Document:

10.6     Advisory  Agreement  with  Francis  Street  Pty  Limited

                               ADVISORY AGREEMENT

THIS  ADVISORY  AGREEMENT (Agreement) is made and entered into as of the 1st day
of March, 2006 by and between ISLAND RESIDENCES CLUB, INC ("Client") and FRANCIS
STREET  PTY  LIMITED  ("Advisor").

In  consideration  of  the  mutual  promises and agreements herein contained and
other good valuable considerations, the receipt of which is hereby acknowledged,
it  is  hereby  agreed  between  the  parties  hereto  as  follows:

1.  ADVISORY  SERVICES

A.)     The  Advisor undertakes to act as a non-exclusive advisor to the Client,
and  shall,  subject to the supervision of the Client, provide advisory services
to  the  Client  which  shall  include,  but  not  be  limited to, reviewing and
analyzing  any  material  documentation provided by the Client or the Advisor to
determine  the  Client's  most  effective use of the materials and strategies to
generate  profits  that  are  in  the  Client's  best  interest  to complete and
implement.
B.)     Consistent  with  its  duties  described  in  paragraph  (A) hereof, the
Advisor  shall  use  its  best  efforts to provide advice to the Client.  If the
Client  requests  the  Advisor to participate in any transactions or perform any
other  specific  services.
C.)     Consistent  with its duties described herein, the Advisor shall maintain
absolute  confidentiality  with  respect to these services and shall not provide
any  verbal  or  written  information, to any party, without the express written
permission  of  the  Client.

The Advisor may, with the prior approval of the Client, and at the Client's sole
discretion,  appoint  one  or more advisors, whom are bound by a confidentiality
and  non-circumvention  agreement,  to  perform  one  or  more  of the foregoing
services  with  respect  to  all  or  a  portion of the services provided to the
Client.  The  Advisor shall not have absolute authority and discretion as to all
matters  that  are  necessary  or incidental to the foregoing.  The Client shall
have  the  final  decision on any issue at its absolute discretion.  The Advisor
shall  furnish the Client with full information concerning activities undertaken
by  the  Advisor  on  the  Client's  behalf.

2.  ADVISORY  FEE

For  services to be rendered hereunder to the Client, the Client will pay to the
Advisor  fees in the amount of 1,000,000 (one million) shares of common stock in
the  form  of  advisory  fees.

3.  EXPENSES

It  is  understood  that,  if  agreed  to in advance, the Client will pay for or
reimburse  the  Advisor  for  all  expenses  incurred,  but  not  limited to the
following:

A.)     All reasonable travel fees and expenses, including those associated with
servicing  the  Client  or  its  affiliates.
B.)     Any  legal  fees  and  expenses  in connection with services provided by
Advisor  hereunder,  which  are  not  in  the  ordinary  course  of  business.
C.)     Any  extraordinary  expenses such as the fees and expenses of counsel in
connection  with  any  litigation  arising  out  of, or in connection with, this
Agreement,  except  as otherwise determined in accordance with the last sentence
of Section 10 hereunder.  The Advisor acknowledges that if no agreement with the
Client  regarding  reimbursement  of  certain expenses is made prior to any such
expenses  being  incurred,  the  Client  shall  have  no obligation to reimburse
Advisor  for  such  expenses.

4.  SERVICES  TO  OTHER  COMPANIES

The  services  to  the  Advisor  hereunder  are  not to be deemed exclusive: the
Advisor  being free to render services to others and engage in other activities,
provided,  however,  that  such other services and activities do not, during the
term of the Agreement, interfere in a material manner with the Advisor's ability
to  meet all of its obligations with respect to rendering services to the Client
hereunder.

5.  STANDARD  OF  CARE

In  the  absence of willful misfeasance, bad faith, gross negligence or reckless
disregard  of  obligations  or  duties hereunder on the part of the Advisor, the
Advisor  shall  not  be  subject  to liability to the company or to any director
shareholder, employee or agent thereof for any act or omission in the course of,
or  connected  with,  rendering  services  hereunder.

