ARIS INDUSTRIES, INC.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
May 5, 1997
BNY Financial Corporation
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Consent Pursuant to Series A Junior Secured Note Agreement
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Gentleman:
Reference is made to the Series A Junior Secured Note Agreement dated June
30, 1993 (the "Note Agreement"; terms defined therein being used herein as
therein defined) between BNY Financial Corporation ("BNY") and Aris Industries,
Inc. ("Aris", formerly known as The Marcade Group, Inc.) and the Series A Junior
Secured Note issued pursuant to the Note Agreement by Aris in favor of BNY dated
June 30, 1993 in the original principal amount of $7,000,000 (the "Note").
At the request of Xxxx, BNY hereby consents to the deferral, until June 18,
1997, of the required payment of the quarterly interest under the Note otherwise
due May 5, 1997, subject to the following terms and conditions. The nonpayment
of such quarterly interest prior to June 18, 1997 shall not be a Default or
Event of Default under the Note Agreement or the Note. The Note Agreement and
the Note are hereby deemed amended to implement the foregoing.
BNY's forbearance from exercising its rights with respect to such quarterly
interest payment is not, and shall not be deemed to be, a waiver of any other
term, condition, covenant or agreement or any other aspect of the Note Agreement
and/or the Note. The forbearance is therefore limited exclusively to the
specific period of time and circumstances covered by this letter, and this
letter is without prejudice to, and hereby expressly reserves, all other rights
and remedies of BNY.
Very truly yours,
ARIS INDUSTRIES, INC.
By: /s/ XXXX XXXXXXX
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Xxxx Xxxxxxx,
Senior Vice President
AGREED AND ACCEPTED:
BNY FINANCIAL CORPORATION
By: /s/ XXX XXXXXXX
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Xxx Xxxxxxx,
Senior Vice President
