Document:

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                                                                     EXHIBIT 4.1

                           LIMITED WAIVER AND CONSENT

        THIS LIMITED WAIVER AND CONSENT (this "Waiver"), is entered into as of
March 25, 2003, by Coca-Cola Bottling Co. Consolidated, a Delaware corporation
(the "Borrower"), General Electric Capital Corporation, as Agent and assignee of
LTCB Trust Company (the "Agent"), and such number of the Banks (defined
hereafter) signatory to the Loan Agreement (defined hereafter) as may be
required pursuant to that certain Loan Agreement dated as of November 20, 1995
(as amended from time to time, the "Loan Agreement") among Borrower, Agent, and
the banks party thereto from time to time (the "Banks"). Capitalized terms not
otherwise defined herein shall be ascribed the meaning set forth for such term
in the Loan Agreement.

        WHEREAS, pursuant to the Loan Agreement, the Banks made available to the
Borrower certain credit facilities;

        WHEREAS, the Borrower desires to make a partial prepayment (the
"Prepayment") of the Loans in the principal amount of up to $50,000,000, as
permitted by and subject to the conditions of Section 3.03 of the Loan
Agreement;

        WHEREAS, the Borrower has requested that the Agent and the Banks consent
to the application of the Prepayment to the next-scheduled installment of
principal due on the Loans and waive the provisions of the Loan Agreement
prohibiting such application; and

        WHEREAS, the Agent and the Banks executing this Waiver are willing to
waive such provisions and consent to such application of the Prepayment under
the terms and conditions hereinafter set forth.

        NOW, THEREFORE, in consideration of the premises and mutual promises
herein contained and for other valuable consideration, and intending to be
legally bound hereby, the parties hereto agree as follows:

        SECTION 1. Waiver and Consent to Application of Prepayment.

        1.1     The Agent and the Banks executing this Waiver hereby consent to
the Prepayment and waive Section 3.03(a)(iv) of the Loan Agreement so as to
permit the application of the Prepayment to the next-scheduled installment of
principal due on the Loans, so long as (a) the conditions of Section 3.03 of the
Loan Agreement are satisfied, including, without limitation, the payment of all
amounts due to the Banks pursuant to Section 5.04 of the Loan Agreement, but
excluding any notice requirement stated therein, notice having been deemed
received by the Agent, (b) on or within 10 Business Days after the date hereof,
the Prepayment is delivered to Agent in immediately available funds for
distribution to the Lenders against payment of such next scheduled installment,
and (c) on the date hereof and the date on which the Prepayment is received by
the Agent, no Default or Event of Default exists.

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        1.2     Notwithstanding Section 3.03(a)(iv) of the Loan Agreement, so
long as the Prepayment is made in accordance with the conditions set forth in
Section 1.1 hereof, the Agent and the Banks hereby waive such Section and
consent to the application of the Prepayment to the next scheduled installment
of principal due on the Loans; provided, however, that such waiver and consent
is hereby expressly limited to the terms hereof as set forth herein and shall
not extend to any other or subsequent payments, prepayments or repayments of any
kind or be considered a waiver of any provision of the Loan Agreement or any
other Loan Document.

        1.3     The Borrower hereby represents and warrants to the Agent and the
Banks that the Prepayment (and the incurrence of indebtedness giving rise to the
Prepayment) comply in all respects with the requirements of the Loan Agreement
and the other Loan Documents and that the consummation of the incurrence of such
indebtedness and the performance by the Borrower of its obligations under such
indebtedness will not cause a Default or an Event of Default under any Loan
Document.

        SECTION 2. Effectiveness of Waiver. This Waiver shall not be deemed
effective until (i) the Agent shall have executed and delivered to the Borrower
a copy of this Waiver and (ii) the Agent shall have one or more copies of this
Waiver, executed by Borrower and such number of the Banks as may constitute the
Required Banks.

        SECTION 3. Miscellaneous.

        3.1     No Waiver. Except to the extent that a provision of the Loan
Agreement and the other Loan Documents is expressly modified by this Waiver,
nothing in this Waiver shall constitute a modification of the provisions of the
Loan Agreement or any other Loan Document or a waiver by the Agent or Banks of
their rights and remedies under the Loan Documents. No act or omission by the
Agent or any Bank shall constitute a waiver of any of their rights and remedies
under the Loan Documents unless such waiver is in writing, signed by the Agent
and the requisite Banks required for approval of such modification under the
Loan Agreement and then only to the extent specifically set forth therein.
Nothing in this Waiver shall be deemed to modify or affect any obligations that
the Borrower or any other affiliate of the Borrower may have to Agent or any
Lender with respect to any credit facility or other financial arrangements other
than those evidenced by the Loan Agreement.

        3.2     Reaffirmation. The Borrower hereby acknowledges that all terms
and conditions of the Loan Agreement and the other Loan Documents are and shall
remain in full force and effect. The Borrower hereby reaffirms the outstanding
Loans. This Waiver is incorporated into the Loan Agreement by reference and
shall constitute a part thereof as if fully set forth therein. In the event that
any of the terms or the provisions of the Loan Agreement are inconsistent with
or contradictory of the terms hereof, the terms of this Waiver shall control.
Borrower hereby agrees to pay promptly all costs and expenses incurred by Agent
(including, without limitation, the fees and expenses of Agent's counsel) in
connection with the preparation, negotiation and execution of this Waiver.

