EXHIBIT 10.1 (COMPASS BANK LOGO) Compass Bank P.O. Box 2006 Dothan, Alabama 36302 334-712-7030 March 22, 2002 Mr. Richard Bailey Boyd Bros. Transportation, Inc. 3275 Highway 30 Clayton, AL 36016 RE: CREDIT AND SECURITY AGREEMENT BETWEEN COMPASS BANK...Credit and Security Agreement • April 2nd, 2002 • Boyd Bros Transportation Inc • Trucking (no local)
Contract Type FiledApril 2nd, 2002 Company IndustryFor the period ending December 31, 2001, Boyd 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.
LOGO) Navistar Financial COMMERCIAL LOAN AND SECURITY AGREEMENT Corporation (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT) Agreement Date: 11/27/2001Commercial Loan and Security Agreement • April 2nd, 2002 • Boyd Bros Transportation Inc • Trucking (no local) • Texas
Contract Type FiledApril 2nd, 2002 Company Industry JurisdictionThe undersigned Borrower hereby applies to Navistar Financial Corporation ("Lender") for a loan of the Unpaid Balance shown below, on the following terms and conditions, in connection with the purchase from seller of the equipment described below (the "Goods"). Borrower hereby acknowledges delivery, inspection and acceptance of the Goods, represents that the Goods are being purchased for a business or commercial purpose and authorizes disbursement of loan proceeds to seller in payment for Goods or other obligations of Borrower.
RECITALSWaiver and Consent Agreement • April 2nd, 2002 • Boyd Bros Transportation Inc • Trucking (no local) • Alabama
Contract Type FiledApril 2nd, 2002 Company Industry Jurisdiction