Document:

Execution Copy

                          REGISTRATION RIGHTS AGREEMENT

            This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered
into as of this 16th day of November, 1999 by and among Equivest Finance, Inc.,
a Delaware corporation (together with its successors and assigns, the
"Company"), and C. Wayne Kinser ("Kinser"), the Sharon Kay Williamson Charitable
Remainder Unitrust, the David Wayne Kinser Charitable Remainder Unitrust, Donald
Clayton, John McFarland and Herbert Patrick, Jr. (collectively with Kinser, the
"Investors").

                                    RECITALS

            WHEREAS, the Company, Kinser and certain other parties entered into
an Agreement and Plan of Reorganization dated November 16, 1999 (as the same may
be amended, modified or supplemented from time to time, the "Merger Agreement"),
providing for the merger (the "Merger") of Peppertree Resorts, Ltd., a North
Carolina corporation, with and into Peppertree Acquisition Corp., a Delaware
corporation wholly-owned by the Company;

            WHEREAS, pursuant to the Merger Agreement, a subsidiary of the
Company also acquired, or intends to acquire, various other companies,
partnerships, interests and assets owned by Kinser and certain other parties;

            WHEREAS, pursuant to the Merger Agreement, the Investors are to
receive at Closing (as defined in the Merger Agreement), and in the future may
receive, shares (the "Shares") of the Company's common stock, par value $.01 per
share (the "Common Stock"), in partial consideration for the Merger and certain
related transactions; and

            WHEREAS, as part of the inducement for the parties hereto to enter
into and perform the Merger Agreement, the parties hereto have agreed to enter
into this Agreement in order to provide, among other things, for certain
registration rights.

            NOW, THEREFORE, in consideration of the mutual premises, covenants
and conditions set forth herein, the parties hereby agree as follows:

            1. Definitions. Capitalized terms used herein without definition
shall have the meanings assigned to such terms in the Merger Agreement. For the
purposes of this Agreement:

                  "Commission" means the U.S. Securities and Exchange Commission
or any other governmental authority from time to time administering the
Securities Act;

                  "Common Stock" has the meaning given it in the third recital;
<PAGE>

                  "CSFB Shares" means those shares of Common Stock defined as
"Registrable Securities" pursuant to the Registration Rights Agreements between
the Company and Credit Suisse First Boston Mortgage Capital LLC dated as of July
17, 1998 and November 14, 1997;

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar federal statute and the rules and the regulations of the
Commission promulgated thereunder, all as the same shall be in effect from time
to time;

                  "Harris Shares" means those shares of Common Stock defined as
"Registrable Securities" pursuant to the Stockholders' Agreement between the
Company and R. Perry Harris and Karen Harris dated as of July 16, 1998;

                  "Holder" means any Investor and any Permitted Transferee, in
either case who holds Registrable Securities;

                  "Minimum Amount" means, at the time a particular notice is
given, more than thirty percent (30%) of the then outstanding Registrable
Securities;

                  "Permitted Transferee" means any person to whom Registrable
Securities are transferred to the extent that such transfer complies with all of
the provisions of Section 10(i);

                  "Register," "Registered" and "Registration" refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the declaration or
ordering of effectiveness of such registration statement or document;

                  "Registrable Securities" means (i) the Shares issued or to be
issued to Investors pursuant to the Merger Agreement or held by Permitted
Transferees and (ii) any securities issued to the Investors or Permitted
Transferees as (or issuable upon the conversion or exercise of any warrant,
right or other security which is issued as) a dividend or other distribution
with respect to, or in exchange for or in replacement of, such Shares,
including, without limitation, in connection with a combination of shares of
Common Stock, a recapitalization, reorganization, merger, consolidation or
otherwise. As to any particular Registrable Securities, such securities shall
cease to be Registrable Securities when (a) a registration statement with
respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been transferred in accordance
with such registration statement, (b) such securities shall have been sold to
the public pursuant to Rule 144 under the Securities Act or the holder thereof
is free to sell such securities without volume or manner of sale restrictions
pursuant to Rule 144(k) (or any successor provision) under the Securities Act,
(c) such securities shall have been otherwise transferred and new certificates
for them not bearing a legend restricting further transfer shall have been
delivered by the Company or (d) they shall have ceased to be outstanding;

                  "Registration Expenses" means all expenses incident to the
Company's performance of or compliance with Section 2, including, without
limitation: (a) any allocation of salaries and expenses of Company personnel or
other general overhead expenses of the Company,

                                       2
<PAGE>

or other expenses for the preparation of historical and pro forma financial
statements or other data normally prepared by the Company in the ordinary course
of business; (b) all Registration, application, filing, transfer fees, exchange
listing fees, and register fees; (c) all NASD fees and fees and expenses of
Registration or qualification of Registrable Securities under state securities
or blue sky laws (including any fees and disbursements of underwriters' counsel
in connection with such blue sky laws); (d) all word processing, duplicating and
printing expenses, messenger and delivery expenses; (e) the fees and expenses of
counsel for the Company and the fees of the Company's independent accountants,
including the expenses of any special audits and customary "cold comfort"
letters required by or incident to such performance and compliance; (f) any fees
and disbursements of underwriters and broker-dealers customarily paid by issuers
or sellers of securities; and (g) the reasonable fees and disbursements (not to
exceed for all registrations under this Agreement, $10,000) of one outside
counsel retained by the Holders of a majority of the Registrable Securities
being registered (which shall be the only counsel retained by the Stockholders
with respect to any registration and which counsel shall be reasonably
satisfactory to the Company); provided, however, that in all cases in which the
Company is required to pay Registration Expenses hereunder, Registration
Expenses shall exclude: (i) broker or underwriting fees, discounts, selling
commissions and transfer taxes, if any, in respect of the Registrable
Securities; (ii) all out-of-pocket expenses of any brokers or dealers of any
Holder participating in the Registration; and (iii) all fees and disbursements
of any counsel for any Holder (other than as provided in clause (g) of this
definition) participating in the Registration or for any brokers or dealers
referred to in clause (ii), all of which shall be borne by such Holder.

                  "Release Date" means the earlier to occur of: (x) the first
anniversary of the Closing Date; or (y) six (6) months after the date on which
the Bennett Funding Group, Inc. has sold, transferred or otherwise disposed of
all of the capital stock of the Company it owns as of the date hereof; and

                  "Securities Act" means the Securities Act of 1933, as amended,
or any similar federal statute, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect from time to time.

                  "Special Registration" means the registration of shares of
equity securities and/or options or other rights in respect thereof (x) to be
offered solely to directors, members of management, employees, consultants or
sales agents, distributors or similar representatives of the Corporation or its
direct or indirect Subsidiaries, solely on Form S-8 or any successor form and
(y) on Form S-4 with respect to any merger, consolidation or acquisition.

            2. Registration Rights.

                  (a) Incidental. If at any time (i) the Company proposes to
make a registered public offering (including for this purpose a registration
effected by the Company for any stockholders other than the Holders) of any
shares of Common Stock under the Securities Act (other than a Special
Registration) and (ii) a registration statement covering the sale of all of the
Registrable

                                       3
<PAGE>

Securities is not then effective and available for sales thereof by Holders, the
Company will, prior to such filing but only as to filings made after the Release
Date:

                        (i) promptly give to each Holder a written notice
describing such proposed registration to the Holders and specifying the form and
manner thereof (including, without limitation, whether or not such registration
will be in connection with an underwritten offering of Common Stock and, if so,
the identity of the managing underwriter and whether such offering will be
pursuant to a "best efforts" or "firm commitment" underwriting); and

                        (ii) use reasonable best efforts to include in such
Registration (and any related qualification under blue sky laws and/or other
compliance) all the Registrable Securities specified in a written request or
requests made by any Holder, which such written request or requests shall be
delivered by a Holder within fifteen (15) days after receipt of the notice from
the Company described in clause (i) and shall specify the amount of Registrable
Securities such person wishes to register (which may be some or all of such
Holder's Registrable Securities) and its intended method of disposition of such
Registrable Securities; provided, however, that (x) the Company shall have the
right, prior to the effective date of the registration statement, to postpone or
withdraw any Registration effected pursuant to this Section 2(a) without
obligation to any Holder (but shall nevertheless pay the Registration Expenses
in connection therewith), without prejudice to the rights of the Holders to
request that a Registration be effected under Section 2(b) hereof; and (y) the
Company shall not be required to effect such Registration unless the Holders of
the Minimum Amount request Registration for sale of such shares.

No Registration effected under this Section 2(a) shall relieve the Company from
its obligation to effect a Registration under Section 2(b).

                  (b) Demand.

                        (i) At any time during the eighteen-month period
following the Release Date (as such period may be extended in connection with a
postponement of the filing, or a withdrawal, of the applicable registration
statement for a Valid Business Reason, as provided below), Holders holding more
than the Minimum Amount may request in writing that the Company effect a
Registration under the Securities Act of any of the Registrable Securities (a
"Demand Registration"). In the event the Demand Registration is underwritten,
the Company shall select an underwriter reasonably satisfactory to the Holders
participating in the Registration. If the Board of Directors of the Company, in
its good faith judgment, determines that a Demand Registration should not be
made or continued because (x) it would interfere with any material financing,
acquisition, reorganization, merger, or other transaction involving the Company
or any of its subsidiaries, (y) any required financial statements are
unavailable for reasons substantially beyond the Company's control, or (z) any
other event or condition the disclosure of which would be materially
disadvantageous to the Company or any of its subsidiaries taken as a whole (each
of the foregoing a "Valid Business Reason"), then (i) the Company may postpone
filing a registration statement relating to the Demand Registration until such
Valid Business Reason no longer exists, but in no event for more than one
hundred twenty (120) days, and (ii) in case a registration statement has been

                                       4
<PAGE>

filed relating to a Demand Registration, the Company may cause such registration
statement to be withdrawn and its effectiveness terminated or may postpone
amending or supplementing such registration statement until such Valid Business
Reason no longer exists, but in no event for more than one hundred twenty (120)
days. In the event a Valid Business Reason exists and the Company either
postpones the filing of a registration statement relating to a Demand
Registration or causes a registration statement to be withdrawn or postpones
amending or supplementing such registration statement and, as a result, there is
a delay in effecting such Demand Registration for a period exceeding ninety (90)
days, then Holders holding a majority of the Registrable Securities included in
such Registration may withdraw the request therefor and, in such event, the
request will not count for purposes of the limit set forth in Section 2(b)(ii).

                        (ii) The Company shall not be obligated to effect more
than two Demand Registrations for the Holders pursuant to Section 2(b). A Demand
Registration requested pursuant to Section 2(b) shall not be deemed to have been
effected unless it is declared effective by the SEC and remains effective for
the period specified in Section 5(a)(i) or (ii). Notwithstanding the preceding
sentence, a Registration requested pursuant to Section 2(b) that does not become
effective after the Company has filed a Registration Statement with respect
thereto by reason of the refusal to proceed of the Holders of Registrable
Securities requesting the registration, or by reason of a request by a majority
of the selling Holders participating in such registration that such Registration
be withdrawn, shall be deemed to have been effected by the Company at the
request of such Holders unless (x) the registration statement relating to any
request for Registration pursuant to Section 2(b) is not declared effective
within ninety (90) days of the date such registration statement is filed with
the Commission or (y) the conditions to closing specified in the underwriting
agreement are not satisfied other than as a result of a default or breach
thereunder by any of the Holders.

            3. Additional Provisions for Underwritten Offerings.

                  (a) If a Registration involves an underwritten offering, the
Company shall not be required to include any Registrable Securities in such
offering unless such Holder accepts the terms of the underwriting as agreed upon
between the Company and the underwriters selected by it. No underwriting
agreement (or other agreement in connection with such offering) shall require
any holder of Registrable Securities to make any representations or warranties
to or agreements with the Company or the underwriters other than
representations, warranties or agreements regarding such holder, the ownership
of such holder's Registrable Securities and such holder's intended method or
methods of disposition and any other representation required by law or to
furnish any indemnity to any Person which is broader than the indemnity
furnished by such holder in Section 7.

