that it will comply with its prospective funding
obligations hereunder (<U>provided</U>, <U>that</U>, such Lender shall cease to be a Defaulting Lender pursuant to this <U>clause (c)</U>&nbsp;upon receipt of such written confirmation by such Agent and Ryder), or (d)&nbsp;has, or has a direct or
indirect parent company that has, (i)&nbsp;become the subject of a proceeding under any Debtor Relief Law, (ii)&nbsp;had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, (iii)&nbsp;taken any action in furtherance
of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv)&nbsp;become the subject of a <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action; <U>provided</U>, <U>that</U>, a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Lender. Any determination by any Agent that a Lender is a Defaulting Lender under any one or more of <U>clauses (a)</U>&nbsp;through <U>(d)</U> above, and of the effective date of such status,
shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <U>Section</U><U></U><U>&nbsp;2.17(b)</U>) as of the date established therefor by such Agent in a written notice of such
determination, which shall be delivered by such Agent to Ryder, each L/C Issuer, each Swing Line Lender and each other Lender promptly following such determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Derivatives Obligations</U>&#148; means, with respect to any Person, all obligations of such Person in respect of any rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, total rate of return swap, credit default swap, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing
transactions) or any combination of the foregoing transactions. For purposes of <U>Section</U><U></U><U>&nbsp;7.01</U> and <U>Section</U><U></U><U>&nbsp;8.01(f)</U>, the &#147;aggregate amount&#148; of any Derivatives Obligations at any time shall
be the maximum amount of any termination or loss payment required to be paid by Ryder and/or its Subsidiaries if such Derivatives Obligations were, at the time of determination hereunder, to be terminated by reason of any event of default or early
termination event thereunder, whether or not such event of default or early termination event has in fact occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated
Borrower</U>&#148; means any Designated Canadian Borrower, any Designated PR Borrower, and any Designated U.K. Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Borrower Notice</U>&#148; means the notice substantially in the form of <U>Exhibit E</U> attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Borrower Request and Assumption Agreement</U>&#148; means the notice substantially in the form of <U>Exhibit F</U>
attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Borrower Requirements</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.18(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Canadian Borrower</U>&#148; and &#147;<U>Designated Canadian
Borrowers</U>&#148; each has the meaning specified in the introductory paragraph hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated PR Borrower</U>&#148; and
&#147;<U>Designated PR Borrowers</U>&#148; each has the meaning specified in the introductory paragraph hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated U.K. Borrower</U>&#148; and &#147;<U>Designated U.K. Borrowers</U>&#148;
each has the meaning specified in the introductory paragraph hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Jurisdiction</U>&#148; means any country or
territory to the extent that such country or territory itself is the subject of any Sanction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Direction</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;3.01(i)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dollar</U>&#148; and &#147;<U>$</U>&#148; mean lawful money
of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dollar Equivalent</U>&#148; means, for any amount, at the time of determination thereof, (a)&nbsp;if such
amount is expressed in Dollars, such amount, (b)&nbsp;if such amount is expressed in an Alternative Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with the Alternative Currency
last provided (either by publication or otherwise provided to the applicable Agent, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, as applicable) by the applicable Bloomberg source (or such other publicly available source for
displaying exchange rates) on date that is two (2)&nbsp;Business Days immediately preceding the date of determination (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as
determined by the applicable Agent, the Canadian Swing Line Lender or the U.K. Swing Line Lender, as applicable, using any method of determination it deems appropriate in its sole discretion), and (c)&nbsp;if such amount is denominated in any other
currency, the equivalent of such amount in Dollars as determined by the applicable Agent using any method of determination it deems appropriate in its sole discretion. Any determination by the applicable Agent, the Canadian Swing Line Lender or the
U.K. Swing Line Lender pursuant to <U>clause (b)</U>&nbsp;above shall be conclusive absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Availability
Period</U>&#148; means the period from and including the Closing Date to the earliest of (a)&nbsp;the Maturity Date, (b)&nbsp;the date of termination of the Aggregate Domestic Commitments pursuant to <U>Section</U><U></U><U>&nbsp;2.06(a)</U>, and
(c)&nbsp;the date of termination of the commitment of each Domestic Lender to make Domestic Revolving Loans and Domestic Swing Line Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to
<U>Section</U><U></U><U>&nbsp;8.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Base Rate</U>&#148;<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>means
for any day a fluctuating rate of interest per annum equal to the highest of (a)&nbsp;the Federal Funds Rate <U>plus</U> 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its
&#147;prime rate,&#148; (c) the Eurodollar Rate <U>plus</U> 1%; <U>provided</U>, <U>that</U>, if the Domestic Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The &#147;prime rate&#148; is a rate set
by Bank of America based upon various factors including Bank of America&#146;s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below
such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the Domestic Base Rate is being used as an alternate rate
of interest pursuant to <U>Section</U><U></U><U>&nbsp;3.03</U>, then the Domestic Base Rate shall be the greater of <U>clauses (a)</U>&nbsp;and <U>(b)</U> above and shall be determined without reference to <U>clause (c)</U>&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Base Rate Loan</U>&#148; means a Domestic Revolving Loan, a U.K. Revolving Loan, or a PR Revolving Loan that bears interest
based on the Domestic Base Rate. All Domestic Base Rate Loans are only available to Ryder, the U.K. Borrowers, or the PR Borrowers and shall be denominated in Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Commitment</U>&#148; means, as to each Domestic Lender, its obligation to (a)&nbsp;make Domestic Revolving Loans to Ryder
pursuant to <U>Section</U><U></U><U>&nbsp;2.01(a)</U>, (b) purchase participations in L/C Obligations, and (c)&nbsp;purchase participations in Domestic Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such Domestic Lender&#146;s name on <U>Schedule </U><U>2.01</U> or in the Assignment and Assumption or other documentation pursuant to which such Domestic Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Facility Fee</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.09(a)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Lender</U>&#148; means, at any time, (a)&nbsp;so long as any Domestic
Commitment is in effect, any Lender that has a Domestic Commitment at such time, or (b)&nbsp;if the Domestic Commitments have terminated or expired, any Lender that has a Domestic Revolving Loan or a participation in Domestic Swing Line Loans or L/C
Obligations at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Loan Notice</U>&#148; means a notice of (a)&nbsp;a Domestic Revolving Borrowing, (b)&nbsp;a
conversion of Domestic Revolving Loans from one Type to the other, or (c)&nbsp;a continuation of Eurodollar Rate Loans that are Domestic Revolving Loans, pursuant to <U>Section</U><U></U><U>&nbsp;2.02(a)</U>, which shall be substantially in the form
of <U>Exhibit <FONT STYLE="white-space:nowrap">B-1</FONT> </U>or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of Ryder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Revolving
Borrowing</U>&#148; means a borrowing consisting of simultaneous Domestic Revolving Loans of the same Type, in the same currency, and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Domestic Lenders
pursuant to <U>Section</U><U></U><U>&nbsp;2.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Revolving Credit Exposure</U>&#148; means, as to any Domestic
Lender at any time, the aggregate principal amount of such Domestic Lender&#146;s (a)&nbsp;outstanding Domestic Revolving Loans at such time, <U>plus</U> (b)&nbsp;participation in L/C Obligations at such time, <U>plus</U> (c)&nbsp;participation in
Domestic Swing Line Loans at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Revolving Loan</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.01(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Subsidiary</U>&#148; means any Subsidiary that is organized under the laws
of the United States, any state thereof or the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Swing Line Borrowing</U>&#148; means a borrowing
of a Domestic Swing Line Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Swing Line Commitment</U>&#148;
means, as to any Domestic Swing Line Lender, the amount set forth opposite such Domestic Swing Line Lender&#146;s name on <U>Schedule 2.04</U> (as such Schedule may be updated from time to time pursuant to this Agreement). The Domestic Swing Line
Commitment of any Domestic Swing Line Lender may be modified from time to time by agreement among Ryder, the Administrative Agent, and such Domestic Swing Line Lender. <U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect any
modification to any Domestic Swing Line Lender&#146;s Domestic Swing Line Commitment effected pursuant to the immediately preceding sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Swing Line Lender</U>&#148; means each of (a)&nbsp;Bank of America (through itself or through one of its designated
Affiliates or branch offices), in its capacity as provider of Domestic Swing Line Loans hereunder, (b)&nbsp;MUFG Bank, Ltd., in its capacity as provider of Domestic Swing Line Loans hereunder, and (c)&nbsp;any Person that becomes a domestic swing
line lender hereunder pursuant to <U>Section</U><U></U><U>&nbsp;2.04(g)(i)</U>. The definition of &#147;Domestic Swing Line Lender&#148; shall be deemed to be automatically updated to reflect any replacement or resignation of a Domestic Swing Line
Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.04(g)(i)</U>, <U>Section</U><U></U><U>&nbsp;2.04(h)(i)</U> or <U>Section</U><U></U><U>&nbsp;11.06(f)</U>, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Swing Line Loan</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.04(a)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Swing Line Loan Notice</U>&#148; means a notice of a Domestic Swing Line
Borrowing pursuant to <U>Section</U><U></U><U>&nbsp;2.04(b)(i)</U>, which shall be substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">C-1</FONT></U> or such other form as approved by the Administrative Agent and the applicable
Domestic Swing Line Lender (including any form on an electronic platform or electronic transmission system as shall be approve by the Administrative Agent), appropriately completed and signed by a Responsible Officer of Ryder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Swing Line Sublimit</U>&#148; means, as of any date of determination, an amount equal to the lesser of (a) $100,000,000, and
(b)&nbsp;the amount of the Aggregate Domestic Commitments as of such date. The Domestic Swing Line Sublimit is part of, and not in addition to, the Aggregate Domestic Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Effective Date</U>&#148; means, with respect to any Early <FONT
STYLE="white-space:nowrap">Opt-in</FONT> Election, the sixth (6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day after the date notice of such Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election is provided to the
Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day after the date notice of such Early <FONT STYLE="white-space:nowrap">Opt-in</FONT>
Election is provided to the Lenders, written notice of objection to such Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election from Lenders comprising the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election</U>&#148; means the occurrence of: (a)&nbsp;a determination by the
Administrative Agent, or a notification by Ryder to the Administrative Agent that Ryder has made a determination, that Dollar-denominated syndicated credit facilities currently being executed, or that include language similar to that contained in
<U>Section</U><U></U><U>&nbsp;3.03(c)</U>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; and (b)&nbsp;the joint election by the Administrative Agent and Ryder to replace LIBOR
with a Benchmark Replacement and the provision by the Administrative Agent of written notice of such election to the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Financial Institution</U>&#148; means (a)&nbsp;any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in <U>clause (a)</U>&nbsp;of this definition, or (c)&nbsp;any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in <U>clause (a)</U>&nbsp;or <U>(b)</U> of this definition and is subject to consolidated supervision with its parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Member Country</U>&#148; means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Resolution Authority</U>&#148; means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Copy</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.17</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Record</U>&#148; has the meaning assigned to it by 15 USC &#167;7006. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Signature</U>&#148; has the meaning assigned to it by 15 USC &#167;7006. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Assignee</U>&#148; means any Person that is a Qualifying Lender that (a)&nbsp;is a Lender, an Affiliate of a Lender or an
Approved Fund; (b)&nbsp;a commercial bank, finance company or financial institution organized under the Laws of the United States, or any state thereof or the District of Columbia, and having total assets in excess of $1,000,000,000; (c) a savings
and loan association or savings bank organized under the Laws of the United States, or any state thereof or the District of Columbia, and having a net worth of at </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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least $1,000,000,000, calculated in accordance with GAAP; (d)&nbsp;a commercial bank or financial institution organized under the Laws of any other country which is a member of the Organization
for Economic Cooperation and Development (the &#147;<U>OECD</U>&#148;), or a political subdivision of any such country, and having total assets in excess of $1,000,000,000 (or the local currency equivalent thereof), provided that such bank is acting
through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD; and (e)&nbsp;the central bank of any country which is a member of the OECD,<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>in each case, that meets the requirements to be an assignee under <U>Section</U><U></U><U>&nbsp;11.06(b)(iii)</U> and <U>(v)</U> (subject to such consents, if any, as may be required under
<U>Section</U><U></U><U>&nbsp;11.06(b)(iii)</U>); <U>provided,</U> <U>that</U>, neither General Electric Capital Corporation nor any Affiliate of General Electric Capital Corporation shall be an &#147;Eligible Assignee&#148; for the purposes of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Law</U>&#148; means any judgment, decree, order, law, permit, license, rule or regulation pertaining to
environmental matters, or any United States, Canadian, United Kingdom or Puerto Rican federal, state, provincial, territorial or local statute, regulation, ordinance, order or decree relating to public health, waste transportation or disposal, or
the environment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Liability</U>&#148; means any liability, contingent or otherwise (including any liability for
damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrowers or any guarantor hereunder or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a)&nbsp;violation of any
Environmental Law, (b)&nbsp;the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Substances, (c)&nbsp;exposure to any Hazardous Substances, (d)&nbsp;the release or threatened release of any Hazardous
Substances into the environment, or (e)&nbsp;any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; means shares of capital stock, partnership interests, membership interests, beneficial interests or other
ownership interests, whether voting or nonvoting, in, or interests in the income or profits of, a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; means any trade or business (whether or not incorporated) under common control with Ryder or any of its
Subsidiaries within the meaning of Section&nbsp;414(b) or (c)&nbsp;of the Code (and Sections 414(m) and (o)&nbsp;of the Code for purposes of provisions relating to Section&nbsp;412 of the Code). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Event</U>&#148; means: (a)&nbsp;a Reportable Event with respect to a Pension Plan; (b)&nbsp;the withdrawal of any Borrower or
any ERISA Affiliate from a Pension Plan subject to Section&nbsp;4063 of ERISA during a plan year in which such entity was a &#147;substantial employer&#148; as defined in Section&nbsp;4001(a)(2) of ERISA or a cessation of operations that is treated
as such a withdrawal under Section&nbsp;4062(e) of ERISA; (c)&nbsp;any event or condition which constitutes grounds under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; or
(d)&nbsp;the imposition of any liability under Title IV of ERISA with respect to a Pension Plan, other than for PBGC premiums due but not delinquent under Section&nbsp;4007 of ERISA, upon any Borrower or any ERISA Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ESG</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ESG Amendment</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ESG Applicable Rate Adjustments</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ESG Pricing Provisions</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ESTR</U>&#148; means, with respect to any applicable determination date, the Euro
Short Term Rate published on the first (1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>) Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time); <U>provided</U>, <U>that</U>, if such determination date is not a Business Day, ESTR means such rate that applied on the first (1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>)
Business Day immediately prior thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ESTR Adjustment</U>&#148; means 0.085%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule</U>&#148; means the EU
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EURIBOR</U>&#148; has the meaning specified in the definition of &#147;Alternative Currency Term Rate.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Euro</U>&#148;, &#147;<U>EU</U>&#148;, and &#147;<U>&#128;</U>&#148; means the single currency of the Participating Member States.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eurodollar Rate</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) for any Interest Period with respect to a Eurodollar Rate Loan that is a Domestic Revolving Loan, a PR Revolving Loan, or a
U.K. Revolving Loan, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars for a period equal in length to such
Interest Period) (&#147;<U>LIBOR</U>&#148;), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in such
case, the &#147;<U>LIBOR Rate</U>&#148;) at or about 11:00 a.m., London time, two (2)&nbsp;Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) for any interest calculation with respect to a Domestic Base Rate Loan on any
date, the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m., London time, two (2)&nbsp;Business Days prior to such date for Dollar deposits with a term of one (1)&nbsp;month commencing that day; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) for any Interest Period with respect to a Eurodollar Rate Loan that is a Canadian Revolving Loan denominated in Dollars,
the rate per annum equal to LIBOR, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Canadian Agent from time to time) at or about 11:00 a.m.,
London time, two (2)&nbsp;Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>that</U>, if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eurodollar Rate Loan</U>&#148; means (a)&nbsp;a Domestic Revolving Loan, a PR Revolving Loan, or a U.K. Revolving Loan denominated in
Dollars that bears interest at a rate based on <U>clause (a)</U>&nbsp;of the definition of &#147;Eurodollar Rate&#148; and (b)&nbsp;a Canadian Revolving Loan denominated in Dollars that bears interest at a rate based on <U>clause (c)</U>&nbsp;of the
definition of &#147;Eurodollar Rate&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;8.01</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Taxes</U>&#148; means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient: (a)&nbsp;Taxes imposed on or measured by net income or profit (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii)&nbsp;that are Other Connection Taxes; (b)&nbsp;in the
case of a Lender, withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or commitment pursuant to a law in effect on the date on which (i)&nbsp;such Lender acquires such
interest in the Loan or commitment (other than pursuant to an assignment request by Ryder under <U>Section</U><U></U><U>&nbsp;11.13</U>), or (ii)&nbsp;such Lender changes its Lending Office, except in each case to the extent that, pursuant to
<U>Section</U><U></U><U>&nbsp;3.01(b)</U> or <U>(d)</U>, amounts with respect to such Taxes were payable either to such Lender&#146;s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
Lending Office; (c)&nbsp;any Canadian federal withholding Taxes imposed on amounts payable to or for the account of a Recipient as a result of such Recipient (i)&nbsp;not dealing at arm&#146;s length (within the meaning of the Income Tax Act
(Canada) with a Borrower, or (ii)&nbsp;being a &#147;specified shareholder&#148; (as defined in subsection 18(5) of the Income Tax Act (Canada)) of a Borrower or not dealing at arm&#146;s length (within the meaning of the Income Tax Act (Canada))
with a &#147;specified shareholder&#148; of a Borrower, except, in each case, where the <FONT STYLE="white-space:nowrap">non-arm&#146;s</FONT> length relationship arises, or where the Recipient is a &#147;specified shareholder&#148; or does not deal
at arm&#146;s length with a &#147;specified shareholder&#148;, in connection with or as a result of the Recipient having become a party to, received or perfected a security interest under or received or enforced any rights under, a Loan Document,
(d)&nbsp;Taxes attributable to such Recipient&#146;s failure to comply with <U>Section</U><U></U><U>&nbsp;3.01(g)</U> or any Taxes in respect of which no additional amounts are payable pursuant to <U>Section</U><U></U><U>&nbsp;3.01(i)</U>; (e) any
withholding Taxes imposed pursuant to FATCA; and (f)&nbsp;VAT, which for the avoidance of doubt, shall be dealt with under <U>Section</U><U></U><U>&nbsp;3.01(j)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Credit Agreement</U>&#148; has the meaning specified in the introductory paragraphs hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Letters of Credit</U>&#148; means the letters of credit described on <U>Schedule 1.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extending Lender</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.14(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extension Letter</U>&#148; means a letter from the Borrowers to the Agents requesting an extension of each Lender&#146;s Scheduled
Maturity Date, substantially in the form of <U>Exhibit G</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Fees</U>&#148; means, collectively, the Domestic Facility
Fee, the Canadian Facility Fee, the U.K. Facility Fee, and the PR Facility Fee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FASB ASC</U>&#148; means the Accounting
Standards Codification of the Financial Accounting Standards Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; means Sections 1471 through 1474 of the
Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into
pursuant to Section&nbsp;1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the
implementation of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA Deduction</U>&#148; means a deduction or withholding from a payment under a Loan Document
required by FATCA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FCA</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3.03(c)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds Rate</U>&#148;<SUP STYLE="font-size:85%; vertical-align:top">
</SUP>means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day&#146;s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York
shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; <U>provided</U>, <U>that</U>, if the Federal Funds Rate as so
determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fee Letter</U>&#148;
means the fee letter agreement, dated November&nbsp;15, 2021, among Ryder, Bank of America, and BofA Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial
Officer</U>&#148; of any Person means the chief financial officer, principal accounting officer, controller, assistant controller, treasurer, associate or assistant treasurer or director of treasury services of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fitch</U>&#148; means Fitch Ratings, a wholly owned subsidiary of Fimilac, S.A, or any of its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Borrower</U>&#148; means each Canadian Borrower, each U.K. Borrower, and any other Foreign Subsidiary that becomes a Borrower
hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Lender</U>&#148; means, with respect to any Borrower, (a)&nbsp;if such Borrower is a U.S. Person, a Lender
that is not a U.S. Person, and (b)&nbsp;if such Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Obligor</U>&#148; means each Foreign Borrower and any other Foreign Subsidiary that becomes a guarantor hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Subsidiary</U>&#148; means any Subsidiary that is organized under the Laws of a jurisdiction other than the United States, a
State thereof or the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fronting Exposure</U>&#148; means, at any time there is a Defaulting Lender,
(a)&nbsp;with respect to any L/C Issuer, such Defaulting Lender&#146;s Applicable Percentage of the outstanding L/C Obligations, other than L/C Obligations as to which such Defaulting Lender&#146;s participation obligation has been reallocated to
other Lenders or Cash Collateralized in accordance with the terms hereof, (b)&nbsp;with respect to any Domestic Swing Line Lender, such Defaulting Lender&#146;s Applicable Percentage of Domestic Swing Line Loans, other than Domestic Swing Line Loans
as to which such Defaulting Lender&#146;s participation obligation has been reallocated to other Lenders in accordance with the terms hereof, (c)&nbsp;with respect to the Canadian Swing Line Lender, such Defaulting Lender&#146;s Applicable
Percentage of Canadian Swing Line Loans, other than Canadian Swing Line Loans as to which such Defaulting Lender&#146;s participation obligation has been reallocated to other Lenders in accordance with the terms hereof, and (d)&nbsp;with respect to
the U.K. Swing Line Lender, such Defaulting Lender&#146;s Applicable Percentage of U.K. Swing Line Loans, other than U.K. Swing Line Loans as to which such Defaulting Lender&#146;s participation obligation has been reallocated to other Lenders in
accordance with the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fund</U>&#148; means any Person (other than a natural Person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; or &#147;<U>Generally Accepted Accounting Principles</U>&#148; means
generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession) including the FASB ASC, that are applicable to the circumstances as of the date of determination,
consistently applied and subject to <U>Section</U><U></U><U>&nbsp;1.03</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means any nation or
government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guaranteed Obligations</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;10.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guaranty</U>&#148; means the guaranty contained in <U>Article X</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Substance</U>&#148; means any toxic substance, hazardous waste or other material regulated by any Environmental Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Head Office</U>&#148; means, with respect to each Agent, with respect to any currency, such Agent&#146;s address and, as appropriate,
account as set forth on <U>Schedule 11.02</U> with respect to such currency, or such other address or account with respect to such currency as such Agent may from time to time notify Ryder and the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IBA</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.03(c)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Immaterial Subsidiary</U>&#148; means, as of any date, a Subsidiary whose results of operations, considered alone or in the aggregate
with other Subsidiaries treated as Immaterial Subsidiaries, do not have a material effect on the business, consolidated financial position or consolidated results of operations of Ryder and its Consolidated Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, with respect to any Person, at any date, without duplication, (a)&nbsp;all obligations of such Person
for borrowed money, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c)&nbsp;all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts
payable arising in the ordinary course of business, (d)&nbsp;all obligations of such Person as lessee under Capitalized Leases, (e)&nbsp;all Deemed Indebtedness Under Limited Recourse Facilities of such Person, (f)&nbsp;all obligations of such
Person as lessee in respect of synthetic leases, and (g)&nbsp;all Indebtedness of others guaranteed by such Person. For the avoidance of doubt, all obligations under Limited Recourse Facilities other than Deemed Indebtedness Under Limited Recourse
Facilities shall not be Indebtedness for the purposes of this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Taxes</U>&#148; means (a)&nbsp;Taxes,
other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Borrower under any Loan Document, and (b)&nbsp;to the extent not otherwise described in <U>clause (a)</U>&nbsp;above, Other Taxes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitee</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.04(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Information</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.07</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intangible Assets</U>&#148; means the aggregate amount of the sum of the following
(to the extent reflected in determining consolidated shareholders&#146; equity of Ryder and its Consolidated Subsidiaries): (a) all write-ups (other than <FONT STYLE="white-space:nowrap">write-ups</FONT> resulting from foreign currency transactions
and <FONT STYLE="white-space:nowrap">write-ups</FONT> of assets of a going concern business made within twelve (12)&nbsp;months after the acquisition of such business) subsequent to December&nbsp;31, 2020 in the book value of any assets owned by
Ryder or a Consolidated Subsidiary, (b)&nbsp;all investments in Subsidiaries other than Consolidated Subsidiaries, and (c)&nbsp;all unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks,
trade names, copyrights, organization or developmental expenses and other intangible assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercompany Indebtedness</U>&#148;
means any Indebtedness owed directly between Ryder and a Subsidiary of Ryder or between Subsidiaries of Ryder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Payment
Date</U>&#148; means: (a)&nbsp;as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Eurodollar Rate Loan and the Maturity Date; <U>provided</U>, <U>that</U>, if any Interest Period for a Eurodollar Rate Loan
exceeds three (3)&nbsp;months, the respective dates that fall every three (3)&nbsp;months after the beginning of such Interest Period shall also be Interest Payment Dates; (b)&nbsp;as to any Base Rate Loan, any Canadian Prime Rate Loan, any Domestic
Swing Line Loan, any Canadian Swing Line Loan, or any U.K. Swing Line Loan, the last Business Day of each March, June, September and December and the Maturity Date; (c)&nbsp;as to any Alternative Currency Daily Rate Loan, the last Business Day of
each calendar month and the Maturity Date; and (d)&nbsp;as to any Alternative Currency Term Rate Loan, the last day of each Interest Period applicable to such Alternative Currency Term Rate Loan and the Maturity Date; <U>provided</U>, <U>that</U>,
that if any Interest Period for an Alternative Currency Term Rate Loan exceeds three (3)&nbsp;months, the respective dates that fall every three (3)&nbsp;months after the beginning of such Interest Period shall be Interest Payment Dates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Period</U>&#148; means, as to each Eurodollar Rate Loan and each Alternative Currency Term Rate Loan, the period commencing
on the date such Eurodollar Rate Loan or such Alternative Currency Term Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan or an Alternative Currency Term Rate Loan, as applicable, and ending on the date one (1), three
(3), or six (6)&nbsp;months thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the applicable Borrower in its Loan Notice, or such other period that is twelve months or less
requested by the applicable Borrower and consented to by all the applicable Lenders; <U>provided</U>, <U>that</U>: (a)&nbsp;any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding Business Day; (b)&nbsp;any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and (c)&nbsp;no Interest Period shall
extend beyond the Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>IRS</U>&#148; means the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ISP</U>&#148; means the International Standby Practices, International Chamber of Commerce Publication No.&nbsp;590 (or such later
version thereof as may be in effect at the applicable time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Issuer Document</U>&#148; means, with respect to any Letter of
Credit, each of the Letter of Credit Application delivered with respect to such Letter of Credit, and any other document, agreement (including any reimbursement agreement) or instrument entered into by the applicable L/C Issuer and Ryder (or any
Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Judgment Currency</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;11.21</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>KPIs</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;2.20</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Law</U>&#148; or &#147;<U>law</U>&#148; means any international, foreign, Federal,
state, provincial or local statute, treaty, rule, guideline, regulation, ordinance, code or administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and any applicable administrative order, directed duty, request, license, authorization or permit of, or agreement with, any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>L/C Commitment</U>&#148; means the amount set forth opposite each L/C Issuer&#146;s name on <U>Schedule 2.03</U> (as such Schedule
may be updated from time to time pursuant to this Agreement). The L/C Commitment of each L/C Issuer may be modified from time to time by agreement among Ryder, the Administrative Agent, and such L/C Issuer. <U>Schedule 2.03</U> shall be deemed to be
automatically updated to reflect any modification to any L/C Issuer&#146;s L/C Commitment effected pursuant to the immediately preceding sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>L/C Credit Extension</U>&#148; means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>L/C Disbursement</U>&#148; means a payment made by a L/C Issuer pursuant to a
Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>L/C Issuer</U>&#148; means each of Bank of America (through itself or through one of its designated Affiliates
or branch offices), U.S. Bank National Association, and Wells Fargo Bank, National Association, in each case, in its capacity as issuer of Letters of Credit hereunder, and each other Lender (if any) as Ryder may from time to time select as a L/C
Issuer hereunder pursuant to <U>Section</U><U></U><U>&nbsp;2.03</U>; <U>provided</U> that such Lender has agreed to be a L/C Issuer. Any L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such
L/C Issuer, in which case the term &#147;L/C Issuer&#148; shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. The definition of &#147;L/C Issuer&#148; shall be deemed to be automatically updated to reflect
any replacement of a L/C Issuer pursuant to <U>Section</U><U></U><U>&nbsp;2.03(p)</U> or <U>Section</U><U></U><U>&nbsp;11.06(f)</U>, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>L/C Obligations</U>&#148; means, at any time, the sum of (a)&nbsp;the aggregate undrawn amount of all outstanding Letters of Credit
at such time, including any automatic or scheduled increases provided for by the terms of such Letters of Credit, determined without regard to whether any conditions to drawing could be met at that time, <U>plus</U> (b)&nbsp;the aggregate amount of
all Unreimbursed Amounts. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article&nbsp;29(a) of the UCP or
Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be &#147;outstanding&#148; and &#147;undrawn&#148; in the
amount so remaining available to be paid, and the obligations of the Borrowers and each Lender shall remain in full force and effect until the L/C Issuers and the Lenders shall have no further obligations to make any payments or disbursements under
any circumstances with respect to any Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender</U>&#148; means each of the Persons identified as a
&#147;Lender&#148; on the signature pages hereto, each other Person that becomes a &#147;Lender&#148; in accordance with this Agreement, and their successors and assigns and, unless the context requires otherwise, includes Swing Line Lender. Subject
to <U>Section</U><U></U><U>&nbsp;3.06</U>, each Lender at its option may make any Credit Extension or otherwise perform its obligations hereunder through any Lending Office. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Party</U>&#148; means each Lender, each L/C Issuer, and each Swing Line Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lending Office</U>&#148; means, as to any Lender, the office or offices of such
Lender described as such in such Lender&#146;s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify Ryder and the Administrative Agent,<B> </B>which office may include any Affiliate of such Lender or
any domestic or foreign branch of such Lender or such Affiliate. For purposes of this Agreement, each of Bank of America, London Branch and Bank of America Europe Designated Activity Company is a designated Affiliate of Bank of America. Unless the
context otherwise requires each reference to a Lender shall include its applicable Lending Office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit</U>&#148;
means any letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby
letter of credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Application</U>&#148; means an application and agreement for the issuance or amendment of a
Letter of Credit in the form from time to time in use by the applicable L/C Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Fee</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;2.03(l)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Report</U>&#148; means a certificate
substantially the form of <U>Exhibit H</U> or any other form approved by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit
Sublimit</U>&#148; means, as of any date of determination, an amount equal to the lesser of (a) $75,000,000, and (b)&nbsp;the amount of the Aggregate Domestic Commitments as of such date. The Letter of Credit Sublimit is part of, and not in addition
to, the Aggregate Domestic Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR</U>&#148; has the meaning specified in the definition of &#147;Eurodollar
Rate.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Rate</U>&#148; has the meaning specified in the definition of &#147;Eurodollar Rate.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means any mortgage, pledge, hypothecation, assignment, security interest, hypothec, deposit arrangement, encumbrance,
lien (statutory or other), charge, or other preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, the interest of a lessor under a
Capitalized Lease, and any financing lease having substantially the same economic effect as any of the foregoing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Limited
Recourse Facility</U>&#148; means (a)&nbsp;any Receivables Purchase Agreement, (b)&nbsp;any Securitization Transaction, and (c)&nbsp;any other transaction similar to any of those described in <U>clause (a)</U>&nbsp;or <U>clause (b)</U>&nbsp;above to
which such Ryder or any of its Consolidated Subsidiaries is a party, under which recourse as a general obligation of Ryder and its Consolidated Subsidiaries (other than a special purpose <FONT STYLE="white-space:nowrap">non-operating</FONT>
Subsidiary formed for the purpose of the relevant transaction) is limited to not more than twenty five percent (25%) of the aggregate principal amount or aggregate payment obligations, as applicable, under such transaction. Limited recourse as
provided for in <U>clause (c)</U>&nbsp;above shall be determined by Ryder as set forth in a written notice to the Administrative Agent (together with any appropriate supporting documentation) and shall be reasonably acceptable to the Administrative
Agent; <U>provided</U>, <U>that</U>, if the Administrative Agent does not accept such determination, Ryder and the Administrative Agent shall enter into good faith negotiations in order to determine the amount of the limited recourse with respect to
any such transaction and, prior to Ryder and the Administrative Agent making such determination, such transaction shall not be treated as a &#147;Limited Recourse Facility&#148; hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan</U>&#148; means an extension of credit by a Lender to a Borrower under <U>Article II</U> in the form of a Domestic Revolving
Loan, a Canadian Revolving Loan, a U.K. Revolving Loan, a PR Revolving Loan, a Domestic Swing Line Loan, a Canadian Swing Line Loan, or a U.K. Swing Line Loan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Document</U>&#148; means each of this Agreement, each Note, each Bankers&#146;
Acceptance, each Issuer Document, the Fee Letter, each Designated Borrower Request and Assumption Agreement, each ESG Amendment, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of this Agreement, each
guaranty executed and delivered pursuant to <U>Section</U><U></U><U>&nbsp;7.05</U>, and any other document, instrument or agreement designated as a &#147;Loan Document&#148; by Ryder and the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Notice</U>&#148; means a Domestic Loan Notice, a Canadian Loan Notice, a U.K. Loan Notice, or a PR Loan Notice, as the context
may require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Majority Level</U>&#148; has the meaning specified in the definition of &#147;Applicable Rate&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maturity Date</U>&#148; means the later of (a)&nbsp;December&nbsp;14, 2026, and (b)&nbsp;if maturity is extended pursuant to
<U>Section</U><U></U><U>&nbsp;2.14</U>, such extended maturity date as determined pursuant to <U>Section</U><U></U><U>&nbsp;2.14</U> (such date, as so extended as it relates to any Lender, being referred to herein as such Lender&#146;s
&#147;<U>Scheduled Maturity Date</U>&#148;); <U>provided</U>, <U>that</U>, in each case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Rate</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.09</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Minimum Collateral Amount</U>&#148; means, at any time, (a)&nbsp;with respect to Cash Collateral consisting of cash or deposit
account balances provided to reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to the Fronting Exposure of all L/C Issuers with respect to Letters of Credit issued and outstanding
at such time, or (b)&nbsp;with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;2.03(q)</U> or <U>Section</U><U></U><U>&nbsp;8.01</U>, an amount
equal to the Outstanding Amount of all L/C Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s</U>&#148; means Moody&#146;s Investors Service, Inc., and
any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Multiemployer Plan</U>&#148; means any employee benefit plan of the type described in
Section&nbsp;4001(a)(3) of ERISA, to which any Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Multiple Employer Plan</U>&#148; means a Plan which has two or more contributing sponsors (including any Borrower or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section&nbsp;4064 of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New
U.K. Lender</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.01(i)(ix)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender</U>&#148; means any Lender that does not approve any consent, waiver or
amendment that (a)&nbsp;requires the approval of all Lenders or all affected Lenders in accordance with the terms of <U>Section</U><U></U><U>&nbsp;11.01</U>, and (b)&nbsp;has been approved by the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender</U>&#148; means, at any time, each Lender that is not a Defaulting
Lender at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non</U><U><FONT STYLE="white-space:nowrap">-Extending</FONT> Lender</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.14(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Extension</FONT> Notice Date</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;2.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Reimbursement</FONT>
Notice</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.03(f)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Schedule</FONT> I Bank</U>&#148; means at
least one but not more than two Canadian Lenders which are Schedule II Banks or Schedule III Banks under the Bank Act (Canada) to be designated by the Canadian Agent and the Canadian Borrowers (with the consent of each such Canadian Lender). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Note</U>&#148; means a promissory note made by one or more of the Borrowers in favor of a Lender evidencing Loans made by such
Lender, substantially in the form of <U>Exhibit D</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice Date</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.14(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of Additional L/C Issuer</U>&#148; means a certificate in a form approved by
the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligation</U>&#148; means any indebtedness, obligation or liability of the Borrowers, and any
obligation with respect to any Letter of Credit issued for the account of any of Ryder&#146;s Domestic Subsidiaries, to any Lender, to any Agent, or to any L/C Issuer, individually or collectively, existing on the Closing Date or arising thereafter,
direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, in each case, arising or incurred under this Agreement or any
of the other Loan Documents or in respect of any of the Loans made, any of the L/C Obligations incurred, any of the Bankers&#146; Acceptances incurred, or under or in connection with any Letter of Credit Application, Letter of Credit, Note, or any
other instrument at any time evidencing any thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Connection Taxes</U>&#148; means, with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Rate Early <FONT STYLE="white-space:nowrap">Opt-in</FONT></U>&#148; means the Administrative Agent and Ryder have elected to
replace LIBOR with a Benchmark Replacement other than a SOFR-based rate pursuant to (a)&nbsp;an Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election, and (b)<U>&nbsp;Section</U><U></U><U>&nbsp;3.03(c)(ii)</U> and <U>clause (b)</U>&nbsp;of
the definition of &#147;Benchmark Replacement.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Taxes</U>&#148; means all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <U>Section</U><U></U><U>&nbsp;3.06</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Outstanding Amount</U>&#148; means: (a)&nbsp;with respect to Revolving Loans, Domestic Swing Line Loans, Canadian Swing Line Loans,
and U.K. Swing Line Loans on any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans, Domestic Swing Line Loans, Canadian Swing Line
Loans, and U.K. Swing Line Loans, as the case may be, occurring on such date; (b)&nbsp;with respect to any L/C Obligations on any date, the Dollar Equivalent of the aggregate outstanding amount of such L/C Obligations on such date after giving
effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrowers of Unreimbursed Amounts; and (c)&nbsp;with
respect to any Bankers&#146; Acceptances on any date, the Dollar Equivalent of the aggregate outstanding amount of such Bankers&#146; Acceptances on such date after giving effect to any issuances or purchases or refunds of such Bankers&#146;
Acceptances on such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Overnight Rate</U>&#148; means, for any day, (a)&nbsp;with respect to any amount
denominated in Dollars, the greater of (i)&nbsp;the Federal Funds Rate, and (ii)&nbsp;an overnight rate determined by the applicable Agent, the applicable L/C Issuer, or the applicable Swing Line Lender, as the case may be, in accordance with
banking industry rules on interbank compensation, and (b)&nbsp;with respect to any amount denominated in an Alternative Currency, an overnight rate determined by the applicable Agent or the applicable Swing Line Lender, as the case may be, in
accordance with banking industry rules on interbank compensation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.06(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.06(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participating Member State</U>&#148; means any member state of the European Union
that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Party</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.01(i)(vi)(B)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PATRIOT Act</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.18</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pension Funding Rules</U>&#148; means the rules of the Code and ERISA regarding minimum required
contributions (including any installment payment thereof) to Pension Plans and set forth in Sections 412, 430 and 436 of the Code and Sections 302, 303 and 307 of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pension Plan</U>&#148; means any employee pension benefit plan (including a Multiple Employer Plan) that is maintained or is
contributed to by any Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section&nbsp;412 of the Code, other than a Multiemployer Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; means any employee benefit plan within the meaning of
Section&nbsp;3(3) of ERISA (including a Pension Plan), maintained for employees of any Borrower or any ERISA Affiliate or any such Plan to which any Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees, other
than a Multiemployer Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Platform</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.04</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Availability Period</U>&#148; means the period from and including the Closing Date to the earliest of (a)&nbsp;the Maturity Date,
(b)&nbsp;the date of termination of the Aggregate PR Commitments pursuant to <U>Section</U><U></U><U>&nbsp;2.06(d)</U>, and (c)&nbsp;the date of termination of the commitment of each PR Lender to make PR Revolving Loans pursuant to
<U>Section</U><U></U><U>&nbsp;8.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Borrower</U>&#148; and &#147;<U>PR Borrowers</U>&#148; each has the meaning specified
in the introductory paragraph hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Commitment</U>&#148; means, as to each PR Lender, its obligation to make PR
Revolving Loans to the PR Borrowers pursuant to <U>Section</U><U></U><U>&nbsp;2.01(d)</U>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such PR Lender&#146;s name on <U>Schedule 2.01</U> or
in the Assignment and Assumption or other documentation pursuant to which such PR Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Facility Fee</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.09(a)(iv)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Lender</U>&#148; means, at any time, (a)&nbsp;so long as any PR Commitment is in effect, any Lender that has a PR Commitment at
such time, or (b)&nbsp;if the PR Commitments have terminated or expired, any Lender that has a PR Revolving Loan at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Loan Notice</U>&#148; means a notice of (a)&nbsp;a PR Revolving Borrowing, (b)&nbsp;a conversion of PR Revolving Loans from one
Type to the other, or (c)&nbsp;a continuation of Eurodollar Rate Loans that are PR Revolving Loans, pursuant to <U>Section</U><U></U><U>&nbsp;2.02(d)</U>, which shall be substantially in the form of <U>Exhibit
<FONT STYLE="white-space:nowrap">B-4</FONT></U> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
appropriately completed and signed by a Responsible Officer of the applicable PR Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Revolving Borrowing</U>&#148;
means a borrowing consisting of simultaneous PR Revolving Loans of the same Type, in the same currency, and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the PR Lenders pursuant to
<U>Section</U><U></U><U>&nbsp;2.01(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Revolving Credit Exposure</U>&#148; means, as to any PR Lender at any time, the
aggregate principal amount of such PR Lender&#146;s outstanding PR Revolving Loans at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PR Revolving Loan</U>&#148; has
the meaning specified in <U>Section</U><U></U><U>&nbsp;2.01(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Preferred Stock</U>&#148; means capital stock which is
preferred as to dividends or upon liquidation to any other capital stock of such Consolidated Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pricing
Level</U>&#148; means any of Pricing Level&nbsp;1, Pricing Level&nbsp;2, Pricing Level&nbsp;3, Pricing Level&nbsp;4, or Pricing Level&nbsp;5 set forth in the table in the definition of &#147;Applicable Rate&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PTE</U>&#148; means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Public Lender</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.04</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>QFC</U>&#148; has the meaning assigned to the term &#147;qualified financial contract&#148; in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>QFC Credit Support</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.22</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualifying Lender</U>&#148; means with respect to: (a)&nbsp;any Domestic Lender and/or
PR Lender, a Person that is incorporated or organized under the Laws of the United States or a state thereof or the District of Columbia or that has complied with the provisions of <U>Section</U><U></U><U>&nbsp;3.01</U> with respect to such
Person&#146;s complete exemption from deduction or withholding of United States federal income taxes; (b)&nbsp;any U.K. Lender, a U.K. Qualifying Lender; and (c)&nbsp;any Canadian Lender, a Person that is resident in Canada for purposes of the
Income Tax Act (Canada) and which is named in Schedule I or Schedule II to the Bank Act (Canada) or deemed resident in Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this Agreement and
which is named in Schedule III to the Bank Act (Canada). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>RBC</U>&#148; means Royal Bank of Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property</U>&#148; means all real property now or hereafter owned, operated, or leased by Ryder or any of its Consolidated
Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reallocation</U>&#148; means a transfer by the Borrowers of a portion of the Domestic Commitments, or all or a
portion of the Canadian Commitments, or all or a portion of the U.K. Commitments, or all or a portion of the PR Commitments, in each case in accordance with <U>Section</U><U></U><U>&nbsp;2.06(e)</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivables Purchase Agreement</U>&#148; means (a)&nbsp;any trade receivables purchase and sale facilities and/or other receivables
purchase agreements permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.03</U> (including the Trade Receivables Purchase and Sale Agreement, dated October&nbsp;30, 2009, by and among Ryder Receivable Funding III, L.L.C., Ryder, MUFG Bank, Ltd.,
New York Branch, and Victory Receivables Corporation (and any replacement, amendment or restatement to such facility)), and (b)&nbsp;any other trade receivables facility that has been consented to by the Administrative Agent, such consent not to be
unreasonably withheld, and, in either case, whether characterized as a sales agreement or a security agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recipient</U>&#148; means any Agent, any Lender, any L/C Issuer, or any other recipient of any payment to be made by or on account of
any obligation of any Borrower hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refunding Bankers&#146; Acceptance</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.19(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Register</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.06(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Parties</U>&#148; means, with respect to any Person, such Person&#146;s
Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person&#146;s Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Relevant Governmental Body</U>&#148;<I> </I>means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of
New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Relevant Rate</U>&#148; means with respect to any (a)&nbsp;Revolving Loan denominated in Dollars, LIBOR (or any Benchmark Replacement
thereto for Revolving Loans denominated in Dollars), (b) Revolving Loans denominated in Sterling, SONIA (or any Successor Rate thereto), (c) Revolving Loan denominated in Euros, EURIBOR (or any Successor Rate thereto), (d) U.K. Swing Line Loan
denominated in Dollars, LIBOR (or any Benchmark Replacement thereto for U.K. Swing Line Loans denominated in Dollars), (e) U.K. Swing Line Loan denominated in Euros, ESTR (or any Successor Rate thereto), (f) U.K. Swing Line Loan denominated in
Sterling, Simple SONIA (or any Successor Rate thereto), and (g)&nbsp;any Bankers&#146; Acceptance, the CDOR Rate (or any Successor Rate thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Removal Effective Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.06(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reportable Event</U>&#148; means any of the events set forth in Section&nbsp;4043(c) of ERISA, other than events for which the thirty
(30)&nbsp;day notice period has been waived. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Request for Credit Extension</U>&#148; means (a)&nbsp;with respect to a Domestic
Revolving Borrowing, or a conversion or continuation of Domestic Revolving Loans, a Domestic Loan Notice, (b)&nbsp;with respect to a Canadian Revolving Borrowing, or a conversion or continuation of Canadian Revolving Loans, a Canadian Loan Notice,
(c)&nbsp;with respect to a U.K. Revolving Borrowing, or a conversion or continuation of U.K. Revolving Loans, a U.K. Loan Notice, (d)&nbsp;with respect to a PR Revolving Borrowing, or a conversion or continuation of PR Revolving Loans, a PR Loan
Notice, (e)&nbsp;with respect to a L/C Credit Extension, a Letter of Credit Application, (f)&nbsp;with respect to a Domestic Swing Line Loan, a Domestic Swing Line Loan Notice, (g)&nbsp;with respect to a Canadian Swing Line Loan, a Canadian Swing
Line Loan Notice, (h)&nbsp;with respect to a U.K. Swing Line Loan, a U.K. Swing Line Loan Notice, and (i)&nbsp;with respect to a Bankers&#146; Acceptance, a Bankers&#146; Acceptance Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Canadian Lenders</U>&#148; means, at any time, Canadian Lenders having Total Canadian Credit Exposures representing more
than fifty percent (50%) of the Total Canadian Credit Exposures of all Canadian Lenders at such time. The Total Canadian Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Canadian Lenders at any time;
<U>provided</U>, <U>that</U>, the amount of any participation in any Canadian Swing Line Loan that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Canadian Lender shall be deemed to be held by the
Canadian Lender that is the Canadian Swing Line Lender in making such determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Domestic Lenders</U>&#148; means,
at any time, Domestic Lenders having Total Domestic Credit Exposures representing more than fifty percent (50%) of the Total Domestic Credit Exposures of all Domestic Lenders at such time. The Total Domestic Credit Exposure of any Defaulting Lender
shall be disregarded in determining Required Domestic Lenders at any time; <U>provided</U>, <U>that</U>, the amount of any participation in any Domestic Swing Line Loan and any Unreimbursed Amounts that such Defaulting Lender has failed to fund that
have not been reallocated to and funded by another Domestic Lender shall be deemed to be held by the Domestic Lender that is the applicable Domestic Swing Line Lender or the applicable L/C Issuer, as the case may be, in making such determination.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Lenders</U>&#148; means, at any time, Lenders having Total Credit Exposures representing more than fifty percent (50%)
of the Total Credit Exposures of all Lenders at such time. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time; <U>provided</U>, <U>that</U>, the amount of any participation in any
Domestic Swing Line Loan, any Canadian Swing Line Loan, or any U.K. Swing Line Loan and any Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held
by the Lender that is the applicable Domestic Swing Line Lender, the Canadian Swing Line Lender, the U.K. Swing Line Lender, or the applicable L/C Issuer, as the case may be, in making such determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required PR Lenders</U>&#148; means, at any time, PR Lenders having Total PR Credit Exposures representing more than fifty percent
(50%) of the Total PR Credit Exposures of all PR Lenders at such time. The Total PR Credit Exposure of any Defaulting Lender shall be disregarded in determining Required PR Lenders at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required U.K. Lenders</U>&#148; means, at any time, U.K. Lenders having Total U.K. Credit Exposures representing more than fifty
percent (50%) of the Total U.K. Credit Exposures of all U.K. Lenders at such time. The Total U.K. Credit Exposure of any Defaulting Lender shall be disregarded in determining Required U.K. Lenders at any time; <U>provided</U>, <U>that</U>, the
amount of any participation in any U.K. Swing Line Loan that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another U.K. Lender shall be deemed to be held by the U.K. Lender that is the U.K. Swing Line
Lender in making such determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rescindable Amount</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;2.12(b)(ii)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resignation Effective Date</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.06(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resolution Authority</U>&#148; means an EEA Resolution Authority or, with respect to
any UK Financial Institution, a UK Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Responsible Officer</U>&#148; means, with respect to any Borrower, the
chief executive officer, a president, or a Financial Officer of such Borrower, with respect to any U.K. Borrower, any director of such U.K. Borrower, and, solely for purposes of the delivery of incumbency certificates in connection with this
Agreement, the secretary or any assistant secretary of such Borrower, and, solely for purposes of notices given pursuant to <U>Article II</U>, any other officer or employee of the applicable Borrower so designated by any of the foregoing officers in
a notice to the Agents or any other officer or employee of the applicable Borrower designated in or pursuant to an agreement between the applicable Borrower and the Agents. Any document delivered hereunder that is signed by a Responsible Officer of
a Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revaluation Date</U>&#148; means: (a)&nbsp;with respect to any Revolving Loan denominated in an Alternative Currency,
each of the following: (i)&nbsp;each date of a Revolving Borrowing of an Alternative Currency Loan; (ii)&nbsp;each date of a continuation of an Alternative Currency Term Rate Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.02</U>; (iii) with
respect to an Alternative Currency Daily Rate Loan, each Interest Payment Date, (iv)&nbsp;with respect to Canadian Revolving Loans, such additional dates as the Canadian Agent shall determine or the Required Canadian Lenders shall require;
(v)&nbsp;with respect to U.K. Revolving Loans, such additional dates as the Administrative Agent shall determine or the Required U.K. Lenders shall require; (b)&nbsp;with respect to any Canadian Swing Line Loan denominated in an Alternative
Currency: (i)&nbsp;each date of a Canadian Swing Line Borrowing; and (ii)&nbsp;such additional dates as the Canadian Agent or the Canadian Swing Line Lender shall determine or the Required Canadian Lenders shall require; (c)&nbsp;with respect to any
U.K. Swing Line Loan denominated in an Alternative Currency: (i)&nbsp;each date of a U.K. Swing Line Borrowing; and (ii)&nbsp;such additional dates as the Administrative Agent or the U.K. Swing Line Lender shall determine or the Required U.K.
