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Exhibit 10.1
 Execution version
 LIMITED WAIVER AND TENTH AMENDMENT TO  FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
 Amendment th
 RECITALS
    Section 1 Limited Waiver .
 Section 2 Amendments to the Credit Agreement .
 Section 1.19




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Section 1.20
 Eligible Inventory-Wholesale
 Eligible Inventory-Wholesale Section 1.20
  Disclosure Schedule (3.2) 
Inventory-Wholesale
 2




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provided however
  Section 1.21
 Eligible In-Transit Inventory
 Eligible In-Transit Inventory-Retail
 3




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Eligible In-Transit
Inventory-Wholesale
       Section 1.22
 Eligible Accounts
 Eligible Accounts-Retail Eligible Accounts-Wholesale
 4




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clause (a) Permitted Encumbrances
  5




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6




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Section 1.23
 Eligible Trade L/Cs
 Eligible Trade L/Cs-Retail Section 6.18 Eligible Trade L/Cs-Wholesale Section 6.18
 Section 6.1
 Mergers, Subsidiaries, Etc provided that
 7




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Section 6.2(c)(vi) Wholesale Subsidiary provided that
 Clause (c) Section 6.2
 Section 6.1 Section
6.3 Section
6.1(vi)
 Clause (i) Section 6.3
 Sections 6.1 and 6.2
 Schedule
 8




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Borrowing Base
 Eligible Inventory-Apparel Advance Rate provided minus plus
 plus
 plus
 plus
 plus
 Eligible Trade L/C-Retail Advance Rate provided plus
 Eligible Trade L/C-Wholesale Advance
Rate provided
 9




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Eligible Accounts
 Eligible In-Transit Inventory
 Eligible Inventory Section 1.19 Section 1.20
 Eligible Trade L/Cs Eligible Trade L/Cs-Retail and
Eligible Trade L/Cs-Wholesale
 Net Orderly Liquidation Value NOLV subsection (g) Schedule H
 Schedule A
 Eligible Accounts-Retail Section 1.22
 Eligible Accounts-Wholesale Section 1.22
 Eligible In-Transit Inventory-Retail Section 1.21
 Eligible In-Transit Inventory-Wholesale Section 1.21
 Eligible Inventory-Wholesale Section 1.20
 Eligible Trade L/Cs-Retail Section 1.23
 10




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Eligible Trade L/Cs-Wholesale Section 1.23
 Inventory-Wholesale
 New Wholesale Business
 Non-Core Business
 Wholesale Subsidiary Section 6.1
 Exhibit 4.1(b) (Form of Borrowing Base Certificate) Exhibit 4.1(b) (Form of
Borrowing Base Certificate)
 Section 3 Representations and Warranties
    11




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Section 4 Conditions to Effectiveness .
 Section 5 Reference to and Effect Upon the Credit Agreement .
   Section 6 Waiver and Release .
  Section 7 Costs and Expenses.
 Section 11.3
 Section 8 Governing Law.
  Section 9 Headings.
  12




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Section 10 Counterparts.
  Section 11 Confidentiality .
   13




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BORROWER:
WILSONS LEATHER HOLDINGS INC.By:

/s/ Stacy A. KruseTitle: Chief Financial Officer and Treasurer LENDERS:
GENERAL ELECTRIC CAPITAL 
CORPORATION, as Agent, Lender, Term Lender 
and Swing Line LenderBy:
    /s/ Kristina M. MillerTitle: Duly Authorized Signatory LASALLE RETAIL FINANCE, a division of 
LaSalle Business Credit, as agent for Standard 
Federal Bank National Association, as LenderBy:
    /s/ Matthew PotterTitle: Vice President THE CIT GROUP/BUSINESS CREDIT, INC., as 
Lender and Documentation AgentBy:
    /s/ Steven SchuitTitle: Vice President WELLS FARGO RETAIL FINANCE LLC, as 
Lender and Syndication AgentBy:
    /s/ Cory LoftusTitle: V.P. Account Executive




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Wilsons The Leather Experts Inc.By:
    /s/ Stacy A. KruseStacy A. KruseTitle:
    Chief Financial Officer and Treasurer Wilsons Center, Inc.By:
    /s/ Stacy A. KruseStacy A. KruseTitle:
    Chief Financial Officer and Treasurer Rosedale Wilsons, Inc.By:
    /s/ Stacy A. KruseStacy A. KruseTitle:
    Chief Financial Officer and Treasurer River Hills Wilsons, Inc.By:
    /s/ Stacy A. KruseStacy A. KruseTitle:
    Chief Financial Officer and Treasurer Bermans The Leather Experts Inc.By:
    /s/ Stacy A. KruseStacy A. KruseTitle:
    Chief Financial Officer and Treasurer