                  (b) If a Registration under Section 2(a) involves an
underwritten offering, and the managing underwriter (or, in the case of an
offering that is not underwritten, a nationally recognized investment banking
firm) shall advise the Company in writing that the number of securities
requested and otherwise proposed to be included in such Registration exceeds the
number which can be sold in such offering without materially and adversely
affecting the offering price, then such Registration shall include:

                                       5
<PAGE>

                        (i) first, all Harris Shares and/or CSFB Shares proposed
to be registered in such offering by the Company must be included prior to the
Registrable Securities to prevent a breach of the applicable registration rights
agreement between the Company and such other persons, but only in such amount
and to the extent required by such agreement; and

                        (ii) second, all of the securities the Company proposes
to sell; and

                        (iii) third, the number of Registrable Securities and
Company securities of other holders (including shares of Common Stock in
addition to those included pursuant to clause (i) above) that the underwriter
advises will not adversely affect the success of the offering, allocated, pro
rata, among the Holders and the other holders entitled to registration, based
upon the number of shares of Common Stock each such person shall have requested
the Company to include in the offering.

                  (c) If the Registrable Securities which are being sold
pursuant to a registration requested under Section 2(b) are being sold in an
underwritten offering, the Company shall enter into an underwriting agreement
with the underwriters for such offering, such agreement to be reasonably
satisfactory in form and substance to the underwriters and to contain such
representations and warranties by the Company and such other terms and
provisions as are customarily contained in agreements of this type, including,
without limitation, indemnities to the effect and to the extent provided in
Section 7. The holders of Registrable Securities to be distributed by such
underwriters shall be parties to such underwriting agreement and may, at their
option, require that any or all of the representations and warranties by, and
the agreements on the part of, the Company to and for the benefit of such
underwriters be made to and for the benefit of such holders of Registrable
Securities and that any or all of the conditions precedent to the obligations of
such underwriters under such underwriting agreement shall also be conditions
precedent to the obligations of such holders of Registrable Securities.

                  (d) If and whenever the Company proposes to register any of
its equity securities under the Securities Act, whether or not for its own
account (other than pursuant to a Special Registration), or is required to use
its reasonable best efforts to effect the registration of any Registrable
Securities under the Securities Act pursuant to Section 2, each Holder, if
required by the managing underwriter in an underwritten offering, agrees by
acquisition of such Registrable Securities not to effect (other than pursuant to
such registration) any public sale or distribution, including, but not limited
to, any sale pursuant to Rule 144, of any Registrable Securities, any other
equity securities of the Company or any securities convertible into or
exchangeable or exercisable for any equity securities of the Company during the
seven (7) days prior to, and for ninety (90) days (unless advised in writing by
the managing underwriter that a longer period, not to exceed 180 days, is
required, or such shorter period as the managing underwriter for any
underwritten offering may advise in writing) after, the effective date of such
registration, to the extent timely notified in writing by the Company or the
managing underwriter, and the Company agrees to cause each holder of any equity
security, or of any security convertible into or exchangeable or exercisable for
any equity security, of the Company purchased from the Company at any time other
than in a public offering to enter into a similar agreement with the Company.
The Company further agrees not to effect (other

                                       6
<PAGE>

than pursuant to such registration or pursuant to a Special Registration) any
public sale or distribution, or to file any Registration Statement (other than
such registration or a Special Registration) covering any, of its equity
securities, or any securities convertible into or exchangeable or exercisable
for such securities, during the seven (7) days prior to, and for ninety (90)
days after, the effective date of such registration if required by the managing
underwriter.

            4. Allocation of Expenses. The Company will pay all Registration
Expenses of all Registrations under this Agreement. Each Holder shall be
responsible for all other expenses incurred by it or its agents in connection
with any Registration.

            5. Obligations of the Company. Whenever required under this
Agreement to effect the Registration of any Registrable Securities under the
Securities Act, the Company shall:

                  (a) promptly prepare, and as soon as reasonably practicable,
file with the Commission a registration statement with respect to such
Registrable Securities, make all required filings with the NASD, and use
reasonable best efforts to cause such registration statement to become and
remain effective until the earlier of (i) one-hundred eighty (180) days, or if
such registration statement is related to an underwritten offering, such longer
period as in the reasonable opinion of counsel for the underwriters a prospectus
is required by law to be delivered in connection with the sales of Registrable
Securities by an underwriter or dealer or (ii) such shorter period as is
required to complete the distribution of all of the securities covered by such
registration statement (but in any event not before the expiration of any longer
period required under the Securities Act);

                  (b) promptly prepare, and as soon as reasonably practicable,
file with the Commission such amendments and supplements to the registration
statement and the prospectus used in connection with the registration as may be
necessary to keep such registration statement effective for so long as required
to comply with the provisions of the Securities Act and to complete the
disposition of all securities covered by the registration statement during the
periods referred to in Section 5(a) in accordance with the intended methods of
disposition by Holders set forth in such registration statement, including at
the request of Holders, any amendments or supplements necessary to reflect any
information regarding a Holder or its plan of distribution;

                  (c) permit the Holders of Registrable Securities to be
registered, their underwriters, if any, and their respective counsel and
accountants, to participate in the preparation of such registration statements,
each prospectus included therein or filed with the Commission, and each
amendment thereof or supplement thereto;

                  (d) furnish to counsel selected by Holders of a majority of
the Registrable Securities included in such Registration copies of all documents
proposed to be filed with the Commission in connection with such Registration;

                  (e) furnish to each Holder selling Registrable Securities,
without charge, such number of conformed copies of the registration statement
and of each such amendment and supplement thereto (in each case including all
exhibits and documents filed therewith) and such

                                       7
<PAGE>

number of copies of the prospectus (including each preliminary prospectus and
any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act, in conformity with the requirements of the Securities Act, and
such other documents as a selling Holder may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Securities
owned by such Holder; provided, however, that if the Company has delivered
preliminary or final prospectuses to selling Holders and after having done so
the prospectus is amended to comply with the requirements of the Securities Act,
the Company shall promptly notify selling Holders and, if requested, selling
Holders shall immediately cease making offers of Registrable Securities and
return all prospectuses to the Company. The Company shall promptly provide
selling Holders with revised prospectuses and, following receipt of the revised
prospectuses, selling Holders shall be free to resume making offers of the
Registrable Securities;

                  (f) use reasonable best efforts to register or qualify the
Registrable Securities covered by the registration statement under the
securities or Blue Sky laws of such jurisdictions as selling Holders shall
reasonably request, and do any and all other acts and things that may be
necessary or desirable to enable selling Holders to consummate the disposition
of the Registrable Securities in such jurisdictions in accordance with the
intended method or methods of disposition thereof; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto
to qualify to do business as a foreign corporation in any jurisdiction wherein
it is not so qualified, subject itself to taxation in any jurisdiction where it
is not so subject, or take any action which would subject it to general service
of process in any jurisdiction or wherein it is not so subject;

                  (g) use reasonable best efforts to cause all Registrable
Securities covered by such registration statement to be registered with or
approved by such other governmental agencies, authorities or self-regulatory
bodies as may be necessary by virtue of the business and operations of the
Company to enable the selling Holders thereof to consummate the disposition of
such Registrable Securities in accordance with the intended method or methods of
disposition thereof;

                  (h) furnish to each selling Holder a signed counterpart,
addressed to such Holder, of a "cold comfort" letter signed by the independent
public accountants who have issued a report on the Company's financial
statements included in such registration statement, covering substantially the
same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants' letter, with respect to
events subsequent to the date of such financial statements, as are customarily
covered in accountants' letters delivered to the underwriters in underwritten
public offerings of securities and such other matters as the Holders of a
majority of the Registrable Securities included in such Registration may
reasonably request;

                  (i) notify each selling Holder of any Registrable Securities
covered by such registration statement at any time when the Company has
knowledge that a prospectus relating thereto is required to be delivered under
the Securities Act of the happening of any event or existence of any fact as a
result of which the prospectus included in such registration statement, as then
in effect, includes an untrue statement of a material fact or omits to state any
material fact required to

                                       8
<PAGE>

be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing, and, as promptly as is practicable,
prepare and furnish to such selling Holder a reasonable number of copies of a
supplement to or an amendment of such prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such securities, such prospectus shall
not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing;

                  (j) otherwise use reasonable best efforts to comply with all
applicable rules and regulations of the Commission;

                  (k) use reasonable best efforts to obtain the lifting of any
stop order that might be issued suspending the effectiveness of such
registration statement at the earliest possible moment;

                  (l) use reasonable best efforts (i) to list such Registrable
Securities on each securities exchange or automated quotation system on which
Shares are then listed, if such securities are not already so listed and if such
listing is then permitted under the rules of such exchange or automated
quotation system, and (ii) to provide a transfer agent and registrar for such
Registrable Securities not later than the effective date of such registration
statement;

                  (m) enter into such agreements and take such other actions as
the underwriters reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities, including, without limitation, to
the extent that the offering in question is an underwritten offering, preparing
for, and participating in, such number of "road shows" and all such other
customary selling efforts as the underwriters reasonably request in order to
expedite or facilitate such disposition; and

                  (n) use its reasonable best efforts to take all other steps
necessary to effect the registration of such Registrable Securities contemplated
hereby.

            6. Certain Obligations of Holders. It shall be a condition precedent
to the obligations of the Company to take any action under this Agreement with
respect to the Registrable Securities of Holders that Holders meet the following
conditions:

                  (a) each selling Holder shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as shall be required to effect
the Registration of such Holder's Registrable Securities;

                  (b) all information specifically with respect to a selling
Holder furnished to the Company by or on behalf of such Holder for use in
connection with the preparation of any registration statement relating to such
Registrable Securities shall be true and correct in all material respects and
shall not omit any material fact necessary to make such information, in light of
the circumstances under which it was disclosed, not misleading;

                                       9
<PAGE>

                  (c) each selling Holder shall distribute in connection with
the offering and sale of the Registrable Securities the prospectus or other
offering material permitted by the Securities Act and prepared by the Company,
and only such materials;

                  (d) each Holder will comply with the provisions of the
Exchange Act and the regulations thereunder;

                  (e) to assist the Company in qualifying the Registrable
Securities for sale under applicable state securities laws each selling Holder
will advise the Company of each jurisdiction in which it intends to offer or
sell any or all Registrable Securities, and will agree not to offer or sell any
Registrable Securities in any jurisdiction where the Registrable Securities are
not registered or exempt from registration;

                  (f) each selling Holder will inform the Company in writing of
any and all sales, or other transfers or dispositions of any Registrable
Securities within fifteen (15) calendar days following each such disposition;

                  (g) in the event of any underwritten public offering of any
Registrable Securities pursuant to Section 2, each Holder shall enter into and
perform its obligations under an underwriting agreement, in the form agreed upon
by the Company and the underwriters selected by it that is customary for the
type of transaction contemplated and reasonably acceptable to the Holders; and

                  (h) upon the receipt of notice from the Company of the
happening of any event described in Section 5(i), or upon the issuance of any
stop order or other order suspending the effectiveness of the registration
statement, each selling Holder will immediately discontinue disposition of the
Registrable Securities pursuant to the registration statement until the filing
of the effective post-effective amendment or the supplemented prospectus
referred to in Section 5(i) or until the withdrawal of such stop order or other
order, as applicable, and, if so directed by the Company, each selling Holder
will deliver to the Company (at the Company's expense) all copies, other than
permanent file copies then in such Investor's possession, of the prospectus
covering such Registrable Securities current at the time of its receipt of such
notice.

