Document:

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                                                                   EXHIBIT 10.46

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                           WABASH NATIONAL CORPORATION

                                   ----------

                                SECOND AMENDMENT

                           Dated as of April 11, 2003

                                       To

                  AMENDED AND RESTATED NOTE PURCHASE AGREEMENT
                           Dated as of April 12, 2002

                                   ----------

      Re: $22,000,000 Adjustable Rate Senior Secured Notes, Series C, due
                                 March 30, 2004
$9,000,000 Adjustable Rate Senior Secured Notes, Series D, due December 17, 2004
$3,000,000 Adjustable Rate Senior Secured Notes, Series E, due March 13, 2005
        $13,000,000 Adjustable Rate Senior Secured Notes, Series F, due
                               December 17, 2006
        $20,000,000 Adjustable Rate Senior Secured Notes, Series G, due
                               December 30, 2008
                                      and
        $25,000,000 Adjustable Rate Senior Secured Notes, Series H, due
                               December 17, 2008

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        SECOND AMENDMENT TO AMENDED AND RESTATED NOTE PURCHASE AGREEMENT

                  This Second Amendment dated as of April 11, 2003 (the or this
"Second Amendment") to the Amended and Restated Note Purchase Agreement dated as
of April 12, 2002 is among Wabash National Corporation, a Delaware corporation
(the "Company"), the Subsidiary Guarantors (as defined below) and the several
Purchasers party to the Note Agreement (collectively, the "Noteholders").

                                    RECITALS:

                  A. The Company and the Noteholders have heretofore entered
into that certain Amended and Restated Note Purchase Agreement dated as of April
12, 2002 as amended by that certain First Amendment dated as of December 13,
2002 (as so amended, the "Note Agreement"). The Company has heretofore issued
its $22,000,000 10.41% Senior Secured Notes, Series C, due March 30, 2004
bearing PPN 929566 D* 5 (the "Original Series C Notes"), dated April 12, 2002,
its $9,000,000 10.56% Senior Secured Notes, Series D, due December 17, 2004
bearing PPN 929566 D@ 3 (the "Original Series D Notes"), dated April 12, 2002,
its $3,000,000 10.61% Senior Secured Notes, Series E, due March 13, 2005 bearing
PPN 929566 D# 1 (the "Original Series E Notes"), dated April 12, 2002, its
$13,000,000 10.72% Senior Secured Notes, Series F, due December 17, 2006 bearing
PPN 929566 E* 4 (the "Original Series F Notes"), dated April 12, 2002, its
$20,000,000 10.78% Senior Secured Notes, Series G, due December 30, 2008 bearing
PPN 929566 E@ 2 (the "Original Series G Notes"), dated April 12, 2002, and its
$25,000,000 10.80% Senior Secured Notes, Series H, due December 17, 2008 bearing
PPN 929566 E# 0 and dated April 12, 2002 (the "Original Series H Notes"; the
Original Series C Notes, the Original Series D Notes, the Original Series E
Notes, the Original Series F Notes, the Series G Notes and the Original Series H
Notes are hereinafter collectively referred to as the "Original Notes") pursuant
to the Note Agreement. The Noteholders are the holders of 100% of the principal
amount of the Notes presently outstanding.

                  B. Apex Trailer Leasing & Rentals, L.P., a Delaware limited
partnership ("Apex"), Cloud Oak Flooring Company, Inc., an Arkansas corporation
("Cloud"), Continental Transit Corporation, an Indiana corporation
("Continental"), FTSI Distribution Company, L.P., a Delaware limited partnership
("FTSI"), National Trailer Funding, L.L.C., a Delaware limited liability company
("National"), NOAMTC, Inc., a Delaware corporation ("NOAMTC"), Wabash Financing
LLC, a Delaware limited liability company ("Wabash Financing"), Wabash National,
L.P., a Delaware limited partnership ("Wabash National"), Wabash National
Services, L.P., a Delaware limited partnership ("Services"), Wabash Technology
Corp., a Delaware corporation ("Technology"), WNC Cloud Merger Sub, Inc., an
Arkansas corporation ("WNC Cloud"), WNC Receivables Management Corp., a Delaware
corporation ("Receivables"), and WTSI Technology Corp., a Delaware corporation
("WTSI") (Apex, Cloud, Continental, FTSI, National, NOAMTC, Wabash Financing,
Wabash National, Services, Technology, WNC Cloud, Receivables and WTSI are
hereinafter collectively referred to as the "Subsidiary Guarantors") have
heretofore entered into that certain Amended and Restated Subsidiary Guarantee
Agreement, dated as of April 12, 2002 (the "Subsidiary Guarantee Agreement")
under and pursuant to which each of the Subsidiary Guarantors guaranteed the
payment of the Original Notes and the performance by the Company of its
obligations under the Note Agreement.

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                  C. The Company and the Noteholders desire to further modify
the Note Agreement and to amend and restate the Notes to, among other things,
(i) amend certain covenants and related definitions, (ii) provide for additional
collateral to secure the obligations represented by the Notes and the Note
Guaranty, (iii) amend certain other provisions of the Note Agreement and (iv)
provide that the amendment to the Note Agreement be effective as of the date
hereof (the "Effective Date") in the respects, but only in the respects,
hereinafter set forth. The Subsidiary Guarantors in connection with this Second
Amendment desire to affirm their respective obligations under the Subsidiary
Guarantee Agreement.

                  D. All requirements of law have been fully complied with and
all other acts and things necessary to make this Second Amendment a valid, legal
and binding instrument according to its terms for the purposes herein expressed
have been done or performed.

                  NOW, THEREFORE, upon the full and complete satisfaction of the
conditions precedent to the effectiveness of this Second Amendment set forth in
SS.5 hereof, the Company, the Subsidiary Guarantors and the Noteholders, for
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, do hereby agree as follows:

         Section 1 Definitions; References. Unless otherwise specifically
defined herein, each term used herein which is defined in the Note Agreement
shall have the meaning assigned to such term in the Note Agreement. Each
reference to "hereof", "hereunder", "herein" and "hereby" and each other similar
reference and each reference to "this Agreement" and each other similar
reference contained in the Note Agreement shall from and after the date hereof
refer to the Note Agreement as amended hereby.

         Section 2 Amendments.

                  2.1. Schedule B of the Note Agreement is amended by adding the
following new defined terms in alphabetical order:

                  "Applicable Margin" shall mean the sum of (i) an amount equal
         to 0.50% for every 10% of negative variance from the Targeted
         Consolidated EBITDA Amount, (ii) 0.50% after the occurrence and during
         the continuation of the Leverage Valuation Ratio being determined at
         greater than 0.85 to 1 (which such Leverage Valuation Ratio is
         determined on a quarterly basis), (iii) 0.50% for every monthly
         occurrence of a negative Unadjusted Consolidated EBITDA and (iv) 0.20%
         for every month during which the "Additional Fee" (as identified and
         defined in Section 10.1(d) of the Fleet Participation Agreement) is
         payable under the Fleet Participation Agreement (a "Fleet Equivalent
         Increase"); provided that the amount calculated by adding the sum of
         the amounts set forth in clauses (i), (ii) and (iii) above shall not
         exceed 5.00% in the aggregate. Each calculation of the Applicable
         Margin will be determined and notice of the Company's determination
         will be provided to the Noteholders of the determination (with
         supporting financial information) as at the end of each calendar month
         and shall be applicable for the next succeeding calendar month and
         shall be determined without giving effect to, and shall not be additive
         of, the Applicable Margin determined in any previous month.

                  "Aggregate Closing Fees" shall be as defined in Section 3 of
         the Second Amendment.

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                   "Deferred Principal Amount" means, with respect to each
         monthly repayment by the Company of principal in accordance with
         Section 8.1(b)(iii) and Section 8.2 hereof occurring on or after the
         Second Amendment Effective Date, but prior to January 1, 2004, the
         Series C-H Note Principal Allocation multiplied by the excess of (x)
         $4,958,333 minus (y) the actual amount of such repayment of the Notes
         made by the Company on the last day of each month pursuant to either
         Section 8.1(b)(ii) or Section 8.2; it being understood and agreed that
         each occurrence of such an excess will create a new and independent
         Deferred Principal Amount.

                  "Eligible Asset Impairment Charges" means up to $35,000,000 in
         the aggregate attributable to, without duplication, any charges
         incurred by the Company in its fiscal year ending on December 31, 2003
         but only to the extent such charges relate solely and directly to the
         impairment of long-lived assets, goodwill and other intangible assets,
         all in accordance with GAAP.

                  "Eligible Miscellaneous Non-Cash Charges" means non-cash
         charges (including but not limited to non-cash losses on finance
         contracts, severance and other loss contingencies but excluding
         Eligible Asset Impairment Charges and Eligible Restructuring Charges),
         calculated in accordance with GAAP and, to the extent deducted in
         computing Consolidated Operating Income, incurred by the Company in its
         fiscal year ending on December 31, 2003 but only to the extent the
         aggregate amount of such non-cash charges do not exceed $10,000,000 in
         the aggregate.

                  "Eligible Restructuring Charges" means any charges incurred by
         the Company in its fiscal year ending on December 31, 2003 but only to
         the extent such charges (i) are incurred in accordance with GAAP and
         (ii) relate solely and directly to the restructuring, waiving or
         amending of the instruments and documents evidencing any of the Secured
         Obligations and other lines of credit, leases or other extensions of
         credit, including any amounts paid to any lenders, advisor fees and
         other related costs.

                  "Fleet Equivalent Increase" shall have the meaning assigned
         thereto in the definition of "Applicable Margin" herein.

                  "Fleet Participation Agreement" means that certain Amended and
         Restated Participation Agreement dated as of March 30, 2001 as
         currently in effect among Apex Trailer Leasing & Rentals, L.P., the
         Company, certain financial institutions from time to time party
         thereto, U.S. Bank National Association, as trustee and Fleet Capital
         Corporation individually and as owner participant, collateral agent and
         administrative agent, as such agreement may be amended, restated,
         supplemented or otherwise modified from time to time.

                  "Restructuring Fee" shall have the meaning assigned thereto in
         the Second Amendment.

                  "Second Amendment" means the Second Amendment to the Note
         Agreement dated as of April 11, 2003.

                  "Second Amendment Effective Date" means the "Effective Date"
         as defined in Recital C to this Second Amendment.

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                  "Series C Adjustable Rate" means the rate per annum to be
         borne by the Series C Notes which shall be the sum of (i) the
         Applicable Margin plus (ii) 10.91%.

                  "Series C-H Second Amendment Closing Fee" means an amount
         equal to 0.625% of the current principal balance of the Notes on the
         Second Amendment Effective Date.

                  "Series D Adjustable Rate" means the rate per annum to be
         borne by the Series D Notes which shall be the sum of (i) the
         Applicable Margin plus (ii) 11.06%.

                  "Series E Adjustable Rate" means the rate per annum to be
         borne by the Series E Notes which shall be the sum of (i) the
         Applicable Margin plus (ii) 11.11%.

                  "Series F Adjustable Rate" means the rate per annum to be
         borne by the Series F Notes which shall be the sum of (i) the
         Applicable Margin plus (ii) 11.22%.

                  "Series G Adjustable Rate" means the rate per annum to be
         borne by the Series G Notes which shall be the sum of (i) the
         Applicable Margin plus (ii) 11.28%.

                  "Series H Adjustable Rate" means the rate per annum to be
         borne by the Series H Notes which shall be the sum of (i) the
         Applicable Margin plus (ii) 11.30%.

                  "Targeted Consolidated EBITDA Amount" means, for any period,
         the cumulative Consolidated EBITDA amount (measured from and after
         January 1, 2003) furnished on March 6, 2003 to the Holders as part of
         the Company's 2003 budget minus that portion of such cumulative
         Consolidated EBITDA amount which is attributable to the sale, from and
         after January 1, 2003, of any assets or any Subsidiary, to the extent
         permitted herein or otherwise approved by the Required Holders.

                  "Unadjusted Consolidated EBITDA" means, for any period, on a
         consolidated basis for the Company and its consolidated Subsidiaries,
         the sum of the amounts for such period, without duplication, of (i)
         Consolidated Operating Income, plus (ii) charges against income for
         foreign taxes and U.S. income taxes to the extent deducted in computing
         Consolidated Operating Income, plus (iii) Interest Expense to the
         extent deducted in computing Consolidated Operating Income, plus (iv)
         depreciation expense to the extent deducted in computing Consolidated
         Operating Income, plus (v) amortization expense, including, without
         limitation, amortization of goodwill and other intangible assets to the
         extent deducted in computing Consolidated Operating Income, plus (vi)
         Eligible Asset Disposition Charges to the extent deducted in computing
         Consolidated Operating Income, minus (a) the total interest income of
         the Company and its Subsidiaries to the extent included in computing
         Consolidated Operating Income and minus (b) the total tax benefit
         reported by the Company and its Subsidiaries to the extent included in
         computing Consolidated Operating Income.

                  2.2. Schedule B of the Note Agreement is further amended by
amending and restating the following definitions in their entirety to read as
follows:

                  "Consolidated EBITDA" means, for any period, on a consolidated
         basis for the Company and its consolidated Subsidiaries, the sum of the
         amounts for such period, without duplication, of (i) Consolidated
         Operating Income, plus (ii) charges against

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         income for foreign taxes and U.S. income taxes to the extent deducted
         in computing Consolidated Operating Income, plus (iii) Interest Expense
         to the extent deducted in computing Consolidated Operating Income, plus
         (iv) depreciation expense to the extent deducted in computing
         Consolidated Operating Income, plus (v) amortization expense,
         including, without limitation, amortization of goodwill and other
         intangible assets to the extent deducted in computing Consolidated
         Operating Income, plus (vi) Eligible Asset Disposition Charges to the
         extent deducted in computing Consolidated Operating Income, plus (vii)
         Eligible Asset Impairment Charges to the extent deducted in computing
         Consolidated Operating Income, plus (viii) Eligible Miscellaneous
         Non-Cash Charges to the extent deducted in computing Consolidated
         Operating Income, plus (ix) Eligible Restructuring Charges to the
         extent deducted in computing Consolidated Operating Income, minus (a)
         the total interest income of the Company and its Subsidiaries to the
         extent included in computing Consolidated Operating Income and minus
         (b) the total tax benefit reported by the Company and its Subsidiaries
         to the extent included in computing Consolidated Operating Income.

                  "Consolidated Equity" means as of the date of any
         determination thereof for any relevant period, the total stockholders'
         equity of the Company and its Subsidiaries on a consolidated basis, as
         determined in accordance with GAAP, plus the sum of the amounts for
         such period, without duplication, of (i) foreign currency translation
         and transaction gains and losses, (ii) all charges against income for
         foreign taxes and U.S. income taxes, (iii) Eligible Asset Disposition
         Charges, (iv) Eligible Asset Impairment Charges, (v) Eligible Non-Cash
         Miscellaneous Charges, and (vi) Eligible Restructuring Charges.

                  "Default Rate" means that rate of interest that is the greater
         of (a) the Series C Adjustable Rate plus 2% per annum in case of the
         Series C Notes, the Series D Adjustable Rate plus 2% per annum in case
         of the Series D Notes, the Series E Adjustable Rate plus 2% per annum
         in case of the Series E Notes, the Series F Adjustable Rate plus 2% per
         annum in case of the Series F Notes, the Series G Adjustable Rate plus
         2% per annum in case of the Series G Notes, the Series H Adjustable
         Rate plus 2% per annum in case of the Series H Notes, or (b) 2% over
         the rate of interest publicly announced by JP Morgan Chase Bank of New
         York in New York City, New York as its "base" or "prime" rate.

                  "Eligible Asset Disposition Charges" means charges, calculated
         in accordance with GAAP, incurred by the Company in its fiscal year
         ending on December 31, 2003 but only to the extent (i) such charges
         relate solely and directly to the sales of assets and properties
         permitted under SECTION 10.2(B) (including without limitation charges
         composed of brokerage and investment banking fees, rental and used
         trailer disposition fees and charges and other disposition transaction
         costs) and (ii) the proceeds of such sales are used to prepay
         Indebtedness of the Company and its Subsidiaries to the extent
         permitted hereunder.

                  2.3. The second and third full paragraphs of SECTION 1.1 of
the Note Agreement are hereby amended and restated as follows:

                  "Upon the Second Amendment Effective Date the Company will
         amend and restate the Notes (other than the Original Series B Notes) in
         the forms of EXHIBITS 1-6

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         attached to the Second Amendment. Reference in this Agreement to the
         "Series C Notes" shall be a reference to the Series C Notes as amended
         and restated in the form of EXHIBIT 1 together with the applicable PIK
         Notes related thereto. Reference in this Agreement to the "Series D
         Notes" shall be a reference to the Series D Notes as amended and
         restated in the form of EXHIBIT 2 together with the applicable PIK
         Notes related thereto. Reference in this Agreement to the "Series E
         Notes" shall be a reference to the Series E Notes as amended and
         restated in the form of EXHIBIT 3 together with the applicable PIK
         Notes related thereto. Reference in this Agreement to the "Series F
         Notes" shall be a reference to the Series F Notes as amended and
         restated in the form of EXHIBIT 4 together with the applicable PIK
         Notes related thereto. Reference in this Agreement to the "Series G
         Notes" shall be a reference to the Series G Notes as amended and
         restated in the form of EXHIBIT 5 together with the applicable PIK
         Notes related thereto. Reference in this Agreement to the "Series H
         Notes" shall be a reference to the Series H Notes as amended and
         restated in the form of EXHIBIT 6 together with the applicable PIK
         Notes related thereto. Upon the Second Amendment Effective Date the
         Company will amend and restate the PIK Notes in the forms of EXHIBIT 7
         and 8 attached to the Second Amendment. Reference in this Agreement to
         the "Notes" shall be a reference to the Notes and PIK Notes as so
         amended and restated in EXHIBITS 1-8 attached to the Second Amendment
         with such changes therefrom, if any, as may be approved by you and the
         Company. The Notes shall be substantially in the form set out in
         EXHIBITS 1-8, respectively, to the Second Amendment, with such changes
         therefrom, if any, as may be approved by you and the Company. Certain
         capitalized terms used in this Agreement are defined in Schedule B;
         references to a "Schedule" or an "Exhibit" are, unless otherwise
         specified, to a Schedule or Exhibit to this Agreement.

