EXHIBIT 10(b) Amendment Number Six to the Continuing Commercial Credit Agreement
by and between Carolina First Bank as Lender and the Registrant, One Price
Clothing of Puerto Rico, Inc. and One Price Clothing - U.S. Virgin Islands, Inc.
as Borrowers dated June 30, 2000.
AMENDMENT NUMBER 6
TO
CONTINUING COMMERCIAL CREDIT AGREEMENT
June 30, 0000
Xxx Price Clothing Stores, Inc.
0000 Xxxx Xxxx Xxxxxx
Xxxxxx, Xxxxx Xxxxxxxx 00000
One Price Clothing of Puerto Rico, Inc.
0000 Xxxx Xxxx Xxxxxx
Xxxxxx, Xxxxx Xxxxxxxx 00000
One Price Clothing - U.S. Virgin Islands, Inc.
0000 Xxxx Xxxx Xxxxxx
Xxxxxx, Xxxxx Xxxxxxxx 00000
Gentlemen:
Carolina First Bank ("Bank"), One Price Clothing Stores, Inc. ("One
Price"), One Price Clothing of Puerto Rico, Inc. ("One Price, P.R."), and One
Price Clothing - U.S. Virgin Islands, Inc. ("One Price V.I.", and together with
One Price and One Price, P.R., individually referred to as a "Borrower" and
collectively as "Borrowers") have entered into certain financing arrangements
pursuant to the Continuing Commercial Credit Agreement, dated May 16, 1997,
between Bank and Borrowers, as amended by Amendment Number 1, dated March 20,
1998, Amendment Number 2, dated April 21, 1998, Amendment Number 3, dated
November 5, 1998, Amendment Number 4, dated March 31, 1999, and Amendment Number
5, dated February 23, 2000 (the "Credit Agreement"). All capitalized terms used
herein and not herein defined shall have the meanings given to them in the
Credit Agreement.
Borrowers have requested that Bank extend the Term of the Credit Agreement
through June 30, 2001, and Bank is willing to agree to this Amendment, subject
to the terms and conditions set forth herein.
In consideration of the foregoing, the mutual agreements and covenants
contained herein and other good and valuable consideration, the parties hereto
agree as follows:
1. Section 4.2 of the Credit Agreement is hereby amended by
deleting the date "February 1, 1997" appearing therein, and
substituting therefor, the date "January 29, 2000.
2. Section 7.7 of the Credit Agreement is hereby amended by
deleting the date "February 1, 1997" appearing therein, and
substituting therefor, the date "January 29, 2000".
3. Section 11.1(a) of the Credit Agreement is hereby amended by
deleting the ending date of the Term of the Credit Agreement
of "June 30, 1998 appearing therein (as previously amended by
Amendment Number 2 and Amendment Number 4), and substituting
therefore, the date June 30, 2001".
4. This Amendment Number 6 replaces paragraph 3 of Amendment Number 4,
dated March 31, 1999.
5. Miscellaneous.
a. This Amendment contains the entire agreement of
the parties with respect to the specific subject
matter hereof and supersedes all prior or
contemporaneous term sheets, proposals, discussions,
negotiations, correspondence, commitments, and
communications between or among the parties
concerning the subject matter hereof.
This Amendment may not be modified or any provision
waived, except in writing, signed by the party
against whom such modification or waiver is
sought to be enforced.
Except as specifically modified herein, and as
specifically modified in Amendment Number 1,
Amendment Number 2, Amendment Number 4, and Amendment
Number 5, the Credit Agreement is hereby ratified,
restated, and confirmed by the parties hereto as of
the effective date hereof. To the extent of a
conflict between the terms of this Amendment Number
6, on the one hand, and the Credit Agreement
and the prior amendments, on the other hand, the
terms of this Amendment Number 6 shall control.
b. Governing Law.
-------------
This Amendment and the rights and the obligations
hereunder of each of the parties hereto shall be
governed by and interpreted and determined in
accordance with the internal laws of the state of
South Carolina, with regard to principals of
conflicts of law.
c. Binding Effect.
--------------
This Amendment shall be binding and enure to the
benefit to each of the parties hereto and their
respective successors and assigns.
d. Counterparts.
------------
This Amendment may be executed in any number of
counterparts, but all of such counterparts shall
together constitute but one in the same agreement. In
making proof of this Amendment, it shall not be
necessary to produce or account for more than one
counterpart thereof signed by each of the parties
hereto.
By the signature hereto of each of their duly authorized officers, all
of the parties hereto mutually covenant and agree as set forth herein.
Yours very truly,
Carolina First Bank
By: /s/ Xxxxx X. Xxxxx
--------------------
Xxxxx X. Xxxxx
Title: Vice President
AGREED AND ACCEPTED:
One Price Clothing Stores, Inc.
By: /s/ C. Xxxx Xxxxx
--------------------------
C. Xxxx Xxxxx
Title: Vice President & Treasurer
One Price Clothing of Puerto Rico, Inc.
By: /s/ C. Xxxx Xxxxx
--------------------------
C. Xxxx Xxxxx
Title: Vice President & Treasurer
One Price Clothing - U.S. Virgin Islands, Inc.
By: /s/ C. Xxxx Xxxxx
--------------------------
C. Xxxx Xxxxx
Title: Vice President & Treasurer
