10-Q

FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

(Mark One)
[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2002
	OR
[  ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                    

Commission File Number   0-23948   

Boyd Bros. Transportation Inc.
(Exact name of Registrant as specified in its charter)

Delaware	63-6006515
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

3275 Highway 30, Clayton, Alabama 36016
(Address of principal executive offices)
(Zip Code)

(334) 775-1400
(Registrant’s telephone number, including area code)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X]  No [  ]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of May 15, 2002.

Common Stock, $.001 Par Value	2,708,105
(Class)	(Number of Shares)

TABLE OF CONTENTS

Part I. Financial Information
	Item 1. Condensed Consolidated Financial Statements
		CONDENSED CONSOLIDATED BALANCE SHEETS
		CONDENSED CONSOLIDATED BALANCE SHEETS
		CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 3. Quantitative and Qualitative Disclosures about Market Risk
PART II. OTHER INFORMATION
	Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
COMMERCIAL LOAN & SECURITY AGREEMENT DATED 1/3/02
COMMERCIAL LOAN & SECURITY AGREEMENT DATED 3/27/02
COMMERCIAL LOAN & SECURITY AGREEMENT DATED 1/17/02
COMMERCIAL LOAN & SECURITY AGREEMENT DATED 1/17/02

INDEX

			Page Number
Part I	Financial Information
	Item 1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets March 31, 2002 (unaudited) and December 31, 2001		3
		Condensed Consolidated Statements of Operations Three-months Ended March 31, 2002 and 2001 (unaudited)		5
		Condensed Consolidated Statements of Cash Flows Three-months Ended March 31, 2002 and 2001 (unaudited)		6
		Notes to Condensed Consolidated Financial Statements		8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		11
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk		15
Part II	Other Information
	Item 6.	Exhibits and Reports on Form 8-K		16
Signatures				16

2

BOYD BROS. TRANSPORTATION INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

			March 31,		December 31,
			2002		2001
			(unaudited)
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	1,991,558	$	2,221,455
	Short-term investments			278,000		278,000
	Accounts receivable:
		Trade and interline		11,922,764		10,055,894
		Other		470,257		956,576
	Current portion of net investment in sales-type leases			2,397,713		1,200,175
	Income tax receivable			541,447		339,220
	Parts and supplies inventory			512,502		497,637
	Tires on revenue equipment			263,733		152,300
	Prepaid licenses and permits			525,049		946,054
	Other prepaid expenses			751,228		1,157,370
	Deferred income taxes			1,497,047		1,497,047
		Total current assets		21,151,298		19,301,728
PROPERTY AND EQUIPMENT:
	Land and land improvements			2,803,873		2,800,523
	Buildings			7,635,280		7,635,280
	Revenue equipment			70,383,876		70,927,529
	Other equipment			12,237,295		12,090,626
	Leasehold improvements			384,884		384,884
		Total		93,445,208		93,838,842
	Less accumulated depreciation and amortization			34,880,674		35,325,568
		Property and equipment, net		58,564,534		58,513,274
OTHER ASSETS:
	Net investment in sales-type leases			3,600,704		3,850,821
	Goodwill			3,452,446		3,452,446
	Deposits and other assets			465,113		465,112
	Revenue equipment available for lease			812,313		500,125
		Total other assets		8,330,576		8,268,504
TOTAL			$	88,046,408	$	86,083,506

See notes to condensed consolidated financial statements.

3

BOYD BROS. TRANSPORTATION INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

			March 31,			December 31,
			2002			2001
			(unaudited)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
	Line of credit		$	—		$	210,540
	Accounts payable			4,782,680			3,339,973
	Current maturities of long-term debt			13,682,312			13,580,359
	Accrued liabilities:
		Self-insurance claims		3,652,722			2,820,773
		Salaries and wages		749,241			485,599
		Other		1,085,939			953,694
		Total current liabilities		23,952,894			21,390,938
LONG-TERM DEBT				25,441,933			25,606,297
DEFERRED INCOME TAXES				13,697,193			13,798,144
		Total liabilities		63,092,020			60,795,379
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
	Preferred stock, $.001 par value - 1,000,000 shares authorized; no shares issued and outstanding
	Common stock, $.001 par value - 10,000,000 shares authorized; 4,069,640 shares issued and outstanding			4,070			4,070
	Treasury stock at cost, 1,361,541 (2002) and 1,355,041 shares (2001)			(9,651,444	)		(9,609,190	)
	Additional paid-in capital			16,884,622			16,884,622
	Retained earnings			17,717,140			18,008,625
		Total stockholders’ equity		24,954,388			25,288,127
TOTAL			$	88,046,408		$	86,083,506

See notes to condensed consolidated financial statements.

4

BOYD BROS. TRANSPORTATION INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended March 31,
			2002			2001
			(unaudited)
OPERATING REVENUES			$	30,592,969		$	30,258,720
OPERATING EXPENSES:
		Salaries, wages and employee benefits		9,349,145			10,494,579
		Cost of independent contractors		8,978,965			6,583,149
		Operating supplies		5,937,212			6,953,686
		Operating taxes and licenses		684,968			522,148
		Insurance and claims		2,158,508			1,725,405
		Communications and utilities		325,895			391,006
		Depreciation and amortization		2,911,948			3,165,001
		Gain on disposition of property and equipment, net		(35,496	)		(506,804	)
		Other		336,477			477,206
		Total operating expenses		30,647,622			29,805,376
OPERATING (LOSS) INCOME				(54,653	)		453,344
OTHER INCOME (EXPENSES):
	Interest income			5,711			16,511
	Interest expense			(401,528	)		(901,232	)
		Other expenses, net		(395,817	)		(884,721	)
LOSS BEFORE BENEFIT FROM INCOME TAXES				(450,472	)		(431,377	)
BENEFIT FROM INCOME TAXES				(162,373	)		(138,475	)
NET LOSS			$	(288,097	)	$	(292,902	)
NET LOSS PER SHARE (Basic and Diluted)			$	(0.11	)	$	(0.10	)
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted)				2,709,838			2,932,362

See notes to condensed consolidated financial statements.

5

BOYD BROS. TRANSPORTATION INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

					Three Months Ended March 31,
					2002			2001
					(unaudited)
OPERATING ACTIVITIES:
	Net loss				$	(288,097	)	$	(292,902	)
	Adjustments to reconcile net loss to net cash provided by operating activities:
			Depreciation and amortization			2,911,948			3,165,001
			Net effect of sales-type leases on cost of independent contractors			(484,546	)		(102,109	)
			Gain on disposal of property and equipment, net			(35,496	)		(506,804	)
			Provision for deferred income taxes			(100,951	)		—
			Changes in assets and liabilities provided (used) cash:
				Accounts receivable		(1,380,551	)		(889,885	)
				Other current assets		498,622			335,865
				Deposits and other assets		—			(22,462	)
				Accounts payable		1,442,707			(393,623	)
				Accrued liabilities and other current liabilities		1,227,836			552,338
				Net cash provided by operating activities		3,791,472			1,845,419
INVESTING ACTIVITIES:
	Payments received on sales-type leases					812,332			603,634
	Capital expenditures:
		Revenue equipment				(827,658	)		(790,778	)
		Other property and equipment				(115,260	)		(58,880	)
		Construction in process				—			(74,458	)
	Proceeds from disposals of property and equipment					26,300			780,843
				Net cash (used in) provided by investing activities		(104,286	)		460,361
FINANCING ACTIVITIES:
	Purchase of treasury stock					(42,254	)		(389,156	)
	Proceeds on line of credit					(210,540	)		(269,624	)
	Proceeds from long-term debt					—			391,047
	Principal payments on long-term debt					(3,664,289	)		(3,194,663	)
				Net cash used in financing activities		(3,917,083	)		(3,462,396	)
NET CHANGE IN CASH AND CASH EQUIVALENTS						(229,897	)		(1,156,616	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD						2,221,455			1,273,281
CASH AND CASH EQUIVALENTS AT END OF PERIOD					$	1,991,558		$	116,665

See notes to condensed consolidated financial statements.

6

BOYD BROS. TRANSPORTATION INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

		Three Months Ended March 31,
		2002		2001
		(unaudited)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for :
	Interest	$	400,528	$	901,231
	Income taxes, net of refunds	$	103,373	$	162,088
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:
Net investment in sales-type leases		$	37,954	$	(109,136	)
Dealer financed purchases of revenue equipment		$	3,601,878	$	—

See notes to condensed consolidated financial statements.

7

BOYD BROS. TRANSPORTATION INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

     The accompanying condensed consolidated financial statements have been prepared in compliance with Form 10-Q instructions and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the statements reflect all adjustments, including those of normal recurring nature, necessary to present fairly the results of the reported interim periods. Interim results are not necessarily indicative of results for a full year. The statements should be read in conjunction with the summary of accounting policies and notes to financial statements included in the Company’s latest annual report on Form 10-K.

2. Principles of Consolidation

     The condensed consolidated financial statements include the accounts of Boyd Bros. and its wholly owned subsidiary, WTI Transport, Inc. (“WTI”). Boyd Bros. and WTI are referred to herein collectively as the Company. All significant inter-company balances, transactions and stockholdings have been eliminated.

3. Environmental Matters

     The Company’s operations are subject to certain federal, state and local laws and regulations concerning the environment. Certain of the Company’s facilities are located in historically industrial areas and, therefore, there is the possibility of environmental liability as a result of operations by prior owners as well as the Company’s use of fuels and underground storage tanks at its regional service centers.

4. Adoption of Recent Accounting Pronouncements

     In June 2001, the Financial Accounting Standards Board (the “FASB”) issued SFAS No. 141, “Business Combinations,” and SFAS No.142, “Goodwill and Other Intangible Assets.” SFAS No. 141 requires the use of the purchase method of accounting and prohibits the use of the pooling-of-interests method of accounting for business combinations initiated after June 30, 2001. This statement also requires that the Company recognize acquired intangible assets apart from goodwill if the acquired intangible assets meet certain criteria. SFAS No.142 requires, among other things, that companies no longer amortize goodwill, but instead test goodwill for impairment at least annually.

     In addition, SFAS No. 142 requires that the Company identify reporting units for purposes of assessing potential future impairments of goodwill, reassess the useful lives of other existing recognized finite-lived intangible assets, and cease amortization of intangible assets with an indefinite useful life. An intangible asset with an indefinite

8

useful life should be tested for impairment in accordance with the guidance in SFAS No. 142. This statement is required to be applied in fiscal years beginning after December 15, 2001, to all goodwill and other intangible assets recognized at that date, regardless of when those assets were initially recognized. SFAS No. 142 requires the Company to complete a transitional goodwill impairment test within six months from the date of adoption and reassess the useful lives of other intangible assets within the first interim quarter after adoption. The Company adopted SFAS Nos. 141 and 142 on January 1, 2002, and accordingly, ceased amortization of goodwill in 2002. At present, the Company is currently assessing, but has not yet determined, the complete impact the adoption of SFAS No. 141 and SFAS No. 142 will have on its financial position and results of operations. At March 31, 2002, the net book value recorded for goodwill was $3,452,446.

5. Accounting Standards Not Yet Adopted

     In August 2001, the FASB issued SFAS No. 143, “Accounting for Asset Retirement Obligations.” SFAS No. 143 covers all legally enforceable obligations associated with the retirement of tangible long-lived assets and provides the accounting and reporting requirements for such obligations. SFAS No. 143 is effective for the Company beginning January 1, 2003. The Company has not assessed the impact of this new statement on its financial position or results of operations.

6. Debt

     The Company was not in compliance with certain financial covenant ratio requirements required by its loan agreements with its major lenders, including the term loan for the new Birmingham terminal, as of March 31, 2002. Management believes that its relationships with these lenders continues to be satisfactory, as it has in the past, despite the fact that from time to time the Company has been out of compliance with certain debt covenants. There can be no assurance that the Company will be able to comply with these covenants in the future or that the Company’s lenders will provide waivers with respect to any such noncompliance. If the Company cannot obtain such waivers, the lenders may exercise their remedies under the applicable loan agreements, which may have a material adverse effect on the Company’s financial condition.

7. Segment Information

     The Company has two reportable segments: Boyd and WTI. The Boyd division is a flatbed carrier that hauls primarily steel and building products throughout most of the continental United States, and operates 735 trucks. Boyd had 533 company drivers and 202 owner-operators as of March 31, 2002. The WTI division is a flatbed carrier that hauls steel and roofing products, primarily in the eastern two-thirds of the United States, and operates 219 trucks. WTI had 35 company drivers and 184 owner-operators as of March 31, 2002. Unaudited segment reporting information for the three-month periods ended March 31, 2002 and 2001 is as follows:

9

Results of Operations
Three Months Ended March 31, 2002	Boyd			WTI			Eliminations			Total
Operating revenues	$	25,830,122		$	4,799,304		$	(36,457	)	$	30,592,969
Operating expenses		26,042,680			4,641,399			(36,457	)		30,647,622
Operating income		(212,558	)		157,905			—			(54,653	)
Operating ratio(1)		100.8	%		96.7	%					100.2	%

Three Months Ended March 31, 2001	Boyd			WTI			Eliminations			Total
Operating revenues	$	25,843,151		$	4,527,205		$	(111,636	)	$	30,258,720
Operating expenses		25,099,975			4,817,037			(111,636	)		29,805,376
Operating income		743,176			(289,832	)		—			453,344
Operating ratio(1)		97.1	%		106.4	%					98.5	%

Identifiable Assets
As of March 31, 2002	Boyd		WTI		Eliminations	Total
Cash and cash equivalents	$	360,643	$	1,630,915		$	1,991,558
Property and equipment, net		53,435,230		5,129,304			58,564,534
Goodwill		—		3,452,446			3,452,446
Long-term debt (including current maturities)		36,439,182		2,685,063			39,124,245

As of December 31, 2001	Boyd		WTI		Eliminations	Total
Cash and cash equivalents	$	943,574	$	1,277,881		$	2,221,455
Property and equipment, net		53,913,899		4,599,375			58,513,274
Goodwill		—		3,452,446			3,452,446
Long-term debt (including current maturities)		35,781,177		3,405,479			39,186,656

(1) Ratio of operating expenses to operating revenue.

10

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

     The following discussion should be read in conjunction with the attached interim consolidated financial statements and with the Company’s 2001 Annual Report to Stockholders, which included audited financial statements and notes thereto for the fiscal year ended December 31, 2001, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

     The Company, headquartered in Clayton, Alabama, is a flatbed truckload carrier that operates throughout most of the continental United States, hauling steel products and building materials. In these markets, the Company serves high-volume, time-sensitive shippers that demand time definite delivery.

     Historically, the Company has owned its revenue equipment and operated through employee-operators. The Company’s expansion in the past, therefore, required significant capital expenditures that have been funded through secured borrowings. In the last five years, the Company began adding owner-operators to its fleet as a strategy to expand its potential for growth without the concomitant increase in capital expenditures typically related to owned equipment. The Company accelerated the implementation of this strategy in December 1997 with the acquisition of WTI, which specializes in short-haul routes using a largely owner-operator fleet.

     The Company continues to focus on marketing and sales efforts and is broadening its customer base in diverse industries as well as stressing best-in- business service to its customers. Although the Company continues to face a difficult freight environment, and has been hampered by a recent spike in insurance claims expense, the Company believes these efforts are beginning to yield results in the form of profitable operations in the month of April and a slight profit for the first four months of 2002. Although results to date are not necessarily indicative of the Company’s performance for the year, the Company is encouraged by recent results. See “Factors That May Effect Future Results,” below.

     The following tables set forth, by segment, the percentage relationship of expense items to operating revenues and certain other operating statistics for the periods indicated:

		Company						Boyd						WTI
								Quarter Ended March 31,
		2002			2001			2002			2001			2002			2001
Operating revenues			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Operating expenses
	Salaries, wages, and employee benefits		30.6			34.7			33.6			38.3			14.1			13.0
	Cost of independent contractors		29.3			21.7			23.8			14.1			59.9			67.3
	Operating supplies		19.4			23.0			21.3			25.4			9.2			8.6
	Operating taxes and licenses		2.2			1.7			2.3			1.8			1.7			1.3
	Insurance and claims		7.1			5.7			7.6			5.5			4.0			6.9
	Communications and utilities		1.1			1.3			1.1			1.3			0.8			1.2
	Depreciation and amortization		9.5			10.5			10.4			11.1			4.6			6.3
	Gain on disposition of property and equipment, net		(0.1	)		(1.7	)		(0.1	)		(1.8	)		(0.1	)		(0.9	)
	Other		1.1			1.6			0.9			1.4			2.4			2.7
Total operating expenses			100.2			98.5			100.8			97.1			96.7			106.4
Operating income			(0.2	)		1.5			(0.8	)		2.9			3.3			(6.4	)
Interest expense, net			(1.3	)		(2.9	)		(1.4	)		(3.2	)		(0.7	)		(1.2	)
Other income			—			—			—			—			—			—
Income (loss) before income taxes			(1.5	)		(1.4	)		(2.2	)		(0.3	)		2.6			(7.6	)
	Income taxes (benefit)		(0.5	)		(0.4	)		(0.9	)		(0.1	)		1.3			(2.4	)
Net income (loss)			(1.0	)%		(1.0	)%		(1.3	)%		(0.2	)%		1.3	%		(5.2	)%

11

	Company						Boyd						WTI
							Quarter Ended March 31,
	2002			2001			2002			2001			2002			2001
Company operated tractors		568			662			533			632			35			30
Owner-operated tractors		386			295			202			126			184			169
Total tractors		954			957			735			758			219			199
Company operated tractor %		60	%		69	%		73	%		83	%		16	%		15	%
Owner-operated tractor %		40	%		31	%		27	%		17	%		84	%		85	%
Total %		100	%		100	%		100	%		100	%		100	%		100	%

Results of Operations

     The Company’s total operating revenues increased $334,249 or 1.1% to $30,592,969 for the quarter ended March 31, 2002, compared with $30,258,720 for the same period in 2001. This change in total operating revenues before intersegment eliminations reflected a decrease of $13,029 in the Boyd division and an increase of $272,099 or 6.0% at the WTI division.

     Total operating expenses increased $841,554 or 2.8% to $30,647,622 for the first quarter ended March 31, 2002, compared with $29,806,068 for the same three months last year. The increase in the Company’s operating expenses, which were attributable primarily to the Boyd division, were due largely to increases in insurance and claims, and reduced gains on sale of property, plant and equipment.

     Depreciation and amortization decreased $253,053 or 8.0% to $2,911,948 from $3,165,001 in the first quarter of 2001. As a percentage of operating revenues, depreciation and amortization decreased to 9.5% from 10.5%. The decrease in depreciation and amortization for the quarter was primarily associated with the Boyd division, which during the past year has converted some company tractors to owner-operated tractors subject to lease/purchase arrangements. And effective January 1, 2002, the Company discontinued amortization of goodwill at its WTI division in accordance with SFAS No. 142.

     Gain on disposition of property and equipment, net declined $471,308 or 93.0% to $35,496 from $506,804 in the first quarter of 2001. As a percentage of operating revenues, gain on disposition of property and equipment, net declined to 0.1% from 1.7%. The lower gains, again related almost entirely to the Boyd division because it operates primarily with company-owned power units, reflected lower trade-in activity and depressed trade-in values for used tractors. The prior-year amount also included a gain on the sale of the Company’s airplane during the first quarter of 2001.

     Offsetting these increases to some extent, operating supplies declined $1,016,474 or 14.6% to $5,937,212 from $6,953,686 in the first quarter of 2001. The majority of the decline in first quarter operating supplies related to lower fuel costs at the Boyd division, which operates using largely company-owned power units. Boyd experienced an increase in the number of owner-operators from 126 for the period ended March 31, 2001 to 202 for the period ended March 31, 2002. This increase resulted in lower fuel costs for the quarter ended March 31, 2002. This increase also contributed to the decrease in salaries, wages and benefits of $1,145,434 or 11% to $9,349,145 from $10,494,579 in the first quarter of 2001. The decrease in salaries, wages and benefits for the period ended March 31, 2001, was offset by increases in the cost of independent contractors of $2,395,816. The WTI division, while still relying primarily on owner-operators, experienced an increase in its overall fuel costs for the period due to an increase in the number of company drivers in that division over the same period last year.

     As a net result of higher operating expenses for the first quarter, offset to some extent by higher operating revenues, the Company reported an operating loss of $54,653 for the period compared with operating income of $452,652 for the same period in 2001. The Company’s ratio of operating expenses to operating revenues (operating ratio) for the first quarter of 2002 was 100.2% compared with 98.5% for the same period in 2001. For the Boyd division, the operating ratio was 100.8% in the first quarter versus 97.1% in the year-earlier period. For the WTI division, the operating ratio was 96.7% in the first quarter versus 106.4% in the year-earlier period.

     Interest expense for the first quarter declined $499,704 or 55.6% to $401,528 from $901,232 in the first quarter of 2001. As a percentage of operating revenues, interest expense declined to 1.3% from 2.9%. Most of the Company’s revenue equipment financing is associated with the Boyd division because of its larger company-owned

12

fleet, thus most of the decline in interest expense for the first quarter related to the Boyd division and reflected both lower debt levels and a lower LIBOR rate on borrowed funds.

     Income tax benefit for the three-month period ended March 31, 2002 was $162,373 resulting in an effective tax rate of 36%. This rate is greater than the Federal statutory rate primarily due to the effect of state taxes.

Liquidity and Capital Resources

     The Company’s primary cash requirements are for capital expenditures and operating expenses, including labor costs, fuel costs and operating supplies. Historically, the Company’s primary sources of cash have been from operations and bank borrowings.

     Net cash flow provided by operating activities was $3,791,472 during the first three months of 2002, compared with $1,845,419 during the same period in 2001. The increase in the net cash provided by operating activities reflects changes in working capital items including an increase in accrued liabilities relating primarily to cargo and physical damage and worker's compensation insurance accruals. The Company has been involved in two accidents in the first quarter of 2002 that resulted in third party fatalities. Each of these accidents, taken separately, has the potential to cause the Company to reach its total per occurrence retention amount for insurance purposes. Although no claims have been made against the Company with respect to these accidents, in the event claims are made and the Company ultimately is found to have some liability for these accidents, the Company believes that its operating cash flows and unused line of credit would be sufficient to cover any amounts payable. Increases in accounts receivable trade and interline of $1,866,870 since December 31, 2001 were offset by increases in accounts payable of $1,442,707.

     Accounts receivable — trade and interline at March 31, 2002, increased 18.0% or $1,866,870 compared with the amount at December 31, 2001. This represented 13.8% of total assets at March 31, 2002, versus 11.8% of total assets at December 31, 2001. The days of revenue in accounts receivable for the period ended March 31, 2002, were 35.1 compared with 29.3 for the period ended December 31, 2001. The increase in accounts receivable was related to an increase in load volume and not due to inefficiency in collecting. The Company also reserves for bad debts that are related to sale-leaseback transactions with its owner-operators. Bad debt expense on such leases for the quarter ended March 31, 2002, was $1,314,488 compared with $124,649 for the same period in 2001. The increase in these bad debts is related to the increase in the number of owner-operators as of March 31, 2002.

     The Company used $(104,286) of cash from its investing activities for the three month period ended March 31, 2002 as compared to cash provided from investing activities in 2001 because of fewer disposals of property and equipment this year.

     The Company used cash in financing activities during the three month period ended March 31, 2002 to pay down its existing bank debt. The Company’s bank debt bears interest ranging from LIBOR plus 1.25% to LIBOR plus 2.25% and also at a fixed rate of 5.60%, all payable in monthly installments and with maturities through December 2006. The bank debt is collateralized by revenue equipment. The Company also has one line of credit totaling $2,500,000 bearing interest at the bank’s 30-day LIBOR rate plus 1.75%. As of March 31, 2002, the Company had no outstanding borrowings on its line of credit.

     As of March 31, 2002, the Company was not in compliance with certain financial covenant ratio requirements imposed by its major lenders. There can be no assurance that the Company will be able to comply with these covenants in the future. If the Company is unable to comply with these covenants in the future, there can be no assurance that the Company’s lenders will provide any additional waivers with respect to any such noncompliance.

     During the first quarter of 2002, the Company purchased 6,500 shares of its common stock from Steven Rumsey, the Chief Executive Officer of WTI, for an aggregate purchase price of $42,254, at a price per share of $6.50 in accordance with the terms of the 1997 WTI acquisition agreement. The Company funded this purchase using its working capital.

     As of March 31, 2002, the Company believes that the availability of credit under its line of credit and internally generated cash will be adequate to finance its operations and anticipated capital expenditures through fiscal year 2002. Over the long term, the Company will continue to have significant capital requirements that may require the Company to seek additional borrowings or equity capital. The availability of debt financing or equity capital will depend upon prevailing market conditions, the market price of its Common Stock and other factors over which the Company has no control, as well as the Company’s financial condition and results of operations.

Factors That May Affect Future Results

     The Company’s future results may be affected by a number of factors over which the Company has little or no control. Fuel prices, insurance and claims costs, liability claims, interest rates, the availability of qualified drivers, fluctuations in the resale value of revenue equipment, economic and customer business cycles and shipping demands are economic factors over which the Company has little or no control. Significant increases or rapid fluctuations in fuel prices, interest rates or insurance costs or liability claims, to the extent not offset by increases in freight rates, and the resale value of revenue equipment could reduce profitability. Weakness in the general economy, including a weakness in consumer demand for goods and services, could adversely affect customers and growth and

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revenues, if customers reduce their demand for transportation services. Weakness in customer demand for the Company’s services or in the general rate environment also may restrain the Company’s ability to increase rates or obtain fuel surcharges. It also is not possible to predict the medium or long-term effects of terrorist attacks on September 11, 2001, and subsequent events on the economy or on customer confidence in the United States, or the impact, if any, on the Company’s future results of operations.

     The following issues and uncertainties, among other things, should be considered in evaluating the Company’s growth outlook:

Business uncertainties

     The Company has experienced significant and rapid growth in revenue since the Company went public in May 1994. There can be no assurance that the Company’s business will continue to grow in a similar fashion in the future or that the Company can effectively adapt the management, administrative, and operational systems to respond to any future growth. Further, there can be no assurance that the operating margins will not be adversely affected by future changes in and expansion of the Company’s business or by changes in economic conditions.

Insurance

     The Company’s future insurance and claims expenses might exceed historical levels, which could reduce earnings. The Company currently self-insures for a portion of the claims exposure resulting from cargo loss, personal injury, and property damage, combined up to $500,000 per occurrence. The workers’ compensation self-insurance level remains at a maximum of $250,000, and the health insurance self-insurance level is $175,000 per person per year. If the number of claims for which the Company is self-insured increases, operating results could be adversely affected. The Company has been involved in two accidents in the first quarter of 2002 that resulted in third party fatalities. Each of these accidents, taken separately, has the potential to cause the Company to reach its total per occurrence retention amount for insurance purposes. Although no claims have been made against the Company with respect to these accidents, in the event claims are made and the Company ultimately is found to have some liability for these accidents, the Company believes that its operating cash flows and unused lines of credit would be sufficient to cover any amounts payable. Also, the Company maintains insurance with licensed insurance companies above the amounts for which the Company is self-insured. The terrorist attacks in the United States on September 11, 2001, and subsequent events, may result in additional increases in the Company’s insurance expenses. If these expenses continue to increase, and the Company is unable to offset the increase with higher freight rates, the Company’s earnings could be materially affected.

Revenue equipment

     The Company’s growth has been made possible through the addition of new revenue equipment. Difficulty in financing or obtaining new revenue equipment (for example, delivery delays from manufacturers or the unavailability of independent contractors) could restrict future growth.

     In the past the Company has acquired new tractors and trailers at favorable prices and has entered into agreements with the manufacturers to repurchase the tractors from the Company at agreed prices. Current developments in the secondary tractor and trailer resale market have resulted in a large supply of used tractors and trailers on the market. This has depressed the market value of used equipment to levels significantly below the prices at which the manufacturers have agreed to repurchase the equipment. Accordingly, some manufacturers may refuse or be financially unable to keep their commitments to repurchase equipment according to their repurchase agreement terms. The Company understands that some manufacturers have communicated to customers their intention to significantly increase new equipment prices and eliminate or sharply reduce the price of repurchase commitments.

Inflation

     Many of the Company’s operating expenses, including fuel costs and fuel taxes, are sensitive to the effects of inflation, which could result in higher operating costs. During 2000, 2001 and the first three months of 2002, the Company experienced fluctuations in fuel costs as a result of conditions in the petroleum industry. The Company also has periodically experienced some wage increases for drivers. Increases in fuel costs and driver compensation are expected to continue during 2002 and may affect operating income, unless the Company is able to pass those increased costs to customers through rate increases or fuel surcharges. The Company has initiated an aggressive program to obtain rate increases and fuel surcharges from customers in order to cover increased costs due to these increases in fuel prices, driver compensation and other expenses and have been successful in implementing some fuel surcharges. Competitive conditions in the transportation industry, including lower demand for transportation services, could limit the Company’s ability to continue to obtain rate increases or fuel surcharge.

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Fuel Price Trend

     The motor carrier industry depends upon the availability of diesel fuel, and fuel shortages or increases in fuel taxes or fuel costs have adversely affected, and may in the future adversely affect, the profitability of the Company. Fuel prices have fluctuated greatly and fuel taxes have generally increased in recent years. The Company has not experienced difficulty in maintaining necessary fuel supplies, and in the past the Company generally has been able to partially offset significant increases in fuel costs and fuel taxes through increased freight rates and through a fuel surcharge which increases incrementally as the price of fuel increases. There also can be no assurance that the Company will be able to recover any future increases in fuel costs and fuel taxes through increased rates. If fuel prices continue to increase or are sustained at these higher levels for a continuing period of time, the higher fuel costs may have a materially adverse effect on the financial condition and business operations of the Company. Additionally, the increased fuel costs may continue to have a materially adverse effect on the Company’s efforts to attract and retain owner-operators, expand its pool of available trucks and diversify its operations.

Forward-looking Statements

     Certain of the above statements contained herein under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, business conditions and growth in the economy, including the transportation and construction sectors in particular, competitive factors, including price pressures and the ability to recruit and retain qualified drivers, the ability to control internal costs, particularly fuel costs, which may or may not be passed on to the Company’s customers, departures and defaults by owner-operators, the cost of complying with governmental regulations that are applicable to the Company, and other factors referenced elsewhere herein.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

     The Company is exposed to interest rate risk due to its long-term debt, which at March 31, 2002, bore interest at rates ranging from 1.25% to 2.25% above the bank’s LIBOR rate. Under the provisions of Statement of Financial Accounting Standards No. 107, “Disclosures about Fair Value of Financial Instruments,” the Company has estimated the fair value of its long-term debt approximates its carrying value, using a discounted cash flow analysis based on borrowing rates available to the Company. The effect of a hypothetical 10% increase in interest rates would increase the estimated fair value of the Company’s long-term debt by approximately $300,000. Management believes that current working capital funds are sufficient to offset any adverse effects caused by changes in the interest rates.

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PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits, Financial Statements and Schedules

10.1	Commercial Loan and Security Agreement dated January 3, 2002 by and between the Company and Navistar Financial Corporation.
10.2	Commercial Loan and Security Agreement dated March 27, 2002 by and between the Company Navistar Financial Corporation.
10.3	Commercial Loan and Security Agreement dated January 17, 2002 by and between the Company and Navistar Financial Corporation.
10.4	Commercial Loan and Security Agreement dated January 17, 2002 by and between the Company and Navistar Financial Corporation.

(b)  Reports on Form 8-K

     The Company filed no reports on Form 8-K during the quarter ended March 31, 2002.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Boyd Bros. Transportation Inc. (Registrant)
Date:   May 15, 2002	/s/ Richard C. Bailey
	Richard C. Bailey, Chief Financial Officer (Principal Accounting Officer)

16 EX-10.1 3 g75786ex10-1.txt COMMERCIAL LOAN & SECURITY AGREEMENT DATED 1/3/02 EXHIBIT 10.1 COMMERCIAL LOAN AND SECURITY AGREEMENT (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT) [LOGO] Navistar Financial Agreement Date: 1/3/2002 Corporation The 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. Seller Information BORROWER INFORMATION: Seller Number 001479-000 Boyd Bros. Transportation, Inc. 937-525-0341 International Truck & 825 West Laffels Lane SSN#/TAX-ID Engine Corp. Chicago, IL Springfield, OH 45506 CUSTOMER # APPROVAL NUMBER: 01292208 COUNTY: 4706016 DESCRIPTION OF EQUIPMENT

VEHICLE NEW YEAR USED MANUFACTURER MODEL SERIAL NUMBER OTHER EQUIPMENT UNIT NUMBER - ------- ---- ------------ ----- ------------- --------------- ----------- SEE ADDENDUM - SCHEDULE A

DESCRIPTION OF TRADE-IN

GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER BODY TYPE ALLOWANCE OWING (NET ALLOWANCE) - ---- ------------ ----- ------------- --------- --------- ----------- --------------- SEE ADDENDUM - SCHEDULE B

INSURANCE COVERAGE NO LIABILITY INSURANCE INCLUDED PHYSICAL DAMAGE: Physical damage insurance satisfactory to Lender is required. The Borrower may choose the person through which the insurance is to be obtained or provide such insurance through an existing policy subject to Lender's right to refuse to accept any such insurer for any reasonable cause. If physical damage insurance is included in this Agreement, the cost of insurance shall be _________ as set forth in item 6a and the following coverages are provided for a term of ______ months from the date of delivery. Deductible Other Than Collision (Specified Perils, Comprehensive or Fire, Theft and Combined Additional Coverage, as per attached insurance application.) Deductible Collision ________________________________________________________________________________ Name of Physical Damage Insurance Company Agent Name/Phone Texas Residents Only: If physical damage insurance is obtained through the Lender and placed with a county mutual insurance company, the premium or rate of charge is not fixed or approved by the Texas State Board of Insurance. CREDIT LIFE INSURANCE IS NOT REQUIRED. If a charge is include in 6b it is understood credit life insurance is requested in this Agreement and the Borrower signing below is the insured. Borrower hereby acknowledges receipt of a certificate containing the terms of such insurance through Agent: ________________________________________________________________________________ Name of Credit Life Insurance Company Agent Name/Phone SALE ANALYSIS - -------------------------------------------------------------------------------- 1. CASH PRICE $583,228.72 - -------------------------------------------------------------------------------- 2. SALES AND OTHER TAXES $ 67,082.28 - -------------------------------------------------------------------------------- 3. CASH PRICE + TAX (1 + 2) $650,311.00 - -------------------------------------------------------------------------------- 4a. CASH DOWN PAYMENT - -------------------------------------------------------------------------------- b. TRADE-IN (NET ALLOWANCE) $118,500.00 - -------------------------------------------------------------------------------- TOTAL DOWN PAYMENT (4a + 4b) $118,500.00 - -------------------------------------------------------------------------------- 5. UNPAID BALANCE OF CASH PRICE (3 LESS 4) $531,811.00 - -------------------------------------------------------------------------------- 6. a. PHYSICAL DAMAGE - -------------------------------------------------------------------------------- b. CREDIT LIFE INSURANCE - -------------------------------------------------------------------------------- c. CERTIFICATE OF TITLE FEE - -------------------------------------------------------------------------------- d. OFFICIAL FEES - -------------------------------------------------------------------------------- e. OPTIONAL SERVICE/EXTENDED WARRANTY - -------------------------------------------------------------------------------- f. OTHER - -------------------------------------------------------------------------------- TOTAL OTHER CHARGES (Total of 6a. to 6f.) - -------------------------------------------------------------------------------- 7. TOTAL CHARGES INCURRED (5 + 6) $531,811.00 - -------------------------------------------------------------------------------- 8. PROMISSORY NOTE: If this Agreement is accepted by Lender, Borrower promises to pay to Lender or to its order the Unpaid Balance (Amount Financed) set forth in Line 7 above, together with interest from the date of this Agreement, in installments as set forth below: Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount of $81,272.60 computed at a rate equivalent to 5.75% per annum in installments as set forth below.

