Document:

Amendment 1 to Note Purchase and Shelf Agreement

 Exhibit 4.6.3 
  
 OLD DOMINION FREIGHT LINE, INC. 
  
  

  
 AMENDMENT NO. 1 TO 
 NOTE PURCHASE AND
SHELF AGREEMENT 
  

  
  
 June 27, 2003 
  
  
  
 $50,000,000 6.93% SENIOR GUARANTIED NOTES DUE AUGUST 10, 2008 

 
 UP TO $15,000,000 SENIOR
GUARANTIED SHELF NOTES 

 OLD DOMINION FREIGHT LINE, INC. 
  
 AMENDMENT NO. 1 TO 
 NOTE PURCHASE AND SHELF AGREEMENT 
  
 As of June 27,
2003 
  
 To each of the Persons 
 Named in Annex 1 hereto 
 (the “Noteholders”) 
  
 Ladies and Gentlemen: 
  
 Old Dominion Freight Line, Inc., a Virginia corporation (hereinafter, the “Company”), agrees with each of
the Noteholders as follows: 
  
 1. PRELIMINARY STATEMENTS. 
  
 1.1. Note Issuance, etc.

  
 Pursuant to the Note Purchase and Shelf Agreement (as in
effect immediately prior to the effectiveness of this Agreement, the “Existing Note Purchase Agreement;” and, as amended hereby, the “Note Purchase Agreement”), dated as of May 1, 2001, by and among
the Company and the Noteholders, the Company (i) issued $50,000,000 in aggregate principal amount of its 6.93% Senior Guarantied Notes due August 10, 2008 (as they may be amended, restated or otherwise modified from time to time, the
“Initial Notes”) and (ii) authorized the issuance of up to $15,000,000 in aggregate principle amount of additional senior guarantied promissory notes on the terms and conditions set forth in the Existing Note Purchase Agreement (the
“Shelf Notes” and together with the Initial Notes, collectively, the “Notes”). The aggregate principal amount of the Initial Notes outstanding (prior to the effectiveness of this Agreement) is
$50,000,000, all of which are held by the Noteholders. The Company has requested that the Noteholders agree to amend the Existing Note Purchase Agreement as set forth herein and the Noteholders have consented to such request upon the terms and
conditions set forth in this Agreement. 
  
 2. DEFINED TERMS. 

 
 Capitalized terms used herein and not otherwise defined herein have the
meanings ascribed to them in the Existing Note Purchase Agreement. 
  
 3.
AMENDMENTS TO EXISTING NOTE PURCHASE AGREEMENT. 
  
 Subject
to Section 5, the Noteholder and the Company hereby agree to each of the amendments to the Existing Note Purchase Agreement as provided for by this Amendment No. 1 to Note Purchase and Shelf Agreement (this “Agreement”) in the
manner specified in Exhibit A. Such amendments are referred to herein, collectively, as the “Amendments”. 

 4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 
  
 To induce the Noteholders to enter into this Agreement and to consent to the Amendments, the Company represents and warrants
as follows: 
  
 4.1. Organization and Existence.

  
 The Company is a corporation duly formed, validly existing
and in good standing under the laws of the Commonwealth of Virginia, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to
which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold under lease the
properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and to perform the provisions hereof. 
  
 4.2. Agreement Authorized; Obligations Enforceable. 
  
 This Agreement has been duly authorized by all necessary corporate action on
the part of the Company, and this Agreement constitutes, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms except as such enforceability may be limited by (i) applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law). 
  
 4.3. Compliance with Laws, Other Instruments,
etc. 
  
 The execution, delivery and performance by the
Company of this Agreement will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of
trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may
be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or
(c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 
  
 4.4. Governmental Authorizations, etc. 
  
 No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the
execution, delivery or performance by the Company of this Agreement. 
  
 4.5. Defaults. 
  
 No event has occurred and no
condition exists that, upon the execution and delivery of this Agreement and the effectiveness of the Amendments, would constitute a Default or an Event of Default. 
  

