EXHIBIT 10.17
CENTURY BUSINESS CREDIT CORPORATION
000 Xxxx 00xx Xxxxxx,
Xxx Xxxx, X.X. 00000-0000
(000) 000-0000 - Fax (000) 000-0000/3590/3639
April 8, 1997
Xx. Xxxx Xxxxxx
Xxxxx Xxxxxxxx U.S.A., Inc.
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
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 ef-
fect. The amendments set forth herein shall be lim-
ited 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 Agree-
ment.
Please confirm you agreement to the foregoing, where indicated
below.
Very truly yours,
CENTURY BUSINESS CREDIT CORPORATION
/s/ Xxxxx X. Xxxxxxxxxxx
Xxxxx X. Xxxxxxxxxxx
Senior Executive Vice President
Accepted and Agreed to:
New York, NY
April 8, 1997
XXXXX XXXXXXXX U.S.A., INC.
By: /s/ Xxxx X. Xxxxxx
Title: Exec. VP Fin. & Oper.
