1
EXHIBIT 10.48
THIRD AMENDMENT AGREEMENT
THIS THIRD AMENDMENT AGREEMENT, dated as of May 22,1997 (the
"Amendment"), is among WestPoint Xxxxxxx Inc., a Delaware corporation (the
"Borrower"), NationsBank, N.A. (formerly known as NationsBank of North Carolina,
N.A. and referred to herein as "NationsBank"), The Bank of New York, The First
National Bank of Boston, The First National Bank of Chicago, Scotiabank Inc.,
Wachovia Bank of Georgia, N.A., SunTrust Bank, Atlanta, AmSouth Bank of Alabama,
and ABN AMRO Bank, N.V. (collectively, the "Banks"), and NationsBank in its
capacities as the administrative agent for the Banks (the "Administrative Agent"
or the "Agent") and as trustee ("Trustee") for the Secured Parties (as hereafter
defined).
WITNESSETH:
WHEREAS, pursuant to that certain Amended and Restated Credit
Agreement, dated as of November 23, 1994, as amended by that certain Amendment
Agreement dated as of December 4, 1995 and that certain Second Amendment and
Waiver Agreement dated as of January 23, 1997 (the "Existing Credit Agreement"),
among the parties hereto, the Banks have agreed to make loans to the Borrower;
WHEREAS, the Borrower, the Banks and the Agent desire to make certain
additional amendments to the Existing Credit Agreement;
NOW, THEREFORE, based upon the foregoing, and for good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, the
parties hereby agree as follows:
PART I
DEFINITIONS
SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or
the context otherwise requires, terms used in this Amendment, including its
preamble and recitals, have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):
"Amended Credit Agreement" means the Existing Credit Agreement as
amended hereby.
"Amendment Effective Date" is defined in Subpart 3.1.
SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment, including its preamble
and recitals, have the meanings provided in the Amended Credit Agreement.
1
2
PART II
AMENDMENTS TO EXISTING CREDIT AGREEMENT
Effective on (and subject to the occurrence of) the Amendment Effective
Date, the Existing Credit Agreement is hereby amended in accordance with this
Part II. Except as so amended, the Existing Credit Agreement shall continue in
full force and effect.
SUBPART 2.1 Amendments to the Introduction. The first paragraph of the
Existing Credit Agreement is amended to read in its entirety as follows:
This Amended and Restated Credit Agreement, dated as of
November 23, 1994, as amended as of December 4, 1995 pursuant to that
certain Amendment Agreement, as further amended as of January 23, 1997
pursuant to that certain Second Amendment and Waiver Agreement, and as
further amended as of May 22, 1997 pursuant to that Third Amendment
Agreement, is entered into by and among WestPoint Xxxxxxx Inc., a
Delaware corporation (the "Borrower"), NationsBank, N.A. (formerly
known as NationsBank of North Carolina, N.A. and referred to herein as
"NationsBank"), The Bank of New York, The First National Bank of
Boston, The First National Bank of Chicago, Scotiabank Inc., Wachovia
Bank of Georgia, N.A., and SunTrust Bank, Atlanta (collectively, other
than NationsBank, the "Co-Agent Banks"), AmSouth Bank of Alabama, ABN
AMRO Bank, N.V. and any other lending institutions, if any, listed on
the signature pages hereof (together with NationsBank, the Co-Agent
Banks and any Assignee (as hereinafter defined) pursuant to the terms
of this Agreement, collectively, "Banks" and each individually, a
"Bank"), and NationsBank, as the administrative agent for the Banks
(the "Administrative Agent" or the "Agent").
SUBPART 2.2 New Definitions Added to Article I. Article I of the
Existing Credit Agreement is hereby amended by inserting, in the alphabetically
appropriate places, the following definitions:
"Alamac Sub Holdings" means Alamac Sub Holdings, Inc., a
Delaware corporation, the owner of all of the outstanding capital stock
of AIH, Inc., and a wholly-owned subsidiary of Alamac Holdings.
"Whitmire Facility" means that certain real property, building
and other assets of Alamac located in Whitmire, South Carolina, as more
particularly described in Schedule 1.1(c).
"Alamac Amendment" means that certain Second Amendment
Agreement to the Alamac Credit Agreement, dated as of May 22, 1997.
SUBPART 2.3 Amendment of Existing Definitions. Article I is further
amended by deleting in its entirety the existing definitions of the following
terms and replacing such terms, in the appropriate alphabetical places, with the
following new definitions:
2
3
"Alamac Entities" means collectively, Alamac, Alamac
Holdings, Alamac Sub Holdings, AIH and Alamac Enterprises.
