Amendment to Financing Agreement between Movie Star, Inc. and Rosenthal & Rosenthal, Inc. (December 26, 2002)

Summary

Movie Star, Inc. and Rosenthal & Rosenthal, Inc. have agreed to amend their existing Financing Agreement, effective November 7, 2002. The amendment changes the interest rate terms: if the Prime Rate is 4.25% per annum or lower, the interest on certain loan balances will be set at 4.25% per annum. All other terms of the original agreement remain unchanged.

EX-10.5.11 3 moviestar10q_ex1059.txt LETTER AGREEMENT EXHIBIT 10.5.11 December 26, 2002 MOVIE STAR, INC. 1115 Broadway New York, NY 10010 It is mutually agreed that the Financing Agreement entered into between us dated April 24, 1996, as amended or supplemented (the "Financing Agreement") is amended effective November 7, 2002 as follows: The last sentence of Section 3.1 is deleted and the following is substituted in its place and stead: "Notwithstanding anything to the contrary contained in this Section 3.1, in the event that the Prime Rate is and remains at 4.25% per annum or lower, the interest charged on the non-overadvance portion of the average daily balances in the Loan Account shall be four and one quarter percent (4.25%) per annum." Except as hereinabove specifically set forth the Financing Agreement, shall continue unmodified. ROSENTHAL & ROSENTHAL, INC. BY: /s/ Jerry Sandak -------------------------------------- JERRY SANDAK Senior Executive Vice President THE FOREGOING IS ACKNOWLEDGED AND AGREED TO: MOVIE STAR, INC. By: /s/ Thomas Rende --------------------- THOMAS RENDE Chief Financial Officer