Document:

<PAGE>

                                                                    EXHIBIT 10.3

                                 PROMISSORY NOTE

                                  July 29, 2003
                                  -------------
                                     (DATE)

FOR VALUE RECEIVED, BOYD BROS. TRANSPORTATION INC. a corporation located at the
address stated below ("MAKER") promises, jointly and severally if more than one,
to pay to the order of GENERAL ELECTRIC CAPITAL CORPORATION or any subsequent
holder hereof (each, a "PAYEE") at its office located at 1000 WINDWARD CONCOURSE
SUITE 403, ALPHARETTA, GA 30005 or at such other place as Payee or the holder
hereof may designate, the principal sum of ONE MILLION FIVE HUNDRED SEVENTY NINE
THOUSAND SIX HUNDRED SEVENTY FIVE AND 00/100 DOLLARS ($1,579,675.00), with
interest on the unpaid principal balance, from the date hereof through and
including dates of payment, at a floating per annum simple interest rate
("Contract Rate") as hereinafter calculated.

The Contract Rate for any given period ("Effective Period") following the first
Effective Period shall be equal to the sum of (i) two and fifty hundredths
percent (2.50%) per annum plus (ii) a variable per annum interest rate ("Current
LIBOR"), which shall be equal to the rate under the column indicating the one
month Eurodollar Deposits (London) ("LIBOR") as stated in the Federal Reserve
Statistical Release H.15 (519) published on the first Business Day of the
current month in which the applicable Effective Period ends. If, for any reason
whatsoever, the Federal Reserve Statistical Release H.15 (519) is no longer
published, the Current LIBOR shall be equal to the rate listed for LIBOR which
is published in the Money Rates Column of the Wall Street Journal, Eastern
Edition (or, in the event such rate is not so published, in such other
nationally recognized publication as Payee may specify) on the first Business
Day of the calendar month in which the applicable Effective Period ends. As used
herein, the term "Business Day" shall mean and include any calendar day other
than a day on which all commercial banks in the City of New York, New York are
required or authorized to be closed.

The first Effective Period shall begin on the date hereof, and shall continue
through the earlier of (w) the date the first Periodic Installment (or part
thereof) is received by Payee and (x) the date on which the first Periodic
Installment is due. Each subsequent Effective Period shall begin on the day
after the last day of the previous Effective Period and shall continue through
the earlier of (y) the date the earliest due and unpaid Periodic Installment (or
part thereof) is received by Payee and (z) the date on which the next Periodic
Installment is due. The Contract Rate for the first Effective Period shall be
equal to the sum of (i) two and fifty hundredths percent (2.50%) per annum plus
(ii) a variable per annum interest rate, which shall be equal to the rate listed
for LIBOR under the column indicating the such rate as stated in the Federal
Reserve Statistical Release H. 15 (519) published as of the first Business Day
of the month in which the Effective Period ends.

Subject to the other provisions hereof, the principal and interest on this Note
is payable in lawful money of the United States in Sixty (60) consecutive
monthly installments as follows:

<TABLE>
<CAPTION>
 Periodic
Installment                                  Amount
-----------                                  ------
<S>                                       <C>
1 thru 59                                 $28,758.27
</TABLE>

each ("Periodic Installment") and a final installment which shall be in the
amount of the total outstanding unpaid principal and interest. The first
Periodic Installment shall be due and payable on____________________and the
following Periodic Installments shall be due and payable on the same day of each
succeeding period (each, a "Payment Date"). All payments shall be applied first
to interest and then to principal. The acceptance by Payee of any payment which
is less than payment in full of all amounts due and owing at such time shall not
constitute a waiver of Payee's right to receive payment in full at such time or
at any prior or subsequent time. Interest shall be calculated on the basis of a
365 day year (366 day leap year) and will be charged at the Contract Rate for
each calendar day on which any principal is outstanding.

The amount and number of the Periodic Installments will not change with
fluctuations in the Contract Rate. Any increase in the Contract Rate shall be
reflected by a corresponding decrease in the portion of the Periodic Installment
credited to the remaining unpaid principal balance. Any decrease in the Contract
Rate shall be reflected as a corresponding increase in the portion of the
Periodic Installment credited to the remaining unpaid principal balance.
Notwithstanding the foregoing, at the end of each three (3) month period
commencing with the first Payment Date hereof, Maker agrees to pay to Payee
forthwith an additional sum ("Quarterly Payment") sufficient to amortize the
unpaid principal over the balance of the original term hereof at the Contract
Rate applicable for the first Periodic Installment.

If, and for so long as, the amount of interest due exceeds the amount of the
Periodic Installment, Maker agrees to pay forthwith, in addition to (i) any
Periodic Installment then due and (ii) any Quarterly Payment, the amount by
which said interest exceeds the Periodic Installment. In the event interest only
is required to be paid during any period, the interest for such period shall be
due and payable monthly as it accrues and shall be calculated on the unpaid
principal balance existing at the commencement of such period.

The Maker hereby expressly authorizes the Payee to insert the date value is
actually given in the blank space on the face hereof and on all related
documents pertaining hereto.

This Note may be secured by a security agreement, chattel mortgage, pledge
agreement or like instrument (each of which is hereinafter called a "SECURITY
AGREEMENT").

Time is of the essence hereof. If any installment or any other sum due under
this Note or any Security Agreement is not received within ten (10) days after
its due date, the Maker agrees to pay, in addition to the amount of each such
installment or other sum, a late payment charge of five percent (5%) of the
amount of said installment or other sum, but not exceeding any lawful maximum.
If (i) Maker fails to make payment of any amount due hereunder within ten (10)
days after the same becomes due and payable; or (ii) Maker is in default under,
or fails to perform under any term or condition contained in any Security
Agreement, then the entire principal sum remaining unpaid, together with all
accrued interest thereon and any other sum payable under this Note or any
Security Agreement, at the election of Payee, shall immediately become due and
payable, with interest thereon at the lesser of eighteen percent (18%) per annum
or the highest rate not prohibited by applicable law from the date of such
accelerated maturity until paid (both before and after any judgment).

<PAGE>

The Maker may prepay in full, but not in part, its entire indebtedness hereunder
upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the original principal balance for the
indicated period: Prior to the first annual anniversary date of this Note: one
percent (1%) and zero percent (0%) thereafter, plus all other sums due
hereunder or under any Security Agreement.

