Document:

Exhibit 10.10

           FIRST AMENDMENT OF BUSINESS LOAN AGREEMENT
           ------------------------------------------
                      AND RELATED DOCUMENTS
                      ---------------------

     THIS  FIRST AMENDMENT OF BUSINESS LOAN AGREEMENT AND RELATED
DOCUMENTS  (the "First Amendment") is made effective  as  of  the
28th day of August, 2003, between PETMED EXPRESS, INC., a Florida
corporation  (the  "Borrower"), and SOUTHTRUST BANK,  an  Alabama
banking  corporation  (the  "Lender").   Capitalized  terms  used
herein  but not defined shall have the meanings as set  forth  in
the Loan Agreement (as hereinafter defined).

     WHEREAS, pursuant to the terms of that certain Business Loan
Agreement   (Asset  Based)  dated  March  18,  2003  (the   "Loan
Agreement"),  Lender extended to Borrower a line of  credit  loan
(the "Loan") in the amount of up to $2,000,000.00, which Loan  is
evidenced  by that certain Promissory Note dated March  18,  2003
given  by Borrower in favor of Lender in the principal amount  of
$2,000,000.00  (the "Note"), and which Loan is  secured  by  that
certain Commercial Security Agreement dated March 18, 2003  given
by Borrower in favor of Lender (the "Security Agreement"); and

     WHEREAS,  Borrower and Lender have agreed to amend the  Loan
Agreement, the Note, the Security Agreement and the other Related
Documents  in  order  to, among other things,  (i)  increase  the
maximum  principal amount of the Loan, (ii) extend  the  maturity
date  of the Loan from July 22, 2004 until August 28, 2004, (iii)
amend  the interest rate, (iv) amend the Borrowing Base, and  (v)
amend   certain  of  the  financial  covenants,   all   as   more
specifically hereinafter set forth.

     NOW,  THEREFORE, in consideration of One Dollar ($1.00)  and
other  good and valuable consideration, the receipt and  adequacy
of which are hereby acknowledged, the parties agree that the Loan
Agreement, the Note, the Security Agreement and the other Related
Documents are hereby amended as follows:

     The  Loan  Agreement is hereby amended by deleting in  their
entirety  the sections of the Loan Agreement entitled "TERM"  and
"LINE  OF  CREDIT",  and  by substituting  in  lieu  thereof  the
following:

     TERM.   This Agreement shall be effective as  of  March
     18,  2003, and shall continue in full force and  effect
     until such time as all of Borrower's Loans in favor  of
     Lender  have  been  paid in full, including  principal,
     interest,  costs, expenses, attorneys' fees  and  other
     fees and charges, or until August 28, 2004.

     LINE  OF  CREDIT.   Lender agrees to make  Advances  to
     Borrower  from  time  to time from  the  date  of  this
     Agreement  to  the Expiration Date, provided  that  the
     aggregate  amount of such Advances outstanding  at  any
     time  shall  not exceed during any consecutive  365-day
     period,  the  lesser  of  (i)  $5,000,000.00  for   150
     consecutive days during any applicable consecutive 365-
     day  period, or (ii) the Borrowing Base; and (B) at all
     other  times, the lesser of $3,000,000.00, or (ii)  the
     Borrowing Base.  Within the foregoing limits,  Borrower
     may  borrow,  partially or wholly prepay, and  reborrow
     under this Agreement as follows:

     The  Loan  Agreement is hereby amended by deleting in  their
entirety  the financial covenants and ratios relating to  minimum
Tangible  Net  Worth and the Maximum Liability  to  Tangible  Net
Worth ratio, and by substituting in lieu thereof the following:

     TANGIBLE   NET  WORTH  REQUIREMENTS.   Borrower   shall
     maintain  a  Tangible  Net  Worth  of  not  less   than
     $5,000,000.00.

     MAXIMUM   LIABILITY  TO  TANGIBLE  NET   WORTH   RATIO.
     Borrower shall maintain a ratio of Maximum Liability to
     Tangible Net Worth of not more than 1.5 to 1.0

     The  Loan  Agreement is hereby amended by  deleting  in  its
entirety  the  definition of "Borrowing Base" and by substituting
in lieu thereof the following:

     Borrowing Base.  The words "Borrowing Base" mean forty-
     five percent (45%) of Borrower's Eligible Inventory.

<PAGE>

     The Loan Agreement, the Note, the Security Agreement and the
other  Related  Documents  are hereby  amended  by  changing  all
references  to  the principal amount of the Note or  the  maximum
amount  of  the  Loan  from Two Million and  00/100  Dollars  (or
$2,000,000.00)   to   Five  Million   and   00/100   Dollars   or
($5,000,000.00).