# OF AMOUNT OF # OF AMOUNT OF # OF AMOUNT OF PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING - -------- ---------- --------- -------- --------- --------- -------- --------- --------- 60 $10,218.06 2/2/2002

FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH (INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY LENDER. NOTICE TO BORROWER: 1. Do not sign this Agreement before you read it or if it contains blank spaces. 2. You are entitled to a completely filled-in copy of the Agreement when you sign it. 3. Under the law, you have the following rights, among others: (a) to pay off in advance the full amount due and to obtain a partial refund of the interest charges based on the actuarial method unless another method is required by law; (b) to redeem the Goods if repossessed for default; (c) to require, under certain conditions, a resale of the Goods if repossessed. 4. If you desire to pay off in advance the full amount due, the amount of refund you are entitled to, if any, will be furnished upon request. 5. In Texas, this Agreement may be subject in whole or in part to Texas law which is enforced by the Consumer Credit Commissioner, 2601 North Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016, (713) 461-4074. ________________________________________________________________________________ Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 53 ADDITIONAL PROVISIONS LATE PAYMENTS: In addition to promising to pay the total payments as set forth above. Borrower promises to pay past due interest accrued from maturity on each installment in default more than 10 days at the highest rate permitted by law. Borrower also agrees to pay all expenses actually incurred, including attorney fees, in collecting any amount payable under this Agreement, all to the extent allowed by law. PARTIES: As used herein, "Borrower" shall include all persons who sign as "Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its successors and assigns. "Affiliates" shall include all entities directly or indirectly controlling or controlled by or under common control with Lender including but not limited to Harco Leasing Company, Inc. and Navistar Leasing Company. Upon notice of assignment, Borrower agrees to make payments hereunder directly to assignee. Assignee shall be entitled to all rights of Lenders free from any defense, set-off or counterclaim by the Borrower against the Lender, except as required by Law. Seller shall not be the agent of Lender for transmission of payments or otherwise. NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor the manufacturer of the Goods, and has not made and does not make any representation, warranty or covenant with respect to the Goods, either express or implied, written or oral, including but not limited to any representation, warranty or covenant with respect to condition, quality, safety, durability, merchantability, or fitness for a particular purpose. Borrower selected the Goods and hereby agrees that any and all claims, that Borrower has or may in the future have against the seller and/or manufacturer shall not be asserted as an offset against Lender, including but not limited to any claims in product liability. USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense with respect to loss or damages, and taxes and charges of every kind; shall take proper care of the Goods and shall not abuse or misuse the same; shall not sell, assign or transfer its interest in the Goods or remove the Goods from the jurisdiction in which they now reside without the prior written consent of Lender; shall not use the Goods for any illegal purpose and shall not attach any of the Goods to any real estate or to any other property in such a manner as to become a part thereof. If Borrower fails to pay said taxes and said charges, Lender may, at its election, either do so and charge same to Borrower or treat such failure as a breach of condition of this agreement. Any amount so paid by the Lender shall become a part of the indebtedness secured hereunder. PHYSICAL DAMAGE INSURANCE: If a cost of physical damage insurance is included in the Agreement, Borrower hereby assigns to Lender the right to cancel such insurance. If any insurance included in this Agreement is cancelled, whether by request of the Borrower or the Lender, or action of the Insurance Company, Lender is hereby authorized on behalf of Borrower to receive any unearned premium refund. If no cost of physical damage insurance is included in this Agreement, Borrower agrees to promptly insure the goods at its own expense with a company acceptable to the Lender against loss by fire, theft and collision for the period of the term of its Agreement and in such amounts and upon such terms as are acceptable to Lender. Borrower specifically covenants to name Lender as loss payee as its interest may appear. Lender may, in its sole discretion, apply any proceeds of insurance received by it to any indebtedness owed by Borrower to Lender or its Affiliates. PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with evidence of the insurance coverage required by this Agreement, Lender may, but will not be obligated to, purchase insurance at Borrower's expense to protect Lender's interest in the Goods. This insurance may, but need not, protect Borrower's interests. The coverage that Lender purchases may not pay any claim that Borrower makes or any claim that it made against Borrower in connection with the Goods. Borrower may later cancel any insurance purchased by Lender, but only after providing Lender with evidence that Borrower has obtained other insurance as required by the Agreement. If Lender purchases insurance for the Goods, Borrower will be responsible for the costs of such insurance including interest and any other charge Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The cost of the insurance may be added to Borrower's outstanding balance due and owing Lender under the Agreement. The cost of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. SECURITY INTEREST: In order to secure performance and payment of the loans made be Lender to Borrower and all of the Borrowers obligations and indebtedness hereunder and of all other amounts due or to become due hereunder and to secure each and every other obligation or indebtedness of every kind and description and however arising, now or hereafter owing by Borrower to Lender or its Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money security interest under the Uniform Commercial Code in and to the Goods described above, together with all replacements, repairs and accessions thereto and cash and the non-cash proceeds (including insurance proceeds) thereof. The security interest hereby granted is a separate, independent security interest that is in addition to, and not in substitution for, any and all security interests heretofore or hereafter granted by Borrower to Lender. This Agreement is not an amendment to or modification of, or a waiver or release by Lender of, any term, provision or condition of any other agreement between Borrower and Lender. Further, Lender hereby retains and Borrower hereby grants a security interest in the proceeds of any physical damage, credit life and or disability insurance for which a charge is stated above or which is supplied by Borrower, and if a charge for any such insurance has been included in this Agreement, a security interest in the refund of any unearned premiums in the event such insurance is terminated or canceled for any reason. Borrower will not grant any other security interest in and to the Goods described above, without the prior written consent of Lender. Borrower shall cause or cooperate with Lender in causing Lender's security interest in the Goods to become properly perfected under state law through filing of a financing statement or notation on appropriate perfection documents. DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof and if Borrower defaults in any one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any other contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower then Lender may in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or holding Borrower liable for any deficiency; and in consideration of the use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any other remedy provided by Law. Lender may accept partial payments of any sum due without waiving or otherwise modifying the terms of this Agreement and the waiver by Lender of a breach of any condition of this Agreement shall not constitute a waiver of any subsequent breach whether or not a like character. In the event of bankruptcy or other insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other income produced by the Goods prior to its release to Lender. Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 151 ADDITIONAL PROVISIONS -- (Continued) DEFAULT: For Use in Louisiana Only. Borrower does hereby confess judgement in favor of the Lender or any subsequent holder of this agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if any one of the payments on the loan or other payment provided for herein is not fully paid when due, if default be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and exigible in its entirety and the Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure and all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have the right to bid at any public sale. From the proceeds of such sale, the Lender, or future holder of this Agreement, shall deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to become due pursuant to the terms and conditions of this Agreement. GENERAL: Borrower hereby covenants that all facts and information contained herein and in the credit application are true and correct as of the date hereof and specifically warrants that there are no other amounts owing on the trade-in equipment except as may be indicated herein. Renewal, extension, or assignment of this Agreement shall not release Borrower or Co-Borrower from any obligations hereunder. POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender to execute, sign, and file on Borrower(s) behalf any financing statement, continuation statement or any other document related to the perfection or protection of the security interest hereby created, if allowed by law. APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied first to accrued interest and delinquency charges and then to the balance of any amount financed then outstanding. SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid, illegal, prohibited or unenforceable by law or otherwise, then such provision shall be void; however, such impairment shall not in any way invalidate or impair the remainder of this Agreement or any other of its provisions. If the rate of interest or other charges set forth hereunder shall exceed the applicable maximum, then such rate shall be reduced to such maximum and any excess interest or charge that may have been collected shall, at the option of the Borrower, either be refunded in cash or applied as a credit to unpaid principal. In no event shall Borrower be obligated to pay such excess charges. ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until accepted by Lender in Illinois. Except as prohibited by law, the construction and validity of this Agreement shall be controlled by the law of Illinois, where this Agreement is entered into, and applicable federal law. This Agreement is entered into in Illinois and all loans made by the Lender will be extended from Illinois. The validity and enforcement of the security interest granted hereunder shall be controlled by the law of jurisdiction where the Goods are to be kept and used. QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate" shall mean for each calendar quarter, the Prime Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London Interbank Offered Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION RELATING TO THIS AGREEMENT. THIS SPACE INTENTIONALLY LEFT BLANK All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070 or as otherwise directed by Lender to Borrower in writing. Telephone inquiries should be directed to Navistar Financial Corporation (847) 734-4000. All other correspondence should be sent to Lender at P.O. Box 4024, Attn: FSC, Schamburg, IL 10168-4024. BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS BETWEEN BORROWER AND LENDER. This Agreement is subject to the terms of the Retail Financing Arrangement between Borrower and Seller, Initial for: Non-recourse_________________________ Guaranty___________________________ AUTHORIZED SIGNATURE FOR SELLER BY ------------------------------------------------------------------------------ (Signature of Owner, Officer, or Authorized Rep.) (Title) LENDERS ACCEPTANCE Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL, 60008 BY DATE ------------------------------------------------------ ------------------ Authorized Representative BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY NAME OF BORROWER: Boyd Bros Transportation, Inc. (Name of individual(s), corporation or partnership. Give trade style if any after name.) BY: /s/ RICHARD BAILEY TITLE C.O.O ---------------------------------------------------- -------------------- (If corporation, authorized party must sign and show corporate title. If partnership, a general partner must sign. If owner(s) or partner, show which.) BY: TITLE ---------------------------------------------------- -------------------- (If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.) - -------------------------------------------------------------------------------- Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: BOYD BROS. TRANSPORTATION, INC. -- AGREEMENT NUMBER: 151 COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date: [LOGO] Navistar Financial Corporation 1/3/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

EQUIPMENT DESCRIPTION

- ------------------------------------------------------------------------------------------------------------------------------------ VEHICLE NEW UNIT YEAR USED MANUFACTURER MODEL SERIAL NUMBER EQUIPMENT TYPE UNIT PRICE NUMBER - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASRX2C037141 Tractor $72,123.95 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR12C037142 Tractor $72,123.95 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR32C037143 Tractor $72,123.95 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR52C037144 Tractor $72,123.95 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR72C037145 Tractor $72,123.95 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNAMR82C035935 Tractor $74,202.99 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNAMRX2C035936 Tractor $74,202.99 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNAMR12C035937 Tractor $74,202.99 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ----------------------------------- Signature Seller Signature COO - ------------------------- Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 53 Page 1 Schedule A-Generated by FIL COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date: [LOGO] Navistar Financial Corporation 1/3/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane Springfield, OH 45506 SELLER NUMBER: 001479-000 SSN#/TAX-ID: COUNTY: APPROVAL NUMBER: 01292208 CUSTOMER #: 4706016

DESCRIPTION OF TRADE-IN

- ------------------------------------------------------------------------------------------------------------------------------------ GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER ALLOWANCE OWING (NET ALLOWANCE) - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR3WC036035 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR7WC036037 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR9WC036038 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR0WC036039 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR0WC036042 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1992 INTL 9400 NH480708 $ 7,000.00 $ 7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1992 INTL 9400 NH480739 $ 7,000.00 $ 7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1992 INTL 9400 NH480725 $ 7,000.00 $ 7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ------------------------------------- Signature Seller Signature COO - ------------------------------------ Title - -------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. Agreement Number: 53 Page 1 Schedule B-Generated By FIL [LOGO] Date: 1/2/2002 INTERNATIONAL FINANCE GROUP Page: 1 of 2 P.O. BOX 4024, SCHAUMBURG, IL 60168-4024 T 847 734 4000 F 847 734 4020 AMORTIZATION SCHEDULE CUSTOMER NAME Boyd Bros. Transportation, Inc. AGREEMENT NUMBER 53 AMOUNT TO FINANCE $531,811.00 DATE OF NOTE 1/3/2002 PAYMENT PLAN Equal Monthly TOTAL FINANCE $ 81,272.60 DATE FINANCE BEGINS 1/3/2002 REBATE METHOD Actuarial TOTAL PAYMENTS $613,083.60 A.P.R. 5.7500 TERM 60

PRINCIPAL PERIOD PAYMENT FINANCE PRINCIPAL PERIOD DATE PAYMENT FINANCE AMOUNT REMAINING REMAINING - ----------------------------------------------------------------------------------- $ 0.00 $ 0.00 $613,083.60 $81,272.60 $531,811.00 - ----------------------------------------------------------------------------------- 1 2/2/2002 $7,754.75 $2,463.31 $ 10,218.06 $78,809.29 $524,056.25 - ----------------------------------------------------------------------------------- 2 3/2/2002 $7,706.96 $2,511.10 $ 10,218.06 $76,298.19 $516,349.29 - ----------------------------------------------------------------------------------- 3 4/2/2002 $7,743.89 $2,474.17 $ 10,218.06 $73,824.02 $508,605.40 - ----------------------------------------------------------------------------------- 4 5/2/2002 $7,780.99 $2,437.07 $ 10,218.06 $71,386.95 $500,824.41 - ----------------------------------------------------------------------------------- 5 6/2/2002 $7,818.28 $2,399.78 $ 10,218.06 $68,987.17 $493,006.13 - ----------------------------------------------------------------------------------- 6 7/2/2002 $7,855.74 $2,362.32 $ 10,218.06 $66,624.85 $485,150.39 - ----------------------------------------------------------------------------------- 7 8/2/2002 $7,893.38 $2,324.68 $ 10,218.06 $64,300.17 $477,257.01 - ----------------------------------------------------------------------------------- 8 9/2/2002 $7,931.21 $2,286.85 $ 10,218.06 $62,013.32 $469,325.80 - ----------------------------------------------------------------------------------- 9 10/2/2002 $7,969.21 $2,248.85 $ 10,218.06 $59,764.47 $461,356.59 - ----------------------------------------------------------------------------------- 10 11/2/2002 $8,007.40 $2,210.66 $ 10,218.06 $57,553.81 $453,349.19 - ----------------------------------------------------------------------------------- 11 12/2/2002 $8,045.76 $2,172.30 $ 10,218.06 $55,381.51 $445,303.43 - ----------------------------------------------------------------------------------- 12 1/2/2003 $8,084.31 $2,133.75 $ 10,218.06 $53,247.76 $437,219.12 - ----------------------------------------------------------------------------------- 13 2/2/2003 $8,123.06 $2,095.00 $ 10,218.06 $51,152.76 $429,096.06 - ----------------------------------------------------------------------------------- 14 3/2/2003 $8,161.97 $2,056.09 $ 10,218.06 $49,096.67 $420,934.09 - ----------------------------------------------------------------------------------- 15 4/2/2003 $8,201.09 $2,016.97 $ 10,218.06 $47,079.70 $412,733.00 - ----------------------------------------------------------------------------------- 16 5/2/2003 $8,240.38 $1,977.68 $ 10,218.06 $45,102.02 $404,492.62 - ----------------------------------------------------------------------------------- 17 6/2/2003 $8,279.87 $1,938.19 $ 10,218.06 $43,163.83 $396,212.75 - ----------------------------------------------------------------------------------- 18 7/2/2003 $8,319.55 $1,898.51 $ 10,218.06 $41,265.32 $387,893.20 - ----------------------------------------------------------------------------------- 19 8/2/2003 $8,359.40 $1,858.66 $ 10,218.06 $39,406.66 $379.533.80 - ----------------------------------------------------------------------------------- 20 9/2/2003 $8,399.47 $1,818.59 $ 10,218.06 $37,588.07 $371,134.33 - ----------------------------------------------------------------------------------- 21 10/2/2003 $8,439.71 $1,778.35 $ 10,218.06 $35,809.72 $362,694.62 - ----------------------------------------------------------------------------------- 22 11/2/2003 $8,480.15 $1,737.91 $ 10,218.06 $34,071.81 $354,214.47 - ----------------------------------------------------------------------------------- 23 12/2/2003 $8,520.78 $1,697.28 $ 10,218.06 $32,374,53 $345,693.69 - ----------------------------------------------------------------------------------- 24 1/2/2004 $8,561.62 $1,656.44 $ 10,218.06 $30,718.09 $337,132.07 - ----------------------------------------------------------------------------------- 25 2/2/2004 $8,602.63 $1,615.43 $ 10,218.06 $29,102.66 $328,529.44 - ----------------------------------------------------------------------------------- 26 3/2/2004 $8,643.86 $1,574.20 $ 10,218.06 $27,528.46 $319,885.58 - ----------------------------------------------------------------------------------- 27 4/2/2004 $8,685.28 $1,532.78 $ 10,218.06 $25,995.68 $311,200.30 - ----------------------------------------------------------------------------------- 28 5/2/2004 $8,726.89 $1,491.17 $ 10,218.06 $24,504.51 $302,473.41 - ----------------------------------------------------------------------------------- 29 6/2/2004 $8,768.71 $1,449.35 $ 10,218.06 $23,055.16 $293,704.70 - ----------------------------------------------------------------------------------- 30 7/2/2004 $8,810.73 $1,407.33 $ 10,218.06 $21,647.83 $284,893.97 - ----------------------------------------------------------------------------------- 31 8/2/2004 $8,852.94 $1,365.12 $ 10,218.06 $20,282.71 $276,041.03 - ----------------------------------------------------------------------------------- 32 9/2/2004 $8,895.37 $1,322.69 $ 10,218.06 $18,960.02 $267,145.66 - ----------------------------------------------------------------------------------- 33 10/2/2004 $8,937.99 $1,280.07 $ 10,218.06 $17,679.95 $258,207.67 - ----------------------------------------------------------------------------------- 34 11/2/2004 $8,980.81 $1,237.25 $ 10,218.06 $16,442.70 $249,226.86 - ----------------------------------------------------------------------------------- 35 12/2/2004 $9,023.85 $1,194.21 $ 10,218.06 $15,248.49 $240,203.01

[LOGO] Date: 1/2/2002 Page 2 of 2 INTERNATIONAL FINANCE GROUP P.O. BOX 4024, SCHAUMBURG, IL 60168-4024 T847 734 4000 AMORTIZATION SCHEDULE T847 734 4020 CUSTOMER NAME Boyd Bros. Transportation, Inc. AGREEMENT NUMBER 53 AMOUNT TO FINANCE $531,811.00 DATE OF NOTE 1/3/2002 PAYMENT PLAN Equal Monthly TOTAL FINANCE $81,272.60 DATE FINANCE BEGINS 1/3/2002 REBATE METHOD Actuarial TOTAL PAYMENTS $613,083.60 A.P.R. 5.7500 TERM 60

PRINCIPAL PERIOD PAYMENT FINANCE PRINCIPAL PERIOD DATE PAYMENT FINANCE AMOUNT REMAINING REMAINING - -------- -------- ---------- ---------- -------- ----------- ----------- 36 1/2/2005 $9,067.09 $1,150.97 $10,218.06 $14,097.52 $231,135.92 - ------------------------------------------------------------------------------------------------------- 37 2/2/2005 $9,110.53 $1,107.53 $10,218.06 $12,989.99 $222,025.39 - ------------------------------------------------------------------------------------------------------- 38 3/2/2005 $9,154.19 $1,063.87 $10,218.06 $11,926.12 $212,871.20 - ------------------------------------------------------------------------------------------------------- 39 4/2/2005 $9,198.06 $1,020.00 $10,218.06 $10,906.12 $203,673.14 - ------------------------------------------------------------------------------------------------------- 40 5/2/2005 $9,242.12 $975.94 $10,218.06 $9,930.18 $194,431.02 - ------------------------------------------------------------------------------------------------------- 41 6/2/2005 $9,286.42 $931.64 $10,218.06 $8,998.54 $185,144.60 - ------------------------------------------------------------------------------------------------------- 42 7/2/2005 $9,330.91 $887.15 $10,218.06 $8,111.39 $175,813.69 - ------------------------------------------------------------------------------------------------------- 43 8/2/2005 $9,375.62 $842.44 $10,219.06 $7,268.95 $166,438.07 - ------------------------------------------------------------------------------------------------------- 44 9/2/2005 $9,420.54 $797.52 $10,218.06 $6,471.43 $157,017.53 - ------------------------------------------------------------------------------------------------------- 45 10/2/2005 $9,465.69 $752.37 $10,218.06 $5,719.06 $147,551.84 - ------------------------------------------------------------------------------------------------------- 46 11/2/2005 $9,511.04 $707.02 $10,218.06 $5,012.04 $138,040.80 - ------------------------------------------------------------------------------------------------------- 47 12/2/2005 $9,556.61 $661.45 $10,218.06 $4,350.59 $128,484.19 - ------------------------------------------------------------------------------------------------------- 48 1/2/2006 $9,602.41 $615.65 $10,218,06 $3,734.94 $118,881.78 - ------------------------------------------------------------------------------------------------------- 49 2/2/2006 $9,648.42 $569.64 $10,218.06 $3,165.30 $109,233.36 - ------------------------------------------------------------------------------------------------------- 50 3/2/2006 $9,694.65 $523.41 $10,218.06 $2,641.89 $99,538.71 - ------------------------------------------------------------------------------------------------------- 51 4/2/2006 $9,741.10 $476.96 $10,218.06 $2,164.93 $89,797.61 - ------------------------------------------------------------------------------------------------------- 52 5/2/2006 $9,787.78 $430.28 $10,218.06 $1,734.65 $80,009.83 - ------------------------------------------------------------------------------------------------------- 53 6/2/2006 $9,834.68 $383.38 $10,218.06 $1,351.27 $70,175.15 - ------------------------------------------------------------------------------------------------------- 54 7/2/2006 $9,881.81 $336.25 $10,218.06 $1,015.02 $60,293.34 - ------------------------------------------------------------------------------------------------------- 55 8/2/2006 $9,929.15 $288.91 $10,218.06 $726.11 $50,364.19 - ------------------------------------------------------------------------------------------------------- 56 9/2/2006 $9,976.73 $241.33 $10,218.06 $484.78 $40,387.46 - ------------------------------------------------------------------------------------------------------- 57 10/2/2006 $10,024.54 $193.52 $10,218.06 $291.26 $30,362.92 - ------------------------------------------------------------------------------------------------------- 58 11/2/2006 $10,072.57 $145.49 $10,218.06 $145.77 $20,290.35 - ------------------------------------------------------------------------------------------------------- 59 12/2/2006 $10,120.84 $97.22 $10,218.06 $48.55 $10,169.51 - ------------------------------------------------------------------------------------------------------- 60 1/2/2007 $10,169.51 $48.55 $10,218.06 $0.00 $0.00 - ------------------------------------------------------------------------------------------------------- $531,811.00 $81,272.60 $613,083.60 $0.00 $0.00

- ------------------------------------------------------------------------------- THIS SCHEDULE MAY NOT REFLECT THE ACTUAL NET BALANCE OWING IF THE CONTRACT IS TERMINATED PRIOR TO MATURITY. - ------------------------------------------------------------------------------- /s/ RICHARD BAILEY - ---------------------------------- ------------------------------------------ Boyd Bros. Transportation, Inc. International Truck & Engine Corp. LENDERS AGREEMENT - ------------------------------------------------------------------------------- Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL 60008 BY DATE - --------------------------------- ------------------------------------------- Authorized Representative COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date: [LOGO] Navistar Financial Corporation 1/3/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

DESCRIPTION OF TRADE-IN

- ------------------------------------------------------------------------------------------------------------------------------------ GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER ALLOWANCE OWING (NET ALLOWANCE) - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR3WC036035 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR7WC036037 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR9WC036038 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR0WC036039 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR0WC036042 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1992 INTL 9400 NH480708 $ 7,000.00 $ 7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1992 INTL 9400 NH480739 $ 7,000.00 $ 7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1992 INTL 9400 NH480725 $ 7,000.00 $ 7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ --------------------------------------- Signature Seller Signature COO - ------------------------------------ Title - -------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 53 Page 1 Schedule B-Generated by FIL COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date: [LOGO] Navistar Financial Corporation 1/3/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

EQUIPMENT DESCRIPTION

- ------------------------------------------------------------------------------------------------------------------------------------ VEHICLE NEW UNIT YEAR USED MANUFACTURER MODEL SERIAL NUMBER EQUIPMENT TYPE UNIT PRICE NUMBER - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASRX2C037141 Tractor $72,123.95 6480 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR12C037142 Tractor $72,123.95 6481 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR32C037143 Tractor $72,123.95 6482 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR52C037144 Tractor $72,123.95 6483 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR72C037145 Tractor $72,123.95 6484 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNAMR82C035935 Tractor $74,202.99 6404 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNAMRX2C035936 Tractor $74,202.99 6405 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNAMR12C035937 Tractor $74,202.99 6406 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ----------------------------------- Signature Seller Signature COO - ------------------------- Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 53 Page 1 Schedule A-Generated By FIL EX-10.2 4 g75786ex10-2.txt COMMERCIAL LOAN & SECURITY AGREEMENT DATED 3/27/02 EXHIBIT 10.2 COMMERCIAL LOAN AND SECURITY AGREEMENT (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT) [LOGO] Navistar Financial Agreement Date: 3/27/2002 Corporation The 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. Seller Information BORROWER INFORMATION: Seller Number 001479-000 Boyd Bros. Transportation, Inc. 937-525-0341 International Truck & 825 West Laffels Lane SSN#/TAX-ID Engine Corp. Chicago, IL Springfield, OH 45506 CUSTOMER # APPROVAL NUMBER: 01292208 COUNTY: 4706016 DESCRIPTION OF EQUIPMENT

VEHICLE NEW YEAR USED MANUFACTURER MODEL SERIAL NUMBER OTHER EQUIPMENT UNIT NUMBER - ------- ---- ------------ ----- ------------- --------------- ----------- SEE ADDENDUM - SCHEDULE A

DESCRIPTION OF TRADE-IN

GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER BODY TYPE ALLOWANCE OWING (NET ALLOWANCE) - ---- ------------ ----- ------------- --------- --------- ----------- --------------- SEE ADDENDUM - SCHEDULE B

INSURANCE COVERAGE NO LIABILITY INSURANCE INCLUDED PHYSICAL DAMAGE: Physical damage insurance satisfactory to Lender is required. The Borrower may choose the person through which the insurance is to be obtained or provide such insurance through an existing policy subject to Lender's right to refuse to accept any such insurer for any reasonable cause. If physical damage insurance is included in this Agreement, the cost of insurance shall be _________ as set forth in item 6a and the following coverages are provided for a term of ______ months from the date of delivery. Deductible Other Than Collision (Specified Perils, Comprehensive or Fire, Theft and Combined Additional Coverage, as per attached insurance application.) Deductible Collision ________________________________________________________________________________ Name of Physical Damage Insurance Company Agent Name/Phone Texas Residents Only: If physical damage insurance is obtained through the Lender and placed with a county mutual insurance company, the premium or rate of charge is not fixed or approved by the Texas State Board of Insurance. CREDIT LIFE INSURANCE IS NOT REQUIRED. If a charge is include in 6b it is understood credit life insurance is requested in this Agreement and the Borrower signing below is the insured. Borrower hereby acknowledges receipt of a certificate containing the terms of such insurance through Agent: ________________________________________________________________________________ Name of Credit Life Insurance Company Agent Name/Phone SALE ANALYSIS - -------------------------------------------------------------------------------- 1. CASH PRICE $1,870,311.97 - -------------------------------------------------------------------------------- 2. SALES AND OTHER TAXES $ 223,901.03 - -------------------------------------------------------------------------------- 3. CASH PRICE + TAX (1 + 2) $2,094,213.00 - -------------------------------------------------------------------------------- 4a. CASH DOWN PAYMENT - -------------------------------------------------------------------------------- b. TRADE-IN (NET ALLOWANCE) $ 487,500.00 - -------------------------------------------------------------------------------- TOTAL DOWN PAYMENT (4a + 4b) $ 487,500.00 - -------------------------------------------------------------------------------- 5. UNPAID BALANCE OF CASH PRICE (3 LESS 4) $1,606,713.00 - -------------------------------------------------------------------------------- 6. a. PHYSICAL DAMAGE - -------------------------------------------------------------------------------- b. CREDIT LIFE INSURANCE - -------------------------------------------------------------------------------- c. CERTIFICATE OF TITLE FEE - -------------------------------------------------------------------------------- d. OFFICIAL FEES - -------------------------------------------------------------------------------- e. OPTIONAL SERVICE/EXTENDED WARRANTY - -------------------------------------------------------------------------------- f. OTHER - -------------------------------------------------------------------------------- TOTAL OTHER CHARGES (Total of 6a. to 6f.) - -------------------------------------------------------------------------------- 7. TOTAL CHARGES INCURRED (5 + 6) $1,606,713.00 - -------------------------------------------------------------------------------- 8. PROMISSORY NOTE: If this Agreement is accepted by Lender, Borrower promises to pay to Lender or to its order the Unpaid Balance (Amount Financed) set forth in Line 7 above, together with interest from the date of this Agreement, in installments as set forth below: Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount of $238,858.80 computed at a rate equivalent to 5.60% per annum in installments as set forth below.