Lenders shall require; and (d)&nbsp;with respect to any Bankers&#146; Acceptance, each of the following: (i)&nbsp;each date of an acceptance of a Bankers&#146; Acceptance denominated in Canadian Dollars, (ii)&nbsp;each date of an amendment of any
such Bankers&#146; Acceptance having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by any Canadian Lender under any Bankers&#146; Acceptance denominated in Canadian Dollars,
and (iv)&nbsp;such additional dates as the Canadian Agent shall determine or the Required Canadian Lenders shall require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Borrowing</U>&#148; means a Domestic Revolving Borrowing, a Canadian Revolving Borrowing, a U.K. Revolving Borrowing, or a
PR Revolving Borrowing, as the context may require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Credit Exposure</U>&#148; means, as to any Lender at any time, the
aggregate principal amount of such Lender&#146;s (a)&nbsp;outstanding Revolving Loans at such time, <U>plus</U> (b)&nbsp;participation in L/C Obligations at such time, <U>plus</U> (c)&nbsp;participation in Domestic Swing Line Loans at such time,
<U>plus</U> (d)&nbsp;outstanding Bankers&#146; Acceptances at such time at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Loan</U>&#148; means a Domestic
Revolving Loan, a Canadian Revolving Loan, a U.K. Revolving Loan, or a PR Revolving Loan, as the context may require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>RSH</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder Canada Limited</U>&#148; has the meaning specified in the introductory
paragraph hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder Holdings Canada</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder Limited</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder PR</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder Supply Chain Canada</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ryder Supply Chain PR</U>&#148; has the meaning specified in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; means Standard&nbsp;&amp; Poor&#146;s Financial Services LLC, a subsidiary of S&amp;P Global Inc., and any
successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Same Day Funds</U>&#148; means (a)&nbsp;with respect to disbursements and payments in Dollars, immediately
available funds, and (b)&nbsp;with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be reasonably determined by the applicable Agent, or the applicable Swing Line Lender, as the case may be, to be
customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctions</U>&#148; means any sanction laws relating to terrorism and anti-money laundering administered or enforced by the United
States government (including OFAC), the Canadian government, the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury or the Canadian government. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Schedule I Bank</U>&#148; means any bank named on Schedule I to the Bank Act (Canada). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Scheduled Maturity Date</U>&#148; has the meaning specified in the definition of &#147;Maturity Date&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Scheduled Unavailability Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.03(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Indebtedness</U>&#148; means (a)&nbsp;Indebtedness and all Derivatives Obligations of any Borrower or any of
Ryder&#146;s Consolidated Subsidiaries and all reimbursement obligations with respect to letters of credit, bankers&#146; 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, (b)&nbsp;unsecured Indebtedness and Derivatives Obligations of any of Ryder&#146;s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers) and unsecured reimbursement
obligations with respect to letters of credit, bankers&#146; acceptances or similar facilities issued for the account of Ryder&#146;s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers), (c) the aggregate liquidation
preference of all Preferred Stock issued by Ryder&#146;s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated Subsidiaries, and (d)&nbsp;any Deemed Indebtedness Under Limited Recourse Facilities and all obligations as lessee in
respect of synthetic leases, in each case to the extent not otherwise included as Secured Indebtedness pursuant to <U>clauses (a)</U>&nbsp;and <U>(b)</U> above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securitization Subsidiary</U>&#148; has the meaning specified in the definition of &#147;Securitization Transaction.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securitization Transaction</U>&#148; means: (a)&nbsp;any securitization transaction
permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.03</U> whereby (i)&nbsp;Ryder or an Affiliate of Ryder transfers the beneficial interests in certain of its assets directly or indirectly to a special purpose bankruptcy-remote Subsidiary of
Ryder (a &#147;<U>Securitization Subsidiary</U>&#148;) in transfers that include one or more true sales of such beneficial interests, (ii)&nbsp;such Securitization Subsidiary finances (which may or may not be a financing for accounting and tax
purposes) the beneficial interests directly with a lender or a purchaser or by issuing new securities backed by the beneficial interests, and (iii)&nbsp;such financing is on a <FONT STYLE="white-space:nowrap">non-recourse</FONT> basis to Ryder or
any of its other Subsidiaries and/or Affiliates (other than with respect to (A)&nbsp;the applicable Securitization Subsidiary, (B)&nbsp;any limited recourse contemplated under this Agreement under any of the Limited Recourse Facilities, or
(C)&nbsp;for breaches of standard representations, warranties and covenants and indemnification obligations that would not have a material adverse effect on the business, assets or financial condition of Ryder and its Subsidiaries); <U>provided</U>,
<U>that</U>, any amendments to such securitization transactions do not materially modify or alter the terms of recourse or levels of recourse under such transaction to levels greater than those permitted by <U>Section</U><U></U><U>&nbsp;7.03</U>;
and (b)&nbsp;any other securitization transaction that has been consented to by the Administrative Agent, such consent not to be unreasonably withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securitized Assets</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.03(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Senior Public Debt Ratings</U>&#148; means the rating(s) of Ryder&#146;s public unsecured long-term senior debt, without third party
credit enhancement, issued by Fitch, Moody&#146;s and/or S&amp;P; or, in the event no such debt of Ryder is outstanding or if such debt shall be outstanding but shall not be rated by Fitch, S&amp;P or Moody&#146;s, the rating(s) of this credit
facility issued by Fitch, Moody&#146;s and/or S&amp;P (or, if Fitch, Moody&#146;s and S&amp;P do not exist, another nationally recognized rating agency approved by the Administrative Agent) upon request of Ryder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Simple SONIA</U>&#148; means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate
published on the first Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time);
<U>provided</U>, <U>that</U>, if such determination date is not a Business Day, Simple SONIA means such rate that applied on the first (1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>) Business Day immediately prior thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR</U>&#148; has the meaning specified in the definition of &#147;Daily Simple SOFR.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR Administrator</U>&#148; means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator
of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR
Early <FONT STYLE="white-space:nowrap">Opt-in</FONT></U>&#148; means the Administrative Agent and Ryder have elected to replace LIBOR pursuant to (a)&nbsp;an Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Election, and
(b)<U>&nbsp;Section</U><U></U><U>&nbsp;3.03(c)(i)</U> and <U>clause (a)</U>&nbsp;of the definition of &#147;Benchmark Replacement.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SONIA</U>&#148; means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate
published on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by
the Administrative Agent from time to time); <U>provided</U>, <U>that</U>, if such determination date is not a Business Day, SONIA means such rate that applied on the first (1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>) Business Day
immediately prior thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SONIA Adjustment</U>&#148; means,<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>(a)&nbsp;with
respect to SONIA, 0.0326% per annum and (b)&nbsp;with respect to Simple SONIA, 0.0168% per annum. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sterling</U>&#148; and &#147;<U>&pound;</U>&#148; means the lawful currency of the
United Kingdom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subject Party</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.01(j)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, with respect to any parent entity, any Person of which such parent entity shall at any time own directly
or indirectly through a Subsidiary or Subsidiaries of such parent entity at least a majority of the outstanding capital stock or other interest entitled to vote generally. Unless otherwise specified, all references herein to a &#147;Subsidiary&#148;
or to &#147;Subsidiaries&#148; shall refer to a Subsidiary or Subsidiaries of Ryder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Successor Rate</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;3.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supplier</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;3.01(j)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supported QFC</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;11.22</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sustainability Coordinator</U>&#148; means BofA Securities, in its capacity as the
sustainability coordinator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sustainability Linked Loan Principles</U>&#148; means the Sustainability Linked Loan Principles (as
published in May 2021 by the Loan Market Association, Asia Pacific Loan Market Association and Loan Syndications&nbsp;&amp; Trading Association). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swing Line Lender</U>&#148; means each Domestic Swing Line Lender (in the case of Domestic Swing Line Loans), the Canadian Swing Line
Lender (in the case of Canadian Swing Line Loans), and the U.K. Swing Line Lender (in the case of U.K. Swing Line Loans), as the context may require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swing Line Loan</U>&#148; means any Domestic Swing Line Loan, any Canadian Swing Line Loan, and/or any U.K. Swing Line Loans, as the
context may require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swing Line Loan Notice</U>&#148; means a Domestic Swing Line Loan Notice, a Canadian Swing Line Loan
Notice, and/or a U.K. Swing Line Loan Notice, as the context may require. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>TARGET2</U>&#148; means the Trans-European Automated
Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November&nbsp;19, 2007. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>TARGET Day</U>&#148; means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if
any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
value added taxes or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term SOFR</U>&#148;<I> </I>means, for the applicable Corresponding Tenor (or if any Available Tenor of a Benchmark does not
correspond to an Available Tenor for the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor corresponds equally to two Available Tenors of the applicable Benchmark Replacement, the Corresponding
Tenor of the shorter duration shall be applied), the forward-looking term rate based on the secured overnight financing rate that has been selected or recommended by the Relevant Governmental Body. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Canadian Credit Exposure</U>&#148; means, as to any Canadian Lender at any
time, the unused Canadian Commitment of such Canadian Lender at such time and the Canadian Revolving Credit Exposure of such Canadian Lender at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Canadian Outstandings</U>&#148; means, as of any date of determination, the aggregate Outstanding Amount of all Canadian
Revolving Loans as of such date, <U>plus</U> the aggregate Outstanding Amount of all Canadian Swing Line Loans as of such date, <U>plus</U> the aggregate Outstanding Amount of all Bankers&#146; Acceptances as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Credit Exposure</U>&#148; means, as to any Lender at any time, the unused Commitment of such Lender at such time and the
Revolving Credit Exposure of such Lender at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Domestic Credit Exposure</U>&#148; means, as to any Domestic Lender
at any time, the unused Domestic Commitment of such Domestic Lender at such time and the Domestic Revolving Credit Exposure of such Domestic Lender at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Domestic Outstandings</U>&#148; means, as of any date of determination, the aggregate Outstanding Amount of all Domestic
Revolving Loans as of such date, <U>plus</U> the aggregate Outstanding Amount of all Domestic Swing Line Loans as of such date, <U>plus</U> the aggregate Outstanding Amount of all L/C Obligations as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Outstandings</U>&#148; means the aggregate Outstanding Amount of all Loans of such date, <U>plus</U> the aggregate Outstanding
Amount of all L/C Obligations as of such date, <U>plus</U> the aggregate Outstanding Amount of all Bankers&#146; Acceptances as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total PR Credit Exposure</U>&#148; means, as to any PR Lender at any time, the unused PR Commitment of such PR Lender at such time
and the PR Revolving Credit Exposure of such PR Lender at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total PR Outstandings</U>&#148; means, as of any date of
determination, the aggregate Outstanding Amount of all PR Revolving Loans as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total U.K. Credit Exposure</U>&#148;
means, as to any U.K. Lender at any time, the unused U.K. Commitment of such U.K. Lender at such time and the U.K. Revolving Credit Exposure of such U.K. Lender at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total U.K. Outstandings</U>&#148; means, as of any date of determination, the aggregate Outstanding Amount of all U.K. Revolving
Loans as of such date, <U>plus</U> the aggregate Outstanding Amount of all U.K. Swing Line Loans as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Type</U>&#148;
means, with respect to a Revolving Loan, its character as a Domestic Base Rate Loan, a Canadian Base Rate Loan, a Canadian Prime Rate Loan, a Eurodollar Rate Loan, an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Availability Period</U>&#148; means the period from and including the Closing Date to the earliest of (a)&nbsp;the Maturity
Date, (b)&nbsp;the date of termination of the Aggregate U.K. Commitments pursuant to <U>Section</U><U></U><U>&nbsp;2.06(c)</U>, and (c)&nbsp;the date of termination of the commitment of each U.K. Lender to make U.K. Revolving Loans and U.K. Swing
Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;8.01</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Borrower</U>&#148; and &#147;<U>U.K. Borrowers</U>&#148;
each has the meaning specified in the introductory paragraph hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Borrower DTTP Filing</U>&#148; means an H.M. Revenue&nbsp;&amp; Customs&#146;
Form DTTP2, duly completed and filed with H.M. Revenue&nbsp;&amp; Customs by the relevant U.K. Borrower, which: (a)&nbsp;where it relates to a U.K. Treaty Lender that is a U.K. Lender on the day this Agreement (or any amendment hereto) is entered
into, contains the scheme reference number and jurisdiction of tax residence stated on its signature page to this Agreement (or any amendment hereto) or as otherwise notified to Ryder by that U.K. Treaty Lender in writing, and (i)&nbsp;where the
U.K. Borrower is a Borrower on the day this Agreement (or any amendment hereto) is entered into, is filed with H.M. Revenue&nbsp;&amp; Customs within 30 days of the day this Agreement (or any amendment hereto) is entered into, or (ii)&nbsp;where the
U.K. Borrower is not a Borrower on the day this Agreement is entered into, is filed with H.M. Revenue&nbsp;&amp; Customs within 30 days of the date on which that U.K. Borrower becomes a U.K. Borrower; or (b)&nbsp;where it relates to a U.K. Treaty
Lender that is not a party to this Agreement on the day this Agreement (or any amendment hereto) is entered into, contains the scheme reference number and jurisdiction of tax residence stated in respect of that U.K. Lender in the relevant Assignment
and Assumption or other agreement where such Person become a party hereto, as the case may be, or as otherwise notified to Ryder in writing, and (i)&nbsp;where the U.K. Borrower is a U.K. Borrower as at the relevant assignment date or the date on
which the increase to the Aggregate U.K. Commitments take(s) effect (as applicable) is filed with H.M. Revenue&nbsp;&amp; Customs within 30 days of that date, or (ii)&nbsp;where the U.K. Borrower is not a U.K. Borrower as at the relevant assignment
date or the date on which the increase to the Aggregate U.K. Commitments take(s) effect (as applicable) is filed with H.M. Revenue&nbsp;&amp; Customs within 30 days of the date on which that U.K. Borrower becomes a U.K. Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Commitment</U>&#148; means, as to each U.K. Lender, its obligation to (a)&nbsp;make U.K. Revolving Loans to the U.K. Borrowers
pursuant to <U>Section</U><U></U><U>&nbsp;2.01(c)</U>, and (b)&nbsp;purchase participations in U.K. Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such U.K. Lender&#146;s
name on <U>Schedule 2.01</U> or in the Assignment and Assumption or other documentation pursuant to which such U.K. Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. CTA 2009</U><U>&#148;</U> means the United Kingdom Corporation Tax Act 2009. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Excess Amount</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.05(d)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Facility Fee</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.09(a)(iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. ITA 2007</U>&#148; means the United Kingdom Income Tax Act 2007. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Lender</U>&#148; means, at any time, (a)&nbsp;so long as any U.K. Commitment is in effect, any Lender that has a U.K. Commitment
at such time, or (b)&nbsp;if the U.K. Commitments have terminated or expired, any Lender that has a U.K. Revolving Loan or a participation in U.K. Swing Line Loans at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Lender Party</U>&#148; means the Administrative Agent, any U.K. Lender, or the U.K. Swing Line Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Loan Notice</U>&#148; means a notice of (a)&nbsp;a U.K. Revolving Borrowing, or (b)&nbsp;a continuation of Alternative Currency
Term Rate Loans that are U.K. Revolving Loans, pursuant to <U>Section</U><U></U><U>&nbsp;2.02(c)</U>, which shall be substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">B-3</FONT> </U>or such other form as may be approved by the
Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable U.K. Borrower. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Qualifying Lender</U>&#148; means (a)&nbsp;a U.K. Lender which is beneficially
entitled to interest payable to that U.K. Lender in respect of an advance under a Loan Document and is (i)&nbsp;a U.K. Lender (A)&nbsp;which is a bank (as defined for the purpose of section 879 of the U.K. ITA 2007) making an advance under a Loan
Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the U.K. CTA 2009, or
(B)&nbsp;in respect of an advance made under a Loan Document by a person that was a bank (as defined for the purpose of section 879 of the U.K. ITA 2007) at the time that that advance was made and is either within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that advance, or is a bank (as defined for the purpose of section 879 of the U.K. ITA 2007) and would be within such charge as respects such payments apart from section 18A of
the U.K. CTA 2009, or (ii)&nbsp;a U.K. Lender which is (A)&nbsp;a company resident in the United Kingdom for United Kingdom tax purposes, or (B)&nbsp;a partnership each member of which is (x)&nbsp;a company so resident in the United Kingdom, or
(y)&nbsp;a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the U.K.
CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the U.K. CTA 2009, or (C)&nbsp;a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the U.K. CTA 2009) of that company, or (iii)&nbsp;a U.K. Treaty
Lender, or (b)&nbsp;a U.K. Lender which is a building society (as defined for the purposes of section 880 of the U.K. ITA 2007) making an advance under a Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Revolving Borrowing</U>&#148; means a borrowing consisting of simultaneous U.K. Revolving Loans of the same Type, in the same
currency, and, in the case of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, having the same Interest Period, made by each of the U.K. Lenders pursuant to <U>Section</U><U></U><U>&nbsp;2.01(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Revolving Credit Exposure</U>&#148; means, as to any U.K. Lender at any time, the aggregate principal amount of such U.K.
Lender&#146;s (a)&nbsp;outstanding U.K. Revolving Loans at such time, <U>plus</U> (b)&nbsp;participation in U.K. Swing Line Loans at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Revolving Loan</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.01(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Subsidiary</U>&#148; means a Subsidiary organized under the Laws of England and Wales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Alternative Currency Rate</U>&#148; means, for any day, with respect to any U.K. Swing Line Loan: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) denominated in Sterling, the rate per annum equal to Simple SONIA determined pursuant to the definition thereof <U>plus</U>
the SONIA Adjustment; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) denominated in Euros, the rate per annum equal to ESTR <U>plus</U> the ESTR Adjustment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>that</U>, if any U.K. <U>Swing Line </U>Alternative Currency Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement. Any change in a U.K. Swing Line Alternative Currency Rate shall be effective from and including the date of such change without further notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Alternative Currency Rate Loan</U>&#148; means a U.K. Swing Line Loan denominated in Euros or Sterling that bears
interest at a rate based on the definition of &#147;U.K. Swing Line Alternative Currency Rate.&#148; All U.K. Swing Line Alternative Currency Rate Loans are only available to the U.K. Borrowers and must be denominated in Euros or Sterling. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Borrowing</U>&#148; means a borrowing of a U.K. Swing Line Loan
pursuant to <U>Section</U><U></U><U>&nbsp;2.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Commitment</U>&#148; means, as to the U.K. Swing Line
Lender, the amount set forth opposite the U.K. Swing Line Lender&#146;s name on <U>Schedule 2.04</U> (as such Schedule may be updated from time to time pursuant to this Agreement). The U.K. Swing Line Commitment of the U.K. Swing Line Lender may be
modified from time to time by agreement among Ryder, the Administrative Agent, and the U.K. Swing Line Lender. <U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect any modification to the U.K. Swing Line Lender&#146;s U.K.
Swing Line Commitment effected pursuant to the immediately preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Lender</U>&#148; means Bank of
America (through itself or through one of its designated Affiliates or branch offices), in its capacity as provider of U.K. Swing Line Loans hereunder. The definition of &#147;U.K. Swing Line Lender&#148; shall be deemed to be automatically updated
to reflect any replacement or resignation of the U.K. Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.04(g)(iii)</U>, <U>Section</U><U></U><U>&nbsp;2.04(h)(iii)</U>, or <U>Section</U><U></U><U>&nbsp;11.06(f)</U>, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Loan</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.04(a)(iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Loan Notice</U>&#148; means a notice of a U.K. Swing Line Borrowing pursuant to
<U>Section</U><U></U><U>&nbsp;2.04(b)(iii)</U>, which shall be substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">C-3</FONT></U> or such other form as approved by the Administrative Agent and the U.K. Swing Line Lender
(including any form on an electronic platform or electronic transmission system as shall be approve by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable U.K. Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Overnight Dollar Rate</U>&#148; means, for any day, the annual rate of interest equal to LIBOR, or a comparable or
successor rate which rate is approved by the Administrative Agent, for overnight deposits in Dollars, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by
the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) on such day; <U>provided</U>, <U>that</U>, if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Overnight Dollar Rate Loan</U>&#148; means a U.K. Swing Line Loan that bears interest based on the U.K. Swing Line
Overnight Dollar Rate. All U.K. Swing Line Overnight Dollar Rate Loans are only available to the U.K. Borrowers and shall be denominated in Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Swing Line Sublimit</U>&#148; means, as of any date of determination, an amount equal to the lesser of (a) $50,000,000, and
(b)&nbsp;the amount of the Aggregate U.K. Commitments as of such date. The U.K. Swing Line Sublimit is part of, and not in addition to, the Aggregate U.K. Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Tax</U>&#148; means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or
interest payable in connection with any failure to pay or any delay in paying of any of the same). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Tax
Confirmation</U>&#148; means a confirmation by a U.K. Lender that the person beneficially entitled to interest payable to that U.K. Lender in respect of an advance under a Loan Document is either (a)&nbsp;a company resident in the United Kingdom for
United Kingdom tax purposes, or (b)&nbsp;a partnership each member of which is (i)&nbsp;a company so resident in the United Kingdom, or (ii)&nbsp;a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through
a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the U.K. CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by
</P>
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reason of Part 17 of the U.K. CTA 2009, or (c)&nbsp;a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which
brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the U.K. CTA 2009) of that company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Tax Credit</U>&#148; means a credit against, relief or remission for, or repayment of any U.K. Tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Tax Deduction</U>&#148; means a deduction or withholding for, or on account of, Tax imposed by the United Kingdom from a payment
under a Loan Document, other than a FATCA Deduction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Tax Payment</U>&#148; means either the increase in a payment made by a
U.K. Borrower to a U.K. Lender under <U>Section</U><U></U><U>&nbsp;3.01(k)</U> or a payment under <U>Section</U><U></U><U>&nbsp;3.01(k)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Treaty</U>&#148; has the meaning assigned to such term in the definition of &#147;U.K. Treaty State&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Treaty Lender</U>&#148; means a U.K. Lender which (a)&nbsp;is treated as a resident of a U.K. Treaty State for the purposes of
the relevant U.K. Treaty, (b)&nbsp;does not carry on a business in the United Kingdom through a permanent establishment with which that U.K. Lender&#146;s participation in the Loan is effectively connected, and (c)&nbsp;subject to the completion of
procedural formalities, fulfills any other conditions which must be fulfilled under the relevant U.K. Treaty to obtain full exemption from Tax imposed by the United Kingdom on payments of interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.K. Treaty State</U>&#148; means a jurisdiction having a double taxation agreement with the United Kingdom (a &#147;<U>U.K.
Treaty</U>&#148;) which makes provision for full exemption from Tax imposed by the United Kingdom on interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S.
Person</U>&#148; means any Person that is a &#147;United States person&#148; as defined in Section&nbsp;7701(a)&nbsp;(30) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Special Resolution Regimes</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.22</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Tax Compliance Certificate</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.01(g)(ii)(B)(iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCP</U>&#148; means the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication
No.&nbsp;600 (or such later version thereof as may be in effect at the applicable time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Financial Institution</U>&#148;
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from
time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Resolution Authority</U>&#148; means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>United States</U>&#148; and &#147;<U>U.S.</U>&#148; mean the United States of
America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unreimbursed Amount</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.03(f)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>VAT</U>&#148; means (a)&nbsp;any value added tax imposed by the Value Added Tax Act
1994, (b) any tax imposed in compliance with the Council Directive of 28&nbsp;November 2006 on the common system of value added tax (EC Directive 2006/112), and (c)&nbsp;any other tax of a similar nature, whether imposed in the United Kingdom or in
a member state of the European Union in substitution for, or levied in addition to, such tax referred to in <U>clause (a)</U>&nbsp;or <U>(b)</U> above, or imposed elsewhere. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>VAT Recipient</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.01(j)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Withholding Agent</U>&#148; means Ryder and any Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Write-Down and Conversion Powers</U>&#148; means, (a)&nbsp;with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, any powers of the applicable Resolution Authority under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation that are related to or ancillary to any of those powers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.02</B> <B>Other Interpretive Provisions</B>. With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;<U>include</U>,&#148; &#147;<U>includes</U>&#148; and
&#147;<U>including</U>&#148; shall be deemed to be followed by the phrase &#147;<U>without limitation</U>.&#148; The word &#147;<U>will</U>&#148; shall be construed to have the same meaning and effect as the word &#147;<U>shall</U>.&#148; Unless the
context requires otherwise, (i)&nbsp;any definition of or reference to any agreement, instrument or other document (including any organizational document) shall be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include
such Person&#146;s permitted successors and permitted assigns, (iii)&nbsp;the words &#147;<U>hereto</U>,&#148; &#147;<U>herein</U>,&#148; &#147;<U>hereof</U>&#148; and &#147;<U>hereunder</U>,&#148; and words of similar import when used in any Loan
Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv)&nbsp;all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v)&nbsp;any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, and (vi)&nbsp;the words &#147;<U>asset</U>&#148; and
&#147;<U>property</U>&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the computation of periods of time from a specified date to a later specified date, the word &#147;<U>from</U>&#148;
means &#147;<U>from and including</U>;&#148; the words &#147;<U>to</U>&#148; and &#147;<U>until</U>&#148; each mean &#147;<U>to but excluding</U>;&#148; and the word &#147;<U>through</U>&#148; means &#147;<U>to and including</U>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Any reference herein to a merger, consolidation, amalgamation,
assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or
allocation), as if it were a merger, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate
Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Any provision of <U>Section</U><U></U><U>&nbsp;5.17</U>, <U>6.16</U>, or <U>7.06</U> shall not apply to or in favor of any
Person if and to the extent that it would result in a breach, by or in respect of that Person, of any applicable Blocking Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.03</B> <B>Accounting Terms</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Generally</U>. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the audited financial statements for Ryder for the fiscal year of Ryder ended December&nbsp;31, 2020, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for
purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i)&nbsp;Indebtedness of Ryder and its Subsidiaries shall be deemed to be carried at one hundred percent (100%) of the
outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC <FONT STYLE="white-space:nowrap">470-20</FONT><B> </B>on financial liabilities shall be disregarded, and (ii)&nbsp;all liability amounts shall be determined excluding
any liability relating to any operating lease, all asset amounts shall be determined excluding any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets relating to any operating lease, all amortization
amounts shall be determined excluding any amortization of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset relating to any operating lease, and all interest amounts shall be determined excluding
any deemed interest comprising a portion of fixed rent payable under any operating lease, in each case to the extent that such liability, asset, amortization or interest pertains to an operating lease under which the covenantor or a member of its
consolidated group is the lessee and would not have been accounted for as such under GAAP as in effect on December&nbsp;31, 2015. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Changes in GAAP</U>. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either Ryder or the Required Lenders shall so request, the Administrative Agent, the Lenders and Ryder shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Lenders); <U>provided</U>, <U>that</U>, until so amended, (i)&nbsp;such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change
therein and (ii)&nbsp;the Borrowers shall provide to the Agents and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Consolidation of Variable Interest
Entities</U>. All references herein to consolidated financial statements of Ryder and its Subsidiaries or to the determination of any amount for Ryder and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be
deemed to include each variable interest entity that Ryder is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.04</B> <B>Rounding</B>. Any financial ratios required to be
maintained by Ryder pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a <FONT STYLE="white-space:nowrap">rounding-up</FONT> if there is no nearest number). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.05</B> <B>Times of Day</B>. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.06</B> <B>Letter of Credit Amounts</B>.
Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; <U>provided</U>, <U>that</U>, (a)&nbsp;with respect to
any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent
of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time, and (b)&nbsp;with respect to any Letter of Credit where the stated amount
decreases, the maximum stated amount of such Letter of Credit shall reflect such decrease solely after giving effect to such decrease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.07</B> <B>Interest Rates</B>. No Agent warrants, nor accepts responsibility, nor shall any Agent have any
liability with respect to the administration, submission or any other matter related to the rates in the definition of &#147;Eurodollar Rate&#148;, &#147;Alternative Currency Daily Rate&#148;, &#147;Alternative Currency Term Rate&#148;, &#147;U.K.
Swing Line Overnight Dollar Rate&#148;, &#147;U.K. Swing Line Alternative Currency Rate&#148;, or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an
alternative or replacement for or successor to any such rate (including, any Benchmark Replacement or any Successor Rate) or the effect of any of the foregoing, or of any Benchmark Replacement Conforming Changes or Conforming Changes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.08</B> <B>Exchange Rates; Currency Equivalents</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The applicable Agent or the applicable Swing Line Lender, as applicable, shall determine the Dollar Equivalent amounts of
Credit Extensions and Outstanding Amounts denominated in Alternative Currencies (which determination shall be made no later than 4:00 p.m. (local time for such Agent or Swing Line Lender) on each applicable Revaluation Date). Such Dollar Equivalent
shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Ryder hereunder or calculating financial
covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the applicable Agent or the
applicable Swing Line Lender, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Wherever in this Agreement in connection with a Revolving Borrowing of an
Alternative Currency Loan, or a conversion, continuation or prepayment of an Alternative Currency Loan, or a Canadian Swing Line Borrowing denominated in an Alternative Currency, or the prepayment of Canadian Swing Line Loans denominated in an
Alternative Currency, or a U.K. Swing Line Borrowing denominated in an Alternative Currency, or the prepayment of U.K. Swing Line Loans denominated in an Alternative Currency, an amount, such as a required minimum or multiple amount, is expressed in
Dollars, but such Borrowing or Loan is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit
being rounded upward), as determined by the applicable Agent or the applicable Swing Line Lender, as the case may be. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.09</B> <B>Change of Currency</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the
European Union that adopts the Euro as its lawful currency after the Closing Date shall be redenominated into Euro at the time of such adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed in
this Agreement in respect of that currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro as its lawful currency; <U>provided</U>, <U>that</U>, if any Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement
shall take effect, with respect to such Borrowing, at the end of the then current Interest Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each provision of
this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant
market conventions or practices relating to the Euro. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each provision of this Agreement also shall be subject to such
reasonable changes of construction as the applicable Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.10</B> <B>Amendment and Restatement</B><B>.</B> On the Closing Date, this Agreement shall amend, restate and
supersede the Existing Credit Agreement in its entirety, except as provided in this <U>Section</U><U></U><U>&nbsp;1.10</U> (it being understood that this Agreement is not intended by the parties to be a novation of the Loan Documents (as defined in
the Existing Credit Agreement) or the credit facilities under the Existing Credit Agreement). On the Closing Date, the rights and obligations of the parties evidenced by the Existing Credit Agreement shall be evidenced by this Agreement and the
other Loan Documents. All references to the Existing Credit Agreement in any Loan Document or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof. Without limiting the
generality of the foregoing and to the extent necessary, the Lenders and the Agents reserve all of their rights under the Existing Credit Agreement, as amended and restated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement through the Closing Date
shall be calculated as of the Closing Date <FONT STYLE="white-space:nowrap">(pro-rated</FONT> in the case of any fractional periods), and shall be paid on the Closing Date; <U>provided</U>, <U>that</U>, all Obligations (as defined in the Existing
Credit Agreement) outstanding on the Closing Date that are not repaid on the Closing Date immediately prior to or simultaneously with the effectiveness of this Agreement shall in all respects be continuing and shall be deemed to be Obligations
outstanding hereunder on the terms set forth herein. Commencing on the Closing Date, all fees hereunder shall be payable by the Borrowers to the Agents for the account of the Lenders in accordance with this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.01</B> <B>Revolving Loans</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Domestic Revolving Loans</U>. Subject to the terms and conditions set forth herein, each Domestic Lender severally
agrees to make loans (each such loan, a &#147;<U>Domestic Revolving Loan</U>&#148;) in Dollars to Ryder from time to time on any Business Day during the Domestic Availability Period, in an aggregate amount not to exceed at any time outstanding the
amount of such Domestic </P>
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Lender&#146;s Domestic Commitment; <U>provided</U>, <U>that</U>, after giving effect to any Domestic Revolving Borrowing, (i)&nbsp;the Total Domestic Outstandings shall not exceed the Aggregate
Domestic Commitments, and (ii)&nbsp;the Domestic Revolving Credit Exposure of any Domestic Lender shall not exceed such Domestic Lender&#146;s Domestic Commitment. Within the limits of each Domestic Lender&#146;s Domestic Commitment, and subject to
the other terms and conditions hereof, Ryder may borrow Domestic Revolving Loans under this <U>Section</U><U></U><U>&nbsp;2.01(a)</U>, prepay Domestic Revolving Loans under <U>Section</U><U></U><U>&nbsp;2.05(a)</U>, and reborrow Domestic Revolving
Loans under this <U>Section</U><U></U><U>&nbsp;2.01(a)</U>. Domestic Revolving Loans may be Domestic Base Rate Loans or Eurodollar Rate Loans, as further provided herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Canadian Revolving Loans</U>. Subject to the terms and conditions set forth herein, each Canadian Lender severally
agrees to make loans (each such loan, a &#147;<U>Canadian Revolving Loan</U>&#148;) in Dollars or Canadian Dollars to any Canadian Borrower from time to time on any Business Day during the Canadian Availability Period, in an aggregate amount not to
exceed at any time outstanding the amount of such Canadian Lender&#146;s Canadian Commitment; <U>provided</U>, <U>that</U>, after giving effect to any Canadian Revolving Borrowing, (i)&nbsp;the Total Canadian Outstandings shall not exceed the
Aggregate Canadian Commitments, and (ii)&nbsp;the Canadian Revolving Credit Exposure of any Canadian Lender shall not exceed such Canadian Lender&#146;s Canadian Commitment. Within the limits of each Canadian Lender&#146;s Canadian Commitment, and
subject to the other terms and conditions hereof, each Canadian Borrower may borrow Canadian Revolving Loans under this <U>Section</U><U></U><U>&nbsp;2.01(b)</U>, prepay Canadian Revolving Loans under <U>Section</U><U></U><U>&nbsp;2.05(a)</U>, and
reborrow Canadian Revolving Loans under this <U>Section</U><U></U><U>&nbsp;2.01(b)</U>. Canadian Revolving Loans may be Canadian Base Rate Loans, Eurodollar Rate Loans, or Canadian Prime Rate Loans, as further provided herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>U.K. Revolving Loans</U>. Subject to the terms and conditions set forth herein, each U.K. Lender severally agrees to
make loans (each such loan, a &#147;<U>U.K. Revolving Loan</U>&#148;) in Dollars, Euros, or Sterling to any U.K. Borrower from time to time on any Business Day during the U.K. Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such U.K. Lender&#146;s U.K. Commitment; <U>provided</U>, <U>that</U>, after giving effect to any U.K. Revolving Borrowing, (i)&nbsp;the Total U.K. Outstandings shall not exceed the Aggregate U.K. Commitments, and
(ii)&nbsp;the U.K. Revolving Credit Exposure of any U.K. Lender shall not exceed such U.K. Lender&#146;s U.K. Commitment. Within the limits of each U.K. Lender&#146;s U.K. Commitment, and subject to the other terms and conditions hereof, each U.K.
Borrower may borrow U.K. Revolving Loans under this <U>Section</U><U></U><U>&nbsp;2.01(c)</U>, prepay U.K. Revolving Loans under <U>Section</U><U></U><U>&nbsp;2.05(a)</U>, and reborrow U.K. Revolving Loans under this
<U>Section</U><U></U><U>&nbsp;2.01(c)</U>. U.K. Revolving Loans may be Domestic Base Rate Loans, Eurodollar Rate Loans, Alternative Currency Daily Rate Loans, or Alternative Currency Term Rate Loans, as further provided herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>PR Revolving Loans</U>. Subject to the terms and conditions set forth herein, each PR Lender severally agrees to make
loans (each such loan, a &#147;<U>PR Revolving Loan</U>&#148;) in Dollars to any PR Borrower from time to time on any Business Day during the PR Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such PR
Lender&#146;s PR Commitment; <U>provided</U>, <U>that</U>, after giving effect to any PR Revolving Borrowing, (i)&nbsp;the Total PR Outstandings shall not exceed the Aggregate PR Commitments, and (ii)&nbsp;the PR Revolving Credit Exposure of any PR
Lender shall not exceed such PR Lender&#146;s PR Commitment. Within the limits of each PR Lender&#146;s PR Commitment, and subject to the other terms and conditions hereof, each PR Borrower may borrow PR Revolving Loans under this
<U>Section</U><U></U><U>&nbsp;2.01(d)</U>, prepay PR Revolving Loans under <U>Section</U><U></U><U>&nbsp;2.05(a)</U>, and reborrow PR Revolving Loans under this <U>Section</U><U></U><U>&nbsp;2.01(d)</U>. PR Revolving Loans may be Domestic Base Rate
Loans or Eurodollar Rate Loans, as further provided herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.02</B> <B>Revolving Borrowings; Conversions and
Continuations of Revolving Loans</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Domestic Revolving Borrowing, each conversion of Domestic Revolving Loans
from Eurodollar Rate Loans to Domestic Base Rate Loans, each conversion of Domestic Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, and each continuation of Eurodollar Rate Loans shall be made upon Ryder&#146;s irrevocable
notice to the Administrative Agent, which may be given by telephone or a Domestic Loan Notice; <U>provided</U>, <U>that</U>, any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Domestic Loan Notice. Each
Domestic Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i)&nbsp;three (3) Business Days prior to the requested date of any Domestic Revolving Borrowing of, conversion to, or continuation of, Eurodollar Rate
Loans, or any conversion of Eurodollar Rate Loans to Domestic Base Rate Loans, and (ii)&nbsp;on the requested date of any Domestic Revolving Borrowing of Domestic Base Rate Loans; <U>provided</U>, <U>that</U>, if Ryder wishes to request Domestic
Revolving Loans that are Eurodollar Rate Loans having an Interest Period other than one (1), three (3), or six (6)&nbsp;months in duration as provided in the definition of &#147;Interest Period,&#148; the applicable notice must be received by the
Administrative Agent not later than 11:00 a.m. four (4)&nbsp;Business Days prior to the requested date of such Domestic Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Administrative Agent shall give prompt
notice to the Domestic Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three (3)&nbsp;Business Days prior to the requested date of such Domestic Revolving
Borrowing, conversion or continuation of Eurodollar Rate Loans, the Administrative Agent shall notify Ryder (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Domestic Lenders. Each
Domestic Revolving Borrowing of, conversion to, or continuation of Eurodollar Rate Loans shall be in a minimum principal amount of $10,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in
<U>Section</U><U></U><U>&nbsp;2.03(e)(ii)</U> and <U>Section</U><U></U><U>&nbsp;2.04(c)(i)(A)</U>, each Domestic Revolving Borrowing of or conversion to Domestic Base Rate Loans shall be in a minimum principal amount of $500,000 or a whole multiple
of $100,000 in excess thereof. Each Domestic Loan Notice shall specify (A)&nbsp;whether Ryder is requesting a Domestic Revolving Borrowing, a conversion of Domestic Revolving Loans from Eurodollar Rate Loans to Domestic Base Rate Loans, a conversion
of Domestic Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, or a continuation of Eurodollar Rate Loans, (B)&nbsp;the requested date of such Domestic Revolving Borrowing, conversion or continuation, as the case may be (which
shall be a Business Day), (C) the principal amount of the Domestic Revolving Loans to be borrowed, converted or continued, (D)&nbsp;the Type of Domestic Revolving Loans to be borrowed or to which existing Domestic Revolving Loans are to be
converted, and (E)&nbsp;if applicable, the duration of the Interest Period with respect thereto. If Ryder fails to specify a Type of Domestic Revolving Loan in a Domestic Loan Notice or if Ryder fails to give a timely notice requesting a conversion
or continuation, then the applicable Revolving Loans shall be made as, or converted to, Domestic Base Rate Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each
Canadian Revolving Borrowing, each conversion of Canadian Revolving Loans from Eurodollar Rate Loans to Canadian Base Rate Loans, each conversion of Canadian Revolving Loans from Canadian Base Rate Loans to Eurodollar Rate Loans, and each
continuation of Eurodollar Rate Loans shall be made upon the applicable Canadian Borrower&#146;s irrevocable notice to the Canadian Agent, which may be given by telephone or a Loan Notice; <U>provided</U>, <U>that</U>, any telephonic notice must be
confirmed immediately by delivery to the Canadian Agent of a Loan Notice. Each Loan Notice must be received by the Canadian Agent not later than 12:00 noon (Toronto time)&nbsp;(i) three (3) Business Days prior to the requested date of any Canadian
Revolving Borrowing of, conversion to, or continuation of, Eurodollar Rate Loans, or any conversion of Eurodollar Rate Loans to Canadian Base Rate Loans and (ii)&nbsp;one (1) Business Day prior to the
</P>
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requested date of any Canadian Revolving Borrowing of Canadian Base Rate Loans or Canadian Prime Rate Loans; <U>provided</U>, <U>that</U>, if the applicable Canadian Borrower wishes to request
Canadian Revolving Loans that are Eurodollar Rate Loans having an Interest Period other than one (1), three (3), or six (6)&nbsp;months in duration as provided in the definition of &#147;Interest Period,&#148; the applicable notice must be received
by the Canadian Agent not later than 12:00 noon (Toronto time) four (4)&nbsp;Business Days prior to the requested date of such Canadian Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Canadian Agent shall give
prompt notice to the Canadian Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 12:00 noon (Toronto time), three (3)&nbsp;Business Days prior to the requested date of such
Canadian Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, the Canadian Agent shall notify the applicable Canadian Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to
by all the Canadian Lenders. Except as provided in <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)(A)</U>, each Canadian Revolving Borrowing, conversion, or continuation of Eurodollar Rate Loans, Canadian Base Rate Loans, or Canadian Prime Rate Loans
shall be in a minimum principal amount of C$3,000,000 (or the Dollar Equivalent thereof, as applicable) or a whole multiple of C$100,000 (or the Dollar Equivalent thereof, as applicable) in excess thereof. Each Loan Notice shall specify
(A)&nbsp;whether the applicable Canadian Borrower is requesting a Canadian Revolving Borrowing, a conversion of Canadian Revolving Loans from Eurodollar Rate Loans to Canadian Base Rate Loans, a conversion of Canadian Revolving Loans from Canadian
Base Rate Loans to Eurodollar Rate Loans, or a continuation of Eurodollar Rate Loans, (B)&nbsp;the requested date of such Canadian Revolving Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (C) the currency
and principal amount of the Canadian Revolving Loans to be borrowed, converted or continued, (D)&nbsp;the Type of Canadian Revolving Loans to be borrowed or to which existing Canadian Revolving Loans are to be converted, (E)&nbsp;if applicable, the
duration of the Interest Period with respect thereto, and (F)&nbsp;the applicable Canadian Borrower. If the applicable Canadian Borrower fails to specify a currency in a Loan Notice requesting a Canadian Revolving Borrowing, then the Revolving Loans
so requested shall be made in Canadian Dollars. If the applicable Canadian Borrower fails to specify a Type of Canadian Revolving Loan in a Loan Notice or if such Canadian Borrower fails to give a timely notice requesting a conversion or
continuation, then the applicable Revolving Loans shall be made as, or converted to, Canadian Prime Rate Loans. Except as otherwise provided in this Agreement, no Canadian Revolving Loan may be converted into or continued as a Canadian Revolving
Loan denominated in a different currency, but instead must be repaid in the original currency of such Canadian Revolving Loan and reborrowed in the other currency. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each U.K. Revolving Borrowing, each conversion of U.K. Revolving Loans from Eurodollar Rate Loans to Domestic Base Rate
Loans, each conversion of U.K. Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, and each continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans shall be made upon the applicable U.K. Borrower&#146;s
irrevocable notice to the Administrative Agent, which may be given by telephone or a U.K. Loan Notice; <U>provided</U>, <U>that</U>, any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a U.K. Loan Notice.
Each U.K. Loan Notice must be received by the Administrative Agent not later than (i) 12:00 noon (London time)&nbsp;(A) three (3) Business Days prior to the requested date of any U.K. Revolving Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans, or any conversion of Eurodollar Rate Loans to Domestic Base Rate Loans, and (B)&nbsp;three (3) Business Days prior to the requested date of any U.K. Revolving Borrowing of Alternative Currency Loans, or any continuation of
Alternative Currency Term Rate Loans, and (ii) 11:00 a.m. (Eastern time) on the requested date of any U.K. Revolving Borrowing of Domestic Base Rate Loans; <U>provided</U>, <U>that</U>, if the applicable U.K. Borrower wishes to request U.K.
Revolving Loans that are Eurodollar Rate Loans or Alternative Currency Term Rate Loans having an Interest </P>
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Period other than one (1), three (3), or six (6)&nbsp;months in duration as provided in the definition of &#147;Interest Period,&#148; the applicable notice must be received by the Administrative
Agent not later than 12:00 noon (London time) four (4)&nbsp;Business Days prior to the requested date of such U.K. Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, whereupon the
Administrative Agent shall give prompt notice to the U.K. Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 12:00 noon (London time), three (3)&nbsp;Business Days prior to the
requested date of such U.K. Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, the Administrative Agent shall notify the applicable U.K. Borrower (which notice may be by telephone)
whether or not the requested Interest Period has been consented to by all the U.K. Lenders. Except as provided in <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)(A)</U>, Each U.K. Revolving Borrowing or continuation of Eurodollar Rate Loans, and each
U.K. Revolving Borrowing, conversion or continuation of Alternative Currency Loans shall be in a minimum principal amount of $1,000,000 if denominated in Dollars, &pound;500,000 if denominated in Sterling, or EUR1,000,000 if denominated in Euro or a
whole multiple of $500,000 if denominated in Dollars, &pound;100,000 if denominated in Sterling, or EUR500,000 if denominated in Euro in excess thereof. Each U.K. Revolving Borrowing of or conversion to Domestic Base Rate Loans shall be in a minimum
principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each U.K. Loan Notice shall specify (1)&nbsp;whether the applicable U.K. Borrower is requesting a U.K. Revolving Borrowing, a conversion of U.K. Revolving Loans from
Eurodollar Rate Loans to Domestic Base Rate Loans, a conversion of U.K. Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, a continuation of Eurodollar Rate Loans, or a continuation of Alternative Currency Term Rate Loans,
(2)&nbsp;the requested date of such U.K. Revolving Borrowing or continuation, as the case may be (which shall be a Business Day), (3) the currency and principal amount of the U.K. Revolving Loans to be borrowed or continued, (4)&nbsp;the Type of
U.K. Revolving Loans to be borrowed, (5)&nbsp;if applicable, the duration of the Interest Period with respect thereto, and (6)&nbsp;the applicable U.K. Borrower. If the applicable U.K. Borrower fails to specify a currency in a U.K. Loan Notice
requesting a U.K. Revolving Borrowing, then the Revolving Loans so requested shall be made in Sterling. If the applicable U.K. Borrower fails to timely request a continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, as
applicable, such U.K. Revolving Loans shall be continued as Eurodollar Rate Loans or Alternative Currency Term Rate Loans, as applicable in their original currency with an Interest Period of one (1)&nbsp;month. If the applicable U.K. Borrower
requests a U.K. Revolving Borrowing of, or continuation of, Eurodollar Rate Loans or Alternative Currency Term Rate Loans in any such U.K. Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period
of one (1)&nbsp;month. Except as otherwise provided in this Agreement, no U.K. Revolving Loan may be converted into or continued as a U.K. Revolving Loan denominated in a different currency, but instead must be repaid in the original currency of
such U.K. Revolving Loan and reborrowed in the other currency. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each PR Revolving Borrowing, each conversion of PR
Revolving Loans from Eurodollar Rate Loans to Domestic Base Rate Loans, each conversion of PR Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, and each continuation of Eurodollar Rate Loans shall be made upon the applicable PR
Borrower&#146;s irrevocable notice to the Administrative Agent, which may be given by telephone or a PR Loan Notice; <U>provided</U>, <U>that</U>, any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a PR
Loan Notice. Each PR Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i)&nbsp;three (3) Business Days prior to the requested date of any PR Revolving Borrowing of, conversion to, or continuation of, Eurodollar Rate
Loans, or any conversion of Eurodollar Rate Loans to Domestic Base Rate Loans, and (ii)&nbsp;on the requested date of any PR Revolving Borrowing of Domestic Base Rate Loans; <U>provided</U>, <U>that</U>, if the applicable PR Borrower wishes to
request PR Revolving Loans that are Eurodollar Rate Loans having an Interest Period other than one (1), three </P>
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(3), or six (6)&nbsp;months in duration as provided in the definition of &#147;Interest Period,&#148; the applicable notice must be received by the Administrative Agent not later than 11:00 a.m.
