EX 10.3
SECURITY AGREEMENT
[PACCAR FINANCIAL LOGO] RETAIL INSTALLMENT CONTRACT
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELLER BUYER
NAME Kenworth of Dothan, Inc. NAME Boyd Bros. Transportation Inc.
PLACE OF 461 Ross Clark Cir. STREET 825 West Leffels Lane
BUSINESS Dothan, AL 36303- ADDRESS Springfield, OH 45506-
MAILING 461 Ross Clark Cir. MAILING 825 West Leffels Lane
ADDRESS Dothan, AL 36303- ADDRESS Springfield, OH 45506-
</Table>
Seller hereby sells, and Buyer (meaning all undersigned buyers, jointly and
severally) hereby purchases, subject to the terms set forth below and on any
attachments hereto, the following described vehicle (the "Vehicle"), delivery
and acceptance of which in good order Buyer hereby acknowledges.
Buyer hereby grants a security interest in the Vehicle and any additional
collateral (collectively the "Collateral"), and any Additions and Accessions
thereto (as defined below), to Seller and its assigns to secure prompt payment
of the indebtedness herein and performance of Buyer's other obligations,
including any additional indebtedness incurred as provided by this Contract and
any extensions and renewals of the obligations and future advances and is
subject to paragraph 16 "Cross Collateral" and the other provisions below. The
security interest extends to the proceeds of the Collateral and the proceeds of
any insurance policy.
Buyer also acknowledges that Seller has offered to sell the Vehicles for the
cash price indicated, but that the Buyer has chosen to purchase on the terms
and conditions of this Contract.
DESCRIPTION OF VEHICLE COLLATERAL (for security purposes only)
<Table>
<Caption>
YEAR MAKE MODEL VEHICLE IDENTIFICATION NUMBER NEW/USED PRICE OF VEHICLE
- ---- ---- ----- ------- -------------- ------ -------- ----- -- -------
DETAIL SHOWN ON SECURITY AGREEMENT SCHEDULE E: EQUIPMENT LISTING
Total: $834,070.00
</Table>
DESCRIPTION OF TRADE-IN EQUIPMENT
<Table>
<Caption>
YEAR MAKE MODEL VEHICLE IDENTIFICATION NUMBER ALLOWANCE PAYOFF PAYOFF DUE TO
- ---- ---- ----- ------- -------------- ------ --------- ------ ------ --- --
DETAIL SHOWN ON SECURITY AGREEMENT SCHEDULE E: EQUIPMENT LISTING
Total: $0.00 $0.00
</Table>
ITEMIZATION OF AMOUNT FINANCED
<Table>
TOTAL CASH PRICE Cash Price $834,070.00
Sales Tax $0.00
Title Fee $0.00
1. TOTAL CASH PRICE $834,070.00
DOWN PAYMENT: Net Trade-In $0.00
Cash $0.00
2. TOTAL DOWN PAYMENT $0.00
3. UNPAID CASH PRICE (1-2) $834,070.00
4. TOTAL AMOUNT OF INSURANCE PREMIUMS (4A+4B) $0.00
FEES: (Itemize) 5A. Official Fee(s) $0.00
5B. Document Preparation Fee $0.00
5. TOTAL FEES (5A+5B) $0.00
6. PRINCIPAL BALANCE (Basic Time Price) (3+4+5) $834,070.00
7. FINANCE CHARGE - [Time Price Differential-(Section 17)] $80,683.40
8. CONTRACT BALANCE (Time Balance) (6+7) $914,753.40
9. TOTAL TIME SALE PRICE (1+4+5+7) $914,753.40
</Table>
- --------------------------------------------------------------------------------
Page 1 of 4 of Security Agreement dated on or about May 15, 2003 between Boyd
Bros. Transportation Inc. (Buyer) and Kenworth of Dothan, Inc. (Seller) which
includes, without limitation, an item of Collateral with the following Vehicle
Identification Number: 1XKDDB9X24J050663.
- --------------------------------------------------------------------------------
Cat. No. 1258A (CA-97) OTIS Version 1.3.0 Printed May-14-2003
ORIGINAL FOR PACCAR FINANCIAL CORP.
