Exhibit 10.3
AMENDMENT TO LOAN AGREEMENT
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THIS AGREEMENT is made as of the 31st day of March, 2002, by and between TROPICAL SPORTSWEAR INT'L
CORPORATION (the "Borrower"), a Florida corporation, and BANK OF AMERICA, N.A. (the "Lender"), successor to
NationsBank, N.A.
Recitals
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The Borrower and the Lender executed a Loan Agreement (as amended or restated from time to time, the
"Loan Agreement") dated May 28, 1999, pursuant to which the Lender has provided a credit facility to the
Borrower. The parties wish to amend the Loan Agreement in accordance with the provisions hereof.
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1. Section 4.12.2 of the Loan Agreement is hereby amended so that, from and after the date hereof,
such section shall read as follows:
4.12.2 Consolidated Funded Debt/Consolidated EBITDA Ratio. Maintain, as of the end
of each Fiscal Quarter, a Consolidated Funded Debt/Consolidated EBITDA Ratio of not more than: (a) 5.50
to 1 for all calculations from March 31, 2002, through December 31, 2002; and (b) 5.0 to 1 for all
calculations from and after March 31, 2003.
2. Section 7.1.5 of the Loan Agreement is hereby amended so that, from and after the date hereof,
such section shall read as follows:
7.1.5 Default under other Credit Agreements. There shall occur any default or event of
default on the part of the Borrower or any Subsidiary under any agreement, document or instrument to
which the Borrower or such Subsidiary is a party or by which the Borrower or such Subsidiary or any of
their respective properties is bound, creating or relating to any Debt for Borrowed Money in excess of
$3,000,000 if the payment or maturity of such Debt for Borrowed Money may be accelerated in consequence
of such event of default or demand for payment of such Debt for Borrowed Money may be made.
3. The Borrower certifies that as of the date hereof: (a) all of its representations and
warranties in the Loan Agreement are true and correct as if made on the date hereof; and (b) no default has
occurred under the Loan Agreement. The Loan Agreement shall continue in full force and effect except as modified
herein.
IN WITNESS WHEREOF, the parties hereto have signed and sealed this Agreement on the day and year first
above written.
TROPICAL SPORTSWEAR INT'L
CORPORATION
By: /s/ Xxxxx Xxxxx
Its: Senior Vice President
BANK OF AMERICA, N.A.
By: /s/ Xxxxx Xxxxx
Its: Vice President