# OF AMOUNT OF # OF AMOUNT OF # OF AMOUNT OF PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING - -------- ---------- --------- -------- --------- --------- -------- --------- --------- 60 $30,759.53 4/26/2002

FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH (INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY LENDER. NOTICE TO BORROWER: 1. Do not sign this Agreement before you read it or if it contains blank spaces. 2. You are entitled to a completely filled-in copy of the Agreement when you sign it. 3. Under the law, you have the following rights, among others: (a) to pay off in advance the full amount due and to obtain a partial refund of the interest charges based on the actuarial method unless another method is required by law; (b) to redeem the Goods if repossessed for default; (c) to require, under certain conditions, a resale of the Goods if repossessed. 4. If you desire to pay off in advance the full amount due, the amount of refund you are entitled to, if any, will be furnished upon request. 5. In Texas, this Agreement may be subject in whole or in part to Texas law which is enforced by the Consumer Credit Commissioner, 2601 North Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016, (713) 461-4074. ________________________________________________________________________________ Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 151 ADDITIONAL PROVISIONS LATE PAYMENTS: In addition to promising to pay the total payments as set forth above. Borrower promises to pay past due interest accrued from maturity on each installment in default more than 10 days at the highest rate permitted by law. Borrower also agrees to pay all expenses actually incurred, including attorney fees, in collecting any amount payable under this Agreement, all to the extent allowed by law. PARTIES: As used herein, "Borrower" shall include all persons who sign as "Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its successors and assigns. "Affiliates" shall include all entities directly or indirectly controlling or controlled by or under common control with Lender including but not limited to Harco Leasing Company, Inc. and Navistar Leasing Company. Upon notice of assignment, Borrower agrees to make payments hereunder directly to assignee. Assignee shall be entitled to all rights of Lenders free from any defense, set-off or counterclaim by the Borrower against the Lender, except as required by Law. Seller shall not be the agent of Lender for transmission of payments or otherwise. NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor the manufacturer of the Goods, and has not made and does not make any representation, warranty or covenant with respect to the Goods, either express or implied, written or oral, including but not limited to any representation, warranty or covenant with respect to condition, quality, safety, durability, merchantability, or fitness for a particular purpose. Borrower selected the Goods and hereby agrees that any and all claims, that Borrower has or may in the future have against the seller and/or manufacturer shall not be asserted as an offset against Lender, including but not limited to any claims in product liability. USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense with respect to loss or damages, and taxes and charges of every kind; shall take proper care of the Goods and shall not abuse or misuse the same; shall not sell, assign or transfer its interest in the Goods or remove the Goods from the jurisdiction in which they now reside without the prior written consent of Lender; shall not use the Goods for any illegal purpose and shall not attach any of the Goods to any real estate or to any other property in such a manner as to become a part thereof. If Borrower fails to pay said taxes and said charges, Lender may, at its election, either do so and charge same to Borrower or treat such failure as a breach of condition of this agreement. Any amount so paid by the Lender shall become a part of the indebtedness secured hereunder. PHYSICAL DAMAGE INSURANCE: If a cost of physical damage insurance is included in the Agreement, Borrower hereby assigns to Lender the right to cancel such insurance. If any insurance included in this Agreement is cancelled, whether by request of the Borrower or the Lender, or action of the Insurance Company, Lender is hereby authorized on behalf of Borrower to receive any unearned premium refund. If no cost of physical damage insurance is included in this Agreement, Borrower agrees to promptly insure the goods at its own expense with a company acceptable to the Lender against loss by fire, theft and collision for the period of the term of its Agreement and in such amounts and upon such terms as are acceptable to Lender. Borrower specifically covenants to name Lender as loss payee as its interest may appear. Lender may, in its sole discretion, apply any proceeds of insurance received by it to any indebtedness owed by Borrower to Lender or its Affiliates. PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with evidence of the insurance coverage required by this Agreement, Lender may, but will not be obligated to, purchase insurance at Borrower's expense to protect Lender's interest in the Goods. This insurance may, but need not, protect Borrower's interests. The coverage that Lender purchases may not pay any claim that Borrower makes or any claim that it made against Borrower in connection with the Goods. Borrower may later cancel any insurance purchased by Lender, but only after providing Lender with evidence that Borrower has obtained other insurance as required by the Agreement. If Lender purchases insurance for the Goods, Borrower will be responsible for the costs of such insurance including interest and any other charge Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The cost of the insurance may be added to Borrower's outstanding balance due and owing Lender under the Agreement. The cost of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. SECURITY INTEREST: In order to secure performance and payment of the loans made be Lender to Borrower and all of the Borrowers obligations and indebtedness hereunder and of all other amounts due or to become due hereunder and to secure each and every other obligation or indebtedness of every kind and description and however arising, now or hereafter owing by Borrower to Lender or its Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money security interest under the Uniform Commercial Code in and to the Goods described above, together with all replacements, repairs and accessions thereto and cash and the non-cash proceeds (including insurance proceeds) thereof. The security interest hereby granted is a separate, independent security interest that is in addition to, and not in substitution for, any and all security interests heretofore or hereafter granted by Borrower to Lender. This Agreement is not an amendment to or modification of, or a waiver or release by Lender of, any term, provision or condition of any other agreement between Borrower and Lender. Further, Lender hereby retains and Borrower hereby grants a security interest in the proceeds of any physical damage, credit life and or disability insurance for which a charge is stated above or which is supplied by Borrower, and if a charge for any such insurance has been included in this Agreement, a security interest in the refund of any unearned premiums in the event such insurance is terminated or canceled for any reason. Borrower will not grant any other security interest in and to the Goods described above, without the prior written consent of Lender. Borrower shall cause or cooperate with Lender in causing Lender's security interest in the Goods to become properly perfected under state law through filing of a financing statement or notation on appropriate perfection documents. DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof and if Borrower defaults in any one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any other contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower then Lender may in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or holding Borrower liable for any deficiency; and in consideration of the use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any other remedy provided by Law. Lender may accept partial payments of any sum due without waiving or otherwise modifying the terms of this Agreement and the waiver by Lender of a breach of any condition of this Agreement shall not constitute a waiver of any subsequent breach whether or not a like character. In the event of bankruptcy or other insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other income produced by the Goods prior to its release to Lender. Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 151 ADDITIONAL PROVISIONS -- (Continued) DEFAULT: For Use in Louisiana Only. Borrower does hereby confess judgement in favor of the Lender or any subsequent holder of this agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if any one of the payments on the loan or other payment provided for herein is not fully paid when due, if default be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and exigible in its entirety and the Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure and all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have the right to bid at any public sale. From the proceeds of such sale, the Lender, or future holder of this Agreement, shall deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to become due pursuant to the terms and conditions of this Agreement. GENERAL: Borrower hereby covenants that all facts and information contained herein and in the credit application are true and correct as of the date hereof and specifically warrants that there are no other amounts owing on the trade-in equipment except as may be indicated herein. Renewal, extension, or assignment of this Agreement shall not release Borrower or Co-Borrower from any obligations hereunder. POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender to execute, sign, and file on Borrower(s) behalf any financing statement, continuation statement or any other document related to the perfection or protection of the security interest hereby created, if allowed by law. APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied first to accrued interest and delinquency charges and then to the balance of any amount financed then outstanding. SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid, illegal, prohibited or unenforceable by law or otherwise, then such provision shall be void; however, such impairment shall not in any way invalidate or impair the remainder of this Agreement or any other of its provisions. If the rate of interest or other charges set forth hereunder shall exceed the applicable maximum, then such rate shall be reduced to such maximum and any excess interest or charge that may have been collected shall, at the option of the Borrower, either be refunded in cash or applied as a credit to unpaid principal. In no event shall Borrower be obligated to pay such excess charges. ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until accepted by Lender in Illinois. Except as prohibited by law, the construction and validity of this Agreement shall be controlled by the law of Illinois, where this Agreement is entered into, and applicable federal law. This Agreement is entered into in Illinois and all loans made by the Lender will be extended from Illinois. The validity and enforcement of the security interest granted hereunder shall be controlled by the law of jurisdiction where the Goods are to be kept and used. QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate" shall mean for each calendar quarter, the Prime Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London Interbank Offered Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION RELATING TO THIS AGREEMENT. THIS SPACE INTENTIONALLY LEFT BLANK All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070 or as otherwise directed by Lender to Borrower in writing. Telephone inquiries should be directed to Navistar Financial Corporation (847) 734-4000. All other correspondence should be sent to Lender at P.O. Box 4024, Attn: FSC, Schamburg, IL 10168-4024. BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS BETWEEN BORROWER AND LENDER. This Agreement is subject to the terms of the Retail Financing Arrangement between Borrower and Seller, Initial for: Non-recourse_________________________ Guaranty___________________________ AUTHORIZED SIGNATURE FOR SELLER BY ------------------------------------------------------------------------------ (Signature of Owner, Officer, or Authorized Rep.) (Title) LENDERS ACCEPTANCE Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL, 60008 BY DATE ------------------------------------------------------ ------------------ Authorized Representative BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY NAME OF BORROWER: Boyd Bros Transportation, Inc. (Name of individual(s), corporation or partnership. Give trade style if any after name.) BY: /s/ RICHARD BAILEY TITLE C.O.O ---------------------------------------------------- -------------------- (If corporation, authorized party must sign and show corporate title. If partnership, a general partner must sign. If owner(s) or partner, show which.) BY: TITLE ---------------------------------------------------- -------------------- (If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.) - -------------------------------------------------------------------------------- Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: BOYD BROS. TRANSPORTATION, INC. -- AGREEMENT NUMBER: 151 COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date: [LOGO] Navistar Financial Corporation 3/27/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01303715 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

EQUIPMENT DESCRIPTION

- ------------------------------------------------------------------------------------------------------------------------------------ VEHICLE NEW UNIT YEAR USED MANUFACTURER MODEL SERIAL NUMBER EQUIPMENT TYPE UNIT PRICE NUMBER - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR52C044997 Tractor $72,215.97 6407 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR62C037063 Tractor $71,923.84 6509 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR22C037058 Tractor $71,923.84 6504 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR72C037055 Tractor $71,923.84 6501 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR42C037059 Tractor $71,923.84 6505 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR52C037054 Tractor $71,923.84 6500 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR22C037044 Tractor $71,923.84 6490 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR92C037056 Tractor $71,923.84 6502 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR02C037057 Tractor $71,923.84 6503 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR02C037060 Tractor $71,923.84 6506 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR22C037061 Tractor $71,923.84 6507 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR42C037062 Tractor $71,923.84 6508 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR92C037039 Tractor $71,923.84 6485 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR52C037040 Tractor $71,923.84 6486 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR72C037041 Tractor $71,923.84 6487 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR92C037042 Tractor $71,923.84 6488 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR02C037043 Tractor $71,923.84 6489 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR42C037045 Tractor $71,923.84 6491 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR62C037046 Tractor $71,923.84 6492 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR82C037047 Tractor $71,923.84 6493 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASRX2C037048 Tractor $71,923.84 6494 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR12C037049 Tractor $71,923.84 6495 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR82C037050 Tractor $71,923.84 6496 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASRX2C037051 Tractor $71,923.84 6497 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR12C037052 Tractor $71,923.84 6498 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9900i SFA 6 2HSCHASR32C037053 Tractor $71,923.84 6499 - ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 151 Page 1 Schedule A-Generated by FIL EQUIPMENT DESCRIPTION

VEHICLE NEW UNIT YEAR USED MANUFACTURER MODEL SERIAL NUMBER EQUIPMENT TYPE UNIT PRICE NUMBER - ------- ---- ------------ ----- ------------- -------------- ---------- ------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ -------------------------------- Signature Seller Signature COO - ------------------------------------ Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 151 Page 2 Schedule A - Generated By FIL COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date: [LOGO] Navistar Financial Corporation 3/27/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01303715 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

DESCRIPTION OF TRADE-IN

- ------------------------------------------------------------------------------------------------------------------------------------ GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER ALLOWANCE OWING (NET ALLOWANCE) - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR2WC036074 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR9WC036069 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR3WC036066 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR5WC036070 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR1WC036065 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR1WC036051 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR5WC036067 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR7WC036068 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR7WC036071 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR9WC036072 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 SBA 6X 2HSFHASR0WC036073 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR2WC036043 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR6WC036045 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR8WC036046 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR1WC036048 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASRXWC036050 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR3WC036052 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR5WC036053 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR9WC036055 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR0WC036056 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR2WC036057 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR6WC036059 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR6WC036062 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASR8WC036063 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1998 INTL 9400 2HSFHASRXWC036064 $19,500.00 $19,500.00 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ----------------------------------- Signature Seller Signature COO - ------------------------------------ Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 151 Page 1 Schedule B-Generated by FIL EX-10.3 5 g75786ex10-3.txt COMMERCIAL LOAN & SECURITY AGREEMENT DATED 1/17/02 EXHIBIT 10.3 COMMERCIAL LOAN AND SECURITY AGREEMENT (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT) [LOGO] Navistar Financial Agreement Date: 1/17/2002 Corporation The 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. Seller Information BORROWER INFORMATION: Seller Number 001479-000 Boyd Bros. Transportation, Inc. 937-525-0341 International Truck & 825 West Laffels Lane SSN#/TAX-ID Engine Corp. Chicago, IL Springfield, OH 45506 CUSTOMER # APPROVAL NUMBER: 01292208 COUNTY: 4706016 DESCRIPTION OF EQUIPMENT

VEHICLE NEW YEAR USED MANUFACTURER MODEL SERIAL NUMBER OTHER EQUIPMENT UNIT NUMBER - ------- ---- ------------ ----- ------------- --------------- ----------- SEE ADDENDUM - SCHEDULE A

DESCRIPTION OF TRADE-IN

GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER BODY TYPE ALLOWANCE OWING (NET ALLOWANCE) - ---- ------------ ----- ------------- --------- --------- ----------- --------------- SEE ADDENDUM - SCHEDULE B

INSURANCE COVERAGE NO LIABILITY INSURANCE INCLUDED PHYSICAL DAMAGE: Physical damage insurance satisfactory to Lender is required. The Borrower may choose the person through which the insurance is to be obtained or provide such insurance through an existing policy subject to Lender's right to refuse to accept any such insurer for any reasonable cause. If physical damage insurance is included in this Agreement, the cost of insurance shall be _________ as set forth in item 6a and the following coverages are provided for a term of ______ months from the date of delivery. Deductible Other Than Collision (Specified Perils, Comprehensive or Fire, Theft and Combined Additional Coverage, as per attached insurance application.) Deductible Collision ________________________________________________________________________________ Name of Physical Damage Insurance Company Agent Name/Phone Texas Residents Only: If physical damage insurance is obtained through the Lender and placed with a county mutual insurance company, the premium or rate of charge is not fixed or approved by the Texas State Board of Insurance. CREDIT LIFE INSURANCE IS NOT REQUIRED. If a charge is include in 6b it is understood credit life insurance is requested in this Agreement and the Borrower signing below is the insured. Borrower hereby acknowledges receipt of a certificate containing the terms of such insurance through Agent: ________________________________________________________________________________ Name of Credit Life Insurance Company Agent Name/Phone SALE ANALYSIS - -------------------------------------------------------------------------------- 1. CASH PRICE $222,974.37 - -------------------------------------------------------------------------------- 2. SALES AND OTHER TAXES $ 25,989.63 - -------------------------------------------------------------------------------- 3. CASH PRICE + TAX (1 + 2) $248,964.00 - -------------------------------------------------------------------------------- 4a. CASH DOWN PAYMENT - -------------------------------------------------------------------------------- b. TRADE-IN (NET ALLOWANCE) $ 35,000.00 - -------------------------------------------------------------------------------- TOTAL DOWN PAYMENT (4a + 4b) $ 35,000.00 - -------------------------------------------------------------------------------- 5. UNPAID BALANCE OF CASH PRICE (3 LESS 4) $213,964.00 - -------------------------------------------------------------------------------- 6. a. PHYSICAL DAMAGE - -------------------------------------------------------------------------------- b. CREDIT LIFE INSURANCE - -------------------------------------------------------------------------------- c. CERTIFICATE OF TITLE FEE - -------------------------------------------------------------------------------- d. OFFICIAL FEES - -------------------------------------------------------------------------------- e. OPTIONAL SERVICE/EXTENDED WARRANTY - -------------------------------------------------------------------------------- f. OTHER - -------------------------------------------------------------------------------- TOTAL OTHER CHARGES (Total of 6a. to 6f.) - -------------------------------------------------------------------------------- 7. TOTAL CHARGES INCURRED (5 + 6) $213,964.00 - -------------------------------------------------------------------------------- 8. PROMISSORY NOTE: If this Agreement is accepted by Lender, Borrower promises to pay to Lender or to its order the Unpaid Balance (Amount Financed) set forth in Line 7 above, together with interest from the date of this Agreement, in installments as set forth below: Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount of $32,698.40 computed at a rate equivalent to 5.75% per annum in installments as set forth below.

# OF AMOUNT OF # OF AMOUNT OF # OF AMOUNT OF PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING - -------- ---------- --------- -------- --------- --------- -------- --------- --------- 60 $ 4,111.04 2/16/2002

FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH (INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY LENDER. NOTICE TO BORROWER: 1. Do not sign this Agreement before you read it or if it contains blank spaces. 2. You are entitled to a completely filled-in copy of the Agreement when you sign it. 3. Under the law, you have the following rights, among others: (a) to pay off in advance the full amount due and to obtain a partial refund of the interest charges based on the actuarial method unless another method is required by law; (b) to redeem the Goods if repossessed for default; (c) to require, under certain conditions, a resale of the Goods if repossessed. 4. If you desire to pay off in advance the full amount due, the amount of refund you are entitled to, if any, will be furnished upon request. 5. In Texas, this Agreement may be subject in whole or in part to Texas law which is enforced by the Consumer Credit Commissioner, 2601 North Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016, (713) 461-4074. ________________________________________________________________________________ Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 60 ADDITIONAL PROVISIONS LATE PAYMENTS: In addition to promising to pay the total payments as set forth above. Borrower promises to pay past due interest accrued from maturity on each installment in default more than 10 days at the highest rate permitted by law. Borrower also agrees to pay all expenses actually incurred, including attorney fees, in collecting any amount payable under this Agreement, all to the extent allowed by law. PARTIES: As used herein, "Borrower" shall include all persons who sign as "Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its successors and assigns. "Affiliates" shall include all entities directly or indirectly controlling or controlled by or under common control with Lender including but not limited to Harco Leasing Company, Inc. and Navistar Leasing Company. Upon notice of assignment, Borrower agrees to make payments hereunder directly to assignee. Assignee shall be entitled to all rights of Lender free from any defense, set-off or counterclaim by the Borrower against the Lender, except as required by law. Seller shall not be the agent of Lender for transmission of payments or otherwise. NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor the manufacturer of the Goods, and has not made and does not make any representation, warranty or covenant with respect to the Goods, either express or implied, written or oral, including but not limited to any representation, warranty or covenant with respect to condition, quality, safety, durability, merchantability, or fitness for a particular purpose. Borrower selected the Goods and hereby agrees that any and all claims that Borrower has or may in the future have against the seller and/or manufacturer shall not be asserted as an offset against Lender, including but not limited to any claims in product liability. USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense with respect to loss or damages, and taxes and charges of every kind; shall take proper care of the Goods and shall not abuse or misuse the same; shall not sell, assign or transfer its interest in the Goods or remove the Goods from the jurisdiction in which they now reside without the prior written consent of Lender; shall not use the Goods for any illegal purpose and shall not attach any of the Goods to any real estate or to any other property in such a manner as to become a part thereof. If Borrower fails to pay said taxes and said charges, Lender may, at its election, either do so and charge same to Borrower or treat such failure as a breach of condition of this agreement. Any amount so paid by the Lender shall become a part of the indebtedness secured hereunder. PHYSICAL DAMAGE INSURANCE: If a cost for physical damage insurance is included in the Agreement, Borrower hereby assigns to Lender the right to cancel such insurance. If any insurance included in this Agreement is cancelled, whether by request of the Borrower or the Lender, or action of the Insurance Company, Lender is hereby authorized on behalf of Borrower to receive any unearned premium refund. If no cost of physical damage insurance is included in this Agreement, Borrower agrees to promptly insure the goods at its own expense with a company acceptable to the Lender against loss by fire, theft and collision for the period of the term of this Agreement and in such amounts and upon such terms as are acceptable to Lender. Borrower specifically covenants to name Lender as loss payee as its interest may appear. Lender may, in its sole discretion, apply any proceeds of insurance received by it to any indebtedness owed by Borrower to Lender or its Affiliates. PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with evidence of the insurance coverage required by this Agreement, Lender may, but will not be obligated to, purchase insurance at Borrower's expense to protect Lender's interest in the Goods. This insurance may, but need not, protect Borrower's interests. The coverage that Lender purchases may not pay any claim that Borrower makes or any claim that is made against Borrower in connection with the Goods. Borrower may later cancel any insurance purchased by lender, but only after providing Lender with evidence that Borrower has obtained other insurance as required by the Agreement. If Lender purchases insurance for the Goods, Borrower will be responsible for the costs of such insurance including interest and any other charge Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The cost of the insurance may be added to Borrower's outstanding balance due and owing Lender under the Agreement. The cost of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. SECURITY INTEREST: In order to secure performance and payment of the loans made be Lender to Borrower and all of the Borrowers obligations and indebtedness hereunder and of all other amounts due or to become due hereunder and to secure each and every other obligation or indebtedness of every kind and description and howsoever arising, now or hereafter owing by Borrower to Lender or its Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money security interest under the Uniform Commercial Code in and to the Goods described above, together with all replacements, repairs and accessions thereto and cash and the non-cash proceeds (including insurance proceeds) thereof. The security interest hereby granted is a separate, independent security interest that is in addition to, and not in substitution for, any and all security interests heretofore or hereafter granted by Borrower to Lender. This Agreement is not an amendment to or modification of, or a waiver or release by Lender of, any term, provision or condition of any other agreement between Borrower and Lender. Further, Lender hereby retains and Borrower hereby grants a security interest in the proceeds of any physical damage, credit life and or disability insurance for which a charge is stated above or which is supplied by Borrower, and if a charge for any such insurance has been included in this Agreement, a security interest in the refund of any unearned premiums in the event such insurance is terminated or canceled for any reason. Borrower will not grant any other security interest in and to the Goods described above, without the prior written consent of Lender. Borrower shall cause or cooperate with Lender in causing Lender's security interest in the Goods to become properly perfected under state law through filing of a financing statement or notation on appropriate perfection documents. DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof and if Borrower defaults in any one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any other contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or holding Borrower liable for any deficiency; and in consideration of the use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any other remedy provided by law. Lender may accept partial payments of any sum due without waiving or otherwise modifying the terms of this Agreement and the waiver by Lender of a breach of any condition of this Agreement shall not constitute a waiver of any subsequent breach whether or not of a like character. In the event of bankruptcy or other insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other income produced by the Goods prior to its release to Lender. Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 60 ADDITIONAL PROVISIONS -- (Continued) DEFAULT: For Use In Louisiana Only. Borrower does hereby confess judgement in favor of the Lender or any subsequent holder of this agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if anyone of the payments on the loan or other payment provided for herein is not fully paid when due, if default be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and exigible in its entirety and the Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure and all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have the right to bid at any public sale. From the proceeds of such sale, the Lender, or future holder of this Agreement, shall deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to become due pursuant to the terms and conditions of this Agreement. GENERAL: Borrower hereby covenants that all facts and information contained herein and in the credit application are true and correct as of the date hereof and specifically warrants that there are no other amounts owing on the trade-in equipment except as may be indicated herein. Renewal, extension, or assignment of this Agreement shall not release Borrower or Co-Borrower from any obligations hereunder. POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender to execute, sign, and file on Borrower(s) behalf any financing statement, continuation statement or any other document related to the perfection or protection of the security interest hereby created, if allowed by law. APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied first to accrued interest and delinquency charges and then to the balance of any amount financed then outstanding. SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid, illegal, prohibited or unenforceable by law or otherwise, then such provision shall be void; however, such impairment shall not in any way invalidate or impair the remainder of this Agreement or any other of its provisions. If the rate of interest or other charges set forth hereunder shall exceed the applicable maximum, then such rate shall be reduced to such maximum and any excess interest or charge that may have been collected shall, at the option of the Borrower, either be refunded in cash or applied as a credit to unpaid principal. In no event shall Borrower be obligated to pay such excess charges. ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until accepted by Lender in Illinois. Except as prohibited by law, the construction and validity of this Agreement shall be controlled by the law of Illinois, where this Agreement is entered into, and applicable federal law. This Agreement is entered into in Illinois and all loans made by the Lender will be extended from Illinois. The validity and enforcement of the security interest granted hereunder shall be controlled by the law of jurisdiction where the Goods are to be kept and used. QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate" shall mean for each calendar quarter, the Prime Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London Interbank Offered Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION RELATING TO THIS AGREEMENT. THIS SPACE INTENTIONALLY LEFT BLANK All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070 or as otherwise directed by Lender to Borrower in writing. Telephone inquiries should be directed to Navistar Financial Corporation (847) 734-4000. All other correspondence should be sent to Lender at P.O. Box 4024, Attn; FSC, Schamburg, IL 10168-4024. BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS BETWEEN BORROWER AND LENDER. This Agreement is subject to the terms of the Retail Financing Arrangement between Borrower and Seller, Initial for: Non-recourse_________________________ Guaranty___________________________ AUTHORIZED SIGNATURE FOR SELLER BY ------------------------------------------------------------------------------ (Signature of Owner, Officer, or Authorized Rep.) (Title) LENDERS ACCEPTANCE Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL, 60008 BY DATE ------------------------------------------------------ ------------------ Authorized Representative BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY NAME OF BORROWER: Boyd Bros. Transportation, Inc. (Name of individual(s), corporation or partnership. Give trade style, if any after name.) BY: /s/ RICHARD BAILEY TITLE C.O.O. ---------------------------------------------------- -------------------- (If corporation, authorized party must sign and show corporate title. If partnership, a general partner must sign. If owner(s) or partner, show which.) BY: TITLE ---------------------------------------------------- -------------------- (If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.) - -------------------------------------------------------------------------------- Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: BOYD BROS. TRANSPORTATION, INC. -- AGREEMENT NUMBER: 60 COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date: [LOGO] Navistar Financial Corporation 1/17/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

EQUIPMENT DESCRIPTION

- ------------------------------------------------------------------------------------------------------------------------------------ VEHICLE NEW UNIT YEAR USED MANUFACTURER MODEL SERIAL NUMBER EQUIPMENT TYPE UNIT PRICE NUMBER - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 2HSCNASR82C035940 Tractor $72,324.79 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 2HSCNASR12C035939 Tractor $75,324.79 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 2HSCNASRX2C035938 Tractor $75,324.79 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ----------------------------------- Signature Seller Signature C.O.O. - ------------------------- Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR BOYD BROS. TRANSPORTATION, INC. - AGREEMENT NUMBER: 60 Page 1 Schedule A-Generated by FIL COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date: [LOGO] Navistar Financial Corporation 1/17/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

DESCRIPTION OF TRADE-IN

- ------------------------------------------------------------------------------------------------------------------------------------ GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER ALLOWANCE OWING (NET ALLOWANCE) - ------------------------------------------------------------------------------------------------------------------------------------ 1991 KENWORTH T600A MJ560572 $7,000.00 722 $7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1988 FREIGHTLINER FLC12064ST JH336021 $7,000.00 511 $7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1988 KENWORTH T800 JJ515526 $7,000.00 102 $7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1988 KENWORTH T800 JJ514285 $7,000.00 103 $7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1988 FREIGHTLINER FLC12064ST JH336020 $7,000.00 510 $7,000.00 - ------------------------------------------------------------------------------------------------------------------------------------

Boyd Bros. Transportation, Inc. /s/ RICHARD BAILEY - ---------------------------------- --------------------------------------- Signature Seller Signature COO - ---------------------------------- Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 60 Page 1 Schedule B-Generated by FIL INVOICE INTERNATIONAL TRUCK AND ENGINE CORPORATION REMIT TO: NAVISTAR FINANCIAL CORPORATION C/O BANK OF AMERICA DRAWER CS 198-381 ATLANTA, GA 30384 ================================================================================ INVOICE TO: ATTN: DAVID BAKER BOYD BROTHERS TRANSPORTATION 75 HWY 30 CLAYTON, AL 36016 ================================================================================ SHIP TO: (if different than invoice to): Boyd Bros. Transportation 5 West Leffel Lane Springfield, OH 45506 ================================================================================ INVOICE DATE: 10/03/2001 DELIVERY DATE: CUST ORDER #: CUST ACCT #: 147995120 SALES REP: PARHAM ================================================================================ ORDERED FOR: 122986 BOYD BROS TRANSP CO INC ROUTE 1 EUFAULA HWY CLAYTON, AL 36016 ================================================================================ NEW TRUCK DESCRIPTION:

QTY YEAR MAKE MODEL ENGINE FACTORY ORDER - --- ---- ---- ----- ------ ------------- 1 2002 INTERNATIONAL 9400i SBA 6X4 CAT C-15 616422

VEHICLE I.D. NUMBER ENGINE PC NUMBER KEY # UNIT # - ------------------- ------- --------- ----- ------ ISCNASRX2C035938 06NZ54740 411003027 K557 6401

TRADE IN UNITS JJ514285 103 JH336020 510 10-29-01 REVISED INVOICE - FEDERAL EXCISE TAX AMOUNT CORRECTED AMOUNT DUE NOT CHANGED ================================================================================ TRADE-IN DESCRIPTION: ================================================================================ SETTLEMENT: $66,988.00 TERMS: DUE: 11/2/2001 ================================================================================ IF PAYMENT IS NOT RECEIVED AS INDICATED ABOVE, A LATE CHARGE WILL BE ASSESSED AT THE MAXIMUM RATE PERMITTED BY STATE REGULATIONS, NOT TO EXCEED 1.5% PER MONTH, UNLESS OTHERWISE STATED IN SIGNED AGREEMENTS. THE LATE CHARGE IS NOT INTENDED AS AN ALTERNATE TO PAYMENT WHEN DUE. ================================================================================ THE TERMS, CONDITIONS AND SALE PRICE AS SET FORTH HEREIN ARE SUBJECT TO ADJUSTMENTS AS AGREED UPON IN WRITING BY BOTH PARTIES. ================================================================================ EQUIPMENT SALES PRICE: $71,324.79 DESTINATION CHARGE: $ 1,000.00 PREP AND DELIVERY: LICENSE AND TITLE: FEDERAL EXCISE TAX: $ 8,663.21 SALES TAX: OTHER CHARGES: OTHER ALLOWANCES: TOTAL INVOICE: $80,988.00 ALLOWANCE FOR TRADE: $14,000.00 ---------- AMOUNT DUE: $66,988.00 ========== PRICE PER UNIT: $66,988.00 010700 - 147 INVOICE NUMBER INVOICE INTERNATIONAL TRUCK AND ENGINE CORPORATION REMIT TO: NAVISTAR FINANCIAL CORPORATION C/O BANK OF AMERICA DRAWER CS 198-381 ATLANTA, GA 30384 ================================================================================ INVOICE TO: ATTN: DAVID BAKER BOYD BROTHERS TRANSPORTATION 75 HWY 30 CLAYTON, AL 36016 ================================================================================ SHIP TO: (if different than invoice to): Boyd Bros. Transportation 5 West Leffel Lane Springfield, OH 45506 ================================================================================ INVOICE DATE: 10/12/2001 DELIVERY DATE: CUST ORDER #: CUST ACCT #: 147995120 SALES REP: PARHAM ================================================================================ ORDERED FOR: 122986 BOYD BROS TRANSP CO INC ROUTE 1 EUFAULA HWY CLAYTON, AL 36016 ================================================================================ NEW TRUCK DESCRIPTION:

QTY YEAR MAKE MODEL ENGINE FACTORY ORDER - --- ---- ---- ----- ------ ------------- 1 2002 INTERNATIONAL 9400i SBA 6X4 CAT C-15 616422

VEHICLE I.D. NUMBER ENGINE PC NUMBER KEY # UNIT # - ------------------- ------- --------- ----- ------ ISCNASR12C035939 06NZ54754 411012015 K569 6402

TRADE IN UNITS JH336021 511 JJ515526 102 10-29-01 REVISED INVOICE - FEDERAL EXCISE TAX AMOUNT CORRECTED AMOUNT DUE NOT CHANGED ================================================================================ TRADE-IN DESCRIPTION: ================================================================================ SETTLEMENT: $66,988.00 TERMS: DUE: 11/11/2001 ================================================================================ IF PAYMENT IS NOT RECEIVED AS INDICATED ABOVE, A LATE CHARGE WILL BE ASSESSED AT THE MAXIMUM RATE PERMITTED BY STATE REGULATIONS, NOT TO EXCEED 1.5% PER MONTH, UNLESS OTHERWISE STATED IN SIGNED AGREEMENTS. THE LATE CHARGE IS NOT INTENDED AS AN ALTERNATE TO PAYMENT WHEN DUE. ================================================================================ THE TERMS, CONDITIONS AND SALE PRICE AS SET FORTH HEREIN ARE SUBJECT TO ADJUSTMENTS AS AGREED UPON IN WRITING BY BOTH PARTIES. ================================================================================ EQUIPMENT SALES PRICE: $71,324.79 DESTINATION CHARGE: $ 1,000.00 PREP AND DELIVERY: LICENSE AND TITLE: FEDERAL EXCISE TAX: $ 8,663.21 SALES TAX: OTHER CHARGES: OTHER ALLOWANCES: TOTAL INVOICE: $80,988.00 ALLOWANCE FOR TRADE: $14,000.00 ---------- AMOUNT DUE: $66,988.00 ========== PRICE PER UNIT: $66,988.00 010734 - 147 INVOICE NUMBER INVOICE INTERNATIONAL TRUCK AND ENGINE CORPORATION REMIT TO: NAVISTAR FINANCIAL CORPORATION C/O BANK OF AMERICA DRAWER CS 198-381 ATLANTA, GA 30384 ================================================================================ INVOICE TO: ATTN: DAVID BAKER BOYD BROTHERS TRANSPORTATION 75 HWY 30 CLAYTON, AL 36016 ================================================================================ SHIP TO: (if different than invoice to): Boyd Bros. Transportation 5 West Leffel Lane Springfield, OH 45506 ================================================================================ INVOICE DATE: 10/07/2001 DELIVERY DATE: CUST ORDER #: CUST ACCT #: 147995120 SALES REP: PARHAM ================================================================================ ORDERED FOR: 122986 BOYD BROS TRANSP CO INC ROUTE 1 EUFAULA HWY CLAYTON, AL 36016 ================================================================================ NEW TRUCK DESCRIPTION:

QTY YEAR MAKE MODEL ENGINE FACTORY ORDER - --- ---- ---- ----- ------ ------------- 1 2002 INTERNATIONAL 9400i SBA 6X4 CAT C-15 616422

VEHICLE I.D. NUMBER ENGINE PC NUMBER KEY # UNIT # - ------------------- ------- --------- ----- ------ ISCNASR82C035940 06NZ54752 411007013 K557 6403

TRADE IN UNITS MJ560572 722 10-29-01 REVISED INVOICE - FEDERAL EXCISE TAX AMOUNT CORRECTED AMOUNT DUE NOT CHANGED ================================================================================ TRADE-IN DESCRIPTION: ================================================================================ SETTLEMENT: $73,988.00 TERMS: DUE: 11/6/2001 ================================================================================ IF PAYMENT IS NOT RECEIVED AS INDICATED ABOVE, A LATE CHARGE WILL BE ASSESSED AT THE MAXIMUM RATE PERMITTED BY STATE REGULATIONS, NOT TO EXCEED 1.5% PER MONTH, UNLESS OTHERWISE STATED IN SIGNED AGREEMENTS. THE LATE CHARGE IS NOT INTENDED AS AN ALTERNATE TO PAYMENT WHEN DUE. ================================================================================ THE TERMS, CONDITIONS AND SALE PRICE AS SET FORTH HEREIN ARE SUBJECT TO ADJUSTMENTS AS AGREED UPON IN WRITING BY BOTH PARTIES. ================================================================================ EQUIPMENT SALES PRICE: $71,324.79 DESTINATION CHARGE: $ 1,000.00 PREP AND DELIVERY: LICENSE AND TITLE: FEDERAL EXCISE TAX: $ 8,663.21 SALES TAX: OTHER CHARGES: OTHER ALLOWANCES: TOTAL INVOICE: $80,988.00 ALLOWANCE FOR TRADE: $ 7,000.00 ---------- AMOUNT DUE: $73,988.00 ========== PRICE PER UNIT: $73,988.00 010701 - 147 INVOICE NUMBER [LOGO] Date: 1/16/2002 Page: 1 of 2 INTERNATIONAL FINANCE GROUP P.O. BOX 4024, SCHAUMBURG, IL 60168-4024 T 847 734 4000 F 847 734 4020 AMORTIZATION SCHEDULE CUSTOMER NAME Boyd Bros. Transportation, Inc. AGREEMENT NUMBER 60

AMOUNT TO FINANCE $213,964.00 DATE OF NOTE 1/17/2002 PAYMENT PLAN Equal Monthly TOTAL FINANCE $ 32,698.40 DATE FINANCE BEGINS 1/17/2002 REBATE METHOD Actuarial TOTAL PAYMENTS $246,662.40 A.P.R. 5.7500 TERM 60