6.  TERM  OF  AGREEMENT;  AMENDMENTS

A.)     This  Agreement  shall  commence  as  of the date hereof and, subject to
prior  termination  as  provided in Section 6(B) hereof, shall continue in force
until  December  31,  2008.
B.)     Either  party hereto may, at any time, on thirty-days (30) prior written
notice  to  the other, terminate this Agreement.  However, if any transaction in
which  Advisor  shall  have participated prior to such termination closes, or is
otherwise settled, in whole or in part, within one year after the effective date
of  termination,  the  Company  shall  be  obligated  to pay the Advisor the fee
described  in  Section  2  hereof  in  respect  to  such  transaction.
C.)     This Agreement may be modified only by the mutual written consent of the
parties.

7.  ADVISOR  BEST  EFFORTS;  COMPANY  INDEMNITY

Advisor  shall  use its best efforts in the performance of the advisory services
to  be  performed  hereunder.  All  recommendations and instructions made by the
Advisor  will be based upon information received from the Client ad from sources
that  it  believes  to  be  reliable,  but  whose  accuracy is not and cannot be
guaranteed.  Such information may or may not have been independently verified by
the  Advisor.  The  Client agrees to indemnify Advisor and hold it harmless from
and  against  any  liability  of any nature resulting from the Client furnishing
information  which  is  false  or  inaccurate.

8.  NOTICES

Except  as otherwise specifically provided herein, all notices or communications
provided  for  herein  shall be in writing and delivered in person, by overnight
mail,  by  dated  electronic  mail  or by facsimile followed by a hard copy sent
first-class  mail  postage  prepaid,  and addressed as follows, or to such other
address  or  addresses as may be designated by either party or written notice to
the  other.

Advisor:     FRANCIS  STREET  PTY  LIMITED
          Level  1,  60  Toorak  Road
          South  Yarra,  Victoria  3141
          Australia

Client:          ISLAND  RESIDENCES  CLUB,  INC
          1769-203  Jamestown  Rd
          Williamsburg,  Va  23185

9.  GOVERNING  LAW;  JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of
the  state  of  Virginia,  without  reference  to  its choice of law principles.

10.  ARBITRATION

All  disputes  between  the  parties arising out of or relating to the Agreement
shall  be  submitted to and settled by arbitration as hereinafter provided.  Any
arbitration  proceeding  shall  be  governed  by  a  panel  of three arbitrators
experienced  in  the  matters at issue.  Each party shall select one arbitrator,
and  the  third  arbitrator shall be selected upon mutual agreement of the first
two,  in  accordance  with  the  Commercial  Arbitration  Rules  of the American
Arbitration Association.  The arbitration proceeding shall be held in such place
in  the  area of Portland, Maine, as may be selected by the arbitrator panel, or
any  other  place  agreed  to  by  the  parties  involved  and  the arbitrators.

11.  ILLEGALITY;  UNENFORCEABILITY

If  any provision of this Agreement is found to be illegal or unenforceable, all
other provisions to the Agreement will remain in full force and effect, and both
parties  agree  that  the  intent  of  the  Agreement and the Addendum will take
precedent  over  the  text  of  the  document.

12.  AUTHORIZED  SIGNATORIES

Each  of the individuals signing below hereby represents and warrants that he is
a  duly  authorized signatory of the entity bearing his signature below; that he
is  authorized  and  empowered  to  enter  into this Agreement and to affect the
transactions  contemplated  hereby  on  behalf  of  such  entity:  and that this
Agreement  is  the  legal and valid binding obligation of the entity bearing his
signature  below,  and  enforceable  against  such entity in accordance with its
terms,  except as they may be limited by bankruptcy, insolvency, reorganization,
moratorium, or similar laws generally relating to creditors' rights, and general
principals  of  equity.

IN  WITNESS  WHEREOF,  the  parties  have caused this instrument to be signed on
their  behalf  by  their respective officers thereunto duly authorized as of the
date  first  written  above.

