ONE PRICE CLOTHING STORES, INC. AND SUBSIDIARIES
EXHIBIT 4(g)(4) Amendment Number Four to the Continuing Commercial Credit Agreement by and between
Carolina First Bank as Lender and the Registrant, One Price Clothing Stores, Inc. of Puerto Rico
and One Price Clothing - U.S. Virgin Islands, Inc. as Borrowers dated March 31, 1999
AMENDMENT NUMBER 4
TO
CONTINUING COMMERCIAL CREDIT AGREEMENT
March 31, 1999
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, as amended by Amendment Number 1, dated March 20,
1998, Amendment Number 2, dated April 21, 1998, and Amendment Number 3, dated
November 5, 1998 (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 increase the Maximum Credit of the
Credit Agreement, extend the Term of the Credit Agreement, and extend the term
of any individual Letters of Credit. 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. Section 1.6 of the Credit Agreement is hereby amended by
deleting the figure "$3,000,000.00" appearing therein, and
substituting therefor, the figure "$5,000,000.00".
2. Section 2.1 (d) of the Credit Agreement is hereby amended by:
(a) deleting the phrase "120 days" appearing therein, and
substituting therefor, the phrase "180 days"; and (b) deleting
the date of "June 30, 1998" appearing therein, and
substituting therefor, the date appearing in Section 11.1
(a), as amended from time to time.
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, 2000".
4. This Amendment Number 4 replaces paragraph 3 of Amendment
Number 2, dated April 21, 1998.
5. This Amendment Number 4 replaces Amendment Number 3, dated
November 5, 1998.
6. 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
sought to be enforced. Except as specifically
modified herein, and as specifically modified in
Amendment Number 1 and Amendment Number 2, 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 Effect.
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/ C. Xxxx Xxxxx
Title: Treasurer
One Price Clothing of Puerto Rico, Inc.
By: /s/ C. Xxxx Xxxxx
Title: Treasurer
One Price Clothing - U.S. Virgin Islands, Inc.
By: /s/ C. Xxxx Xxxxx
Title: Treasurer
