Document:

exv10w1

 

EXHIBIT 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT

     This
Third Amendment (“Amendment”) is made as of the
14th day
of August, 2007 by and
between Tufco, L.P. (“Borrower”), Tufco Technologies, Inc. (“Parent”), Associated Bank Green Bay,
NA, U.S. Bank, NA and JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA) (collectively
the “Banks”) with JPMorgan Chase Bank, N.A. serving individually as a Bank and as Agent for itself
and the other Banks.

RECITALS

     The
parties entered into a Credit Agreement dated as of May 20,
2004, as amended (“Credit Agreement”).

     The parties desire to amend the Credit Agreement as set forth herein.

     NOW, THEREFORE, the parties hereto agree as follows:

	 	1.	 	Capitalized terms not defined herein shall have the meaning ascribed in the
Credit Agreement.
	 
	 	2.	 	In Article 1, Section 1.1 of the Credit Agreement the
Revolving Termination Date is changed from May 18, 2008 to May 18,
2009.

	 
	 	3.	 	This Amendment is a modification only and not a novation.
	 
	 	4.	 	Except for the above stated amendments, the Credit Agreement shall be and
remain in full force and effect with the change herein deemed to be incorporated
therein. This Amendment is to be considered attached to the Credit Agreement and made a
part thereof.
	 
	 	5.	 	The parties acknowledge and agree that this Amendment is limited to the terms
above stated and shall not be construed as an amendment of any other terms or
provisions of the Credit Agreement. The parties hereby specifically ratify and affirm
the terms and provisions of the Credit Agreement except as herein changed. This
Amendment shall not establish a course of dealing or be construed as evidence of any
willingness on the Banks’ part to grant other or future amendments, should any be
requested.
	 
	 	6.	 	The Borrower agrees to pay all fees and out of pocket disbursements incurred by
the Banks in connection with this Amendment.

 

 

     IN WITNESS WHEREOF, the parties have entered into this Amendment as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	BORROWER AND PARENT:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TUFCO, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: Tufco LLC, its	 	 
	 	 	Managing General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Tufco Technologies, Inc.	 	 
	 	 	 	 	Its Sole Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Michael B. Wheeler	 	 
	 	 	 	 	Authorized Officer for
the Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TUFCO TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael B. Wheeler	 	 
	 	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Chief Financial
Officer, Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	AGENT:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., individually	 	 
	 	 	as a Bank and as the Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Kevin Groff	 	 
	 	 	 	 	 	 	 
	 	 	Printed Name: Kevin Groff	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BANK: ASSOCIATED BANK GREEN BAY, NA	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Thomas M Toerpe	 	 
	 	 	 	 	 	 	 
	 	 	Printed Name: Thomas M Toerpe	 	 
	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BANK: U.S. BANK, NA	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Paul Holtgren	 	 
	 	 	 	 	 	 	 
	 	 	Printed Name: Paul Holtgren	 	 
	 	 	Title: Vice President	 	 

2

 

     The undersigned Guarantors consent to the foregoing Amendment and acknowledge the continuing
validity and enforceability of the Guaranties.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	TUFCO TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Chief Financial
Officer, Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	TUFCO LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: Tufco Technologies, Inc.,	 	 
	 	 	Its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Authorized Officer of the Managing Member	 	 
	 
	 	 	 	 	 	 
	 	 	HAMCO MANUFACTURING
AND DISTRIBUTING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Executive Vice
President and CFO	 	 

3exv10w52x6y

 

Exhibit 10.52(6)

BANK OF AMERICA, N.A.

100 Federal Street

Boston, Massachusetts 02110

As of August 9, 2007

Dover Saddlery, Inc.

525 Great Road

Littleton, MA 01460

Attention: Stephen L. Day, President

			
	Re:	 	Waiver and Second Amendment/ to Loan Agreement

Dover Saddlery, Inc. Financing Arrangements

Dear Steve:

     We refer to the Amended and Restated Loan Agreement dated as of December 11, 2003 (as amended,
the “Loan Agreement”) between Dover Saddlery, Inc. and Bank of America, N.A. (successor by merger
to Fleet National Bank). Capitalized terms used and not defined herein shall have the meanings
ascribed to such terms in the Loan Agreement.

