COLLECTION AGENCY AGREEMENT ROSENTHAL & ROSENTHAL, INC. 1370 Broadway New York NY 10018Collection Agency Agreement • July 16th, 2009 • Steven Madden, Ltd. • Footwear, (no rubber) • New York
The following is the Agreement under which we are to act as your collection agent. The effectiveness of this Agreement is conditioned upon the occurrence of all of the following on or prior to October 31, 2009: (i) the termination of your existing factoring agreement with GMAC Commercial Finance, LLC (“GMAC”); and (ii) a partial termination by a UCC-3 Financing Statement releasing the interest of GMAC in all of your assets other than any Receivables arising prior to the date of such termination. The date on which the foregoing conditions shall have been satisifed shall hereafter be referred to as the “Effective Date”. Capitalized terms shall have the meanings set forth in Section 14 hereof:
Rosenthal & Rosenthal, Inc. 1370 Broadway New York, NY 10018 Ladies and Gentlemen:Steven Madden, Ltd. • July 16th, 2009 • Footwear, (no rubber)
The undersigned are affiliated or subsidiary companies which, severally, have entered into separate Collection Agency Agreements with you, (each a “Collection Agency Agreement”). Steven Madden, Ltd. is the parent corporation, and the other undersigned companies (it being understood that all references to the undersigned excludes you, Rosenthal & Rosenthal, Inc.) are subsidiaries thereof. Each of the undersigned has reduced its cost of operation by sharing premises, office equipment and support personnel with each other. Consequently, each of the undersigned will benefit from continued financial well being of the other.