"Maximum Restricted Payment Amount" means the sum of (i)
$15,000,000, plus (ii) 25% of Consolidated Net Income (Consolidated
Subsidiaries) during the period from January 1, 1994 through December
31, 1996, plus (iii) 50% of Consolidated Net Income (Consolidated
Subsidiaries) during the period from January 1, 1997 through December
31, 2000, plus (iv) the Net Cash Proceeds received from the sale of
assets described on Schedule 5.2(m) hereto (including without
limitation Net Cash Proceeds from the sale of the Whitmire Facility not
exceeding an aggregate amount of $25,000,000.00), plus (v) the Net Cash
Proceeds received from the exercise of stock warrants or options by
employees or former employees of the Borrower in respect of the Capital
Stock of the Borrower from and after January 1, 1997, plus (vi) the
amount, not to exceed in the aggregate $15,000,000, of Available Cash
(as such term is defined in the Alamac Credit Agreement, as amended by
the Alamac Amendment) used by Alamac to purchase the Capital Stock of
the Borrower.
SUBPART 2.4 Amendment to Section 4.1(g). Section 4.1(g) is amended in
its entirety so that such Section now reads as follows:
(g) Ownership of Property. Each Representation Party has good
and marketable title to, or a subsisting leasehold interest in, all
material items of real and personal property used in its operations
(except as to leasehold interests) free and clear of all Liens, except
Permitted Liens. Substantially all items of real and material personal
property owned by, leased to or used by each Representation Party are
in adequate operating condition and repair, ordinary wear and tear
excepted, are free and clear of any known defects except such defects
as do not substantially interfere with the continued use thereof in the
conduct of normal operations, and are able to serve the function for
which they are currently being used. The items of real and personal
property owned by, leased to or used by each Representation Party
constitute all of the assets used in the conduct of such Representation
Party's business as presently conducted, and neither this Agreement nor
any other Basic Agreement, nor any transaction contemplated under any
such agreement, will affect any right, title or interest of any
Representation Party in and to any of such assets in a manner that
would have or is reasonably likely to have a material adverse effect on
the condition (financial or otherwise), properties, business or results
of operations of the Representation Parties taken as a whole. To the
knowledge of the Borrower, there are no actual, threatened or alleged
defaults of a material nature with respect to any leases of real
property under which any Representation Party is lessee or lessor. The
Borrower and its Subsidiaries have granted mortgages to secure the
Obligations on all parcels of real estate material to the operations of
the Borrower or any Material Borrower Subsidiary, except for (i) the
Excluded Real Property and (ii) the property listed on Schedule 5.2 (m)
other than the Whitmire Facility.
SUBPART 2.5 Amendment to Section 5.2(h). Section 5.2(h) is amended in
its entirety so that such Section now reads as follows:
3
4
(h) Mergers; Consolidations. Merge or consolidate with or into
any Person, except that (i) any Primary Subsidiary of the Borrower may
merge into or consolidate with the Borrower so long as the Borrower is
the surviving corporation (ii) any Primary Subsidiary may merge with or
into or consolidate with any direct or indirect wholly-owned Primary
Subsidiary of the Borrower so long as such wholly-owned Primary
Subsidiary is the surviving corporation, and (iii) any Restricted
Acquisition Subsidiary may merge with or into or consolidate with any
other Restricted Acquisition Subsidiary; provided, however, Alamac
shall not be merged with the Borrower or any other Subsidiary of the
Borrower unless the Borrower or a Primary Subsidiary of the Borrower is
the surviving corporation.
SUBPART 2.6 Amendment to Section 5.2(m). Section 5.2(m) is amended in
its entirety so that such Section now reads as follows:
(m) Asset Sales. Sell, lease, assign, transfer or otherwise
dispose of (i) any Capital Stock of any Material Borrower Subsidiary or
(ii) any other asset or assets (including Capital Stock of another
Person or any Subsidiary of the Borrower); provided, however, that the
Borrower and its Subsidiaries may (x) dispose of (i) such other assets
in the ordinary course of business consistent with past practices, (ii)
the power distribution system located in West Point, Georgia, (iii) the
Excluded Real Property, (iv) the assets described on Schedule 5.2(m)
except for the Whitmire Facility, and (v) such other assets in other
transactions provided that the aggregate consideration received in all
such other transactions does not exceed $100,000,000 in the aggregate
and (y) sell, assign, transfer, contribute or otherwise dispose of,
Program Receivables to Xxxxx pursuant to the Receivables Securitization
Facility.