                              /s/  Ann  Ojala
                              ---------------
                              Ann  Ojala,  Witness

     /s/  Bob  Bratadjaya
     --------------------
Bob  Bratadjaya,  Secretary

The  Client
By:  ISLAND  RESIDENCES  CLUB,  INC

                              ____________________________________
                              The  Advisor
                              By:  FRANCIS  STREET  PTY  LIMITED

                         For  and  on  behalf  of
                         FRANCIS  STREET  PTY  LTD.
                         /s/  Graham  Bristow
                         --------------------
                              Graham  Bristow

     /s/  Amy  Purnamini
     -------------------
Amy  Purnamini,  WitnessExhibit 10.1

EXECUTION COPY

FIRST AMENDMENT TO LOAN, GUARANTY AND SECURITY AGREEMENT

                    THIS FIRST AMENDMENT TO LOAN, GUARANTY AND SECURITY AGREEMENT (this “Amendment”), dated as of April 28, 2006, is entered into by and among PAYLESS SHOESOURCE FINANCE, INC., a Nevada corporation (“Borrower”), each of the Guarantors (as defined in the Loan Agreement) that is signatory to this Amendment, each of the lenders that is a signatory to this Amendment (together with its successors and permitted assigns, individually, “Lender” and, collectively, “Lenders”), and WELLS FARGO RETAIL FINANCE, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, together with its successors, if any, in such capacity, “Agent” and together with the Lenders, collectively, the “Lender Group”), in light of the
following:

                    WHEREAS, Borrower, the other Credit Parties signatory thereto and the members of the Lender Group signatory thereto are parties to that certain Loan, Guaranty and Security Agreement, dated as of January 15, 2004 (as amended, restated, supplemented, or modified from time to time, the “Loan Agreement”);

                    WHEREAS, the Credit Parties have requested that the Loan Agreement be amended as set forth herein; and

                    WHEREAS, subject to the satisfaction of the conditions set forth herein, the Lender Group is willing to so consent to the amendment of the Loan Agreement.

                    NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and upon the terms and conditions set forth herein, the parties hereby agree as follows:

          SECTION 1.   RELATION TO THE LOAN AGREEMENT; DEFINITIONS.

                    1.1          Relation to Loan Agreement.  This Amendment constitutes an integral part of the Loan Agreement and shall be deemed to be a Loan Document for all purposes. Upon the effectiveness of this Amendment, on and after the date hereof each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement,” “thereunder,” “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended hereby.

                    1.2          Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings specified in the Loan Agreement.

          SECTION 2.   AMENDMENTS TO LOAN AGREEMENT.

                    2.1          Amendments to Section 1.1.

                                   (a)          The following new definitions are hereby added to Section 1.1 of the Loan Agreement in appropriate alphabetical order:

                                   “First Amendment” means that certain First Amendment to Loan, Guaranty and Security Agreement dated as of April 28, 2006 by and among the Credit Parties, Lenders and Agent.

                                   “First Amendment Effective Date” has the meaning set forth in Section 4.1 of the First Amendment.

                                   “First Amendment Fee Letters” means each of those Fee Letters executed by Borrower in favor of Agent in connection with the execution of the First Amendment.

                                   (b)          The definition of “Applicable Margin” is hereby deleted in its entirety and replaced with the following new definition:

                                   “Applicable Margin” means initially, the rates for Base Rate Loans and LIBOR Rate Loans set forth in Level I below and thereafter means the rates for Base Rate Loans and LIBOR Rate Loans set forth in the grid below based upon Average Utilization:

	
  Level
  	
   
 	
  
Average   Utilization
  	
   
 	
  
Base Rate 
   Loans
  	
   
 	
  
LIBOR Rate
 Loans
  	
   
 	
  
Documentary
   Letters of 
   Credit
  	
   
 	
  
Standby
 Letters of
 Credit
  	
   
 
	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 	
  

  	
   
 
	
  I
  	
  
 
  	
  
Up to and including   $50,000,000
  	
  
 
  	
  
 
  	
  
-0.25
  	
  
%
  	
  
 
  	
  
1.00
  	
  
%
  	
  
 
  	
  
0.50
  	
  
%
  	
  
 
  	
  
1.00
  	
  
%
  
	
  
II
  	
  
 
  	
  
Greater than $50,000,000   but less than or equal to $100,000,000
  	
  
 
  	
  
 
  	