PRINCIPAL PERIOD PAYMENT FINANCE PRINCIPAL PERIOD DATE PAYMENT FINANCE AMOUNT REMAINING REMAINING - ------------------------------------------------------------------------------------------------ $0.00 $0.00 $246,662.40 $32,698.40 $213,964.00 - ------------------------------------------------------------------------------------------------ 1 2/16/2002 $3,119.97 $991.07 $4,111.04 $31,707.33 $210,844.03 - ------------------------------------------------------------------------------------------------ 2 3/16/2002 $3,100.75 $1,010.29 $4,111.04 $30,697.04 $207,743.28 - ------------------------------------------------------------------------------------------------ 3 4/16/2002 $3,115.60 $995.44 $4,111.04 $29,701.60 $204,627.68 - ------------------------------------------------------------------------------------------------ 4 5/16/2002 $3,130.54 $980.50 $4,111.04 $28,721.10 $201,497.14 - ------------------------------------------------------------------------------------------------ 5 6/16/2002 $3,145.53 $965.51 $4,111.04 $27,755.59 $198,351.61 - ------------------------------------------------------------------------------------------------ 6 7/16/2002 $3,160.61 $950.43 $4,111.04 $26,805.16 $195,191.00 - ------------------------------------------------------------------------------------------------ 7 8/16/2002 $3,175.75 $935.29 $4,111.04 $25,869.87 $192,015.25 - ------------------------------------------------------------------------------------------------ 8 9/16/2002 $3,190.97 $920.07 $4,111.04 $24,949.80 $188,824.28 - ------------------------------------------------------------------------------------------------ 9 10/16/2002 $3,206.25 $904.79 $4,111.04 $24,045.01 $185,618.03 - ------------------------------------------------------------------------------------------------ 10 11/16/2002 $3,221.63 $889.41 $4,111.04 $23,155.60 $182,396.40 - ------------------------------------------------------------------------------------------------ 11 12/16/2002 $3,237.05 $873.99 $4,111.04 $22,281.61 $179,159.35 - ------------------------------------------------------------------------------------------------ 12 1/16/2003 $3,252.57 $858.47 $4,111.04 $21,423.14 $175,906.78 - ------------------------------------------------------------------------------------------------ 13 2/16/2003 $3,268.16 $842.88 $4,111.04 $20,580.26 $172,638.62 - ------------------------------------------------------------------------------------------------ 14 3/16/2003 $3,283.81 $827.23 $4,111.04 $19,753.03 $169,354.81 - ------------------------------------------------------------------------------------------------ 15 4/16/2003 $3,299.55 $811.49 $4,111.04 $18,941.54 $166,055.26 - ------------------------------------------------------------------------------------------------ 16 5/16/2003 $3,315.36 $795.68 $4,111.04 $18,145.86 $162,739.90 - ------------------------------------------------------------------------------------------------ 17 6/16/2003 $3,331.24 $779.80 $4,111.04 $17,366.06 $159,408.66 - ------------------------------------------------------------------------------------------------ 18 7/16/2003 $3,347.21 $763.83 $4,111.04 $16,602.23 $156,061.45 - ------------------------------------------------------------------------------------------------ 19 8/16/2003 $3,363.25 $747.79 $4,111.04 $15,854.44 $152,698.20 - ------------------------------------------------------------------------------------------------ 20 9/16/2003 $3,379.36 $731.68 $4,111.04 $15,122.76 $149,318.84 - ------------------------------------------------------------------------------------------------ 21 10/16/2003 $3,395.56 $715.48 $4,111.04 $14,407.28 $145,923.28 - ------------------------------------------------------------------------------------------------ 22 11/16/2003 $3,411.82 $699.22 $4,111.04 $13,708.06 $142,511.46 - ------------------------------------------------------------------------------------------------ 23 12/16/2003 $3,428.17 $682.87 $4,111.04 $13,025.19 $139,083.29 - ------------------------------------------------------------------------------------------------ 24 1/16/2004 $3,444.60 $666.44 $4,111.04 $12,358.75 $135,638.69 - ------------------------------------------------------------------------------------------------ 25 2/16/2004 $3,461.11 $649.93 $4,111.04 $11,708.82 $132,177.58 - ------------------------------------------------------------------------------------------------ 26 3/16/2004 $3,477.69 $633.35 $4,111.04 $11,075.47 $128,699.89 - ------------------------------------------------------------------------------------------------ 27 4/16/2004 $3,494.35 $616.69 $4,111.04 $10,458.78 $125,205.54 - ------------------------------------------------------------------------------------------------ 28 5/16/2004 $3,511.10 $599.94 $4,111.04 $9,858.84 $121,694.44 - ------------------------------------------------------------------------------------------------ 29 6/16/2004 $3,527.92 $583.12 $4,111.04 $9,275.72 $118,166.52 - ------------------------------------------------------------------------------------------------ 30 7/16/2004 $3,544.83 $566.21 $4,111.04 $8,709.51 $114,621.69 - ------------------------------------------------------------------------------------------------ 31 8/16/2004 $3,561.81 $549.23 $4,111.04 $8,160.28 $111,059.88 - ------------------------------------------------------------------------------------------------ 32 9/16/2004 $3,578.88 $532.16 $4,111.04 $7,628.12 $107,481.00 - ------------------------------------------------------------------------------------------------ 33 10/16/2004 $3,596.03 $515.01 $4,111.04 $7,113.11 $103,884.97 - ------------------------------------------------------------------------------------------------ 34 11/16/2004 $3,613.26 $497.78 $4,111.04 $6,615.33 $100,271.71 - ------------------------------------------------------------------------------------------------ 35 12/16/2004 $3,630.57 $480.47 $4,111.04 $6,134.86 $96,641.14

[LOGO] Date: 1/16/2002 Page: 2 of 2 INTERNATIONAL FINANCE GROUP P.O. BOX 4024, SCHAUMBURG, IL 60168-4024 T 847 734 4000 AMORTIZATION SCHEDULE F 847 734 4020 CUSTOMER NAME Boyd Bros. Transportation, Inc. AGREEMENT NUMBER 60 AMOUNT TO FINANCE $213,964.00 DATE OF NOTE 1/17/2002 PAYMENT PLAN Equal Monthly TOTAL FINANCE $32,698.40 DATE FINANCE BEGINS 1/17/2002 REBATE METHOD Actuarial TOTAL PAYMENTS $246,662.40 A.P.R. 5.7500 TERM 60 PRINCIPAL PERIOD PAYMENT FINANCE PRINCIPAL PERIOD DATE PAYMENT FINANCE AMOUNT REMAINING REMAINING - -------- --------- ---------- ---------- -------- ----------- ----------- 36 1/16/2005 $3,647.97 $463.07 $4,111.04 $5,671.79 $92,993.17 - ------------------------------------------------------------------------------------------------------- 37 2/16/2005 $3,665.44 $445.60 $4,111.04 $5,226.19 $89,327.73 - ------------------------------------------------------------------------------------------------------- 38 3/16/2005 $3,683.01 $428.03 $4,111.04 $4,798.16 $85,644.72 - ------------------------------------------------------------------------------------------------------- 39 4/16/2005 $3,700.66 $410.38 $4,111.04 $4,387.78 $81,944.06 - ------------------------------------------------------------------------------------------------------- 40 5/16/2005 $3,718.40 $392.64 $4,111.04 $3,995.14 $78,225.66 - ------------------------------------------------------------------------------------------------------- 41 6/16/2005 $3,736.21 $374.83 $4,111.04 $3,620.31 $74,489.45 - ------------------------------------------------------------------------------------------------------- 42 7/16/2005 $3,754.11 $356.93 $4,111.04 $3,263.38 $70,735.34 - ------------------------------------------------------------------------------------------------------- 43 8/16/2005 $3,772.10 $338.94 $4,111.04 $2,924.44 $66,963.24 - ------------------------------------------------------------------------------------------------------- 44 9/16/2005 $3,790.17 $320.87 $4,111.04 $2,603.57 $63,173.07 - ------------------------------------------------------------------------------------------------------- 45 10/16/2005 $3,808.34 $302.70 $4,111.04 $2,300.87 $59,364.73 - ------------------------------------------------------------------------------------------------------- 46 11/16/2005 $3,826.58 $284.46 $4,111.04 $2,016.41 $55,538.15 - ------------------------------------------------------------------------------------------------------- 47 12/16/2005 $3,844.92 $266.12 $4,111.04 $1,750.29 $51,693.23 - ------------------------------------------------------------------------------------------------------- 48 1/16/2006 $3,863.35 $247.69 $4,111.04 $1,502.60 $47,829.88 - ------------------------------------------------------------------------------------------------------- 49 2/16/2006 $3,881.85 $229.19 $4,111.04 $1,273.41 $43,948.03 - ------------------------------------------------------------------------------------------------------- 50 3/16/2006 $3,900.46 $210.58 $4,111.04 $1,062.83 $40,047.57 - ------------------------------------------------------------------------------------------------------- 51 4/16/2006 $3,919.14 $191.90 $4,111.04 $870.93 $36,128.43 - ------------------------------------------------------------------------------------------------------- 52 5/16/2006 $3,937.93 $173.11 $4,111.04 $697.82 $32,190.50 - ------------------------------------------------------------------------------------------------------- 53 6/16/2006 $3,956.79 $154.25 $4,111.04 $543.57 $28,233.71 - ------------------------------------------------------------------------------------------------------- 54 7/16/2006 $3,975.75 $135.29 $4,111.04 $408.28 $24,257.96 - ------------------------------------------------------------------------------------------------------- 55 8/16/2006 $3,994.81 $116.23 $4,111.04 $292.05 $20,263.15 - ------------------------------------------------------------------------------------------------------- 56 9/16/2006 $4,013.94 $97.10 $4,111.04 $194.95 $16,249.21 - ------------------------------------------------------------------------------------------------------- 57 10/16/2006 $4,033.18 $77.86 $4,111.04 $117.09 $12,216.03 - ------------------------------------------------------------------------------------------------------- 58 11/16/2006 $4,052.51 $58.53 $4,111.04 $58.56 $8,163.52 - ------------------------------------------------------------------------------------------------------- 59 12/16/2006 $4,071.92 $39.12 $4,111.04 $19.44 $4,091.60 - ------------------------------------------------------------------------------------------------------- 60 1/16/2007 $4,091.60 $19.44 $4,111.04 $0.00 $0.00 - ------------------------------------------------------------------------------------------------------- $213,964.00 $32,698.40 $246,662.40 $0.00 $0.00 - ------------------------------------------------------------------------------- THIS SCHEDULE MAY NOT REFLECT THE ACTUAL NET BALANCE OWING IF THE CONTRACT IS TERMINATED PRIOR TO MATURITY. - ------------------------------------------------------------------------------- /s/ RICHARD BAILEY - ---------------------------------- ------------------------------------------ Boyd Bros. Transportation, Inc. International Truck & Engine Corp. LENDERS AGREEMENT - ------------------------------------------------------------------------------- Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL 60008 BY DATE - --------------------------------- ------------------------------------------- Authorized Representative EX-10.4 6 g75786ex10-4.txt COMMERCIAL LOAN & SECURITY AGREEMENT DATED 1/17/02 EXHIBIT 10.4 COMMERCIAL LOAN AND SECURITY AGREEMENT (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT) [LOGO] Navistar Financial Agreement Date: 1/17/2002 Corporation The 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. Seller Information BORROWER INFORMATION: Seller Number 001479-000 Boyd Bros. Transportation, Inc. WTI 937-525-0341 International Truck & 825 West Laffels Lane SSN#/TAX-ID Engine Corp. Chicago, IL Springfield, OH 45506 CUSTOMER # APPROVAL NUMBER: 01292208 COUNTY: 4706016 DESCRIPTION OF EQUIPMENT

VEHICLE NEW YEAR USED MANUFACTURER MODEL SERIAL NUMBER OTHER EQUIPMENT UNIT NUMBER - ------- ---- ------------ ----- ------------- --------------- ----------- SEE ADDENDUM - SCHEDULE A

DESCRIPTION OF TRADE-IN

GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER BODY TYPE ALLOWANCE OWING (NET ALLOWANCE) - ---- ------------ ----- ------------- --------- --------- ----------- --------------- SEE ADDENDUM - SCHEDULE B

INSURANCE COVERAGE NO LIABILITY INSURANCE INCLUDED PHYSICAL DAMAGE: Physical damage insurance satisfactory to Lender is required. The Borrower may choose the person through which the insurance is to be obtained or provide such insurance through an existing policy subject to Lender's right to refuse to accept any such insurer for any reasonable cause. If physical damage insurance is included in this Agreement, the cost of insurance shall be _________ as set forth in item 6a and the following coverages are provided for a term of ______ months from the date of delivery. Deductible Other Than Collision (Specified Perils, Comprehensive or Fire, Theft and Combined Additional Coverage, as per attached insurance application.) Deductible Collision ________________________________________________________________________________ Name of Physical Damage Insurance Company Agent Name/Phone Texas Residents Only: If physical damage insurance is obtained through the Lender and placed with a county mutual insurance company, the premium or rate of charge is not fixed or approved by the Texas State Board of Insurance. CREDIT LIFE INSURANCE IS NOT REQUIRED. If a charge is include in 6b it is understood credit life insurance is requested in this Agreement and the Borrower signing below is the insured. Borrower hereby acknowledges receipt of a certificate containing the terms of such insurance through Agent: ________________________________________________________________________________ Name of Credit Life Insurance Company Agent Name/Phone SALE ANALYSIS - -------------------------------------------------------------------------------- 1. CASH PRICE $716,880.40 - -------------------------------------------------------------------------------- 2. SALES AND OTHER TAXES $ 87,799.60 - -------------------------------------------------------------------------------- 3. CASH PRICE + TAX (1 + 2) $804,680.00 - -------------------------------------------------------------------------------- 4a. CASH DOWN PAYMENT - -------------------------------------------------------------------------------- b. TRADE-IN (NET ALLOWANCE) $178,000.00 - -------------------------------------------------------------------------------- TOTAL DOWN PAYMENT (4a + 4b) $178,000.00 - -------------------------------------------------------------------------------- 5. UNPAID BALANCE OF CASH PRICE (3 LESS 4) $626,680.00 - -------------------------------------------------------------------------------- 6. a. PHYSICAL DAMAGE - -------------------------------------------------------------------------------- b. CREDIT LIFE INSURANCE - -------------------------------------------------------------------------------- c. CERTIFICATE OF TITLE FEE - -------------------------------------------------------------------------------- d. OFFICIAL FEES - -------------------------------------------------------------------------------- e. OPTIONAL SERVICE/EXTENDED WARRANTY - -------------------------------------------------------------------------------- f. OTHER - -------------------------------------------------------------------------------- TOTAL OTHER CHARGES (Total of 6a. to 6f.) - -------------------------------------------------------------------------------- 7. TOTAL CHARGES INCURRED (5 + 6) $626,680.00 - -------------------------------------------------------------------------------- 8. PROMISSORY NOTE: If this Agreement is accepted by Lender, Borrower promises to pay to Lender or to its order the Unpaid Balance (Amount Financed) set forth in Line 7 above, together with interest from the date of this Agreement, in installments as set forth below: Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount of $95,771.00 computed at a rate equivalent to 5.75% per annum in installments as set forth below.

# OF AMOUNT OF # OF AMOUNT OF # OF AMOUNT OF PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING PAYMENTS PAYMENT BEGINNING - -------- ---------- --------- -------- --------- --------- -------- --------- --------- 60 $12,040.85 2/16/2002

FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH (INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY LENDER. NOTICE TO BORROWER: 1. Do not sign this Agreement before you read it or if it contains blank spaces. 2. You are entitled to a completely filled-in copy of the Agreement when you sign it. 3. Under the law, you have the following rights, among others: (a) to pay off in advance the full amount due and to obtain a partial refund of the interest charges based on the actuarial method unless another method is required by law; (b) to redeem the Goods if repossessed for default; (c) to require, under certain conditions, a resale of the Goods if repossessed. 4. If you desire to pay off in advance the full amount due, the amount of refund you are entitled to, if any, will be furnished upon request. 5. In Texas, this Agreement may be subject in whole or in part to Texas law which is enforced by the Consumer Credit Commissioner, 2601 North Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016, (713) 461-4074. ________________________________________________________________________________ Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 61 ADDITIONAL PROVISIONS LATE PAYMENTS: In addition to promising to pay the total payments as set forth above. Borrower promises to pay past due interest accrued from maturity on each installment in default more than 10 days at the highest rate permitted by law. Borrower also agrees to pay all expenses actually incurred, including attorney fees, in collecting any amount payable under this Agreement, all to the extent allowed by law. PARTIES: As used herein, "Borrower" shall include all persons who sign as "Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its successors and assigns. "Affiliates" shall include all entities directly or indirectly controlling or controlled by or under common control with Lender including but not limited to Harco Leasing Company, Inc. and Navistar Leasing Company. Upon notice of assignment, Borrower agrees to make payments hereunder directly to assignee. Assignee shall be entitled to all rights of Lender free from any defense, set-off or counterclaim by the Borrower against the Lender, except as required by law. Seller shall not be the agent of Lender for transmission of payments or otherwise. NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor the manufacturer of the Goods, and has not made and does not make any representation, warranty or covenant with respect to the Goods, either express or implied, written or oral, including but not limited to any representation, warranty or covenant with respect to condition, quality, safety, durability, merchantability, or fitness for a particular purpose. Borrower selected the Goods and hereby agrees that any and all claims that Borrower has or may in the future have against the seller and/or manufacturer shall not be asserted as an offset against Lender, including but not limited to any claims in product liability. USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense with respect to loss or damages, and taxes and charges of every kind; shall take proper care of the Goods and shall not abuse or misuse the same; shall not sell, assign or transfer its interest in the Goods or remove the Goods from the jurisdiction in which they now reside without the prior written consent of Lender; shall not use the Goods for any illegal purpose and shall not attach any of the Goods to any real estate or to any other property in such a manner as to become a part thereof. If Borrower fails to pay said taxes and said charges, Lender may, at its election, either do so and charge same to Borrower or treat such failure as a breach of condition of this agreement. Any amount so paid by the Lender shall become a part of the indebtedness secured hereunder. PHYSICAL DAMAGE INSURANCE: If a cost for physical damage insurance is included in the Agreement, Borrower hereby assigns to Lender the right to cancel such insurance. If any insurance included in this Agreement is cancelled, whether by request of the Borrower or the Lender, or action of the Insurance Company, Lender is hereby authorized on behalf of Borrower to receive any unearned premium refund. If no cost of physical damage insurance is included in this Agreement, Borrower agrees to promptly insure the goods at its own expense with a company acceptable to the Lender against loss by fire, theft and collision for the period of the term of this Agreement and in such amounts and upon such terms as are acceptable to Lender. Borrower specifically covenants to name Lender as loss payee as its interest may appear. Lender may, in its sole discretion, apply any proceeds of insurance received by it to any indebtedness owed by Borrower to Lender or its Affiliates. PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with evidence of the insurance coverage required by this Agreement, Lender may, but will not be obligated to, purchase insurance at Borrower's expense to protect Lender's interest in the Goods. This insurance may, but need not, protect Borrower's interests. The coverage that Lender purchases may not pay any claim that Borrower makes or any claim that is made against Borrower in connection with the Goods. Borrower may later cancel any insurance purchased by lender, but only after providing Lender with evidence that Borrower has obtained other insurance as required by the Agreement. If Lender purchases insurance for the Goods, Borrower will be responsible for the costs of such insurance including interest and any other charge Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The cost of the insurance may be added to Borrower's outstanding balance due and owing Lender under the Agreement. The cost of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. SECURITY INTEREST: In order to secure performance and payment of the loans made be Lender to Borrower and all of the Borrowers obligations and indebtedness hereunder and of all other amounts due or to become due hereunder and to secure each and every other obligation or indebtedness of every kind and description and howsoever arising, now or hereafter owing by Borrower to Lender or its Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money security interest under the Uniform Commercial Code in and to the Goods described above, together with all replacements, repairs and accessions thereto and cash and the non-cash proceeds (including insurance proceeds) thereof. The security interest hereby granted is a separate, independent security interest that is in addition to, and not in substitution for, any and all security interests heretofore or hereafter granted by Borrower to Lender. This Agreement is not an amendment to or modification of, or a waiver or release by Lender of, any term, provision or condition of any other agreement between Borrower and Lender. Further, Lender hereby retains and Borrower hereby grants a security interest in the proceeds of any physical damage, credit life and or disability insurance for which a charge is stated above or which is supplied by Borrower, and if a charge for any such insurance has been included in this Agreement, a security interest in the refund of any unearned premiums in the event such insurance is terminated or canceled for any reason. Borrower will not grant any other security interest in and to the Goods described above, without the prior written consent of Lender. Borrower shall cause or cooperate with Lender in causing Lender's security interest in the Goods to become properly perfected under state law through filing of a financing statement or notation on appropriate perfection documents. DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof and if Borrower defaults in any one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any other contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or holding Borrower liable for any deficiency; and in consideration of the use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any other remedy provided by law. Lender may accept partial payments of any sum due without waiving or otherwise modifying the terms of this Agreement and the waiver by Lender of a breach of any condition of this Agreement shall not constitute a waiver of any subsequent breach whether or not of a like character. In the event of bankruptcy or other insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other income produced by the Goods prior to its release to Lender. Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. - Agreement Number: 61 ADDITIONAL PROVISIONS -- (Continued) DEFAULT: For Use In Louisiana Only. Borrower does hereby confess judgement in favor of the Lender or any subsequent holder of this agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if anyone of the payments on the loan or other payment provided for herein is not fully paid when due, if default be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and exigible in its entirety and the Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure and all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have the right to bid at any public sale. From the proceeds of such sale, the Lender, or future holder of this Agreement, shall deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to become due pursuant to the terms and conditions of this Agreement. GENERAL: Borrower hereby covenants that all facts and information contained herein and in the credit application are true and correct as of the date hereof and specifically warrants that there are no other amounts owing on the trade-in equipment except as may be indicated herein. Renewal, extension, or assignment of this Agreement shall not release Borrower or Co-Borrower from any obligations hereunder. POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender to execute, sign, and file on Borrower(s) behalf any financing statement, continuation statement or any other document related to the perfection or protection of the security interest hereby created, if allowed by law. APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied first to accrued interest and delinquency charges and then to the balance of any amount financed then outstanding. SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid, illegal, prohibited or unenforceable by law or otherwise, then such provision shall be void; however, such impairment shall not in any way invalidate or impair the remainder of this Agreement or any other of its provisions. If the rate of interest or other charges set forth hereunder shall exceed the applicable maximum, then such rate shall be reduced to such maximum and any excess interest or charge that may have been collected shall, at the option of the Borrower, either be refunded in cash or applied as a credit to unpaid principal. In no event shall Borrower be obligated to pay such excess charges. ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until accepted by Lender in Illinois. Except as prohibited by law, the construction and validity of this Agreement shall be controlled by the law of Illinois, where this Agreement is entered into, and applicable federal law. This Agreement is entered into in Illinois and all loans made by the Lender will be extended from Illinois. The validity and enforcement of the security interest granted hereunder shall be controlled by the law of jurisdiction where the Goods are to be kept and used. QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate" shall mean for each calendar quarter, the Prime Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London Interbank Offered Rate as published in the Wall Street Journal on the last business day of the month immediately preceding the first day of each calendar quarter. WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION RELATING TO THIS AGREEMENT. THIS SPACE INTENTIONALLY LEFT BLANK All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070 or as otherwise directed by Lender to Borrower in writing. Telephone inquiries should be directed to Navistar Financial Corporation (847) 734-4000. All other correspondence should be sent to Lender at P.O. Box 4024, Attn; FSC, Schamburg, IL 10168-4024. BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS BETWEEN BORROWER AND LENDER. This Agreement is subject to the terms of the Retail Financing Arrangement between Borrower and Seller, Initial for: Non-recourse_________________________ Guaranty___________________________ AUTHORIZED SIGNATURE FOR SELLER BY ------------------------------------------------------------------------------ (Signature of Owner, Officer, or Authorized Rep.) (Title) LENDERS ACCEPTANCE Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL, 60008 BY DATE ------------------------------------------------------ ------------------ Authorized Representative BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY NAME OF BORROWER: Boyd Bros Transportation Inc. (Name of individual(s), corporation or partnership. Give trade style if any after name.) BY: /s/ RICHARD BAILEY TITLE C.O.O ---------------------------------------------------- -------------------- (If corporation, authorized party must sign and show corporate title. If partnership, a general partner must sign. If owner(s) or partner, show which.) BY: TITLE ---------------------------------------------------- -------------------- (If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.) - -------------------------------------------------------------------------------- Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Bros. Transportation, Inc. -- Agreement Number: 61 COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date: [LOGO] Navistar Financial Corporation 1/17/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

EQUIPMENT DESCRIPTION

- ------------------------------------------------------------------------------------------------------------------------------------ VEHICLE NEW UNIT YEAR USED MANUFACTURER MODEL SERIAL NUMBER EQUIPMENT TYPE UNIT PRICE NUMBER - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR22C040101 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR02C040100 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR82C040099 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR62C040098 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR42C040097 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR22C040096 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR02C040095 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR92C040094 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR72C040093 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------ 2002 New INTL 9400i SBA 6 2HSCNASR52C040092 Tractor $71,688.04 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ----------------------------------- Signature Seller Signature COO - ------------------------- Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 61 Page 1 Schedule A-Generated by FIL COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date: [LOGO] Navistar Financial Corporation 1/17/2002

SELLER INFORMATION BORROWER INFORMATION International Truck & Engine Corp. Boyd Bros. Transportation, Inc. 937-525-0341 Chicago, IL 825 West Laffels Lane SELLER NUMBER: 001479-000 Springfield, OH 45506 APPROVAL NUMBER: 01292208 SSN#/TAX-ID: COUNTY: CUSTOMER #: 4706016

DESCRIPTION OF TRADE-IN

- ------------------------------------------------------------------------------------------------------------------------------------ GROSS LESS AMOUNT TRADE-IN YEAR MANUFACTURER MODEL SERIAL NUMBER ALLOWANCE OWING (NET ALLOWANCE) - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEBOTH848813 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEB9TH848809 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEBOTH848780 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEBXTH848771 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEBXTH848768 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEBXTH848754 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSEB2TH848750 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER LLD12064ST 1FUYDSEB9TH848731 $18,000.00 $18,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSYB7TH835004 $17,000.00 $17,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ 1996 FREIGHTLINER FLD12064ST 1FUYDSYBXTH834980 $17,000.00 $17,000.00 - ------------------------------------------------------------------------------------------------------------------------------------

BOYD BROS. TRANSPORTATION, INC. /s/ RICHARD BAILEY - ------------------------------------ ----------------------------------- Signature Seller Signature C.O.O. - ------------------------- Title - ------------------------------------------------------------------------------- COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. - Agreement Number: 61 Page 1 Schedule B-Generated by FIL [LOGO] Date: 1/16/2002 INTERNATIONAL FINANCE GROUP Page: 1 of 2 P.O. BOX 4024, SCHAUMBURG, IL 60168-4024 T 847 734 4000 AMORTIZATION SCHEDULE F 847 734 4020 CUSTOMER NAME Boyd Bros. Transportation, Inc. AGREEMENT NUMBER 61

- --------------------------------------------------------------------------------------------------------------------------------- AMOUNT TO FINANCE $626,680.00 DATE OF NOTE 1/17/2002 PAYMENT PLAN Equal Monthly TOTAL FINANCE $95,771.00 DATE FINANCE BEGINS 1/17/2002 REBATE METHOD Actuarial TOTAL PAYMENTS $722,451.00 A.P.R. 5.7500 TERM 60 - ---------------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL PERIOD PAYMENT FINANCE PRINCIPAL PERIOD DATE PAYMENT FINANCE AMOUNT REMAINING REMAINING - --------------------------------------------------------------------------------------------------------------------------------- $0.00 $0.00 $722,451.00 $95,771.00 $626,680.00 - --------------------------------------------------------------------------------------------------------------------------------- 1 2/16/2002 $9,138.11 $2,902.74 $12,040.85 $92,868.26 $617,541.89 - --------------------------------------------------------------------------------------------------------------------------------- 2 3/16/2002 $9,081.80 $2,959.05 $12,040.85 $89,909.21 $608,460.09 - --------------------------------------------------------------------------------------------------------------------------------- 3 4/16/2002 $9,125.31 $2,915.54 $12,040.85 $86,993.67 $599,334.78 - --------------------------------------------------------------------------------------------------------------------------------- 4 5/16/2002 $9,169.05 $2,871.80 $12,040.85 $84,121.87 $590,165.73 - --------------------------------------------------------------------------------------------------------------------------------- 5 6/16/2002 $9,212.97 $2,827.88 $12,040.85 $81,293.99 $580,952.76 - --------------------------------------------------------------------------------------------------------------------------------- 6 7/16/2002 $9,257.12 $2,783.73 $12,040.85 $78,510.26 $571,695.64 - --------------------------------------------------------------------------------------------------------------------------------- 7 8/16/2002 $9,301.48 $2,739.37 $12,040.85 $75,770.89 $562,394.16 - --------------------------------------------------------------------------------------------------------------------------------- 8 9/16/2002 $9,346.04 $2,694.81 $12,040.85 $73,076.08 $553,048.12 - --------------------------------------------------------------------------------------------------------------------------------- 9 10/16/2002 $9,390.84 $2,650.01 $12,040.85 $70,426.07 $543,657.28 - --------------------------------------------------------------------------------------------------------------------------------- 10 11/16/2002 $9,435.82 $2,605.03 $12,040.85 $67,821.04 $534,221.46 - --------------------------------------------------------------------------------------------------------------------------------- 11 12/16/2002 $9,481.05 $2,559.80 $12,040.85 $65,261.24 $524,740.41 - --------------------------------------------------------------------------------------------------------------------------------- 12 1/16/2003 $9,526.47 $2,514.38 $12,040.85 $62,746.86 $515,213.94 - --------------------------------------------------------------------------------------------------------------------------------- 13 2/16/2003 $9,572.12 $2,468.73 $12,040.85 $60,278.13 $505,641.82 - --------------------------------------------------------------------------------------------------------------------------------- 14 3/16/2003 $9,617.98 $2,422.87 $12,040.85 $57,855.26 $496,023.84 - --------------------------------------------------------------------------------------------------------------------------------- 15 4/16/2003 $9,664.07 $2,376.78 $12,040.85 $55,478.48 $486,359.77 - --------------------------------------------------------------------------------------------------------------------------------- 16 5/16/2003 $9,710.38 $2,330.47 $12,040.85 $53,148.01 $476,649.39 - --------------------------------------------------------------------------------------------------------------------------------- 17 6/16/2003 $9,756.91 $2,283.94 $12,040.85 $50,864.07 $466,892.48 - --------------------------------------------------------------------------------------------------------------------------------- 18 7/16/2003 $9,803.66 $2,237.19 $12,040.85 $48,626.88 $457,088.82 - --------------------------------------------------------------------------------------------------------------------------------- 19 8/16/2003 $9,850.64 $2,190.21 $12,040.85 $46,436.67 $447,238.18 - --------------------------------------------------------------------------------------------------------------------------------- 20 9/16/2003 $9,897.83 $2,143.02 $12,040.85 $44,293.65 $437,340.35 - --------------------------------------------------------------------------------------------------------------------------------- 21 10/16/2003 $9,945.26 $2,095.59 $12,040.85 $42,198.06 $427,395.09 - --------------------------------------------------------------------------------------------------------------------------------- 22 11/16/2003 $9,992.92 $2,047.93 $12,040.85 $40,150.13 $417,402.17 - --------------------------------------------------------------------------------------------------------------------------------- 23 12/16/2003 $10,040.80 $2,000.05 $12,040.85 $38,150.08 $407,361.37 - --------------------------------------------------------------------------------------------------------------------------------- 24 1/16/2004 $10,088.92 $1,951.93 $12,040.85 $36,198.15 $397,272.45 - --------------------------------------------------------------------------------------------------------------------------------- 25 2/16/2004 $10,137.25 $1,903.60 $12,040.85 $34,294.55 $387,135.20 - --------------------------------------------------------------------------------------------------------------------------------- 26 3/16/2004 $10,185.83 $1,855.02 $12,040.85 $32,439.53 $376,949.37 - --------------------------------------------------------------------------------------------------------------------------------- 27 4/16/2004 $10,234.64 $1,806.21 $12,040.85 $30,633.32 $366,714.73 - --------------------------------------------------------------------------------------------------------------------------------- 28 5/16/2004 $10,283.67 $1,757.18 $12,040.85 $28,876.14 $356,431.06 - --------------------------------------------------------------------------------------------------------------------------------- 29 6/16/2004 $10,332.96 $1,707.89 $12,040.85 $27,168.25 $346,098.10 - --------------------------------------------------------------------------------------------------------------------------------- 30 7/16/2004 $10,382.46 $1,658.39 $12,040.85 $25,509.86 $335,715.64 - --------------------------------------------------------------------------------------------------------------------------------- 31 8/16/2004 $10,432.22 $1,608.63 $12,040.85 $23,901.23 $325,283.42 - --------------------------------------------------------------------------------------------------------------------------------- 32 9/16/2004 $10,482.20 $1,558.65 $12,040.85 $22,342.58 $314,801.22 - --------------------------------------------------------------------------------------------------------------------------------- 33 10/16/2004 $10,532.43 $1,508.42 $12,040.85 $20,834.16 $304,268.79 - --------------------------------------------------------------------------------------------------------------------------------- 34 11/16/2004 $10,582.89 $1,457.96 $12,040.85 $19,376.20 $293,685.90 - --------------------------------------------------------------------------------------------------------------------------------- 35 12/16/2004 $10,633.61 $1,407.24 $12,040.85 $17,968.96 $283,052.29

