Document:

FORBEARANCE AGREEMENT AND FIRST

EXHIBIT 10.2

FORBEARANCE AGREEMENT

THIS FORBEARANCE AGREEMENT (this “Forbearance Agreement”) is made and
entered into as of the 31st day of October, 2003, by and among MILLER INDUSTRIES, INC., a Tennessee corporation (the
“Company”, or “Parent”), and each of the other Subsidiaries of Parent listed on the signature
page hereto (together with Parent, collectively, “Borrowers”), the Lenders whose signatures appear on the
signature pages hereof (the “Lenders”), THE CIT GROUP/BUSINESS CREDIT, INC., as Collateral Agent, and BANK OF
AMERICA, N.A., as Administrative Agent, Syndication Agent, Existing Titled Collateral Agent and Letter of Credit Issuer (in such
capacity, together with the Collateral Agent, the “Agents”).

W I T N E S S E T H:

WHEREAS, Borrowers, the Lenders and the Agents entered into that certain CreditAgreement (as amended, the “Credit Agreement”, capitalized terms used but not defined herein shall
have the meaning assigned to such terms in the Credit Agreement), dated as of July 23, 2001, by and among Parent and certain of its
subsidiaries,  the financial institutions party thereto from time to time as lenders (the “Lenders”), and
the Agents; and

WHEREAS, the following events have occurred which constitute Events of
Default under the Credit Agreement: (i) the Borrowers have failed to timely deliver their Financial Statements for Fiscal
Year 2002 and, in conjunction therewith, have also failed to deliver a report of their independent certified public accountants
which is unqualified in any respect, which is an Event of Default under Section 5.2(a) of the
Credit Agreement, as well as an Event of Default under Section 9.1(d) of the Credit Agreement as a result of the event of default
arising from such failure under the Junior Credit Agreement (collectively the “Financial Statement
Default”); (ii) the Borrowers havefailed to fulfill certain payment
obligations to the Junior Creditors with respect to the Subordinated Debt, in accordance with the terms of the Junior Credit
Agreement, all as more specifically set forth in that certain letter dated as of July 29, 2003 from Junior Creditors’ Agent
to Company, which is an Event of Default under Section 9.1(d) of the Credit Agreement (collectively the  “Junior Credit Agreement Payment Default”; and (iii) the Borrowers may have
failed to fulfill one or more of the financial covenants in Section 8.1(b) and 8.1(c) of the Junior Credit Agreement for one or
more of the fiscal quarters ending in Fiscal Year 2003, which failure would constitute an Event of Default under Section 9.1(d) of
the Credit Agreement (collectively the “Junior Credit Agreement Covenant Default”, and together with the Junior
Credit Agreement Payment Default and the Financial Statement Default, referred to herein collectively as the “Existing
Defaults”); and

WHEREAS, Borrowers were notified, pursuant to that certain letter dated June
11, 2003 from Collateral Agent to the Company, that the Financial Statement Default had occurred and,
among other matters, that the Agents and Lenders had reserved and would continue to reserve all of their respective rights and
remedies; and 

 WHEREAS, Borrowers were notified, pursuant to that certain Blockage Notice dated August 5,
2003 from Collateral Agent to the Company and Junior Creditors’ Agent, that the Junior Credit Agreement Default had occurred and, among other matters, that the Agents and Lenders had reserved and would continue to reserve all of
their respective rights and remedies; and 

WHEREAS, by reason of the Existing Defaults, Collateral Agent, on behalf of the Lenders,
is authorized to exercise all remedies available to it under the Loan Documents, including, but not limited to, the right to
repossess and foreclose upon the Collateral; and

WHEREAS, despite the Existing Defaults, Borrowers desire that Collateral Agent and Lenders
(a) forbear from exercising remedies of suit, repossession and foreclosure otherwise available to Collateral Agent, on behalf of
the Lenders, under the Loan Documents; (b) continue to make available to Borrowers, Revolving Loans under the revolving credit
facility pursuant to Section 1.2 of the Credit Agreement (the “Revolving Credit Facility”) and make other concessions,
as set forth herein; and

WHEREAS, Agents and Lenders are willing to (a) forbear from pursuing their remedies in
connection with the Existing Defaults, (b) continue to make available to Borrowers the Revolving Credit Facility, and make other
concessions to the Borrowers, (collectively the “Borrowers’ Benefits”), all on the terms and conditions
contained herein, each of which terms and conditions, individually and in the aggregate, and including the performance thereof by
Borrowers, constitute the consideration to the Agents and Lenders for entering into this Forbearance Agreement, and in the absence
of any of which Agents and Lenders would not have entered into this Forbearance Agreement or otherwise extended to Borrowers the
Borrowers’ Benefits; and 

WHEREAS, Borrowers each acknowledge and agree that the Borrowers’ Benefits hereunder
are of immediate and material benefit, financial and otherwise, to such Borrowers, and that neither Agents nor Lenders were or are
under any obligation to extend to Borrowers the Borrower Benefits provided hereunder.

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.         Acknowledgments by Borrowers. 

(a)   Each of the Borrowers hereby acknowledges and agrees that (i) as of the close of 
business on October 30, 2003, the outstanding aggregate respective principal
balances of (A) the Revolving Loans totaled $26,042,020.37, (B) the aggregate
unpaid principal balance of the Term Loans totaled $1,351,000.00, and (C)
outstanding Letters of Credit totaled $1,092,241.70, in each case exclusive of
accrued interest, costs and attorney’s fees chargeable to Borrowers under the
Loan Documents; (ii) the Existing Defaults have occurred, as set forth in the
Recitals, (iii) the Existing Defaults are continuing and have not been cured by
Borrowers or waived, released, extinguished or compromised by Agents or Lenders;
and (iv) as a result of the Existing Defaults, all of the Obligations under the
Loan Documents, at the election of the Required Lenders, could be declared
absolutely and immediately due and owing by Borrowers, and Collateral Agent, on
behalf of the Lenders, would have full legal right to exercise any and all
rights and remedies under the Loan Documents or otherwise available at law and
in equity with respect thereto.

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(b)   Each of the Borrowers acknowledges and agrees that, notwithstanding the
agreement of Agents and Lenders herein to (i) make additional Revolving Loans and issue additional guaranties of Letters of Credit
under the Revolving Credit Facility (collectively “Revolving Credit Loans”), or (ii) to forbear from exercising
their rights and remedies under the Loan Documents and applicable law, in no event shall any of  such actions by Agents or
Lenders be deemed a waiver, release, extinguishment, compromise or cure of the Existing Defaults or of any other current or future
Default or Event of Default.

	
  Forbearance Period, Conditions and Waivers.

(a)   Forbearance.  During the period commencing on the date hereof
and ending, immediately and without notice, on the earlier to occur of (x) December 31, 2003, or (y) the occurrence of an Event of
Default specified in Sections 9.1(e) or 9.1(f) of the Credit Agreement or (z) the date that any default with respect to, or other
failure of, the Forbearance Conditions as defined in and set forth in Section 2(b) hereof occurs (the “Forbearance
Period”), Agents and Lenders agree that they will not, but only by reason of the Existing Defaults:

(i)         exercise any of the rights or remedies
available to them under the Loan Documents or under any applicable law to enforce collection from Borrowers of any Obligations or
foreclose upon their security interest(s) in any of the Collateral; or

(ii)        refuse to make Revolving Loans, or issue
Letters of Credit for the account of the Borrowers; or

(iii)       accelerate the maturity date of any of the
Obligations; or

(iv)       institute suit against the Borrowers or any of
their assets.

(b)   Conditions to Forbearance.  Each of the following conditions
shall constitute a forbearance condition (“Forbearance Condition”), the continuing satisfaction of each and
every one of which shall be a continuing condition to the agreement of Agents and Lenders to forbear as set forth above in this
Section 2:

(i)     Except with respect to the Existing Defaults and except as otherwise expressly
provided hereinafter in Section 2(f) of this Forbearance Agreement, Borrowers shall duly observe and perform each and every
obligation and covenant on their  respective parts to be performed under the Loan Documents, this Forbearance Agreement and
any agreement, instrument or document executed in connection with this Forbearance Agreement including, without limitation,
Borrowers’ obligations to pay to Agents, on behalf of the Lenders, all installments of principal, interest, fees, charges,
expenses and premiums, as and when the same are due and payable pursuant to the Credit Agreement (whether due at stated maturity,
upon acceleration or otherwise); and

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(ii)       No Default or Event of Default shall exist or shall have occurred under any of the
terms, conditions, provisions or covenants of the Loan Documents, or this Forbearance Agreement, except the Existing Defaults;
and

(iii)       The representations and warranties contained in the Loan Documents, this Forbearance
Agreement and any agreement, instrument or document executed in connection herewith or pursuant hereto shall be true and correct in
all material respects as of the date of this Forbearance Agreement and shall continue to be true and correct in all material
respects at all times hereafter (except to the extent that any such representation or warranty (x) by its express terms, relates to
a prior specific date or period or (y) is untrue as a result of the occurrence or continuance of any of the Existing Defaults);
and

(iv)       The Borrowers shall provide to the Collateral Agent copies or, in the case of verbal
notices information in respect of, any and all notices and correspondence of any kind whatsoever from any equipment or inventory
vendor, or other material trade creditor, with respect to any default in payment of the amounts due such vendor or trade creditor
in excess of $10,000, within two (2) Business Days after the receipt of any such notice or correspondence.; and

(v)       The Borrowers shall provide to the Collateral Agent, on the date
Borrower’s are required to provide a Borrowing Base Certificate pursuant to Section 5.2(l) of the Credit Agreement, a report
describing Borrowers’ actual financial performance and utilizing income expense and other categories listed on Schedule I
hereto and a variance analysis of actual versus projected financial performance for the applicable reporting period.