     You have informed us that the Borrower has failed to comply with and observe the covenants
contained in Sections 5.17, 5.18, 5.19 and 5.20 of the Loan Agreement with respect to its fiscal
quarter ended June 30, 2007, which such failure constitutes separate “Events of Default” under
Section 6.1(ii)(x) of the Loan Agreement.

     You have requested on behalf of the Borrower that the Bank waive the foregoing Events of
Default under the Loan Agreement and that the Bank agree to the amendment to the Loan Agreement
described below. Subject to the conditions specified below, this letter will confirm the
following:

     1. Amendment. The definition of “EBITDA” in section 1.1 of the Loan Agreement is
amended in its entirety to read as follows:

“ “EBITDA” means, for any period, an amount equal to the Net Income of the Loan
Parties taken as a whole for such period plus the following, to the extent deducted
in computing such Net Income: (i) depreciation, (ii) amortization, (iii) other
non-cash charges, (iv) Interest Charges, (v) Taxes on income imposed by any
governmental authority including but not limited to federal, state, local or foreign
country authorities or political subdivisions thereof, and (vi) with respect
but only with respect to any period of computation of EBITDA which includes

 

 

the fiscal quarter ended March 31, 2007, the one time charge of $700,000 for potential
settlement costs for the claim by Goldsmith, Agio, Helms & Linner LLC noted on the
Borrower’s financial statements for the fiscal quarter ended March 31, 2007,
provided, however, that such charge (a) was incurred during the fiscal quarter ended
March 31, 2007, and (b) was expensed and not capitalized.

     2. Waiver. The Bank is willing to waive the breach by the Borrower of the covenants
contained in Sections 5.17, 5.18, 5.19 and 5.20 of the Loan Agreement insofar as (and only to the
limited extent that) any such breach has occurred with respect to the fiscal quarter of the
Borrower ended June 30, 2007.

     The effectiveness of the foregoing waiver and amendment are conditioned upon the following:
(i) the Subordinated Debt Documents shall have been amended to incorporate the same amendment to
EBITDA as is set forth herein, (ii) the Subordinated Lender shall have simultaneously waived all
continuing Defaults or Events of Default under (and as defined in) the Subordinated Debt Documents,
which waiver shall be in form and substance acceptable to the Bank, (iii) the Borrower’s agreement
(by countersigning this Amendment and Waiver) that effective as of August 9, 2007, it shall not
enter into any new store leases or lease commitments without the prior written consent of the Bank
in its sole discretion, and (iv) the Borrower shall have paid the Bank a waiver fee in the amount
of $8,000.

     The waiver contained herein is a one-time waiver only, and does not constitute a waiver of (i)
any other breach of the Loan Agreement, whether existing prior to, on or arising after June 30,
2007 including without limitation, any breach arising after such date of the same type or nature,
or (ii) any of the Bank’s rights and remedies with respect to such other or subsequent Defaults or
Events of Default.

     The Borrower hereby confirms, by its acceptance hereof, that the Loan Agreement remains in
full force and effect.

	 	 	 	 	 
	 	Very truly yours,

BANK OF AMERICA, N.A.

(successor by merger to Fleet National Bank)

 	 
	 	By:  	/s/ John F. Lynch
 	 
	 	 	Title:  Senior Vice President 	 
	 	 	 	 
	 

	 	 	 	 	 
	ACCEPTED AND AGREED TO:	 	 
	 
	 	 	 	 
	DOVER SADDLERY, INC.
	 	 
