Document:

<PAGE>

                                                                    EXHIBIT 10.4

                          ORIENTAL FINANCIAL GROUP INC.
                        2000 INCENTIVE STOCK OPTION PLAN

Number of Shares: ________                                     Option No. ______

Name: ___________________________ (the "Grantee")

Address: _________________________
         _________________________
         _________________________

                                 GRANT OF OPTION

      This Grant of Option (the "Grant") is made as of the ____ day of ________,
2001, by Oriental Financial Group Inc. (the "Corporation") to Grantee.

                                   WITNESSETH:

      WHEREAS, on July 7, 2000, the Board of Directors of the Corporation
adopted the Oriental Financial Group 2000 Incentive Stock Option Plan (the "2000
Plan"), which was approved by the stockholders of the Corporation at their
annual meeting held on December 15, 2000, and is incorporated herein by
reference in its entirety;

      WHEREAS, the 2000 Plan is administered by the Compensation Committee of
the Board of Directors of the Corporation (the "Plan Administrators");

      WHEREAS, the Plan Administrators have selected Grantee as a person upon
whose judgment, initiative and efforts the Corporation is in part dependent for
the successful conduct of its business;

<PAGE>
                                       -2-

      WHEREAS, the Plan Administrators have determined that, as an inducement to
retain Grantee in the service of the Corporation and encourage stock ownership
therein, and to provide Grantee with an incentive to increase the earnings of
the Corporation, Grantee shall be granted options to purchase shares of the
Corporation's common stock, $1 par value per share (the "Shares"), in accordance
with the respective provisions of the 2000 Plan;

      WHEREAS, on the date of this Grant, the "fair market value" (as such term
is defined in the 2000 Plan) of each Share is $______;

      NOW, THEREFORE, in consideration of the foregoing and Grantee's compliance
with the terms and conditions hereof and of the 2000 Plan, the Corporation
hereby grants to Grantee the right and option to purchase from the Corporation,
at the times specified herein and subject to the terms and conditions indicated
below, the aggregate number of Shares indicated below at a price of
__________________________________________ ($_________) per Share (the "Exercise
Price"). Upon exercise of the options granted herein, the Shares will be issued
pursuant to the following parts of the 2000 Plan:

<TABLE>
<CAPTION>
2000 PLAN
---------
<S>        <C>                          <C>
Part I     Qualified Incentive
           Stock Option Plan            ----------- Shares

Part II    Compensatory Incentive
           Stock Option Plan            ----------- Shares

           Total                        =========== Shares
</TABLE>

<PAGE>
                                       -3-

      Subject to the following:

                              TERMS AND CONDITIONS

      1. Grantee shall have the right and option to purchase from the
Corporation in whole or in part (but no part fewer than fifty (50) Shares) the
allotment of Shares granted under Part I: Qualified Incentive Stock Option Plan
(the "Qualified Plan"), and/or Part II: Compensatory Incentive Stock Option Plan
(the "Compensatory Plan") (the Qualified Plan and the Compensatory Plan are
collectively referred to as the "Plans"), of the 2000 Plan, as provided above.
Subject to the provisions of paragraphs 2 and 4 below, these options shall be
exercisable from time to time for a period of ten (10) years beginning from the
date hereof and shall expire at the expiration of said ten-year period (except
as provided in paragraph 3 below).

      2. These options will be exercisable in installments as follows:

<TABLE>
<CAPTION>
                            PERCENTAGE OF TOTAL    CUMULATIVE PERCENTAGE
                            BECOMING EXERCISABLE       FOR TOTAL THEN
                               DURING PERIOD            EXERCISABLE

        PERIOD             QUALIFIED/COMPENSATORY  QUALIFIED/COMPENSATORY
        ------             ----------------------  ----------------------
<S>                        <C>                     <C>
Date of grant to and
including _________, ____         __%/__%                 __%/__%

