Document:

Exhibit 10.18

 

WAIVER
AND FOURTH AMENDMENT TO FINANCING AGREEMENT

 

THIS
WAIVER AND FOURTH AMENDMENT TO FINANCING AGREEMENT (this “Amendment”) is
entered into as of June 6, 2008, by and among BODY ‘SHOP OF AMERICA, INC.,
a Florida corporation (“Body Shop”), CATALOGUE VENTURES, INC., a
Florida corporation (“CV,” CV, together with Body Shop and each other Person
who becomes a borrower under the Financing Agreement, the “Borrowers”),
BODY CENTRAL ACQUISITION CORP., a Delaware corporation (“Parent”), RINZI
AIR, L.L.C., a Florida limited liability company (“Rinzi,” Rinzi,
together with Parent and each other Person who becomes a guarantor under the
Financing Agreement, the “Guarantors,” such Guarantors, together with
the Borrowers, the “Loan Parties”), DYMAS FUNDING COMPANY, LLC, as
administrative agent (in such capacity, “Administrative Agent”) for the
Lenders, and the financial institutions from time to time party thereto as
Lenders.

 

W I T N E S S E T H:

 

WHEREAS,
Loan Parties, Administrative Agent and Lenders have entered into that certain
Financing Agreement dated as of October 1, 2006 (as heretofore amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time to time, the “Financing Agreement”);

 

WHEREAS,
the Designated Default (as such term is defined herein below) has occurred and
is continuing under the Financing Agreement;

 

WHEREAS,
Loan Parties have requested that Administrative Agent and Lenders (i) waive
the Designated Default and the right to impose any default rate of interest on
the Obligations as a result thereof, and (ii) amend the Financing
Agreement; and

 

WHEREAS,
Administrative Agent and Lenders have agreed to (i) waive the Designated
Default and the right to impose any default rate of interest on the Obligations
as a result thereof, and (ii) amend the Financing Agreement, in each case
on the terms and subject to the conditions hereinafter set forth;

 

NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, the parties agree as follows:

 

1.                                       Defined Terms.  Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Financing Agreement, as amended
hereby.

 

2.                                       Waiver of
Designated Default; Waiver of Right to Request Default Interest.  Effective as of the date hereof, upon
satisfaction of the conditions precedent set forth in Section 4
below, and in reliance upon the representations and warranties of each Loan
Party set forth herein and in each of the Loan Documents, Administrative Agent and
Lenders hereby waive (a) each Event of Default set forth in Exhibit A
hereto (collectively, the “Designated Default”); and (b) the right
to request that interest accrue at the Default Rate pursuant to Section 2.04(c) of
the Financing Agreement on any Obligations as a result of the occurrence and
continuance of the Designated Default for any period prior to the Effective
Date.

 

 

3.                                       Amendments to
Financing Agreement.  Effective
as of the date hereof, upon satisfaction of the conditions precedent set forth
in Section 4 below, and in reliance upon the representations and
warranties of each Loan Party set forth herein and in each of the Loan
Documents, the Financing Agreement is hereby amended as follows:

 

3.1                                 Section 1.01 of the
Financing Agreement is hereby amended by deleting the definition of the term “Applicable
Margin” set forth therein in its entirety and substituting the following
language therefor:

 

“Applicable Margin” means, for any day, the
rate per annum set forth below, it being understood and agreed that the
Applicable Margin for (i) Revolving Loans that are Base Rate Loans shall
be the percentage set forth under the column “Base Rate Margin for Revolving
Loans”, (ii) Revolving Loans that are LIBOR Loans shall be the percentage
set forth under column “LIBOR Margin for Revolving Loans and Letter of Credit
Fee”, (iii) portions of Term Loan A that are Base Rate Loans shall be the
percentage set forth under the column “Base Rate Margin for Term Loan A”, (iv) portions
of Term Loan A that are LIBOR Loans shall be the percentage set forth under the
column “LIBOR Margin for Term Loan A”, (v) portions of Term Loan B that
are Base Rate Loans shall be the percentage set forth under the column “Base
Rate Margin for Term Loan B”, (vi) portions of Term Loan B that are LIBOR
Loans shall be the percentage set forth under the column “LIBOR Margin for Term
Loan B”, and (vii) the Letter of Credit Fee shall be the percentage set
forth under the column “LIBOR Margin for Revolving Loans and Letter of Credit
Fee”:

 

	
  Base Rate

  Margin for

  Revolving Loans

  	
   

  	
  LIBOR Margin for

  Revolving Loans and

  Letter of Credit Fee

  	
   

  	
  Base Rate

  Margin for Term

  Loan A

  	
   

  	
  LIBOR

  Margin for Term

  Loan A

  
	
  3.75%

  	
   

  	
  5.25%

  	
   

  	
  3.75%

  	
   

  	
  5.25%

  

 

	
  Base Rate Margin for

  Term Loan B

  	
   

  	
  LIBOR Margin for

  Term Loan B

  
	
  4.25%

  	
   

  	
  5.75%

  

 

3.3                                 Section 1.01 of the
Financing Agreement is hereby amended by deleting the definition of the term “Base
Rate” set forth therein in its entirety and substituting the following language
therefor:

 

“Base Rate” means a variable per annum rate
of interest equal to the greatest of (i) 5.25%, (ii) the rate of
interest publicly announced by JPMorgan Chase Bank in New York, New York from
time to time as its Base Rate or prime rate or (iii) the Federal Funds
Rate plus one-half of one percent (0.50%). 
The Base Rate or prime rate is determined from time to time by JPMorgan
Chase Bank as a means of pricing some loans to its borrowers and neither is
tied to any external rate of interest or index nor necessarily reflects the
lowest rate of interest actually charged by JPMorgan Chase Bank to any
particular class or category of customers. 
Each change in the Base Rate shall be effective from and including the
date such change is publicly announced as being effective.

