Exhibit 10.3
Apollo Advisors, L.P.
Xxx Xxxxxxxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxx 00000
Converse Inc.
Xxx Xxxxxxx Xxxx
Xxxxx Xxxxxxx, XX 00000
Attention: Xx. Xxxxxx Xxxxxxx
Senior Vice President and Chief Financial Officer
Re: Amended Accommodation Letter
September 1, 1996
Gentlemen:
Reference is hereby made to that certain Credit Agreement dated as of
November 17, 1994 by and among Converse Inc. (the "Company"), the financial
institutions parties thereto (collectively, the "Lenders") and BT Commercial
Corporation, as agent for the Lenders (in such capacity, the "Agent"), as
amended by the First Amendment to the Credit Agreement dated as of May 10, 1995,
by and among the Company, the Lenders and the Agent, and as further amended by
the Second Amendment dated as of November 15, 1995, Third Amendment dated as of
February 29, 1996, and Fourth Amendment as of August 30, 1996, by and among the
Company, the Lenders, and the Agent amending the Credit Agreement (the Credit
Agreement, as amended by the First, Second, Third, and Fourth Amendment, the
"Credit Agreement" and the Fourth Amendment, the "Amendment"). All terms used
but not defined in this Accommodation Letter have the meaning given to them in
the Credit Agreement.
So long as the Letter of Credit or any Letter of Credit Loan remains
outstanding, you will not, without Apollo's prior consent, cause the amount of
the availability under paragraph (D) of the definition of "Borrowing Base"
utilized from time to time to be more than the amounts set forth below in the
period below
Period Amount
-------------- ----------------
Through March 1, 1997 $25 million
This Amended and Restate Accommodation Letter shall be governed by, and
construed in accordance with, the laws of the State of New York.
This Amended and Restated Accommodation Letter may be executed in any
number of counterparts, each of which shall be an original and all of which,
when taken together, shall constitute one original.
If the foregoing correctly sets forth our agreement, please indicate your
acceptance of the terms hereof by signing in the appropriate space below and
returning to us the executed duplicate of this Amended and Restated
Accommodation Letter.
Very truly yours,
APOLLO INVESTMENT FUND, L.P.
By: Apollo Advisors, L.P.
as Managing Partner
and on behalf of Apollo Investment Fund, L.P.
By: Apollo Capital Management, Inc.,
its general partner
By: /s/ Xxxxxx X. Xxxxxx
--------------------
Its: Vice President
Agreed to and accepted as of the date
first above written:
Converse Inc.
By: /s/ Xxxxxx X. Xxxxxxx
---------------------
Its: Senior Vice President