[LOGO] Date: 1/16/2002 INTERNATIONAL FINANCE GROUP Page: 2 of 2 P.O. BOX 4024, SCHAUMBURG, IL 60168-4024 T 847 734 4000 AMORTIZATION SCHEDULE F 847 734 4020 CUSTOMER NAME Boyd Bros. Transportation, Inc. AGREEMENT NUMBER 61 AMOUNT TO FINANCE $626,680.00 DATE OF NOTE 1/17/2002 PAYMENT PLAN Equal Monthly TOTAL FINANCE $ 95,771.00 DATE FINANCE BEGINS 1/17/2002 REBATE METHOD Actuarial TOTAL PAYMENTS $722,451.00 A.P.R. 5.7500 TERM 60

PRINCIPAL PERIOD PAYMENT FINANCE PRINCIPAL PERIOD DATE PAYMENT FINANCE AMOUNT REMAINING REMAINING 36 1/16/2005 $ 10,684.56 $ 1,356.29 $ 12,040.85 $16,612.67 $272,367.73 - --------------------------------------------------------------------------------------------------------------- 37 2/16/2005 $ 10,735.75 $ 1,305.10 $ 12,040.85 $15,307.57 $261,631.98 - --------------------------------------------------------------------------------------------------------------- 38 3/16/2005 $ 10,787.20 $ 1,253.65 $ 12,040.85 $14,053.92 $250,844.78 - --------------------------------------------------------------------------------------------------------------- 39 4/16/2005 $ 10,838.89 $ 1,201.96 $ 12,040.85 $12,851.96 $240,005.89 - --------------------------------------------------------------------------------------------------------------- 40 5/16/2005 $ 10,890.82 $ 1,150.03 $ 12,040.85 $11,701.93 $229,115.07 - --------------------------------------------------------------------------------------------------------------- 41 6/16/2005 $ 10,943.01 $ 1,097.84 $ 12,040.85 $10,604.09 $218,172.06 - --------------------------------------------------------------------------------------------------------------- 42 7/16/2005 $ 10,995.44 $ 1,045.41 $ 12,040.85 $ 9,558.68 $207,176.62 - --------------------------------------------------------------------------------------------------------------- 43 8/16/2005 $ 11,048.13 $ 992.72 $ 12,040.85 $ 8,565.96 $196,128.49 - --------------------------------------------------------------------------------------------------------------- 44 9/16/2005 $ 11,101.07 $ 939.78 $ 12,040.85 $ 7,626.18 $185,027.42 - --------------------------------------------------------------------------------------------------------------- 45 10/16/2005 $ 11,154.26 $ 886.59 $ 12,040.85 $ 6,739.59 $173,873.16 - --------------------------------------------------------------------------------------------------------------- 46 11/16/2005 $ 11,207.71 $ 833.14 $ 12,040.85 $ 5,906.45 $162,665.45 - --------------------------------------------------------------------------------------------------------------- 47 12/16/2005 $ 11,261.41 $ 779.44 $ 12,040.85 $ 5,127.01 $151,404.04 - --------------------------------------------------------------------------------------------------------------- 48 1/16/2006 $ 11,315.38 $ 725.47 $ 12,040.85 $ 4,401.54 $140,088.66 - --------------------------------------------------------------------------------------------------------------- 49 2/16/2006 $ 11,369.59 $ 671.26 $ 12,040.85 $ 3,730.28 $128,719.07 - --------------------------------------------------------------------------------------------------------------- 50 3/16/2006 $ 11,424.07 $ 616.78 $ 12,040.85 $ 3,113.50 $117,295.00 - --------------------------------------------------------------------------------------------------------------- 51 4/16/2006 $ 11,478.81 $ 562.04 $ 12,040.85 $ 2,551.46 $105,816.19 - --------------------------------------------------------------------------------------------------------------- 52 5/16/2006 $ 11,533.82 $ 507.03 $ 12,040.85 $ 2,044.43 $ 94,282.37 - --------------------------------------------------------------------------------------------------------------- 53 6/16/2006 $ 11,589.08 $ 451.77 $ 12,040.85 $ 1,592.66 $ 82,693.29 - --------------------------------------------------------------------------------------------------------------- 54 7/16/2006 $ 11,644.61 $ 396.24 $ 12,040.85 $ 1,196.42 $ 71,048.68 - --------------------------------------------------------------------------------------------------------------- 55 8/16/2006 $ 11,700.41 $ 340.44 $ 12,040.85 $ 855.98 $ 59,348.27 - --------------------------------------------------------------------------------------------------------------- 56 9/16/2006 $ 11,756.47 $ 284.38 $ 12,040.85 $ 571.60 $ 47,591.80 - --------------------------------------------------------------------------------------------------------------- 57 10/16/2006 $ 11,812.81 $ 228.04 $ 12,040.85 $ 343.56 $ 35,778.99 - --------------------------------------------------------------------------------------------------------------- 58 11/16/2006 $ 11,869.41 $ 171.44 $ 12,040.85 $ 172.12 $ 23,909.58 - --------------------------------------------------------------------------------------------------------------- 59 12/16/2006 $ 11,926.28 $ 114.57 $ 12,040.85 $ 57.55 $ 11,983.30 - --------------------------------------------------------------------------------------------------------------- 60 1/16/2007 $ 11,983.30 $ 57.55 $ 12,040.85 $ 0.00 $ 0.00 - --------------------------------------------------------------------------------------------------------------- $626,680.00 $95,771.00 $722,451.00 $ 0.00 $ 0.00

THIS SCHEDULE MAY NOT REFLECT THE ACTUAL NET BALANCE OWING IF THE CONTRACT IS TERMINATED PRIOR TO MATURITY. /s/ RICHARD BAILEY - -------------------------------------- ------------------------------------- Boyd Bros. Transportation, Inc. International Truck & Engine Corp. LENDERS AGREEMENT Lender: Navistar Financial Corporation Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL 60008 BY DATE - -------------------------------------------------------------------------------- Authorized Representative -----END PRIVACY-ENHANCED MESSAGE-----

EX-10.1

                                                                    EXHIBIT 10.1


                     COMMERCIAL LOAN AND SECURITY AGREEMENT
                 (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT)

[LOGO]
Navistar Financial                                      Agreement Date: 1/3/2002
Corporation

The 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.

Seller Information            BORROWER INFORMATION:

                                                                                
Seller Number 001479-000                   Boyd Bros. Transportation, Inc.            937-525-0341
International Truck &                      825 West Laffels Lane                      SSN#/TAX-ID
  Engine Corp.
Chicago, IL                                Springfield, OH 45506                      CUSTOMER #
  APPROVAL NUMBER: 01292208                COUNTY:                                    4706016



DESCRIPTION OF EQUIPMENT



VEHICLE    NEW
 YEAR      USED    MANUFACTURER    MODEL    SERIAL NUMBER    OTHER EQUIPMENT    UNIT NUMBER
- -------    ----    ------------    -----    -------------    ---------------    -----------
                                                              
                               SEE ADDENDUM - SCHEDULE A


DESCRIPTION OF TRADE-IN



                                                                 GROSS       LESS AMOUNT        TRADE-IN
YEAR    MANUFACTURER    MODEL    SERIAL NUMBER    BODY TYPE    ALLOWANCE        OWING        (NET ALLOWANCE)
- ----    ------------    -----    -------------    ---------    ---------     -----------     ---------------
                                                                        
                                       SEE ADDENDUM - SCHEDULE B


INSURANCE COVERAGE

NO LIABILITY INSURANCE INCLUDED

PHYSICAL DAMAGE:

Physical damage insurance satisfactory to Lender is required. The Borrower may
choose the person through which the insurance is to be obtained or provide such
insurance through an existing policy subject to Lender's right to refuse to
accept any such insurer for any reasonable cause.

If physical damage insurance is included in this Agreement, the cost of
insurance shall be _________ as set forth in item 6a and the following
coverages are provided for a term of ______ months from the date of delivery.

         Deductible Other Than Collision (Specified Perils, Comprehensive or
         Fire, Theft and Combined Additional Coverage, as per attached insurance
         application.)

         Deductible Collision

________________________________________________________________________________
Name of Physical Damage Insurance Company            Agent Name/Phone

Texas Residents Only: If physical damage insurance is obtained through the
Lender and placed with a county mutual insurance company, the premium or rate
of charge is not fixed or approved by the Texas State Board of Insurance.

CREDIT LIFE INSURANCE IS NOT REQUIRED.
If a charge is include in 6b it is understood credit life insurance is
requested in this Agreement and the Borrower signing below is the insured.
Borrower hereby acknowledges receipt of a certificate containing the terms of
such insurance through Agent:

________________________________________________________________________________
Name of Credit Life Insurance Company                Agent Name/Phone

SALE ANALYSIS

                                                               
- --------------------------------------------------------------------------------
1.       CASH PRICE                                                  $583,228.72
- --------------------------------------------------------------------------------
2.       SALES AND OTHER TAXES                                       $ 67,082.28
- --------------------------------------------------------------------------------
3.       CASH PRICE + TAX (1 + 2)                                    $650,311.00
- --------------------------------------------------------------------------------
4a.      CASH DOWN PAYMENT
- --------------------------------------------------------------------------------
 b.      TRADE-IN (NET ALLOWANCE)                                    $118,500.00
- --------------------------------------------------------------------------------
         TOTAL DOWN PAYMENT (4a + 4b)                                $118,500.00
- --------------------------------------------------------------------------------
5.       UNPAID BALANCE OF CASH PRICE (3 LESS 4)                     $531,811.00
- --------------------------------------------------------------------------------
6.       a.  PHYSICAL DAMAGE
- --------------------------------------------------------------------------------
         b.  CREDIT LIFE INSURANCE
- --------------------------------------------------------------------------------
         c.  CERTIFICATE OF TITLE FEE
- --------------------------------------------------------------------------------
         d.  OFFICIAL FEES
- --------------------------------------------------------------------------------
         e.  OPTIONAL SERVICE/EXTENDED WARRANTY
- --------------------------------------------------------------------------------
         f.  OTHER
- --------------------------------------------------------------------------------
TOTAL OTHER CHARGES (Total of 6a. to 6f.)
- --------------------------------------------------------------------------------
7.  TOTAL CHARGES INCURRED (5 + 6)                                   $531,811.00
- --------------------------------------------------------------------------------



8.  PROMISSORY NOTE:  If this Agreement is accepted by Lender, Borrower
promises to pay to Lender or to its order the Unpaid Balance (Amount Financed)
set forth in Line 7 above, together with interest from the date of this
Agreement, in installments as set forth below:

Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount
of $81,272.60 computed at a rate equivalent to 5.75% per annum in installments
as set forth below.



  # OF      AMOUNT OF                  # OF     AMOUNT OF                  # OF     AMOUNT OF
PAYMENTS     PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING
- --------   ----------   ---------    --------   ---------   ---------    --------   ---------   ---------
                                                                        
  60       $10,218.06   2/2/2002


FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE
POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE
ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE
TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH
(INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO
NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY
LENDER.

NOTICE TO BORROWER:  1. Do not sign this Agreement before you read it or if it
contains blank spaces. 2. You are entitled to a completely filled-in copy of
the Agreement when you sign it. 3. Under the law, you have the following
rights, among others: (a) to pay off in advance the full amount due and to
obtain a partial refund of the interest charges based on the actuarial method
unless another method is required by law; (b) to redeem the Goods if
repossessed for default; (c) to require, under certain conditions, a resale of
the Goods if repossessed. 4. If you desire to pay off in advance the full
amount due, the amount of refund you are entitled to, if any, will be furnished
upon request. 5. In Texas, this Agreement may be subject in whole or in part to
Texas law which is enforced by the Consumer Credit Commissioner, 2601 North
Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016,
(713) 461-4074.



________________________________________________________________________________
Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
             Boyd Bros. Transportation, Inc. - Agreement Number: 53



                              ADDITIONAL PROVISIONS


LATE PAYMENTS: In addition to promising to pay the total payments as set forth
above. Borrower promises to pay past due interest accrued from maturity on each
installment in default more than 10 days at the highest rate permitted by law.
Borrower also agrees to pay all expenses actually incurred, including attorney
fees, in collecting any amount payable under this Agreement, all to the extent
allowed by law.

PARTIES: As used herein, "Borrower" shall include all persons who sign as
"Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its
successors and assigns. "Affiliates" shall include all entities directly or
indirectly controlling or controlled by or under common control with Lender
including but not limited to Harco Leasing Company, Inc. and Navistar Leasing
Company. Upon notice of assignment, Borrower agrees to make payments hereunder
directly to assignee. Assignee shall be entitled to all rights of Lenders free
from any defense, set-off or counterclaim by the Borrower against the Lender,
except as required by Law. Seller shall not be the agent of Lender for
transmission of payments or otherwise.

NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor
the manufacturer of the Goods, and has not made and does not make any
representation, warranty or covenant with respect to the Goods, either express
or implied, written or oral, including but not limited to any representation,
warranty or covenant with respect to condition, quality, safety, durability,
merchantability, or fitness for a particular purpose. Borrower selected the
Goods and hereby agrees that any and all claims, that Borrower has or may in the
future have against the seller and/or manufacturer shall not be asserted as an
offset against Lender, including but not limited to any claims in product
liability.

USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense
with respect to loss or damages, and taxes and charges of every kind; shall take
proper care of the Goods and shall not abuse or misuse the same; shall not sell,
assign or transfer its interest in the Goods or remove the Goods from the
jurisdiction in which they now reside without the prior written consent of
Lender; shall not use the Goods for any illegal purpose and shall not attach any
of the Goods to any real estate or to any other property in such a manner as to
become a part thereof. If Borrower fails to pay said taxes and said charges,
Lender may, at its election, either do so and charge same to Borrower or treat
such failure as a breach of condition of this agreement. Any amount so paid by
the Lender shall become a part of the indebtedness secured hereunder.

PHYSICAL DAMAGE INSURANCE: If a cost of physical damage insurance is included in
the Agreement, Borrower hereby assigns to Lender the right to cancel such
insurance. If any insurance included in this Agreement is cancelled, whether by
request of the Borrower or the Lender, or action of the Insurance Company,
Lender is hereby authorized on behalf of Borrower to receive any unearned
premium refund. If no cost of physical damage insurance is included in this
Agreement, Borrower agrees to promptly insure the goods at its own expense with
a company acceptable to the Lender against loss by fire, theft and collision for
the period of the term of its Agreement and in such amounts and upon such terms
as are acceptable to Lender. Borrower specifically covenants to name Lender as
loss payee as its interest may appear. Lender may, in its sole discretion, apply
any proceeds of insurance received by it to any indebtedness owed by Borrower to
Lender or its Affiliates.

PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with
evidence of the insurance coverage required by this Agreement, Lender may, but
will not be obligated to, purchase insurance at Borrower's expense to protect
Lender's interest in the Goods. This insurance may, but need not, protect
Borrower's interests. The coverage that Lender purchases may not pay any claim
that Borrower makes or any claim that it made against Borrower in connection
with the Goods. Borrower may later cancel any insurance purchased by Lender, but
only after providing Lender with evidence that Borrower has obtained other
insurance as required by the Agreement. If Lender purchases insurance for the
Goods, Borrower will be responsible for the costs of such insurance including
interest and any other charge Lender may impose in connection with the placement
of the insurance, until the effective date of the cancellation or expiration of
the insurance. The cost of the insurance may be added to Borrower's outstanding
balance due and owing Lender under the Agreement. The cost of the insurance may
be more than the cost of insurance Borrower may be able to obtain on its own.

SECURITY INTEREST: In order to secure performance and payment of the loans made
be Lender to Borrower and all of the Borrowers obligations and indebtedness
hereunder and of all other amounts due or to become due hereunder and to secure
each and every other obligation or indebtedness of every kind and description
and however arising, now or hereafter owing by Borrower to Lender or its
Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money
security interest under the Uniform Commercial Code in and to the Goods
described above, together with all replacements, repairs and accessions thereto
and cash and the non-cash proceeds (including insurance proceeds) thereof. The
security interest hereby granted is a separate, independent security interest
that is in addition to, and not in substitution for, any and all security
interests heretofore or hereafter granted by Borrower to Lender. This Agreement
is not an amendment to or modification of, or a waiver or release by Lender of,
any term, provision or condition of any other agreement between Borrower and
Lender. Further, Lender hereby retains and Borrower hereby grants a security
interest in the proceeds of any physical damage, credit life and or disability
insurance for which a charge is stated above or which is supplied by Borrower,
and if a charge for any such insurance has been included in this Agreement, a
security interest in the refund of any unearned premiums in the event such
insurance is terminated or canceled for any reason. Borrower will not grant any
other security interest in and to the Goods described above, without the prior
written consent of Lender. Borrower shall cause or cooperate with Lender in
causing Lender's security interest in the Goods to become properly perfected
under state law through filing of a financing statement or notation on
appropriate perfection documents.

DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof
and if Borrower defaults in any one of the payment on the loan or other payment
provided for herein when due or breaches any other covenant or condition of this
Agreement, or any other contract or agreement between Borrower and Lender or its
affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or
insolvent or a petition in bankruptcy is filed by or against the Borrower then
Lender may in its sole option and discretion in any such event declare the total
amount unpaid hereunder, including accrued delinquency charges, and excluding
unearned interest immediately due and payable and may take possession of the
Goods in a lawful manner wherever found without notice, demand or legal process,
or may require the Borrower to assemble the Goods and make it available to the
Lender at a place to be designated by the Lender, and where not prohibited by
law, may sell the same at public or private sale, with or without notice, at
which sale Lender may become the purchaser, may deduct from the proceeds of any
such sale all taxes and charges due on the Goods and all expenses of taking,
removing, holding, repairing and selling the Goods, and may apply the net
proceeds to any indebtedness of Borrower, returning to Borrower any surplus or
holding Borrower liable for any deficiency; and in consideration of the use of
the Goods and for diminution in saleable value thereof, Lender may retain all
payments made; or Lender may pursue any other remedy provided by Law. Lender may
accept partial payments of any sum due without waiving or otherwise modifying
the terms of this Agreement and the waiver by Lender of a breach of any
condition of this Agreement shall not constitute a waiver of any subsequent
breach whether or not a like character. In the event of bankruptcy or other
insolvency proceedings, in addition to the above remedies, the Lender shall be
entitled to any rental or other income produced by the Goods prior to its
release to Lender.



Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
             Boyd Bros. Transportation, Inc. - Agreement Number: 151



                      ADDITIONAL PROVISIONS -- (Continued)


DEFAULT: For Use in Louisiana Only. Borrower does hereby confess judgement in
favor of the Lender or any subsequent holder of this agreement for principal,
interest, attorney's fees, and costs; and does hereby declare that if any one of
the payments on the loan or other payment provided for herein is not fully paid
when due, if default be made in compliance with any condition or covenant
herein, or proceedings in bankruptcy, insolvency or receivership be instituted
by or against the Borrower, or if any action is taken looking toward the
appointment of a receiver, syndic or curata of Borrower or if the property be
used in violation of any state or Federal law, such violation shall constitute
a breach of this Agreement which shall ipso facto be immediately due and
exigible in its entirety and the Lender may cause all and singular the Goods
herein described to be seized and sold under executory or other legal process
in any court, without appraisement, to the highest bidder, payable in cash.
Borrower hereby specifically waives the three (3) day notice of demand provided
by Article 2639 of the Louisiana Code of Civil Procedure and Notice of
Appraisement set forth under Article 2723 of the Louisiana Code of Civil
Procedure and all pleas of division and discussion and the benefit of
appraisement or the said Lender may and is hereby authorized to take immediate
possession of the Goods wherever found without process of law and hold same
until the amount due and either at public or private sale without demand for
performance of without notice to the Borrower, with or without having the Goods
at the place of sale. The Lender, or future holder of this Agreement, shall
have the right to bid at any public sale. From the proceeds of such sale, the
Lender, or future holder of this Agreement, shall deduct all expenses for
retaking, repairing and selling the Goods, including a reasonable attorney's
fee.

CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and
the co-borrower shall be jointly and severally liable with the Borrower for
payment in full of all amounts due or to become due pursuant to the terms and
conditions of this Agreement.

GENERAL: Borrower hereby covenants that all facts and information contained
herein and in the credit application are true and correct as of the date hereof
and specifically warrants that there are no other amounts owing on the trade-in
equipment except as may be indicated herein. Renewal, extension, or assignment
of this Agreement shall not release Borrower or Co-Borrower from any
obligations hereunder.

POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender
to execute, sign, and file on Borrower(s) behalf any financing statement,
continuation statement or any other document related to the perfection or
protection of the security interest hereby created, if allowed by law.

APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied
first to accrued interest and delinquency charges and then to the balance of any
amount financed then outstanding.

SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid,
illegal, prohibited or unenforceable by law or otherwise, then such provision
shall be void; however, such impairment shall not in any way invalidate or
impair the remainder of this Agreement or any other of its provisions. If the
rate of interest or other charges set forth hereunder shall exceed the
applicable maximum, then such rate shall be reduced to such maximum and any
excess interest or charge that may have been collected shall, at the option of
the Borrower, either be refunded in cash or applied as a credit to unpaid
principal. In no event shall Borrower be obligated to pay such excess charges.

ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until
accepted by Lender in Illinois. Except as prohibited by law, the construction
and validity of this Agreement shall be controlled by the law of Illinois,
where this Agreement is entered into, and applicable federal law. This
Agreement is entered into in Illinois and all loans made by the Lender will be
extended from Illinois. The validity and enforcement of the security interest
granted hereunder shall be controlled by the law of jurisdiction where the
Goods are to be kept and used.

QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate"
shall mean for each calendar quarter, the Prime Rate as published in the Wall
Street Journal on the last business day of the month immediately preceding the
first day of each calendar quarter.

QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London
Interbank Offered Rate as published in the Wall Street Journal on the last
business day of the month immediately preceding the first day of each calendar
quarter.

WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
RELATING TO THIS AGREEMENT.



                      THIS SPACE INTENTIONALLY LEFT BLANK



All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070
or as otherwise directed by Lender to Borrower in writing. Telephone inquiries
should be directed to Navistar Financial Corporation (847) 734-4000. All other
correspondence should be sent to Lender at P.O. Box 4024, Attn: FSC,
Schamburg, IL 10168-4024.

BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED
IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE
AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF
THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS
BETWEEN BORROWER AND LENDER.

This Agreement is subject to the terms of the Retail Financing Arrangement
between Borrower and Seller, Initial for:


Non-recourse_________________________ Guaranty___________________________
AUTHORIZED SIGNATURE FOR SELLER



BY
  ------------------------------------------------------------------------------
     (Signature of Owner, Officer, or Authorized Rep.)           (Title)

LENDERS ACCEPTANCE
Lender: Navistar Financial Corporation      Accepted by Lender at:
        2850 West Golf Road, Rolling Meadows, IL, 60008



BY                                                       DATE
  ------------------------------------------------------      ------------------
    Authorized Representative

BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY

NAME OF BORROWER: Boyd Bros Transportation, Inc.

(Name of individual(s), corporation or partnership. Give trade style if any
after name.)



BY: /s/ RICHARD BAILEY                                TITLE C.O.O
  ----------------------------------------------------      --------------------
(If corporation, authorized party must sign and show corporate title. If
partnership, a general partner must sign. If owner(s) or partner, show which.)



BY:                                                   TITLE
  ----------------------------------------------------      --------------------
(If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.)



- --------------------------------------------------------------------------------
Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
              BOYD BROS. TRANSPORTATION, INC. -- AGREEMENT NUMBER: 151





      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/3/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



EQUIPMENT DESCRIPTION



- ------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
   2002         New            INTL           9400i SBA 6       2HSCNASRX2C037141          Tractor           $72,123.95
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR12C037142          Tractor           $72,123.95
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR32C037143          Tractor           $72,123.95
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR52C037144          Tractor           $72,123.95
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR72C037145          Tractor           $72,123.95
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNAMR82C035935          Tractor           $74,202.99
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNAMRX2C035936          Tractor           $74,202.99
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNAMR12C035937          Tractor           $74,202.99
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     -----------------------------------
Signature                                Seller Signature

COO
- -------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 53
Page 1
Schedule A-Generated by FIL


      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                             1/3/2002



SELLER INFORMATION                                             BORROWER INFORMATION
                                                            
                      International Truck & Engine Corp.                         Boyd Bros. Transportation, Inc.        937-525-0341
                      Chicago, IL                                                825 West Laffels Lane
                                                                                 Springfield, OH 45506
SELLER NUMBER:        001479-000                               SSN#/TAX-ID:                        COUNTY:
APPROVAL NUMBER:      01292208                                 CUSTOMER #:       4706016



DESCRIPTION OF TRADE-IN



- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                   GROSS           LESS AMOUNT          TRADE-IN
YEAR              MANUFACTURER      MODEL             SERIAL NUMBER              ALLOWANCE           OWING           (NET ALLOWANCE)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
1998                  INTL           9400             2HSFHASR3WC036035          $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
1998                  INTL           9400             2HSFHASR7WC036037          $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
1998                  INTL           9400             2HSFHASR9WC036038          $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
1998                  INTL           9400             2HSFHASR0WC036039          $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
1998                  INTL           9400             2HSFHASR0WC036042          $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
1992                  INTL           9400             NH480708                   $ 7,000.00                            $ 7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
1992                  INTL           9400             NH480739                   $ 7,000.00                            $ 7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
1992                  INTL           9400             NH480725                   $ 7,000.00                            $ 7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.


/s/ RICHARD BAILEY
- ------------------------------------       -------------------------------------
Signature                                  Seller Signature

COO
- ------------------------------------
Title


- --------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc.
Agreement Number: 53
Page 1
Schedule B-Generated By FIL


[LOGO]                                                            Date: 1/2/2002
INTERNATIONAL FINANCE GROUP                                         Page: 1 of 2
P.O. BOX 4024, SCHAUMBURG, IL 60168-4024
                                                                  T 847 734 4000

                                                                  F 847 734 4020
AMORTIZATION SCHEDULE


CUSTOMER NAME     Boyd Bros. Transportation, Inc.
AGREEMENT NUMBER  53

                                                         
AMOUNT TO FINANCE  $531,811.00        DATE OF NOTE   1/3/2002  PAYMENT PLAN  Equal Monthly
    TOTAL FINANCE  $ 81,272.60  DATE FINANCE BEGINS  1/3/2002  REBATE METHOD Actuarial
   TOTAL PAYMENTS  $613,083.60               A.P.R.  5.7500             TERM 60




                     PRINCIPAL    PERIOD       PAYMENT      FINANCE      PRINCIPAL
PERIOD     DATE       PAYMENT     FINANCE      AMOUNT      REMAINING     REMAINING
- -----------------------------------------------------------------------------------
                                                      
                     $    0.00   $    0.00   $613,083.60   $81,272.60   $531,811.00
- -----------------------------------------------------------------------------------
   1      2/2/2002   $7,754.75   $2,463.31   $ 10,218.06   $78,809.29   $524,056.25
- -----------------------------------------------------------------------------------
   2      3/2/2002   $7,706.96   $2,511.10   $ 10,218.06   $76,298.19   $516,349.29
- -----------------------------------------------------------------------------------
   3      4/2/2002   $7,743.89   $2,474.17   $ 10,218.06   $73,824.02   $508,605.40
- -----------------------------------------------------------------------------------
   4      5/2/2002   $7,780.99   $2,437.07   $ 10,218.06   $71,386.95   $500,824.41
- -----------------------------------------------------------------------------------
   5      6/2/2002   $7,818.28   $2,399.78   $ 10,218.06   $68,987.17   $493,006.13
- -----------------------------------------------------------------------------------
   6      7/2/2002   $7,855.74   $2,362.32   $ 10,218.06   $66,624.85   $485,150.39
- -----------------------------------------------------------------------------------
   7      8/2/2002   $7,893.38   $2,324.68   $ 10,218.06   $64,300.17   $477,257.01
- -----------------------------------------------------------------------------------
   8      9/2/2002   $7,931.21   $2,286.85   $ 10,218.06   $62,013.32   $469,325.80
- -----------------------------------------------------------------------------------
   9     10/2/2002   $7,969.21   $2,248.85   $ 10,218.06   $59,764.47   $461,356.59
- -----------------------------------------------------------------------------------
  10     11/2/2002   $8,007.40   $2,210.66   $ 10,218.06   $57,553.81   $453,349.19
- -----------------------------------------------------------------------------------
  11     12/2/2002   $8,045.76   $2,172.30   $ 10,218.06   $55,381.51   $445,303.43
- -----------------------------------------------------------------------------------
  12      1/2/2003   $8,084.31   $2,133.75   $ 10,218.06   $53,247.76   $437,219.12
- -----------------------------------------------------------------------------------
  13      2/2/2003   $8,123.06   $2,095.00   $ 10,218.06   $51,152.76   $429,096.06
- -----------------------------------------------------------------------------------
  14      3/2/2003   $8,161.97   $2,056.09   $ 10,218.06   $49,096.67   $420,934.09
- -----------------------------------------------------------------------------------
  15      4/2/2003   $8,201.09   $2,016.97   $ 10,218.06   $47,079.70   $412,733.00
- -----------------------------------------------------------------------------------
  16      5/2/2003   $8,240.38   $1,977.68   $ 10,218.06   $45,102.02   $404,492.62
- -----------------------------------------------------------------------------------
  17      6/2/2003   $8,279.87   $1,938.19   $ 10,218.06   $43,163.83   $396,212.75
- -----------------------------------------------------------------------------------
  18      7/2/2003   $8,319.55   $1,898.51   $ 10,218.06   $41,265.32   $387,893.20
- -----------------------------------------------------------------------------------
  19      8/2/2003   $8,359.40   $1,858.66   $ 10,218.06   $39,406.66   $379.533.80
- -----------------------------------------------------------------------------------
  20      9/2/2003   $8,399.47   $1,818.59   $ 10,218.06   $37,588.07   $371,134.33
- -----------------------------------------------------------------------------------
  21     10/2/2003   $8,439.71   $1,778.35   $ 10,218.06   $35,809.72   $362,694.62
- -----------------------------------------------------------------------------------
  22     11/2/2003   $8,480.15   $1,737.91   $ 10,218.06   $34,071.81   $354,214.47
- -----------------------------------------------------------------------------------
  23     12/2/2003   $8,520.78   $1,697.28   $ 10,218.06   $32,374,53   $345,693.69
- -----------------------------------------------------------------------------------
  24      1/2/2004   $8,561.62   $1,656.44   $ 10,218.06   $30,718.09   $337,132.07
- -----------------------------------------------------------------------------------
  25      2/2/2004   $8,602.63   $1,615.43   $ 10,218.06   $29,102.66   $328,529.44
- -----------------------------------------------------------------------------------
  26      3/2/2004   $8,643.86   $1,574.20   $ 10,218.06   $27,528.46   $319,885.58
- -----------------------------------------------------------------------------------
  27      4/2/2004   $8,685.28   $1,532.78   $ 10,218.06   $25,995.68   $311,200.30
- -----------------------------------------------------------------------------------
  28      5/2/2004   $8,726.89   $1,491.17   $ 10,218.06   $24,504.51   $302,473.41
- -----------------------------------------------------------------------------------
  29      6/2/2004   $8,768.71   $1,449.35   $ 10,218.06   $23,055.16   $293,704.70
- -----------------------------------------------------------------------------------
  30      7/2/2004   $8,810.73   $1,407.33   $ 10,218.06   $21,647.83   $284,893.97
- -----------------------------------------------------------------------------------
  31      8/2/2004   $8,852.94   $1,365.12   $ 10,218.06   $20,282.71   $276,041.03
- -----------------------------------------------------------------------------------
  32      9/2/2004   $8,895.37   $1,322.69   $ 10,218.06   $18,960.02   $267,145.66
- -----------------------------------------------------------------------------------
  33     10/2/2004   $8,937.99   $1,280.07   $ 10,218.06   $17,679.95   $258,207.67
- -----------------------------------------------------------------------------------
  34     11/2/2004   $8,980.81   $1,237.25   $ 10,218.06   $16,442.70   $249,226.86
- -----------------------------------------------------------------------------------
  35     12/2/2004   $9,023.85   $1,194.21   $ 10,218.06   $15,248.49   $240,203.01



[LOGO]                                                      Date: 1/2/2002
                                                               Page 2 of 2
INTERNATIONAL FINANCE GROUP
P.O. BOX 4024, SCHAUMBURG, IL 60168-4024
                                                             T847 734 4000

AMORTIZATION SCHEDULE                                        T847 734 4020


CUSTOMER NAME     Boyd Bros. Transportation, Inc.

