Exhibit 10.60
[LETTERHEAD]
Xxx Xxxxxxxx Xxxxx Xxxxxxxxx
Xxxxxxxxxx, XX 00000
This Amendment No. 1 dated DECEMBER 23, 1998 to the Master Security
Agreement dated DECEMBER 23, 1998 (the "Agreement") by and between CITIZENS
LEASING CORPORATION and DM MANAGEMENT COMPANY.
This Agreement is hereby amended as follows:
The following new Section 20 is added:
20. PAYMENT OF AFFILIATE OBLIGATIONS
Debtor is or may become indebted under or in respect of one or more
leases, loans, notes, credit agreements, reimbursement agreements, security
agreements, title retention or conditional sales agreements, or other
documents, instruments or agreements, whether now existing or hereafter
arising, evidencing Debtor's obligations for the payment of borrowed money or
other financial accommodations owing to the Secured Party or to one or more
entities that are either a parent, subsidiary of affiliated company of the
Secured Party (herein the "Affiliates"). If Debtor pays or repays all or
substantially all of its obligations owing to any Affiliate, whether or not
such payment or repayment is voluntary or involuntarily made by Debtor
before or after any default or acceleration of the obligations, then Debtor
shall pay, at Secured Party's option and immediately upon notice from Secured
Party, all or any part of Debtor's obligations owing to Secured Party,
including but not limited to Debtor's obligations under this Agreement and
all Schedules now or hereafter from time to time executed by Secured Party
and Debtor and made a part thereof."
Except as specifically set forth herein, all of the terms and provisions
of the Agreement remain in full force and effect.
Dated as of: December 23, 1998
SECURED PARTY: DEBTOR:
CITIZENS LEASING CORPORATION DM Management Company
By: /s/ Xxxx Xxxxx By: /s/ Xxxxx X. Xxxx
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Title: Vice President Title: VP Finance
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