BUYER'S INITIALS
[ ]
PACCAR SECURITY AGREEMENT
FINANCIAL RETAIL INSTALLMENT CONTRACT
- --------------------------------------------------------------------------------
PAYMENT SCHEDULE
The Contract Balance (Item 8) is payable to the Seller or his assignee based on
the following schedule:
<Table>
<Caption>
First Installment No. of installments Amount Each First Installment No. of installments Amount Each
1. June 20 2003 60 $15,245.89
</Table>
INSURANCE
4A. PHYSICAL DAMAGE INSURANCE is required. Buyer may provide such insurance
through any insurance company authorized to do business in this state, although
Seller, as to dual interest insurance, may reject any insurer for reasonable
cause.
PHYSICAL DAMAGE INSURANCE IS NOT FINANCED IN THIS CONTRACT.
4B. CREDIT LIFE, CREDIT ACCIDENT AND HEALTH are not required by Seller, are not
a factor in approval of credit, and are not included.
<Table>
<Caption>
I DESIRE: INSURANCE COMPANY TERM PREMIUM
N/A CREDIT LIFE INSURANCE N/A N/A $0.00
N/A CREDIT ACCIDENT & HEALTH INSURANCE N/A N/A $0.00
</Table>
Buyer acknowledges disclosure of insurance charges above and requests and
authorizes Seller to obtain insurance coverage checked and include the cost in
item 4.
AGGREGATE COST OF INSURANCE PREMIUM (4A + 4B): $0.00
BUYER REPRESENTS AND WARRANTS
The Collateral is to be used for business and commercial purposes, and not for
agricultural purposes or for personal, family or household use. The Collateral
will be titled in the state of OH.
Buyer's chief place of business is located at STREET 825 West Leffels Lane
CITY Springfield
COUNTY Clark
STATE OH
ZIP CODE 45506-
Buyer will immediately notify Seller in writing of any change in the above
address or location. This contract is entered into in the State of Alabama and
is governed by its laws.
DELINQUENCY CHARGE
For each installment not paid when due, Buyer agrees to pay Seller a
delinquency charge calculated thereon at the rate of 1 1/2% per month for the
period of delinquency or, at Seller's option, 5% of such installment, provided
that such a delinquency charge is not prohibited by law, otherwise at the
highest rate Buyer can legally obligate itself to pay and/or Seller can legally
collect.
Page 2 of 4 of Security Agreement dated on or about May 15, 2003 between Boyd
Bros. Transportation Inc. (Buyer) and Kenworth of Dothan, Inc. (Seller) which
includes, without limitation, an item of Collateral with the following Vehicle
Identification Number: 1XKDDB9X24J050663.
BUYER'S INITIALS
[ ]
Cat. No. 1258A (CA-97) OTIS Version 1.3.0 ORIGINAL FOR PACCAR FINANCIAL CORP.
Printed May-14-2003
PACCAR [LOGO] SECURITY AGREEMENT
FINANCIAL RETAIL INSTALLMENT CONTRACT
- --------------------------------------------------------------------------------
1. CERTIFICATE OF TITLE - LIENS.
Buyer agrees that any Certificate of Title on the Collateral will show Seller's
security interest (lien) and will be delivered promptly to Seller. Seller has
the right to hold the Certificate of Title until Buyer pays all indebtedness and
performs all other obligations under this Contract. Buyer promises not to give
any other party a lien or security interest in the Collateral without Seller's
written Consent. Buyer promises not to part with possession of, sell or lease
the Collateral without Seller's written approval. Buyer hereby
(a) agrees that from time to time, at the expense of the Buyer, Buyer will
promptly execute and deliver all further instruments and documents, and take all
further action that may be necessary or desirable, or that Seller may request,
in order to perfect or protect any security interest granted or purported to be
granted hereby or to enable Seller to exercise and enforce its rights and
remedies hereunder with respect to any Collateral, and
(b) grants to Seller the power to sign Buyer's name and on behalf of Buyer to
execute and file applications for title, transfers of title, financing
statements, notices of lien and other documents pertaining to any or all of the
Collateral.
2. ASSIGNMENT.
Seller has the right to assign this Contract to PACCAR Financial Corp. If Seller
does assign it, PACCAR Financial Corp. will take all of the Seller's right,
title and interest under this Contract (including Seller's interest in the
Collateral). Thereafter, the term "Seller" in this contract shall mean PACCAR
Financial Corp. This means, among other things, that Buyer will be required to
make the payments under this Contract directly to PACCAR Financial Corp. Buyer
agrees that if Seller assigns this Contract, and PACCAR Financial Corp. sues
Buyer to collect any amount Buyer owes to PACCAR Financial Corp. or to enforce
any of Buyer's other obligations to PACCAR Financial Corp., Buyer will not
assert any claim or defense Buyer has against Seller as a claim, defense, or
setoff against PACCAR Financial Corp.