_________, ____ to and
including _________, ____         __%/__%                  __%/__%

_________, ____ to and
including _________, ____         __%/__%                  __%/__%

_________, ____ to and
including _________, ____         __%/__%                  __%/__%

_________, ____ to and
including _________, ____         __%/__%                  __%/__%
</TABLE>

<PAGE>
                                       -4-

      3. Notwithstanding the provisions of paragraph 2 above:

            (i) In the event the Corporation or its stockholders enter into an
agreement to dispose all or substantially all of the assets or stock of the
Corporation by means of a sale, merger or other reorganization, liquidation, or
otherwise, any option hereby granted shall become immediately exercisable with
respect to the full number of Shares subject to this Grant during the period
commencing as of the date of the agreement to dispose all or substantially all
of the assets or stock of the Corporation, and ending when the disposition of
the assets or stock contemplated by that agreement is consummated or the options
are otherwise terminated in accordance with the provisions hereof or the 2000
Plan, whichever occurs first; provided, however, in the event of an acquisition
of all or substantially all of the assets or stock of the Corporation by means
of a merger, consolidation, separation, reorganization, liquidation, or other
transaction where persons that were the stockholders of the Corporation
immediately before the transaction own fifty percent (50%) or more of the total
combined voting power of all classes of stock entitled to vote of the acquiring
or surviving entity immediately after the consummation of such transaction and
such acquiring or surviving entity assumes the Corporation's obligations under
options granted pursuant to the 2000 Plan, then no option shall be immediately
exercisable under this paragraph 3(i) and all references in the 2000 Plan to the
Corporation or the Shares shall apply to such acquiring or surviving entity and
to shares of common stock of such acquiring or surviving entity; and

            (ii) In the event of a change in control of the Corporation or a
threatened change in control of the Corporation as determined by a vote of not
less than a majority of the Board of

<PAGE>
                                       -5-

Directors of the Corporation, all options granted prior to such change in
control or threatened change in control shall become immediately exercisable.
The term "control" for purposes of this paragraph 3(ii) shall refer to the
acquisition of twenty-five percent (25%) or more of the voting securities of the
Corporation by any person or persons acting as a group within the meaning of
Section 13(d) of the Securities Exchange Act of 1934, as amended; provided,
however, that no change in control or threatened change in control shall be
deemed to have occurred if prior to the offer to acquire or the acquisition of
twenty-five percent (25%) or more of the voting securities of the Corporation,
the full Board of Directors of the Corporation shall have adopted by not less
than a two thirds (2/3) vote, a resolution specifically approving such
acquisition or offer. The term "person" for purposes of this paragraph 3(ii)
refers to an individual or a corporation, company, partnership, trust,
association, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other entity form not expressly listed herein.

      4. These options shall be exercisable during Grantee's lifetime only by
Grantee and shall terminate immediately if Grantee ceases to be a director,
officer-employee or employee of the Corporation or any subsidiary thereof, or,
in the case of options allocable to the Compensatory Plan, a bona fide
independent contractor of the Corporation or any subsidiary thereof, for any
reason other than death or disability, except that:

            (i) in the case of options allocable to the Qualified Plan, if
Grantee becomes disabled (as such term is defined in the Puerto Rico Internal
Revenue Code of 1994, as amended (the "PR-Code"), or the regulations thereunder
or, in the absence of such a definition therein, in Section 22(e)(3) of the
United States

<PAGE>
                                       -6-

Internal Revenue Code of 1986, as amended (the "US-Code")) while acting as a
director, officer-employee or employee of the Corporation or any subsidiary
thereof, the options may be exercised, to the extent exercisable on the date of
termination due to disability, at any time within one (1) year thereafter,
unless the Qualified Plan or this Grant otherwise provides for earlier
termination;

            (ii) in the case of options allocable to the Compensatory Plan, if
grantee becomes disabled (as such term is defined in the PR-Code or the
regulations thereunder or, in the absence of such a definition therein, in
Section 22(e)(3) of the US-Code) while acting as a director, officer-employee,
employee or bona fide independent contractor of the Corporation or any
subsidiary thereof, the Plan Administrators, in their discretion, may allow the
options to be exercised, to the extent exercisable on the date of termination
due to disability, at any time within one (1) year thereafter, unless the
Compensatory Plan or this Grant otherwise provides for earlier termination;

