NationsBank
Commercial Banking Corp
000 Xxxxxxxxx Xxxxx Xxxxxx
Xxxxx, XX 00000
NationsBank
July 27, 1995
Spec's Music, Inc.
0000 X.X. 00xx Xxxxxx
Xxxxx, Xxxxxxx 00000
Attention: Xx. Xxx Xxxxxxx Xxxxx, President
Re: Credit Agreement by and between Spec's Music, Inc.
("Borrower") and NationsBank of Florida, N.A. ("Lender"),
dated as of September 20, 1994 (the "Credit Agreement")
Dear Xx. Xxxxx:
Pursuant to your request on behalf of the Borrower, please
be advised that the Credit Agreement has been modified and amended
as follows:
1. Section 7.17 of the Credit Agreement is hereby deleted
in its entirety and replaced with the following:
"7.17 MANAGEMENT. Ensure that Xxx Xxxxxxx Xxxxx shall
at all times remain active in the day-to-day management
of the Borrower, and implement a senior management team
(to include at a minimum Xx. Xxxxx and a chief financial
officer) reasonably acceptable to the Lender on or before
November 30, 1995. In the event the Borrower fails to implement
such management team on or before November 30, 1995, said
failure shall constitute an Event of Default under the
Credit Agreement."
2. In addition to the above, the following changes shall
be made to Section 10.1 of the Credit Agreement:
All notices, requests, demands and other communications
in accordance with Section 10.1 of the Credit Agreement
shall be sent to the Borrower to the attention of Xxx Xxxxxxx
Xxxxx, and all copies of any such notices to the Lender
shall be forwarded to Xxxxxxxx Ingersoll, P.A., 00000 Xxxxxxxx
Xxxxxxxxx, Xxxxx 000, Xxxxx, Xxxxxxx 00000, attention:
Xxxxx X. Xxxxxxxxx, Esq.
Spec's Music, Inc.
July 27, 1995
Page 2
Except as modified herein, all remaining terms and conditions
of the Credit Agreement shall remain in full force and effect
and the modifications set forth herein shall not in any way
alter, impair, diminish or affect any of the remaining terms
and conditions of the Credit Agreement.
Should you have any questions or comments with respect
to any of the foregoing or any aspect of the above referenced
transaction, please feel free to contact the undersigned at
your earliest convenience.
Sincerely,
/s/ XXXXX X. XXXXXXXX
Xxxxx X. Xxxxxxxx,
Vice President
CC: Xxxxx X. Xxxxxxxxx, Esq.
Xx. Xxxxx Xxxx, Vice President & CFO, Spec's Music, Inc.
Xxx Xxxxxxxxxxx, Esq.