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Disclosure Schedule 3.2  Inventory-Wholesale
  Wilsons Leather Distribution Center
 
  xpedx Warehouse  th




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Exhibit 4.1(b) (Form of Borrowing Base Certificate)
 Wilsons Leather
Borrowing Base Certificate
As of x/x/xx
 Credit Card Receivables per x/x/xx Sales Audit System
    
    
    
    
    
    $
    Advance Rate
    
    
    
    
    
    
    85.0
    %Total Credit Card Receivables Availability
    
    
    
    
    
    $
    Wholesale Accounts Receivable
    
    
    
    
    
    $
    Less: Ineligibles
    
    
    
    
    
    
    Eligible Wholesale Accounts Receivable
    
    
    
    
    
    $
    Advance Rate
    
    
    
    
    
    
    85.0
    %Total Wholesale Accounts Receivables Availability
    
    
    
    
    
    $
    Inventory per the x/x/xx External Stock Ledger
    
    
    
    
    
    $
    E-commerce Inventory per the x/x/xx Stock Ledger
    
    
    
    
    
    
    Merchandise In-transit  Wires
    
    
    
    
    
    
    Merchandise In-transit  LCs
    
    
    
    
    
    
    Merchandise In-transit  Domestic Freight
    
    
    
    
    
    
    Merchandise In-transit  Prepaid
    
    
    
    
    
    
    Total Inventory
    
    
    
    
    
    $
    Less IneligiblesMerchandise In-transit  Unfunded LCs
    
    $
    Layaway Inventory
    
    
    Liquidation Store Inventory
    
    
    Book to Physical Adjustment Reserve
    
    
    Discontinued Product Lines
    
    
    Locations < $50,000
    
    
    Inventory Not Located in 48 Contiguous States
    
    
    Inventory at E-commerce Location (No Landlord Waiver)
    
    
    Total Ineligibles
    
    
    
    
    
    
    Eligible Inventory
    
    
    
    
    
    $
    Advance Rate through June 2006
    
    
    
    
    
    
    67.7
    %Inventory Availability
    
    
    
    
    
    $
    Less Reserves:Landed Costs of In-transit
    
    $
    Gift Certificates
    
    
    Credit Memos
    
    
    Gift Cards
    
    
    Total Reserves
    
    
    
    
    
    
    Total Inventory Availability
    
    
    
    
    
    $
    Import LC Inventory
    
    
    
    
    
    $
    Less: Import Payments
    
    
    
    
    
    
    Plus: New Import LC Issuances
    
    
    
    
    
    
    




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Net Import LC Inventory
    
    
    
    
    
    $
    Advance Rate through June 2006
    
    
    
    
    
    
    58.4
    %Available Import LC Inventory
    
    
    
    
    
    $
    Less: Landed Costs
    
    
    
    
    
    
    Total Eligible Import LC Inventory
    
    
    
    
    
    $
    Wholesale Inventory
    
    
    
    
    
    $
    Less: Ineligibles
    
    
    
    
    
    
    Eligible Wholesale Inventory
    
    
    
    
    
    $
    Advance Rate
    
    
    
    
    
    
    50.0
    %Total Wholesale Inventory Availability
    
    
    
    
    
    $
    Total Wilsons Availability
    
    
    
    
    
    $
    Less:Revolver Outstanding
    
    
    Import LCs
    
    
    Stand-by LCs
    
    
    Excess Availability Reserve
    
    
    10,000,000Peninsula Reserve
    
    
    Other
    
    
    Total Outstanding
    
    
    
    
    
    
    10,000,000Excess Availability
    
    
    
    
    
    $
    (10,000,000
    )Total Wilsons Inventory
    
    $
    Less:Book to Physical Adjustment Reserve
    
    
    Total On-Hand Inventory
    
    $
    Net OLV  Wilsons Inventory through June 2006
    
    
    79.6
    %Wilsons GOB Value
    
    
    
    
    
    $
    Documentary L/Cs and Wholesale Inventory
    
    $
    Net OLV  L/C Inventory through June 2006
    
    
    68.7
    %L/C Inventory GOB Value
    
    
    
    
    
    
    Accounts Receivable GOB Value
    
    
    
    
    
    
    Total GOB Value of Collateral
    
    
    
    
    
    $
    Actual Revolver and L/C GOB Ratio
    
    
    
    
    
    #DIV/0!Maximum Revolver and L/C GOB Ratio
    
    
    
    
    
    
    85.0
    %In Compliance?
    
    
    
    
    
    #DIV/0!Actual Revolver, L/C, and Term B GOB Ratio
    
    
    
    
    
    #DIV/0!Maximum Revolver, L/C, and Term B GOB Ratio
    
    
    
    
    
    
    92.5
    %In Compliance?
    
    
    
    
    
    #DIV/0!




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