 

2

 

3.4                                 Section 1.01 of the
Financing Agreement is hereby amended by deleting the definition of the term “L/C
Subfacility” set forth therein in its entirety and substituting the following
language therefor:

 

“L/C Subfacility” means that portion of the Total
Revolving Loan Commitment equal to $1,000,000.

 

3.5                                 Section 1.01 of the
Financing Agreement is hereby amended by deleting the definition of the term “LIBOR”
set forth therein in its entirety and substituting the following language
therefor:

 

“LIBOR” means, for any LIBOR Loan for any
Interest Period therefor, the rate per annum (rounded upwards to the nearest
1/100 of 1%) equal to the greater of (a) 3.25%, and (b) the
following:

 

(i)                                     the rate per annum appearing
on Telerate Page 3750 (or any successor page) as the London interbank
offered rate for deposits in Dollars at approximately 11:00 A.M. (London
time) two (2) Business Days prior to the first day of such Interest Period
for a term comparable to such Interest Period. 
If for any reason such rate is not available, the term “LIBOR” shall
mean, for any LIBOR Loan for any Interest Period therefor, the rate per annum
(rounded upwards to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as
the London interbank offered rate for deposits in Dollars at approximately
11:00 A.M. (London time) two (2) Business Days prior to the first day
of such Interest Period for a term comparable to such Interest Period; provided,
however, if more than one rate is specified on Reuters Screen LIBO Page,
the applicable rate shall be the arithmetic mean of all such rates (rounded
upwards to the nearest 1/100 of 1%).  If,
for any reason, neither of such rates is available, then “LIBOR” shall mean the
rate per annum at which, as determined by the Administrative Agent, Dollars in
an amount comparable to the Loans then requested or otherwise in question are
being offered to leading banks at approximately 11:00 A.M. London time,
two (2) Business Days prior to the commencement of the applicable Interest
Period for settlement in immediately available funds by leading banks in the
London interbank market for a period equal to the Interest Period selected;
divided by

 

(ii)                                  one minus the percentage
(expressed as a decimal and rounded upwards to the next higher 1/100th of 1%)
which is in effect for such day as prescribed by the Board (or any successor)
for determining the maximum reserve requirement (including without limitation,
any basic, supplemental or emergency reserves) in respect of Eurocurrency
liabilities, as defined in Regulation D of the Board as in effect from time to
time, or any similar category of liabilities for a member bank of the Federal
Reserve System in New York City.

 

3.6                                 Section 7.01(a)(xiv)(D) of the
Financing Agreement is hereby deleted in its entirety and the following
language is substituted therefore:

 

(D)                               for the week
ending February 2, 2008 (and the immediately succeeding twelve week
period), and for every other week ending thereafter (and for the immediately

 

3

 

succeeding
twelve week period), no later than Wednesday of the immediately following week,
an updated Cash Flow Forecast for such thirteen week period prepared on a week
to week basis, each such updated Cash Flow Forecast to be in form reasonably satisfactory
to the Administrative Agent.

 

3.7                                 Section 7.03(d) of the
Financing Agreement is hereby deleted in its entirety and the following
language is hereby substituted therefor:

 

(d)                                 Minimum
Consolidated EBITDA.  Permit
Consolidated EBITDA for the period commencing on May 1, 2008 and ending as
of the last day of the fiscal month of Parent and its Subsidiaries ending on or
about each date set forth below to be less than the applicable amount set forth
below:

 

	
  Fiscal
  Month End

  	
   

  	
  Minimum Consolidated

  EBITDA

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  July 31, 2008

  	
   

  	
  $

  	
  1,369,000

  	
   

  
	
  August 31, 2008

  	
   

  	
  $

  	
  2,771,000

  	
   

  
	
  September 30, 2008

  	
   

  	
  $

  	
  2,843,000

  	
   

  
	
  October 31, 2008

  	
   

  	
  $

  	
  2,779,000

  	
   

  
	
  November 30, 2008

  	
   

  	
  $

  	
  3,170,000

  	
   

  
	
  December 31, 2008

  	
   

  	
  $

  	
  5,508,000

  	
   

  

 

3.8                                 Exhibit C
(Form of Compliance Certificate) to the Financing Agreement is hereby
deleted in its entirety and the Compliance Certificate attached hereto as Exhibit B
is hereby substituted therefor.

 

4.                                       Conditions.  The effectiveness of this Amendment is
subject to the following conditions precedent, with the date on which such
conditions have been satisfied being June 6, 2008 (the “Effective Date”):

 

a.                                       receipt by
Administrative Agent of a copy of this Amendment duly executed and delivered by
each Loan Party, Administrative Agent and the Required Lenders;

 

b.                                      receipt by
Administrative Agent of a copy of the attached acknowledgment hereto duly
executed and delivered by each of the Investor Guarantors;

 

c.                                       receipt by
Administrative Agent in immediately available Dollars of an amendment fee in an
aggregate amount equal to (i) $168,750, for the benefit of the Term
Lenders in accordance with their respective Pro Rata Shares, and (ii) $18,750,
for the benefit of the Revolving Lenders in accordance with their respective
Pro Rata Shares, in each case such amendment fee to be non-refundable for any
reason and fully earned and due and payable on the date hereof;

 

d.                                      the truth and
accuracy of the representations and warranties contained in Section 5
hereof; and

 

4

 

e.                                       no Default or
Event of Default other than the Designated Default has occurred that is
continuing.

