AMENDED AND RESTATED REVOLVING NOTE
Exhibit 10.24(c)
AMENDED AND RESTATED REVOLVING NOTE
U.S. $13,000,000.00 | June 13, 2011 |
FOR VALUE RECEIVED, on the Termination Date (as defined in the Loan Agreement referred to hereinafter), the undersigned, Duluth Holdings Inc., a Wisconsin corporation (“Holdings”), and Duluth Trading Company, LLC, a Wisconsin limited liability company (“Trading,” and collectively with Holdings, the “Borrowers”), jointly and severally, promise to pay to the order of Xxxxxx X.X. (the “Lender”) the maximum principal sum of Thirteen Million and 00/100 U.S. Dollars (U.S. $13,000,000.00) or, if less, the aggregate unpaid principal amount of all Advances (as defined in the Loan Agreement) made by the Lender to the Borrowers pursuant to Section 3 of the Loan Agreement, together with interest pursuant to the Loan Agreement.
The Borrowers promise to pay interest on the unpaid principal amount hereof from the date hereof until such principal amount is paid in full at the rates and at the times provided in the Loan Agreement.
This Note is the Revolving Note referred to in the Amended and Restated Loan Agreement between Borrowers and Lender dated as of the date hereof (the Loan Agreement, as amended, modified, supplemented or restated from time to time being the “Loan Agreement”).
Presentment and demand for payment, notice of dishonor, protest and notice of protest are hereby waived. In the event of default, the Borrowers agree to pay costs of collection and reasonable attorneys’ fees (whether or not suit is commenced), including, without limitation, attorneys’ fees and legal expenses incurred in connection with any appeal of a lower court’s judgment or order.
This Note is an amendment and restatement of (a) the Promissory Note dated as of May 4, 2010 executed by Borrowers and Sugar River Advertising, LLC in favor of Lender in the maximum principal amount of $1,500,000, as amended by Amendment to Promissory Note and Business Loan Agreement dated May 12, 2011, and (b) the Promissory Note dated as of May 15, 2010 executed by Borrowers and Sugar River Advertising, LLC in favor of Lender in the maximum principal amount of $9,500,000, as amended by Amendment to Promissory Note and Business Loan Agreement dated May 12, 2011, and is not a novation.
DULUTH HOLDINGS INC. | ||
By: | /s/ Xxxx XxXxxx | |
Name: | Xxxx XxXxxx | |
Title: | Chief Financial Officer | |
DULUTH TRADING COMPANY, LLC By: Duluth Holdings Inc., its sole member | ||
By: | /s/ Xxxx XxXxxx | |
Name: | Xxxx XxXxxx | |
Title: | Chief Financial Officer |