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EXHIBIT 10.50
NATIONS BANK
July 22,1997
WESTPOINT ▇▇▇▇▇▇▇ INC.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Re: Revision of Definition of "Maximum Restricted Payment Amount"
Dear Sirs:
Reference is made to that certain credit agreement, dated as of November 23,
1994, among WestPoint ▇▇▇▇▇▇▇ Inc. as the borrower ("Borrower"), the various
banks and lending institutions party thereto (the "Lenders"), and NationsBank,
N.A. as agent (the "Agent") for the Lenders, as amended and restated from time
to time (as amended, the "Credit Agreement"). Capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Credit Agreement.
By their signatures below, the Borrower and the Required Banks hereby agree
that the reference to the amount $15,000,000 in clause (vi) of the existing
definition of "Maximum Restricted Payment Amount" in the Credit Agreement shall
be amended to refer to "$18,500,000".
By their signatures below, each of the Borrower Subsidiaries acknowledges and
consents to this revision in the definition of "Maximum Restricted Payment
Amount" and each Borrower Subsidiary agrees that this revision does not operate
to reduce or discharge any of such Subsidiary's obligations under the Restated
Guaranties or the Collateral Documents.
Until this letter agreement shall have been executed by the Borrower, the
Borrower Subsidiaries, and the Required Banks, it shall not be effective in
revising the definition of "Maximum Restricted Payment Amount" effected hereby
upon the execution of this letter agreement by the Borrower, the Borrower
Subsidiaries, and the Required Banks, the Credit Agreement shall remain in full
force and effect.
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WestPoint ▇▇▇▇▇▇▇ Inc.
July 22, 1997
Page 2
Please execute this letter agreement, and cause each of the Borrower
Subsidiaries to execute this letter agreement, and return such completed
signature pages to the Agent at your earliest convenience.
Sincerely,
/s/ J. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
J. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Vice President
NationsBank, N.A., as Agent
ACKNOWLEDGED AND AGREED:
WESTPOINT ▇▇▇▇▇▇▇ INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
----------------------------------
Exec. V.P.-Finance &
Title: Chief Financial Officer
----------------------------------
ALAMAC KNIT FABRICS, INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
----------------------------------
Title: Vice President & Treasurer
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WESTPOINT ▇▇▇▇▇▇▇ STORES, INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
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Title: Vice President & Treasurer
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▇.▇. ▇▇▇▇▇▇▇ & CO., INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
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Title: Vice President & Treasurer
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[Signatures Continued]
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3
Westpoint ▇▇▇▇▇▇▇ Inc.
July 22, 1997
Page 3
WESTPOINT-PEPPERELL ENTERPRISES, INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
----------------------------------
Title: Vice President & Asst. Treasurer
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▇.▇. ▇▇▇▇▇▇▇ ENTERPRISES, INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
----------------------------------
Title: Vice President & Asst. Treasurer
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WESTPOINT ▇▇▇▇▇▇▇ (CANADA) INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
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Title: Treasurer
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ALAMAC HOLDINGS INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Title: Vice President & Asst. Treasurer
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AIH INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Title: Vice President & Asst. Treasurer
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ALAMAC ENTERPRISES INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
----------------------------------
Title: Vice President & Asst. Treasurer
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[Signatures Continued]
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WestPoint ▇▇▇▇▇▇▇ Inc.
July 22, 1997
Page 4
NATIONSBANK, N.A., as Agent and
individually as a Lender
By: /s/
----------------------
Title: S V P
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THE BANK OF NEW YORK
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
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BANKBOSTON, N.A.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
----------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Director
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THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
----------------------
Title: Vice President
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SCOTIABANK INC.
By:
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Title:
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[Signatures Continued]
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WestPoint ▇▇▇▇▇▇▇ Inc.
July 22, 1997
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WACHOVIA BANK. N.A.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
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Title: V.P.
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SUNTRUST BANK. ATLANTA
By: /s/
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Title: GVP
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AMSOUTH BANK OF ALABAMA
By:
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Title:
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ABN AMRO BANK, N.V., Atlanta Agency
By: /s/
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Title: VICE PRESIDENT
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By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Title: VICE PRESIDENT
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