(c)        Payment of the
Obligations:   During the Forbearance Period, for so long as each of the Forbearance Conditions is satisfied, except
as otherwise expressly set forth in Section 2(f) of this Forbearance Agreement, the Obligations shall be payable by Borrowers in
accordance with the provisions of the Loan Documents, applicable as though no Default or Event of Default had occurred.  From
and after the date on which any of the Forbearance Conditions shall cease to be satisfied, the Obligations, at the election of the
Required Lenders, may be collected by whatever means are authorized by the Loan Documents and by applicable law.

(d)        Effect and Construction of
Forbearance:   Except as otherwise expressly provided herein, the Credit Agreement and the other Loan Documents shall
remain in full force and effect in accordance with their respective terms, and neither this Forbearance Agreement nor the making of
any Revolving Loans simultaneously herewith or subsequent hereto shall be construed to:  (i)
impair the validity, perfection or priority of any lien or security interest
securing the Obligations; (ii) waive or impair any rights, powers or remedies of
Agents or Lenders under the Credit Agreement and the other Loan Documents upon
termination of the Forbearance Period, with respect to the Existing Defaults or
otherwise; (iii) constitute an agreement by Agents or Lenders or require Agents
or Lenders to extend the Forbearance Period or grant additional forbearance
periods, extend the term of the Credit Agreement or the time for payment of any
of the Obligations; (iv) require Agents or Lenders to make any Revolving Loans
or other extensions of credit to Borrowers after termination of the Forbearance
Period, other than in Agents’ or

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Lenders’ sole and absolute discretion;
or (v) constitute a waiver of any right of Agents or Lenders to insist on strict
compliance by Borrowers with each and every term, condition and covenant of this
Forbearance Agreement and the Loan Documents, except as expressly provided
herein. This Forbearance Agreement does not constitute an amendment to the
Credit Agreement, but rather, constitutes a temporary supplement thereto. 
The terms and provisions of the Credit Agreement and the other Loan 
Documents are expressly incorporated by reference herein except to the extent
such terms and provisions conflict with the terms and provisions of this
Forbearance Agreement, in which case, during the Forbearance Period, but not
otherwise, the terms of this Forbearance Agreement shall control.

(e)       No Course of Dealing or Performance:  Each of the
Borrowers acknowledges and agrees that the agreement of Agents and Lenders to forbear from exercising their rights and remedies
under the Loan Documents with respect to the Existing Defaults pursuant to and as reflected in this Forbearance Agreement, does not
and shall not create (nor shall Borrowers rely upon the existence of or claim or assert that there exists) any obligation of Agents
or Lenders to consider or agree to any waiver or any further forbearance and, in the event that Agents or Lenders subsequently
agree to consider any waiver or any further forbearance, neither the existence of any prior forbearance, nor this Forbearance
Agreement, nor any other conduct of the Agents or Lenders, or any of them, shall be of any force or effect on any consideration or
decision with respect to any such requested waiver or forbearance, and neither Agents nor any Lender shall have any obligation
whatsoever to consider or agree to further forbear from the exercise of remedies in respect of or to waive any other Default or
Event of Default.  In addition, neither (w) the execution and delivery of this Forbearance Agreement, (x) the actions of
Agents or Lenders in obtaining or analyzing any information from Borrowers, whether or not related to consideration of any waiver,
modification, forbearance or alteration of the Credit Agreement, any Default or Event of Default thereunder, or otherwise,
including, without limitation, any discussions or negotiations (heretofore or, if any, hereafter) between Agents or Lenders and
Borrowers regarding any potential waiver, modification, forbearance or amendment related to the Credit Agreement, (y) any failure
of Agents or Lenders to exercise any of their rights under, pursuant or with respect to the Credit Agreement, nor (z) any action,
inaction, waiver, forbearance, amendment or other modification of or with respect to the Credit Agreement, shall, unless evidenced
by a written agreement (and then only to the extent provided by the express provisions thereof):

(i)         Constitute a waiver by Agents or any
Lender of, or, except to the extent expressly provided herein, an agreement by Agents or any Lender to forebear from the exercise
of remedies with respect to, any Default or Event of Default under the Credit Agreement;

(ii)        Constitute a waiver by or estoppel of
Agents or any Lender as to the satisfaction or lack of satisfaction of any covenant, term or condition set forth in the Credit
Agreement; or

(iii)       Constitute an amendment to or modification of,
or an agreement on the part of Agents or any Lender to enter into any amendment to or modification of, or an agreement to negotiate
or continue to negotiate with respect to, the Credit Agreement.

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            (f)  
Waivers and Temporary Modifications of Credit Agreement.

                       
(i)   During the Forbearance  Period, the Obligations shall bear interest at an  annual rate
equal to the Base Rate plus 2.75%.

                       
(ii)   Each of the two respective payments otherwise due, pursuant to Section 2.7
          of the    Credit Agreement, on each of  November 1, 2003 and
December 1, 2003, in each  case provided that the Forbearance Period has not ended prior to such date,
shall be  waived.

                       
(iii)   During the Forbearance Period, but not thereafter, any early termination fee
          that would otherwise be due and payable in accordance with Section 3.2(b) of
the Loan Agreement shall be waived.

                       
(iv)   Any and all breaches of any of the covenants set forth in Sections 7.23 and
           7.24 of the Credit Agreement, in respect of the fiscal quarter of the
Borrowers ended September 30, 2003,  are hereby waived.

3.         Representations, Warranties, Covenants and Acknowledgments;
Release.  To induce the Lenders and the Agents to enter into this Forbearance Agreement:

(a)        Each of the Borrowers represents and
warrants that, upon and after giving effect to this Forbearance Agreement, (i) except for the Existing Defaults, each of the
representations and warranties made by it under the Loan Documents, other than representations and warranties that speak as of an
earlier date, are true and correct with respect to it, (ii) each has the power and authority and is duly authorized to enter into,
deliver and perform this Forbearance Agreement, (iii) this Forbearance Agreement, the Credit Agreement and each of the other
Loan Documents to which it is a party is the legal, valid and binding obligation thereof, enforceable against it in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in
equity or in law), and (iv) the execution, delivery and performance of this Forbearance Agreement in accordance with its terms do
not and will not, with the passage of time, the giving of notice or otherwise: (A) require approval by any Governmental Authority
or violate any applicable law relating thereto; (B) conflict with, result in a breach of or constitute a default under (1) the
articles or certificate of incorporation, or the by-laws thereof; (2) any indenture, material agreement or other material
instrument to which it is a party or by which any of its properties may be bound, or (3) any approval by any Governmental Authority
relating thereto; or (C) result in or require the creation or imposition of any Lien upon or with respect to any property now owned

or hereafter acquired by it other than Permitted Liens;

(b)        Each of the Borrowers agrees that this
Forbearance Agreement is not intended to be, and is not, a novation of any of the Loan Documents or any of the Obligations
thereunder and does hereby reaffirm each of the agreements, covenants, and undertakings made by it under the Credit Agreement and
each and every other Loan Document executed by it in connection therewith or pursuant thereto, in each case as if each such
Borrower were making said agreements, covenants and undertakings on the effective date hereof, except with respect to such
agreements, covenants and undertakings which, by their express terms, are applicable only to a specific date;

6

(c)        Each of the Borrowers does hereby
acknowledge and agree that, as of the date hereof, no right of offset, defense, counterclaim, claim, causes of action or objection
in favor of any Borrower against any of the Lenders or the Agents exists arising out of or with respect to (i) the Obligations,
this Forbearance Agreement, the Credit Agreement or any of the other Loan Documents, (ii) any other documents evidencing, securing
or in any way relating to the foregoing, or (iii) the administration or funding of the Loans or any other Obligations;
and