four (4)&nbsp;Business Days prior to the requested date of such PR Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Administrative Agent shall give prompt notice to the PR Lenders of such request and determine
whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three (3)&nbsp;Business Days prior to the requested date of such PR Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, the
Administrative Agent shall notify the applicable PR Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the PR Lenders. Each PR Revolving Borrowing of, conversion to, or continuation
of Eurodollar Rate Loans shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. Each PR Revolving Borrowing of or conversion to Domestic Base Rate Loans shall be in a minimum principal amount of
$100,000 or a whole multiple of $100,000 in excess thereof. Each PR Loan Notice shall specify (A)&nbsp;whether the applicable PR Borrower is requesting a PR Revolving Borrowing, a conversion of PR Revolving Loans from Eurodollar Rate Loans to
Domestic Base Rate Loans, a conversion of PR Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, or a continuation of Eurodollar Rate Loans, (B)&nbsp;the requested date of such PR Revolving Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day), (C) the principal amount of the PR Revolving Loans to be borrowed, converted or continued, (D)&nbsp;the Type of PR Revolving Loans to be borrowed or to which existing PR Revolving Loans are to be
converted, (E)&nbsp;if applicable, the duration of the Interest Period with respect thereto, and (F)&nbsp;the applicable PR Borrower. If the applicable PR Borrower fails to specify a Type of PR Revolving Loan in a PR Loan Notice or if the applicable
PR Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Revolving Loans shall be made as, or converted to, Domestic Base Rate Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Following receipt of a Loan Notice, the applicable Agent shall promptly notify each applicable Lender of the amount and
currency of its Applicable Percentage of the applicable Revolving Loans, and if no timely notice of a conversion or continuation is provided by the applicable Borrower, the Administrative Agent shall notify each Lender of the details of any
automatic conversion to Base Rate Loans, continuation of Eurodollar Rate Loans or continuation of Alternative Currency Term Rate Loans described in <U>Section</U><U></U><U>&nbsp;2.02(a)</U>, <U>2.02(b)</U>, <U>2.02(c)</U>, or <U>2.02(d)</U>, as
applicable. In the case of a Revolving Borrowing, each Lender shall make the amount of its Revolving Loan available to the applicable Agent in Same Day Funds at the Head Office for the applicable Agent for the applicable currency not later than 1:00
p.m. (local time for the applicable Agent, or in connection with any U.K. Revolving Borrowing (other than a U.K. Revolving Borrowing of Domestic Base Loans), London time), in the case of Revolving Loans denominated in Dollars, and not later than the
Applicable Time, in the case of any Revolving Loan denominated in an Alternative Currency, in each case, on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in
<U>Section</U><U></U><U>&nbsp;4.02</U> (and, if such Revolving Borrowing is the initial Credit Extension, <U>Section</U><U></U><U>&nbsp;4.01</U>), the applicable Agent shall make all funds so received available to the applicable Borrower in like
funds as received by such Agent either by (i)&nbsp;crediting the account of such Borrower on the books of the applicable Agent with the amount of such funds, or (ii)&nbsp;wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the applicable Agent by such Borrower; <U>provided</U>, <U>that</U>, in connection with a Domestic Revolving Borrowing, if, on the date the Domestic Loan Notice with respect to such Domestic Revolving
Borrowing is given by Ryder, there are Unreimbursed Amounts outstanding, then the proceeds of such Domestic Revolving Borrowing, <U>first</U>, shall be applied to the payment in full of any such Unreimbursed Amounts, and <U>second</U>, shall be made
available to Ryder as provided above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Except as otherwise provided herein, a Eurodollar Rate Loan or an
Alternative Currency Term Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan or such Alternative Currency Term Rate Loan, as applicable. During the existence of an Event of Default,
(i)&nbsp;no Domestic Revolving Loans may be requested as, converted to, or continued as Eurodollar Rate Loans without the consent of the Required Domestic Lenders, (ii)&nbsp;no Canadian Revolving Loans may be requested as, converted to, or continued
as Eurodollar Rate Loans without the consent of the Required Canadian Lenders, (iii)&nbsp;no U.K. Revolving Loans may be requested as or continued as Eurodollar Rate Loans or Alternative Currency Term Rate Loans, as applicable, without the consent
of the Required U.K. Lenders, and (iv)&nbsp;no PR Revolving Loans may be requested as, converted to, or continued as Eurodollar Rate Loans without the consent of the Required PR Lenders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all
continuations of Revolving Loans of the same Type, there shall not be more than twenty (20)&nbsp;Interest Periods in effect with respect to the Revolving Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the
portion of its Revolving Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by Ryder, the applicable Agent, and
such Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) With respect to any Alternative Currency Daily Rate, the Administrative Agent will have the right to make
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (other than Ryder&#146;s right to be consulted pursuant to the definition of Conforming Changes), any amendments implementing
such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; <U>provided</U>, <U>that</U>, with respect to any such amendment effected, the Administrative Agent
shall post each such amendment implementing such Conforming Changes to Ryder and the Lenders reasonably promptly after such amendment becomes effective. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) For the avoidance of doubt, this <U>Section</U><U></U><U>&nbsp;2.02</U> shall not apply to Domestic Swing Line Loans,
Canadian Swing Line Loans, or U.K. Swing Line Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.03</B> <B>Letters of Credit</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>General</U>. Subject to the terms and conditions set forth herein, in addition to the Domestic Revolving Loans provided
for in <U>Section</U><U></U><U>&nbsp;2.01(a)</U>, Ryder may request any L/C Issuer, in reliance on the agreements of the Domestic Lenders set forth in this <U>Section</U><U></U><U>&nbsp;2.03</U>, to issue, at any time and from time to time during
the Domestic Availability Period, Letters of Credit denominated in Dollars for its own account or the account of any of its Domestic Subsidiaries in such form as is acceptable to the applicable L/C Issuer in its reasonable determination. Letters of
Credit issued hereunder shall constitute utilization of the Aggregate Domestic Commitments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Notice of Issuance,
Amendment, Extension, Reinstatement or Renewal</U>. To request the issuance of a Letter of Credit (or the amendment of the terms and conditions, extension of the terms and conditions, extension of the expiration date, or reinstatement of amounts
paid, or renewal of an outstanding Letter of Credit), Ryder shall deliver (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable L/C Issuer) to </P>
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the L/C Issuer selected by it and to the Administrative Agent not later than 11:00 a.m. at least two (2)&nbsp;Business Days (or such later date and time as the Administrative Agent and such L/C
Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be
amended, extended, reinstated or renewed, and specifying the date of issuance, amendment, extension, reinstatement or renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with
<U>Section</U><U></U><U>&nbsp;2.03(d)</U>), the amount of such Letter of Credit, the name and address of the beneficiary thereof, the purpose and nature of the requested Letter of Credit and such other information as shall be necessary to prepare,
amend, extend, reinstate or renew such Letter of Credit. If requested by the applicable L/C Issuer, Ryder also shall submit a Letter of Credit Application and reimbursement agreement on such L/C Issuer&#146;s standard form in connection with any
request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Application, any reimbursement agreement, any other Issuer Document or any
other agreement submitted by Ryder to, or entered into by Ryder with, the applicable L/C Issuer relating to any Letter of Credit, the terms and conditions of this Agreement shall control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Ryder so requests in any applicable Letter of Credit Application (or the amendment of an outstanding Letter of Credit), the
applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an &#147;<U>Auto-Extension Letter of Credit</U>&#148;); <U>provided</U>, <U>that</U>, any such Auto-Extension Letter
of Credit shall permit such L/C Issuer to prevent any such extension at least once in each twelve (12)-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Extension</FONT> Notice Date</U>&#148;) in each such twelve (12)-month period to be agreed upon by Ryder and such L/C Issuer at the time such Letter of Credit is issued. Unless otherwise
directed by the applicable L/C Issuer, Ryder shall not be required to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Domestic Lenders shall be deemed to have authorized
(but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiration date not later than the date permitted pursuant to <U>Section</U><U></U><U>&nbsp;2.03(d)</U>; <U>provided</U>, <U>that</U>,
such L/C Issuer shall not (i)&nbsp;permit any such extension if (A)&nbsp;such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised (as extended) form under
the terms hereof (except that the expiration date may be extended to a date that is no more than one (1)&nbsp;year from the then-current expiration date), or (B)&nbsp;it has received notice (which may be in writing or by telephone (if promptly
confirmed in writing)) on or before the day that is five (5)&nbsp;Business Days before the <FONT STYLE="white-space:nowrap">Non-Extension</FONT> Notice Date from the Administrative Agent that the Required Domestic Lenders have elected not to permit
such extension, or (ii)&nbsp;be obligated to permit such extension if it has received notice (which may be in writing or by telephone (if promptly confirmed in writing)) on or before the day that is five (5)&nbsp;Business Days before the <FONT
STYLE="white-space:nowrap">Non-Extension</FONT> Notice Date from the Administrative Agent or Ryder that one or more of the applicable conditions set forth in <U>Section</U><U></U><U>&nbsp;4.02</U> is not then satisfied, and in each such case
directing such L/C Issuer not to permit such extension. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Letter of Credit contains provisions providing for
automatic reinstatement of the stated amount after any drawing thereunder, (i)&nbsp;unless otherwise directed by the L/C Issuer, Ryder and/or any of its Domestic Subsidiaries shall not be required to make a specific request to the L/C Issuer to
permit such reinstatement, and (ii)&nbsp;the Administrative Agent and the Domestic Lenders hereby authorize and direct the L/C Issuer to permit such automatic reinstatement, whether or not a Default then exists, unless the Issuing Bank has received
a notice (which may be by telephone or in writing) on or before the day that is two Business Days before the reinstatement date from any Administrative gent, the Required Domestic Lenders or any Borrower that one or more of the applicable conditions
specified in Section&nbsp;4.02 is not then satisfied and directing the L/C Issuer to cease permitting such automatic reinstatement of such Letter of Credit. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Promptly after its delivery of any Letter of Credit or any amendment to a
Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to Ryder and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Limitations on Amounts, Issuance and Amendment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and upon issuance, amendment,
extension, reinstatement or renewal of each Letter of Credit, Ryder shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, reinstatement or renewal (A)&nbsp;the aggregate amount of the outstanding
Letters of Credit issued by any L/C Issuer shall not exceed its L/C Commitment, (B)&nbsp;the aggregate L/C Obligations shall not exceed the Letter of Credit Sublimit, (C)&nbsp;the Domestic Revolving Credit Exposure of any Domestic Lender shall not
exceed such Domestic Lender&#146;s Domestic Commitment, and (D)&nbsp;the Total Domestic Outstandings shall not exceed the Aggregate Domestic Commitments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) No L/C Issuer shall be under any obligation to issue any Letter of Credit if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit,
or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such
L/C Issuer in good faith deems material to it; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the issuance of such Letter of Credit would violate one or more
policies of such L/C Issuer applicable to letters of credit generally; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) except as otherwise agreed by the
Administrative Agent and such L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $100,000, in the case of a standby Letter of Credit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) such Letter of Credit is to be denominated in a currency other than Dollars; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) any Domestic Lender is at that time a Defaulting Lender, unless such
L/C Issuer has been Cash Collateralized in accordance with <U>Section</U><U></U><U>&nbsp;2.16(a)</U> or otherwise entered into arrangements satisfactory to such L/C Issuer (in its reasonable discretion) with Ryder or such Domestic Lender to
eliminate such L/C Issuer&#146;s actual or potential Fronting Exposure (determined after giving effect to <U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U> and any Cash Collateral provided by such Defaulting Lender) with respect to the Defaulting Lender
arising from either such Letter of Credit then proposed to be issued or such Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) subject to <U>Section</U><U></U><U>&nbsp;2.03(b)</U>, the Letter of Credit contains any provisions for automatic
reinstatement of the stated amount after any drawing thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) No L/C Issuer shall be under any obligation to
amend any Letter of Credit if (A)&nbsp;such L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B)&nbsp;the beneficiary of the Letter of Credit does not accept the proposed
amendment to the Letter of Credit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Expiration Date</U>. Each Letter of Credit shall have a stated expiration date
no later than the earlier of the date that is five (5)&nbsp;Business Days prior to the Maturity Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)
<U>Participations</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount or extending the expiration date thereof), and without any further action on the part of the applicable L/C Issuer or the Domestic Lenders, such L/C Issuer hereby grants to each Domestic Lender, and each Domestic Lender hereby acquires from
such L/C Issuer, a participation in such Letter of Credit equal to such Domestic Lender&#146;s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Domestic Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(e)(i)</U> in respect of Letters of Credit is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including any
amendment, extension, reinstatement or renewal of any Letter of Credit, the occurrence and continuance of a Default, a reduction of any Domestic Commitments, or the termination of the Aggregate Domestic Commitments. Each Domestic Lender further
acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Domestic Lender&#146;s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit at each
time such Domestic Lender&#146;s Domestic Commitment is amended pursuant to the provisions of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In
consideration and in furtherance of the foregoing, upon receipt of any <FONT STYLE="white-space:nowrap">Non-Reimbursement</FONT> Notice, each Domestic Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the Administrative
Agent, for account of the applicable L/C Issuer, such Domestic Lender&#146;s Applicable Percentage of each L/C Disbursement made by such L/C Issuer not later than 1:00 p.m. on the Business Day specified in such
<FONT STYLE="white-space:nowrap">Non-Reimbursement</FONT> Notice, until such L/C Disbursement is reimbursed by Ryder or at any time after any reimbursement payment is required to be refunded to Ryder for any reason, including after the Maturity
Date. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in <U>Section</U><U></U><U>&nbsp;2.02</U> (but without regard to the minimum and
multiples specified therein for the principal amount of Domestic Revolving Loans that are Domestic Base Rate Loans) with respect to Domestic Revolving Loans made by such Domestic Lender (and <U>Section</U><U></U><U>&nbsp;2.02</U> shall apply,
<U>mutatis</U> <U>mutandis</U>, to the payment obligations of the Lenders pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(e)(ii)</U>). The Administrative Agent shall promptly pay </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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to the applicable L/C Issuer the amounts so received by it from the Domestic Lenders. Promptly following receipt by the Administrative Agent of any payment from Ryder pursuant to
<U>Section</U><U></U><U>&nbsp;2.03(f)</U>, the Administrative Agent shall distribute such payment to the applicable L/C Issuer or, to the extent that the Domestic Lenders have made payments pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(e)</U>
to reimburse such L/C Issuer, then to such Domestic Lenders and such L/C Issuer as their interests may appear. Any payment made by a Domestic Lender pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(e)</U> to reimburse the applicable L/C Issuer
for any L/C Disbursement (other than, for the avoidance of doubt, any Domestic Revolving Loan made by a Domestic Lender pursuant to the first proviso set forth in <U>Section</U><U></U><U>&nbsp;2.03(f)</U>) shall not constitute a Domestic Revolving
Loan and, in any event, shall not relieve Ryder of its obligation to reimburse such L/C Disbursement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) If any
Domestic Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount required to be paid by such Domestic Lender pursuant to the foregoing provisions of this
<U>Section</U><U></U><U>&nbsp;2.03(e)</U>, then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Domestic Lender (acting through the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the applicable Overnight Rate and a rate determined by
such L/C Issuer in accordance with banking industry rules on interbank compensation, <U>plus</U> any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. A certificate of the applicable
L/C Issuer submitted to any Domestic Lender (through the Administrative Agent) with respect to any amounts owing under this <U>Section</U><U></U><U>&nbsp;2.03(e)(iii)</U> shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Reimbursement</U>. If any L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, Ryder shall
reimburse such L/C Issuer in respect of such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 1:00 p/m/ on (i)&nbsp;the Business Day that Ryder receives notice of such L/C Disbursement,
if such notice is received prior to 11:00 a.m., or (ii)&nbsp;the Business Day immediately following the day that Ryder receives such notice, if such notice is not received prior to such time; <U>provided</U>, <U>that</U>, Ryder may, subject to the
conditions to borrowing set forth herein (without regard to the notice requirement, minimum principal amount and multiples specified in <U>Section</U><U></U><U>&nbsp;2.02</U>), request in accordance with <U>Section</U><U></U><U>&nbsp;2.02</U> that
such payment be financed with a Domestic Revolving Borrowing of Domestic Base Rate Loans in an equivalent amount and, to the extent so financed, Ryder&#146;s obligation to make such payment shall be deemed to have been satisfied and replaced by the
resulting Domestic Revolving Borrowing of Domestic Base Rate Loans. If Ryder fails to make such payment when due, the Administrative Agent shall notify each Domestic Lender of the applicable L/C Disbursement, the payment then due from Ryder in
respect thereof (the &#147;<U>Unreimbursed Amount</U>&#148;) and such Domestic Lender&#146;s Applicable Percentage thereof (each such notice, a &#147;<U><FONT STYLE="white-space:nowrap">Non-Reimbursement</FONT> Notice</U>&#148;). Promptly upon
receipt of any <FONT STYLE="white-space:nowrap">Non-Reimbursement</FONT> Notice, each Domestic Lender shall pay to the Administrative Agent its Applicable Percentage of the Unreimbursed Amount pursuant to
<U>Section</U><U></U><U>&nbsp;2.03(e)(ii)</U>, subject to the amount of the unutilized portion of the Aggregate Domestic Commitments. Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this
<U>Section</U><U></U><U>&nbsp;2.03(f)</U> may be given by telephone if promptly confirmed in writing; <U>provided</U>, <U>that</U>, the lack of such a prompt confirmation shall not affect the conclusiveness or binding effect of such notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Obligations Absolute</U>. Ryder&#146;s obligation to reimburse L/C
Disbursements as provided in <U>Section</U><U></U><U>&nbsp;2.03(f)</U> shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any lack of validity or enforceability of this Agreement, any other Loan Document or any Letter of
Credit, or any term or provision herein or therein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the existence of any claim, counterclaim, setoff, defense or
other right that Ryder or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), any L/C Issuer or any other Person,
whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any draft, demand, certificate or other document presented under a Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement in such draft or other document being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) honor of a demand for payment presented electronically even if such Letter of Credit required that
demand be in the form of a draft; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) payment by the applicable L/C Issuer under a Letter of Credit against presentation
of a draft or other document that does not comply strictly with the terms of such Letter of Credit; or any payment made by any L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession,</FONT></FONT> assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter
of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any adverse change in
the relevant currency markets generally; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any other event or circumstance whatsoever, whether or not similar to
any of the foregoing, that might, but for the provisions of this <U>Section</U><U></U><U>&nbsp;2.03</U>, constitute a legal or equitable discharge of, or provide a right of setoff against, Ryder&#146;s obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Examination</U>. Ryder shall promptly examine a copy of each Letter of Credit and each amendment thereto that is
delivered to it and, in the event of any claim of noncompliance with Ryder&#146;s instructions or other irregularity, Ryder will immediately notify the applicable L/C Issuer. Ryder shall be conclusively deemed to have waived any such claim against
each L/C Issuer and its correspondents unless such notice is given as aforesaid. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Liability</U>. None of the
Administrative Agent, any Domestic Lender, any L/C Issuer, or any of their respective Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the applicable
L/C Issuer or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in <U>Section</U><U></U><U>&nbsp;2.03(g)</U>), or any error, omission, interruption, loss or delay in transmission or delivery
of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising
from causes beyond the control </P>
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of the applicable L/C Issuer; <U>provided</U>, <U>that</U>, the foregoing shall not be construed to excuse any L/C Issuer from liability to Ryder to the extent of any direct damages (as opposed
to consequential damages) suffered by Ryder that are caused by the such L/C Issuer&#146;s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof or such L/C
Issuer&#146;s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of any L/C Issuer (as finally determined by a court of competent jurisdiction), such L/C Issuer shall be deemed to have exercised care in each such determination, and
that: (i)&nbsp;such L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified true copy marked as such or waive a requirement for its presentation; (ii)&nbsp;such L/C
Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make
payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit and without regard to any <FONT STYLE="white-space:nowrap">non-documentary</FONT> condition in such Letter of
Credit; (iii)&nbsp;such L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and (iv)&nbsp;this
sentence shall establish the standard of care to be exercised by such L/C Issuer when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent
permitted by applicable Law, any standard of care inconsistent with the foregoing). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the foregoing, none
of the Administrative Agent, any Domestic Lender, any L/C Issuer or any of their respective Related Parties shall have any liability or responsibility by reason of (A)&nbsp;any presentation that includes forged or fraudulent documents or that is
otherwise affected by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (B)&nbsp;any L/C Issuer declining to <FONT STYLE="white-space:nowrap">take-up</FONT> documents and make payment (1)&nbsp;against documents that
are fraudulent, forged, or for other reasons by which that it is entitled not to honor, or (2)&nbsp;following Ryder&#146;s waiver of discrepancies with respect to such documents or request for honor of such documents, or (C)&nbsp;any L/C Issuer
retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking regulation, or third-party claim notified to such L/C Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Applicability of ISP</U>. Unless otherwise expressly agreed by the applicable L/C Issuer and Ryder, when a Letter of
Credit is issued by it (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit and (ii)&nbsp;the rules of the UCP shall apply to each commercial Letter of
Credit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Benefits</U>. Each L/C Issuer shall act on behalf of the Domestic Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (i)&nbsp;provided to the Administrative Agent in <U>Article IX</U> with respect to any acts taken or omissions suffered by
such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term &#147;Administrative Agent&#148; as used in <U>Article IX</U> included
such L/C Issuer with respect to such acts or omissions, and (ii)&nbsp;as additionally provided herein with respect to such L/C Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Letter of Credit Fees</U>. Ryder shall pay to the Administrative Agent for the account of each Domestic Lender in
accordance, subject to <U>Section</U><U></U><U>&nbsp;2.17</U>, with its Applicable Percentage a Letter of Credit fee (the &#147;<U>Letter of Credit Fee</U>&#148;) for each Letter of Credit equal to the Applicable
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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Rate <U>times</U> the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with <U>Section</U><U></U><U>&nbsp;1.06</U>. Letter of Credit Fees shall be (i)&nbsp;due and payable on the first (1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>) Business Day after
the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter on demand, and (ii)&nbsp;computed on a quarterly basis in arrears. If
there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Domestic Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers</U>. Ryder shall pay directly to the
applicable L/C Issuer for its own account a fronting fee with respect to each Letter of Credit at the rate per annum equal to the percentage separately agreed upon between Ryder and such L/C Issuer, computed on the daily amount available to be drawn
under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the first (1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>) Business Day after the end of each March, June, September and December in
respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter on demand. For
purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <U>Section</U><U></U><U>&nbsp;1.06</U>. In addition, Ryder shall pay directly to the
applicable L/C Issuer for its own account, in Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect.
Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)
<U>Disbursement Procedures</U>. The applicable L/C Issuer shall, within the time allowed by applicable Laws or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for
payment under such Letter of Credit. The applicable L/C Issuer shall promptly after such examination notify the Administrative Agent and Ryder in writing of such demand for payment if such L/C Issuer has made or will make a L/C Disbursement
thereunder; <U>provided</U>, <U>that</U>, any failure to give or delay in giving such notice shall not relieve Ryder of its obligation to reimburse such L/C Issuer and the Domestic Lenders with respect to any such L/C Disbursement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>Interim Interest</U>. If any L/C Issuer shall make any L/C Disbursement, then, unless Ryder shall reimburse such L/C
Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C Disbursement is made to but excluding the date that Ryder reimburses such L/C
Disbursement, at the rate per annum then applicable to Domestic Base Rate Loans; <U>provided</U>, <U>that</U>, if Ryder fails to reimburse such L/C Disbursement when due pursuant to <U>Section</U><U></U><U>&nbsp;2.03(f)</U>, then
<U>Section</U><U></U><U>&nbsp;2.08(b)</U> shall apply. Interest accrued pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(o)</U> shall be for account of the applicable L/C Issuer, except that interest accrued on and after the date of payment by
any Domestic Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.03(f)</U> to reimburse such L/C Issuer shall be for account of such Domestic Lender to the extent of such payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>Replacement of any L/C Issuer</U>. Any L/C Issuer may be replaced at
any time by written agreement among Ryder, the Administrative Agent, the replaced L/C Issuer, and the successor L/C Issuer. The Administrative Agent shall notify the Domestic Lenders of any such replacement of any L/C Issuer. At the time any such
replacement shall become effective, Ryder shall pay all unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement, (i)&nbsp;the successor L/C Issuer shall have all the rights and
obligations of a L/C Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter, and (ii)&nbsp;references herein to the term &#147;L/C Issuer&#148; shall be deemed to include such successor or any previous L/C
Issuer, or such successor and all previous L/C Issuers, as the context shall require. After the replacement of any L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of
a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. <U>Schedule 2.03</U> shall be deemed to be automatically updated to reflect
the L/C Commitment of any Person that becomes a L/C Issuer after the Closing Date pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(p)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Cash Collateralization</U>. Without limiting <U>Section</U><U></U><U>&nbsp;2.03(d)</U>, on the Business Day that Ryder
receives notice from the Administrative Agent or the applicable L/C Issuer if any L/C Obligations remain outstanding after the expiration date specified in <U>Section</U><U></U><U>&nbsp;2.03(d)</U>, Ryder shall immediately deposit into an account
established and maintained on the books and records of the Administrative Agent an amount in cash equal to the Minimum Collateral Amount as collateral for such L/C Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cash Collateral deposited pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(q)</U> shall be applied by the Administrative
Agent to reimburse the applicable L/C Issuer for L/C Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of Ryder for the L/C Obligations at such time or, if the maturity of the Domestic Revolving Loans and Domestic Swing Line Loans has been accelerated (but subject to the consent of Domestic Lenders with L/C Obligations
representing at least fifty percent (50%) of the total L/C Obligations), be applied to satisfy other obligations of Ryder under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <U>Letters of Credit Issued for Domestic Subsidiaries</U>. Notwithstanding that a Letter of Credit issued or outstanding
hereunder is in support of any obligations of, or is for the account of, a Domestic Subsidiary, Ryder shall be obligated to reimburse, indemnify and compensate the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit
as if such Letter of Credit had been issues solely for the account of Ryder. Ryder irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Domestic Subsidiary
in respect of such Letter of Credit. Ryder hereby acknowledges that the issuance of Letters of Credit for the account of Domestic Subsidiaries inures to the benefit of Ryder, and that Ryder&#146;s business derives substantial benefits from the
businesses of such Domestic Subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <U>L/C Issuer Reports to the Administrative Agent</U>. Unless otherwise
agreed by the Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this <U>Section</U><U></U><U>&nbsp;2.03</U>, provide the Administrative Agent a Letter of Credit Report, as set forth
below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) reasonably prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of
Credit, the date of such issuance, amendment, renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have
changed); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) on each Business Day on which such L/C Issuer makes a payment pursuant
to a Letter of Credit, the date and amount of such payment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) on any Business Day on which Ryder fails to reimburse a
payment made pursuant to a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and the amount of such payment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters
of Credit issued by such L/C Issuer; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) for so long as any Letter of Credit issued by a L/C Issuer is outstanding,
such L/C Issuer shall deliver to the Administrative Agent (A)&nbsp;on the last Business Day of each calendar month, (B)&nbsp;at all other times a Letter of Credit Report is required to be delivered pursuant to this Agreement, and (C)&nbsp;on each
date that (1)&nbsp;a L/C Credit Extension occurs or (2)&nbsp;there is any expiration, cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a Letter of Credit Report appropriately completed with the information
for every outstanding Letter of Credit issued by such L/C Issuer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>Additional L/C Issuers</U>. Any Lender hereunder
may become a L/C Issuer upon receipt by the Administrative Agent of a fully executed Notice of Additional L/C Issuer which shall be signed by Ryder, the Administrative Agent and the applicable L/C Issuer. Such new L/C Issuer shall provide its L/C
Commitment in such Notice of Additional L/C Issuer and upon the receipt by the Administrative Agent of the fully executed Notice of Additional L/C Issuer, the definition of &#147;L/C Commitment&#148; in <U>Section</U><U></U><U>&nbsp;1.01</U> shall
be deemed amended to incorporate the L/C Commitment of such new L/C Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.04 Swing Line Loans. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>The Swing Line</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Domestic Swing Line Loans</U>. Subject to the terms and conditions set forth herein, each Domestic Swing Line Lender, in
reliance upon the agreements of the other Domestic Lenders set forth in this <U>Section</U><U></U><U>&nbsp;2.04</U>, agrees to make loans (each such loan, a &#147;<U>Domestic Swing Line Loan</U>&#148;) to Ryder in Dollars from time to time on any
Business Day during the Domestic Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Domestic Swing Line Sublimit; <U>provided</U>, <U>that</U>, (A)&nbsp;after giving effect to any Domestic Swing Line
Loan, (1)&nbsp;the Total Domestic Outstandings shall not exceed the Aggregate Domestic Commitments, (2)&nbsp;the Domestic Revolving Credit Exposure of any Domestic Lender shall not exceed such Domestic Lender&#146;s Domestic Commitment, and
(3)&nbsp;the aggregate amount of the outstanding Domestic Swing Line Loans issued by any Domestic Swing Line Lender shall not exceed such Domestic Swing Line Lender&#146;s Domestic Swing Line Commitment, (B)&nbsp;Ryder shall not use the proceeds of
any Domestic Swing Line Loan to refinance any outstanding Domestic Swing Line Loan, and (C)&nbsp;no Domestic Swing Line Lender shall be under any obligation to make any Domestic Swing Line Loan if it shall determine (which determination shall be
conclusive and binding absent manifest error) that it has, or by such Credit Extension will have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, Ryder may borrow Domestic Swing Line Loans under
this <U>Section</U><U></U><U>&nbsp;2.04(a)(i)</U>, prepay Domestic Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.05</U>, and reborrow Domestic Swing Line Loans under this <U>Section</U><U></U><U>&nbsp;2.04(a)(i)</U>. Immediately upon
the making of a Domestic Swing Line Loan, each Domestic Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable Domestic Swing Line Lender a risk participation in such Domestic Swing Line Loan in
an amount equal to the product of such Domestic Lender&#146;s Applicable Percentage <U>times</U> the amount of such Domestic Swing Line Loan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Canadian Swing Line Loans</U>. Subject to the terms and conditions
set forth herein, the Canadian Swing Line Lender, in reliance upon the agreements of the other Canadian Lenders set forth in this <U>Section</U><U></U><U>&nbsp;2.04</U>, agrees to make loans (each such loan, a &#147;<U>Canadian Swing Line
Loan</U>&#148;) to any Canadian Borrower in Dollars or Canadian Dollars from time to time on any Business Day during the Canadian Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Canadian Swing Line
Sublimit; <U>provided</U>, <U>that</U>, (A)&nbsp;after giving effect to any Canadian Swing Line Loan, (1)&nbsp;the Total Canadian Outstandings shall not exceed the Aggregate Canadian Commitments, (2)&nbsp;the Canadian Revolving Credit Exposure of
any Canadian Lender shall not exceed such Canadian Lender&#146;s Canadian Commitment, and (3)&nbsp;the Dollar Equivalent of the aggregate amount of the outstanding Canadian Swing Line Loans issued by the Canadian Swing Line Lender shall not exceed
the Canadian Swing Line Lender&#146;s Canadian Swing Line Commitment, (B)&nbsp;no Canadian Borrower shall not use the proceeds of any Canadian Swing Line Loan to refinance any outstanding Canadian Swing Line Loan, and (C)&nbsp;the Canadian Swing
Line Lender shall be under no obligation to make any Canadian Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension will have, Fronting Exposure. In
addition, in the event that the Canadian Borrowers cause an overdraft in the net position of all its Canadian Dollar accounts maintained with the Canadian Agent, the Canadian Borrowers shall be deemed to have requested a Canadian Swing Line Loan
(subject to the terms and conditions set forth in this <U>Section</U><U></U><U>&nbsp;2.04</U> and in <U>Article IV</U>, to the extent applicable) in the amount of such overdraft. Within the foregoing limits, and subject to the other terms and
conditions hereof, each Canadian Borrower may borrow Canadian Swing Line Loans under this <U>Section</U><U></U><U>&nbsp;2.04(a)(ii)</U>, prepay Canadian Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.05</U>, and reborrow Canadian Swing
Line Loans under this <U>Section</U><U></U><U>&nbsp;2.04(a)(ii)</U>. Immediately upon the making of a Canadian Swing Line Loan, each Canadian Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian
Swing Line Lender a risk participation in such Canadian Swing Line Loan in an amount equal to the product of such Canadian Lender&#146;s Applicable Percentage <U>times</U> the amount of such Canadian Swing Line Loan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>U.K. Swing Line Loans</U>. Subject to the terms and conditions set forth herein, the U.K. Swing Line Lender, in
reliance upon the agreements of the other U.K. Lenders set forth in this <U>Section</U><U></U><U>&nbsp;2.04</U>, agrees to make loans (each such loan, a &#147;<U>U.K. Swing Line Loan</U>&#148;) to any U.K. Borrower in Dollars, Euros, or Sterling
from time to time on any Business Day during the U.K. Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the U.K. Swing Line Sublimit; <U>provided</U>, <U>that</U>, (A)&nbsp;after giving effect to any U.K.
Swing Line Loan, (1)&nbsp;the Total U.K. Outstandings shall not exceed the Aggregate U.K. Commitments, (2)&nbsp;the U.K. Revolving Credit Exposure of any U.K. Lender shall not exceed such U.K. Lender&#146;s U.K. Commitment, and (3)&nbsp;the Dollar
Equivalent of the aggregate amount of the outstanding U.K. Swing Line Loans issued by the U.K. Swing Line Lender shall not exceed the U.K. Swing Line Lender&#146;s U.K. Swing Line Commitment, (B)&nbsp;no U.K. Borrower shall use the proceeds of any
U.K. Swing Line Loan to refinance any outstanding U.K. Swing Line Loan, and (C)&nbsp;the U.K. Swing Line Lender shall be under no obligation to make any U.K. Swing Line Loan if it shall determine (which determination shall be conclusive and binding
absent manifest error) that it has, or </P>
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by such Credit Extension will have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, each U.K. Borrower may borrow U.K. Swing Line Loans under
this <U>Section</U><U></U><U>&nbsp;2.04(a)(iii)</U>, prepay U.K. Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.05</U>, and reborrow U.K. Swing Line Loans under this <U>Section</U><U></U><U>&nbsp;2.04(a)(iii)</U>. Immediately upon the
making of a U.K. Swing Line Loan, each U.K. Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the U.K. Swing Line Lender a risk participation in such U.K. Swing Line Loan in an amount equal to the product
of such U.K. Lender&#146;s Applicable Percentage <U>times</U> the amount of such U.K. Swing Line Loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Swing Line
Borrowing Procedures</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Each Domestic Swing Line Borrowing shall be made upon Ryder&#146;s irrevocable notice to the
applicable Domestic Swing Line Lender and the Administrative Agent, which may be given by telephone or by a Domestic Swing Line Loan Notice; <U>provided</U>, <U>that</U>, any telephonic notice must be confirmed promptly by delivery to the applicable
Domestic Swing Line Lender and the Administrative Agent of a Domestic Swing Line Loan Notice. Each Domestic Swing Line Loan Notice must be received by the applicable Domestic Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on
the requested borrowing date, and shall specify (A)&nbsp;the amount to be borrowed, which shall be a minimum of $1,000,000 or an integral multiple thereof (in each case, or such smaller amount as may be agreed by the applicable Domestic Swing Line
Lender), and (B)&nbsp;the requested borrowing date, which shall be a Business Day. Promptly after receipt by the applicable Domestic Swing Line Lender of any Domestic Swing Line Loan Notice, such Domestic Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Domestic Swing Line Loan Notice and, if not, such Domestic Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of
the contents thereof. Unless the applicable Domestic Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. on the date of the proposed Domestic
Swing Line Borrowing (1)&nbsp;directing such Domestic Swing Line Lender not to make such Domestic Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of <U>Section</U><U></U><U>&nbsp;2.04(a)(i)</U>, or
(2)&nbsp;that one or more of the applicable conditions specified in <U>Article IV</U> is not then satisfied, then, subject to the terms and conditions hereof, the applicable Domestic Swing Line Lender will, promptly on the borrowing date specified
in such Domestic Swing Line Loan Notice, make the amount of its Domestic Swing Line Loan available to Ryder by (x)&nbsp;crediting the account of Ryder on the books of the applicable Domestic Swing Line Lender with the amount of such funds, or
(y)&nbsp;wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the applicable Domestic Swing Line Lender by Ryder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each Canadian Swing Line Borrowing shall be made upon the applicable Canadian Borrower&#146;s irrevocable notice to the
Canadian Swing Line Lender and the Canadian Agent, which may be given by telephone or by a Canadian Swing Line Loan Notice; <U>provided</U>, <U>that</U>, any telephonic notice must be confirmed promptly by delivery to the Canadian Swing Line Lender
and the Canadian Agent of a Canadian Swing Line Loan Notice. Each Canadian Swing Line Loan Notice must be received not later than 2:00 p.m. (Toronto time) on the requested borrowing date, and shall specify (A)&nbsp;the name of the applicable
Canadian Borrower, (B)&nbsp;the amount and currency to be borrowed, which amount shall be a minimum of $500,000 (or the Alternative Currency equivalent thereof) or such </P>
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integral multiple thereof (in each case, or such smaller amount as may be agreed by the Canadian Swing Line Lender); <U>provided</U>, <U>that</U>, there shall be no minimum amount for any
Canadian Swing Line Loan which is advanced in order to fund an overdraft in the Canadian Borrowers&#146; Canadian Dollar accounts maintained with the Canadian Swing Line Lender (as provided in <U>Section</U><U></U><U>&nbsp;2.04(a)(ii)</U>), (C) the
requested borrowing date, which shall be a Business Day, and (D)&nbsp;the location and number of such Canadian Borrower&#146;s account to which funds are to be disbursed. Unless the Canadian Swing Line Lender has received notice (by telephone or in
writing) from the Canadian Agent (including at the request of any Lender) prior to 3:00 p.m. (Toronto time), on the date of the proposed Canadian Swing Line Borrowing (1)&nbsp;directing the Canadian Swing Line Lender not to make such Canadian Swing
Line Loan as a result of the limitations set forth in the first proviso to the first sentence of <U>Section</U><U></U><U>&nbsp;2.04(a)(ii)</U>, or (2)&nbsp;that one or more of the applicable conditions specified in <U>Article IV</U> is not then
satisfied, then, subject to the terms and conditions hereof, the Canadian Swing Line Lender shall, promptly after receipt of the applicable Canadian Swing Line Loan Notice with respect to such Canadian Swing Line Borrowing, make such Canadian Swing
Line Loan to the applicable Canadian Borrower by means of a wire transfer to the account specified in such Canadian Swing Line Loan Notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Each U.K. Swing Line Borrowing shall be made upon the applicable U.K. Borrower&#146;s irrevocable notice to the U.K.
Swing Line Lender and the Administrative Agent by delivery of a U.K. Swing Line Loan Notice. Each U.K. Swing Line Loan Notice must be received not later than (A)&nbsp;with respect to U.K. Swing Line Loans denominated in Sterling, 10:00 a.m. (London
time) on the requested borrowing date and (B)&nbsp;with respect to U.K. Swing Line Loans denominated in Dollars or Euros, 11:00 a.m. (London time) on the requested borrowing date, and shall specify (A)&nbsp;the name of the applicable U.K. Borrower,
(B)&nbsp;the amount and currency to be borrowed, which amount shall be a minimum of &pound;500,000 (or the Dollar Equivalent thereof if denominated in Dollars or the Alternative Currency equivalent thereof if denominated in Euros) or such integral
multiple thereof (in each case, or such smaller amount as may be agreed by the U.K. Swing Line Lender), (C) the requested borrowing date, which shall be a Business Day, and (D)&nbsp;the location and number of such U.K. Borrower&#146;s account to
which funds are to be disbursed. Unless the U.K. Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. (London time), on the date of the proposed
U.K. Swing Line Borrowing (1)&nbsp;directing the U.K. Swing Line Lender not to make such U.K. Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of <U>Section</U><U></U><U>&nbsp;2.04(a)(iii)</U>, or
(2)&nbsp;that one or more of the applicable conditions specified in <U>Article IV</U> is not then satisfied, then, subject to the terms and conditions hereof, the U.K. Swing Line Lender shall, promptly after receipt of the applicable U.K. Swing Line
Loan Notice with respect to such U.K. Swing Line Borrowing, make such U.K. Swing Line Loan to the applicable U.K. Borrower by means of a wire transfer to the account specified in such U.K. Swing Line Loan Notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Refinancing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Refinancing of Domestic Swing Line Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Each Domestic Swing Line Lender at any time in its sole discretion may request, on behalf of Ryder (which hereby
irrevocably authorizes each Domestic Swing Line Lender to so request on its behalf), that each Domestic Lender make a Domestic Revolving Loan that is a Domestic Base Rate Loan in an amount equal to such Domestic Lender&#146;s Applicable Percentage
of the amount of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

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such Domestic Swing Line Lender&#146;s Domestic Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Domestic Loan Notice for
purposes hereof) and in accordance with the requirements of <U>Section</U><U></U><U>&nbsp;2.02</U>, without regard to the minimum and multiples specified therein for the principal amount of Domestic Revolving Loans that are Domestic Base Rate Loans,
but subject to the unutilized portion of the Aggregate Domestic Commitments and the conditions set forth in <U>Section</U><U></U><U>&nbsp;4.02</U>. The applicable Domestic Swing Line Lender shall furnish Ryder with a copy of the applicable Domestic
Loan Notice promptly after delivering such notice to the Administrative Agent. Each Domestic Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Domestic Loan Notice available to the Administrative Agent in
Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Domestic Swing Line Loan) for the account of the applicable Domestic Swing Line Lender at the Head Office for the Administrative Agent
for Dollar-denominated payments not later than 1:00 p.m. on the day specified in such Domestic Loan Notice, whereupon, subject to <U>Section</U><U></U><U>&nbsp;2.04(c)(i)(B)</U>, each Domestic Lender that so makes funds available shall be deemed to
have made a Domestic Revolving Loan that is a Domestic Base Rate Loan to Ryder in such amount. The Administrative Agent shall remit the funds so received to the applicable Domestic Swing Line Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) If for any reason any Domestic Swing Line Loan cannot be refinanced by such a Domestic Revolving Borrowing in accordance
with <U>Section</U><U></U><U>&nbsp;2.04(c)(i)(A)</U>, the request for Domestic Revolving Loans that are Domestic Base Rate Loans submitted by the applicable Domestic Swing Line Lender as set forth herein shall be deemed to be a request by such
Domestic Swing Line Lender that each of the Domestic Lenders fund its risk participation in the relevant Domestic Swing Line Loan and each Domestic Lender&#146;s payment to the Administrative Agent for the account of such Domestic Swing Line Lender
pursuant to <U>Section</U><U></U><U>&nbsp;2.04(c)(i)(A)</U> shall be deemed payment in respect of such participation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C)
If any Domestic Lender fails to make available to the Administrative Agent for the account of the applicable Domestic Swing Line Lender any amount required to be paid by such Domestic Lender pursuant to the foregoing provisions of this
<U>Section</U><U></U><U>&nbsp;2.04(c)(i)</U> by the time specified in <U>Section</U><U></U><U>&nbsp;2.04(c)(i)(A)</U>, the applicable Domestic Swing Line Lender shall be entitled to recover from such Domestic Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such Domestic Swing Line Lender at a rate per annum equal to the
greater of the applicable Overnight Rate from time to time in effect and a rate determined by the applicable Domestic Swing Line Lender in accordance with banking industry rules on interbank compensation, <U>plus</U> any administrative, processing
or similar fees customarily charged by such Domestic Swing Line Lender in connection with the foregoing. If such Domestic Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Domestic Lender&#146;s
Domestic Revolving Loan included in the relevant Domestic Revolving Borrowing or funded participation in the relevant Domestic Swing Line Loan, as the case may be. A certificate of any Domestic Swing Line Lender submitted to any Domestic Lender
(through the Administrative Agent) with respect to any amounts owing under this <U>Section</U><U></U><U>&nbsp;2.04(c)(i)(C)</U> shall be conclusive absent manifest error. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Each Lender&#146;s obligation to make Domestic Revolving Loans or to
purchase and fund risk participations in Domestic Swing Line Loans pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(c)(i)</U> shall be absolute and unconditional and shall not be affected by any circumstance, including (1)&nbsp;any setoff,
counterclaim, recoupment, defense or other right which such Domestic Lender may have against any Domestic Swing Line Lender, Ryder or any other Person for any reason whatsoever, (2)&nbsp;the occurrence or continuance of a Default, or (3)&nbsp;any
other occurrence, event or condition, whether or not similar to any of the foregoing; <U>provided</U>, <U>that</U>, each Domestic Lender&#146;s obligation to make Revolving Loans pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(c)(i)</U> is
subject to the conditions set forth in <U>Section</U><U></U><U>&nbsp;4.02</U>. No such funding of risk participations shall relieve or otherwise impair the obligation of Ryder to repay Domestic Swing Line Loans, together with interest as provided
herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Refinancing of Canadian Swing Line Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) The Canadian Swing Line Lender at any time in its sole discretion may request, no later than 12:00 p.m. (Toronto time), on
any Business Day, on behalf of the applicable Canadian Borrower(s) (and the Canadian Borrowers hereby irrevocably authorize the Canadian Swing Line Lender to so request on its behalf), that each Canadian Lender make (1)&nbsp;with respect to Canadian
Swing Line Loans denominated in Dollars, a Canadian Revolving Loan that is a Canadian Base Rate Loan in an amount equal to such Canadian Lender&#146;s Applicable Percentage of the amount of the Canadian Swing Line Lender&#146;s Canadian Swing Line
Loans denominated in Dollars then outstanding and (2)&nbsp;with respect to Canadian Swing Line Loans denominated in Canadian Dollars, a Canadian Revolving Loan that is a Canadian Prime Rate Loan in an amount equal to such Canadian Lender&#146;s
Applicable Percentage of the amount of the Canadian Swing Line Lender&#146;s Canadian Swing Line Loans denominated in Canadian Dollars then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Canadian
Loan Notice for purposes hereof) and in accordance with the requirements of <U>Section</U><U></U><U>&nbsp;2.02</U>, without regard to the minimum and multiples specified therein for the principal amount of Canadian Base Rate Loans or Canadian Prime
Rate Loans, as applicable, but subject to the unutilized portion of the Aggregate Canadian Commitments and the conditions set forth in <U>Section</U><U></U><U>&nbsp;4.02</U>. The Canadian Swing Line Lender shall furnish the applicable Canadian
Borrower(s) with a copy of the applicable Canadian Loan Notice promptly after delivering such notice to the Canadian Agent. Each Canadian Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Canadian Loan
Notice available to the Canadian Agent in Same Day Funds (and the Canadian Agent may apply Cash Collateral available with respect to the applicable Canadian Swing Line Loan) for the account of the Canadian Swing Line Lender at the Head Office for
the Canadian Agent for Dollar-denominated payments or Canadian Dollar-denominated payments, as applicable, not later than 5:00 p.m. (Toronto time), on the Business Day such Canadian Loan Notice is received (if such Canadian Loan Notice was received
by 12:00 p.m. (Toronto time) on such Business Day) or 10:00 a.m. (Toronto time), on the immediately succeeding Business Day (if such Canadian Loan Notice was received after 12:00 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>

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p.m. (Toronto time)), as applicable, whereupon, subject to <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)(B)</U>, each Canadian Lender that so makes funds available shall be deemed to have made a
Canadian Revolving Loan that is a Canadian Base Rate Loan or a Canadian Prime Rate Loan, as applicable, to the applicable Canadian Borrower(s) in such amount. The Canadian Agent shall remit the funds so received to the Canadian Swing Line Lender.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) If for any reason any Canadian Swing Line Loan cannot be refinanced by such a Canadian Revolving Borrowing in
accordance with <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)(A)</U>, the request for Canadian Revolving Loans that are Canadian Base Rate Loans or Canadian Prime Rate Loans, as applicable, submitted by the Canadian Swing Line Lender as set forth herein
shall be deemed to be a request by the Canadian Swing Line Lender that each of the Canadian Lenders fund its risk participation in the relevant Canadian Swing Line Loan and each Canadian Lender&#146;s payment to the Canadian Agent for the account of
the Canadian Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)(A)</U> shall be deemed payment in respect of such participation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) If any Canadian Lender fails to make available to the Canadian Agent for the account of the Canadian Swing Line Lender any
amount required to be paid by such Canadian Lender pursuant to the foregoing provisions of this <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)</U> by the time specified in <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)(A)</U>, the Canadian Swing Line Lender
shall be entitled to recover from such Canadian Lender (acting through the Canadian Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Canadian Swing Line Lender at a rate per annum equal to the greater of the applicable Overnight Rate from time to time in effect and a rate determined by the Canadian Swing Line Lender in accordance with banking industry rules on interbank
compensation, <U>plus</U> any administrative, processing or similar fees customarily charged by the Canadian Swing Line Lender in connection with the foregoing. If such Canadian Lender pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Canadian Lender&#146;s Canadian Revolving Loan included in the relevant Canadian Revolving Borrowing or funded participation in the relevant Canadian Swing Line Loans, as the case may be. A certificate of the
Canadian Swing Line Lender submitted to any Canadian Lender (through the Canadian Agent) with respect to any amounts owing under this <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)(C)</U> shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Each Canadian Lender&#146;s obligation to make Canadian Revolving Loans or to purchase and fund risk participations in
Canadian Swing Line Loans pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)</U> shall be absolute and unconditional and shall not be affected by any circumstance, including (1)&nbsp;any setoff, counterclaim, recoupment, defense or other
right which such Canadian Lender may have against the Canadian Swing Line Lender, any Canadian Borrower or any other Person for any reason whatsoever, (2)&nbsp;the occurrence or continuance of a Default, or (3)&nbsp;any other occurrence, event or
condition, whether or not similar to any of the foregoing; <U>provided</U>, <U>that</U>, each Canadian Lender&#146;s obligation to make Canadian Revolving Loans pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)</U> is subject to the
conditions set forth in <U>Section</U><U></U><U>&nbsp;4.02</U>. No such funding of risk participations shall relieve or otherwise impair the obligation of the Canadian Borrowers to repay Canadian Swing Line Loans, together with interest as provided
herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Refinancing of U.K. Swing Line Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) The U.K. Swing Line Lender at any time in its sole discretion may request, no later than 12:00 p.m. (London time), on any
Business Day, on behalf of the applicable U.K. Borrower(s) (and the U.K. Borrowers hereby irrevocably authorize the U.K. Swing Line Lender to so request on its behalf), that each U.K. Lender make (1)&nbsp;with respect to U.K. Swing Line Loans
denominated in Dollars, a U.K. Revolving Loan that is a Eurodollar Rate Loan (with in Interest Period of one (1)&nbsp;month) in an amount equal to such U.K. Lender&#146;s Applicable Percentage of the amount of the U.K. Swing Line Lender&#146;s U.K.
Swing Line Loans denominated in Dollars then outstanding, (2)&nbsp;with respect to U.K. Swing Line Loans denominated in Euros, a U.K. Revolving Loan that is an Alternative Currency Term Rate Loan (with in Interest Period of one (1)&nbsp;month)
denominated in Euro in an amount equal to such U.K. Lender&#146;s Applicable Percentage of the amount of the U.K. Swing Line Lender&#146;s U.K. Swing Line Loans denominated in Euros then outstanding, and (3)&nbsp;with respect to U.K. Swing Line
Loans denominated in Sterling, a U.K. Revolving Loan that is an Alternative Currency Daily Rate Loan denominated in Sterling in an amount equal to such U.K. Lender&#146;s Applicable Percentage of the amount of the U.K. Swing Line Lender&#146;s U.K.
Swing Line Loans denominated in Sterling then outstanding. Such request shall be made in writing (which written request shall be deemed to be a U.K. Loan Notice for purposes hereof) and in accordance with the requirements of
<U>Section</U><U></U><U>&nbsp;2.02</U>, without regard to the minimum and multiples specified therein for the principal amount of U.K. Revolving Loans but subject to the unutilized portion of the Aggregate U.K. Commitments and the conditions set
forth in <U>Section</U><U></U><U>&nbsp;4.02</U>. The U.K. Swing Line Lender shall furnish the applicable U.K. Borrower(s) with a copy of the applicable U.K. Loan Notice promptly after delivering such notice to the Administrative Agent. Each U.K.
Lender shall make an amount equal to its Applicable Percentage of the amount specified in such U.K. Loan Notice available to the Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to
the applicable U.K. Swing Line Loan) for the account of the U.K. Swing Line Lender at the Head Office for the Administrative Agent for Dollar-denominated payments, Euro-denominated payments, or Sterling-denominated payments, as applicable, not later
than 5:00 p.m. (London time), on the Business Day such U.K. Loan Notice is received (if such U.K. Loan Notice was received by 12:00 p.m. (London time) on such Business Day) or 10:00 a.m. (London time), on the immediately succeeding Business Day (if
such U.K. Loan Notice was received after 12:00 p.m. (London time)), as applicable, whereupon, subject to <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)(B)</U>, each U.K. Lender that so makes funds available shall be deemed to have made a U.K. Revolving
Loan that is a U.K. Revolving Loan that is a Eurodollar Rate Loan denominated in Dollars, a U.K. Revolving Loan that is an Alternative Currency Term Rate Loan denominated in Euros, or a U.K. Revolving Loan that is an Alternative Currency Daily Rate
Loan denominated in Sterling, as applicable, to the applicable U.K. Borrower(s) in such amount. The Administrative Agent shall remit the funds so received to the U.K. Swing Line Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) If for any reason any U.K. Swing Line Loan cannot be refinanced by such
a U.K. Revolving Borrowing in accordance with <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)(A)</U>, the request for U.K. Revolving Loans that are Eurodollar Rate Loans denominated in Dollars, Alternative Currency Term Rate Loans denominated in Euros,
or Alternative Currency Daily Rate Loans denominated in Sterling, as applicable submitted by the U.K. Swing Line Lender as set forth herein shall be deemed to be a request by the U.K. Swing Line Lender that each of the U.K. Lenders fund its risk
participation in the relevant U.K. Swing Line Loan and each U.K. Lender&#146;s payment to the Administrative Agent for the account of the U.K. Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)(A)</U> shall be deemed payment in
respect of such participation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) If any U.K. Lender fails to make available to the Administrative Agent for the account
of the U.K. Swing Line Lender any amount required to be paid by such U.K. Lender pursuant to the foregoing provisions of this <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)</U> by the time specified in <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)(A)</U>,
the U.K. Swing Line Lender shall be entitled to recover from such U.K. Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such
payment is immediately available to the U.K. Swing Line Lender at a rate per annum equal to the greater of the applicable Overnight Rate from time to time in effect and a rate determined by the U.K. Swing Line Lender in accordance with banking
industry rules on interbank compensation, <U>plus</U> any administrative, processing or similar fees customarily charged by the U.K. Swing Line Lender in connection with the foregoing. If such U.K. Lender pays such amount (with interest and fees as
aforesaid), the amount so paid shall constitute such U.K. Lender&#146;s U.K. Revolving Loan included in the relevant U.K. Revolving Borrowing or funded participation in the relevant U.K. Swing Line Loans, as the case may be. A certificate of the
U.K. Swing Line Lender submitted to any U.K. Lender (through the Administrative Agent) with respect to any amounts owing under this <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)(C)</U> shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) Each U.K. Lender&#146;s obligation to make U.K. Revolving Loans or to purchase and fund risk participations in U.K. Swing
Line Loans pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)</U> shall be absolute and unconditional and shall not be affected by any circumstance, including (1)&nbsp;any setoff, counterclaim, recoupment, defense or other right which such
U.K. Lender may have against the U.K. Swing Line Lender, any U.K. Borrower or any other Person for any reason whatsoever, (2)&nbsp;the occurrence or continuance of a Default, or (3)&nbsp;any other occurrence, event or condition, whether or not
similar to any of the foregoing; <U>provided</U>, <U>that</U>, each U.K. Lender&#146;s obligation to make U.K. Revolving Loans pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)</U> is subject to the conditions set forth in
<U>Section</U><U></U><U>&nbsp;4.02</U>. No such funding of risk participations shall relieve or otherwise impair the obligation of the U.K. Borrowers to repay U.K. Swing Line Loans, together with interest as provided herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Repayment of Participations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Repayment of Participations in Domestic Swing Line Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) At any time after any Domestic Lender has purchased and funded a risk participation in a Domestic Swing Line Loan, if the
applicable Domestic Swing Line Lender receives any payment on account of such Domestic Swing Line Loan, such Domestic Swing Line Lender will distribute to such Domestic Lender its Applicable Percentage thereof in the same funds as those received by
such Domestic Swing Line Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) If any payment received by the applicable Domestic Swing Line Lender in
respect of principal or interest on any Domestic Swing Line Loan is required to be returned by such Domestic Swing Line Lender under any of the circumstances described in <U>Section</U><U></U><U>&nbsp;11.05</U> (including pursuant to any settlement
entered into by such Domestic Swing Line Lender in its discretion), each Domestic Lender shall pay to the applicable Domestic Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, <U>plus</U> interest thereon
from the date of such demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The Administrative Agent will make such demand upon the request of such Domestic Swing Line
Lender. The obligations of the Domestic Lenders under this <U>Section</U><U></U><U>&nbsp;2.04(d)(i)(B)</U> shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Repayment of Participations in Canadian Swing Line Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) At any time after any Canadian Lender has purchased and funded a risk participation in a Canadian Swing Line Loan, if the
Canadian Swing Line Lender receives any payment on account of such Canadian Swing Line Loan, the Canadian Swing Line Lender will distribute to such Canadian Lender its Applicable Percentage thereof in the same funds as those received by the Canadian
Swing Line Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) If any payment received by the Canadian Swing Line Lender in respect of principal or interest on
any Canadian Swing Line Loan is required to be returned by the Canadian Swing Line Lender under any of the circumstances described in <U>Section</U><U></U><U>&nbsp;11.05</U> (including pursuant to any settlement entered into by the Canadian Swing
Line Lender in its discretion), each Canadian Lender shall pay to the Canadian Swing Line Lender its Applicable Percentage thereof on demand of the Canadian Agent, <U>plus</U> interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The Canadian Agent will make such demand upon the request of the Canadian Swing Line Lender. The obligations of the Canadian Lenders under this
<U>Section</U><U></U><U>&nbsp;2.04(d)(ii)(B)</U> shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Repayment of Participations in U.K. Swing Line Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) At any time after any U.K. Lender has purchased and funded a risk participation in a U.K. Swing Line Loan, if the U.K.
