Exhibit 10.5
ACCLAIM ENTERTAINMENT
BNY-FEBRUARY 24,1997
FACTORING AGREEMENT
BNY FINANCIAL CORPORATION
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
February 24, 1997
ACCLAIM ENTERTAINMENT, INC.
ACCLAIM DISTRIBUTION INC.
LJN TOYS, LTD.
ACCLAIM ENTERTAINMENT CANADA, LTD.
ARENA ENTERTAINMENT INC.
Xxx Xxxxxxx Xxxxx
Xxxx Xxxx, Xxx Xxxx 00000
Re: Amendment to Factoring Agreements
Gentlemen:
Reference is made to the Restated and Amended Factoring Agreements between
us and each of you, dated on or about February 2B, 1995, (as amended and
supplemented, the "Factoring Agreements"). All capitalized terms used and not
otherwise defined herein shall have the respective meanings ascribed to them in
the Factoring Agreements.
It is hereby agreed that paragraph 9(a)(1) of each of the Factoring
Agreements shall be amended in its entirety to read as follows:
"(a) This agreement shall remain in full force and effect until
terminated as follows:
(i) This agreement shall remain in full force and effect unless
either of us gives the other party hereto written notice of
termination (by certified mail, return receipt requested) no less than
ninety (90) days prior to and effective as of January 31, 2000 or any
January 31st thereafter; or
Except as specifically set forth herein, no other changes or modification
to the Factoring Agreements are intended or implied, and, in all respects the
Factoring Agreement shall continue to remain in full force and effect in
accordance with their respective terms as of the date hereof.
This agreement may be signed in counterparts, each of which shall be an
original and all of which when taken together
constitute one agreement. In making proof of this agreement, it shall not be
necessary to produce or account for more than one counterpart signed by the
party to be charged.
Please indicate your agreement to the foregoing by executing this letter
where indicated below and returning it to us.
Very truly yours,
BNY FINANIAL CORPORATION
/s/ Xxxxxx Xxxxx
-----------------------------
Xxxxxx Xxxxx
Senior Vice President
AGREED:
ACCLAIM ENTERTAINMENT, INC.
ACCLAIM DISTRIBUTION INC.
LJN TOYS, LTD.
ARENA ENTERTAINMENT INC.
By /s/ J. Xxxx Xxxxxxxxxx
--------------------------------
Title: EXEC VP & CFO
ACCLAIM ENTERTAINMENT CANADA, LTD.
By /s/ J. Xxxx Xxxxxxxxxx
--------------------------------
Title: EXEC VP & CFO
