June 4, 1998
BankBoston Retail Finance Inc.
00 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Attention: Xx. Xxxxxxx Xxxxxxx
Director
Re: Revolving Credit Facility
Gentlemen:
Designs, Inc. (the "Borrower") has this day entered into a Loan and
Security Agreement (the "Loan Agreement") with BankBoston Retail Finance Inc.
(in such capacity, the "Agent"), as Agent for the Lenders party thereto and such
Lenders. This letter is the Fee Letter so referred to in the Loan Agreement. All
capitalized terms used herein and not otherwise defined shall have the same
meaning herein as in the Loan Agreement.
The Borrower hereby agrees as follows:
The Commitment Fee referred to in Section 2-10(a) of the Loan Agreement
shall be in the amount of $375,000.00, which will be fully earned as of
the date hereof and paid in full upon the execution of this Fee Letter
(less any amounts previously paid by the Borrower on account thereof).
The Agent's Fee referred to in Section 2-10(b) of the Loan Agreement
shall be in the amount of $50,000.00 per annum, which shall be payable
in three installments of $50,000.00 each: upon the execution of this
Fee Letter and on June 4, 1999 and June 4, 2000.
Please indicate your agreement with the terms of this Fee Letter by
signing below. This letter is intended to take effect as a sealed instrument.
Very truly yours,
DESIGNS, INC.
By /s/ Xxxx X. Xxxxxxxx
Title: President
BankBoston Retail Finance Inc.
June 4, 1998
Page 2
The foregoing is agreed to:
BANKBOSTON RETAIL FINANCE INC.
By /s/ Xxxxxxx Xxxxxxx
Title: Director
Dated: June 4, 1998
