Document:

exhibit1030.htm

    
      Exhibit
10.30
 

       

      AMENDMENT
NO. 13 TO LOAN
AGREEMENT

      (CVTI/Covenant
Transport)

      

      

      THIS AMENDMENT NO. 13 TO LOAN
AGREEMENT, dated as of August 31, 2007 (the "Amendment"), is
entered into by and among THREE PILLARS FUNDING LLC (formerly known as
THREE PILLARS FUNDING CORPORATION), ("Three
Pillars"), SUNTRUST ROBINSON
HUMPHREY, INC., formerly known as SunTrust Capital Markets, Inc., as
administrator (the "Administrator"), CVTI RECEIVABLES CORP.
("CVTI"), and COVENANT
TRANSPORTATION GROUP, INC., formerly known as
Covenant Transport, Inc., a Nevada corporation, ("Covenant"). Capitalized terms used
and not otherwise defined herein are used as defined in the Loan Agreement,
dated as of December 12, 2000 among Three Pillars, the Administrator, CVTI and
Covenant (as amended to date, the "Loan
Agreement").

      

      WHEREAS, the parties hereto desire to
further amend the Loan Agreement in certain respects as provided
herein;

      

      NOW THEREFORE, in consideration of the
premises and the other mutual covenants contained herein, the parties hereto
agree as follows:

      

      SECTION
1.                                Amendments to the Loan
Agreement.

      

      (a)           The
definition of "Concentration Limit" is hereby amended in its entirety to read as
follows:

      

      "Concentration
Limit:  For (1) any Obligor that is not a Special Obligor (a)
whose (i) short term unsecured debt rating is (A) equal to both A1+ by
S&P and P1 by Moody's, 12.0%, (B) equal to both A1 by S&P and P1 by
Moody's, 10.0%, (C) equal to both A2 by S&P and P2 by Moody's, 8.0%, (D)
equal to both A3 by S&P and P3 by Moody's, 7.0%; provided, however, if
such Obligor is rated by both Moody's and S&P and has a split rating, the
applicable rating will be the lower of the two ratings, or (ii) in the absence
of short term unsecured debt ratings by both Rating Agencies, whose long term
unsecured debt rating is (A) equal to both AAA by S&P and Aaa by Moody's,
12.0%, (B) equal to both AA-, AA or AA+ by S&P and Aa3, Aa2 or Aal by
Moody's, 10.0%, (C) equal to both A-, A or A+ by S&P and A3, A2 or Al by
Moody's, 8.0%, (D) equal to both BBB-, BBB or BBB+ by S&P and Baa3, Baa2 or
Baal by Moody's, 7.0%; provided, however, if
such Obligor is rated by both Moody's and S&P and has a split rating, the
applicable rating will be the lower of the two ratings or (b) that has no short
term unsecured debt rating or long term unsecured debt rating or is rated below
any of the foregoing rating categories, 3.0%, in each case, of the Aggregate
Unpaid Balance, (2) any Special Obligor, the percentage of the Aggregate Unpaid
Balance set forth for such Special Obligor in the definition thereof and
(3) for all Governmental Obligors, in the aggregate, 4.0% of the Aggregate
Unpaid Balance."

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      (b)           Clause
(f) of the definition of "Eligible Receivable" is hereby deleted.

      

      (c)           Clause
(i) of the definition of "Eligible Receivable" is hereby amended in its entirety
to read as follows:

      

      "(i) the Obligor of which is either a
Governmental Obligor or a United States resident;"

      

      (d)           Clause
(j) of the definition of "Eligible Receivable" is hereby amended in its entirety
to read as follows:

      

      "(j) the Obligor of which is not an
Affiliate of any Originator;"

      

      (e)           A
new definition of "Governmental Obligor" is hereby added in appropriate
alphabetical order, as follows:

      

      "Governmental Obligor:
Any Obligor that is either the government of the United States or any other
Governmental Authority."

      

      (f)           The
definition of "Special Obligor" is hereby amended in its entirety to read as
follows:

      

      "Special Obligor: Each
of Shaw Industries, Inc., with a Concentration Limit of 6.0% and Georgia-Pacific
LLC with a Concentration Limit of 8.0%."

      

      (g)           The
name of the Master Servicer is hereby changed from Covenant Transport, Inc. to
Covenant Transportation Group, Inc. and all references in the Loan Agreement to
Covenant Transport, Inc., except to the extent such references are to Covenant
Transport, Inc, a Tennessee corporation (including to such entity as an
Originator), are hereby changed to refer to Covenant Transportation Group,
Inc.