            7. Indemnification and Contribution. In the event of any
Registration of any of the Registrable Securities under the Securities Act
pursuant to this Agreement:

                                       10
<PAGE>

                  (a) The Company will, to the fullest extent permitted by law,
indemnify and hold harmless each selling Holder and each other person, if any,
who controls any selling Holder within the meaning of the Securities Act or the
Exchange Act (collectively, the "Indemnified Holder Parties"), against any
losses, claims, damages or liabilities, joint or several, to which the
Indemnified Holder Parties may become subject under the Securities Act, the
Exchange Act, state securities or Blue Sky laws, or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon a claim by a third party alleging any of the following
statements, omissions or violations (collectively the "Indemnified Violations"):
(i) any untrue statement or alleged untrue statement of any material fact
contained in any registration statement under which such Registrable Securities
were registered under the Securities Act, any preliminary prospectus, or final
prospectus contained in the registration statement, or any amendment or
supplement to such registration statement; (ii) the omission or alleged omission
to state a material fact required to be stated therein or necessary to make the
statement therein not misleading; or (iii) any violation or alleged violation by
the Company of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or
any state securities law. The Company will reimburse Indemnified Holder Parties
for any legal (to the extent provided in Section 7(c)) and other expenses
reasonably incurred in connection with defending any such Indemnified Violation;
provided, however, that:

                        (x) the indemnity agreement contained in this Section
7(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent
of the Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability
or action to the extent that it arises out of or is based upon an Indemnified
Violation arising out of an untrue statement or omission in written information
furnished by any Indemnified Holder Party expressly for use in connection with
such registration;

                        (y) the Company will not be required to indemnify any
Indemnified Holder Party to the extent that any loss, claim, damage, liability
or action results from such party selling Registrable Securities (1) to anyone
to whom there was not sent or given, at or prior to the written confirmation of
the sale of such Registrable Securities, a copy of the prospectus, as most
recently amended or supplemented, if the Company has previously furnished or
made available to the sellers of the Registrable Securities copies thereof or
(2) during any period following written notice by the Company to such party of
an event described in Section 5(i) or of the issuance of any stop order or other
order suspending the effectiveness of the registration statement; and

                        (z) the indemnity provided in this Section 7(a) with
respect to any preliminary prospectus shall not apply, if the untrue statement
or alleged untrue statement or omission or alleged omission was corrected in the
final prospectus.

Such indemnity shall remain in full force and effect, regardless of any
investigation made by any Indemnified Holder Parties and shall survive the
transfer of any Registrable Securities by such Holder.

                                       11
<PAGE>

                  (b) Each Holder selling Registrable Securities pursuant to a
registration will, severally and not jointly, to the fullest extent permitted by
law, indemnify and hold harmless the Company, each of its directors and officers
and each underwriters (if any) and each person, if any, who controls the Company
or any such underwriter within the meaning of the Securities Act or the Exchange
Act (collectively, the "Indemnified Company Parties"), against any losses,
claims, damages or liabilities, joint or several, to which the Indemnified
Company Parties may become subject under the Securities Act, Exchange Act, state
securities or Blue Sky laws, or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact
contained in any registration statement under which such Registrable Securities
were registered under the Securities Act, any preliminary prospectus or final
prospectus contained in the registration statement, or any amendment or
supplement to the registration statement, or arising out of or based upon any
omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, if the
statement or omission was made in reliance upon and in conformity with
information relating to such Holder furnished in writing to the Company by or on
behalf of such Holder specifically for use in connection with the preparation of
such registration statement, prospectus, amendment, or supplement. Each such
Holder will reimburse each of the Indemnified Company Parties for any legal and
other expenses reasonably incurred in connection with defending any such claim,
liability, demand, loss or action; provided, however, that the indemnity
agreement contained in this Section 7(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of Holders of the Minimum Amount
(which consent will not be unreasonably withheld); and provided, further, that
the obligations of Holders hereunder shall be limited to an amount equal to the
proceeds to such Holder of Registrable Securities sold in connection with such
Registration. Such indemnity shall remain in full force and effect, regardless
of any investigation made by any Indemnified Company Parties and shall survive
the transfer of any Registrable Securities by a Holder.

                  (c) Each party entitled to indemnification under this Section
7 (the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided, however, that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not be
unreasonably withheld). The failure by the Indemnified Party to deliver written
notice to the Indemnifying Party within a reasonable time of the commencement of
any such action, to the extent such failure is prejudicial to its ability to
defend such action, shall relieve such Indemnifying Party of any liability to
the Indemnified Party under this Section 7(c), but the omission so to deliver
written notice to the Indemnifying Party will not relieve it of any liability
that it may have to any Indemnified Party otherwise than under this Section
7(c). The Indemnified Party may participate in such defense at such party's
expense; provided, however, that the Indemnifying Party shall pay such expense
if representation of such Indemnified Party by the counsel retained by the
Indemnifying Party would be inappropriate due to actual or potential differing
interests between the Indemnified Party and any other party represented by such
counsel

                                       12
<PAGE>

in such proceeding. No Indemnifying Party in the defense of any such claim or
litigation shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party a release from all liability in respect of such claim or
litigation, and no Indemnified Party shall consent to entry of any judgment or
settle such claim or litigation without the prior written consent of the
Indemnifying Party.

                  (d) In order to provide for just and equitable contribution to
joint liability under the Securities Act in any case in which either (i) a
selling Holder or any controlling person of a selling Holder, makes a claim for
indemnification pursuant to this Section 7 but it is judicially determined (by
the entry of a final judgment or decree by a court of competent jurisdiction and
the expiration of time to appeal or the denial of the last right of appeal) that
such indemnification may not be enforced in such case notwithstanding the fact
that this Section 7 provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of a selling
Holder or any such controlling person in circumstances for which indemnification
is provided under this Section 7; then, in each such case, the Company and the
selling Holders will contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject (after contribution from others) in
such proportions so that Investors are responsible for the portion represented
by the percentage that the public offering price of its Registrable Securities
offered by the registration statement bears to the public offering price of all
securities offered by such registration statement, and the Company is
responsible for the remaining portion; provided, however, that, in any such
case, (A) each such selling Holder will not be required to contribute any amount
in excess of the proceeds to it of all Registrable Securities sold by it
pursuant to such registration statement, and (B) no person or entity guilty of
fraudulent misrepresentation, within the meaning of Section 11(f) of the
Securities Act, shall be entitled to contribution from any person or entity who
is not guilty of such fraudulent misrepresentation.

                  (e) The obligations of the Company and the selling Holders
under this Section 7 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 7, or otherwise.

                  (f) All fees and expenses that an Indemnified Party is
entitled to receive from an Indemnifying Party under this Section 7 shall be
reimbursed as they are incurred, provided that each such Indemnified Party shall
promptly repay such fees and expenses if it is finally judicially determined
that such Indemnified Party is not entitled to indemnification hereunder.

            8. Amendment of Registration Rights. Any provision of this Agreement
may be amended or the observance thereof may be waived either generally or in a
particular instance and either retroactively or prospectively, only with the
written consent of the Company and Holders holding the Minimum Amount. Any
amendment or waiver effected in accordance with this Section 8 shall be binding
upon each Investor and the Company. Nothing herein shall prevent a holder of
Registrable Securities from waiving its individual rights.

            9. Rule 144 Reporting. With a view to making available the benefits
of certain rules and regulations of the Commission which may permit the sale of
restricted securities (as that

                                       13
<PAGE>

term is defined in Rule 144(a)(3) under the Securities Act) to the public
without registration, the Company agrees to use commercially reasonable efforts:

                  (a) to make and keep public information available as those
terms are understood in Rule 144 under the Securities Act, at all times from and
after ninety (90) days following the effective date of the first registration
under the Securities Act filed by the Company for an offering of its securities
to the general public;

                  (b) to file with the Commission in a timely manner all reports
and other documents required of the Company under the Securities Act and the
Exchange Act at any time after it has become subject to such reporting
requirements; and

                  (c) so long as any holder of Registrable Securities owns any
restricted securities, to furnish to such holder upon request a written
statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time from and after ninety (90) days following the effective
date of the first registration statement filed by the Company for an offering of
its securities to the general public), and of the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting
requirements), a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed as a holder may
reasonably request in availing itself of any rule or regulation of the
Commission allowing such holder to sell any such securities without
registration.

            10. Miscellaneous.

                  (a) Entire Agreement. This Agreement and the documents
referred to herein constitute the entire agreement among the parties relating to
the subject matter hereof, and supersedes all prior agreements, arrangements,
and understandings, written or oral, relating to the subject matter hereof.

                  (b) Specific Performance. Each Holder agrees that irreparable
damage would occur and that the Company would not have any adequate remedy at
law in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the Company shall be entitled to an injunction or
injunctions to prevent breaches by any Holder of this Agreement and to enforce
specifically the terms and provisions of this Agreement, this being in addition
to any other remedy to which it is entitled at law or in equity. The Company
agrees that irreparable damage would occur and that Holder would not have any
adequate remedy at law in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that Holder holding the Minimum Amount shall
be entitled to an injunction or injunctions to prevent breaches by the Company
of this Agreement and to enforce specifically the terms and provisions of this
Agreement, this being in addition to any other remedy to which it is entitled at
law or in equity

                                       14
<PAGE>

                  (c) Successors and Assigns. The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and permitted assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement
except as expressly provided in this Agreement.

                  (d) Notices. Unless otherwise provided, any notice required or
permitted under this Agreement shall be sent by courier service or certified
mail, return receipt requested, charges pre-paid, or by facsimile transmission,
to the address or facsimile number specified below:

                  If to the Company:

                  Equivest Finance, Inc.
                  2 Clinton Square
                  Syracuse, New York 13202
                  Attn: Richard Winkler
                  Fax: (315) 422-9477

                  with a copy to:

                  Wilmer, Cutler & Pickering
                  2445 M Street, N.W.
                  Washington, D.C. 20037-1420
                  Attn: Eric R. Markus
                  Fax: (202) 663-6363

                  If to Investors:

                  10 Bear Mountain Road
                  Asheville, North Carolina  28805

                  with a copy to:

                  Holland & Knight LLP
                  2100 Pennsylvania Avenue, N.W.
                  Suite 400
                  Washington, D.C. 20037-3202
                  Attn: Mel S. Weinberger
                  Fax: (202) 955-5564

or to such other address or facsimile number as the person may specify in a
notice duly given to the sender as provided herein. Notice given hereunder will
operate and be deemed effective and received: (a) in the case of facsimile, when
received by the recipient in legible form and sender has received an electronic
confirmation of receipt of the transmission (provided, however, that such

                                       15
<PAGE>

transmission and confirmation are received by 5:00 p.m. on a business day;
otherwise, such transmission shall be deemed to have been received on the next
business day); (b) in the case of delivery by courier, upon the date of delivery
indicated in the records of such courier; or (c) in the case of certified mail,
upon signing of the return receipt

                  (e) Headings; Counterparts. Headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof. This Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one
instrument.

                  (f) Further Assurances. Each of the parties hereto agrees to
execute and deliver those writings and documents reasonably required to more
fully carry out the purposes of this Agreement and the transactions contemplated
hereby.

                  (g) Governing Law; Severability. This Agreement shall be
governed by and construed in accordance with the internal laws of the State of
New York, exclusive of any choice of law principles that would result in a
choice of law other than the laws of the State of New York, except to the extent
superseded or preempted by the laws of the United States. Whenever possible,
each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under said laws; provided, however, that if any provision of
this Agreement shall be held to be invalid or unenforceable under applicable
law, such provision shall be ineffective only to the extent of such invalidity
or unenforceability, without invalidating the remainder of such provision or the
remainder of the provisions of this Agreement.