(d)   As a material inducement to Agents and Lenders to enter into this
Forbearance Agreement and to continue to make Revolving Loans under the Revolving Credit Facility all in accordance with and
subject to the terms and conditions of this Forbearance Agreement and the Credit Agreement, and all of which are to the direct
advantage and benefit of each Borrower, each of the Borrowers, for themselves and their respective successors and assigns, (i) does
hereby remise, release, waive, relinquish, acquit, satisfy and forever discharge each Agent and each Lender, and all of the
respective past, present and future officers, directors, employees, agents, affiliates, attorneys, representatives, participants,
heirs, successors and assigns of each Agent and each Lender (collectively the “Discharged Parties” and each a
“Discharged Party”), from any and all manner of debts, accountings, bonds, warranties, representations,
covenants, promises, contracts, controversies, agreements, liabilities, obligations, expenses, damages, judgments, executions,
actions, suits, claims, counterclaims, demands, defenses, setoffs, objections and causes of action of any nature whatsoever,
whether at law or in equity, either now accrued or hereafter maturing and whether known or unknown, including, but not limited to,
any and all claims which may be based on allegations of breach of contract, failure to lend, fraud, promissory estoppel, libel,
slander, usury, negligence, misrepresentation, breach of fiduciary duty, bad faith, lender malpractice, undue influence, duress,
tortious interference with contractual relations, interference with management, or misuse of control which any Borrower now has or
hereafter can, shall or may have by reason of any matter, cause, thing or event occurring on or prior to the date of this
Forbearance Agreement arising out of, in connection with or relating to (i) the Obligations, including, but not limited to, the
administration or funding thereof, (ii) any of the Loan Documents or the indebtedness evidenced and secured thereby, and (iii) any
other agreement or transaction between any Borrower and any Discharged Party relating to or in connection with the Loan Documents
or the transactions contemplated therein; and (b) do hereby covenant and agree never to institute or cause to be instituted or
continue prosecution of any suit or other form of action or proceeding of any kind or nature whatsoever against any Discharged
Party, by reason of or in connection with any of the foregoing matters, claims or causes of action, provided,
however, that the foregoing release and covenant not to sue shall not apply to any claims arising after the date of this
Forbearance Agreement with respect to acts, occurrences or events after the date of this Forbearance Agreement.

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(e)   The Borrowers agree, in respect of any financial advisor retained by the
Collateral Agent (a “Financial Advisor”) to monitor Borrowers’ compliance with the terms and conditions of
the Credit Agreement and this Forbearance Agreement, to otherwise request, receive and analyze such other information regarding the
Borrowers as the Collateral Agent or a Financial Advisor may reasonably request, and to report to the Collateral Agent and the
Lenders any or all of the same, that the Borrowers shall, promptly upon the request of the Collateral Agent or a Financial Advisor,
grant to a Financial Advisor and to any of Collateral Agent’s employees or other representatives access to Borrowers’
personnel, books and records during business hours and, upon advance notice which is commercially reasonable under the
circumstances, outside normal business hours, and to otherwise cooperate with and assist any such Financial Advisor, and Borrowers
shall pay all of the reasonable fees and expenses of any such Financial Advisor. The current Financial Advisor to the Collateral
Agent as of the date of this Forbearance Agreement is Moore Colson; however, the Collateral Agent reserves the right to change
Financial Advisors from time to time, but the Borrowers shall not be required to pay the fees or expenses of more than one
Financial Advisor for any applicable period, if any, during which more than one Financial Advisor has been retained by the
Collateral Agent.

4.    Conditions Precedent.  The effectiveness of
this Forbearance Agreement is subject to the following conditions precedent:

(a)        Delivery of Documents.  The
Collateral Agent shall have received from the Borrowers the following documents, all in form and substance acceptable to Collateral
Agent in its sole discretion:

(i)         executed originals of this Forbearance
Agreement;

(ii)        weekly projections of financial
performance, in the form attached hereto
                                  
as Schedule I, for the period of time described in such schedule;

(iii)       executed originals of the Seventh Amendment
(hereinafter defined);

(iv)       originals of the Participation Agreement, as
defined in the Seventh
                                
            Amendment, executed by all parties thereto other than Agents and
 Lenders; and

(v)        such other documents and instruments as the
Agents or any Lender may reasonably request.

(b)        Seventh Amendment.  That certain
Seventh Amendment to the Credit Agreement, dated as of the date hereof, between and among Borrowers, Agents and Lenders (the
“Seventh Amendment”) shall have been executed and delivered by all parties thereto, and all conditions set forth
therein to the effectiveness thereof other than the effectiveness of this Forbearance Agreement shall have been satisfied in
accordance with the terms and conditions of the Seventh Amendment.

(c)        No Events of Default.  After giving effect to this Forbearance Agreement,
no Default or Event of Default, other than in the Existing Defaults, shall have occurred and be continuing under the Credit
Agreement or any other Loan Document.

8

5.         Additional
Acknowledgments.  Each of the Borrowers expressly acknowledges and agrees that the waivers, estoppels and releases in
favor of each Agent and each Lender contained in this Forbearance Agreement shall not be construed as an admission of any
wrongdoing, liability or culpability on the part of any Agent or Lender, or as an admission by any Agent or Lender of the existence
of any claims by any Borrower against any Agent or Lender.  Each of the Borrowers further acknowledges and agrees that, to the
extent that any such claims exist, they are of a speculative nature so as to be incapable of objective valuation and that, to the
extent that any such claims may exist and may have value, such value would constitute primarily “nuisance” value or
“leverage” value in adversarial proceedings between any Borrower and any Agent or Lender.  In any event, each of
the Borrowers acknowledges and agrees that the value to such Borrower of the covenants and agreements on the part of each Agent and
Lender contained in this Forbearance Agreement substantially and materially exceeds any and all value of any kind or nature
whatsoever of any claims or other liabilities waived or released by such Borrower.

6.         Fees and
Expenses. 

(a)   In consideration of the forbearances and waivers of the Agents and Lenders
hereunder, and in further consideration of the provision to the Borrowers of the Borrowers’ Benefits, the Borrowers agree to
pay to the Collateral Agent for the benefit of the Lenders:

            (i)   a fee
in the amount of $200,000 (the “Waiver and Forbearance Fee”), which

shall be fully earned and due when this Forbearance Agreement becomes effective in

accordance with the express provisions hereof, but which shall not be
payable until the  earlier of (i) December 31, 2003 or (ii) the date on which all other
Obligations are paid or  otherwise satisfied in full in
accordance with the provisions of the Credit Agreement; and

            (ii)  an
additional fee in the amount of $100,000 (the “Contingent Payment Fee”),
which shall be fully earned and due when this Forbearance Agreement becomes
effective  in accordance with the express provisions hereof, but which shall not be payable until December 31, 2003; provided, however, that the Contingent Payment Fee shall be
waived  in its entirety if, at or before the close of business on
December 30, 2003, all of the other  Obligations are paid or otherwise
satisfied in full in accordance with the terms and  conditions of the Credit Agreement.  

(b)        In addition to the fees, costs and expenses
recoverable by the Collateral Agent and the Lenders under, but without limiting the generality of, Section 13.7 of the Credit
Agreement, the Borrowers agree to pay on demand, without duplication, all reasonable and actual costs and expenses incurred by the
Lenders and Agents in connection with the preparation, execution, delivery and enforcement of this Forbearance Agreement and all
other documents, instruments and agreements entered into in connection herewith and in connection with any other transactions
contemplated hereby, including, without limitation, the reasonable fees and out-of-pocket expenses of legal counsel to the Lenders
and Agents and any Financial Advisor (collectively the “Expenses”).  The Borrowers authorize and direct the
Collateral Agent, for the benefit of the Agents and the Lenders, to charge the Expenses to the Revolving Credit Facility by
increasing the principal amount of the Revolving Loans by the amount of the Expenses.

9

7.     Miscellaneous.  Each of the Borrowers
agrees to take such further action as the Agents shall reasonably request in connection herewith to evidence the agreement and
consent herein contained.  This Forbearance Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same instrument.  This Forbearance Agreement shall be binding
upon and inure to the benefit of the successors and permitted assigns of the parties hereto.  This Forbearance Agreement shall
be governed by, and construed and enforced in accordance with, the internal laws of the State of Georgia, but without giving effect
to principles of conflicts of laws thereof.  This Forbearance Agreement may not be modified, altered or amended except by
agreement in writing signed by all of the parties hereto.  Each Borrower acknowledges that it has consulted with counsel and
with such other expert advisors as it deemed necessary in connection with the negotiation, execution and delivery of this
Forbearance Agreement.  This Forbearance Agreement shall constitute a Loan Document and, among other matters, any claim or
cause of action based upon or arising out of or related to this Forbearance Agreement shall be subject to the waiver of jury trial
set forth in Section 13.4 of the Credit Agreement. This Forbearance Agreement shall be construed without regard to any presumption
or rule requiring that it be construed against the party causing this Forbearance Agreement or any part hereof to be drafted. 
Nothing in this Forbearance Agreement shall be construed to alter the debtor-creditor relationship between Borrowers and the
Lenders and Agents.  This Forbearance Agreement is not intended as, nor shall it be construed to create, a partnership or
joint venture relationship between or among any of the parties.  This Forbearance Agreement together with the Loan Documents,
including without limitation the Seventh Amendment, embodies the entire understanding and agreement between and among the parties
hereto and thereto with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings and
inducements, whether express or implied, oral or written.

[Signature Pages Follow]

  

 

10

 IN
WITNESS WHEREOF, Borrowers, the Agents and the Lenders have caused this
Forbearance Agreement to be duly executed, all as of the date first above
written.

	 	“PARENT”
	 	MILLER INDUSTRIES, INC.
	 	 
	 	By: 
    /s/ J. Vincent Mish                     
    
	 	            J. Vincent
Mish

               Chief Financial
Officer
	 	“SUBSIDIARY MILLER BORROWERS”
	 	APACO, INC.

