February 19, 1998 Universal International, Inc. Only Deals, Inc. 5000 Winnetka Avenue North New Hope, Minnesota 55428 Re: Waiver of Event of Default -------------------------- Ladies and Gentlemen: UNIVERSAL INTERNATIONAL, INC., a Minnesota...Waiver of Event of Default • March 31st, 1998 • Universal International Inc /Mn/ • Wholesale-durable goods, nec
UNIVERSAL INTERNATIONAL, INC., a Minnesota corporation, and ONLY DEALS, INC., a Minnesota corporation (jointly and severally, "BORROWERS"), have requested that COAST BUSINESS CREDIT, a division of Southern Pacific Thrift & Loan Association, a California corporation ("LENDER") waive the Event of Default under that certain Loan and Security Agreement, dated as of June 6, 1997, as amended to date, between Lender and Borrowers (the "LOAN AGREEMENT") resulting from Borrowers' noncompliance during the period beginning January 1, 1998 and ending March 30, 1998 with the financial covenant set forth in Section 7 of the Schedule to the Loan Agreement under the heading "Additional Covenants (Section 5.1)" requiring Borrowers and ONE to maintain at all times a Consolidated Tangible Net Worth equal to at least Ten Million Dollars ($10,000,000). Capitalized terms used herein without definition shall have the meanings ascribed to them in the Loan Agreement.
EXHIBIT 10.7.3 SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT This Second Amendment to Executive Employment Agreement is entered into this 9th day of October 1997 by and between Universal International Inc. a Minnesota Corporation (the "Company")...Executive Employment Agreement • March 31st, 1998 • Universal International Inc /Mn/ • Wholesale-durable goods, nec • Minnesota
