Document:

exv10w46

 

Exhibit 10.46

FOURTH AMENDMENT TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

          This FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
(this “Amendment”) is entered into as of this 21st day of January, 2004 among
WILSONS LEATHER HOLDINGS INC., a Minnesota corporation (“Borrower”), GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Lender, Term Lender,
Swing Line Lender and as Agent (“Agent”), the Credit Parties signatory hereto
and the Lenders signatory hereto. Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them by the Credit Agreement (as hereinafter defined).

RECITALS

          WHEREAS, Borrower, certain Credit Parties, Agent and Lenders have entered
into that certain Fourth Amended and Restated Credit Agreement dated as of
April 23, 2002 (as amended, supplemented, restated or otherwise modified from
time to time, the “Credit Agreement”); and

          WHEREAS, Borrower, the Credit Parties signatories to the Credit Agreement,
the Lenders and Agent wish to amend certain provisions of the Credit Agreement,
as more fully set forth herein.

          NOW THEREFORE, in consideration of the mutual covenants herein and other
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

Section 1 Amendments to the Credit Agreement. Subject to the satisfaction of
the conditions precedent set forth in Section 3 hereof, the parties hereto
hereby agree to amend the Credit Agreement as follows:

          (a) The last sentence of Section 1.1(a)(iv) of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

     “In addition, notwithstanding anything to the contrary contained
herein or otherwise, Borrower shall cause (i) at all times during the
period from and including December 31, 2003 through and including April
15, 2004 (x) the outstanding principal balance of the Revolving Credit
Advances and the Swing Line Loan to be reduced to, and remain at, zero
dollars ($0) and (y) the outstanding Letter of Credit Obligations to be
less than or equal to $20,000,000; (ii) at all times during the period
from and including April 16, 2004 through and including May 15, 2004 (x)
the outstanding principal balance of the Revolving Credit Advances and
the Swing Line Loan to be less than or equal to $15,000,000, and (y) the
outstanding Letter of Credit Obligations to be less than or equal to
$20,000,000; and (iii) at all times during the period from and including
December 31, 2004 through and including March 31, 2005 (x) the
outstanding principal balance of the Revolving Credit Advances and the
Swing Line Loan to be reduced to, and remain at,

 

 

zero dollars ($0) and (y) the outstanding Letter of Credit
Obligations to be less than or equal to $20,000,000.”

          (b) Section 5.11 of the Credit Agreement is hereby amended and restated to
read in its entirety as follows:

     “5.11 Senior Notes. On or prior to April 15, 2004, the Borrower
shall, and shall cause Ultimate Parent to, cause the Senior Notes
Documents to be amended, modified refunded, renewed, refinanced or
extended to provide that no principal payment with respect to the Senior
Notes (and all other indebtedness permitted pursuant to Section 6.3(d)
hereof) shall be due on or prior to September 1, 2005.”

          (c) Section 5.12 of the Credit Agreement is hereby amended and restated to
read in its entirety as follows:

     “5.12 Senior Notes Action Plan. No later than March 15, 2004,
Borrower shall deliver to Agent and the Lenders a written plan, in form
and substance satisfactory to Agent and the Lenders, which sets forth in
detail Borrower’s proposed plan of action with respect to the amendment,
modification, refunding, renewal or extension of the Senior Notes
contemplated by Section 5.11.”

          (d) Section 6.8 of the Credit Agreement is hereby amended by (i) deleting
the word “and” which appears immediately prior to Section 6.8(g) of the Credit
Agreement and (ii) inserting immediately prior to the period in Section 6.8(g)
a new Section 6.8(h) which shall read in its entirety as follows:

     “and (h) (x) sales of Inventory and other assets of Borrower and
certain other Credit Parties (collectively, the “Merchants”), solely to
the extent such sales are consummated in the Merchants’ retail store
locations listed on Schedule I attached to the Fourth Amendment
(collectively, the “Closed Stores”) by means of a promotional, store
closing or similar sale (the “Store Closing Sale”), (y) sales of
furnishings, trade fixtures, Equipment and real property improvements in
connection with the Store Closing Sale which are located at the Closed
Stores or at the Merchants’ distribution centers in Maple Grove,
Minnesota and Las Vegas, Nevada (the “FF&E Sale”), and (z) the sale or
termination or other mitigation of damages with respect to the leases of
the real property listed on Schedule II attached to the Fourth Amendment
(the actions and events described in this clause (z), the “Lease
Mitigations” and together with the Store Closing Sale and the FF&E Sale
are collectively being referred to herein as, the “Comprehensive Sale”).”