                  Each of the Notes shall bear interest from the date thereof
         until such note shall become due and payable in accordance with the
         terms thereof and hereof (whether at maturity by acceleration or
         otherwise) at the applicable adjustable rate. Interest on each note
         shall be computed on the basis of a 360-day year of twelve 30-day
         months. Notwithstanding the foregoing, the Company shall pay interest
         on any overdue payment (including any overdue prepayment) of principal,
         any overdue payment of interest and any overdue payment of any
         Make-Whole Amount at the applicable Default Rate in accordance with the
         Notes and the terms hereof."

                  2.4. SECTION 4.11(B) of the Note Agreement shall be amended
and restated in its entirety as follows:

                  "(b) The Company shall have issued to each Holder (other than
         to the Series C Holders) a promissory grid note in substantially the
         form of EXHIBIT 8 (each a "Make-Whole Note" and collectively, the
         "Make-Whole Notes") which shall evidence the payment by the Company to
         each such Holder of the applicable Make-Whole Amount upon the
         prepayment of the Notes (other than the Series C Notes) in accordance
         with the terms and provisions of SECTION 8.1(B). Interest on the
         Make-Whole Notes shall accrue monthly, shall be computed at a rate
         equal to (i) in the case of the Make-Whole Notes held by the Series D
         Holders, at the Series D Adjustable Rate per annum, (ii) in the case of
         the Make-Whole Notes held by the Series E Holders, at the Series E
         Adjustable Rate per annum, (iii) in the case of the Make-Whole Notes
         held by the Series F Holders, at the

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         Series F Adjustable Rate per annum, (iv) in the case of the Make-Whole
         Notes held by the Series G Holders, at the Series G Adjustable Rate per
         annum, and (v) in the case of the Make-Whole Notes held by the Series H
         Holders, at the Series H Adjustable Rate per annum, and shall be added
         to the interest-bearing principal amount of the Make-Whole Notes."

                  2.5. SECTION 7.1(A)(I) of the Note Agreement is amended to
insert the following immediately after the reference to "As soon as practicable
and in any event" appearing therein:

         "(A) By no later than fifteen (15) days after the end of each monthly
         accounting period of the Company, the following (prepared in such
         format and detail as is required by the Holders): (1) a statement of
         projected cash sources and uses of the Company and its Subsidiaries for
         the 13 calendar weeks following such monthly accounting period and a
         report (to the extent requested by the Holders from time to time)
         containing management's discussion and analysis of such projections and
         (2) a statement of cash sources and uses for the immediately preceding
         monthly accounting period of the Company and for such historical period
         as is reasonably required by the Holders, in comparative form against
         the figures and for the corresponding date and period in the projected
         cash flow statements required under the foregoing subsection (1); the
         foregoing statements required under subsections (1) and (2) being duly
         certified by the chief financial officer or treasurer of the Company,
         (B) Concurrently with the delivery of each monthly report and
         information under the Fleet Participation Agreement (including without
         limitation under Section 6.1(e)(vii) thereof), the Company shall
         deliver to the Noteholders copies of such reports and information and
         any other information relevant to the calculation and determination of
         the Fleet Equivalent Increase and (C)"

                  2.6. SECTION 8.1(B) of the Note Agreement is amended and
restated in its entirety as follows:

                  "(b) With Make-Whole Premium.

                           (i) On the last day of each month commencing with
                  April 30, 2002 through and including December 31, 2002, the
                  Company will prepay the Notes in an aggregate principal amount
                  equal to the product of the Series C-H Note Principal
                  Allocation times $1,166,667, together with the Make-Whole
                  Amount payable with respect thereto; provided that no portion
                  of such prepayment shall be applied to any Deferral Fee Note
                  or Make-Whole Note.

                           (ii) On the last day of each month commencing with
                  January 31, 2003 through April 30, 2003, the Company will
                  prepay the Notes in an aggregate principal amount equal to the
                  product of the Series C-H Note Principal Allocation times
                  $4,958,333, together with the Make-Whole Amount payable with
                  respect thereto; provided that no portion of such prepayment
                  shall be applied to any Deferral Fee Note or Make-Whole Note.

                           (iii) On the last day of each month commencing with
                  May 31, 2003 through December 31, 2003, the Company will
                  prepay the Notes in an aggregate

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                  principal amount equal to the product of the Series C-H Note
                  Principal Allocation times $2,479,167, together with the
                  Make-Whole Amount payable with respect thereto; provided that
                  no portion of such prepayment shall be applied to any Deferral
                  Fee Note or Make-Whole Note; further provided however that the
                  Company will prepay the Notes in an aggregate principal amount
                  equal to the aggregate amount of the Deferred Principal
                  Amounts on January 15, 2004, together with the Make-Whole
                  Amount payable with respect thereto.

                           (iv) On the last day of each month commencing with
                  January 31, 2004 through March 30, 2004, the Company will
                  prepay the Notes in an aggregate principal amount equal to the
                  product of the Series C-H Note Principal Allocation times
                  $4,958,333, together with the Make-Whole Amount payable with
                  respect thereto; provided that no portion of such prepayment
                  shall be applied to any Deferral Fee Note or Make-Whole Note.

                           (v) Within three Business Days after the end of each
                  fiscal quarter of the Company (commencing with the fiscal
                  quarter ending on March 31, 2004), the Company will prepay the
                  Notes in an aggregate principal amount equal to the product of
                  the Series C-H Note Principal Allocation times the Excess Cash
                  Flow if positive, for such quarter, together with the
                  Make-Whole Amount payable with respect thereto; provided that
                  no portion of such prepayment shall be applied to any Deferral
                  Fee Note or Make-Whole Note.

                           (vi) All prepayments made under and pursuant to this
                  SECTION 8.1(B) shall be applied in accordance with the terms
                  and provisions of SECTION 8.3. All amounts of Make-Whole
                  Amount due and payable with respect to such prepayments shall
                  be added to the outstanding principal amount of the Make-Whole
                  Notes and an appropriate entry on the grid attached thereto
                  shall be made by each holder of such Make-Whole Notes."

                  2.7. Section 8 of the Note Agreement is amended to insert new
SECTION 8.7 thereto which shall read as follows:

                  "8.7 Deferral Fee; Restructuring Fee. In addition to all other
         amounts otherwise payable under the Notes (as amended and restated in
         accordance herewith), the Company shall pay, by no later than January
         15, 2004, (x) the Restructuring Fee and (y) a fee to the Holders of the
         Notes in accordance with their Pro Rata Shares in an amount equal to
         the aggregate of (i) interest on each Deferred Principal Amount at a
         rate per annum equal to 2.00% above the rate of interest otherwise
         payable under each respective series of Notes (as amended and restated
         in accordance herewith) of the Deferred Principal Amount from the date
         such Deferred Principal Amount is determined under this Agreement until
         the date such Deferred Principal Amount has been paid in full and (ii)
         interest on each Deferred Principal Amount at a rate per annum equal to
         1.00% above the rate of interest otherwise payable under each
         respective series of Notes (as amended and restated in accordance
         herewith) of such Deferred Principal Amount on the day before the
         Deferred Principal Amount has been paid in full and from the date such
         Deferred Principal Amount has been paid in full (through voluntary
         prepayments pursuant to SECTION 8.2 hereof) to, but not including
         January 15, 2004. Each such voluntary prepayment shall be

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         applied to the earliest occurring Deferred Principal Amount and, after
         the same has been paid in full, thereafter to each immediately
         succeeding Deferred Principal Amount until all outstanding Deferred
         Principal Amounts have been paid in full. On January 15, 2004, the
         Company shall pay all outstanding Deferred Principal Amounts. The
         Company agrees that in connection with any payment of fees payable to
         (a) the Lenders under the Credit Agreement, or (b) the holders under
         the Series A Note Purchase Agreements or the Series I Note Purchase
         Agreement, that is similar to the interest payable to the Noteholders
         on Deferred Principal Amount and set forth in this Section 8.7, the
         Company shall concurrently pay to the Noteholders a pro rata amount of
         such payment."

                  2.8. SECTION 9 of the Note Agreement is amended to insert a
new SECTION 9.18 thereto which shall read as follows:

                  "9.18 Canadian Guaranty and Collateral. By no later than May
         31, 2003, the Company shall (i) cause its Canadian Subsidiary to
         execute and deliver to the Holders, a guarantee of the Obligations
         pursuant to a guaranty agreement, or supplement thereto, in form and
         substance satisfactory to the Holders and their counsel, (ii) cause its
         Canadian Subsidiary to execute and deliver to the Collateral Agent a
         general security agreement, or supplement thereto, in form and
         substance satisfactory to the Collateral Agent and its counsel, (iii)
         execute and deliver a Pledge Agreement, or supplement thereto, pledging
         100% of the capital stock of its Canadian Subsidiary and (iv) deliver
         to the Holders corporate resolutions and other documentation (including
         legal opinions, Personal Property Security Act financing statements and
         such other instruments and documents as are requested by, and in form
         and substance satisfactory to, the Holders and their counsel) related
         to the delivery of the foregoing agreements; provided that the Company
         may elect not to provide that portion or amount of the collateral
         described above and evidenced by any of the foregoing instruments and
         documents to the extent but only to the extent that delivery of such
         collateral would cause its Canadian Subsidiary's accumulated and
         undistributed earnings and profits to be deemed to be repatriated to
         the Company or a Domestic Subsidiary for U.S. federal income tax
         purposes and the effect of such repatriation would be to cause
         materially adverse tax consequences for the Company."

                  2.9. SECTIONS 10.3(A), (B), (C), (D), (E) and (F) of the Note
Agreement are amended and restated in their entireties as follows:

                  "(a)  Intentionally Omitted.

                  (b) Minimum Consolidated Equity. The Company shall, as of the
         last day of each of the fiscal quarters specified below, maintain
         Consolidated Equity at an amount not less than the applicable "Minimum
         Consolidated Equity" specified below:

<TABLE>
<CAPTION>
                               Fiscal Quarter Ending           Minimum Consolidated Equity
                               ---------------------           ---------------------------
<S>                                                            <C>
                          March 31, 2003                               $40,000,000
                          June 30, 2003                                $35,000,000
                          September 30, 2003                           $30,000,000
                          December 31, 2003                            $25,000,000
</TABLE>

                                      -9-
<PAGE>

                  (c) Maximum Leverage Valuation Ratio. The Company shall not
         permit, as of the last day of each of the fiscal quarters specified
         below, the Leverage Valuation Ratio to exceed the applicable "Maximum
         Leverage Valuation Ratio" specified below:

<TABLE>
<CAPTION>
                               Fiscal Quarter Ending        Maximum Leverage Valuation Ratio
                               ---------------------        --------------------------------
<S>                                                         <C>
                          March 31, 2003                                0.95 to 1
                          June 30, 2003                                 0.95 to 1
                          September 30, 2003                            0.95 to 1
                          December 31, 2003                             0.95 to 1
</TABLE>

                  (d) Minimum Consolidated EBITDA. The Company shall, as of the
         last day of each of the fiscal quarters specified below, maintain
         Consolidated EBITDA, determined on a cumulative basis from January 1,
         2003 through each determination set forth below, at an amount equal to
         or greater than the respective amounts set forth below:

<TABLE>
<CAPTION>
                                                                  Minimum Cumulative
                                   Quarter Ending                 Consolidated EBITDA
                                   --------------                 -------------------
<S>                                                         <C>
                          March 31, 2003                               $         0
                          June 30, 2003                                $ 5,000,000
                          September 30, 2003                           $15,000,000
                          December 31, 2003                            $20,000,000
</TABLE>

                  (e) Minimum Interest Coverage Cash Collateral. The Company
         shall, by no later than December 31, 2002, enter into a Cash Collateral
         Agreement and, by no later than one (1) Business Day prior to the first
         day of each fiscal quarter of the Company ending on or after March 31,
         2003, deposit funds (the "Cash Collateral Funds") with the Collateral
         Agent in an amount not less than the aggregate amount of interest
         required to be paid, through the end of the immediately succeeding
         fiscal quarter, under the Note Agreement, the Series A Note Purchase
         Agreements, the Series I Note Purchase Agreements, and under the Credit
         Agreement; provided that (i) in the case of interest required to be
         paid through the end of the fiscal quarter ending on March 31, 2004,
         the Company may deposit Cash Collateral Funds on or before (but not
         after) January 15, 2004 and (ii) it being understood and agreed that
         if, at any time subsequent to the date Cash Collateral Funds are
         deposited, the aggregate amount of interest required to be so paid
         increases, the Company shall promptly, and in any event within three
         (3) Business Days after demand by the Agent under the Credit Agreement
         or by the holders of the Senior Notes, deposit additional funds with
         the Collateral Agent in an aggregate amount not less than the amount of
         such increase.

                  (f) Maximum Capital Expenditures. The Company will not, and
         will not permit any Subsidiary to, expend for Capital Expenditures
         during any fiscal year of the Company and its Subsidiaries, in excess
         of $4,000,000 in the aggregate for the Company and its Subsidiaries."

                                      -10-
<PAGE>

                  2.10. SECTION 11(B)(II) of the Note Agreement is amended by
inserting "or SECTION 9.18" immediately after the reference to "SECTION 9.16"
appearing therein.

                  2.11. SECTION 11 of the Note Agreement is amended to add a new
subsections (s) and (t) which shall read as follows:

                  "(s) Failure to Deliver Refinancing Commitment Letter. The
         Company shall fail to deliver, by no later than January 31, 2004, a
         binding commitment evidenced by a commitment letter (which terms shall
         be in form and substance satisfactory to the Required Secured Parties
         as defined in the Intercreditor Agreement) from a bank, institutional
         lender or other qualified lending source to pay in full on or before
         March 30, 2004, the Secured Obligations as defined in the Intercreditor
         Agreement.

                  (t) Fleet Cross Default. A default or breach under the Fleet
         Participation Agreement shall occur, regardless of whether such default
         is waived or whether any right with respect to such default or breach
         is exercised (including, without limitation, any default or breach
         arising out of a failure by the Company to deliver a business plan as
         required by Section 6.1(o) thereof."

                  2.12. EXHIBIT 7.1(B) to the Note Agreement is amended in its
entirety by substituting therefor AMENDED EXHIBIT 7.1(B) attached to this Second
Amendment.

                  2.13. EXHIBITS 1 through 8 of the Note Agreement are amended
in their entirety by substituting therefor AMENDED EXHIBITS 1 through 8 attached
to this Second Amendment.

         SECTION 3 Payment of Second Amendment Closing Fees and Restructuring
Fee.

         (a) The Company acknowledges that upon the Effective Date and as a
condition to the effectiveness of this Second Amendment it is required to pay
(i) the Series C-H Second Amendment Closing Fee (plus any reimbursement for out
of pocket costs and expenses) to the Holders of the Notes in connection with,
and as required by, this Second Amendment, and (ii) the closing fees to (a) the
Lenders in connection with and as required by, comparable amendments to the
Credit Agreement, (b) the holders in connection with and as required by,
comparable amendments to the Series A Note Purchase Agreements and the Series I
Note Purchase Agreement, (c) General Electric Capital Corporation in connection
with and as required by, comparable amendments to the Receivables Purchase
Documents, and (d) Fleet Capital Corporation in connection with, and as required
by, comparable amendments to the Lease Agreements evidencing the Fleet Lease
Transaction (collectively, the "Aggregate Closing Fees"). In lieu of paying the
entire balance of the Aggregate Closing Fees on the Effective Date, the Company
may defer a portion of the Series C-H Second Amendment Closing Fee in an amount
equal to the amount obtained by multiplying (x) the Series C-H Deferred Fee
Allocation by (y) the Aggregate Closing Fees in excess of $2,000,000 payment of
which is deferred on the Effective Date; provided, however, that the Company
shall pay, by no later than January 15, 2004 (a) the then unpaid balance of the
Series C-H Second Amendment Closing Fee and (b) a deferral fee to the Holders in
accordance with their Pro Rata Shares on the Deferred Fee Amount at a rate per
annum equal to the sum of (A) the rate of interest applicable to each respective
Series of Notes plus (B) (1) 2.00% from the Effective Date until the date such
Deferred Fee Amount has been paid in full plus (2) 1.00% per annum of the
Deferred Fee Amount balance on

                                      -11-
<PAGE>

the day immediately prior to the date the Deferred Fee Amount is paid in full
and for the period from the date such Deferred Fee Amount has been paid in full
until January 15, 2004. For purposes of this SECTION 3, "Deferred Fee Amount"
means, with respect to the Series C-H Second Amendment Closing Fee, the Series
C-H Note Principal Allocation multiplied by the excess of (x) the actual amount
of the Aggregate Closing Fees minus (y) the actual amount of the Aggregate
Closing Fees paid by the Company on the Effective Date, which amount shall not
be less than $2,000,000 and "Series C-H Deferred Fee Allocation" means at any
time, the percentage determined by dividing (a) the amount of the Series C-H
Second Amendment Closing Fees payable to the Noteholders as required by, and in
connection with, this Second Amendment by (b) the Aggregate Closing Fees.