	(a Massachusetts corporation)	 	 
	 
	 	 	 	 
	By:

	 	/s/ Stephen L. Day	 	 
	 

	 	 	 	 
	 

	 	Title: President and CEO	 	 

-2-

 

CONSENT OF GUARANTORS

     Each of DOVER SADDLERY, INC., a Delaware corporation and SMITH BROTHERS, INC. (collectively,
the “Guarantors”) has guaranteed the Obligations of the Borrower under (and as defined in) the Loan
Agreement. By executing this consent, each Guarantor hereby absolutely and unconditionally
reaffirms to the Bank that such Guarantor’s Guaranty remains in full force and effect. In
addition, each Guarantor hereby acknowledges and agrees to the terms and conditions of this Waiver
and Second Amendment.

	 	 	 	 	 
	 	DOVER SADDLERY, INC.

 	 
	 	By:  	/s/ Stephen L. Day
 	 
	 	 	Title:  President and CEO 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	SMITH BROTHERS, INC.

 	 
	 	By:  	/s/ Stephen L. Day
 	 
	 	 	Title:  Director 	 
	 	 	 	 
	 

-3-exv10w53x8y

 

Exhibit 10.53(8)

Patriot Capital Funding, Inc.

274 Riverside Avenue

Westport, CT 06880

August 10, 2007

Dover Saddlery, Inc.

525 Great Road

Littleton, MA 01460

Attn: Stephen L. Day

	 	 	Re: Waiver and Consent to the Amended and Restated Senior Subordinated Note and Warrant
Purchase Agreement (“Waiver and Consent”)

To Whom It May Concern:

Reference is made to the Amended and Restated Senior Subordinated Note and Warrant Purchase
Agreement, dated as of September 16, 2005 (the “Original Note and Warrant Purchase
Agreement”), among Dover Saddlery, Inc., a Delaware corporation (the “Parent”), Dover
Saddlery, Inc., a Massachusetts corporation and wholly-owned subsidiary of Parent d/b/a “Nashoba
Valley Service Co.” (“Operating Company #1”), Smith Brothers, Inc., a Texas corporation and
wholly-owned subsidiary of Parent (“Operating Company #2”), Dover Saddlery Retail, Inc., a
Massachusetts corporation and wholly-owned subsidiary of Parent (“Operating Company #3”)
and, together with Parent, Operating Company #1, and Operating Company #2, the “Borrower”),
Patriot Capital Funding, LLC I as successor by assignment from Patriot Capital Funding, Inc.
(“Purchaser”) and Patriot Capital Funding, Inc. (“Servicer”), as amended by
Amendment No. 1 dated March 28, 2006, among the Borrower, Purchaser and Servicer (“Amendment
No. 1”), Consent and Amendment No. 2, dated June 29, 2006, among the Borrower, Purchaser and
Servicer (“Amendment No. 2”) and Waiver and Amendment No. 3 dated March 30, 2007, among the
Borrower, Purchaser and Servicer (“Amendment No. 3”) (the Original Note and Warrant
Purchase Agreement, as amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3 may be
referred to herein as the “Note and Warrant Purchase Agreement”).

Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such
terms in the applicable Note and Warrant Purchase Agreement.

The parties to the Note and Warrant Purchase Agreement desire to permanently waive an Event of
Default thereunder and, pursuant to Sections 9.10(b) and 10.2 of the Note and Warrant Purchase
Agreement, such waiver must be in a written instrument signed by Borrower, Servicer and the
Required Purchasers. Purchaser, as sole holder of the Notes, constitutes the Required Purchasers
for purposes of executing this Waiver and Consent.

Therefore, the parties hereto, intending to be legally bound, hereby agree as follows:

     1. Waiver of Event of Default; Exclusion from Covenant Calculations.

 

 

          (a) Waiver of Event of Default. Effective upon satisfaction of all conditions to
effectiveness of this Waiver and Consent set forth in Section 5 below, Servicer and Purchaser each
hereby permanently waive, as of June 30, 2007, the following Events of Default:

     (i) the Event of Default resulting from Borrower’s breach of Section 7.3(a) of the Note
and Warrant Purchase Agreement (Funded Debt Ratio) by failing to maintain a maximum Funded
Debt Ratio for the four consecutive fiscal quarter period ended June 30, 2007 (calculated in
the manner set forth in the Note and Warrant Purchase Agreement) of not more than 4.40:1.00;

