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EXHIBIT 10.55
FOURTH AMENDMENT TO GUARANTY AGREEMENT
THIS FOURTH AMENDMENT TO GUARANTY AGREEMENT (the "Fourth Amendment"),
dated as of November 25, 1996, is made by and between
CONSO PRODUCTS COMPANY, a corporation organized and existing under the
laws of the State of South Carolina (the "Guarantor"); and
NATIONSBANK, N.A., a national banking association organized and
existing under the laws of the United States (the "Bank").
RECITALS:
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A. The Guarantor entered into that certain Guaranty
Agreement, dated May 6, 1994 (the "Guaranty Agreement").
B. The Guarantor and the Bank have agreed to modify and
amend the Guaranty Agreement as set forth herein.
NOW THEREFORE, the parties hereto agree as follows:
1. The Guaranty Agreement is hereby amended as follows:
(a) The introductory paragraph of the Guaranty Agreement is
amended in its entirety so that such paragraph now reads as follows:
THIS GUARANTY AGREEMENT, dated as of May 6, 1994,
as amended (the "Guaranty"), is given by
CONSO PRODUCTS COMPANY, a South Carolina
corporation (the "Guarantor"); and extended to
NATIONSBANK, N.A., a national banking association
with its principal offices located in Charlotte, North
Carolina (the "Bank") for the benefit of
BRITISH TRIMMINGS LIMITED, an English company (the
"Borrower").
(b) Recital 1 is amended in its entirety so that such
Recital now reads as follows:
1. The Bank has agreed to make loans (the
"Loans") to the Borrower pursuant to the terms and
conditions of that certain Promissory Note, dated
November 25, 1996, executed by the Borrower in favor of
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the Bank in the original principal amount of up to
(pound)5,000,000 (the "Note").
2. Except as hereby modified, all the terms and
provisions of the Guaranty Agreement remain in full force and
effect.
3. The Guarantor will execute such additional
documents as are reasonably requested by the Bank to reflect
the terms and conditions of this Fourth Amendment and will
cause to be delivered such certificates, legal opinions and
other documents as are reasonably required by the Bank.
4. This Fourth Amendment may be executed in any
number of counterparts, each of which when so executed and
delivered shall be deemed an original, and it shall not be
necessary in making proof of this Fourth Amendment to produce
or account for more than one counterpart.
5. This Fourth Amendment and all other documents
executed pursuant to the transactions contemplated herein
shall be deemed to be contracts made under, and for all
purposes shall be construed in accordance with, the internal
laws and judicial decisions of the State of North Carolina.
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IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Amendment to be executed by their fully authorized officers as of the day and
year first above written.
CONSO PRODUCTS COMPANY
ATTEST:
By /s/ Xxxxxxxxx Xxxxxxx By /s/ X. Xxxx Findlay
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Title Secretary Title Chairman
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(Corporate Seal)
NATIONSBANK, N.A.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
Senior Vice President
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