                  (h) Consent of Jurisdiction. The parties consent to and waive
any objection to the jurisdiction of the United States District Court for the
Northern District of New York, or any state court located in Onondaga County,
New York, over the person of any party to this Agreement, for purposes of any
action brought under or as the result of a breach of this Agreement. The parties
agree that venue of any action brought under or as the result of a breach of
this Agreement shall be proper in the courts named above, and each party waives
any objection to such venue.

                  (i) Assignment. The registration rights of Investors with
respect to any Registrable Securities may be transferred to any transferee of
such Registrable Securities who acquires, in the case of the initial or any
subsequent transferee of Kinser, at least 20% of the greatest number of Shares
issued pursuant to the Merger Agreement to Kinser or, in the case of the initial
or any subsequent transferee of any other Investor, at least 50% of the greatest
number of Shares issued to such Investor, and in either case in a transaction
which does not cause such Registrable Securities to cease to be Registrable
Securities; provided, however, that (x) the transferring Investor transferring
or Permitted Transferee shall give the Company written notice at or prior to the
time of transfer stating the name and address of the transferee and identifying
the securities with respect to which the rights under this Agreement have been
transferred, (y) such transferee shall agree in writing, in form and substance
reasonably satisfactory to the Company, to be bound by the

                                       16
<PAGE>

provisions of this Agreement, and (z) such transfer is not in violation of
Section 7.08 of the Merger Agreement.

                  (j) Term. This Agreement shall be effective as of the date
hereof and shall continue in effect thereafter until the earlier of (a) its
termination by the consent of the parties hereto or their respective successors
in interest, and (b) the date on which no Registrable Securities remain
outstanding.

                  (k) No Inconsistent Agreements. After the date hereof, the
Company shall not enter into any agreement (an "Additional Registration Rights
Agreement") granting to any person the right to require the Company to register,
or permitting such person to participate in a registration by the Company of,
Common Stock (or any other security of the Company issuable upon the conversion
or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, or in exchange for or in
replacement of, such Common Stock, including, without limitation, in connection
with a combination of shares of Common Stock, a recapitalization,
reorganization, merger, consolidation or otherwise, to the extent that the
registration rights granted under such Additional Registration Rights Agreement
(i) are inconsistent with the provisions of this Agreement, or (ii) may be
exercised earlier than the Release Date.

                           [Execution Page to Follow]

                                       17
<PAGE>

            IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed under seal by their respective duly authorized officers as of the day
and year first above written.

COMPANY

Equivest Finance, Inc.

-----------------------------
By:
Its:

INVESTORS

-----------------------------             -----------------------------
C. Wayne Kinser                           Donald Clayton

-----------------------------             -----------------------------
John McFarland                            Herbert Patrick, Jr.

SHARON KAY WILLIAMSON                     DAVID WAYNE KINSER
CHARITABLE REMAINDER                      CHARITABLE REMAINDER
UNITRUST                                  UNITRUST

By: First Union National Bank, Trustee    By: First Union National Bank, Trustee

Name:  _________________________          Name:  _________________________
Title:  ________________________          Title:  ________________________AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

         THIS  AMENDMENT  TO  AMENDED  AND  RESTATED   CREDIT   AGREEMENT  (this
"Amendment") is made as of June 6, 2000, by and among COVENANT TRANSPORT,  INC.,
a Tennessee corporation ("CTI"), COVENANT ASSET MANAGEMENT, INC. (formerly known
as Covenant Leasing,  Inc.), a Nevada corporation  ("CAM"),  the banks signatory
hereto (the  "Banks"),  any assignees that may become "Banks" as provided in the
Credit Agreement  (hereinafter  defined),  and ABN AMRO BANK N.V., as Agent (the
"Agent").  Capitalized  terms not otherwise defined herein shall be ascribed the
meanings set forth in the Credit Agreement.

         WHEREAS, CTI has heretofore entered into that certain Credit Agreement,
dated as of January 17,  1995,  with the banks  signatories  thereto,  the banks
serving as letter of credit banks  thereunder,  and ABN AMRO Bank N.V. as Agent,
as amended by a number of amendments and as further amended and restated by that
certain  Amended and Restated  Credit  Agreement dated as of June 18, 1999 among
CAM,  CTI,  the Agent and the Banks (as so amended  and  restated,  the  "Credit
Agreement"),  pursuant  to which the Agent,  the Banks and the Banks  serving as
letter of credit  banks  thereunder  have agreed to provide a revolving  credit,
term loan and letter of credit facility for the benefit of CAM and CTI; and

         WHEREAS,  CAM and CTI have requested that the Agent and the Banks:  (i)
acknowledge name changes made with respect to certain of the direct and indirect
Subsidiaries of the Parent (all of the Parent's Subsidiaries,  together with the
Parent,  are  collectively,  the "Credit  Parties");  (ii) consent to a proposed
reorganization  of the  corporate  structure  of the  Credit  Parties  and waive
certain   provisions  of  the  Credit   Agreement   that  could   prohibit  such
reorganization;  (iii) consent to certain  proposed future  intercompany  loans,
dividends,  and  distributions  and  waive  certain  provisions  of  the  Credit
Agreement that could prohibit such activities;  (iv) amend the Credit Agreement,
inter alia, to (a) remove CTI as a direct  borrower  under the Credit  Agreement
and (b) add CTI as a guarantor of the  Obligations  under the Credit  Agreement;
(v) modify the provisions of the Credit Agreement and the Security  Documents to
provide,  for the  benefit  of the Agent and the Banks  (and the  holders of the
Senior  Notes  to  the  extent  required  under  the  Intercreditor  Agreement),
presently  effective,  perfected,  first priority security  interests in (a) all
Capital Securities of all direct and indirect Subsidiaries of the Parent and (b)
all Intercompany  Notes (defined  hereafter);  (vi) consent to the investment by
the Parent in  Transplace.com,  an entity to be formed by the Parent,  J.B. Hunt
Transport Services,  Inc., M.S. Carriers,  Inc., Swift Transportation Co., Inc.,
U.S. Xpress Enterprises,  Inc. and Werner Enterprises,  Inc. ("Transplace.com");
and  (vii)  consent  to the  distribution  by the  Parent  of up to  100% of its
interest in Transplace.com to the shareholders of the Parent.

         NOW THEREFORE,  in  consideration  of the premises and mutual covenants
contained  herein,  and other good and valuable  consideration,  the receipt and
sufficiency  of which are  hereby  acknowledged,  the  parties  hereto  agree as
follows:

1.       Acknowledgment  of Name  Changes.  Subject  to the terms and conditions
         of this  Amendment,  the  Agent  and the  Banks acknowledge  that prior
         to the execution and

<PAGE>

         delivery of this  Amendment the following  Credit  Parties have changed
         their names as reflected below:

         Prior Name                           Present Name
         ----------                           ------------
         Covenant Leasing, Inc., a Nevada     Covenant Asset Management, Inc., a
         corporation                          Nevada corporation

         Intellectual  Property Co., a        CIP,  Inc., a Nevada  corporation
         Nevada corporation

         Covenant   Acquisition Co., a        Covenant.com,  Inc., a Nevada
         Nevada   corporation                 corporation

         Except as expressly set forth in this Amendment, this acknowledgment of
         name  changes  does  not  amend  or  waive  any  obligation,   duty  or
         requirement of the Credit Parties (including, without limitation, those
         Credit  Parties whose names have changed)  under the Credit  Agreement,
         the Guaranty Agreements or the other Loan Documents. The Credit Parties
         whose names have changed shall execute and deliver to the Agent (or the
         Collateral  Agent,  if  directed  by the  Agent)  all such  replacement
         documentation  as the Agent may  reasonably  require  to  evidence  the
         continuing  obligations of such Credit  Parties under their  respective
         new names.

2.       Consent to Reorganization; Limited Waiver of Specified Credit Agreement
         Provisions.  The Parent, CAM and CTI have each represented to the Agent
         and the Banks that a reorganization  of the corporate  structure of the
         Credit  Parties is in the best interest of the Credit  Parties and that
         the proposed  reorganization  will be comprised solely of the following
         transactions (collectively, the "Reorganization"):

         (a)      Existing   intercompany   loans   made  by  CTI  to   Southern
                  Refrigerated  Transport,  Inc.  ("SRT"),  and  Terminal  Truck
                  Broker,  Inc.  ("TTB")  in an  aggregate  principal  amount of
                  $15,340,453, will be evidenced by promissory notes in the form
                  attached  hereto as Exhibit B (or in such other form as may be
                  acceptable to the Agent in its sole discretion) (the "Existing
                  Debt Notes").

         (b)      CTI will  declare a  dividend  to the  Parent in the amount of
                  $115,340,453  and will pay that  dividend to the Parent by (i)
                  delivery to the Parent of a  promissory  note in the amount of
                  $100,000,000  in the form attached  hereto as Exhibit C (or in
                  such other form as may be  acceptable to the Agent in its sole
                  discretion) (the "Dividend Note");  and (ii) endorsement (with
                  recourse) to the Parent,  and  delivery to the Parent,  of the
                  Existing  Debt Notes.  The Dividend Note and the Existing Debt
                  Notes shall be deemed to be "Intercompany  Notes" as that term
                  is defined in this Amendment.

         (c)      The Parent  will  endorse  (with  recourse)  and  deliver  the
                  Dividend  Note and the Existing Debt Notes to CAM as a capital
                  contribution.

                                      -2-
<PAGE>

         (d)      The Parent  will  contribute  100% of  the Capital  Securities
                  of each of CIP, Inc. (formerly known as Intellectual  Property
                  Co.),  and  Covenant.com,  Inc.  (formerly  known as  Covenant
                  Acquisition Co.), to CTI as a capital contribution.

         (e)      CTI, as owner of 100% of the capital stock of CIP, Inc.,  will
                  contribute all of its Patents,  rights to license  agreements,
                  internally developed software,  and certain know-how conducive
                  to the  operation  of a  trucking  company to CIP,  Inc.  (the
                  "Intellectual Property"), as a capital contribution.

         (f)      CIP, Inc., will enter into written  licensing  agreements,  in
                  form and  substance  acceptable  to the Agent (the  "Licensing
                  Agreements"), with CTI and certain of the other Credit Parties
                  pursuant  to which the Credit  Parties  will have the right to
                  use the Intellectual  Property and shall pay royalties to CIP,
                  Inc., in amounts established by the Licensing Agreements.

         (g)      All of the computer programming and computer service personnel
                  currently  employed by CTI will cease to be  employees  of CTI
                  and will become  employees of  Covenant.com,  Inc. and some or
                  all computer and telecommunications  equipment held by CTI may
                  be transferred from CTI to Covenant.com, Inc.

         (h)      Covenant.com,  Inc.,   will   enter  into   written  servicing
                  agreements, in form and substance acceptable to the Agent (the
                  "Servicing  Agreements"),  with CTI and  certain  of the other
                  Credit  Parties  pursuant to which  Covenant.com,  Inc.,  will
                  provide   management   information  system  services  to  such
                  entities for a fee determined by the Servicing Agreements.

         (i)      In connection with the above steps in the Reorganization,  the
                  Parent may, in its discretion,  make capital  contributions to
                  the following Credit Parties in amounts no greater than as set
                  forth below:

                  Entity Name                     Permitted Capital Contribution
                  -----------                     ------------------------------
                  Bud Meyer Truck Lines, Inc.     $25,000,000
                  Southern Refrigerated           $9,516,391
                     Transport, Inc.

         (j)      Bud Meyer Truck Lines, Inc. ("BMTL") shall be merged into CTI.

