Exhibit 10.92
GMAC
COMMERCIAL
CREDIT LLC
June 1, 2001
Xxxxxxx Chaus, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxxxx Xxxxx, Chairwoman of the Board
Xxxxxxx Chaus, Inc.
000 Xxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxxxx 00000
Attention: Xxxx Xxxxxxxxx, Vice President of Finance
Ladies/Gentlemen:
Reference is made to the Second Restated and Amended Financing Agreement
between you and our predecessor-in-interest, BNY Financial Corporation, dated
as of October 10, 1997, as supplemented and amended (the "Financing
Agreement"). Initially capitalized terms not otherwise defined herein shall
have the meanings given to them in the Financing Agreement.
It is hereby agreed that, effective as of June 30, 2001, the Financing
Agreement shall be amended as follows:
1. Section 9.1(d) is amended to provide that the Borrower will not permit
its Tangible Net Worth to be less than the following amounts as of the
following dates:
"As of June 30, 2001 $10,100,000
As of September 30, 2001 $9,000,000
As of December 31, 2001 $6,700,000
As of March 31, 2002 $8,200,000
As of June 30, 2002 $8,200,000"
2. Section 9.1(e) is amended to provide that the Borrower will not permit
its Working Capital to be less than the following amount on the following dates:
"As of June 30, 2001 $14,000,000
As of September 30, 2001 $12,700,000
As of December 31, 2001 $10,400,000
As of March 31, 2002 $11,900,000
As of June 30, 2002 $11,500,000"
--------------------------------------------------------------------------------
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000-000-0000
3. Section 9.1(g) is amended to provide that the Borrower's (i) Loss
(after taxes) will not exceed and (ii) Profit (after taxes) will not be less
than the amount specified below as applicable to the indicated Period under the
applicable column:
Maximum Maximum
"Period Permitted Loss Permitted Profit
------ -------------- ----------------
Fiscal quarter ended June 30, 2001 $2,600,000
Fiscal year ended June 30, 2001 $8,184,000
Fiscal quarter ended September 30, 2001 $800,000
Fiscal quarter ended December 31, 2001 $3,000,000
Fiscal quarter ended March 31, 2002 $1,500,000
Fiscal quarter ended June 30, 2002 -0- -0-
Fiscal year ended June 30, 2002 $2,300,000"
Except as hereinabove specifically set forth, the Financing Agreement
shall remain unmodified and in full force and effect in accordance with its
terms.
In consideration of the foregoing, you agree to pay us an amendment fee of
$4,000, which fee shall be in addition to any other fees, charges or interest
payable by you to us under the Financing Agreement and payment of which may be
effectuated by our charging your account with us.
If you are in agreement with the foregoing, please so indicate by signing
and returning to us the enclosed copy of this letter.
Very truly yours,
GMAC COMMERCIAL CREDIT LLC
By: /s/ Xxxxx Xxxxxxxx
---------------------------
Name: Xxxxx Xxxxxxxx
Title: SVP
AGREED AND ACCEPTED:
XXXXXXX CHAUS, INC.
By: /s/ Xxxxxx Xxxxxxxxx,
------------------------------
Name: Xxxxxx Xxxxxxxxx,
Title: VP of Finance
CHAUS RETAIL, INC.
(Guarantor)
By: /s/ Xxxxxx Xxxxxxxxx,
-------------------------------
Name: Xxxxxx Xxxxxxxxx,
Title: VP of Finance
