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EXHIBIT 10.10(m)
ELEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
This Eleventh Amendment to that certain Amended and Restated Loan
and
Security Agreement ("Amendment") is made
and entered into as of June 25, 2004,
by and between Skechers U.S.A., Inc.
("Borrower") and The CIT Group/Commercial
Services, Inc. ("CIT"), as Agent and as
Lender ("Agent"). All capitalized terms
used herein and not otherwise defined shall
have the meanings assigned to such
terms in the Amended and Restated Loan and
Security Agreement.
WHEREAS, Agent and Borrower are parties to a certain Amended
and
Restated Loan and Security Agreement, dated
September 4, 1998 and all amendments
thereto (the "Agreement"); and
WHEREAS, Borrower and Agent desire to amend the Agreement as
hereinafter
set forth;
NOW THEREFORE, for good and valuable consideration, the receipt
and
sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as
follows:
SECTION 1. AMENDMENT
1.1 Delete the third paragraph at the end of subpart (A) of
subsection
2.2 and substitute the following:
"Commencing June 1, 2004 and ending June 30, 2004, Interest
will
be credited as of the last day of the month
based on the daily credit balances
in your account for that month, at a rate
two and one-half of one percent
(2.50%) per annum below the Base Rate being
used to calculate interest for the
period. Commencing July 1, 2004 and each
month thereafter, Interest will be
credited as of the last day of each month
based on the daily credit balances in
your account for that month, at a rate two
and three-quarters of one percent
(2.75%) per annum below the Base Rate being
used to calculate interest for the
period."
SECTION 2. RATIFICATION OF AGREEMENT
2.1 To induce CIT to en