         Subject to the terms and  conditions of this  Amendment,  the Agent and
         the Banks consent to the Reorganization so long as such  Reorganization
         is  consummated  no later  than  June  30,  2000  (the  "Reorganization
         Deadline")  and  the  Credit  Parties  deliver  to  the  Agent  by  the
         Reorganization   Deadline  notice  that  the  Reorganization  has  been
         completed.  The date of  consummation  of the last of the  transactions
         constituting part of the  Reorganization  shall be the  "Reorganization
         Date."  The  Agent  and the  Banks  waive  any

                                      -3-
<PAGE>

         violation of Sections  5.6(iii),  5.7, 5.10,  5.11, 5.15 or 5.17 of the
         Credit  Agreement that may be caused by the timely  consummation of the
         Reorganization  (the  "Reorganization   Waiver").  This  Reorganization
         Waiver is expressly  limited to the  consummation  of the  transactions
         constituting the  Reorganization  and shall not be considered a general
         waiver  of any  provision  of the  Credit  Agreement  nor  shall  it be
         construed as a continuing  waiver of any  covenant,  representation  or
         warranty of any Credit  Party under the Credit  Agreement  or any other
         Loan Document.

3.       Consent to Permitted  Activities;  Waiver of Specified Credit Agreement
         Provisions.  The Parent, CAM and CTI have each represented to the Agent
         and  the  Banks  that  certain   intercompany   loans,   dividends  and
         distributions and repurchases of capital stock are in the best interest
         of the  Credit  Parties  and  that  such  proposed  activities  will be
         comprised  solely  of  the  following   transactions   (together,   the
         "Permitted Activities"):

         (a)      From time-to-time,  the direct or indirect Subsidiaries of the
                  Parent  may  borrow  from  CAM  amounts  that  do  not,  in an
                  aggregate  principal  amount,  exceed at any time $130,000,000
                  plus amounts that have actually been paid to CAM in cash under
                  the  Existing  Debt  Notes and  Dividend  Note,  all  interest
                  actually paid to CAM in cash under the Future Debt Notes,  and
                  all future  cash  capital  contributions  under  Section  3(c)
                  below.  Such borrowing shall be evidenced by promissory  notes
                  in the form attached  hereto as Exhibit D with a grid attached
                  showing  draws  and  repayments  under  the  notes in form and
                  substance  acceptable  to the Agent (the "Future Debt Notes"),
                  which shall be pledged to the  Collateral  Agent and  promptly
                  delivered,  duly  endorsed  (with  recourse)  by  CAM,  to the
                  Collateral Agent pursuant to the provisions of Section 5.21(b)
                  of  the  Credit  Agreement  as  additional  security  for  the
                  repayment  of the  Obligations.  CAM shall  provide  the Agent
                  quarterly  updates of the grid on all Future Debt  Notes.  The
                  Future Debt Notes shall constitute Intercompany Notes;

         (b)      From  time-to-time,  any direct or indirect  Subsidiary of the
                  Parent may pay a dividend or make a  distribution  to its sole
                  stockholder so long as such dividend or distribution is passed
                  up to Parent and Parent contributes it as capital to CAM; and

         (c)      From time-to-time the Parent may make capital contributions to
                  CAM.

         The Agent and the Banks waive any violation of Sections 5.6(iii),  5.7,
         5.10,  5.11, 5.15 or 5.17 of the Credit Agreement that may be caused by
         the performance of the Permitted Activities (the "Activities  Waiver").
         The Activities  Waiver is expressly  limited to the  performance of the
         Permitted  Activities  and shall not be considered a general  waiver of
         any other provisions of the Credit Agreement.

4.       Consent to Permitted  Investment and Distribution;  Waiver of Specified
         Credit  Agreement  Provisions.  The  Parent,  CAM  and  CTI  have  each
         represented  to  the  Agent  and  the  Banks  that  the  investment  of
         $5,000,000 cash and the non-asset based

                                      -4-
<PAGE>

         transportation  logistics  business of TTB,  which consists of customer
         lists, office furniture,  computer hardware and software, leases, trade
         names, trademarks,  goodwill, know-how, employee relationships, and all
         other assets except cash,  accounts  receivable and other assets Parent
         may  negotiate to hold back (the  "Contributed  Assets"),  the value of
         which  non-cash  Contributed  Assets  shall not exceed  $2,000,000,  in
         Transplace.com and the distribution of all or a portion of the acquired
         equity  interest in  Transplace.com  directly or indirectly,  in one or
         more transactions,  and through one or more intermediary  entities,  to
         the  shareholders  of the Parent is in the best  interest of the Credit
         Parties  and that the  proposed  investment  and  distribution  will be
         comprised generally of the following  transactions  (collectively,  the
         "Permitted Investment and Distribution"):

         (a)      The Parent may borrow  from CAM,  or will  receive  from CTI a
                  dividend equal to,  $5,000,000  plus the Parent's share of any
                  start-up expenses, not to exceed $100,000, of Transplace.com;

         (b)      The Parent,  directly or  indirectly,  may cause TTB to either
                  (i) dividend the  non-cash  Contributed  Assets to the Parent,
                  for  contribution  by the  Parent  to  Transplace.com  or (ii)
                  contribute  the  non-cash   Contributed   Assets  directly  to
                  Transplace.com,  or (iii) contribute the non-cash  Contributed
                  Assets to a Subsidiary of Parent for  subsequent  contribution
                  by such Subsidiary to Transplace.com;

         (c)      The Parent  may,  but shall not be  required  to,  cause a new
                  Subsidiary  to be  formed  to  hold  all or a  portion  of the
                  Transplace.com  equity interests and may contribute,  or cause
                  to be contributed,  to such new Subsidiary all or a portion of
                  the Transplace.com equity interests;

         (d)      The Parent may, but shall not be required to,  distribute  all
                  or any portion of one or more  classes of equity  interests of
                  Transplace.com,   or,  if   applicable,   the  new  Subsidiary
                  referenced above, to the Parent's stockholders;

         (e)      The Parent, directly or indirectly,  may cause the liquidation
                  of the new Subsidiary  referenced  above which has no property
                  other  than the equity  interests  of  Transplace.com  and any
                  proceeds thereof;

         (f)      Neither  the Banks nor the  Collateral  Agent as agent for the
                  Banks  shall have a Lien in or to any of the equity  interests
                  of  Transplace.com or any new Subsidiary which has no property
                  other than equity interests of Transplace.com and any proceeds
                  thereof; and

         (g)      The  Banks  and the  Collateral  Agent as agent  for the Banks
                  hereby release any Lien in or to any of the Contributed Assets
                  and acknowledge  that they have no interest in any products or
                  proceeds thereof.

                                      -5-
<PAGE>

         The Agent  and the  Banks  waive any  violation  of  Sections  5.1(ii),
         5.6(iii),  5.7, 5.11, 5.15 and 5.17 of the Credit Agreement that may be
         caused by the Permitted  Investment and  Distribution  (the "Investment
         Waiver").  The  Investment  Waiver is  expressly  limited  to the above
         enumerated  activities undertaken in executing the Permitted Investment
         and  Distribution  and shall not be considered a general  waiver of any
         other provisions of the Credit Agreement.

5.       Removal of CTI as a Borrower.  Subject to the terms and  conditions  of
         this Amendment, the Credit Agreement and all other Loan Documents shall
         be deemed  amended such that CTI shall no longer be a "Borrower"  under
         the Credit Agreement. All references to "Borrowers", "either Borrower",
         "any Borrower" or phrases of similar import in the Credit  Agreement or
         any Loan Documents shall be deemed to be references solely to CAM.

6.       Other Amendments  to the  Credit Agreement. Subject  to  the  terms and
         conditions  of, and upon the  effectiveness  of,  this  Amendment,  the
         Credit Agreement shall be deemed amended as follows:

         (a)      Section 4.11 of the Credit Agreement is  amended  and restated
                  in its entirety as follows:

                  Section 4.11 Solvency.  (i) The Parent,  the Borrower and each
                  of   their   respective   Subsidiaries   (after   giving   due
                  consideration  to  any  rights  of  contribution   among  such
                  Persons), have each received fair consideration and reasonably
                  equivalent   value  for  the  incurrence  of  its  obligations
                  hereunder  and under the Loan  Documents,  (ii)  after  giving
                  effect to the incurrence of such obligations,  (A) the present
                  fair salable value of the Parent's, the Borrower's and each of
                  their respective Subsidiaries' assets exceeds its liabilities,
                  and  (B)  the  Parent,   the  Borrower  and  their  respective
                  Subsidiaries  each  retain  sufficient  capital  to  meet  the
                  reasonably   anticipated   needs  and  risks  of  its  ongoing
                  business,  and (iii) after giving effect to the  incurrence of
                  such  obligations  and the  acquisition  of such  rights,  (A)
                  neither the Parent,  the Borrower nor any of their  respective
                  Subsidiaries  has  incurred,  nor is it obligated  for,  debts
                  beyond its ability to pay such debts as they  mature,  and (B)
                  the present fair salable value of their  respective  assets is
                  greater  than that  needed to pay  their  respective  probable
                  existing debts as they become due.

         (b)      Section 5.3 of the Credit Agreement is amended and restated in
                  its entirety as follows:

                  Section 5.3 Use of Proceeds. Use the proceeds of any Extension
                  of  Credit  only to  refinance  the Debt  listed  on part A of
                  Schedule 4.9, for working  capital  purposes,  the issuance of
                  standby letters of credit  permitted  hereunder,  to pay costs
                  associated  with this Agreement and the other Loan  Documents,
                  for   financing  or   refinancing   Revenue   Equipment,   for
                  non-hostile  acquisitions and for general

                                       -6-
<PAGE>

                  corporate  purposes.  The  Borrower  may loan  proceeds of any
                  Extension  of Credit to any direct or indirect  Subsidiary  of
                  the Parent (and such Subsidiary may further loan such proceeds
                  to its  Subsidiaries)  provided that such  extension of credit
                  shall be (i) used for a purpose  permitted in the  immediately
                  preceding  sentence and (ii) evidenced by an Intercompany Note
                  (or series of  Intercompany  Notes)  which shall be pledged to
                  the  Collateral  Agent  and  promptly  delivered  to the Agent
                  pursuant  to the  provisions  of  Section  5.21(b)  hereof  as
                  additional  security for the repayment of the Obligations.  No
                  Extension of Credit and none of the proceeds  thereof shall be
                  used to purchase or carry, or to reduce or retire or refinance
                  any credit  incurred to purchase  or carry,  any margin  stock
                  (within  the  meaning  of  Regulations  U and X) or to  extend
                  credit to others for the purpose of purchasing or carrying any
                  margin  stock.  If requested by the Agent,  the Borrower  will
                  furnish  to  the  Agent  statements  in  conformity  with  the
                  requirements  of  Federal  Reserve  Form  U1  referred  to  in
                  Regulation  U and will  take all  other  action  necessary  or
                  desirable  to  ensure  that the Banks  and the  Extensions  of
                  Credit are at all times in compliance  with  Regulations U and
                  X.

         (c)      Section 5.12 of the Credit Agreement is  amended  and restated
                  in its entirety as follows:

                           Section 5.12 Minimum Consolidated Tangible Net Worth.
                  Permit Consolidated  Tangible Net Worth at any date to be less
                  than  $136,000,000  plus  the  aggregate  of 50%  of  positive
                  Consolidated  Net Income for each  fiscal  quarter  commencing
                  after December 31, 1999 (provided that, for any fiscal quarter
                  in  which   Consolidated  Net  Income  is  a  deficit  figure,
                  Consolidated  Net  Income  for such  fiscal  quarter  shall be
                  deemed to be zero),  plus the net  proceeds of any issuance of
                  Capital Securities of the Parent.

         (d)      Section 5.15 of  the  Credit Agreement is amended and restated
                  in its entirety as follows:

                  Section 5.15      Restricted Payments.

                           (a)   Generally.   Declare  or  make  any  Restricted
                  Payment,  except that this Section 5.15 shall not prohibit any
                  Restricted  Payment if: (i) at the time of the  declaration or
                  making thereof,  and immediately  after giving effect thereto,
                  no Default  would  exist,  and (ii) such  Restricted  Payment,
                  singly or when aggregated with all other  Restricted  Payments
                  made over the term of this Agreement,  does not exceed the sum
                  of $20,000,000  plus 50% of the aggregate of Consolidated  Net
                  Income for each fiscal quarter  commencing  after December 31,
                  1999  (provided that such  aggregate  Consolidated  Net Income
                  shall be  reduced  by 100% of any  deficit  for any  period in
                  which Consolidated Net Income is a deficit figure).