AGREEMENT NUMBER  53

                                                                     
AMOUNT TO FINANCE   $531,811.00                      DATE OF NOTE  1/3/2002          PAYMENT PLAN Equal Monthly
    TOTAL FINANCE   $81,272.60                DATE FINANCE BEGINS  1/3/2002         REBATE METHOD Actuarial
   TOTAL PAYMENTS   $613,083.60                            A.P.R.  5.7500                    TERM 60





                             PRINCIPAL          PERIOD       PAYMENT         FINANCE         PRINCIPAL
 PERIOD        DATE           PAYMENT          FINANCE        AMOUNT        REMAINING        REMAINING
- --------     --------       ----------       ----------      --------      -----------      -----------

                                                                         
  36         1/2/2005        $9,067.09        $1,150.97      $10,218.06     $14,097.52      $231,135.92
- -------------------------------------------------------------------------------------------------------
  37         2/2/2005        $9,110.53        $1,107.53      $10,218.06     $12,989.99      $222,025.39
- -------------------------------------------------------------------------------------------------------
  38         3/2/2005        $9,154.19        $1,063.87      $10,218.06     $11,926.12      $212,871.20
- -------------------------------------------------------------------------------------------------------
  39         4/2/2005        $9,198.06        $1,020.00      $10,218.06     $10,906.12      $203,673.14
- -------------------------------------------------------------------------------------------------------
  40         5/2/2005        $9,242.12          $975.94      $10,218.06      $9,930.18      $194,431.02
- -------------------------------------------------------------------------------------------------------
  41         6/2/2005        $9,286.42          $931.64      $10,218.06      $8,998.54      $185,144.60
- -------------------------------------------------------------------------------------------------------
  42         7/2/2005        $9,330.91          $887.15      $10,218.06      $8,111.39      $175,813.69
- -------------------------------------------------------------------------------------------------------
  43         8/2/2005        $9,375.62          $842.44      $10,219.06      $7,268.95      $166,438.07
- -------------------------------------------------------------------------------------------------------
  44         9/2/2005        $9,420.54          $797.52      $10,218.06      $6,471.43      $157,017.53
- -------------------------------------------------------------------------------------------------------
  45        10/2/2005        $9,465.69          $752.37      $10,218.06      $5,719.06      $147,551.84
- -------------------------------------------------------------------------------------------------------
  46        11/2/2005        $9,511.04          $707.02      $10,218.06      $5,012.04      $138,040.80
- -------------------------------------------------------------------------------------------------------
  47        12/2/2005        $9,556.61          $661.45      $10,218.06      $4,350.59      $128,484.19
- -------------------------------------------------------------------------------------------------------
  48         1/2/2006        $9,602.41          $615.65      $10,218,06      $3,734.94      $118,881.78
- -------------------------------------------------------------------------------------------------------
  49         2/2/2006        $9,648.42          $569.64      $10,218.06      $3,165.30      $109,233.36
- -------------------------------------------------------------------------------------------------------
  50         3/2/2006        $9,694.65          $523.41      $10,218.06      $2,641.89       $99,538.71
- -------------------------------------------------------------------------------------------------------
  51         4/2/2006        $9,741.10          $476.96      $10,218.06      $2,164.93       $89,797.61
- -------------------------------------------------------------------------------------------------------
  52         5/2/2006        $9,787.78          $430.28      $10,218.06      $1,734.65       $80,009.83
- -------------------------------------------------------------------------------------------------------
  53         6/2/2006        $9,834.68          $383.38      $10,218.06      $1,351.27       $70,175.15
- -------------------------------------------------------------------------------------------------------
  54         7/2/2006        $9,881.81          $336.25      $10,218.06      $1,015.02       $60,293.34
- -------------------------------------------------------------------------------------------------------
  55         8/2/2006        $9,929.15          $288.91      $10,218.06        $726.11       $50,364.19
- -------------------------------------------------------------------------------------------------------
  56         9/2/2006        $9,976.73          $241.33      $10,218.06        $484.78       $40,387.46
- -------------------------------------------------------------------------------------------------------
  57        10/2/2006       $10,024.54          $193.52      $10,218.06        $291.26       $30,362.92
- -------------------------------------------------------------------------------------------------------
  58        11/2/2006       $10,072.57          $145.49      $10,218.06        $145.77       $20,290.35
- -------------------------------------------------------------------------------------------------------
  59        12/2/2006       $10,120.84           $97.22      $10,218.06         $48.55       $10,169.51
- -------------------------------------------------------------------------------------------------------
  60         1/2/2007       $10,169.51           $48.55      $10,218.06          $0.00            $0.00
- -------------------------------------------------------------------------------------------------------
                           $531,811.00       $81,272.60     $613,083.60          $0.00            $0.00


- -------------------------------------------------------------------------------
  THIS SCHEDULE MAY NOT REFLECT THE ACTUAL NET BALANCE OWING IF THE CONTRACT
                        IS TERMINATED PRIOR TO MATURITY.
- -------------------------------------------------------------------------------

/s/ RICHARD BAILEY
- ----------------------------------   ------------------------------------------
Boyd Bros. Transportation, Inc.       International Truck & Engine Corp.


LENDERS AGREEMENT
- -------------------------------------------------------------------------------
Lender: Navistar Financial Corporation
Accepted by Lender at: 2850 West Golf
Road, Rolling Meadows, IL 60008


BY                                   DATE
- ---------------------------------   -------------------------------------------
Authorized Representative

      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/3/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



DESCRIPTION OF TRADE-IN



- ------------------------------------------------------------------------------------------------------------------------------------
                                                                             GROSS           LESS AMOUNT            TRADE-IN
   YEAR         MANUFACTURER         MODEL           SERIAL NUMBER         ALLOWANCE            OWING            (NET ALLOWANCE)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                               
   1998             INTL              9400         2HSFHASR3WC036035       $19,500.00                              $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998             INTL              9400         2HSFHASR7WC036037       $19,500.00                              $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998             INTL              9400         2HSFHASR9WC036038       $19,500.00                              $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998             INTL              9400         2HSFHASR0WC036039       $19,500.00                              $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998             INTL              9400         2HSFHASR0WC036042       $19,500.00                              $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1992             INTL              9400         NH480708                $ 7,000.00                              $ 7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1992             INTL              9400         NH480739                $ 7,000.00                              $ 7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1992             INTL              9400         NH480725                $ 7,000.00                              $ 7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     ---------------------------------------
Signature                                Seller Signature

COO
- ------------------------------------
Title



- --------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 53
Page 1
Schedule B-Generated by FIL

      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/3/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



EQUIPMENT DESCRIPTION



- ------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
   2002         New            INTL           9400i SBA 6       2HSCNASRX2C037141          Tractor           $72,123.95        6480
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR12C037142          Tractor           $72,123.95        6481
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR32C037143          Tractor           $72,123.95        6482
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR52C037144          Tractor           $72,123.95        6483
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR72C037145          Tractor           $72,123.95        6484
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNAMR82C035935          Tractor           $74,202.99        6404
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNAMRX2C035936          Tractor           $74,202.99        6405
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNAMR12C035937          Tractor           $74,202.99        6406
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     -----------------------------------
Signature                                Seller Signature

COO
- -------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 53
Page 1
Schedule A-Generated By FIL

EX-10.2

                                                                    EXHIBIT 10.2


                     COMMERCIAL LOAN AND SECURITY AGREEMENT
                 (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT)

[LOGO]
Navistar Financial                                     Agreement Date: 3/27/2002
Corporation

The 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.

Seller Information             BORROWER INFORMATION:

                                                                                  
Seller Number 001479-000                    Boyd Bros. Transportation, Inc.             937-525-0341
International Truck &                       825 West Laffels Lane                       SSN#/TAX-ID
  Engine Corp.
Chicago, IL                                 Springfield, OH 45506                       CUSTOMER #
  APPROVAL NUMBER: 01292208                 COUNTY:                                     4706016



DESCRIPTION OF EQUIPMENT



VEHICLE    NEW
 YEAR      USED    MANUFACTURER    MODEL    SERIAL NUMBER    OTHER EQUIPMENT    UNIT NUMBER
- -------    ----    ------------    -----    -------------    ---------------    -----------
                                                              
                               SEE ADDENDUM - SCHEDULE A


DESCRIPTION OF TRADE-IN



                                                                 GROSS       LESS AMOUNT        TRADE-IN
YEAR    MANUFACTURER    MODEL    SERIAL NUMBER    BODY TYPE    ALLOWANCE        OWING        (NET ALLOWANCE)
- ----    ------------    -----    -------------    ---------    ---------     -----------     ---------------
                                                                        
                                       SEE ADDENDUM - SCHEDULE B


INSURANCE COVERAGE

                        NO LIABILITY INSURANCE INCLUDED

PHYSICAL DAMAGE:

Physical damage insurance satisfactory to Lender is required. The Borrower may
choose the person through which the insurance is to be obtained or provide such
insurance through an existing policy subject to Lender's right to refuse to
accept any such insurer for any reasonable cause.

If physical damage insurance is included in this Agreement, the cost of
insurance shall be _________ as set forth in item 6a and the following
coverages are provided for a term of ______ months from the date of delivery.

         Deductible Other Than Collision (Specified Perils, Comprehensive or
         Fire, Theft and Combined Additional Coverage, as per attached insurance
         application.)

         Deductible Collision

________________________________________________________________________________
Name of Physical Damage Insurance Company            Agent Name/Phone

Texas Residents Only: If physical damage insurance is obtained through the
Lender and placed with a county mutual insurance company, the premium or rate
of charge is not fixed or approved by the Texas State Board of Insurance.

CREDIT LIFE INSURANCE IS NOT REQUIRED.
If a charge is include in 6b it is understood credit life insurance is
requested in this Agreement and the Borrower signing below is the insured.
Borrower hereby acknowledges receipt of a certificate containing the terms of
such insurance through Agent:

________________________________________________________________________________
Name of Credit Life Insurance Company                Agent Name/Phone

SALE ANALYSIS

                                                             
- --------------------------------------------------------------------------------
1.       CASH PRICE                                                $1,870,311.97
- --------------------------------------------------------------------------------
2.       SALES AND OTHER TAXES                                     $  223,901.03
- --------------------------------------------------------------------------------
3.       CASH PRICE + TAX (1 + 2)                                  $2,094,213.00
- --------------------------------------------------------------------------------
4a.      CASH DOWN PAYMENT
- --------------------------------------------------------------------------------
 b.      TRADE-IN (NET ALLOWANCE)                                  $  487,500.00
- --------------------------------------------------------------------------------
         TOTAL DOWN PAYMENT (4a + 4b)                              $  487,500.00
- --------------------------------------------------------------------------------
5.       UNPAID BALANCE OF CASH PRICE (3 LESS 4)                   $1,606,713.00
- --------------------------------------------------------------------------------
6.       a.  PHYSICAL DAMAGE
- --------------------------------------------------------------------------------
         b.  CREDIT LIFE INSURANCE
- --------------------------------------------------------------------------------
         c.  CERTIFICATE OF TITLE FEE
- --------------------------------------------------------------------------------
         d.  OFFICIAL FEES
- --------------------------------------------------------------------------------
         e.  OPTIONAL SERVICE/EXTENDED WARRANTY
- --------------------------------------------------------------------------------
         f.  OTHER
- --------------------------------------------------------------------------------
TOTAL OTHER CHARGES (Total of 6a. to 6f.)
- --------------------------------------------------------------------------------
7.  TOTAL CHARGES INCURRED (5 + 6)                                 $1,606,713.00
- --------------------------------------------------------------------------------



8.  PROMISSORY NOTE:  If this Agreement is accepted by Lender, Borrower
promises to pay to Lender or to its order the Unpaid Balance (Amount Financed)
set forth in Line 7 above, together with interest from the date of this
Agreement, in installments as set forth below:

Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount
of $238,858.80 computed at a rate equivalent to 5.60% per annum in installments
as set forth below.



  # OF      AMOUNT OF                  # OF     AMOUNT OF                  # OF     AMOUNT OF
PAYMENTS     PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING
- --------   ----------   ---------    --------   ---------   ---------    --------   ---------   ---------
                                                                        
  60       $30,759.53   4/26/2002


FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE
POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE
ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE
TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH
(INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO
NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY
LENDER.

NOTICE TO BORROWER:  1. Do not sign this Agreement before you read it or if it
contains blank spaces. 2. You are entitled to a completely filled-in copy of
the Agreement when you sign it. 3. Under the law, you have the following
rights, among others: (a) to pay off in advance the full amount due and to
obtain a partial refund of the interest charges based on the actuarial method
unless another method is required by law; (b) to redeem the Goods if
repossessed for default; (c) to require, under certain conditions, a resale of
the Goods if repossessed. 4. If you desire to pay off in advance the full
amount due, the amount of refund you are entitled to, if any, will be furnished
upon request. 5. In Texas, this Agreement may be subject in whole or in part to
Texas law which is enforced by the Consumer Credit Commissioner, 2601 North
Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016,
(713) 461-4074.



________________________________________________________________________________
Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
                Boyd Bros. Transportation, Inc. - Agreement Number: 151

                              ADDITIONAL PROVISIONS


LATE PAYMENTS: In addition to promising to pay the total payments as set forth
above. Borrower promises to pay past due interest accrued from maturity on each
installment in default more than 10 days at the highest rate permitted by law.
Borrower also agrees to pay all expenses actually incurred, including attorney
fees, in collecting any amount payable under this Agreement, all to the extent
allowed by law.

PARTIES: As used herein, "Borrower" shall include all persons who sign as
"Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its
successors and assigns. "Affiliates" shall include all entities directly or
indirectly controlling or controlled by or under common control with Lender
including but not limited to Harco Leasing Company, Inc. and Navistar Leasing
Company. Upon notice of assignment, Borrower agrees to make payments hereunder
directly to assignee. Assignee shall be entitled to all rights of Lenders free
from any defense, set-off or counterclaim by the Borrower against the Lender,
except as required by Law. Seller shall not be the agent of Lender for
transmission of payments or otherwise.

NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor
the manufacturer of the Goods, and has not made and does not make any
representation, warranty or covenant with respect to the Goods, either express
or implied, written or oral, including but not limited to any representation,
warranty or covenant with respect to condition, quality, safety, durability,
merchantability, or fitness for a particular purpose. Borrower selected the
Goods and hereby agrees that any and all claims, that Borrower has or may in the
future have against the seller and/or manufacturer shall not be asserted as an
offset against Lender, including but not limited to any claims in product
liability.

USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense
with respect to loss or damages, and taxes and charges of every kind; shall take
proper care of the Goods and shall not abuse or misuse the same; shall not sell,
assign or transfer its interest in the Goods or remove the Goods from the
jurisdiction in which they now reside without the prior written consent of
Lender; shall not use the Goods for any illegal purpose and shall not attach any
of the Goods to any real estate or to any other property in such a manner as to
become a part thereof. If Borrower fails to pay said taxes and said charges,
Lender may, at its election, either do so and charge same to Borrower or treat
such failure as a breach of condition of this agreement. Any amount so paid by
the Lender shall become a part of the indebtedness secured hereunder.

PHYSICAL DAMAGE INSURANCE: If a cost of physical damage insurance is included in
the Agreement, Borrower hereby assigns to Lender the right to cancel such
insurance. If any insurance included in this Agreement is cancelled, whether by
request of the Borrower or the Lender, or action of the Insurance Company,
Lender is hereby authorized on behalf of Borrower to receive any unearned
premium refund. If no cost of physical damage insurance is included in this
Agreement, Borrower agrees to promptly insure the goods at its own expense with
a company acceptable to the Lender against loss by fire, theft and collision for
the period of the term of its Agreement and in such amounts and upon such terms
as are acceptable to Lender. Borrower specifically covenants to name Lender as
loss payee as its interest may appear. Lender may, in its sole discretion, apply
any proceeds of insurance received by it to any indebtedness owed by Borrower to
Lender or its Affiliates.

PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with
evidence of the insurance coverage required by this Agreement, Lender may, but
will not be obligated to, purchase insurance at Borrower's expense to protect
Lender's interest in the Goods. This insurance may, but need not, protect
Borrower's interests. The coverage that Lender purchases may not pay any claim
that Borrower makes or any claim that it made against Borrower in connection
with the Goods. Borrower may later cancel any insurance purchased by Lender, but
only after providing Lender with evidence that Borrower has obtained other
insurance as required by the Agreement. If Lender purchases insurance for the
Goods, Borrower will be responsible for the costs of such insurance including
interest and any other charge Lender may impose in connection with the placement
of the insurance, until the effective date of the cancellation or expiration of
the insurance. The cost of the insurance may be added to Borrower's outstanding
balance due and owing Lender under the Agreement. The cost of the insurance may
be more than the cost of insurance Borrower may be able to obtain on its own.

SECURITY INTEREST: In order to secure performance and payment of the loans made
be Lender to Borrower and all of the Borrowers obligations and indebtedness
hereunder and of all other amounts due or to become due hereunder and to secure
each and every other obligation or indebtedness of every kind and description
and however arising, now or hereafter owing by Borrower to Lender or its
Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money
security interest under the Uniform Commercial Code in and to the Goods
described above, together with all replacements, repairs and accessions thereto
and cash and the non-cash proceeds (including insurance proceeds) thereof. The
security interest hereby granted is a separate, independent security interest
that is in addition to, and not in substitution for, any and all security
interests heretofore or hereafter granted by Borrower to Lender. This Agreement
is not an amendment to or modification of, or a waiver or release by Lender of,
any term, provision or condition of any other agreement between Borrower and
Lender. Further, Lender hereby retains and Borrower hereby grants a security
interest in the proceeds of any physical damage, credit life and or disability
insurance for which a charge is stated above or which is supplied by Borrower,
and if a charge for any such insurance has been included in this Agreement, a
security interest in the refund of any unearned premiums in the event such
insurance is terminated or canceled for any reason. Borrower will not grant any
other security interest in and to the Goods described above, without the prior
written consent of Lender. Borrower shall cause or cooperate with Lender in
causing Lender's security interest in the Goods to become properly perfected
under state law through filing of a financing statement or notation on
appropriate perfection documents.

DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof
and if Borrower defaults in any one of the payment on the loan or other payment
provided for herein when due or breaches any other covenant or condition of this
Agreement, or any other contract or agreement between Borrower and Lender or its
affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or
insolvent or a petition in bankruptcy is filed by or against the Borrower then
Lender may in its sole option and discretion in any such event declare the total
amount unpaid hereunder, including accrued delinquency charges, and excluding
unearned interest immediately due and payable and may take possession of the
Goods in a lawful manner wherever found without notice, demand or legal process,
or may require the Borrower to assemble the Goods and make it available to the
Lender at a place to be designated by the Lender, and where not prohibited by
law, may sell the same at public or private sale, with or without notice, at
which sale Lender may become the purchaser, may deduct from the proceeds of any
such sale all taxes and charges due on the Goods and all expenses of taking,
removing, holding, repairing and selling the Goods, and may apply the net
proceeds to any indebtedness of Borrower, returning to Borrower any surplus or
holding Borrower liable for any deficiency; and in consideration of the use of
the Goods and for diminution in saleable value thereof, Lender may retain all
payments made; or Lender may pursue any other remedy provided by Law. Lender may
accept partial payments of any sum due without waiving or otherwise modifying
the terms of this Agreement and the waiver by Lender of a breach of any
condition of this Agreement shall not constitute a waiver of any subsequent
breach whether or not a like character. In the event of bankruptcy or other
insolvency proceedings, in addition to the above remedies, the Lender shall be
entitled to any rental or other income produced by the Goods prior to its
release to Lender.



Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
             Boyd Bros. Transportation, Inc. - Agreement Number: 151



                      ADDITIONAL PROVISIONS -- (Continued)


DEFAULT: For Use in Louisiana Only. Borrower does hereby confess judgement in
favor of the Lender or any subsequent holder of this agreement for principal,
interest, attorney's fees, and costs; and does hereby declare that if any one of
the payments on the loan or other payment provided for herein is not fully paid
when due, if default be made in compliance with any condition or covenant
herein, or proceedings in bankruptcy, insolvency or receivership be instituted
by or against the Borrower, or if any action is taken looking toward the
appointment of a receiver, syndic or curata of Borrower or if the property be
used in violation of any state or Federal law, such violation shall constitute
a breach of this Agreement which shall ipso facto be immediately due and
exigible in its entirety and the Lender may cause all and singular the Goods
herein described to be seized and sold under executory or other legal process
in any court, without appraisement, to the highest bidder, payable in cash.
Borrower hereby specifically waives the three (3) day notice of demand provided
by Article 2639 of the Louisiana Code of Civil Procedure and Notice of
Appraisement set forth under Article 2723 of the Louisiana Code of Civil
Procedure and all pleas of division and discussion and the benefit of
appraisement or the said Lender may and is hereby authorized to take immediate
possession of the Goods wherever found without process of law and hold same
until the amount due and either at public or private sale without demand for
performance of without notice to the Borrower, with or without having the Goods
at the place of sale. The Lender, or future holder of this Agreement, shall
have the right to bid at any public sale. From the proceeds of such sale, the
Lender, or future holder of this Agreement, shall deduct all expenses for
retaking, repairing and selling the Goods, including a reasonable attorney's
fee.

CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and
the co-borrower shall be jointly and severally liable with the Borrower for
payment in full of all amounts due or to become due pursuant to the terms and
conditions of this Agreement.

GENERAL: Borrower hereby covenants that all facts and information contained
herein and in the credit application are true and correct as of the date hereof
and specifically warrants that there are no other amounts owing on the trade-in
equipment except as may be indicated herein. Renewal, extension, or assignment
of this Agreement shall not release Borrower or Co-Borrower from any
obligations hereunder.

POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender
to execute, sign, and file on Borrower(s) behalf any financing statement,
continuation statement or any other document related to the perfection or
protection of the security interest hereby created, if allowed by law.

APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied
first to accrued interest and delinquency charges and then to the balance of any
amount financed then outstanding.

SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid,
illegal, prohibited or unenforceable by law or otherwise, then such provision
shall be void; however, such impairment shall not in any way invalidate or
impair the remainder of this Agreement or any other of its provisions. If the
rate of interest or other charges set forth hereunder shall exceed the
applicable maximum, then such rate shall be reduced to such maximum and any
excess interest or charge that may have been collected shall, at the option of
the Borrower, either be refunded in cash or applied as a credit to unpaid
principal. In no event shall Borrower be obligated to pay such excess charges.

ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until
accepted by Lender in Illinois. Except as prohibited by law, the construction
and validity of this Agreement shall be controlled by the law of Illinois,
where this Agreement is entered into, and applicable federal law. This
Agreement is entered into in Illinois and all loans made by the Lender will be
extended from Illinois. The validity and enforcement of the security interest
granted hereunder shall be controlled by the law of jurisdiction where the
Goods are to be kept and used.

QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate"
shall mean for each calendar quarter, the Prime Rate as published in the Wall
Street Journal on the last business day of the month immediately preceding the
first day of each calendar quarter.

QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London
Interbank Offered Rate as published in the Wall Street Journal on the last
business day of the month immediately preceding the first day of each calendar
quarter.

WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
RELATING TO THIS AGREEMENT.



                      THIS SPACE INTENTIONALLY LEFT BLANK



All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070
or as otherwise directed by Lender to Borrower in writing. Telephone inquiries
should be directed to Navistar Financial Corporation (847) 734-4000. All other
correspondence should be sent to Lender at P.O. Box 4024, Attn: FSC,
Schamburg, IL 10168-4024.

BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED
IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE
AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF
THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS
BETWEEN BORROWER AND LENDER.

This Agreement is subject to the terms of the Retail Financing Arrangement
between Borrower and Seller, Initial for:


Non-recourse_________________________ Guaranty___________________________
AUTHORIZED SIGNATURE FOR SELLER



BY
  ------------------------------------------------------------------------------
     (Signature of Owner, Officer, or Authorized Rep.)           (Title)

LENDERS ACCEPTANCE
Lender: Navistar Financial Corporation      Accepted by Lender at:
        2850 West Golf Road, Rolling Meadows, IL, 60008



BY                                                       DATE
  ------------------------------------------------------      ------------------
    Authorized Representative

BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY

NAME OF BORROWER: Boyd Bros Transportation, Inc.

(Name of individual(s), corporation or partnership. Give trade style if any
after name.)



BY: /s/ RICHARD BAILEY                                TITLE C.O.O
  ----------------------------------------------------      --------------------
(If corporation, authorized party must sign and show corporate title. If
partnership, a general partner must sign. If owner(s) or partner, show which.)



BY:                                                   TITLE
  ----------------------------------------------------      --------------------
(If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.)



- --------------------------------------------------------------------------------
Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
              BOYD BROS. TRANSPORTATION, INC. -- AGREEMENT NUMBER: 151





      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            3/27/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01303715                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



EQUIPMENT DESCRIPTION



- ------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
   2002         New            INTL           9400i SBA 6       2HSCNASR52C044997          Tractor           $72,215.97        6407
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR62C037063          Tractor           $71,923.84        6509
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR22C037058          Tractor           $71,923.84        6504
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR72C037055          Tractor           $71,923.84        6501
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR42C037059          Tractor           $71,923.84        6505
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR52C037054          Tractor           $71,923.84        6500
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR22C037044          Tractor           $71,923.84        6490
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR92C037056          Tractor           $71,923.84        6502
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR02C037057          Tractor           $71,923.84        6503
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR02C037060          Tractor           $71,923.84        6506
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR22C037061          Tractor           $71,923.84        6507
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR42C037062          Tractor           $71,923.84        6508
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR92C037039          Tractor           $71,923.84        6485
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR52C037040          Tractor           $71,923.84        6486
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR72C037041          Tractor           $71,923.84        6487
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR92C037042          Tractor           $71,923.84        6488
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR02C037043          Tractor           $71,923.84        6489
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR42C037045          Tractor           $71,923.84        6491
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR62C037046          Tractor           $71,923.84        6492
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR82C037047          Tractor           $71,923.84        6493
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASRX2C037048          Tractor           $71,923.84        6494
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR12C037049          Tractor           $71,923.84        6495
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR82C037050          Tractor           $71,923.84        6496
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASRX2C037051          Tractor           $71,923.84        6497
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR12C037052          Tractor           $71,923.84        6498
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9900i SFA 6       2HSCHASR32C037053          Tractor           $71,923.84        6499
- ------------------------------------------------------------------------------------------------------------------------------------


- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 151
Page 1
Schedule A-Generated by FIL

EQUIPMENT DESCRIPTION


VEHICLE         NEW                                                                                                          UNIT
 YEAR          USED          MANUFACTURER         MODEL        SERIAL NUMBER      EQUIPMENT TYPE         UNIT PRICE         NUMBER
- -------        ----          ------------         -----        -------------      --------------         ----------         ------
                                                                                                       




BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------        --------------------------------
Signature                                   Seller Signature


               COO
- ------------------------------------
Title




- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 151
Page 2
Schedule A - Generated By FIL

      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:


[LOGO]
Navistar Financial
Corporation                                                            3/27/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01303715                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



DESCRIPTION OF TRADE-IN



- ------------------------------------------------------------------------------------------------------------------------------------
                                                                           GROSS             LESS AMOUNT       TRADE-IN
   YEAR        MANUFACTURER         MODEL          SERIAL NUMBER           ALLOWANCE         OWING             (NET ALLOWANCE)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
   1998           INTL           9400  SBA 6X      2HSFHASR2WC036074       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR9WC036069       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR3WC036066       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR5WC036070       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR1WC036065       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR1WC036051       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR5WC036067       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR7WC036068       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR7WC036071       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR9WC036072       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400  SBA 6X      2HSFHASR0WC036073       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR2WC036043       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR6WC036045       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR8WC036046       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR1WC036048       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASRXWC036050       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR3WC036052       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR5WC036053       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR9WC036055       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR0WC036056       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR2WC036057       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR6WC036059       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR6WC036062       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASR8WC036063       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1998           INTL           9400              2HSFHASRXWC036064       $19,500.00                            $19,500.00
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     -----------------------------------
Signature                                Seller Signature

COO
- ------------------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 151
Page 1
Schedule B-Generated by FIL

EX-10.3

                                                                    EXHIBIT 10.3


                     COMMERCIAL LOAN AND SECURITY AGREEMENT
                 (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT)

[LOGO]
Navistar Financial                                     Agreement Date: 1/17/2002
Corporation

The 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.

Seller Information              BORROWER INFORMATION:

                                                                                   
Seller Number 001479-000                      Boyd Bros. Transportation, Inc.            937-525-0341
International Truck &                         825 West Laffels Lane                      SSN#/TAX-ID
  Engine Corp.
Chicago, IL                                   Springfield, OH 45506                      CUSTOMER #
  APPROVAL NUMBER: 01292208                   COUNTY:                                    4706016



DESCRIPTION OF EQUIPMENT



VEHICLE    NEW
 YEAR      USED    MANUFACTURER    MODEL    SERIAL NUMBER    OTHER EQUIPMENT    UNIT NUMBER
- -------    ----    ------------    -----    -------------    ---------------    -----------
                                                              
                               SEE ADDENDUM - SCHEDULE A


DESCRIPTION OF TRADE-IN



                                                                 GROSS       LESS AMOUNT        TRADE-IN
YEAR    MANUFACTURER    MODEL    SERIAL NUMBER    BODY TYPE    ALLOWANCE        OWING        (NET ALLOWANCE)
- ----    ------------    -----    -------------    ---------    ---------     -----------     ---------------
                                                                        
                                       SEE ADDENDUM - SCHEDULE B


INSURANCE COVERAGE

NO LIABILITY INSURANCE INCLUDED

PHYSICAL DAMAGE:

Physical damage insurance satisfactory to Lender is required. The Borrower may
choose the person through which the insurance is to be obtained or provide such
insurance through an existing policy subject to Lender's right to refuse to
accept any such insurer for any reasonable cause.

If physical damage insurance is included in this Agreement, the cost of
insurance shall be _________ as set forth in item 6a and the following
coverages are provided for a term of ______ months from the date of delivery.

         Deductible Other Than Collision (Specified Perils, Comprehensive or
         Fire, Theft and Combined Additional Coverage, as per attached insurance
         application.)

         Deductible Collision

________________________________________________________________________________
Name of Physical Damage Insurance Company            Agent Name/Phone

Texas Residents Only: If physical damage insurance is obtained through the
Lender and placed with a county mutual insurance company, the premium or rate
of charge is not fixed or approved by the Texas State Board of Insurance.

CREDIT LIFE INSURANCE IS NOT REQUIRED.
If a charge is include in 6b it is understood credit life insurance is
requested in this Agreement and the Borrower signing below is the insured.
Borrower hereby acknowledges receipt of a certificate containing the terms of
such insurance through Agent:

________________________________________________________________________________
Name of Credit Life Insurance Company                Agent Name/Phone

SALE ANALYSIS

                                                               
- --------------------------------------------------------------------------------
1.       CASH PRICE                                                  $222,974.37
- --------------------------------------------------------------------------------
2.       SALES AND OTHER TAXES                                       $ 25,989.63
- --------------------------------------------------------------------------------
3.       CASH PRICE + TAX (1 + 2)                                    $248,964.00
- --------------------------------------------------------------------------------
4a.      CASH DOWN PAYMENT
- --------------------------------------------------------------------------------
 b.      TRADE-IN (NET ALLOWANCE)                                    $ 35,000.00
- --------------------------------------------------------------------------------
         TOTAL DOWN PAYMENT (4a + 4b)                                $ 35,000.00
- --------------------------------------------------------------------------------
5.       UNPAID BALANCE OF CASH PRICE (3 LESS 4)                     $213,964.00
- --------------------------------------------------------------------------------
6.       a.  PHYSICAL DAMAGE
- --------------------------------------------------------------------------------
         b.  CREDIT LIFE INSURANCE
- --------------------------------------------------------------------------------
         c.  CERTIFICATE OF TITLE FEE
- --------------------------------------------------------------------------------
         d.  OFFICIAL FEES
- --------------------------------------------------------------------------------
         e.  OPTIONAL SERVICE/EXTENDED WARRANTY
- --------------------------------------------------------------------------------
         f.  OTHER
- --------------------------------------------------------------------------------
TOTAL OTHER CHARGES (Total of 6a. to 6f.)
- --------------------------------------------------------------------------------
7.  TOTAL CHARGES INCURRED (5 + 6)                                   $213,964.00
- --------------------------------------------------------------------------------



8.  PROMISSORY NOTE:  If this Agreement is accepted by Lender, Borrower
promises to pay to Lender or to its order the Unpaid Balance (Amount Financed)
set forth in Line 7 above, together with interest from the date of this
Agreement, in installments as set forth below:

Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount
of $32,698.40 computed at a rate equivalent to 5.75% per annum in installments
as set forth below.



  # OF      AMOUNT OF                  # OF     AMOUNT OF                  # OF     AMOUNT OF
PAYMENTS     PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING
- --------   ----------   ---------    --------   ---------   ---------    --------   ---------   ---------
                                                                        
  60       $ 4,111.04   2/16/2002


FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE
POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE
ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE
TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH
(INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO
NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY
LENDER.

NOTICE TO BORROWER:  1. Do not sign this Agreement before you read it or if it
contains blank spaces. 2. You are entitled to a completely filled-in copy of
the Agreement when you sign it. 3. Under the law, you have the following
rights, among others: (a) to pay off in advance the full amount due and to
obtain a partial refund of the interest charges based on the actuarial method
unless another method is required by law; (b) to redeem the Goods if
repossessed for default; (c) to require, under certain conditions, a resale of
the Goods if repossessed. 4. If you desire to pay off in advance the full
amount due, the amount of refund you are entitled to, if any, will be furnished
upon request. 5. In Texas, this Agreement may be subject in whole or in part to
Texas law which is enforced by the Consumer Credit Commissioner, 2601 North
Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016,
(713) 461-4074.



________________________________________________________________________________
Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
                Boyd Bros. Transportation, Inc. - Agreement Number: 60


                              ADDITIONAL PROVISIONS


LATE PAYMENTS: In addition to promising to pay the total payments as set forth
above. Borrower promises to pay past due interest accrued from maturity on each
installment in default more than 10 days at the highest rate permitted by law.
Borrower also agrees to pay all expenses actually incurred, including attorney
fees, in collecting any amount payable under this Agreement, all to the extent
allowed by law.

PARTIES: As used herein, "Borrower" shall include all persons who sign as
"Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its
successors and assigns. "Affiliates" shall include all entities directly or
indirectly controlling or controlled by or under common control with Lender
including but not limited to Harco Leasing Company, Inc. and Navistar Leasing
Company. Upon notice of assignment, Borrower agrees to make payments hereunder
directly to assignee. Assignee shall be entitled to all rights of Lender free
from any defense, set-off or counterclaim by the Borrower against the Lender,
except as required by law. Seller shall not be the agent of Lender for
transmission of payments or otherwise.

NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor
the manufacturer of the Goods, and has not made and does not make any
representation, warranty or covenant with respect to the Goods, either express
or implied, written or oral, including but not limited to any representation,
warranty or covenant with respect to condition, quality, safety, durability,
merchantability, or fitness for a particular purpose. Borrower selected the
Goods and hereby agrees that any and all claims that Borrower has or may in the
future have against the seller and/or manufacturer shall not be asserted as an
offset against Lender, including but not limited to any claims in product
liability.

USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense
with respect to loss or damages, and taxes and charges of every kind; shall take
proper care of the Goods and shall not abuse or misuse the same; shall not sell,
assign or transfer its interest in the Goods or remove the Goods from the
jurisdiction in which they now reside without the prior written consent of
Lender; shall not use the Goods for any illegal purpose and shall not attach any
of the Goods to any real estate or to any other property in such a manner as to
become a part thereof. If Borrower fails to pay said taxes and said charges,
Lender may, at its election, either do so and charge same to Borrower or treat
such failure as a breach of condition of this agreement. Any amount so paid by
the Lender shall become a part of the indebtedness secured hereunder.