            (iii) if Grantee dies while acting as a director, officer-employee
or employee of the Corporation or any subsidiary thereof, or, in the case of
options allocable to the Compensatory Plan, as a bona fide independent
contractor of the Corporation or any subsidiary thereof, or, in the case of
options allocable to the Qualified Plan, within three (3) months after ceasing
to be a director, officer-employee or employee of the Corporation or any
subsidiary thereof, to the extent that the options were exercisable on the date
of Grantee's death, the options may be exercised by the personal representative
of Grantee's estate or by the person(s) to whom Grantee's rights hereunder shall
pass by will or laws of descent and distribution within one (1) year after
Grantee's death,

<PAGE>
                                       -7-

but not later than the date this Grant, by its terms, expires, whichever is
earlier.

            Provided, however, that (a) paragraphs 4(i)-(iii) above shall not be
deemed to limit or restrict the right of the Corporation or any subsidiary
thereof, to terminate for any reason at any time Grantee's employment,
appointment or contractual relationship with the Corporation or any subsidiary
thereof; and (b) whether any period of non-active employment, appointment or
contractual relationship, authorized leave of absence, or absence on military or
government service shall constitute termination of employment, appointment or
contractual relationship shall be determined from time to time by the Plan
Administrators in their sole discretion.

      5. Options and the rights granted hereunder may not be sold, pledged,
assigned or transferred by Grantee in any manner otherwise than by will or laws
of descent and distribution, and may be exercised during the lifetime of Grantee
only by Grantee.

      6. These options may be exercised by written notice given to the Plan
Administrators, at the principal office of the Corporation, specifying the
number of Shares and the Plan with respect to which the options are being
exercised, accompanied by cash or certified or cashier's check payable to the
order of the Corporation, or by Shares if permitted by the Plan Administrators
or by a combination of cash, check and Shares, in an amount equal to the full
Exercise Price of the Shares being purchased at the time. In the event the
options are being exercised by any person other than Grantee, the notice of
exercise shall also be accompanied by any appropriate proof of the right of such
person to exercise the options. A stock certificate for the Shares as to

<PAGE>
                                       -8-

which the options are so exercised shall thereafter be issued promptly upon
request by the Corporation in the name of the person exercising the options and
shall be delivered to or upon the order of such person.

      7. Notwithstanding any of the foregoing provisions of this Grant, no
option shall be exercisable unless the exercise of that option and the issuance
and delivery of the Shares pursuant thereto shall comply with all relevant
provisions of state, commonwealth and federal laws, including, without
limitation, the Securities Act of 1933, as amended, the rules and regulations
promulgated thereunder, the Puerto Rico Uniform Securities Act, as amended, the
rules and regulations promulgated thereunder, and the requirements of any
national stock exchange where the Shares are publicly traded, listed or quoted,
and further subject to the approval of counsel to the Corporation with respect
to such compliance. The Plan Administrators may also require Grantee to furnish
evidence satisfactory to the Corporation, including a written and signed
representation letter and consent to be bound by any transfer restrictions
imposed by law, legend, condition or otherwise, that the Shares are being
purchased only for investment purposes and without any present intention to
resell or distribute the Shares in violation of any state, commonwealth or
federal law, rule or regulation. Further, each Grantee shall consent to the
imposition of a legend on the stock certificate representing the Shares acquired
through the exercise of these options, restricting their transferability as may
be required by law, rule or regulation, or by this paragraph 7.

      8. Any notice which either party may be required or permitted to give the
other shall be in writing and may be delivered personally or by mail, postage
prepaid, addressed to the

<PAGE>
                                       -9-

Corporation, care of the Plan Administrators, and to Grantee at his or her
address, as it is shown on the records of the Corporation, or to such other
address as Grantee may designate from time to time by written notice to the
Corporation.

      9. Options hereby granted shall not constitute Incentive Stock Options
within the meaning of Section 422A of the US-Code.

      10. The Plan Administrators may from time to time amend or modify this
Grant in accordance with the terms and conditions of the 2000 Plan.

