0
XXXXXXXX XXXXXXXX XXXX XX XXX XXXX
INDIVIDUALLY AND AS AGENT
000 XXXXX XXXXXX
XXX XXXX, XX 00000
NATWEST BANK N.A.
0000 XXXXXX XX XXX XXXXXXXX
XXX XXXX, XX 00000
October 13, 1995
Movie Star, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Re: Credit & Security Agreement among Republic
National Bank of New York and NatWest Bank
N.A. dated as of September 11, 1995 (the "Agreement")
Gentlemen:
You have requested that the Agreement be amended and upon your delivery to us of
a duly executed counterpart of this letter, the Agreement shall be amended as
follows:
Section 1.17 Due Date shall be amended by deleting December 31, 1995
and substituting the date June 30, 1996.
Section 1.34 shall be amended by deleting August 9, 1995 and
substituting the date October 31, 1995.
Section 8.1 shall be amended by deleting clause (vi) from Section 8.1.
The provisions of Section 6.14 (b) are hereby waived solely with
respect to your obligation to furnish us with audited financial
statements for fiscal year 1995 within ninety (90) days of the end of
the fiscal year; provided that such audited financial statements are
furnished to us by the close of business on october 13, 1995.
Notwithstanding any provision of the Agreement to the contrary, an
unfavorable variance from the Projections of not more than ten percent
(10%) shall not be a breach of (i) any term, covenant or condition of
the Agreement by which Movie Star, Inc. is bound, or (ii) any
representation or warranty made therein by Movie Star, Inc.
Except as modified herein all terms and conditions of the Agreement shall remain
in full force and effect. Please indicate your acceptance of these changes by
your signature below.
Very truly yours,
Republic National Bank of New York NatWest Bank N.A.
/S/ XXXX XXXXXXX /S/ XXXXXXX X. XXXXX
----------------------------- ------------------------------
By: Xxxx Xxxxxxx By: Xxxxxxx X. Xxxxx
Xx. Vice President Vice President
ACCEPTED AND AGREED:
Movie Star, Inc.
/S/ XXXX XXXXXXXXX
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By: Xxxx Xxxxxxxxx
Xx. Vice President
