Document:

<PAGE>

[COMERICA BANK LOGO]

                                                                   Exhibit 10.24

                  MODIFICATION TO LOAN AND SECURITY AGREEMENT

          This First modification to Loan and Security Agreement (this
"Modification") is entered into by and between SIPEX CORPORATION ("Borrower")
and COMERICA BANK-CALIFORNIA ("Bank") as of this 28th day of November, 2001, at
San Jose, California.

                                    RECITALS

          This Modification is entered into upon the basis of the following
facts and understandings of the parties, which facts and understandings are
acknowledged by the parties to be true and accurate.

          Bank and Borrower previously entered into an Amended and Restated
Revolving Credit Loan and Security Agreement (Accounts and Inventory) dated
March 22, 2001. The Amended and Restated Revolving Credit Loan and Security
Agreement and each modification shall collectively be referred to herein as the
"Agreement".

          NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as set forth
below.

                                   AGREEMENT

          1.  Incorporation by Reference. The Recitals and the documents
referred to therein are incorporated herein by this reference. Except as
otherwise noted, the terms not defined herein shall have the meaning set forth
in the Agreement.

          2.  Modification to the Agreement. Subject to the satisfaction of the
conditions precedent as set forth in Section 3 hereof, the Agreement is hereby
modified as set forth below:

               A. Section 7.16b, first line, is hereby amended by changing
               "month" to "quarter".

               B.  Section 7.17, first and second line, is hereby deleted in its
               entirety and replaced with the following:

                    "7.17 Borrower shall maintain the following financial ratios
                    and covenants on a consolidated and non-consolidated basis,
                    which shall be monitored on a monthly basis, except as noted
                    below:"

               C.  Section 7.17c is hereby deleted in its entirety and replaced
               with the following:

                    "c.  A ratio of Current Assets to Current Liabilities of not
                    less than 2.00:1.00."

               D.  Section 7.17d. is hereby deleted in its entirety and replaced
               with the following:
<PAGE>
     "d.  A ratio of Quick Assets to Current Liabilities of not less than
     0.65:1.00 to increase to 0.75:1.00 on 12/31/01 and l.00:1.00 on 12/31/02
     to be monitored quarterly"

E.   Section 7.17e. is hereby deleted in its entirety and replaced with the
     following:

     "e. A ratio of Debt-to-Worth of less than 0.35:1.00 monitored quarterly."

F.   Section 7.17g. is hereby deleted in its entirety and replaced with the
     following:

     "g. Net Income after taxes of ($2,000,000) for the quarter ending
     December 31, 2001,

                                      -1-
<PAGE>
          ($1,500,000) for the quarter ending March 31, 2002, ($1,400,000) for
          the quarter ending June 30, 2002, ($700,000) for the quarter ending
          September 30, 2002, and ($200,000) for the quarter ending 2002"

     3    Legal Effect. The effectiveness of this Modification is conditioned
upon receipt by Bank of this Modification, and any other documents which Bank
may require to carry out the terms hereof. Except as specifically set forth in
this Modification, all of the terms and conditions of the Agreement remain in
full force and effect.

     4    Integration. This is an integrated Modification and supersedes all
prior negotiations and agreements regarding the subject matter hereof. All
amendments hereto must be in writing and signed by the parties.

     IN WITNESS WHEREOF, the parties have agreed as of the date first set forth
above.

SIPEX CORPORATION                                     COMERICA BANK-CALIFORNIA

By:   /s/ Frank DiPietro                            By:   /s/ Matthew Wright
      ---------------------------                    ---------------------------
Title: Executive Vice President                      Matthew Wright
      ---------------------------                    Corporate Banking Officer

By:
      ---------------------------
Title:
      ---------------------------<PAGE>

                                                                 EXHIBIT 10.1

(COMPASS BANK LOGO)                                   Compass Bank
                                                      P.O. Box 2006
                                                      Dothan, Alabama 36302
                                                      334-712-7030

March 22, 2002

Mr. Richard Bailey
Boyd Bros. Transportation, Inc.
3275 Highway 30
Clayton, AL 36016

RE:     CREDIT AND SECURITY AGREEMENT BETWEEN COMPASS BANK ("BANK") AND BOYD
        BROS. TRANSPORTATION, INC. ("BORROWER") DATED APRIL 11, 2000

Dear Richard:

For the period ending December 31, 2001, Boyd Bros. Transportation, Inc. was in
violation of Section 6.01 of the above referenced Credit and Security Agreement
(as amended, the "Agreement"). This is the Cash Flows-to-Current Maturity of
Long Term Debt covenant. You have requested and Bank has agreed to waive the
default of the covenant under the Loan Agreement existing as of December 31,
2001 solely by virtue of the violation of Section 6.01 of the Agreement, as
outlined above. This one-time limited waiver is effective only in the specific
instance and for the purpose for which given and nothing contained or provided
herein shall be construed as granting a waiver of any default except as
specifically set forth herein or as allowing Borrower to violate or fail to
perform fully (i) Section 6.01 after December 31, 2001 or (ii) any other
provisions of the Loan Documents at any time.