          (e) Section 6 of the Credit Agreement is hereby amended by adding the
following Section 6.19 thereto which shall read in its entirety as follows:

     “6.19 Lease Mitigations

     “No Credit Party shall make payments to landlords in connection with
one or more Lease Mitigations (i) on or prior to April 15, 2004 in an
aggregate amount in excess of $2,000,000 and (ii) at any time in an
aggregate amount in excess of the lesser of (x)

2

 

$10,000,000 or (y) the
aggregate sale proceeds (net of any related costs, fees and
expenses) received by Merchants from the Hilco/Gordon Brothers Joint
Venture as a result of the Comprehensive Sale.”

          (f) Schedule A to the Credit Agreement is hereby amended by adding, in the
appropriate alphabetical location, the following definitions thereto:

     “Closed Stores” has the meaning set forth in
Section 6.8 of the Credit Agreement.

     “Comprehensive Sale” has the meaning set forth in
Section 6.8 of the Credit Agreement.

     “FF&E Sale” has the meaning set forth in Section
6.8 of the Credit Agreement.

     “Fourth Amendment” shall mean that certain Fourth
Amendment to the Fourth Amended and Restated Credit
Agreement entered into as of the 21st day of January,
2004 among the Borrower, the Agent, the Credit Parties
signatory thereto and the Lenders.

     “Hilco/Gordon Brothers Joint Venture” means a joint venture
composed of Hilco Merchant Resources, LLC, Gordon Brothers Retail
Partners, LLC and Hilco Real Estate, LLC.

     “Lease Mitigations” has the meaning set forth in Section 6.8
of the Credit Agreement.

     “Merchants” has the meaning set forth in Section 6.8 of the
Credit Agreement.

     “Store Closing Sale” has the meaning set forth in Section 6.8
of the Credit Agreement.”

          (g) Schedule H to the Credit Agreement is hereby amended by adding the
following new clause (h) at the end thereof:

     “(h) Borrower, at its own expense, shall deliver to Agent on
or prior to Friday, January 30, 2004 and each Friday thereafter
until the Comprehensive Sale is completed a summary of the cash
proceeds and disbursements of fees, costs and other expenses
relating to the Comprehensive Sale, in form and substance
satisfactory to Agent.”

Section 2 Representations and Warranties.

          Borrower and the Credit Parties who are party hereto represent and warrant
that:

3

 

          (a) the execution, delivery and performance by Borrower and such Credit
Parties of this Amendment have been duly authorized by all necessary corporate
action and this Amendment is a legal, valid and binding obligation of Borrower
and such Credit Parties enforceable against Borrower and such Credit Parties in
accordance with its terms, except as the enforcement thereof may be subject to
(i) the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar law affecting creditors’ rights generally and (ii)
general principles of equity (regardless of whether such enforcement is sought
in a proceeding in equity or at law);

          (b) each of the representations and warranties contained in the Credit
Agreement is true and correct in all material respects on and as of the date
hereof as if made on the date hereof, except to the extent that such
representations and warranties expressly relate to an earlier date;

          (c) neither the execution, delivery and performance of this Amendment nor
the consummation of the transactions contemplated hereby does or shall
contravene, result in a breach of, or violate (i) any provision of Borrower’s
or Credit Parties’ certificate or articles of incorporation or bylaws, (ii) any
law or regulation, or any order or decree of any court or government
instrumentality or (iii) indenture, mortgage, deed of trust, lease, agreement
or other instrument to which Borrower, the Credit Parties or any of their
Subsidiaries is a party or by which Borrower, the Credit Parties or any of
their Subsidiaries or any of their property is bound, except in any such case
to the extent such conflict or breach has been waived by a written waiver
document a copy of which has been delivered to Agent on or before the date
hereof; and

          (d) no Default or Event of Default will exist or result after giving
effect hereto.

Section 3 Conditions to Effectiveness.

          This Amendment will be effective only upon satisfaction of the following:

          (a) Execution and delivery of (i) this Amendment by Borrower, the Credit
Parties that are listed on the signature pages hereto, the Agent and each
Lender and (ii) of each of the documents listed on Exhibit A to this Amendment
by each of the applicable Persons;

          (b) Delivery to Agent of certified copies of (i) that certain Agency
Agreement dated as of January 21, 2004 by and among the Borrower, the Credit
Parties signatories thereto and the Hilco/Gordon Brothers Joint Venture, and
(ii) all other agreements, documents and instruments executed and/or delivered
in connection with the foregoing; and

          (c) The representations and warranties contained herein shall be true and
correct in all respects.