SUBPART 2.7 Amendments to Section 5.2(y). Section 5.2(y) is amended in
its entirety so that such Section now reads as follows:
(y) Inactive Subsidiaries; Clupak, Inc.; Alamac. (i) Transfer
any asset or assets (including Capital Stock) with an aggregate value
in excess of $10,000 to any Inactive Subsidiary or permit any Inactive
Subsidiary to engage in any business activity unless such Inactive
Subsidiary is then a Grantor under the Collateral Trust Agreement, (ii)
transfer any asset or assets (including Capital Stock) with an
aggregate value in excess of $250,000 to Clupak, Inc., a Delaware
corporation, (iii) transfer any asset or assets (including Capital
Stock) to Alamac except for sales or transfers of assets in the
ordinary course of business on terms no less favorable than those which
would have been obtained in a comparable transaction with an
unaffiliated third party, or (iv) transfer any asset or assets from the
Borrower or any Primary Subsidiary to any Restricted Acquisition
Subsidiary except for (A) sales of assets in the ordinary course of
business on terms no less favorable than those which would have been
obtained in a comparable transaction with an unaffiliated third party,
and (B) transfers otherwise permitted by this Agreement.
SECTION 2.8 Addition of Schedule 1.1(c). Schedule 1.1(c) attached
hereto is hereby made a part of the Amended Credit Agreement.
4
5
PART III
CONDITIONS TO EFFECTIVENESS
SUBPART 3.1 Amendment Effective Date. This shall be and become
effective on such date (the "Amendment Effective Date") when all of the
conditions set forth in this Subpart 3.1 shall have been satisfied, and
thereafter, this Amendment shall be known, and may be referred to, as the "Third
Amendment Agreement."
SUBPART 3.1.1 Execution of Counterparts. The Agent shall have received
counterparts of this Amendment, each of which shall have been duly executed on
behalf of the Borrower, the Required Banks and the Agent.
SUBPART 3.1.2. Closing Certificate. The Agent shall have received a
certificate from the Borrower certifying that (i) no Default or Event of Default
exists as of the Amendment Effective Date, and (ii) the representations and
warranties of the Borrower made in or pursuant to the Loan Documents are true in
all material respects on and as of the Amendment Effective Date.
SUBPART 3.1.3. Documentation. The Agent and its counsel shall have
received all information, and such counterpart originals or such certified or
other copies of such originals, as the Agent may reasonably request, and all
legal matters incident to the transactions contemplated by this Amendment shall
be satisfactory to the Agent.
PART IV
MISCELLANEOUS
SUBPART 4.1 Cross-References. References in this Amendment to any Part
or Subpart are, unless otherwise specified, to such Part or Subpart of this
Amendment.
SUBPART 4.2 Instrument Pursuant to Existing Credit Agreement. This
Amendment is a document executed pursuant to the Existing Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed, administered
and applied in accordance with the terms and provisions of the Existing Credit
Agreement.
SUBPART 4.3 Notes and Loan Documents. The Borrower hereby confirms and
agrees that the Notes and the other Loan Documents are, and shall continue to
be, in full force and effect, and hereby ratifies and confirms in all respects
its obligations thereunder, except that, upon the effectiveness of, and on and
after the date of, this Amendment, all references in each Note and each other
Loan Document to the "Credit Agreement", "thereunder", "thereof" or words of
like import referring to the Existing Credit Agreement shall mean the Amended
Credit Agreement.
SUBPART 4.4. Representations and Warranties. The Borrower hereby
represents and warrants that (i) it has the requisite corporate power and
authority to execute, deliver and perform this Amendment, (ii) it is duly
authorized to, and has been authorized by all necessary
5
6
corporate action, to execute, deliver and perform this Amendment, (iii) it has
no claims, counterclaims, offsets, or defenses to the Loan Documents and the
performance of its obligations thereunder, or if the Borrower has any such
claims, counterclaims, offsets, or defenses to the Loan Documents or any
transaction related to the Loan Documents, the same are hereby waived,
relinquished and released in consideration of the Banks' execution and delivery
of this Amendment, (iv) the representations and warranties contained in Article
IV of the Existing Credit Agreement are, subject to the limitations set forth
therein, true and correct in all material respects on and as of the date hereof
as though made on and as of such date (except for those which expressly relate
to an earlier date) and (v) no Event of Default or Unmatured Event of Default
exists under the Existing Credit Agreement on and as of the date hereof or will
occur as a result of the transactions contemplated hereby.
