Exhibit 10.16(a)
BANK OF AMERICA
Bank of America Commercial Finance
NYI-503-06-08
000 Xxxxxxx Xxxxxx, 0/xx/ Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
November 29, 2000
Xxxx-Xx Knitwear Inc.
00 Xxxxxx Xxxxx
Xxxxxx, XX 00000
RE: Non-Notification Factoring Agreement between us dated June 18, 1998, as
amended (the "Factoring Agreement")
Gentlemen:
Effective November 29, 2000, the Factoring Agreement shall be amended to reflect
the following:
1. Section 6 of the Factoring Agreement shall be deleted in its entirety and in
lieu thereof the following shall be substituted:
"6. You shall be entitled to a commission on all receivables
purchased by you, which commission shall be payable on the 10th day of
each month with respect to receivables purchased during the preceding
month and shall be in an amount equal to one quarter of one percent
(.25%) of the gross amount of such receivables less applicable
discounts. Such commissions shall be due even if the approval for the
receivable is withdrawn or the receivable is charged back to our
account."
2. The second and third sentence of Section 10 shall be deleted and in lieu
thereof the following shall be substituted:
"If accepted by you, this Agreement shall be effective on the 18th day
of June, 1998, and shall continue in full force and effect until: (a)
December 1, 2003, and from year to year thereafter until terminated
(on any such anniversary date) by our giving to you not less than
sixty (60) days prior written notice by certified or registered mail
or prepaid telegram; or (b) terminated at any time by your giving to
us not less than sixty (60) days prior written notice by certified or
registered mail or prepaid telegram."
Except as amended herein, all other terms and conditions of the Factoring
Agreement shall remain unchanged and in full force and effect. Would you please
indicate your agreement to the foregoing by signing where indicated below.
Banc of America Commercial Corporation
By: /S/ Xxxxxx X. Xxxxxxx S.V.P.
---------------------------------
Read and Agreed:
Xxxx-Xx Knitwear Inc.
By: /S/ Xxxxxx X. Xxxxxx C.F.O.
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(Title)
