FIRST AMENDMENT TO REVOLVING
CREDIT NOTE
THIS FIRST
AMENDMENT TO REVOLVING CREDIT NOTE (the “Amendment”) is
dated as of the _27___ day of March, 2009, by and among, Dover
Saddlery, Inc., a Delaware corporation (“Dover DE”),
Dover Saddlery, Inc., a Massachusetts corporation, Smith Brothers,
Inc., a Texas corporation, Dover Saddlery Retail, Inc., a
Massachusetts corporation, Old Dominion Enterprises, Inc., a
Virginia corporation and Dover Saddlery Direct, Inc., a
Massachusetts corporation (hereinafter, each with Dover DE,
individually a “Borrower”, and collectively the
“Borrowers”) and RBS Citizens, National Association, a
national banking association, with a principal place of business at
875 Elm Street, Manchester, New Hampshire 03101 (hereinafter the
“Lender”);
WHEREAS, Borrowers
entered into a Revolving Credit Note in favor of Lender dated
December 11, 2007 (the “Note”) whereby, inter
alia, the Borrowers borrowed from Lender up to Eighteen Million
Dollars ($18,000,000.00); and
WHEREAS, the
parties wish to amend the Loan Agreement to, inter alia, modify the
so-called margins and decrease the Principal Amount of the
Note.
NOW, THEREFORE, in
consideration of the mutual promises, covenants and agreements
herein contained, the parties agree as follows:
Any capitalized
term not otherwise defined herein shall have the meaning set forth
in the Note.
2.1 At the top of
page 1, change “$18,000,000.00” to
“$14,000,000.00, to be reduced to $13,000,000.00 effective
June 30, 2010”.
2.2 The definition
of “PRINCIPAL AMOUNT” on page 1 is hereby amended and
restated in its entirety to read as follows:
“PRINCIPAL
AMOUNT: Fourteen Million Dollars ($14,000,000.00); to be reduced,
effective June 30, 2010, to Thirteen Million Dollars
($13,000,000.00)”.
2.3 The definition
of “ LA Margin ” is hereby amended and restated
in its entirety to read as follows:
“ LA
Margin ” means the percentage shown below in the right
hand column, as applicable:
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When Funded Debt
to EBITDA is:
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Spread
%
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plus 4.50%
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• less than or equal to
5.50:1.00 but greater than 5.00:1.00
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plus
4.00%
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• less than or equal to
5.00:1.00 but greater than 4.50:1.00
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plus
3.50%
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• less than or equal to
4.50:1.00 but greater than 4.00:1.00
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plus
3.20%
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• less than or equal to
4.00:1.00 but greater than 3.00:1.00
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plus
2.95%
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• less than or equal to
3.00:1
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plus
2.70%
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2.4 The definition
of “ LIBOR Rate Margin ” is hereby amended and
restated in its entirety to re
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