Third Amendment to Purchase and Sale Agreement



 Exhibit 10.104 
 THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT 
 THIS
THIRD AMENDMENT (this “Amendment”) dated as of May 8, 2001, is to the Purchase and Sale Agreement, dated as of November 25, 1997 and amended by the First Amendment thereto dated as of July 22, 1999 and by the Second
Amendment thereto dated as of November 9, 2000 (the “Purchase Agreement”) between SPIRIT OF AMERICA NATIONAL BANK, a national banking association (“Spirit”), as Seller, and CHARMING SHOPPES RECEIVABLES CORP.
(“CSRC”), as Purchaser. Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned in the Purchase Agreement. 
 W I T N E S S E T H: 
 WHEREAS, Spirit and CSRC have entered into the Purchase
Agreement pursuant to which Spirit transfers Receivables to CSRC from time to time; 
 WHEREAS, CSRC is a party to the Second
Amended and Restated Pooling and Servicing Agreement, dated as of November 25, 1997 (as amended by the First Amendment thereto dated as of June 22, 1999, and as amended as of the date hereof, the “Pooling and Servicing
Agreement”), among Spirit, CSRC and First Union National Bank, as Trustee (in such capacity, the “Trustee”), pursuant to which CSRC transfers Receivables to the Trust from time to time; and 
 WHEREAS, Spirit and CSRC desire to amend the Purchase Agreement in certain respects as set forth herein. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows: 
 SECTION 1. Amendment. Section 2.5(a) of the Purchase Agreement is hereby amended in its
entirety to read in full as set forth below: 
 “(a) On any day of any Due Period, if so requested by
Seller, and if such request is permitted under Section 2.7 of the Pooling and Servicing Agreement, the Purchaser shall require the reassignment to it, which the Purchaser shall reassign to a Person designated by the Seller, of all the
Purchaser’s and the Trustee’s right, title and interest in, to and under the Receivables then existing and thereafter created, all monies due or to become due with respect thereto, all Collections, all Recoveries, rights, remedies, powers
and privileges with respect to such Receivables, and all proceeds of the foregoing with respect to the Accounts designated by the Purchaser (the “Removed Accounts”), upon satisfaction of the following conditions: 
 (i) the removal of any Receivables of any Removed Accounts on any Removal Date shall not, in the reasonable belief of the
Seller, (A) cause an Early Amortization Event to occur; or (B) result in the failure of the Purchaser to make any payment specified in the related Supplement or Receivables Purchase Agreement with respect to any Series; 







 (ii) on or prior to the Removal Date, the Seller shall have delivered to the
Purchaser and the Trustee (with a copy to each Purchaser Representative) (A) for execution, a written assignment in substantially the form of Exhibit C (the “Reassignment”), and (B) a computer file or microfiche or
written list containing a true and complete list of all Removed Accounts identified by account number and the aggregate amount of the Receivables in such Removed Accounts as of the Removal Cut Off Date specified therein, which computer file or
microfiche or written list shall as of the Removal Date modify and amend and be made a part of this Agreement; 
 (iii) the Seller shall represent and warrant as of each Removal Date that (x)(i) Accounts (or administratively convenient groups of Accounts, such as billing cycles) were chosen for removal randomly or otherwise not on a basis intended to
select particular Accounts or groups of Accounts for any reason other than administrative convenience and (ii) no selection procedure was used by the Seller which is materially adverse to the interests of the Investor Certificateholders or any
Receivables Purchasers or any Enhancement Provider or (y) Accounts were selected because of a third-party cancellation, or expiration without renewal, of an affinity or private-label arrangement; 
 (iv) the Seller shall have provided to the Purchaser such information, certificates, opinions and other materials as are
reasonably necessary to enable the Purchaser to satisfy its obligations under Section 2.7 of the Pooling and Servicing Agreement with respect to such Removed Accounts; 
 (v) the Seller shall have delivered to the Purchaser, the Trustee, each Purchaser Representative and each Enhancement
Provider an Officer’s Certificate confirming the items set forth in clauses (i) through (iii) above. The Trustee may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with regard
to the matters set forth therein and shall incur no liability in so relying; 
 (vi) after giving effect to such
removal, the Seller Interest (as defined in the Pooling and Servicing Agreement) shall be greater than or equal to zero; and 
 (v) no Early Amortization Event shall have occurred with respect to any Series. 
 Upon satisfaction of the above conditions, the Purchaser shall execute and deliver the Reassignment to the Person designated by the Seller, and the Receivables from the Removed Accounts shall no longer be considered Receivables hereunder.

 Seller shall pay the Purchaser, for each Receivable arising in the Removed Accounts, a reassignment price equal to the
Outstanding Balance of such Receivable. Such payment shall be made in cash in immediately available funds and shall be made by Seller’s deposit to the Collection Account no later than the effectiveness of such Reassignments.” 







 SECTION 2. Amendment Date. This Amendment shall become effective upon the date (the
“Amendment Date”) on which Spirit shall have received executed counterpart signatures pages of this Amendment from each of the parties hereto and on which the Second Amendment to the Pooling and Servicing Agreement shall become
effective. 
 SECTION 3. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 4. Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for the
purpose of determining the legal enforceability of any provision hereof, and the unenforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of
rendering such provision or provisions unenforceable in any other jurisdiction. 
 SECTION 5. Ratification of the Purchase
Agreement. From and after the Amendment Date, each reference in the Purchase Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and references to the Purchase Agreement
in any other document, instrument or agreement executed and/or delivered in connection therewith, shall, in each case, mean and be a reference to the Purchase Agreement as amended hereby. Except as otherwise amended by this Amendment, the Purchase
Agreement shall continue in full force and effect and is hereby ratified and confirmed. 
 SECTION 6. Counterparts. This
Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank.] 







 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first above written. 
  

			
	SPIRIT OF AMERICA NATIONAL BANK, as Seller
		
	By:	 	/s/ Kirk R. Simme
	Name:	 	Kirk R. Simme
	Title:	 	President


  

			
	CHARMING SHOPPES RECEIVABLES CORP., as Purchaser
		
	By:	 	/s/ Kirk R. Simme
	Name:	 	Kirk R. Simme
	Title:	 	Vice President