 2 

 5. EFFECTIVENESS OF AMENDMENTS. 
  
 The Amendments shall become effective as of the first date written above (the “Effective Date”) upon
execution and delivery of this Agreement by the parties hereto. 
  
 6.
EXPENSES. 
  
 Whether or not the Amendments become effective,
the Company will promptly (and in any event within thirty (30) days of receiving any statement or invoice therefor) pay all fees, expenses and costs relating to this Agreement, including, but not limited to, the reasonable fees of special counsel to
the Noteholders, Bingham McCutchen LLP, incurred by the Noteholders in connection with the preparation, negotiation and delivery of this Agreement and any other documents related thereto. Nothing in this Section shall limit the Company’s
obligations pursuant to Section 15 of the Existing Note Purchase Agreement. 
  
 7. MISCELLANEOUS. 
  
 7.1.
Part of Existing Note Purchase Agreement; Future References, etc. 
  
 This Agreement shall be construed in connection with and as a part of the Existing Note Purchase Agreement and, except as expressly amended by this Agreement, all terms, conditions and covenants contained in the
Existing Note Purchase Agreement are hereby ratified and shall be and remain in full force and effect. Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Agreement may
refer to the Existing Note Purchase Agreement without making specific reference to this Agreement, but nevertheless all such references shall include this Agreement unless the context otherwise requires. 
  
 7.2. Counterparts. 
  
 This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
  
 7.3. Governing Law. 
  
 THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND
THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

  
 [Remainder of page intentionally left blank; next
page is signature page.] 
  

 3 

 If you are in agreement with the foregoing, please so indicate by signing the acceptance below on the
accompanying counterpart of this agreement and returning it to the Company, whereupon it will become a binding agreement among the Noteholders and the Company. 
  

	 OLD DOMINION FREIGHT LINE, INC.

		
	 By:
	 	 /s/ J. Wes Frye

	 	 	 Name: J. Wes Frye

	 	 	 Title: SVP-Finance/CFO & Asst.
           Secretary

	
	 The undersigned Guarantor hereby consents to the
 Amendments and confirms its obligations as
 Guarantor under the Guaranty Agreement:

	
	 ODIS, INC.

		
	 By:
	 	 /s/ J. Wes Frye

	 	 	 Name: J. Wes Frye

	 	 	 Title: President

  

 4 

 The foregoing Agreement is hereby accepted as of the date first written above. 
  

	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

		
	 By:
	 	 /s/ Christopher H. Carey

	 Name: Christopher H. Carey

	 Title: Vice President

	
	 PRUCO LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ Chris Carey

	 Name: Chris Carey

	 Title: Asst VP

	
	 PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

		
	 By:
	 	 /s/ Chris Carey

	 Name: Chris Carey

	 Title: Asst VP

	
	 HARTFORD LIFE INSURANCE COMPANY

	 By:
	 	 Prudential Private Placement Investors, L.P.,
 As Investment Advisor

	 By:
	 	 Prudential Private Placement Investors, Inc.
 General Partner

		
	 By:
	 	 /s/ Christopher H. Carey

	 Name: Christopher H. Carey

	 Title: Vice President

  
  

 5 

 ANNEX 1 
  
 NOTEHOLDERS AND PRINCIPAL AMOUNTS 
  

	 Name of Noteholder

	  	Aggregate
Principal Amount
of 6.93% Senior
Guarantied Notes
Held

	  	Aggregate Principal
Amount of Shelf
Notes Held

	 The Prudential Insurance Company of America
	  	 $
 $
	 34,800,000
 3,000,000
	  	$	0
			
	 Hartford Life Insurance Company
	  	$	5,000,000	  	$	0
			
	 Pruco Life Insurance Company
	  	$	2,000,000	  	$	0
			
	 Pruco Life Insurance Company of New Jersey
	  	$	5,200,000	  	$	0

  

 Annex 1-1 

 Exhibit A 
  
 AMENDMENTS 
  
 1. SECTION 10.11 – Restrictions on Dividends of Subsidiaries. Section 10 of the Existing Note Purchase Agreement is hereby amended by adding a new
Section 10.11 as follows: 
  
 “10.11. Restrictions on
Dividends of Subsidiaries, etc. 
  
