FIRST AMENDMENT TO FORBEARANCE AGREEMENT
THIS AGREEMENT, made on this 30th day of April, 1999 between Blue Fish
Clothing, Inc. ("Blue Fish"), having a principal place of business located at
#0 0xx Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx (the "Business Premises"); Sovereign
Bank ("Sovereign"), successor by merger to Carnegie Bank,N.A., ("Carnegie")
having a place of business located at 000 Xxxxxxxxx Xxxx, Xxxxxxxxx, Xxx
Xxxxxx; Xxxxxxxx X. Xxxxxxx ("Xxxxxxx" or "Guarantor") having a residence
located at 000 Xxxxxx Xxxx Xxxx, Xxxxxxxxxxxx, Xxxxxxxxxxxx (the "Residence");
WHEREAS, on February 18, 0000, Xxxx Xxxx, Xxxxxxx and Sovereign entered
into a Forbearance Agreement, the terms of which are fully set forth therein
(the "Forbearance Agreement"); and
WHEREAS, the Forbearance Period as defined in the Forbearance Agreement
is to expire at 12:00 a.m. on May 4, 1999; and
WHEREAS, the parties are desirous of extending the Forbearance Period and
the term of the March 1998 Business Manager Agreement for a period of sixty
(60) days through July 2, 1999; and
WHEREAS, the parties are also desirous of changing certain terms of the
Forbearance Agreement as set forth below;
NOW THEREFORE, in consideration for the mutual premises set forth herein
and other good and valuable consideration, the receipt and sufficiency is
hereby acknowledged, the parties to this Agreement do hereby agree to the
terms set forth below.
1. WHEREAS CLAUSES The above referenced Whereas clauses are hereby
incorporated by reference in all respects.
2. FORBEARANCE PERIOD
a. The Forbearance Period set forth in the Forbearance Agreement is
hereby extended for sixty (60) days and shall expire on July 2, 1999 at
11:59 p.m. Any dates referred to in the Forbearance Agreement have also been
extended sixty days.
3. 1998 BUSINESS MANAGER AGREEMENT
a. The term of the March 1998 Business Manager Agreement is hereby
extended for sixty (60) days and shall expire on July 2, 1999 at 11:59 p.m.
4. EVENTS OF DEFAULT
a. Paragraph 14j of the Forbearance Agreement is hereby deleted.
5. AUTHORIZATION
a. Simultaneously with the execution of this First Amendment To
Forbearance Agreement, Blue Fish shall deliver to Sovereign a Resolution of
its Board OF Directors authorizing the execution of this agreement by
Xxxxxxx X. Xxxxx ("Xxxxx").
b. Simultaneously with the execution of this First Amendment To
Forbearance Agreement, Blue Fish shall deliver to Sovereign an Officer Cer-
tificate certifying that Xxxxx is an officer of Blue Fish and is authorized
to execute this First Amendment To Forbearance Agreement on behalf of Blue
Fish.
6. GENERAL PROVISIONS
a. All other terms and conditions as set forth in the Forbearance
Agreement shall remain in full force and effect.
b. Blue Fish shall pay to Sovereign an extension fee of Four
Thousand ($4,000.00) Dollars, Two Thousand ($2,000.00) Dollars of which shall
be payable at the time of the execution of this agreement with the remaining
Two Thousand ($2,000.00) Dollars being paid on or before June 2, 1999. Said
failure to pay said amounts shall constitute a default under the Forbearance
Agreement.
c. This First Amendment To Forbearance Agreement may be executed in
one (1) or more counterparts, each of which when executed shall be deemed an
original. Such counterparts shall together, constitute one (1) and the same
agreement.
ATTEST SOVEREIGN BANK
/s/ Xxxxxxxxxxx Xxxxxxxxx
____________________________ __________________________________
Xxxxxxxxxxx Xxxxxxxxx,
Vice President
ATTEST BLUE FISH CLOTHING, INC.
/s/ Xxxxxxx X. Xxxxx
____________________________ __________________________________
Xxxxxxx X. Xxxxx, President & CEO
WITNESS
/s/ Xxxxxxx X. Xxxxx /s/ Xxxxxxxx X. Xxxxxxx
____________________________ __________________________________
Xxxxxxx X. Xxxxx Xxxxxxxx X. Xxxxxxx, Guarantor