3. INSURANCE.
Buyer agrees to keep the collateral continuously insured against fire, theft,
collision, and any other hazard Seller specifies by an insurance company Seller
has approved. The amount of insurance shall be the full insurable value of the
Collateral or the full amount of all obligations this Contract secures,
whichever is greater. The insurance policy shall provide, in a form acceptable
to Seller, for payment of any loss to Seller. Buyer shall deliver promptly to
Seller certificates or, if requested, policies of insurance satisfactory to
Seller, each with a loss-payable endorsement naming Seller or its assigns as
loss-payee as their interests may appear. The insurance policy shall provide
that it can be canceled only after written notice of intention to cancel has
been delivered to Seller at least ten (10) days before the cancellation date. If
the Collateral is lost or damaged, Seller shall have full power to collect any
or all insurance proceeds and to apply them as Seller chooses either to satisfy
any obligation secured by this Contract (whether or not due or otherwise
matured), or to repair the Collateral. If Buyer obtains insurance from a company
Seller has not approved, or fails to obtain any insurance, Seller may (but does
not have to) obtain any insurance Seller desires to protect its interests. If
Seller does so, Buyer shall reimburse Seller upon demand for its expenses.
Seller shall have no liability at all for any losses which occur because no
insurance has been obtained or the coverage of the insurance which has been
obtained is incomplete.
4. TAXES.
Buyer agrees to pay before delinquency all sales and other taxes, license fees
and other governmental charges imposed on the Collateral or its sale or use.
5. USE OF COLLATERAL.
Buyer agrees to keep the Collateral in good repair; to prevent any waste, loss,
damage, or destruction of or to the Collateral; to prevent any unlawful use of
the Collateral; and not to make or allow to be made any significant change in
the Collateral or in its chassis, body or special equipment, without Seller's
written consent. Buyer assumes all risk of damage, loss or destruction of or to
the Collateral, whether or not insured against. Seller may examine the
collateral wherever located at any time, and Buyer will inform Seller of the
Collateral's location upon Seller's request.
6. EXPENSES PAID BY SELLER.
Buyer agrees to reimburse Seller upon demand for any expenses paid by Seller
such as taxes, insurance premiums, repair bills, title fees, or any expenses
incurred under Section 11. Buyer's obligation to pay the expenses shall be
secured by this Contract.
7. TRADE-INS.
If Buyer has traded in any property, Buyer represents and warrants that the
description of it on the front of this Contract is accurate, that the title
conveyed is good and its transfer rightful, and that the property is delivered
free from any security interest or other lien or encumbrance.
8. NO WARRANTY.
If the Vehicle is new, there is no warranty other than that of the manufacturer.
If the Vehicle is used, it is sold "AS IS" and "WITH ALL FAULTS". SELLER MAKES
NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. UNLESS SET
OUT IN WRITING AND SIGNED BY THE SELLER, THERE ARE NO OTHER WARRANTIES EXPRESS
OR IMPLIED.
9. ADDITIONS TO COLLATERAL.
Anything added to the Collateral, including but not limited to engines,
transmissions, tires, wheels, fifth wheels, radios and electrical equipment,
tanks and any other body or structure that becomes part of the Collateral, shall
constitute "Additions & Accessions" and shall be subject to Seller's security
interest. All Additions & Accessions must stay with the Collateral if it is
repossessed or returned to Seller.
10. DEFAULT.
Time is of the essence in this Contract. The due dates for payments and the
performance of the other obligations under this contract are among its most
crucial provisions. Buyer shall be in default under this Contract upon the
occurrence of any of the following:
(a) Buyer fails to pay on or before the due date the full amount of any
scheduled payment, taxes, insurance premium, or other obligation secured by this
Contract or under any other instrument or agreement;
(b) Buyer fails to perform any of Buyer's obligations under this Contract;
(c) Any representation Buyer has made in this Contract or in any credit
application or financial statement Buyer has given in connection with the credit
secured by the Contract turns out to be false;
(d) Any check, note or other instrument given for a payment is dishonored when
presented for payment;
(e) The Collateral is seized or levied upon under any legal or governmental
process or proceeding against Buyer or the Collateral;
(f) Buyer becomes insolvent or subject to insolvency proceedings as defined in
the Uniform Commercial Code or becomes subject to bankruptcy;
(g) Buyer defaults in the payment or performance of any other agreement in
connection with any other obligation owed to PACCAR Financial Corp. or for
borrowed money; or
(h) Seller reasonably deems the Collateral in danger of misuse, confiscation,
damage, or destruction.
