<PAGE>
                                                                    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:

<Table>
<S>                                        <C>                                        <C>
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
</Table>

DESCRIPTION OF EQUIPMENT

<Table>
<Caption>
VEHICLE    NEW
 YEAR      USED    MANUFACTURER    MODEL    SERIAL NUMBER    OTHER EQUIPMENT    UNIT NUMBER
-------    ----    ------------    -----    -------------    ---------------    -----------
<S>        <C>     <C>             <C>      <C>              <C>                <C>
                               SEE ADDENDUM - SCHEDULE A
</Table>

DESCRIPTION OF TRADE-IN

<Table>
<Caption>
                                                                 GROSS       LESS AMOUNT        TRADE-IN
YEAR    MANUFACTURER    MODEL    SERIAL NUMBER    BODY TYPE    ALLOWANCE        OWING        (NET ALLOWANCE)
----    ------------    -----    -------------    ---------    ---------     -----------     ---------------
<S>     <C>             <C>      <C>              <C>          <C>           <C>             <C>
                                       SEE ADDENDUM - SCHEDULE B
</Table>

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

<Table>
<S>      <C>                                                         <C>
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
</Table>

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.

<Table>
<Caption>
  # OF      AMOUNT OF                  # OF     AMOUNT OF                  # OF     AMOUNT OF
PAYMENTS     PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING    PAYMENTS    PAYMENT    BEGINNING
--------   ----------   ---------    --------   ---------   ---------    --------   ---------   ---------
<S>        <C>          <C>          <C>        <C>         <C>          <C>        <C>         <C>
  60       $10,218.06   2/2/2002
</Table>

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


<PAGE>
                              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

<PAGE>

                      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




<PAGE>
      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/3/2002

<Table>
<Caption>
SELLER INFORMATION                                            BORROWER INFORMATION
<S>                <C>                                        <C>                  <C>                      <C>         <C>

                   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
</Table>


EQUIPMENT DESCRIPTION

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
------------------------------------------------------------------------------------------------------------------------------------
  <S>           <C>        <C>                <C>               <C>                     <C>                  <C>              <C>
   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
------------------------------------------------------------------------------------------------------------------------------------
</Table>


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
<PAGE>

      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                             1/3/2002

<Table>
<Caption>
SELLER INFORMATION                                             BORROWER INFORMATION
<S>                                                            <C>
                      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
</Table>


DESCRIPTION OF TRADE-IN

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                   GROSS           LESS AMOUNT          TRADE-IN
YEAR              MANUFACTURER      MODEL             SERIAL NUMBER              ALLOWANCE           OWING           (NET ALLOWANCE)
------------------------------------------------------------------------------------------------------------------------------------
<S>               <C>               <C>               <C>                        <C>               <C>               <C>
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
------------------------------------------------------------------------------------------------------------------------------------
</Table>


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

<PAGE>
[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

<Table>
<S>                             <C>                            <C>
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
</Table>
<Table>
<Caption>
                     PRINCIPAL    PERIOD       PAYMENT      FINANCE      PRINCIPAL
PERIOD     DATE       PAYMENT     FINANCE      AMOUNT      REMAINING     REMAINING
-----------------------------------------------------------------------------------
<S>      <C>         <C>         <C>         <C>           <C>          <C>
                     $    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
</Table>
<PAGE>

[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

<TABLE>
<S>                 <C>                       <C>                             <C>
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
</TABLE>

<TABLE>
<Caption>
                             PRINCIPAL          PERIOD       PAYMENT         FINANCE         PRINCIPAL
 PERIOD        DATE           PAYMENT          FINANCE        AMOUNT        REMAINING        REMAINING
--------     --------       ----------       ----------      --------      -----------      -----------

<S>          <C>            <C>              <C>            <C>            <C>             <C>
  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
</TABLE>

-------------------------------------------------------------------------------
  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
<PAGE>
      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE B Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/3/2002

<Table>
<Caption>
SELLER INFORMATION                                            BORROWER INFORMATION
<S>                <C>                                        <C>                  <C>                      <C>         <C>

                   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
</Table>


DESCRIPTION OF TRADE-IN

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
                                                                             GROSS           LESS AMOUNT            TRADE-IN
   YEAR         MANUFACTURER         MODEL           SERIAL NUMBER         ALLOWANCE            OWING            (NET ALLOWANCE)
------------------------------------------------------------------------------------------------------------------------------------
   <S>          <C>                  <C>           <C>                     <C>               <C>                 <C>
   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
------------------------------------------------------------------------------------------------------------------------------------
</Table>


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
<PAGE>
      COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A Agreement Date:

[LOGO]
Navistar Financial
Corporation                                                            1/3/2002

<Table>
<Caption>
SELLER INFORMATION                                            BORROWER INFORMATION
<S>                <C>                                        <C>                  <C>                      <C>         <C>

                   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
</Table>


EQUIPMENT DESCRIPTION

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
  VEHICLE       NEW                                                                                                            UNIT
   YEAR         USED       MANUFACTURER          MODEL            SERIAL NUMBER         EQUIPMENT TYPE       UNIT PRICE       NUMBER
------------------------------------------------------------------------------------------------------------------------------------
  <S>           <C>        <C>                <C>               <C>                     <C>                  <C>              <C>
   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
------------------------------------------------------------------------------------------------------------------------------------
</Table>


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