  
0
  	
  
%
  	
  
 
  	
  
1.25
  	
  
%
  	
  
 
  	
  
0.75
  	
  
%
  	
  
 
  	
  
1.25
  	
  
%
  
	
  III
  	
  
 
  	
  
Greater than $100,000,000
  	
  
 
  	
  
 
  	
  
0
  	
  
%
  	
  
 
  	
  
1.50
  	
  
%
  	
  
 
  	
  
1.00
  	
  
%
  	
  
 
  	
  
1.50
  	
  
%
  

          The Applicable Margin shall be adjusted quarterly as of the first day of each calendar quarter, based upon the Average Utilization for the immediately preceding calendar quarter.  

                                   (c)          The definition of “Fee Letter” is hereby deleted in its entirety and replaced with the following new definition:

                                   “Fee Letter” means, collectively, each of the First Amendment Fee Letters.

                                   (d)          The definition of “Permitted Purchase Money Indebtedness” is hereby deleted in its entirety and replaced with the following new definition:

2

                                   “Permitted Purchase Money Indebtedness” means, as of any date of determination, Purchase Money Indebtedness incurred after the Closing Date in an aggregate principal amount outstanding at any one time not in excess of $75,000,000.

                    2.2          Amendments to Section 2.2.  Section 2.2 of the Loan Agreement is hereby amended by deleting the language “On and after the Initial Syndication Date and until the second anniversary of the Closing Date” and replacing it with the new language “On and after the First Amendment Effective Date and until (but not including) the Maturity Date”.

                    2.3          Amendments to Section 2.11(a) Section 2.11(a) of the Loan Agreement is hereby amended by deleting the reference to “0.30%” therein and replacing it with a reference to “0.25%”.

                    2.4          Amendments to Section 3.4.  Section 3.4 of the Loan Agreement is hereby amended by deleting the first sentence thereof in its entirety and replacing it with the following new first sentence:  “This Agreement shall continue in full force and effect for a term ending on January 15, 2011 (the “Maturity Date”).”

                    2.5          Schedule 6.2.  Schedule 6.2 of the Loan Agreement is hereby amended by deleting the reference to “$25,000,000” in paragraph (a) thereof and replacing it with a reference to “$50,000,000 for a period of ten consecutive days”.

          SECTION 3.   REPRESENTATIONS AND WARRANTIES.

                    3.1          Representations and warranties.

                                   Each Credit Party hereby represents and warrants to the Lender Group that:

                                   (a)          It has the requisite power and authority to execute and deliver this Amendment and to perform its obligations hereunder and under the Loan Documents to which it is a party. The execution, delivery, and performance by it of this Amendment and the performance by it of each Loan Document to which it is a party (i) have been duly approved by all necessary action and no other proceedings are necessary to consummate such transactions; and (ii) are not in contravention of (A) any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court or Governmental Authority binding on it, (B) the terms of its organizational documents, or (C) any provision of any
material contract or undertaking to which it is a party or by which any of its properties may be bound or affected;

                                   (b)          This Amendment has been duly executed and delivered by each Credit Party. This Amendment and each Loan Document to which each Credit Party is party are the legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, and is in full force and effect except as such validity and enforceability is limited by the laws of insolvency and bankruptcy, laws affecting creditors’ rights and principles of equity applicable hereto;

3

                                   (c)          No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against any Credit Party or any member of the Lender Group;

                                   (d)          No Default or Event of Default has occurred and is continuing on the date hereof or as of the date of the effectiveness of this Amendment; 

                                   (e)          No Material Adverse Change has occurred; and

                                   (f)          The representations and warranties in the Loan Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

          SECTION 4.   MISCELLANEOUS.

