Amended and Restated Term Note between Duluth Holdings Inc., Duluth Trading Company, LLC, and Harris N.A. (June 13, 2011)
Duluth Holdings Inc. and Duluth Trading Company, LLC jointly agree to repay Harris N.A. a principal amount of $684,960.05, plus interest, under the terms set by their Amended and Restated Loan Agreement. The note amends and restates a previous promissory note but does not replace the original debt. The Borrowers must pay all collection costs and attorneys’ fees if they default. Payment is due on the Term Loan Termination Date as defined in the Loan Agreement.
Exhibit 10.24(d)
AMENDED AND RESTATED TERM NOTE
U.S. $684,960.05 | June 13, 2011 |
FOR VALUE RECEIVED, on the Term Loan 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 Harris N.A. (the Lender) the principal sum of Six Hundred Eighty-Four Thousand Nine Hundred Sixty and 05/100 Dollars ($684,960.05), together with interest pursuant 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 Term 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 courts judgment or order.
This Note is an amendment and restatement of the Promissory Note dated as of May 12, 2010 executed by Borrowers and Sugar River Advertising, LLC in favor of Lender in the original principal amount of $900,000, and is not a novation.
DULUTH HOLDINGS INC. | ||
By: | /s/ Mark DeOrio | |
Name: | Mark DeOrio | |
Title: | Chief Financial Officer | |
DULUTH TRADING COMPANY, LLC | ||
By: Duluth Holdings Inc., its sole member | ||
By: | /s/ Mark DeOrio | |
Name: | Mark DeOrio | |
Title: | Chief Financial Officer |