    B&B ASSOCIATED INDUSTRIES, INC.

    CHEVRON, INC.

    CENTURY HOLDINGS, INC.

    CHAMPION CARRIER CORPORATION

    COMPETITION WHEELIFT, INC.

    GOLDEN WEST TOWING EQUIPMENT INC.

    KING AUTOMOTIVE & INDUSTRIAL

             EQUIPMENT, INC.

    MID AMERICA WRECKER & EQUIPMENT

             SALES, INC. OF COLORADO

    MILLER FINANCIAL SERVICES GROUP,

             INC.

    MILLER/GREENEVILLE, INC.

    MILLER INDUSTRIES DISTRIBUTING, INC.

    MILLER INDUSTRIES INTERNATIONAL,

             INC.

    MILLER INDUSTRIES TOWING

             EQUIPMENT INC.

    PURPOSE, INC.

    SONOMA CIRCUITS, INC.

    SOUTHERN WRECKER CENTER, INC.

    SOUTHERN WRECKER SALES, INC.
	 	 By: 
    /s/ J. Vincent Mish                            
    

                J. Vincent
Mish

                Attorney-in-Fact of
each entity listed

                above

    
	 	 [signatures continued on next page]

    

 

 

 

	 	“SUBSIDIARY ROADONE BORROWERS”
     

    
	 	AETEX, INC., f/k/a A-EXCELLENCE

        TOWING
CO.

    ALL AMERICAN TOWING SERVICES,

             INC.

    B-G TOWING, INC.

    BEAR TRANSPORTATION, INC.

    BTRCX, INC. f/k/a BERT’S TOWING

          RECOVERY

             CORPORATION

    BBSX, INC. f/k/a BOB BOLIN SERVICES,

          INC.

    BASIEX, INC. f/k/a BOB’S AUTO SERVICE,

         
INC.

    BTRX, INC.

    BVSWS, INC. f/k/a BOB VINCENT AND SONS

              WRECKER SERVICE, INC.

    CAL WEST TOWING, INC.

    CBTX, INC., f/k/a CEDAR BLUFF 24 HOUR

         TOWING,
INC.

    CCASX, INC.

    CEX, INC., f/k/a CHAD’S INC.

    CVDC, f/k/a CLEVELAND VEHICLE

        DETENTION CENTER,
INC.

    D.A. HANELINE, INC.

    DVREX, INC.

    DOLLAR ENTERPRISES, INC.

    DSX, INC., f/k/a DUGGER’S SERVICES,

          INC.

    GMAR, INC., f/k/a GOOD MECHANIC AUTO

          CO. OF RICHFIELD, INC.

    GREAT AMERICA TOWING, INC.

    GREG’S TOWING, INC.

    HTX, INC.

    LTSX, INC., f/k/a LAZER TOW SERVICES,

          INC.

    LASX, INC.

    LWKR, INC.

    MAEJO, INC.

    MEL’S ACQUISITION CORP.

    MGEX, INC.

    MSTEX, INC.

    MTSX INC.

 

12

 

	 	MURPHY’S TOWING, INC.

P.A.T., INC.

PEX, INC., f/k/a/ PIPES ENTERPRISES,

         
  INC.

RMA ACQUISITION CORP.

RRIC ACQUISITION CORP.

RSX, INC., f/k/a RECOVERY SERVICES,

              INC.

ROAD ONE, INC.

ROADONE EMPLOYEE SERVICES, INC.

ROAD ONE INSURANCE SERVICES, INC.

ROAD ONE SERVICE, INC.

ROAD ONE SPECIALIZED

          TRANSPORTATION, INC.

ROADONE TRANSPORTATION AND

    LOGISTICS, INC.

R.M.W.S., INC.

SWSX, INC. (f/k/a SUBURBAN WRECKER

          SERVICE,
INC.)

TEXAS TOWING CORPORATION

TPCTH, INC.

TREASURE COAST TOWING, INC.

TREASURE COAST TOWING OF MARTIN

          COUNTY, INC.

TSSC, INC., f/k/a TRUCK SALES & SALVAGE

          CO., INC.

TWSX, INC.

WSX, INC., f/k/a WES’S SERVICE

          INCORPORATED

WTX, INC. (f/k/a WILTSE TOWING, INC.)

WTC, INC.

WTEX, INC.

ZTRX, INC., f/k/a ZEHNER TOWING &

          RECOVERY, INC.
	 	 
	 	By: 
    /s/ J. Vincent Mish                     
    

            J. Vincent
Mish

            Attorney-in-Fact of
each entity listed

            above

13

 
 

	 	“ADMINISTRATIVE AGENT,

    SYNDICATION AGENT AND EXISTING

    TITLED COLLATERAL AGENT”
	 	 
	 	BANK OF AMERICA, N.A., as the

    Administrative Agent, Syndication Agent and

    Existing Titled Collateral Agent
	  	  

    
	 	By:      
 /s/ Sherry Lail                                     

Name:   Sherry Lail

Title:     Senior Vice President
	  	  

    
	 	“LETTER OF CREDIT ISSUER”
	 	 
	 	BANK OF AMERICA, N.A., as Letter of

    Credit Issuer 

    
	 	By:      
 /s/ Sherry Lail                                     

Name:   Sherry Lail

Title:     Senior Vice President
	  
	“COLLATERAL AGENT”
	 	THE CIT GROUP/BUSINESS CREDIT, INC., as

    Collateral Agent
	  	  

    
	 	By:  /s/ Kenneth B. Butler                                 

Name: Kenneth B. Butler

Title: Vice President
	 	 
	 	“LENDERS”
     

    
	 	BANK OF AMERICA, N.A., as a Lender
	  	  

    
	 	By:      
 /s/ Sherry Lail                                     

Name:   Sherry Lail

Title:     Senior Vice President

 

	 	THE CIT GROUP/BUSINESS CREDIT, INC.,

    as a Lender
	 	 
	 	By:  /s/ Kenneth B. Butler                                 

Name: Kenneth B. Butler

Title: Vice President
	  	  

    
	 	FLEET CAPITAL CORPORATION, as a Lender
	  	  

    
	 	By:    /s/ Wes Mannis               

Name: Wes Mannis

Title: VP

 

 

 

15Participation Letter

EXHIBIT 10.3

The CIT Group/Business Credit, Inc.

900 Ashwood Parkway

Suite 610

Atlanta, GA 30338

October 31, 2003

Mr. William G. Miller

5025 Harrington Road

Alpharetta, Georgia 30022

Re:       Participation Agreement

Dear Mr. Miller:

The undersigned refer to (a) that certain Credit Agreement, dated as of July 23, 2001, by
and among Miller Industries, Inc. (“Parent”) and certain of its subsidiaries, the financial institutions party
thereto from time to time as lenders (the “Lenders”), and the Agents (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), providing for a credit facility consisting of Revolving
Loans, Letters of Credit and Term Loans in the original aggregate principal amount of up to $110,000,000 (as such terms are defined
in the Credit Agreement, collectively, the “Existing Credit Facilities”); (b) that certain Forbearance
Agreement, dated as of October 31, 2003, among the Borrowers, Lenders and Agents (the “Forbearance Agreement”),
and (c) that certain Seventh Amendment to Credit Agreement, also dated as of October 31, 2003, among the Borrowers, Lenders and
Agents (the “Seventh Amendment”) further amending the Credit Agreement to, among other matters, provide for the
extension by the Lenders to the Borrowers of an additional Term Loan, due on the Termination Date, in the principal amount of
$2,000,000 (the “New Term Loan”). Capitalized terms used but not defined herein shall have the respective
meanings ascribed to such terms in the Credit Agreement or the Forbearance Agreement, as the case may be.  As used herein, the
term “Participation Obligations” shall mean the New Term Loan, and all obligations and liabilities now or
hereafter owed by any one or more of the Borrowers to Lenders under or related to the New Term Loan, in each case whether direct or
indirect and whether fixed or contingent, (including, without limitation, attorneys’ fees and legal expenses incurred by
Lenders in connection with the New Term Loan), and all charges, commissions, interest, costs, expenses and attorneys’ fees
chargeable by Lenders to Borrowers in each case under or related to the New Term Loan; the term “Lenders’ Share of
the Obligations” shall mean, at any time, the entirety of the Obligations (including, without limitation, any Additional
Loans (as hereinafter defined), any Post-Petition Advances (as hereinafter defined), any portion of the Obligations subject to a
Senior Participation and any and all fees and interest payable pursuant to the terms of the Credit Agreement, including without
limitation those payable after the filing of a bankruptcy case by any of the Borrowers and irrespective of whether the same are
allowed or permitted to be paid in or during a bankruptcy case of any of the Borrowers), less only the principal amount of the
Participation and accrued and unpaid interest on the principal amount of the Participation calculated in accordance with and
computed at the rate specified in the Credit Agreement; the term “Participation” shall mean the junior
participation interest in the Participation Obligations

sold pursuant to Section 1 of this agreement (this
“Participation Agreement”); the term “Participant” shall mean William G. Miller, an
individual, acting in his individual capacity and not as an officer, director, agent or representative of any of the Borrowers or
any other Person, together with his heirs and his permitted assigns, if any, as the registered owner of a Certificate of
Participation evidencing a junior participation interest in the Participation Obligations, which aggregate principal amount shall
be equal to the principal amount set forth in such Certificate of Participation; the term “Participant’s
Account” is defined in Section 3 below; the term “Post-Petition Advances” is defined in
Section 10 below; the terms “Senior Participant” and “Senior Participations” are
defined in Section 16 below; and “Permitted Payments” shall mean the payment made by Participant to
Lenders, on the Participation Closing Date in accordance with Section 1.  Certain other of the terms used herein
are parenthetically defined elsewhere in this Participation Agreement.