        [THIS PART IS INTENTIONALLY LEFT BLANK. SIGNATURE PAGE FOLLOWS.]

<PAGE>
                                      -10-

      IN WITNESS WHEREOF, the Corporation has caused this Grant to be duly
executed in San Juan, Puerto Rico, by the duly appointed and authorized Plan
Administrators as of the date first written herein.

                                       ORIENTAL FINANCIAL GROUP INC.

                                       BY: PLAN ADMINISTRATORS

                                       By:______________________________________
                                       Name:
                                       Title:

                                       By:______________________________________
                                       Name:
                                       Title:

                                       By:______________________________________
                                       Name:
                                       Title:

AGREED AND ACCEPTED:

By:__________________________________
Name: [Name of Grantee]
Date:Fourth Amendment to Revolving Agreement

 

Exhibit 10.1

FOURTH AMENDMENT TO REVOLVING CREDIT, TRANCHE B LOAN

AND SECURITY AGREEMENT, LIMITED WAIVER AND CONSENT

     FOURTH AMENDMENT TO REVOLVING CREDIT, TRANCHE B LOAN AND SECURITY
AGREEMENT, LIMITED WAIVER AND CONSENT, dated as of September 7, 2004
(“Amendment”), by and among MAYOR’S JEWELERS, INC., a Delaware corporation,
MAYOR’S JEWELERS OF FLORIDA, INC., a Florida corporation, and each of the other
Domestic Subsidiaries parties thereto (collectively, the “Borrowers”), FLEET
RETAIL GROUP INC. (f/k/a Fleet Retail Finance Inc.)(“FRGI”), GMAC COMMERCIAL
FINANCE LLC (successor in interest to GMAC Business Credit, LLC) (“GMACCF”), as
syndication agent (the “Syndication Agent”), BACK BAY CAPITAL FUNDING LLC (the
“Tranche B Lender” and collectively with FRGI and GMACCF, the “Lenders”), and
FLEET RETAIL GROUP INC. (f/k/a Fleet Retail Finance Inc.), as administrative
agent for itself and the Lenders (the “Administrative Agent”).

     WHEREAS, the Borrowers, the Lenders, and the Administrative Agent are
parties to a Revolving Credit, Tranche B Loan and Security Agreement, dated as
of August 20, 2002 (as amended and in effect from time to time, the “Credit
Agreement”), pursuant to which the Lenders have extended credit to the
Borrowers on the terms and subject to the conditions set forth therein;

     WHEREAS, the Borrowers, the Lenders, and the Administrative Agent have
agreed, on the terms and conditions set forth herein, to amend certain
provisions of the Credit Agreement; and

     WHEREAS, capitalized terms which are used herein without definition and
which are defined in the Credit Agreement shall have the same meanings herein
as in the Credit Agreement.

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

     §1. Amendment to Section 1.1 of the Credit Agreement. Section 1.1 of
the Credit Agreement is hereby amended by:

     (a) deleting the definition of “Applicable Margin” in its entirety
and substituting the following new definition in lieu thereof:

	 	 	 	“Applicable Margin. The Applicable Margin for each calendar
quarter shall be the applicable margin set forth below with respect
to the average daily level of Availability during the previous
calendar quarter; provided, however, that for the period commencing
on the Fourth Amendment Effective Date through the fiscal quarter
ended September 25, 2004, the Applicable Margin will be set at
Level III:

	 	 	 	 	 
	Level
	 	Availability
	 	Applicable Margin

	I
	 	Greater than $15,000,000
	 	0.50%
	 
	II
	 	Greater than $10,000,000 and less than or

equal to $15,000,000
	 	0.75%
	 
	III
	 	Less than or equal to $10,000,000
	 	1.00%

     (b) deleting the definition of “Maturity Date” in its entirety and
substituting the following new definition in lieu thereof:

 

 

	 	 	 	“Maturity Date. August 20, 2006 or such earlier date that
the Lenders shall no longer have any Commitment to make
Loans to the Borrowers as a result of the occurrence of
an Event of Default or otherwise.”;