                                      -7-
<PAGE>

         (e)      Section 5.18 of the  Credit Agreement is  amended and restated
                  in its entirety as follows:

                  Section 5.18  Additional  Subsidiaries.  Create or acquire any
                  Subsidiary; provided that, if notwithstanding this Section the
                  Parent shall desire to acquire or create any Subsidiary,  such
                  Subsidiary  shall be  acquired or created so as to be a direct
                  Subsidiary  of  CTI  or  one of  CTI's  Subsidiaries  and  the
                  Borrower shall  immediately cause such Subsidiary to guarantee
                  the  Obligations  hereunder  and  to  become  a  party  to the
                  Security  Agreement  and to pledge  its  assets  specified  as
                  Collateral  therein,  in each case, to secure the Obligations.
                  In  addition,  the  Parent  and  CTI (or  its  Subsidiary,  as
                  appropriate) shall immediately pledge, or cause to be pledged,
                  100% of the capital stock of such Subsidiary to the Collateral
                  Agent for the  ratable  benefit  of the  Banks,  the Letter of
                  Credit  Banks,  Noteholders  and  the  Agent,  to  secure  the
                  Obligations.

         (f)      The text of existing  Section 5.21 of the Credit  Agreement is
                  hereby redesignated as clause (a) of Section 5.21 and there is
                  added immediately  thereafter a new clause (b) of Section 5.21
                  reading in its entirety as follows:

                  (b)  Notwithstanding  anything  to  the  contrary  in  Section
                  5.21(a) above,  the Parent and each of its  Subsidiaries  that
                  owns capital stock in any Person shall be deemed to have given
                  in favor of the Collateral  Agent,  for the ratable benefit of
                  the Agent,  the Banks and the Letter of Credit Banks (and,  to
                  the  extent  required  by  the  Intercreditor  Agreement,  the
                  holders  of the Senior  Notes) a  presently  effective,  first
                  priority:  (i)  pledge of all of the  issued  and  outstanding
                  capital stock of all of the  Subsidiaries  of the Parent;  and
                  (ii) security interest in all Intercompany Notes,  whether now
                  existing or hereafter created. The Parent and its Subsidiaries
                  shall  execute  such  documents  and  instruments  as  may  be
                  reasonably  required  by the  Agent or the  Required  Banks to
                  further effect such pledge and security  interest,  including,
                  without  limitation,  delivering  to  the  Agent  for  further
                  delivery  to  the   Collateral   Agent:   (i)  original  stock
                  certificates  and stock  powers  executed  in blank;  and (ii)
                  original  Intercompany  Notes endorsed (with recourse) over to
                  the Collateral Agent. To the extent required to give effect to
                  the provisions of this Section 5.21(b), the Security Documents
                  evidencing  the pledge of stock of the  Parent's  Subsidiaries
                  and the  pledge  of the  Intercompany  Notes  that are held in
                  escrow  by the  Collateral  Agent are  deemed to be  presently
                  effective  notwithstanding the absence of any Default or Event
                  of Default.  In the event that the Collateral Agent desires to
                  resign from its position under the Intercreditor Agreement, or
                  if  the   Intercreditor   Agreement  is   terminated   or  the
                  obligations  represented by the Senior Notes are extinguished,
                  the  Collateral  Agent  shall be entitled to assign all of its
                  duties and  responsibilities  to the Agent with respect to the
                  Loan  Documents  (including  the Security  Documents)  and the
                  Collateral  (including  the  pledged  capital  stock  and  the
                  Intercompany   Notes).   Should  the  Agent   succeed  to  the
                  Collateral Agent's  responsibilities  with respect to the Loan
                  Documents   (including   the  Security   Documents)   and  the
                  Collateral,  the

                                      -8-
<PAGE>

                  Agent shall be entitled to all benefits and rights afforded to
                  the Collateral Agent under the Loan Documents.

         (g)      In Section 10.1 of the Credit  Agreement,  the  definitions of
                  "Eligible   Account"  and  "Eligible  Revenue  Equipment"  are
                  revised so that such terms may be applied to the  Accounts and
                  Revenue  Equipment of all direct and indirect  Subsidiaries of
                  the Parent, not just the Accounts and Revenue Equipment of the
                  Borrower and its Subsidiaries.

         (h)      Section  10.1 of the Credit  Agreement is amended by inserting
                  the following definitions in alphabetical order within Section
                  10.1:

                  "CTI" means Covenant Transport, Inc., a Tennessee corporation.

                  "Existing  Guaranty  Agreements"  means,   collectively,   the
                  following documents:

                           (i) Amended and Restated  Parent  Guaranty  Agreement
                  dated as of June 6,  2000 by the  Parent in favor of the Banks
                  and the Agent  amending and restating  the Guaranty  Agreement
                  dated as of  January  17,  1995 by the  Parent in favor of the
                  Banks and the Agent;

                           (ii)     Consolidating  Amended and Restated Guaranty
                  Agreement  dated as of June 6, 2000 by the direct and indirect
                  Subsidiaries of the Parent in favor of the Banks and the Agent
                  consolidating,   amending  and   restating  (a)  the  Guaranty
                  Agreement  dated as of March 31, 1997 by C&F  Acquisition  Co.
                  (now known as Covenant.com,  Inc.), a Nevada corporation,  and
                  Intellectual  Property Co. (now known as CIP,  Inc.), a Nevada
                  corporation,  in favor of the  Banks  and the  Agent,  (b) the
                  Joinder  Agreement  dated as of December 31, 1997 by Bud Meyer
                  Truck Lines,  Inc., a Minnesota  corporation,  in favor of the
                  Banks and the Agent,  (c) the  Joinder  Agreement  dated as of
                  November 13, 1998 by Southern Refrigerated Transport, Inc., an
                  Arkansas  corporation,  and  Tony  Smith  Trucking,  Inc.,  an
                  Arkansas corporation, in favor of the Banks and the Agent, and
                  the Joinder  Agreement dated as of November 16, 1999 by Harold
                  Ives Trucking Co., and Arkansas corporation and Terminal Truck
                  Broker, Inc., an Arkansas corporation.

                  and  each as the same may be  further  amended,  supplemented,
                  restated or replaced, from time to time.

                  "Existing  Security   Documents"  means,   collectively,   the
                  following documents:

                           (i)      Amended and Restated  Borrower  Security
                  Agreement   dated  as  of  June  6,  2000  by  Covenant  Asset
                  Management, Inc. (formerly known as Covenant Leasing, Inc.), a
                  Nevada  corporation,   amending  and  restating  the  Security
                  Agreement dated as of June 18, 1999 by Covenant Leasing,  Inc.
                  (now  known  as
                                      -9-
<PAGE>

                  Covenant  Asset  Management,  Inc.) a Nevada  corporation,  in
                  favor the Collateral Agent;

                           (ii)  Consolidating  Amended and  Restated  Guarantor
                  Security  Agreement  dated as of June 6,  2000  consolidating,
                  amending and  restating:  (a) Security  Agreement  dated as of
                  January  17, 1995 by CTI in favor of the Agent,  (b)  Security
                  Agreement  dated as of October 15, 1995 by CTI in favor of the
                  Collateral  Agent,  as  amended  by  the  First  Amendment  to
                  Security  Agreement  dated as of March 31, 1997,  (c) separate
                  Security  Agreements  each  dated  as of  March  31,  1997  by
                  Intellectual  Property Co. (now known as CIP,  Inc.), a Nevada
                  corporation,  and CLI in favor of the  Collateral  Agent,  (d)
                  Security  Agreement dated as of December 31, 1997 by Bud Meyer
                  Truck  Lines,  Inc., a Minnesota  corporation  in favor of the
                  Collateral Agent, (e) Security  Agreement dated as of November
                  13, 1998 by Southern Refrigerated Transport, Inc., an Arkansas
                  corporation  and  Tony  Smith  Trucking,   Inc.,  an  Arkansas
                  corporation  in favor of the  collateral  Agent  (f)  Security
                  Agreement  dated  as of  November  16,  1999  by  Harold  Ives
                  Trucking  Co.,  an Arkansas  corporation  and  Terminal  Truck
                  Broker,   Inc.,  an  Arkansas  corporation  in  favor  of  the
                  collateral Agent;

                           (iii)    Amended  and   Restated  Trademark  Security
                  Agreement  dated  as of June 6,  2000 by CIP,  Inc.  (formerly
                  known as Intellectual Property Co.), a Nevada corporation,  in
                  favor of the  Collateral  Agent  amending  and  restating  the
                  Trademark  Security  Agreement  dated as of March 31,  1997 by
                  Intellectual  Property Co. (now known as CIP,  Inc.), a Nevada
                  corporation, in favor of the Collateral Agent;

                           (iv)  Amended and  Restated  Parent  Stock Pledge and
                  Security  Agreement  dated as of June 6, 2000 by the Parent in
                  favor of the Agent,  together with required stock certificates
                  and  duly  executed  stock  powers,  amending,  restating  and
                  consolidating:  (a) Stock Pledge and Security  Agreement dated
                  as of  January  17,  1995 by the Parent in favor of the Agent,
                  (b) Stock  Pledge and Security  Agreement  dated as of October
                  15, 1995 by the Parent in favor of the Collateral  Agent,  and
                  (c) Stock Pledge and Security  Agreement dated as of March 31,
                  1997 by the  Parent  in  favor  of the  Collateral  Agent,  as
                  amended by the First  Amendment  to Stock  Pledge and Security
                  Agreement  dated as of December 31, 1997 as further amended by
                  the Second  Amendment to Stock  Pledge and Security  Agreement
                  dated as November 13,  1998,  in each case  together  with the
                  required   stock   certificate(s)   and  duly  executed  stock
                  power(s);

                           (v) Amended and Restated  Guarantor  Stock Pledge and
                  Security Agreement dated as of June 6, 2000 by CTI in favor of
                  the   Collateral   Agent  together  with  the  required  stock
                  certificate(s)  and duly executed stock power(s)  amending and
                  restating  Stock  Pledge and  Security  Agreement  dated as of
                  November 16, 1999 by the CTI in favor of the Collateral  Agent
                  together  with  the  required  stock   certificates  and  duly
                  executed stock powers.

                                      -10-
<PAGE>

                  and  each as the same may be  further  amended,  supplemented,
                  restated or replaced, from time to time.

                           "Intercompany  Notes" means  promissory notes in form
                  of Exhibits B, C or D hereto, as applicable, (or in such other
                  form  as  may  be  acceptable  to  the  Agent,   in  its  sole
                  discretion)  made  by the  Parent  or one  of  its  direct  or
                  indirect  Subsidiaries  payable  to the  Parent  or one of its
                  direct  or  indirect  Subsidiaries,   which  promissory  notes
                  evidence intercompany obligations.

                           "Intercreditor   Agreement"  means  the  Amended  and
                  Restated Master Collateral and  Intercreditor  Agreement among
                  the Agent,  the holders of the Senior Notes and the Collateral
                  Agent,  dated as of June 6, 2000,  amending and  restating the
                  Master Collateral and Intercreditor Agreement among the Agent,
                  the  holders of the  Senior  Notes and the  Collateral  Agent,
                  dated  as of  October  15,  1995,  as  amended  by  the  First
                  Amendment to Master  Collateral  and  Intercreditor  Agreement
                  dated as of March 31,  1997,  and as  further  amended  by the
                  Second  Amendment  to  Master   Collateral  and  Intercreditor
                  Agreement  dated as of June 18,  1999  (and as the same may be
                  further amended, supplemented, restated or replaced, from time
                  to time).