                  (b) The Company hereby covenants and agrees to pay, on January
15, 2004, a restructuring fee to the Noteholders in an amount equal to 0.25% of
the outstanding principal balance of the Notes (excluding the Make-Whole Notes
and the Deferral Fee Notes) as of January 15, 2004 (the "Restructuring Fee").
The Restructuring Fee shall be payable to the Noteholders pro rata in proportion
to the Notes held by each Noteholder and shall be non-refundable and is deemed
to be fully earned on the Second Amendment Effective Date.

         SECTION 4 Representations and Warranties of the Company. To induce the
Noteholders to execute and deliver this Second Amendment (which representations
shall survive the execution and delivery of this Second Amendment), each of the
Company and the Subsidiary Guarantors represent and warrant to the Noteholders
that:

                  (a) since December 31, 2002, there has been no change in the
condition, financial or otherwise, of the Company and its Subsidiaries as shown
on the consolidated balance sheet as of such date except changes in the ordinary
course of business, none of which individually or in the aggregate has had, or
reasonably could be expected to have, a Material Adverse Effect;

                  (b) this Second Amendment and the Notes have been duly
authorized, executed and delivered by it and this Second Amendment and the Notes
constitute the legal, valid and binding obligation, contract and agreement of
the Company and Subsidiary Guarantors enforceable against each of them in
accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors' rights generally and general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or in law);

                  (c) the Note Agreement, as amended by this Second Amendment,
constitutes, and upon execution and delivery thereof each Note will constitute,
a legal, valid and binding obligation, contract and agreement of the Company
enforceable against the Company in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors' rights generally and general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or in law);

                  (d) the execution, delivery and performance by the Company and
the Subsidiary Guarantors of this Second Amendment and the Notes (i) have been
duly authorized by all requisite corporate action and, if required, shareholder
action, (ii) do not require the consent or approval of any governmental or
regulatory body or agency, and (iii) do not and will not (A)

                                      -12-
<PAGE>

violate (1) any provision of law, statute, rule or regulation or its certificate
of incorporation or bylaws, (2) any order of any court or any rule, regulation
or order of any other agency or government binding upon it, or (3) any provision
of any material indenture, agreement or other instrument to which it is a party
or by which its properties or assets are or may be bound, including, without
limitation, the Note Agreement, or (B) result in a breach or constitute (along
or with due notice or lapse of time or both) a default under any indenture,
agreement or other instrument referred to in clause (iii)(A)(3) of this SS.4(D);

                  (e) as of the date hereof and after giving effect to this
Second Amendment, no Default or Event of Default has occurred which is
continuing;

                  (f) all the representations and warranties contained in
SECTION 5 of the Note Agreement are true and correct in all material respects
with the same force and effect as if made by the Company on and as of the date
hereof; and

                  (g) except as specifically set forth herein and comparable
fees as set forth in the separate amendments dated as of the date hereof to each
of the Specified Agreement, the Company has not paid or agreed to pay any fee or
other compensation to any party to the Specified Agreements in connection with
the amendment of the Note Agreement or the Notes.

         SECTION 5 Affirmation of Subsidiary Guarantee Agreement. Each of the
Subsidiary Guarantors hereby affirm each of their obligations under the
Subsidiary Guarantee Agreement after giving effect to this Second Amendment.

         SECTION 6 Conditions to Effectiveness of this Second Amendment. Subject
to the proviso below, this Second Amendment shall not become effective until,
and shall become effective when, each and every one of the following conditions
shall have been satisfied:

                  (a) executed counterparts of this Second Amendment, duly
executed by the Company, the Subsidiary Guarantors and the holders of 100% of
the outstanding principal amount of the Notes, shall have been delivered to the
Noteholders;

                  (b) the Company shall have issued the amended and restated
Notes in accordance with this Second Amendment to each Purchaser upon surrender
by it of the Original Notes (other than the Original Series B Notes) for
cancellation by the Company and all accrued and unpaid interest through the
Second Amendment Effective Date shall have been paid in full (including, without
limitation, interest due and payable at the Series C through H Adjustable Rates,
respectively, on the Notes for the period from and after February 27, 2003 to
the Second Amendment Effective Date); provided that upon the satisfaction of the
foregoing conditions precedent, the amendments set forth in this Second
Amendment relating to the respective Adjustable Rates shall be effective as of
February 27, 2003 and the amounts added to the Make-Whole Notes for February 28,
2003 and March 31, 2003 shall be adjusted accordingly;

                  (c) the representations and warranties of the Company and the
Subsidiary Guarantors set forth in SS.4 hereof are true and correct on and with
respect to the date hereof;

                  (d) subject only to the allowable deferral under SECTION 3
hereof, the Company shall have paid the Aggregate Closing Fees;

                                      -13-
<PAGE>

                  (e) the Company shall have paid the reasonable fees and
expenses of McDermott, Will & Emery, special counsel to the Noteholders, and
Mayer, Brown, Rowe & Maw, special counsel to a Noteholder, in each case in
connection with the negotiation, preparation, approval, execution and delivery
of this Second Amendment; and

                  (f) the Noteholders shall have received similar executed
amendments to the Credit Agreement, the Series A Note Purchase Agreements, the
Series I Note Purchase Agreement, the Receivables Purchase Agreement and the
Receivables Sale Agreement and the lease agreements evidencing the Fleet Lease
Transaction (collectively, the "Specified Agreements") in form and substance
satisfactory to the Noteholders and all conditions precedent to the
effectiveness of each such amendment shall have been satisfied.

         SECTION 7 Consent to Amendments to Documents. In connection with the
amendments specified herein, the Company has informed the Noteholders of its
intention to amend the Series A Note Agreements, the Series I Note Agreement,
the Credit Agreement, the Receivables Purchase Agreement and the Receivables
Sale Agreement and the lease agreements evidencing the Fleet Lease Transactions,
in each case in a manner similar to the amendments hereunder. At the Company's
request, the Noteholders consent to such amendments.

         SECTION 8 Miscellaneous.

                  (a) This Second Amendment shall be construed in connection
with and as part of the Note Agreement, and except as modified and expressly
amended by this Second Amendment, all terms, conditions and covenants contained
in the Note Agreement are hereby ratified and shall be and remain in full force
and effect.

                  (b) Any and all notices, requests, certificates and other
instruments executed and delivered after the execution and delivery of this
Second Amendment may refer to the Note Agreement without making specific
reference to this Second Amendment, but nevertheless all such references shall
include this Second Amendment unless the context otherwise requires.

                  (c) The descriptive headings of the various Sections or parts
of this Second Amendment are for convenience only and shall not affect the
meaning or construction of any of the provisions hereof.

                  (d) This Second Amendment shall be governed by and construed
in accordance with Illinois law, excluding choice-of-law principles of the law
of such State that would require the application of the laws of a jurisdiction
other than such State.

                  (e) The execution hereof by you shall constitute a contract
between us for the uses and purposes hereinabove set forth, and this Second
Amendment may be executed in any number of counterparts, each executed
counterpart constituting an original, but all together only one agreement.

                                      -14-
<PAGE>

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

                              WABASH NATIONAL CORPORATION

                                  By: ____________________________________
                                  Christopher A. Black, Vice President &
                                  Treasurer

                              APEX TRAILER LEASING & RENTALS, L.P.

                              By: Wabash National Corporation, its general
                                  partner

                                  By: ____________________________________
                                  Christopher A. Black, Vice President &
                                  Treasurer

                              CLOUD OAK FLOORING COMPANY, INC.

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              CONTINENTAL TRANSIT CORPORATION

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              FTSI DISTRIBUTION COMPANY, L.P.

                              By: NOAMTC, Inc., its general partner

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

<PAGE>

                              NATIONAL TRAILER FUNDING, L.L.C.

                              By: NOAMTC, INC., its Member

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              NOAMTC, INC.

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              WNC CLOUD MERGER SUB, INC.

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              WNC RECEIVABLES MANAGEMENT CORP.

                                  By: ____________________________________
                                  Christopher A. Black, Secretary

                              WTSI TECHNOLOGY CORP.

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              WABASH FINANCING LLC

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

<PAGE>

                              WABASH NATIONAL SERVICES, L.P.

                              By: Wabash National Trailor Centers, Inc., its
                                  general partner

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

                              WABASH TECHNOLOGY CORP.

                                  By: ____________________________________
                                  Christopher A. Black, Authorized
                                  Representative

<PAGE>

Accepted and Agreed:

                              THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              PRINCIPAL LIFE INSURANCE COMPANY

                              By: Principal Global Investors, LLC, a Delaware
                                    limited liability company, its authorized
                                    signatory

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              THE GREAT-WEST LIFE ASSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              AMERICAN FAMILY LIFE INSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________
<PAGE>

Accepted and Agreed:

                              MODERN WOODMEN OF AMERICA

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              STATE FARM LIFE INSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              THE STANDARD INSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              AMERICAN STATES LIFE INSURANCE COMPANY

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              SECURITY CONNECTICUT LIFE INSURANCE COMPANY

                              By: ING Investment Management, LLC, as Agent

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

                              By: Delaware Lincoln Investment Advisers, a Series
                                     of Delaware Management Business Trust,
                                     Its Attorney-in-Fact

                              By: ________________________________________

                              Name: Bradley S. Ritter

                              Title: VP

<PAGE>

Accepted and Agreed:

                              LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK

                              By: Delaware Lincoln Investment Advisers, a Series
                                     of Delaware Management Business Trust,
                                     Its Attorney-in-Fact

                              By: ________________________________________

                              Name: Bradley S. Ritter

                              Title: VP

<PAGE>

Accepted and Agreed:

                              LINCOLN NATIONAL HEALTH & CASUALTY INSURANCE
                              COMPANY

                              By: Swiss Re Asset Management (Americas), Inc.,
                                     Its Attorney-in-Fact

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              LINCOLN NATIONAL REASSURANCE COMPANY

                              By: Swiss Re Asset Management (Americas), Inc.,
                                     Its Attorney-in-Fact

                              By: ________________________________________

                              Name: ______________________________________

                              Title: _____________________________________

<PAGE>

Accepted and Agreed:

                              SONS OF NORWAY

                              By: Delaware Lincoln Investment Advisers, a Series
                                     of Delaware Management Business Trust,
                                     Its Attorney-in-Fact

                              By: ________________________________________

                              Name: Bradley S. Ritter

                              Title: VP

<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

        ADJUSTABLE RATE SENIOR SECURED NOTE, SERIES C, DUE March 30, 2004

No. _________                                                    April 11, 2003
$____________                                               PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the principal sum of ________________ DOLLARS on March 30,
2004, with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance thereof at the Series C Adjustable Rate (as
defined in the Note Purchase Agreement referred to below) per annum from the
date hereof, payable monthly, on the last day of each calendar month in each
year, commencing with the last day of April, 2003, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Make-Whole Amount (as defined
in the Note Purchase Agreement referred to below), payable monthly as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per
annum from time to time equal to the greater of (i) the Default Rate (as defined
in the Note Purchase Agreement referred to below) or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Adjustable Rate Senior Secured Notes, Series C,
due March 30, 2004 (the "Series C Notes") of the Company in the aggregate
principal amount of $22,000,000 which, together with the Company's $9,000,000
aggregate principal amount of Adjustable Rate Senior Secured Notes, Series D,
due December 17, 2004 (the "Series D Notes"), the Company's $3,000,000 aggregate
principal amount of Adjustable Rate Senior Secured Notes, Series E, due March
13, 2005 (the "Series E Notes"), the Company's $13,000,000 aggregate principal
amount of Adjustable Rate Senior Secured Notes, Series F, due December 17, 2006
(the "Series F Notes"), the Company's $20,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series G, due December 30, 2008 (the
"Series G Notes") and the Company's $25,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series H, due December 17, 2008 (the
"Series H Notes", said Series H Notes, together with the Series C Notes, the
Series D Notes, the Series E Notes, the Series F Notes and the Series G Notes
being hereinafter referred to collectively as the "Notes"), are issued and
outstanding pursuant to the

                                AMENDED EXHIBIT 1
                              (to Second Amendment)

<PAGE>

Amended and Restated Note Purchase Agreement, dated as of April 12, 2002 (as
from time to time amended, the "Note Purchase Agreement"), among the Company and
the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in SECTION
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                      1-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                   WABASH NATIONAL CORPORATION

                                   By
                                      ------------------------------------------
                                      Title
                                            ------------------------------------

                                      1-3

<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

      ADJUSTABLE RATE SENIOR SECURED NOTE, SERIES D, DUE December 17, 2004

No. _________                                                    April 11, 2003
$____________                                               PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the principal sum of ________________ DOLLARS on December
17, 2004, with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance thereof at the Series D Adjustable Rate
(as defined in the Note Purchase Agreement referred to below) per annum from the
date hereof, payable monthly, on the last day of each calendar month in each
year, commencing with the last day of April, 2003, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Make-Whole Amount (as defined
in the Note Purchase Agreement referred to below), payable monthly as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per
annum from time to time equal to the greater of (i) the Default Rate (as defined
in the Note Purchase Agreement referred to below) or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Adjustable Rate Senior Secured Notes, Series D,
due December 17, 2004 (the "Series D Notes") of the Company in the aggregate
principal amount of $9,000,000 which, together with the Company's $22,000,000
aggregate principal amount of Adjustable Rate Senior Secured Notes, Series C,
due March 30, 2004 (the "Series C Notes"), the Company's $3,000,000 aggregate
principal amount of Adjustable Rate Senior Secured Notes, Series E, due March
13, 2005 (the "Series E Notes"), the Company's $13,000,000 aggregate principal
amount of Adjustable Rate Senior Secured Notes, Series F, due December 17, 2006
(the "Series F Notes"), the Company's $20,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series G, due December 30, 2008 (the
"Series G Notes") and the Company's $25,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series H, due December 17, 2008 (the
"Series H Notes", said Series H Notes, together with the Series C Notes, the
Series D Notes, the Series E Notes, the Series F Notes and the Series G Notes
being hereinafter referred to collectively as the "Notes"), are issued and
outstanding pursuant to

                                AMENDED EXHIBIT 2
                              (to Second Amendment)

<PAGE>

the Amended and Restated Note Purchase Agreement, dated as of April 12, 2002 (as
from time to time amended, the "Note Purchase Agreement"), among the Company and
the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in SECTION
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                      2-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                      WABASH NATIONAL CORPORATION

                                      By
                                         ---------------------------------------
                                         Title
                                               ---------------------------------

                                      2-3

<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

        ADJUSTABLE RATE SENIOR SECURED NOTE, SERIES E, DUE March 13, 2005

No. _________                                                     April 11, 2003
$____________                                                PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the principal sum of ________________ DOLLARS on March 13,
2005, with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance thereof at the Series E Adjustable Rate (as
defined in the Note Purchase Agreement referred to below) per annum from the
date hereof, payable monthly, on the last day of each calendar month in each
year, commencing with the last day of April, 2003, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Make-Whole Amount (as defined
in the Note Purchase Agreement referred to below), payable monthly as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per
annum from time to time equal to the greater of (i) the Default Rate (as defined
in the Note Purchase Agreement referred to below) or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Adjustable Rate Senior Secured Notes, Series E,
due March 13, 2005 (the "Series E Notes") of the Company in the aggregate
principal amount of $3,000,000 which, together with the Company's $22,000,000
aggregate principal amount of Adjustable Rate Senior Secured Notes, Series C,
due March 30, 2004 (the "Series C Notes"), the Company's $9,000,000 aggregate
principal amount of Adjustable Rate Senior Secured Notes, Series D, due December
17, 2004 (the "Series D Notes"), the Company's $13,000,000 aggregate principal
amount of Adjustable Rate Senior Secured Notes, Series F, due December 17, 2006
(the "Series F Notes"), the Company's $20,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series G, due December 30, 2008 (the
"Series G Notes") and the Company's $25,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series H, due December 17, 2008 (the
"Series H Notes", said Series H Notes, together with the Series C Notes, the
Series D Notes, the Series E Notes, the Series F Notes and the Series G Notes
are hereinafter referred to collectively as the "Notes"), are issued and
outstanding pursuant to the

                                AMENDED EXHIBIT 3
                              (to Second Amendment)

<PAGE>

Amended and Restated Note Purchase Agreement, dated as of April 12, 2002 (as
from time to time amended, the "Note Purchase Agreement"), among the Company and
the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in Section
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                      3-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                   WABASH NATIONAL CORPORATION

                                   By
                                      -----------------------------------------
                                      Title
                                            -----------------------------------