Section 4 Reference to and Effect Upon the Credit Agreement.

          (a) Except as specifically set forth herein, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

4

 

          (b) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of Agent or any Lender under
the Credit Agreement or any Loan Document, nor constitute a waiver of any
provision of the Credit Agreement or any Loan Document, except as specifically
set forth herein. Upon the effectiveness of this Amendment, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or
words of similar import shall mean and refer to the Credit Agreement as amended
hereby.

Section 5 Waiver and Release.

          In consideration of the foregoing, each of Borrower and each Credit Party
hereby waives, releases and covenants not to sue Agent or any Lender with
respect to, any and all claims it may have against Agent or any Lender, whether
known or unknown, arising in tort, by contract or otherwise prior to the date
hereof relating to one or more Loan Documents.

Section 6 Costs and Expenses.

          As provided in Section 11.3 of the Credit Agreement, Borrower agrees to
reimburse Agent for all fees, costs and expenses, including the fees, costs and
expenses of counsel or other advisors for advice, assistance, or other
representation in connection with this Amendment.

Section 7 Governing Law.

          THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF ILLINOIS.

Section 8 Headings.

          Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other
purposes.

Section 9 Counterparts.

          This Amendment may be executed in any number of counterparts, each of
which when so executed shall be deemed an original but all such counterparts
shall constitute one and the same instrument.

Section 10 Confidentiality.

          The matters set forth herein are subject to Section 11.18 of the Credit
Agreement, which is incorporated herein by reference.

[signature page follows]

5

 

          IN WITNESS WHEREOF, this Amendment has been duly executed as of the date
first written above.

	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 
	 	 	WILSONS LEATHER HOLDINGS INC.
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:	 	/s/ Peter G. Michielutti
	

	 	 	 	

	

	 	Title:	 	Executive Vice President, Chief Financial Officer
	

	 	 	 	

	 
	 	 	 	 
	 
	 	 	 	 
	Revolving Loan Commitment:

$60,000,000 (including $10,000,000

Swing Line Commitment)	 	GENERAL ELECTRIC CAPITAL
CORPORATION, as Agent, Lender and
Swing Line Lender
	 
	 	 	 	 
	 
	 	 	 	 
	Term Loan B Commitment:

$25,000,000

	 	

By:	 	/s/ Lynn Gosselin
	

	 	 	 	

	

	 	Title:	 	Duly Authorized Signatory
	

	 	 	 	

	 
	 	 	 	 
	 
	 	 	 	 
	Revolving Loan Commitment:

$30,000,000	 	LASALLE RETAIL FINANCE, a
division of LaSalle Business
Credit, as agent for Standard
Federal Bank National
Association, as Lender
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert Barnhard
	

	 	 	 	

	

	 	Title:	 	Senior Vice President
	

	 	 	 	

	 
	 	 	 	 
	 
	 	 	 	 
	Revolving Loan Commitment:

$45,000,000	 	THE CIT GROUP/BUSINESS CREDIT,
INC., as Lender and Documentation
Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Deborah Rogut
	

	 	 	 	

	

	 	Title:	 	Vice President
	

	 	 	 	

[Signature Page to Fourth Amendment]

 

 

	 	 	 	 	 
	Revolving Loan Commitment:

$45,000,000	 	WELLS FARGO RETAIL FINANCE LLC,

as Lender andSyndication Agent
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:	 	/s/ Frank O’Connor
	

	 	 	 	

	

	 	Title:	 	Senior Vice President
	

	 	 	 	

[Signature Page to Fourth Amendment]

 

 

          The undersigned are executing this Amendment in their capacity as Credit
Parties:

	 	 	 	 	 
	Wilsons The Leather Experts Inc.  	 	 
	 
