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EXHIBIT 10.54
SIXTH AMENDMENT TO SECURITY AGREEMENT
THIS SIXTH AMENDMENT TO SECURITY AGREEMENT (the "Sixth 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 "Borrower"); 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 Borrower and the Bank entered into that certain
Security Agreement, dated May 6, 1994, as amended (the "Security
Agreement").
B. The Borrower and the Bank have agreed to modify and
amend the Security Agreement as set forth herein.
NOW THEREFORE, the parties hereto agree as follows:
1. Recital A of the Security Agreement is hereby amended
in its entirety so that such Recital now reads as follows:
A. The Bank has agreed to extend a revolving credit
facility to the Borrower and British Trimmings Limited
pursuant to the terms and conditions of a Loan Agreement,
dated November 25, 1996, by and between the Borrower and the
Bank (the "Loan Agreement") and other documents executed now
or hereafter in connection therewith including, without
limitation, promissory notes, guaranty agreements and letter
of credit applications (hereinafter the Loan Agreement and all
other documents executed now or hereafter in connection
therewith shall be collectively referred to as the "Loan
Documents").
2. Except as hereby modified, all the terms and provisions
of the Security Agreement remain in full force and effect.
3. The Borrower will execute such additional documents as are
reasonably requested by the Bank to reflect the terms and conditions of this
Sixth Amendment and will cause to be delivered such certificates, legal opinions
and other documents as are reasonably required by the Bank.
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4. This Sixth 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 Sixth Amendment to produce or
account for more than one counterpart.
5. This Sixth 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 Sixth 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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