Document:

exv10w49

 

Exhibit 10.49

Patriot Capital Funding, Inc.

274 Riverside Avenue

Westport, CT 06880

March 30, 2007

Dover Saddlery, Inc.

525 Great Road

Littleton, MA 01460

Attn: Stephen L. Day

	 	 	 
	Re:

	 	Waiver and Amendment No. 3 to the Amended and Restated Senior Subordinated Note
and Warrant Purchase Agreement (“Amendment No. 3”)

Stephen:

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”), and Consent and Amendment No. 2, dated June 29, 2006, among the Borrower, Purchaser
and Servicer (“Amendment No. 2”) (the Original Note and Warrant Purchase Agreement, as
amended by Amendment No. 1 and Amendment No. 2 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 Note and Warrant Purchase Agreement.

The parties to the Note and Warrant Purchase Agreement desire to make certain amendments thereto
and 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 amendments and waiver must be in a written instrument
signed by Borrower, Servicer and the Required Purchasers. Holder, as sole holder of the Notes,
constitutes the Required Purchasers for purposes of executing this Amendment No. 3.

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

 

 

     1. Amendments to Note and Warrant Purchase Agreement. All of the terms and
provisions of the Note and Warrant Purchase Agreement shall remain in full force and effect except
as follows:

     (i) Section 7.3(a). Section 7.3(a) of the Note and Warrant Purchase Agreement is
hereby amended and restated in its entirety to read as follows:

          (a) Funded Debt Ratio. A maximum Funded Debt Ratio as at any fiscal quarter-end
during any period specified below of not more than the ratio identified below as applicable to such
period:

	 	 	 	 	 
	Period	 	Maximum Ratio
	 
	 	 	 	 
	For the fiscal quarter ending on March 31, 2007
	 	 	4.40 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on June 30, 2007
	 	 	4.40 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on September 30, 2007
	 	 	4.40 to 1.0	 
	 
	 	 	 	 
	For any fiscal quarter ending on or after December 31, 2007
	 	 	3.30 to 1.0	 

     (ii) Section 7.3(b). Section 7.3(b) of the Note and Warrant Purchase Agreement is
hereby amended and restated in its entirety to read as follows:

          (b) Funded Senior Debt Ratio. A maximum Funded Senior Debt Ratio as at any fiscal
quarter-end during any period specified below of not more than the ratio identified below as
applicable to such period:

	 	 	 	 	 
	Period	 	Maximum Ratio
	 
	 	 	 	 
	For the fiscal quarter ending on March 31, 2007
	 	 	3.58 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on June 30, 2007
	 	 	3.58 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on September 30, 2007
	 	 	3.58 to 1.0	 
	 
	 	 	 	 
	For any fiscal quarter ending on December 31, 2007
	 	 	2.75 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on March 31, 2008
	 	 	2.75 to 1.0	 
	 
	 	 	 	 
	For any fiscal quarter ending on or after June 30, 2008
	 	 	2.20 to 1.0	 

-2-

 

     (iii) Section 7.3(c). Section 7.3(c) of the Note and Warrant Purchase Agreement is
hereby amended and restated in its entirety to read as follows:

          (c) Operating Cash Flow to Total Debt Service. A minimum ratio of (i) Operating Cash
Flow to (ii) Total Debt Service of not less than the ratio identified below as applicable to such
period, in each case as determined at the end of each fiscal quarter for the four consecutive
fiscal quarters then ending:

	 	 	 	 	 
	Period	 	Minimum Ratio
	 
	 	 	 	 
	For the fiscal quarter ending on March 31, 2007
	 	 	1.15 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on June 30, 2007
	 	 	1.00 to 1.0	 
	 
	 	 	 	 
	For the fiscal quarter ending on September 30, 2007
	 	 	1.15 to 1.0	 
	 
	 	 	 	 
	For any fiscal quarter ending on or after December 31, 2007
	 	 	1.30 to 1.0	 

For purposes of this section, the calculation of Operating Cash Flow for the periods ending March
31, 2007, June 30, 2007 and September 30, 2007 shall exclude $900,000 of Capital Expenditures in
connection with the acquisition of Old Dominion Enterprises, Inc.

