EXHIBIT 10.1
(COMPASS BANK LOGO) Compass Bank
X.X. Xxx 0000
Xxxxxx, Xxxxxxx 00000
000-000-0000
March 22, 2002
Mr. Xxxxxxx Xxxxxx
Xxxx Bros. Transportation, Inc.
0000 Xxxxxxx 00
Xxxxxxx, XX 00000
RE: CREDIT AND SECURITY AGREEMENT BETWEEN COMPASS BANK ("BANK") AND XXXX
BROS. TRANSPORTATION, INC. ("BORROWER") DATED APRIL 11, 2000
Dear Xxxxxxx:
For the period ending December 31, 2001, Xxxx Bros. Transportation, Inc. was in
violation of Section 6.01 of the above referenced Credit and Security Agreement
(as amended, the "Agreement"). This is the Cash Flows-to-Current Maturity of
Long Term Debt covenant. You have requested and Bank has agreed to waive the
default of the covenant under the Loan Agreement existing as of December 31,
2001 solely by virtue of the violation of Section 6.01 of the Agreement, as
outlined above. This one-time limited waiver is effective only in the specific
instance and for the purpose for which given and nothing contained or provided
herein shall be construed as granting a waiver of any default except as
specifically set forth herein or as allowing Borrower to violate or fail to
perform fully (i) Section 6.01 after December 31, 2001 or (ii) any other
provisions of the Loan Documents at any time.
If the terms of this letter are acceptable to you, please execute this letter
below and return the original hereof to the Bank.
Sincerely,
/s/ Xxx Xxxx
Xxx Xxxx
Vice President
AGREED AND ACCEPTED BY:
XXXX XXXXXXXX TRANSPORTATION, INC.
/s/ Xxxxxxx Xxxxxx
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its COO
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