It is the intention of the parties hereto to comply with the applicable usury
laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or
any Security Agreement require the payment or permit the collection of interest
in excess of the maximum amount permitted by applicable law. If any such excess
interest is contracted for, charged or received under this Note or any Security
Agreement, or if all of the principal balance shall be prepaid, so that under
any of such circumstances the amount of interest contracted for, charged or
received under this Note or any Security Agreement on the principal balance
shall exceed the maximum amount of interest permitted by applicable law, then in
such event (a) the provisions of this paragraph shall govern and control, (b)
neither Maker nor any other person or entity now or hereafter liable for the
payment hereof shall be obligated to pay the amount of such interest to the
extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be
either applied as a credit against the then unpaid principal balance or refunded
to Maker, at the option of the Payee, and (d) the effective rate of interest
shall be automatically reduced to the maximum lawful contract rate allowed under
applicable law as now or hereafter construed by the courts having jurisdiction
thereof. It is further agreed that without limitation of the foregoing, all
calculations of the rate of interest contracted for, charged or received under
this Note or any Security Agreement which are made for the purpose of
determining whether such rate exceeds the maximum lawful contract rate, shall be
made, to the extent permitted by applicable law, by amortizing, prorating,
allocating and spreading in equal parts during the period of the full stated
term of the indebtedness evidenced hereby, all interest at any time contracted
for, charged or received from Maker or otherwise by Payee in connection with
such indebtedness; provided, however, that if any applicable state law is
amended or the law of the United States of America preempts any applicable state
law, so that it becomes lawful for the Payee to receive a greater interest per
annum rate than is presently allowed, the Maker agrees that, on the effective
date of such amendment or preemption, as the case may be, the lawful maximum
hereunder shall be increased to the maximum interest per annum rate allowed by
the amended state law or the law of the United States of America.

The Maker and all sureties, endorsers, guarantors or any others (each such
person, other than the Maker, an "OBLIGOR") who may at any time become liable
for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions
or releases of, security or of any party primarily or secondarily liable on this
Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and
maintained against any one or more of them, at the election of Payee without
joinder of any other as a party thereto, and that Payee shall not be required
first to foreclose, proceed against, or exhaust any security hereof in order to
enforce payment of this Note. The Maker and each Obligor hereby waives
presentment, demand for payment, notice of nonpayment, protest, notice of
protest, notice of dishonor, and all other notices in connection herewith, as
well as filing of suit (if permitted by law) and diligence in collecting this
Note or enforcing any of the security hereof, and agrees to pay (if permitted by
law) all expenses incurred in collection, including Payee's actual attorneys'
fees. Maker and each Obligor agrees that fees not in excess of twenty percent
(20%) of the amount then due shall be deemed reasonable.

THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS
NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE
RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR
TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

This Note and any Security Agreement constitute the entire agreement of the
Maker and Payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied.

No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an
authorized representative of Maker and Payee. Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

Any provision in this Note or any Security Agreement which is in conflict with
any statute, law or applicable rule shall be deemed omitted, modified or altered
to conform thereto.

                                     BOYD BROS. TRANSPORTATION INC.

_______________________________      By:___________________________________
(Witness)
_______________________________      Name:_________________________________
(Print name)
_______________________________      Title:________________________________
(Address)

                                     Federal Tax ID #: 636006515

                                     Address: 3275 Highway 30, Clayton, Barbour
                                              County, AL 36016

<PAGE>

                                     ANNEX A
                                       TO
                           COLLATERAL SCHEDULE NO. 004
                          TO MASTER SECURITY AGREEMENT
                            DATED AS OF MAY 21, 2002

                      CERTIFICATE OF DELIVERY/INSTALLATION

To: General Electric Capital Corporation (together with its successors and
assigns, if any, "SECURED PARTY")

         Pursuant to the provisions of the above Collateral Schedule to the
above Master Security Agreement and the related Promissory Note (collectively,
the "LOAN"), the undersigned ("DEBTOR") hereby certifies and warrants that (a)
all Equipment listed below has been delivered and installed (if applicable); (b)
the Debtor has inspected the Equipment, and all such testing as it deems
necessary has been performed by Debtor, Supplier or the manufacturer; (c) Debtor
has found all such Equipment to be satisfactory and meets all applicable
specifications and is fully operational for its intended use; and (d) the
Equipment was first delivered to Debtor on_____________________and copies of the
Bill(s) of Lading or other documentation acceptable to Secured Party which show
the date of delivery are attached hereto.

<TABLE>
<CAPTION>
 NUMBER
OF UNITS       MANUFACTURER              SERIAL NUMBERS               MODEL AND TYPE OF EQUIPMENT
--------      -------------             -----------------             ---------------------------
<S>           <C>                       <C>                           <C>
   1          International             2HSCNASR04C078803                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR24C078804                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR44C078805                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR64C078806                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR84C078807                 9400i SBA 6x4 Tractor
   1          International             2HSCNASRX4C078808                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR14C078809                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR84C078810                 9400i SBA 6x4 Tractor
   1          International             2HSCNASRX4C078811                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR14C078812                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR34C078813                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR54C078814                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR74C078815                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR94C078816                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR04C078817                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR24C078818                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR44C078819                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR04C078820                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR24C078821                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR44C078822                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR64C078823                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR84C078824                 9400i SBA 6x4 Tractor
   1          International             2HSCNASRX4C078825                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR14C078826                 9400i SBA 6x4 Tractor
   1          International             2HSCNASR34C078827                 9400i SBA 6x4 Tractor
</TABLE>

Equipment immediately listed above is located at 825 W. Leffel Lane,
Springfield, Clark County, OH 45506

                                        BOYD BROS. TRANSPORTATION INC.

                                        By:_____________________________________

                                        Name:___________________________________

                                        Title:__________________________________

<PAGE>

                  CROSS-COLLATERAL AND CROSS-DEFAULT AGREEMENT

General Electric Capital Corporation
1000 Windward Concourse Suite 403
Alpharetta, GA 30005

Gentlemen:

         You (and/or your successors or assigns, "YOU") have entered into or
purchased one or more conditional sale contracts, lease agreements, chattel
mortgages, security agreements, notes and other choses in action (herein
designated "ACCOUNTS") arising from the bona fide sale or lease to us, by
various vendors or lessors, of equipment and inventory (herein designated
"COLLATERAL") and/or you have made direct loans to or otherwise extended credit
to us evidenced by Accounts creating security interests in Collateral.

         In order to induce you to extend our time of payment on one or more
Accounts and/or to make additional loans to us and/or to purchase additional
Accounts and/or to lease us additional equipment, and in consideration of you so
doing, and for other good and valuable consideration, the receipt of which we
hereby acknowledge, we agree as follows:

         All presently existing and hereafter acquired Collateral in which you
have or shall have a security interest shall secure the payment and performance
of all of our liabilities and obligations to you of every kind and character,
whether joint or several, direct or indirect, absolute or contingent, due or to
become due, and whether under presently existing or hereafter created Accounts
or agreements, or otherwise.

         We further agree that your security interest in the property covered by
any Account now held or hereafter acquired by you shall not be terminated in
whole or in part until and unless all indebtedness of every kind, due or to
become due, owed by us to you is fully paid and satisfied and the terms of every
Account have been fully performed by us. It is further agreed that you are to
retain your security interest in all property covered by all Accounts held or
acquired by you, as security for payment and performance under each such
Account, notwithstanding the fact that one or more of such Accounts may become
fully paid.

         This instrument is intended to create cross-default and cross-security
between and among all the within described Accounts now owned or hereafter
acquired by you.