This Participation Agreement will confirm the arrangement between Lenders and Participant
whereby Lenders sell to Participant, without recourse and without representations or warranties of any kind (except as expressly
set forth hereinafter), and Participant purchases from Lenders, a junior participation interest in the Participation Obligations in
the principal amount equal to the principal amount of the New Term Loan, upon and subject to the terms and conditions set forth in
this Participation Agreement.  Participant shall only have such obligations as are expressly set forth in this Participation
Agreement or in the Participation Certificate (hereinafter defined).

1.          Participant has (a) executed and delivered to the Collateral Agent, for the benefit of the Lenders, a counterpart of this
Participation Agreement, dated as of October 31, 2003, and (b) paid to the
Collateral Agent, for the benefit of the Lenders, in U.S. Dollars by federal funds bank wire transfer of same day funds, an amount
equal to Participant’s junior participation interest in the Participation Obligations, $2,000,000, in consideration of which
the Collateral Agent, on behalf of the Lenders, is issuing to Participant a Certificate of Participation in that principal amount
in substantially the form of Exhibit A hereto (a “Certificate of Participation”).

2.          At all times and from time to time until Lenders shall have received  payment in full of Lenders’ Share of the
Obligations and all Commitments shall have been terminated, Lenders shall be entitled to receive and apply against the Obligations
(other than the New Term Loan) for Lenders’ benefit (and the benefit of the Senior Participants), all in such order, such
amounts and such manner as provided in the Credit Agreement (provided, however, that such reference does not
constitute, and shall not be construed to create, any obligation to or rights of Participant in respect of such provisions of the
Credit Agreement), all amounts as the same become due in connection with or arising out of the Existing Credit Facilities, the Loan
Documents, the Collateral and/or the Obligations, whether as principal, interest, fees or otherwise, and including, without
limiting the generality hereof, proceeds of or recoveries under insurance policies, amounts payable by third parties as guarantors
or otherwise, amounts payable by reason of total or partial condemnation or taking by governmental authority, amounts realized as
the result of enforcement of Collateral, amounts received as proceeds of one or more sales, and income from the operation or sale
of Collateral or any part thereof; provided however that notwithstanding anything contained herein to the contrary,
principal and interest payments on the New Term Loan shall be governed solely by Section 3 hereof and in no event shall any
Permitted Payments be included in, subject to, or covered by, this paragraph.  Participant shall not have any right to acquire
any interest in, and shall not be entitled to receive, any portion of any forbearance or waiver fee or any other fees or
administration or service charges provided for in the Credit Agreement or payable by any Borrower pursuant to any Loan Document,
including without limitation the Forbearance Agreement, to Lenders, and Participant shall not be entitled to receive any payment or
distribution of principal on account of or with respect to all or any part of the Participation unless and until such time as
Lenders shall have received payment in full of Lenders’ Share of the Obligations and all Commitments shall have been
terminated.

2

3.          The New Term Loan shall not permit the Borrowers to make any payment, prepayment or repayment of the principal thereof, and
Lenders hereby agree not to accept any, or to apply any Collections (as hereinafter defined) to, payment, prepayment or repayment
of principal on the New Term Loan, unless and until the Lenders’ Share of the Obligations is paid in full and all Commitments
shall have been terminated.  The Collateral Agent, on behalf of the Lenders, will maintain on such Agent’s books an
account in the name of the Participant (the “Participant’s Account”) into which (a) all amounts received
by such Agent from or on behalf of the Borrowers in payment of principal (“Participation Principal”) and/or
interest accrued on the Participation (the “Participation Interest”) will be credited and (b) all amounts paid
out by such Agent in cash to the Participant with respect to the Participation Principal or Participation Interest will be
debited.  Each Lender hereby agrees that the Collateral Agent may, and the Collateral Agent will,  pay to Participant in
cash as soon as practicable but in any event within two (2) Business Days of receipt by such Agent, all Participation Interest and
Participation Principal actually received by such Agent and required to be paid to Participant in accordance with applicable
provisions of the Credit Agreement, provided, however, that (i) amounts due and payable with respect to
Lenders’ Share of Obligations which constitute unpaid principal, interest, fees and expenses shall be paid first to Lenders
in order of priority, with any remaining amounts, subject to the limitations set forth in the following sub clause, next paid to
Participant on account of Participation Interest, and (ii) to the extent Lenders’ Share of the Obligations have not yet been
paid in full, such Participation Interest shall not be paid in cash to Participant or credited to the Participant’s Account,
shall not constitute a payment of interest by the Borrowers on or with respect to the Participation and shall be retained by
Lenders or by the Collateral Agent on behalf of the Lenders and applied in accordance with the provisions of Section 5 if, at
the time of such payment or credit, any Default or Event of Default (other than Existing Defaults during the term of, and as
defined in, the Forbearance Agreement) has occurred and has not been waived or cured, or would result from such payment or
credit.  Promptly but in any event within two (2) Business Days of Participant’s request therefor, Collateral Agent, on
behalf of the Lenders, will furnish to Participant a statement of the unpaid principal balance on the New Term Loan and of all
accrued and unpaid interest thereon.

4.          Each of the Participation Interest, the Participation Principal and the interest of the Participant in and to any and all
amounts received by Lenders from any source (in each case, other than any Permitted Payments), with respect to the Obligations
(collectively, “Collections”), is, in each case, in all respects junior and subordinate to (i) Lenders’
Share of the Obligations and (ii) Lenders’ rights to receive and retain all Collections for the Lenders’
respective account and benefit (and the account and benefit of the Senior Participants) for application to Lenders’ Share of
the Obligations until Lenders have received payment in full of Lenders’ Share of the Obligations, including, without
limitation, all principal, and interest, and all fees, costs, expenses and other items included within Lenders’ Share of the
Obligations and due to Lenders and all Commitments shall have been terminated, and, accordingly, each Lender, for itself and any
Senior Participants, shall first be repaid in full in respect of all of its portion of Lenders’ Share of the Obligations and
all  

3

Commitments shall have been terminated, prior to any payment or repayment of all or any part of the Participation;
provided, however, Participant shall be entitled to receive the Participation Principal and
Participation Interest in accordance with Section 3 hereof and provided further that, in no event,
shall any Permitted Payment or any amount received by Lender from the Participant pursuant to this Participation Agreement be
deemed to be a Collection with respect to the Obligations.

5.          Other than as required by Section 3 above, all Collections received by Lenders (i) shall be applied to the Obligations in such
amounts, manner and/or order as provided in the Credit Agreement (provided, however, that such reference does not
constitute, and shall not be construed to create, any obligation to or rights of Participant in respect of such provisions of the
Credit Agreement), and (ii) shall be first retained and applied by Lenders until the payment in full of Lenders’ Share of the
Obligations and all Commitments shall have been terminated, and only then and thereafter shall the Participant have any rights to
have any surplus remaining remitted to the Participant, and then only to the extent legally permissible.  If Participant
obtains any payment (other than (i) payments of Participation Interest or Participation Principal received from the Collateral
Agent in accordance with the terms of Section 3 hereof, or (ii) payments in respect of salary, benefits, or reimbursement of
expenses which do not, in the aggregate for any month, exceed the sum of $20,000) from any Borrower or attributable to any
Collateral prior to payment in full of all Obligations and the termination of all Commitments with respect thereto, the Participant
shall receive and hold such payment in trust for Lenders’ benefit and shall promptly pay over such payment to Lender to be
applied in the manner set forth in this Section 5.

