[FLEET BANK LETTERHEAD]
as of March 23, 1998
Fleet National Bank, as Agent
and Lender
000 Xxxxxxxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
RE: 1998 Amendment Relating to Advance on Accounts Receivables Under 90
Days
Gentlemen:
Reference is made to the Revolving Credit Agreement dated as of May
13, 1997 as amended (the "Credit Agreement") among Fleet National Bank, as
Agent ("Agent"), Fleet National Bank as the Lenders ("Lender") and French
Fragrances, Inc. as the Borrower ("Borrower"). All capitalized terms used
herein that are not otherwise specifically defined herein shall have the
meanings given such terms in the Credit Agreement.
Section 1.1 (entitled "Defined Terms") of the Credit Agreement is
hereby amended on a temporary basis (from the date hereof through August
31, 1998), with respect to the defined term of Eligible Accounts Receivable
by deleting subparagraphs (vii) and (x) and substituting in its place the
following:
(vii) ELIGIBLE ACCOUNTS RECEIVABLE: it has not remained unpaid for
a period exceeding ninety (90) days after the due date; and
(x) ELIGIBLE ACCOUNTS RECEIVABLE: no more than fifty (50%) of the
accounts debtors shall have remained unpaid for a period exceeding ninety
(90) days after the due date.
Borrower hereby ratifies and confirms all of its obligations,
covenants, duties and agreements set forth in the Credit Agreement, as
amended by the terms hereof. All references to the "Credit Agreement" or
the "Agreement" contained in the Credit Agreement, the Notes, the Security
Documents and all other documents and instruments evidencing obligations of
Borrower under or in connection with the Credit Agreement, the Notes or the
Security Documents, shall be deemed to be amended to refer to the Credit
Agreement, as amended by the terms hereof.
as of March 23, 1998
Page 2
ATTEST: FRENCH FRAGRANCES, INC.
/s/Xxx X. Xxxxxx By: /s/Xxxxxxx X. Xxxxxxx
---------------- ---------------------
Xxxxxxx X. Xxxxxxx
Vice President & CFO
Accepted and Agreed:
FLEET NATIONAL BANK, AS AGENT
By: /s/Xxxxxxx Xxxxx
-----------------
Xxxxxxx Xxxxx
Xx. Vice President
By: /s/Xxxxxxxx Xxxxxxxx
--------------------
Xxxxxxxx Xxxxxxxx
Assistant Vice President
FLEET NATIONAL BANK, AS LENDER
By: /s/Xxxxxxx Xxxxx
-----------------
Xxxxxxx Xxxxx
Xx. Vice President
By: /s/Xxxxxxxx Xxxxxxxx
--------------------
Xxxxxxxx Xxxxxxxx
Assistant Vice President