If the terms of this letter are acceptable to you, please execute this letter
below and return the original hereof to the Bank.

Sincerely,

/s/ Jim Tate
Jim Tate
Vice President

AGREED AND ACCEPTED BY:

BOYD BROTHERS TRANSPORTATION, INC.

/s/ Richard Bailey
---------------------------
its COO
    -----------------------<PAGE>

                                                                  EXHIBIT 10.2

                          WAIVER AND CONSENT AGREEMENT

         THIS WAIVER AND CONSENT AGREEMENT ("this Agreement"), effective as of
December 31, 2001, but executed on March 22, 2002, is entered into by BOYD
BROTHERS TRANSPORTATION, INC, a Delaware corporation (the "Borrower"), and
AMSOUTH BANK, an Alabama banking corporation (the "Lender").

                                    RECITALS

         A.   The Borrower and the Lender have entered into a Credit Agreement
dated as of May 1, 2001, as amended (the "Credit Agreement").

         B.   The Borrower has requested that the lender enter into this
Agreement in order to grant certain consents and waivers with respect to the
Credit Agreement as hereinafter described.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing recitals and of the
mutual agreements of the parties hereto:

              1. The parties agree that capitalized terms used in this Agreement
and not otherwise defined herein have the respective meanings attributed thereto
in the Credit Agreement.

              2. The Lender consents to and waives the failure of the Borrower
to:

              (a) Not permit its ratio of EBITDA plus the Net Gain from the sale
of rolling stock to Interest Expense and Principal Maturities measured as of the
end of each June 30 and December 31 of each year for the previous four fiscal
quarters to be less than 1.25 to 1.0.

              3. This agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original and all of
which shall constitute the same instrument, but only one of which need to be
produced.

              4. The Borrower hereby represents and warrants that all
representations and warranties contained in the Credit Agreement are true and
correct as of the date hereof (except representations and warranties that are
expressly limited to an earlier date); and the borrower certifies that except
for those matters waived or consented to herein, no Event of Default nor any
event that, upon notice or lapse of time or both, would constitute and Event of
Default, has occurred and its continuing.

              5. Nothing contained herein shall be construed as a waiver,
acknowledgment or consent to any breach or Event of Default of the Credit
Agreement and the Credit Documents

<PAGE>

not specifically mentioned herein, and the consents granted herein are effective
only in the specific instance and for the purposes which given.

              6. This Agreement shall be governed by the laws of the State of
Alabama.

              IN WITNESS WHEREOF, each of the Borrower and the Lender has caused
this Agreement to be executed by its duly authorized officer as of the day and
year first above written.

BOYD BROTHERS TRANSPORTATION, INC.             AMSOUTH BANK

BY: /s/ Aubrey Baugh III                       BY: /s/ Paul Walker
    -----------------------------                  ----------------------------

ITS: /s/ Vice President                        ITS: /s/ Vice President
     ----------------------------                   ---------------------------<PAGE>
                                                                    EXHIBIT 10.3
<Table>
<S>                           <C>                                                <C>
(LOGO) Navistar Financial         COMMERCIAL LOAN AND SECURITY AGREEMENT
       Corporation            (FOR NEW OR USED MOTOR VEHICLES AND EQUIPMENT)     Agreement Date: 11/27/2001
</Table>

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.

<Table>
<Caption>
Lender Information                                             Borrower Information:
<S>                                 <C>                        <C>                                          <C>
Lender Number                       001479-000                 Boyd Bros. Transportation, Inc.              937-525-0341
Navistar Financial Corp.                                       825 West Laffels Lane                        SSN#/TAX-ID
Rolling Meadows, IL                                            Springfield, OH 45506                        CUSTOMER#
APPROVAL NUMBER:                    01292276                   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>

</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>
1. CASH PRICE                                       $555,408.00
2. SALES AND OTHER TAXES                            $ 60,156.00
3. CASH PRICE + TAX (1 + 2)                         $615,564.00
4. a. CASH DOWN PAYMENT
   b. TRADE-IN (NET ALLOWANCE)
   TOTAL DOWN PAYMENT (4a + 4b)
5. UNPAID BALANCE OF CASH PRICE (3 LESS 4)          $615,564.00
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)                   $615,564.00
</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 $94,185.00 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            $11,829.15    12/27/2001
</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 38
  FH1796P - FIL (v2.0 Jun 26, 2000)

<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 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 neither 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 Borrowers expense to protect
Lenders 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 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 ii 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 suds
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 anyone 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 constit0e 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: 38
 FH1796P - FIL (v2.0 Jun 26, 2000)

<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 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 curate 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 Borrowers) 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 bylaw, 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 Sheet Journal on the last
business day of the month immediately preceding the first day of each calendar
quart.