         A default under any Account or agreement shall be deemed to be a
default under all other Accounts and agreements. A default shall result if we
fail to pay any sum when due on any Account or agreement, or if we breach any of
the other terms and conditions thereof, or if we become insolvent, cease to do
business as a going concern, make an assignment for the benefit of creditors, or
if a petition for a receiver or in bankruptcy is filed by or against us, or if
any of our property is seized, attached or levied upon. Upon our default any or
all Accounts and agreements shall, at your option, become immediately due and
payable without notice or demand to us or any other party obligated thereon, and
you shall have and may exercise any and all rights and remedies of a secured
party under the Uniform Commercial Code as enacted in the applicable
jurisdiction and as otherwise granted to you under any Account or other
agreement. We hereby waive, to the maximum extent permitted by law, notices of
default, notices of repossession and sale or other disposition of collateral,
and all other notices, and in the event any such notice cannot be waived, we
agree that if such notice is mailed to us postage prepaid at the address shown
below at least five (5) days prior to the exercise by you of any of your rights
or remedies, such notice shall be deemed to be reasonable and shall fully
satisfy any requirement for giving notice.

         All rights granted to you hereunder shall be cumulative and not
alternative, shall be in addition to and shall in no manner impair or affect
your rights and remedies under any existing Account, agreement, statute or rule
of law.

         This agreement may not be varied or altered nor its provisions waived
except by your duly executed written agreement. This agreement shall inure to
the benefit of your successors and assigns and shall be binding upon our heirs,
administrators, executors, legal representatives, successors and assigns.

         IN WITNESS WHEREOF, this agreement is executed this________________day
of____________________,_______.

                          BOYD BROS. TRANSPORTATION INC.
                          (Name of Proprietorship, Partnership or
                          Corporation, as applicable)

                          By:___________________________________________________
                                 (Signature)

                          Title:________________________________________________
                                 (Owner, Partner or Officer, as applicable)

                          Address: 3275 Highway 30, Clayton, AL 36016

<PAGE>

                           COLLATERAL SCHEDULE NO. 004

THIS COLLATERAL SCHEDULE NO. 004 is annexed to and made a part of that certain
Master Security Agreement dated as of May 21, 2002 between General Electric
Capital Corporation, together with its successors and assigns, if any, as
Secured Party and Boyd Bros. Transportation Inc. as Debtor and describes
collateral in which Debtor has granted Secured Party a security interest in
connection with the Indebtedness (as defined in the Security Agreement)
including without limitation that certain Promissory Note dated
___________________ in the original principal amount of $1,579,675.00.

<TABLE>
<CAPTION>
QUANTITY         MANUFACTURER        SERIAL NUMBER           YEAR/MODEL AND TYPE OF EQUIPMENT
--------        -------------      -----------------         --------------------------------
<S>             <C>                <C>                       <C>
   1            International      2HSCNASR04C078803            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR24C078804            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR44C078805            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR64C078806            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR84C078807            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASRX4C078808            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR14C078809            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR84C078810            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASRX4C078811            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR14C078812            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR34C078813            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR54C078814            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR74C078815            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR94C078816            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR04C078817            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR24C078818            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR44C078819            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR04C078820            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR24C078821            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR44C078822            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR64C078823            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR84C078824            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASRX4C078825            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR14C078826            2004 9400i SBA 6x4 Tractor
   1            International      2HSCNASR34C078827            2004 9400i SBA 6x4 Tractor
</TABLE>

Equipment immediately listed above is located at: 825 W. Leffel Lane,
Springfield, Clark County, OH 45506

and including all additions, attachments, accessories and accessions thereto,
and any and all substitutions, replacements or exchanges therefor, and all
insurance and/or other proceeds thereof.

Debtor is and will remain in full compliance with all laws and regulations
applicable to it including, without limitation, (i) ensuring that no person who
owns a controlling interest in or otherwise controls Debtor is or shall be (Y)
listed on the Specially Designated Nationals and Blocked Person List maintained
by the Office of Foreign Assets Control ("OFAC"), Department of the Treasury,
and/or any other similar lists maintained by OFAC pursuant to any authorizing
statute, Executive Order or regulation or (Z) a person designated under Section
1 (b), (c) or (d) of Executive Order No. 13224 (September 23,2001), any related
enabling legislation or any other similar Executive Orders, and (ii) compliance
with all applicable Bank Secrecy Act ("BSA") laws, regulations and government
guidance on BSA compliance and on the prevention and detection of money
laundering violations.

SECURED PARTY:                               DEBTOR:

GENERAL ELECTRIC CAPITAL CORPORATION         BOYD BROS. TRANSPORTATION INC.

By:_________________________________         By:________________________________

Name:_______________________________         Name:______________________________

Title:______________________________         Title:_____________________________

Date:_______________________________         Date:______________________________

<PAGE>

                               Date July 29, 2003

General Electric Capital Corporation
1000 Windward Concourse Suite 403
Alpharetta, GA 30005

Gentlemen:

         You are hereby irrevocably authorized and directed to deliver and apply
the proceeds of your loan to the undersigned evidenced by that Note dated
_______________and secured by that Security Agreement or Chattel Mortgage dated
May 21, 2002, as follows:

         International Engine & Truck Corp.                  $1,579,675.00

         This authorization and direction is given pursuant to the same
authority authorizing the above-mentioned borrowing.

                                              Very truly yours,

                                                BOYD BROS. TRANSPORTATION INC.

                                                By:_____________________________

                                                Name:___________________________

                                                Title:__________________________

<PAGE>

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

RE: AMENDMENT ON SELF-INSURANCE

Gentlemen:

This letter is written in connection with our chattel mortgage, security
agreement or lease agreement ("CONTRACT"), dated as of May 21, 2002, and the
collateral or equipment described therein ("EQUIPMENT"). We hereby propose to
amend the Contract as follows:

Anything in the Contract to the contrary notwithstanding, it is agreed that you
shall have the right, at your sole risk and expense, to self-insure the
Equipment against the risk of loss or damage. However, if at any time the
undersigned shall reasonably deem itself insecure with such self-insurance, then
you agree, upon receipt of notice from the undersigned, to obtain insurance
against such risk from companies acceptable to the undersigned as required by
the Contract.

Except as expressly amended hereinabove, the Contract would remain in full force
and effect. Nothing in this letter shall be deemed to be a waiver of any
liability insurance coverage that may be required by the Contract and, to the
extent that such coverage is required by the Contract, it is agreed and
understood that you must, at your sole cost and expense, obtain such coverage
from companies acceptable to the undersigned.

If the foregoing is acceptable, please evidence your consent by executing in the
appropriate space provided below and returning the fully executed copy to the
undersigned.

                                              Very truly yours,

                                                By:_____________________________

                                                Name:___________________________

                                                Title:__________________________

AGREED TO AND ACCEPTED

BOYD BROS. TRANSPORTATION INC.

By:_________________________________

Name:_______________________________

Title:______________________________

Date:_______________________________<PAGE>

                                                                    EXHIBIT 10.4

PACCAR
FINANCIAL

                                                  DIRECT LOAN SECURITY AGREEMENT

This DIRECT LOAN SECURITY AGREEMENT ("Security Agreement"), made on May 23, 2003
by and between BOYD BROTHERS TRANSPORTATION, INC. a business with its principal
place of business at 3275 HIGHWAY 30, CLAYTON, ALABAMA 36016 ("Debtor") and
PACCAR FINANCIAL CORP. a Washington corporation with an address at 777 106TH
AVE. NE, BELLEVUE, WASHINGTON 98004      ("Secured Party").

