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EXHIBIT 10.50
NATIONS BANK
July 22,1997
WESTPOINT XXXXXXX INC.
000 Xxxx Xxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000
Attention: Xx. Xxxxxx X. Xxxxxxxxxx
Re: Revision of Definition of "Maximum Restricted Payment Amount"
Dear Sirs:
Reference is made to that certain credit agreement, dated as of November 23,
1994, among WestPoint Xxxxxxx Inc. as the borrower ("Borrower"), the various
banks and lending institutions party thereto (the "Lenders"), and NationsBank,
N.A. as agent (the "Agent") for the Lenders, as amended and restated from time
to time (as amended, the "Credit Agreement"). Capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Credit Agreement.
By their signatures below, the Borrower and the Required Banks hereby agree
that the reference to the amount $15,000,000 in clause (vi) of the existing
definition of "Maximum Restricted Payment Amount" in the Credit Agreement shall
be amended to refer to "$18,500,000".
By their signatures below, each of the Borrower Subsidiaries acknowledges and
consents to this revision in the definition of "Maximum Restricted Payment
Amount" and each Borrower Subsidiary agrees that this revision does not operate
to reduce or discharge any of such Subsidiary's obligations under the Restated
Guaranties or the Collateral Documents.
Until this letter agreement shall have been executed by the Borrower, the
Borrower Subsidiaries, and the Required Banks, it shall not be effective in
revising the definition of "Maximum Restricted Payment Amount" effected hereby
upon the execution of this letter agreement by the Borrower, the Borrower
Subsidiaries, and the Required Banks, the Credit Agreement shall remain in full
force and effect.
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WestPoint Xxxxxxx Inc.
July 22, 1997
Page 2
Please execute this letter agreement, and cause each of the Borrower
Subsidiaries to execute this letter agreement, and return such completed
signature pages to the Agent at your earliest convenience.
Sincerely,
/s/ J. Xxxxxxx Xxxxxx
J. Xxxxxxx Xxxxxx
Vice President
NationsBank, N.A., as Agent
ACKNOWLEDGED AND AGREED:
WESTPOINT XXXXXXX INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
----------------------------------
Exec. V.P.-Finance &
Title: Chief Financial Officer
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ALAMAC KNIT FABRICS, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Title: Vice President & Treasurer
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WESTPOINT XXXXXXX STORES, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Title: Vice President & Treasurer
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X.X. XXXXXXX & CO., INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Title: Vice President & Treasurer
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[Signatures Continued]
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Westpoint Xxxxxxx Inc.
July 22, 1997
Page 3
WESTPOINT-PEPPERELL ENTERPRISES, INC.
By: /s/ Xxxxxx X. Xxxxx
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Title: Vice President & Asst. Treasurer
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X.X. XXXXXXX ENTERPRISES, INC.
By: /s/ Xxxxxx X. Xxxxx
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Title: Vice President & Asst. Treasurer
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WESTPOINT XXXXXXX (CANADA) INC.
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Title: Treasurer
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ALAMAC HOLDINGS INC.
By: /s/ Xxxxxx X. Xxxxx
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Title: Vice President & Asst. Treasurer
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AIH INC.
By: /s/ Xxxxxx X. Xxxxx
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Title: Vice President & Asst. Treasurer
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ALAMAC ENTERPRISES INC.
By: /s/ Xxxxxx X. Xxxxx
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Title: Vice President & Asst. Treasurer
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[Signatures Continued]
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WestPoint Xxxxxxx Inc.
July 22, 1997
Page 4
NATIONSBANK, N.A., as Agent and
individually as a Lender
By: /s/
----------------------
Title: S V P
----------------------
THE BANK OF NEW YORK
By: /s/ Xxxxxxx X. Xxxxxx
----------------------
Xxxxxxx X. Xxxxxx
Title: Vice President
----------------------
BANKBOSTON, N.A.
By: /s/ Xxxxxxx X. XxXxxxx
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Xxxxxxx X. XxXxxxx
Title: Director
----------------------
THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ Xxxxxxxxx X. Xxxx
----------------------
Title: Vice President
----------------------
SCOTIABANK INC.
By:
----------------------
Title:
----------------------
[Signatures Continued]
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WestPoint Xxxxxxx Inc.
July 22, 1997
Page 5
WACHOVIA BANK. N.A.
By: /s/ Xxxxxxx X. Xxxxxxxxxx
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Title: V.P.
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SUNTRUST BANK. ATLANTA
By: /s/
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Title: GVP
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AMSOUTH BANK OF ALABAMA
By:
-------------------------
Title:
-------------------------
ABN AMRO BANK, N.V., Atlanta Agency
By: /s/
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Title: VICE PRESIDENT
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By: /s/ Xxxxxx X. Xxxxxxx
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Title: VICE PRESIDENT
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