Exhibit 10
October 15, 1996
Venture Stores, Inc.
0000 Xxxx Xxxxx Xxxx
X'Xxxxxx, XX 00000-0000
Re: First Amendment to Loan and Security Agreement
Ladies/Gentlemen:
Reference is hereby made to that certain Loan and Security Agreement ("the
Agreement"), dated as of June 28, 1996 and executed by and among Venture
Stores, Inc. (the "Borrower"), the financial institutions party thereto
(collectively, the "Lenders") and BankAmerica Business Credit, Inc., as
agent for the Lenders (in such capacity as agent, the "Agent"). Certain
capitalized terms used herein and not otherwise defined shall have the
meanings attributed to them in the Agreement.
The Agent, the Lenders and the Borrower hereby agree as follows:
1. Section 8.21 of the Agreement is hereby amended by deleting the
minimum ratio ".61 to 1" appearing therein and replacing it with the
minimum ratio ".25 to 1".
2. This letter agreement shall be interpreted and the rights and
liabilities of the parties hereto determined in accordance with the
internal laws (as opposed to the conflict of laws provisions) of the
State of Illinois.
Except to the extent modified herein, the Agreement remains in full force
and effect and is hereby ratified and confirmed. Please evidence your
agreement with the terms of this letter agreement by signing in the space
below. This letter agreement may be executed by one or more of all the
parties hereto on any number of counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.
This letter agreement shall become effective in accordance with its terms
upon its execution by the Agent, the Lenders and the Borrower.
Sincerely,
BANKAMERICA BUSINESS CREDIT, INC.,
as the Agent
By:\s\Xxxxxxx Xxx
Name:Xxxxxxx Xxx
Title:Vice President
BANKAMERICA BUSINESS CREDIT, INC.,
as a Lender
By:\s\Xxxxxxx Xxx
Name:Xxxxxxx Xxx
Title:Vice President
THE CIT GROUP/BUSINESS CREDIT, INC.,
as a Lender
By:\s\Xxxxxx Xxxx-Xxxxxxx
Name:Xxxxxx Xxxx-Xxxxxxx
Title:AVP
CONGRESS FINANCIAL CORPORATION,
as a Lender
By:\s\Xxxxxx X. Xxxxxx
Name:Xxxxxx X. Xxxxxx
Title:Vice President
LA SALLE BUSINESS CREDIT, INC.,
as a Lender
By:\s\Xxxxxxx X. Xxxxxxx
Name:Xxxxxxx X. Xxxxxxx
Title:Asset Based Lending Officer
GENERAL ELECTRIC CAPITAL CORPORATION,
as a Lender
By:\s\Xxxxxxx X. Xxx Xxxx
Name:Xxxxxxx X. Xxx Xxxx
Title:Duly Authorized Signature
ACCEPTED AND AGREED:
VENTURE STORES, INC.
By:\s\Xxxxxx Xxxxxxxx
Name:Xxxxxx Xxxxxxxx
Title:CFO