1. INDEBTEDNESS. For value received, Debtor promises to pay Secured Party at its
office located at the address stated above or such other place as Secured Party
designates.

The amount owed herein shall be repaid in consecutive installments (including
both principal and interest) as follows:

<TABLE>
<CAPTION>
                      INSTALLMENTS
PAYMENT DATE      NUMBER OF PAYMENTS      PAYMENT AMOUNT
------------      ------------------      --------------
<S>               <C>                     <C>
Sep 11, 2003              72                $4,591.27
------------      ------------------      --------------
</TABLE>

beginning September 11, 2003 and on the same day of each month thereafter (each
a "Payment Date") until August 11, 2009, when the entire unpaid balance of
principal and interest, plus any other accrued charges, shall become due and
payable. The original principal balance herein is $293,850.00, and interest paid
on the unpaid principal balance from and including the date hereof at the LIBOR
Rate (as more fully defined herein), plus 2.85 % per annum. Interest start date
is August 11, 2003.

As used herein, "LIBOR" shall mean the London Interbank Offered Rates for one
(1) month maturities as reported in the Money Rates section of the Wall Street
Journal. The LIBOR reported on the first business day of each calendar month
shall be used to determine Debtor's rate during that month.

The interest accrued may vary each month based on the timeliness of receipt of
payments compared to the Payment Dates outlined above and fluctuations in the
selected rate. Late payments or a higher rate will cause total interest paid to
be higher than originally expected and early payments or a lower rate will cause
total interest to be lower than originally expected. The final payment will be
adjusted to reflect the timeliness of payment receipt and fluctuations in the
selected rate.

The principal balance includes one or more official fees in the total amount
of$0.00, a document preparation fee of $300.00, and the cost of financing a
Preventive Maintenance Customer Agreement in the amount of $0.00.

Debtor may prepay in full, but not in part, its entire indebtedness hereunder
upon payment of a premium equal to 1/12 of 1 % (.00083) of the current principal
balance at the time of such prepayment multiplied by the number of full months
remaining in the term of the Security Agreement, provided that such prepayment
penalty is not prohibited by applicable state law, otherwise at the highest
prepayment penalty Debtor can legally obligate itself to pay and/or Secured
party can legally collect.

2. USE OF PROCEEDS. Secured Party is hereby irrevocably authorized and directed
to disburse the proceeds of this Security Agreement as follows:

<TABLE>
<CAPTION>
   AMOUNT                  PAYEE NAME                            PAYEE ADDRESS
   ------                  ----------                            -------------
<S>               <C>                         <C>
$293,550.00       Fontaine Trailer Company    P.O. Box 98710, Chicago, Illinois 60693
     300.00       PACCAR Financial Corp.      3805 Crestwood Pkwy St 300, Duluth, Georgia   30096
-----------       ------------------------    ---------------------------------------------------
</TABLE>

Debtor hereby acknowledges and agrees that the proceeds of this Security
Agreement will be used for commercial or business purposes and will not be used
for personal, family or household purposes.

Secured Party may disburse the proceeds using checks, drafts, orders, transfer
funds, or any other method or media Secured Party deems desirable. Disbursement
may be made in Secured Party's name on Debtor's behalf or in Debtor's name.
Disbursement in accordance with the above instructions or any written supplement
to these instructions will constitute payment and delivery to and receipt by
Debtor of all such proceeds.

3. SECURED INDEBTEDNESS. This Security Agreement secures the payment of the
indebtedness set forth above and any and all other obligations and liabilities
of Debtor to Secured Party whether due or to become due, direct or contingent,
now existing or hereafter incurred of any nature whatsoever, including without
limitation all legal fees, court costs and expenses of whatever kind incident to
the collection of any of said indebtedness or "Indebtedness"). Without limiting
the generality of the foregoing, this Security Agreement secures the payment of
all amounts which constitute part of the Indebtedness and would be owed by
Debtor to Secured Party but for the fact that they are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving Debtor.

                                                               DEBTOR'S INITIALS
DEBTOR:           Boyd Brothers Transportation, Inc.                  RB
CONTRACT DATE:    May 23, 2003

                                  Page 1 of 5
<PAGE>

PACCAR
FINANCIAL

                                                  DIRECT LOAN SECURITY AGREEMENT

4. GRANT OF SECURITY INTEREST. Debtor hereby grants to Secured Party, its
successors and assigns forever, a security interest in and against the following
equipment, motor vehicles, fixtures, goods, general intangibles, and any
additions, attachments, accessories and accessions thereto, any substitutions,
replacements or exchanges therefor, and any and all proceeds of any and all
other of the foregoing and, to the extent not otherwise included, all (a)
payments under insurance (whether or not Secured Party is the loss payee
thereof), or any indemnity, warranty or guaranty, payable by reason of loss or
damage to or otherwise with respect to any of the foregoing and (b) cash, all of
which property and proceeds is hereinafter individually and collectively
referred to as the "Collateral":

                       DESCRIPTION OF COLLATERAL

YEAR       MAKE       MODEL       VEHICLE IDENTIFICATION       COMMENT

      ********************** SEE COLLATERAL ADDENDUM **********************

5. RIGHTS OF SECURED PARTY IN THE COLLATERAL. The surrender of any document
evidencing the Indebtedness or any other obligation or liability secured hereby,
upon payment or otherwise, shall not affect the rights of Secured Party to
retain the Collateral for such other obligations and liabilities as may then
exist. Any third person at any time and from time to time holding all or a
portion of the Collateral shall be deemed to be holding and shall hold the
Collateral as the agent of, and as pledge holder for, Secured Party. At any time
and from time to time, Secured Party may give notice to any third person holding
all or any portion of the Collateral that such third person is holding the
Collateral as the agent of, and as pledge holder for, Secured Party.

6. DEBTOR REPRESENTATIONS AND WARRANTIES. Debtor represents and warrants as
follows: (a) If Debtor is a corporation, (i) it is duly organized, validly
existing and in good standing in its state of incorporation and is authorized to
conduct its business in all of the jurisdictions wherever it engages in such
business, and (ii) this Security Agreement is executed pursuant to authority of
its Board of Directors and with the consent of its shareholders; (b) Debtor is
the legal and beneficial owner of the Collateral free and clear of any lien,
security interest, option or other charge or encumbrance except for the security
interest created by this Security Agreement. No effective financing statement or
other document similar in effect covering all or any part of the Collateral is
on file in any recording office, except as may have been filed in favor of
Secured Party relating to this Security Agreement. Debtor has no trade names
other than those previously disclosed to Secured Party; (c) Debtor has exclusive
possession and control of the Collateral; (d) This Security Agreement creates a
valid first priority security interest in the Collateral, securing the payment
of the Indebtedness, and all filings and other actions necessary or desirable to
perfect and protect such security interest have been duly taken; (e) No consent
of any other person or entity and no authorization, approval, or other action
by, and no notice to or filing with, any governmental authority or regulatory
body is required for the perfection or maintenance of the security interest
created hereby (including the first priority nature of such security interest);
(f) There are no conditions precedent to the effectiveness of this Security
Agreement that have not been satisfied or waived; (g) the Collateral will be
titled in the State of Tennessee; (h) Debtor will immediately notify Secured
Party in writing of any change in Debtor's principal place of business
identified above; and (i) this Security Agreement is entered into in the State
of Georgia and is governed by its laws.