     (iv) Section 7.3(d). Section 7.3(d) of the Note and Warrant Purchase Agreement is
hereby amended and restated in its entirety to read as follows:

          (d) Minimum EBITDA Amount. Minimum EBITDA for the then preceding four
quarters of not less than:

	 	 	 	 	 
	Period	 	Minimum Amount
	 
	 	 	 	 
	For the fiscal quarter ending on March 31, 2007
	 	$	3,150,000	 
	 
	 	 	 	 
	For the fiscal quarter ending on June 30, 2007
	 	$	3,375,000	 
	 
	 	 	 	 
	For the fiscal quarter ending on September 30, 2007
	 	$	3,375,000	 
	 
	 	 	 	 
	For the fiscal quarter ending on December 31, 2007
	 	$	4,050,000	 
	 
	 	 	 	 
	For the fiscal quarter ending on March 31, 2008
	 	$	4,050,000	 
	 
	 	 	 	 
	For any fiscal quarter ending on or after June 30, 2008
	 	$	4,500,000	 

     2. Waiver of Event of Default. Purchaser and Servicer hereby permanently waive the
Event of Default resulting from Borrower’s breach of Section 7.2(e) (Capital Expenditures) for the
fiscal year 2006, effective as of December 31, 2006, subject to satisfaction of all preconditions
to effectiveness of this Amendment No. 3 set forth in Section 6 below. The waiver

-3-

 

set forth herein relates solely to the specific instance described in this Section 2 and no
other waiver is granted or intended.

     3. Amendment Fee; Expenses. In consideration of the Servicer’s and Purchaser’s
execution and delivery of this Amendment No. 3 and the amendments contained herein, Borrower shall
pay to Servicer on the date hereof a fully earned and non-refundable amendment fee (the
“Amendment Fee”) in the amount of Fifteen Thousand Dollars ($15,000). Borrower shall also
pay all reasonable expenses incurred by the 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.

     4. Reaffirmation. Except as specifically amended hereby, 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 2 above, this Amendment No. 3 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.

     5. Representations. To induce Servicer and Purchaser to enter into this Amendment No.
3, Borrower represents and warrants to each that:

          (a) all of its representations and warranties in the Transaction Documents, as amended by this
Amendment No. 3, are: (i) true and correct as of the date of this Amendment No. 3, (ii) ratified
and confirmed without condition as if made anew, and (iii) incorporated into this Amendment No. 3
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 Amendment No. 3;

          (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 Amendment No.
3 or, if required, has been obtained; and

          (d) this Amendment No. 3 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 Transaction Documents remain
outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date
of this Amendment No. 3.

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 effect, and shall
cover and secure all of the Borrower’s existing and future obligations to Servicer

-4-

 

and Purchaser, as modified by this Amendment No. 3 and subject to the Subordination Agreement.

     6. Preconditions. This Amendment No. 3 is subject to the Servicer having received the
following, all in form, scope and content acceptable to Servicer and Purchaser in their sole
discretion:

          (a) this Amendment No. 3, 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 $15,000 Amendment Fee;

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

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

     7. Waiver, Release and Indemnity. To induce Servicer and Purchaser to enter into this
Amendment No. 3, 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 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
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 employees. The Borrower further states that
is 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 Amendment No. 3 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 Amendment No. 3 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 Amendment No. 3 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/ Clifford Wells
 	 
	 	 	Name:  	Clifford Wells 	 
	 	 	Title:  	Chief Investment Officer 	 
	 
	 	 	 
	 	By:  	                                                  /s/ Timothy W. Hassler
 	 
	 	 	Name:  	Timothy W. Hassler 	 
	 	 	Title:  	Chief Operating Officer 	 
	 

ACKNOWLEDGED and AGREED

this ____ day of March, 2007

	 	 	 	 	 	 	 	 	 
	PURCHASER	 	 	 	PARENT:
	 
	 	 	 	 	 	 	 	 
	PATRIOT CAPITAL FUNDING, LLC I	 	 	 	DOVER SADDLERY, INC.
	 
	 	 	 	 	 	 	 	 
	By:

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

	 	 
	 	 	 	 	 	 
	 

	 	Name: Clifford Wells

Title: Chief Investment Officer
	 	 	 	 	 	Stephen L. Day

President
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	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 AMENDMENT NO. 3

CONSENT OF GUARANTOR

          The undersigned guarantor (the “Guarantor”) consents to the provisions of the
foregoing Waiver and Amendment No. 3 to Senior Subordinated Note and Warrant Purchase Agreement
(“Amendment No. 3”) 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
Amendment No. 3;

          (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
Amendment No. 3.

          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
Amendment No. 3 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 Amendment
No. 3, intending to be legally bound hereby.

	 	 	 	 	 
	 	OLD DOMINION ENTERPRISES, INC.

