Exhibit 10.72
SECOND AMENDMENT TO REVOLVING CREDIT NOTE
THIS SECOND AMENDMENT TO REVOLVING CREDIT NOTE (the “Amendment”) is made as of
the 28th day of March, 2011, 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 executed and delivered to Lender a Revolving Credit Note
dated December 11, 2007 (as the same has been, is being, and may hereafter be
amended, the “Revolving Credit Note”)in the original principal amount of up to
Eighteen Million Dollars ($18,000,000.00);
WHEREAS, the parties have previously amended the Revolving Credit Note to, inter
alia, reduce the Principal Amount;
WHEREAS, the parties wish to further amend the Revolving Credit Note to extend
the Maturity Date, add an accordion feature and modify the so-called pricing
margins; and
NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements herein contained, the parties agree as follows:
1. DEFINITIONS.
Any capitalized term not otherwise defined herein shall have the meaning set
forth in the Note.
2. AMENDMENTS.
2.1 The definition of “PRINCIPAL AMOUNT” on page 1 is hereby amended and
restated in its entirety to read as follows:
“PRINCIPAL AMOUNT: up to Thirteen Million Dollars ($13,000,000.00) as the same
may be increased in Lender’s sole discretion in accordance with Section 3.1 of
the Loan Agreement.”
2.2 The Maturity Date is hereby extended to April 30, 2013.
2.3 There is no interest rate floor.

 

 

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2.4 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:

          When Funded Debt to EBITDA is:   Margin %
 
       
•
  greater than 2.75:1.00   plus 2.95%
•
  less than or equal to 2.75:1.00
but greater than 2.25:1.00   plus 2.70%
•
  less than or equal to 2.25:1.00
but greater than 1.50:1.00   plus 2.50%
•
  less than or equal to .50:1   plus 2.20%

2.5 The definition of “LIBOR Rate Margin” is hereby amended and restated in its
entirety to read as follows:
“LIBOR Rate Margin” means the percentage shown below in the right hand column,
as applicable:

          When Funded Debt to EBITDA is:   Margin %
 
       
•
  greater than 2.75:1.00   plus 2.95%
•
  less than or equal to 2.75:1.00
but greater than 2.25:1.00   plus 2.70%
•
  less than or equal to 2.25:1.00
but greater than 1.50:1.00   plus 2.50%
•
  less than or equal to 1.50:1   plus 2.20%

2.6 The definition of “Prime Rate Margin” is hereby amended and restated in its
entirety to read as follows:

    “Prime Rate Margin” means the percentage shown below in the right hand
column, as applicable:

          When Funded Debt to EBITDA is:   Margin %
 
       
•
  greater than 2.75:1.00   plus 1.25%
•
  less than or equal to 2.75:1.00
but greater than 2.25:1.00   plus .75%
•
  less than or equal to 2.25:1.00
but greater than 1.50:1.00   plus .50%
•
  less than or equal to 1.50:1   plus 0.25%

 

 

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3. FULL FORCE AND EFFECT.
In all other respects and except as specifically amended hereby, the Revolving
Credit Note remains in full force and effect and Borrowers agree to be bound
thereby.
4. NO FURTHER AMENDMENTS.
Borrowers confirm and agree that the amendments contained herein shall in no way
be construed as an obligation on the part of Bank to further amend or extend the
Revolving Credit Note or any other Instrument. This Amendment is not a novation.
5. AUTHORITY.
Borrowers warrant that they has full power and authority and has taken all
necessary corporate and other action and procured all necessary consents to
execute and deliver this Amendment and perform its obligations hereunder.
[PAGE ENDS HERE, SIGNATURE PAGE(S) TO FOLLOW]

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed on their behalf by the persons signing below who are thereunto duly
authorized, as of the day and year first above-written.

                  BORROWERS:    
 
                DOVER SADDLERY, INC.
(a Delaware Corporation)    
 
           
/s/ John M. Sullivan
 
Witness
  By:   /s/ Stephen L. Day
 
Stephen L. Day    
 
      Title:    
 
                DOVER SADDLERY, INC.
(a Massachusetts Corporation)    
 
           
/s/ John M. Sullivan
  By:   /s/ Stephen L. Day    
 
           
Witness
      Stephen L. Day    
 
      Title:    
 
                SMITH BROTHERS, INC.    
 
           
/s/ John M. Sullivan
  By:   /s/ Stephen L. Day    
 
           
Witness
      Stephen L. Day    
 
      Title:    
 
                DOVER SADDLERY RETAIL, INC.    
 
           
/s/ John M. Sullivan
  By:   /s/ Stephen L. Day    
 
           
Witness
      Stephen L. Day    
 
      Title:    

 

 

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                  OLD DOMINION ENTERPRISES, INC.    
 
           
/s/ John M. Sullivan
  By:   /s/ Stephen L. Day    
 
           
Witness
      Stephen L. Day    
 
      Title:    
 
                DOVER SADDLERY DIRECT, INC.    
 
           
/s/ John M. Sullivan
  By:   /s/ Stephen L. Day    
 
           
Witness
      Stephen L. Day    
 
      Title:    
 
                LENDER:    
 
                RBS CITIZENS, NATIONAL ASSOCIATION    
 
           
/s/ Susan A. Manchester
  By:   /s/ Gary Hatfield    
 
           
Witness
      Gary Hatfield    
 
      Title: