Document:

Fleet Capital Corporation Commitment Agreement

 EXHIBIT 4.28 
  
 FLEET CAPITAL CORPORATION COMMITMENT AGREEMENT 
  
 USA TRUCK, INC. 
  
 October 29, 2003 
  
 Mr. Cliff Beckham 
 Chief Financial Officer 
 USA Truck, Inc. 
 3200 Industrial Park Rd. 
 Van Buren, AR 72956 
  
 Dear Cliff: 
  
 Fleet Capital Corporation (FCC) is pleased to present the following proposed TRAC lease line
of credit structure: 
  

			
		
	 LESSEE:
	  	USA Truck, Inc.
		
	 LESSOR:
	  	FCC or its assigns
		
	 EQUIPMENT:
	  	Approximately 130 Freightliner tractors, acceptable to Lessor.
		
	 ASSUMED DEPRECIATION:
	  	3 Year Modified ACRS
		
	 EQUIPMENT COST:
	  	Approximately $10,000,000
		
	 EQUIPMENT LOCATION:
	  	Lessee address
		
	 DELIVERY AND ACCEPTANCE:
	  	The Equipment will be delivered and accepted for lease no earlier than finalization of lease documentation and no later than the date(s) specified under Lease Payments.
		
	 LEASE TERM:
	  	Forty-two (42) months

  

			
		
	 LEASE PAYMENTS:
	  	For equipment placed on lease between January 1, 2004 and December 31, 2004:
		
	 	  	Forty-two (42) consecutive monthly payments, each equal to the Rate Factor per $1,000 of equipment cost, payable monthly in arrears as follows:

  

							
	 Delivery
 Month

	 	 Rate
 Factor

	 	 TRAC
 Percentage

	 	 Implicit Rate
 (Including TRAC)

	 Jan
	 	$16.14	 	40%	 	3.13%
	 Feb
	 	$16.12	 	40%	 	3.09%
	 Mar
	 	$16.10	 	40%	 	3.05%
	 Apr
	 	$16.08	 	40%	 	3.02%
	 May
	 	$16.08	 	40%	 	3.02%
	 June
	 	$16.06	 	40%	 	2.98%
	 July
	 	$16.00	 	40%	 	2.89%
	 Aug
	 	$15.97	 	40%	 	2.84%
	 Sept
	 	$15.94	 	40%	 	2.78%
	 Oct
	 	$15.94	 	40%	 	2.78%
	 Nov
	 	$15.90	 	40%	 	2.73%
	 Dec
	 	$15.87	 	40%	 	2.68%

  

			
	 	  	The lease rate(s) will be subject to change depending upon the Lessor’s cost of
funds at the time the transaction is funded. As an example, the factors quoted
herein of $16.14 per
$1,000 of Equipment Cost has a lease rate of 3.13% and is
based upon the two year weekly average Treasury Rate in the Federal Reserve
HR15 of 1.83%. For every change in our cost of funds (increase or decrease), an
equivalent corresponding
adjustment will be made to the lease rate factors.
		
	LEASE TERMINATION:	  	Lessee shall have the option to terminate the lease after the Lease Term, upon notice to the Lessor, by either selling the Equipment to an unrelated third party or returning the Equipment to
the Lessor, at such site mutually acceptable to Lessor and Lessee. Lessor shall sell the Equipment within a reasonable time after such Equipment has been returned to Lessor. If the net proceeds of the sale of the Equipment initiated by the Lessee or
the Lessor exceed the termination value, such excess shall be for the account of the Lessee. If the net proceeds of the sale are less than the termination value, the Lessee shall be responsible for such deficiency. Lessee shall also have the right
to purchase the Equipment under the same terms and conditions as an unrelated third party. The Termination Value amount equals the TRAC stated above as a percent of the Equipment Cost.

  

			
	TYPE OF LEASE:	  	Lessee will pay all taxes when due and give notice to Lessor. Net lease transaction whereby Lessee shall be responsible for the payment of all taxes (other than Lessor’s income taxes),
fees to secure Lessor’s Equipment security position, insurance and maintenance and all other costs in connection with the Equipment, and its operation. Lessee shall provide evidence of physical damage and liability insurance with endorsements
in amounts acceptable to the Lessor prior to the delivery of the Equipment.
		
	CREDIT EXPIRATION:	  	Credit approval, if granted, and acceptance of the terms outlined in this proposal shall remain in effect for the period specified under Lease Payments, but in no event, longer than one (1)
year from the date of this proposal and subject to no material adverse change in the financial condition of the Lessee.
		