 Notwithstanding anything
contained herein to the contrary, the Company will not, and will not permit any of its Wholly-Owned Subsidiaries to, enter into any agreement which would restrict any Wholly-Owned Subsidiary’s ability or right to pay dividends to, or make
advances to or Investments in, the Company or, if such Wholly-Owned Subsidiary is not directly owned by the Company, the “parent” Wholly-Owned Subsidiary of such Wholly-Owned Subsidiary.” 
  
 2. SCHEDULE B – Definitions. The following definitions set
forth in Schedule B to the Existing Note Purchase Agreement are hereby amended as follows: 
  
 (a) The definition of “Funded Debt” is hereby amended by adding the following proviso at the end thereof: 
  
 “; provided, however, that Funded Debt shall not include
any Guaranty by any Subsidiary of the Debt of the Company under or in respect of the Bank Credit Agreement or any replacement, refinancing or refunding thereof, in whole, pursuant to a successor loan or credit agreement with any other bank or other
financing source or under or in respect of the Prior Note Agreements, so long as (x) such Subsidiary shall have executed and delivered to the holders of the Notes a Guaranty pursuant to which such Subsidiary has agreed to guarantee the obligations
of the Company under this Agreement and the Notes and such Guaranty is and continues to remain in full force and effect, and (y) the obligations of such Subsidiary under any Guaranty of the Company’s obligations under the Bank Credit Agreement
and/or the Prior Note Agreements are, by their terms, pari passu with, or subordinated in priority or right of payment to, the obligations of the Subsidiary under the Guaranty executed pursuant to clause (x) above.” 
  
 (b) Clause (c) of the definition of “Restricted
Investment” is hereby amended and restated in its entirety as follows: 
  
 “(c) Investments (i) in one or more Wholly-Owned Subsidiaries or any Person that concurrently with such Investment becomes a Wholly-Owned Subsidiary, or (ii) by any Wholly-Owned Subsidiary in the Company;”

  
 3. SCHEDULE B – Definitions. Schedule B to the Existing
Note Purchase Agreement is hereby amended by adding the following new definition: 
  
 “Bank Credit Agreement” means that certain Credit Agreement dated as of June     , 2003 by and between the Company and Wachovia Bank, National Association, as Agent (as such
term is defined therein) and each of the lenders named therein, as the same may be amended, restated or otherwise modified from time to time. 
  
 “1996 Note Agreement” means that certain Note Purchase Agreement dated as of June 
  

 A-1 

 15, 1996 by and among the Company and each of the purchasers named on Schedule A thereto, as the same may be amended,
restated or otherwise modified from time to time. 
  
 “1998 Note Agreement” means that certain Note Purchase Agreement dated as of February 25, 1998 by and among the Company and each of the purchasers named on Schedule A thereto, as the same may be amended, restated or
otherwise modified from time to time. 
  
 “Prior Note
Agreements” means, collectively, the 1996 Note Agreement and the 1998 Note Agreement. 
  

 A-2First Amendment to Loan Agreement

 Exhibit 4.6.9 
  

  
 FIRST AMENDMENT 
  
 to the 
  
 LOAN AGREEMENT, 
 dated JULY 10, 2002, 
  
 between 
  
 OLD DOMINION FREIGHT
LINE, INC. 
  
 and 
  
 FIRST UNION COMMERCIAL CORPORATION 
  
 Dated as of June 30, 2003 
  

 FIRST AMENDMENT 
  
 THIS FIRST AMENDMENT, dated June 30, 2003 (this “Amendment”), is made in respect of the Loan
Agreement, dated as of July 10, 2002, among OLD DOMINION FREIGHT LINE, INC., and FIRST UNION COMMERCIAL CORPORATION (the “Loan Agreement”). Capitalized terms used but not defined herein shall have the meanings given to
such terms in the Loan Agreement. Unless otherwise specified, section references herein refer to sections set forth in the Loan Agreement, as amended by this Amendment. 
  