11. REMEDIES.
If Buyer defaults under this Contract, Seller may, at its option, with or
without notice to Buyer:
(a) Declare this Contract to be in default;
(b) Declare the entire amount of the unpaid Time Balance, after deducting
unearned Time Price Differential in accordance with the applicable state law,
and other charges and indebtedness secured by this Contract immediately due and
payable, without protest, presentment demand or notice (including but not
limited to notice of intent to accelerate and notice of acceleration), all of
which Buyer waives; and
(c) Exercise all of the rights and remedies of a secured party under the Uniform
Commercial Code and any other applicable laws.
In addition to the foregoing and any other rights Seller has under the law in
effect at the time of default, the following provisions shall apply:
(a) On Seller's demand, Buyer shall deliver possession of the Collateral to
Seller at a place Seller designates reasonably convenient to both parties.
(b) Seller may enter any premises, where the Collateral may be found and take
possession of it without notice, demand, or legal proceedings, provided such
entry is in compliance with the law.
(c) Seller shall give Buyer at least ten (10) days written notice of any sale of
the Collateral, which Buyer agrees to be reasonable notice. Notice shall be
given at the address specified in this Contract or other such address as Buyer
may specify in writing to Seller. Notice shall be effective when deposited in
the mails, postage prepaid, addressed as provided above.
(d) Expense of retaking, holding, preparing for sale, selling and the like shall
include, to the fullest extent permitted by law, (i) the fees of any attorneys
retained by Seller, and (ii) all other legal expenses incurred by Seller.
(e) Buyer agrees that it is liable for and will promptly pay any deficiency
resulting from any disposition or the Collateral after default.
12. NO WRONGFUL POSSESSION.
Buyer agrees that if Seller repossesses the Collateral or otherwise obtains
possession of it, Seller will not be in wrongful possession of any property
contained in the Collateral or attached to it in which Seller does not have a
security interest. Seller agrees to make any such property available for Buyer
to take back at a place reasonably convenient to both parties.
13. VARIATIONS OF CONTRACT.
No provision of this Contract may be changed or amended unless by a written
contract signed by Seller. Seller's acceptance of late payments does not mean
that Seller is obligated to accept any late payments in the future. No waiver of
any default shall operate as a waiver of any other default.
14. ENTIRE AGREEMENT: SEVERABILITY.
This Contract and the attached Exhibits and Addenda is the complete and
exclusive statement of rights and duties between Seller and Buyer. If any
provision is held unenforceable, it shall be deemed omitted without affecting
the enforceability of the remaining provisions.
- --------------------------------------------------------------------------------
Page 3 of 4 of Security Agreement dated on or about May 15, 2003 between Boyd
Bros. Transportation Inc. (Buyer) and Kenworth of Dothan, Inc. (Seller) which
includes, without limitation, an item of Collateral with the following Vehicle
Identification Number: 1XKDDB9X24J050663.
- --------------------------------------------------------------------------------
BUYER'S INITIALS
Cat No. 1258A OTIS Version 1.3.0
ORIGINAL FOR PACCAR FINANCIAL CORP. Printed May-14-2003
SECURITY AGREEMENT
[PACCAR FINANCIAL LOGO] RETAIL INSTALLMENT CONTRACT
- --------------------------------------------------------------------------------
15. BAD CHECKS.
Whenever a check, draft or order given by or on behalf of Buyer for the purpose
of payment of any obligation arising under this Contract has been dishonored
for lack of funds or credit to pay the item, or because the account has been
closed, or for any other reason, Seller or its assigns will assess and Buyer
will promptly pay a $50 fee per dishonored item, or the maximum amount allowed
by applicable state law, if lower.
16. CROSS COLLATERAL.
Buyer grants to Seller and any assignee of Seller a security interest in the
Collateral to secure the payment and performance of all absolute and all
contingent obligations and liabilities of Buyer to Seller or to such assignee
of Seller, now existing or hereafter arising, whether under this Contract or
any other agreement and whether due directly or by assignment; provided,
however, upon any assignment of the Contract by Seller, the assignee shall be
deemed, for the purpose of this paragraph, the only party with a security
interest in the Collateral.