6.          Participant, by execution in confirmation of this letter, acknowledges and agrees that (a) Participant has received from
Borrowers and reviewed copies of all of the Loan Documents and has independently and without reliance on any Agent or Lender made
Participant’s own analysis of the Loan Documents, including copies of all legal opinions delivered to Agents and Lenders in
connection with the Loan Documents, (b) Participant has, independently and without reliance on any Agent or Lender, and based on
such documents and information as Participant has deemed appropriate, made Participant’s own credit analysis of the Borrowers
and Participant’s own decision to enter into this Participation Agreement and to purchase such Participation as herein
provided, and (c) Participant is thoroughly familiar with and has complete and current financial statements and other relevant
information concerning the financial condition and creditworthiness of each of the Borrowers.  Without limiting the generality
of the foregoing, Participant hereby acknowledges and confirms that Participant has been advised that the Existing Defaults (as
defined in the Forbearance Agreement) under the Credit Agreement which entitle the Agents and Lenders to exercise rights and
remedies under the Loan Documents have occurred, and that, as of the date hereof, except as otherwise expressly provided in the
Forbearance Agreement, none of the Agents or Lenders have waived or consented to such defaults and Agents and Lenders have reserved
all of their legal rights with respect to its rights and remedies under the Loan Documents relating to such defaults. Except as
otherwise expressly provided herein, Lenders and Agents shall have no duties, responsibilities or obligations whatsoever to
Participant.  Agents and Lenders make no representation or warranty, express or implied (whether by executing and delivering
this Participation Agreement or any Certificate of Participation or by selling or issuing all or any portion of the Participation,
or

4

otherwise), to Participant, except that the Lenders party hereto own all rights, titles and interests in and to the interests in
the Participation Obligations being purchased by Participant pursuant to this Participation Agreement and that such interests have
not been encumbered or assigned by any of such Lenders to any other Person, and Agents and Lenders shall have no responsibility, as
to the value, validity, effectiveness, genuineness, regularity, enforceability, collectibility or sufficiency of the Credit
Agreement or any other Loan Document, or as to the accuracy of any recital, statement, representation or warranty therein or in any
information memorandum pertaining to any Borrower, or in any certificate or other document referred to or provided for in the
Credit Agreement or any other Loan Document, or as to the title to, validity, priority, value, perfection or sufficiency of the
Collateral or any Lien securing or purporting to secure all or any part of the Obligations, or any other guarantees or collateral
security of any kind, or as to the financial condition of any of the Borrowers, nor shall Lender have any responsibility to
Participant for any failure by any Borrower to perform its obligations under the Credit Agreement or any other Loan Document. 
None of Agents or Lenders shall be required to keep Participant informed as to the performance or observance by any Borrower of the
Credit Agreement or any other Loan Document, or to inspect the properties or books of any Borrower.  Agents and Lenders do not
assume, neither make nor have made any warranties (except that the Lenders party hereto own all rights, titles and interests in and
to the interests in the Participation Obligations being purchased by Participant pursuant to this Participation Agreement and that
such interests have not been encumbered or assigned by any of such Lenders to any other Person) with respect to, and shall have no
liability to Participant for the repayment of all or any part of the Participation or the interest equivalent thereon except, and
only to the extent, expressly set forth in this Participation Agreement.  Lenders, Participant and by their acknowledgements
below, Agents and Borrowers, acknowledge and agree that Section 11.2(e) of the Credit Agreement contains certain requirements with
respect to the sale of a participation by a Lender.  Lenders, Agents and Borrowers hereby waive the requirement of Section
11.2(e) that Participant not be an Affiliate of Parent, and agree that the proviso following sub clause (e)(iv) thereof, which
begins with the words “except that”, shall not be applicable to Participant and in lieu thereof the Participation shall
be governed solely by the terms and conditions of this Participation Agreement.

7.          The Obligations, the Collateral, and the Collections shall in each instance be held by each Lender in such Lender’s own
name or by Collateral Agent on behalf of the Lenders.  It is understood and agreed that the Participant shall have no right in
or interest in any property taken as security for, or any offset effected with respect to, all or any part of the New Term Loan or
any of the Obligations, or in any property now or hereafter in any Agent’s or Lender’s possession or control which may
be or become security for all or any part of the New Term Loan or any of the Obligations by reason of the Credit Agreement or any
other Loan Documents; provided, however that subject to the provisions of Sections 11 and 12, Lenders agree not to amend the
Credit Agreement or the other Loan Documents in order to cause the New Term Loan to be unsecured.  It is understood and agreed
that upon the payment in full of Lenders’ Share of the Obligations and the termination of all Commitments, that Participant
shall thereupon have the right to have any surplus remaining from the Collections or otherwise to be remitted to the Participant
and applied to the Participation and to have transferred and assigned to Participant any remaining Collateral and Lenders’
rights under the Loan Documents in accordance with the provisions of Sections 11and 17 hereof.

5

8.          If at any time after any Lender, either directly or through the Collateral Agent, has distributed any amount to the Participant
on account of the Participant’s interests in the Participation including, without limitation Participation Interest, any
amount paid or owing to any Lender, or to the Collateral Agent, by any Borrower is subordinated, set aside, avoided, declared to be
fraudulent or preferential, disallowed or recovered from such Lender or from the Collateral Agent in connection with an insolvency
or bankruptcy proceeding or otherwise, the Participant agrees to refund to each such Lender, or to Collateral Agent on behalf of
any such Lender, without interest, the amount thereof to the extent of the aggregate amount of any payment or distribution made by
such Lender, or by the Collateral Agent on behalf of such Lender, to Participant.

9.          Participant agrees that, at any time and from time to time prior to Lenders’ receipt of the payment in full of
Lenders’ Share of the Obligations and the termination of all Commitments, whether or not a Default or Event of Default has
occurred and is then continuing, Lenders may (a) in Lenders’ sole and absolute discretion, continue to extend additional
advances, loans, letter of credit guaranties, and other financial accommodations to any Borrower and increase the Commitments under
the Loan Documents (collectively, the “Additional Loans”), and the Participation, the Participation Interest and
the Participant’s interest therein shall be subject and subordinate to such Additional Loans and in the security therefor on
the same terms and conditions as are set forth herein, and (b) apply all or any part of any proceeds of Collateral received by
Lenders, payments received by Lenders from any Borrower, any other proceeds or payments received by Lenders on account of the
Obligations from any other source, any credits for any Borrower’s account, and all other Collections to all or any part of
the Obligations and in such order, in such amounts and in such manner as provided in the Credit Agreement (provided,
however, that such reference does not constitute, and shall not be construed to create, any obligation to or rights of
Participant in respect of such provisions of the Credit Agreement).

10.          It is understood and agreed by the Participant that, in Lenders’ sole and absolute discretion, subject only to proper
court approval, Lenders may continue to extend additional advances, loans, letter of credit guaranties, and other financial
accommodations to any Borrower after commencement and during the continuation of any case under the U.S. Bankruptcy Code (a
“Bankruptcy Case”) with respect to any Borrower (collectively, “Post-Petition Advances”), and
the Participation, the Participation Interest and the Participant’s interest therein shall be subject and subordinate to such
Post-Petition Advances and in the security therefor on the same terms and conditions as are set forth herein.  Further,
Participant covenants and agrees, with and for the benefit of the Agents and the Lenders, and as a material part of the
consideration to the Agents and the Lenders hereunder, without which covenants and agreements Agents and Lenders would not have
entered into this Participation Agreement, that in connection with a Bankruptcy Case of any Borrower, Participant shall not,
directly or indirectly (a) challenge the existence, validity or priority of any Lien on any of the Collateral in favor of any of
the Agents or Lenders, (b) file, or cause or support the filing of, any objection to the provision of Post-Petition Advances or
other debtor-in-possession financing to such Borrower by the Lenders, (c) propose, vote for or otherwise support any bankruptcy
plan which would have the effect of compromising, impairing or otherwise modifying the Obligations without the unanimous written
consent of the Lenders, or (d) seek to establish, or support in any manner the establishment of, a credit facility for the benefit
of such Borrower where any of the obligations under such credit facility would have

6

priority over any of the Obligations or any
Post-Petition Advances, whether by lien, contract, court order or otherwise, except only to the extent that such credit facility is
provided by the Lenders.

11.          Lenders may, from time to time, in Lenders’ discretion and without notice to the Participant and without necessity of the
consent of Participant, (a) amend, modify, renew and/or extend in whole or in part the Obligations, the Loan Documents, the
Collateral and any guaranties therefor, including without limitation the sale, in one or more transactions, of all or any part of
the Collateral for an aggregate amount less than the amount necessary to satisfy in full all of the Obligations, (b) compromise and
settle with, and release, any Borrower, or any other Person obligated on or with respect to all or any part of the Obligations, and
(c) extend the Additional Loans, the Post-Petition Advances and any other advances, loans and other financial accommodations to any
Borrower in excess of any formulae under the Loan Documents, all without notice to the Participant and without necessity of the
consent of Participant.  The Collateral Agent shall, from time to time, but not more frequently than once in any calendar
quarter, after such Agent’s receipt of Participant’s reasonably detailed written request, furnish the Participant with
copies of such other papers and documents relating to the Participation Obligations, the Obligations and the Collateral and with
statements describing the status of the Participation Obligations, the Obligations and the Collateral, as the Participant may
reasonably request.

12.          Lenders reserve and shall have the sole right, in Lenders’ sole and absolute discretion, to manage, perform, modify,
supplement and enforce the Loan Documents, the Obligations and the Collateral, and to waive, exercise and enforce all privileges,
rights and remedies exercisable or enforceable by Lender thereunder, in accordance with Lenders’ sole discretion and the
exercise of Lender’s business judgment.  Without limiting the foregoing, Lenders may, without notice or responsibility
to, or necessity of consent from, the Participant, (a) exercise or refrain from exercising any and all of Lenders’ rights
under or in connection with any of the Loan Documents, (b) give or withhold consents and approvals or take or omit to take any
action pursuant to any Loan Document and (c) compromise, settle, adjust and in general deal in any manner with the Obligations and
the Collateral as Lenders may deem appropriate, upon such terms and conditions as Lenders may deem appropriate. Agents and Lenders
shall not be liable to the Participant for any action taken or omitted.  The Participant expressly releases each Agent and
Lender from any and all liability and responsibility (express or implied), for any loss, depreciation of or delay in collecting or
failing to realize on any Collateral, the Obligations or any guaranties therefor and for any mistake, omission or error in judgment
in passing upon or accepting any Collateral or in making examinations or audits or for granting indulgences or extensions to any
Borrower, any account debtor or any guarantor.