                                      3-3

<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

      ADJUSTABLE RATE SENIOR SECURED NOTE, SERIES F, DUE December 17, 2006

No. _________                                                    April 11, 2003
$____________                                               PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the principal sum of ________________ DOLLARS on December
17, 2006, with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance thereof at the Series F Adjustable Rate
(as defined in the Note Purchase Agreement referred to below) per annum from the
date hereof, payable monthly, on the last day of each calendar month in each
year, commencing with the last day of April, 2003, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Make-Whole Amount (as defined
in the Note Purchase Agreement referred to below), payable monthly as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per
annum from time to time equal to the greater of (i) the Default Rate (as defined
in the Note Purchase Agreement referred to below) or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Adjustable Rate Senior Secured Notes, Series F,
due December 17, 2006 (the "Series F Notes") of the Company in the aggregate
principal amount of $13,000,000 which, together with the Company's $22,000,000
aggregate principal amount of Adjustable Rate Senior Secured Notes, Series C,
due March 30, 2004 (the "Series C Notes"), the Company's $9,000,000 aggregate
principal amount of Adjustable Rate Senior Secured Notes, Series D, due December
17, 2004 (the "Series D Notes"), the Company's $3,000,000 aggregate principal
amount of Adjustable Rate Senior Secured Notes, Series E, due March 13, 2005
(the "Series E Notes"), the Company's $20,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series G, due December 30, 2008 (the
"Series G Notes") and the Company's $25,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series H, due December 17, 2008 (the
"Series H Notes", said Series H Notes, together with the Series C Notes, the
Series D Notes, the Series E Notes, the Series F Notes and the Series G Notes
are hereinafter referred to collectively as the "Notes"), are issued and
outstanding pursuant to the

                                AMENDED EXHIBIT 4
                              (to Second Amendment)

<PAGE>

Amended and Restated Note Purchase Agreement, dated as of April 12, 2002 (as
from time to time amended, the "Note Purchase Agreement"), among the Company and
the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in SECTION
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is subject to optional prepayment, in whole or from time to
time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                      4-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                      WABASH NATIONAL CORPORATION

                                      By
                                         --------------------------------------
                                         Title
                                               --------------------------------

                                      4-3

<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

      ADJUSTABLE RATE SENIOR SECURED NOTE, SERIES G, DUE December 30, 2008

No. _________                                                    April 11, 2003
$____________                                               PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the principal sum of ________________ DOLLARS on December
30, 2008, with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance thereof at the Series G Adjustable Rate
(as defined in the Note Purchase Agreement referred to below) per annum from the
date hereof, payable monthly, on the last day of each calendar month in each
year, commencing with the last day of April, 2003, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Make-Whole Amount (as defined
in the Note Purchase Agreement referred to below), payable monthly as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per
annum from time to time equal to the greater of (i) the Default Rate (as defined
in the Note Purchase Agreement referred to below) or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Adjustable Rate Senior Secured Notes, Series G,
due December 30, 2008 (the "Series G Notes") of the Company in the aggregate
principal amount of $20,000,000 which, together with the Company's $22,000,000
aggregate principal amount of Adjustable Rate Senior Secured Notes, Series C,
due March 30, 2004 (the "Series C Notes"), the Company's $9,000,000 aggregate
principal amount of Adjustable Rate Senior Secured Notes, Series D, due December
17, 2004 (the "Series D Notes"), the Company's $3,000,000 aggregate principal
amount of Adjustable Rate Senior Secured Notes, Series E, due March 13, 2005
(the "Series E Notes"), the Company's $13,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series F, due December 17, 2006 (the
"Series F Notes") and the Company's $25,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series H, due December 17, 2008 (the
"Series H Notes", said Series H Notes, together with the Series C Notes, the
Series D Notes, the Series E Notes, the Series F Notes and the Series G Notes
are hereinafter referred to collectively as the "Notes"), are issued and
outstanding pursuant to the Amended and Restated Note Purchase Agreement, dated
as of April 12, 2002 (as from time to

                                AMENDED EXHIBIT 5
                              (to Second Amendment)

<PAGE>

time amended, the "Note Purchase Agreement"), among the Company and the
respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in SECTION
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         The Company will make required prepayments of principal on the dates
and in the amounts specified in the Note Purchase Agreement. This Note is also
subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                      5-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                         WABASH NATIONAL CORPORATION

                                         By
                                            ------------------------------------
                                            Title
                                                  ------------------------------

                                      5-3

<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

      ADJUSTABLE RATE SENIOR SECURED NOTE, SERIES H, DUE December 17, 2008

No. _________                                                     April 11, 2003
$____________                                                PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the principal sum of ________________ DOLLARS on December
17, 2008, with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance thereof at the Series H Adjustable Rate
(as defined in the Note Purchase Agreement referred to below) per annum from the
date hereof, payable monthly, on the last day of each calendar month in each
year, commencing with the last day of April, 2003, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Make-Whole Amount (as defined
in the Note Purchase Agreement referred to below), payable monthly as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per
annum from time to time equal to the greater of (i) the Default Rate (as defined
in the Note Purchase Agreement referred to below) or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Adjustable Rate Senior Secured Notes, Series H,
due December 17, 2008 (the "Series H Notes") of the Company in the aggregate
principal amount of $25,000,000 which, together with the Company's $22,000,000
aggregate principal amount of Adjustable Rate Senior Secured Notes, Series C,
due March 30, 2004 (the "Series C Notes"), the Company's $9,000,000 aggregate
principal amount of Adjustable Rate Senior Secured Notes, Series D, due December
17, 2004 (the "Series D Notes"), the Company's $3,000,000 aggregate principal
amount of Adjustable Rate Senior Secured Notes, Series E, due March 13, 2005
(the "Series E Notes"), the Company's $13,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series F, due December 17, 2006 (the
"Series F Notes") and the Company's $20,000,000 aggregate principal amount of
Adjustable Rate Senior Secured Notes, Series G, due December 30, 2008 (the
"Series G Notes", said Series G Notes, together with the Series C Notes, the
Series D Notes, the Series E Notes, the Series F Notes and the Series H Notes
are hereinafter referred to collectively as the "Notes"), are issued and
outstanding pursuant to the Amended and Restated Note Purchase Agreement, dated
as of April 12, 2002 (as from time to

                                AMENDED EXHIBIT 6
                              (to Second Amendment)

<PAGE>
time amended, the "Note Purchase Agreement"), among the Company and the
respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in SECTION
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         The Company will make a required prepayment of principal on the date
and in the amount specified in the Note Purchase Agreement. This Note is also
subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                      6-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                              WABASH NATIONAL CORPORATION

                              By
                                 -----------------------------------------------
                                 Title
                                        ----------------------------------------

                                      6-3
<PAGE>

                           [FORM OF DEFERRAL FEE NOTE]

                           WABASH NATIONAL CORPORATION

           ADJUSTABLE RATE SENIOR SECURED PIK NOTE, DUE March 30, 2004

No. DFR-_________                                                 April 11, 2003
$____________ Original Principal Amount                      PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the DFR-__ Note Accreted Principal Amount on March 30, 2004.
The outstanding principal amount of this Senior Secured PIK Note shall accrete
at the Series C Adjustable Rate (as defined in the Note Purchase Agreement
referred to below) per annum on a monthly basis on the last day of each calendar
month in each year commencing with the last day of April, 2003 (computed on the
basis of a year of 360 days and twelve 30-day months) from the date of issuance
hereof and shall cease to accrete on the date on which this Senior Secured PIK
Note shall have been paid in full; provided that in the case of any prepayment
or other payment of this Senior Secured PIK Note on any date other than the last
day of any calendar month, the outstanding principal amount of this Senior
Secured PIK Note shall accrete at the Series C Adjustable Rate per annum on a
daily basis from the date of the last day of such calendar month to the date of
such prepayment; provided further that upon the occurrence of an Event of
Default (as defined in the Note Purchase Agreement referred to below and until
such Event of Default has been cured or waived in writing (such period
constituting a "Default Interest Period"), the outstanding principal amount of
this Senior Secured PIK Note shall accrete, to the extent permitted by law, at a
rate per annum from time to time equal to the greater of (i) the Default Rate
(as defined in the Note Purchase Agreement referred to below) or (ii) 2% over
the rate of interest publicly announced by JP Morgan Chase Bank of New York from
time to time in New York, New York as its "base" or "prime" rate. It is
understood and agreed that any reference in this Senior Secured PIK Note to the
"principal amount" of this Senior Secured PIK Note shall include a reference to
the R-___ Note Accreted Principal Amount thereof whether or not specifically set
forth.

         "DFR-__ Note Accreted Principal Amount" shall mean with reference to
this Senior Secured PIK Note, as of any date of determination, the sum of (a)
[$117,500.00 for Principal Life/$97,916.67 for the two Great West accounts] and
(b) the outstanding principal amount of this Senior Secured PIK Note which shall
have been accreted thereon from the date of issuance through such date, such
amount shall accrete at the Series C Adjustable Rate per annum on a monthly
basis on the last day of each calendar month in each year commencing with the
last day of April, 2003 (computed on the basis of a year of 360 days and twelve
30-day months) and shall cease to accrete on the date on which this Senior
Secured PIK Note shall have been paid in full; provided that in the case of any
prepayment or other payment of this Senior Secured PIK Note on any date other
than the last day of any calendar month, the outstanding principal amount of

                                AMENDED EXHIBIT 7
                              (to Second Amendment)

<PAGE>

this Senior Secured PIK Note shall accrete at the Series C Adjustable Rate per
annum on a daily basis from the date of the last day of such calendar month to
the date of such prepayment.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Senior Secured PIK Notes, due March 30, 2004
(the "Deferral Fee Notes") of the Company in the aggregate principal amount of
$215,415.67 which, together with the Company's Series C Notes, Series D Notes,
Series E Notes, Series F Notes, Series H Notes and Make-Whole Notes (as each is
defined in the Note Purchase Agreement described below) are hereinafter referred
to collectively as the "Notes", are issued and outstanding pursuant to the
Amended and Restated Note Purchase Agreement, dated as of April 12, 2002 (as
from time to time amended, the "Note Purchase Agreement"), among the Company and
the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in SECTION 20 of the Note
Purchase Agreement and (ii) to have made the representation set forth in SECTION
6.2 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         The Company will make a required prepayment of principal on the date
and in the amount specified in the Note Purchase Agreement. This Note is also
subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the DFR-__ Note Accreted Principal Amount of this Note
may be declared or otherwise become due and payable in the manner, at the price
(including any applicable Make-Whole Amount) and with the effect provided in the
Note Purchase Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

                                      7-2

<PAGE>

         The payment of all DFR-__ Note Accreted Principal Amount of, premium,
if any, and interest on this Note has been unconditionally guaranteed by the
Guarantors (as defined in the Note Purchase Agreement) pursuant to the Note
Guaranty (as defined in the Note Purchase Agreement). Reference is hereby made
thereto for a statement of the rights and benefits accorded thereby.

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                              WABASH NATIONAL CORPORATION

                              By
                                 -----------------------------------------------
                                 Title
                                        ----------------------------------------

                                      7-3
<PAGE>

                                 [FORM OF NOTE]

                           WABASH NATIONAL CORPORATION

                SENIOR SECURED PIK GRID NOTE, DUE March 30, 2004

No. _________                                                     April 11, 2003
$____________                                                PPN _______________

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the MWR-__ Note Accreted Principal Amount on March 30, 2004.
The outstanding principal amount of this Senior Secured PIK Grid Note shall
accrete at the [Series ___ Adjustable Rate] (as defined in the Note Purchase
Agreement referred to below) per annum on a monthly basis on the last day of
each calendar month in each year commencing April  , 2003 (computed on the basis
of a year of 360 days and twelve 30-day months) from the date of issuance hereof
and shall cease to accrete on the date on which this Senior Secured PIK Grid
Note shall have been paid in full; provided that in the case of any prepayment
or other payment of this Senior Secured PIK Grid Note on any date other than the
last day of any calendar month, the outstanding principal amount of this Senior
Secured PIK Grid Note shall accrete at the [Series ___ Adjustable Rate] (as
defined in the Note Purchase Agreement referred to below) per annum on a daily
basis from the date of the last day of such calendar month to the date of such
prepayment; provided further that upon the occurrence of an Event of Default (as
defined in the Note Purchase Agreement referred to below and until such Event of
Default has been cured or waived in writing (such period constituting a "Default
Interest Period"), the outstanding principal amount of this Senior Secured PIK
Grid Note shall accrete, to the extent permitted by law, at a rate per annum
from time to time equal to the greater of (i) [the Default Rate (as defined in
the Note Purchase Agreement referred to below)] or (ii) 2% over the rate of
interest publicly announced by JP Morgan Chase Bank of New York from time to
time in New York, New York as its "base" or "prime" rate. It is understood and
agreed that any reference in this Senior Secured PIK Grid Note to the "principal
amount" of this Senior Secured PIK Grid Note shall include a reference to the
MWR-___ Note Accreted Principal Amount thereof whether or not specifically set
forth.

         "MWR-__ Note Accreted Principal Amount" shall mean with reference to
this Senior Secured PIK Grid Note, as of any date of determination, the sum of
(a) the Make-Whole Amounts which shall become payable to the holder of this Note
with respect to such holder's Series D Notes, Series E Notes, Series F Notes,
Series G Notes or Series H Notes, as the case may be, from time to time upon
payment by the Company of portions of the principal amount of such Notes
pursuant to SECTION 8.1(B) of the Note Purchase Agreement and (b) the
outstanding principal amount of this Senior Secured PIK Grid Note which shall
have been accreted thereon from the date of issuance through such date, such
amount shall accrete at the [Series ___ Adjustable Rate] per annum on a monthly
basis on the last day of each calendar month in each year commencing with the
last day of the calendar month next succeeding the date hereof (computed on the
basis of a year of 360 days and twelve 30-day months) and shall cease to

                                AMENDED EXHIBIT 8
                              (to Second Amendment)

<PAGE>

accrete on the date on which this Senior Secured PIK Grid Note shall have been
paid in full; provided that in the case of any prepayment or other payment of
this Senior Secured PIK Grid Note on any date other than the last day of any
calendar month, the outstanding principal amount of this Senior Secured PIK Grid
Note shall accrete at the [Series ___ Adjustable Rate] per annum on a daily
basis from the date of the last day of such calendar month to the date of such
prepayment. The amounts of the Make-Whole Amounts payable from time to time may
for the convenience of the parties be recorded by the holder hereof on the
attached Grid however the books and records of the holder shall, in the absence
of manifest error, be conclusive as to the determination of the Make-Whole
Amounts evidenced by this Note.

         Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Senior Secured PIK Grid Notes, due March 30,
2004 (the "Make-Whole Notes") of the Company which, together with the Company's
Series C Notes, Series D Notes, Series E Notes, Series F Notes, Series H Notes
and Deferral Fee Notes (as each is defined in the Note Purchase Agreement
described below) are hereinafter referred to collectively as the "Notes", are
issued and outstanding pursuant to the Amended and Restated Note Purchase
Agreement, dated as of April 12, 2002 (as from time to time amended, the "Note
Purchase Agreement"), among the Company and the respective Purchasers named
therein and is entitled to the benefits thereof. Each holder of this Note will
be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality
provisions set forth in SECTION 20 of the Note Purchase Agreement and (ii) to
have made the representation set forth in SECTION 6.2 of the Note Purchase
Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         The Company will make a required prepayment of principal on the date
and in the amount specified in the Note Purchase Agreement. This Note is also
subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

                                      8-2

<PAGE>

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of all MWR-__ Note Accreted Principal Amount of, premium,
if any, and interest on this Note has been unconditionally guaranteed by the
Guarantors (as defined in the Note Purchase Agreement) pursuant to the Note
Guaranty (as defined in the Note Purchase Agreement). Reference is hereby made
thereto for a statement of the rights and benefits accorded thereby.

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                              WABASH NATIONAL CORPORATION

                              By
                                 -----------------------------------------------
                                 Title
                                        ----------------------------------------

* Insert the following interest rates and overdue rates for the PIK Grid Notes
issued as follows:

Notes Issued to:
Series D Holders       Series D Adjustable Rate        Series D Default Rate
Series E Holders       Series E Adjustable Rate        Series E Default Rate
Series F Holders       Series F Adjustable Rate        Series F Default Rate
Series G Holders       Series G Adjustable Rate        Series G Default Rate
Series H Holders       Series H Adjustable Rate        Series H Default Rate

                                      8-3
<PAGE>

                           WABASH NATIONAL CORPORATION
  SCHEDULE OF MAKE-WHOLE AMOUNTS DUE UNDER THE SENIOR SECURED PIK GRID NOTE DUE
                                 MARCH 30, 2004

<TABLE>
<CAPTION>
Date               Make-Whole       Accreted        Applicable       Accreted        Total Accreted
                   Amount           Principal       Interest Rate    Interest        Principal and
                                    Amount                           Payable         Interest
                                                                                     Payable
<S>                <C>              <C>             <C>              <C>             <C>
4/30/02
5/31/02
6/30/02
7/31/02
8/31/02
9/30/02
10/31/02
11/30/02
12/31/02
1/31/03
2/28/03
3/31/03
4/30/03
5/31/03
6/30/03
7/31/03
8/31/03
9/30/03
10/31/03
11/30/03
12/31/03
1/31/04
2/28/04
3/31/04
</TABLE>

                                      8-4

<PAGE>

                             AMENDED EXHIBIT 7.1(B)

                                 EXHIBIT 7.1(b)

                         FORM OF COMPLIANCE CERTIFICATE

To:      The Parties to the
         Note Agreements Described Below

                  This Compliance Certificate is furnished pursuant to that
certain Amended and Restated Note Purchase Agreement dated as of April 12, 2002
(as amended, modified, renewed or extended from time to time, the "Agreement")
among Wabash National Corporation (the "Company"), and each of the Purchasers
named therein. Unless otherwise defined herein, capitalized terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement.

         THE UNDERSIGNED HEREBY CERTIFIES THAT:

                  1. I am the duly elected __________ of the Company and the
[Chief Financial Officer] [Treasurer];

                  2. I have reviewed the terms of the Agreement and I have made,
or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Company and its Subsidiaries during the
accounting period covered by the attached financial statements;

                  3. The examinations described in paragraph 2 did not disclose,
and I have no knowledge of, the existence of any condition or event which
constitutes a Default or Unmatured Default during or at the end of the
accounting period covered by the attached financial statements or as of the date
of this Certificate, except as set forth below; and

                  4. Schedule I and Schedule II attached hereto set forth
financial data and computations evidencing the Company's compliance with certain
covenants of the Agreement and the Excess Cash Flow during the accounting period
covered by the attached financial statements, all of which data and computations
are true, complete and correct.