     (c) deleting the table contained within the definition of “Minimum
EBITDA” in its entirety and substituting the following new table in lieu
thereof:

	 	 	 
	Reference Period Ended
	 	Minimum EBITDA

	Fourth 2002 Fiscal Quarter ended January 25, 2003
	 	($441,000)
	 
	Fifth 2002 Fiscal Quarter ended

March 30, 2003
	 	($3,636,000)
	 
	First 2003 Fiscal Quarter ended

June 30, 2003
	 	($7,577,000)
	 
	Second 2003 Fiscal Quarter ended September 27, 2003
	 	($9,564,000)
	 
	Third 2003 Fiscal Quarter ended December 27, 2003
	 	($7,603,000)
	 
	Fourth 2003 Fiscal Quarter ended March 27, 2004
	 	($6,074,000)
	 
	First 2004 Fiscal Quarter ended

June 26, 2004
	 	($4,053,000)
	 
	Second 2004 Fiscal Quarter ended September 25, 2004
	 	($1,191,000)
	 
	Third 2004 Fiscal Quarter ended December 25, 2004
	 	$3,725,000
	 
	Fourth 2004 Fiscal Quarter ended March 26, 2005
	 	$5,426,000
	 
	First 2005 Fiscal Quarter ended

June 25, 2005 and each Fiscal Quarter ended thereafter
	 	$6,840,000

     (d)
deleting the definition of “Yield Revenue” in its entirety and
substituting the following new definition in lieu thereof:

	 	 	 	“Yield Revenue. All amounts which are (or would be) payable on
account of the Tranche B Loan, the Tranche B Lender Fees and
the Tranche B Loan Interest Rate (as if all interest were paid
in cash on the relevant Tranche B Loan Interest Payment Date)
with respect to the Tranche B Loan from the Third Amendment
Effective Date through August 20, 2006.”; and

     (e) inserting the following new definition in proper alphabetical
order therein:

 

 

	 	 	 	“Fourth Amendment Effective Date. The “Effective Date” as
such term is defined in that certain Fourth Amendment
to Revolving Credit, Tranche B Loan and Security
Agreement, Limited Waiver and Consent dated as of
August 26, 2004.”

     §2. Amendments to Section 2.4 of the Credit Agreement. Section 2.4 of the
Credit Agreement is hereby amended by deleting Section 2.4 in its entirety and
substituting the following new Sections 2.4 in proper numerical order in lieu
thereof:

     “2.4. Reduction of Commitment. The Borrowers shall have the right,
at any time and from time to time upon five (5) Business Days written
notice to the Administrative Agent, to reduce by $5,000,000 or an
integral multiple of $1,000,000 in excess thereof, or terminate entirely
the Total Commitment, whereupon the Commitments of the Revolving Credit
Lenders shall be reduced pro rata in accordance with their respective
Commitment Percentages of the amount specified in such notice, or as the
case may be, terminated. Promptly after receiving any notice of the
Borrowers delivered pursuant to this §2.4, the Administrative Agent will
notify the Revolving Credit Lenders of the substance thereof. If the
Borrowers repay or prepay all outstanding Revolving Credit Loans or the
Total Commitment is reduced or terminated in a single transaction or
series of related transactions prior to the Maturity Date, the Borrowers
shall pay to the Administrative Agent a premium in an amount equal to the
Commitment Reduction Fee of the amount of the reduction of the Total
Commitment or on the amount of the Total Commitment immediately prior to
such repayment or prepayment or the first of a related series of
prepayments or repayments, as the case may be (the “Revolving Credit
Early Termination Fee”). No reduction or termination of the Total
Commitment may be reinstated. The “Commitment Reduction Fee” shall be
one percent (1%).”