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

<TABLE>
<S>                                                                  <C>

====================================================================================================================================
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                        BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY
FINANCING ARRANGEMENT BETWEEN BORROWER AND SELLER.                   ---------------------------------------------------------------
INITIAL FOR.                                                          NAME OF BORROWER: Boyd Bros. Transportation, Inc.

NON-RECOURSE                 GUARANTY
            ----------------         ----------------
AUTHORIZED SIGNATURE FOR SELLER
                                                                     (NAME OF INDIVIDUAL(S), CORPORATION OR PARTNERSHIP. GIVE STYLE
                                                                      IF ANY AFTER NAME.)

BY
   -------------------------------------------------------------
   (SIGNATURE OF OWNER, OFFICER, OR AUTHORIZED REP.)     (TITLE)      BY  /s/   Richard Bailey               TITLE     C.0.0.
=====================================================================    --------------------------                 -------------
LENDERS ACCEPTANCE                                                   (IF CORPORATION, AUTHORIZED PARTY MUST SIGN AND SHOW CORPORATE
===================================================================== TITLE. IF PARTNERSHIP, A GENERAL PARTNER MUST SIGN. IF
Lender. Navistar Financial Corporation   Accepted by Lender at:       OWNER(S) OR PARTNER, SHOW WHICH.)
2850 West Golf-Road, Rolling Meadows, IL, 60008

BY                                             DATE                   BY                                     TITLE
  ------------------------------------------       ------------         --------------------------                 -------------
AUTHORIZED REPRESENTATIVE                                             (IF CO-BORROWER, CO-PARTNER OR CO-OFFICER, SIGN HERE AND
                                                                       SHOW WHICH.)
====================================================================================================================================
</TABLE>

Page 3 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR:
              BOYD BROS. TRANSPORTATION, INC - AGREEMENT NUMBER: 38
 FH1796P - FIL (v2.0 Jun 26, 2000)

<PAGE>

    COMMERCIAL LOAN AND SECURITY AGREEMENT - SCHEDULE A
                 AGREEMENT DATE: 11/27/2001

(NAVISTAR FINANCIAL CORPORATION LOGO)

<TABLE>
<S>                                                                   <C>
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:  01292276                                            SSN#/TAX-ID:                          COUNTY:
                                                                      CUSTOMER#:   4706016
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>       <C>   <C>           <C>             <C>                    <C>                                  <C>             <C>
EQUIPMENT DESCRIPTION
-----------------------------------------------------------------------------------------------------------------------------------
VEHICLE   NEW                                                                                                              UNIT
 YEAR     USED  MANUFACTURER     MODEL          SERIAL NUMBER        EQUIPMENT TYPE                       UNIT PRICE      NUMBER
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820022008881       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820222008882       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820422008883       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820622008884       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820822008885       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820822008885       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820X22008869       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820822008860       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820522008844       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820522008861       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820722008859       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820622008867       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820822008868       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820622008870       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820822008871       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820X22008872       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820122008873       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820322008874       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820522008875       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820722008876       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820922008877       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820022008878       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820222008879       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820922008880       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820X22008886       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820122008887       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820322008888       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820522008889       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

COMMERCIAL LOAN AND SECURITY AGREEMENT FOR
BOYD BROS. TRANSPORTATION, INC - AGREEMENT NUMBER: 38
Page 1
Schedule A-Generated By FIL

<PAGE>

<TABLE>
<S>       <C>   <C>           <C>             <C>                    <C>                                  <C>             <C>
EQUIPMENT DESCRIPTION
-----------------------------------------------------------------------------------------------------------------------------------
VEHICLE   NEW                                                                                                              UNIT
 YEAR     USED  MANUFACTURER     MODEL          SERIAL NUMBER        EQUIPMENT TYPE                       UNIT PRICE      NUMBER
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820122008890       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820322008891       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820522008892       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820722008893       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820922008894       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820022008895       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820222008896       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820422008897       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
 2002     New    TRANSCRAFT    48' Flatbed    1TTF4820622008898       Trailer                             $15,428.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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. 38
Page 2
Schedule A-Generated By FIL

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