The CIT Group/Commercial Services, Inc. EXHIBIT 10.58.1
000 Xxxxx Xxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
000-000-0000
Date: October 1, 1997
TARRANT APPAREL GROUP
0000 Xxxx Xxxxxxxxxx Xxxx.
Xxx Xxxxxxx, XX 00000
Ladies and Gentlemen:
Reference is made to the Accounts Receivable Financing Agreement (herein
the "Agreement") between us dated June 13, 1997.
Pursuant to mutual understanding and agreement, section 3.1(b) of the
Agreement is hereby deleted in its entirety, and the following is inserted in
lieu thereof:
"(b) over-advances, in our sole discretion, with respect to goods invoiced
to either Xxxxxx New York, a division of the Limited Corporation or Target
Stores, a division of the Xxxxxx Xxxxxx Corporation, which goods have not yet
cleared through customs, in an amount up to the aggregate invoice amounts but
not to exceed $10,000,000.00 at any time, and, with the amount of any revolving
credit advances, not to exceed the Maximum Credit Facility."
Except as herein specifically provided, the Agreement remains in full force
and effect in accordance with its terms, and no other change in the terms or
provisions of the Agreement is intended or implied. If you are in agreement
with the foregoing, please sign and return to us the enclosed copy of this
letter to so indicate.
Very truly yours,
THE CIT GROUP/COMMERCIAL SERVICES, INC.
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
Vice President
Read and Agreed to:
TARRANT APPAREL GROUP
By: /s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
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Title: Vice President-Finance & CFO
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