SUBPART 4.5. Acknowledgment of Borrower Subsidiaries. Each of the
undersigned Borrower Subsidiaries, as parties to the Restated Guaranties and the
Collateral Documents, hereby (a) acknowledges, agrees to, and joins in the
execution and delivery of this Amendment; (b) ratifies and confirms in all
respects its respective obligations thereunder, except that, upon the
effectiveness of, and on and after the date of, the Amendment, all references in
the Collateral Documents and the Restated Guaranties to the "Restated Credit
Agreement," "thereunder," "thereof" or words of like import referring to the
Existing Credit Agreement (as defined in this Amendment) shall mean the Amended
Credit Agreement (as defined in this Agreement); and (c) agrees that it has no
claims, counterclaims, offsets, or defenses to the Restated Guaranties, the
Collateral Documents and the performance of its obligations thereunder (or if
such Borrower Subsidiary did have any such claims, counterclaims, offsets or
defenses to the Restated Guaranties, the Collateral Documents or any transaction
related thereto, the same are hereby waived, relinquished and released in
consideration of the Banks' execution and delivery of this Amendment.
SUBPART 4.6 Counterparts, Effectiveness, Etc. This Amendment may be
executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and
the same agreement.
SUBPART 4.7 Governing Law; Entire Agreement. THIS AMENDMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF.
SUBPART 4.8 Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.
6
7
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective duly authorized officers as of the day and year
first above written.
WESTPOINT XXXXXXX INC.
ATTEST:
By: /s/ Xxxxxxxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxxxxx
------------------------------ -------------------------
Title: Exec. V.P.-Finance
Title: Vice President & Secretary & CFO
--------------------------- ---------------------
(Corporate Seal)
NATIONSBANK, N.A.,
in its individual capacity,
as Agent and as Trustee
By: /s/ Xxxxxx X. Xxxxxx
-------------------------
Title: XXXXXX X. XXXXXX
----------------------
Vice President
THE BANK OF NEW YORK
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------
XXXXXXX X. XXXXXX
Title: VICE PRESIDENT
----------------------
BANKBOSTON, N.A., formerly
known as The First National
Bank of Boston
By: /s/ Xxxxxxx X. XxXxxxx
-------------------------
Title: XXXXXXX X. XxXXXXX
----------------------
Director
THE FIRST NATIONAL BANK OF
CHICAGO
By: /s/ Xxxxxxxxx X. Xxxx
-------------------------
Title: Vice President
----------------------
7
8
SCOTIABANC INC.
By: /s/ Xxxxxxx X. Xxxxxxx
---------------------------
Title: Xxxxxxx X. Xxxxxxx
------------------------
Senior Relationship
Manager
WACHOVIA BANK OF GEORGIA, N.A.
By: /s/ Xxxxxxx X. Xxxxxxxxxx
---------------------------
Title: Vice President
------------------------
SUNTRUST BANK, ATLANTA
By: /s/ C. Xxx Xxxxxx
---------------------------
Title: C. Xxx Xxxxxx, Xx.
Vice President
------------------------
By: /s/ Xxxxxxx X. Xxxxxxx
---------------------------
Title: Xxxxxxx X. Xxxxxxx
Assistant Vice
President
------------------------
AMSOUTH BANK OF ALABAMA
By: /s/ Xxxx X. Xxxx
---------------------------
Title: Vice President
------------------------
ABN AMRO BANK, N.V.
