Waiver and Consent Agreement between Compass Bank and Boyd Brothers Transportation Co., Inc. (February 10, 2003)

Contract Categories: Business Finance › Waiver Agreements
Summary

Compass Bank has agreed to waive the requirement for Boyd Brothers Transportation Co., Inc. to maintain a specific debt service coverage ratio for the quarter and year ending December 31, 2002, as set out in their Security and Loan Agreement dated April 11, 2000. This waiver applies only to that period, and Compass Bank will discuss any future changes to the loan covenants with Boyd Brothers. The agreement reflects a temporary relaxation of financial requirements for the borrower.

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EX-10.6 8 g81077exv10w6.txt WAIVER AND CONSENT DATED FEB 10 2003 EXHIBIT 10.6 [COMPASS BANK LOGO] February l0, 2003 Mr. Richard C. Bailey, COO/CFO Boyd Brothers Transportation, Inc. 3275 Highway 30 Clayton, AL 36016 Re: Security and Loan Agreement dated April 11, 2000 between Compass Bank and Boyd Brothers Transportation Co., Inc. Dear Richard: Section 6.01 in the Loan Agreement dated April 11, 2000 and subsequent amendments by and between Compass Bank and Boyd Brothers Transportation calls for a debt service coverage ratio of 1.0:1.0 at the end of December 2002. We herein waive that covenant requirement for the quarter and year ending December 31, 2002. Thank you for the good relationship we have with Boyd Brothers. I will be in touch with you regarding changes needed in the existing covenants. Sincerely, /s/ Steven M. McCarroll - ------------------------------------- Steven M. McCarroll City President