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First Amendment To Receivables Financing Agreement

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Sectors: Retail
Governing Law: New York, View New York State Laws
Effective Date: May 31, 1994
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EXHIBIT A


FIRST AMENDMENT TO RECEIVABLES FINANCING AGREEMENT


THIS FIRST AMENDMENT TO RECEIVABLES FINANCING AGREEMENT, dated as of May 31, 1994 (this "Amendment"), is among AnnTaylor Funding, Inc. a Delaware corporation (the "Company"), AnnTaylor, Inc., a Delaware corporation ("AnnTaylor"), Clipper Receivables Corporation, a Delaware corporation ("Lender"), State Street Boston Capital Corporation, a Massachusetts corporation, as administrator for Lender (the "Administrator") and PNC Bank, National Association, a national banking association (the "Relationship Bank").


BACKGROUND


1. The Company, AnnTaylor, Lender, the Administrator and the Relationship Bank entered into a Receivables Financing Agreement, dated as of January 27, 1994 (the "Agreement").


2. The Company, AnnTaylor, Lender, the Administrator and the Relationship Bank desire to amend the Agreement in certain respects as set forth herein.


NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:


SECTION 1. Definitions. The capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.


SECTION 2. Settlement Procedures. Section 3.01(a) of the Agreement is hereby amended by adding an additional sentence to the end thereof as follows:


"In the event that the amount of Collections received
during the Settlement Period to which an Information
Package relates is less than the sum of (i) the Amount
Payable for the related Settlement Date plus (ii) the
amount of funds then on deposit in the Spread Account,
the Administrator shall withdraw the amount of any such
deficiency from the Customer Letter of Credit on the
Business Day next succeeding the applicable Reporting
Date. The Administrator shall hold the funds so
withdrawn from the Customer Letter of Credit in a
segregated account for application on the related
Settlement Date pursuant to this Section 3.01."


Section 3.01(b) of the Agreement is hereby amended by (i) inserting at the end of the fourth sentence thereof, prior to the peri
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