By: /s/ Xxxxxx X. Xxxxxxx
---------------------------
Title: VICE PRESIDENT
------------------------
By: /s/ X.X. Xxxxxx
---------------------------
Title: GROUP VICE PRESIDENT
------------------------
8
9
BORROWER SUBSIDIARIES: ALAMAC KNIT FABRICS, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: Vice President &
Treasurer
------------------------
WESTPOINT XXXXXXX STORES, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: Vice President &
Treasurer
------------------------
X.X. XXXXXXX & CO., INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: Vice President &
Treasurer
------------------------
WESTPOINT-PEPPERELL
ENTERPRISES, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: Treasurer
------------------------
X.X. XXXXXXX ENTERPRISES, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: Treasurer
------------------------
9
10
WESTPOINT XXXXXXX (CANADA)INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: Treasurer
------------------------
ALAMAC HOLDINGS INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: President
------------------------
AIH INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: President
------------------------
ALAMAC ENTERPRISES INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: President
------------------------
ALAMAC SUB HOLDINGS INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
---------------------------
Title: President
------------------------
10
11
SCHEDULE 1.1 C
All those tracts or parcels of land, together with all improvements located
thereon, lying and being in the City of Whitmire, Xxxxxxxx County, South
Carolina, and being more particularly described as follows:
Begin at an iron pin (P.O.B.#3) at the southwest intersection of Central Avenue
(S-36-395) and Washington Street (S-36-469); thence leaving said intersection
and running with the western right of way of Washington Street South 26 degrees
24 minutes 08 seconds East, 254.39 feet to an iron pin at the northwest
intersection of Washington Street and Xxxxxx Avenue (S-36-216); thence leaving
said intersection and running with the northern right of way of Xxxxxx Avenue
South 63 degrees 37 minutes 52 seconds West, 367.62 feet to an iron pin at the
northwestern intersection with Spring Street; thence leaving said intersection
and running with the western right of way of Spring Street South 27 degrees 38
minutes 05 seconds East, 365.28 feet to an iron pin at the northwestern
intersection with Xxxxxxxx Avenue (S-36-324); thence leaving said intersection
and running with the northern right of way of Xxxxxxxx Avenue South 57 degrees
15 minutes 54 seconds West, 241.96 feet to an iron pin and being the
termination of said Xxxxxxxx Avenue; thence crossing said termination of right
of way of Xxxxxxxx Avenue South 27 degrees 38 minutes 05 seconds East, 42.28
feet to an iron pin on line of other property of West Point-Pepperell, Inc.,
and corner Lot 1, Village Subdivision; thence running along line of other
property of West Point-Pepperell, Inc., South 56 degrees 54 minutes 05 seconds
West, 292.40 feet to an old iron pin at the rear corner of Lot 7, Village
Subdivsion; thence running along the line of said Xxx 0 Xxxxx 00 degrees 40
minutes 50 seconds West, 145.17 feet to an old iron pin on the eastern right of
way of Grant Street (S-36-323); thence running with the eastern right of way of
said Grant Xxxxxx Xxxxx 00 degrees 26 minutes 49 seconds West, 210.44 feet to
an old iron pin corner of Lot 6, Village Subdivision; thence leaving said
eastern right of way of Grant Street and running along lines of Xxxx 0, 0, 0,
0, 0, xxx 0, Xxxxxxx Subdivision, the following courses and distances; North 63
degrees 09 minutes 14 seconds East, 145.10 feet to an old iron pin; thence North
26 degrees 28 minutes 03 seconds West on the southern right of 519.07 feet to
an old iron pin on the southern right of way Central Avenue (S.C. Highway No.
66); thence running along the southern right of way of Central Avenue the
following courses and distances; North 63 degrees 20 minutes 57 seconds East,
270.00 feet to an iron pin; thence South 26 degrees 24 minutes 08 seconds
East, 12.12 feet to an iron pin; thence North 63 degrees 20 minutes 57
seconds East, 620.59 feet to the point of beginning, containing 10.996
acres or 478,980 square feet.
ALSO
Beginning at an iron pin (P.O.B. #4) at the southeast intersection of the
rights of way of Xxxxxx Xxxxxx (X-00-000) xxx Xxxxxx Xxxxxx; thence leaving
said intersection and running with the southern right of way of Xxxxxx Avenue
North 63 degrees 37 minutes 52 seconds East, 183.52 feet to an old iron pin
corner of Lot 38, Village Subdivision; thence leaving said southern right of
way of Xxxxxx Avenue and running along line of said Xxx 00, Xxxxx 00 degrees 29
minutes 07 seconds East, 147.80 feet to an old iron pin on rear line of Lot 34,
Village Subdivision; thence running along lines of Lots 34, 33 and 31 the
following courses and distances: South 57 degrees 19 minutes 40 seconds West,
67.40 feet to an old iron pin; thence South 26 degrees 28 feet 57 inches East,
4.82 feet to an old iron pin; thence South
12
63 degrees 36 minutes 00 seconds West, 113.30 feet to an old iron pin on the
eastern right xx xxx xx Xxxxxx Xxxxxx; thence running with the eastern right of
way of Spring Street Street North 27 degrees 38 minutes 05 seconds West, 160.12
feet to the point of beginning, containing 0.655 acres or 28,542 square feet.