	 	 	 	 
	By:
	 	/s/ Peter G. Michielutti	 	 
	

	 	

	 	 
	Title:
	 	Executive Vice President, Chief Financial Officer	 	 
	

	 	
	 	 
	 
	 	 	 	 
	Wilsons Center, Inc.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Peter G. Michielutti	 	 
	

	 	
	 	 
	Title:
	 	Executive Vice President, Chief Financial Officer	 	 
	

	 	
	 	 
	 
	 	 	 	 
	Rosedale Wilsons, Inc.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Peter G. Michielutti	 	 
	

	 	
	 	 
	Title:
	 	Executive Vice President, Chief Financial Officer	 	 
	

	 	
	 	 
	 
	 	 	 	 
	River Hills Wilsons, Inc.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Peter G. Michielutti	 	 
	

	 	
	 	 
	Title:
	 	Executive Vice President, Chief Financial Officer	 	 
	

	 	
	 	 
	 
	 	 	 	 
	Bermans The Leather Experts Inc.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Peter G. Michielutti	 	 
	

	 	
	 	 
	Title:
	 	Executive Vice President, Chief Financial Officer	 	 
	

	 	
	 	 

[Signature Page to Fourth Amendment]

 

 

EXHIBIT A

CLOSING DOCUMENTS

relating to the

FOURTH AMENDMENT TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

by and among

WILSONS LEATHER HOLDINGS INC.,

as Borrower

and

THE LENDERS NAMED THEREIN,

as Lenders

GENERAL ELECTRIC CAPITAL CORPORATION,

as Agent, Lender, Term Lender and Swing Line Lender

GECC CAPITAL MARKETS GROUP, INC.

as Lead Arranger

THE CIT GROUP/BUSINESS CREDIT, INC.

as Lender and Documentation Agent

and

WELLS FARGO AND COMPANY

as Lender and Syndication Agent

DATE OF CLOSING: January 21, 2004

Exh.A-1

 

          Set forth below is a Schedule of Documents which lists the documents to be
delivered in connection with the closing of the transactions contemplated by
the Fourth Amendment (“Amendment”) to Fourth Amended and Restated Credit
Agreement (“Credit Agreement”) listed herein as Document No. 1. Each
capitalized term used but not defined herein shall have the meaning ascribed to
such term in the Credit Agreement and all section references herein are to
Sections of the Credit Agreement, unless otherwise indicated. All documents
shall be dated as of January 21, 2004 unless otherwise indicated.

PARTIES AND THEIR COUNSEL

	 	 	 
	General Electric Capital Corporation,

a Delaware corporation

	 	(“GE Capital”, in its individual capacity, a “Lender”, “Term
Lender” and the “Swing Line Lender” and as agent, “Agent”)
	 
	 	 
	Wilsons Leather Holdings Inc., 

a Minnesota corporation

	 	(“Borrower”)
	 
	 	 
	Wilsons The Leather Experts Inc.,

a Minnesota corporation

	 	(“Ultimate Parent”)
	 
	 	 
	Wilsons Center, Inc.,

a Minnesota corporation

	 	(“First Intermediate Parent”)
	 
	 	 
	Rosedale Wilsons, Inc.,

a Minnesota corporation

	 	(“Second Intermediate Parent”)
	 
	 	 
	River Hills Wilsons, Inc.,

a Minnesota corporation

	 	(“Third Intermediate Parent”)
	 
	 	 
	Bermans The Leather Experts Inc.,

a Delaware corporation

	 	(“Bermans”)
	 
	 	 
	Bentley’s Luggage Corp.,

a Florida corporation

	 	(“Bentley”)
	 
	 	 
	Latham & Watkins, counsel to General
 Electric Capital Corporation

	 	(“L&W”)
	 
	 	 
	Faegre & Benson LLP, counsel to the
 Borrower

	 	(“Faegre”)

Exh.A-2

 

	 	 	 	 	 	 	 
	Doc.	 	 	 	Responsible	 	 
	No.
	 	Description of Document
	 	Party
	 	Status

	 
	 	 	 	 	 	 
	I.

	 	Fourth Amendment to Fourth Amended and Restated Credit Agreement	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Fourth Amendment to Fourth Amended and Restated Credit Agreement by and among Borrower, the Lenders
signatory thereto and GE Capital, as Agent, Lender, Term Lender and Swing Line Lender
	 	L&W
	 	 
	 
	 	 	 	 	 	 
	II.

	 	Collateral Documents	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Reaffirmation of Guaranty – Store and Parent Guarantors
	 	L&W	 	 
	 
	 	 	 	 	 	 
	III.