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

-7-<PAGE>
                                                                    Exhibit 10.1

                                                                  EXECUTION COPY

                           LOAN MODIFICATION AGREEMENT

     THIS LOAN MODIFICATION AGREEMENT (this "Agreement") is made as of March 29,
2007, by and between BANK OF AMERICA, N.A., successor by merger to Fleet
National Bank, a national banking association organized and existing under the
laws of the United States of America with an address at 100 Federal Street,
Boston, Massachusetts 02110 (the "Bank"), NATIONAL DENTEX CORPORATION, a
Massachusetts corporation, with an address at 526 Boston Post Road, Wayland, MA
01778 ("Dentex"), GREEN DENTAL LABORATORIES, INC., an Arkansas corporation, with
an address at 1099 Wilburn Road, Heber Springs, AR 72543 ("Green"), KELLER
GROUP, INCORPORATED, a Missouri corporation ("Keller"), KELLER LABORATORIES,
INCORPORATED - MIDWEST, a Missouri corporation ("Keller Midwest") and KELLER
LABORATORIES, INC. - SOUTHEAST, a Kentucky corporation ("Keller Southeast", and
with Dentex, Green, Keller and Keller Midwest, each a "Borrower", and
collectively the "Borrowers") each with an address at c/o National Dentex
Corporation, 526 Boston Post Road, Wayland, MA 01778.

     WHEREAS, reference is made to that certain loan arrangement (the "Loan
Arrangement") between the Bank and the Borrowers evidenced by, among any other
documents, instruments, and agreements, (i) that certain Second Amended and
Restated Loan Agreement dated November 7, 2006, by and among the Bank, Dentex,
and Green (the "Loan Agreement"); (ii) that certain Second Amended and Restated
First Line of Credit Note dated November 7, 2006, by and among the Bank and the
Borrowers; (iii) that certain Second Amended and Restated Second Line of Credit
Note dated November 7, 2006, by and among the Bank and the Borrowers; (iv) that
certain Amended and Restated Term Note, dated November 7, 2006, between the Bank
and the Borrowers; and (v) that certain Joinder Agreement dated as of January
11, 2007, by and among the Bank and the Borrowers; and

     WHEREAS, the Borrowers have requested that the Bank agree to the
modification of the Loan Documents to provide for daily automatic advances under
the First Line of Credit to bring Dentex's demand deposit account up to an
agreed upon target balance, and the Bank has so agreed, but only upon the terms
and conditions set forth hereinafter.

     NOW THERFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is hereby agreed by the Bank
and the Borrowers that the Loan Agreement and the other Loan Documents are
amended as follows:

1. Section 1, "The Credit Facility; Advances", is hereby amended by the addition
of the following text at the end of the Section 1(a)(i):

     "To the extent that there is availability under the First Line of Credit,
     AutoBorrow Advances may be used to fund the Target Balance in accordance
     with the terms and conditions of the AutoBorrow Service Agreement."

<PAGE>

2. Section 1, "The Credit Facility; Advances", is hereby amended by the addition
of the following text at the end of the Section 1(b):

     "AutoBorrow Advances shall be made to Dentex in accordance with the terms
     of the AutoBorrow Service Agreement."

3. Section 2, "Interest; Payments; Fees; Borrowing", is hereby amended by the
addition of the following text at the end of Section 2(a):

     "AutoBorrow Advances shall bear interest at the LIBOR Lending Rate (having
     an Interest Period of 30 days) plus the Applicable Margin with respect
     thereto, as in effect from time to time."

4. Section 2, "Interest; Payments; Fees; Borrowing", is hereby amended by the
addition of the following text as an additional paragraph following Section
2(f)(viii):

     "(ix) Notice Requirements for AutoBorrow Advances. Any requirements in this
     Section 2 for notice to the Bank shall not be construed to apply to
     AutoBorrow Advances. AutoBorrow Advances shall be made automatically in
     accordance with the terms of the AutoBorrow Service Agreement. AutoBorrow
     Advances may be prepaid at any time and from time to time, without notice
     to the Bank, and without premium or penalty."

5. Section 4, "Definitions", is hereby amended by the addition of the following
definitions, which definitions shall be inserted as additional subsections at
the end of Section 4:

     (a)  "(oo) The term "AutoBorrow Advances" shall mean any advances made to
          the Borrowers under the terms of the AutoBorrow Service Agreement."

     (b)  "(pp) The term "Target Balance" shall have the meaning ascribed to
          this term in the AutoBorrow Service Agreement."

     (c)  "(qq) The term "AutoBorrow Service Agreement" shall mean that certain
          AutoBorrow Service Agreement dated as of May 12, 2004 by and between
          Dentex and the Bank, and/or any amendments, restatements or
          replacements thereof, as may be in effect from time to time."