7. CERTIFICATE OF TITLE-LIENS. Debtor agrees that any Certificate of Title on
the Collateral will show Secured Party's security interest (lien) and will be
delivered promptly to Secured Party. Secured Party shall hold the Certificate of
Title until Debtor pays all of the Indebtedness and performs all other
obligations under this Security Agreement. Debtor promises not to give any other
party a lien or security interest in the Collateral without Secured Party's
written consent. Debtor promises not to part with possession of, sell or lease
the Collateral without Secured Party's written consent. Debtor hereby (a) agrees
that from time to time, at the expense of the Debtor, Debtor will promptly
execute and deliver all further instruments and documents, and take all further
action, that may be necessary or desirable, or that Secured Party may request,
in order to perfect or protect any security interest granted or purported to be
granted hereby or to enable Secured Party to exercise and enforce its rights and
remedies hereunder with respect to any Collateral, and (b) grants to Secured
Party the power to sign Debtor's name and on behalf of Debtor to execute and
file applications for title, transfers of title, financing statements, notices
of line and other documents pertaining to any or all of the Collateral.

8. INSURANCE. Debtor shall keep the Collateral continuously insured against
fire, theft, collision, and any other hazard Secured Party specifies by any
insurance company Secured Party has approved. The amount of insurance shall be
the full insurable value of the Collateral or the full amount of all obligations
this Security Agreement secures, whichever is greater. Debtor agrees to deliver
promptly to Secured Party certificates or, if requested, policies of insurance
satisfactory to Secured Party, each with a standard long-form loss-payable
endorsement naming Secured Party or assigns as loss-delivered to Secured Party
at least ten (10) days before the cancellation date. If the Collateral is lost
or damaged, Secured Party shall have full power to collect any or all insurance
proceeds and to apply them as Secured Party chooses either (i) to satisfy any
obligation secured by this Security Agreement (whether or not due or otherwise
matured), or (ii) to repair the Collateral. If Debtor obtains insurance from a
company Secured Party has not approved, or fails to obtain any insurance,
Secured Party may (but does not have to) obtain any insurance Secured Party
desires to protect its interests. If Secured Party does so, Debtor shall
reimburse Secured Party upon demand for its expenses. Secured Party shall have
no liability at all for any losses which occur because no insurance was obtained
or any insurance which has been obtained is incomplete.

9. TAXES. Debtor agrees to pay before delinquency all taxes, license fees and
other governmental charges imposed on the Collateral or its sales or use.

                                                               DEBTOR'S INITIALS
DEBTOR:           Boyd Brothers Transportation, Inc.                   RB
CONTRACT DATE:    May 23, 2003

                                  Page 2 of 5

<PAGE>

PACCAR
FINANCIAL

                                                  DIRECT LOAN SECURITY AGREEMENT

10. USE OF COLLATERAL. Debtor shall keep the Collateral in good repair, shall
prevent any waste, loss, damage, or destruction of or to the Collateral, shall
prevent any unlawful use of the Collateral, and shall not make or allow to be
made any significant change in the Collateral or its chassis, body, or special
equipment, without Secured Party's written consent. Debtor assumes all risk of
damage, loss, or destruction of or to the Collateral, whether or not insured
against. Secured Party may examine the Collateral wherever located at any time,
and Debtor will inform Secured Party of the Collateral's location upon Secured
Party's request.

11. EXPENSE PAID BY SECURED PARTY. Debtor agrees to reimburse Secured Party upon
demand for any expenses paid by Secured Party such as taxes, insurance premiums,
repair bills, title fees, the expenses set forth in Section 16 (d) hereof and
any other expenses necessary to protect Secured Party's security interest in the
Collateral. Debtor's obligation to pay the expenses shall be secured by this
Security Agreement.

12. NO WARRANTY. If the Collateral is new, there is no warranty other than that
of the manufacturer. If the Collateral is used, it is sold "AS IS" and "WITH ALL
FAULTS." SECURED PARTY MAKES NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE. UNLESS SET OUT IN WRITING AND SIGNED BY SECURED PARTY. THERE
ARE NO. OTHER WARRANTIES EXPRESS OR IMPLIED.

13. ADDITIONS TO COLLATERAL. Anything added to the Collateral, including but not
limited to engines, transmissions, tires, wheels, fifth wheels, radios and
electrical equipment, tanks and any other body or structure, becomes part of the
Collateral and is subject to Secured Party's security interest, and must stay
with the Collateral if repossessed or returned to Secured Party.

14. PAYMENT APPLICATION AND DELINQUENCY CHARGES. All payments shall be applied
first to interest and then to principal. For each installment not paid when due,
Debtor agrees to pay Secured Party a delinquency charge calculated thereon at
the rate of 1-1/2% per month for the period of delinquency or, at Secured
Party's option, 5% of such installment (but under no circumstances shall the
delinquency charge exceed $10 for contracts governed by Arizona law, $25 for
contracts governed by Nebraska law, nor, for contracts governed by Pennsylvania
law, 4% of each overdue installment, per month, for the period of delinquency),
provided that such a delinquency charge is not prohibited by law, otherwise at
the highest rate Debtor can legally obligate itself to pay and/or Secured Party
can legally collect.

15. DEFAULT. Time is of the essence of this Security Agreement. The due dates
for payments and the performance of the other obligations under this Security
Agreement are among its most crucial provisions. Debtor shall be in default
under this Security Agreement upon the occurrence of any of the following: (a)
Debtor fails to pay on or before the due date the full amount of any scheduled
payment, taxes, insurance premium, or other obligation secured by this Security
Agreement; (b) Debtor fails to perform any of Debtor's obligations under this
Security Agreement; (c) Any representation Debtor has made in this Security
Agreement or in any credit application or financial statement Debtor has given
to Secured Party in connection with the credit secured by this Security
Agreement turns out to be false; (d) Any check, note or other instrument given
for a payment is dishonored when presented for payment; (e) The Collateral is
seized or levied upon under any legal or governmental process or proceeding
against Debtor or the Collateral; (f) Debtor becomes insolvent or subject to
insolvency proceedings as defined in the Uniform Commercial Code or becomes
subject to bankruptcy; (g) Debtor defaults in the payment or performance of any
other agreement in connection with any other obligation for borrowed money; or
(h) Secured Party reasonably deems the Collateral in danger of misuse,
confiscation, damage, or destruction.

