Factoring Agreement - Century Business Credit Corp. and Tommy Hilfiger USA Inc.
CENTURY BUSINESS CREDIT CORPORATION
119 West 40th Street,
New York, N.Y. 10018-2566
(212) 703-3500 - Fax (212) 703-3520/3590/3639
April 8, 1997
Mr. Joel Newman
Tommy Hilfiger U.S.A., Inc.
25 West 39th Street
New York, NY 10018
RE: FACTORING AGREEMENT
Gentlemen:
Reference is hereby made to the Factoring Agreement between us
dated September 16, 1994, as amended. This letter will confirm
the terms of a further amendment of such Factoring Agreement as
follows:
A. Paragraph 7 is amended to read in its entirety as
follows: "For your services hereunder with respect
to our sales for each year beginning, April 1, 1997,
you shall receive a commission equal to thirty-five
one hundredths of one percent (.35%) of the net face
value amount of each credit approved Receivable less
selling discounts which shall be chargeable to our
account with you on the last day of each month.
B. Paragraph 13 is amended to substitute "2001" for
"2000".
C. Except as expressly specified provided herein, all of
the representations, warranties, terms, covenants and
conditions of the Factoring Agreement as previously
and hereby amended shall remain in full force and effect.
The amendments set forth herein shall be limited precisely
as set forth herein and shall not be deemed as amendment
of, consent to or modification of any other term of
provision of the Factoring Agreement.
Please confirm you agreement to the foregoing, where indicated
below.
Very truly yours,
CENTURY BUSINESS CREDIT CORPORATION
/s/ David L. Finkelstein
David L. Finkelstein
Senior Executive Vice President
Accepted and Agreed to:
New York, NY
April 8, 1997
TOMMY HILFIGER U.S.A., INC.
By: /s/ Joel H. Newman
Title: Exec. VP Fin. & Oper.