	PROPOSAL EXPIRATION DATE:	  	This proposal shall remain in effect for fifteen (15) days from the date of this letter.

  

 This proposal is not an agreement or commitment to lease. The Lessor’s obligation to provide the proposed structure
is subject to an agreement between Lessor and Lessee and other material terms of the proposed structure, the obtaining of all prior approvals by Lessor, including credit committee approval, and the review and execution of documentation mutually
acceptable to Lessor and Lessee. Our proposal is based upon current tax laws and any change in tax laws prior to funding the Equipment which adversely affects the tax benefits available to Lessor may require certain terms and conditions of this
proposal to be adjusted. The proposed financing is subject to the conditions that a clear market exists for the syndication of the proposed financing and that no material changes in governmental regulations or policies affecting the Lessee, Lessor,
or Assignee involved in this transaction occur prior to the Closing Date. FCC shall be entitled, with the consultation of the Lessee, to readdress the pricing, structure, or any other terms of this financing if FCC determines that such changes are
required in order to ensure a successful syndication. 
  
 If the above terms and
conditions are acceptable, please acknowledge your acceptance below and return this letter. 
  
 Thank you for the opportunity to present our proposal and we look forward to a long and mutually beneficial relationship. 
  

	
	 Sincerely,

	
	FLEET CAPITAL CORPORATION
	
	/s/    GREG LARRICK        
	

	 Gregory E. Larrick
 Vice President

  

			
	 AWARD ACKNOWLEDGMENT

	
	This proposal is acceptable to us, and this financing is awarded to Fleet Capital Corporation.
		
	By:	 	/s/    CLIFF BECKHAM        
	 	 	

	 Title:
	 	C F O
	 Date:
	 	 November 12, 2003Bank One Corporation Commitment Agreement

 EXHIBIT 4.29 
  
 BANK ONE CORPORATION 
  
 USA TRUCK, INC. 
  
 October 31, 2003 
  
 Mr. Craig Shelly 
 Treasurer 
 USA Truck, Inc. 
 3200 Industrial Park Road 
 Van Buren,
AR 72956-6110 
  
 Dear Craig: 
  
 Banc One Leasing Corporation is pleased to submit the following lease proposal for your
review and consideration. Upon your approval, this proposal will constitute Lessee’s application to Lessor. This is for discussion purposes only and the terms and provisions are subject, among other things, to approval in accordance with
Lessor’s internal procedures, as well as certain additional conditions as set forth in the following. 
  

			
		
	LESSOR:	  	Banc One Leasing Corporation
		
	LESSEE:	  	USA Truck, Inc.
		
	GUARANTOR:	  	None Anticipated
		
	EQUIPMENT:	  	2004 and 2005 International and Freightliner Tractors (Models D70 and T70) per the specifications provided 10/8/03
		
	EQUIPMENT COST:	  	Anticipated not to exceed $10,000,000.00
		
	LOCATION OF EQUIPMENT:	  	 4303 North Main Street
 East Peoria, IL
61611

		
	 	  	 
		
	DELIVERY AND ACCEPTANCE DATE:	  	Anticipated to be no later than December 15, 2004. Each lease schedule is to be executed such that acceptance, commencement and payment to vendor will be the 15th of any given month during
2004.
		
	LEASE TERM COMMENCEMENT DATE:	  	Anticipated to be no later than December 15, 2004. Each lease schedule is to be executed such that acceptance, commencement and payment to vendor will be the 15th of any given month during
2004.
		
	INTERIM RENT:	  	None anticipated
		
	LEASE TERM:	  	3 1⁄2 Years (42 months)

  

			
		
	LEASE TERM RENT:	  	Lessee will be required to make 42 equal consecutive monthly rents, each in arrears, equal to the rent factors (shown as a percentage of equipment cost) provided below.

  