                    4.1          Conditions to Effectiveness.  The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of this Amendment and each and every provision hereof (the date of satisfaction of all such conditions being the “First Amendment Effective Date”):

                                   (a)          The representations and warranties in the Loan Agreement and the other Loan Documents shall be true and correct in all respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date);

                                   (b)          No Default or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness of this Amendment; 

                                   (c)          Each Credit Party, the Agent and each member of the Lender Group shall have delivered an executed copy of this Amendment to Agent; 

                                   (d)          Agent shall have received a certificate from the Borrower certifying that no material changes have occurred to any material Credit Party’s Governing Documents since the Closing Date except as disclosed to the Agent by the Borrower, certified by the Secretary of Borrower;

                                   (e)          no Material Adverse Change shall have occurred;

                                   (f)          Agent shall have received an opinion of in-house counsel in form and substance satisfactory to Agent;

                                   (g)          Agent shall have received a certificate in form and substance satisfactory to the Agent attesting to resolutions authorizing execution, delivery, and performance of this Amendment and the other Loan Documents and authorizing specific officers to execute the same;

4

                                   (h)          Borrower shall have paid all fees and expenses of Agent incurred in connection with the transactions evidenced by this Amendment and all fees set forth in the First Amendment Fee Letters which are due and owing on the First Amendment Effective Date; and

                                   (i)          No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against any Credit Party or the Lender Group.

                    4.2          Entire Amendment; Effect of Amendment.  This Amendment, and terms and provisions hereof, constitute the entire agreement among the parties pertaining to the subject matter hereof and supersedes any and all prior or contemporaneous amendments relating to the subject matter hereof. Except for the amendments to the Loan Agreement expressly set forth in Section 2 hereof, the Loan Agreement and other Loan Documents shall remain unchanged and in full force and effect. The execution, delivery, and performance of this Amendment shall not operate as a waiver of or, except as expressly set forth herein, as an amendment of, any right, power, or remedy of the Lender Group as in effect prior to the date hereof. The amendments and other agreements set forth herein are limited
to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse future non-compliance with the Loan Agreement, and shall not operate as a consent to any further or other matter, under the Loan Documents. To the extent any terms or provisions of this Amendment conflict with those of the Loan Agreement or other Loan Documents, the terms and provisions of this Amendment shall control. This Amendment is a Loan Document. All liabilities of the Credit Parties and their Subsidiaries under the Loan Documents shall, together with any and all additional liabilities incurred by each Credit Party hereunder or under any of the other Loan Documents, continue to be secured, by, among other things, the Collateral, whether now existing or hereafter acquired and wheresoever located, all as more specifically set forth in the Loan Documents.  Each Credit Party hereby reaffirms its obligations, liabilities, grants of security interests,
pledges and the validity of all covenants by such Person contained in any and all Loan Documents.  The execution and delivery of this Amendment shall not constitute a novation of the indebtedness outstanding under the Loan Agreement.  Each Credit Party hereby reaffirms its obligations, liabilities and indebtedness arising under each of the Loan Documents existing on the date hereof (as amended or otherwise modified through and including the First Amendment Effective Date), in each case after giving effect to the provisions of the preceding sentence. 

                    4.3          Counterparts; Telefacsimile.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of this Amendment by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

5

                    4.4          Fees, Costs and Expenses.  Borrower agrees to pay on demand all reasonable fees, costs and expenses in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agent with respect thereto and with respect to advising the Agent as to their rights and responsibilities hereunder and thereunder.

                    4.5          Cross-References.  References in this Amendment to any Section are, unless otherwise specified, to such Section of this Amendment.

                    4.6          Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

                    4.7          Reaffirmation of Guaranty.  Each Guarantor signatory hereto further reaffirms its obligations under the Guaranty contained in Section 17 of the Loan Agreement and acknowledges and agrees that the Guaranty of the Obligations remains in full force in effect under the Loan Agreement as amended by this Agreement.

                    4.8          GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES.

[signature page follows]

6

          IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered as of the date first written above.

	
  
 
  	
  
PAYLESS   SHOESOURCE FINANCE, INC.
  