        3.3     Release. The Borrower acknowledges and agrees that, as of the
date hereof, it does not have any claim, defense or set-off right against the
Agent or any Bank or their respective

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officers, directors, employees, agents, successors, assigns or affiliates, nor
any claim, defense or set-off right to the enforcement by the Agent or any Bank
of the full amount of the Loans. The Borrower hereby forever expressly waives,
releases relinquishes, satisfies, acquits and discharges the Agent and the
Banks, and their respective officers, directors, employees, agents, successors,
assigns and affiliates, from any and all defenses to payment or other defenses,
set-offs, claims, counterclaims, liability and causes of action, accrued or
unaccrued, whether known or unknown, which occurred or arose on or prior to the
date hereof.

        3.4     Counterparts. This Waiver may be executed simultaneously in
several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. This Waiver may be
delivered by facsimile transmission with the same force and effect as if
originally executed copies of this Waiver were delivered to all parties hereto.

        3.5     Severability. The invalidity or unenforceability of any one or
more phrases, sentences, clauses or Sections contained in this Waiver shall not
affect the validity or enforceability of the remaining portions of this Waiver,
or any part thereof.

        3.6     Governing Law. This Waiver shall be governed by and construed in
accordance with the laws of the State of New York.

                                        3

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        IN WITNESS WHEREOF, the parties hereto have each caused this Waiver to
be duly executed by their duly authorized representatives as of the date first
above written.

                                          BORROWER:

                                          COCA-COLA BOTTLING CO. CONSOLIDATED

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          AGENT:

                                          GENERAL ELECTRIC CAPITAL
                                          CORPORATION

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          LENDERS:

                                          GENERAL ELECTRIC CAPITAL
                                          CORPORATION

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          SUNTRUST BANK

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          DZ BANK AG DEUTESCHE ZENTRAL-
                                          GENOSSENSCHAFTSBANK, FRANKFURT AM
                                          MAIN (formerly DG BANK DEUTSCHE
                                          GENOSSENSCHAFTSBANK AG), as a Lender

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          WACHOVIA BANK, NATIONAL ASSOCIATION

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          THE INDUSTRIAL BANK OF JAPAN, LIMITED
                                          ATLANTA AGENCY

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          THE CHIBA BANK, LTD.

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          FLEET NATIONAL BANK

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER

<PAGE>

                                          SOCIETE GENERALE

                                          By:
                                             -------------------------
                                          Name:
                                          Title:

SIGNATURE PAGE TO WAIVER<PAGE>

                                                                     EXHIBIT 4.2

                    FOURTH AMENDMENT TO PARTNERSHIP AGREEMENT

        THIS FOURTH AMENDMENT TO PARTNERSHIP AGREEMENT (the "Amendment") is made
and entered into as of the 28th day of March, 2003 by and among PIEDMONT
COCA-COLA BOTTLING PARTNERSHIP (formerly known as Carolina Coca-Cola Bottling
Partnership), a Delaware general partnership (the "Partnership"), PIEDMONT
PARTNERSHIP HOLDING COMPANY, a Delaware corporation, indirect wholly-owned
subsidiary of The Coca-Cola Company and successor in interest to Carolina
Coca-Cola Holding Company, The Coastal Coca-Cola Bottling Company and Eastern
Carolina Coca-Cola Bottling Company, Inc. ("KO Sub") and COCA-COLA VENTURES,
INC., a Delaware corporation, wholly-owned subsidiary of Coca-Cola Bottling Co.
Consolidated and successor in interest to Palmetto Bottling Company and
Fayetteville Coca-Cola Bottling Company ("CCBCC Sub").

                              Statement of Purpose

        KO Sub and CCBCC Sub are partners in the Partnership and are parties to
that certain Partnership Agreement, dated as of July 2, 1993 (as amended by that
certain First Amendment, dated August 5, 1993, by that certain Second Amendment,
dated August 12, 1993, and by that certain Master Amendment to Partnership
Agreement, Management Agreement and Definition and Adjustment Agreement, dated
January 2, 2002, the "Partnership Agreement"). KO Sub owns a 45.349% general
partnership interest in the Partnership and CCBCC Sub owns a 54.651% general
partnership interest in the Partnership.

        Pursuant to that certain Securities Purchase Agreement, dated as of even
date herewith, between CCBCC Sub and KO Sub, CCBCC Sub will purchase from KO
Sub, and KO Sub will sell to CCBCC Sub, a 22.675% interest in the capital,
profits and losses of the Partnership, including, without limitation, 50% of KO
Sub's Capital Account, KO Sub's rights to allocations of net profit and net loss
and distributions of cash flow and capital items of the Partnership (the
"Purchase Transaction"), such that immediately after the consummation of the
Purchase Transaction, CCBCC Sub and KO Sub will have a 77.326% and 22.674%
respective interest in the capital, profits and losses of the Partnership. In
connection with the Purchase Transaction, the parties hereto desire to consent
to the Purchase Transaction and to amend the Partnership Agreement to (a) adjust
the relative ownership percentages of the Partners to give effect to the
Purchase Transaction, (b) change the required number of meetings of the
executive committee of the Partnership and (c) update certain addresses
contained therein, as more fully described herein.

        NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

        1.      Capitalized Terms. All capitalized terms used and not defined
herein shall have the meanings given thereto in the Partnership Agreement.

        2.      Consent to Purchase Transaction. Each of the parties hereto
hereby consents to the Purchase Transaction and waives any right to object to
the Purchase Transaction under Section 16.1(a) of the Partnership Agreement as a
transfer of less than KO Sub's entire Interest.

<PAGE>

        3.      Amendments to Partnership Agreement.

                (a)     Section 6 of the Partnership Agreement is hereby amended
by deleting the existing Section 6 in its entirety and inserting the following
in lieu thereof:

                        Section 6. Partnership Interests. Notwithstanding any
                        adjustment in the Partners' Capital Account balances,
                        each Partner's Interest in the Partnership shall be as
                        follows:

                                         KO Sub          22.674%
                                         Ventures        77.326%

                (b)     Section 11.2(a) of the Partnership Agreement is hereby
amended by deleting the first sentence of the existing Section 11.2(a) in its
entirety and inserting the following in lieu thereof:

                        Regular meetings of the Executive Committee shall be
                        held at such times and places as the Executive Committee
                        shall designate, provided that the Executive Committee
                        shall meet not less than twice a year unless otherwise
                        mutually agreed by the Partners, and provided further
                        that the Executive Committee shall hold a meeting in the
                        first half of December each year for the approval of the
                        Annual Business Plan for the next year.

                (c)     Paragraph (b) of Section 25.2 of the Partnership
Agreement is hereby amended by deleting the existing paragraph (b) in its
entirety and inserting the following in lieu thereof:

                        (b)     If to Ventures:

                                Coca-Cola Bottling Co. Consolidated
                                Coca-Cola Corporate Center
                                4100 Coca-Cola Plaza (28211-3481)
                                P.O. Box 31487
                                Charlotte, North Carolina 28231-1487
                                Attention: Chief Financial Officer
                                Telecopy No.: (704) 557-4451

                                with a copy to:

                                Kennedy Covington Lobdell & Hickman, L.L.P.
                                Hearst Tower, 47th Floor
                                214 North Tryon Street
                                Charlotte, North Carolina 28202
                                Attention: Henry W. Flint, Esq.
                                Telecopy No.: (704) 331-7598

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<PAGE>

        4.      Effect of the Amendment. Except for the amendments contemplated
hereby, the Partnership Agreement shall be and remain in full force and effect.
The amendments granted herein are specific and limited and shall not constitute
a modification, acceptance or waiver of any other provision of the Partnership
Agreement or any other document or instrument entered into in connection
therewith or a further modification, acceptance or waiver of the provisions set
forth therein.

        5.      Captions. The captions and section numbers appearing in this
Amendment are inserted only as a matter of convenience and in no way define,
limit, construe or otherwise describe the scope or intent of the sections of
this Amendment.

        6.      Binding Effect. This Amendment shall inure to the benefit of and
be binding upon the parties hereto and their successors and permitted assigns.

        7.      Severability. If any one or more provisions of this Amendment
shall be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired; provided, however, that in such case the
parties hereto agree to use their best efforts to achieve the purpose of the
invalid provision by a new legally valid provision.

        8.      Counterparts. This Amendment may be executed in separate
counterparts, each of which when executed and delivered is an original but all
of which taken together constitute one and the same instrument.

        9.      Fax Transmission. A facsimile, telecopy or other reproduction of
this Amendment may be executed by one or more parties hereto, and an executed
copy of this Amendment may be delivered by one or more parties hereto by
facsimile or similar instantaneously electronic transmission devise pursuant to
which the signature of or on behalf of such party can be seen, and such
execution and delivery shall be considered valid, binding and effective for all
purposes. At the request of any party hereto, all parties hereto agree to
execute an original of this Amendment as well as any facsimile, telecopy or
other reproduction hereof.
                             *     *     *     *     *

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<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date and year first above written.

                                     PIEDMONT COCA-COLA BOTTLING PARTNERSHIP

                                     By:  PIEDMONT PARTNERSHIP HOLDING
                                          COMPANY, its General Partner

                                          By:
                                             -----------------------------------
                                               Gary P. Fayard
                                               President

                                     By:  COCA-COLA VENTURES, INC., its General
                                          Partner

                                          By:
                                             -----------------------------------
                                               David V. Singer
                                               Vice President

                                     PIEDMONT PARTNERSHIP HOLDING COMPANY

                                     By:
                                        ----------------------------------------
                                               Gary P. Fayard
                                               President

                                     COCA-COLA VENTURES, INC.

                                     By:
                                        ----------------------------------------
                                               David V. Singer
                                               Vice President

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