	 	Officer’s Certificates and Corporate Documentation	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	A. Ultimate Parent Corporate Documents	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Certificate of Ultimate Parent’s secretary or assistant secretary certifying to (a) the resolutions of
Ultimate Parent’s board of directors, (b) the incumbency and signatures of the officers or
representatives executing the Amendment and the other Loan Documents (as applicable), (c) Ultimate
Parent’s articles of incorporation and all amendments thereto, certified by the Secretary of the State
of Minnesota, and (d) Ultimate Parent’s by-laws
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	Required certificates of status/good-standing for the state of Minnesota
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	B. First Intermediate Parent Corporate Documents	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Certificate of First Intermediate Parent’s secretary or assistant secretary certifying to (a) the
resolutions of First Intermediate Parent’s board of directors, (b) the incumbency and signatures of the
officers or representatives executing the Amendment and the other Loan Documents (as applicable), (c)
First Intermediate Parent’s articles of incorporation and all amendments thereto, certified by the
Secretary of the State of Minnesota, and (d) First Intermediate Parent’s by-laws
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	Required certificates of status/good-standing for the state of Minnesota
	 	Borrower	 	 

Exh.A-3

 

	 	 	 	 	 	 	 
	Doc.	 	 	 	Responsible	 	 
	No.
	 	Description of Document
	 	Party
	 	Status

	 
	 	 	 	 	 	 
	

	 	C. Second Intermediate Parent Corporate Documents	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Certificate of Second Intermediate Parent’s secretary or assistant secretary certifying to (a) the
resolutions of Second Intermediate Parent’s board of directors, (b) the incumbency and signatures of the
officers or representatives executing the Amendment and the other Loan Documents (as applicable), (c)
Second Intermediate Parent’s articles of incorporation and all amendments thereto, certified by the
Secretary of the State of Minnesota, and (d) Second Intermediate Parent’s by-laws
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	Required certificates of status/good-standing for the state of Minnesota
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	D. Third Intermediate Parent Corporate Documents	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Certificate of Third Intermediate Parent’s secretary or assistant secretary certifying to (a) the
resolutions of Third Intermediate Parent’s board of directors, (b) the incumbency and signatures of the
officers or representatives executing the Amendment and the other Loan Documents (as applicable), (c)
Third Intermediate Parent’s articles of incorporation and all amendments thereto, certified by the
Secretary of the State of Minnesota, and (d) Third Intermediate Parent’s by-laws
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	Required certificates of status/good-standing for the state of Minnesota
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	E. Borrower Corporate Documents	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Certificate of Borrower’s secretary or assistant secretary certifying to (a) the resolutions of
Borrower’s board of directors, (b) the incumbency and signatures of the officers or representatives
executing the Amendment and the other Loan Documents (as applicable), (c) Borrower’s articles of
incorporation and all amendments thereto, and (d) Borrower’s by-laws
	 	Borrower	 	 
	 
	 	 	 	 	 	 
	

	 	Required certificates of status/good-standing for the state of Minnesota
	 	Borrower	 	 

Exh.A-4

 

SCHEDULE I

STORE LOCATIONS

Sch.I-1

 

SCHEDULE II

LEASED PROPERTY

Sch. II-1exv10w47

 

Exhibit 10.47

REAFFIRMATION OF GUARANTY

January 21, 2004

General Electric Capital Corporation, as Agent

500 West Monroe

Chicago, Illinois 60661

Attn: Wilsons Leather Account Manager

          Please refer to (1) the Fourth Amended and Restated Credit Agreement dated
as of April 23, 2002 (the “Credit Agreement”), amending and restating that
certain Third Amended and Restated Credit Agreement dated as of June 19, 2001,
amending and restating that certain Second Amended and Restated Credit
Agreement dated as of October 31, 2000, amending and restating that certain
Amended and Restated Credit Agreement dated as of May 24, 1999, amending and
restating that certain Credit Agreement dated as of May 25, 1996 among Wilsons
Leather Holdings Inc. (“Borrower”), the Loan Parties (as defined therein),
General Electric Capital Corporation, individually and as agent (“Agent”) and
the Lenders (as defined therein), (2) the First Amendment to Fourth Amended and
Restated Credit Agreement dated as of November 1, 2002 among Borrower, the Loan
Parties, Agent and the Lenders, (3) the Limited Waiver and Second Amendment to
Fourth Amended and Restated Credit Agreement dated as of January 31, 2003 among
Borrower, the Loan Parties, Agent and the Lenders, (4) the Limited Waiver and
Third Amendment to Fourth Amended and Restated Credit Agreement dated as of
April 11, 2003 among Borrower, the Loan Parties, Agent and the Lenders, (5) the
Fourth Amendment to Fourth Amended and Restated Credit Agreement dated the date
hereof among Borrower, the Loan Parties, Agent and the Lenders (the “Fourth
Amendment”), (6) the Parent Guaranty dated as of May 25, 1996 (as amended, the
“Parent Guaranty”) by certain of the undersigned in favor of Agent on behalf of
the Lenders under the Credit Agreement, (7) the Store Guarantors’ Guaranty (as
amended, the “Store Guarantors’ Guaranty”) dated as of May 25, 1996 by certain
of the undersigned in favor of Agent on behalf of the Lenders under the Credit
Agreement, (8) the Joinder Agreement dated July 31, 1997 between Wilsons
International, Inc. and Agent, (9) the Joinder Agreement dated May 24, 1999
between certain of the undersigned and Agent, (10) the Joinder Agreement dated
October 10, 2000 between certain of the undersigned and Agent, (11) the Joinder
Agreement dated October 31, 2000 between certain of the undersigned and Agent,
and (12) the Joinder Agreement dated April 13, 2001 between certain of the
undersigned and Agent.