Swing Line Lender receives any payment on account of such U.K. Swing Line Loan, the U.K. Swing Line Lender will distribute to such U.K. Lender its Applicable Percentage thereof in the same funds as those received by the U.K. Swing Line Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) If any payment received by the U.K. Swing Line Lender in respect of
principal or interest on any U.K. Swing Line Loan is required to be returned by the U.K. Swing Line Lender under any of the circumstances described in <U>Section </U><U>11.05</U> (including pursuant to any settlement entered into by the U.K. Swing
Line Lender in its discretion), each U.K. Lender shall pay to the U.K. Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, <U>plus</U> interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The Administrative Agent will make such demand upon the request of the U.K. Swing Line Lender. The obligations of the U.K. Lenders under this
<U>Section</U><U></U><U>&nbsp;2.04(d)(iii)(B)</U> shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Interest for Account of Swing Line Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Each Domestic Swing Line Lender shall be responsible for invoicing Ryder for interest on the applicable Domestic Swing Line
Loans. Until each Domestic Lender funds its Domestic Revolving Loan that is a Domestic Base Rate Loan or risk participation pursuant to this <U>Section</U><U></U><U>&nbsp;2.04</U> to refinance such Lender&#146;s Applicable Percentage of any Domestic
Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the applicable Domestic Swing Line Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Canadian Swing Line Lender shall be responsible for invoicing the applicable Canadian Borrowers for interest on the
applicable Canadian Swing Line Loans. Until each Canadian Lender funds its Canadian Revolving Loan or risk participation pursuant to this <U>Section</U><U></U><U>&nbsp;2.04</U> to refinance such Canadian Lender&#146;s Applicable Percentage of any
Canadian Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Canadian Swing Line Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The U.K. Swing Line Lender shall be responsible for invoicing the applicable U.K. Borrowers for interest on the
applicable U.K. Swing Line Loans. Until each U.K. Lender funds its U.K. Revolving Loan or risk participation pursuant to this <U>Section</U><U></U><U>&nbsp;2.04</U> to refinance such U.K. Lender&#146;s Applicable Percentage of any U.K. Swing Line
Loan, interest in respect of such Applicable Percentage shall be solely for the account of the U.K. Swing Line Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)
<U>Payments Directly to Swing Line Lenders</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Ryder shall make all payments of principal and interest in respect of
the Domestic Swing Line Loans directly to the applicable Domestic Swing Line Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Canadian Borrowers shall
make all payments of principal and interest in respect of the Canadian Swing Line Loans directly to the Canadian Swing Line Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The U.K. Borrowers shall make all payments of principal and interest in respect of the U.K. Swing Line Loans directly to
the U.K. Swing Line Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Replacement of Swing Line Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any Domestic Swing Line Lender may be replaced at any time by written agreement among Ryder, the Administrative Agent, the
replaced Domestic Swing Line Lender, and a successor Domestic Swing Line Lender. The Administrative Agent shall notify the Domestic Lenders of any such replacement of a Domestic Swing Line Lender. At the time any such replacement shall become
effective, Ryder shall pay all unpaid interest </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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accrued for the account of the replaced Domestic Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.08</U>. From and after the effective date of any such replacement, (A)&nbsp;the
successor Domestic Swing Line Lender shall have all the rights and obligations of the replaced Domestic Swing Line Lender under this Agreement with respect to Domestic Swing Line Loans made thereafter, and (B)&nbsp;references herein to the term
&#147;Domestic Swing Line Lender&#148; shall be deemed to refer to such successor or to any previous Domestic Swing Line Lender, or to such successor and all previous Domestic Swing Line Lenders, as the context shall require. After the replacement
of a Domestic Swing Line Lender hereunder, the replaced Domestic Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Domestic Swing Line Lender under this Agreement with respect to Domestic
Swing Line Loans made by it prior to its replacement, but shall not be required to make additional Domestic Swing Line Loans. <U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect the Domestic Swing Line Commitment of any
Person that becomes a Domestic Swing Line Lender after the Closing Date pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(g)(i)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Canadian Swing Line Lender may be replaced at any time by written agreement among the Canadian Borrowers, the Canadian
Agent, the replaced Canadian Swing Line Lender, and the successor Canadian Swing Line Lender. The Canadian Agent shall notify the Canadian Lenders of any such replacement of the Canadian Swing Line Lender. At the time any such replacement shall
become effective, the applicable Canadian Borrowers shall pay all unpaid interest accrued for the account of the replaced Canadian Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.08</U>. From and after the effective date of any such
replacement, (A)&nbsp;the successor Canadian Swing Line Lender shall have all the rights and obligations of the replaced Canadian Swing Line Lender under this Agreement with respect to Canadian Swing Line Loans made thereafter, and
(B)&nbsp;references herein to the term &#147;Canadian Swing Line Lender&#148; shall be deemed to refer to such successor or to any previous Canadian Swing Line Lender, or to such successor and all previous Canadian Swing Line Lenders, as the context
shall require. After the replacement of the Canadian Swing Line Lender hereunder, the replaced Canadian Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Canadian Swing Line Lender under
this Agreement with respect to Canadian Swing Line Loans made by it prior to its replacement, but shall not be required to make additional Canadian Swing Line Loans. <U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect the
Canadian Swing Line Commitment of any Person that becomes the Canadian Swing Line Lender after the Closing Date pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(g)(ii)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The U.K. Swing Line Lender may be replaced at any time by written agreement among the U.K. Borrowers, the Administrative
Agent, the replaced U.K. Swing Line Lender, and the successor U.K. Swing Line Lender. The Administrative Agent shall notify the U.K. Lenders of any such replacement of the U.K. Swing Line Lender. At the time any such replacement shall become
effective, the applicable U.K. Borrowers shall pay all unpaid interest accrued for the account of the replaced U.K. Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.08</U>. From and after the effective date of any such replacement,
(A)&nbsp;the successor U.K. Swing Line Lender shall have all the rights and obligations of the replaced U.K. Swing Line Lender under this Agreement with respect to U.K. Swing Line Loans made thereafter, and (B)&nbsp;references herein to the term
&#147;U.K. Swing Line Lender&#148; shall be deemed to refer to such successor or to any previous U.K. Swing Line Lender, or to such successor and all previous U.K. Swing Line Lenders, as the context shall require. After the replacement of the U.K.
Swing Line Lender hereunder, the replaced U.K. Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations </P>
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of the U.K. Swing Line Lender under this Agreement with respect to U.K. Swing Line Loans made by it prior to its replacement, but shall not be required to make additional U.K. Swing Line Loans.
<U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect the U.K. Swing Line Commitment of any Person that becomes the U.K. Swing Line Lender after the Closing Date pursuant to this <U>Section</U><U></U><U>&nbsp;2.04(g)(iii)</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Resignation of Swing Line Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In addition to the rights of any Domestic Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;11.06(f)</U>, subject
to the appointment and acceptance of a successor Domestic Swing Line Lender, any Domestic Swing Line Lender may resign as a Domestic Swing Line Lender at any time upon forty-five (45)&nbsp;days&#146; prior written notice to the Administrative Agent
and Ryder, in which case, such Domestic Swing Line Lender shall be replaced in accordance with <U>Section</U><U></U><U>&nbsp;2.04(g)(i)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In addition to the rights of the Canadian Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;11.06(f)</U>,
subject to the appointment and acceptance of a successor Canadian Swing Line Lender, the Canadian Swing Line Lender may resign as the Canadian Swing Line Lender at any time upon forty-five (45)&nbsp;days&#146; prior written notice to the Canadian
Agent and the Canadian Borrowers, in which case, the Canadian Swing Line Lender shall be replaced in accordance with <U>Section</U><U></U><U>&nbsp;2.04(g)(ii)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) In addition to the rights of the U.K. Swing Line Lender pursuant to <U>Section</U><U></U><U>&nbsp;11.06(f)</U>, subject
to the appointment and acceptance of a successor U.K. Swing Line Lender, the U.K. Swing Line Lender may resign as the U.K. Swing Line Lender at any time upon forty-five (45)&nbsp;days&#146; prior written notice to the Administrative Agent and the
U.K. Borrowers, in which case, the U.K. Swing Line Lender shall be replaced in accordance with <U>Section</U><U></U><U>&nbsp;2.04(g)(iii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.05 Prepayments. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower may, upon notice (which notice shall be in a form acceptable to the applicable Agent) to the applicable
Agent, at any time or from time to time, voluntarily prepay Revolving Loans in whole or in part without premium or penalty; <U>provided</U>, <U>that</U>, unless otherwise agreed by the applicable Agent: (i)&nbsp;such notice must be received by such
Agent not later than 11:00 a.m. (local time for such Agent)&nbsp;(A) one (1) Business Day prior to any date of prepayment of Domestic Revolving Loans (other than Domestic Base Rate Loans), Canadian Revolving Loans, PR Revolving Loans (other than
Domestic Base Rate Loans), and U.K. Revolving Loans (other than Domestic Base Rate Loans), and (B)&nbsp;on the date of prepayment of any Domestic Base Rate Loans; (ii)&nbsp;any prepayment of Domestic Revolving Loans that are Eurodollar Rate Loans
shall be in a principal amount of $5,000,000 or a whole multiple of $500,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (iii) any prepayment of PR Revolving Loans that are Eurodollar Rate Loans shall be in
a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (iv) any prepayment of Domestic Base Rate Loans shall be in a principal amount of $500,000 or a
whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (v) any prepayment of Canadian Revolving Loans shall be in a principal amount of C$1,000,000 (or the Dollar Equivalent thereof, as
applicable) or a whole multiple of C$100,000 (or the Dollar Equivalent thereof, as applicable) in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (vi)&nbsp;any prepayment of U.K. Revolving Loans shall be in a
principal amount of $1,000,000 if denominated in Dollars, &pound;500,000 if denominated in Sterling, or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

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EUR1,000,000 if denominated in Euro or a whole multiple of $500,000 in denominated in Dollars, &pound;100,000 if denominated in Sterling, or EUR500,000 if denominated in Euro (or, if less, the
entire principal amount thereof then outstanding). Each such notice shall specify the date, amount and currency of such prepayment and the Type(s) of Revolving Loans to be prepaid, and if Eurodollar Rate Loans or Alternative Currency Term Rate Loans
are to be prepaid, the Interest Period(s) of such Revolving Loans. The applicable Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of such Lender&#146;s Applicable Percentage of such prepayment.
If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of any Revolving Loan shall be accompanied by all
accrued interest on the amount prepaid, together with any additional amounts required pursuant to <U>Section</U><U></U><U>&nbsp;3.05</U>. Subject to <U>Section</U><U></U><U>&nbsp;2.17</U>, each such prepayment shall be applied to the Revolving Loans
of the Lenders in accordance with their respective Applicable Percentages. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The applicable Borrower may, upon notice
(which notice shall be in a form acceptable to the applicable Swing Line Lender and the applicable Agent) to the applicable Swing Line Lender (with a copy to the applicable Agent), at any time or from time to time, voluntarily prepay Swing Line
Loans in whole or in part without premium or penalty; <U>provided</U>, <U>that</U>, unless otherwise agreed by the applicable Swing Line Lender, (i)&nbsp;such notice must be received by the applicable Swing Line Lender and the applicable Agent not
later than 11:00 a.m. (local time for such Swing Line Lender) on the date of the prepayment, and (ii)&nbsp;any such prepayment shall be in a minimum principal amount of $100,000 (or the Alternative Currency Equivalent thereof) (or such smaller
amount as may be agreed by the applicable Swing Line Lender). Each such notice shall specify the date, currency, and amount of such prepayment. If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (i) If for any reason the Total
Outstandings at any time exceed the Aggregate Commitments then in effect, the applicable Borrowers shall immediately prepay Loans, Cash Collateralize the L/C Obligations, and/or cash collateralize the outstanding Bankers&#146; Acceptances in an
aggregate amount equal to such excess; <U>provided</U>, <U>that</U>, the Borrowers shall not be required to Cash Collateralize the L/C Obligations or cash collateralize the outstanding Bankers&#146; Acceptances pursuant to this
<U>Section</U><U></U><U>&nbsp;2.05(c)(i)</U> unless after the prepayment in full of the Loans the Total Outstandings exceeds the Aggregate Commitments then in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If for any reason the Total Domestic Outstandings at any time exceed the Aggregate Domestic Commitments then in effect,
Ryder shall immediately prepay Domestic Revolving Loans, Domestic Swing Line Loan and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; <U>provided</U>, <U>that</U>, Ryder shall not be required to Cash
Collateralize the L/C Obligations pursuant to this <U>Section</U><U></U><U>&nbsp;2.05(c)(ii)</U> unless after the prepayment in full of the Domestic Revolving Loans and the Domestic Swing Line Loans, the Total Domestic Outstandings at such time
exceed the Aggregate Domestic Commitments then in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Except as provided in
<U>Section</U><U></U><U>&nbsp;2.05(d)(i)</U>, if for any reason the Total Canadian Outstandings at any time exceed the Aggregate Canadian Commitments then in effect, the Canadian Borrowers shall immediately prepay Canadian Revolving Loans, Canadian
Swing Line Loans and/or cash collateralize the outstanding Bankers&#146; Acceptances in an aggregate amount equal to such excess; <U>provided</U>, <U>that</U>, the Canadian Borrowers shall not be required to cash collateralize the outstanding
Bankers&#146; Acceptances pursuant to this <U>Section</U><U></U><U>&nbsp;2.05(c)(iii)</U> unless after the prepayment in full of the Canadian Revolving Loans and the Canadian Swing Line Loans, the Total Canadian Outstandings at such time exceed the
Aggregate Canadian Commitments then in effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Except as provided in <U>Section</U><U></U><U>&nbsp;2.05(d)(ii)</U>, if
for any reason the Total U.K. Outstandings at any time exceed the Aggregate U.K. Commitments then in effect, the U.K. Borrowers shall immediately prepay U.K. Revolving Loans and U.K. Swing Line Loans in an aggregate amount equal to such excess. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) If for any reason the Total PR Outstandings at any time exceed the Aggregate PR Commitments then in effect, the PR
Borrowers shall immediately prepay PR Revolving Loans in an aggregate amount equal to such excess. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) (i) If, on any
Revaluation Date, the Total Canadian Outstandings exceed an amount equal to 101% of the Aggregate Canadian Commitments (the amount of such excess referred to herein as the &#147;<U>Canadian Excess Amount</U>&#148;), then (A)&nbsp;the Canadian Agent
shall give notice thereof to the Canadian Borrowers and the Canadian Lenders and (B)&nbsp;within two (2)&nbsp;Business Days thereafter, the Canadian Borrowers shall repay or prepay Canadian Revolving Loans and/or Canadian Swing Line Loans and/or
cash collateralize the outstanding Bankers&#146; Acceptances in an aggregate principal amount equal to such Canadian Excess Amount. Notwithstanding the foregoing, to avoid the incurrence of breakage costs with respect to Canadian Revolving Loans
which are Eurodollar Rate Loans, the Canadian Borrowers shall not be obligated to repay any Canadian Revolving Loan that is a Eurodollar Rate Loan until the end of the Interest Period relating thereto to the extent that the unused amount of the
Domestic Commitments of the Domestic Lenders which are affiliates of the Canadian Lenders shall be greater than or equal to the Canadian Excess Amount, and for the avoidance of doubt, no Default under <U>Section</U><U></U><U>&nbsp;8.01(a)</U> shall
have occurred with respect to any such Canadian Revolving Loan until after a payment with respect to such Canadian Revolving Loan is required to be made in accordance with this sentence. On each Revaluation Date and until the Canadian Revolving
Loans and/or Canadian Swing Line Loans are repaid in accordance with the first sentence of this <U>Section</U><U></U><U>&nbsp;2.05(d)(i)</U>, the Aggregate Domestic Commitments shall be automatically reduced by an amount equal to the Canadian Excess
Amount. Such reduction shall be made by reducing the Domestic Commitments of each such Domestic Lender that is an affiliate of a Canadian Lender by an amount equal to such Domestic Lender&#146;s Applicable Percentage of the Canadian Excess Amount.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If, on any Revaluation Date, the Total U.K. Outstandings exceed an amount equal to 101% of the Aggregate U.K.
Commitments (the amount of such excess referred to herein as the &#147;<U>U.K. Excess Amount</U>&#148;), then (A)&nbsp;the Administrative Agent shall give notice thereof to the U.K. Borrowers and the U.K. Lenders and (B)&nbsp;within two
(2)&nbsp;Business Days thereafter, the U.K. Borrowers shall repay or prepay U.K. Revolving Loans and/or U.K. Swing Line Loans in an aggregate principal amount such that, after giving effect thereto, the Total U.K. Outstandings no longer exceed the
Aggregate U.K. Commitments. Notwithstanding the foregoing, to avoid the incurrence of breakage costs with respect to U.K. Revolving Loans which are Eurodollar Rate Loans or Alternative Currency Term Rate Loans, the U.K. Borrowers shall not be
obligated to repay any U.K. Revolving Loans that are Eurodollar Rate Loans or Alternative Currency Term Rate Loans until the end of the Interest Period relating thereto to the extent that the unused amount of the Domestic Commitments of the Domestic
Lenders which are affiliates of the U.K. Lenders shall be greater than or equal to the U.K. Excess Amount, and for the avoidance of doubt, no Default under <U>Section</U><U></U><U>&nbsp;8.01(a)</U> shall have occurred with respect to any such U.K.
Revolving Loan until after a payment with respect to such U.K. Revolving Loan is required to be made in accordance with this sentence. On each Revaluation Date and until </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

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the U.K. Lenders are repaid in accordance with the first sentence of this <U>Section</U><U></U><U>&nbsp;2.05(d)(ii)</U>, the Aggregate Domestic Commitments shall be automatically reduced by an
amount equal to the U.K. Excess Amount. Such reduction shall be made by reducing the Domestic Commitments of each such Domestic Lender that is an affiliate of a U.K. Lender by an amount equal to such Domestic Lender&#146;s Applicable Percentage of
the U.K. Excess Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.06 Termination or Reduction of Aggregate Commitments; Reallocation of Commitments. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Termination or Reduction of Aggregate Domestic Commitments</U>. Ryder may, upon notice to the Administrative Agent,
terminate the Aggregate Domestic Commitments, or from time to time permanently reduce the Aggregate Domestic Commitments; <U>provided</U>, <U>that</U>, unless otherwise agreed by the Administrative Agent: (i)&nbsp;any such notice shall be received
by the Administrative Agent not later than 11:00 a.m. three (3)&nbsp;Business Days prior to the date of termination or reduction; (ii)&nbsp;any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000
in excess thereof; (iii)&nbsp;Ryder shall not terminate or reduce the Aggregate Domestic Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Domestic Outstandings would exceed the Aggregate Domestic
Commitments; and (iv)&nbsp;if, after giving effect to any reduction of the Aggregate Domestic Commitments, the Letter of Credit Sublimit or the Domestic Swing Line Sublimit exceeds the amount of the Aggregate Domestic Commitments, the Letter of
Credit Sublimit or the Domestic Swing Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Domestic Lenders and each other Agent of any such notice of
termination or reduction of the Aggregate Domestic Commitments. Any reduction of the Aggregate Domestic Commitments shall be applied to the Domestic Commitment of each Domestic Lender according to its Applicable Percentage. All fees accrued until
the effective date of any termination of the Aggregate Domestic Commitments shall be paid on the effective date of such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Termination or Reduction of Aggregate Canadian Commitments</U>. The Canadian Borrowers may, upon notice to the Canadian
Agent, terminate the Aggregate Canadian Commitments, or from time to time permanently reduce the Aggregate Canadian Commitments; <U>provided</U>, <U>that</U>, unless otherwise agreed by the Canadian Agent: (i)&nbsp;any such notice shall be received
by the Canadian Agent not later than 11:00 a.m. (Toronto time) three (3)&nbsp;Business Days prior to the date of termination or reduction; (ii)&nbsp;any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of
$1,000,000 in excess thereof; (iii)&nbsp;the Canadian Borrowers shall not terminate or reduce the Aggregate Canadian Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Canadian Outstandings would
exceed the Aggregate Canadian Commitments; and (iv)&nbsp;if, after giving effect to any reduction of the Aggregate Canadian Commitments, the Canadian Swing Line Sublimit exceeds the amount of the Aggregate Canadian Commitments, the Canadian Swing
Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Canadian Agent will promptly notify the Canadian Lenders and each other Agent of any such notice of termination or reduction of the Aggregate Canadian
Commitments. Any reduction of the Aggregate Canadian Commitments shall be applied to the Canadian Commitment of each Canadian Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the
Aggregate Canadian Commitments shall be paid on the effective date of such termination. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Termination or Reduction of Aggregate U.K. Commitments</U>. The U.K.
Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate U.K. Commitments, or from time to time permanently reduce the Aggregate U.K. Commitments; <U>provided</U>, <U>that</U>, unless otherwise agreed by the Administrative
Agent: (i)&nbsp;any such notice shall be received by the Administrative Agent not later than 11:00 a.m. (London time) three (3)&nbsp;Business Days prior to the date of termination or reduction; (ii)&nbsp;any such partial reduction shall be in an
aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof; (iii)&nbsp;the U.K. Borrowers shall not terminate or reduce the Aggregate U.K. Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total U.K. Outstandings would exceed the Aggregate U.K. Commitments; and (iv)&nbsp;if, after giving effect to any reduction of the Aggregate U.K. Commitments, the U.K. Swing Line Sublimit exceeds the amount of the Aggregate U.K.
Commitments, the U.K. Swing Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the U.K. Lenders and each other Agent of any such notice of termination or reduction
of the Aggregate U.K. Commitments. Any reduction of the Aggregate U.K. Commitments shall be applied to the U.K. Commitment of each U.K. Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of
the Aggregate U.K. Commitments shall be paid on the effective date of such termination. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Termination or Reduction of
Aggregate PR Commitments</U>. The PR Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate PR Commitments, or from time to time permanently reduce the Aggregate PR Commitments; <U>provided</U>, <U>that</U>, unless otherwise
agreed by the Administrative Agent: (i)&nbsp;any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3)&nbsp;Business Days prior to the date of termination or reduction; (ii)&nbsp;any such partial reduction
shall be in an aggregate amount of $1,000,000 or any whole multiple of $500,000 in excess thereof; and (iii)&nbsp;the PR Borrowers shall not terminate or reduce the Aggregate PR Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the Total PR Outstandings would exceed the Aggregate PR Commitments. The Administrative Agent will promptly notify the PR Lenders and each other Agent of any such notice of termination or reduction of the Aggregate PR
Commitments. Any reduction of the Aggregate PR Commitments shall be applied to the PR Commitment of each PR Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate PR Commitments
shall be paid on the effective date of such termination. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Reallocation of Commitments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Subject to the conditions set forth in this <U>Section</U><U></U><U>&nbsp;2.06(e)</U>, the Borrowers shall have the right
at any time and from time to time upon five (5)&nbsp;Business Days prior written notice to each of the Agents to (A)&nbsp;increase the Aggregate Domestic Commitments by reducing and reallocating by an equivalent amount all or a portion of the
Aggregate Canadian Commitments and/or the Aggregate U.K. Commitments and/or the Aggregate PR Commitments to the Aggregate Domestic Commitments, (B)&nbsp;increase the Aggregate Canadian Commitments (to the extent the same has been previously
reallocated to the Aggregate Domestic Commitments or the Aggregate U.K. Commitments or the Aggregate PR Commitments) by reducing and reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or the Aggregate U.K.
Commitments and/or the Aggregate PR Commitments to the Aggregate Canadian Commitments, (C)&nbsp;increase the Aggregate U.K. Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate
Canadian Commitments or the Aggregate PR Commitments) by reducing and reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or all or a portion of the Aggregate Canadian Commitments and/or the Aggregate PR
Commitments to the Aggregate U.K. Commitments or (D)&nbsp;increase the Aggregate PR Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate Canadian Commitments or the Aggregate U.K.
Commitments) by reducing or reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or Aggregate Canadian Commitments and/or Aggregate U.K. Commitments to the Aggregate PR Commitments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Any Reallocation pursuant to this
<U>Section</U><U></U><U>&nbsp;2.06(e)</U> shall be subject to the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Each Reallocation of
Commitments shall be made only between the offices or affiliates of a Lender such that the sum of all the Commitments of each Lender and its affiliates shall not be increased or decreased as a result of any Reallocation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Each increase in the Aggregate Domestic Commitments, Aggregate Canadian Commitments, Aggregate U.K. Commitments or
Aggregate PR Commitments, as the case may be, shall be offset by a corresponding and equivalent reduction in one or more of the Aggregate Domestic Commitments, Aggregate Canadian Commitments, Aggregate U.K. Commitments and Aggregate PR Commitments,
such that the Aggregate Commitments in effect immediately before a Reallocation shall be equal to the Aggregate Commitments immediately after, and after giving effect to, such Reallocation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) No Reallocation shall increase (1)&nbsp;the Aggregate Canadian Commitments in excess of $150,000,000, (2) the Aggregate
U.K. Commitments in excess of $100,000,000 or (3)&nbsp;the Aggregate PR Commitments in excess of $15,000,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) No
Reallocation shall result in (1)&nbsp;any Domestic Lender having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Lender, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment or PR
Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (2)&nbsp;any U.K. Lender having a positive Canadian Commitment or PR Commitment if such U.K. Lender, or its affiliate, did not have such positive
Canadian Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (3)&nbsp;any Canadian Lender having a positive U.K. Commitment or PR Commitment if such Canadian Lender, or its affiliate,
did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (4)&nbsp;any PR Lender having a positive U.K. Commitment or Canadian Commitment if such PR Lender, or
its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) Subject to <U>Section</U><U></U><U>&nbsp;2.06(e)(ii)(D)</U>, each Reallocation shall be made <U>pro rata</U> among the
Lenders whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Lenders to change (but will result in a change in Applicable Percentages). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) Subject to <U>Section</U><U></U><U>&nbsp;2.05(d)</U>, in no event shall
(1)&nbsp;the Total Domestic Outstandings exceed the Aggregate Domestic Commitments; (2)&nbsp;the Total Canadian Outstandings exceed the Aggregate Canadian Commitments; (3)&nbsp;the Total U.K. Outstandings exceed the Aggregate U.K. Commitments; or
(4)&nbsp;the Total PR Outstandings exceed the Aggregate PR Commitments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Administrative Agent shall
(A)&nbsp;notify each of the Lenders promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this <U>Section</U><U></U><U>&nbsp;2.06(e)</U> and (B)&nbsp;promptly upon the effectiveness of any such Reallocation,
distribute to each Lender an updated <U>Schedule 2.01</U> hereto, reflecting the changes in the respective Commitments of the Lenders, and the Borrowers hereby authorize such amendment to <U>Schedule 2.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.07 Repayment of Loans. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Revolving Loans made to
such Borrower outstanding on such date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Ryder shall repay each Domestic Swing Line Loan on the earlier to occur of
(i)&nbsp;the date ten (10)&nbsp;Business Days after such Domestic Swing Line Loan is made, and (ii)&nbsp;the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of any Domestic Swing Line Lender, Ryder
shall repay the outstanding Domestic Swing Line Loans made by such Domestic Swing Line Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such Domestic Swing Line Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each Canadian Borrower shall repay each Canadian Swing Line Loan on the earlier to occur of (i)&nbsp;the date ten
(10)&nbsp;Business Days after such Canadian Swing Line Loan is made, and (ii)&nbsp;the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of the Canadian Swing Line Lender, the Canadian Borrowers
shall repay the outstanding Canadian Swing Line Loans made by the Canadian Swing Line Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such Canadian Swing Line Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each U.K. Borrower shall repay each U.K. Swing Line Loan on the earlier to occur of (i)&nbsp;the date ten
(10)&nbsp;Business Days after such U.K. Swing Line Loan is made, and (ii)&nbsp;the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of the U.K. Swing Line Lender, the U.K. Borrowers shall repay the
outstanding U.K. Swing Line Loans made by the U.K. Swing Line Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such U.K. Swing Line Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.08 Interest. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provisions of <U>Section</U><U></U><U>&nbsp;2.08(b)</U>: (i) each Eurodollar Rate Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at a rate per annum equal to the Eurodollar Rate for such Interest Period <U>plus</U> the Applicable Rate; (ii)&nbsp;each Domestic Base Rate Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Domestic Base Rate <U>plus</U> the Applicable Rate; (iii)&nbsp;each Canadian Base Rate Loan shall bear interest on
the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Base Rate <U>plus</U> the Applicable Rate; (iv)&nbsp;each Canadian Prime Rate Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Prime Rate <U>plus</U> the Applicable Rate; (v)&nbsp;each Alternative Currency Daily Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Alternative Currency </P>
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Daily Rate <U>plus</U> the Applicable Rate; (vi)&nbsp;each Alternative Currency Term Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate
per annum equal to the Alternative Currency Term Rate for such Interest Period <U>plus</U> the Applicable Rate; (vii)&nbsp;each Domestic Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Domestic Base Rate <U>plus</U> the Applicable Rate; (viii)&nbsp;each Canadian Swing Line Loan denominated in Dollars shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Canadian Base Rate <U>plus</U> the Applicable Rate; (ix)&nbsp;each Canadian Swing Line Loan denominated in Canadian Dollars shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Canadian Prime Rate <U>plus</U> the Applicable Rate; (x)&nbsp;each U.K. Swing Line Loan denominated in Dollars shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to U.K. Swing Line Overnight Dollar Rate <U>plus</U> the Applicable Rate; and (xi)&nbsp;each U.K. Swing Line Loan denominated in Euros or Sterling shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to U.K. Swing Line Alternative Currency Rate <U>plus</U> the Applicable Rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Upon the request of the Required
Lenders, while any Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations under the Loan Documents at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Accrued and unpaid interest on past due amounts (including interest on
past due interest) shall be due and payable upon demand. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Interest on each Loan shall be due and payable in arrears on
each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.09</B> <B>Fees</B>. In addition to certain fees described in
<U>Section</U><U></U><U>&nbsp;2.03</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Facility Fees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Ryder shall pay to the Administrative Agent for the account of each Domestic Lender in accordance with its Applicable
Percentage, a facility fee (the &#147;<U>Domestic Facility Fee</U>&#148;) in Dollars equal to the Applicable Rate <U>times</U> the actual daily amount of the Aggregate Domestic Commitments (or, if the Aggregate Domestic Commitments have terminated,
on the Total Domestic Outstandings), regardless of usage, </P>
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subject to adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>. The Domestic Facility Fee shall accrue at all times during the Domestic Availability Period (and thereafter so long as
there are Total Domestic Outstandings), including at any time during which one or more of the conditions in <U>Article IV</U> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and
December, commencing with the first such date to occur after the Closing Date, and on the last day of the Domestic Availability Period (and, if applicable, thereafter on demand). The Domestic Facility Fee shall be calculated quarterly in arrears,
and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Canadian Borrowers shall pay to the Canadian Agent for the account of each Canadian Lender in accordance with its
Applicable Percentage, a facility fee (the &#147;<U>Canadian Facility Fee</U>&#148;) in Dollars equal to the Applicable Rate <U>times</U> the actual daily amount of the Aggregate Canadian Commitments (or, if the Aggregate Canadian Commitments have
terminated, on the Total Canadian Outstandings), regardless of usage, subject to adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>. The Canadian Facility Fee shall accrue at all times during the Canadian Availability Period (and
thereafter so long as there are Total Canadian Outstandings), including at any time during which one or more of the conditions in <U>Article IV</U> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Canadian Availability Period (and, if applicable, thereafter on demand). The Canadian Facility Fee shall be calculated
quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was
in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The U.K. Borrowers shall pay to the Administrative Agent for the account of each U.K. Lender in
accordance with its Applicable Percentage, a facility fee (the &#147;<U>U.K. Facility Fee</U>&#148;) in Dollars equal to the Applicable Rate <U>times</U> the actual daily amount of the Aggregate U.K. Commitments (or, if the Aggregate U.K.
Commitments have terminated, on the Total U.K. Outstandings), regardless of usage, subject to adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>. The U.K. Facility Fee shall accrue at all times during the U.K. Availability Period (and
thereafter so long as there are Total U.K. Outstandings), including at any time during which one or more of the conditions in <U>Article IV</U> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the U.K. Availability Period (and, if applicable, thereafter on demand). The U.K. Facility Fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) The PR Borrowers shall pay to the Administrative Agent for the account of each PR Lender in accordance with its
Applicable Percentage, a facility fee (the &#147;<U>PR Facility Fee</U>&#148;) in Dollars equal to the Applicable Rate <U>times</U> the actual daily amount of the Aggregate PR Commitments (or, if the Aggregate PR Commitments have terminated, on the
Total PR Outstandings), regardless of usage, subject to adjustment as provided in <U>Section</U><U></U><U>&nbsp;2.17</U>. The PR Facility Fee shall accrue at all times during the PR Availability </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>

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Period (and thereafter so long as there are Total PR Outstandings), including at any time during which one or more of the conditions in <U>Article IV</U> is not met, and shall be due and payable
quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the PR Availability Period (and, if applicable, thereafter on
demand). The PR Facility Fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period
during such quarter that such Applicable Rate was in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Other Fees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Ryder shall pay to BofA Securities and the Administrative Agent, for their own respective accounts, in Dollars, fees in the
amounts and at the times specified in the Fee Letter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Ryder shall pay to each Agent, such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Ryder shall pay to each Arranger,
such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Ryder
shall pay to the Lenders, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.10 Computation of Interest and Fees. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Except as otherwise expressly provided herein, all computations of interest for: (i)&nbsp;Base Rate Loans (including
Domestic Base Rate Loans determined by reference to the Eurodollar Rate) and Domestic Swing Line Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed; and (ii)&nbsp;Alternative Currency Daily
Rate Loans and U.K. Swing Line Alternative Currency Rate Loans denominated in Sterling shall be made on the basis of a year of 365 days and actual days elapsed; and all other computations of fees and interest, including those with respect to
Eurodollar Rate Loans, U.K. Swing Line Overnight Dollar Rate Loans, U.K. Swing Line Alternative Currency Rate Loans denominated in Euros, and Alternative Currency Term Rate Loans, shall be made on the basis of a
<FONT STYLE="white-space:nowrap">360-day</FONT> year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a <FONT STYLE="white-space:nowrap">365-day</FONT> year), or, in the case
of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and
shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; <U>provided</U>, <U>that</U>, any Loan that is repaid on the same day on which it is made shall, subject to
<U>Section</U><U></U><U>&nbsp;2.12(a)</U>, bear interest for one day. Each determination by the applicable Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the
basis of a year (the &#147;deemed year&#148;) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or
fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii)&nbsp;the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and
(iii)&nbsp;the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.11 Evidence of Debt. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with <U>Section</U><U></U><U>&nbsp;11.06(c)</U>. The accounts or records maintained by each Lender shall be conclusive absent manifest error of
the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register, the Register shall control in the absence of manifest error. Upon the request of any
Lender to a Borrower made through the applicable Agent, such Borrower shall execute and deliver to such Lender (through the applicable Agent) a Note, which shall evidence such Lender&#146;s Loans to such Borrower in addition to such accounts or
records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency, and maturity of its Loans and payments with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In addition to the accounts and records referred to in <U>Section</U><U></U><U>&nbsp;2.11(a)</U>, each Lender and each
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit, Domestic Swing Line Loans, Canadian Swing Line Loans, and U.K. Swing Line Loans.
In the event of any conflict between the accounts and records maintained by the applicable Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the such Agent shall control in the absence of
manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.12 Payments Generally; Agent&#146;s Clawback. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>General</U>. All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans or Bankers&#146; Acceptances denominated in an Alternative Currency, all payments by the
Borrowers hereunder shall be made to the applicable Agent, for the account of the respective Lenders to which such payment is owed, at the Head Office for such Agent in Dollars and in Same Day Funds not later than 2:00 p.m. (local time for such
Agent) on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest on Loans or Bankers&#146; Acceptances denominated in an Alternative Currency shall be
made to the applicable Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Head Office for such Agent in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by
such Agent on the dates specified herein. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of
the Alternative Currency payment amount. Notwithstanding the foregoing, Acceptance Fees shall be payable solely in Canadian Dollars and any and all other fees payable hereunder shall be payable in solely Dollars unless, with respect to any fees
payable by the Canadian Borrowers and the U.K. Borrowers, otherwise agreed to by the Canadian Agent and/or the Administrative Agent respectively. The applicable Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender&#146;s Lending Office. All payments received by </P>
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the applicable Agent after (i) 2:00 p.m. (local time for such Agent), in the case of payments in Dollars, or (ii)&nbsp;after the Applicable Time specified by such Agent, in the case of payments
in an Alternative Currency, shall, in each case, be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower shall come due on a day other than a
Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) <U>Funding by Lenders; Presumption by Agents</U>. Unless the Administrative Agent or the Canadian Agent, as applicable,
shall have received notice from a Lender prior to the proposed date of any Revolving Borrowing of Eurodollar Rate Loans or Alternative Currency Loans (or, in the case of any Revolving Borrowing of Domestic Base Rate Loans, prior to 12:00 p.m. on the
date of such Revolving Borrowing) that such Lender will not make available to the applicable Agent such Lender&#146;s share of such Revolving Borrowing, such Agent may assume that such Lender has made such share available on such date in accordance
with <U>Section</U><U></U><U>&nbsp;2.02</U> (or, in the case of any Revolving Borrowing of Domestic Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by
<U>Section</U><U></U><U>&nbsp;2.02</U>) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Revolving Borrowing
available to the applicable Agent, then the applicable Lender and, if such amount is not made available to such Agent by such Lender within three (3)&nbsp;Business Days of such Revolving Borrowing, the applicable Borrower severally agree to pay to
such Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to such Agent, at
(A)&nbsp;in the case of a payment to be made by such Lender, the greater of the applicable Overnight Rate and a rate determined by such Agent in accordance with banking industry rules on interbank compensation, <U>plus</U> any administrative,
processing or similar fees customarily charged by such Agent in connection with the foregoing, and (B)&nbsp;in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans, or in the case of Alternative
Currencies, in accordance with such market practice, in each case, as applicable. If such Borrower and such Lender shall pay such interest to the applicable Agent for the same or an overlapping period, such Agent shall promptly remit to such
Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Revolving Borrowing to the applicable Agent, then the amount so paid shall constitute such Lender&#146;s Revolving Loan
included in such Revolving Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the applicable Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Payments by Borrower; Presumptions by Agents</U>. Unless the Administrative Agent or the Canadian Agent, as applicable,
shall have received notice from Ryder, a Canadian Borrower, a PR Borrower, or a U.K. Borrower, as applicable, prior to the date on which any payment is due to such Agent for the account of the Lenders or the L/C Issuers hereunder that such Borrower
will not make such payment, such Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuers, as the case may be, the amount
due. With respect to<B> </B>any payment that any Agent makes for the account of any Lender or any L/C Issuer hereunder as to which such Agent determines (which determination shall be conclusive absent manifest error) that any of the following
applies (such payment referred to as the &#147;<U>Rescindable Amount</U>&#148;): (A) the applicable Borrower has not in fact made such payment; (B)&nbsp;such Agent has made a payment in excess of the amount so paid by such Borrower (whether or not
then owed); or (C)&nbsp;such Agent has </P>
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for any reason otherwise erroneously made such payment; then each of the Lenders or the L/C Issuers, as the case may be, severally agrees to repay to such Agent forthwith on demand the
Rescindable Amount so distributed to such Lender or such L/C Issuer, in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to such Agent, at the
greater of the Federal Funds Rate and a rate determined by such Agent in accordance with banking industry rules on interbank compensation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">A notice of the applicable Agent to any Lender or any Borrower with respect to any amount owing under this
<U>Section</U><U></U><U>&nbsp;2.12(b)</U> shall be conclusive, absent manifest error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Failure to Satisfy Conditions
Precedent</U>. If any Lender makes available to the applicable Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <U>Article II</U>, and such funds are not made available to any Borrower by such Agent
because the conditions to the applicable Credit Extension set forth in <U>Article IV</U> are not satisfied or waived in accordance with the terms hereof, such Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Obligations of Lenders Several</U>. The obligations of the Lenders hereunder to make Revolving
Loans, to accept and purchase Bankers&#146; Acceptances, to fund participations in Letters of Credit and Swing Line Loans, and to make payments pursuant to <U>Section</U><U></U><U>&nbsp;11.04(c)</U> are several and not joint. The failure of any
Lender to make any Revolving Loan, to fund any such participation or to make any payment under <U>Section</U><U></U><U>&nbsp;11.04(c)</U> on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on
such date, and no Lender shall be responsible for the failure of any other Lender to so make its Revolving Loan, to accept and purchase Bankers&#146; Acceptances, to purchase its participation or to make its payment under
<U>Section</U><U></U><U>&nbsp;11.04(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Funding Source</U>. Nothing herein shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.13</B> <B>Sharing of Payments by Lenders</B>. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Revolving Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender&#146;s receiving
payment of a proportion of the aggregate amount of such Revolving Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall
(a)&nbsp;notify the applicable Agent of such fact, and (b)&nbsp;purchase (for cash at face value) participations in the Revolving Loans and subparticipations in L/C Obligations and in Swing Line Loans of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and other amounts
owing them; <U>provided</U>, <U>that</U>: (i)&nbsp;if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and
the purchase price restored to the extent of such recovery, without interest; and (ii)&nbsp;the provisions of this <U>Section</U><U></U><U>&nbsp;2.13</U> shall not be construed to apply to (A)&nbsp;any payment made by or on behalf of any Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in
<U>Section</U><U></U><U>&nbsp;2.16</U>, or (C)&nbsp;any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans or subparticipations in L/C Obligations or in Swing Line Loans to
any assignee or participant, other than an assignment to Ryder or any Subsidiary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>

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(as to which the provisions of this <U>Section</U><U></U><U>&nbsp;2.13</U> shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Borrower in the amount of such participation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.14 Extension of Maturity Date. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Requests for Extension</U>. The Borrowers may, by sending an Extension Letter to the Agents (who shall promptly notify
the Lenders) no earlier than sixty (60)&nbsp;days and no later than forty-five (45)&nbsp;days prior to any anniversary of the Closing Date (each such anniversary of the Closing Date being an &#147;<U>Anniversary Date</U>&#148;), request that each
Lender extend such Lender&#146;s then-existing Scheduled Maturity Date (with respect to each Lender, such Lender&#146;s &#147;<U>Current Maturity Date</U>&#148;) for one year; <U>provided</U>, <U>that</U>, no more than two Extension Letters may be
submitted by the Borrowers during the term of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Lender Elections to Extend</U>. Each Lender, acting
in its sole discretion, shall, by notice to the Agents given promptly after such Lender&#146;s receipt of an Extension Letter and, in any event, no later than thirty (30)&nbsp;days prior to the applicable Anniversary Date (the &#147;<U>Notice
Date</U>&#148;), advise the Agents whether such Lender agrees to such extension (each Lender that determines not to so extend its Scheduled Maturity Date being referred to herein as a
&#147;<U>Non</U><U><FONT STYLE="white-space:nowrap">-Extending</FONT> Lender</U>&#148;); <U>provided</U>, <U>that</U>, any Lender that does not so advise the Agents on or before the applicable Notice Date shall be deemed to be a <FONT
STYLE="white-space:nowrap">Non-Extending</FONT> Lender. For the avoidance of doubt, (i)&nbsp;the election of any Lender to agree to such extension shall not obligate any other Lender to so agree, and (ii)&nbsp;each
<FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender shall be required to maintain its original Commitments pursuant to the terms and conditions contained herein to and including such <FONT STYLE="white-space:nowrap">Non-Extending</FONT>
Lender&#146;s then-existing Scheduled Maturity Date (without giving effect to such extension). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Notification by
Agents</U>. The Agents shall notify the Borrowers of each Lender&#146;s determination under <U>Section</U><U></U><U>&nbsp;2.14(b)</U> no later than the date that is twenty-five (25)&nbsp;days prior to the applicable Anniversary Date (or, if such
date is not a Business Day, on the immediately preceding Business Day). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Minimum Extension Requirement</U>. If (and
only if) the total of the Commitments of the Lenders that have agreed so to extend their Current Maturity Date (each, an &#147;<U>Extending Lender</U>&#148;) shall be more than fifty percent (50%) of the Aggregate Commitments in effect immediately
prior to the applicable Anniversary Date, then, subject to the satisfaction of the conditions set forth in <U>Section</U><U></U><U>&nbsp;2.14(f)</U>, effective as of the applicable Anniversary Date, the Scheduled Maturity Date of each Extending
Lender shall be extended to the date falling one year after the Current Maturity Date of each Extending Lender (except that, if such date is not a Business Day, such Scheduled Maturity Date as so extended shall be the immediately preceding Business
Day). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Replacement of <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lenders</U>. Subject to the satisfaction
of the minimum extension requirement in <U>Section</U><U></U><U>&nbsp;2.14(d)</U> and the other conditions to the effectiveness of any such extension set forth in <U>Section</U><U></U><U>&nbsp;2.14(f)</U>, the Borrowers shall have the right (but not
the obligation), in their sole discretion, to, no later than the date that occurs sixty (60)&nbsp;days following the applicable Anniversary Date, elect to replace any <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender by causing such <FONT
STYLE="white-space:nowrap">Non-Extending</FONT> Lender to assign and delegate, without recourse, its interests, rights and obligations as a Lender under this Agreement and the related Loan Documents to one or more existing Lenders or Eligible
Assignees pursuant to the terms of <U>Section</U><U></U><U>&nbsp;11.13</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Conditions to Effectiveness of Extensions</U>. Notwithstanding the
foregoing, the extension of each Extending Lender&#146;s then-existing Scheduled Maturity Date pursuant to this <U>Section</U><U></U><U>&nbsp;2.14</U> shall not be effective with respect to any Extending Lender unless, on the applicable Anniversary
Date: (i)&nbsp;no Default or Event of Default shall exist or be continuing either prior to or after giving effect thereto, and (ii)&nbsp;the representations and warranties contained in <U>Section</U><U></U><U>&nbsp;5.01</U>,
<U>Section</U><U></U><U>&nbsp;5.02</U>, <U>Section</U><U></U><U>&nbsp;5.06(a)</U>, <U>Section</U><U></U><U>&nbsp;5.09</U>, <U>Section</U><U></U><U>&nbsp;5.10</U>, <U>Section</U><U></U><U>&nbsp;5.17</U>, <U>Section</U><U></U><U>&nbsp;5.18</U>, and
<U>Section</U><U></U><U>&nbsp;5.21</U> shall be true at and as of the time of the effective date of such extension, with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or
permitted by this Agreement and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a
whole, or to the extent that such representations and warranties relate expressly and solely to an earlier date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)
<U>Extension Amendment; Conflicting Provisions</U>. In connection with any extension of the Maturity Date pursuant to this <U>Section</U><U></U><U>&nbsp;2.14(g)</U>, Ryder, the Agents and each Extending Lender, without the consent of any other party
to this Agreement, may make such amendments to this Agreement as the Agents determine to be reasonably necessary to evidence such extension. This <U>Section</U><U></U><U>&nbsp;2.14</U> shall supersede any provisions in this Agreement to the
contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.15</B> <B>Increase in Aggregate Commitments</B>. The Borrowers may, at any time and from time
to time prior to the Maturity Date, upon prior written notice by the Borrowers to the applicable Agent, increase the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, and/or the Aggregate PR
Commitments (but not the Domestic Swing Line Sublimit, the Canadian Swing Line Sublimit, the U.K. Swing Line Sublimit, or the Letter of Credit Sublimit), by a maximum aggregate amount not to exceed $200,000,000 for all such increases, with
additional Commitments from any Lender or new Commitments from one or more Eligible Assignees selected by the Borrowers and acceptable to the applicable Agent, the applicable Swing Line Lender (as applicable) and the L/C Issuers (as applicable);
<U>provided</U>, <U>that</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any such increase shall be in a minimum principal amount of $10,000,000 and in integral
multiples of $1,000,000 in excess thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) no Default or Event of Default shall exist and be continuing at the time of
any such increase; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) no existing Lender shall be under any obligation to increase any of its Commitments and any such
decision whether to increase any of its Commitments shall be in such Lender&#146;s sole and absolute discretion; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) (i)
any new Lender shall join this Agreement by executing such joinder documents as are required by the applicable Agent, and/or (ii)&nbsp;any existing Lender electing to increase its relevant Commitment shall have executed a commitment agreement
satisfactory to the applicable Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) as a condition precedent to such increase, Ryder shall deliver to the applicable
Agent a certificate of the applicable Borrowers dated as of the date of such increase signed duly authorized officers of each such Borrower (i)&nbsp;certifying and attaching the resolutions adopted by such Borrowers approving or consenting to such
increase, and (ii)&nbsp;in the case of Ryder, certifying that, before and after giving effect to such increase, (A)&nbsp;the representations and warranties contained in <U>Section</U><U></U><U>&nbsp;5.01</U>, <U>Section</U><U></U><U>&nbsp;5.02</U>,
<U>Section</U><U></U><U>&nbsp;5.06(a)</U>, <U>Section</U><U></U><U>&nbsp;5.09</U>, <U>Section</U><U></U><U>&nbsp;5.10</U>, <U>Section</U><U></U><U>&nbsp;5.17</U>, <U>Section</U><U></U><U>&nbsp;5.18</U>, and <U>Section</U><U></U><U>&nbsp;5.21</U> are
true at and as of the time of the effective date of such increase, </P>
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with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or permitted by this Agreement and changes occurring in the
ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent that such representations and
warranties relate expressly and solely to an earlier date) and (B)&nbsp;no Default or Event of Default exists or would result in connection with such increase; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Ryder shall deliver to the applicable Agent a certificate demonstrating that, upon giving pro forma effect to such increase
(and assuming for such purpose that the entire amount of such increase is fully drawn), Ryder would be in compliance with the ratio set forth in <U>Section</U><U></U><U>&nbsp;7.08</U> as of the most recent fiscal quarter for which Ryder was required
to deliver financial statements pursuant to <U>Section</U><U></U><U>&nbsp;6.04(a)</U> or <U>6.04(b)</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)
<U>Schedule 2.01</U> shall be deemed revised to include any increase in the applicable Commitments pursuant to this <U>Section</U><U></U><U>&nbsp;2.15</U> and to include thereon any Eligible Assignee that becomes a Lender pursuant to this
<U>Section</U><U></U><U>&nbsp;2.15</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The applicable Borrower shall prepay any Loans owing by it and outstanding on the date of any such increase (and
pay any additional amounts required pursuant to <U>Section</U><U></U><U>&nbsp;3.05</U>) to the extent necessary to keep the outstanding Loans ratable with any revised Commitments arising from any <FONT STYLE="white-space:nowrap">non-ratable</FONT>
increase in the Commitments under this <U>Section</U><U></U><U>&nbsp;2.15</U>. In connection with any increase in the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, or the Aggregate PR Commitments
pursuant to this <U>Section</U><U></U><U>&nbsp;2.15</U>, Ryder, the applicable Agent and each Lender providing a portion of such increase in the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, or
the Aggregate PR Commitments with respect to such increase, without the consent of any other party to this Agreement, may make such amendments to this Agreement as the applicable Agent determines to be reasonably necessary to evidence such increase.