      

      SECTION
2.                                Effect of
Amendment.

      

      Except as modified and expressly
amended by this Amendment, the Loan Agreement is in all respects ratified and
confirmed, and all the terms, provisions and conditions thereof shall be and
remain in full force and effect. This Amendment shall be effective as of the
date (the "Effective
Date") on
which each of the parties hereto delivers to the Administrator a fully executed
original of this Amendment. On and after the Effective Date, all references in
the Loan Agreement to "this Agreement," "hereto," "hereof," "hereunder" or words
of like import refer to the Loan Agreement as amended by this
Amendment.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      SECTION
3.                                Binding
Effect.

      

      This Amendment shall be binding upon
and inure to the benefit of the parties to the Loan Agreement and their
successors and permitted assigns.

      

      SECTION
4.                                Governing
Law.

      

      This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New
York.

      

      SECTION
5.                                Execution in
Counterparts;
Severability.

      

      This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original, and all of
which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page by facsimile shall be effective as
delivery of a manually executed counterpart of this Amendment. In case any
provision in or obligation under this Amendment shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction, shall not in any way be affected or impaired
thereby.

      

      [Remainder
of Page Intentionally Left Blank]

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duty authorized, as of the date first above
written.

      

      
        	
                THREE
      PILLARS:

              	
                THREE
      PILLARS FUNDING LLC

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      Doris J. Hearn

              
	 
      	 
      	
                Title: Vice
      President

              
	 
      
	 
      
	 
      
	
                THE
      BORROWER:

              	
                CVTI
      RECEIVABLES CORP.

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      Richard B. Cribbs

              
	 
      	 
      	
                Title: Treasurer

              
	 
      
	 
      
	 
      
	
                THE
      ADMINISTRATOR:

              	
                SUNTRUST
      ROBINSON HUMPHREY, INC.

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      Michael G. Maza

              
	 
      	 
      	
                Title: Managing
      Director

              
	 
      
	 
      
	 
      
	
                THE
      MASTER SERVICER:

              	
                COVENANT
      TRANSPORTATION GROUP, INC.,

                a
      Nevada holding corporation

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      Richard B. Cribbs

              
	 
      	 
      	
                Title: Vice
      President, Chief Accounting Officer

              

      

      

      
        (
Signature Page to Amendment No. 13 to Loan Agreement (CVTI/Covenant Transport))

      

    
      Back
to Form 10-Kexhibit1031.htm

    
      Exhibit 10.31

      

      

      AMENDMENT
NO. 14 TO LOAN AGREEMENT

      (CVTI/Covenant
Transport)

      

      THIS AMENDMENT NO. 14 TO LOAN
AGREEMENT, dated as of December 4, 2007 (the “Amendment”), is entered into by and
among THREE PILLARS FUNDING LLC, formerly known as Three Pillars Funding
Corporation, as lender (“Three
Pillars”), SUNTRUST ROBINSON HUMPHREY, INC., formerly known as SunTrust
Capital Markets, Inc., as administrator (the “Administrator”),
CVTI RECEIVABLES CORP. (“CVTI”),
and COVENANT TRANSPORTATION GROUP, INC., formerly known as Covenant Transport,
Inc., a Nevada corporation, (“Covenant”).  Capitalized
terms used and not otherwise defined herein are used as defined in the Loan
Agreement, dated as of December 12, 2000 among Three Pillars, the Administrator,
CVTI and Covenant (as amended to date, the “Loan
Agreement”).

      

      WHEREAS, the parties hereto desire to
further amend the Loan Agreement in certain respects as provided
herein;

      

      NOW THEREFORE, in consideration of the
premises and the other mutual covenants contained herein, the parties hereto
agree as follows:

      

      SECTION
1.                                Amendments to the Loan
Agreement.

      

       

      (a)           The
definition of “Scheduled Commitment Termination Date” in Section 1.1 of the Loan
Agreement is hereby deleted and replaced with the following:

      

       

      “Scheduled Commitment
Termination Date:  June 4, 2008.”

      

      (b)           Section
2.1 of the Loan Agreement is hereby deleted and replaced with the
following:

      

       

      “On the
terms and subject to the conditions set forth in this Agreement, Lender agrees
to make loans to Borrower on a revolving basis from time to time (the “Lender’s
Commitment”) before the Commitment Termination Date in such amounts as may be
from time to time requested by Borrower pursuant to Section 2.2; provided,
however, that the aggregate principal amount of all Loans from time to time
outstanding hereunder shall not exceed the lesser of (a) $60,000,000 (the
“Facility Limit”) and (b) the Borrowing Base.  Within the limits of
Lender’s Commitment, Borrower may borrow, prepay and reborrow under this Section
2.1.”

