CIT Commercial Services Release of Security Interest and Guaranty Amendment Agreement with Mossimo, Inc.

Summary

CIT Commercial Services and Mossimo, Inc. have agreed that, following Mossimo's $1,000,000 wire payment reducing its loan balance, CIT will release its security interest in a specific Merrill Lynch investment account. However, Mossimo Giannulli's personal guaranty, both individually and as trustee, will remain in place, but the guaranty cap will be adjusted to 50% of the outstanding debt instead of a fixed $1,000,000. The parties will amend their legal documents to reflect these changes.

EX-10.4.4 3 mossimo_10kex10-44.txt EXHIBIT - 10.4.4 CIT Commercial Services T: 213 ###-###-#### 200 South Grand Avenue Los Angeles, CA 90071 CIT logo December 3, 2002 Mr. Manuel Marrero, CFO Mossimo, Inc. 2016 Broadway Blvd. Santa Monica, CA 90404 Dear Manny: This letter will confirm our phone conversation of 12/2/02 where it was agreed that based on the receipt of your 12/02 wire for $1,000,000.00, which will reduce our outstanding loan balance to $1,068,537.42, CIT will release its security interest in the personal investment account #2CT-30108 of Mossimo Giannulli held at Merrill Lynch. It was also agreed that we will maintain the personal guaranty of Mossimo Giannulli individually and Mossimo Giannulli, as the sole trustee of the Mossimo Giannulli Trust dated 1/18/95 with an adjustment in the limit cap of the guaranty from the present $1,000,000.00 to an amount equal to fifty percent (50%) of the outstanding debt owed to CIT. Amendments to our legal documentation to reflect the above are in process and will be forwarded to you for Mossimo's signature as soon as possible. Regards, /s/ James E. Ezemoli James E. Ezemoli Vice President