This <U>Section</U><U></U><U>&nbsp;2.15</U> shall supersede any provisions in <U>Section</U><U></U><U>&nbsp;2.13</U> or <U>11.01</U> to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.16</B> <B>Cash Collateral</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Obligation to Cash Collateralize</U>. In addition to the obligations set forth in
<U>Section</U><U></U><U>&nbsp;2.03(q)</U>, at any time that there shall exist a Defaulting Lender, within one (1)&nbsp;Business Day following the written request of the Administrative Agent or any L/C Issuer (with a copy to the Administrative
Agent), Ryder shall Cash Collateralize the L/C Issuers&#146; Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to <U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U> and any Cash Collateral provided by such
Defaulting Lender) in an amount not less than the Minimum Collateral Amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Grant of Security Interest</U>. Ryder,
and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers, and the Lenders, and agrees to
maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to
which such Cash Collateral may be applied pursuant to <U>Section</U><U></U><U>&nbsp;2.16(c)</U>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative
Agent or any L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (or otherwise less than the amount then required to be provided), Ryder will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (determined after giving effect </P>
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to <U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U> and any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to
deposit) shall be maintained in blocked, <FONT STYLE="white-space:nowrap">non-interest-bearing</FONT> deposit accounts at Bank of America. Ryder shall pay on demand therefor from time to time all customary account opening, activity and other
administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
<U>Application</U>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund
participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property
as may otherwise be provided for herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Release</U>. Cash Collateral (or the appropriate portion thereof) provided
to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i)&nbsp;the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender
status of the applicable Lender), or (ii)&nbsp;the determination by the Administrative Agent and the L/C Issuers that there exists excess Cash Collateral; <U>provided</U>, <U>that</U>, the Person providing Cash Collateral and the L/C Issuers may
agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.17 Defaulting Lenders. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Adjustments</U>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Waivers and Amendments</U>. Such Defaulting Lender&#146;s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definitions of &#147;Required Lenders&#148;, &#147;Required Domestic Lenders&#148;, &#147;Required Canadian Lenders&#148;, &#147;Required U.K. Lenders&#148;, and
&#147;Required PR Lenders&#148;, and <U>Section</U><U></U><U>&nbsp;11.01</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Defaulting Lender Waterfall</U>. Any
payment of principal, interest, fees or other amounts received by an Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <U>Article VIII</U> or otherwise) or received by such Agent from a
Defaulting Lender pursuant to <U>Section</U><U></U><U>&nbsp;11.08</U> shall be applied at such time or times as may be determined by such Agent as follows: <U>first</U>, to the payment of any amounts owing by such Defaulting Lender to such Agent
hereunder; <U>second</U>, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer and any Swing Line Lender hereunder; <U>third</U>, to Cash Collateralize any L/C Issuer&#146;s Fronting Exposure with
respect to such Defaulting Lender in accordance with <U>Section</U><U></U><U>&nbsp;2.16</U>; <U>fourth</U>, as Ryder may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the such Agent; <U>fifth</U>, if so determined by such Agent and Ryder, to be held in a deposit account and released pro rata in order to (x)&nbsp;satisfy such Defaulting
Lender&#146;s potential future funding obligations with respect to Loans under this Agreement, and (y)&nbsp;Cash Collateralize any L/C Issuer&#146;s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this Agreement, in accordance with <U>Section</U><U></U><U>&nbsp;2.16</U>; <U>sixth</U>, to the payment of any amounts owing </P>
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to the Lenders, the L/C Issuers, and the Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer, or any Swing Line Lender
against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; <U>seventh</U>, so long as no Default exists, to the payment of any amounts owing to Ryder as a result of any judgment of a
court of competent jurisdiction obtained by Ryder against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; and <U>eighth</U>, to such Defaulting Lender or as otherwise directed by a
court of competent jurisdiction; <U>provided</U>, <U>that</U>, (A)&nbsp;such payment is a payment of the principal amount of any Loans or L/C Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and
(B)&nbsp;such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <U>Article IV</U> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to,
all <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations and in Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U>. Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <U>Section</U><U></U><U>&nbsp;2.17(a)(ii)</U> shall be deemed paid to and redirected by
such Defaulting Lender, and each Lender irrevocably consents hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Certain Fees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Each Defaulting Lender shall be entitled to receive Facility Fees for any period during which that Lender is a Defaulting
Lender only to extent allocable to the sum of (1)&nbsp;the outstanding principal amount of the Revolving Loans funded by it, and (2)&nbsp;its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to <U>Section</U><U></U><U>&nbsp;2.16</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Each Defaulting Lender shall be entitled to receive Letter of
Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to
<U>Section</U><U></U><U>&nbsp;2.16</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) With respect to any Facility Fee or any Letter of Credit Fee not required to
be paid to any Defaulting Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.17(a)(iii)(A)</U> or <U>(a)(iii)(B)</U>, Ryder shall (1)&nbsp;pay to each <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender that portion of any such fee
otherwise payable to such Defaulting Lender with respect to such Defaulting Lender&#146;s participation in L/C Obligations, in Domestic Swing Line Loans, in Canadian Swing Line Loans, or in U.K. Swing Line Loans that has been reallocated to such <FONT
STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U>, (2) pay to each L/C Issuer, each Domestic Swing Line Lender, the Canadian Swing Line Lender, and the U.K. Swing Line Lender, as
applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer&#146;s, such Domestic Swing Line Lender&#146;s, the Canadian Swing Line Lender&#146;s or the U.K. Swing Line Lender&#146;s
Fronting Exposure to such Defaulting Lender, and (3)&nbsp;not be required to pay the remaining amount of any such fee. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <U>Reallocation of Applicable Percentages to Reduce Fronting
Exposure</U>. All or any part of such Defaulting Lender&#146;s participation in L/C Obligations, in Domestic Swing Line Loans, in Canadian Swing Line Loans, and in U.K. Swing Line Loans shall be reallocated among the
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender&#146;s Commitment) but only to the extent that such reallocation does not
cause the aggregate Revolving Credit Exposure of any <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender to exceed such <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender&#146;s Commitment. Subject to
<U>Section</U><U></U><U>&nbsp;11.20</U>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim
of a <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender as a result of such <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender&#146;s increased exposure following such reallocation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Cash Collateral, Repayment of Swing Line Loans</U>. If the reallocation described in
<U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U> cannot, or can only partially, be effected, Ryder shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (A)<U>&nbsp;first</U>, prepay (1)&nbsp;Domestic Swing
Line Loans in an amount equal to the Domestic Swing Line Lenders&#146; Fronting Exposure, (2)&nbsp;Canadian Swing Line Loans in an amount equal to the Canadian Swing Line Lender&#146;s Fronting Exposure, and (3)&nbsp;U.K. Swing Line Loans in an
amount equal to the U.K. Swing Line Lender&#146;s Fronting Exposure, and (B)<U>&nbsp;second</U>, Cash Collateralize the L/C Issuers&#146; Fronting Exposure in accordance with the procedures set forth in <U>Section</U><U></U><U>&nbsp;2.16</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Defaulting Lender Cure</U>. If Ryder, the applicable Agents, the L/C Issuers, and the applicable Swing Line Lenders
agree in writing that a Lender is no longer a Defaulting Lender, the applicable Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit, in Domestic Swing Line Loans, in Canadian Swing Line Loans and in U.K. Swing Line Loans to be held pro rata by the Lenders in accordance with the
Commitments (without giving effect to <U>Section</U><U></U><U>&nbsp;2.17(a)(iv)</U>), whereupon such Lender will cease to be a Defaulting Lender; <U>provided</U>, <U>that</U>, no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of Ryder while that Lender was a Defaulting Lender; <U>provided</U>, <U>further</U>, <U>that</U>, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender&#146;s having been a Defaulting Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>New Letters of Credit; New Swing Line Loans</U>. So long as any Domestic Lender is a Defaulting Lender, (i)&nbsp;no L/C
Issuer shall be required to issue, extend, increase, reinstate or renew any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto and (ii)&nbsp;no Domestic Swing Line Lender shall be required to
fund any Domestic Swing Line Loan unless it is satisfied that it will have no Fronting Exposure after giving effect to such Domestic Swing Line Loan. So long as any Canadian Lender is a Defaulting Lender, the Canadian Swing Line Lender shall not be
required to fund any Canadian Swing Line Loan unless it is satisfied that it will have no Fronting Exposure after giving effect to such Canadian Swing Line Loan. So long as any U.K. Lender is a Defaulting Lender, the U.K. Swing Line Lender shall not
be required to fund any U.K. Swing Line Loan unless it is satisfied that it will have no Fronting Exposure after giving effect to such U.K. Swing Line Loan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.18 Designated Borrowers. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Designated Borrowers</U>. Ryder may at any time, upon not less than fifteen (15)&nbsp;Business Days&#146; notice from
Ryder to the Canadian Agent or the Administrative Agent, as applicable (or such shorter period as may be agreed by such Agent in its sole discretion), (i) request to designate any additional<B> </B>Canadian<B> </B>Subsidiary of Ryder (an
&#147;<U>Applicant Canadian Borrower</U>&#148;) as a Designated Canadian Borrower to receive Canadian Revolving Loans, Canadian Swing Line Loans, and Bankers&#146; Acceptances hereunder by delivering to the Canadian Agent (which shall promptly
deliver counterparts thereof to each Canadian Lender) a duly executed Designated Borrower Request and Assumption Agreement with respect to such Applicant Canadian Borrower, (ii)&nbsp;request to designate any additional<B> </B>Domestic Subsidiary of
Ryder (an &#147;<U>Applicant PR Borrower</U>&#148;) as a Designated PR Borrower to receive PR Revolving Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each PR Lender) a duly executed
Designated Borrower Request and Assumption Agreement with respect to such Applicant PR Borrower, and (iii)&nbsp;request to designate any additional<B> </B>U.K. Subsidiary of Ryder (an &#147;<U>Applicant U.K. Borrower</U>&#148;) as a Designated U.K.
Borrower to receive U.K. Revolving Loans and U.K. Swing Line Loans by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each U.K. Lender) a duly executed Designated Borrower Request and Assumption Agreement
with respect to such Applicant U.K. Borrower. The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for herein (A)&nbsp;(1) with respect to an Applicant Canadian
Borrower, the Canadian Agent and each Canadian Lender must each agree to such Applicant Borrower becoming a Designated Borrower, (2)&nbsp;with respect to an Applicant PR Borrower, the Administrative Agent and each PR Lender must each agree to such
Applicant Borrower becoming a Designated Borrower, and (3)&nbsp;with respect to an Applicant U.K. Borrower, the Administrative Agent and each U.K. Lender must each agree to such Applicant Borrower becoming a Designated Borrower, (B)&nbsp;the
applicable Agent shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to such Agent, as may be required by such Agent,
and Notes signed by such new Designated Borrower to the extent any applicable Lender so requires, and (C)&nbsp;upon the reasonable request of any applicable Lender, such Applicant Borrower shall have provided to such Lender, and such Lender shall be
reasonably satisfied with, the documentation and other information so requested in connection with applicable &#147;know your customer&#148; and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the
Canadian AML Acts and if such Applicant Borrower qualifies as a &#147;legal entity customer&#148; under the Beneficial Ownership Regulation, such Applicant Borrower shall have delivered, to each such Lender that so requests, a Beneficial Ownership
Certification in relation to such Applicant Borrower (the requirements in <U>clauses (A)</U>, <U>(B)</U> and (<U>C</U>)&nbsp;hereof, the &#147;<U>Designated Borrower Requirements</U>&#148;). If the Designated Borrower Requirements are met with
respect to an Applicant Canadian Borrower, the Canadian Agent shall send a Designated Borrower Notice&nbsp;to Ryder and the Canadian Lenders specifying the effective date upon which such Applicant Canadian Borrower shall constitute a Designated
Canadian Borrower for purposes hereof, whereupon each of the Canadian Lenders agrees to permit such Designated Canadian Borrower to receive Canadian Revolving Loans, Canadian Swing Line Loans, and Bankers&#146; Acceptances hereunder, on the terms
and conditions set forth herein, and each of the parties agrees that such Designated Canadian Borrower otherwise shall be a Canadian Borrower for all purposes of this Agreement; <U>provided</U> that no Canadian Loan Notice, Canadian Swing Line Loan
Notice or Bankers&#146; Acceptance Notice may be submitted by or on behalf of such Designated Canadian Borrower until the date five (5)&nbsp;Business Days after such effective date. If the Designated Borrower Requirements are met with respect to an
Applicant PR Borrower, the Administrative Agent shall send a Designated Borrower Notice&nbsp;to Ryder and the PR Lenders specifying the effective date upon which such Applicant PR Borrower shall constitute a Designated
</P>
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PR Borrower for purposes hereof, whereupon each of the PR Lenders agrees to permit such Designated PR Borrower to receive PR Revolving Loans on the terms and conditions set forth herein, and each
of the parties agrees that such Designated PR Borrower otherwise shall be a PR Borrower for all purposes of this Agreement; <U>provided</U> that no PR Loan Notice may be submitted by or on behalf of such Designated PR Borrower until the date five
(5)&nbsp;Business Days after such effective date. If the Designated Borrower Requirements are met with respect to an Applicant U.K. Borrower, the Administrative Agent shall send a Designated Borrower Notice&nbsp;to Ryder and the U.K. Lenders
specifying the effective date upon which such Applicant U.K. Borrower shall constitute a Designated U.K. Borrower for purposes hereof, whereupon each of the U.K. Lenders agrees to permit such Designated U.K. Borrower to receive U.K. Revolving Loans
and U.K. Swing Line Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Designated U.K. Borrower otherwise shall be a U.K. Borrower for all purposes of this Agreement; <U>provided</U> that no U.K.
Loan Notice or U.K. Swing Line Loan Notice may be submitted by or on behalf of such Designated U.K. Borrower until the date five (5)&nbsp;Business Days after such effective date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Appointment</U>. Each Canadian Subsidiary, Domestic Subsidiary, or U.K. Subsidiary, as applicable, of Ryder that is or
becomes a &#147;Designated Borrower&#148; pursuant to this <U>Section</U><U></U><U>&nbsp;2.18</U> hereby irrevocably appoints Ryder to act as its agent for all purposes of this Agreement and the other Loan Documents and agrees that (i)&nbsp;Ryder
may execute such documents on behalf of such Designated Borrower as Ryder deems appropriate in its sole discretion and each Designated Borrower shall be obligated by all of the terms of any such document executed on its behalf, (ii)&nbsp;any notice
or communication delivered by any Agent or any Lender to Ryder shall be deemed delivered to such Designated Borrower, and (iii)&nbsp;any Agent or any Lender may accept, and be permitted to rely on, any document, instrument or agreement executed by
Ryder on behalf of any such Designated Borrower. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Amendment</U>. In connection with the addition of any Applicant
Borrower to this Agreement pursuant to this <U>Section</U><U></U><U>&nbsp;2.18</U>, Ryder and the Canadian Agent or the Administrative Agent, as applicable, without the consent of any other party to this Agreement, may make such amendments to this
Agreement as Ryder and the Canadian Agent or the Administrative Agent, as applicable, determine to be reasonably necessary to add such Applicant Borrower as a Canadian Borrower, a PR Borrower, or a U.K. Borrower, as applicable, under this Agreement.
This <U>Section</U><U></U><U>&nbsp;2.18</U> shall supersede any provisions in <U>Section</U><U></U><U>&nbsp;11.01</U> to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.19 Bankers&#146; Acceptances. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Acceptance and Purchase</U>. Subject to the terms and conditions hereof, each Canadian Lender severally agrees to accept
and purchase Bankers&#146; Acceptances drawn upon it by the Canadian Borrowers denominated in Canadian Dollars. The Canadian Borrowers shall notify the Canadian Agent by irrevocable written notice (each a &#147;<U>Bankers&#146; Acceptance
Notice</U>&#148;) by 11:00 a.m. (Toronto time) within one (1)&nbsp;Business Day of the date of any borrowing by way of Bankers&#146; Acceptances. Each borrowing by way of Bankers&#146; Acceptances shall be in a minimum aggregate face amount of
C$3,000,000 or an integral multiple of C$100,000 thereof. The face amount of each Bankers&#146; Acceptance shall be C$100,000 or any integral multiple thereof. Each Bankers&#146; Acceptance Notice shall be in the form of <U>Exhibit I</U>. A
Bankers&#146; Acceptance shall be purchased and accepted only if, after giving effect to such purchase and acceptance (i)&nbsp;the Canadian Revolving Credit Exposure of any Canadian Lender shall not exceed such Canadian Lender&#146;s Canadian
Commitment, and (ii)&nbsp;the Total Canadian Outstandings shall not exceed the Aggregate Canadian Commitments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Term</U>. Each Bankers&#146; Acceptance shall be issued and shall
mature on a Business Day. Each Bankers&#146; Acceptance shall have a term of 1, 2, or 3 months, shall mature no later than five (5)&nbsp;days prior to the Maturity Date, and shall be in form and substance reasonably satisfactory to the Canadian
Lender which is accepting such Bankers&#146; Acceptance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Bankers&#146; Acceptances in Blank</U>. To facilitate the
acceptance of Bankers&#146; Acceptances under this Agreement, the Canadian Borrowers shall, upon execution of this Agreement and from time to time as required, provide to the Canadian Agent bills of exchange or depository bills, in form satisfactory
to the Canadian Agent, duly executed and endorsed in blank by the Canadian Borrowers in quantities sufficient for each Canadian Lender to fulfill its obligations hereunder. In addition, the Canadian Borrowers hereby appoint each Canadian Lender as
its attorney to sign and endorse on its behalf, in handwriting or by facsimile or mechanical signature as and when deemed necessary by such Canadian Lender, blank forms of Bankers&#146; Acceptances. The Canadian Borrowers recognize and agree that
all Bankers&#146; Acceptances signed and/or endorsed on its behalf by a Canadian Lender shall bind the Canadian Borrowers as fully and effectually as if signed in the handwriting of and duly issued by the proper signing officers of the Canadian
Borrowers. Each Canadian Lender is hereby authorized to issue such Bankers&#146; Acceptances endorsed in blank in such face amounts as may be determined by such Canadian Lender; <U>provided</U>, <U>that</U>, the aggregate amount thereof is equal to
the aggregate amount of Bankers&#146; Acceptances required to be accepted and purchased by such Canadian Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.19(a)(iv)</U>. No Canadian Lender shall be responsible or liable for its failure to accept a
Bankers&#146; Acceptance if the cause of such failure is, in whole or in part, due to the failure of the Canadian Borrowers to provide duly executed and endorsed bills of exchange or depository bills to the Canadian Agent on a timely basis nor shall
any Canadian Lender or the Canadian Agent be liable for any damage, loss or other claim arising by reason of any loss or improper use of any such instrument except loss or improper use arising by reason of the gross negligence or willful misconduct
of such Canadian Lender or the Canadian Agent, its officers, employees, agents or representatives. Each Canadian Lender shall maintain a record with respect to Bankers&#146; Acceptances (A)&nbsp;received by it from the Canadian Agent in blank
hereunder, (B)&nbsp;voided by it for any reason, (C)&nbsp;accepted by it hereunder, (D)&nbsp;purchased by it hereunder, and (E)&nbsp;cancelled at their respective maturities. Each Canadian Lender further agrees to retain such records in the manner
and for the statutory periods provided in the various Canadian provincial or federal statutes and regulations which apply to such Canadian Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Depository Bills</U>. All Bankers&#146; Acceptances accepted by any Canadian Lender issued in the form of a depository
bill (as defined in the Depository Bills and Notes Act (Canada) (&#147;<U>DBNA</U>&#148;)) shall be deposited with the Canadian Depository for Securities and shall be made payable to CDS&nbsp;&amp; Co. In order to give effect to the foregoing, the
Canadian Agent may, acting reasonably, establish and notify the Canadian Borrowers and the other Canadian Lender of any additional procedures, consistent with the terms of this Agreement and the requirements, of the DBNA, as are reasonably necessary
to accomplish the parties intention, including, without limitation: (A)&nbsp;inserting a phrase in the drafts held by the Canadian Agent to the effect that the Bankers&#146; Acceptance is issued pursuant to the DBNA; (B)&nbsp;removing any reference
to authentication of a Bankers&#146; Acceptance; and (C)&nbsp;removing any reference to the bearer of the depository bill. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <U>Execution of Bankers&#146; Acceptances</U>. Bills of exchange or
depository bills of the Canadian Borrowers to be accepted as Bankers&#146; Acceptances hereunder shall be duly executed by one or more duly authorized officers on behalf of the Canadian Borrowers. Notwithstanding that any person whose signature
appears on any Bankers&#146; Acceptance as a signatory for the Canadian Borrowers may no longer be an authorized signatory for the Canadian Borrowers at the date of issuance of a Bankers&#146; Acceptance, such signature shall nevertheless be valid
and sufficient for all purposes as if such authority had remained in force at the time of such issuance and any such Bankers&#146; Acceptance so signed shall be binding on the Canadian Borrowers. As a condition precedent to each Canadian
Lender&#146;s obligation to accept and, if applicable, purchase Bankers&#146; Acceptances hereunder, each of the Canadian Borrowers hereby agrees to the Power of Attorney Terms &#150; Bankers&#146; Acceptances set out in <U>Schedule 2.19</U> and
hereby grants to each Canadian Lender a power of attorney on the terms set out in such <U>Schedule 2.19</U>; <U>provided</U>, <U>that</U>, if any Canadian Borrower revoke such power of attorney, the Canadian Lender shall not be entitled to issue
Bankers&#146; Acceptances hereunder unless the Canadian Borrowers, the Canadian Agent and all of the Canadian Lenders have agreed on amendments to this Agreement which would allow the Canadian Borrowers to again issue Bankers&#146; Acceptances. Any
executed drafts or orders to be used as Bankers&#146; Acceptances shall be held in safekeeping with the same degree of care as if they were a Canadian Lender&#146;s property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Issuance of Bankers&#146; Acceptances</U>. Promptly following receipt of a Bankers&#146; Acceptance Notice, the Canadian
Agent shall so advise the Canadian Lender of the face amount of each Bankers&#146; Acceptance to be accepted by it and the term thereof. The aggregate face amount of Bankers&#146; Acceptances to be accepted by a Canadian Lender shall be determined
by the Canadian Agent by reference to the respective Canadian Commitments of the Canadian Lenders, except that, if the face amount of a Bankers&#146; Acceptance, which would otherwise be accepted by a Canadian Lender, would not be C$100,000 or an
integral multiple thereof, such face amount shall be increased or reduced by the Canadian Agent in its sole and absolute discretion to the nearest integral multiple of C$100,000. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) <U>Acceptance of Bankers&#146; Acceptances</U>. Each Bankers&#146; Acceptance to be accepted by a Canadian Lender shall be
accepted at such Canadian Lender&#146;s office designated by said Canadian Lender in its Administrative Questionnaire from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) <U>Purchase of Bankers&#146; Acceptances</U>. On the relevant date of borrowing, each Canadian Lender severally agrees to
purchase from the Canadian Borrowers, at the face amount thereof discounted by the Applicable BA Discount Rate, any Bankers&#146; Acceptance accepted by it and provide to the Canadian Agent, for the account of the Canadian Borrowers, the BA Discount
Proceeds in respect thereof after deducting therefrom the amount of the applicable Acceptance Fee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) <U>Sale of
Bankers&#146; Acceptances</U>. Each Canadian Lender may at any time and from time to time hold, sell, rediscount or otherwise dispose of any or all Bankers&#146; Acceptances accepted and purchased by it. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) <U>Waiver of Presentment and Other Conditions</U>. The Canadian Borrowers waive presentment for payment and any other
defense to payment of any amounts due to a Canadian Lender in respect of a Bankers&#146; Acceptance accepted and purchased by such Canadian Lender pursuant to this Agreement which might exist solely by reason of such Bankers&#146; Acceptance being
held, at the maturity thereof, by such Canadian Lender in its own right. The Canadian Borrowers agree not to claim or require any days of grace or require the Canadian Agent or any Canadian Lender to claim any days of grace if any Canadian Lender as
holder sues or otherwise commences legal proceedings for the payment of any Bankers&#146; Acceptance. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Refunding Bankers</U><U>&#146;</U><U> Acceptances</U>. With respect
to each Bankers&#146; Acceptance, the Canadian Borrowers, except during the occurrence and continuation of an Event of Default, may give irrevocable telephone or written notice (or such other method of notification as may be agreed upon between the
Canadian Agent and the Canadian Borrowers) to the Canadian Agent at or before 11:00 a.m. (Toronto time) within one (1)&nbsp;Business Day of such maturity date of such Bankers&#146; Acceptance of any Canadian Borrower&#146;s intention to issue one or
more Bankers&#146; Acceptances on such maturity date (each a &#147;<U>Refunding Bankers</U><U>&#146;</U><U> Acceptance</U>&#148;) to provide for the payment of such maturing Bankers&#146; Acceptance (it being understood that payments by the Canadian
Borrowers and fundings by the Canadian Lenders in respect of each maturing Bankers&#146; Acceptance and each related Refunding Bankers&#146; Acceptance shall be made on a net basis reflecting the difference between the face amount of such maturing
Bankers&#146; Acceptance and the BA Discount Proceeds (net of the applicable Acceptance Fee) of such Refunding Bankers&#146; Acceptance). Any funding on account of any maturing Bankers&#146; Acceptance must be made at or before 12:00 noon (Toronto
time) on the maturity date of such Bankers&#146; Acceptance. If the Canadian Borrowers fail to give such notice, the Canadian Borrowers shall be irrevocably deemed to have requested and to have been advanced a Canadian Revolving Loan bearing
interest at the Canadian Prime Rate in the face amount of such maturing Bankers&#146; Acceptance on the maturity date of such maturing Bankers&#146; Acceptance from the Canadian Lender which accepted such maturing Bankers&#146; Acceptance, which
Loan shall thereafter bear interest as such in accordance with the provisions hereof and otherwise shall be subject to all provisions of this Agreement applicable to Canadian Revolving Loans until paid in full. Notwithstanding anything to the
contrary contained herein, the Canadian Borrowers shall not prepay the Outstanding Amount of any Bankers&#146; Acceptance, as a whole or in part, at any time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Acceptance Fee</U>. An acceptance fee (the &#147;<U>Acceptance Fee</U>&#148;) shall be payable by the Canadian Borrowers
to each Canadian Lender and each Canadian Lender shall deduct the amount of such Acceptance Fee from the BA Discount Proceeds (in the manner specified in <U>Section</U><U></U><U>&nbsp;2.19(a)(vii)</U> in respect of each Bankers&#146; Acceptance),
said fee to be calculated at a rate per annum equal to the Applicable Rate calculated on the face amount of such Bankers&#146; Acceptance and computed on the basis of the number of days in the term of such Bankers&#146; Acceptance and a year of 365
days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.20 ESG Adjustments. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) After the Closing Date, Ryder, in consultation with the Sustainability Coordinator, shall be entitled, in its sole
discretion, to establish specified key performance indicators (&#147;<U>KPIs</U>&#148;) with respect to certain environmental, social and governance (&#147;<U>ESG</U>&#148;) targets of Ryder and its Subsidiaries. The Sustainability Coordinator and
Ryder may amend this Agreement (such amendment, an &#147;<U>ESG Amendment</U>&#148;) solely for the purpose of incorporating the KPIs and other related provisions (the &#147;<U>ESG Pricing Provisions</U>&#148;) into this Agreement, and any such
amendment shall become effective at 5:00 p.m. on the tenth (10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and Ryder unless, prior to
such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent (who shall promptly notify Ryder) written notice that such Required Lenders object to such ESG Amendment. In the event that Required Lenders deliver a
written notice objecting to any such ESG Amendment, an alternative ESG Amendment may be effectuated with the consent of the Required Lenders, Ryder and the Sustainability Coordinator. Upon the effectiveness of any such ESG Amendment, based on
Ryder&#146;s performance against the KPIs, certain adjustments (increase, decrease or no </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
adjustment) (such adjustments, the &#147;<U>ESG Applicable Rate Adjustments</U>&#148;) to the otherwise applicable Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate
Loans, Canadian Prime Rate Loans, Swing Line Loans, Letter of Credit Fees, the Acceptance Fees, and the Facility Fees will be made; <U>provided</U>, <U>further</U>, <U>that</U>, the amount of such adjustments shall not exceed (i)&nbsp;in the case of
the Applicable Rate for the Facility Fees, an increase and/or decrease of 0.01% and (ii)&nbsp;in the case of the Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate Loans, Canadian Prime Rate Loans, Swing Line Loans,
Letter of Credit Fees, and the Acceptance Fees, an increase and/or decrease of 0.04%; <U>provided</U>, <U>that</U>, in no event shall the Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate Loans, Canadian Prime Rate
Loans, Swing Line Loans, Letter of Credit Fees, Acceptance Fees, or Facility Fees be less than zero. The KPIs, Ryder&#146;s performance against the KPIs, and any related ESG Applicable Rate Adjustments resulting therefrom, will be determined based
on certain certificates, reports and other documents, in each case, setting forth the calculation and measurement of the KPIs in a manner that is aligned with the Sustainability Linked Loan Principles and to be mutually agreed between Ryder and the
Sustainability Coordinator (each acting reasonably). Following the effectiveness of an ESG Amendment, any modification to the ESG Pricing Provisions shall be subject only to the consent of the Required Lenders so long as such modification does not
have the effect of reducing the Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate Loans, Canadian Prime Rate Loans, Swing Line Loans, Letter of Credit Fees, Acceptance Fees, or Facility Fees to a level not otherwise
permitted by this <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Sustainability Coordinator will (i)&nbsp;assist Ryder
in determining the ESG Pricing Provisions in connection with the ESG Amendment and (ii)&nbsp;assist Ryder in preparing informational materials focused on ESG to be used in connection with the ESG Amendment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) This <U>Section</U><U></U><U>&nbsp;2.20</U> shall supersede any provisions in <U>Section</U><U></U><U>&nbsp;11.01</U> to
the contrary. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.01 Taxes. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Defined Terms</U>. For purposes of this <U>Section</U><U></U><U>&nbsp;3.01</U>, the term &#147;<U>applicable
Law</U>&#148; includes FATCA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payments Free of Taxes</U>. Any and all payments by or on account of any obligation
of any Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent)
requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to
the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this <U>Section</U><U></U><U>&nbsp;3.01</U>) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. For the avoidance of doubt, this <U>Section</U><U></U><U>&nbsp;3.01(b)</U> shall not apply to U.K. Tax Deductions (to which the provisions of <U>Section</U><U></U><U>&nbsp;3.01(i)</U> shall apply). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Payment of Other Taxes by Borrowers</U>. The Borrowers shall timely pay to the relevant Governmental Authority in
accordance with applicable Law, or at the option of the applicable Agent timely reimburse it for the payment of, any Other Taxes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Indemnification by Borrowers</U>. Each of the Borrowers shall
indemnify each Recipient, within ten (10)&nbsp;days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
<U>Section</U><U></U><U>&nbsp;3.01</U>) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Ryder by a Lender (with a copy to the applicable Agent), or by the applicable Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Indemnification by the
Lenders</U>. Each Lender shall severally indemnify each Agent, within ten (10)&nbsp;days after demand therefor, for (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified such
Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender&#146;s failure to comply with the provisions of <U>Section</U><U></U><U>&nbsp;11.06(d)</U> relating to the
maintenance of a Participant Register, and (iii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by such Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the applicable Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes each Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by such Agent to the Lender from any other source
against any amount due to such Agent under this <U>Section</U><U></U><U>&nbsp;3.01(e)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Evidence of
Payments</U>. <B></B>As soon as practicable after any payment of Taxes by Ryder to a Governmental Authority as provided in this <U>Section</U><U></U><U>&nbsp;3.01</U>, Ryder shall deliver to the applicable Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the applicable Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Status of Lenders; Tax Documentation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to Ryder and the applicable Agent, at the time or times reasonably requested by Ryder or such Agent, such properly completed and executed documentation reasonably requested by Ryder or such Agent as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Ryder or the applicable Agent, shall deliver such other documentation prescribed by applicable Law or reasonably
requested by Ryder or such Agent as will enable Ryder or such Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <U>Sections 3.01(g)(ii)(A)</U>, <U>(ii)(B)</U> and <U>(ii)(D)</U>) shall not be required if in the Lender&#146;s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. For the avoidance of doubt, this
<U>Section</U><U></U><U>&nbsp;3.01(g)</U> shall not apply to U.K. Treaty Lenders (to which the provisions of <U>Section</U><U></U><U>&nbsp;3.01(i)(vi)</U> shall apply). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of the foregoing, in the event that a
Borrower is a U.S. Person: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any Lender that is a U.S. Person shall deliver to Ryder and the Administrative Agent on or
prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Ryder or the Administrative Agent), executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT>
certifying that such Lender is exempt from U.S. federal backup withholding tax; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) any Foreign Lender shall, to the
extent it is legally entitled to do so, deliver to Ryder and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of Ryder or the Administrative Agent), whichever of the following is applicable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x)&nbsp;with respect to payments of interest under any Loan Document, executed copies of IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> as
applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the &#147;interest&#148; article of such tax treaty, and (y)&nbsp;with respect to any other applicable payments under any Loan Document, IRS Form <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
&#147;business profits&#148; or &#147;other income&#148; article of such tax treaty; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) executed copies of IRS Form <FONT
STYLE="white-space:nowrap">W-8ECI;</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section&nbsp;881(c) of the Code, (x)&nbsp;a certificate substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">K-1</FONT></U> to the effect that such Foreign Lender is not a &#147;bank&#148; within the
meaning of Section&nbsp;881(c)(3)(A) of the Code, a &#147;10&nbsp;percent shareholder&#148; of any Borrower within the meaning of Section&nbsp;881(c)(3)(B) of the Code, or a &#147;controlled foreign corporation&#148; described in
Section&nbsp;881(c)(3)(C) of the Code (a &#147;<U>U.S. Tax Compliance Certificate</U>&#148;), and (y)&nbsp;executed copies of IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or <FONT
STYLE="white-space:nowrap">W-8BEN,</FONT> as applicable); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) to the extent a Foreign Lender is not the beneficial
owner, executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-8IMY,</FONT> accompanied by IRS Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> IRS Form
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> as applicable), a U.S. Tax Compliance Certificate substantially in the form of <U>Exhibit <FONT
STYLE="white-space:nowrap">K-2</FONT></U> or <U>Exhibit <FONT STYLE="white-space:nowrap">K-3</FONT></U>, IRS Form <FONT STYLE="white-space:nowrap">W-9,</FONT> and/or other certification documents from each beneficial owner, as applicable;
<U>provided</U>, <U>that</U>, if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">K-4</FONT></U> on behalf of each such direct and indirect partner; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Ryder and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Ryder or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable Law to permit Ryder or the Administrative Agent to determine the withholding or deduction required to be made; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to Ryder and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Ryder or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by
Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Ryder or the Administrative Agent as may be necessary for Ryder and the Administrative Agent to comply with their obligations under FATCA and to
determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this <U>Section</U><U></U><U>&nbsp;3.01(g)(ii)(D)</U>,
&#147;FATCA&#148; shall include any amendments made to FATCA after the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) Each Lender agrees that if any
form or certification it previously delivered pursuant to this <U>Section</U><U></U><U>&nbsp;3.01</U> expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Ryder and the
Administrative Agent in writing of its legal inability to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Treatment of Certain Refunds</U>. Unless required
by applicable Laws, at no time shall any Agent have any obligation to file for or otherwise pursue on behalf of a Lender or a L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender or such L/C Issuer, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any
Borrower or with respect to which any Borrower has paid additional amounts pursuant to this <U>Section</U><U></U><U>&nbsp;3.01</U>, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by such Borrower under this <U>Section</U><U></U><U>&nbsp;3.01</U> with respect to the Taxes giving rise to such refund), net of all
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund); <U>provided</U>, <U>that</U>, such Borrower, upon the request of the Recipient, agrees to repay the amount paid over to such Borrower (<U>plus</U> any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;3.01(h)</U>, in no event will the applicable
Recipient be required to pay any amount to any Borrower pursuant to this <U>Section</U><U></U><U>&nbsp;3.01(h)</U> the payment of which would place the Recipient in a less favorable net <FONT STYLE="white-space:nowrap">after-Tax</FONT> position than
such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This subsection shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Borrower or any other Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>United Kingdom Withholding Matters</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If a U.K. Tax Deduction is required by law to be made by any U.K.
Borrower, the amount of the payment due from that U.K. Borrower shall be increased to an amount which (after making any U.K. Tax Deduction) leaves an amount equal to the payment which would have been due if no U.K. Tax Deduction had been required.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Ryder shall promptly upon becoming aware that a U.K. Borrower must make a U.K. Tax Deduction (or that there is any
change in the rate or the basis of a U.K. Tax Deduction) notify the Administrative Agent accordingly. Similarly, a Lender shall promptly notify (in writing) the Administrative Agent on becoming so aware in respect of a payment payable to that
Lender. If the Administrative Agent receives such notification from a Lender it shall promptly notify Ryder. For the avoidance of doubt, any failure by a Lender to comply with this <U>Section</U><U></U><U>&nbsp;3.01(i)(ii)</U> shall not limit or
otherwise affect any of such Lender&#146;s rights under any Loan Document or any obligation of a U.K. Borrower under any Loan Document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) In the case of a Lender advancing a Loan to a U.K. Borrower, a payment by a U.K. Borrower shall not be increased pursuant
to <U>Section</U><U></U><U>&nbsp;3.01(b)</U> or <U>Section</U><U></U><U>&nbsp;3.01(i)(i)</U> by reason of a U.K. Tax Deduction on account of Tax if on the date on which the payment falls due (A)&nbsp;the payment could have been made to the relevant
Lender without a U.K. Tax Deduction if the Lender had been a U.K. Qualifying Lender, but on that date that Lender is not or has ceased to be a U.K. Qualifying Lender other than as a result of any change after the date it became a Lender under this
Agreement in (or in the interpretation, administration, or application of) any law or U.K. Treaty, or any published practice or published concession of any relevant taxing authority, or (B)&nbsp;the relevant Lender is a U.K. Treaty Lender and the
U.K. Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without the U.K. Tax Deduction had that Lender complied with its obligations under <U>Section</U><U></U><U>&nbsp;3.01(i)(vi)</U> or
<U>Section</U><U></U><U>&nbsp;3.01(i)(vii)</U>, as applicable, or (C)&nbsp;the relevant Lender is a U.K. Qualifying Lender solely by virtue of <U>clause (a)(ii)</U> of the definition of &#147;U.K. Qualifying Lender&#148; and (x)&nbsp;an officer of
H.M. Revenue&nbsp;&amp; Customs has given (and not revoked) a direction (a &#147;<U>Direction</U>&#148;) under section 931 of the U.K. ITA 2007 which relates to the payment and that Lender has received from the U.K. Borrower making the payment, or
from Ryder, a certified copy of that Direction, and (y)&nbsp;the payment could have been made to the Lender without any U.K. Tax Deduction if that Direction had not been made, or (D)&nbsp;the relevant Lender is a U.K. Qualifying Lender solely by
virtue of <U>clause (a)(ii)</U> of the definition of &#147;U.K. Qualifying Lender&#148; and (x)&nbsp;the relevant Lender has not given a U.K. Tax Confirmation to the relevant U.K. Borrower or Ryder, and (y)&nbsp;the payment could have been made to
the relevant Lender without any U.K. Tax Deduction if the Lender had given a U.K. Tax Confirmation to the relevant U.K. Borrower or Ryder, on the basis that the U.K. Tax Confirmation would have enabled the U.K. Borrower to have formed a reasonable
belief that the payment was an &#147;excepted payment&#148; for the purpose of section 930 of the U.K. ITA 2007. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) As
soon as practicable after making either a U.K. Tax Deduction or any payment required in connection with that U.K. Tax Deduction the Borrower making that U.K. Tax Deduction shall deliver to the Administrative Agent for the U.K. Lender Party entitled
to the payment a statement under section 975 of the U.K. ITA 2007 or other evidence reasonably satisfactory to that U.K. Lender Party that the U.K. Tax Deduction has been made or (as applicable) any appropriate payment paid to H.M.
Revenue&nbsp;&amp; Customs. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) If a U.K. Borrower is required to make a U.K. Tax Deduction, that U.K.
Borrower shall make that U.K. Tax Deduction and any payment required in connection with that U.K. Tax Deduction within the time allowed and the minimum amount required by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) In the case of a Lender advancing a Loan to a U.K. Borrower: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Subject to <U>clause (B)</U>&nbsp;below, each U.K. Treaty Lender and each U.K. Borrower which makes a payment to which
that U.K. Treaty Lender is entitled shall cooperate in completing any procedural formalities necessary for such Borrower to obtain authorization to make such payment without a U.K. Tax Deduction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) (1) A U.K. Treaty Lender which becomes a party to this Agreement (a &#147;<U>Party</U>&#148;) on the day on which this
Agreement (or any amendment hereto) is entered into (x)&nbsp;that holds a passport under the H.M. Revenue&nbsp;&amp; Customs DT Treaty Passport scheme, and (y)&nbsp;which wishes such scheme to apply to this Agreement, shall confirm its scheme
reference number and its jurisdiction of tax residence on its signature page to this Agreement (or any amendment hereto) or otherwise in writing to Ryder; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) a U.K. Treaty Lender which becomes a Lender hereunder after the day on which this Agreement (or any amendment hereto) is
entered into that (x)&nbsp;holds a passport under the H.M. Revenue&nbsp;&amp; Customs DT Treaty Passport scheme, and (y)&nbsp;wishes such scheme to apply to this Agreement, shall provide its scheme reference number and its jurisdiction of tax
residence in the Assignment and Assumption or otherwise in writing to Ryder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">and having done so, that U.K. Treaty Lender shall not be
under any obligation pursuant to <U>paragraph (A)</U>&nbsp;above in relation to any U.K. Borrower making a payment to that U.K. Treaty Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) Upon satisfying either paragraph (B)(1) or (B)(2) above, such Lender thereby notifies each U.K. Borrower that, to the
extent that that U.K. Treaty Lender is a U.K. Treaty Lender under a Loan made available to that U.K. Borrower and the H.M. Revenue&nbsp;&amp; Customs Treaty Passport scheme is to apply, in respect of that U.K. Lender&#146;s Commitment(s) or its
participation in any Loan to that U.K. Borrower, that U.K. Borrower making payments to that U.K. Treaty Lender must make a U.K. Borrower DTTP filing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) If a U.K. Treaty Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance
with <U>Section</U><U></U><U>&nbsp;3.01(i)(vi)(B)</U>, thereby notifying each U.K. Borrower, the U.K. Borrowers making payments to that U.K. Treaty Lender shall make a U.K. Borrower DTTP Filing with respect to such Lender, and shall promptly provide
such Lender with a copy of such filing; <U>provided</U> that if a U.K. Borrower making a payment to that U.K. Treaty Lender has made a U.K. Borrower DTTP Filing in respect of that U.K. Treaty Lender but: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) such U.K. Borrower DTTP Filing has been rejected by H.M. Revenue&nbsp;&amp; Customs; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) H.M. Revenue&nbsp;&amp; Customs has not given such U.K. Borrower
authority to make payments to such Lender without a U.K. Tax Deduction within 60 days of the date of such U.K. Borrower DTTP Filing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">and
in each case, such U.K. Borrower has notified that U.K. Treaty Lender in writing of either (1)&nbsp;or (2)(A) or (B)&nbsp;above, then that U.K. Treaty Lender and that U.K. Borrower shall <FONT STYLE="white-space:nowrap">co-operate</FONT> in
completing any additional procedural formalities necessary for such U.K. Borrower to obtain authorization to make that payment without a U.K. Tax Deduction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with
<U>Section</U><U></U><U>&nbsp;3.01(i)(vi)(B)</U>, no U.K. Borrower shall make a U.K. Borrower DTTP Filing or file any other form relating to the H.M. Revenue&nbsp;&amp; Customs DT Treaty Passport scheme in respect of that Lender&#146;s Commitment(s)
or its participation in any Loan unless the Lender otherwise agrees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) Each U.K. Lender which becomes a Party after the
Closing Date (a &#147;<U>New U.K. Lender</U>&#148;) shall indicate in the relevant Assignment and Assumption or other agreement executed pursuant to the terms of this Agreement which it executes on becoming a Party as a U.K. Lender, and for the
benefit of the Administrative Agent and without liability to any U.K. Borrower, which of the following categories it falls in: (i)&nbsp;not a U.K. Qualifying Lender; (ii)&nbsp;a U.K. Qualifying Lender (other than a U.K. Treaty Lender); or
(iii)&nbsp;a U.K. Treaty Lender, and if the New U.K. Lender fails to indicate its status in accordance with this <U>Section</U><U></U><U>&nbsp;3.01(i)(ix)</U> then such New U.K. Lender shall be treated for the purposes of this Agreement (including
by each U.K. Borrower) as if it is not a U.K. Qualifying Lender until such time as it notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform the relevant U.K.
Borrower). For the avoidance of doubt, an Assignment and Assumption or any other such agreement pursuant to any Person becomes a Party shall not be invalidated by any failure of a Lender to comply with this
<U>Section</U><U></U><U>&nbsp;3.01(i)(ix)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>VAT</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) All amounts set out or expressed in a Loan Document to be payable by any Party to any U.K. Lender Party which (in whole or
in part) constitute the consideration for any supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to <U>Section</U><U></U><U>&nbsp;3.01(j)(ii)</U>,
if VAT is or becomes chargeable on any supply made by any U.K. Lender Party to any Party under a Loan Document and such U.K. Lender Party is required to account to the relevant tax authority for the VAT, that Party shall pay to such U.K. Lender
Party, as applicable, (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such U.K. Lender Party, as applicable, shall promptly provide an appropriate VAT invoice to
such Party). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If VAT is or becomes chargeable on any supply made by any U.K. Lender Party (the
&#147;<U>Supplier</U>&#148;) to any other U.K. Lender Party (the &#147;<U>VAT Recipient</U>&#148;) under a Loan Document, and any Party other than the VAT Recipient (the &#147;<U>Subject Party</U>&#148;) is required by the terms of any Loan Document
to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the VAT Recipient in respect of that consideration): </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) where the Supplier is the person required to account to the relevant
tax authority for the VAT, the Subject Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The VAT Recipient will, where this
<U>Section</U><U></U><U>&nbsp;3.01(j)(ii)(A)</U> applies, promptly pay to the Subject Party an amount equal to any credit or repayment obtained by the VAT Recipient from the relevant tax authority which the VAT Recipient reasonably determines
relates to the VAT chargeable on that supply; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) (where the VAT Recipient is the person required to account to the
relevant tax authority for the VAT), the Subject Party shall promptly, following demand from the VAT Recipient, pay to the VAT Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the VAT Recipient reasonably
determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)
Where a Loan Document requires any Party to reimburse or indemnify a U.K. Lender Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such U.K. Lender Party for the full amount of such cost or expense,
including such part thereof as represents VAT, save to the extent that the U.K. Lender Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Any reference in this <U>Section</U><U></U><U>&nbsp;3.01(j)</U> to any Party shall, at any time when such Party is treated
as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the
supply, under the grouping rules (provided for in the Value Added Tax Act 1994, Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction
other than the United Kingdom or a member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes
at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) In relation to any supply made by a U.K. Lender Party to any Party under a Loan Document, if reasonably requested by such
U.K. Lender Party, that Party must promptly provide details of its VAT registration and such other information as is reasonably requested in connection with such U.K. Lender Party&#146;s VAT reporting requirements in relation to such supply. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>U.K. Tax Credit</U>. If a U.K. Borrower makes a U.K. Tax Payment and the relevant U.K. Lender Party determines that
(i)&nbsp;a U.K. Tax Credit is attributable to an increased payment of which that U.K. Tax Payment forms part, to that U.K. Tax Payment or to a U.K. Tax Deduction in consequence of which that U.K. Tax Payment was required, and (ii)&nbsp;that U.K.
Lender Party has obtained and utilized that U.K. Tax Credit, the U.K. Lender Party shall pay an amount to such U.K. Borrower which will leave it (after that payment) in the same <FONT STYLE="white-space:nowrap">after-Tax</FONT> position as it would
have been in had the U.K. Tax Payment not been required to be made by such U.K. Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Survival</U>. Each party&#146;s obligations under this
<U>Section</U><U></U><U>&nbsp;3.01</U> shall survive the resignation or replacement of any Agent or any assignment of rights by, or the replacement of, a Lender or a L/C Issuer, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all other Obligations arising under the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.02</B>
<B>Illegality</B>. If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund or
charge interest with respect to any Credit Extension, or to determine or charge interest rates based upon a Relevant Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell Dollars or
any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to Ryder through the applicable Agent, (a)&nbsp;any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any
such Credit Extension or continue Eurodollar Rate Loans or Alternative Currency Loans in the affected currency or currencies, or to convert Base Rate Loans to Eurodollar Rate Loans, shall be suspended, and (b)&nbsp;if such notice asserts the
illegality of such Lender making or maintaining Domestic Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Domestic Base Rate, the interest rate on which Domestic Base Rate Loans of such
Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Domestic Base Rate, in each case until such Lender notifies the applicable Agent and Ryder that
the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (i)&nbsp;the Borrowers shall, upon demand from such Lender (with a copy to the applicable Agent), prepay all Alternative Currency Loans, Canadian Swing
Line Loans or U.K. Swing Line Loans in the affected currency or currencies, if applicable in the case of Eurodollar Rate Loans to Ryder, any U.K. Borrower or any PR Borrower, convert all such Eurodollar Rate Loans of such Lender to Domestic Base
Rate Loans (the interest rate on which Domestic Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Domestic Base Rate),
either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans, or if
applicable in the case of Eurodollar Rate Loans to any Canadian Borrower, convert all such Eurodollar Rate Loans of such Lender to Canadian Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue
to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans, and (ii)&nbsp;if such notice asserts the illegality of such Lender determining or charging interest
rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Domestic Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative
Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on
the amount so prepaid or converted, together with any additional amounts required pursuant to <U>Section</U><U></U><U>&nbsp;3.05</U>.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.03 Inability to Determine Rates. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If in connection with any request for a Eurodollar Rate Loan, an Alternative Currency Loan, or a U.K. Swing Line Loan, or
in connection with a request for a conversion of Base Rate Loans to Eurodollar Rate Loans, or in connection with a request for continuation of any such Eurodollar Rate Loans or Alternative Currency Loans, as applicable, (i)&nbsp;the applicable Agent
determines that (A)&nbsp;no Benchmark Replacement or Successor Rate, as applicable, for the Relevant Rate for the applicable currency has been determined in accordance with <U>Section</U><U></U><U>&nbsp;3.03(b)</U> or
<U>Section</U><U></U><U>&nbsp;3.03(c)</U>, as applicable, and the circumstances under <U>Section</U><U></U><U>&nbsp;3.03(b)(i)</U> or the Scheduled Unavailability Date has occurred with respect to such Relevant Rate (as applicable), or
(B)&nbsp;adequate </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
and reasonable means do not otherwise exist for determining the Relevant Rate for the applicable currency for any determination date(s) or requested Interest Period, as applicable, with respect
to a proposed Eurodollar Rate Loan, a proposed Alternative Currency Loan, or a proposed U.K. Swing Line Loan, or in connection with an existing or proposed Base Rate Loan, or (ii)&nbsp;the applicable Agent or the Required Lenders determine that for
any reason the Relevant Rate with respect to a proposed Revolving Loan or U.K. Swing Line Loan for any requested Interest Period or determination date(s) does not adequately and fairly reflect the cost to such Lenders of funding such Revolving Loan
or U.K. Swing Line Loan, the applicable Agent will promptly so notify Ryder and each Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thereafter, (i)&nbsp;the
obligation of the Lenders to make or maintain Revolving Loans or U.K. Swing Line Loans in the affected currency or currencies or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended (to the extent of the affected Loans or Interest
Periods or determination dates, as applicable), and (ii)&nbsp;in the event of a determination described in the preceding paragraph with respect to the Eurodollar Rate component of the Domestic Base Rate, the utilization of the Eurodollar Rate
component in determining the Domestic Base Rate shall be suspended, in each case until the applicable Agent (or, in the case of a determination by the Required Lenders described in <U>clause (a)(ii)</U> of the preceding paragraph, until the
applicable Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) (1) the
Borrowers may revoke any pending request for a Revolving Borrowing of, or conversion to, Eurodollar Rate Loans, or any pending request for a Revolving Borrowing of, or a continuation of Alternative Currency Loans, or any pending request for a U.K.
