LOAN AND SECURITY AGREEMENT
DATED AS OF May 10, 2002
TRANSPORTATION RECEIVABLES 1992, LLC
TRAILER BRIDGE, INC.
This LOAN AND SECURITY AGREEMENT is dated as of May 10, 2002 and agreed to by and between
TRAILER BRIDGE, INC., a Delaware corporation ("Borrower") and TRANSPORTATION RECEIVABLES
1992, LLC, a Delaware limited liability company ("Lender").
A. Borrower desires to obtain the Loan and other financial accommodations from Lender and Lender is willing to
provide the Loan and accommodations all in accordance with the terms of this Agreement.
B. All schedules, attachments, addenda and exhibits hereto, or expressly identified to this Agreement, are
incorporated herein by reference, and taken together with this Agreement, constitute but a single agreement.
C. Capitalized terms used in this Agreement and the other Loan Documents shall have (unless otherwise provided
elsewhere in this Agreement or in the other Loan Documents) the meanings as set forth on Schedule A hereto.
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the
parties hereto agree as follows:
1.1 Loan. Subject to the terms and conditions of this Agreement, on the Closing Date Lender agrees to loan
$5,000,000 (the "Loan") to the Borrower, which Loan consists of a $2,000,000 future advance (the "Future
Advance") evidenced by that certain Future Advance Note dated of even date herewith, and the assignment to
Lender of an existing $3,000,000 obligation of Borrower (as specified in section 1.3 below, the "Existing
Obligation"). Together, the Future Advance and the Existing Obligation have been consolidated to form the Loan,
as evidenced by that certain Consolidated Promissory Note dated of even date herewith, a copy of which is
attached hereto as Schedule D
1.2 Term and Prepayment. (a) On May ___, 2004, Borrower shall pay to Lender in accordance with the
Consolidated Promissory note, in