EXHIBIT 10.94
GMAC
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COMMERCIAL
CREDIT LLC
August 28, 2001
Xxxxxxx Chaus, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxxxx Xxxxx, Chairwoman of the Board
Xxxxxxx Chaus, Inc.
000 Xxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxxxx 00000
Attention: Xxxx Xxxxxxxxx, Vice President of Finance
Ladies/Gentlemen:
Reference is made to the Second Restated and Amended Financing Agreement
between you and us as successor-in-interest to BNY Financial Corporation, dated
as of October 10, 1997, as supplemented and amended (the "Financing Agreement").
Capitalized terms used and not otherwise defined herein have the respective
meanings given to them in the Financing Agreement.
It is hereby agreed that, effective as of the date hereof, the Financing
Agreement is hereby amended as follows:
1. Section 9.1(e) is amended to provide that the Borrower will not permit
its Working Capital to be less than the following amounts on the
following dates, respectively.
"As of June 30, 2001 $14,000,000
As of September 30, 2001 $12,700,000
As of December 31, 2001 $400,000
As of March 31, 2002 $2,150,000
As of June 30, 2002 $2,000,000"
Except as hereinabove specifically set forth, the Financing Agreement shall
remain unmodified and in full force and effect in accordance with its terms.
EXHIBIT 10.94
If you are in agreement with the foregoing, please so indicate by signing and
returning to us the enclosed copy of this letter.
Very truly yours,
GMAC COMMERCIAL CREDIT LLC
By: /s/ Xxxxx Xxxxxxxx
-------------------------------
Name: Xxxxx Xxxxxxxx
Title: SVP
AGREED AND ACCEPTED:
XXXXXXX CHAUS, INC.
By: Xxxxxx Xxxxxxxxx
Name: Xxxxxx Xxxxxxxxx
Title: Vice President of Finance
CHAUS RETAIL, INC.
(Guarantor)
By: Xxxxxx Xxxxxxxxx
Name: Xxxxxx Xxxxxxxxx
Title: Vice President of Finance