| Charlotte Russe Holding has entered into a First Amendment to that certain Loan and Security Agreement dated as of June 24, 2005 by and among Charlotte Russe, Inc., as borrower, the company, Charlotte Russe Administration, Inc., and Charlotte Russe Merchandising, Inc., as guarantors, and Bank of America, N.A., as lender. Pursuant to the First Amendment, dated as of October 2, 2009, the Lender has waived any default or event of default that would arise as a result of the change of control of the company. The First Amendment also modifies the margins applicable to the interest rate on the loans made under the Loan Agreement. In addition, some of the covenants have been modified to permit, among other things, the incurrence of debt subordinated to the obligations due the Lender under the Loan Agreement; and certain distributions, acquisitions and prepayments of debt so long as an availability and a fixed charge coverage ratio tests are met. :theflyonthewall.com |
