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Exhibit 10.1
EXECUTION VERSION
THIRD AMENDMENT TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT
THIS THIRD AMENDMENT TO SECOND AMENDED &
RESTATED CREDIT AGREEMENT (the “Amendment”) is made and
entered into as of this 30 th day of April, 2009, by and between WEYCO GROUP,
INC., a Wisconsin corporation (the
“Borrower”) and M&I MARSHALL & ILSLEY BANK (the
“Bank”). All terms not otherwise defined
herein shall have the meaning assigned to such terms in the Second
Amended and Restated Credit Agreement by and between the Borrower
and the Bank, dated as of April 28, 2006, as amended by that
certain First Amendment to Second Amended & Restated Credit
Agreement dated as of April 30, 2007, as amended by that certain
Second Amendment to Second Amended & Restated Credit Agreement
dated as of April 30, 2008, and as may be further amended, restated
or otherwise modified from time to time (the
“Agreement”).
RECITALS
The Borrower has requested that the Bank extend
the maturity of the Revolving Line of Credit. The Bank
has agreed to such extension, subject to the other terms and
conditions contained herein.
AGREEMENT
Now, therefore, the parties hereto agree as
follows:
1.
Amendment to Definitions .
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The definition
of “Adjusted LIBOR Rate” is amended by deleting the
period at the end of the definition and adding the
following:
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“;
provided, however, at no time shall the Adjusted LIBOR Rate be less
than three and one half percent (3.5%).”
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The definition
of “LIBOR Margin” is amended and restated to read as
follows:
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“LIBOR
Margin” shall mean two hundred (200) basis points.
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The definition
of “Prime-based Rate” is amended by deleting the period
at the end of the definition and adding the following:
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“; provided, however, at no
time shall the Prime-based Rate be less than three and one half
percent (3.5%).”
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The definition
for “Revolving Loan Maturity Date” is amended by
replacing the date of “April 30, 2009” with the date
“April 30, 2010.”
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