EXHIBIT 10.4
[COMPASS BANK LOGO] Compass Bank
P.O. Box 2006
Dothan, Alabama 36302
334-712-7030
August 17, 2001
Mr. Richard Bailey
Boyd Bros. Transportation, Inc.
3275 Highway 30
Clayton, AL 36016
RE: CREDIT AND SECURITY AGREEMENT BETWEEN COMPASS BANK ("BANK") AND BOYD
BROS. TRANSPORTATION, INC. ("BORROWER") DATED APRIL 11, 2000
Dear Richard:
For the period ending June 30, 2001, Boyd Bros. Transportation, Inc. was in
violation of Section 6.01 of the above referenced Credit and Security Agreement
(as amended, the "Agreement"). You have requested and Bank has agreed to waive
the default under the Loan Agreement existing as of June 30, 2001 solely by
virtue of the violation of Section 6.01 of the Agreement, as outlined above.
This one-time limited waiver is effective only in the specific instance and for
the purpose for which given and nothing contained or provided herein shall be
construed as granting a waiver of any default except as specifically set forth
herein or as allowing Borrower to violate or fail to perform fully (i) Section
6.01 after June 30, 2001 or (ii) any other provisions of the Loan Documents at
any time.
Further, Compass Bank agrees to modify the covenant of this section as follows:
Cash Flows-to-Current Maturities of Long-Term Debt
This covenant referenced in Section 6.01 of the above-referenced
Agreement will change from 1.2:1.0 to 1.1:1.0. On January 1, 2002, the
covenant will return to 1.2:1.0 as defined in the Agreement.
If the terms of this letter are acceptable to you, please execute this letter
below and return the original hereof to the Bank.
Sincerely,
/s/ Jim Tate
Jim Tate AGREED AND ACCEPTED
Vice President
/s/ Richard Bailey, its COO/CFO
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Boyd Bros. Transportation, Inc.