13.          Lenders shall have the right to sell, encumber, convey, transfer, and/or assign (collectively, a “Transfer”)
any of Lenders’ rights and obligations under the Credit Agreement or under this Participation Agreement, provided that no
such sale, encumbrance, conveyance, transfer and/or assignment (collectively a “Sale”) shall eliminate any
obligation of Lenders to Participant hereunder unless, in connection with any such Sale, the purchaser, assignee or other
transferee agrees in writing to be bound by the terms of this Participation Agreement.  Neither the Participation, nor any
Certificate of Participation, nor Participant’s interest in the Participation nor any of the individual rights or obligations
of Participant hereunder may be

7

subdivided, assigned, pledged, encumbered or otherwise transferred by the Participant without
Lenders’ unanimous prior written consent.  Subject to the foregoing, all of the terms, covenants and conditions of this
Participation Agreement shall be binding upon, and inure to the benefit of, each Lender’s and the Participant’s
respective successors and assigns, but nothing contained in this Participation Agreement is intended, or shall be construed, to
confer upon or to give any Borrower or any other Person, other than the parties hereto and their respective successors and
permitted assigns, any rights or remedies under or by reason of this Participation Agreement.

14.          This Participation Agreement and each Certificate of Participation shall be governed by and construed in accordance with the
laws and decisions of the State of Georgia.

15.          The Participant represents and warrants to Agents and Lenders that (a) Participant does not consider the acquisition of its
junior participation interest hereunder to constitute the “purchase” or “sale” of a “security”
within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 or Rule 10b-5 promulgated thereunder, any
other applicable securities statute or law, or any rule or regulation under any of the foregoing (collectively, as amended, the
“Acts”); (b) Participant has no expectation that Participant will derive profits from the efforts of any Agent or
Lender or any third party in respect of the acquisition of Participant’s junior participation interest hereunder excepting
interest related to the Participation; (c) acquisition of such junior participation interest merely constitutes a commercial
transaction by Participant with Lenders regarding Participant’s acquisition of a junior participation interest in the
Participation Obligations and does not represent an “investment” (as that term is commonly understood) in any Agent,
any Lender or any Borrower; (d) Participant is purchasing such Participant’s junior participation interest in the
Participation Obligations hereunder for Participant’s own account and risk, and not with a view or in connection with any
subdivision, resale, or distribution thereof, (e) Participant engages in commercial transactions (including transactions of
the nature contemplated herein and in the Credit Agreement), can bear the economic risk related to the purchase of the junior
participation interest hereunder, and has had access to all information deemed necessary by Participant in making
Participant’s decision whether or not to purchase the same, and (f) Participant will hold the junior participation interest
in the Participation Obligations hereunder solely in the name of, and for the sole benefit of, Participant, and not jointly or
severally with, or on behalf of, any other Person.  Further, no amount paid by Participant to purchase Participant’s
junior participation interest in the Participation Obligations shall be considered a loan by Participant to any Lender, nor an
investment of any nature or kind.

16.          At any time and from time to time, Lenders may sell additional participations in Obligations other than the Participation
Obligations (all of which shall be deemed included within Lenders’ Share of the Obligations and shall be deemed to be Senior
Participations for all purposes hereof), upon such terms and conditions as may be determined by Lenders in Lenders’ sole and
absolute discretion, and nothing herein shall in any way be construed to limit, restrict or prohibit Lenders’ right to do so.
Participant’s junior participation interest in the Participation Obligations (and in the Collateral and the Collections) is
and shall remain in all respects junior and subordinate to Lenders’ Share of the Obligations, and to the receipt by Lenders
of the payment in full of Lenders’ Share of the Obligations and the termination of all Commitments, which Participant
acknowledges and agrees includes and will include Lenders’ interests in the Obligations, and each other participation
interest in the Obligations, other than the junior

8

participation interests included within the Participation, now or hereafter
granted and sold by Lenders (all such participation interests, other than the Participation and the junior participation interests
therein held by the Participant, being herein called the “Senior Participations” and each owner of a Senior
Participation being herein called a “Senior Participant”), and, accordingly, Lenders, for themselves and the
benefit of all the Senior Participants, shall first be repaid in full the full amount of Lenders’ Share of the Obligations
prior to any payment, repayment or distribution on account of or with respect to the Participation other than interest payments on
the Participation payable to Participant in accordance with Section 3 hereof.

17.          Upon payment in full in immediately available funds of all principal, interest and charges with respect to Lenders’ Share
of the Obligations, the satisfactory cash collateralization of all outstanding Obligations in respect of Letters of Credit and the
termination of all Commitments, but subject to assumption by the Participant of all of Lenders’ rights, duties and
obligations with respect to all of the Loan Documents (pursuant to a form of assignment and assumption agreement reasonably
acceptable to, and executed and delivered by, Participant and  Lenders (the “Assumption Agreement”)), and
the receipt of a full, complete and unconditional release from all Borrowers on terms acceptable to Agents and Lenders in their
respective sole and absolute discretion, Lenders will effect settlement thereof and will, promptly after receipt of written request
from the Participant, assign to the Participant, pursuant to the Assumption Agreement and for consideration of $0, all of the
Lenders’ rights in the Obligations and the Collateral, if any, for the Obligations and Lender’s rights with respect
thereto without representations, warranties or recourse of any kind or nature whatsoever except to the extent, if any, expressly
set forth in the Assumption Agreement, but nothing in this Section 17 shall diminish the rights and privileges of Lenders described
in Section 11 or Section 12 of this Participation Agreement. 

18.          THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN THE CONNECTION WITH THIS
PARTICIPATION AGREEMENT AND FURTHER HEREBY WAIVE ANY RIGHT OF OFFSET OR RIGHT TO INTERPOSE ANY COUNTERCLAIM (OTHER THAN A
COMPULSORY COUNTERCLAIM) IN ANY SUCH ACTION.  THE PARTIES HERETO EXPRESSLY SUBMIT IN ADVANCE TO THE NONEXCLUSIVE JURISDICTION
OF THE COBB COUNTY SUPERIOR COURT, IN THE STATE OF GEORGIA, OR TO THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF
GEORGIA IN ANY ACTION OR PROCEEDING RELATING TO ANY CLAIM, DISPUTE OR OTHER MATTER PERTAINING DIRECTLY OR INDIRECTLY TO THIS
PARTICIPATION AGREEMENT.

19.          At Lenders’ option and in Lenders’ sole and absolute discretion, Lenders may at any time repurchase the
Participation from the Participant by paying to Participant the outstanding amount of Participant’s share of the
Participation, together with Participant’s share of the interest attributable to Participant’s share of the
Participation to the date of such repurchase.  This Participation Agreement shall thereupon terminate; provided,
however, that the termination shall not affect the respective rights, duties or obligations of any party incurred prior to
the effective date of such termination.  Notwithstanding the foregoing or any other provision of this Participation Agreement,
in no event shall any Lender have any obligation to repurchase the Participation or any part thereof or any interest therein,
whether upon or by reason of the occurrence, existence or absence of any Default or Event of Default, or otherwise for any other
reason or in any other circumstance.

9

20.          Neither the execution of this Participation Agreement, nor the purchase or other acquisition by Participant of an undivided
interest in the Participation, nor any of the transactions contemplated hereby, is intended to be, nor shall it be construed to be,
the formation of a partnership or joint venture between Participant and any Agent or Lender.

21.          This Participation Agreement and the Certificate of Participation (a) may not be amended, modified or terminated (orally or by
any course of dealing or otherwise), except by an agreement in writing signed by Participant and Lenders and acknowledged by
Agents, (b) shall remain in full force and effect until all Obligations (including any Post-Petition Advances) are paid in full and
the Credit Agreement is terminated, unless, prior thereto, Lenders, in their respective discretion, determine to repurchase the
Participation pursuant to the provisions of Section 19 hereof, (c) shall
be governed by and construed in accordance with the laws of the State of Georgia
and (d) supercedes any prior negotiations or discussions or communications
between or among Agents, Lenders and the Participant, and constitutes the entire
agreement between Lenders, on the one hand, and Participant, on the other, with
respect to the Obligations, the Participation, the Participation Obligations,
the Collateral, and the Loan Documents.

22.          This Participation Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts taken
together shall constitute but one and the same instrument.  Facsimile signatures shall be effective as originals.

23.          All notices and confirmations hereunder by Collateral Agent or any Lender to the Participant shall be deemed given if addressed
to the applicable address for the Participant set forth below, and sent by registered or certified mail, return receipt requested,
or sent by facsimile.  All notices and requests hereunder by the Participant to Lenders shall be deemed given if addressed to
Lenders in care of the Collateral Agent at such Agent’s address set forth above and directed to the attention of Mr. Ken
Butler and sent by certified or registered mail, return receipt requested, or sent by facsimile.