 STATEMENT OF AGREEMENT 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and the Lender, for
themselves and their successors and assigns, agree as follows: 
  
 ARTICLE I 
  
 AMENDMENT TO NOTES 

 
 Each Note is hereby amended by replacing Section 15 thereof with a new
Section 15, which shall read in full as follows: 
  
 15. INCORPORATION OF LOAN
COVENANTS. Borrower has entered into that certain credit agreement (the “Credit Agreement”) dated as of the 30th day of June, 2003, with Wachovia Bank, National Association, as Agent. Each covenant (and its corresponding definitions) in Article VII of the Credit Agreement (collectively, the “Covenants”) is hereby incorporated into
this Note by reference and shall be binding and enforceable against Borrower. In the event of the amendment, modification, or termination of the Credit Agreement or the Covenants set forth therein for any reason whatsoever, such Covenants as
contained in the Credit Agreement as of the date hereof shall continue to be Covenants of the Borrower under this Note and shall continue to be binding on and enforceable against Borrower notwithstanding the earlier termination, modification or
amendment. 
  
 ARTICLE II 
  
 WAIVER 
  
 The Lender hereby waives any default under the Loan Agreement and Note caused solely by the execution and delivery (but not
the performance) of the Credit Agreement; provided that each of the Lender and the Borrower will work in good faith to cure such default by July 31, 2003. 

 ARTICLE III 
  
 EFFECTIVENESS 
  
 This Amendment shall become effective as of June 30, 2003 (the ”First Amendment Effective Date”) when the Lender shall have received
counterparts of this Amendment, duly executed by the Borrower and the Lender. On the First Amendment Effective Date, the Loan Agreement will be automatically amended as set forth herein. On and after the First Amendment Effective Date, the rights
and obligations of the parties hereto shall be governed by the Loan Agreement as amended by this Amendment; provided, that the rights and obligations of the parties hereto with respect to the period prior to the First Amendment Effective Date
shall continue to be governed by the terms of the Loan Agreement. 
  
 ARTICLE IV 
  
 MODIFICATION OF LOAN DOCUMENTS

  
 Any individual or collective reference to the Loan
Agreement in any of the other Loan Documents (including without limitation the Notes) shall be deemed a reference on and after the First Amendment Effective Date to the Loan Agreement, as amended by this Amendment, and as the Loan Agreement may be
further amended, restated, supplemented or modified from time to time and any substitute or replacement therefor or renewals thereof. 
  
 ARTICLE V 
  
 GENERAL 
  
 5.1 Full Force and Effect. As expressly amended hereby, the Loan Agreement shall continue in full force and effect in accordance with the provisions thereof, and no change or modification in any of the terms thereof except as
specifically set forth herein has been effected. As used in the Loan Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Loan Agreement as
amended by this Amendment. 
  
 5.2 Applicable Law. This
Amendment shall be governed by and construed and enforced in accordance with the laws of the State of North Carolina (without regard to the conflicts of law provisions thereof). 
  
 5.3 Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute but one instrument. 
  
 5.4 Expenses and Indemnity. The Borrower agrees to pay all out-of-pocket expenses incurred by the Lenders in connection with the preparation, execution and delivery of this Amendment and in connection with any
action now or hereafter taken with respect to Article II of this Amendment, in each case, including without limitation all reasonable attorneys’ fees. 
  

 2 

 5.5 Further Assurance. The Borrower shall execute and deliver to the Lenders such documents,
certificates and opinions as the Lender may reasonably request to effect the Amendment contemplated by this Amendment. 
  
 5.6 Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment.

  

 3 

 IN WITNESS WHEREOF, the Borrower and the Lender have executed this Amendment as of the date
hereof. 
  

	 OLD DOMINION FREIGHT LINE, INC., as
 Borrower

		
	 By:
	 	 /s/ J. Wes Frye

	 	 	 Name: J. Wes Frye

	 	 	 Title: SVP-Finance/CFO & Asst Secretary

	
	 FIRST UNION COMMERCIAL 
 CORPORATION, as Lender

		
	 By:
	 	 /s/ Robert N. Crumrine Jr.

	 	 	 Name:Robert N. Crumrine Jr.

	 	 	 Title: Director/Vice President

  

 S-1

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