     §3. Amendments to Section 3 of the Credit Agreement. Section 3 of the
Credit Agreement is hereby amended as follows:

     (a) by deleting Section 3.3 in its entirety and substituting the following
new Sections 3.3 in proper numerical order in lieu thereof:

     “3.3. Payments of Principal of Tranche B Loan. Except as
contemplated by §13.4, the Borrowers may not make any principal payments
on account of the Tranche B Loan until the Borrowers’ Obligations to the
Revolving Credit Lenders have been paid in full and the Commitments have
been terminated; provided, however, beginning April 30, 2003, the
Borrowers may prepay the Tranche B Loan in its entirety or in $1,000,000
increments if at such time (i) a Default does not exist and one would not
result from such prepayment, (ii) after giving effect to such payment
Availability is in excess of $10,000,000 and (iii) the Borrowers shall
have delivered to the Administrative Agent pro forma financial statements
for the next 12 months demonstrating, in form and substance satisfactory
to the Administrative Agent, that Availability will exceed $10,000,000 at
all times during the next 12 months after giving effect to the prepayment
of the Tranche B Loan. The Borrowers jointly and severally promise to
pay on the Maturity Date, and there shall become absolutely due and
payable on the Maturity Date, all of the Tranche B Loans outstanding on
such date, together with any and all accrued and unpaid interest thereon
and fees in connection with the Tranche B Loan. If the Borrowers prepay
the Tranche B Loans in whole or in part, then, in view of the
impracticality and extreme difficulty of ascertaining the actual amount
of damages to Tranche B Lender or profits lost by the Tranche B Lender as
a result thereof, and by mutual agreement of the parties as to a
reasonable estimation and calculation of the lost profits or damages of
the Tranche B Lender, the Borrowers shall pay a premium with respect to
each such prepayment (the “Tranche B Early Termination Fee”) in an amount
equal to the greater of (a) the Yield Revenue calculated with respect to
such amounts less the aggregate amount of any payments made during the
period from the Third Amendment Effective Date through August 20, 2006 on
account of components of Yield Revenue relating to such amounts and (b)
one and one-fifth percent (1.20%) of the amount prepaid; provided,
however, that on or after April 30, 2005, the Borrowers may prepay up to
$1,000,000 of the Tranche B Loans which shall not be subject to the
Tranche B Early Termination Fee.”; and

     (b) by deleting Section 3.4(a) in its entirety and substituting the
following new Section 3.4(a) in proper numerical and alphabetical order in lieu
thereof:

 

 

	 	 	 	“(a) Accrued interest on the unpaid principal balance
of the Tranche B Loan at a rate per annum equal to ten and
three-quarter percent (10.75%) (“Tranche B Loan Current Pay
Interest”) shall be payable monthly in arrears, on the first
Business Day of each month (the “Tranche B Loan Interest
Payment Date”), and on the Maturity Date.”

     §4. Amendment to Section 10 of the Credit Agreement. Section 10 of the
Credit Agreement is hereby amended by deleting such Section in its entirety and
substituting the following new Section 10 in lieu thereof:

“10. FINANCIAL COVENANTS.

     The Borrowers covenant and agree that, so long as any Loan, Unpaid
Reimbursement Obligation, Letter of Credit or Note is outstanding or any
Lender has any obligation to make any Loans or the Administrative Agent
has any obligation to issue, extend or renew any Letters of Credit:

     10.1. Capital Expenditures. The Borrowers will not make, or permit
any Subsidiary of the Borrowers to make, Capital Expenditures in any
fiscal year that exceed, in the aggregate, $4,500,000.

     10.2 [Intentionally Omitted].”

     §5. Limited Waiver and Consent. The Borrowers have requested, and the
Lenders hereby consent to, the Borrowers making a one-time loan to Henry Birks
& Sons Inc. (“Birks”) in an amount not to exceed $1,500,000 (the “Birks
Intercompany Loan”); provided that (a) the proceeds of such Birks Intercompany
Loan are used solely for the payment of cost and expenses for the potential
merger of Birks and the Borrower, (b) such Birks Intercompany Loan is evidenced
by a promissory note (the “Birks Intercompany Note”) which is on terms and
conditions acceptable to the Administrative Agent and the Tranche B Lender and
(c) immediately upon the issuance thereof, the Birks Intercompany Note is
pledged and delivered to the Administrative Agent, together with a duly
executed endorsement thereto, as security for the Obligations. Solely in
connection with the Birks Intercompany Loan, the Lenders hereby agree to waive
the application of Section 9.1 of the Credit Agreement so long as no Default or
Event of Default would result therefrom.