17. TIME PRICE DIFFERENTIAL.
The effective daily Time Price Differential ("TPD") shall be based on and shall
vary with fluctuations in the LIBOR Rate. The applicable rate of interest
("Buyer's Rate") shall be equal to the LIBOR Rate applicable to that date plus
2.35% percent per annum, compounded daily on the unpaid balance. The TPD due
each month shall be equal to the sum of the daily TPDs for the month. As used
in this calculation, "LIBOR Rate" shall mean the London Interbank Offered Rates
for one (1) month maturities as reported in the Money Rates section of the Wall
Street Journal. The LIBOR Rate reported on the first business day of each
calendar month shall be used to determine The Buyer's Rate during the month.
Based on the initial Buyer's Rate and assuming that all payments are timely
made, the aggregate TPD will be $80,683.40. Fluctuations in LIBOR, as well as
early or late payments over the term of the Contract will cause the actual
aggregate TPD, the Time Balance and Total Time Sale Price to be different than
disclosed. Any delay in payment or increase in LIBOR could cause those amounts
to be greater than disclosed, resulting in a larger final or "balloon" payment.
Early payments or reductions in LIBOR could cause those amounts to be less than
disclosed, resulting in a smaller final or "balloon" payment or reduced number
of payments. If Buyer has requested a fixed payment schedule, the amount of the
periodic payments will be based upon an interest rate fixed solely for that
purpose. Differences between this rate and Buyer's Rate will be accounted for
by an adjustment in the final or "balloon" payment and/or the number of
payments. In no event shall Buyer be required to pay interest in excess of the
maximum rate allowed by law of the state having jurisdiction over the
transaction. The intention of the parties is to conform strictly to applicable
state usury laws, which may reduce the Buyer's Rate to the maximum amount
allowed under such usury laws now or hereafter in effect.
18. FINANCIAL INFORMATION.
Buyer agrees to furnish Seller promptly with any financial statements or other
information which Seller may reasonably request from time to time. Any
information and all financial statements will be prepared on a basis of
generally accepted accounting principles, and will be complete and correct and
present Buyer's financial condition as of the date thereof. Seller may at any
reasonable time examine the books and records of Buyer and make copies thereof.
19. CHATTEL PAPER.
This specific Security Agreement is to be sold only to PACCAR Financial Corp.
and is subject to the security interest of PACCAR Financial Corp. The only copy
of this Security Agreement which constitutes Chattel Paper for all purposes of
the Uniform Commercial Code is the copy marked "ORIGINAL FOR PACCAR FINANCIAL
CORP." which is delivered to and held by PACCAR Financial Corp. Any change in
the name of the assignee of this Security Agreement from PACCAR Financial Corp.
shall render the copy of this Security Agreement so changed VOID and of no force
and effect. No assignee or secured party other than PACCAR Financial Corp. will
under any circumstances acquire any rights in, under or to this Security
Agreement or any sums due hereunder, except that PACCAR Financial Corp. may, by
a separate written assignment signed by PACCAR Financial Corp., assign its
interest received hereunder.
20. PREPAYMENT FEE.
21. MISCELLANEOUS.
(a) This Contract shall be binding, jointly and severally, upon all parties
described as the "Buyer" and their respective heirs, executors,
representatives, successors and assigns and shall inure to the benefit of PFC,
its successors and assigns.
(b) This Contract and any other evidence of the indebtedness given in
connection herewith may be assigned by Seller to a third party without notice
to Buyer and Buyer hereby waives any defense, counterclaim or cross-complaint
by Buyer against any assignee, agreeing that Seller shall be solely responsible
therefor.
c) Buyer acknowledges receipt of a true copy of this contract, and waives
acceptance hereof.
NOTICE - SEE ALL PAGES FOR IMPORTANT TERMS WHICH ARE PART OF THIS CONTRACT.
WARNING: LIABILITY INSURANCE FOR BODILY INJURY AND PROPERTY DAMAGE
CAUSED TO OTHERS NOT INCLUDED UNDER THIS CONTRACT.
NOTICE TO BUYER
1. DO NOT SIGN THIS CONTRACT BEFORE YOU HAVE READ IT OR IF IT CONTAINS ANY
BLANK SPACES.