                  Described below are the exceptions, if any, to paragraph 3,
listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which the Company has taken, is taking, or
proposes to take with respect to each such condition or event:

-----------------------------------------------------------------

-----------------------------------------------------------------

                             AMENDED EXHIBIT 7.1(B)
                              (to Second Amendment)

<PAGE>

                  The foregoing certifications, together with the computations
set forth in Schedule I and Schedule II hereto and the financial statements
delivered with this Certificate in support hereof, are made and delivered this
_____ day of __________, ____.

                                                --------------------------------
                                                     [Insert Name of Officer]

                                    7.1(B)-2
<PAGE>

Wabash National Corporation
Quarterly Compliance Certificate Worksheet

                             COMPLIANCE CERTIFICATE
             QUARTERLY SCHEDULE OF COMPLIANCE AS OF _________, 2003

<TABLE>
<S>                                                                  <C>
A.       INTENTIONALLY OMITTED

B.       INTENTIONALLY OMITTED

C.       MINIMUM CONSOLIDATED EQUITY (SECTION 10.3(B))

         1.       Actual Amount:

                  a.       Consolidated Equity                       $        -
                  b.       Minimum Required Amount                   $        -

D.       MAXIMUM LEVERAGE VALUATION RATIO (SECTION 10.3(C))

         1.       Actual Amount:
                  a.       Term Debt (Notes & Bank Debt)             $        -
                  b.       Revolver (Super Revolver)                 $        -
                                                                     -----------
                  c.       Total Debt (a+b)                          $        -
                  d.       Cash and Cash Equivalents                 $        -
                  e.       Net Inventory                             $        -
                  f.       Net Prepaid and Other Expenses            $        -
                  g.       Net PP&E                                  $        -
                                                                     -----------
                  h.       Total Assets (d+e+f+g)                    $        -
                  i.       Leverage Ratio (c/h)                                x
                                                                          -----

         2.       Minimum Required Amount                                      x
                                                                          -----

</TABLE>

                                    7.1(B)-3
<PAGE>

<TABLE>
<S>                                                                                                <C>
E.       MINIMUM CONSOLIDATED CUMULATIVE (SINCE 1/1/2003) EBITDA (SECTION 10.3(D))

         1.       Actual Amount:

                  a.       Consolidated Operating Income                                           $         -
                  b.       Foreign and Domestic Taxes Deducted in Operating Income                 $         -
                  c.       Interest Expense Deducted in Operating Income                           $         -
                  d.       Eligible Asset Disposition Charges                                      $         -
                  e.       Eligible Asset Impairment Charges                                       $         -
                  f.       Eligible Miscellaneous Non-Cash Charges                                 $         -
                  g.       Eligible Restructuring Charges                                          $         -
                  h.       Depreciation Expense Deducted in Operating Income                       $         -
                  i.       Amortization Expense Deducted in Operating Income                       $         -
                  j.       Interest Income Included in Operating Income                            $         -
                  k.       Total Tax Benefit Included in Operating Income                          $         -
                  l.       Consolidated EBITDA (a+b+c+d+e+f+g+h+i-j-k)                             $         -

         2.       Minimum Required Amount                                                          $         -

F.       INTENTIONALLY OMITTED

G.       MAXIMUM CAPITAL EXPENDITURES (SECTION 10.3(F))

         1.       Actual Amount:
                  a. Capital Expenditures (Year-to-Date)                                           $         -

         2.       Maximum Annual Allowed Amount                                                    $ 4,000,000

H.       MAXIMUM FINANCE CONTRACTS (SECTION 10.3(G))

         1.       Actual Amount:
                  a. Finance Contracts (Year-To-Date)                                              $         -

         2.       Maximum Annual Allowed Amount                                                    $ 5,000,000
</TABLE>

                                    7.1(B)-4

<PAGE>

<TABLE>
<S>                                                                             <C>
A.       MAXIMUM OTHER UNSECURED INDEBTEDNESS (Section 10.2(a))

         1.       Actual Amount:                                                $ ____________

         2.       Maximum Permitted Amount:                                     $    3,000,000

B.       SALES OF ASSETS (Section 10.2(b)(v))
                          ------------------

         1.       Actual Amount:

                  a.       Total amount of sales of assets in current fiscal
                           year to date (See Schedule II for detail)            $ ____________

         2.       Maximum Permitted Amount:                                     $    5,000,000

C.       INTENTIONALLY OMITTED

D.       INVESTMENTS (Section 10.2(d)(vii))

         For each new Investment pursuant to Section 10.2(d)(vii) of the
         Agreement during the most recent fiscal quarter covered by this
         Certificate, complete the following:

         1.       Date and brief description of nature of new Investment:

                  --------------------------------------------------------------

                  --------------------------------------------------------------

         2.       Actual Amount:

                  a.       Amount of new Investment                             $ ____________

                  b.       Amount of existing Investments under
                           Section 10.2(d)(vii)                                 + ____________

                  c.       Total Investments under Section10.2(d)(vii)         =$ ____________

         3.       Maximum Permitted Amount:                                     $    5,000,000

E.       LEASES (Section 10.2(n))

         1.       Actual Amount of Leases:                                      $ ____________

         2.       Maximum Permitted Amount:                                     $    5,000,000
</TABLE>

                                    7.1(B)-5

<PAGE>

                      SCHEDULE II TO COMPLIANCE CERTIFICATE

                  Schedule of Compliance as of __________, ____

                             (Dollars in Thousands)

<TABLE>
<S>                                                                             <C>
A.       Sales of Assets

         [List separate sales and amounts]                                      $ ____________

                                                                                  ____________

                                                                                  ____________

                                                                       Total    $ ____________
</TABLE>

                                     7(B)-6<PAGE>
                                                                   EXHIBIT 10.47
================================================================================

                           WABASH NATIONAL CORPORATION

                           ___________________________

                                SECOND AMENDMENT

                           Dated as of April 11, 2003

                                       To

                  AMENDED AND RESTATED NOTE PURCHASE AGREEMENT
                           Dated as of April 12, 2002

                           ___________________________

         Re: $50,000,000 Adjusting Rate Senior Secured Notes, Series I,
                             due September 29, 2007

================================================================================
<PAGE>
        SECOND AMENDMENT TO AMENDED AND RESTATED NOTE PURCHASE AGREEMENT

                  This Second Amendment dated as of April 11, 2003 ("Second
Amendment") to the Amended and Restated Note Purchase Agreement, dated as of
April 12, 2002 and as amended on December 13, 2002, is among Wabash National
Corporation, a Delaware corporation ("Company"), and the several Purchasers
party to the Note Agreement (collectively, the "Noteholders").

                                    RECITALS:

                  A. The Company and the Noteholders have heretofore entered
into that certain Amended and Restated Note Purchase Agreement dated as of April
12, 2002 (the "Note Agreement"). The Company has heretofore issued its
$50,000,000 11.29% Senior Secured Notes, Series I, due September 29, 2007
bearing PPN 929556 G@ 8 (the "Notes"), dated April 12, 2002, and its Senior
Secured PIK Grid Notes, due March 30, 2004 bearing PPN 929556 G# 8 (the
"Yield-Maintenance Notes"), dated April 12, 2002, pursuant to the Note
Agreement. The Noteholders are the holders of 100% of the principal amount of
the Notes presently outstanding.

                  B. Apex Trailer Leasing & Rentals, L.P., a Delaware limited
partnership ("Apex"), Cloud Oak Flooring Company, Inc., an Arkansas corporation
("Cloud"), Continental Transit Corporation, an Indiana corporation
("Continental"), FTSI Distribution Company, L.P., a Delaware limited partnership
("FTSI"), National Trailer Funding, L.L.C., a Delaware limited liability company
("National"), Wabash National Trailer Centers, Inc. (formerly known as NOAMTC,
Inc.), a Delaware corporation ("Trailer"), Wabash Financing LLC, a Delaware
limited liability company ("Wabash Financing"), Wabash National, L.P., a
Delaware limited partnership ("Wabash National"), Wabash National Services,
L.P., a Delaware limited partnership ("Services"), Wabash Technology Corp., a
Delaware corporation ("Technology"), WNC Cloud Merger Sub, Inc., an Arkansas
corporation ("WNC Cloud"), WNC Receivables Management Corp., a Delaware
corporation ("Receivables"), and WTSI Technology Corp., a Delaware corporation
("WTSI") (Apex, Cloud, Continental, FTSI, National, Trailer, Wabash Financing,
Wabash National, Services, Technology, WNC Cloud, Receivables and WTSI are
hereinafter collectively referred to as the "Guarantors") have heretofore
entered into that certain Amended and Restated Subsidiary Guarantee Agreement,
dated as of April 12, 2002 (the "Subsidiary Guarantee Agreement") under and
pursuant to which each of the Guarantors guaranteed the payment of the Notes and
the performance by the Company of its obligations under the Note Agreement.

                  C. The Company and the Noteholders now desire to (i) modify
the Note Agreement by amending certain provisions of the Note Agreement and
provide that the amendment to the Note Agreement be effective as of the date
hereof (the "Second Amendment Effective Date") and (ii) amend and restate the
Notes and the Yield-Maintenance Notes (provided that in lieu of receiving an
amended and restated Note or Yield-Maintenance Note, each Noteholder may elect
to receive an allonge to be attached to the Notes and Yield-Maintenance Notes
originally issued to such Noteholder pursuant to the Note Agreement), such
amended and restated notes together with such allonges are collectively referred
to herein as the "Amended and Restated Notes").
<PAGE>
                  D. The Guarantors in connection with this Second Amendment
desire to reaffirm their respective obligations under the Subsidiary Guarantee
Agreement.

                  E. All requirements of law have been fully complied with and
all other acts and things necessary to make this Second Amendment a valid, legal
and binding instrument according to its terms for the purposes herein expressed
have been done or performed.

                  NOW, THEREFORE, upon the full and complete satisfaction of the
conditions precedent to the effectiveness of this Second Amendment set forth in
Section 5 hereof, the Company and the Noteholders, for good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, do
hereby agree as follows:

         SECTION 1 Definitions; References. Unless otherwise specifically
  defined herein, each term used herein which is defined in the Note Agreement
  shall have the meaning assigned to such term in the Note Agreement. Each
  reference to "hereof," "hereunder," "herein" and "hereby" and each other
  similar reference and each reference to "this Agreement" and each other
  similar reference contained in the Note Agreement shall from and after the
  date hereof refer to the Note Agreement as amended hereby.

         SECTION 2 Amendments. The Company and the Noteholders agree that the
Note Agreement shall be amended as follows:

         2.1 Paragraph 4B(b) of the Note Agreement shall be and hereby is
amended in its entirety to read as follows:

                  "(b) The Company will prepay the Notes as follows, provided
         that no portion of such prepayments shall be applied to any
         Yield-Maintenance Note:

                           (i) on the last Business Day of each month commencing
                  with January 31, 2003 through April 30, 2003, the Company will
                  prepay the Notes in an aggregate principal amount equal to the
                  product of the Series I Note Principal Allocation times
                  $4,958,833, together with the Yield-Maintenance Amount payable
                  with respect thereto;

                           (ii) on the last Business Day of each month
                  commencing with May 31, 2003 through December 31, 2003, the
                  Company will prepay the Notes in an aggregate principal amount
                  equal to the product of the Series I Note Principal Allocation
                  times $2,479,167, together with the Yield-Maintenance Amount
                  payable with respect thereto;

                           (iii) on January 15, 2004, the Company shall prepay
                  the Notes in an aggregate principal amount equal to the Series
                  I Note Principal Allocation times the sum of $19,833,332 minus
                  the aggregate amount of principal prepayments in excess, if
                  any, of $19,833,332 made by the Company on the Amortization
                  Debt from the Second Amendment Effective Date to December, 31,
                  2003, together with the Yield-Maintenance Amount payable with
                  respect thereto; provided,

                                       2
<PAGE>
                  however, that the amount required to be prepaid on the Notes
                  pursuant to this clause (iii) shall in no event be less than
                  zero; and

                           (iv) on the last Business Day of each month
                  commencing with January 31, 2004 through March 30, 2004, the
                  Company will prepay the Notes in an aggregate principal amount
                  equal to the product of the Series I Note Principal Allocation
                  times $4,958,333, together with the Yield-Maintenance Amount
                  payable with respect thereto."

         2.2 Paragraph 4B(c) of the Note Agreement shall be and hereby is
amended by deleting the reference to "June 30, 2002" therein and inserting
"March 31, 2004" in lieu thereof.

         2.3 Paragraph 4 to the Note Agreement shall be and hereby is amended by
inserting the following new paragraph at the end of such paragraph 4:

                  "4G. DEFERRED AMOUNTS. (i) In addition to the rate of interest
         otherwise payable with respect to the Notes and all other amounts
         payable hereunder or in connection herewith, the Company shall pay, by
         no later than January 15, 2004, additional interest to the Noteholders
         in accordance with their respective pro rata principal amount in an
         amount equal to the aggregate of (a) each Series I Deferred Principal
         Amount multiplied by a rate per annum equal to 2.00% per annum from the
         date such Series I Deferred Principal Amount is created and determined
         hereunder until the date such Series I Deferred Principal Amount has
         been paid in full plus (b) each Series I Deferred Principal Amount
         multiplied by a rate per annum equal to 1.00% per annum from the date
         such Series I Deferred Principal Amount has been paid in full (through
         voluntary prepayments pursuant to paragraph 4C hereof) to (but not
         including) January 15, 2004 (the amounts referred to in clauses (a) and
         (b) hereof are collectively referred to as "Deferred Principal Amount
         Fees"). Each such voluntary prepayment shall be applied to the earliest
         occurring Series I Deferred Principal Amount and, after the same has
         been paid in full, thereafter to each immediately succeeding Series I
         Deferred Principal Amount until all Series I Deferred Principal Amounts
         have been paid in full. On January 15, 2004, the Company shall pay all
         Series I Deferred Principal Amounts. As used in this paragraph 4G(i),
         "Deferred Principal Amount" means, with respect to each monthly
         repayment of the Amortization Debt occurring on or after the Second
         Amendment Effective Date but prior to January 1, 2004, the excess, if
         any, of (x) $4,958,333 minus (y) the actual amount of such repayment;
         it being understood and agreed that each occurrence of such an excess
         will create a new and independent Deferred Principal Amount. As used in
         this paragraph 4G(i), "Series I Deferred Principal Amount" means the
         Series I Note Principal Allocation times each Deferred Principal
         Amount. The Company agrees that in connection with any payment of fees
         payable to the Specified Holders similar to the Deferred Principal
         Amount Fees, the Company shall pay to the Noteholders a pro rata amount
         of such payment.

                  (ii) The Company acknowledges that it is required to pay
         certain amendment/closing fees (in addition to and not including the
         0.25% fee described in section (iii) below and reimbursement for out of
         pocket costs and expenses) to the Noteholders and the Specified Holders
         in connection with, and as required by, the Second

                                       3
<PAGE>
         Amendment and the amendments to the Specified Agreements in form and
         substance substantially similar to the Second Amendment (the "Second
         Amendment Closing Fees"). In lieu of paying the entire balance of the
         Second Amendment Closing Fees on the Second Amendment Effective Date,
         the Company shall pay (a) on the Second Amendment Effective Date, at
         least $2,000,000 of such Second Amendment Closing Fees and the portion
         of the Second Amendment Closing Fees paid to the Noteholders on the
         Second Amendment Effective Date shall not be less than the Series I
         Deferred Fee Allocation multiplied by the actual amount of the Second
         Amendment Closing Fees paid to the Noteholders and the Specified
         Holders on the Second Amendment Effective Date and (b) by no later than
         January 15, 2004, (1) the then unpaid balance of the Second Amendment
         Closing Fees multiplied by the Series I Deferred Fee Allocation and (2)
         a deferral fee to the Noteholders in accordance with their pro rata
         portion of the Deferred Fee Amount multiplied by the Series I Deferred
         Fee Allocation at a rate per annum equal to the sum of (x) the Series I
         Applicable Rate plus (y) (i) 2.00% from the Second Amendment Effective
         Date until the date such Deferred Fee Amount has been paid in full plus
         (z) 1.00% on the date immediately prior to the day such Deferred Fee
         Amount balance has been paid in full and for the period from the date
         such Deferred Fee Amount has been paid in full until January 15, 2004.
         As used in this paragraph 4G(ii), "Deferred Fee Amount" means, with
         respect to the Second Amendment Closing Fees, the excess of (a) the
         actual amount of the Second Amendment Closing Fees minus (b) the amount
         of the Second Amendment Closing Fees paid on the Second Amendment
         Effective Date. The Company agrees that in connection with any payment
         on any date of the Deferred Fee Amount or the deferral fee referred to
         above (or a similar deferral fee to any Specified Holder) to any
         Specified Holder, the Company, on the same date, shall pay to each
         Noteholder pro rata in accordance with the unpaid principal amount of
         Notes (other than the Yield-Maintenance Notes) held by such Noteholder
         an amount equal to the Series I Deferred Fee Allocation times the
         amount of such payment.

