ONE PRICE CLOTHING STORES, INC. AND SUBSIDIARIES
EXHIBIT 4(m) Amendment Number Two 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 April 21, 1998.
AMENDMENT NUMBER 2
TO
CONTINUING COMMERCIAL CREDIT AGREEMENT
April 21, 1998
One 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 (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 agree to extend the Term of the
Credit Agreement so that the Credit Agreement will expire June 30, 1999, 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. (a) Section 3.1 of the Credit Agreement is hereby
amended by deleting the phrase "closing fee"
appearing therein, and substituting therefor, the
phrase "extension fee".
(b) Section 3.1 of the Credit Agreement is
further amended by deleting the phrase "on the date
hereof" appearing therein, and substituting
therefor the phrase "on the date of this Amendment
Number 2".
2. 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 31, 1998".
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, and substituting
therefor, the date "June 30, 1999".
4. Miscellaneous.
a. Entire Agreement; Ratification and Confirmation of
the Credit Agreement.
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
thought to be enforced. Except as specifically
modified herein, and as specifically modified in
Amendment Number 1, 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 and
the Credit Agreement, the terms of this Amendment
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 Affect.
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/ Xxxxxxx X. Xxxxxxxxxxx
Xxxxxxx X. Xxxxxxxxxxx,
Title: Executive Vice President
AGREED AND ACCEPTED:
One Price Clothing Stores, Inc.
By: /s/ Xxxxxxx X. Xxxxxxx
Xxxxxxx X. Xxxxxxx,
Title: Executive Vice President & Chief Financial Officer
One Price Clothing of Puerto Rico, Inc.
By: /s/ C. Xxxx Xxxxx
C. Xxxx Xxxxx
Title: Treasurer
One Price Clothing - U.S. Virgin Islands, Inc.
By: /s/ C. Xxxx Xxxxx
C. Xxxx Xxxxx
Title: Treasurer