                           "Security  Agreement"  means the Amended and Restated
                  Borrower  Security  Agreement  between  the  Borrower  and the
                  Collateral  Agent  dated  as of  June  6,  2000  amending  and
                  restating:  (a) the Security Agreement dated as of January 17,
                  1995 by CTI in favor the  Agent,  (b) the  Security  Agreement
                  dated as of October 15, 1995 by CTI in favor of the Collateral
                  Agent, as amended by the First Amendment to Security Agreement
                  dated as of March  31,  1997  and (c) the  Security  Agreement
                  dated as of June 18, 1999 by Covenant Leasing, Inc. (now known
                  as Covenant Asset Management,  Inc.) a Nevada corporation,  in
                  favor the Collateral  Agent, and any other security  agreement
                  executed by a Subsidiary in favor of the  Collateral  Agent as
                  security for the  Obligations  (and as the same may be further
                  amended,  supplemented,  restated  or  replaced,  from time to
                  time).

          (i)     The Credit Agreement is amended by adding a  new Section 5.18A
                  to read in its entirety as follows:

                  5.18A Licensing Agreements and Servicing Agreements.  Amend or
                  terminate any of the provisions of any Licensing  Agreement or
                  any Servicing  Agreement  without the prior written consent of
                  the Agent and the Required Banks.

         (j)      Forms of  Existing  Debt Note,  Dividend  Note and Future Debt
                  Note in the  form  attached  hereto  as  Exhibits  B, C and D,
                  respectively, are added to the Credit Agreement as Exhibits B,
                  C and D thereto.

                                      -11-
<PAGE>

         (k)      All  references to "Senior Note" or "Senior  Notes" or phrases
                  of  similar  import  in  the  Credit  Agreement  or  any  Loan
                  Documents  shall be deemed to be  references to the CAM Senior
                  Notes as defined in paragraph 10 hereof.

7.       Delivery of  Additional   Loan   Documents.   Simultaneously  with  the
         execution  and delivery of this  Amendment,  but to be effective at the
         time the  provisions  of Sections 3, 5 and 6 of this  Amendment  become
         effective,  the following  additional  Loan Documents shall be executed
         and delivered to the Agent: (i) replacement  Revolving Notes evidencing
         Base Rate Loans,  Alternate Base Rate Loans and Eurodollar  Loans, duly
         executed  by CAM and  payable to the order of each Bank  (collectively,
         the  "Replacement   Notes")  and  (ii)  a  Guaranty  Agreement  of  the
         obligations  of CAM under the Credit  Agreement,  duly  executed by CTI
         (the "CTI  Guaranty").  CTI  acknowledges  that all security  interests
         previously  granted by CTI under the Credit  Agreement  as a  borrower,
         remain in full force and effect and remain  continuing  obligations  of
         CTI as security for its obligations under the CTI Guaranty.

8.       Representations and Warranties.  CTI and CAM each hereby represents and
         warrants  to the Agent and the Banks that (a) this  Amendment  has been
         duly authorized,  executed and delivered by each of CTI and CAM, (b) no
         Default or Event of Default has occurred and is  continuing  as of this
         date, and (c) all of the representations and warranties made by CTI and
         CAM in the  Credit  Agreement  are true  and  correct  in all  material
         respects on and as of the date of this Amendment  (except to the extent
         that any such  representations  or warranties  expressly  referred to a
         specific prior date).  Any breach by CTI or CAM of the  representations
         and  warranties  contained in this Section shall be an Event of Default
         for  all  purposes  under  the  Credit  Agreement  and the  other  Loan
         Documents.

9.       Ratification.  CTI and CAM each hereby  ratifies and reaffirms each and
         every term,  covenant and condition  set forth in the Credit  Agreement
         and all other documents delivered by CTI or CAM in connection therewith
         (including  without limitation the other Loan Documents to which CTI or
         CAM is a party), effective as of the date hereof.

10.      Estoppel.  To  induce  the  Agent  and the  Banks  to enter  into  this
         Amendment,  CTI and CAM each hereby acknowledges and agrees that, as of
         the  date  hereof,  there  exists  no  right  of  offset,   defense  or
         counterclaim  in favor of CTI or CAM as against the Agent,  any Bank or
         any Letter of Credit Bank with respect to the obligations of CTI or CAM
         to any of such  parties  under the Credit  Agreement  or the other Loan
         Documents, either with or without giving effect to this Amendment.

11.      Effectiveness  of  this  Amendment.  All  of  the  provisions  of  this
         Amendment, excepting Section 4, shall be effective immediately upon the
         delivery to the Agent of this Amendment  executed by all parties hereto
         (including,  without  limitation,  the parties to the Guarantor Consent
         attached  hereto  as  Exhibit  A);  provided,  however,  that  (i)  the
         provisions  of Section 2 shall not be effective  until the Senior Notes
         and the  documents  related  thereto  (collectively,  the "Senior  Note
         Documents")  have (with the consent of the holders of the Senior Notes)
         been  terminated and replaced with senior notes issued by

                                      -12-
<PAGE>

         CAM  and  other  documents  related  thereto  executed  by CAM  and its
         affiliates and all other  relevant  parties on  substantially  the same
         terms as the Senior Notes and in form and  substance  acceptable to the
         Agent and the Required Banks in their sole  discretion (the "CAM Senior
         Notes" and,  together with the related senior note documents,  the "CAM
         Senior  Note  Documents"),   which  CAM  Senior  Note  Documents  shall
         specifically   allow  CAM  and  its   affiliates  to   consummate   the
         Reorganization  and  conduct  the  Permitted  Activities;  and (ii) the
         provisions of Sections 3, 5 and 6 shall not become  effective until the
         satisfaction  (or written waiver approved and executed by the Agent and
         the Required  Banks,  in their  respective  discretion)  of each of the
         following conditions:

         (a)      The   Reorganization   Date   shall  have   occurred   by  the
                  Reorganization  Deadline  and CAM shall  have  given the Agent
                  written   notice   of   the   Reorganization   Date   by   the
                  Reorganization Deadline.

         (b)      The  Agent  shall have received  the  Replacement  Notes, duly
                  executed by CAM.

         (c)      The Agent shall have received the CTI Guaranty, duly  executed
                  by CTI.

         (d)      The  Agent  shall  have  received  executed  originals  of the
                  Dividend  Note and the Existing Debt Notes (and all other then
                  existing   Intercompany   Notes),   all  duly  endorsed  (with
                  recourse)  by the holders  thereof in favor of the  Collateral
                  Agent.

         (e)      The  Agent  shall  have  received  such  additional   Security
                  Documents or modifications of the existing Security  Documents
                  as may  be  requested  by  the  Agent,  duly  executed  by the
                  appropriate Credit Parties (and, if appropriate, the Agent and
                  the  Collateral  Agent),  in each  case in form and  substance
                  satisfactory to the Agent.

         (f)      The Agent shall have received  evidence  (satisfactory  to the
                  Agent and the Required  Banks) that the Senior Note  Documents
                  have been  replaced by the CAM Senior Note  Documents and that
                  the CAM Senior Note Documents are in full force and effect and
                  that no default or event  that with  notice or the  passage of
                  time would constitute default shall have occurred thereunder.

         (g)      The  Agent   shall  have   received   an   amendment   to  the
                  Intercreditor  Agreement,  duly executed by all parties to the
                  Intercreditor  Agreement  reflecting the  Reorganization  (and
                  approved in form and  substance  by the Agent and the Required
                  Banks).  The Intercreditor  Agreement must continue to provide
                  that all of the Credit Parties'  obligations to the holders of
                  the Senior  Notes and to the Banks  shall be  maintained  on a
                  pari passu basis.

         (h)      The Agent shall have received a  certificate  of the Secretary
                  or an Assistant  Secretary of each of the Credit  Parties,  in
                  form and substance  satisfactory to the Agent, with respect to
                  (i) the  certificate  of  incorporation  and  by-laws  of such
                  Credit   Party,   (ii)   the   resolutions   authorizing   the
                  Reorganization and the execution,  delivery and performance of
                  this Amendment,  the CTI Guaranty,  the

                                      -13-
<PAGE>

                  Replacement Notes and all documents  executed and delivered to
                  the   Agent  in   connection   with   any  of  the   foregoing
                  (collectively,  the  "Amendment  Documents"),  and  (iii)  the
                  incumbency  of  officers of such Credit  Party  authorized  to
                  execute and deliver the Amendment Documents.

         (i)      The Agent shall have received a certificate  of good standing,
                  issued as of a recent date,  with respect to each Credit Party
                  from its jurisdiction of  incorporation  (and, with respect to
                  each Credit Party whose name has changed as recited in Section
                  1 hereof,  such certificate shall reflect the new name of such
                  Credit Party).

         (j)      The Agent shall have received a  certificate  duly executed by
                  the chief  financial  officer of the Parent  attesting  to the
                  solvency  of  the  Credit  Parties,   in  form  and  substance
                  satisfactory to the Agent.

         (k)      The Agent  shall  have  received  an opinion of counsel to the
                  Credit  Parties   regarding  (i)  the   consummation   of  the
                  Reorganization,  (ii) the due  authorization  and execution of
                  the  Amendment  Documents,  (iii)  the  enforceability  of the
                  Amendment  Documents,  (iv)  the  perfection  of the  security
                  interests   in  the  Capital   Securities   of  the   Parent's
                  Subsidiaries and in the Intercompany Notes, and (v) such other
                  matters  as may be  requested  by the  Agent  or the  Required
                  Banks, all in form and substance satisfactory to the Agent and
                  the Required Banks.

         (l)      The  Agent   shall  have   received   such  other   documents,
                  certificates,  instruments  and  opinions  as  the  Agent  may
                  reasonably request.

         (m)      The Agent shall have  received all fees and expenses  incurred
                  by the Agent in connection with  negotiation,  preparation and
                  execution of the Amendment  Documents and the  consummation of
                  the Reorganization  including,  without limitation,  the legal
                  fees and other out of pocket expenses of the Agent.

12.      Effectiveness of Section 4 of this Amendment. The provisions of Section
         4 of this Amendment shall not be effective until the  satisfaction  (or
         written  waiver  approved  and  executed by the Agent and the  Required
         Banks,  in  their  respective  discretion)  of  each  of the  following
         conditions:

         (a)      The  Agent  shall  have  received  documentation  (in form and
                  substance  satisfactory  to the  Agent)  evidencing  that  all
                  appropriate  and  necessary  corporate,  antitrust  (including
                  Hart-Scott-Rodino) and regulatory approvals have been obtained
                  with respect to the Permitted Investment and Distribution.

         (b)      The  Agent  shall  have  received  documentation  (in form and
                  substance  satisfactory to the Agent)  evidencing the approval
                  of the Permitted Investment and Distribution by all parties to
                  the Intecreditor Agreement.

                                      -14-
<PAGE>

         (c)      The Agent shall have received a  certificate  of the Secretary
                  or an Assistant  Secretary of each of the Credit  Parties,  in
                  form and substance  satisfactory to the Agent, with respect to
                  (i) the  certificate  of  incorporation  and  by-laws  of such
                  Credit Party,  (ii) the resolutions  authorizing the Permitted
                  Investment and  Distribution  and the execution,  delivery and
                  performance of this Amendment and the Amendment Documents, and
                  (iii)  the   incumbency  of  officers  of  such  Credit  Party
                  authorized to execute and deliver the Amendment Documents.

         (d)      The Agent  shall  have  received  an opinion of counsel to the
                  Credit  Parties  regarding  (i) the Permitted  Investment  and
                  Distribution  and (ii) such other  matters as may be requested
                  by the Agent or the Required Banks,  all in form and substance
                  satisfactory to the Agent and the Required Banks.

