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EXHIBIT 10.10(i)
SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
This Seventh Amendment to that certain Amended and Restated Loan
and
Security Agreement ("Amendment") is made
and entered into as of April 18, 2002,
by and between Skechers U.S.A., Inc.
("Borrower") and The CIT Group/Commercial
Services, Inc. ("CIT"), successor by
purchase to the Commercial Services
Division of Heller Financial, Inc., 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 Add the
following new third paragraph at the end of subpart (A) of
subsection 2.2:
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 three and three-quarters of one percent
(3.75%) per annum below the Base Rate being used to calculate
interest for the period.
1.2 Delete the
third sentence of subpart (B) of subsection 2.2 and
substitute the following new sentence:
Interest on Base Rate Loans and all other Obligations
shall be payable to Agent for benefit of Lenders monthly in
arrears on the la