                  (iii) The Company shall pay, on January 15, 2004, a
         restructuring fee pro rata to each Noteholder, in an amount equal to
         0.25% of the then outstanding principal amount of the Notes (other than
         the Yield-Maintenance Notes) held by such Noteholder (it being
         understood and agreed that such restructuring fee shall be
         non-refundable and is deemed to be fully earned on the Second Amendment
         Effective Date)."

         2.4 Paragraph 5A(a) to the Note Agreement shall be and hereby is
amended by inserting new subparagraphs (vii) and (viii) immediately following
subparagraph (vi) thereto which shall read as follows:

                  "(vii) Cash Sources. By no later than fifteen (15) days after
         the end of each monthly accounting period of the Company, the following
         (prepared in such format and detail as is required by the Required
         Holder(s)): (a) a statement of projected cash sources and uses of the
         Company and its Subsidiaries for the 13 calendar weeks following the
         end of such monthly accounting period and a report (to the extent
         requested by the Required Holder(s) from time to time) containing
         management's discussion and analysis of such projections and (b) a
         statement of cash sources and uses for the immediately preceding
         monthly accounting period of the Company and for such historical period
         as is

                                       4
<PAGE>
         reasonably required by the Required Holder(s), in comparative form
         against the figures and for the corresponding date and period in the
         projected cash flow statements required under the foregoing subsection
         (a); the foregoing statements required under subsections (a) and (b)
         being duly certified by the chief financial officer or treasurer of the
         Company.

                  (viii) Fleet Equivalent Increase. Concurrently with the
         delivery of each monthly report and information under the Fleet
         Participation Agreement (including without limitation under Section
         6.1(e)(vii) thereof), the Company shall deliver to the each Noteholder
         copies of such reports and information and any other information
         relevant to the calculation and determination of the Fleet Equivalent
         Increase."

         2.5 Paragraph 5 of the Note Agreement shall be and hereby is amended by
inserting a new paragraph 5T immediately following paragraph 5S thereto which
shall read as follows:

                  "5T. CANADIAN GUARANTY AND COLLATERAL. By no later than May
         31, 2003, the Company shall (i) cause its Canadian Subsidiary to
         execute and deliver to each holder of a Note, a guarantee of the
         Obligations pursuant to a guaranty agreement, or supplement thereto, in
         form and substance satisfactory to the Required Holder(s) and their
         counsel, (ii) cause its Canadian Subsidiary to execute and deliver to
         the Collateral Agent a general security agreement, or supplement
         thereto, with a copy to each Noteholder, in form and substance
         satisfactory to the Collateral Agent and its counsel, (iii) execute and
         deliver a Pledge Agreement, or supplement thereto, pledging 100% of the
         capital stock of its Canadian Subsidiary and (iv) deliver to the
         Required Holder(s) corporate resolutions and other documentation
         (including legal opinions, Personal Property Security Act financing
         statements and such other instruments and documents as are requested
         by, and in form and substance satisfactory to, the Required Holder(s)
         and their counsel) related to the delivery of the foregoing agreements;
         provided that the Company shall not be required to provide that portion
         or amount of collateral described above and evidenced by any of the
         foregoing instruments and documents to the extent but only to the
         extent that delivery of such collateral would cause its Canadian
         Subsidiary's accumulated and undistributed earnings and profits to be
         deemed to be repatriated to the Company or a Domestic Subsidiary for
         U.S. federal income tax purposes and the effect of such repatriation
         would be to cause materially adverse tax consequences for the Company."

         2.6 Paragraph 6C of the Note Agreement shall be and hereby is amended
and restated as follows:

                  "(a) Intentionally Omitted.

                  (b) Minimum Consolidated Equity. The Company shall, as of the
         last day of each of the fiscal quarters specified below, maintain
         Consolidated Equity at an amount not less than the applicable "Minimum
         Consolidated Equity" specified below:

<TABLE>
<CAPTION>
                                                                 Minimum Consolidated
                               Fiscal Quarter Ending                    Equity
                               ---------------------                    ------
<S>                                                              <C>
                          March 31, 2003                               $40,000,000
</TABLE>

                                       5
<PAGE>

<TABLE>
<S>                                                              <C>
                          June 30, 2003                                $35,000,000
                          September 30, 2003                           $30,000,000
                          December 31, 2003                            $25,000,000
</TABLE>

                  (c) Maximum Leverage Valuation Ratio. The Company shall not
         permit, as of the last day of each of the fiscal quarters specified
         below, the Leverage Valuation Ratio to exceed the applicable "Maximum
         Leverage Valuation Ratio" specified below:

<TABLE>
<CAPTION>

                                                            Maximum Leverage
                               Fiscal Quarter Ending         Valuation Ratio
                               ---------------------         ---------------
<S>                                                         <C>
                          March 31, 2003                                0.95 to 1
                          June 30, 2003                                 0.95 to 1
                          September 30, 2003                            0.95 to 1
                          December 31, 2003                             0.95 to 1
</TABLE>

                  (d) Minimum Consolidated EBITDA. The Company shall, as of the
         last day of each of the fiscal quarters specified below, maintain
         Consolidated EBITDA, at an amount not less than the applicable "Minimum
         Cumulative Consolidated EBITDA" specified below, for the period
         commencing on January 1, 2003 and ending on such last day:

<TABLE>
<CAPTION>
                                              Minimum Cumulative Consolidated
                          Month Ending                   EBITDA
                          ------------                   ------

<S>                                           <C>
                          March 31, 2003               $0
                          June 30, 2003             $5,000,000
                          September 30, 2003       $15,000,000
                          December 31, 2003        $20,000,000
</TABLE>

                  (e) Minimum Interest Coverage Cash Collateral. The Company
         shall, by no later than December 31, 2002, enter into a Cash Collateral
         Agreement and, by no later than one (1) Business Day prior to the first
         day of each fiscal quarter of the Company ending on or after March 31,
         2003, deposit funds ("Cash Collateral Funds") with the Collateral Agent
         in an amount not less than the aggregate amount of interest required to
         be paid, through the end of the immediately succeeding fiscal quarter,
         under this Agreement and under the Specified Agreements; provided that
         (i) in the case of interest required to be paid through the end of the
         fiscal quarter ending on March 31, 2004, the Company may deposit Cash
         Collateral Funds on or before (but not after) January 15, 2004 and (ii)
         it being understood and agreed that if, at any time subsequent to the
         date Cash Collateral Funds are deposited, the aggregate amount of
         interest required to be so paid increases, the Company shall promptly,
         and in any event within three (3) Business Days after demand by the
         holders of the Senior Notes or the Administrative Agent, deposit
         additional funds with the Collateral Agent in an aggregate amount not
         less than the amount of such increase)."

                                       6
<PAGE>
         2.7 Paragraph 6C(f) of the Note Agreement shall be and hereby is
amended by deleting the reference to "$6,000,000" contained therein and
inserting "$4,000,000" in lieu thereof.

         2.8 Paragraph 7A(b)(iv) of the Note Agreement shall be and hereby is
amended by inserting "or paragraph 5T" immediately after the reference to
"Paragraph 5S" appearing therein.

         2.9 Paragraph 7A to the Note Agreement shall be and hereby is amended
by inserting the following new subparagraphs immediately following subparagraph
7A(r) contained therein:

                  "7A(s). COMMITMENT LETTER. The Company shall fail to deliver
         to the holders of Notes, by no later than January 31, 2004, one or more
         binding commitment letters (in form and substance satisfactory to the
         Required Secured Parties as defined in the Intercreditor Agreement)
         from a bank, institutional lender or other qualified lending source to
         pay in full, on or before March 30, 2004, the Secured Obligations as
         defined in the Intercreditor Agreement.

                  7A(t). FLEET CROSS-DEFAULT. A default or breach under the
         Fleet Participation Agreement shall occur, regardless of whether such
         default is waived or whether any right with respect to such default or
         breach is exercised (including, without limitation, any default or
         breach arising out of a failure by the Company to deliver a business
         plan as required by Section 6.1(o) thereof)."

         2.10 Paragraph 10B of the Note Agreement shall be and hereby is amended
by inserting the following new defined terms and in the correct alphabetical
order to such Paragraph:

                  "AMORTIZATION DEBT" means, at any time the same is to be
         determined, the sum of (i) the outstanding principal amount of the
         Senior Secured Notes (other than the Deferral Fee Notes and the
         Make-Whole Notes) (as each such term is defined in the Intercreditor
         Agreement), as of such time plus (ii) the sum of (1) the outstanding
         principal amount of all of the Term Loans (other than the PIK Notes)
         plus (B) the amount then available for drawing under all Term Letters
         of Credit plus (C) the amount of unpaid reimbursement obligations with
         respect to drawings under all Term Letters of Credit (as each such term
         is defined in the Credit Agreement as in effect at the date of the
         Closing).

                  "APPLICABLE MARGIN" means, for each month the same is
         determined, the sum of (i) 0.50% for every 10% of negative variance
         from the Targeted Consolidated EBITDA Amount for such month, (ii) 0.50%
         for every quarterly occurrence of a Leverage Valuation Ratio above 0.85
         to 1 as of the end of the Company's most recently ended fiscal quarter
         and to be paid in the quarter following such occurrence (it being
         understood and agreed that, once in effect, such Leverage Valuation
         Ratio-based increase (a "Leverage Increase") will remain in effect for
         each month prior to the Company's achievement of a Leverage Valuation
         Ratio of 0.85 to 1 or less but shall cease to apply (subject to
         subsequent quarterly occurrences of a Leverage Valuation Ratio above
         0.85 to 1) during and after such month when the Company's
         quarterly-based Leverage Valuation Ratio is equal to or less than 0.85
         to 1), (iii) 0.50% for every monthly occurrence of a

                                       7
<PAGE>
         negative monthly Unadjusted Consolidated EBITDA and (iv) 0.20% for
         every month during which the "Additional Fee" (as identified and
         defined in Section 10.1(d) of the Fleet Participation Agreement) is
         payable under the Fleet Participation Agreement (a "Fleet Equivalent
         Increase"). Each calculation of the Applicable Margin (1) will be
         determined as of the end of each calendar month (or quarter in the case
         of the applicability of a Leverage Increase) and shall be in effect for
         the next succeeding calendar month (or quarter in the case of a
         Leverage Increase), (2) shall be determined without giving effect to,
         and shall not be additive of, the Applicable Margin determined in any
         previous month and (3) shall be subject to the limitation that the
         amount calculated by adding the sum of the increases specified in the
         foregoing subsections (i), (ii) and (iii) shall not exceed 5.00% for
         any month.

                  "CANADIAN SUBSIDIARY" means any subsidiary of the Company
         organized under the laws of Canada or any province thereof.

                  "DEFERRED FEE AMOUNT" is defined in paragraph 4G(ii).

                  "DEFERRED PRINCIPAL AMOUNT" is defined in paragraph 4G(i).

                  "ELIGIBLE ASSET DISPOSITION CHARGES" means charges, calculated
         in accordance with GAAP, incurred by the Company in its fiscal year
         ending on December 31, 2003 but only to the extent (i) such charges
         relate solely and directly to the sales of assets and properties
         permitted under paragraph 6B(b) (including, without limitation, charges
         composed of brokerage and investment banking fees, rental and used
         trailer disposition fees and charges and other disposition transaction
         costs) and (ii) the proceeds of such sales are used to prepay
         Indebtedness of the Company and its Subsidiaries to the extent
         permitted hereunder.

                  "ELIGIBLE ASSET IMPAIRMENT CHARGES" means up to $35,000,000 in
         the aggregate attributable to, without duplication, any charges
         incurred by the Company in its fiscal year ending on December 31, 2003
         but only to the extent such charges relate solely and directly to the
         impairment of long-lived assets, goodwill and other intangible assets,
         all in accordance with GAAP.

                  "ELIGIBLE MISCELLANEOUS NON-CASH CHARGES" means non-cash
         charges (including, without limitation, to non-cash losses on finance
         contracts, severance and other loss contingencies but excluding
         Eligible Asst Impairment Charges and Eligible Restructuring Charges),
         calculated in accordance with GAAP and, to the extent deducted in
         computing Consolidated Operating Income, incurred by the Company in its
         fiscal year ending on December 31, 2003 but only to the extent the
         aggregate amount of such non-cash charges do not exceed $10,000,000.

                  "ELIGIBLE RESTRUCTURING CHARGES" means any charges incurred by
         the Company in its fiscal year ending on December 31, 2003 but only to
         the extent such charges (i) are incurred in accordance with GAAP and
         (ii) relate solely and directly to the restructuring, waiving or
         amending of the instruments and documents evidencing any of the Secured

                                       8
<PAGE>

         Obligations and other lines of credit, leases or other extensions of
         credit, including any amounts paid to any lenders, advisor fees and
         other related costs.

                  "FLEET EQUIVALENT INCREASE" is defined in the definition of
         "Applicable Margin" contained in paragraph 10B hereof.

                  "FLEET PARTICIPATION AGREEMENT" means that certain Amended and
         Restated Participation Agreement dated as of March 30, 2001 as
         currently in effect among Apex Trailer Leasing & Rentals, L.P., the
         Company, certain financial institutions from time to time party
         thereto, U.S. Bank National Association, as trustee and Fleet Capital
         Corporation individually and as owner participant, collateral agent and
         administrative agent, as such agreement may be amended, restated,
         supplemented or otherwise modified from time to time.

                  "SECOND AMENDMENT" means that certain Second Amendment to the
         Amended and Restated Note Purchase Agreement, dated as of April 12,
         2002 and as amended on December 13, 2002, dated as of April 11, 2003
         among the Company, and the Noteholders.

                  "SECOND AMENDMENT CLOSING FEES" is defined in paragraph
         4G(ii).

                  "SECOND AMENDMENT EFFECTIVE DATE" means April 11, 2003.

                  "SERIES I APPLICABLE RATE" means, at any time, the sum of (i)
         a rate per annum equal to 11.79% plus (ii) the Applicable Margin at
         such time.

                  "SERIES I DEFERRED FEE ALLOCATION" means at any time, the
         percentage determined by dividing (a) the aggregate amount of the
         amendment fees in favor of the Noteholders as required by, and in
         connection with, the Second Amendment by (b) the sum of (i) the
         aggregate amount of the amendment fees in favor of the holders of the
         Senior Secured Notes (other than the Deferral Fee Notes and the
         Make-Whole Notes) (as each such term is defined in the Intercreditor
         Agreement) as required by, and in connection with, the Second Amendment
         and the amendments (comparable to the Second Amendment) to the Note
         Agreements (as such term is defined in the Intercreditor Agreement),
         (ii) the aggregate amount of the amendment fees in favor of the
         Administrative Agent and the Lenders as required by, and in connection
         with, the Second Amendment, (iii) the aggregate amount of the amendment
         fees in favor of General Electric Capital Corporation as required by,
         and in connection with, the amendments (comparable to the Second
         Amendment) to the Receivables Purchase Agreement and (iv) the aggregate
         amount of amendment fees in favor of Fleet Capital Corporation as
         required by, and in connection with, the Amendment (comparable to the
         Second Amendment) to the lease agreements evidencing the Fleet Lease
         Transaction.

                  "SPECIFIED AGREEMENTS" means the Credit Agreement, the
         Receivables Purchase Documents, the Series A Note Purchase Agreement,
         the Series C-H Note Purchase Agreement and the lease agreements
         evidencing the Fleet Lease Transaction.

                                       9
<PAGE>
                  "SPECIFIED HOLDERS" means the holders of the Obligations,
         under and as defined in the Credit Agreement, the financial
         institutions party to Receivables Purchase Documents, the holders of
         the Series A Notes, the holders of the Series C-H Notes and the
         financial institutions party to the lease agreements evidencing the
         Fleet Lease Transaction.

                  "TARGETED CONSOLIDATED EBITDA AMOUNT" means, for each relevant
         month, the cumulative Consolidated EBITDA amount (measured from and
         after January 1, 2003) furnished on March 6, 2003 to the Noteholders as
         part of the Company's 2003 budget and as set forth on Schedule B
         attached hereto minus that portion of such cumulative Consolidated
         EBITDA amount which is attributable to the sale, from and after January
         1, 2003, of any assets or any Subsidiary to the extent permitted herein
         or otherwise approved by the Required Holder(s).

                  "UNADJUSTED CONSOLIDATED EBITDA" means, for any period, on a
         consolidated basis for the Company and its consolidated Subsidiaries,
         the sum of the amounts for such period, without duplication, of (i)
         Consolidated Operating Income, plus (ii) charges against income for
         foreign taxes and U.S. income taxes to the extent deducted in computing
         Consolidated Operating Income, plus (iii) Interest Expense to the
         extent deducted in computing Consolidated Operating Income, plus (iv)
         depreciation expense to the extent deducted in computing Consolidated
         Operating Income, plus (v) amortization expense, including, without
         limitation, amortization of goodwill and other intangible assets to the
         extent deducted in computing Consolidated Operating Income, plus (vi)
         Eligible Asset Disposition Charges to the extent deducted in computing
         Consolidated Operating Income, minus (a) the total interest income of
         the Company and its Subsidiaries to the extent included in computing
         Consolidated Operating Income minus (b) the total tax benefit reported
         by the Company and its Subsidiaries to the extent included in computing
         Consolidated Operating Income.