16. REMEDIES. In the event of an event of default, Secured Party may declare the
entire Indebtedness secured by this Security Agreement immediately due and
payable, without protest, presentment, notice, or demand, all of which Debtor
waives. All sums remaining unpaid in the agreed or accelerated date of maturity
shall bear interest at the rate of 1-1/2% per month, provided that such a rate
is not prohibited by law, otherwise at the highest lawful contract rate. If
Debtor defaults under this Security Agreement, in addition to the rights that
Secured Party has under the law in effect at the time of default, the following
provisions shall apply: (a) On Secured Party's demand, Debtor shall deliver
possession of the Collateral to Secured Party at a place Secured Party
designates reasonably convenient to both parties: (b) Secured Party may enter
any premises where the Collateral may be found and take possession of it without
notice, demand, or legal proceedings: (c) Secured Party shall give Debtor at
least ten (10) days written notice of any sale of the Collateral, which Debtor
agrees to be reasonable notice. Notice shall be given at the address specified
in this Security Agreement or other such address that Debtor may have previously
specified in writing to Secured Party. Notice shall be effective when deposited
in the mails, postage prepaid, addressed as provided above: (d) Expenses of
retaking, holding, preparing for sale, selling and the like shall include (i)
the fees of any attorneys retained by Secured Party and (ii) all other legal
expenses incurred by Secured Party. Debtor agrees that it shall be liable for
and shall promptly pay any deficiency resulting from any disposition of the
Collateral after default.

17. NO WRONGFUL POSSESSION. Debtor agrees that if Secured Party repossesses the
Collateral or otherwise obtains possession of it, Secured Party will not be in
wrongful possession of any property contained in the Collateral or attached to
it in which Secured Party does not have a security interest. Secured Party
agrees to make any such property available to Debtor to take back at a place
reasonably convenient to both parties.

                                                               DEBTOR'S INITIALS
DEBTOR:           Boyd Brothers Transportation, Inc.                  RB
CONTRACT DATE:    May 23, 2003

                                  Page 3 of 5

<PAGE>

PACCAR
FINANCIAL                                         DIRECT LOAN SECURITY AGREEMENT

18. VARIATIONS OF CONTRACT. No provision of this Security Agreement may be
changed or amended unless by a written contract signed by Secured Party. Secured
Party's acceptance of late payments does not mean that Secured Party is
obligated to accept late payments in the future. No waiver of any default shall
operate as a waiver of any other default.

19. ENTIRE AGREEMENT: SEVERABILITY. THIS Security Agreement is the complete and
exclusive statement of rights and duties between Debtor and Secured Party. If
any provision is held unenforceable, it shall be deemed omitted without
affecting the enforceability of the remaining provisions.

20. BAD CHECKS. Whenever a check, draft or order given by or on behalf of
Debtor, for the purpose of payment of any obligation arising under this Security
Agreement, has been dishonored for lack of funds or credit to pay the same or
the maker, issuer or drawer has no account with the drawee, Secured Party may
collect from Debtor a reasonable handling fee, not to exceed the maximum amount
allowed by law in the state chosen by the parties to govern this Security
Agreement.

21. CROSS COLLATERAL. Debtor grants to Secured Party a security interest in all
collateral securing the payment and performance on any and all absolute or
contingent obligations and liabilities of Debtor to Secured Party, now existing
or hereinafter arising, whether under this Security Agreement or any other
agreement between Debtor and Secured Party, including, but not limited to,
security agreement retail installment contracts and equipment lease agreements.

22. MISCELLANEOUS. (a) This Security Agreement shall be binding, jointly and
severally, upon all parties described as the "Debtor" and their respective
heirs, executors, representatives, successors and assigns, and shall inure to
the benefit of Secured Party, its successors and assigns. (b) This Security
Agreement and any other evidence of the Indebtedness given in connection
herewith may be assigned without notice to Debtor and Debtor hereby waives any
defense, counterclaim or cross-complaint by Debtor against any assignee,
agreeing that Secured Party shall be solely responsible therefor. (c) Debtor
waives all homestead and other property exemption laws. (d) Debtor agrees to
furnish its annual financial statements and such interim statements as Secured
Party may require in form satisfactory to Secured Party. Any and all financial
statements will be prepared on a basis of generally accepted accounting
principles, and will be complete and correct and fairly present Debtor's
financial condition as of the date thereof. Secured Party may at any reasonable
time examine the books and records of Debtor and make copies thereof. (e) Debtor
acknowledges receipt of a true copy of this Security Agreement, and waives
acceptance hereof. (f) This Security Agreement shall continue in full force and
effect for so long as there shall remain in existence obligations or liabilities
from Debtor to Secured Party and for so long after the payment of all
outstanding obligations and liabilities as it is reasonably contemplated that
there may be future obligations and liabilities between Debtor and Secured
Party, which future obligations and liabilities shall be secured by the security
interest granted in this Security Agreement. (g) This Security Agreement may be
executed in one or more counterparts, each of which may be deemed to be the
original instrument, but all of which together shall constitute but one
instrument, and only one set of rights, duties and obligations shall arise
therefrom.

23. ADDITIONAL STATE-SPECIFIC PROVISIONS. For purposes of Florida law, the term
"principal balance" shall mean the "amount financed," i.e., the amount of credit
provided to you. For purposes of Texas law, the term "principal balance" shall
mean the "unpaid balance," i.e., the amount financed.

Texas document preparation fee disclosure: "A DOCUMENTARY FEE IS NOT AN OFFICIAL
FEE. A DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATING TO THE CLOSING OF A SALE. A
DOCUMENTARY FEE MAY NOT EXCEED $50 FOR A MOTOR VEHICLE CONTRACT OR A REASONABLE
AMOUNT AGREED TO BY THE PARTIES FOR A HEAVY COMMERCIAL VEHICLE CONTRACT. THIS
NOTICE IS REQUIRED BY LAW."

                                                               DEBTOR'S INITIALS
DEBTOR:           Boyd Brothers Transportation, Inc.                  RB
CONTRACT DATE:    May 23, 2003

                                  Page 4 of 5

<PAGE>

PACCAR
FINANCIAL

                                                  DIRECT LOAN SECURITY AGREEMENT

                                NOTICE TO DEBTOR

1.   LIABILITY INSURANCE FOR BODILY INJURY AND PROPERTY DAMAGE CAUSED TO OTHERS
     NOT INCLUDED UNDER THIS CONTRACT.

2.   DO NOT SIGN THIS SECURITY AGREEMENT BEFORE YOU HAVE READ IT OR IF IT
     CONTAINS ANY BLANK SPACES.

3.   YOU ARE ENTITLED TO AN EXACT COPY OF THE SECURITY AGREEMENT YOU SIGN.

4.   UNDER THE LAW, YOU HAVE THE RIGHT: (A) TO PAY OFF IN ADVANCE THE FULL
     AMOUNT AND MAY OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE; (B) TO REDEEM
     THE PROPERTY IF REPOSSESSED FOR A DEFAULT; AND (C) TO REQUIRE, UNDER
     CERTAIN CONDITIONS, A RESALE OF THE PROPERTY, IF REPOSSESSED.