     (ii) the Event of Default resulting from Borrower’s breach of Section 7.3(b) of the
Note and Warrant Purchase Agreement (Funded Senior Debt Ratio) by failing to maintain a
maximum Funded Senior Debt Ratio for the four consecutive fiscal quarter period ended June
30, 2007 (calculated in the manner set forth in the Note and Warrant Purchase Agreement) of
not more than 3.58:1.00;

     (iii) the Event of Default resulting from Borrower’s breach of Section 7.3(c) of the
Note and Warrant Purchase Agreement (Operating Cash Flow to Total Debt Service) by failing
to maintain a minimum ratio of (i) Operating Cash Flow to (ii) Total Debt Service for the
four consecutive fiscal quarter period ended June 30, 2007 (calculated in the manner set
forth in the Note and Warrant Purchase Agreement) of not less than 1.00:1.00; and

     (iv) the Event of Default resulting from Borrower’s breach of Section 7.3(d) of the
Note and Warrant Purchase Agreement (Minimum EBITDA Amount) by failing to maintain a minimum
EBITDTA for the four consecutive fiscal quarter period ended June 30, 2007 (calculated in
the manner set forth in the Note and Warrant Purchase Agreement) of not less than
$3,375,000.

     The waiver set forth herein relates solely to the specific instances described in this Section
1(a) and no other waiver is granted or intended.

          (b) Exclusion from Covenant Calculations. Effective upon satisfaction of all
conditions to effectiveness of this Waiver and Consent set forth in Section 5 below, Servicer and
Purchaser each hereby consent to the exclusion of the Qualifying Amounts (as hereinafter defined)
from the covenant computation required by Section 7.3(a) of the Note and Warrant Purchase Agreement
(Funded Debt Ratio), Section 7.3(b) of the Note and Warrant Purchase Agreement (Funded Senior Debt
Ratio), Section 7.3(c) of the Note and Warrant Purchase Agreement (Operating Cash Flow to Total
Debt Service) and Section 7.3(d) of the Note and Warrant Purchase Agreement (Minimum EBITDA Amount)
for the four fiscal quarters ending June 30, 2007, September 30, 2007, December 31, 2007 and March
31, 2008; provided, however, that all Qualifying Amounts shall have been accrued by Borrower as of
March 31, 2007 and no Default or Event of Default shall have existed at the time Borrower paid any
portion of the Qualifying Amounts. As used herein, “Qualifying Amounts” means up to $700,000
payable to Goldsmith Agio Helms & Lynner LLC (“Goldsmith Agio”) pursuant to the terms of
that certain Settlement Agreement dated May 31 2007 by and between Parent and Goldsmith Agio (the
“Settlement Agreement”).

-2-

 

     2. Fees; Expenses.

          (a) Waiver Fee. In consideration of the execution and delivery of this Waiver and
Consent by Servicer and Purchaser, and the accommodations contained herein, Borrower shall pay to
Servicer on the date hereof a fully earned and non-refundable fee in the amount of Thirty Thousand
Dollars ($30,000) (the “Waiver Fee”).

          (b) Expenses. On the date hereof, Borrower shall also pay all reasonable expenses
incurred by Servicer in the drafting, review, negotiation and closing of the documents and
transactions contemplated hereby, including the reasonable fees and disbursements of Servicer’s
special counsel.

     3. Reaffirmation. The Note and Warrant Purchase Agreement shall remain unmodified and
in full force and effect and is hereby reaffirmed. In addition, except as specifically provided in
Section 1(a) above, this Waiver and Consent shall not be deemed a waiver of any term or condition
of the Note and Warrant Purchase Agreement or any other Transaction Document, and shall not be
deemed to prejudice any right or rights which any party may now have or may have in the future
under or in connection with the Note and Warrant Purchase Agreement or any other Transaction
Document, as the same may be amended from time to time.