Swing Line Loan, in each case to the extent of the affected Loans or Interest Period or determination date(s), as applicable, or (2)&nbsp;failing that, in the case of a request for Domestic Revolving Loans, U.K. Revolving Loans that are Eurodollar
Rate Loans, or PR Revolving Loans, will be deemed to have converted such request into a request for a Domestic Revolving Borrowing or a PR Revolving Borrowing, as applicable, of Domestic Base Rate Loans in the amount specified therein;
<U>provided</U>, <U>that</U>, if no election is made by the applicable Borrower in the case of a Domestic Revolving Loan, a U.K. Revolving Loan that is a Eurodollar Rate Loan, or a PR Revolving Loan by the date that is three (3)&nbsp;Business Days
after receipt by Ryder of such notice, such Borrower shall be deemed to have elected <U>clause </U><U>(2)</U>&nbsp;of this paragraph (as applicable); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) any outstanding affected Alternative Currency Loans, at the applicable Borrower&#146;s election shall either (1)&nbsp;be
converted into a U.K. Revolving Borrowing of Domestic Base Rate Loans in the Dollar Equivalent of the amount of such outstanding Alternative Currency Loan immediately, in the case of an Alternative Currency Daily Rate Loan or at the end of the
applicable Interest Period, in the case of an Alternative Currency Term Rate Loan, or (2)&nbsp;be prepaid in full immediately, in the case of an Alternative Currency Daily Rate Loan, or at the end of the applicable Interest Period, in the case of an
Alternative Currency Term Rate Loan; <U>provided</U>, <U>that</U>, if no election is made by the applicable Borrower (X)&nbsp;in the case of an Alternative Currency Daily Rate Loan, by the date that is three (3)&nbsp;Business Days after receipt by
Ryder of such notice, or (Y)&nbsp;in the case of an Alternative Currency Term Rate Loan, by the last day of the current Interest Period for the applicable Alternative Currency Term Rate Loan, such Borrower shall be deemed to have elected <U>clause
(1)</U>&nbsp;above; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) any outstanding U.K. Swing Line Loans shall either (1)&nbsp;be
converted into a U.K. Revolving Borrowing of Domestic Base Rate Loans in the Dollar Equivalent of the amount of such outstanding U.K. Swing Line Loan immediately, or (2)&nbsp;be prepaid in full immediately; <U>provided</U>, <U>that</U>, if no
election is made by the applicable Borrower by the date that is three (3)&nbsp;Business Days after receipt by Ryder of such notice, such Borrower shall be deemed to have elected <U>clause (1)</U>&nbsp;above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if the applicable Agent determines
(which determination shall be conclusive absent manifest error), or Ryder or the Required Canadian Lenders (with respect to the Relevant Rate or any then-current Successor Rate for Canadian Dollars) or the Required U.K. Lenders (with respect to the
Relevant Rate or any then-current Successor Rate for Canadian Euros or Sterling), as applicable, notify such Agent (with, in the case of the Required Canadian Lenders or the Required U.K. Lenders, as applicable, a copy to Ryder) that Ryder or the
Required Canadian Lenders or the Required U.K. Lenders, as applicable have determined that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) adequate and reasonable
means do not exist for ascertaining the Relevant Rate for an Alternative Currency because none of the tenors of such Relevant Rate (including any forward-looking term rate thereof) is available or published on a current basis and such circumstances
are unlikely to be temporary; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Applicable Authority has made a public statement identifying a specific date
after which all tenors of the Relevant Rate for an Alternative Currency (including any forward-looking term rate thereof) shall or will no longer be representative or made available, or used for determining the interest rate of loans denominated in
such Alternative Currency, or shall or will otherwise cease; <U>provided</U>, <U>that</U>, in each case, at the time of such statement, there is no successor administrator that is satisfactory to the applicable Agent that will continue to provide
such representative tenor(s) of the Relevant Rate for such Alternative Currency (the latest date on which all tenors of the Relevant Rate for such Alternative Currency (including any forward-looking term rate thereof) are no longer representative or
available permanently or indefinitely, the &#147;<U>Scheduled Unavailability Date</U>&#148;); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) syndicated loans
currently being executed and agented in the United States are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate for an Alternative Currency; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">or if the events or circumstances of the type described in <U>Section</U><U></U><U>&nbsp;3.03(b)(i)</U>, <U>(ii)</U> or <U>(iii)</U>&nbsp;have
occurred with respect to any Successor Rate then in effect, then, the applicable Agent and Ryder may amend this Agreement solely for the purpose of replacing the Relevant Rate for an Alternative Currency or any then-current Successor Rate for an
Alternative Currency in accordance with this <U>Section</U><U></U><U>&nbsp;3.03(b)</U> with an alternative benchmark rate giving due consideration to any evolving or then-existing convention for similar credit facilities syndicated and agented in
the United States and denominated in such Alternative Currency for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then-existing convention
for similar credit facilities syndicated and agented in the United States and denominated in such Alternative Currency for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as
selected by the applicable Agent from time to time in its reasonable discretion and may be periodically updated (and any such proposed rate, including for the avoidance of doubt, any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>

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adjustment thereto, a &#147;<U>Successor Rate</U>&#148;), and any such amendment shall become effective at 5:00 p.m. on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)
Business Day after the applicable Agent shall have posted such proposed amendment to all Canadian Lenders or all U.K. Lenders, as applicable, and Ryder unless, prior to such time, Lenders comprising the Required Canadian Lenders or the Required U.K.
Lenders, as applicable, have delivered to such Agent written notice that such Required Canadian Lenders or such Required U.K. Lenders, as applicable, object to such amendment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable Agent will promptly (in one or more notices) notify Ryder and each Canadian Lender or each U.K. Lender, as
applicable, of the implementation of any Successor Rate. Any Successor Rate shall be applied in a manner consistent with market practice; <U>provided</U>, <U>that</U>, to the extent such market practice is not administratively feasible for the
applicable Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by such Agent. Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, such
Successor Rate will be deemed to be zero for the purposes of this Agreement and the other Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection
with the implementation of a Successor Rate, the applicable Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (other than Ryder&#146;s right to
be consulted pursuant to the definition of Conforming Changes), any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; <U>provided</U>, <U>that</U>, with
respect to any such amendment effected, such Agent shall post each such amendment implementing such Conforming Changes to Ryder and the Lenders reasonably promptly after such amendment becomes effective. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in this Agreement or any other Loan Document: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) On March&nbsp;5, 2021 the Financial Conduct Authority (&#147;<U>FCA</U>&#148;), the regulatory supervisor of LIBOR&#146;s
administrator (&#147;<U>IBA</U>&#148;), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, <FONT STYLE="white-space:nowrap">1-week,</FONT> <FONT STYLE="white-space:nowrap">1-month,</FONT> <FONT
STYLE="white-space:nowrap">2-month,</FONT> <FONT STYLE="white-space:nowrap">3-month,</FONT> <FONT STYLE="white-space:nowrap">6-month</FONT> and <FONT STYLE="white-space:nowrap">12-</FONT> month Dollar LIBOR tenor settings. On the earliest of
(A)&nbsp;the date that all Available Tenors of Dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative,
(B)&nbsp;June&nbsp;30, 2023, and (C)&nbsp;the Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Effective Date in respect of a SOFR Early <FONT STYLE="white-space:nowrap">Opt-in,</FONT> if the then-current Benchmark is LIBOR, the Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other
party to this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) (A) Upon (1)&nbsp;the occurrence of a Benchmark Transition Event, or (2)&nbsp;a determination by the Administrative Agent
that neither of the alternatives under <U>clause (a)</U>&nbsp;of the definition of &#147;Benchmark Replacement&#148; are available, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan
Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>

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received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders (and any such objection shall be conclusive and binding absent
manifest error); <U>provided</U>, <U>that</U>, solely in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark Replacement therefor shall be determined in accordance with
<U>clause (a)</U>&nbsp;of the definition of &#147;Benchmark Replacement&#148; unless the Administrative Agent determines that neither of such alternative rates is available. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) On the Early <FONT STYLE="white-space:nowrap">Opt-in</FONT> Effective Date in respect of an Other Rate Early <FONT
STYLE="white-space:nowrap">Opt-in,</FONT> the Benchmark Replacement will replace LIBOR for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment
to, or further action or consent of any other party to this Agreement or any other Loan Document. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) At any time that
the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement
or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrowers may revoke any request for a
borrowing of, conversion to or continuation of Revolving Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrowers&#146; receipt of notice from the Administrative Agent that a Benchmark
Replacement has replaced such Benchmark, and, failing that, only with respect to Domestic Revolving Loans, U.K. Revolving Loans, and PR Revolving Loans, Ryder, the applicable U.K. Borrower, or the applicable PR Borrower, as applicable, will be
deemed to have converted any such request into a request for a borrowing of, or conversion to, Domestic Base Rate Loans. During the period referenced in the foregoing sentence, the component of Domestic Base Rate based upon the Benchmark will not be
used in any determination of the Domestic Base Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In connection with the implementation and administration of a
Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (other than Ryder&#146;s right
to be consulted pursuant to the definition of Benchmark Replacement Conforming Changes), any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The Administrative Agent will promptly notify Ryder and the Lenders of (A)&nbsp;the implementation of any
Benchmark Replacement, and (B)&nbsp;the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent pursuant to this <U>Section</U><U></U><U>&nbsp;3.03(c)</U>,
including any determination with respect to a tenor, rate or adjustment or of the occurrence or <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of an event, circumstance or date and any decision to take or refrain from taking any action, will
be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this <U>Section</U><U></U><U>&nbsp;3.03(c)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) At any time (including in connection with the implementation of a
Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or
<FONT STYLE="white-space:nowrap">non-representative</FONT> for Benchmark (including Benchmark Replacement) settings, and (B)&nbsp;the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark
Replacement) settings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.04 Increased Costs. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Increased Costs Generally</U>. If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by <U>Section</U><U></U><U>&nbsp;3.04(e)</U>) or any L/C Issuer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) subject any Recipient to any Taxes (other than (A)&nbsp;Indemnified Taxes, (B)&nbsp;Taxes described in <U>clauses
(b)</U>&nbsp;through <U>(f)</U> of the definition of &#147;Excluded Taxes,&#148; and (C)&nbsp;Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) impose on any Lender or any L/C Issuer or any applicable interbank market any
other condition, cost or expense affecting this Agreement, or Eurodollar Rate Loans, Alternative Currency Loans, Canadian Swing Line Loans, or U.K. Swing Line Loans made by such Lender, or Bankers&#146; Acceptances accepted our purchased by such
Lender, or any Letter of Credit or participation therein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing shall be to increase the cost to such
Lender of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender of accepting our purchasing any Bankers&#146; Acceptance, or to increase the cost to
such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such
Lender or such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer, Ryder will pay (or cause the applicable Borrower to pay) to such Lender or such L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered. A Borrower shall only be obligated to pay a Lender or L/C Issuer such
additional amounts to the extent such Lender or L/C Issuer has allocated such additional costs, reduction, payment or foregone interest or other sum among its like situated customers in good faith and on an equitable and nondiscriminatory basis.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Capital Requirements</U>. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender
or such L/C Issuer or any Lending Office of such Lender or such Lender&#146;s or such L/C Issuer&#146;s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender&#146;s or such L/C Issuer&#146;s capital or on the capital of such Lender&#146;s or such L/C Issuer&#146;s holding company, if any, as a consequence of this Agreement, the commitments of such Lender or the Loans made by, Bankers&#146;
Acceptances purchased or accepted by, or participations in Letters of Credit held by, or Domestic Swing Line Loans, Canadian Swing Line Loans or U.K. Swing Line Loans held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a
level below that which such Lender or such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>

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L/C Issuer or such Lender&#146;s or such L/C Issuer&#146;s holding company could have achieved but for such Change in Law (taking into consideration such Lender&#146;s or such L/C Issuer&#146;s
policies and the policies of such Lender&#146;s or such L/C Issuer&#146;s holding company with respect to capital adequacy), then from time to time Ryder will pay (or cause the applicable Borrower to pay) to such Lender or the such L/C Issuer, as
the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender&#146;s or such L/C Issuer&#146;s holding company for any such reduction suffered. A Borrower shall only be obligated to pay a Lender
or a L/C Issuer such cost increases to the extent such Lender or such L/C Issuer has allocated such costs among its customers in good faith and on an equitable and nondiscriminatory basis. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Certificates for Reimbursement</U>. A certificate of a Lender or a L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in <U>Section</U><U></U><U>&nbsp;3.04(a)</U> or <U>(b)</U>&nbsp;and delivered to Ryder shall be conclusive absent manifest error. Ryder
shall pay (or cause the applicable Borrower to pay) such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within fifteen (15)&nbsp;days after receipt thereof. Any additional amounts paid by a Borrower to
a Lender or a L/C Issuer pursuant to <U>Section</U><U></U><U>&nbsp;3.04(a)</U> or <U>(b)</U>&nbsp;which are subsequently refunded to such Lender or such L/C Issuer shall be refunded to the applicable Borrower. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Delay in Requests</U>. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to
the foregoing provisions of this <U>Section</U><U></U><U>&nbsp;3.04</U> shall not constitute a waiver of such Lender&#146;s or such L/C Issuer&#146;s right to demand such compensation; <U>provided</U>, <U>that</U>, no Borrower shall be required to
compensate a Lender or a L/C Issuer pursuant to the foregoing provisions of this <U>Section</U><U></U><U>&nbsp;3.04</U> for any increased costs incurred or reductions suffered more than nine (9)&nbsp;months prior to the date that such Lender or such
L/C Issuer, as the case may be, notifies Ryder of the Change in Law giving rise to such increased costs or reductions and of such Lender&#146;s or such L/C Issuer&#146;s intention to claim compensation therefor (except that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the nine (9)-month period referred to above shall be extended to include the period of retroactive effect thereof). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Additional Reserve Requirements</U>. Ryder shall pay (or cause the applicable Borrower to pay) to each Lender,
(i)&nbsp;as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as &#147;Eurocurrency liabilities&#148;), additional interest on
the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Eurodollar Rate Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent
manifest error), and (ii)<B></B>&nbsp;as long as such Lender shall be required to comply with any other reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance
of the commitments or the funding of the Eurodollar Rate Loans, Alternative Currency Loans, Canadian Swing Line Loans or U.K. Swing Line Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the
nearest five decimal places) equal to the actual costs allocated to such commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive, absent manifest error), which shall be due and payable
on each date on which interest is payable on such Loan; <U>provided</U>, <U>that</U>, Ryder shall have received at least fifteen (15)&nbsp;days&#146; prior notice (with a copy to the applicable Agent) of such additional costs from such Lender. If a
Lender fails to give notice fifteen (15)&nbsp;days prior to the relevant Interest Payment Date, such additional costs shall be due and payable fifteen (15)&nbsp;days from receipt of such notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.05</B> <B>Compensation for Losses</B>. Upon demand of any
Lender (with a copy to the applicable Agent) from time to time, Ryder shall promptly compensate (or cause the applicable Borrower to compensate) such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any continuation, conversion, payment, prepayment or Reallocation of any Loan other than a Base Rate Loan or a
Canadian Prime Rate Loan on a day other than the last day of any Interest Period, relevant interest payment date or payment period, as applicable, for such Loan, if applicable (whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any failure by Ryder (or the applicable Borrower) (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by Ryder or the applicable Borrower; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any failure by Ryder (or the applicable Borrower) to make payment of any Loan or any drawing under any Letter of Credit (or
any interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) any assignment of a Eurodollar Rate Loan or an Alternative Currency Term Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by Ryder pursuant to <U>Section</U><U></U><U>&nbsp;11.13</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">including any foreign exchange loss and
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange
contract (but excluding any loss of anticipated profits). Ryder shall also pay (or cause the applicable Borrower to pay) any customary administrative fees charged by such Lender in connection with the foregoing. For purposes of calculating amounts
payable by Ryder or any applicable Borrower to the Lenders under this <U>Section</U><U></U><U>&nbsp;3.05</U>, each Lender shall be deemed to have funded (i)&nbsp;each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Eurodollar Rate
Loan by a matching deposit or other borrowing in the offshore interbank market for the currency of such Eurodollar Rate Loan for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded, and
(ii)&nbsp;each Alternative Currency Term Rate Loan made by it at the Alternative Currency Term Rate<B> </B>for such Alternative Currency Term Rate Loan by a matching deposit or other borrowing in the offshore interbank eurodollar market for the
currency of such Alternative Currency Term Rate Loan for a comparable amount and for a comparable period, whether or not such Alternative Currency Term Rate Loan was in fact so funded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.06 Mitigation Obligations; Replacement of Lenders. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Designation of a Different Lending Office</U>. Each Lender may make any Credit Extension to a Borrower through any
Lending Office; <U>provided</U>, <U>that</U>, the exercise of this option shall not affect the obligation of such Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If any Lender requests compensation under
<U>Section</U><U></U><U>&nbsp;3.04</U>, or requires a Borrower to pay any Indemnified Taxes or additional amounts to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to
<U>Section</U><U></U><U>&nbsp;3.01</U>, or if any Lender gives a notice pursuant to <U>Section</U><U></U><U>&nbsp;3.02</U>, then at the request of Ryder such Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a
different Lending Office for funding or booking its Credit Extensions hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or such L/C Issuer, such
designation or assignment (i)&nbsp;would eliminate or reduce amounts payable pursuant to <U>Section</U><U></U><U>&nbsp;3.01</U> or <U>3.04</U>, as the case may be, in the future, or eliminate the need for the notice pursuant to
<U>Section</U><U></U><U>&nbsp;3.02</U>, as applicable, and (ii)&nbsp;in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or
such L/C Issuer, as the case may be. Ryder hereby agrees to pay (or cause the applicable Borrower to pay) all reasonable costs and expenses incurred by any Lender or any L/C Issuer in connection with any such designation or assignment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Replacement of Lenders</U>. If any Lender requests compensation under
<U>Section</U><U></U><U>&nbsp;3.04</U>, or if a Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to <U>Section</U><U></U><U>&nbsp;3.01</U> and,
in each case, such Lender has declined or is unable to designate a different lending office in accordance with <U>Section</U><U></U><U>&nbsp;3.06(a)</U>, Ryder may replace such Lender in accordance with <U>Section</U><U></U><U>&nbsp;11.13</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3.07</B> <B>Survival</B>. All of the Borrowers&#146; obligations under this <U>Article III</U> shall survive
termination of the Aggregate Commitments, repayment of all other Obligations under the Loan Documents, and resignation of any Agent. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV. CONDITIONS PRECEDENT TO CLOSING AND EFFECTIVENESS; </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS PRECEDENT TO CREDIT EXTENSIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.01</B> <B>Conditions to Closing and Effectiveness</B>. The effectiveness of this Agreement and the obligations
of the Lenders to make any Loans, of the Canadian Lenders to accept or purchase any Bankers&#146; Acceptance, of the L/C Issuers to issue, extend or renew any Letter of Credit, and of the Lenders to otherwise be bound by the terms of this Agreement
as of the Closing Date shall be subject to the satisfaction of each of the following conditions precedent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All
organizational action necessary for the valid execution, delivery and performance by the Borrowers existing as of the Closing Date of the Loan Documents shall have been duly and effectively taken, and evidence thereof certified by authorized
officers of the Borrowers such Borrowers and satisfactory to the Lenders, the L/C Issuers and the Agents shall have been provided to the Administrative Agent (for further distribution to the Lenders, the L/C Issuers and the Agents). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Loan Documents shall have been duly and properly authorized, executed and delivered by the respective parties
thereto and shall be in full force and effect in a form satisfactory to the Lenders. Each of the representations and warranties of the Borrowers contained in <U>Article V</U> shall be true as of the Closing Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Administrative Agent shall have received from each of the Borrowers existing as of the Closing Date a copy, certified
by a duly authorized officer of such Person to be true and complete on the Closing Date, of (i)&nbsp;its charter or other organizational documents as in effect on such date of certification, and (ii)&nbsp;its
<FONT STYLE="white-space:nowrap">by-laws</FONT> as in effect on such date. The Administrative Agent shall have received from each of the Borrowers existing as of the Closing Date a good standing certificate (or other similar certificate), if
applicable, dated as of a recent date in each such Borrower&#146;s jurisdiction of organization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Administrative
Agent shall have received an incumbency certificate, dated as of the Closing Date, signed by duly authorized officers giving the name and bearing a specimen signature of each individual who shall be authorized (i)&nbsp;to sign the Loan Documents on
behalf of each of the Borrowers existing as of the Closing Date, (ii)&nbsp;to submit Requests for Credit Extensions, and (iii)&nbsp;to give notices and to take other action on the Borrowers&#146; behalf under the Loan Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Administrative Agent shall have received a favorable legal opinion
from (i)&nbsp;Ryder Law Department, United States counsel to the Borrowers, (ii)&nbsp;Sullivan&nbsp;&amp; Cromwell LLP, United Kingdom counsel to the U.K. Borrowers, (iii)&nbsp;Osler, Hoskin&nbsp;&amp; Harcourt LLP, Ontario counsel to Ryder Canada
Limited, (iv)&nbsp;Stewart McKelvey, Nova Scotia counsel to Ryder Holdings Canada and Ryder Supply Chain Canada, and (v)&nbsp;Ryder Law Department, counsel to the PR Borrowers, in each case, addressed to the Agents and the Lenders, dated the Closing
Date, in form and substance satisfactory to the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Borrowers shall have (or concurrently with
the effectiveness of this Agreement)&nbsp;(i) paid all accrued and unpaid interest on the outstanding loans under the Existing Credit Agreement through the Closing Date, (ii)&nbsp;prepaid any loans under the Existing Credit Agreement to the extent
necessary to keep the outstanding loans ratable with the revised commitments under this Agreement as of the Closing Date, and (iii)&nbsp;paid all accrued fees owing to the lenders, the letter of credit issuers and the swing line lenders under the
Existing Credit Agreement through the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) No material adverse change, in the judgment of the Required
Lenders, shall have occurred in the financial condition, results of operations, business, properties or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole, since the audited financial statements of Ryder and its Consolidated
Subsidiaries for the fiscal year ending December&nbsp;31, 2020. There shall have occurred no material adverse change in the Senior Public Debt Ratings since December&nbsp;31, 2020. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each of the Borrowers shall have paid the fees required to be paid on the Closing Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Administrative Agent shall have received (for further distribution to the Lenders, the L/C Issuers and the Agents) a
Compliance Certificate, dated the Closing Date, in form and substance satisfactory to the Administrative Agent, evidencing the Borrowers&#146; compliance with <U>Section</U><U></U><U>&nbsp;7.08</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Each Agent and each Lender shall have received, to the extent requested by such Agent or such Lender, of (i)&nbsp;all
documentation and other information as is required by bank regulatory authorities under applicable &#147;know your customer&#148; and Anti-Money Laundering Laws, including the PATRIOT Act and the Canadian AML Acts, and (ii)&nbsp;a Beneficial
Ownership Certification with respect to each Borrower, to the extent such Borrower qualifies as a &#147;legal entity customer&#148; under the Beneficial Ownership Regulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limiting the generality of <U>Section</U><U></U><U>&nbsp;9.03</U>, for purposes of determining compliance with the conditions
specified in this <U>Section</U><U></U><U>&nbsp;4.01</U>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.02</B> <B>Conditions to all Credit Extensions</B>. The obligations of the applicable Lenders to make any
Loans, the obligation of the Canadian Lenders to accept or purchase any Bankers&#146; Acceptance, and the obligation of any L/C Issuer to issue, extend or renew any Letter of Credit, in each case, at the time of and subsequent to the Closing Date is
subject to the following conditions precedent: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the representations and warranties contained in
<U>Section</U><U></U><U>&nbsp;5.01</U>, <U>Section</U><U></U><U>&nbsp;5.02</U>, <U>Section</U><U></U><U>&nbsp;5.06(a)</U>, <U>Section</U><U></U><U>&nbsp;5.09</U>, <U>Section</U><U></U><U>&nbsp;5.10</U>, <U>Section</U><U></U><U>&nbsp;5.17</U>,
<U>Section</U><U></U><U>&nbsp;5.18</U>, and <U>Section</U><U></U><U>&nbsp;5.21</U> shall be true at and as of the time of the making of such Loan, at the time of acceptance or purchase of such Bankers&#146; Acceptance, or at the time of issuance,
extension or renewal of such Letter of Credit, as applicable, with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or permitted by this Agreement and changes occurring in
the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent that such representations and
warranties relate expressly and solely to an earlier date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Borrowers shall have performed and complied with all
terms and conditions required by <U>Article II</U>, as applicable, and this <U>Section</U><U></U><U>&nbsp;4.02</U>, and there shall exist no Default or Event of Default or condition which would result in a Default or an Event of Default upon
consummation of such Loan, or the acceptance and purchase of such Bankers&#146; Acceptance, or the issuance, extension or renewal of such Letter of Credit, as applicable. Each request for a Loan, or for the acceptance or purchase of a Bankers&#146;
Acceptance, or for the issuance, extension or renewal of a Letter of Credit shall constitute certification by the Borrowers that the conditions specified in this <U>Section</U><U></U><U>&nbsp;4.02(b)</U> will be duly satisfied on the date of such
Loan, on the date of such acceptance or purchase, or on the date of such issuance, extension or renewal, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No Change in Law shall have occurred as a consequence of which it shall have become and continue to be unlawful for
(i)&nbsp;the first Loan to be made or the first Bankers&#146; Acceptance to be accepted and purchased hereunder or the first Letter of Credit to be issued, renewed or extended hereunder only, or for any applicable Lender or any applicable L/C Issuer
to perform any of its agreements or obligations under any of the Loan Documents to which it is a party, or (ii)&nbsp;for any Borrower to perform any of its respective agreements or obligations under any of the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Borrower(s) shall have delivered to the applicable Agent(s) or the applicable L/C Issuer, as applicable, a Request for
Credit Extension and any other documentation required to be delivered hereunder in connection with such Loan, such Bankers&#146; Acceptance or such Letter of Credit, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In the case of a Credit Extension to be denominated in an Alternative Currency, there shall not have occurred any change in
the general availability of such Alternative Currency as legal tender customarily used in the applicable jurisdiction which in the reasonable opinion of the Agents or the Required U.K. Lenders or the Required Canadian Lenders (as applicable, in the
case of any Loans to be denominated in an Alternative Currency) would make it impossible or impracticable for such Credit Extension to be denominated in such Alternative Currency. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If the applicable Borrower is a Designated Borrower, then the conditions of <U>Section</U><U></U><U>&nbsp;2.18</U> to the
designation of such Borrower as a Designated Borrower shall have been met to the satisfaction of the applicable Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V. REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Borrowers represents and warrants to the Agents, the Lenders, and the L/C Issuers that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.01 Corporate Authority. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Incorporation; Good Standing</U>. Each of the Borrowers and each of Ryder&#146;s Consolidated Subsidiaries (other than
Immaterial Subsidiaries)&nbsp;(i) is duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, (ii)&nbsp;has all requisite power to own its property and conduct its material business
operations so that the Borrowers and their Consolidated Subsidiaries, taken as a whole, may conduct business substantially in the manner presently conducted by them, and (iii)&nbsp;is in good standing (or such qualification can be readily obtained
without material penalty) in, and is duly authorized to do business in, each jurisdiction in which its property or business as presently conducted or contemplated makes such qualification necessary, except where a failure to be so qualified would
not have a material adverse effect on the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authorization</U>. The execution, delivery and performance of this Agreement and the other Loan Documents and the
transactions contemplated hereby and thereby (i)&nbsp;are within the organizational authority of each of the Borrowers, (ii)&nbsp;have been duly authorized by all necessary organizational proceedings on the part of each of the Borrowers,
(iii)&nbsp;do not materially conflict with or result in any material breach or contravention of any provision of Law, statute, rule or regulation to which any of the Borrowers is subject or any judgment, order, writ, injunction, license or permit
applicable to any of the Borrowers, and (iv)&nbsp;do not conflict with any provision of the corporate charter, bylaws or constitutional documents of any of the Borrowers or any material agreement or other material instrument binding upon any of the
Borrowers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Enforceability</U>. The execution, delivery and performance of this Agreement and the other Loan
Documents by each of the Borrowers will result in valid and legally binding obligations of each of the Borrowers enforceable against each such Borrower in accordance with the respective terms and provisions hereof and thereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other Laws relating to or affecting generally the enforcement of creditors&#146; rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.02</B> <B>Governmental Approvals</B>. The execution, delivery and performance of this Agreement and the other
Loan Documents by each of the Borrowers and the consummation by each of the Borrowers of the transactions contemplated hereby and thereby do not require any approval or consent of, or filing with, any governmental agency or authority other than
those already obtained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.03</B> <B>Title to Properties; Leases</B>. Ryder and its Consolidated
Subsidiaries own all of the assets reflected in the consolidated balance sheet of Ryder and its Consolidated Subsidiaries as at the Balance Sheet Date or acquired since that date (except property and assets (a)&nbsp;sold or otherwise disposed of in
the ordinary course of business since that date or as otherwise permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.03</U>, or (b)&nbsp;held pursuant to lease, trust or conditional sales agreement), subject to no mortgages, conditional sales
agreements, title retention agreements, liens or other encumbrances except Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.04</B>
<B>Financial Statements</B>. There have been furnished to the Administrative Agent (a)&nbsp;the consolidated balance sheet of Ryder and its Consolidated Subsidiaries dated the Balance Sheet Date and the consolidated statements of income,
shareholders&#146; equity and cash flow for the fiscal periods then ended, certified by Ryder&#146;s independent certified public accountants of nationally recognized standing, and (b)&nbsp;the consolidated balance sheet of Ryder and its
Consolidated Subsidiaries as of September&nbsp;30, 2021 and the consolidated statements of income, shareholders&#146; equity and cash flows for the fiscal period then ended. All said balance sheets and statements of operations have been prepared in
accordance with GAAP (but, in the case of any of such financial statements which are unaudited, only to the extent GAAP is applicable to interim unaudited reports) and fairly present the financial condition of Ryder and its Consolidated Subsidiaries
as at the close of business on the Balance Sheet Date or September&nbsp;30, 2021, as applicable, </P>
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and the results of operations for the applicable periods then ended (subject, in the case of unaudited interim financial statements, to changes resulting from audit and normal <FONT
STYLE="white-space:nowrap">year-end</FONT> adjustments and to the absence of complete footnotes). There are no contingent liabilities of Ryder and its Consolidated Subsidiaries involving material amounts, known to the officers of Ryder, which have
not been disclosed in said balance sheets and the related notes thereto or otherwise in writing to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.05</B> <B>Litigation</B>. Except as set forth on <U>Schedule 5.05</U>, there are no actions, suits,
proceedings or investigations of any kind pending or, to the knowledge of each of the Borrowers, threatened against Ryder or any of Ryder&#146;s Consolidated Subsidiaries before any court, tribunal or administrative agency or board which, either in
any case or in the aggregate, if adversely determined, Ryder reasonably believes would be expected to have a material adverse effect on the financial condition, business, or assets of Ryder and its Consolidated Subsidiaries, considered as a whole,
or materially impair the right of Ryder and its Consolidated Subsidiaries, considered as a whole, to carry on business substantially as now conducted, or result in any substantial liability not adequately covered by insurance, or for which adequate
reserves are not maintained on the consolidated balance sheet or which question the validity of any of the Loan Documents to which Ryder or any of its Consolidated Subsidiaries is a party, or any action taken or to be taken pursuant hereto or
thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.06</B> <B>Compliance With Other Instruments, Laws, etc</B>. None of the Borrowers nor any of
Ryder&#146;s Consolidated Subsidiaries is violating (a)&nbsp;any provision of its charter documents or <FONT STYLE="white-space:nowrap">by-laws,</FONT> or (b)&nbsp;any agreement or instrument to which any of them may be subject or by which any of
them or any of their properties may be bound or any decree, order, judgment, or, to the knowledge of Ryder&#146;s officers, any statute, license, rule or regulation, in a manner which materially and adversely affects the financial condition,
business or assets of Ryder and its Consolidated Subsidiaries, considered as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.07</B> <B>Tax
Status</B>. Each Borrower and each of Ryder&#146;s Consolidated Subsidiaries (other than its Immaterial Subsidiaries) have (a)&nbsp;made or filed all federal, state, provincial and territorial income and all other tax returns, reports and
declarations (or obtained extensions with respect thereto) required by applicable Law to be filed by them, other than state or provincial tax returns covering immaterial amounts, (b)&nbsp;paid all taxes and other governmental assessments and charges
as shown or determined to be due on such returns, reports and declarations, except those being contested in good faith or to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to have a material
adverse effect, and (c)&nbsp;set aside on their books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. Except as set forth on <U>Schedule
5.07</U>, there are no unpaid taxes in any amount material to Ryder and its Consolidated Subsidiaries, taken as a whole, claimed to be due by the taxing authority of any jurisdiction, and the officers of the Borrowers know of no basis for any such
claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.08</B> <B>No Default</B>. No Default has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.09</B> <B>Holding Company and Investment Company Acts</B>. Neither Ryder nor any of its Subsidiaries is a
&#147;holding company&#148; or a &#147;public utility company&#148; as such terms are defined in the Public Utility Holding Company Act of 2005; nor is any of them a &#147;registered investment company&#148;, or an &#147;affiliated company&#148; or
a &#147;principal underwriter&#148; of a &#147;registered investment company&#148;, as such terms are defined in the Investment Company Act of 1940. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.10</B> <B>Absence of Financing Statements, etc</B>. Except as permitted by Section&nbsp;7.02, (a) there is no
Indebtedness of the Borrowers or obligors hereunder senior to the Obligations, and (b)&nbsp;there is no effective financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing
records, registry, or other public office, which purports to cover, affect or give notice of any present or possible future lien on, or security interests in, any assets or property of Ryder or any of its Consolidated Subsidiaries or right
thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.11</B> <B>ERISA Compliance</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or
state laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) There are no pending or, to the best knowledge of the Borrowers, threatened claims, actions or lawsuits,
or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a
whole. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (i) No ERISA Event has occurred, and neither the Borrowers nor any ERISA Affiliate is aware of any fact, event
or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of
operation of the Borrowers and their Subsidiaries taken as a whole; (ii)&nbsp;the Borrowers and each ERISA Affiliate has met in all material respects all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no
waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; and (iii)&nbsp;as of the most recent valuation date for any Pension Plan, the Pension Plan unfunded liabilities did not exceed the value of its
assets in an amount that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) No Borrower nor any ERISA Affiliate has incurred any material liability (including secondary liability) to any
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan under Section&nbsp;4201 of ERISA or as a result of a sale of assets described in Section&nbsp;4204 of ERISA that could reasonably be expected to have a
material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. No Borrower nor any ERISA Affiliate has been notified that any Multiemployer Plan is in reorganization
or is insolvent under and within the meaning of Section&nbsp;4241 or Section&nbsp;4245 of ERISA or has been terminated under Section&nbsp;4041A of ERISA that could reasonably be expected to have a material adverse effect on the business, financial
condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) As of the Closing Date,
no Borrower is, nor will any Borrower be, using &#147;plan assets&#148; (within the meaning of 29 CFR <FONT STYLE="white-space:nowrap">&#167;2510.3-101,</FONT> as modified by Section&nbsp;3(42) of ERISA) of one or more Benefit Plans in connection
with the Loans, the Bankers&#146; Acceptances, the Letters of Credit or the Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.12</B>
<B>Environmental Compliance</B>. In the ordinary course of its business, each Borrower reviews the effect of Environmental Laws on the business, operations and properties of such Borrower and its Subsidiaries, in the course of which it identifies
and evaluates associated liabilities and costs (including capital or operating expenditures required for <FONT STYLE="white-space:nowrap">clean-up</FONT> or closure of properties presently or previously owned, capital or operating expenditures
required to achieve or maintain compliance with environmental protection standards imposed by Law or as a condition of any license, permit or contract, any periodic or permanent shutdown of any facility or reduction in the level or change in the
nature of operation conducted thereat, any costs or liabilities in connection with <FONT STYLE="white-space:nowrap">off-site</FONT> disposal of wastes or Hazardous Substances, and any actual or potential liabilities to third parties, including
employees, and any related costs and expenses). Except as set forth on <U>Schedule 5.12</U>, on the basis of this review, each Borrower has reasonably concluded that such associated liabilities and costs, including the costs of compliance with
Environmental Laws, are unlikely to have a material adverse effect on the business, financial condition, results of operations or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.13 Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The representations and warranties made by the Borrowers in this Agreement or by the Borrowers in any agreement,
instrument, document, certificate, statement or letter furnished to the Lenders in connection with the transactions contemplated by the Loan Documents do not, taken as a whole, together with all other information provided by or on behalf of the
Borrowers, which includes (i)&nbsp;any information provided pursuant <U>Section</U><U></U><U>&nbsp;6.04</U> or otherwise provided by the Borrowers to the Agents and the Lenders in writing, and (ii)&nbsp;all information contained in the reports filed
by Ryder with the SEC, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make such representation, warranties and information, taken as a whole, in light of the circumstances under which they were
made, not misleading in any material respect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As of the Closing Date, the information included in any Beneficial
Ownership Certification, if applicable, is true and correct in all respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.14</B> <B>[Reserved]</B>.
[Reserved]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.15</B> <B>Debt Ratings</B>. <U>Schedule 5.15</U> contains a true and accurate list as of the
Closing Date of the Senior Public Debt Ratings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.16</B> <B>Consolidated Subsidiaries</B>. Each of the
Consolidated Subsidiaries of Ryder and the other Borrowers as of the Closing Date is listed on <U>Schedule 5.16</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.17
OFAC; Anti-Corruption Laws; Anti-Money Laundering Laws. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Neither any Borrower, nor any of its Subsidiaries, nor, to
the knowledge of any Borrower and its Subsidiaries, any director, officer, or controlled affiliate thereof, is a Person that is, or is owned or controlled by any Person that is (i)&nbsp;currently the subject or target of any Sanctions,
(ii)&nbsp;included on OFAC&#146;s List of Specially Designated Nationals, the Canadian Sanctions List or HMT&#146;s Consolidated List of Financial Sanctions Targets, or (iii)&nbsp;organized, resident or having a place of business in a Designated
Jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Borrower and its Subsidiaries have (i)&nbsp;conducted their businesses in compliance with
(A)&nbsp;the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada), and other similar anti-corruption legislation in other jurisdictions, (B)&nbsp;Anti-Money Laundering
Laws and (C)&nbsp;all applicable Sanctions and (ii)&nbsp;instituted and maintained policies and procedures designed to promote and achieve compliance with such anti-corruption legislation, such Anti-Money Laundering Laws and such Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.18</B> <B>Use of Proceeds</B>. Each Credit Extension, and the proceeds of each Credit Extension, shall be used
for general corporate purposes and working capital purposes. No Credit Extension, nor the proceeds of any Credit Extension, shall be used in any way that will violate Regulations T, U or X of the Board of Governors of the Federal Reserve System. The
Borrowers will not use any Credit Extension, or the proceeds of any Credit Extension, to purchase or carry any &#147;margin security&#148; or &#147;margin stock&#148; (as such terms are defined in said Regulations U and X of the Board of Governors
of the Federal Reserve System). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.19</B> <B>No Affected Financial Institution</B>. No Borrower
nor any of its Subsidiaries is an Affected Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.20</B> <B>Covered Entity</B>. No
Borrower nor any of its Subsidiaries is a Covered Entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.21</B> <B>Representations as to Foreign
Obligors</B>. Each of Ryder and each Foreign Obligor (with regard to itself but not with regard to any other Foreign Obligor) represents and warrants to the Agents, the Lenders, and the L/C Issuers that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Such Foreign Obligor is subject to civil and commercial Laws with respect to its obligations under this Agreement and the
other Loan Documents to which it is a party (collectively as to such Foreign Obligor, the &#147;<U>Applicable Foreign Obligor Documents</U>&#148;), and the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign Obligor
Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such Foreign Obligor nor any of its material property has any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing in respect of its obligations under
the Applicable Foreign Obligor Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) There are no form requirements applicable to the Applicable Foreign Obligor
Documents under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing for the enforcement thereof against such Foreign Obligor under the Laws of such jurisdiction, or to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Applicable Foreign Obligor Documents. It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence, in each case, in all material respects, of the Applicable
Foreign Obligor Documents that the Applicable Foreign Obligor Documents be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction in which such Foreign Obligor is organized and existing
or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Obligor Documents or any other document, except for (i)&nbsp;any such filing, registration, recording, execution or notarization as has been
made or is not required to be made until the Applicable Foreign Obligor Document or any other document is sought to be enforced, and (ii)&nbsp;any charge or tax as has been timely paid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed
by any Governmental Authority in or of the jurisdiction in which such Foreign Obligor is organized, existing and a resident for tax purposes either (i)&nbsp;on or by virtue of the execution or delivery of the Applicable Foreign Obligor Documents, or
(ii)&nbsp;on any payment to be made by such Foreign Obligor pursuant to the Applicable Foreign Obligor Documents (other than any U.K. Tax Deduction in relation to a payment to a U.K. Lender that is not a U.K. Qualifying Lender or that is a U.K.
Treaty Lender for which procedural formalities have not been completed), except as has been disclosed to the Agents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
The execution, delivery and performance of the Applicable Foreign Obligor Documents executed by such Foreign Obligor are, under applicable foreign exchange control regulations of the jurisdiction in which such Foreign Obligor is organized and
existing, not subject to any notification or authorization except (i)&nbsp;such as have been made or obtained, or (ii)&nbsp;such as cannot be made or obtained until a later date and are not material (<U>provided</U>, <U>that</U>, any notification or
authorization described in <U>clause (ii)</U>&nbsp;above shall be made or obtained as soon as is reasonably practicable). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI. AFFIRMATIVE COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Borrowers agrees that, so long as any Obligation is outstanding or the Lenders have any obligation to make Loans, or the Canadian
Lenders have any Obligations with respect to Bankers&#146; Acceptances, or any L/C Issuer has any obligation to issue, extend or renew any Letters of Credit: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.01</B> <B>Punctual Payment</B>. The applicable Borrower(s) will duly and punctually pay or cause to be paid
the principal and interest on the Loans, all Bankers&#146; Acceptances, all Letters of Credit, fees and other amounts provided for in this Agreement and the other Loan Documents, all in accordance with the terms of this Agreement and such other Loan
Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.02</B> <B>[Reserved]</B>. [Reserved]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.03</B> <B>Records and Accounts</B>. Each of the Borrowers will, and will cause each of its Consolidated
Subsidiaries to, (a)&nbsp;keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with (i)&nbsp;with respect to Ryder and its Consolidated Subsidiaries only, GAAP, and (ii)&nbsp;with
respect to each such Person, the requirements of all regulatory authorities, and (b)&nbsp;maintain adequate accounts and reserves for all taxes (including income taxes), depreciation, depletion, obsolescence and amortization of its properties, all
other contingencies, and all other proper reserves in accordance with GAAP with respect to Ryder and its Consolidated Subsidiaries and in accordance with all regulatory authorities with respect to each of the other Borrowers; <U>provided</U>,
<U>that</U>, if any changes in GAAP with which Ryder&#146;s independent accountants concur or changes in the application of GAAP with which Ryder&#146;s independent accountants concur result in a change (other than an immaterial change) in the
method of calculation or the basis upon which such calculation is made of any of the financial covenants, standards or terms contained in this Agreement, the Borrowers and the Lenders agree to amend such provisions to reflect such changes in GAAP so
that the criteria for evaluating the consolidated financial condition of Ryder and its Consolidated Subsidiaries shall be the same after such accounting changes as if such changes had not been made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.04</B> <B>Financial Statements, Certificates and Information</B>. Ryder will deliver to the Administrative
Agent (for further distribution to each of the Lenders, each L/C Issuer and each other Agent, as applicable): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) as soon
as practicable, but in any event not later than one hundred twenty (120)&nbsp;days after the end of each fiscal year of Ryder, (i)&nbsp;the consolidated balance sheet of Ryder and its Consolidated Subsidiaries as at the end of such year, and the
consolidated statements of income and cash flows for Ryder and its Consolidated Subsidiaries for the fiscal year then ended, each setting forth in comparative form the figures for the previous fiscal year, all such consolidated financial statements
to be in reasonable detail and prepared in accordance with GAAP, and audited and accompanied by a report and opinion of independent certified public accountants of nationally recognized standing selected by Ryder, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any &#147;going concern&#148; or like qualification or exception or any qualification or exception as to the scope of such audit, and (ii)&nbsp;a written
statement from the accountants referred to in <U>Section</U><U></U><U>&nbsp;6.04(a)(i)</U> to the effect that such accountants have read a copy of this Agreement, and that, in making the examination necessary to said certification, they have
obtained no knowledge of any Default or Event of Default, or, if such accountants shall have obtained knowledge of any then-existing Default or Event of Default they shall disclose in such statement any such Default or Event of Default;
<U>provided</U>, <U>that</U>, such accountants shall not be liable to the Lenders for failure to obtain knowledge of any Default or Event of Default; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) as soon as practicable, but in any event not later than sixty
(60)&nbsp;days after the end of each of the first three fiscal quarters of each fiscal year of Ryder, copies of the consolidated balance sheets of Ryder and its Consolidated Subsidiaries as at the end of such quarter, and the related consolidated
statements of income and cash flows for the portion of the fiscal year then ended, all in reasonable detail and prepared in accordance with GAAP (to the extent GAAP is applicable to interim unaudited financial statements) with a certification by a
Financial Officer of Ryder that the consolidated financial statements are prepared in accordance with GAAP (to the extent GAAP is applicable to interim unaudited financial statements) and fairly present the consolidated financial condition of Ryder
and its Consolidated Subsidiaries on a consolidated basis as at the close of business on the date thereof and the results of operations for the period then ended; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) simultaneously with the delivery of the financial statements referred to <U>Section</U><U></U><U>&nbsp;6.04(a)(i)</U> and
<U>Section</U><U></U><U>&nbsp;6.04(b)</U>, a certificate in the form of <U>Exhibit J</U> (a &#147;<U>Compliance Certificate</U>&#148;) signed by a Financial Officer of Ryder, stating that Ryder and its Consolidated Subsidiaries are in compliance
with <U>Section</U><U></U><U>&nbsp;7.08</U> as of the end of the applicable period setting forth in reasonable detail computations evidencing such compliance, and certifying (i)&nbsp;no Default or Event of Default exists or if a Default or Event of
Default shall then exist, specifying the nature thereof, and (ii)&nbsp;such other matters as are set forth therein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) as
soon as practicable, but in any event within thirty (30)&nbsp;Business Days after the issuance thereof, copies of all materials of a financial nature filed with the SEC or sent to the stockholders of Ryder or any of its Subsidiaries generally; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) from time to time, and with reasonable promptness, such other financial data and other information as any Lender, any
L/C Issuer or any Agent may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrowers hereby authorize each Lender, each L/C Issuer and each Agent to disclose
any information obtained pursuant to this Agreement to all appropriate governmental regulatory authorities where required by Law, including with respect to requests or directives, whether or not having the force of law. Except for any such
disclosure to governmental banking regulatory authorities upon the request therefor, the applicable Lender, L/C Issuer or Agent shall, to the extent practicable and legally permissible, provide prompt written notice to Ryder so that Ryder may have
the opportunity to contest such disclosure and such Lender, such L/C Issuer or such Agent, as applicable, shall use reasonable efforts within Law to maintain the confidentiality of such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Documents required to be delivered pursuant to <U>Sections 6.04(a)</U>, <U>(b)</U> and <U>(c)</U> (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (a)&nbsp;on which Ryder posts such documents, or provides a link thereto on its website on
the Internet at <U>www.ryder.com</U>, or (b)&nbsp;on which such documents are posted on Ryder&#146;s behalf on an Internet or intranet website, if any, to which each Lender and each Agent has access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); <U>provided</U>, <U>that</U>: (i)&nbsp;Ryder shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests Ryder to deliver such paper copies until a written
request to cease delivering paper copies is given by the Administrative Agent or such Lender; and (ii)&nbsp;Ryder shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and
provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance Ryder shall be required to provide paper copies of each Compliance
Certificates required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;6.04(c)</U> to the </P>
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Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by Ryder with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Borrower hereby acknowledges that (a)&nbsp;the Administrative Agent and/or the Arrangers will make available to the Lenders, the L/C
Issuers and the Agents materials and/or information provided by or on behalf of such Borrower hereunder (collectively, &#147;<U>Borrower Materials</U>&#148;) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
&#147;<U>Platform</U>&#148;), and (b)&nbsp;certain of the Lenders (each, a &#147;<U>Public Lender</U>&#148;) may have personnel who do not wish to receive material <FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to any of
the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons&#146; securities. Each Borrower hereby agrees
that so long as such Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities: (i)&nbsp;all Borrower Materials that are
to be made available to Public Lenders shall be clearly and conspicuously marked &#147;PUBLIC&#148; which, at a minimum, shall mean that the word &#147;PUBLIC&#148; shall appear prominently on the first page thereof; (ii)&nbsp;by marking Borrower
Materials &#147;PUBLIC,&#148; the Borrowers shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material
<FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to the Borrowers or their respective securities for purposes of United States Federal and state securities laws (<U>provided</U>, <U>that</U>, to the extent such Borrower
Materials constitute Information, they shall be treated as set forth in <U>Section</U><U></U><U>&nbsp;11.07</U>); (iii) all Borrower Materials marked &#147;PUBLIC&#148; are permitted to be made available through a portion of the Platform designated
&#147;Public Side Information;&#148; and (iv)&nbsp;the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked &#147;PUBLIC&#148; as being suitable only for posting on a portion of the Platform
not designated &#147;Public Side Information.&#148; Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower Materials &#147;PUBLIC.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.05</B> <B>Existence; Compliance with Laws and Other Agreements</B>. Each of the Borrowers will, and Ryder will
cause each of its Consolidated Subsidiaries (other than its Immaterial Subsidiaries) to, (a)&nbsp;keep in full force and effect their respective existence and all rights, licenses, leases and franchises reasonably necessary to the conduct of its
business, and (b)&nbsp;comply with (i)&nbsp;all applicable Laws and regulations (including all Environmental Laws) wherever its business is conducted, (ii)&nbsp;the provisions of its charter documents, <FONT STYLE="white-space:nowrap">by-laws</FONT>
and constitutional documents, and (iii)&nbsp;all agreements and instruments by which it or any of its properties may be bound, and all applicable decrees, orders and judgments, in each case in such manner that there will not result a material and
adverse effect on the financial condition, properties or business of the Borrowers, considered separately, or Ryder and its Consolidated Subsidiaries considered as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.06</B> <B>Maintenance of Properties</B>. Each of the Borrowers will, and Ryder will cause each of its
Consolidated Subsidiaries to, cause all material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of Ryder and its Consolidated Subsidiaries may be necessary for the conduct of their business; <U>provided</U>, <U>that</U>, nothing in this
<U>Section</U><U></U><U>&nbsp;6.06</U> shall prevent Ryder or any of its Consolidated Subsidiaries from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the judgment of such Person, desirable in the
conduct of its business and which does not in the aggregate materially adversely affect the financial condition, business or assets of Ryder and its Consolidated Subsidiaries, taken as a whole. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.07</B> <B>Insurance</B>. Each of the Borrowers will, and
Ryder will cause each of its Consolidated Subsidiaries to, (a)&nbsp;maintain (either in the name of such Borrower or in such Subsidiary&#146;s own name), insurance with respect to their properties in at least such amounts and against at least such
risks (and with such risk retention) as are usually insured against in the same general area by companies of established repute engaged in the same or a similar business and of similar size, and (b)&nbsp;furnish to the Administrative Agent (for
further distribution to the Lenders, the L/C Issuers and the Agents), upon request of the Administrative Agent, information presented in reasonable detail as to the insurance so carried. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.08</B> <B>Taxes</B>. Each of the Borrowers will, and Ryder will cause each of its Consolidated Subsidiaries
to, duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental charges imposed upon it and its real properties, sales and activities, or any part thereof, or upon
the income or profits therefrom, as well as all claims for labor, materials or supplies, which if unpaid might by Law become a lien or charge upon any of its property; <U>provided</U>, <U>that</U>, the Borrowers or any Consolidated Subsidiary shall
not be required to pay any such tax, assessment, charge or levy if the same shall not at the time be due and payable or can be paid thereafter without penalty; or if the validity thereof shall currently be contested in good faith by appropriate
proceedings if it shall have set aside on its books reserves deemed by it adequate with respect to such tax, assessment, charge or levy; or if the failure to pay such tax, assessment, charge or levy shall not result in a material adverse change in
the financial position, results of operations, business or other condition of the Borrowers and their Consolidated Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.09</B> <B>Inspection of Properties, Books and Contracts</B>. Each of the Borrowers will permit the Lenders,
through the Agents or any of their designated representatives, to visit and inspect any of the properties of the Borrowers to examine their books of account (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances
and accounts of the Borrowers with, and to be advised as to the same by, its officers, all at such reasonable times and intervals as the Lenders may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.10</B> <B>Notice of Potential Claims or Litigation</B>. Each of the Borrowers shall deliver to the
Administrative Agent (for further distribution to the Lenders, the L/C Issuers and the Agents), within thirty (30)&nbsp;days of receipt thereof, written notice of the initiation of any action, claim, complaint, or any other notice of dispute or
potential litigation, including pursuant to any applicable Environmental Laws, against any of the Borrowers or any of Ryder&#146;s Consolidated Subsidiaries, including the initiation of any action, claim, complaint, or any other notice of dispute or
potential litigation, including pursuant to any applicable Environmental Laws brought by any Governmental Authority, wherein the potential liability is in excess of $50,000,000 and which are required to be reported pursuant to Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.11</B> <B>Notice of Default</B>. Each of
the Borrowers will promptly notify the Administrative Agent (for further notification to the Lenders, the L/C Issuers and the Agents), in writing of the occurrence of any Default or Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.12</B> <B>Use of Proceeds</B>. Each of the Borrowers will, and Ryder will cause each of its Consolidated
Subsidiaries to, use the proceeds of the Loans, borrowings by Bankers&#146; Acceptances and the Letters of Credit solely for general corporate purposes and working capital purposes, it being understood and agreed that no Borrower will, nor will
Ryder permit any of its Consolidated Subsidiaries to, use any Loan, any Bankers&#146; Acceptances or any portion of any Letter of Credit (a)&nbsp;in any way that will violate Regulations T, U or X of the Board of Governors of the Federal Reserve
System, or (b)&nbsp;to purchase or carry any &#147;margin security&#148; or &#147;margin stock&#148; (as such terms are defined in said Regulations U and X of the Board of Governors of the Federal Reserve System). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.13</B> <B>Debt Ratings</B>. The Borrowers will notify the
Administrative Agent (for further notification to the Lenders, the L/C Issuers and the Agents), promptly upon becoming aware thereof, of any publicly announced change in the Senior Public Debt Ratings and/or any change in the rating of any other
Indebtedness of any of their Subsidiaries which is rated by S&amp;P, Moody&#146;s or Fitch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.14</B>
<B>Notice of any ERISA Event</B>. Each of the Borrowers will promptly notify the Administrative Agent (for further notification to the Lenders, the L/C Issuers and the Agents) in writing of the occurrence of any ERISA Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.15</B> <B>Further Assurances</B>. Each of the Borrowers will cooperate with the Agents and execute such
further instruments and documents as any Agent shall reasonably request to carry out to the Lenders&#146; satisfaction the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.16</B> <B>Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions</B>. Each of the Borrowers will, and
Ryder will cause each of its Consolidated Subsidiaries to, (a)&nbsp;conduct its business in compliance with (i)&nbsp;the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act
(Canada), and other similar anti-corruption legislation in other jurisdictions, (ii)&nbsp;Anti-Money Laundering Laws, and (iii)&nbsp;applicable Sanctions, and (b)&nbsp;maintain policies and procedures designed to promote and achieve compliance with
such anti-corruption laws, such Anti-Money Laundering Laws and such Sanctions. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article VII. NEGATIVE COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Borrowers agrees that, so long as any Obligation is outstanding or the Lenders have any obligation to make Loans, or the Canadian
Lenders have any Obligations with respect to Bankers&#146; Acceptances, or any L/C Issuer has any obligation to issue, extend or renew any Letters of Credit: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.01</B> <B>Restrictions on Secured Indebtedness</B>. None of the Borrowers will, nor will Ryder permit any of
its Consolidated Subsidiaries to, create, incur, assume, or be or remain liable, contingently or otherwise, with respect to any Secured Indebtedness, other than: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Secured Indebtedness consisting of (i)&nbsp;Indebtedness of Ryder&#146;s Consolidated Subsidiaries to a Borrower, and
(ii)&nbsp;unsecured Intercompany Indebtedness; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) other Secured Indebtedness (including Indebtedness under
Capitalized Leases); <U>provided</U>, <U>that</U>, the aggregate amount of Secured Indebtedness incurred in reliance on this <U>Section</U><U></U><U>&nbsp;7.01(b)</U> and outstanding at any time shall not exceed an amount equal to thirty percent
(30%) of the Adjusted Consolidated Tangible Assets determined at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of calculating the amount of Secured Indebtedness of Ryder and
its Consolidated Subsidiaries under <U>Section</U><U></U><U>&nbsp;7.01(b)</U>, Ryder shall be deemed to have incurred Secured Indebtedness in an amount equal to the aggregate amount of all Derivatives Obligations which are secured by a lien
permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.02(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.02</B> <B>Restrictions on Liens</B>.