     The Note is hereby amended by deleting in their entirety the
sections  of  the Note entitled "PAYMENT" and "VARIABLE  INTEREST
RATE" and by substituting in lieu thereof the following:

     PAYMENT.  Borrower will pay this loan in one payment of
     all  outstanding  principal  plus  all  accrued  unpaid
     interest  on  August  28, 2004.  In addition,  Borrower
     will pay regular monthly payments of all accrued unpaid
     interest  due as of each payment date, beginning  April
     22,  2003, with all subsequent interest payments to  be
     due  on  the same day of each month after that.  Unless
     otherwise   agreed  or  required  by  applicable   law,
     payments  will  be  applied  first  to  accrued  unpaid
     interest,  then to principal, and any remaining  amount
     to  any unpaid collection costs and late charges.   The
     annual  interest rate for this Note is  computed  on  a
     365/360  basis; that is, by applying the ratio  of  the
     annual   interest  rate  over  a  year  of  360   days,
     multiplied   by  the  outstanding  principal   balance,
     multiplied  by the actual number of days the  principal
     balance  is outstanding.  Borrower will pay  Lender  at
     Lender's address shown above or at such other place  as
     Lender may designate in writing.

     VARIABLE INTEREST RATE.  The interest rate on this Note
     is subject to change from time to time based on changes
     in  an  independent index which is the published thirty
     (30)  day London Interbank Offered Rate ("LIBOR")  (the
     "Index").  The Index is not necessarily the lowest rate
     charged  by Lender on its loans.  If the Index  becomes
     unavailable  during the term of this loan,  Lender  may
     designate  a substitute index after notice to Borrower.
     Lender  will tell Borrower the current Index rate  upon
     Borrower's request.  The interest rate change will  not
     occur  more often than each day.  The frequency of  the
     rate  change  is  further defined  below  in  paragraph
     titled  "VARIABLE  RATE  CHANGE  FREQUENCY".   Borrower
     understands that Lender may make loans based  on  other
     rates as well.  The interest rate to be applied to  the
     unpaid principal balance of this Note will be at a rate
     of  2.4  percentage points over the  Index.   Under  no
     circumstances  will the effective rate of  interest  on
     this  Note  be  more than the maximum rate  allowed  by
     applicable law.

     The  last  sentence  of  the section in  the  Note  entitled
"INTEREST AFTER DEFAULT" is amended to read as follows:

          Upon  default  the total sum due under  this  Note
     will  bear  interest from the date of  acceleration  or
     maturity at the highest rate allowed by applicable law.

     The Loan Agreement, the Note, the Security Agreement and the
other  Related  Documents  are hereby  amended  by  deleting  any
reference to a 45-day "clean-up period".

     Borrower hereby grants, bargains, sells, transfers, assigns,
sets   over,  conveys,  re-grants,  re-bargains,  re-sells,   re-
transfers, re-assigns, re-sets over and re-conveys to Lender, its
successors  and  assigns,  a lien and security  interest  in  the
Collateral  (as defined in the Security Agreement), and  Borrower
hereby  ratifies and affirms the Loan Agreement,  the  Note,  the
Security  Agreement  and each other Related  Document.   Borrower
authorizes Lender to prepare and file UCC financing statements in
such form and in such jurisdictions as may be reasonably required
by Lender.

     Except  as may be modified or waived by Lender, in its  sole
discretion,  the effectiveness of this First Amendment  shall  be
subject  to  full  and  complete satisfaction  of  the  following
conditions:

     Resolutions.   Lender  shall have received  appropriate
     -----------
          resolutions of Borrower's directors, in  form  and
          substance   satisfactory  to  Lender,  authorizing
          Borrower  to  enter into this First Amendment  and
          any  other  documentation required  by  Lender  in
          connection with this First Amendment.

Incumbency and Bringdown Certificate.  Lender shall have received
------------------------------------
a Bringdown and Incumbency Certificate of Borrower, in form and
substance satisfactory to Lender.

<PAGE>

     Payment  of  Fees  and  Expenses.   Lender  shall  have
     --------------------------------
          received  from  Borrower a  $14,000.00  commitment
          fee,  together with the payment of  all  fees  and
          expenses required by the Loan Agreement, the Note,
          the  Security  Agreement  and  the  other  Related
          Documents,  including, but not limited  to,  taxes
          and other recording charges in connection with the
          recording of any UCC financing statements and  the
          fees and expenses of Lender's legal counsel.