         (e)      The  Agent   shall  have   received   such  other   documents,
                  certificates,  instruments  and  opinions  as  the  Agent  may
                  reasonably request.

         (f)      The Agent shall have  received all fees and expenses  incurred
                  by  the  Agent  in  connection  with  the  evaluation  of  the
                  Permitted  Investment and  Distribution  and the  consummation
                  thereof  including,  without  limitation,  the legal  fees and
                  other out of pocket expenses of the Agent.

13.      Reimbursement  of  Expenses.  Each of CTI and CAM  agrees,  jointly and
         severally,  that it shall  reimburse  the Agent on demand for all costs
         and expenses (including, without limitation,  attorney's fees) incurred
         by such parties in connection  with the  negotiation,  preparation  and
         execution  of  the   Amendment   Documents,   the   evaluation  of  the
         Reorganization  and the transactions  contemplated  hereby and thereby,
         whether or not the  transactions  contemplated  hereby or  thereby  are
         consummated.  The reimbursement  obligations under this Amendment shall
         constitute Obligations under the Credit Agreement.

14.      Governing  Law. THIS  AGREEMENT  SHALL BE GOVERNED BY, AND CONSTRUED IN
         ACCORDANCE  WITH,  THE LAWS OF THE STATE OF GEORGIA FOR CONTRACTS TO BE
         PERFORMED ENTIRELY WITHIN SAID STATE.

15.      Severability  of Provisions.  Any provision of this Amendment  which is
         prohibited  or  unenforceable  in any  jurisdiction  shall,  as to such
         jurisdiction,  be  ineffective  to the  extent of such  prohibition  or
         unenforceability  without  invalidating the remaining provisions hereof
         or affecting the validity or  enforceability  of such  provision in any
         other jurisdiction.  To the extent permitted by Applicable Law, each of
         CAM and CTI  hereby  waives  any  provision  of law  that  renders  any
         provision hereof prohibited or unenforceable in any respect.

16.      Counterparts; Facsimile Delivery. This Amendment may be executed in any
         number of counterparts, each of which shall be deemed to be an original
         but all of which  together shall be deemed to be one  instrument.  This
         Amendment  shall be binding upon all parties

                                      -15-
<PAGE>

         hereto,  their successors and permitted assigns.  This Amendment may be
         delivered  by  facsimile  transmission  with  the  same  effect  as  if
         originally  executed  counterparts  of this Amendment were delivered to
         all parties hereto.

17.      Entire Agreement. The Credit Agreement and the other Loan Documents, as
         amended by this Amendment and the other Amendment  Documents,  embodies
         the entire agreement between the parties hereto relating to the subject
         matter hereof and supersedes all prior agreements,  representations and
         understandings, if any, relating to the subject matter hereof.

                                      -16-
<PAGE>

         IN WITNESS  WHEREOF,  the parties have caused this Amendment to be duly
executed by their respective officers thereunto duly authorized,  as of the date
first above written.

COVENANT TRANSPORT, INC.,                       COVENANT ASSET MANAGEMENT, INC.,
a Tennessee corporation                         a Nevada corporation   (formerly
                                                known as Covenant Leasing, Inc.)

By:  /s/ Joey B. Hogan                          By: /s/ Joey B. Hogan
Name:    Joey B. Hogan                          Name:   Joey B. Hogan
Title:   Chief Financial Officer                Title:  Chief Financial Officer

ABN AMRO BANK N.V., as Agent                    ABN AMRO BANK N.V., as a Bank

By: /s/ David J. Thomas                         By: /s/ David J. Thomas
Name:   David J. Thomas                         Name:   David J. Thomas
Title:  Group Vice President                    Title:  Group Vice President

By:   /s/ Jonathan F. Chiarieri                 By:  /s/ Jonathan F. Chiarieri
Name:     Jonathan F. Chiarieri                 Name:    Jonathan F. Chiarieri
Title:    Corporate Banking Officer             Title: Corporate Banking Officer

BANK ONE, NA (Main Office Chicago),             BANK OF AMERICA, N.A. (formerly
as a Bank                                       known as NationsBank, N.A.), as
                                                a Bank

By:   /s/ Nancy Anzelmo                         By:  /s/
Name:    Nancy Anzelmo                          Name:
Title:   Officer                                Title:

FIRST AMERICAN NATIONAL BANK, as a Bank        SUNTRUST BANK (successor in
                                               interest to SunTrust Bank,
                                               Chattanooga, N.A.), as a Bank

By:  /s/                                        By: /s/ Jon C. Long
Name:                                           Name:   Jon C. Long
Title:                                          Title:  Vice President

                                      -17-

<PAGE>

                                    EXHIBIT A

                            FORM OF GUARANTOR CONSENT

                                     CONSENT

         Reference is made to that certain Credit Agreement, dated as of January
17, 1995, among Covenant Transport,  Inc., a Tennessee corporation ("CTI"), with
the banks  signatories  thereto,  the banks  serving  as letter of credit  banks
thereunder,  and ABN AMRO Bank N.V.  as Agent  (the  "Agent"),  as  amended by a
number of  amendments,  and as further  amended  and  restated  by that  certain
Amended  and  Restated  Credit  Agreement  dated as of June 18,  1999 among CTI,
Covenant  Leasing,  Inc.,  a Nevada  corporation  (now known as  Covenant  Asset
Management, Inc.) ("CAM"), the Agent and the Banks (as amended and restated, the
"Credit  Agreement").  Capitalized  terms used but not defined herein shall have
the meanings ascribed to such terms in the Credit Agreement.

         Each of the undersigned (collectively, the "Guarantors") has guaranteed
in favor of the Agent,  the Banks and the Letter of Credit Banks  (collectively,
the "Guaranteed Parties") all of the obligations of CTI and CAM under the Credit
Agreement  pursuant  to one or  more  Guaranty  Agreements  (including,  without
limitation, the Existing Guaranty Agreements).

         Each  of  the  undersigned  hereby  consents  to  and  approves  of the
execution  and delivery by CAM and CTI of that certain  Amendment to Amended and
Restated Credit Agreement (the "Amendment") and to all other Amendment Documents
(as defined in the Amendment) and to the consummation of all of the transactions
contemplated  thereby  (including,  without limitation,  the Reorganization,  as
defined in the  Amendment).  Each  Guarantor  acknowledges  and agrees  that the
consummation of the Reorganization,  the execution and delivery of the Amendment
and the other Amendment Documents shall not diminish,  impair, alter,  discharge
or  otherwise  affect in any  manner  whatsoever  the  duties,  obligations  and
liabilities of the Guarantor under the Guaranty  Agreements  including,  without
limitation,   the   obligation  of  each   Guarantor  for  the  payment  of  the
"Obligations"  (as that term is defined in any Guaranty  Agreement or the Credit
Agreement).

         Each  Guarantor  hereby  ratifies,  confirms  and approves the Guaranty
Agreements to which it is a party and all of the terms and  provisions  thereof,
and  agrees  that such  Guaranty  Agreements  constitute  the valid and  binding
obligation  of  such  Guarantor,   enforceable  by  the  Guaranteed  Parties  in
accordance with their respective terms.

<PAGE>

         IN WITNESS WHEREOF, each Guarantor has executed this consent, as of the
___ day of ____________, 2000.

SOUTHERN REFRIGERATED TRANSPORT, INC., an Arkansas corporation
COVENANT TRANSPORT, INC., a Nevada corporation
TONY SMITH TRUCKING, INC., an Arkansas corporation
CIP, INC., a Nevada corporation
COVENANT.COM, INC., a Nevada corporation
TERMINAL TRUCK BROKER, INC., an Arkansas corporation
HAROLD IVES TRUCKING CO., an Arkansas corporation

By:____________________________
Name:    Joey B. Hogan
Title:   Treasurer

                                      -19-

<PAGE>
                                    EXHIBIT B

                           FORM OF EXISTING DEBT NOTE

                                 PROMISSORY NOTE

$_________________________                             ___________________, 2000

         FOR  VALUE   RECEIVED,   ________________________.   a   ______________
corporation  (the  "Borrower"),  promises  to  pay  to  the  order  of  Covenant
Transport,  Inc., a Tennessee corporation  ("Lender"),  or order, on demand, the
principal sum of ______________________  Dollars ($____________),  plus interest
compounding  quarterly on the average  unpaid balance during such quarter at the
annual  rate  equal to the  prime  interest  rate set  forth in the Wall  Street
Journal on the first  business day of such  calendar  quarter.  Interest will be
calculated  on a 360-day  basis and be payable in arrears on the first  business
day immediately  following each calendar  quarter.  Absent  manifest error,  the
Lender's  records  will be  conclusive  evidence  of the  principal  and accrued
interest owing hereunder.

         Presentment,  notice of dishonor,  and protest are hereby waived by all
makers, sureties, guarantors, and endorsers hereof. This Note shall be the joint
and several obligation of all makers, sureties,  guarantors,  and endorsers, and
shall be binding upon them and their  successors and assigns.  This Note will be
governed by the substantive laws of the State of Tennessee.

BORROWER'S ADDRESS:                                [BORROWER NAME]
_____________________                               a ______________ corporation
_____________________

                                                    By:_____________________
                                                    Name:
                                                    Title:

                                      -20-
<PAGE>

                                    EXHIBIT C

                              FORM OF DIVIDEND NOTE

                                 PROMISSORY NOTE

$_________________________                             ___________________, 2000

         Covenant  Transport,  Inc., a Tennessee  corporation (the  "Borrower"),
promises to pay to the order of Covenant  Transport,  Inc., a Nevada corporation
("Lender"),  or order,  on demand,  the principal sum of  ______________________
Dollars  ($____________),  plus  interest  compounding  quarterly on the average
unpaid  balance  during  such  quarter  at the  annual  rate  equal to the prime
interest rate set forth in the Wall Street  Journal on the first business day of
such  calendar  quarter.  Interest  will be calculated on a 360-day basis and be
payable in arrears on the first business day immediately following each calendar
quarter. Absent manifest error, the Lender's records will be conclusive evidence
of the principal and accrued interest owing hereunder.

         Presentment,  notice of dishonor,  and protest are hereby waived by all
makers, sureties, guarantors, and endorsers hereof. This Note shall be the joint
and several obligation of all makers, sureties,  guarantors,  and endorsers, and
shall be binding upon them and their  successors and assigns.  This Note will be
governed by the substantive laws of the State of Nevada.

BORROWER'S ADDRESS:                                  COVENANT TRANSPORT, INC.
                                                     a Tennessee corporation
_____________________
_____________________
                                                     By:_____________________
                                                     Name:
                                                     Title:

<PAGE>

                                    EXHIBIT D

                            FORM OF FUTURE DEBT NOTE

                                           _______________________________, 2000

                            REVOLVING PROMISSORY NOTE

         The undersigned borrower  ("Borrower')  promises to pay to the order of
Covenant Asset Management, Inc., a Nevada corporation ("Lender"), at its offices
located  at  ___________  _________________,   ________________________  Dollars
($_______________),  or so much thereof  that may be advanced  from time to time
together with interest on the  outstanding  balance in accordance with the terms
set forth in the Credit and Security  Agreement  dated  ________________,  1999,
between Borrower and Lender (the "Agreement").

         Notwithstanding  anything to the  contrary in the  Agreement  or in the
Note,  Lender  shall  have  the  absolute   unconditional  right,  in  its  sole
discretion,  to require  Borrower to pay the  outstanding  principal  balance on
demand,  together with accrued and unpaid interest. If Lender elects to exercise
the right to demand payment,  Lender will provide Borrower thirty (30) days from
the date of Lender's written notice of demand to make payment.

         Presentment,  demand,  protest and notice of dishonor are hereby waived
by the undersigned.

         This  promissory note shall be governed under and construed by the laws
of the State of Nevada.

BORROWER:

COVENANT TRANSPORT, INC.
a Tennessee corporation

By:_____________________________
Name:
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]