     4. Representations. To induce Servicer and Purchaser to enter into this Waiver and
Consent, Borrower represents and warrants to each that:

          (a) all of its representations and warranties in the applicable Transaction Documents are: (i)
true and correct as of the date of this Waiver and Consent, (ii) ratified and confirmed without
condition as if made anew, and (iii) incorporated into this Waiver and Consent by reference;

          (b) no Event of Default or event that, with the passage of time or the giving of notice or
both, would constitute an Event of Default, exists under any Transaction Document that will not be
cured by the execution and effectiveness of this Waiver and Consent;

          (c) no consent, approval, order or authorization of, or registration or filing with, any third
party is required in connection with the execution, delivery and carrying out of this Waiver and
Consent or, if required, has been obtained; and

          (d) this Waiver and Consent has been duly authorized, executed and delivered so that it
constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with
its terms.

The Borrower confirms that the obligations arising under the applicable Transaction Documents
remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the
date of this Waiver and Consent.

The Borrower further confirms that any collateral for the obligations arising under the Transaction
Documents, including liens, security interests, mortgages, and pledges granted by the Borrower or
third parties (if applicable), shall continue unimpaired and in full force and

-3-

 

effect, and shall cover and secure all of the Borrower’s existing and future obligations to
Servicer and Purchaser, as modified by this Waiver and Consent.

     5. Preconditions. This Waiver and Consent is subject to Servicer having received the
following, all in form, scope and content acceptable to Servicer in its sole discretion:

     (a) this Waiver and Consent, duly executed by the parties hereto;

          (b) the consent of Old Dominion Enterprises, Inc., as guarantor of the obligations arising
under the Transaction Documents, in the form attached hereto as Attachment I;

     (c) the $30,000.00 Waiver Fee;

     (d) payment of Servicer’s fees and expenses, including legal fees; and

     (e) a waiver of the Senior Credit Agreement duly executed by the Senior Lender.

     6. Further Covenant. Notwithstanding anything to the contrary contained in the Note
and Warrant Purchase Agreement and to induce Servicer and Purchaser to enter into this Waiver and
Consent, the Borrower covenants and agrees that on and from the date of this Waiver and Consent
until the earliest to occur of (a) the date that Borrower re-pays in full the unpaid principal
balance of the Notes, together with all accrued and unpaid interest, fees and other amounts then
due, (b) the date the parties enter into a mutually satisfactory amendment of the Note and Warrant
Purchase Agreement or (c) the Payment Date, the Borrower shall not enter into any new operating
leases of real estate or make or commit to make any payments on account of the purchase or lease of
any fixed assets (whether through purchase, Capitalized Lease or operating lease); provided,
however, that nothing contained in this Section 6 shall prohibit or restrict Borrower from making
or committing to make (i) payments in accordance with the restrictions contained in the Note and
Warrant Purchase Agreement under operating leases of real estate entered into, or fixed assets
purchased or leased, prior to the date hereof and (ii) payments not to exceed $75,000 in the fiscal
quarter ending September 30, 2007 and $100,000 in the fiscal quarter ending December 31, 2007, the
proceeds of which are used exclusively for the maintenance or repair of facilities or equipment
under operating leases of real estate entered into, or fixed assets purchased or leased, prior to
the date hereof.

     7. Waiver, Release and Indemnity. To induce Servicer and Purchaser to enter into this
Waiver and Consent, the Borrower waives and releases and forever discharges Servicer, Purchaser and
their respective officers, directors, attorneys, agents and employees from any liability, damage,
claim, loss or expense of any kind that it may now have against Servicer, Purchaser or any of them
arising out of or relating to the obligations arising under the applicable Transaction Documents.
The Borrower further agrees to indemnify and hold Servicer, Purchaser and their respective
officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment,
liability or expense (including attorneys’ fees) suffered by or rendered against Servicer,
Purchaser or any of them on account of any claims arising out of or relating to the obligations
arising under the applicable Transaction Documents; provided, however, that the foregoing waiver,
release and indemnity agreement shall not apply to any claims, damages, losses, liabilities,
judgments and expenses solely attributable to the gross negligence or willful misconduct of
Servicer, Purchaser or their respective officers, directors, attorneys, agents and

-4-

 

employees. The Borrower further states that it has carefully read the foregoing waiver,
release and indemnity, knows and understands the contents thereof and grants the same as its own
free act and deed.