     §6. Representations and Warranties. Each of the Borrowers hereby
represents and warrants to the Administrative Agent and the Lenders as of the
date hereof, and as of any date on which the conditions set forth in Section 7
below are met, as follows:

     (a) The execution and delivery by each of the Borrowers of this Amendment
and all other instruments and agreements required to be executed and delivered
by such Borrower in connection with the transactions contemplated hereby or
referred to herein (collectively, the “Amendment Documents”), and the
performance by each of the Borrowers of any of its obligations and agreements
under the Amendment Documents and the Credit Agreement and the other Loan
Documents, as amended hereby, are within the corporate or other authority of
such Borrower, have been authorized by all necessary corporate proceedings on
behalf of such Borrower and do not and will not contravene any provision of law
or such Borrower’s charter, other incorporation or organizational papers,
by-laws or any stock provision or any amendment thereof or of any indenture,
agreement, instrument or undertaking binding upon such Borrower.

     (b) Each of the Amendment Documents, the Credit Agreement and the other
Loan Documents, as amended hereby, to which any Borrower is a party constitute
legal, valid and binding obligations of such Person, enforceable in accordance
with their terms, except as limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or affecting generally the enforcement
of creditors’ rights.

     (c) No approval or consent of, or filing with, any governmental agency or
authority is required to make valid and legally binding the execution, delivery
or performance by the Borrowers of the Amendment Documents, the Credit
Agreement or any other Loan Documents, as amended hereby, or the consummation
by the Borrowers of the transactions among the parties contemplated hereby and
thereby or referred to herein.

 

 

     (d) The representations and warranties contained in Section 7 of the
Credit Agreement and in the other Loan Documents were true and correct as of
the date made. Except to the extent of changes resulting from transactions
contemplated or permitted by the Credit Agreement and the other Loan Documents,
changes occurring in the ordinary course of business (which changes, either
singly or in the aggregate, have not been materially adverse) and to the extent
that such representations and warranties relate expressly to an earlier date
and after giving effect to the provisions hereof, such representations and
warranties, after giving effect to this Amendment, also are correct as of the
date hereof.

     (e) Each of the Borrowers has performed and complied in all material
respects with all terms and conditions herein required to be performed or
complied with by it prior to or at the time hereof, and as of the date hereof,
after giving effect to the provisions of this Amendment and the other Amendment
Documents, there exists no Default or Event of Default.

     (f) Each of the Borrowers hereby acknowledges and agrees that the
representations and warranties contained in this Amendment shall constitute
representations and warranties as referred to in Section 13.1(e) of the Credit
Agreement, a breach of which shall constitute an Event of Default.

     §7. Effectiveness. This Amendment shall become effective as of the date
first written above (the “Effective Date) upon the satisfaction of each of the
following conditions, in each case in a manner satisfactory in form and
substance to the Administrative Agent and the Lenders:

     (a) This Amendment shall have been duly executed and delivered by each of
the Borrowers and each of the Lenders and shall be in full force and effect;

     (b) Each of the Administrative Agent and the Tranche B Lender shall have
received from the Borrowers duly executed counterparts of supplements to their
respective amended and restated fee letters of even date herewith, together
with payment in full of all required amendment fees as set forth therein; and

     (c) The Administrative Agent shall have received such other items,
documents, agreements, items or actions as the Administrative Agent may
reasonably request in order to effectuate the transactions contemplated hereby.

     §8. Miscellaneous Provisions.

     (a) Each of the Borrowers hereby ratifies and confirms all of its
Obligations to the Administrative Agent and the Lenders under the Credit
Agreement, as amended hereby, and the other Loan Documents, including, without
limitation, the Loans, and each of the Borrowers hereby affirms its absolute
and unconditional promise to pay to the Lenders and the Administrative Agent
the Loans, reimbursement obligations and all other amounts due or to become due
and payable to the Lenders and the Administrative Agent under the Credit
Agreement and the other Loan Documents, as amended hereby. Except as expressly
amended hereby, each of the Credit Agreement and the other Loan Documents shall
continue in full force and effect. This Amendment and the Credit Agreement
shall hereafter be read and construed together as a single document, and all
references in the Credit Agreement, any other Loan Document or any agreement or
instrument related to the Credit Agreement shall hereafter refer to the Credit
Agreement as amended by this Amendment.

