First Amendment to Fifth Amended and Restated Loan and Security Agreement between Bank of America, N.A. and Casual Male Retail Group, Inc.
This amendment, dated July 11, 2007, modifies the existing loan and security agreement between Bank of America, N.A. and Casual Male Retail Group, Inc. The change updates how 'Availability' is calculated under the agreement, specifically removing a clause that previously deducted Availability Reserves from the Revolving Credit Commitments. However, Availability Reserves will still be deducted from the Borrowing Base. Both parties have agreed to this amendment as indicated by their signatures.
Exhibit 10.3
July 11, 2007
Casual Male Retail Group, Inc.
555 Turnpike Street
Canton, Massachusetts 02021
| Attention: | Dennis Heinreich |
| Chief Financial Officer |
| Re: | Fifth Amended and Restated Loan and Security Agreement. |
Dear Mr. Heinreich:
Reference is made to a certain Fifth Amended and Restated Loan and Security Agreement dated December 20, 2006 by and among others Bank of America, N.A., as Agent, and Casual Male Retail Group, Inc., as Borrower (the “Loan Agreement”). Please be advised that the definition of Availability set forth in the Loan Agreement is amended by deleting clause (a)(iv) therefrom so as not to deduct Availability Reserves from the Revolving Credit Commitments when determining Availability. Notwithstanding the foregoing, Availability Reserves continue to be deducted from the Borrowing Base when calculating Availability.
Please acknowledge your acceptance of the foregoing Amendment by endorsing a copy of this letter and returning it to the undersigned.
Very truly yours,
| BANK OF AMERICA, N.A. |
| /s/ Peter A. Foley |
| Peter A. Foley |
ACKNOWLEDGED AND ACCEPTED
CASUAL MALE RETAIL GROUP, INC.
| /s/ Dennis R. Hernreich |
| Dennis Hernreich Chief Financial Officer |