 

5.                                       Representations
and Warranties.  Each Loan
Party hereby represents and warrants o Administrative Agent and each Lender as
follows:

 

a.                                       after giving
effect to this Amendment, the representations and warranties of the Loan
Parties contained in the Loan Documents are true and correct in all material
respects as of the date hereof (except to the extent that any such
representation or warranty (A) expressly refers to an earlier date, in
which case such representation or warranty remains true and correct as of such
earlier date, (B) is not true and correct due to events or conditions, the
occurrence or existence of which are not prohibited by the Financing Agreement
or the other Loan Documents and which do not, in and of themselves, constitute
a Default or Event of Default or (C) is not true and correct as a result
of disclosures made in writing to, and approved by, the Administrative Agent
and Lenders in connection with a Permitted Acquisition);

 

b.                                      the execution,
delivery and performance by such Loan Party of this Amendment are within its
powers, have been duly authorized by all necessary action pursuant to its
Organization Documents, require no further action by or in respect of, or
filing with, any governmental body, agency or official and do not violate,
conflict with or cause a breach or a default under any provision of applicable
law or regulation or of the Organization Documents of any Loan Party or of any
agreement, judgment, injunction, order, decree or other instrument binding upon
it;

 

c.                                       this Amendment
constitutes the valid and binding obligation of the Loan Parties, enforceable
against such Persons in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws; and

 

d.                                      after giving
effect to this Amendment, no Default or Event of Default exists.

 

6.                                       No Waiver.  Except as otherwise specifically set forth
herein with respect to the Designated Default, nothing contained herein is
intended or should be deemed or construed to constitute a waiver of any Default
or Event of Default which has occurred or exists under the Financing Agreement,
or hereafter may occur under the Financing Agreement, as amended hereby, or to
establish a custom or course of conduct or dealing among any Borrower, any
Guarantor, Administrative Agent, the Lenders or any of them.  Except as specifically set forth herein, Administrative
Agent and the Lenders hereby expressly reserve all of their rights and remedies
under the Financing Agreement, as amended hereby, the other Loan Documents and
applicable law.  Except as otherwise
specifically set forth herein, nothing contained herein is intended or should
be deemed or construed to constitute a waiver of compliance with any other term
or condition contained in the Financing Agreement or any of the other Loan
Documents or constitute a course of conduct or dealing among the parties.  Except as amended hereby, the Financing
Agreement and other Loan Documents remain unmodified and in full force and
effect.

 

5

 

All references in the Loan Documents to the
Financing Agreement shall be deemed to be references to the Financing Agreement
as amended hereby.

 

7.                                       Severability.  In case any provision of or obligation under
this Amendment shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

 

8.                                       Headings.  Headings and captions used in this Amendment
(including the Exhibits, Schedules and Annexes hereto, if any) are included for
convenience of reference only and shall not be given any substantive effect.

 

9.                                       Costs and
Expenses. 
Notwithstanding the provisions of Section 11.03 of the
Financing Agreement, the Borrowers will pay on demand all reasonable fees and
expenses of counsel for each Lender incurred in connection with the
negotiation, execution and delivery of the this Amendment.

 

10.                                 GOVERNING
LAW; SUBMISSION TO JURISDICTION. 
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED IN THE STATE OF NEW YORK.  EACH
LOAN PARTY HEREBY RATIFIES AND AFFIRMS THE CONSENT TO THE JURISDICTION
CONTAINED IN SECTION 11.09 OF THE FINANCING AGREEMENT WITH RESPECT
TO ALL ACTIONS ARISING OUT OF THIS AMENDMENT.

 

11.                                 WAIVER
OF JURY TRIAL.  EACH
LOAN PARTY, ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS
UNDER THIS AMENDMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY OTHER AMENDMENT,
WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR
WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING
FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AMENDMENT, AND
AGREES THAT ANY SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE
A COURT AND NOT BEFORE A JURY.  EACH LOAN
PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF
ADMINISTRATIVE AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT ADMINISTRATIVE AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF ANY
ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS.  EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT AND THE LENDERS
ENTERING INTO THIS AMENDMENT.

 

12.                                 Counterparts:
Integration.  This
Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which shall be

 

6

 

deemed to be an original, but all of which taken
together shall constitute one and the same agreement.  Delivery of an executed counterpart of this
Amendment by telecopier, email or similar electronic transmission shall be
equally as effective as delivery of an original executed counterpart of this
Amendment.  Any party delivering an
executed counterpart of this Amendment by telecopier, email or similar
electronic transmission also shall deliver an original executed counterpart of
this Amendment but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this
Amendment.  This Amendment constitutes
the entire agreement and understanding among the parties hereto with respect to
the subject matter hereof and supersedes any and all prior agreements and
understandings, oral or written, relating to the subject matter hereof.

 

13.                                 Reaffirmation.  Each Loan Party, in its respective capacities
under each of the Loan Documents to which it is a party (including the
capacities of obligor, grantor, mortgagor, pledgor, guarantor, indemnitor and
assignor, as applicable, and each other similar capacity, if any, in which such
Loan Party has granted Liens on all or any part of the properties or assets of
such Loan Party, or otherwise acts as an accommodation party, guarantor,
indemnitor or surety with respect to all or any part of the Obligations),
hereby (a) agrees that the terms and provisions hereof shall not affect in
any way any payment, performance, observance or other obligations or
liabilities of such Loan Party under the Financing Agreement or any of the
other Loan Documents, all of which obligations and liabilities shall remain in
full force and effect and extend to the further loans, extensions of credit and
other Obligations provided for thereunder, and each of which obligations and
liabilities are hereby ratified, confirmed and reaffirmed in all respects; (b) to
the extent such Loan Party has granted Liens on any of its properties or assets
pursuant to any of the Loan Documents to secure the prompt and complete
payment, performance and/or observance of all or any part of the Obligations,
acknowledges, ratifies, confirms and reaffirms such grant of Liens, and
acknowledges and agrees that all of such Liens are intended and shall be deemed
and construed to secure to the fullest extent set forth therein all now
existing and hereafter arising Obligations

 

14.                                 Release.  Each Loan Party acknowledges that (a) as
of the Effective Date, such Loan Party has no defenses, claims or set-offs to
the enforcement of any liabilities, obligations and agreements owing to
Administrative Agent or any Lender, and (b) Administrative Agent and each
Lender have fully performed all such Person’s respective obligations to such
Loan Party that the Administrative Agent or such Lender, as the case may be,
may have had or may have on or prior to the Effective Date.  Each Loan Party hereby irrevocably releases
and forever discharges Administrative Agent and each Lender and their
respective affiliates, subsidiaries, successors, assigns, directors, officers,
employees, agents, consultants and attorneys (each, a “Released Person”)
of and from all damages, losses, claims, demands, liabilities, obligations,
actions or causes of action whatsoever that such Loan Party may now have or
claim to have currently against any Released Person on account of or in any way
touching, concerning, arising out of or founded upon this Amendment, the
Financing Agreement or any other Loan Document, whether presently known or
unknown and of every nature and extent whatsoever, but only to the extent
relating to matters arising on or prior to the Effective Date.