													
	 Closing Month

	  	 Rate Factors as a
Percentage of Cost
 Lease Schedules
$500K to $1.5MM

	 	 	Implicit Rate with
40% TRAC
Lease Schedules
$500K to $1.5MM

	 	 	Rate Factors as a
Percentage of Cost
Lease Schedules
$1.5MM and higher

	 	 	 Implicit Rate with
40% TRAC
 Lease Schedules
$1.5MM and higher

	 
	 January 2004
	  	1.614806	%	 	3.1361	%	 	1.605263	%	 	2.9765	%
	 February 2004
	  	1.612993	%	 	3.1057	%	 	1.603453	%	 	2.9462	%
	 March 2004
	  	1.611131	%	 	3.0746	%	 	1.601595	%	 	2.9152	%
	 April 2004
	  	1.609511	%	 	3.0475	%	 	1.599979	%	 	2.8881	%
	 May 2004
	  	1.609608	%	 	3.0492	%	 	1.600076	%	 	2.8897	%
	 June 2004
	  	1.607988	%	 	3.0221	%	 	1.598460	%	 	2.8627	%
	 July 2004
	  	1.604075	%	 	2.9566	%	 	1.594545	%	 	2.7972	%
	 August 2004
	  	1.601675	%	 	2.9165	%	 	1.592150	%	 	2.7571	%
	 September 2004
	  	1.599194	%	 	2.8750	%	 	1.589673	%	 	2.7156	%
	 October 2004
	  	1.598994	%	 	2.8716	%	 	1.589471	%	 	2.7122	%
	 November 2004
	  	1.596683	%	 	2.8330	%	 	1.587165	%	 	2.6736	%
	 December 2004
	  	1.594322	%	 	2.7935	%	 	1.584808	%	 	2.6342	%

  

			
	ADJUSTMENTS TO RENT:	  	In order to maintain the Lessor’s yield between the bid response date and the initial funding date, the lease payment amount will be adjusted up or down on the funding date based on the
difference in the 3-year US Dollar Interest Rate Swap as specified in the Federal Reserve Statistical Release H.15 web site (“INDEX RATE”) as the close of business on October 23, 2003 (swap rate of 2.78%), and the close of business on
the day immediately preceding the funding date.
		
	TERMINAL RENTAL ADJUSTMENT CLAUSE:	  	As permitted by Section 7701(h) of the Code, the lease will contain a Terminal Rental Adjustment Clause (“TRAC”) requiring the total rentals to be adjusted upward or downward by
reference to the net proceeds received by Lessor from the sale of the Equipment following lease expiration. At the end of the Lease Term, Lessor shall retain the net proceeds of the sale of the vehicles and shall make one of the following
“terminal rental adjustments”: (I) If the vehicles are sold at a net price below the TRAC Value, then Lessee will pay Lessor all of the shortfall; or (II) If the vehicles are sold at a net price above the TRAC Value, then Lessor will pay
Lessee all the excess funds.
		
	TRAC VALUE:	  	The agreed upon TRAC value for each vehicle will be 40% of Equipment Cost.
		
	ASSUMED TAX BENEFITS:	  	The above quotation assumes that Lessor as owner is entitled to the following depreciation benefits: 3-year Modified Accelerated Cost Recovery System depreciation and 50% Bonus Depreciation.
Lessee will indemnify the Lessor if the Assumed Tax Benefits are not available to the Lessor.

  

			
	RETURN OPTION:	  	If Lessee does not purchase all, but not less than all of the Equipment at the end of the Lease Term, the Lessee shall return the Equipment to Lessor at Lessee’s expense, provided that
the Equipment must be in good condition and working order and must comply with all terms and conditions of the Lease.
		
	TYPE OF LEASE:	  	This will be a non-cancelable net lease transaction, whereby insurance, maintenance, operating, and registration costs, taxes relating to the purchase, lease, possession and use of the
Equipment, and other closing costs will be for Lessee’s account. Lessor and Lessee intend and agree that Lessor is and will be the owner of the Equipment for federal income tax purposes.
		
	GOOD FAITH DEPOSIT:	  	None required
		
	ACCEPTANCE OF PROPOSAL:	  	This proposal will expire unless Lessee acknowledges its acceptance by signing and returning a copy of this proposal to Lessor by November 7, 2003.
		
	PROPOSAL ONLY:	  	This proposal is not a commitment to undertake this financing. A commitment can be issued only after full credit and economic review and subsequent approval by the appropriate officers of
Bank One. A commitment shall not be binding on Lessor unless it is in writing and signed by Lessor. Lessor will have the sole right of assignability of this proposal or any lease between Lessee and Lessor.

  
 Please feel free to contact me at
214-290-2304 if you have any questions, or would like to discuss this proposal in greater detail. Upon receipt of the accepted proposal and the deposit fee, we will promptly begin the approval process so that we may be in a position to finalize this
transaction with you. Thank you for allowing us to be of service! 
  

			
	BANC ONE LEASING CORPORATION
		
	By:	 	/s/    SHANE TAYLOR        
	 	 	

	 Title:
	 	Vice President

  

			
	USA TRUCK, INC.
	
	 Accepted Date: 11/07/03

		
	 By:
	 	/s/    CLIFF BECKHAM        
	 	 	

	 Title:
	 	CFO

  

	cc:	Jerry Orler 

 Sharon Ellis

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