6. Section 6, "Covenants", is hereby amended by deleting Section 6(u) in its
entirety and inserting in lieu thereof the following text:

          "(u) Maximum Consolidated Total Funded Debt to Consolidated EBITDA. As
               at the end of any fiscal quarter, the ratio of (a) Consolidated
               Total Funded Debt as of such date to (b) Consolidated EBITDA for
               the

                                        2

<PAGE>

               period of four (4) consecutive fiscal quarters ending on the date
               of calculation (i) prior to and including December 31, 2007,
               shall not exceed 2.5:1.0 and (ii) thereafter shall not exceed
               2.0:1.0."

7. In all other respects, the Loan Agreement and the other Loan Documents are
hereby confirmed and ratified and all terms and provisions not amended hereby
shall remain in full force and effect. To the extent that any term and condition
of the Loan Agreement or any other Loan Document is inconsistent with the terms
and provisions hereof, the Loan Agreement and such other Loan Documents are
hereby amended to reflect the modifications and amendments set forth in this
Agreement.

8. To induce the Bank to enter into this Agreement, the Borrowers each represent
and warrant that (a) all the representations and warranties contained in the
Loan Documents, after giving effect to the amendments and modifications
contemplated hereby are true and correct on and as of the date hereof as though
made on and as of the date hereof; (b) as of the date hereof, the Borrowers have
no defenses, counterclaims, offsets or other claims against the Bank or any of
its officers, employees, agents, attorneys, predecessors, affiliates, or other
representatives of any nature, relating to the Loan Arrangement; and (c) no
default or breach under any of the Loan Documents after giving effect to the
amendments contemplated hereby, and no event which the passage of time or giving
of notice or both would constitute such a default or breach, exists on the date
hereof.

9. This Agreement does not constitute a discharge, release or waiver of any of
the Borrowers' obligations or liabilities under the Loan Documents, or any other
agreements to which the Bank and the Borrowers and any guarantor are parties,
all of which remain in full force and effect.

10. This Agreement and the rights and obligations of the parties hereunder shall
be deemed to be a document executed under seal and shall be construed and
interpreted in accordance with the laws of the Commonwealth of Massachusetts
(excluding the laws applicable to conflicts or choice of law).

11. This Agreement shall be binding upon and inure to the benefit of the parties
hereto, their respective administrators, successors and assigns. This Agreement
may only be amended in writing.

12. Capitalized terms used herein without definition shall have the meaning set
forth in the Loan Agreement.

                  [Remainder of page intentionally left blank.]
                           [Signature page to follow.]

                                        3

<PAGE>

                 [Signature page to Loan Modification Agreement]

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.

                                        NATIONAL
                                        DENTEX CORPORATION:

/s/ Jill Crosby                         By: /s/ Richard F. Becker, Jr.
-------------------------------------       ------------------------------------
Witness:                                Name: Richard F. Becker, Jr.
                                        Title: Executive Vice President and
                                               Treasurer

                                        GREEN DENTAL LABORATORIES, INC.

/s/ Jill Crosby                         By: /s/ Richard F. Becker, Jr.
-------------------------------------       ------------------------------------
Witness:                                Name: Richard F. Becker, Jr.
                                        Title: Assistant Treasurer

                                        KELLER GROUP, INCORPORATED

/s/ Jill Crosby                         By: /s/ Richard F. Becker, Jr.
-------------------------------------       ------------------------------------
Witness:                                Name: Richard F. Becker, Jr.
                                        Title: Assistant Treasurer and Assistant
                                               Secretary

                                       S-1

<PAGE>

           [Signature page to Loan Modification Agreement - continued]

                                        KELLER LABORATORIES, INCORPORATED -
                                        MIDWEST

/s/ Jill Crosby                         By: /s/ Richard F. Becker, Jr.
-------------------------------------       ------------------------------------
Witness:                                Name: Richard F. Becker, Jr.
                                        Title: Assistant Treasurer and Assistant
                                               Secretary

                                        KELLER LABORATORIES, INC. - SOUTHEAST

/s/ Jill Crosby                         By: /s/ Richard F. Becker, Jr.
-------------------------------------       ------------------------------------
Witness:                                Name: Richard F. Becker, Jr.
                                        Title: Assistant Treasurer and Assistant
                                               Secretary

                                        BANK OF AMERICA, N.A.

                                        By: /s/ Richard MacDonald
                                            ------------------------------------
                                        Name: Richard MacDonald
                                        Title: Vice President

                                       S-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]