     (b) Without limiting the expense reimbursement requirements set forth in
Section 16.2 of the Credit Agreement, the Borrower agrees to pay on demand all
costs and expenses, including reasonable attorneys’ fees, of the Administrative
Agent and the Tranche B Lender incurred in connection with this Amendment.

     (c) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICT OF
LAWS) AND SHALL TAKE EFFECT AS A SEALED INSTRUMENT IN ACCORDANCE WITH SUCH
LAWS.

 

 

     (d) This Amendment may be executed in any number of counterparts, and all
such counterparts shall together constitute but one instrument. In making
proof of this Amendment it shall not be necessary to produce or account for
more than one counterpart signed by each party hereto by and against which
enforcement hereof is sought.

[Remainder of page intentionally left blank.]

 

 

     IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as a
sealed instrument as of the date first set forth above.

	 	 	 	 	 
	 	

MAYOR’S JEWELERS, INC.

 	 
	 	/s/ John Ball
 	 
	 	John Ball 	 
	 	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                          /s/ Marco Pasteris
 	 
	 	Marco Pasteris 	 
	 	Group Vice President Finance 	 
	 

	 	 	 	 	 
	 	MAYOR’S JEWELERS OF FLORIDA, INC.

 	 
	 	/s/ John Ball
 	 
	 	John Ball 	 
	 	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                          /s/ Marco Pasteris
 	 
	 	Marco Pasteris 	 
	 	Group Vice President Finance 	 
	 

	 	 	 	 	 
	 	JBM RETAIL COMPANY, INC.

 	 
	 	/s/ John Ball
 	 
	 	John Ball 	 
	 	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                          /s/ Marco Pasteris
 	 
	 	Marco Pasteris 	 
	 	Group Vice President Finance 	 
	 

	 	 	 	 	 
	 	JBM VENTURE CO., INC.

 	 
	 	/s/ John Ball
 	 
	 	John Ball 	 
	 	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                          /s/ Marco Pasteris
 	 
	 	Marco Pasteris 	 
	 	Group Vice President Finance 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MAYOR’S JEWELERS INTELLECTUAL PROPERTY
HOLDING COMPANY

 	 
	 	/s/ John Ball
 	 
	 	John Ball 	 
	 	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                          /s/ Marco Pasteris
 	 
	 	Marco Pasteris 	 
	 	Group Vice President Finance 	 
	 

	 	 	 	 	 
	 	“ADMINISTRATIVE
AGENT”
 

FLEET RETAIL GROUP INC.

(f/k/a Fleet Retail Finance Inc.

 	 
	 	/s/ Keith Vercauteren
 	 
	 	Keith Vercauteren 	 
	 	Director 	 
	 

	 	 	 	 	 
	 	“SYNDICATION AGENT”
 

GMAC COMMERCIAL FINANCE LLC

 	 
	 	/s/ Edward Hill
 	 
	 	Edward Hill 	 
	 	Senior Vice President 	 
	 

	 	 	 	 	 
	 	“REVOLVING CREDIT LENDERS”
 

FLEET RETAIL GROUP INC.

(f/k/a Fleet Retail Finance Inc.

 	 
	 	/s/ Keith Vercauteren
 	 
	 	Keith Vercauteren 	 
	 	Director 	 
	 

	 	 	 	 	 
	 	GMAC COMMERCIAL FINANCE LLC

 	 
	 	/s/ Edward Hill
 	 
	 	Edward Hill 	 
	 	Senior Vice President 	 
	 

	 	 	 	 	 
	 	“TRANCHE B LENDER”
 

BACK BAY CAPITAL FUNDING LLC

 	 
	 	/s/ Michael L. Pizette
 	 
	 	Michael L. Pizette 	 
	 	Managing Director

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