ALSO
Beginning at an iron pin (P.O.B. #1 ) at the northwest intersection of the
rights of way of Central Avenue (S.C. Highway No. 66) and Park Street (S.C.
Highway No. 66); thence leaving said intersection and running with the northern
right of way of Central Avenue the following courses and distances: South 63
degrees 41 minutes 23 seconds West, 170.0 feet to an iron pin; thence South 21
degrees 34 minutes 18 seconds West, 32.15 feet to an iron pin; thence South 63
degrees 00 minutes 56 seconds West, 150.0 feet to an iron pin corner of other
property of West Point-Pepperell, Inc.; thence leaving said northern right of
way of Central Avenue and running along line of other property of West
Point-Pepperrell, Inc., North 26 degrees 25 minutes 37 seconds West, 373.30
feet to an iron pin; thence continue along property lines of West
Point-Pepperell, Inc. and Xxx 00, Xxxxxxx Xxxxxxxxxxx, Xxxxx 00 degrees 34
minutes 46 seconds East, 343.90 feet to an old iron pin on the western right of
way of Park Street (S.C. Highway No. 66); thence running with the western right
of way of said Park Street South 26 degrees 23 minutes 05 seconds East, 19.91
feet to an old iron pin corner of Lot 90, Village Subdivision; thence leaving
said western right of way of Park Street and running with the property lines of
said Lot 90 the following courses and distances: South 63 degrees 34 minutes 23
seconds West, 119.87 feet to an old iron pin; thence South 28 degrees 46
seconds 35 minutes East, 93.08 feet to an old iron pin; thence North 63 degrees
34 minutes 23 seconds East, 116.05 feet to an iron pin on the right of way of
Park Street (S.C.Highway No. 66); thence running with the western right xx xxx
xx Xxxx Xxxxxx Xxxxx 00 degrees 25 minutes 37 seconds East, 237.73 feet to the
point of beginning, containing 2.597 acres or 113,118 square feet.
ALSO
Beginning at an iron pin (P.O.B. #2) at the northeast intersection of the
rights of way of Central Avenue (S-36-395) and Park Street (S.C. Highway No.
66); thence leaving said intersection and running with the eastern right of way
of said Xxxx Xxxxxx Xxxxx 00 degrees 25 feet 37 seconds West, 187.35 feet to an
iron pin at the southeast intersection of said Xxxx Xxxxxx xxx Xxxxxxx
X-00-000; thence leaving said intersection and running with the southern right
of way of Xxxxxxx X-00-000 North 53 degrees 28 minutes 39 seconds East, 131.88
feet to an old iron pin corner of Lot 83, Village Subdivision; thence leaving
said Xxxxxxx X-00-000 and running along lines of said Lot 83 and other property
of West Point-Pepperell, Inc. South 39 degrees 23 minutes 21 seconds East,
248.77 feet to an iron pin on the northern right of way of Central Avenue
(S-36-395); thence running with the northern right of way of Central Avenue the
following courses and distances: South 66 degrees 53 minutes 51 seconds West,
46.07 feet to an iron pin; thence South 81 degrees 17 minutes 42 seconds West,
95.92 feet to an iron pin; thence South 63 degrees 41 minutes 23 seconds West,
48.28 feet to the point of beginning, containing 0.770 acres or 33,560 square
feet.
The above described parcels are more fully shown on three plats entitled
"Survey for West Point-Pepperell, Inc." prepared by Xxxxxx & Xxxxx Company,
Inc., Engineers, Greenville, South Carolina, dated June 1993.
13
This being part of that property conveyed to X.X. Xxxxxxx & Co., Inc., by
Xxxxxx-Xxxxxxx Xxxxx by deed dated August 1946 and recorded in the office of
the Clerk of Court of Xxxxxxxx County, South Carolina, in Deed Book 47 at Page
66 on September 11, 1946; and part of that property conveyed to West
Point-Pepperell, Inc. (predecessor to WestPoint Xxxxxxx Inc.) by X.X. Xxxxxxx &
Co., Inc. by General Warranty Deed dated June 30, 1993, and recorded in the
office of the Clerk of Court of Xxxxxxxx County, South Carolina, in Deed Book
378 at Page 224, on July 7, 1993; and all of that property Alamac Knit Fabrics,
Inc. by WestPoint Xxxxxxx Inc. by deed dated December 5, 1994, and recorded in
the office of the Clerk of Court of Xxxxxxxx County, South Carolina, in Deed
Book 412 at Page 225 on April 7, 1995.