     8. Miscellaneous. This Waiver and Consent shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to principles of conflicts
of law. This Waiver and Consent may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument.
Delivery of an executed signature page to this Waiver and Consent by facsimile transmission shall
be as effective as delivery of a manually signed counterpart hereof or thereof. Borrower ratifies
and confirms the indemnification, confession of judgment and waiver of jury trial provisions
contained in the Note and Warrant Purchase Agreement.

[Signature page follows]

-5-

 

	 	 	 	 	 
	 	Very truly yours,

SERVICER

PATRIOT CAPITAL FUNDING, INC.

 	 
	 	By:  	/s/ Timothy W. Hassler
 	 
	 	 	Name:  	Tim Hassler      	 
	 	 	Title:  	Chief Operating Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                                /s/ Matthew Colucci
 	 
	 	 	Name:  	Matthew Colucci 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

ACKNOWLEDGED and AGREED

this 10th day of August, 2007

	 	 	 
	PURCHASER	 	PARENT:
	PATRIOT CAPITAL FUNDING, LLC I

	 	DOVER SADDLERY, INC.
	By:
/s/ Timothy W. Hassler

	 	By: /s/ Stephen L. Day
	Name: Timothy W. Hassler

Title: Chief Operating Officer

	 	Stephen L. Day

President

By: /s/ Matthew Colucci

Name: Matthew Colucci

Title: Managing Director

	 	 	 
	OPERATING COMPANY #1:	 	OPERATING COMPANY #2:
	DOVER SADDLERY, INC. d/b/a Nashoba
Valley Service Co.

	 	SMITH BROTHERS, INC.
	By:
/s/ Stephen L. Day

	 	By: /s/ Stephen L. Day
	Stephen
L. Day

Director

	 	Stephen L. Day

Director

OPERATING COMPANY #3:

DOVER SADDLERY RETAIL, INC.

By: /s/ Stephen L. Day

Stephen L. Day

Director

 

 

ATTACHMENT I

TO WAIVER AND CONSENT

CONSENT OF GUARANTOR

     The undersigned guarantor (the “Guarantor”) consents to the provisions of the
foregoing Waiver and Consent to the Amended and Restated Senior Subordinated Note and
Warrant Purchase Agreement (“Waiver and Consent”) and all prior amendments and
confirms and agrees that:

     (a) the Guarantor’s obligations under its Subsidiary Guaranty dated as of June 29, 2006 (the
“Guaranty”), relating to the Guaranteed Obligations defined therein, shall be unimpaired by
Waiver and Consent;

     (b) the Guarantor has no defenses, set offs, counterclaims, discounts or charges of any kind
against Servicer, Purchaser or their respective officers, directors, employees, agents or attorneys
with respect to its Guaranty; and

     (c) all of the terms, conditions and covenants in its Guaranty remain unaltered and in full
force and effect and are hereby ratified and confirmed and apply to the Obligations, as modified by
Waiver and Consent.

     The Guarantor certifies that all representations and warranties made in its Guaranty are true
and correct. Further, Guarantor hereby confirms that any collateral for the Obligations, including
liens, security interests, mortgages, and pledges granted by the Guarantor or third parties (if
applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all
of the Guarantor’s existing and future Obligations to Servicer and Purchaser, as modified by Waiver
and Consent and subject to the Subordination Agreement. The Guarantor ratifies and confirms the
indemnification, confession of judgment and waiver of jury trial provisions contained in its
Guaranty.

     WITNESS the due execution of this Consent as a document under seal as of the date of Waiver
and Consent, intending to be legally bound hereby.

	 	 	 	 	 
	 	OLD DOMINION ENTERPRISES, INC.

 	 
	 	By:  	/s/ Stephen L. Day
 	 
	 	 	Name:  	Stephen L. Day 	 
	 	 	Title:  	Director

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