         2.11 Paragraph 10B to the Note Agreement is further amended by amending
the definitions of "CONSOLIDATED EBITDA," "CONSOLIDATED EQUITY" and "DEFAULT
RATE" in their entirety to read as follows:

                  "CONSOLIDATED EBITDA" means, for any period, on a consolidated
         basis for the Company and its consolidated Subsidiaries, the sum of the
         amounts for such period, without duplication, of (i) Consolidated
         Operating Income, plus (ii) charges against income for foreign taxes
         and U.S. income taxes to the extent deducted in computing Consolidated
         Operating Income, plus (iii) Interest Expense to the extent deducted in
         computing Consolidated Operating Income, plus (iv) depreciation expense
         to the extent deducted in computing Consolidated Operating Income, plus
         (v) amortization expense, including, without limitation, amortization
         of goodwill and other intangible assets to the extent deducted in
         computing Consolidated Operating Income, plus (vi) Eligible Asset
         Disposition Charges to the extent deducted in computing Consolidated
         Operating Income, plus (vii) Eligible Asset Impairment Charges to the
         extent deducted in computing Consolidated Operating Income, plus (viii)
         Eligible Miscellaneous Non-Cash Charges to the extent deducted in
         computing Consolidated Operating Income, plus (ix) Eligible
         Restructuring Charges to the extent deducted in computing Consolidated

                                       10
<PAGE>
         Operating Income, minus (a) the total interest income of the Company
         and its Subsidiaries to the extent included in computing Consolidated
         Operating Income minus (b) the total tax benefit reported by the
         Company and its Subsidiaries to the extent included in computing
         Consolidated Operating Income.

                  "CONSOLIDATED EQUITY" means as of the date of any
         determination thereof for any relevant period, the total stockholders'
         equity of the Company and its Subsidiaries on a consolidated basis, as
         determined in accordance with GAAP, plus the sum of the amounts for
         such period, without duplication, of (i) foreign currency translation
         and transaction gains and losses, plus (ii) all charges against income
         for foreign taxes and U.S. income taxes, plus (iii) Eligible Asset
         Disposition Charges, plus (iv) Eligible Asset Impairment Charges, plus
         (v) Eligible Non-Cash Miscellaneous Charges, plus (vi) Eligible
         Restructuring Charges.

                  "DEFAULT RATE" means the greater of (i) 2.00% over the then
         applicable Series I Applicable Rate or (ii) 2.00% over the rate of
         interest publicly announced by Morgan Guaranty Trust Company of New
         York from time to time in New York, New York as its "base" or "prime"
         rate.

         2.12 The Note Purchase Agreement shall be and hereby is amended by
inserting a new Schedule B in the form of Schedule B attached to this Second
Amendment.

         2.13 Exhibit 1 to the Note Purchase Agreement is amended in its
entirety by substituting therefor Amended Exhibit 1 attached to this Amendment.

         2.14 Exhibit 2 to the Note Purchase Agreement is amended in its
entirety by substituting therefor Amended Exhibit 2 attached to this Amendment.

         2.15 Exhibit 5A-2 to the Note Purchase Agreement is amended in its
entirety by substituting therefor Amended Exhibit 5A-2 attached to this
Amendment.

         SECTION 3 Representations and Warranties of the Company. To induce the
Noteholders to execute and deliver this Second Amendment (which representations
shall survive the execution and delivery of this Second Amendment), each of the
Company and the Guarantors represent and warrant to the Noteholders that:

                           (a) since December 31, 2002, there has been no change
                     in the condition, financial or otherwise, of the Company
                     and its Subsidiaries as shown on the consolidated balance
                     sheet as of such date except changes in the ordinary course
                     of business, none of which individually or in the aggregate
                     has had, or reasonably could be expected to have, a
                     Material Adverse Effect;

                           (b) this Second Amendment has been duly authorized,
                     executed and delivered by it and this Second Amendment
                     constitutes the legal, valid and binding obligation,
                     contract and agreement of the Company and Guarantors
                     enforceable against each of them in accordance with its
                     terms, except as enforcement may be limited by bankruptcy,
                     insolvency, reorganization,

                                       11
<PAGE>
                     moratorium or similar laws relating to or limiting
                     creditors' rights generally and general principles of
                     equity (regardless of whether such enforceability is
                     considered in a proceeding in equity or in law);

                           (c) the Note Agreement, as amended by this Second
                     Amendment, constitutes the legal, valid and binding
                     obligation, contract and agreement of the Company
                     enforceable against it in accordance with its terms, except
                     as enforcement may be limited by bankruptcy, insolvency,
                     reorganization, moratorium or similar laws relating to or
                     limiting creditors' rights generally and general principles
                     of equity (regardless of whether such enforceability is
                     considered in a proceeding in equity or in law);

                           (d) the Amended and Restated Notes have been duly
                     authorized by all necessary corporate action on the part of
                     the Company and the Amended and Restated Notes being
                     delivered on the Effective Date have been duly executed and
                     delivered by the Company and constitute the legal, valid
                     and binding obligations of the Company enforceable against
                     the Company in accordance with their terms except as such
                     enforceability may be limited by bankruptcy, insolvency,
                     reorganization, moratorium or similar laws relating to or
                     limiting creditors' rights generally and general principles
                     of equity (regardless of whether such enforceability is
                     considered in a proceeding in equity or in law);

                           (e) the execution, delivery and performance by the
                     Company of this Second Amendment and the Amended and
                     Restated Notes and by the Guarantors of this Second
                     Amendment (i) have been duly authorized by all requisite
                     corporate action and, if required, shareholder action, (ii)
                     do not require the consent or approval of any governmental
                     or regulatory body or agency, and (iii) do not and will not
                     (A) violate (1) any provision of law, statute, rule or
                     regulation or its certificate of incorporation or bylaws,
                     (2) any order of any court or any rule, regulation or order
                     of any other agency or government binding upon it, or (3)
                     any provision of any material indenture, agreement or other
                     instrument to which it is a party or by which its
                     properties or assets are or may be bound, including,
                     without limitation, the Note Agreement, or (B) result in a
                     breach or constitute (along or with due notice or lapse of
                     time or both) a default under any indenture, agreement or
                     other instrument referred to in clause (iii)(A)(3) of this
                     Section 3(e);

                           (f) except as set forth in Sections 5(d) and (e) and
                     as set forth in the description of the 0.25% restructuring
                     fee contained in Section 2.3 of this Second Amendment and
                     comparable fees as set forth in the separate amendments
                     dated as of the date hereof to each of the Specified
                     Agreements, the Company has not paid or agreed to pay any
                     fee or other compensation to any party to the Specified
                     Agreements in connection with the amendment of the Note
                     Agreement or the Notes;

                                       12
<PAGE>
                           (g) as of the date hereof and after giving effect to
                     this Second Amendment, no Default or Event of Default has
                     occurred which is continuing; and

                           (h) all the representations and warranties contained
                     in paragraph 8 of the Note Agreement are true and correct
                     in all material respects with the same force and effect as
                     if made by the Company on and as of the date hereof.

         SECTION 4 Reaffirmation of Subsidiary Guarantee Agreement. Each of the
Guarantors hereby reaffirms each of their obligations under the Subsidiary
Guarantee Agreement after giving effect to this Second Amendment.

         SECTION 5 Conditions to Effectiveness of this Amendment. Subject to the
proviso below, this Second Amendment shall be deemed effective as of April 11,
2003, provided that each and every one of the following conditions shall have
been satisfied:

                           (a) each Amended and Restated Note or, if requested
                     by any Noteholder, each Allonge shall have been duly
                     executed by the Company and shall have been delivered to
                     the Noteholders or their special counsel;

                           (b) executed counterparts of this Second Amendment,
                     duly executed by the Company, the Guarantors and the
                     holders of 100% of the outstanding principal amount of the
                     Notes, shall have been delivered to the Noteholders;

                           (c) the representations and warranties of the Company
                     and the Guarantors set forth in Section 3 hereof are true
                     and correct on and with respect to the date hereof;

                           (d) subject to paragraph 4G(ii) of the Note Purchase
                     Agreement, the Company shall have paid in cash an amendment
                     fee to each Noteholder in an amount equal to 0.625% of the
                     outstanding principal amount of the Notes (other than the
                     Yield-Maintenance Notes) held by such Noteholder (each as
                     calculated on the Second Amendment Effective Date);

                           (e) the Company shall have paid to each Noteholder
                     the aggregate amount of interest, accrued and unpaid up to
                     and including the Second Amendment Effective Date, on the
                     Notes, including, without limitation as a result of the
                     effectiveness of the 0.50% increase in the Series I
                     Applicable Rate effective as of February 27, 2003 pursuant
                     hereto;

                           (f) the Company shall have paid the reasonable fees
                     and expenses of Schiff Hardin & Waite, special counsel to
                     the Noteholders, in connection with the negotiation,
                     preparation, approval, execution and delivery of this
                     Second Amendment;

                           (g) the Noteholders shall have received similar
                     executed amendments to the Specified Agreements in form and
                     substance satisfactory to the Noteholders;

                                       13
<PAGE>
         provided that upon the satisfaction of the foregoing conditions
         precedent, the amendments set forth in this Second Amendment relating
         to the Series I Applicable Rate shall be effective as of February 27,
         2003 and the amounts added to the Yield-Maintenance Notes for February
         28, 2003 and March 31, 2003 shall be adjusted accordingly.

         SECTION 6 Consents and Waivers. Upon and by virtue of this Second
Amendment becoming effective as herein contemplated, the Noteholders hereby
consent to the amendments specified herein, including the amendment of the
Specified Agreements, in each case in a manner similar to the amendments
hereunder.

         SECTION 7 Miscellaneous.

                           (a) This Second Amendment shall be construed in
                     connection with and as part of the Note Agreement, and
                     except as modified and expressly amended by this Second
                     Amendment, all terms, conditions and covenants contained in
                     the Note Agreement are hereby ratified and shall be and
                     remain in full force and effect.

                           (b) Any and all notices, requests, certificates and
                     other instruments executed and delivered after the
                     execution and delivery of this Second Amendment may refer
                     to the Note Agreement without making specific reference to
                     this Second Amendment, but nevertheless all such references
                     shall include this Second Amendment unless the context
                     otherwise requires.

                           (c) The descriptive headings of the various Sections
                     or parts of this Second Amendment are for convenience only
                     and shall not affect the meaning or construction of any of
                     the provisions hereof.

                           (d) This Second Amendment shall be governed by and
                     construed in accordance with Illinois law, excluding
                     choice-of-law principles of the law of such State that
                     would require the application of the laws of a jurisdiction
                     other than such State.

                           (e) The execution hereof by you shall constitute a
                     contract between us for the uses and purposes hereinabove
                     set forth, and this Second Amendment may be executed in any
                     number of counterparts, each executed counterpart
                     constituting an original, but all together only one
                     agreement.

                                       14
<PAGE>
                  IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be duly executed by their respective authorized officers as of the
day and year first above written.

                            WABASH NATIONAL CORPORATION

                            By: ________________________________________________
                                Christopher A. Black, Vice President & Treasurer
<PAGE>
Accepted and Agreed:

                                     THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

                                     By:
                                        ----------------------------------------
                                     Name:
                                          --------------------------------------
                                     Title:  Vice President
<PAGE>
Accepted and Agreed:

                                        PRUCO LIFE INSURANCE COMPANY

                                        By:
                                             -----------------------------------
                                        Name:
                                               ---------------------------------
                                        Title:  Vice President
<PAGE>
                            CONSENT AND REAFFIRMATION

                  Each of the undersigned hereby acknowledges receipt of a copy
of the foregoing Second Amendment dated as of April 11, 2003 ("Second
Amendment") to the Amended and Restated Note Purchase Agreement, dated as of
April 12, 2002 and as amended on December 13, 2002 by and among Wabash National
Corporation, a Delaware corporation ("Company"), and the several Noteholders
party to the Note Agreement (collectively, the "Noteholders"). Capitalized terms
used in this Consent and Reaffirmation and not defined herein shall have the
meanings given to them in the Note Purchase Agreement. Without in any way
establishing a course of dealing by the Noteholders, each of the undersigned
consents to the Second Amendment and reaffirms the terms and conditions of the
Guaranty, the Note Purchase Agreement and any other Note Document executed by it
and acknowledges and agrees that such agreement and each and every such Note
Document executed by the undersigned in connection with the Note Purchase
Agreement remains in full force and effect and is hereby reaffirmed, ratified
and confirmed. All references to the Note Purchase Agreement contained in the
above-referenced documents shall be a reference to the Note Purchase Agreement
as so modified by the Second Amendment and as the same may from time to time
hereafter be amended, modified or restated.

Dated:  April 11, 2003

                                       APEX TRAILER LEASING & RENTALS, L.P.

                                       By: Wabash National Corporation, its
                                           general partner

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Vice
                                             President & Treasurer

                                       CLOUD OAK FLOORING COMPANY, INC.

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       CONTINENTAL TRANSIT CORPORATION

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                            FTSI DISTRIBUTION COMPANY, L.P.

<PAGE>

                                       By:  Wabash National Trailer Centers,
                                            Inc., formerly known as NOAMTC,
                                            Inc., its general partner

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       NATIONAL TRAILER FUNDING, L.L.C.

                                       By:  Wabash National Trailer Centers,
                                            Inc., formerly known as NOAMTC,
                                            Inc., its Member

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       WABASH NATIONAL TRAILER CENTERS, INC.,
                                       formerly known as NOAMTC, Inc.

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       WABASH FINANCING LLC

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       WABASH NATIONAL L.P.

                                       By:  Wabash National Trailer Centers,
                                            Inc., formerly known as NOAMTC,
                                            Inc., its general partner

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

<PAGE>

                                       WABASH NATIONAL SERVICES, L.P.

                                       By:  Wabash National Trailer Centers,
                                            Inc., formerly known as NOAMTC,
                                            Inc., its general partner

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       WABASH TECHNOLOGY CORP.

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       WNC  CLOUD MERGER SUB, INC.

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

                                       WNC  RECEIVABLES MANAGEMENT CORP.

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Secretary

                                       WTSI TECHNOLOGY CORP.

                                         By:
                                             -----------------------------------
                                             Christopher A. Black, Authorized
                                             Representative

<PAGE>

                                 [FORM OF NOTE]

                              AMENDED AND RESTATED

                           WABASH NATIONAL CORPORATION

       SERIES I ADJUSTING RATE SENIOR SECURED NOTE DUE SEPTEMBER 29, 2007

No. [_____]                                                      [Date]
$[_______]                                                       PPN: [________]

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to
[___________________________], or registered assigns, the principal sum of
[___________________________] DOLLARS on September 29, 2007, with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance thereof at the rate equal to the Series I Applicable Rate (as
defined below) from the date hereof, payable monthly, on the last Business Day
of each calendar month in each year, commencing with the last Business Day of
the calendar month next succeeding the date hereof, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
overdue payment (including any overdue prepayment) of principal, any overdue
payment of interest and any overdue payment of any Yield-Maintenance Amount (as
defined in the Note Purchase Agreement referred to below), payable monthly as
aforesaid (or, at the option of the registered holder hereof, on demand), at a
rate per annum from time to time equal to the greater of (i) 2.00% over the
Series I Applicable Rate or (ii) 2.00% over the rate of interest publicly
announced by Morgan Guaranty Trust Company of New York from time to time in New
York, New York as its "base" or "prime" rate. As used herein, "Series I
Applicable Rate" means, at any time, the sum of (i) 11.79% per annum plus (ii)
the Applicable Margin (as defined in the Note Purchase Agreement) at such time.

         Payments of principal of, interest on and any Yield-Maintenance Amount
with respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of a series of Series I Senior Secured Notes (herein
called the "Notes") issued pursuant to that certain Amended and Restated Note
Purchase Agreement, dated as of April 12, 2002 (as from time to time amended,
the "Note Purchase Agreement"), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Each holder of
this Note will be deemed, by its acceptance hereof, (i) to have agreed to the
confidentiality provisions set forth in paragraph 11Q of the Note Purchase
Agreement and (ii) to have made the representation set forth in paragraph 8 of
the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and

                                    EXHIBIT 1
                          (to Note Purchase Agreement)
<PAGE>

registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         This Note is subject to mandatory and optional prepayment, in whole or
from time to time in part, at the times and on the terms specified in the Note
Purchase Agreement, but not otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Yield-Maintenance Amount) and with the effect provided in the Note
Purchase Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed, assigned, transferred, pledged
and hypothecated, the nature and extent of the security for the Notes, the
rights of the holders of the Notes, the Collateral Agent (as defined in the Note
Purchase Agreement) in respect of such security and otherwise.

         The payment of the principal amount of, premium, if any, and interest
on this Note has been unconditionally guaranteed by the Guarantors (as defined
in the Note Purchase Agreement) pursuant to the Note Guaranty (as defined in the
Note Purchase Agreement). Reference is hereby made thereto for a statement of
the rights and benefits accorded thereby.