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

              
(c)           Section
10.2(c) of the Loan Agreement is hereby deleted and replaced with the
following:

      

       

      
        	
                 
      

              	
                “(c)

              	
                Default Ratio.
      The Default Ratio shall be equal to or exceed 1.0% on a rolling three
      month average basis.”

              

      

      

       

                       (d)           Section
10.2(d) of the Loan Agreement is hereby deleted and replaced with the
following:

      

       

      
        	
                 
      

              	
                “(d)

              	
                Delinquency
      Ratio. The Delinquency Ratio shall be equal to or exceed 1.85% on a
      rolling three month average basis.”

              

      

      

       

                       (e)           Section
10.2(e) of the Loan Agreement is hereby deleted and replaced with the
following:

      

       

      
        	
                 
      

              	
                “(e)

              	
                Dilution
      Ratio.  The Dilution Ratio shall be equal to or exceed 1.25% on
      a rolling three month average
basis.”

              

      

      

       

                      
(f)           Section
10.2(f) of the Loan Agreement is hereby deleted and replaced with the
following:

      

       

      
        	
                 
      

              	
                “(f)

              	
                Accounts
      Receivable Turnover Ratio.  The Accounts Receivable Turnover
      Ratio is less than 7.50 for any Due
Period.”

              

      

      

       

                      
(g)           Section
11.7(h) of the Loan Agreement is hereby deleted and replaced with the
following:

      

       

      
        	 	
                “(h)

              	
                Covenant
      Nevada shall fail to pay any Debt in excess of $5,000,000 when due or a
      default shall have occurred (regardless of whether or not such default has
      been waived or is continuing) with respect to any such
    Debt.

              

      

      

       

      SECTION
2.                                Effect of
Amendment.

      

       

      Except as modified and expressly
amended by this Amendment, the Loan Agreement is in all respects ratified and
confirmed, and all the terms, provisions and conditions thereof shall be and
remain in full force and effect.  This Amendment shall be effective as
of the date (the “Effective
Date”) on which each of the parties hereto delivers to the Administrator
a fully executed original of this Amendment, the Administrator shall have
received from CVTI a fully executed original of the Second Amended and Restated
Lender Note, dated the date hereof, and of the Second Amended and Restated Fee
Letter, dated as of the date hereof.  On and after the Effective Date,
all references in the Loan Agreement to “this Agreement,” “hereto,” “hereof,”
“hereunder” or words of like import refer to the Loan Agreement as amended by
this Amendment.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      SECTION
3.                                Binding Effect.

       

      This Amendment shall be binding upon
and inure to the benefit of the parties to the Loan Agreement and their
successors and permitted assigns.

      

      SECTION
4.                                Governing Law.

       

      This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New
York.

      

      SECTION
5.                                Execution in Counterparts;
Severability.

       

      This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original, and all of
which taken together shall constitute one and the same
agreement.  Delivery of an executed counterpart of a signature page by
facsimile shall be effective as delivery of a manually executed counterpart of
this Amendment.  In case any provision in or obligation under this
Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

      

      

      [Remainder
of Page Intentionally Left Blank]

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the parties have
caused this Amendment to be executed by their respective officers thereunto duty
authorized, as of the date first above written.

      

      

      
        	
                THREE
      PILLARS:

              	
                THREE
      PILLARS FUNDING LLC

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      Doris J. Hearn

              
	 
      	 
      	
                Title:  Vice
      President

              
	 
      
	 
      
	 
      
	
                THE
      BORROWER:

              	
                CVTI
      RECEIVABLES CORP.

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      M. David Hughes

              
	 
      	 
      	
                Title:
      Treasurer

              
	 
      
	 
      
	 
      
	
                THE
      ADMINISTRATOR:

              	
                SUNTRUST
      ROBINSON HUMPHREY, INC.

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      Michael G. Maza

              
	 
      	 
      	
                Title:  Managing
      Director

              
	 
      
	 
      
	 
      
	
                THE
      MASTER SERVICER:

              	
                COVENANT
      TRANSPORTATION GROUP, INC.,

                a
      Nevada holding corporation

              
	 
      
	 
      
	 
      	
                By:

              	
                /s/
      M. David Hughes

              
	 
      	 
      	
                Title:  Treasurer

              

      

      

      

      

      

      
        
          
             (Signature Page to Amendment No. 14 to
Loan Agreement (CVTI/Covenant Transport))

            

          

        

      

      Back to Form
10-K

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