5.   KEEP THIS SECURITY AGREEMENT TO PROTECT YOUR LEGAL RIGHTS.

6.   NOTICE REQUIRED FOR CONTRACTS GOVERNED BY ARIZONA LAW: SELLER IS REGULATED
     BY THE ARIZONA STATE BANKING DEPARTMENT, AND COMPLAINTS CONCERNING THIS
     CONTRACT MAY BE MADE TO THAT AGENCY AT 2910 N.44TH STREET, SUITE 310,
     PHOENIX, AZ 85018 ((602) 255-4421).

7.   NOTICE REQUIRED FOR CONTRACTS GOVERNED BY TEXAS LAW TO CONTACT PACCAR
     FINANCIAL CORP. ABOUT THIS ACCOUNT, CALL (940) 484-8100. THIS CONTRACT IS
     SUBJECT IN WHOLE OR IN PART TO TEXAS LAW, WHICH IS ENFORCED BY THE CONSUMER
     CREDIT COMMISSIONER, 2601 NORTH LAMAR, AUSTIN, TX 78705 ((713) 461-4074).

DEBTOR ACKNOWLEDGES THAT A TRUE COPY OF THIS SECURITY AGREEMENT HAS BEEN
RECEIVED, READ, AND WAS COMPLETELY FILLED IN BEFORE BEING SIGNED.

IN WITNESS WHEREOF, Debtor and Secured Party, intending to be legally bound
hereby, have duly executed this Security Agreement as of the day and year first
above written.

SECURED PARTY:                           DEBTOR:
        PACCAR Financial Corp.                BOYD BROTHERS TRANSPORTATION, INC.
BY:_________________________________     BY: -s- Richard Bailey
                                            ------------------------------------
NAME:                                    NAME:  Richard Bailey

TITLE:                                   TITLE: CFO

DATE:  May 23, 2003                      DATE:   May 23, 2003

                                         TAX ID: 63-6006515

                                                               DEBTOR'S INITIALS
DEBTOR:           Boyd Brothers Transportation, Inc.                 RB
CONTRACT DATE:    May 23, 2003

                                  Page 5 of 5
<PAGE>

PACCAR                                            DIRECT LOAN SECURITY AGREEMENT
FINANCIAL                                                    COLLATERAL ADDENDUM

This Collateral Addendum is annexed to and made part of a Direct Loan Security
Agreement dated May 23, 2003 by and between PACCAR FINANCIAL CORP. as "Secured
Party" and BOYD BROTHERS TRANSPORTATION, INC. as "Debtor" and describes
collateral in which Debtor grants Secured Party a security interest under the
terms and conditions of Paragraphs 3 and 4 of the Direct Loan Security
Agreement:

<TABLE>
<CAPTION>
                      DESCRIPTION OF COLLATERAL
--------------------------------------------------------------------
YEAR     MAKE         MODEL       VEHICLE IDENTIFICATION     COMMENT
----     --------     -------     ----------------------     -------
<S>      <C>          <C>         <C>                        <C>
2004     Fontaine     Flatbed          13N14830241519372

2004     Fontaine     Flatbed          13N14830441519373

2004     Fontaine     Flatbed          13N14830641519374

2004     Fontaine     Flatbed          13N14830841519375

2004     Fontaine     Flatbed          13N14830X41519376

2004     Fontaine     Flatbed          13N14830141519377

2004     Fontaine     Flatbed          13N14830141519380

2004     Fontaine     Flatbed          13N14830341519381

2004     Fontaine     Flatbed          13N14830741519383

2004     Fontaine     Flatbed          13N14830941519384

2004     Fontaine     Flatbed          13N14830041519385

2004     Fontaine     Flatbed          13N14830441519387

2004     Fontaine     Flatbed          13N14830641519388

2004     Fontaine     Flatbed          13N14830841519389

2004     Fontaine     Flatbed          13N14830841519392

2004     Fontaine     Flatbed          13N14830X41519393

2004     Fontaine     Flatbed          13N14830141519394

2004     Fontaine     Flatbed          13N14830541519396

2004     Fontaine     Flatbed          13N14830741519397

2004     Fontaine     Flatbed          13N14830941519398

2004     Fontaine     Flatbed          13N14830941519399

2004     Fontaine     Flatbed          13N14830341519400

2004     Fontaine     Flatbed          13N14830541519401

2004     Fontaine     Flatbed          13N14830041519404

2004     Fontaine     Flatbed          13N14830641519407

2004     Fontaine     Flatbed          13N14830841519408

2004     Fontaine     Flatbed          13N14830X41519409

2004     Fontaine     Flatbed          13N14830841519411

2004     Fontaine     Flatbed          13N14830X41519412

2004     Fontaine     Flatbed          13N14830141519413
</TABLE>

SECURED PARTY:                           DEBTOR:
        PACCAR FINANCIAL CORP.                BOYD BROTHERS TRANSPORTATION, INC.

BY:_________________________________     BY: /s/ Richard Bailey
                                            ------------------------------------
NAME:_______________________________     NAME:  Richard Bailey

TITLE:______________________________     TITLE: CFO

DATE:  May 23, 2003                      DATE:  May 23, 2003

                                         TAX ID: 63-6006515

DEBTOR:        Boyd Brothers Transportation, Inc.
CONTRACT DATE: May 23, 2003       Page 1 of 1

<PAGE>

PACCAR                                                        INSURANCE APPENDIX
FINANCIAL                             COMPREHENSIVE AND COLLISION SELF INSURANCE

This appendix is attached to and incorporated into the Direct Loan Security
Agreement (Security Agreement) dated May 23, 2003 between BOYD BROTHERS
TRANSPORTATION, INC. ("Debtor") and PACCAR FINANCIAL CORP. ("Secured Party"),
relating to the purchase and sale of certain Equipment described in the
Description of Vehicle - Collateral section of the Security Agreement.
Capitalized terms used herein and not otherwise defined have the meanings set
forth in the Security Agreement.

Section 8 of the Security Agreement requires Debtor to" keep the Collateral
continuously insured against fire, theft, collision and any other hazard Secured
Party specifies" on the terms stated therein.

Provided that no default has occurred under the Security Agreement, Secured
Party hereby waives the requirements of Section 8 of the Security Agreement.

In consideration of Secured Party's waiver of the requirements of Section 8 of
the Security Agreement, Debtor agrees that:

(1)      In the event that an item of Collateral is lost, stolen, destroyed or
         damaged, Debtor shall, within thirty (30) days thereof and at Secured
         Party's election,

         (A)      replace the item of Collateral with another item suitable to
                  Secured Party; or

         (B)      pay the total amount of the obligation secured by the item of
                  Collateral; or

         (C)      repair the specific item of Collateral.

(2)      Secured Party may cancel this Appendix at any time and for any reason
         upon written notice of cancellation to Debtor. Debtor shall thereafter
         comply with the insurance provisions of Section 8 of the Security
         Agreement, and shall deliver the certificate of insurance required by
         Section 8 of the Security Agreement to Secured Party within ten (10)
         days of receipt of the notice of cancellation of this Appendix.

(3)      Nothing herein shall be construed to create any duty on the part of
         Secured Party to provide insurance of any kind and Debtor shall be
         solely liable for any loss, cost or damage incurred or allegedly
         incurred arising out of this Appendix.