[Remainder of Page Intentionally Left Blank]

 

 

 

 

  

 

 

10

If the foregoing correctly sets forth the arrangement between Lenders and
Participant, please indicate Participant’s confirmation thereof and Participant’s acceptance of the terms of this
Participation Agreement by signing and returning to Lenders, in care of the Collateral Agent, the enclosed copy hereof, whereupon
this Participation Agreement shall become effective and be binding as between Lenders and Participant, and (without prejudice to
Section 13 above) the respective successors and assigns of Lenders and the respective permitted assigns of
Participant.

	
                                                                              	Very truly yours,

 “LENDERS”
	 	 
	 	BANK OF AMERICA, N.A., as a Lender
	 	 
	 	By:      
 /s/ Sherry Lail                                     

Name:   Sherry Lail

Title:     Senior Vice President
	 	 
	 	THE CIT GROUP/BUSINESS CREDIT, INC.,

      as a Lender
	 	 
	 	By:  /s/ Kenneth B. Butler                                 

Name: Kenneth B. Butler

Title: Vice President
	 	 
	 	FLEET CAPITAL CORPORATION, as a Lender
	 	 
	 	By:    /s/ Wes Mannis               

Name: Wes Mannis

Title: VP

 

ACKNOWLEDGED AND AGREED TO:

“PARENT”

MILLER INDUSTRIES, INC.

 

By:  /s/ J. Vincent Mish                             

            J. Vincent Mish

            Chief Financial Officer

 

 

   “SUBSIDIARY
      MILLER BORROWERS”

   APACO, INC.

      B&B ASSOCIATED INDUSTRIES, INC.

      CHEVRON, INC.

      CENTURY HOLDINGS, INC.

      CHAMPION CARRIER CORPORATION

      COMPETITION WHEELIFT, INC.

      GOLDEN WEST TOWING EQUIPMENT INC.

      KING AUTOMOTIVE & INDUSTRIAL

           EQUIPMENT, INC.

      MID AMERICA WRECKER & EQUIPMENT

      SALES, INC. OF COLORADO

      MILLER FINANCIAL SERVICES GROUP,

           INC.

      MILLER/GREENEVILLE, INC.

      MILLER INDUSTRIES DISTRIBUTING, INC.

      MILLER INDUSTRIES INTERNATIONAL,

           INC.

      MILLER INDUSTRIES TOWING

           EQUIPMENT INC.

      PURPOSE, INC.

      SONOMA CIRCUITS, INC.

      SOUTHERN WRECKER CENTER, INC.

      SOUTHERN WRECKER SALES, INC.

     

  By:   /s/ J. Vincent
  Mish                                                    

                  J. Vincent
Mish

                  Vice President and
Attorney-in-Fact of each

                 entity listed above 

  

 

 “SUBSIDIARY ROADONE BORROWERS”

AETEX, INC., f/k/a A-EXCELLENCE TOWING CO.

ALL AMERICAN TOWING SERVICES, INC.

B-G TOWING, INC.

BEAR TRANSPORTATION, INC.

BTRCX, INC. f/k/a BERT’S TOWING RECOVERY

       CORPORATION

BBSX, INC. f/k/a BOB BOLIN SERVICES, INC.

BASIEX, INC. f/k/a BOB’S AUTO SERVICE,    INC.

BTRX, INC.

BVSWS, INC. f/k/a BOB VINCENT AND SONS

WRECKER SERVICE, INC.

CAL WEST TOWING, INC.

CBTX,INC., f/k/aCEDAR BLUFF 24 HOUR

       TOWING, INC.

CCASX, INC.

CEX, INC., f/k/a CHAD’S INC.

CVDC, f/k/a CLEVELAND VEHICLE DETENTION

          CENTER, INC.

D.A. HANELINE, INC.

DVREX, INC.

DOLLAR ENTERPRISES, INC.

DSX, INC., f/k/a DUGGER’S SERVICES, INC.

GMAR, INC., f/k/a GOOD MECHANIC AUTO   CO.

OF RICHFIELD, INC.

GREAT AMERICA TOWING, INC.

GREG’S TOWING, INC.

HTX, INC.

LTSX, INC., f/k/a LAZER TOW SERVICES, INC.

LASX, INC.

LWKR, INC.

MAEJO, INC.

MEL’S ACQUISITION CORP.

MGEX, INC.

MSTEX, INC.

MTSX INC.

MURPHY’S TOWING, INC.

P.A.T., INC.

PEX, INC., f/k/a/ PIPES ENTERPRISES, INC.

RMA ACQUISITION CORP.

RRIC ACQUISITION CORP.

RSX, INC., f/k/a RECOVERY SERVICES,

ROAD ONE, INC.

ROADONE EMPLOYEE SERVICES, INC.

ROAD ONE INSURANCE SERVICES, INC.

ROAD ONE SERVICE, INC.

ROAD ONE SPECIALIZED TRANSPORTATION,

     INC.

ROADONE TRANSPORTATION AND LOGISTICS,

     INC.

R.M.W.S., INC.

SWSX, INC. (f/k/a SUBURBAN WRECKER

     SERVICE, INC.)

TEXAS TOWING CORPORATION

TPCTH, INC.

TREASURE COAST TOWING, INC.

  

TREASURE COAST TOWING OF MARTIN

COUNTY, INC.

TSSC, INC., f/k/a TRUCK SALES & SALVAGE

     CO., INC.

TWSX, INC.

WSX, INC., f/k/a WES’S SERVICE INCORPORATED

WTX, INC. (f/k/a WILTSE TOWING, INC.)

WTC, INC.

WTEX, INC.

ZTRX, INC., f/k/a ZEHNER TOWING &

     RECOVERY, INC.

 

By:      
   /s/ J. Vincent Mish                                           

            J. Vincent
Mish

            Vice President and
Attorney-in-Fact of each

             entity listed above

 

ACKNOWLEDGED AND AGREED TO

SOLELY FOR PURPOSES OF SECTION 6

HEREOF AND THOSE OTHER PROVISIONS

HEREOF WHICH EXPRESSLY REFERENCE

ONE OR MORE AGENTS, AS APPLICABLE:

“ADMINISTRATIVE AGENT, SYNDICATION

AGENT AND EXISTING TITLED COLLATERAL AGENT”

BANK OF AMERICA, N.A., as the
Administrative

Agent, Syndication Agent and Existing Titled

Collateral Agent

By:      
 /s/ Sherry Lail                                     

Name:   Sherry Lail

Title:     Senior Vice President

“COLLATERAL AGENT”

THE CIT GROUP/BUSINESS CREDIT, INC., as

the Collateral Agent

By:  /s/ Kenneth B. Butler                                 

Name: Kenneth B. Butler

Title: Vice President

The undersigned party confirms that the foregoing correctly sets forth the arrangement
between such undersigned party (acting as an individual and not as an officer, director, agent or representative of any of the
Borrowers or any other Person) and Lenders with respect to the Participation and the interest of such undersigned party therein,
and such undersigned party hereby accepts and agrees to the terms of this Participation Agreement.

                                                                        By:
   /s/ William G. Miller                                              

                                                                                   
William G. Miller, as Participant

                                                                       
Address: 5025 Harrington Road

                                                                                   
   Alpharetta, Georgia 30022

                                                                        Telephone:

                                                                        Facsimile:

EXHIBIT A

October 31, 2003

CERTIFICATE OF PARTICIPATION

FOR VALUE RECEIVED, Lenders have on the date of this certificate sold to
William G. Miller (the “Participant”), whose address is 5025 Harrington Road, Alpharetta, Georgia 30022,
without recourse on or warranty, express or implied by Lenders (except that the Lenders party to the Participation Agreement
(hereinafter defined) own all rights, titles and interests in and to the interests in the Participation Obligations purchased by
Participant pursuant to the Participation Agreement and that such interests have not been encumbered or assigned by any of such
Lenders to any other Person), a junior participation (the “Participation”) of Two Million Dollars ($2,000,000)
in the principal amount of the “Participation Obligations,” as defined and described in the Participation Agreement
dated as of October 31, 2003 between Lenders and the Participant (the “Participation Agreement,” with
capitalized terms used herein and not otherwise defined having the respective meanings ascribed to such terms in the Participation
Agreement), relating, in part, to the Credit Agreement among Lenders and Borrowers.

This Certification of Participation is issued by the Collateral Agent on behalf of the
Lenders pursuant to Section 1 of, and the junior participation interest evidenced hereby is in all respects subject to
the terms and conditions of, the Participation Agreement, to which reference is hereby made for all purposes.  This
Certificate of Participation evidences an undivided interest in the Participation.

	 	“COLLATERAL AGENT”
	 	THE CIT GROUP/BUSINESS CREDIT, INC., as

    the Collateral Agent on behalf of Lenders
	 	 
	 	By:  /s/ Kenneth B. Butler                                 

Name: Kenneth B. Butler

Title: Vice President

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