PHYSICAL DAMAGE INSURANCE: If a cost for physical damage insurance is included
in the Agreement, Borrower hereby assigns to Lender the right to cancel such
insurance. If any insurance included in this Agreement is cancelled, whether by
request of the Borrower or the Lender, or action of the Insurance Company,
Lender is hereby authorized on behalf of Borrower to receive any unearned
premium refund. If no cost of physical damage insurance is included in this
Agreement, Borrower agrees to promptly insure the goods at its own expense with
a company acceptable to the Lender against loss by fire, theft and collision for
the period of the term of this Agreement and in such amounts and upon such terms
as are acceptable to Lender. Borrower specifically covenants to name Lender as
loss payee as its interest may appear. Lender may, in its sole discretion, apply
any proceeds of insurance received by it to any indebtedness owed by Borrower to
Lender or its Affiliates.

PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with
evidence of the insurance coverage required by this Agreement, Lender may, but
will not be obligated to, purchase insurance at Borrower's expense to protect
Lender's interest in the Goods. This insurance may, but need not, protect
Borrower's interests. The coverage that Lender purchases may not pay any claim
that Borrower makes or any claim that is made against Borrower in connection
with the Goods. Borrower may later cancel any insurance purchased by lender, but
only after providing Lender with evidence that Borrower has obtained other
insurance as required by the Agreement. If Lender purchases insurance for the
Goods, Borrower will be responsible for the costs of such insurance including
interest and any other charge Lender may impose in connection with the placement
of the insurance, until the effective date of the cancellation or expiration of
the insurance. The cost of the insurance may be added to Borrower's outstanding
balance due and owing Lender under the Agreement. The cost of the insurance may
be more than the cost of insurance Borrower may be able to obtain on its own.

SECURITY INTEREST: In order to secure performance and payment of the loans made
be Lender to Borrower and all of the Borrowers obligations and indebtedness
hereunder and of all other amounts due or to become due hereunder and to secure
each and every other obligation or indebtedness of every kind and description
and howsoever arising, now or hereafter owing by Borrower to Lender or its
Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money
security interest under the Uniform Commercial Code in and to the Goods
described above, together with all replacements, repairs and accessions thereto
and cash and the non-cash proceeds (including insurance proceeds) thereof. The
security interest hereby granted is a separate, independent security interest
that is in addition to, and not in substitution for, any and all security
interests heretofore or hereafter granted by Borrower to Lender. This Agreement
is not an amendment to or modification of, or a waiver or release by Lender of,
any term, provision or condition of any other agreement between Borrower and
Lender. Further, Lender hereby retains and Borrower hereby grants a security
interest in the proceeds of any physical damage, credit life and or disability
insurance for which a charge is stated above or which is supplied by Borrower,
and if a charge for any such insurance has been included in this Agreement, a
security interest in the refund of any unearned premiums in the event such
insurance is terminated or canceled for any reason. Borrower will not grant any
other security interest in and to the Goods described above, without the prior
written consent of Lender. Borrower shall cause or cooperate with Lender in
causing Lender's security interest in the Goods to become properly perfected
under state law through filing of a financing statement or notation on
appropriate perfection documents.

DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof
and if Borrower defaults in any one of the payment on the loan or other payment
provided for herein when due or breaches any other covenant or condition of this
Agreement, or any other contract or agreement between Borrower and Lender or its
affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or
insolvent or a petition in bankruptcy is filed by or against the Borrower, then
Lender may, in its sole option and discretion in any such event declare the
total amount unpaid hereunder, including accrued delinquency charges, and
excluding unearned interest immediately due and payable and may take possession
of the Goods in a lawful manner wherever found without notice, demand or legal
process, or may require the Borrower to assemble the Goods and make it available
to the Lender at a place to be designated by the Lender, and where not
prohibited by law, may sell the same at public or private sale, with or without
notice, at which sale Lender may become the purchaser, may deduct from the
proceeds of any such sale all taxes and charges due on the Goods and all
expenses of taking, removing, holding, repairing and selling the Goods, and may
apply the net proceeds to any indebtedness of Borrower, returning to Borrower
any surplus or holding Borrower liable for any deficiency; and in consideration
of the use of the Goods and for diminution in saleable value thereof, Lender may
retain all payments made; or Lender may pursue any other remedy provided by law.
Lender may accept partial payments of any sum due without waiving or otherwise
modifying the terms of this Agreement and the waiver by Lender of a breach of
any condition of this Agreement shall not constitute a waiver of any subsequent
breach whether or not of a like character. In the event of bankruptcy or other
insolvency proceedings, in addition to the above remedies, the Lender shall be
entitled to any rental or other income produced by the Goods prior to its
release to Lender.



Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
             Boyd Bros. Transportation, Inc. - Agreement Number: 60



                      ADDITIONAL PROVISIONS -- (Continued)


DEFAULT: For Use In Louisiana Only. Borrower does hereby confess judgement in
favor of the Lender or any subsequent holder of this agreement for principal,
interest, attorney's fees, and costs; and does hereby declare that if anyone of
the payments on the loan or other payment provided for herein is not fully paid
when due, if default be made in compliance with any condition or covenant
herein, or proceedings in bankruptcy, insolvency or receivership be instituted
by or against the Borrower, or if any action is taken looking toward the
appointment of a receiver, syndic or curata of Borrower or if the property be
used in violation of any state or Federal law, such violation shall constitute
a breach of this Agreement which shall ipso facto be immediately due and
exigible in its entirety and the Lender may cause all and singular the Goods
herein described to be seized and sold under executory or other legal process
in any court, without appraisement, to the highest bidder, payable in cash.
Borrower hereby specifically waives the three (3) day notice of demand provided
by Article 2639 of the Louisiana Code of Civil Procedure and Notice of
Appraisement set forth under Article 2723 of the Louisiana Code of Civil
Procedure and all pleas of division and discussion and the benefit of
appraisement or the said Lender may and is hereby authorized to take immediate
possession of the Goods wherever found without process of law and hold same
until the amount due and either at public or private sale without demand for
performance of without notice to the Borrower, with or without having the Goods
at the place of sale. The Lender, or future holder of this Agreement, shall
have the right to bid at any public sale. From the proceeds of such sale, the
Lender, or future holder of this Agreement, shall deduct all expenses for
retaking, repairing and selling the Goods, including a reasonable attorney's
fee.

CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and
the co-borrower shall be jointly and severally liable with the Borrower for
payment in full of all amounts due or to become due pursuant to the terms and
conditions of this Agreement.

GENERAL: Borrower hereby covenants that all facts and information contained
herein and in the credit application are true and correct as of the date hereof
and specifically warrants that there are no other amounts owing on the trade-in
equipment except as may be indicated herein. Renewal, extension, or assignment
of this Agreement shall not release Borrower or Co-Borrower from any
obligations hereunder.

POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender
to execute, sign, and file on Borrower(s) behalf any financing statement,
continuation statement or any other document related to the perfection or
protection of the security interest hereby created, if allowed by law.

APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied
first to accrued interest and delinquency charges and then to the balance of any
amount financed then outstanding.

SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid,
illegal, prohibited or unenforceable by law or otherwise, then such provision
shall be void; however, such impairment shall not in any way invalidate or
impair the remainder of this Agreement or any other of its provisions. If the
rate of interest or other charges set forth hereunder shall exceed the
applicable maximum, then such rate shall be reduced to such maximum and any
excess interest or charge that may have been collected shall, at the option of
the Borrower, either be refunded in cash or applied as a credit to unpaid
principal. In no event shall Borrower be obligated to pay such excess charges.

ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until
accepted by Lender in Illinois. Except as prohibited by law, the construction
and validity of this Agreement shall be controlled by the law of Illinois,
where this Agreement is entered into, and applicable federal law. This
Agreement is entered into in Illinois and all loans made by the Lender will be
extended from Illinois. The validity and enforcement of the security interest
granted hereunder shall be controlled by the law of jurisdiction where the
Goods are to be kept and used.

QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate"
shall mean for each calendar quarter, the Prime Rate as published in the Wall
Street Journal on the last business day of the month immediately preceding the
first day of each calendar quarter.

QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London
Interbank Offered Rate as published in the Wall Street Journal on the last
business day of the month immediately preceding the first day of each calendar
quarter.

WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
RELATING TO THIS AGREEMENT.



                      THIS SPACE INTENTIONALLY LEFT BLANK



All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070
or as otherwise directed by Lender to Borrower in writing. Telephone inquiries
should be directed to Navistar Financial Corporation (847) 734-4000. All other
correspondence should be sent to Lender at P.O. Box 4024, Attn; FSC,
Schamburg, IL 10168-4024.

BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED
IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE
AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF
THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS
BETWEEN BORROWER AND LENDER.

This Agreement is subject to the terms of the Retail Financing Arrangement
between Borrower and Seller, Initial for:


Non-recourse_________________________ Guaranty___________________________
AUTHORIZED SIGNATURE FOR SELLER



BY
  ------------------------------------------------------------------------------
     (Signature of Owner, Officer, or Authorized Rep.)           (Title)

LENDERS ACCEPTANCE
Lender: Navistar Financial Corporation      Accepted by Lender at:
        2850 West Golf Road, Rolling Meadows, IL, 60008



BY                                                       DATE
  ------------------------------------------------------      ------------------
    Authorized Representative

BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY

NAME OF BORROWER: Boyd Bros. Transportation, Inc.

(Name of individual(s), corporation or partnership. Give trade style, if any
after name.)



BY: /s/ RICHARD BAILEY                                TITLE C.O.O.
  ----------------------------------------------------      --------------------
(If corporation, authorized party must sign and show corporate title. If
partnership, a general partner must sign. If owner(s) or partner, show which.)



BY:                                                   TITLE
  ----------------------------------------------------      --------------------
(If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.)



- --------------------------------------------------------------------------------
Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
              BOYD BROS. TRANSPORTATION, INC. -- AGREEMENT NUMBER: 60



      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/17/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



EQUIPMENT DESCRIPTION



- ------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
   2002         New            INTL           9400i SBA         2HSCNASR82C035940          Tractor           $72,324.79
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA         2HSCNASR12C035939          Tractor           $75,324.79
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA         2HSCNASRX2C035938          Tractor           $75,324.79
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     -----------------------------------
Signature                                Seller Signature

         C.O.O.
- -------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR BOYD BROS. TRANSPORTATION, INC. -
AGREEMENT NUMBER: 60
Page 1
Schedule A-Generated by FIL

      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/17/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



DESCRIPTION OF TRADE-IN



- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                GROSS            LESS AMOUNT       TRADE-IN
   YEAR         MANUFACTURER            MODEL              SERIAL NUMBER        ALLOWANCE        OWING             (NET ALLOWANCE)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
   1991           KENWORTH                T600A            MJ560572               $7,000.00         722                $7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1988         FREIGHTLINER           FLC12064ST          JH336021               $7,000.00         511                $7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1988           KENWORTH                T800             JJ515526               $7,000.00         102                $7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1988           KENWORTH                T800             JJ514285               $7,000.00         103                $7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1988         FREIGHTLINER           FLC12064ST          JH336020               $7,000.00         510                $7,000.00
- ------------------------------------------------------------------------------------------------------------------------------------



Boyd Bros. Transportation, Inc.

/s/ RICHARD BAILEY
- ----------------------------------      ---------------------------------------
Signature                               Seller Signature


COO
- ----------------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 60
Page 1
Schedule B-Generated by FIL



                                    INVOICE


                   INTERNATIONAL TRUCK AND ENGINE CORPORATION


REMIT TO:   NAVISTAR FINANCIAL CORPORATION
            C/O BANK OF AMERICA
            DRAWER CS 198-381
            ATLANTA, GA 30384

================================================================================
INVOICE TO:  ATTN: DAVID BAKER
BOYD BROTHERS TRANSPORTATION
75 HWY 30
CLAYTON, AL 36016
================================================================================
SHIP TO: (if different than invoice to):
Boyd Bros. Transportation
5 West Leffel Lane
Springfield, OH 45506
================================================================================
INVOICE DATE:  10/03/2001
DELIVERY DATE:
CUST ORDER #:
CUST ACCT #:   147995120
SALES REP:     PARHAM
================================================================================
ORDERED FOR: 122986
BOYD BROS TRANSP CO INC
ROUTE 1 EUFAULA HWY
CLAYTON, AL 36016
================================================================================

NEW TRUCK DESCRIPTION:



QTY    YEAR         MAKE              MODEL          ENGINE       FACTORY ORDER
- ---    ----         ----              -----          ------       -------------
                                                   
 1     2002     INTERNATIONAL     9400i SBA 6X4     CAT C-15          616422




VEHICLE I.D. NUMBER        ENGINE        PC NUMBER       KEY #      UNIT #
- -------------------       -------        ---------       -----      ------
                                                        
ISCNASRX2C035938          06NZ54740      411003027       K557        6401



TRADE IN UNITS
JJ514285 103
JH336020 510

10-29-01 REVISED INVOICE - FEDERAL EXCISE TAX AMOUNT CORRECTED AMOUNT DUE NOT
CHANGED

================================================================================
TRADE-IN DESCRIPTION:


================================================================================
SETTLEMENT:

$66,988.00


TERMS:

DUE: 11/2/2001
================================================================================
IF PAYMENT IS NOT RECEIVED AS INDICATED ABOVE, A LATE CHARGE WILL BE ASSESSED
AT THE MAXIMUM RATE PERMITTED BY STATE REGULATIONS, NOT TO EXCEED 1.5% PER
MONTH, UNLESS OTHERWISE STATED IN SIGNED AGREEMENTS. THE LATE CHARGE IS NOT
INTENDED AS AN ALTERNATE TO PAYMENT WHEN DUE.
================================================================================
THE TERMS, CONDITIONS AND SALE PRICE AS SET FORTH HEREIN ARE SUBJECT TO
ADJUSTMENTS AS AGREED UPON IN WRITING BY BOTH PARTIES.
================================================================================

                                 
EQUIPMENT SALES PRICE:              $71,324.79
   DESTINATION CHARGE:              $ 1,000.00
    PREP AND DELIVERY:
    LICENSE AND TITLE:
   FEDERAL EXCISE TAX:              $ 8,663.21
            SALES TAX:
        OTHER CHARGES:
     OTHER ALLOWANCES:
        TOTAL INVOICE:              $80,988.00
  ALLOWANCE FOR TRADE:              $14,000.00
                                    ----------
           AMOUNT DUE:              $66,988.00
                                    ==========
       PRICE PER UNIT:              $66,988.00




                                 010700  -  147

                                 INVOICE NUMBER


                                    INVOICE


                   INTERNATIONAL TRUCK AND ENGINE CORPORATION


REMIT TO:   NAVISTAR FINANCIAL CORPORATION
            C/O BANK OF AMERICA
            DRAWER CS 198-381
            ATLANTA, GA 30384

================================================================================
INVOICE TO:  ATTN: DAVID BAKER
BOYD BROTHERS TRANSPORTATION
75 HWY 30
CLAYTON, AL 36016
================================================================================
SHIP TO: (if different than invoice to):
Boyd Bros. Transportation
5 West Leffel Lane
Springfield, OH 45506
================================================================================
INVOICE DATE:  10/12/2001
DELIVERY DATE:
CUST ORDER #:
CUST ACCT #:   147995120
SALES REP:     PARHAM
================================================================================
ORDERED FOR: 122986
BOYD BROS TRANSP CO INC
ROUTE 1 EUFAULA HWY
CLAYTON, AL 36016
================================================================================

NEW TRUCK DESCRIPTION:



QTY    YEAR         MAKE              MODEL          ENGINE       FACTORY ORDER
- ---    ----         ----              -----          ------       -------------
                                                   
 1     2002     INTERNATIONAL     9400i SBA 6X4     CAT C-15          616422




VEHICLE I.D. NUMBER        ENGINE        PC NUMBER       KEY #      UNIT #
- -------------------       -------        ---------       -----      ------
                                                        
ISCNASR12C035939          06NZ54754      411012015       K569        6402



TRADE IN UNITS
JH336021  511
JJ515526  102

10-29-01 REVISED INVOICE - FEDERAL EXCISE TAX AMOUNT CORRECTED AMOUNT DUE NOT
CHANGED

================================================================================
TRADE-IN DESCRIPTION:


================================================================================
SETTLEMENT:

$66,988.00


TERMS:

DUE: 11/11/2001
================================================================================
IF PAYMENT IS NOT RECEIVED AS INDICATED ABOVE, A LATE CHARGE WILL BE ASSESSED
AT THE MAXIMUM RATE PERMITTED BY STATE REGULATIONS, NOT TO EXCEED 1.5% PER
MONTH, UNLESS OTHERWISE STATED IN SIGNED AGREEMENTS. THE LATE CHARGE IS NOT
INTENDED AS AN ALTERNATE TO PAYMENT WHEN DUE.
================================================================================
THE TERMS, CONDITIONS AND SALE PRICE AS SET FORTH HEREIN ARE SUBJECT TO
ADJUSTMENTS AS AGREED UPON IN WRITING BY BOTH PARTIES.
================================================================================

                                 
EQUIPMENT SALES PRICE:              $71,324.79
   DESTINATION CHARGE:              $ 1,000.00
    PREP AND DELIVERY:
    LICENSE AND TITLE:
   FEDERAL EXCISE TAX:              $ 8,663.21
            SALES TAX:
        OTHER CHARGES:
     OTHER ALLOWANCES:
        TOTAL INVOICE:              $80,988.00
  ALLOWANCE FOR TRADE:              $14,000.00
                                    ----------
           AMOUNT DUE:              $66,988.00
                                    ==========
       PRICE PER UNIT:              $66,988.00




                                 010734  -  147

                                 INVOICE NUMBER


                                    INVOICE


                   INTERNATIONAL TRUCK AND ENGINE CORPORATION


REMIT TO:   NAVISTAR FINANCIAL CORPORATION
            C/O BANK OF AMERICA
            DRAWER CS 198-381
            ATLANTA, GA 30384

================================================================================
INVOICE TO:  ATTN: DAVID BAKER
BOYD BROTHERS TRANSPORTATION
75 HWY 30
CLAYTON, AL 36016
================================================================================
SHIP TO: (if different than invoice to):
Boyd Bros. Transportation
5 West Leffel Lane
Springfield, OH 45506
================================================================================
INVOICE DATE:  10/07/2001
DELIVERY DATE:
CUST ORDER #:
CUST ACCT #:   147995120
SALES REP:     PARHAM
================================================================================
ORDERED FOR: 122986
BOYD BROS TRANSP CO INC
ROUTE 1 EUFAULA HWY
CLAYTON, AL 36016
================================================================================

NEW TRUCK DESCRIPTION:



QTY    YEAR         MAKE              MODEL          ENGINE       FACTORY ORDER
- ---    ----         ----              -----          ------       -------------
                                                   
 1     2002     INTERNATIONAL     9400i SBA 6X4     CAT C-15          616422




VEHICLE I.D. NUMBER        ENGINE        PC NUMBER       KEY #      UNIT #
- -------------------       -------        ---------       -----      ------
                                                        
ISCNASR82C035940          06NZ54752      411007013       K557        6403



TRADE IN UNITS
MJ560572  722

10-29-01 REVISED INVOICE - FEDERAL EXCISE TAX AMOUNT CORRECTED AMOUNT DUE NOT
CHANGED

================================================================================
TRADE-IN DESCRIPTION:


================================================================================
SETTLEMENT:

$73,988.00


TERMS:

DUE: 11/6/2001
================================================================================
IF PAYMENT IS NOT RECEIVED AS INDICATED ABOVE, A LATE CHARGE WILL BE ASSESSED
AT THE MAXIMUM RATE PERMITTED BY STATE REGULATIONS, NOT TO EXCEED 1.5% PER
MONTH, UNLESS OTHERWISE STATED IN SIGNED AGREEMENTS. THE LATE CHARGE IS NOT
INTENDED AS AN ALTERNATE TO PAYMENT WHEN DUE.
================================================================================
THE TERMS, CONDITIONS AND SALE PRICE AS SET FORTH HEREIN ARE SUBJECT TO
ADJUSTMENTS AS AGREED UPON IN WRITING BY BOTH PARTIES.
================================================================================

                                 
EQUIPMENT SALES PRICE:              $71,324.79
   DESTINATION CHARGE:              $ 1,000.00
    PREP AND DELIVERY:
    LICENSE AND TITLE:
   FEDERAL EXCISE TAX:              $ 8,663.21
            SALES TAX:
        OTHER CHARGES:
     OTHER ALLOWANCES:
        TOTAL INVOICE:              $80,988.00
  ALLOWANCE FOR TRADE:              $ 7,000.00
                                    ----------
           AMOUNT DUE:              $73,988.00
                                    ==========
       PRICE PER UNIT:              $73,988.00




                                 010701  -  147

                                 INVOICE NUMBER



[LOGO]                                                           Date: 1/16/2002
                                                                 Page: 1 of 2
INTERNATIONAL FINANCE GROUP
P.O. BOX 4024, SCHAUMBURG, IL 60168-4024                         T 847 734 4000
                                                                 F 847 734 4020
AMORTIZATION SCHEDULE


   CUSTOMER NAME  Boyd Bros. Transportation, Inc.
AGREEMENT NUMBER  60




                                                                         
AMOUNT TO FINANCE  $213,964.00                 DATE OF NOTE  1/17/2002            PAYMENT PLAN  Equal Monthly
    TOTAL FINANCE  $ 32,698.40          DATE FINANCE BEGINS  1/17/2002           REBATE METHOD  Actuarial
   TOTAL PAYMENTS  $246,662.40                       A.P.R.  5.7500                       TERM  60





                                                                   
                         PRINCIPAL      PERIOD        PAYMENT         FINANCE         PRINCIPAL
PERIOD     DATE           PAYMENT       FINANCE        AMOUNT        REMAINING        REMAINING
- ------------------------------------------------------------------------------------------------
                            $0.00          $0.00    $246,662.40      $32,698.40      $213,964.00
- ------------------------------------------------------------------------------------------------
 1         2/16/2002     $3,119.97       $991.07      $4,111.04      $31,707.33      $210,844.03
- ------------------------------------------------------------------------------------------------
 2         3/16/2002     $3,100.75     $1,010.29      $4,111.04      $30,697.04      $207,743.28
- ------------------------------------------------------------------------------------------------
 3         4/16/2002     $3,115.60       $995.44      $4,111.04      $29,701.60      $204,627.68
- ------------------------------------------------------------------------------------------------
 4         5/16/2002     $3,130.54       $980.50      $4,111.04      $28,721.10      $201,497.14
- ------------------------------------------------------------------------------------------------
 5         6/16/2002     $3,145.53       $965.51      $4,111.04      $27,755.59      $198,351.61
- ------------------------------------------------------------------------------------------------
 6         7/16/2002     $3,160.61       $950.43      $4,111.04      $26,805.16      $195,191.00
- ------------------------------------------------------------------------------------------------
 7         8/16/2002     $3,175.75       $935.29      $4,111.04      $25,869.87      $192,015.25
- ------------------------------------------------------------------------------------------------
 8         9/16/2002     $3,190.97       $920.07      $4,111.04      $24,949.80      $188,824.28
- ------------------------------------------------------------------------------------------------
 9        10/16/2002     $3,206.25       $904.79      $4,111.04      $24,045.01      $185,618.03
- ------------------------------------------------------------------------------------------------
10        11/16/2002     $3,221.63       $889.41      $4,111.04      $23,155.60      $182,396.40
- ------------------------------------------------------------------------------------------------
11        12/16/2002     $3,237.05       $873.99      $4,111.04      $22,281.61      $179,159.35
- ------------------------------------------------------------------------------------------------
12         1/16/2003     $3,252.57       $858.47      $4,111.04      $21,423.14      $175,906.78
- ------------------------------------------------------------------------------------------------
13         2/16/2003     $3,268.16       $842.88      $4,111.04      $20,580.26      $172,638.62
- ------------------------------------------------------------------------------------------------
14         3/16/2003     $3,283.81       $827.23      $4,111.04      $19,753.03      $169,354.81
- ------------------------------------------------------------------------------------------------
15         4/16/2003     $3,299.55       $811.49      $4,111.04      $18,941.54      $166,055.26
- ------------------------------------------------------------------------------------------------
16         5/16/2003     $3,315.36       $795.68      $4,111.04      $18,145.86      $162,739.90
- ------------------------------------------------------------------------------------------------
17         6/16/2003     $3,331.24       $779.80      $4,111.04      $17,366.06      $159,408.66
- ------------------------------------------------------------------------------------------------
18         7/16/2003     $3,347.21       $763.83      $4,111.04      $16,602.23      $156,061.45
- ------------------------------------------------------------------------------------------------
19         8/16/2003     $3,363.25       $747.79      $4,111.04      $15,854.44      $152,698.20
- ------------------------------------------------------------------------------------------------
20         9/16/2003     $3,379.36       $731.68      $4,111.04      $15,122.76      $149,318.84
- ------------------------------------------------------------------------------------------------
21        10/16/2003     $3,395.56       $715.48      $4,111.04      $14,407.28      $145,923.28
- ------------------------------------------------------------------------------------------------
22        11/16/2003     $3,411.82       $699.22      $4,111.04      $13,708.06      $142,511.46
- ------------------------------------------------------------------------------------------------
23        12/16/2003     $3,428.17       $682.87      $4,111.04      $13,025.19      $139,083.29
- ------------------------------------------------------------------------------------------------
24         1/16/2004     $3,444.60       $666.44      $4,111.04      $12,358.75      $135,638.69
- ------------------------------------------------------------------------------------------------
25         2/16/2004     $3,461.11       $649.93      $4,111.04      $11,708.82      $132,177.58
- ------------------------------------------------------------------------------------------------
26         3/16/2004     $3,477.69       $633.35      $4,111.04      $11,075.47      $128,699.89
- ------------------------------------------------------------------------------------------------
27         4/16/2004     $3,494.35       $616.69      $4,111.04      $10,458.78      $125,205.54
- ------------------------------------------------------------------------------------------------
28         5/16/2004     $3,511.10       $599.94      $4,111.04       $9,858.84      $121,694.44
- ------------------------------------------------------------------------------------------------
29         6/16/2004     $3,527.92       $583.12      $4,111.04       $9,275.72      $118,166.52
- ------------------------------------------------------------------------------------------------
30         7/16/2004     $3,544.83       $566.21      $4,111.04       $8,709.51      $114,621.69
- ------------------------------------------------------------------------------------------------
31         8/16/2004     $3,561.81       $549.23      $4,111.04       $8,160.28      $111,059.88
- ------------------------------------------------------------------------------------------------
32         9/16/2004     $3,578.88       $532.16      $4,111.04       $7,628.12      $107,481.00
- ------------------------------------------------------------------------------------------------
33        10/16/2004     $3,596.03       $515.01      $4,111.04       $7,113.11      $103,884.97
- ------------------------------------------------------------------------------------------------
34        11/16/2004     $3,613.26       $497.78      $4,111.04       $6,615.33      $100,271.71
- ------------------------------------------------------------------------------------------------
35        12/16/2004     $3,630.57       $480.47      $4,111.04       $6,134.86       $96,641.14

























[LOGO]                                                     Date: 1/16/2002
                                                              Page: 2 of 2
INTERNATIONAL FINANCE GROUP
P.O. BOX 4024, SCHAUMBURG, IL 60168-4024
                                                            T 847 734 4000

AMORTIZATION SCHEDULE                                       F 847 734 4020


CUSTOMER NAME     Boyd Bros. Transportation, Inc.

AGREEMENT NUMBER  60

                                                                     
AMOUNT TO FINANCE   $213,964.00               DATE OF NOTE         1/17/2002         PAYMENT PLAN  Equal Monthly
TOTAL FINANCE       $32,698.40                DATE FINANCE BEGINS  1/17/2002         REBATE METHOD Actuarial
TOTAL PAYMENTS      $246,662.40               A.P.R.               5.7500            TERM          60




                              PRINCIPAL          PERIOD       PAYMENT         FINANCE         PRINCIPAL
 PERIOD        DATE           PAYMENT           FINANCE        AMOUNT        REMAINING        REMAINING
- --------     ---------       ----------       ----------      --------      -----------      -----------

                                                                         
  36         1/16/2005        $3,647.97         $463.07      $4,111.04       $5,671.79       $92,993.17
- -------------------------------------------------------------------------------------------------------
  37         2/16/2005        $3,665.44         $445.60      $4,111.04       $5,226.19       $89,327.73
- -------------------------------------------------------------------------------------------------------
  38         3/16/2005        $3,683.01         $428.03      $4,111.04       $4,798.16       $85,644.72
- -------------------------------------------------------------------------------------------------------
  39         4/16/2005        $3,700.66         $410.38      $4,111.04       $4,387.78       $81,944.06
- -------------------------------------------------------------------------------------------------------
  40         5/16/2005        $3,718.40         $392.64      $4,111.04       $3,995.14       $78,225.66
- -------------------------------------------------------------------------------------------------------
  41         6/16/2005        $3,736.21         $374.83      $4,111.04       $3,620.31       $74,489.45
- -------------------------------------------------------------------------------------------------------
  42         7/16/2005        $3,754.11         $356.93      $4,111.04       $3,263.38       $70,735.34
- -------------------------------------------------------------------------------------------------------
  43         8/16/2005        $3,772.10         $338.94      $4,111.04       $2,924.44       $66,963.24
- -------------------------------------------------------------------------------------------------------
  44         9/16/2005        $3,790.17         $320.87      $4,111.04       $2,603.57       $63,173.07
- -------------------------------------------------------------------------------------------------------
  45        10/16/2005        $3,808.34         $302.70      $4,111.04       $2,300.87       $59,364.73
- -------------------------------------------------------------------------------------------------------
  46        11/16/2005        $3,826.58         $284.46      $4,111.04       $2,016.41       $55,538.15
- -------------------------------------------------------------------------------------------------------
  47        12/16/2005        $3,844.92         $266.12      $4,111.04       $1,750.29       $51,693.23
- -------------------------------------------------------------------------------------------------------
  48         1/16/2006        $3,863.35         $247.69      $4,111.04       $1,502.60       $47,829.88
- -------------------------------------------------------------------------------------------------------
  49         2/16/2006        $3,881.85         $229.19      $4,111.04       $1,273.41       $43,948.03
- -------------------------------------------------------------------------------------------------------
  50         3/16/2006        $3,900.46         $210.58      $4,111.04       $1,062.83       $40,047.57
- -------------------------------------------------------------------------------------------------------
  51         4/16/2006        $3,919.14         $191.90      $4,111.04         $870.93       $36,128.43
- -------------------------------------------------------------------------------------------------------
  52         5/16/2006        $3,937.93         $173.11      $4,111.04         $697.82       $32,190.50
- -------------------------------------------------------------------------------------------------------
  53         6/16/2006        $3,956.79         $154.25      $4,111.04         $543.57       $28,233.71
- -------------------------------------------------------------------------------------------------------
  54         7/16/2006        $3,975.75         $135.29      $4,111.04         $408.28       $24,257.96
- -------------------------------------------------------------------------------------------------------
  55         8/16/2006        $3,994.81         $116.23      $4,111.04         $292.05       $20,263.15
- -------------------------------------------------------------------------------------------------------
  56         9/16/2006        $4,013.94          $97.10      $4,111.04         $194.95       $16,249.21
- -------------------------------------------------------------------------------------------------------
  57        10/16/2006        $4,033.18          $77.86      $4,111.04         $117.09       $12,216.03
- -------------------------------------------------------------------------------------------------------
  58        11/16/2006        $4,052.51          $58.53      $4,111.04          $58.56        $8,163.52
- -------------------------------------------------------------------------------------------------------
  59        12/16/2006        $4,071.92          $39.12      $4,111.04          $19.44        $4,091.60
- -------------------------------------------------------------------------------------------------------
  60         1/16/2007        $4,091.60          $19.44      $4,111.04           $0.00            $0.00
- -------------------------------------------------------------------------------------------------------
                            $213,964.00      $32,698.40    $246,662.40           $0.00            $0.00


- -------------------------------------------------------------------------------
  THIS SCHEDULE MAY NOT REFLECT THE ACTUAL NET BALANCE OWING IF THE CONTRACT
                        IS TERMINATED PRIOR TO MATURITY.
- -------------------------------------------------------------------------------

/s/ RICHARD BAILEY
- ----------------------------------   ------------------------------------------
Boyd Bros. Transportation, Inc.       International Truck & Engine Corp.


LENDERS AGREEMENT
- -------------------------------------------------------------------------------
Lender: Navistar Financial Corporation        Accepted by Lender at:
                                 2850 West Golf Road, Rolling Meadows, IL 60008


BY                                   DATE
- ---------------------------------   -------------------------------------------
Authorized Representative

EX-10.4

                                                                    EXHIBIT 10.4


                     COMMERCIAL LOAN AND SECURITY AGREEMENT
                 (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT)

[LOGO]
Navistar Financial                                     Agreement Date: 1/17/2002
Corporation

The 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.

Seller Information            BORROWER INFORMATION:

                                                                                
Seller Number 001479-000                   Boyd Bros. Transportation, Inc. WTI        937-525-0341
International Truck &                      825 West Laffels Lane                      SSN#/TAX-ID
  Engine Corp.
Chicago, IL                                Springfield, OH 45506                      CUSTOMER #
  APPROVAL NUMBER: 01292208                COUNTY:                                    4706016



DESCRIPTION OF EQUIPMENT



VEHICLE    NEW
 YEAR      USED    MANUFACTURER    MODEL    SERIAL NUMBER    OTHER EQUIPMENT    UNIT NUMBER
- -------    ----    ------------    -----    -------------    ---------------    -----------
                                                              
                               SEE ADDENDUM - SCHEDULE A


DESCRIPTION OF TRADE-IN



                                                                 GROSS       LESS AMOUNT        TRADE-IN
YEAR    MANUFACTURER    MODEL    SERIAL NUMBER    BODY TYPE    ALLOWANCE        OWING        (NET ALLOWANCE)
- ----    ------------    -----    -------------    ---------    ---------     -----------     ---------------
                                                                        
                                       SEE ADDENDUM - SCHEDULE B


INSURANCE COVERAGE

NO LIABILITY INSURANCE INCLUDED

PHYSICAL DAMAGE:

Physical damage insurance satisfactory to Lender is required. The Borrower may
choose the person through which the insurance is to be obtained or provide such
insurance through an existing policy subject to Lender's right to refuse to
accept any such insurer for any reasonable cause.