 

7

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  BODY
  SHOP OF AMERICA, INC., a Florida corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Curtis V. Hill

  
	
   

  	
  Name:

  	
  Curtis
  V. Hill

  
	
   

  	
  Title:

  	
  President
  and CEO

  
	
   

  	
   

  
	
   

  	
  CATALOGUE
  VENTURES, INC., a Florida corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Curtis V. Hill

  
	
   

  	
  Name:

  	
  Curtis
  V. Hill

  
	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  BODY
  CENTRAL ACQUISITION CORP., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Curtis V. Hill

  
	
   

  	
  Name:

  	
  Curtis
  V. Hill

  
	
   

  	
  Title:

  	
  President
  and CEO

  
	
   

  	
   

  
	
   

  	
  RINZI
  AIR, L.L., a Florida limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Body
  Shop of America, Inc., its sole Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Curtis V. Hill

  
	
   

  	
  Name:

  	
  Curtis
  V. Hill

  
	
   

  	
  Title:

  	
  President
  and CEO

  
	
   

  	
   

  
	
   

  	
  ADMINISTRATIVE
  AGENT:

  
	
   

  	
   

  
	
   

  	
  DYMAS
  FUNDING COMPANY, LLC, as Administrative Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Dymas
  Capital Management Company, LLC, its Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Albert M. Ricchio

  
	
   

  	
  Name:

  	
  Albert
  M. Ricchio

  
	
   

  	
  Title:

  	
  Managing
  Director

  

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  CHURCHILL
  FINANCIAL CAYMAN LTD., as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Churchill
  Financial LLC, as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Christopher Cox

  
	
   

  	
  Name:

  	
  Christopher
  Cox

  
	
   

  	
  Title:

  	
  Managing
  Director

  

 

Signature
Page to Acknowledgment to Waiver and Fourth Amendment to Financing
Agreement With Body Shop of America, Inc.

 

 

	
   

  	
  LENDERS:

  
	
   

  	
   

  
	
   

  	
  A3
  FUNDING LP, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  A3
  Fund Management LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alexander J. Ornstein

  
	
   

  	
  Name:

  	
  Alexander
  J. Ornstein

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  A4
  FUNDING LP, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  A4
  Fund Management Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alexander J. Ornstein

  
	
   

  	
  Name:

  	
  Alexander
  J. Ornstein

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  ABLECO
  FINANCE LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alexander J. Ornstein

  
	
   

  	
  Name:

  	
  Alexander
  J. Ornstein

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page to Acknowledgment to Waiver and Fourth Amendment to Financing
Agreement With Body Shop of America, Inc.

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  NATIONAL
  CITY BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Matthew Potter

  
	
   

  	
  Name:

  	
  Matthew
  Potter

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page to Acknowledgment to Waiver and Fourth Amendment to Financing
Agreement With Body Shop of America, Inc.

 

 

	
   

  	
  LENDERS:

  
	
   

  	
   

  
	
   

  	
  NEWSTAR
  SHORT-TERM FUNDING LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NewStar
  Financial, Inc., its Designated Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  P. Emery Covington

  
	
   

  	
  Name:

  	
  P.
  Emery Covington

  
	
   

  	
  Title:

  	
  NewStar
  Financial

  
	
   

  	
   

  	
  Managing
  Director

  
	
   

  	
   

  	
  Portfolio
  Management

  
	
   

  	
   

  
	
   

  	
  NEWSTAR
  LLC 2005-1, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NewStar
  Financial, Inc., its Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  P. Emery Covington

  
	
   

  	
  Name:

  	
  P.
  Emery Covington

  
	
   

  	
  Title:

  	
  NewStar
  Financial

  
	
   

  	
   

  	
  Managing
  Director

  
	
   

  	
   

  	
  Portfolio
  Management

  

 

Signature
Page to Acknowledgment to Waiver and Fourth Amendment to Financing
Agreement With Body Shop of America, Inc.

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  CAPITALSOURCE
  FINANCE LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Joanne Fungaroli

  
	
   

  	
  Name:

  	
  Joanne
  Fungaroli

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

Signature
Page to Acknowledgment to Waiver and Fourth Amendment to Financing
Agreement With Body Shop of America, Inc.Exhibit 10.19

 

FIFTH AMENDMENT TO FINANCING AGREEMENT

 

THIS
FIFTH AMENDMENT TO FINANCING AGREEMENT (this “Amendment”) is entered
into as of February 25, 2010, by and among BODY SHOP OF AMERICA, INC.,
a Florida corporation (“Body Shop”), CATALOGUE VENTURES, INC., a
Florida corporation (“CV,” CV, together with Body Shop and each other
Person who becomes a borrower under the Financing Agreement, the “Borrowers”),
BODY CENTRAL ACQUISITION CORP., a Delaware corporation (“Parent”), RINZI
AIR, L.L.C., a Florida limited liability company (“Rinzi,” Rinzi,
together with Parent and each other Person who becomes a guarantor under the
Financing Agreement, the “Guarantors,” such Guarantors, together with
the Borrowers, the “Loan Parties”), DYMAS FUNDING COMPANY, LLC, as administrative
agent (in such capacity, “Administrative Agent”) for the Lenders, and
the financial institutions from time to time party thereto as Lenders.