         Debtor's failure to comply with any of the provisions of this Appendix
         shall constitute a default under the Security Agreement.

SECURED PARTY:                           DEBTOR:
        PACCAR FINANCIAL CORP.                BOYD BROTHERS TRANSPORTATION, INC.

BY:_________________________________     BY: /s/ Richard Bailey
                                            ------------------------------------
NAME:_______________________________     NAME:  Richard Bailey

TITLE:______________________________     TITLE: CFO

DATE:  May 23, 2003                      DATE:  May 23, 2003

                                         TAX ID: 63-6006515

DEBTOR:        Boyd Brothers Transportation, Inc.
CONTRACT DATE: May 23, 2003

<PAGE>

PACCAR                                                               DIRECT LOAN
FINANCIAL                                                      POWER OF ATTORNEY

I, Richard Bailey hereby constitute and appoint_______________________ of PACCAR
Financial Corp. as my attorney in fact to sign Applications for Title and/or
assignments on reverse side of Certificates of Title and/or to execute all
necessary written instruments covering the below described:

<TABLE>
<CAPTION>
              DESCRIPTION OF COLLATERAL
--------------------------------------------------------
YEAR     MAKE         MODEL       VEHICLE IDENTIFICATION
----     --------     -------     ----------------------
<S>      <C>          <C>         <C>
2004     Fontaine     Flatbed       13N14830241519372
2004     Fontaine     Flatbed       13N14830441519373
2004     Fontaine     Flatbed       13N14830641519374
2004     Fontaine     Flatbed       13N14830841519375
2004     Fontaine     Flatbed       13N14830X41519376
2004     Fontaine     Flatbed       13N14830141519377
2004     Fontaine     Flatbed       13N14830141519380
2004     Fontaine     Flatbed       13N14830341519381
2004     Fontaine     Flatbed       13N14830741519383
2004     Fontaine     Flatbed       13N14830941519384
2004     Fontaine     Flatbed       13N14830041519385
2004     Fontaine     Flatbed       13N14830441519387
2004     Fontaine     Flatbed       13N14830641519388
2004     Fontaine     Flatbed       13N14830841519389
2004     Fontaine     Flatbed       13N14830841519392
2004     Fontaine     Flatbed       13N14830X41519393
2004     Fontaine     Flatbed       13N14830141519394
2004     Fontaine     Flatbed       13N14830541519396
2004     Fontaine     Flatbed       13N14830741519397
2004     Fontaine     Flatbed       13N14830941519398
2004     Fontaine     Flatbed       13N14830941519399
2004     Fontaine     Flatbed       13N14830341519400
2004     Fontaine     Flatbed       13N14830541519401
2004     Fontaine     Flatbed       13N14830041519404
2004     Fontaine     Flatbed       13N14830641519407
2004     Fontaine     Flatbed       13N14830841519408
2004     Fontaine     Flatbed       13N14830X41519409
2004     Fontaine     Flatbed       13N14830841519411
2004     Fontaine     Flatbed       13N14830X41519412
2004     Fontaine     Flatbed       13N14830141519413
</TABLE>

and for said purpose to sign my name and do all things necessary.

/s/ Richard Bailey                                    8-11-03
----------------------------                          -----------------------
Appointer                                             Date

Subscribed and sworn to before me this 12 day of August 2003 in the State of
Alabama.                                                 (Seal)

/s/ Raynell Pelham
----------------------------
Notary Public

My commission expire 11-15-06

DEBTOR:        Boyd Brothers Transportation, Inc.
CONTRACT DATE: May 23, 2003

<PAGE>

PACCAR                                                 DIRECT LOAN CROSS-DEFAULT
FINANCIAL                                         AND CROSS COLLATERAL AGREEMENT

TO: PACCAR Financial Corp.

You have made one or more direct loans to us (herein designated "Accounts") for
the purpose of our buying, or refinancing already purchased, equipment and/or
inventory (herein designated "Collateral"). The Accounts create security
interests in the Collateral.

In order to induce you to extend our time of payment on one or more Accounts
and/or to make additional loans to us and/or to lease Collateral to us and/or to
purchase additional Accounts, and in consideration of you so doing, and for
other good and valuable consideration, the receipt and sufficiency of which we
hereby acknowledge, we agree as follows:

(1)      All presently existing and hereafter acquired Collateral (the
         description of which is incorporated herein by reference) in which you
         have or shall have a security interest shall secure the payment and
         performance of all of our liabilities and obligations to you of every
         kind and character, whether joint or several, direct or indirect,
         absolute or contingent, due or to become due, and whether under
         presently existing or hereafter created Accounts or agreements or
         otherwise (herein individually and collectively designated
         "Obligations").

(2)      We further agree that your security interest in the Collateral covered
         by any Account now held or hereafter acquired by you shall not be
         terminated in whole or part until and unless all of our Obligations to
         you are fully paid and satisfied and the terms of every Account now
         owned or hereafter acquired by you have been fully performed by us. It
         is further agreed that you are to retain your security interest in all
         Collateral covered by all Accounts now owned or hereafter acquired by
         you, as security for payment and performance under every Account,
         notwithstanding the fact that one or more of such Accounts have been
         or may become fully paid.

(3)      A default under any Account or other agreement between us shall be
         deemed to be a default under all other Accounts and agreements.

(4)      Upon our default, any and all Accounts and agreements shall, at your
         option, become immediately due and payable without notice or demand to
         us or any other party obligated thereon, and you shall have and may
         exercise any and all rights and remedies of a secured party under the
         Uniform Commercial Code as enacted in the applicable jurisdiction(s)
         and as otherwise granted or accorded to you under any Account, other
         agreement, rule of law, judicial decision or statute. We hereby waive,
         to the maximum extent permitted by law, notices of default, notices of
         repossession and sale or other disposition of collateral, and all other
         notices, and in the event any such notice cannot be waived, we agree
         that if such notice is mailed to us postage prepaid at the address
         shown below at least ten (10) days prior to the exercise by you of any
         of your rights or remedies, such notice shall be deemed to be
         reasonable and shall fully satisfy any requirement for giving notice.

(5)      All rights and remedies granted to you hereunder shall be cumulative
         and not alternative, shall be in addition to, and shall in no manner
         impair or affect, your rights and remedies under any existing Account,
         agreement, statute, judicial decision or rule of law.

This instrument is intended to create cross-default and cross-security between
and among all Accounts now owned or hereafter acquired by you.

This agreement may not be varied or altered nor its provisions waived except by
our duly executed written agreement. This agreement shall inure to the benefit
of your successors and assigns and shall be binding upon our heirs,
administrators, executors, legal representatives, successors and assigns.

IN WITNESS WHEREOF, we have executed this Agreement this twenty-third day of
May, 2003.

DEBTOR:
                 BOYD BROTHERS TRANSPORTATION, INC.

ADDRESS:         3275 Highway 30

CITY, STATE ZIP: Clayton, Alabama  36016

BY: /s/ Richard Bailey
   ------------------------------------

NAME:  Richard Bailey

TITLE: CFO

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