                                     E-1-2

<PAGE>

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                       WABASH NATIONAL CORPORATION

                                       By: ___________________________________

                                           Title: ____________________________

                                     E-1-3
<PAGE>

                        [FORM OF YIELD-MAINTENANCE NOTE]

                           WABASH NATIONAL CORPORATION

                 SENIOR SECURED PIK GRID NOTE DUE MARCH 30, 2004

No. _________                                               [Date]
$____________                                               PPN: [_____________]

         FOR VALUE RECEIVED, the undersigned, WABASH NATIONAL CORPORATION
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to ________________, or
registered assigns, the R-__ Note Accreted Principal Amount on March 30, 2004.
The outstanding principal amount of this Senior Secured PIK Grid Note shall
accrete at the Series I Applicable Rate per annum on a monthly basis on the last
Business Day of each calendar month in each year commencing with the last
Business Day of the calendar month next succeeding the date hereof (computed on
the basis of a year of 360 days and twelve 30-day months) from the date of
issuance hereof and shall cease to accrete on the date on which this Senior
Secured PIK Grid Note shall have been paid in full; provided that in the case of
any prepayment or other payment of this Senior Secured PIK Grid Note on any date
other than the last Business Day of any calendar month, the outstanding
principal amount of this Senior Secured PIK Grid Note shall accrete at the
Series I Applicable Rate per annum on a daily basis from the date of the last
Business Day of such calendar month to the date of such prepayment; provided,
further that upon the occurrence of an Event of Default (as defined in the Note
Purchase Agreement referred to below and until such Event of Default has been
cured or waived in writing (such period constituting a "Default Interest
Period"), the outstanding principal amount of this Senior Secured PIK Grid Note
shall accrete, to the extent permitted by law, at a rate per annum from time to
time equal to the greater of (i) 2.00% over the Series I Applicable Rate or (ii)
2.00% over the rate of interest publicly announced by Morgan Guaranty Bank of
New York from time to time in New York, New York as its "base" or "prime" rate.
It is understood and agreed that any reference in this Senior Secured PIK Grid
Note to the "principal amount" of this Senior Secured PIK Grid Note shall
include a reference to the R-___ Note Accreted Principal Amount thereof whether
or not specifically set forth. As used herein, "Series I Applicable Rate" means,
at any time, the sum of (i) 11.79% per annum plus (ii) the Applicable Margin (as
defined in the Note Purchase Agreement) at such time.

"R-__ Note Accreted Principal Amount" shall mean with reference to this Senior
Secured PIK Grid Note, as of any date of determination, the sum of (a) the
Yield-Maintenance Amounts which shall become payable to the holder of this Note
with respect to such holder's Series I Notes, from time to time upon payment by
the Company of portions of the principal amount of such Notes pursuant to
Paragraph 4 of the Note Purchase Agreement and (b) the outstanding principal
amount of this Senior Secured PIK Grid Note which shall have been accreted
thereon from the date of issuance through such date, such amount shall accrete
at the Series I Applicable Rate per annum on a monthly basis on the last
Business Day of each calendar month in each year commencing with the last
Business Day of the calendar month next succeeding the date hereof (computed on
the basis of a year of 360 days and twelve 30-day months) and shall cease to
accrete on the date on which this Senior Secured PIK Grid Note shall have been
paid in full;

                                    EXHIBIT 2
                          (to Note Purchase Agreement)
<PAGE>

provided that in the case of any prepayment or other payment of this Senior
Secured PIK Grid Note on any date other than the last Business Day of any
calendar month, the outstanding principal amount of this Senior Secured PIK Grid
Note shall accrete at the Series I Applicable Rate per annum on a daily basis
from the date of the last Business Day of such calendar month to the date of
such prepayment. The amounts of the Yield-Maintenance Amounts payable from time
to time may for the convenience of the parties be recorded by the holder hereof
on the attached Grid however the books and records of the holder shall, in the
absence of manifest error, be conclusive as to the determination of the
Yield-Maintenance Amounts evidenced by this Note.

         Payments of principal of, interest on and any Yield-Maintenance Amount
with respect to this Note are to be made in lawful money of the United States of
America at Chicago, Illinois or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below.

         This Note is one of the Senior Secured PIK Grid Notes due March 30,
2004 (the "Yield-Maintenance Notes") of the Company which, together with the
Company's Notes and Deferral Fee Notes (as each is defined in the Note Purchase
Agreement described below) are hereinafter referred to collectively as the
"Notes", are issued and outstanding pursuant to that certain Amended and
Restated Note Purchase Agreement, dated as of April 12, 2002 (as from time to
time amended, the "Note Purchase Agreement"), between the Company and the
respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, (i) to have
agreed to the confidentiality provisions set forth in paragraph 11Q of the Note
Purchase Agreement and (ii) to have made the representation set forth in
paragraph 8 of the Note Purchase Agreement.

         This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

         The Company will make a required prepayment of principal on the date
and in the amount specified in the Note Purchase Agreement. This Note is also
subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not
otherwise.

         If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Yield-Maintenance Amount) and with the effect provided in the Note
Purchase Agreement.

         This Note is equally and ratably secured by the Collateral Documents
(as defined in the Note Purchase Agreement). Reference is hereby made to the
Collateral Documents for a description of the collateral thereby mortgaged,
warranted, bargained, sold, released, conveyed,

                                     E-2-2
<PAGE>

assigned, transferred, pledged and hypothecated, the nature and extent of the
security for the Notes, the rights of the holders of the Notes, the Collateral
Agent (as defined in the Note Purchase Agreement) in respect of such security
and otherwise.

         The payment of all R-__ Note Accreted Principal Amount of, premium, if
any, and interest on this Note has been unconditionally guaranteed by the
Guarantors (as defined in the Note Purchase Agreement) pursuant to the Note
Guaranty (as defined in the Note Purchase Agreement). Reference is hereby made
thereto for a statement of the rights and benefits accorded thereby.

         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE
RIGHTS AND PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS,
EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                                            WABASH NATIONAL CORPORATION

                                            By:
                                                --------------------------------
                                            Title:
                                                  ------------------------------

                                     E-2-3
<PAGE>

                           WABASH NATIONAL CORPORATION
   SCHEDULE OF YIELD-MAINTENANCE AMOUNTS DUE UNDER THE SENIOR SECURED PIK GRID
                             NOTE DUE MARCH 30, 2004

<TABLE>
<CAPTION>

                                                                                                     Total Accreted
                                                                                                        Principal,
                          Yield-              Accreted                              Accreted           Interest and
                        Maintenance           Principal          Applicable         Interest           Deferral Fee
     Date                 Amount               Amount           Interest Rate        Payable              Payable
--------------------- ------------------ ------------------- ------------------ ------------------- ------------------
<S>                   <C>                <C>                  <C>               <C>                 <C>
4/30/02

5/31/02

6/30/02

7/31/02

8/31/02

9/30/02

10/31/02

11/30/02

12/31/02

1/31/03

2/28/03

3/31/03

4/30/03

5/31/03

6/30/03

7/31/03

8/31/03

9/30/03

10/31/03

11/30/03

12/31/03

1/31/04

2/28/04

</TABLE>

                                     E-2-4
<PAGE>

                              Amended Exhibit 5A-2

                         FORM OF COMPLIANCE CERTIFICATE

To:      The Parties to the
         Note Agreements Described Below

                                    This Compliance Certificate is furnished
                  pursuant to that certain Amended and Restated Note Purchase
                  Agreement dated as of April 12, 2002 (as amended, modified,
                  renewed or extended from time to time, the "Agreement")
                  between Wabash National Corporation (the "Company"), and each
                  of the Purchasers named therein. Unless otherwise defined
                  herein, capitalized terms used in this Compliance Certificate
                  have the meanings ascribed thereto in the Agreement.

         THE UNDERSIGNED HEREBY CERTIFIES THAT:

                                    1.  I am the duly elected
                                                              -----------------
                  of the Company and the [Chief Financial Officer] [Treasurer];

                                    2. I have reviewed the terms of the
                  Agreement and I have made, or have caused to be made under my
                  supervision, a detailed review of the transactions and
                  conditions of the Company and its Subsidiaries during the
                  accounting period covered by the attached financial
                  statements;

                                    3. The examinations described in paragraph 2
                  did not disclose, and I have no knowledge of, the existence of
                  any condition or event which constitutes a Default or Event of
                  Default during or at the end of the accounting period covered
                  by the attached financial statements or as of the date of this
                  Certificate, except as set forth below; and

                                    4. Schedule I and Schedule II attached
                  hereto set forth financial data and computations evidencing
                  the Company's compliance with certain covenants of the
                  Agreement and the Excess Cash Flow during the accounting
                  period covered by the attached financial statements, all of
                  which data and computations are true, complete and correct.

                                  Exhibit 5A-2
                          (to Note Purchase Agreement)

                                    Described below are the exceptions, if any,
                  to paragraph 3, listing, in detail, the nature of the
                  condition or event, the period during which it has existed and
                  the action which the Company has taken, is taking, or proposes
                  to take with respect to each such condition or event:

                  --------------------------------------------------------------

                  --------------------------------------------------------------

                  The foregoing certifications, together with the computations
set forth in Schedule I and Schedule II hereto and the financial statements
delivered with this Certificate in support hereof, are made and delivered this
_____ day of __________, ____.

                                                --------------------------------
                                                     [Insert Name of Officer]

<PAGE>

Wabash National Corporation
Quarterly Compliance Certificate Worksheet

                             COMPLIANCE CERTIFICATE
          QUARTERLY SCHEDULE OF COMPLIANCE AS OF _______________, 2002
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

A.       EXCESS CASH FLOW (PARAGRAPH 4B(c))
<S>              <C>                                                                   <C>
         1.       Actual Amount:
                  a.       Sum of Cash & Cash Equivalents                               $        -
                  b.       Quarterly Average Available Liquidity                        $        -
                                                                                        -----------
                  c.       Total Available Liquidity (a+b)                              $        -
         2.       Projected Amount:
                  a.       Liquidity Amount (Schedule B-19)                             $        -
                  b.       Cash Basket                                                  $     5,000
                                                                                        -----------
                  c.       Total Projected Liquidity Amount (a+b)                       $     5,000

         3.       Cash Flow Available for Debt Paydown (1c -  2c)                       $   (5,000)

B.       MAXIMUM LEVERAGE VALUATION RATIO (PARAGRAPH 6C(c))

         1.       Actual Amount:
                  a.       Senior Notes
                  b.       Indebtedness under Credit Agreement                          -----------
                           (excluding L/C Obligations)
                  c.       Total Debt (a+b)                                             $        -
                  d.       Cash and Cash Equivalents
                  e.       Net Inventory
                  f.       Net Prepaid and Other Expenses
                  g.       Net PP&E
                                                                                        -----------
                  h.       Total Assets (d+e+f+g)                                       $        -
                  i.       Leveraged Ratio (c/h)                                              0.00x

         2.       Maximum Permitted Ratio                                                         x

C.       MAXIMUM CAPITAL EXPENDITURES (PARAGRAPH 6C(f))

         1.       Actual Amount:
                  a.       Capital Expenditures (Fiscal Year-to-Date)                   $        -

         2.       Maximum Annual Allowed Amount                                         $     6,000

D.       MAXIMUM FINANCE CONTRACTS (PARAGRAPH 6C(g))

         1.       Actual Amount:
                  a.       Finance Contracts (12 mth period 4/12/02-4/11/03)            $        -

         2.       Maximum Annual Allowed Amount                                         $     5,000
</TABLE>

<PAGE>

Wabash National Corporation
Monthly Compliance Certificate Worksheet

                             COMPLIANCE CERTIFICATE
              MONTHLY SCHEDULE OF COMPLIANCE AS OF _________, 2003
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

A.       MINIMUM ROLLING 12 MONTH CONSOLIDATED EBITDA (PARAGRAPH 6C(d))
<S>              <C>                                                                   <C>
         1.       Actual Amount:

                  a.       Consolidated Operating Income                                $       -
                  b.       Foreign and Domestic Taxes Deducted in Operating Income      $       -
                  c.       Interest Expense Deducted in Operating Income                $       -
                  d.       Other Non-Cash Charges Deducted in Operating Income          $       -
                           (Aggregate Annual Amount not in Excess of $15,000,000)
                  e.       Depreciation Expense Deducted in Operating Income            $       -
                  f.       Amortization Expense Deducted in Operating Income            $       -
                  g.       Interest Income Included in Operating Income                 $       -
                  h.       Total Tax Benefit Included in Operating Income               $       -
                  i.       Consolidated EBITDA (a+b+c+d+e+f-g-h)                        $       -

         2.       Minimum Required Amount                                               $       -
</TABLE>

<PAGE>

Wabash National Corporation
Quarterly Compliance Certificate Worksheet

                             COMPLIANCE CERTIFICATE
             QUARTERLY SCHEDULE OF COMPLIANCE AS OF _________, 2003
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

A.       EXCESS CASH FLOW (PARAGRAPH 4B(c))

<S>               <C>                                                                   <C>
         1.       Actual Amount:
                  a.       Sum of Cash & Cash Equivalents                               $        -
                  b.       Available Liquidity                                          $        -
                                                                                        -----------
                  c.       Total Available Liquidity (a+b)                              $        -

         2.       Deduction                                                             $    50,000

         3.       Gross Excess Cash Flow
                                                                                        -----------

         4.       Excess Cash Flow (lesser of $20,000 and item 3)
                                                                                        -----------

B.       MINIMUM CONSOLIDATED TAX ADJUSTED EQUITY (PARAGRAPH 6C(a))

         1.       Actual Amount:

                  a.       Consolidated Equity                                          $        -
                  b.       Cumulative Federal, State and Local Income
                           Tax Benefit                                                  $        -
                                                                                        -----------
                  c.       Consolidated Tax Adjusted Equity(a+b)                        $        -

         2.       Minimum Required Amount                                               $        -

C.       MINIMUM CONSOLIDATED EQUITY (PARAGRAPH 6C(b))

         1.       Actual Amount:

                  a.       Consolidated Equity                                          $        -
                  b.       Minimum Required Amount                                      $        -

D.       MAXIMUM LEVERAGE VALUATION RATIO (PARAGRAPH 6C(c))

         1.       Actual Amount:
                  a.       Senior Notes                                                 $        -
                  b.       Indebtedness under Credit Agreement
                           (excluding L/C Obligations)                                  $        -
                                                                                        -----------
                  c.       Total Debt (a+b)                                             $        -
                  d.       Cash and Cash Equivalents                                    $        -
                  e.       Net Inventory                                                $        -
                  f.       Net Prepaid and Other Expenses                               $        -

</TABLE>

<PAGE>

<TABLE>
<S>               <C>                                                                   <C>
                  g.       Net PP&E                                                     $        -
                                                                                        -----------
                  h.       Total Assets (d+e+f+g)                                       $        -
                  i.       Leverage Ratio (c/h)                                                   x
                                                                                             -----

         2.       Maximum Permitted Ratio                                                         x
                                                                                             -----

E.       MINIMUM INTEREST COVERAGE RATIO (PARAGRAPH 6C(e))

         1.       Actual Amount:
                  a.       Cumulative Consolidated EBITDA                               $        -
                  b.       Cumulative Interest Expense                                  $        -
                  c.       Interest Coverage Ratio (a/b)                                          x
                                                                                             -----

         2.       Minimum Ratio Allowed                                                          -

F.       MAXIMUM CAPITAL EXPENDITURES (PARAGRAPH 6C(f))

         1.       Actual Amount:
                  a.       Capital Expenditures (Fiscal Year-to-Date)                   $        -

         2.       Maximum Annual Allowed Amount                                         $     6,000

G.       MAXIMUM FINANCE CONTRACTS (PARAGRAPH 6C(g))

         1.       Actual Amount:
                  a.       Finance Contracts
                           (12 month period 4/12/02-4/11/03)                            $        -
                           (12 month period 4/12/03-4/11/04)                            $

         2.       Maximum Annual Allowed Amount                                         $     5,000

H.       MAXIMUM OTHER UNSECURED INDEBTEDNESS (PARAGRAPH 6B(a)(ix))

         1.       Actual Amount:                                                        $
                                                                                        -----------
         2.       Maximum Permitted Amount:                                             $     3,000

I.       SALES OF ASSETS (PARAGRAPH 6B(b) [IF APPLICABLE])

         1.       Actual Amount:

                  a.       Total amount of sales of assets in current fiscal
                           year to date (See Schedule II for detail)                    $
                                                                                        -----------
         2.       Maximum Permitted Amount:                                             $     5,000
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

J.       SALES OF ASSETS BY APEX TRAILER LEASING & RENTALS, L.P. ("APEX") (PARAGRAPH 6B(b)(iv))

<S>               <C>                                                                   <C>
         1.       Actual Amount:

                  a.       Total amount of sales of assets in current
                           fiscal year to date (See Schedule II for detail)             $
                                                                                         -----------
         2.       Maximum Permitted Amount:

                  a.       Total Assets of APEX at end of prior fiscal year             $
                                                                                         -----------
                  b.       Intangible assets                                            --
                                                                                         -----------
                  c.       Tangible Assets of APEX at end of prior
                           fiscal year                                                 =$
                                                                                          ----------
                                                                                        x 0.50

                  d.       Maximum Permitted Amount                                    =$
                                                                                          ----------
K.       INVESTMENTS (PARAGRAPH 6B(d)(vii))

         For each new Investment pursuant to Paragraph 6B(d)(vii) of the
         Agreement during the most recent fiscal quarter covered by this
         Certificate, complete the following:

         1.       Date and brief description of nature of new Investment:

                  -------------------------------------------------------

                  -------------------------------------------------------

         2.       Actual Amount:

                  a.       Amount of new Investment                                     $
                                                                                         -----------

                  b.       Amount of existing Investments under
                           Paragraph 6B(d)(vii)                                         +
                                                                                         -----------

                  c.       Total Investments under Paragraph 6B(d)(vii)                    =$
                                                                                              ------

         3.       Maximum Permitted Amount:                                             $5,000

L.       LEASES (PARAGRAPH 6B(n))

         1.       Actual Amount of Leases:                                              $
                                                                                         -----------

         2.       Maximum Permitted Amount:                                             $3,500

</TABLE>

<PAGE>

                      SCHEDULE II TO COMPLIANCE CERTIFICATE

                  Schedule of Compliance as of __________, ____

                             (Dollars in Thousands)

A.       Sales of Assets

         [List separate sales and amounts]                        $
                                                                   -------------
                                                                   -------------
                                                                   -------------
                                                                   -------------
                                                                   -------------
                                                       Total      $
                                                                   -------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]