 

W I T N E S S E T H:

 

WHEREAS,
Loan Parties, Administrative Agent and Lenders have entered into that certain
Financing Agreement dated as of October 1, 2006 (as heretofore amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time to time, the “Financing Agreement”);

 

WHEREAS,
Loan Parties have requested that Administrative Agent and Lenders amend the
Financing Agreement; and

 

WHEREAS,
Administrative Agent and Lenders have agreed to amend the Financing Agreement,
on the terms and subject to the conditions hereinafter set forth;

 

NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, the parties agree as follows:

 

1.                                       Defined Terms.  Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Financing Agreement, as amended
hereby.

 

2.                                       Additional
Covenants of Borrowers

 

2.1                                 Guarantor
Acknowledgment.  Within ten (10) days
after the date hereof, the Borrowers shall cause to be delivered to the
Administrative Agent a copy of the attached acknowledgment hereto duly executed
and delivered by each of the Investor Guarantors,

 

2.2                                 Contingent
Amendment Fee.  If the
Senior Leverage Ratio as of the end of the 2010 Fiscal Year is greater than
2.50 to 1.00, on the earlier to occur of (a) the date of delivery to the
Administrative Agent and the Lenders of audited annual financial statements
pursuant to Section 7.01(a)(i) of the Financing Agreement for
such Fiscal Year, and (b) the date on which such financial statements are
required to be delivered, the Borrowers shall pay to the Administrative Agent
in immediately available Dollars a non-refundable amendment fee in an amount
equal to three-eighths of one percent (0.375%) of the sum of the aggregate
amount of all Lenders’ Revolving Loan Commitments plus the aggregate
outstanding principal balance of the

 

 

Term Loans, in each case as of the date hereof, such
amendment fee to be fully earned and due and payable on such date.  In event any such amendment fee is payable,
thereafter, the Administrative Agent shall pay promptly to each Lender that
executed and delivered to Administrative Agent a copy of this Amendment on or
prior to February 25, 2010, a non-refundable amendment fee in an amount
equal to three-eighths of one percent (0.375%) of the sum of such Lender’s
Revolving Loan Commitment plus the portion of the aggregate outstanding
principal balance of the Term Loans owing to such Lender, in each case as of
the date hereof.

 

3.                                       Amendments to
Financing Agreement.  Effective
as of the date hereof, upon satisfaction of the conditions precedent set forth
in Section 3 below, and in reliance upon the representations and
warranties of each Loan Party set forth herein and in each of the Loan
Documents, the Financing Agreement is hereby amended as follows:

 

3.1                                 Section 7.03 of the
Financing Agreement is hereby deleted in its entirety and the following
language is hereby substituted therefor:

 

Section 7.03 
Financial Covenants.  So
long as any principal of or interest on any Loan, Reimbursement Obligation,
Letter of Credit Obligation or any other Obligation (whether or not due) shall
remain unpaid or any Lender shall have any Commitment hereunder, each Loan
Party shall not, unless the Required Lenders shall otherwise consent in
writing:

 

(a)                                  Senior Leverage Ratio.  Permit the Senior Leverage Ratio as of the
end of any period of four (4) consecutive fiscal quarters of the Parent
and its Subsidiaries ending on or about any date set forth below to be greater
than the applicable ratio set forth below:

 

	
  Fiscal
  Quarter End

  	
   

  	
  Senior Leverage Ratio

  
	
   

  	
   

  	
   

  
	
  March 31,
  2010

  	
   

  	
  2.94 to 1.00

  
	
  June 30,
  2010

  	
   

  	
  2.76 to 1.00

  
	
  September 30,
  2010

  	
   

  	
  2.79 to 1.00

  
	
  December 31,
  2010

  	
   

  	
  2.67 to 1.00

  
	
  March 31,
  2011

  	
   

  	
  2.17 to 1.00

  
	
  June 30,
  2011

  	
   

  	
  2.03 to 1.00

  
	
  September 30,
  2011

  	
   

  	
  1.90 to 1.00

  
	
  December 31,
  2011

  	
   

  	
  1.77 to 1.00

  
	
  March 31, 2012 and each fiscal quarter
  thereafter

  	
   

  	
  1.50 to 1.00

  

 

(b)                                 Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio for
any period of four (4) consecutive fiscal quarters of the Parent and its
Subsidiaries ending on or about any date set forth below to be less than the
applicable ratio set forth opposite such date:

 

2

 

	
  Fiscal
  Quarter End

  	
   

  	
  Fixed Charge Coverage Ratio

  
	
   

  	
   

  	
   

  
	
  March 31,
  2010

  	
   

  	
  0.93 to 1.00

  
	
  June 30,
  2010

  	
   

  	
  0.91 to 1.00

  
	
  September 30,
  2010

  	
   

  	
  0.83 to 1.00

  
	
  December 31,
  2010

  	
   

  	
  0.92 to 1.00

  
	
  March 31,
  2011

  	
   

  	
  0.94 to 1.00

  
	
  June 30,
  2011

  	
   

  	
  0.94 to 1.00

  
	
  September 30,
  2011

  	
   

  	
  0.96 to 1.00

  
	
  December 31,
  2011

  	
   

  	
  0.84 to 1.00

  
	
  March 31,
  2012

  	
   

  	
  0.86 to 1.00

  
	
  June 30,
  2012

  	
   

  	
  0.89 to 1.00

  
	
  September 30,
  2012

  	
   

  	
  0.84 to 1.00

  
	
  December 31,
  2012

  	
   

  	
  1.10 to 1.00

  
	
  March 31, 2013 and each fiscal quarter
  thereafter

  	
   