     Borrower   represents  and  warrants  to  Lender  that   all
representations  and  warranties given by Borrower  in  the  Loan
Agreement, the Note, the Security Agreement and the other Related
Documents and any amendments thereto are true and correct  as  of
the  date  hereof, except to the extent affected  by  this  First
Amendment.   Borrower  represents and  warrants  to  Lender  that
Borrower  is  in  full compliance with all of  the  covenants  of
Borrower  contained in the Loan Agreement, the Note, the Security
Agreement  and  the  other Related Documents and  the  amendments
thereto, except to the extent affected by this First Amendment.

     Except as heretofore or herein expressly modified, or as may
otherwise  be inconsistent with the terms of this First Amendment
(in  which  case the terms and conditions of this First Amendment
shall  govern), all terms of the Loan Agreement,  the  Note,  the
Security  Agreement  and  the other Related  Documents,  and  all
documents  and instruments executed and delivered in  furtherance
thereof  shall  be and remain in full force and effect,  and  the
same are hereby ratified and confirmed in all respects.

     IN WITNESS WHEREOF, this First Amendment has been duly
executed as of the day and year first above written.

                              PETMED EXPRESS, INC.

                              By: /s/ Bruce S. Rosenbloom
                                 --------------------------------
                              Its:   CFO
                                 --------------------------------

                              SOUTHTRUST BANK

                              By: /s/ Monica Graham
                                 --------------------------------

                              Its:   Commercial Loan Officer
                                 --------------------------------

<PAGE>CONSENT, WAIVER AND AMENDMENT AGREEMENT

 

Exhibit 10.15

CONSENT, WAIVER AND AMENDMENT AGREEMENT

     This Consent, Waiver and Amendment Agreement (this “Agreement”) is entered
into as of July 29, 2003, between Montpelier Reinsurance Ltd., a company
organized under the laws of Bermuda (the “Company”) and Barclays Bank PLC (the
“Bank”). Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Letter of Credit Agreement defined
below.

RECITALS

     WHEREAS, the Company and the Bank are parties to the Letter of Credit
Agreement, dated as of December 6, 2002 (the “Letter of Credit Agreement”),
pursuant to which the Bank made available to the Company a letter of credit
facility; and

     WHEREAS, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties agree as follows:

     SECTION 1. CONSENT AND WAIVER. The Bank hereby consents to the Company’s
prepayment and termination of the Credit Agreement and hereby waives any Event
of Default under Section 11.1(t) of the Letter of Credit Agreement resulting
from the prepayment and termination of the Credit Agreement.

     SECTION 2. AMENDMENT.

		
	 	     (a) The maximum principal amount of the facility referred to in
Section 3.1 of the Letter of Credit Agreement is reduced from
$100,000,000 to $50,000,000.
	 
	 	     (b) Effective on the date of the Company’s prepayment and
termination of the Credit Agreement, the Bank and the Company hereby
agree to amend and modify the Letter of Credit Agreement to delete
Section 11.1(t) thereof.

     SECTION 3. REPRESENTATIONS AND WARRANTIES. The Company hereby represents
and warrants that:

		
	 	     (a) no Event of Default has occurred and is continuing or will
result from the execution and delivery or effectiveness of this
Agreement; and
	 
	 	     (b) the representations and warranties of the Company contained in
Article IX of the Letter of Credit Agreement are true and correct in all
material respects as of the date hereof, with the same effect as though
made on such date (except where such representation speaks as of a
specified date).

     SECTION 4. GENERAL.

     4.1 Reaffirmation of Letter of Credit Agreement. As amended hereby, the
Letter of Credit Agreement is hereby reaffirmed, approved and confirmed in
every respect and shall remain in full force and effect.

 

 

     4.2 Counterparts; Effectiveness. This Agreement may be executed by the
parties hereto in any number of counterparts and by the different parties in
separate counterparts and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same agreement.

     4.3 Contract (Rights of Third Parties) Act 1999. The parties to this
Agreement do not intend that any term of this Agreement shall be enforceable
solely by virtue of the Contracts (Rights of Third Parties) Act 1999 by any
person who is not a party to this Agreement. The consent of any third party is
not required for any termination or amendment to this Agreement.

     4.4. Governing Law; Entire Agreement. THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, ENGLISH LAW.

[The remainder of this page is intentionally left blank]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed, sealed and delivered as a deed as of the date and year first above
written.

	 	 	 	 	 
	 	 	MONTPELIER REINSURANCE LTD.
	 	 	 	 	 
	 	 	
By:
	 	/s/ Neil McConachie
	 	 	 	 	

	 	 	
Name:

Title:
	 	Neil McConachie

Senior Vice President
	 	 	 	 	 
	 	 	BARCLAYS BANK PLC
	 	 	 	 	 
	 	 	
By:
	 	/s/ Chris M. Lee
	 	 	 	 	

	 	 	
Name:

Title:
	 	CHRIS M LEE

MANAGER

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