None of the Borrowers will, nor will Ryder permit any of its Consolidated Subsidiaries to, create or incur or suffer to be created or incurred or to exist any Lien upon any property or assets of any character, except as follows (the
&#147;<U>Permitted Liens</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Liens securing Secured Indebtedness; <U>provided</U>, <U>that</U>, such Secured
Indebtedness is permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.01</U>; <U>provided</U>, <U>further</U>, <U>that</U>, the aggregate net book value of the assets of Ryder and its Consolidated Subsidiaries securing Secured Indebtedness which
(i)&nbsp;consists of Indebtedness included within <U>clause (a)</U>&nbsp;of the definition of &#147;<U>Secured Indebtedness</U>,&#148; and (ii)&nbsp;is incurred in reliance on <U>Section</U><U></U><U>&nbsp;7.01(b)</U>, shall not, at any time, exceed
an amount equal to two hundred percent (200%) of the aggregate outstanding principal amount of such Secured Indebtedness; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any encumbrances consisting of zoning restrictions, exceptions, easements, leases or
other like restrictions on the use of Real Property which do not materially impair the use of such property; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the following Liens or
charges which are not yet due or are payable without penalty or of which the amount, applicability or validity is being contested in good faith by appropriate proceedings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Liens for taxes, assessments or other governmental charges; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Liens given in the ordinary course of business pursuant to any governmental regulation in order to allow Ryder or a
Consolidated Subsidiary to maintain self-insurance, or to participate in any fund or participate in any benefits in connection with worker&#146;s compensation, unemployment insurance, old age pensions or other social security, or for any other
purpose at any time required by Law or governmental regulation as a condition to the transaction of business or the exercise of any privilege or license; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) mechanic&#146;s, carrier&#146;s, worker&#146;s, warehouseman&#146;s, landlord&#146;s or other like Liens arising in the
ordinary course of business, including Liens incident to construction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any inchoate Liens arising under ERISA to
secure any contingent liability of Ryder or a Consolidated Subsidiary; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) other Liens incidental to the conduct of
business or ownership of property and assets which were not incurred in connection with the borrowing of money and which do not in the aggregate materially impair the use of property or assets of Ryder or its Consolidated Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Liens on accounts receivable subject to the Receivables Purchase Agreements referred to in <U>Section</U><U></U><U>&nbsp;7.03(d)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Liens on cash, cash equivalents and marketable securities securing Derivatives Obligations; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Liens on assets subject to the securitization permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.03(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.03</B> <B>Fundamental Changes; Sales or Dispositions of Assets</B>. None of the Borrowers will, nor will Ryder
permit any of its Consolidated Subsidiaries to, become a party to any merger, consolidation, asset acquisition, stock acquisition or disposition of assets, with the following exceptions (provided, that, any such merger, consolidation, acquisition or
disposition would not cause Ryder to not be in compliance with all the covenants and conditions of this Agreement): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
(i) mergers or amalgamations of a Consolidated Subsidiary into another Consolidated Subsidiary (<U>provided</U>, <U>that</U>, (A)&nbsp;in connection with any such merger or amalgamation involving a Canadian Borrower, such Canadian Borrower shall be
the surviving or resulting Person, (B)&nbsp;in connection with any such merger involving a U.K. Borrower, such U.K. Borrower shall be the surviving Person, and (C)&nbsp;in connection with any such merger involving a PR Borrower, such PR Borrower
shall be the surviving Person), and (ii)&nbsp;mergers or consolidations pursuant to which Ryder is the surviving Person; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) acquisitions of interests in other corporations or business entities
(either through the purchase of assets or capital stock or otherwise); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) dispositions of assets in the ordinary course
of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) sales by Ryder and its Subsidiaries of their accounts receivable pursuant to the Receivables Purchase
Agreements; <U>provided</U>, <U>that</U>, (i)&nbsp;the aggregate face amount of all accounts receivable of Ryder treated as purchased receivables and sold by Ryder and/or its Subsidiaries to the securitization conduit under the Receivables Purchase
Agreements shall not exceed at any time the lesser of (A)&nbsp;an amount equal to seventy-five percent (75%) of the aggregate face amount of all accounts receivable of Ryder and its Consolidated Subsidiaries, taken as a whole, including the accounts
receivable which constitute purchased receivables under the Receivables Purchase Agreements, and (B) $425,000,000, and (ii)&nbsp;from and after the date of the first sale of accounts receivable pursuant to the Receivables Purchase Agreements, the
cumulative net cash proceeds received by Ryder from sales of accounts receivable thereunder shall not be less than an amount equal to seventy-five percent (75%) of the cumulative face amount of all accounts receivable of Ryder sold thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the securitization, in one or more securitization transactions, by Ryder of trucks, tractors and trailers (collectively,
the &#147;<U>Securitized Assets</U>&#148;) together with the financial component of their associated lease and service agreements; <U>provided</U>, <U>that</U>, (i)&nbsp;the unamortized balance of all Indebtedness of Ryder and its Consolidated
Subsidiaries or of any special purpose securitization subsidiary or conduit incurred in connection with such securitization programs (excluding any Indebtedness as to which Ryder or any of its Consolidated Subsidiaries is the holder) shall not, at
any time, exceed $1,250,000,000, and (ii)&nbsp;the cumulative net cash proceeds received by Ryder in connection with such securitization transactions shall not be less than an amount equal to seventy-five percent (75%) of the net book value of all
such Securitized Assets; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) other dispositions of assets not otherwise permitted pursuant to this
<U>Section</U><U></U><U>&nbsp;7.03</U>; <U>provided</U>, <U>that</U>, (i)&nbsp;the aggregate fair market value of assets so disposed of in any consecutive twelve (12)&nbsp;month period shall not exceed an amount equal to ten percent (10%) of the
aggregate book value of all Consolidated Tangible Assets, measured as of the first day of such twelve (12)&nbsp;month period, and (ii)&nbsp;the revenue attributable to the assets so disposed of in any consecutive twelve (12)&nbsp;month period shall
not exceed an amount equal to twenty percent (20%) of the revenues of Ryder and its Consolidated Subsidiaries during such twelve (12)&nbsp;month period, determined in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.04</B> <B>Leasebacks</B>. None of the Borrowers will, nor will Ryder permit any of its Consolidated
Subsidiaries to, sell, transfer or otherwise convey any property of Ryder or any Consolidated Subsidiary more than one hundred twenty (120)&nbsp;days after the acquisition thereof for purposes of leasing back such property, except for: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) leasebacks with a term of three (3)&nbsp;years or less (including all permitted extensions and renewals); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) leasebacks whereby the proceeds from the sale or transfer of property are used to reduce the Obligations or other
Indebtedness of a rank at least equal to the Obligations; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) leasebacks permitted pursuant to <U>Section</U><U></U><U>&nbsp;7.01</U>
and <U>Section</U><U></U><U>&nbsp;7.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.05</B> <B>Limitations on Agreements</B>. None of the
Borrowers will, nor will Ryder permit any of its Consolidated Subsidiaries to, enter into any agreement which restricts or prohibits any guarantees, advances, dividends or distributions (a)&nbsp;from any Consolidated Subsidiary to such Borrower, or
(b)&nbsp;between or among Consolidated Subsidiaries; provided, that, notwithstanding the foregoing, any Consolidated Subsidiary may issue Preferred Stock, so long as (i)&nbsp;the aggregate liquidation preference of all such Preferred Stock issued by
Ryder&#146;s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated Subsidiaries does not, at any time, exceed an amount equal to five percent (5%) of Consolidated Adjusted Net Worth at such time, (ii)&nbsp;immediately before,
and immediately after, giving effect to such issuance of Preferred Stock, no Default or Event of Default shall have occurred and be continuing, and (iii)&nbsp;prior to the issuance by any Subsidiary of Preferred Stock, such Subsidiary shall have
delivered to the Administrative Agent, for the benefit of the Lenders, the L/C Issuers and the Agents, a guarantee of the Obligations, in form and substance satisfactory to the Administrative Agent (it being understood that the obligations of such
Subsidiary under such guaranty shall be limited to the aggregate amount of the liquidation preference of all such Preferred Stock issued by such Subsidiary which is not owned by Ryder and its Consolidated Subsidiaries), together with corporate
authority documentation and a legal opinion, in form and substance satisfactory to the Administrative Agent, as to the authorization, execution, delivery and enforceability of such guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.06</B> <B>Sanctions</B>. None of the Borrowers will, nor will Ryder permit any of its Consolidated
Subsidiaries to, directly or indirectly, knowingly use any Credit Extension, or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension, or the proceeds of such Credit Extension, to any Subsidiary,
joint venture partner or other Person, (a)&nbsp;to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or (b)&nbsp;if such use of proceeds or funding
will result in a violation by any such Person (including any Person participating in the transaction, whether as Lender, Arranger, Sustainability Coordinator, Agent, L/C Issuer, or Swing Line Lender) of Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.07</B> <B>Anti-Corruption Laws and Anti-Money Laundering Laws</B>. None of the Borrowers will, nor will Ryder
permit any of its Consolidated Subsidiaries to, directly or indirectly, knowingly use any Credit Extension, or the proceeds of any Credit Extension, for any purpose which would breach (a)&nbsp;the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada), and other similar anti-corruption legislation in other jurisdictions, or (b)&nbsp;any Anti-Money Laundering Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.08</B> <B>Financial Covenant</B>. Ryder will not, at any time, permit the ratio of (a)&nbsp;the aggregate
amount of Indebtedness of Ryder and its Consolidated Subsidiaries, to (b)&nbsp;Consolidated Adjusted Net Worth to exceed 3.00:1.00. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.01</B> <B>Events of Default; Remedies</B>. If any of the following events (each, an &#147;<U>Event of
Default</U>&#148;) shall occur: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) if any Borrower shall fail to pay any principal of the Loans made to such Borrower,
any L/C Obligation or any obligation in respect of any Bankers&#146; Acceptance when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and such
default shall not have been remedied within one (1)&nbsp;Business Day after written notice thereof shall have been given to such Borrower and Ryder by an Agent; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) if any Borrower shall fail to pay any interest or fees owing by such
Borrower hereunder when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and such default shall not have been remedied within three
(3)&nbsp;Business Days after written notice thereof shall have been given to such Borrower and Ryder by an Agent; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
if the Borrowers shall fail to comply with any of the covenants contained in <U>Section</U><U></U><U>&nbsp;7.01</U>, <U>Section</U><U></U><U>&nbsp;7.02</U>, <U>Section</U><U></U><U>&nbsp;7.03</U>, or <U>Section</U><U></U><U>&nbsp;7.08</U>; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) if the Borrowers shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan
Documents or pay any amounts (other than those specified in <U>Sections 8.01(a)</U>, <U>(b)</U> and <U>(c)</U>) and such failure shall not be remedied within twenty (20)&nbsp;days after written notice of such failure shall have been given to the
Borrowers and Ryder by an Agent; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) if any representation, warranty or certification made in writing by or on behalf
of any Borrower contained in this Agreement or in any document or instrument delivered pursuant to this Agreement shall prove to have been false in any material respect upon the date when made or repeated and such representation, warranty or
certification shall be material at the time it shall have been determined to have been false or incorrect, and if such false representation, warranty or certification or its adverse effects shall be susceptible of cure, the Borrowers shall not,
within a period of twenty (20)&nbsp;days after written notice thereof has been given to the Borrowers and Ryder by the Administrative Agent, (i)&nbsp;have cured (to the satisfaction of the Required Lenders) the representation, warranty or
certification, and (ii)&nbsp;have cured the adverse effect of the failure of such representation, warranty or certification to have been true and correct when made or repeated; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) if any of the Borrowers or any of Ryder&#146;s Consolidated Subsidiaries shall (i)&nbsp;fail to pay within the later of
(A)&nbsp;three (3) Business Days after maturity, and (B)&nbsp;three (3) Business Days after any applicable period of grace, any Indebtedness, reimbursement obligation in respect of any letter of credit or the aggregate amount of any Derivatives
Obligation, in each case, in an aggregate amount greater than $75,000,000, or (ii)&nbsp;fail to observe or perform any material term, covenant or agreement contained in any one or more agreements by which it is bound, evidencing or securing any
Indebtedness, reimbursement obligation in respect of any letter of credit or the aggregate amount of any Derivatives Obligation, in each case, in an aggregate amount greater than $75,000,000, resulting in the acceleration of such Indebtedness; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) if any of the Borrowers or any of Ryder&#146;s Consolidated Subsidiaries makes an assignment for the benefit of
creditors, or admits in writing its inability to pay or generally fails to pay its debts as they mature or become due, or petitions or applies for the appointment of a trustee or other custodian, liquidator or receiver of any such Person, or of any
substantial part of the assets of any such Person or commences any case or other proceeding relating to any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar Law of
any jurisdiction, now or hereafter in effect, or takes any action to authorize or in furtherance of any of the foregoing, or if any such petition or application is filed or any such case or other proceeding is commenced against any such Person or
any such Person indicates its approval thereof, consent thereto or acquiescence therein; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) if a decree or order is
entered appointing any trustee, custodian, liquidator or receiver or adjudicating any of the Borrowers or any of Ryder&#146;s Consolidated Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree
or order for relief is entered in respect of any such Person in an involuntary case under the bankruptcy laws of any jurisdiction or any analogous proceeding, procedure or step is taken in any jurisdiction as now or hereafter constituted, and such
decree or order remains in effect for more than sixty (60)&nbsp;days, whether or not consecutive; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">129 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if there shall remain in force, undischarged, unsatisfied and unstayed,
for more than sixty (60)&nbsp;days, whether or not consecutive, any judgment or order against any of the Borrowers or any of Ryder&#146;s Consolidated Subsidiaries which, with other outstanding judgments or orders against any such Person exceeds in
the aggregate $75,000,000; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) if any judicial lien or attachment on the property of any Borrower or any of
Ryder&#146;s Consolidated Subsidiaries in an amount of $75,000,000 or greater shall not be released or provided for to the satisfaction of the Administrative Agent and the Required Lenders within sixty (60)&nbsp;days after such lien or attachment
shall have come into existence; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) if an ERISA Event occurs with respect to a Pension Plan and the Required Lenders
shall have determined in their reasonable discretion that such event could reasonably be expected to result in liability of any of the Borrowers or any of their Subsidiaries under Title IV of ERISA to the Pension Plan or the PBGC in an aggregate
amount in excess of $75,000,000, and such event, under the circumstances could reasonably constitute grounds for the partial or complete termination of such Plan by the PBGC or for the appointment by the appropriate United States District Court of a
trustee to administer such Plan; or a trustee shall have been appointed by the appropriate United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Plan; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) if any person or group of persons (within the meaning of Section&nbsp;13 or 14 of the Exchange Act) shall have acquired
beneficial ownership (within the meaning of Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> promulgated by the SEC under the Exchange Act) of fifty percent (50%) or more of the outstanding shares of common voting stock of Ryder; or, during any
period of twelve (12)&nbsp;consecutive calendar months, individuals who were directors of Ryder on the first day of such period shall cease to constitute a majority of the board of directors of Ryder (excluding any directors elected or nominated by
such board); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) if any Loan Document, at any time after its execution and delivery and for any reason other than as
expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or if Ryder or any of its Consolidated Subsidiaries contests in any manner the validity or enforceability of any Loan
Document, including any material rights and obligations thereunder; or if any Ryder or any other Borrower denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of
any Loan Document; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the written or telephonic
(confirmed in writing) requests of the Required Lenders, shall, by written notice to the Borrowers, (i)&nbsp;declare all Obligations to be forthwith due and payable, whereupon the same shall forthwith mature and become immediately due and payable,
together with accrued interest thereon, without presentment, demand, protest or notice, all of which are hereby waived by each of the Borrowers (<U>provided</U>, <U>that</U>, in the case of the occurrence of any event specified in
<U>Section</U><U></U><U>&nbsp;8.01(g)</U> or <U>Section</U><U></U><U>&nbsp;8.01(h)</U>, all Obligations shall become due and payable forthwith without the requirement of any such notice or the action of any Person and without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by each of the Borrowers), and (ii)&nbsp;exercise on behalf of itself, the Lenders, the L/C Issuers, and the other Agents all rights and remedies available to it, the
Lenders, the L/C Issuers and the other Agents under the Loan Documents. Upon written demand by the Required Lenders after the occurrence of any Event of Default, and automatically without the necessity of demand in the event of any
</P>
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Event of Default specified in <U>Section</U><U></U><U>&nbsp;8.01(g)</U> or <U>Section</U><U></U><U>&nbsp;8.01(h)</U>, Ryder shall immediately provide to the Administrative Agent cash in an amount
equal to the aggregate L/C Obligations on all then outstanding Letters of Credit issued for the account of Ryder or any of its Domestic Subsidiaries to be held by the Administrative Agent as Cash Collateral for such L/C Obligations. If Ryder is
required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied pursuant to <U>Section</U><U></U><U>&nbsp;8.03</U>) shall be returned to Ryder within three
(3)&nbsp;Business Days after all Events of Default have been cured or waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.02</B> <B>Termination of
Aggregate Commitments</B>. If any Event of Default pursuant to <U>Section</U><U></U><U>&nbsp;8.01(g)</U> or <U>Section</U><U></U><U>&nbsp;8.01(h)</U> shall occur, any unused portion of the Aggregate Commitments shall forthwith terminate and the
Lenders and the Agents shall be relieved of all obligations to make Loans and to accept and purchase Bankers&#146; Acceptances hereunder, and the L/C Issuers shall be relieved of all further obligations to issue, extend or renew Letters of Credit;
or if any other Event of Default shall occur, the Required Lenders may by notice to the Borrowers terminate the unused portion of the Aggregate Commitments, and, upon such notice being given, such unused portion of the Aggregate Commitments shall
terminate immediately and the Lenders and the Agents shall be relieved of all further obligations to make Loans or to accept and purchase Bankers&#146; Acceptances and the L/C Issuers shall be relieved of all further obligations to issue, extend or
renew Letters of Credit. No termination of any portion of the Aggregate Commitments shall relieve the Borrowers of any of their existing Obligations to the Lenders, the L/C Issuers or the Agents hereunder or elsewhere. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8.03</B> <B>Application of Funds</B>. After the exercise of remedies provided for in <U>Sections 8.01</U> and
<U>8.02</U>, any amounts received on account of the Obligations shall, subject to the provisions of <U>Sections 2.03(q)</U>, <U>2.16</U> and <U>2.17</U>, be applied by the Administrative Agent in the following order: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>First</U>, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the respective Agents and amounts payable under <U>Article III</U>) payable to the Agents in their respective capacities as such, ratably among them in proportion to the respective amounts described in this
<U>clause First</U> payable to them; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Second</U>, to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal, interest, Letter of Credit Fees, and Acceptance Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the respective L/C Issuers and
amounts payable under <U>Article III</U>), ratably among them in proportion to the respective amounts described in this <U>clause Second</U> payable to them; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Third</U>, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and Acceptance Fees and
interest on the Loans, Bankers&#146; Acceptances, L/C Obligations and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this <U>clause Third</U> payable to them; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fourth</U>, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Bankers&#146; Acceptances and L/C
Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this <U>clause Fourth</U> held by them; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fifth</U>, to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations comprised
of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrowers pursuant to this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Last</U>, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the applicable Borrower or as otherwise
required by Law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to <U>Sections 2.03(q)</U> and <U>2.16</U>, amounts used to Cash Collateralize the
aggregate undrawn amount of Letters of Credit pursuant to <U>clause Fifth</U> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX. AGENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.01</B> <B>Appointment and Authority</B>. Each of the Lenders and the L/C Issuers hereby irrevocably appoints
(a)&nbsp;Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and (b)&nbsp;RBC to act on its behalf as the Canadian Agent hereunder and under the other Loan Documents, and authorizes each
Agent to take such actions on its behalf and to exercise such powers as are delegated to the such Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this <U>Article
IX</U> are solely for the benefit of the Agents, the Lenders and the L/C Issuers, and no Borrower shall have any rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term &#147;agent&#148;
herein or in any other Loan Documents (or any other similar term) with reference to the applicable Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead
such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.02</B> <B>Rights as a Lender</B>. The Person serving as the Administrative Agent and the Canadian Agent, as
applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent or the Canadian Agent, as applicable, and the term
&#147;Lender&#148; or &#147;Lenders&#148; shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent and the Canadian Agent, as applicable, hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind banking, trust, financial, advisory,
underwriting or other of business with any Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent and the Canadian Agent, as applicable, hereunder and without any duty to account therefor to the
Lenders or to provide notice or consent of the Lenders with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.03</B> <B>Exculpatory
Provisions</B>. Neither any Agent, any Arranger, or the Sustainability Coordinator, as applicable, shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be
administrative in nature. Without limiting the generality of the foregoing, none of any Agent, any Arranger, the Sustainability Coordinator, or any of their respective Related Parties: (a)&nbsp;shall be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing; (b)&nbsp;shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by
the other Loan Documents that the applicable Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents);
<U>provided</U>, <U>that</U>, no Agent shall be required to take any action that, in its reasonable opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable Law, including for
the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;
(c)&nbsp;shall have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or any L/C Issuer, any credit or other information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of any Borrower or any of their respective Affiliates, that is communicated to, obtained or in the possession of, such Agent, such Arranger, the </P>
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Sustainability Coordinator or any of their respective Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to the Lenders by the
applicable Agent herein; (d)&nbsp;shall be liable for any action taken or not taken by the applicable Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i)&nbsp;with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
<U>Section</U><U></U><U>&nbsp;8.01</U> or <U>Section</U><U></U><U>&nbsp;11.01</U>), or (ii)&nbsp;in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment
(it being understood and agreed that no Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default is given in writing to such Agent by Ryder, a Lender or a L/C Issuer); or (e)&nbsp;shall be responsible
for or have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i)&nbsp;any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii)&nbsp;the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii)&nbsp;the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein or therein or the occurrence of any Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v)&nbsp;the
satisfaction of any condition set forth in <U>Article IV</U> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the applicable Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.04</B> <B>Reliance by Agents</B>. Each Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, the purchasing of any Bankers&#146; Acceptance, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to
the satisfaction of a Lender or a L/C Issuer, the applicable Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received notice to the contrary from such Lender or such L/C Issuer
prior to the making of such Loan, the purchasing of such Bankers&#146; Acceptance, or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for any Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.05</B> <B>Delegation of Duties</B>. Each Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more <FONT STYLE="white-space:nowrap">sub-agents</FONT> appointed by such Agent. Any Agent and any such <FONT STYLE="white-space:nowrap">sub-agent</FONT> may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <U>Article IX</U> shall apply to any such <FONT STYLE="white-space:nowrap">sub-agent</FONT> and to the
Related Parties of any Agent and any such <FONT STYLE="white-space:nowrap">sub-agent,</FONT> and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as an
Agent. No Agent shall be responsible for the negligence or misconduct of any <FONT STYLE="white-space:nowrap">sub-agents</FONT> except to the extent that a court of competent jurisdiction determines in a final and
<FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment that such Agent acted with gross negligence or willful misconduct in the selection of such <FONT STYLE="white-space:nowrap">sub-agents.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.06</B> <B>Resignation of Agent</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any Agent may at any time give written notice of its resignation to the Lenders, the L/C Issuers and Ryder. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, in consultation with Ryder, to appoint a successor (and, so long as no Default exists, shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or
delayed)), which shall be a bank with an office in the appropriate jurisdiction for such Agent, or an Affiliate of any such bank with an office in the appropriate jurisdiction for such Agent. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within forty-five (45)&nbsp;days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the &#147;<U>Resignation Effective
Date</U>&#148;), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent or Canadian Agent, as applicable, meeting the qualifications set forth above (and, so
long as no Default exists, such successor appointed by the retiring Agent shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or delayed)); <U>provided</U>, <U>that</U>, in no event shall any such successor Agent be a
Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If a Person serving as an Agent is a Defaulting Lender pursuant to <U>clause (d)</U>&nbsp;of the definition thereof, the
Required Lenders may, to the extent permitted by applicable Law, by notice in writing to Ryder and such Person remove such Person as Administrative Agent or Canadian Agent, as applicable, and, in consultation with Ryder, appoint a successor (and, so
long as no Default exists, shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or delayed)). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
forty-five (45)&nbsp;days (or such earlier day as shall be agreed by the Required Lenders) (the &#147;<U>Removal Effective Date</U>&#148;), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective
Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) With effect from the Resignation Effective Date or the Removal Effective Date, as applicable, (i)&nbsp;the
retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, and (ii)&nbsp;except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments,
communications and determinations provided to be made by, to or through such Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for
above. Upon the acceptance of a successor&#146;s appointment as Administrative Agent or Canadian Agent, as applicable hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
(or removed) Administrative Agent (other than as provided in <U>Section</U><U></U><U>&nbsp;3.01(i)</U> and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the
Removal Effective Date, as applicable), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
<U>Section</U><U></U><U>&nbsp;9.06</U>). The fees payable by Ryder to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Ryder and such successor. After the retiring or removed Agent&#146;s
resignation or removal hereunder and under the other Loan Documents, the provisions of this <U>Article IX</U> and <U>Section</U><U></U><U>&nbsp;11.04</U> shall continue in effect for the benefit of such retiring or removed Agent, its <FONT
STYLE="white-space:nowrap">sub-agents</FONT> and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A)&nbsp;while the retiring or removed Agent was acting as Administrative Agent or Canadian
Agent, as applicable, and (B)&nbsp;after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including in respect of any actions taken in connection with transferring
the agency to any successor Agent. </P>
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<B><FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on the Agents, the Arrangers, Sustainability Coordinator and the Other Lenders</B>. Each Lender and each L/C Issuer expressly acknowledges that neither any Agent, any Arranger or the
Sustainability Coordinator has made any representation or warranty to it, and that no act by any Agent, any Arranger or the Sustainability Coordinator hereafter taken, including any consent to, and acceptance of any assignment or review of the
affairs of any Borrower of any Affiliate thereof, shall be deemed to constitute any representation or warranty by such Agent, such Arranger or the Sustainability Coordinator to any Lender or any L/C Issuer as to any matter, including whether such
Agent, such Arranger or the Sustainability Coordinator have disclosed material information in their (or their respective Related Parties&#146;) possession. Each Lender and each L/C Issuer represents to each Agent, each Arranger and the
Sustainability Coordinator that it has, independently and without reliance upon any Agent, any Arranger, the Sustainability Coordinator, any other Lender or any of their respective Related Parties and based on such documents and information as it
has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of Ryder and its Subsidiaries, and all applicable bank
or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers hereunder. Each Lender and each L/C Issuer also acknowledges that it will,
independently and without reliance upon any Agent, any Arranger, the Sustainability Coordinator, any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make
such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrowers. Each Lender and each L/C Issuer represents and warrants that
(a)&nbsp;the Loan Documents set forth the terms of a commercial lending facility, and (b)&nbsp;it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or a L/C Issuer for
the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or such L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of
financial instrument, and each Lender and each L/C Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and each L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire
and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such
commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.08</B> <B>No Other Duties, Etc</B><B>.</B> Anything herein to the contrary notwithstanding, none of Arrangers,
bookrunners, <FONT STYLE="white-space:nowrap">co-syndications</FONT> or <FONT STYLE="white-space:nowrap">co-documentation</FONT> agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of
the other Loan Documents, except in its capacity, as applicable, as an Agent, a Lender or a L/C Issuer hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.09</B> <B>Administrative Agent May File Proofs of Claim</B><B>.</B> In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to any Borrower, the Administrative Agent, or in the case of such proceeding not in the United States, the applicable local Agent, (irrespective of whether the principal of any
Loan, Bankers&#146; Acceptance or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the applicable Agent shall have made any demand on any Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise: (a)&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Bankers&#146; Acceptances, L/C Obligations and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the L/C Issuers </P>
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and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under this Agreement) allowed in such judicial
proceeding; and (b)&nbsp;to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in
any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the applicable Agent and, in the event that such Agent shall consent to the making of such payments directly to the Lenders and the L/C
Issuers, to pay to such Agent any amount due for the reasonable compensation, expenses, disbursements and advances of such Agent and its agents and counsel, and any other amounts due such Agent under this Agreement. Nothing contained herein shall be
deemed to authorize any Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C
Issuer to authorize any Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.10</B> <B>Certain ERISA Matters</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Lender (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y)&nbsp;covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents and not, for the avoidance of doubt, to or for the benefit of any Borrower, that at
least one of the following is and will be true: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such Lender is not using &#147;plan assets&#148; (within the meaning
of Section&nbsp;3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Bankers&#146; Acceptances, the Letters of Credit, the
Commitments or this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the transaction exemption set forth in one or more PTEs, such as PTE <FONT
STYLE="white-space:nowrap">84-14</FONT> (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE <FONT STYLE="white-space:nowrap">95-60</FONT> (a class exemption for certain transactions
involving insurance company general accounts), PTE <FONT STYLE="white-space:nowrap">90-1</FONT> (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE <FONT STYLE="white-space:nowrap">91-38</FONT> (a
class exemption for certain transactions involving bank collective investment funds) or PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (a class exemption for certain transactions determined by <FONT STYLE="white-space:nowrap">in-house</FONT>
asset managers), is applicable with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Bankers&#146; Acceptances, the Letters of Credit, the Commitments and this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) (A) such Lender is an investment fund managed by a &#147;Qualified Professional Asset Manager&#148; (within the meaning
of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14),</FONT> (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Bankers&#146;
Acceptances, the Letters of Credit, the Commitments and this Agreement, (C)&nbsp;the entrance into, participation in, administration of and performance of the Loans, the Bankers&#146; Acceptances, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of <FONT STYLE="white-space:nowrap">sub-sections</FONT> (b)&nbsp;through (g) of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> and (D)&nbsp;to the best knowledge of such Lender, the requirements of
subsection (a)&nbsp;of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> are satisfied with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Bankers&#146; Acceptances, the
Letters of Credit, the Commitments and this Agreement; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In addition, unless either
(i)<U>&nbsp;Section</U><U></U><U>&nbsp;9.10(a)(i)</U> is true with respect to a Lender, or (ii)&nbsp;a Lender has provided another representation, warranty and covenant in accordance with <U>Section</U><U></U><U>&nbsp;9.10(a)(iv)</U>, such Lender
further (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)&nbsp;covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the
benefit of, the Agents and not, for the avoidance of doubt, to or for the benefit of any Borrower, that no Agent is a fiduciary with respect to the assets of such Lender involved in such Lender&#146;s entrance into, participation in, administration
of and performance of the Loans, the Bankers&#146; Acceptances, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by any Agent under this Agreement, any other Loan
Document or any documents related hereto or thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;9.11</B> <B>Recovery of Erroneous
Payments</B><B>.</B> Without limitation of any other provision in this Agreement, if at any time any Agent makes a payment hereunder in error to any Lender Party, whether or not in respect of an Obligation due and owing by any Borrower at such time,
where such payment is a Rescindable Amount, then in any such event, each Lender Party receiving a Rescindable Amount severally agrees to repay to such Agent forthwith on demand the Rescindable Amount received by such Lender Party in Same Day Funds
in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to such Agent, at the greater of the Federal Funds Rate and a rate determined
by such Agent in accordance with banking industry rules on interbank compensation. Each Lender Party irrevocably waives any and all defenses, including any &#147;discharge for value&#148; (under which a creditor might otherwise claim a right to
retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The applicable Agent shall inform each Lender Party promptly upon determining that any payment
made to such Lender Party comprised, in whole or in part, a Rescindable Amount. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X. GUARANTY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.01</B> <B>Guaranty of Payment</B>. Ryder hereby irrevocably guarantees to the Agents, the L/C Issuers and the
Lenders, the full and punctual payment when due (whether at stated maturity, by required <FONT STYLE="white-space:nowrap">pre-payment,</FONT> by acceleration or otherwise) of all of the Obligations of each of the PR Borrowers, each of the Canadian
Borrowers, each of the U.K. Borrowers and each of Ryder&#146;s Domestic Subsidiaries, including, without limitation, the principal and interest accruing on the Canadian Revolving Loans, the Canadian Swing Line Loans, the obligations with respect to
Bankers&#146; Acceptances, the U.K. Revolving Loans, the U.K. Swing Line Loans, the PR Revolving Loans, the obligations with respect to the Letters of Credit and the L/C Obligations and all such Obligations which would become due but for the
operation of the automatic stay pursuant to &#167;362(a) of the Bankruptcy Code of the United States or any similar provision of any other bankruptcy or insolvency law and the operation of &#167;&#167;502(b) and 506(b) of the Bankruptcy Code of the
United States or any similar provision of any other bankruptcy or insolvency law (all such obligations of the PR Borrowers, the Canadian Borrowers, the U.K. Borrowers and each of Ryder&#146;s Domestic Subsidiaries being referred to herein as the
&#147;<U>Guaranteed Obligations</U>&#148;). This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Guaranteed Obligations and not of their collectability only and is in no way conditioned
upon any requirement that any Agent, any L/C Issuer or any Lender first attempt to collect any of the Guaranteed Obligations from any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, any of Ryder&#146;s Domestic
Subsidiaries or any other Person or resort to any collateral security or other means of obtaining payment. Should an Event of Default occur as a result of a default by any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers
or any of Ryder&#146;s Domestic Subsidiaries in the payment of any of </P>
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the Guaranteed Obligations, the Obligations of Ryder hereunder with respect to such Guaranteed Obligations in default shall, upon demand by the applicable Agent(s), become immediately due and
payable to the applicable Agent(s), for the benefit of the Lenders, the L/C Issuers and the Agents, without demand or notice of any nature, all of which are expressly waived by Ryder. Payments by Ryder hereunder may be required by the Agents on any
number of occasions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.02</B> <B>Ryder</B><B>&#146;</B><B>s Agreement to Pay Enforcement Costs, Etc</B>.
Ryder further agrees, as the principal obligor and not as a guarantor only, to pay to the applicable Agents, on demand, all reasonable costs and expenses (including court costs and legal expenses) incurred or expended by any Agent, any L/C Issuer or
any Lender in connection with the Guaranteed Obligations, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this <U>Section</U><U></U><U>&nbsp;10.02</U> from the time when such amounts become due until
payment, whether before or after judgment, at the Default Rate; <U>provided</U> that if such interest exceeds the maximum amount permitted to be paid under applicable Law, then such interest shall be reduced to such maximum permitted amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.03</B> <B>Waivers by Ryder; Lenders</B><B>&#146;</B><B> Freedom to Act</B>. Ryder agrees that the Guaranteed
Obligations will be paid strictly in accordance with their respective terms, regardless of any Law or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agents, any L/C Issuer or any Lender with
respect thereto. Ryder waives promptness, diligence, presentment, demand, protest, notice of acceptance, notice of any Guaranteed Obligations incurred and all other notices of any kind, all defenses which may be available by virtue of any valuation,
stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, any of Ryder&#146;s Domestic Subsidiaries or
any other entity or other Person primarily or secondarily liable with respect to any of the Guaranteed Obligations, and all suretyship defenses generally. Without limiting the generality of the foregoing, Ryder agrees to the provisions of any
instrument evidencing, securing or otherwise executed in connection with any Guaranteed Obligation and agrees that the Guaranteed Obligations of Ryder hereunder shall not be released or discharged, in whole or in part, or otherwise affected by
(a)&nbsp;the failure of any Agent, any L/C Issuer or any Lender to assert any claim or demand or to enforce any right or remedy against any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, any of Ryder&#146;s Domestic
Subsidiaries or any other entity or other person primarily or secondarily liable with respect to any of the Guaranteed Obligations; (b)&nbsp;any extensions, compromise, refinancing, consolidation or renewals of any Guaranteed Obligation;
(c)&nbsp;any change in the time, place or manner of payment of any of the Guaranteed Obligations or any rescissions, waivers, compromise, refinancing, consolidation or other amendments or modifications of any of the terms or provisions of this
Agreement, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any of the Guaranteed Obligations; (d)&nbsp;the addition, substitution or release of any entity or other person primarily or
secondarily liable for any Guaranteed Obligation; (e)&nbsp;the adequacy of any rights which any Agent, any L/C Issuer or any Lender may have against any collateral security or other means of obtaining repayment of any of the Guaranteed Obligations;
(f)&nbsp;the impairment of any collateral securing any of the Guaranteed Obligations, including without limitation the failure to perfect or preserve any rights which any Agent, any L/C Issuer or any Lender might have in such collateral security or
the substitution, exchange, surrender, release, loss or destruction of any such collateral security; or (g)&nbsp;any other act or omission which might in any manner or to any extent vary the risk of Ryder or otherwise operate as a release or
discharge of Ryder (other than the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable termination of each of the Commitments), all of which may be done without notice to Ryder. To the fullest extent
permitted by Law, Ryder hereby expressly waives any and all rights or defenses arising by reason of (i)&nbsp;any &#147;one action&#148; or &#147;anti-deficiency&#148; law which would otherwise prevent any Agent, any L/C Issuer or any Lender from
bringing any action, including any claim for a deficiency, or exercising any other right or remedy (including any right of <FONT STYLE="white-space:nowrap">set-off),</FONT> against Ryder before or after such Agent&#146;s, such L/C Issuer&#146;s or
such Lender&#146;s commencement or completion of any foreclosure action, whether judicially, by exercise of power of sale or otherwise, or (ii)&nbsp;any other Law which in any other way would otherwise require any election of remedies by any Agent,
any L/C Issuer or any Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.04</B> <B>Unenforceability of Guaranteed Obligations</B>.
If for any reason any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, or any applicable Domestic Subsidiary of Ryder has no legal existence or is under no legal obligation to discharge any of the Guaranteed
Obligations, or if any of the Guaranteed Obligations have become irrecoverable from any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers or such Domestic Subsidiary by reason of such Person&#146;s insolvency, bankruptcy
or reorganization or by other operation of law or for any other reason (other than the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable termination of each of the Commitments), to the extent permitted
by Law, this Guaranty shall nevertheless be binding on Ryder to the same extent as if Ryder at all times had been the principal obligor on all such Guaranteed Obligations. In the event that acceleration of the time for payment of any of the
Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers or any of Ryder&#146;s Domestic Subsidiaries, or for any other reason, all such
amounts otherwise subject to acceleration under the terms of this Agreement, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due and payable by Ryder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.05</B> <B>Subrogation; Subordination</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Until the final payment in full in cash of all of the Guaranteed Obligations: Ryder shall not exercise and hereby waives
any rights against any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, or any of its Domestic Subsidiaries arising as a result of payment by Ryder hereunder, by way of subrogation, reimbursement, restitution,
contribution or otherwise, and will not prove any claim in competition with the Agents, any L/C Issuer or any Lender in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature; Ryder will
not claim any setoff, recoupment or counterclaim against any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers or any of its Domestic Subsidiaries in respect of any liability of Ryder to any of the PR Borrowers, any of
the Canadian Borrowers, any of the U.K. Borrowers or any such Domestic Subsidiary; and Ryder waives any benefit of and any right to participate in any collateral security which may be held by the Agents, any L/C Issuer or any Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any amount for money borrowed or credit received by any Canadian Borrower, any U.K. Borrower, any PR Borrower, or any of
Ryder&#146;s Domestic Subsidiaries now or hereafter which is owed to Ryder is hereby subordinated to the prior final payment in full in cash of all of the Guaranteed Obligations; <U>provided</U> that, so long as no Event of Default has occurred and
is continuing, the PR Borrowers, the Canadian Borrowers, the U.K. Borrowers or such Domestic Subsidiaries may pay, and Ryder may receive, such payment. Ryder agrees that, after the occurrence of any Event of Default, Ryder will not demand, sue for
or otherwise attempt to collect any such indebtedness of the PR Borrowers, the Canadian Borrowers, the U.K. Borrowers or Ryder&#146;s Domestic Subsidiaries to Ryder until all of the Guaranteed Obligations shall have been irrevocably paid in full in
cash. If, notwithstanding the foregoing sentence, Ryder shall collect, enforce or receive any amounts in respect of such indebtedness while any Guaranteed Obligations are still outstanding, such amounts shall be collected, enforced and received by
Ryder as trustee for the Lenders, the L/C Issuers and the Agents and be paid over to the Agents, for the benefit of the Lenders, the L/C Issuers and the Agents, on account of the Guaranteed Obligations without affecting in any manner the liability
of Ryder under the other provisions of this Guaranty. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The provisions of this <U>Section</U><U></U><U>&nbsp;10.05</U> shall be
supplemental to and not in derogation of any rights and remedies of the Lenders, the L/C Issuers and the Agents under any separate subordination agreement which the Agents or any of them may at any time and from time to time enter into with Ryder
for the benefit of the Lenders, the L/C Issuers and the Agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.06</B> <B>Further Assurances</B>. Ryder
agrees that it will from time to time, at the request of the Agents, do all such things and execute all such documents as the Agents may reasonably consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve the
rights and powers of the Lenders, the L/C Issuers and the Agents hereunder. Ryder acknowledges and confirms that it has established its own adequate means of obtaining from each of the PR Borrowers, each of the Canadian Borrowers, each of the U.K.
Borrowers and each of its Domestic Subsidiaries on a continuing basis all information desired by it concerning the financial condition of such Persons and that it will look to such Persons and not to the Agents, any L/C Issuer or any Lender in order
for it to keep adequately informed of changes in any of such Person&#146;s financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.07</B>
<B>Reinstatement</B>. Notwithstanding any termination of this Guaranty upon the final and indefeasible payment in full, in cash, of the Guaranteed Obligations, this Guaranty shall continue to be effective or be reinstated, if at any time any payment
made or value received with respect to any Obligation is rescinded or must otherwise be returned by the Agents, any L/C Issuer or any Lender upon the insolvency, bankruptcy or reorganization of any of the PR Borrowers, any of the Canadian Borrowers,
any of the U.K. Borrowers or any applicable Domestic Subsidiary of Ryder, or otherwise, all as though such payment had not been made or value received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.08</B> <B>Successors and Assigns</B>. This Guaranty shall be binding upon Ryder, its successors and assigns,
and shall inure to the benefit of the Agents, the L/C Issuers and the Lenders and their respective successors, transferees and assigns. Without limiting the generality of the foregoing sentence, each Lender may, in accordance with the provisions of
<U>Section</U><U></U><U>&nbsp;11.06</U> and subject to the limitations set forth therein, assign or otherwise transfer this Agreement, the other Loan Documents or any other agreement or note held by it evidencing, securing or otherwise executed in
connection with the Guaranteed Obligations, or sell participations in any interest therein, to any other entity or other person, and such other entity or other person shall thereupon become vested, to the extent set forth in the agreement evidencing
such assignment, transfer or participation, with all the rights in respect thereof granted to such Lender herein. Ryder may not assign any of its Guaranteed Obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.09</B> <B>Currency of Payment</B>. Ryder shall pay the Guaranteed Obligations in the currency in which such
Obligations were incurred by the applicable Borrower(s) or the applicable domestic Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10.10</B>
<B>Concerning Joint and Several Liability of the U.K. Borrowers, the Canadian Borrower, and the PR Borrower</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each
U.K. Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Administrative Agent and the U.K. Lenders the full and punctual payment when due (whether at stated maturity, by required
<FONT STYLE="white-space:nowrap">pre-payment,</FONT> by acceleration or otherwise) of all of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by
the Lenders, the Agents and the L/C Issuers under this Agreement, for the mutual benefit, directly and indirectly, of each U.K. Borrower and in consideration of the undertakings of the other U.K. Borrower to accept joint and several liability for
the Obligations. Each U.K. Borrower agrees that this is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents and not of
their </P>
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collectability only and is in no way conditioned upon any requirement that the Administrative Agent or any U.K. Lender first attempt to collect any of such Obligations from such U.K. Borrower or
resort to any collateral security or other means of obtaining payment. Each U.K. Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a <FONT STYLE="white-space:nowrap">co-debtor,</FONT>
joint and several liability with the other U.K. Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this <U>Section</U><U></U><U>&nbsp;10.10(a)</U>), it being
the intention of the parties hereto that all of the Obligations of the U.K. Borrowers shall be the joint and several Obligations of each U.K. Borrower without preferences or distinction among them. Each U.K. Borrower hereby waives all defenses
relating to the joint and several liability described above, including, without limitation, all suretyship defenses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
Each Canadian Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Canadian Agent and the Canadian Lenders the full and punctual payment when due (whether at stated maturity, by required <FONT
STYLE="white-space:nowrap">pre-payment,</FONT> by acceleration or otherwise) of all of the Obligations of the other Canadian Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the
Lenders, the Agents and the L/C Issuers under this Agreement, for the mutual benefit, directly and indirectly, of each Canadian Borrower and in consideration of the undertakings of the other Canadian Borrower to accept joint and several liability
for the Obligations. Each Canadian Borrower agrees that this is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other Canadian Borrower hereunder and under the other Loan Documents
and not of their collectability only and is in no way conditioned upon any requirement that the Canadian Agent or any Canadian Lender first attempt to collect any of such Obligations from such Canadian Borrower or resort to any collateral security
or other means of obtaining payment. Each Canadian Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a <FONT STYLE="white-space:nowrap">co-debtor,</FONT> joint and several liability
with the other Canadian Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this <U>Section</U><U></U><U>&nbsp;10.10(b)</U>), it being the intention of the
parties hereto that all of the Obligations of the Canadian Borrowers shall be the joint and several Obligations of each Canadian Borrower without preferences or distinction among them. Each Canadian Borrower hereby waives all defenses relating to
the joint and several liability described above, including, without limitation, all suretyship defenses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each PR
Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Administrative Agent and the PR Lenders the full and punctual payment when due (whether at stated maturity, by required
<FONT STYLE="white-space:nowrap">pre-payment,</FONT> by acceleration or otherwise) of all of the Obligations of the other PR Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the
Lenders, the Agents and the L/C Issuers under this Agreement, for the mutual benefit, directly and indirectly, of each PR Borrower and in consideration of the undertakings of the other PR Borrower to accept joint and several liability for the
Obligations. Each PR Borrower agrees that this is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other PR Borrower hereunder and under the other Loan Documents and not of their
collectability only and is in no way conditioned upon any requirement that the Administrative Agent or any PR Lender first attempt to collect any of such Obligations from such PR Borrower or resort to any collateral security or other means of
obtaining payment. Each PR Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a <FONT STYLE="white-space:nowrap">co-debtor,</FONT> joint and several liability with the other PR
Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this <U>Section</U><U></U><U>&nbsp;10.10(c)</U>), it being the intention of the parties hereto that all of
the Obligations of the </P>
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PR Borrowers shall be the joint and several Obligations of each PR Borrower without preferences or distinction among them. Each PR Borrower hereby waives all defenses relating to the joint and
several liability described above, including, without limitation, all suretyship defenses. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI. MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.01 Amendments, Etc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Except as set forth in this Agreement or any other Loan Document (with respect to such Loan Document), neither this
Agreement nor any other Loan Document, nor any provision hereof or thereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders, and acknowledged by the
Agents; <U>provided</U>, <U>that</U>, no such agreement shall: (i)&nbsp;extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to <U>Section</U><U></U><U>&nbsp;8.01</U>) without the written consent of such
Lender; (ii)&nbsp;reduce the principal amount of any Loan, Bankers&#146; Acceptance or L/C Obligation or reduce the rate of interest thereon, or, subject to <U>Section</U><U></U><U>&nbsp;11.01(b)(iii)</U>, reduce any fees payable hereunder, without
the written consent of each Lender affected thereby; <U>provided</U>, <U>that</U>, only the consent of the Required Lenders shall be necessary to amend the definition of &#147;Default Rate&#148; or to waive any obligation of the Borrowers to pay
interest or Letter of Credit Fees at the Default Rate; (iii)&nbsp;postpone the date of any scheduled payment of the principal amount of any Loan or L/C Obligation, or any interest thereon, or any fees payable hereunder, or reduce the amount of,
waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby; (iv)&nbsp;change <U>Section</U><U></U><U>&nbsp;2.13</U>, change
<U>Section</U><U></U><U>&nbsp;8.03</U>, or change any other provision of any Loan Document in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender; (v)&nbsp;release any Borrower from
its obligations hereunder, or release Ryder from its obligations <U>Article X</U>, in each case, without the written consent of each Lender; (vi)&nbsp;change any of the provisions of this <U>Section</U><U></U><U>&nbsp;11.01(a)</U> or the definition
of &#147;Required Lenders&#148;, &#147;Required Domestic Lenders&#148;, &#147;Required Canadian Lenders&#148;, &#147;Required U.K. Lenders&#148;, &#147;Required PR Lenders&#148;, or any other provision hereof specifying the number or percentage of
Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby; or (vii)&nbsp;subordinate the Obligations hereunder to
any other Indebtedness or other obligation (other than any subordination already contemplated by or provided for in this Agreement), without the written consent of each Lender directly affected thereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary herein: (i)&nbsp;no agreement shall amend, modify or otherwise affect the rights
or duties of any Agent, any L/C Issuer, any Domestic Swing Line Lender, the Canadian Swing Line Lender or the U.K. Swing Line Lender without the prior written consent of such Agent, such L/C Issuer, such Domestic Swing Line Lender, the Canadian
Swing Line Lender or the U.K. Swing Line Lender, as the case may be; (ii)&nbsp;any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrowers, the Required Lenders and the Agents
(and, if its rights or obligations are affected thereby, each L/C Issuer, each Domestic Swing Line Lender, the Canadian Swing Line Lender, and the U.K. Swing Line Lender) if (A)&nbsp;by the terms of such agreement the Commitment of each Lender not
consenting to the amendment(s) provided for therein shall terminate upon the effectiveness of such agreement, and (B)&nbsp;at the time such agreement becomes effective, each Lender not consenting to the amendment(s) provided for therein receives
payment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this Agreement; (iii)&nbsp;the Fee Letter may be amended, or rights or privileges thereunder waived,
in a writing executed only by the parties thereto; (iv)&nbsp;no Defaulting Lender shall have any right to </P>
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approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (A)&nbsp;the Commitment of any Defaulting Lender may not be increased or extended or the maturity of any of its Loans may not be extended, the rate of
interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting Lender, and (B)&nbsp;any waiver, amendment, consent or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; (v)&nbsp;this Agreement may be amended with the
written consent of the Required Lenders, the Agents and the Borrowers (A)&nbsp;to add one or more additional revolving credit or term loan facilities to this Agreement, and to permit the extensions of credit and all related obligations and
liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and
liabilities from time to time outstanding in respect of the existing facilities hereunder, and (B)&nbsp;in connection with the foregoing, to permit, as deemed appropriate by the Agents and approved by the Required Lenders, the Lenders providing such
additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder; and (vi)&nbsp;if the Agents and the Borrowers acting
together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then the Agents and the Borrowers shall be
permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party if the same is
not objected to in writing by the Required Lenders within five (5)&nbsp;Business Days following receipt of notice thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11.02 Notices; Effectiveness; Electronic Communication. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Notices Generally</U>. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in <U>Section</U><U></U><U>&nbsp;11.02(b)</U>), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if to any Borrower, any Agent, Bank of America, in its capacity as a L/C Issuer or a Domestic Swing Line Lender, the U.K.
Swing Line Lender, or the Canadian Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on <U>Schedule 11.02</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if to any other Lender (including in such Lender&#146;s capacity as a Domestic Swing Line Lender or a L/C Issuer), to the
address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material <FONT STYLE="white-space:nowrap">non-public</FONT> information relating to Ryder). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if </P>
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not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other
communications delivered through electronic communications to the extent provided in <U>Section</U><U></U><U>&nbsp;11.02(b)</U>, shall be effective as provided in <U>Section</U><U></U><U>&nbsp;11.02(b)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Electronic Communications</U>. Notices and other communications to the Lenders and the L/C Issuers hereunder may be
delivered or furnished by electronic communication (including <FONT STYLE="white-space:nowrap">e-mail,</FONT> FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the applicable Agent; <U>provided</U>, <U>that</U>,
the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to <U>Article II</U> if such Lender or such L/C Issuer, as applicable, has notified such Agent that it is incapable of receiving notices under such <U>Article II</U>
by electronic communication. Any Agent, any L/C Issuer, any Swing Line Lender, or Ryder may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
<U>provided</U>, <U>that</U>, approval of such procedures may be limited to particular notices or communications. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless
the Agents otherwise prescribe, (i)&nbsp;notices and other communications sent to an <FONT STYLE="white-space:nowrap">e-mail</FONT> address shall be deemed received upon the sender&#146;s receipt of an acknowledgement from the intended recipient
(such as by the &#147;return receipt requested&#148; function, as available, return <FONT STYLE="white-space:nowrap">e-mail</FONT> or other written acknowledgement), and (ii)&nbsp;notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its <FONT STYLE="white-space:nowrap">e-mail</FONT> address as described in the foregoing <U>clause (i)</U>&nbsp;of notification that such notice or communication is
available and identifying the website address therefor; <U>provided</U>, <U>that</U>, for both <U>clauses (i)</U>&nbsp;and <U>(ii)</U> above, if such notice, email or other communication is not sent during the normal business hours of the recipient,
such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>The Platform</U>. THE PLATFORM IS PROVIDED &#147;AS IS&#148; AND &#147;AS AVAILABLE.&#148; THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, <FONT STYLE="white-space:nowrap">NON-INFRINGEMENT</FONT> OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the &#147;<U>Agent Parties</U>&#148;) have any liability to any Borrower, any Lender, any L/C Issuer or any other Person
for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower&#146;s or the Administrative Agent&#146;s transmission of Borrower Materials or notices through the Platform, any
other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; <U>provided</U>, <U>that</U>, in no event shall any Agent Party have any liability to any Borrower, any Lender, any L/C Issuer, or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Change
of Address, Etc.</U> Each of the Borrowers, the Agents, the L/C Issuers, and the Swing Line Lenders may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each
other Lender may </P>
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change its address, facsimile or telephone number for notices and other communications hereunder by notice to Ryder, each Agent, each L/C Issuer, and each Swing Line Lender. In addition, each
Lender agrees to notify the Agents from time to time to ensure that the Agents have on record (i)&nbsp;an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may
be sent, and (ii)&nbsp;accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the &#147;Private Side Information&#148;
or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender&#146;s compliance procedures and applicable Law, including United States Federal
and state securities Laws, to make reference to Borrower Materials that are not made available through the &#147;Public Side Information&#148; portion of the Platform and that may contain material <FONT STYLE="white-space:nowrap">non-public</FONT>
information with respect to any Borrower or its securities for purposes of United States Federal or state securities laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Reliance by Agents, L/C Issuers and Lenders</U>. The Agents, the L/C Issuers and the Lenders shall be entitled to rely
and act upon any notices (including telephonic or electronic notices, Loan Notices, Letter of Credit Applications, Bankers&#146; Acceptance Notices and Swing Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i)&nbsp;such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii)&nbsp;the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrowers shall indemnify each Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of any Borrower. All telephonic notices to and other telephonic communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby consents to such recording. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.03</B> <B>No Waiver; Cumulative Remedies; Enforcement</B>. No failure by any Lender, any L/C Issuer, any
Agent, or any Borrower to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents against the Borrowers or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent in accordance with <U>Section</U><U></U><U>&nbsp;8.01</U> for the benefit of all the Lenders and the L/C Issuers; <U>provided</U>, <U>that</U>, the foregoing shall not prohibit (a)&nbsp;any Agent
from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as an Agent) hereunder and under the other Loan Documents, (b)&nbsp;any L/C Issuer or any Swing Line Lender from exercising the rights and
remedies that inure to its benefit (solely in its capacity as a L/C Issuer, a Domestic Swing Line Lender, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c)&nbsp;any
Lender from exercising setoff rights in accordance with <U>Section</U><U></U><U>&nbsp;11.08</U> (subject to the terms of <U>Section</U><U></U><U>&nbsp;2.13</U>), or (d)&nbsp;any Lender from filing proofs of claim or appearing and filing pleadings on
its own behalf during the pendency of a proceeding relative to any Borrower under any Debtor Relief Law; <U>provided</U>, <U>further</U>, <U>that</U>, if at any time there is no Person acting as Administrative Agent hereunder and under the other
Loan Documents, then (i)&nbsp;the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to <U>Section</U><U></U><U>&nbsp;8.01</U>, and (ii)&nbsp;in addition to the matters set forth in <U>clauses (b)</U>,
<U>(c)</U> and <U>(d)</U>&nbsp;of the preceding proviso and subject to <U>Section</U><U></U><U>&nbsp;2.13</U>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the
Required Lenders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.04</B> <B>Expenses; Indemnity; Damage Waiver</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Costs and Expenses</U>. The Borrowers shall pay (i)&nbsp;all reasonable, documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses incurred by each Agent and its Affiliates (including the reasonable, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT>
fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the
other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable, documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by any L/C Issuer in connection with the issuance, amendment, extension, reinstatement or renewal of any Letter of Credit or any demand for
payment thereunder, and (iii)&nbsp;all reasonable, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by any Agent, any Lender, or any L/C Issuer (including the reasonable fees,
charges and disbursements of any counsel for any Agent, any Lender, or any L/C Issuer), in connection with the enforcement or protection of its rights (A)&nbsp;in connection with this Agreement and the other Loan Documents, including its rights
under this <U>Section</U><U></U><U>&nbsp;11.04</U>, or (B)&nbsp;in connection with the Loans made or Bankers&#146; Acceptances and Letters of Credit issued hereunder, including all such reasonable, documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred during any workout, restructuring or negotiations in respect of such Loans, Bankers&#146; Acceptances or Letters of Credit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Indemnification by the Borrowers</U>. Each Borrower shall indemnify each Agent (and any
<FONT STYLE="white-space:nowrap">sub-agent</FONT> thereof), each Arranger, each Lender, and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an &#147;<U>Indemnitee</U>&#148;) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted
against any Indemnitee by any Person (including any Borrower) arising out of, in connection with, or as a result of (i)&nbsp;the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby (including the Indemnitee&#146;s reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the performance by the parties hereto of their respective obligations hereunder or thereunder,
the consummation of the transactions contemplated hereby or thereby, or, in the case of each Agent (and any <FONT STYLE="white-space:nowrap">sub-agent</FONT> thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents (including in respect of any matters addressed in <U>Section</U><U></U><U>&nbsp;3.01</U>), (ii) any Loan, Letter of Credit, or Bankers&#146; Acceptance or the use or proposed use of the proceeds therefrom (including any refusal by any
L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Substances on or from any property owned or operated by Ryder or any of its Subsidiaries, or any Environmental Liability related in any way to Ryder or any of its Subsidiaries, or (iv)&nbsp;any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower, and regardless of whether any Indemnitee is a party thereto; <U>provided</U>, <U>that</U>, such
indemnity shall not, as to any Indemnitee, (A)&nbsp;be available to the extent that such loss, claim, damage, liability or related expenses (1)&nbsp;are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or (2)&nbsp;result from a claim brought by any Borrower hereunder against an Indemnitee for breach in bad faith of such Indemnitee&#146;s obligations hereunder or under any
other Loan Document, if such Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or (B)&nbsp;apply to any litigation, proceeding or dispute solely between Ryder or
any Consolidated Subsidiary on the one hand and such Indemnitee on the other hand, if the final </P>
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and nonappealable judgment in such litigation, proceeding or dispute is in favor of Ryder or any Consolidated Subsidiary and against such Indemnitee. Without limiting the provisions of
<U>Section</U><U></U><U>&nbsp;3.01(d)</U>, this <U>Section</U><U></U><U>&nbsp;11.04(b)</U> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any
<FONT STYLE="white-space:nowrap">non-Tax</FONT> claim. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Reimbursement by Lenders</U>. To the extent that the
Borrowers for any reason fail to indefeasibly pay any amount required under <U>Section</U><U></U><U>&nbsp;11.04(a)</U> or <U>(b)</U>&nbsp;to be paid by it to any Agent (or any <FONT STYLE="white-space:nowrap">sub-agent</FONT> thereof), any L/C
Issuer, any Swing Line Lender, or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such <FONT STYLE="white-space:nowrap">sub-agent),</FONT> such L/C Issuer, such Swing Line Lender, or such Related
Party, as the case may be, such Lender&#146;s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender&#146;s share of the Total Credit Exposures of all Lenders at such
time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders&#146; Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought); <U>provided</U>, <U>that</U>, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such
Agent (or any such <FONT STYLE="white-space:nowrap">sub-agent),</FONT> such L/C Issuer, or such Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such <FONT
STYLE="white-space:nowrap">sub-agent),</FONT> such L/C Issuer, or such Swing Line Lender in connection with such capacity. The obligations of the Lenders under this <U>Section</U><U></U><U>&nbsp;11.04(c)</U> are subject to the provisions of
<U>Section</U><U></U><U>&nbsp;2.12(d)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Waiver of Consequential Damages, Etc.</U> To the fullest extent
permitted by applicable Law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, Bankers&#146; Acceptance, or Letter of
Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, other than for direct or actual damages resulting from the
gross negligence or willful misconduct of such Indemnitee as determined by a final, nonappealable judgment by a court of competent jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Payments</U>. All amounts due under this <U>Section</U><U></U><U>&nbsp;11.04</U> shall be payable not later than ten
(10)&nbsp;Business Days after demand therefor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Survival</U>. The agreements in this
<U>Section</U><U></U><U>&nbsp;11.04</U> and the indemnity provisions of <U>Section</U><U></U><U>&nbsp;11.02(e)</U> shall survive the resignation of any Agent, any L/C Issuer, or any Swing Line Lender, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations arising under the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.05</B> <B>Payments Set Aside</B>. To the extent that any payment by or on behalf of any Borrower is made to
any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by such Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Law or otherwise, then (a)&nbsp;to the extent of such recovery, the obligation or part thereof originally intended to be </P>
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satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b)&nbsp;each Lender and each L/C Issuer severally
agrees to pay to the applicable Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, <U>plus</U> interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuers under <U>clause (b)</U>&nbsp;of the preceding sentence
shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.06</B> <B>Successors and Assigns</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Successors and Assigns Generally</U>. The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Agent and each Lender and
no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i)&nbsp;to an assignee in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;11.06(b)</U>, (ii) by way of participation in accordance with the
provisions of <U>Section</U><U></U><U>&nbsp;11.06(d)</U>, or (iii)&nbsp;by way of pledge or assignment of a security interest subject to the restrictions of <U>Section</U><U></U><U>&nbsp;11.06(e)</U> (and any other attempted assignment or transfer
by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in <U>Section</U><U></U><U>&nbsp;11.06(d)</U> and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Assignments by Lenders</U>. Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans (including for purposes of this
<U>Section</U><U></U><U>&nbsp;11.06(b)</U>, participations in L/C Obligations, in Bankers&#146; Acceptances, in Domestic Swing Line Loans, in Canadian Swing Line Loans and in U.K. Swing Line Loans) at the time owing to it); <U>provided</U>,
<U>that</U>, any such assignment shall be subject to the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Minimum Amounts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) In the case of an assignment of the entire remaining amount of the assigning Lender&#146;s Commitment and/or the Loans at
the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in <U>Section</U><U></U><U>&nbsp;11.06(b)(i)(B)</U> in the aggregate or in
the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) In any case not described in <U>Section</U><U></U><U>&nbsp;11.06(b)(i)(A)</U>, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if &#147;Trade Date&#148; is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, Ryder otherwise consents (each such consent not to be unreasonably withheld or delayed).
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <U>Proportionate Amounts</U>. Each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender&#146;s rights and obligations under this Agreement and the other Loan Documents with respect to the Loans or the Commitment assigned, except that this
<U>Section</U><U></U><U>&nbsp;11.06(b)(ii)</U> shall not apply to any Domestic Swing Line Lender&#146;s rights and obligations in respect of Domestic Swing Line Loans, the Canadian Swing Line Lender&#146;s rights and obligations in respect of
Canadian Swing Line Loans, or the U.K. Swing Line Lender&#146;s rights and obligations in respect of U.K. Swing Line Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <U>Required Consents</U>. No consent shall be required for any assignment except to the extent required by
<U>Section</U><U></U><U>&nbsp;11.06(b)(i)(B)</U> and, in addition: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the consent of Ryder (such consent not to be
unreasonably withheld or delayed, it being understood that Ryder shall not be deemed to have unreasonably withheld its consent for the purposes of this <U>Section</U><U></U><U>&nbsp;11.06(b)(iii)(A)</U> if it advises the Administrative Agent and the
applicable assignor Lender in good faith of the competitive business reasons why Ryder does not desire a financing relationship with the proposed assignee) shall be required unless (1)&nbsp;an Event of Default has occurred and is continuing at the
time of such assignment, or (2)&nbsp;such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; <U>provided</U>, <U>that</U>, Ryder shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within fifteen (15)&nbsp;Business Days after having received notice thereof; <U>provided</U>, <U>further</U>, <U>that</U>, the assignor shall notify Ryder of any assignment that does not require the consent of
Ryder prior to, or promptly after, the effective date of such assignment (it being understood that failure by such assignor to provide such notification shall not limit the effectiveness of such assignment); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the consent of the applicable Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments to an Eligible Assignee that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) the consent of each L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment of a Domestic Commitment; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) the consent of the applicable Swing Line Lender (such consent not to be
unreasonably withheld or delayed) shall be required for any assignment of a Domestic Commitment, a Canadian Commitment, or a U.K. Commitment, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <U>Assignment and Assumption</U>. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; <U>provided</U>, <U>that</U>, the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of
any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">149 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>No Assignment to Certain Persons</U>. No such assignment shall be
made (A)&nbsp;to Ryder or any of Ryder&#146;s Affiliates or Subsidiaries, (B)&nbsp;to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in
this <U>clause (B)</U>, (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons), or (D)&nbsp;to General Electric Capital Corporation or any
Affiliate of General Electric Capital Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) <U>Certain Additional Payments</U>. In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of Ryder and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (A)&nbsp;pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any Lender hereunder (and interest accrued thereon), and (B)&nbsp;acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and in Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this <U>Section</U><U></U><U>&nbsp;11.06(b)(vi)</U>, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) <U>Effectiveness</U>. Subject to acceptance
and recording thereof by the Administrative Agent pursuant to <U>Section</U><U></U><U>&nbsp;11.06(c)</U>, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and,
to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto) but shall continue to be entitled to the benefits of <U>Sections 3.01</U>, <U>3.04</U>, <U>3.05</U>, and <U>11.04</U> with respect to facts and circumstances occurring prior to the effective date of such assignment; <U>provided</U>,
<U>that</U>, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender&#146;s having been a
Defaulting Lender. Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
<U>Section</U><U></U><U>&nbsp;11.06(b)</U> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <U>Section</U><U></U><U>&nbsp;11.06(d)</U>. In the case of any
assignments by and between any Lender and any affiliate of such Lender, such Persons shall use their reasonable best efforts to coordinate the administration of this Agreement and approvals of any amendment, modification or waiver of any provision
of this Agreement so as to minimize (to the extent reasonably possible) the administrative burden on the Borrowers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Register</U>. The Administrative Agent, acting solely for this
purpose as a <FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent of the Borrowers, shall maintain at the Head Office for the Administrative Agent a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in
electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans, Bankers&#146; Acceptances, and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time (the &#147;<U>Register</U>&#148;). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Participations</U>. Any Lender may at any time, without the consent of, or notice to, any
Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons, a Defaulting
Lender Ryder or any of Ryder&#146;s Affiliates or Subsidiaries, or General Electric Capital Corporation or any affiliate of General Electric Capital Corporation) (each, a &#147;<U>Participant</U>&#148;) in all or a portion of such Lender&#146;s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender&#146;s participations in L/C Obligations, in Domestic Swing Line Loans, in Canadian Swing Line Loans, and/or in U.K.
Swing Line Loans) owing to it) and/or Bankers&#146; Acceptances; <U>provided</U>, <U>that</U>, (i)&nbsp;each such participation shall be in an amount of not less than $5,000,000, (ii) such Lender&#146;s obligations under this Agreement shall remain
unchanged, (iii)&nbsp;such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iv)&nbsp;the Borrowers, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal
solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under <U>Section</U><U></U><U>&nbsp;11.04(c)</U>
without regard to the existence of any participation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <U>provided</U>, <U>that</U>, such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in <U>Section</U><U></U><U>&nbsp;11.01(a)</U> that affects such Participant. Each Borrower agrees that each
Participant shall be entitled to the benefits of <U>Sections 3.01</U>, <U>3.04</U> and <U>3.05</U><I> </I>(subject to the requirements and limitations thereof) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to <U>Section</U><U></U><U>&nbsp;11.06(b)</U> (it being understood that the documentation required under <U>Section</U><U></U><U>&nbsp;3.01(g)</U> shall be delivered to the Lender who sells the participation); <U>provided</U>, <U>that</U>,
such Participant (A)&nbsp;agrees to be subject to the provisions of <U>Sections 3.06</U> and <U>11.13</U> as if it were an assignee under <U>Section</U><U></U><U>&nbsp;11.06(b)</U>, (B) shall not be entitled to receive any greater payment under
<U>Sections 3.01</U> or <U>3.04</U>, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation, and (C)&nbsp;a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
<U>Section</U><U></U><U>&nbsp;3.01</U> unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with <U>Section</U><U></U><U>&nbsp;3.01(g)</U> and
<U>Section</U><U></U><U>&nbsp;3.01(i)</U> as though it were a Lender. Each Lender that sells a participation agrees, at Ryder&#146;s request and expense, to use reasonable efforts to cooperate with Ryder to effectuate the provisions of
<U>Section</U><U></U><U>&nbsp;3.06</U> with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <U>Section</U><U></U><U>&nbsp;11.08</U><I> </I>as though
</P>
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it were a Lender; <U>provided</U>, <U>that</U>, such Participant agrees to be subject to <U>Section</U><U></U><U>&nbsp;2.13</U><I> </I>as though it were a Lender. Each Lender that sells a
participation shall, acting solely for this purpose as a <FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent of Ryder, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant&#146;s interest in the Loans or other obligations under the Loan Documents (the &#147;<U>Participant Register</U>&#148;); <U>provided</U>, <U>that</U>, no Lender shall have any obligation to disclose all or any portion
of the Participant Register (including the identity of any Participant or any information relating to a Participant&#146;s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except
to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under <FONT STYLE="white-space:nowrap">Section&nbsp;5f.103-1(c)</FONT> of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Certain Pledges</U>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority; <U>provided</U>, <U>that</U>, no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Resignation as L/C Issuer or Swing Line Lender after Assignment</U>. Notwithstanding anything to the contrary contained
herein, if at any time (i)&nbsp;the Lender that is a L/C Issuer or a Domestic Swing Line Lender assigns all of its Domestic Commitment, Domestic Revolving Loans and Domestic Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;11.06(b)</U>,
(ii) the Lender that is the Canadian Swing Line Lender assigns all of its Canadian Commitment, Canadian Revolving Loans, and Canadian Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;11.06(b)</U>, or (iii)&nbsp;the Lender that is the U.K.
Swing Line Lender assigns all of its U.K. Commitment, U.K. Revolving Loans and U.K. Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;11.06(b)</U>, such Person may, (A)&nbsp;upon forty-five (45)&nbsp;days&#146; written notice to the
applicable Agent, Ryder and the Domestic Lenders, resign as a L/C Issuer, (B)&nbsp;upon forty-five (45)&nbsp;days&#146; notice to Ryder, resign as a Domestic Swing Line Lender, (C)&nbsp;upon forty-five (45)&nbsp;days&#146; notice to the Canadian
Borrowers, resign as the Canadian Swing Line Lender, and/or (D)&nbsp;upon forty-five (45)&nbsp;days&#146; notice to the U.K. Borrowers, resign as the U.K. Swing Line Lender. In the event of any such resignation as a L/C Issuer, a Domestic Swing Line
Lender, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, Ryder shall be entitled to appoint from among (1)&nbsp;the Domestic Lenders, a successor L/C Issuer or a Domestic Swing Line Lender, (2)&nbsp;the Canadian Lenders, a successor
Canadian Swing Line Lender or (3)&nbsp;the U.K. Lenders, a successor U.K. Swing Line Lender; <U>provided</U>, <U>that</U>, no failure by Ryder to appoint any such successor shall affect the resignation of such Person as a L/C Issuer, a Domestic
Swing Line Lender, the Canadian Swing Line Lender and/or the U.K. Swing Line Lender, as the case may be. If such Person resigns as a L/C Issuer, it shall retain all the rights, powers, privileges and duties of a L/C Issuer hereunder with respect to
all Letters of Credit issued by it and outstanding as of the effective date of its resignation as a L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Domestic Lenders to make Domestic Revolving Loans that
are Domestic Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <U>Section</U><U></U><U>&nbsp;2.03(f)</U>). If such Person resigns as a Domestic Swing Line Lender, it shall retain all the rights of a Domestic Swing Line
Lender provided for hereunder with respect to Domestic Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Domestic Lenders to make Domestic Revolving Loans that are Domestic
Base Rate Loans or fund </P>
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risk participations in outstanding Domestic Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.04(c)(i)</U>. If such Person resigns as the Canadian Swing Line Lender, it shall retain
all the rights of the Canadian Swing Line Lender provided for hereunder with respect to Canadian Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Canadian Lenders to make
Canadian Revolving Loans that are Canadian Base Rate Loans or Canadian Prime Rate Loans, as applicable, or fund risk participations in outstanding Canadian Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.04(c)(ii)</U>. If such Person
resigns as the U.K. Swing Line Lender, it shall retain all the rights of the U.K. Swing Line Lender provided for hereunder with respect to U.K. Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the
right to require the U.K. Lenders to make U.K. Revolving Loans or fund risk participations in outstanding U.K. Swing Line Loans pursuant to <U>Section</U><U></U><U>&nbsp;2.04(c)(iii)</U>. Upon the appointment of a successor L/C Issuer, Domestic
Swing Line Lender, Canadian Swing Line Lender, and/or U.K. Swing Line Lender, (1)&nbsp;such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, Domestic Swing Line Lender,
Canadian Swing Line Lender, or U.K. Swing Line Lender, as the case may be, and (2)&nbsp;the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to the retiring Person to effectively assume the obligations of such Person with respect to such Letters of Credit. <U>Schedule 2.03</U> and <U>Schedule 2.04</U> shall be deemed to be automatically updated to reflect
the L/C Commitment, the Domestic Swing Line Commitment, the Canadian Swing Line Commitment, and/or the U.K. Swing Line Commitment of any Person that becomes a L/C Issuer, a Domestic Swing Line Lender, the Canadian Swing Line Lender, or the U.K.
Swing Line Lender after the Closing Date pursuant to this <U>Section</U><U></U><U>&nbsp;11.06(f)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.07</B> <B>Treatment of Certain Information; Confidentiality</B>. Each of each Agent, each Lender and each L/C
Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed: (a)&nbsp;to its Affiliates, its auditors and its Related Parties (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential in accordance with the terms herein); (b) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process; (d)&nbsp;to any other party hereto; (e)&nbsp;to the extent necessary in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder; (f)&nbsp;subject to an agreement containing provisions substantially the same as those of this <U>Section</U><U></U><U>&nbsp;11.07</U>, to (i)&nbsp;any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.14</U> or
<U>Section</U><U></U><U>&nbsp;2.15</U>,<B> </B>or (ii)&nbsp;any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any Borrower and its obligations,
this Agreement or payments hereunder; (g)&nbsp;on a confidential basis to (i)&nbsp;any rating agency in connection with rating Ryder or its Subsidiaries or the credit facilities provided hereunder; (ii)&nbsp;the provider of any Platform or other
electronic delivery service used by any Agent, any L/C Issuer, or any Swing Line Lender to deliver Borrower Materials or notices to the Lenders, or (iii)&nbsp;the CUSIP Service Bureau or any similar agency in connection with the application,
issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder; (h)&nbsp;with the consent of Ryder; or (i)&nbsp;to the extent such Information (i)&nbsp;becomes publicly
available other than as a result of a breach of this <U>Section</U><U></U><U>&nbsp;11.07</U>, (ii) becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than
Ryder which is authorized to disclose such Information, or (iii)&nbsp;is independently discovered or developed by a party hereto without utilizing any Information received from Ryder or violating the terms of this
<U>Section</U><U></U><U>&nbsp;11.07</U>. In the case of <U>clause (b)</U> </P>
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(except disclosure to governmental banking regulatory authorities) or <U>clause (c)</U>&nbsp;of this paragraph, the applicable Agent, Lender, or L/C Issuer shall, to the extent practicable and
legally permissible, provide prompt written notice to Ryder so that Ryder may have the opportunity to contest such disclosure and such Agent, Lender, or L/C Issuer shall use reasonable efforts within Law to maintain the confidentiality of such
Information. In addition, the Agents and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents
and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as
otherwise agreed to herein or in any of the other Loan Documents, each of the Agents, the L/C Issuers and each Lender agrees that it will not, and it will use their best efforts to cause its Related Parties not to, issue or release for external
publication any article or advertising or publicity matter relating to the transactions contemplated by this Agreement without the prior written consent of Ryder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this <U>Section</U><U></U><U>&nbsp;11.07</U>, &#147;<U>Information</U>&#148; means all information received from Ryder or any
Subsidiary relating to Ryder or any Subsidiary or any of their respective businesses, whether oral or written, including, without limitation, all data, reports, interpretations, forecasts and records, regardless of storage and transmission media or
source, and all information derived, directly or indirectly, therefrom, which such Person or its Related Parties obtains or to which such Person or its Related Parties shall be afforded access in connection with the transactions contemplated by this
Agreement or any of the other Loan Documents, other than any such information that is available to any Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by Ryder or any Subsidiary; <U>provided</U>, <U>that</U>, in
the case of information received from Ryder or any Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in
this <U>Section</U><U></U><U>&nbsp;11.07</U> shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Agent, each Lender, and each L/C Issuer acknowledges that (a)&nbsp;the Information may include
material <FONT STYLE="white-space:nowrap">non-public</FONT> information concerning Ryder or a Subsidiary, as the case may be, (b)&nbsp;it has developed compliance procedures regarding the use of material
<FONT STYLE="white-space:nowrap">non-public</FONT> information, and (c)&nbsp;it will handle such material <FONT STYLE="white-space:nowrap">non-public</FONT> information in accordance with applicable Law, including United States Federal and state
securities Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.08</B> <B>Right of Setoff</B><B>.</B> If an Event of Default shall have occurred and be
continuing, each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of any
Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender,
such L/C Issuer or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of Ryder or such Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such
Lender or such L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness. Any amounts set off pursuant to this <U>Section</U><U></U><U>&nbsp;11.08</U> shall be distributed ratably in accordance
with <U>Section</U><U></U><U>&nbsp;2.13</U> and <U>Section</U><U></U><U>&nbsp;8.03</U> among all of the Lenders and L/C Issuers by the Lender or L/C Issuer setting off such amount; <U>provided</U>, <U>that</U>, in the event that any Defaulting
Lender shall exercise any such right of setoff, (a)&nbsp;all amounts so set off shall be paid over immediately to the applicable Agent for further application in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;2.17</U>, and, pending
such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust </P>
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for the benefit of the Agents, the L/C Issuers and the Lenders, and (b)&nbsp;the Defaulting Lender shall provide promptly to the applicable Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective Affiliates under this <U>Section</U><U></U><U>&nbsp;11.08</U> are in addition to other rights
and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify Ryder and each Agent promptly after any such setoff and application;
<U>provided</U>, <U>that</U>, the failure to give such notice shall not affect the validity of such setoff and application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.09</B> <B>Interest Rate Limitation</B>. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of <FONT STYLE="white-space:nowrap">non-usurious</FONT> interest permitted by applicable Law (including the Criminal Code (Canada)) (the
&#147;<U>Maximum Rate</U>&#148;). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to
Ryder. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a)&nbsp;characterize any payment that is not principal as
an expense, fee, or premium rather than interest, (b)&nbsp;exclude voluntary prepayments and the effects thereof, and (c)&nbsp;amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.10</B> <B>Integration; Effectiveness</B><B>.</B> This Agreement, the
other Loan Documents, and any separate letter agreements with respect to fees payable to the any Agent, any L/C Issuer or any other party hereto, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <U>Section</U><U></U><U>&nbsp;4.01</U>, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.11</B> <B>Survival of Representations and
Warranties</B><B>.</B> All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan, any Bankers&#146; Acceptance or any other Obligation arising hereunder shall remain unpaid or unsatisfied,
the Canadian Lenders have any obligation to purchase and accept Bankers&#146; Acceptances or any Letter of Credit shall remain outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.12</B> <B>Severability</B>. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a)&nbsp;the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby, and (b)&nbsp;the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <U>Section</U><U></U><U>&nbsp;11.12</U>, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by any Agent, any L/C Issuer, or any Swing Line Lender, as applicable, then such provisions shall
be deemed to be in effect only to the extent not so limited. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.13</B> <B>Replacement of Lenders</B><B>.</B> If Ryder is
entitled to replace a Lender pursuant to the provisions of <U>Section</U><U></U><U>&nbsp;2.14(e)</U> or <U>Section</U><U></U><U>&nbsp;3.06</U>, or<B> </B>if any Lender is a Defaulting Lender or a
<FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, then Ryder may, at its sole expense and effort, upon notice to such Lender and the Agents, require such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in, and consents required by, <U>Section</U><U></U><U>&nbsp;11.06</U>), all of its interests, rights (other than its existing rights to payments pursuant to <U>Sections 3.01</U> and <U>3.04</U>) and obligations under this
Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); <U>provided</U>, <U>that</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Ryder shall have paid (or caused the applicable Borrower to pay) to the Administrative Agent the assignment fee (if any)
specified in <U>Section</U><U></U><U>&nbsp;11.06(b)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans and purchased Bankers&#146; Acceptances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
<U>Section</U><U></U><U>&nbsp;3.05</U>) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in the case of any such assignment resulting from a claim for compensation under <U>Section</U><U></U><U>&nbsp;3.04</U> or
payments required to be made pursuant to <U>Section</U><U></U><U>&nbsp;3.01</U>, such assignment will result in a reduction in such compensation or payments thereafter; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) such assignment does not conflict with applicable Laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) in the case of an assignment resulting from a Lender becoming a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT>
Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) in the case
of an assignment resulting from a Lender becoming a <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender, the applicable assignee shall have consented to the extension of such <FONT STYLE="white-space:nowrap">Non-Extending</FONT>
Lender&#146;s then-existing Scheduled Maturity Date requested by the Borrowers in the applicable Extension Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Lender shall not be
required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Ryder to require such assignment and delegation cease to apply. Each party hereto agrees that
(a)&nbsp;an assignment required pursuant to this <U>Section</U><U></U><U>&nbsp;11.13</U> may be effected pursuant to an Assignment and Assumption executed by Ryder, the Administrative Agent and the assignee, and (b)&nbsp;the Lender required to make
such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; <U>provided</U>, <U>that</U>, following the effectiveness of any such assignment, the
other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; <U>provided</U>, <U>further</U>, <U>that</U>, any such documents shall be without
recourse to or warranty by the parties thereto. Notwithstanding anything in this <U>Section</U><U></U><U>&nbsp;11.13</U> to the contrary, (i)&nbsp;no Lender that acts as a L/C Issuer may be replaced hereunder at any time it has any Letter of Credit
outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or the depositing of
cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such L/C Issuer) have been made with respect to such outstanding Letter of Credit, and (ii)&nbsp;no Lender that acts as an Agent may be
replaced hereunder except in accordance with the terms of <U>Section</U><U></U><U>&nbsp;9.06</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.14</B> <B>Governing Law; Jurisdiction; Etc</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>GOVERNING LAW</U>. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action
(whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and
thereby shall be governed by, and construed in accordance with, the law of the State of NEW YORK. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>SUBMISSION TO
JURISDICTION</U>. RYDER AND EACH OTHER BORROWER IRREVOCABLY AND UNCONDITIONALLY agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise,
against ANY Agent, any Lender, ANY l/c Issuer, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than THE COURTS OF THE STATE OF
NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF
SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST RYDER OR ANY OTHER BORROWER OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>WAIVER OF VENUE</U>. RYDER AND EACH OTHER BORROWER IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT
REFERRED TO IN <U>SECTION 11.14(b)</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>SERVICE OF PROCESS</U>. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN <U>SECTION 11.02</U>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.15</B> <B>Waiver of Jury Trial</B><B>.</B> EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY </P>
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ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B)&nbsp;ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION 11.15</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.16</B> <B>No Advisory or Fiduciary Responsibility</B><B>.</B> In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Ryder and each other Borrower acknowledges and agrees that: (a)(i) the arranging and other services
regarding this Agreement provided by the Agents, the Arrangers, the Sustainability Coordinator and the Lenders are <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between Ryder, each other Borrower and their
respective Affiliates, on the one hand, and the Agents<B>,</B> the Arrangers, the Sustainability Coordinator and the Lenders, on the other hand, (ii)&nbsp;each of Ryder and the other Borrowers has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (iii)&nbsp;Ryder and each other Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (b)(i) each Agent, each Arranger, the Sustainability Coordinator and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for Ryder, any other Borrower or any of their respective Affiliates, or any other Person, and (ii)&nbsp;none of any Agent, any Arranger, the Sustainability Coordinator, or any Lender has any obligation to Ryder, any
other Borrower or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c)&nbsp;the Agents, the Arrangers, the Sustainability
Coordinator, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Ryder, the other Borrowers and their respective Affiliates, and none of any Agent, any
Arranger, the Sustainability Coordinator or any Lender has any obligation to disclose any of such interests to Ryder, any other Borrower or any of their respective Affiliates. To the fullest extent permitted by law, each of<B> </B>Ryder and each
other Borrower hereby waives and releases any claims that it may have against any Agent, any Arranger, the Sustainability Coordinator or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.17</B> <B>Electronic Execution; Electronic Records;
Counterparts</B><B>.</B> This Agreement, any other Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each
Borrower, each Agent and each Lender Party agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered
into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.
Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under
this paragraph may include use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into .pdf), or an electronically signed Communication converted into another format, for
transmission, delivery and/or retention. Each of the Agents and the Lender Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (each, an &#147;<U>Electronic Copy</U>&#148;), which
shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">158 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
deemed created in the ordinary course of such Person&#146;s business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic
Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, none of any Agent, any L/C Issuer, or any Swing
Line Lender is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; <U>provided</U>, <U>that</U>, without limiting the foregoing,
(a)&nbsp;to the extent any Agent, any L/C Issuer, and/or any Swing Line Lender has agreed to accept such Electronic Signature, each of the Agents and the Lender Parties shall be entitled to rely on any such Electronic Signature purportedly given by
or on behalf of any Borrower and/or any Lender Party without further verification, and (b)&nbsp;upon the request of any Agent or any Lender Party, any Electronic Signature shall be promptly followed by such manually executed counterpart. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of any Agent, any L/C Issuer, or any Swing Line Lender shall be responsible for or have any duty to ascertain or inquire into the
sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with such Agent&#146;s, such L/C Issuer&#146;s, or such
Swing Line Lender&#146;s reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). Each Agent, each L/C Issuer, and each Swing Line Lender shall be entitled to rely on, and shall incur no liability
under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic
Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the
maker thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Borrower and each Lender Party hereby waives (a)&nbsp;any argument, defense or right to contest the legal effect,
validity or enforceability of this Agreement, any other Loan Document based solely on the lack of paper original copies of this Agreement, such other Loan Document, and (b)&nbsp;waives any claim against each Agent and each Lender Party for any
liabilities arising solely from any Agent&#146;s and/or any Lender Party&#146;s reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of the Borrowers to use any available security measures in
connection with the execution, delivery or transmission of any Electronic Signature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.18</B> <B>USA
PATRIOT Act; Canadian AML Acts</B><B>.</B> Each Lender, each L/C Issuer and each Agent (for itself and not on behalf of any Lender or any L/C Issuer) that is subject to the PATRIOT Act or any Canadian AML Act hereby notifies the Borrowers that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)) (the &#147;<U>PATRIOT Act</U>&#148;) and the Canadian AML Acts, it is required to
obtain, verify and record information that identifies the Borrowers and their respective Subsidiaries, which information includes the name and address of each such Person and other information that will allow such Lender, such L/C Issuer or such
Agent, as applicable, to identify such Person in accordance with the PATRIOT Act and the Canadian AML Acts. Each Borrower shall, promptly following a request by any Agent, any Lender or any L/C Issuer, provide all documentation and other information
with respect to the Borrowers and their respective Subsidiaries that such Agent, such Lender or such L/C Issuer requests in order to comply with its ongoing obligations under applicable &#147;know your customer&#148; and Anti-Money Laundering Laws,
including the PATRIOT Act and the Canadian AML Acts and the Beneficial Ownership Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.19</B>
<B>ENTIRE AGREEMENT</B>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">159 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.20</B> <B>Acknowledgement and Consent to <FONT
STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial Institutions</B><B>. </B>Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Lender or any L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a)&nbsp;the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender or any L/C Issuer that is an Affected Financial Institution; and (b)&nbsp;the effects of any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action on any such liability, including, if applicable, (i)&nbsp;a
reduction in full or in part or cancellation of any such liability, (ii)&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a
bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan
Document, or (iii)&nbsp;the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.21</B> <B>Judgment Currency</B>. If, for the purposes of obtaining judgment in any court, it is necessary to
convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the applicable Agent could purchase the first currency with
such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to any Agent or any Lender hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the &#147;<U>Judgment Currency</U>&#148;) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the &#147;<U>Agreement Currency</U>&#148;), be
discharged only to the extent that on the Business Day following receipt by such Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, such Agent or such Lender, as the case may be, may in accordance
with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to any Agent or any Lender from any Borrower in the Agreement
Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the
sum originally due to any Agent or any Lender in such currency, such Agent or such Lender, as the case may be, agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11.22</B> <B>Acknowledgement Regarding Any Supported QFCs</B>. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for any swap or any other agreement or instrument that is a QFC (such support, &#147;<U>QFC Credit Support</U>&#148;, and each such QFC, a &#147;<U>Supported QFC</U>&#148;), the parties acknowledge and
agree that, with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the &#147;<U>U.S. Special Resolution Regimes</U>&#148;) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States), in the event a Covered Entity that is party to a Supported QFC (each, a &#147;<U>Covered Party</U>&#148;) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under such U.S. Special Resolution Regime if the Supported QFC and such
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 </P>

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QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC
Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under such U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or
a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">161 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF<I>, </I>the parties hereto have caused this Agreement to be duly executed
as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>BORROWERS:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">RYDER SYSTEM, INC.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">a corporation organized under the laws of Florida</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">RYDER TRUCK RENTAL HOLDINGS CANADA LTD.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">a corporation organized under the laws of Nova Scotia, Canada</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">RYDER TRUCK RENTAL CANADA LTD. LOCATION DE CAMIONS RYDER DU CANADA LTEE.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">a corporation organized under the laws of Ontario, Canada</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">RYDER SUPPLY CHAIN SOLUTIONS CANADA ULC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">an unlimited liability company organized under the laws of Nova Scotia, Canada</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">RYDER LIMITED,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">a corporation organized under the laws of England and Wales</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">RYDER SYSTEM HOLDINGS (UK) LIMITED,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">a corporation organized under the laws of England and Wales</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">RYDER PUERTO RICO, INC.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">a corporation organized under the laws of Delaware</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">RYDER SUPPLY CHAIN SOLUTIONS PUERTO RICO, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">a limited liability company organized under the laws of Delaware</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Calene F. Candela</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Calene F. Candela</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>ADMINISTRATIVE AGENT</U>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">BANK OF AMERICA, N.A.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">as the Administrative Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anthea Del Bianco</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Anthea Del Bianco</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Vice President</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>CANADIAN AGENT</U>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">ROYAL BANK OF CANADA,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">as the Canadian Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Yvonne Brazier</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Yvonne Brazier</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Manager, Agency Services</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>LENDERS:</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">BANK OF AMERICA, N.A.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">as a Lender, a L/C Issuer, a Domestic Swing Line Lender, and the U.K. Swing Line Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jason Yakabu</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name: Jason Yakabu</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Jurisdiction of tax residence: United States</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Treaty Passport scheme reference number: 13/B/7418/DTTP</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MUFG BANK, LTD.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender and a Domestic Swing Line Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/Oscar D. Cortez</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Oscar D. Cortez</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BNP PARIBAS,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brendan Heneghan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Brendan Heneghan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicolas Doche</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Nicolas Doche</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MIZUHO BANK, LTD.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Donna Demagistris</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Donna DeMagistris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Executive Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Jurisdiction of tax resident: Japan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Treaty Passport scheme reference number: 43/M/274822/DTTP</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PNC BANK, NATIONAL ASSOCIATION,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Samreen Fatima</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Samreen Fatima</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Assistant Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ROYAL BANK OF CANADA,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender and the Canadian Swing Line Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott Umbs</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Scott Umbs</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TRUIST BANK,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chris Hursey</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Chris Hursey</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">U.S. BANK NATIONAL ASSOCIATION,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender and a L/C Issuer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrew Beckman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Andrew Beckman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title:&nbsp;&nbsp; Senior Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WELLS FARGO BANK, NATIONAL ASSOCIATION,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender and a L/C Issuer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jonathan D. Beck</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jonathan D. Beck</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">REGIONS BANK,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Maggie Halleland</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Maggie Halleland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COMERICA BANK,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerald R. Finney</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Gerald R. Finney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Senior Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">RYDER SYSTEM, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d276397dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryder Renews $1.4 Billion Global Revolving Credit Facility </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MIAMI, Dec. 20, 2021 &#150; <U>Ryder System, Inc</U>. (NYSE: R), a leader in <U>supply chain</U>, <U>dedicated transportation</U>, and <U>fleet management</U>
solutions, announces that it has executed a new $1.4&nbsp;billion five-year global revolving credit facility, which includes 11 global institutions, and will expire on December&nbsp;14, 2026. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Execution of this new credit agreement further solidifies Ryder&#146;s strong liquidity position for the next five years,&#148; says John Diez, chief
financial officer for Ryder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The credit facility will be used for working capital and other general corporate purposes of Ryder and its subsidiaries.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are very pleased with the continued long-term financial support and confidence shown by our global banking partners,&#148; says Dan Susik,
senior vice president of finance and treasurer for Ryder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc. and MUFG Bank, Ltd. acted as joint bookrunners and joint lead arrangers.
BNP Paribas Securities Corp., Mizuho Bank, Ltd., PNC Capital Markets LLC, RBC Capital Markets, Truist Securities, Inc., U.S. Bank National Association, and Wells Fargo Securities, LLC acted as joint lead arrangers. Regions Bank and Comerica Bank
also participated as lenders in the transaction. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Media:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Investor Relations:</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Amy Federman</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Bob Brunn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">afederman@ryder.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">bob_s_brunn@ryder.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">305.500.4989</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">305.500.4053</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Ryder System, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides <U>supply chain</U>, <U>dedicated transportation</U>, and <U>fleet
management</U> solutions, including full service <U>leasing</U>, <U>rental</U>, and <U>maintenance</U>, <U>used vehicle sales</U>, <U>professional drivers</U>, <U>transportation services</U>, <U>freight brokerage</U>, <U>warehousing and
distribution</U>, <U><FONT STYLE="white-space:nowrap">e-commerce</FONT> fulfillment</U>, and <U>last mile delivery</U> services, to some world&#146;s most-recognized brands. Ryder provides services throughout the United States, Mexico, Canada, and
the United Kingdom. In addition, Ryder manages nearly 235,000 commercial vehicles and operates more than 300 warehouses encompassing approximately 64&nbsp;million square feet. Ryder is regularly recognized for its industry-leading practices in
third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmentally friendly solutions, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the
hiring of a diverse workforce. <U>www.ryder.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Note Regarding Forward-Looking Statements: Certain statements and information included in this
news release are &#147;forward-looking statements&#148; within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including expectations with respect to our liquidity position, are based on
our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual
results and events to differ materially from those in the forward-looking statements, including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for
management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events, or otherwise. </I></P>
</DIV></Center>

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<SEQUENCE>5
<FILENAME>r-20211214_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20210621.2 -->
<!-- Creation date: 12/20/2021 3:36:19 PM Eastern Time -->
<!-- Copyright (c) 2021 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>r-20211214_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20210621.2 -->
<!-- Creation date: 12/20/2021 3:36:19 PM Eastern Time -->
<!-- Copyright (c) 2021 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.ryder.com//20211214/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="r-20211214.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.ryder.com//20211214/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="24.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="26.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.4</span><table class="report" border="0" cellspacing="2" id="idm139639400886488">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 14, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">RYDER SYSTEM INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000085961<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 14,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">FL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-4364<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">59-0739250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">11690 NW 105th&#160;Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Miami<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">FL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">33178<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(305)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">500-3726<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">R<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