  	
  1.34 to 1.00

  

 

(c)                                  Capital Expenditures.  Make or commit or agree to make, or permit
any of its Subsidiaries to make or commit or agree to make, any Capital
Expenditure (by purchase or Capitalized Lease) that would cause the aggregate
amount of all Capital Expenditures made by the Parent and its Subsidiaries (i) during
the Fiscal Quarters ending on or about March 31, 2010, June 30, 2010,
September 30, 2010 and December 31, 2010, respectively, to exceed
$1,500,000 in any such Fiscal Quarter, and (ii) during any Fiscal Year
ending on or about any date set forth below to exceed the amount set forth
below for such Fiscal Year:

 

	
  Fiscal
  Quarter End

  	
   

  	
  Maximum

  Capital Expenditures

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2010

  	
   

  	
  $

  	
  4,500,000

  	
   

  
	
  December 31, 2011 and for each Fiscal Year
  thereafter

  	
   

  	
  $

  	
  5,000,000

  	
   

  

 

4.                                       Conditions.  The effectiveness of this Amendment is
subject to the following conditions precedent, with the date on which such
conditions have been satisfied being February 25, 2010 (the “Effective
Date”):

 

a.                                       receipt by
Administrative Agent of a copy of this Amendment duly executed and delivered by
each Loan Party, Administrative Agent and the Required Lenders;

 

b.                                      receipt by
Administrative Agent in immediately available Dollars a non-refundable
amendment fee in an amount equal to three-eighths of one percent (0.375%) of
the sum of the aggregate amount of all Lenders’ Revolving Loan Commitments plus
the aggregate outstanding principal balance of the Term Loans, in each case as
of the date hereof, such amendment fee to be fully earned and due and payable
on the date hereof.  Thereafter, the
Administrative Agent shall pay promptly to each Lender that executes and

 

3

 

delivers to Administrative
Agent a copy of this Amendment on or prior to February 25, 2010, a
non-refundable amendment fee in an amount equal to three-eighths of one percent
(0.375%) of the sum of such Lender’s Revolving Loan Commitment plus the portion
of the aggregate outstanding principal balance of the Term Loans owing to such
Lender, in each case as of the date hereof;

 

c.                                       the truth and
accuracy of the representations and warranties contained in Section 5
hereof; and

 

d.                                      no Default or
Event of Default has occurred that is continuing.

 

5.                                       Representations
and Warranties.  Each Loan
Party hereby represents and warrants to Administrative Agent and each Lender as
follows:

 

a.                                       after giving
effect to this Amendment, the representations and warranties of the Loan
Parties contained in the Loan Documents are true and correct in all material
respects as of the date hereof (except to the extent that any such
representation or warranty (A) expressly refers to an earlier date, in
which case such representation or warranty remains true and correct as of such
earlier date, (B) is not true and correct due to events or conditions, the
occurrence or existence of which are not prohibited by the Financing Agreement
or the other Loan Documents and which do not, in and of themselves, constitute
a Default or Event of Default or (C) is not true and correct as a result
of disclosures made in writing to, and approved by, the Administrative Agent
and Lenders in connection with a Permitted Acquisition);

 

b.                                      the execution,
delivery and performance by such Loan Party of this Amendment are within its
powers, have been duly authorized by all necessary action pursuant to its
Organization Documents, require no further action by or in respect of, or
filing with, any governmental body, agency or official and do not violate,
conflict with or cause a breach or a default under any provision of applicable
law or regulation or of the Organization Documents of any Loan Party or of any
agreement, judgment, injunction, order, decree or other instrument binding upon
it;

 

c.                                       this Amendment
constitutes the valid and binding obligation of the Loan Parties, enforceable
against such Persons in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws; and

 

d.                                      after giving
effect to this Amendment, no Default or Event of Default exists.

 

6.                                       No Waiver.  Nothing contained herein is intended or
should be deemed or construed to constitute a waiver of any Default or Event of
Default which has occurred or exists under the Financing Agreement, or
hereafter may occur under the Financing Agreement, as amended hereby, or to
establish a custom or course of conduct or dealing among any Borrower, any
Guarantor, Administrative Agent, the Lenders or any of them.  Except as specifically set forth herein,
Administrative Agent and the Lenders hereby expressly reserve all of their
rights and remedies under the Financing Agreement, as amended hereby, the other
Loan Documents

 

4

 

and applicable law. 
Except as otherwise specifically set forth herein, nothing contained
herein is intended or should be deemed or construed to constitute a waiver of
compliance with any other term or condition contained in the Financing
Agreement or any of the other Loan Documents or constitute a course of conduct
or dealing among the parties.  Except as
amended hereby, the Financing Agreement and other Loan Documents remain
unmodified and in full force and effect. 
All references in the Loan Documents to the Financing Agreement shall be
deemed to be references to the Financing Agreement as amended hereby.

 

7.                                       Severability.  In case any provision of or obligation under
this Amendment shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

 

8.                                       Headings.  Headings and captions used in this Amendment
(including the Exhibits, Schedules and Annexes hereto, if any) are included for
convenience of reference only and shall not be given any substantive effect.

 

9.                                       Costs and
Expenses. 
Notwithstanding the provisions of Section 11.03 of the
Financing Agreement, the Borrowers will pay on demand all reasonable fees and
expenses of counsel for each Lender incurred in connection with the
negotiation, execution and delivery of the this Amendment.

 

10.                                 GOVERNING
LAW; SUBMISSION TO JURISDICTION. 
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED IN THE STATE OF NEW YORK.  EACH
LOAN PARTY HEREBY RATIFIES AND AFFIRMS THE CONSENT TO THE JURISDICTION
CONTAINED IN SECTION 11.09 OF THE FINANCING AGREEMENT WITH RESPECT
TO ALL ACTIONS ARISING OUT OF THIS AMENDMENT.