          Pursuant to the Fourth Amendment, Lenders have agreed, inter alia, to (i)
amend certain provisions of the Credit Agreement, and (ii) continue to make
Loans and to incur Letter of Credit Obligations and Eligible Trade L/C
Obligations on behalf of Borrower. All capitalized terms used but not
otherwise defined herein have the meaning given to them in the Credit Agreement
or in Schedule A thereto.

 

 

          We hereby (i) acknowledge receipt of the Fourth Amendment, (ii)
acknowledge and reaffirm all of our obligations and undertakings under the
Parent Guaranty and the Store Guarantors’ Guaranty (as applicable)
(collectively, the “Guaranties”), and (iii) acknowledge and agree that
subsequent to, and taking into account such Fourth Amendment, the Guaranties
are and shall remain in full force and effect in accordance with the terms
thereof.

	 	 	 	 	 
	 	 	PARENTS:
	 
	 	 	 	 
	 	 	Wilsons The Leather Experts Inc.
	 	 	Wilsons Center, Inc.
	 	 	Rosedale Wilsons, Inc.
	 	 	River Hills Wilsons, Inc.
	 
	 	 	 	 
	

	 	By:	 	/s/ Peter G. Michielutti
	

	 	 	 	

	

	 	Title:	 	Executive Vice President, Chief Financial Officer
	

	 	 	 	

	

	 	 	 	The authorized officer of each
of the foregoing corporations
	 
	 	 	 	 
	 	 	STORE GUARANTORS:
	 
	 	 	 	 
	 	 	Bermans The Leather Experts Inc.
	 	 	Florida Luggage Corp.
	 	 	Wilsons Leather Direct Inc.
	 	 	Wilsons International Inc.
	 	 	Wilsons Leather of Airports Inc.
	 	 	Wilsons Leather of Alabama Inc.
	 	 	Wilsons Leather of Arkansas Inc.
	 	 	Wilsons Leather of Canada Ltd.
	 	 	Wilsons Leather of Connecticut Inc.
	 	 	Wilsons Leather of Delaware Inc.
	 	 	Wilsons Leather of Florida Inc.
	 	 	Wilsons Leather of Georgia Inc.
	 	 	Wilsons Leather of Indiana Inc.
	 	 	Wilsons Leather of Iowa Inc.
	 	 	Wilsons Leather of Louisiana Inc.
	 	 	Wilsons Leather of Maryland Inc.
	 	 	Wilsons Leather of Massachusetts Inc.
	 	 	Wilsons Leather of Michigan Inc.
	 	 	Wilsons Leather of Mississippi Inc.
	 	 	Wilsons Leather of Missouri Inc.
	 	 	Wilsons Leather of New Jersey Inc.
	 	 	Wilsons Leather of New York Inc.
	 	 	Wilsons Leather of North Carolina Inc.
	 	 	Wilsons Leather of Ohio Inc.

S-1

 

	 	 	 	 	 
	 	 	Wilsons Leather of Pennsylvania Inc.
	 	 	Wilsons Leather of Rhode Island Inc.
	 	 	Wilsons Leather of South Carolina Inc.
	 	 	Wilsons Leather of Tennessee Inc.
	 	 	Wilsons Leather of Texas Inc.
	 	 	Wilsons Leather of Vermont Inc.
	 	 	Wilsons Leather of Virginia Inc.
	 	 	Wilsons Leather of West Virginia Inc.
	 	 	Wilsons Leather of Wisconsin Inc.
	 	 	WWT, Inc.
	 
	 	 	 	 
	

	 	By:	 	/s/ Peter G. Michielutti
	

	 	 	 	

	

	 	Name:	 	Executive Vice President, Chief Financial Officer
	

	 	 	 	

	

	 	 	 	The authorized officer of each
of the foregoing corporations

S-2

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