If physical damage insurance is included in this Agreement, the cost of
insurance shall be _________ as set forth in item 6a and the following
coverages are provided for a term of ______ months from the date of delivery.

         Deductible Other Than Collision (Specified Perils, Comprehensive or
         Fire, Theft and Combined Additional Coverage, as per attached insurance
         application.)

         Deductible Collision

________________________________________________________________________________
Name of Physical Damage Insurance Company            Agent Name/Phone

Texas Residents Only: If physical damage insurance is obtained through the
Lender and placed with a county mutual insurance company, the premium or rate
of charge is not fixed or approved by the Texas State Board of Insurance.

CREDIT LIFE INSURANCE IS NOT REQUIRED.
If a charge is include in 6b it is understood credit life insurance is
requested in this Agreement and the Borrower signing below is the insured.
Borrower hereby acknowledges receipt of a certificate containing the terms of
such insurance through Agent:

________________________________________________________________________________
Name of Credit Life Insurance Company                Agent Name/Phone

SALE ANALYSIS

                                                               
- --------------------------------------------------------------------------------
1.       CASH PRICE                                                  $716,880.40
- --------------------------------------------------------------------------------
2.       SALES AND OTHER TAXES                                       $ 87,799.60
- --------------------------------------------------------------------------------
3.       CASH PRICE + TAX (1 + 2)                                    $804,680.00
- --------------------------------------------------------------------------------
4a.      CASH DOWN PAYMENT
- --------------------------------------------------------------------------------
 b.      TRADE-IN (NET ALLOWANCE)                                    $178,000.00
- --------------------------------------------------------------------------------
         TOTAL DOWN PAYMENT (4a + 4b)                                $178,000.00
- --------------------------------------------------------------------------------
5.       UNPAID BALANCE OF CASH PRICE (3 LESS 4)                     $626,680.00
- --------------------------------------------------------------------------------
6.       a.  PHYSICAL DAMAGE
- --------------------------------------------------------------------------------
         b.  CREDIT LIFE INSURANCE
- --------------------------------------------------------------------------------
         c.  CERTIFICATE OF TITLE FEE
- --------------------------------------------------------------------------------
         d.  OFFICIAL FEES
- --------------------------------------------------------------------------------
         e.  OPTIONAL SERVICE/EXTENDED WARRANTY
- --------------------------------------------------------------------------------
         f.  OTHER
- --------------------------------------------------------------------------------
TOTAL OTHER CHARGES (Total of 6a. to 6f.)
- --------------------------------------------------------------------------------
7.  TOTAL CHARGES INCURRED (5 + 6)                                   $626,680.00
- --------------------------------------------------------------------------------



8.  PROMISSORY NOTE:  If this Agreement is accepted by Lender, Borrower
promises to pay to Lender or to its order the Unpaid Balance (Amount Financed)
set forth in Line 7 above, together with interest from the date of this
Agreement, in installments as set forth below:

Borrower agrees to pay Lender the "UNPAID BALANCE" plus interest in the amount
of $95,771.00 computed at a rate equivalent to 5.75% per annum in installments
as set forth below.



  # OF      AMOUNT OF                  # OF     AMOUNT OF                  # OF     AMOUNT OF
PAYMENTS     PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING
- --------   ----------   ---------    --------   ---------   ---------    --------   ---------   ---------
                                                                        
  60       $12,040.85   2/16/2002


FOR USE IN SOUTH CAROLINA ONLY: WAIVER OF HEARING PRIOR TO IMMEDIATE
POSSESSION: BORROWER HEREBY EXPRESSLY AGREES THAT, SHOULD THE LENDER BE
ENTITLED TO POSSESSION OF THE GOODS DESCRIBED ABOVE OR ITS PROCEEDS UNDER THE
TERMS OF THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH
(INCLUDING ANY FURTHER EXTENSIONS, RENEWALS, ETC.) BORROWER WAIVES ITS RIGHT TO
NOTICE AND AN OPPORTUNITY TO BE HEARD PRIOR TO REPOSSESSION OF THE GOODS BY
LENDER.

NOTICE TO BORROWER:  1. Do not sign this Agreement before you read it or if it
contains blank spaces. 2. You are entitled to a completely filled-in copy of
the Agreement when you sign it. 3. Under the law, you have the following
rights, among others: (a) to pay off in advance the full amount due and to
obtain a partial refund of the interest charges based on the actuarial method
unless another method is required by law; (b) to redeem the Goods if
repossessed for default; (c) to require, under certain conditions, a resale of
the Goods if repossessed. 4. If you desire to pay off in advance the full
amount due, the amount of refund you are entitled to, if any, will be furnished
upon request. 5. In Texas, this Agreement may be subject in whole or in part to
Texas law which is enforced by the Consumer Credit Commissioner, 2601 North
Lamar, Austin, Texas 78705-4207. Telephone (512) 479-1285, (214) 263-2016,
(713) 461-4074.



________________________________________________________________________________
Page 1 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
             Boyd Bros. Transportation, Inc. - Agreement Number: 61




                              ADDITIONAL PROVISIONS


LATE PAYMENTS: In addition to promising to pay the total payments as set forth
above. Borrower promises to pay past due interest accrued from maturity on each
installment in default more than 10 days at the highest rate permitted by law.
Borrower also agrees to pay all expenses actually incurred, including attorney
fees, in collecting any amount payable under this Agreement, all to the extent
allowed by law.

PARTIES: As used herein, "Borrower" shall include all persons who sign as
"Borrower(s)." "Lender" shall mean Navistar Financial Corporation, its
successors and assigns. "Affiliates" shall include all entities directly or
indirectly controlling or controlled by or under common control with Lender
including but not limited to Harco Leasing Company, Inc. and Navistar Leasing
Company. Upon notice of assignment, Borrower agrees to make payments hereunder
directly to assignee. Assignee shall be entitled to all rights of Lender free
from any defense, set-off or counterclaim by the Borrower against the Lender,
except as required by law. Seller shall not be the agent of Lender for
transmission of payments or otherwise.

NO WARRANTIES BY LENDER: Borrower agrees that Lender is nether the seller nor
the manufacturer of the Goods, and has not made and does not make any
representation, warranty or covenant with respect to the Goods, either express
or implied, written or oral, including but not limited to any representation,
warranty or covenant with respect to condition, quality, safety, durability,
merchantability, or fitness for a particular purpose. Borrower selected the
Goods and hereby agrees that any and all claims that Borrower has or may in the
future have against the seller and/or manufacturer shall not be asserted as an
offset against Lender, including but not limited to any claims in product
liability.

USE OF PROPERTY: Borrower shall hold and use the Goods at its risk and expense
with respect to loss or damages, and taxes and charges of every kind; shall take
proper care of the Goods and shall not abuse or misuse the same; shall not sell,
assign or transfer its interest in the Goods or remove the Goods from the
jurisdiction in which they now reside without the prior written consent of
Lender; shall not use the Goods for any illegal purpose and shall not attach any
of the Goods to any real estate or to any other property in such a manner as to
become a part thereof. If Borrower fails to pay said taxes and said charges,
Lender may, at its election, either do so and charge same to Borrower or treat
such failure as a breach of condition of this agreement. Any amount so paid by
the Lender shall become a part of the indebtedness secured hereunder.

PHYSICAL DAMAGE INSURANCE: If a cost for physical damage insurance is included
in the Agreement, Borrower hereby assigns to Lender the right to cancel such
insurance. If any insurance included in this Agreement is cancelled, whether by
request of the Borrower or the Lender, or action of the Insurance Company,
Lender is hereby authorized on behalf of Borrower to receive any unearned
premium refund. If no cost of physical damage insurance is included in this
Agreement, Borrower agrees to promptly insure the goods at its own expense with
a company acceptable to the Lender against loss by fire, theft and collision for
the period of the term of this Agreement and in such amounts and upon such terms
as are acceptable to Lender. Borrower specifically covenants to name Lender as
loss payee as its interest may appear. Lender may, in its sole discretion, apply
any proceeds of insurance received by it to any indebtedness owed by Borrower to
Lender or its Affiliates.

PLACEMENT OF PHYSICAL DAMAGE INSURANCE: Unless Borrower provides Lender with
evidence of the insurance coverage required by this Agreement, Lender may, but
will not be obligated to, purchase insurance at Borrower's expense to protect
Lender's interest in the Goods. This insurance may, but need not, protect
Borrower's interests. The coverage that Lender purchases may not pay any claim
that Borrower makes or any claim that is made against Borrower in connection
with the Goods. Borrower may later cancel any insurance purchased by lender, but
only after providing Lender with evidence that Borrower has obtained other
insurance as required by the Agreement. If Lender purchases insurance for the
Goods, Borrower will be responsible for the costs of such insurance including
interest and any other charge Lender may impose in connection with the placement
of the insurance, until the effective date of the cancellation or expiration of
the insurance. The cost of the insurance may be added to Borrower's outstanding
balance due and owing Lender under the Agreement. The cost of the insurance may
be more than the cost of insurance Borrower may be able to obtain on its own.

SECURITY INTEREST: In order to secure performance and payment of the loans made
be Lender to Borrower and all of the Borrowers obligations and indebtedness
hereunder and of all other amounts due or to become due hereunder and to secure
each and every other obligation or indebtedness of every kind and description
and howsoever arising, now or hereafter owing by Borrower to Lender or its
Affiliates, Lender hereby retains, and Borrower hereby grants, a purchase money
security interest under the Uniform Commercial Code in and to the Goods
described above, together with all replacements, repairs and accessions thereto
and cash and the non-cash proceeds (including insurance proceeds) thereof. The
security interest hereby granted is a separate, independent security interest
that is in addition to, and not in substitution for, any and all security
interests heretofore or hereafter granted by Borrower to Lender. This Agreement
is not an amendment to or modification of, or a waiver or release by Lender of,
any term, provision or condition of any other agreement between Borrower and
Lender. Further, Lender hereby retains and Borrower hereby grants a security
interest in the proceeds of any physical damage, credit life and or disability
insurance for which a charge is stated above or which is supplied by Borrower,
and if a charge for any such insurance has been included in this Agreement, a
security interest in the refund of any unearned premiums in the event such
insurance is terminated or canceled for any reason. Borrower will not grant any
other security interest in and to the Goods described above, without the prior
written consent of Lender. Borrower shall cause or cooperate with Lender in
causing Lender's security interest in the Goods to become properly perfected
under state law through filing of a financing statement or notation on
appropriate perfection documents.

DEFAULT: For Use In All States Except Louisiana. Time is of the essence hereof
and if Borrower defaults in any one of the payment on the loan or other payment
provided for herein when due or breaches any other covenant or condition of this
Agreement, or any other contract or agreement between Borrower and Lender or its
affiliates or if the Goods are levied upon, or Borrower becomes bankrupt or
insolvent or a petition in bankruptcy is filed by or against the Borrower, then
Lender may, in its sole option and discretion in any such event declare the
total amount unpaid hereunder, including accrued delinquency charges, and
excluding unearned interest immediately due and payable and may take possession
of the Goods in a lawful manner wherever found without notice, demand or legal
process, or may require the Borrower to assemble the Goods and make it available
to the Lender at a place to be designated by the Lender, and where not
prohibited by law, may sell the same at public or private sale, with or without
notice, at which sale Lender may become the purchaser, may deduct from the
proceeds of any such sale all taxes and charges due on the Goods and all
expenses of taking, removing, holding, repairing and selling the Goods, and may
apply the net proceeds to any indebtedness of Borrower, returning to Borrower
any surplus or holding Borrower liable for any deficiency; and in consideration
of the use of the Goods and for diminution in saleable value thereof, Lender may
retain all payments made; or Lender may pursue any other remedy provided by law.
Lender may accept partial payments of any sum due without waiving or otherwise
modifying the terms of this Agreement and the waiver by Lender of a breach of
any condition of this Agreement shall not constitute a waiver of any subsequent
breach whether or not of a like character. In the event of bankruptcy or other
insolvency proceedings, in addition to the above remedies, the Lender shall be
entitled to any rental or other income produced by the Goods prior to its
release to Lender.



Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
             Boyd Bros. Transportation, Inc. - Agreement Number: 61



                      ADDITIONAL PROVISIONS -- (Continued)


DEFAULT: For Use In Louisiana Only. Borrower does hereby confess judgement in
favor of the Lender or any subsequent holder of this agreement for principal,
interest, attorney's fees, and costs; and does hereby declare that if anyone of
the payments on the loan or other payment provided for herein is not fully paid
when due, if default be made in compliance with any condition or covenant
herein, or proceedings in bankruptcy, insolvency or receivership be instituted
by or against the Borrower, or if any action is taken looking toward the
appointment of a receiver, syndic or curata of Borrower or if the property be
used in violation of any state or Federal law, such violation shall constitute
a breach of this Agreement which shall ipso facto be immediately due and
exigible in its entirety and the Lender may cause all and singular the Goods
herein described to be seized and sold under executory or other legal process
in any court, without appraisement, to the highest bidder, payable in cash.
Borrower hereby specifically waives the three (3) day notice of demand provided
by Article 2639 of the Louisiana Code of Civil Procedure and Notice of
Appraisement set forth under Article 2723 of the Louisiana Code of Civil
Procedure and all pleas of division and discussion and the benefit of
appraisement or the said Lender may and is hereby authorized to take immediate
possession of the Goods wherever found without process of law and hold same
until the amount due and either at public or private sale without demand for
performance of without notice to the Borrower, with or without having the Goods
at the place of sale. The Lender, or future holder of this Agreement, shall
have the right to bid at any public sale. From the proceeds of such sale, the
Lender, or future holder of this Agreement, shall deduct all expenses for
retaking, repairing and selling the Goods, including a reasonable attorney's
fee.

CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and
the co-borrower shall be jointly and severally liable with the Borrower for
payment in full of all amounts due or to become due pursuant to the terms and
conditions of this Agreement.

GENERAL: Borrower hereby covenants that all facts and information contained
herein and in the credit application are true and correct as of the date hereof
and specifically warrants that there are no other amounts owing on the trade-in
equipment except as may be indicated herein. Renewal, extension, or assignment
of this Agreement shall not release Borrower or Co-Borrower from any
obligations hereunder.

POWER OF ATTORNEY: Borrower hereby irrevocably authorizes and empowers Lender
to execute, sign, and file on Borrower(s) behalf any financing statement,
continuation statement or any other document related to the perfection or
protection of the security interest hereby created, if allowed by law.

APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied
first to accrued interest and delinquency charges and then to the balance of any
amount financed then outstanding.

SAVINGS CLAUSE: Should any provision of this Agreement be or become invalid,
illegal, prohibited or unenforceable by law or otherwise, then such provision
shall be void; however, such impairment shall not in any way invalidate or
impair the remainder of this Agreement or any other of its provisions. If the
rate of interest or other charges set forth hereunder shall exceed the
applicable maximum, then such rate shall be reduced to such maximum and any
excess interest or charge that may have been collected shall, at the option of
the Borrower, either be refunded in cash or applied as a credit to unpaid
principal. In no event shall Borrower be obligated to pay such excess charges.

ACCEPTANCE BY LENDER, CHOICE OF LAW: This Agreement is not binding until
accepted by Lender in Illinois. Except as prohibited by law, the construction
and validity of this Agreement shall be controlled by the law of Illinois,
where this Agreement is entered into, and applicable federal law. This
Agreement is entered into in Illinois and all loans made by the Lender will be
extended from Illinois. The validity and enforcement of the security interest
granted hereunder shall be controlled by the law of jurisdiction where the
Goods are to be kept and used.

QUARTERLY PRIME RATE: As used in this Agreement the "Quarterly Prime Rate"
shall mean for each calendar quarter, the Prime Rate as published in the Wall
Street Journal on the last business day of the month immediately preceding the
first day of each calendar quarter.

QUARTERLY LIBOR RATE: Shall mean, for each calendar quarter, the 90-day London
Interbank Offered Rate as published in the Wall Street Journal on the last
business day of the month immediately preceding the first day of each calendar
quarter.

WAIVER OF JURY TRIAL: BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
RELATING TO THIS AGREEMENT.



                      THIS SPACE INTENTIONALLY LEFT BLANK



All payments shall be paid to Lender at P.O. Box 96070, Chicago, IL 60693-6070
or as otherwise directed by Lender to Borrower in writing. Telephone inquiries
should be directed to Navistar Financial Corporation (847) 734-4000. All other
correspondence should be sent to Lender at P.O. Box 4024, Attn; FSC,
Schamburg, IL 10168-4024.

BORROWER HAS READ AND AGREES TO ALL TERMS, PROVISIONS AND CONDITIONS CONTAINED
IN THIS THREE PAGE AGREEMENT, AGREES THAT THIS AGREEMENT CONTAINS THE ENTIRE
AGREEMENT BETWEEN BORROWER AND LENDER RELATING TO THIS LOAN FOR THE PURCHASE OF
THE GOODS, AND SUPERSEDES ALL PREVIOUS AGREEMENTS, EXCEPT AS TO AGREEMENTS
BETWEEN BORROWER AND LENDER.

This Agreement is subject to the terms of the Retail Financing Arrangement
between Borrower and Seller, Initial for:


Non-recourse_________________________ Guaranty___________________________
AUTHORIZED SIGNATURE FOR SELLER



BY
  ------------------------------------------------------------------------------
     (Signature of Owner, Officer, or Authorized Rep.)           (Title)

LENDERS ACCEPTANCE
Lender: Navistar Financial Corporation      Accepted by Lender at:
        2850 West Golf Road, Rolling Meadows, IL, 60008



BY                                                       DATE
  ------------------------------------------------------      ------------------
    Authorized Representative

BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY

NAME OF BORROWER: Boyd Bros Transportation Inc.

(Name of individual(s), corporation or partnership. Give trade style if any
after name.)



BY: /s/ RICHARD BAILEY                                TITLE C.O.O
  ----------------------------------------------------      --------------------
(If corporation, authorized party must sign and show corporate title. If
partnership, a general partner must sign. If owner(s) or partner, show which.)



BY:                                                   TITLE
  ----------------------------------------------------      --------------------
(If Co-Borrower, Co-Partner or Co-Officer, sign here and show which.)



- --------------------------------------------------------------------------------
Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
              Boyd Bros. Transportation, Inc. -- Agreement Number: 61


      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/17/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



EQUIPMENT DESCRIPTION



- ------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
   2002         New            INTL           9400i SBA 6       2HSCNASR22C040101          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR02C040100          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR82C040099          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR62C040098          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR42C040097          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR22C040096          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR02C040095          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR92C040094          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR72C040093          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------
   2002         New            INTL           9400i SBA 6       2HSCNASR52C040092          Tractor           $71,688.04
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     -----------------------------------
Signature                                Seller Signature

          COO
- -------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 61
Page 1
Schedule A-Generated by FIL

      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/17/2002



SELLER INFORMATION                                            BORROWER INFORMATION
                                                                                                         

                   International Truck & Engine Corp.                              Boyd Bros. Transportation, Inc.      937-525-0341
                   Chicago, IL                                                     825 West Laffels Lane
SELLER NUMBER:     001479-000                                                      Springfield, OH 45506
APPROVAL NUMBER:   01292208                                   SSN#/TAX-ID:                                  COUNTY:
                                                              CUSTOMER #:          4706016



DESCRIPTION OF TRADE-IN



- ------------------------------------------------------------------------------------------------------------------------------------
                                                                              GROSS            LESS AMOUNT           TRADE-IN
   YEAR         MANUFACTURER          MODEL            SERIAL NUMBER        ALLOWANCE             OWING           (NET ALLOWANCE)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEBOTH848813      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEB9TH848809      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEBOTH848780      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEBXTH848771      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEBXTH848768      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEBXTH848754      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSEB2TH848750      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       LLD12064ST        1FUYDSEB9TH848731      $18,000.00                               $18,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSYB7TH835004      $17,000.00                               $17,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
   1996         FREIGHTLINER       FLD12064ST        1FUYDSYBXTH834980      $17,000.00                               $17,000.00
- ------------------------------------------------------------------------------------------------------------------------------------



BOYD BROS. TRANSPORTATION, INC.



/s/ RICHARD BAILEY
- ------------------------------------     -----------------------------------
Signature                                Seller Signature

        C.O.O.
- -------------------------
Title



- -------------------------------------------------------------------------------
COMMERCIAL LOAN AND SECURITY AGREEMENT FOR Boyd Bros. Transportation, Inc. -
Agreement Number: 61
Page 1
Schedule B-Generated by FIL


                  [LOGO]                                         Date: 1/16/2002
                  INTERNATIONAL FINANCE GROUP                       Page: 1 of 2
                  P.O. BOX 4024, SCHAUMBURG, IL 60168-4024
                                                                  T 847 734 4000

                  AMORTIZATION SCHEDULE
                                                                  F 847 734 4020

   CUSTOMER NAME  Boyd Bros. Transportation, Inc.
AGREEMENT NUMBER  61




                                                                                                   
- ---------------------------------------------------------------------------------------------------------------------------------
         AMOUNT TO FINANCE     $626,680.00                  DATE OF NOTE     1/17/2002           PAYMENT PLAN     Equal Monthly
             TOTAL FINANCE     $95,771.00            DATE FINANCE BEGINS     1/17/2002          REBATE METHOD     Actuarial
            TOTAL PAYMENTS     $722,451.00                        A.P.R.     5.7500                      TERM     60
- ---------------------------------------------------------------------------------------------------------------------------------





- ---------------------------------------------------------------------------------------------------------------------------------
                                     PRINCIPAL             PERIOD               PAYMENT            FINANCE           PRINCIPAL
PERIOD               DATE              PAYMENT            FINANCE                AMOUNT          REMAINING           REMAINING
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                 
                                         $0.00              $0.00           $722,451.00         $95,771.00         $626,680.00
- ---------------------------------------------------------------------------------------------------------------------------------
    1           2/16/2002            $9,138.11          $2,902.74            $12,040.85         $92,868.26         $617,541.89
- ---------------------------------------------------------------------------------------------------------------------------------
    2           3/16/2002            $9,081.80          $2,959.05            $12,040.85         $89,909.21         $608,460.09
- ---------------------------------------------------------------------------------------------------------------------------------
    3           4/16/2002            $9,125.31          $2,915.54            $12,040.85         $86,993.67         $599,334.78
- ---------------------------------------------------------------------------------------------------------------------------------
    4           5/16/2002            $9,169.05          $2,871.80            $12,040.85         $84,121.87         $590,165.73
- ---------------------------------------------------------------------------------------------------------------------------------
    5           6/16/2002            $9,212.97          $2,827.88            $12,040.85         $81,293.99         $580,952.76
- ---------------------------------------------------------------------------------------------------------------------------------
    6           7/16/2002            $9,257.12          $2,783.73            $12,040.85         $78,510.26         $571,695.64
- ---------------------------------------------------------------------------------------------------------------------------------
    7           8/16/2002            $9,301.48          $2,739.37            $12,040.85         $75,770.89         $562,394.16
- ---------------------------------------------------------------------------------------------------------------------------------
    8           9/16/2002            $9,346.04          $2,694.81            $12,040.85         $73,076.08         $553,048.12
- ---------------------------------------------------------------------------------------------------------------------------------
    9          10/16/2002            $9,390.84          $2,650.01            $12,040.85         $70,426.07         $543,657.28
- ---------------------------------------------------------------------------------------------------------------------------------
   10          11/16/2002            $9,435.82          $2,605.03            $12,040.85         $67,821.04         $534,221.46
- ---------------------------------------------------------------------------------------------------------------------------------
   11          12/16/2002            $9,481.05          $2,559.80            $12,040.85         $65,261.24         $524,740.41
- ---------------------------------------------------------------------------------------------------------------------------------
   12           1/16/2003            $9,526.47          $2,514.38            $12,040.85         $62,746.86         $515,213.94
- ---------------------------------------------------------------------------------------------------------------------------------
   13           2/16/2003            $9,572.12          $2,468.73            $12,040.85         $60,278.13         $505,641.82
- ---------------------------------------------------------------------------------------------------------------------------------
   14           3/16/2003            $9,617.98          $2,422.87            $12,040.85         $57,855.26         $496,023.84
- ---------------------------------------------------------------------------------------------------------------------------------
   15           4/16/2003            $9,664.07          $2,376.78            $12,040.85         $55,478.48         $486,359.77
- ---------------------------------------------------------------------------------------------------------------------------------
   16           5/16/2003            $9,710.38          $2,330.47            $12,040.85         $53,148.01         $476,649.39
- ---------------------------------------------------------------------------------------------------------------------------------
   17           6/16/2003            $9,756.91          $2,283.94            $12,040.85         $50,864.07         $466,892.48
- ---------------------------------------------------------------------------------------------------------------------------------
   18           7/16/2003            $9,803.66          $2,237.19            $12,040.85         $48,626.88         $457,088.82
- ---------------------------------------------------------------------------------------------------------------------------------
   19           8/16/2003            $9,850.64          $2,190.21            $12,040.85         $46,436.67         $447,238.18
- ---------------------------------------------------------------------------------------------------------------------------------
   20           9/16/2003            $9,897.83          $2,143.02            $12,040.85         $44,293.65         $437,340.35
- ---------------------------------------------------------------------------------------------------------------------------------
   21          10/16/2003            $9,945.26          $2,095.59            $12,040.85         $42,198.06         $427,395.09
- ---------------------------------------------------------------------------------------------------------------------------------
   22          11/16/2003            $9,992.92          $2,047.93            $12,040.85         $40,150.13         $417,402.17
- ---------------------------------------------------------------------------------------------------------------------------------
   23          12/16/2003           $10,040.80          $2,000.05            $12,040.85         $38,150.08         $407,361.37
- ---------------------------------------------------------------------------------------------------------------------------------
   24           1/16/2004           $10,088.92          $1,951.93            $12,040.85         $36,198.15         $397,272.45
- ---------------------------------------------------------------------------------------------------------------------------------
   25           2/16/2004           $10,137.25          $1,903.60            $12,040.85         $34,294.55         $387,135.20
- ---------------------------------------------------------------------------------------------------------------------------------
   26           3/16/2004           $10,185.83          $1,855.02            $12,040.85         $32,439.53         $376,949.37
- ---------------------------------------------------------------------------------------------------------------------------------
   27           4/16/2004           $10,234.64          $1,806.21            $12,040.85         $30,633.32         $366,714.73
- ---------------------------------------------------------------------------------------------------------------------------------
   28           5/16/2004           $10,283.67          $1,757.18            $12,040.85         $28,876.14         $356,431.06
- ---------------------------------------------------------------------------------------------------------------------------------
   29           6/16/2004           $10,332.96          $1,707.89            $12,040.85         $27,168.25         $346,098.10
- ---------------------------------------------------------------------------------------------------------------------------------
   30           7/16/2004           $10,382.46          $1,658.39            $12,040.85         $25,509.86         $335,715.64
- ---------------------------------------------------------------------------------------------------------------------------------
   31           8/16/2004           $10,432.22          $1,608.63            $12,040.85         $23,901.23         $325,283.42
- ---------------------------------------------------------------------------------------------------------------------------------
   32           9/16/2004           $10,482.20          $1,558.65            $12,040.85         $22,342.58         $314,801.22
- ---------------------------------------------------------------------------------------------------------------------------------
   33          10/16/2004           $10,532.43          $1,508.42            $12,040.85         $20,834.16         $304,268.79
- ---------------------------------------------------------------------------------------------------------------------------------
   34          11/16/2004           $10,582.89          $1,457.96            $12,040.85         $19,376.20         $293,685.90
- ---------------------------------------------------------------------------------------------------------------------------------
   35          12/16/2004           $10,633.61          $1,407.24            $12,040.85         $17,968.96         $283,052.29




[LOGO]                                                          Date: 1/16/2002
INTERNATIONAL FINANCE GROUP                                        Page: 2 of 2
P.O. BOX 4024, SCHAUMBURG, IL 60168-4024
                                                                 T 847 734 4000
AMORTIZATION SCHEDULE
                                                                 F 847 734 4020

CUSTOMER NAME    Boyd Bros. Transportation, Inc.
AGREEMENT NUMBER 61


                                                                                      
AMOUNT TO FINANCE    $626,680.00          DATE OF NOTE           1/17/2002          PAYMENT PLAN     Equal Monthly
TOTAL FINANCE        $ 95,771.00          DATE FINANCE BEGINS    1/17/2002          REBATE METHOD    Actuarial
TOTAL PAYMENTS       $722,451.00          A.P.R.                 5.7500             TERM             60






                                   PRINCIPAL        PERIOD          PAYMENT          FINANCE         PRINCIPAL
     PERIOD          DATE           PAYMENT         FINANCE          AMOUNT         REMAINING        REMAINING
                                                                                  
       36          1/16/2005      $ 10,684.56      $ 1,356.29      $ 12,040.85      $16,612.67      $272,367.73
- ---------------------------------------------------------------------------------------------------------------
       37          2/16/2005      $ 10,735.75      $ 1,305.10      $ 12,040.85      $15,307.57      $261,631.98
- ---------------------------------------------------------------------------------------------------------------
       38          3/16/2005      $ 10,787.20      $ 1,253.65      $ 12,040.85      $14,053.92      $250,844.78
- ---------------------------------------------------------------------------------------------------------------
       39          4/16/2005      $ 10,838.89      $ 1,201.96      $ 12,040.85      $12,851.96      $240,005.89
- ---------------------------------------------------------------------------------------------------------------
       40          5/16/2005      $ 10,890.82      $ 1,150.03      $ 12,040.85      $11,701.93      $229,115.07
- ---------------------------------------------------------------------------------------------------------------
       41          6/16/2005      $ 10,943.01      $ 1,097.84      $ 12,040.85      $10,604.09      $218,172.06
- ---------------------------------------------------------------------------------------------------------------
       42          7/16/2005      $ 10,995.44      $ 1,045.41      $ 12,040.85      $ 9,558.68      $207,176.62
- ---------------------------------------------------------------------------------------------------------------
       43          8/16/2005      $ 11,048.13      $   992.72      $ 12,040.85      $ 8,565.96      $196,128.49
- ---------------------------------------------------------------------------------------------------------------
       44          9/16/2005      $ 11,101.07      $   939.78      $ 12,040.85      $ 7,626.18      $185,027.42
- ---------------------------------------------------------------------------------------------------------------
       45         10/16/2005      $ 11,154.26      $   886.59      $ 12,040.85      $ 6,739.59      $173,873.16
- ---------------------------------------------------------------------------------------------------------------
       46         11/16/2005      $ 11,207.71      $   833.14      $ 12,040.85      $ 5,906.45      $162,665.45
- ---------------------------------------------------------------------------------------------------------------
       47         12/16/2005      $ 11,261.41      $   779.44      $ 12,040.85      $ 5,127.01      $151,404.04
- ---------------------------------------------------------------------------------------------------------------
       48          1/16/2006      $ 11,315.38      $   725.47      $ 12,040.85      $ 4,401.54      $140,088.66
- ---------------------------------------------------------------------------------------------------------------
       49          2/16/2006      $ 11,369.59      $   671.26      $ 12,040.85      $ 3,730.28      $128,719.07
- ---------------------------------------------------------------------------------------------------------------
       50          3/16/2006      $ 11,424.07      $   616.78      $ 12,040.85      $ 3,113.50      $117,295.00
- ---------------------------------------------------------------------------------------------------------------
       51          4/16/2006      $ 11,478.81      $   562.04      $ 12,040.85      $ 2,551.46      $105,816.19
- ---------------------------------------------------------------------------------------------------------------
       52          5/16/2006      $ 11,533.82      $   507.03      $ 12,040.85      $ 2,044.43      $ 94,282.37
- ---------------------------------------------------------------------------------------------------------------
       53          6/16/2006      $ 11,589.08      $   451.77      $ 12,040.85      $ 1,592.66      $ 82,693.29
- ---------------------------------------------------------------------------------------------------------------
       54          7/16/2006      $ 11,644.61      $   396.24      $ 12,040.85      $ 1,196.42      $ 71,048.68
- ---------------------------------------------------------------------------------------------------------------
       55          8/16/2006      $ 11,700.41      $   340.44      $ 12,040.85      $   855.98      $ 59,348.27
- ---------------------------------------------------------------------------------------------------------------
       56          9/16/2006      $ 11,756.47      $   284.38      $ 12,040.85      $   571.60      $ 47,591.80
- ---------------------------------------------------------------------------------------------------------------
       57         10/16/2006      $ 11,812.81      $   228.04      $ 12,040.85      $   343.56      $ 35,778.99
- ---------------------------------------------------------------------------------------------------------------
       58         11/16/2006      $ 11,869.41      $   171.44      $ 12,040.85      $   172.12      $ 23,909.58
- ---------------------------------------------------------------------------------------------------------------
       59         12/16/2006      $ 11,926.28      $   114.57      $ 12,040.85      $    57.55      $ 11,983.30
- ---------------------------------------------------------------------------------------------------------------
       60          1/16/2007      $ 11,983.30      $    57.55      $ 12,040.85      $     0.00      $      0.00
- ---------------------------------------------------------------------------------------------------------------
                                  $626,680.00      $95,771.00      $722,451.00      $     0.00      $      0.00



          THIS SCHEDULE MAY NOT REFLECT THE ACTUAL NET BALANCE OWING
               IF THE CONTRACT IS TERMINATED PRIOR TO MATURITY.



/s/ RICHARD BAILEY
- --------------------------------------     -------------------------------------
Boyd Bros. Transportation, Inc.            International Truck & Engine Corp.


LENDERS AGREEMENT

                                        
Lender: Navistar Financial Corporation     Accepted by Lender at: 2850 West Golf Road, Rolling Meadows, IL 60008



BY                                         DATE
- --------------------------------------------------------------------------------
Authorized Representative