2. YOU ARE ENTITLED TO AN EXACT COPY OF THE CONTRACT YOU SIGN.
3. UNDER THE LAW YOU HAVE THE RIGHT TO PAY OFF IN ADVANCE THE FULL AMOUNT DUE
AND OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE (TIME PRICE DIFFERENTIAL).
4. KEEP THIS CONTRACT TO PROTECT YOUR LEGAL RIGHTS.
BUYER ACKNOWLEDGES THAT A TRUE COPY OF THIS CONTRACT HAS BEEN RECEIVED, READ,
AND WAS COMPLETELY FILLED IN BEFORE BEING SIGNED.
SELLER: KENWORTH OF DOTHAN, INC. BUYER: BOYD BROS. TRANSPORTATION INC.
TAX ID: 63-6006515
BY: BY: /s/ Richard Bailey
-------------------------------- ---------------------------------
Allyson L. Moore, Richard Bailey, CFO
Truck Billing Manage
DATE: May 15, 2003 DATE: May 15, 2003
BY: TITLE:
----------------------- ------
DATE: May 15, 2003
- --------------------------------------------------------------------------------
Page 4 of 4 of Security Agreement dated on or about May 15, 2003 between Boyd
Bros. Transportation Inc. (Buyer) and Kenworth of Dothan, Inc. (Seller) which
includes, without limitation, an item of Collateral with the following Vehicle
Identification Number: 1XKDDB9X24J050663.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ORIGINAL FOR PACCAR FINANCIAL CORP.
Cat. No. 1258A (CA-97) OTIS Version 1.3.0 Printed May-14-2003
[PACCAR SECURITY AGREEMENT
FINANCIAL LOGO] SCHEDULE E: EQUIPMENT LISTING
================================================================================
This Schedule E is affixed to and made part of the Security Agreement Retail
Installment Contract dated May 15, 2003 by and between KENWORTH OF DOTHAN, INC.
("Seller") and BOYD BROS. TRANSPORTATION INC. ("Buyer") covering the equipment
as described below:
<Table>
<Caption>
- --------------------------------------------------------------------------------------------------
DESCRIPTION OF PURCHASED EQUIPMENT
- --------------------------------------------------------------------------------------------------
YEAR MAKE MODEL VEHICLE IDENTIFICATION NUMBER NEW/USED PRICE OF VEHICLE
- --------------------------------------------------------------------------------------------------
2004 Kenworth T8006607 1XKDDB9X24J050663 New $83,407.00
2004 Kenworth T8006608 1XKDDB9X44J050664 New $83,407.00
2004 Kenworth T8006609 1XKDDB9X64J050665 New $83,407.00
2004 Kenworth T8006610 1XKDDB9X84J050666 New $83,407.00
2004 Kenworth T8006611 1XKDDB9XX4J050667 New $83,407.00
2004 Kenworth T8006612 1XKDDB9X14J050668 New $83,407.00
2004 Kenworth T8006613 1XKDDB9X34J050669 New $83,407.00
2004 Kenworth T8006614 1XKDDB9XX4J050670 New $83,407.00
2004 Kenworth T8006615 1XKDDB9X14J050671 New $83,407.00
2004 Kenworth T8006616 1XKDDB9X34J050672 New $83,407.00
- --------------------------------------------------------------------------------------------------
TOTAL: $834,070.00
- --------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
- --------------------------------------------------------------------------------------------------
DESCRIPTION OF TRADE-IN EQUIPMENT
- --------------------------------------------------------------------------------------------------
YEAR MAKE MODEL VEHICLE IDENTIFICATION NUMBER ALLOWANCE PAYOFF PAYOFF DUE TO
- --------------------------------------------------------------------------------------------------
TOTAL: $0.00 $0.00
- --------------------------------------------------------------------------------------------------
</Table>
SELLER: KENWORTH OF DOTHAN, INC. BUYER: BOYD BROS. TRANSPORTATION INC.
TAX ID: 63-6006515
BY: BY: /s/ Richard Bailey
---------------------------------- ----------------------------------
Allyson L. Moore, Truck Billing Manage Richard Bailey, CFO
DATE: May 15, 2003 DATE: May 15, 2003
BY: TITLE:
------------------- --------
DATE: May 15, 2003
Cat. No. 9877A (C5-97) OTIS Version 1.3.0 ORIGINAL FOR PACCAR FINANCIAL CORP.
Printed May-14-2003