	
  
 
  	
  
a Nevada Corporation
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
WELLS   FARGO RETAIL FINANCE, LLC,
  
	
  
 
  	
  
a Delaware limited liability company, 
   as Agent and as a Lender
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Jennifer Cann
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
NATIONAL   CITY COMMERCIAL FINANCE,
  
	
  
 
  	
  
as a Lender
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Joe Kwasny
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Director
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
BANK   OF AMERICA, N.A.,
  
	
  
 
  	
  
as a Lender
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Alexis MacElhiney
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Title:
  	
  
Director
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
JPMORGAN   CHASE BANK, N.A. 
   (as successor by merger to Bank One, NA),
  
	
  
 
  	
  
as a Lender
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By:
  	
  
/s/ Stephen D. Christ
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Account Executive
  

Signature Page to First Amendment to Loan, Guaranty and Security Agreement

7

	
  
 
  	
  
WACHOVIA   BANK, NATIONAL ASSOCIATION,
  
	
  
 
  	
  
as a Lender
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Joe Curdy
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Vice President
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
LASALLE   RETAIL FINANCE,
   a division of LaSalle Business Credit, LLC,
   as Agent for Standard Federal Bank National Association,
  
	
   
  	
  
as a Lender
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Mark D. Twomey
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	
  
Vice President
  

Signature Page to First Amendment to Loan, Guaranty and Security Agreement

8

	
   
  	
  
CREDIT PARTIES:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
PAYLESS SHOESOURCE DISTRIBUTION,   INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By
  	
  
/s/ Ullrich E. Porzig
  
	
   
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
Vice President and Treasurer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
PAYLESS SHOESOURCE
  
	
  
 
  	
  
MERCHANDISING, INC.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:  
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
Senior Vice President and Treasurer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
DYELIGHTS, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
Vice President
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
PAYLESS SHOESOURCE GOLD VALUE, INC.
  
	
  
 
  	
  
PAYLESS PURCHASING SERVICES, INC.
  
	
  
 
  	
  
PSS LABOR LEASING, INC.
  
	
  
 
  	
  
PSS INVESTMENT I, INC.
  
	
  
 
  	
  
PSS INVESTMENT III, INC.
  
	
  
 
  	
  
PSS CANADA, INC.
  
	
   
  	
  
EASTBOROUGH, INC.
  
	
  
 
  	
  
PSS DELAWARE COMPANY 2, INC.
  
	
  
 
  	
  
PSS DELAWARE COMPANY 3, INC.
  
	
  
 
  	
  
PSS DELAWARE COMPANY 4, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Ullrich E. Porzig
  
	
   
  	
  
Title:
  	
  
President
  
	
  
 
  	
  
 
  	
  
 
  

Signature Page to First Amendment to Loan, Guaranty and Security Agreement

9

	
  
 
  	
  
PAYLESS   SHOESOURCE, INC., 
   a Delaware corporation
  
	
  
 
  	
  
PAYLESS   SHOESOURCE WORLDWIDE, INC.
  
	
  
 
  	
  
PAYLESS   SHOESOURCE, INC., 
   a Missouri corporation
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:  
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
Senior Vice President - 
   Chief Financial Officer and   Treasurer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
SHOE   SOURCING, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:  
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
Chairman and President
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
PAYLESS   SHOESOURCE LEASING, LLC
  
	
  
 
  	
  
BY:  PAYLESS SHOESOURCE, INC. 
   (ITS SOLE MEMBER)
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Name:  
  	
  
Ullrich E. Porzig
  
	
  
 
  	
  
Title:
  	
  
Senior Vice President - 
   Chief Financial Officer and Treasurer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
PAYLESS   SHOESOURCE OF PUERTO RICO, INC.
  
	
  
 
  	
  
PAYLESS   SHOESOURCE OF PUERTO RICO NO. 4158, INC.
  
	
  
 
  	
  
PAYLESS   SHOESOURCE OF PUERTO RICO NO. 4163, INC.
  
	
   
  	
  
PAYLESS   SHOESOURCE OF PUERTO RICO NO. 4164, INC.
  
	
  
 
  	
  
PAYLESS   SHOESOURCE OF PUERTO RICO NO. 4168, INC.
  
	
  
 
  	
  
PAYLESS   SHOESOURCE OF PUERTO RICO NO. 4219, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By
  	
  
/s/ Ullrich E. Porzig
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:  
  	
  
Ullrich E. Porzig
  
	
   
  	
  Title:
  	
  Chairman and CEO
  

Signature Page to First Amendment to Loan, Guaranty and Security Agreement

10

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