 

11.                                 WAIVER
OF JURY TRIAL.  EACH
LOAN PARTY, ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS
UNDER THIS AMENDMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY OTHER AMENDMENT,
WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR
WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING
FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AMENDMENT, AND
AGREES THAT ANY SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE
A COURT AND NOT BEFORE A JURY.  EACH LOAN
PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF
ADMINISTRATIVE AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT ADMINISTRATIVE AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF ANY
ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS.  EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT THIS
PROVISION IS A

 

5

 

MATERIAL INDUCEMENT FOR THE
ADMINISTRATIVE AGENT AND THE LENDERS ENTERING INTO THIS AMENDMENT.

 

12.                                 Counterparts;
Integration.  This
Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed
counterpart of this Amendment by telecopier, email or similar electronic
transmission shall be equally as effective as delivery of an original executed
counterpart of this Amendment.  Any party
delivering an executed counterpart of this Amendment by telecopier, email or
similar electronic transmission also shall deliver an original executed
counterpart of this Amendment but the failure to deliver an original executed
counterpart shall not affect the validity, enforceability, and binding effect of
this Amendment.  This Amendment
constitutes the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof and supersedes any and all prior
agreements and understandings, oral or written, relating to the subject matter
hereof.

 

13.                                 Reaffirmation.  Each Loan Party, in its respective capacities
under each of the Loan Documents to which it is a party (including the
capacities of obligor, grantor, mortgagor, pledgor, guarantor, indemnitor and
assignor, as applicable, and each other similar capacity, if any, in which such
Loan Party has granted Liens on all or any part of the properties or assets of
such Loan Party, or otherwise acts as an accommodation party, guarantor,
indemnitor or surety with respect to all or any part of the Obligations),
hereby (a) agrees that the terms and provisions hereof shall not affect in
any way any payment, performance, observance or other obligations or
liabilities of such Loan Party under the Financing Agreement or any of the
other Loan Documents, all of which obligations and liabilities shall remain in
full force and effect and extend to the further loans, extensions of credit and
other Obligations provided for thereunder, and each of which obligations and
liabilities are hereby ratified, confirmed and reaffirmed in all respects; (b) to
the extent such Loan Party has granted Liens on any of its properties or assets
pursuant to any of the Loan Documents to secure the prompt and complete
payment, performance and/or observance of all or any part of the Obligations,
acknowledges, ratifies, confirms and reaffirms such grant of Liens, and
acknowledges and agrees that all of such Liens are intended and shall be deemed
and construed to secure to the fullest extent set forth therein all now existing
and hereafter arising Obligations

 

14.                                 Release.  Each Loan Party acknowledges that (a) as
of the Effective Date, such Loan Party has no defenses, claims or set-offs to
the enforcement of any liabilities, obligations and agreements owing to
Administrative Agent or any Lender, and (b) Administrative Agent and each
Lender have fully performed all such Person’s respective obligations to such
Loan Party that the Administrative Agent or such Lender, as the case may be,
may have had or may have on or prior to the Effective Date.  Each Loan Party hereby irrevocably releases
and forever discharges Administrative Agent and each Lender and their
respective affiliates, subsidiaries, successors, assigns, directors, officers,
employees, agents, consultants and attorneys (each, a “Released Person”)
of and from all damages, losses, claims, demands, liabilities, obligations,
actions or causes of action whatsoever that such Loan Party may now have or
claim to have currently against any Released Person on account of or in any way
touching, concerning, arising out of or founded upon this Amendment, the
Financing Agreement or any other Loan Document,

 

6

 

whether presently known or unknown and of every
nature and extent whatsoever, but only to the extent relating to matters
arising on or prior to the Effective Date.

 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

7

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  BODY SHOP OF AMERICA, INC., a Florida corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Allen Weinstein

  
	
   

  	
  Name:

  	
  Allen Weinstein

  
	
   

  	
  Title:

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CATALOGUE VENTURES, INC., a Florida corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Allen Weinstein

  
	
   

  	
  Name:

  	
  Allen Weinstein

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  BODY CENTRAL ACQUISITION CORP., a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Allen Weinstein

  
	
   

  	
  Name:

  	
  Allen Weinstein

  
	
   

  	
  Title:

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RINZI AIR, L.L.C.,
  a Florida limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Body Shop of America, Inc., its sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Allen Weinstein

  
	
   

  	
  Name:

  	
  Allen Weinstein

  
	
   

  	
  Title:

  	
  President and CEO

  

 

 

	
   

  	
  ADMINISTRATIVE AGENT:

  
	
   

  	
   

  
	
   

  	
  DYMAS FUNDING COMPANY, LLC, as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Dymas Capital Management Company,

  
	
   

  	
   

  	
  LLC, its Manger 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Albert D. Ricchio

  
	
   

  	
  Name:

  	
  Albert D. Ricchio

  
	
   

  	
  Title:

  	
  Managing Director

  

 

 

	
   

  	
  LENDERS:

  
	
   

  	
   

  
	
   

  	
  A3 FUNDING LP,
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  A3 Fund Management LLC, its General

  
	
   

  	
   

  	
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Eric Miller

  
	
   

  	
   

  	
  Name:

  	
  Eric Miller

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A4 FUNDING LP,
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  A4 Fund Management, Inc.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Eric Miller

  
	
   

  	
   

  	
  Name:

  	
  Eric Miller

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ABLECO FINANCE LLC, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric Miller

  
	
   

  	
  Name:

  	
  Eric Miller

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  CAPITALSOURCE FINANCE LLC, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joanne Fungaroli

  
	
   

  	
  Name:

  	
  Joanne Fungaroli

  
	
   

  	
  Title:

  	
  Authorized Signatory

  

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  CHURCHILL FINANCIAL CAYMAN LTD., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Churchill Financial LLC, as Collateral

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carey Davidson

  
	
   

  	
   

  	
  Name:

  	
  Carey Davidson

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  LENDERS:

  
	
   

  	
   

  
	
   

  	
  NEWSTAR CREDIT OPPORTUNITIES FUNDING I LTD., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NewStar Financial, Inc., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ /William P. Walsh

  
	
   

  	
   

  	
  Name:

  	
  William P. Walsh

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
  Portfolio Management

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NEWSTAR COMMERCIAL LOAN TRUST 2007-1, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NewStar Financial, Inc., as Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William P. Walsh

  
	
   

  	
   

  	
  Name:

  	
  William P. Walsh

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
  Portfolio Management

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEWSTAR TRUST 2005-1, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NewStar Financial, Inc., its Servicer and

  
	
   

  	
   

  	
  Attorney in Fact

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William P. Walsh

  
	
   

  	
   

  	
  Name:

  	
  William P. Walsh

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
  Portfolio Management

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEWSTAR WAREHOUSE FUNDING 2005 LLC, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NewStar Financial, Inc., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ William P. Walsh

  
	
   

  	
   

  	
  Name:

  	
  William P. Walsh

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
  Portfolio Management

  

 

 

ACKNOWLEDGMENT

 

Reference is hereby made to (a) the foregoing
Fifth Amendment to Financing Agreement dated as of February 25, 2010 (the “Amendment”)
by and among BODY SHOP OF AMERICA, INC., a Florida corporation (“Body
Shop”), CATALOGUE VENTURES, INC., a Florida corporation (“CV,”
CV, together with Body Shop and each other Person who becomes a borrower under
the Financing Agreement, the “Borrowers”), BODY CENTRAL ACQUISITION
CORP., a Delaware corporation (“Parent”), RINZI AIR, L.L.C., a Florida
limited liability company (“Rinzi,” Rinzi, together with Parent and each
other Person who becomes a guarantor under the Financing Agreement, the “Guarantors,”
such Guarantors, together with the Borrowers, the “Loan Parties”), DYMAS
FUNDING COMPANY, LLC, as administrative agent (in such capacity, “Administrative
Agent”) for certain financial institutions (the “Lenders”), and (b) that
certain Guaranty dated as of January 25, 2008 (as amended, restated,
amended and restated, supplemented or otherwise modified and in effect from
time to time, the “Investor Guaranty”), executed and delivered by each
of the undersigned (each an “Investor Guarantor”), in favor of
Administrative Agent, Capitalized terms used and not defined herein shall have
the respective meanings ascribed to them in the Financing Agreement referred to
in the Amendment.

 

Each Investor Guarantor hereby (a) acknowledges
receipt by such Investor Guarantor of a copy of the Amendment, and (b) agrees
that the Investor Guaranty remains in full in force and effect with respect to
such Investor Guarantor and that the terms and provisions of the Amendment do
not modify or otherwise affect in any way any of such Investor Guarantor’s
obligations and liabilities under the Investor Guarantor, all of which
obligations and liabilities are hereby ratified, confirmed and reaffirmed.

 

- Remainder of Page Intentionally
Left Blank -

Signature Pages Follow

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed by an officer thereunto
duly authorized, as of the date set forth below.

 

	
   

  	
  WESTVIEW CAPITAL PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  WestView Capital Management, L.P.,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
  By:

  	
  WVCP Management, LLC,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlo von Schroeter

  
	
   

  	
  Name:

  	
  Carlo von Schroeter

  
	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Dated as of February 28, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed by an officer thereunto
duly authorized, as of the date set forth below.

 

	
   

  	
  PineBridge PEP III Direct, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  AIG PEP III Direct GP, L.P.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
  AIG PEP III Direct, LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
  PineBridge Investments LLC,

  
	
   

  	
   

  	
  its Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ F.T. Chong

  
	
   

  	
  Name:

  	
  F.T. Chong

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Dated as of March 8, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed by an officer thereunto
duly authorized, as of the date set forth below.

 

	
   

  	
  PineBridge Vantage Partners, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  AIG Vantage Capital General Partner, L.P.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
  AIG Vantage Capital, LLC

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
  PineBridge Investments LLC,

  
	
   

  	
   

  	
  its Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ F.T. Chong

  
	
   

  	
  Name:

  	
  F.T. Chong

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of March 8, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed by an officer thereunto
duly authorized, as of the date set forth below.

 

	
   

  	
  PineBridge PEP IV Co-Investment, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  AIG PEP IV Co-Investment GP, L.P.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
  AIG PEP IV Co-Investment GP, LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
  PineBridge Investments LLC,

  
	
   

  	
   

  	
  its Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ F.T. Chong

  
	
   

  	
  Name:

  	
  F.T. Chong

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of March 8, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed by an officer thereunto
duly authorized, as of the date set forth below.

 

	
   

  	
  American International Group, Inc. Retirement
  Plan Master Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  PineBridge Investments LLC, the duly authorized
  investment adviser to the American International Group Inc. Retirement Plan
  Master Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ F.T. Chong

  
	
   

  	
  Name:

  	
  F.T. Chong

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of March 8, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed as of the date set
forth below.

 

 

	
   

  	
  /s/ Beth Angelo

  
	
   

  	
  Beth Angelo, an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of February 26, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed as of the date set
forth below.

 

 

	
   

  	
  /s/ Laurie E. Bauguss

  
	
   

  	
  Laurie E. Bauguss, an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of February 26, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed as of the date set
forth below.

 

 

	
   

  	
  /s/ Curtis Hill

  
	
   

  	
  Curtis Hill, an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of February 26, 2010

  

 

 

IN WITNESS WHEREOF, the undersigned Investor
Guarantor has caused this Acknowledgment to be executed as of the date set
forth below.

 

 

	
   

  	
  /s/
  Jerrold Rosenbaum

  
	
   

  	
  Jerrold Rosenbaum, an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated as of March 2, 2010

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]