EXHIBIT 10.23
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November 14, 1997
Pivot Rules, Inc.
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Gentlemen:
We have reference to that certain Retail Collection Factoring
Agreement (the "Factoring Agreement") and Letter of Credit Agreement (the L/C
Agreement") between Pivot Rules, Inc. and Xxxxxx Financial, Inc. both having
the Effective date of April 28, 1992, as from time to time amended or modified
(collectively, the "Agreements").
We hereby propose that, effective as of May 1, 1997, the Factoring
Agreement be amended as follows:
1. The advance rate set forth in Section 2.2 shall be increased to ninety
percent (90%).
2. The factoring commission set forth in Section 2.3 shall be reduced to
three-quarters of one percent (.75%).
3. The Interest Rate set forth in Section 3.1 shall be reduced to one percent
(1%) plus the Base Rate.
4. The matured funds rate set forth in Section 3.2 shall be increased to the
Base Rate minus one and three-quarters of one percent (1.75%).
We also hereby propose that, effective as of the date hereof, the
second sentence of paragraph numbered 10 of the L/C Agreement be deleted and
replaced with the following sentence:
"10....In addition to such bank charges, we shall pay to you
one-quarter of one percent (.25%) of the face amount of each
Letter of Credit or Guaranty upon the opening of same and
one-eighth of one percent (.125%) of their face amount thereof
upon the closing of each Letter of Credit or Guaranty."
PIVOT RULES, INC.
NOVEMBER 14, 1997
PAGE 2
Except as herein or heretofore amended or supplemented, the Agreements
remain in full force and effect in accordance with their original terms and
conditions.
If the foregoing correctly sets forth your and our understanding,
please sign the enclosed copy of this letter agreement in the space provided
and return such fully executed copy to the undersigned as soon as possible.
Very truly yours,
XXXXXX FINANCIAL, INC.
By: /s/ Xxxx X. Xxxxxxx SVP
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Name: Xxxx X. Xxxxxxx
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Title: Sr. V.P.
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CONSENTED AND AGREED TO
This 18 day of November, 1997
PIVOT RULES, INC.
By:/s/ E. Xxxxxxx Xxxxx
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Name: Xxxxxxx Xxxxx
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Title: CEO
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By: Not Applicable
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E. XXXXXXX XXXXX, INDIVIDUALLY
