Exhibit 10.98
[GMAC COMMERCIAL CREDIT LLC LOGO]
July 10, 2002
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Attn: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Chairwoman of the Board
▇▇▇▇▇▇▇ ▇▇▇▇▇, Inc.
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Attn: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Chief Financial Officer
Ladies/Gentlemen:
Reference is made to the Second Restated and Amended Financing Agreement
between you and us dated as of October 10, 1997, as supplemented and/or amended
(the "Financing Agreement"). All capitalized terms not otherwise defined herein
shall have such meaning as are ascribed to them under the Financing Agreement.
This letter will confirm that the Financing Agreement is amended in the
following manner:
1. The definition of 'Permitted Overadvances' shall be amended for the
period of July 10, 2002 through September 29, 2002 as follows, and shall
mean the amounts set forth below opposite the applicable period adjacent to
such amount:
PERIOD MAXIMUM PERMITTED OVERADVANCES
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July 10, 2002 through July 30, 2002 $7,500,000.00
July 31, 2002 through August 9, 2002 $3,850,000.00
August 10, 2002 through August 30, 2002 $7,750,000.00
August 31, 2002 through September 9, 2002 $3,850,000.00
September 10, 2002 through September 29, 2002 $7,750,000.00
September 29, 2002 and thereafter $ -0-
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2. The following provision shall be added to the financing agreement as
paragraph 2.4(f):
"a fee of $10,000 for each calendar month or any portion thereof in
which the principal amount of Revolving Advances exceeds the Formula
Amount minus Permitted Overadvances."
Borrower shall pay lender an amendment fee upon execution of this Amendment
of $20,000.00, which fee lender shall charge to ▇▇▇▇▇▇▇▇'s account. Except as
heretofore and hereby amended the Financing Agreement shall remain in full force
and effect in accordance with its original terms.
If the foregoing accurately reflects our agreement, please execute a copy
of this letter in the space provided below and return an executed copy to our
offices.
Very truly yours,
GMAC Commercial Credit LLC
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Vice President
Read and Agreed to:
▇▇▇▇▇▇▇ ▇▇▇▇▇, Inc.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: CFO
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Chaus Retail, Inc.
Guarantor:
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: CFO
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