Exhibit 10.1
April 21, 2008
THE BANK OF NEW YORK, as
Administrative Agent
Asset Solutions Division
600 E. Las Colinas Blvd.
Suite 1300
Irving, TX 75039-5699
Attention: Administrative Agent Portfolio
Manager
Facsimile: (972) 401-8557
email: bhingston@bankofny.com
Ladies and Gentlemen:
Reference is made to that certain Secured Super-Priority Debtor In Possession Credit and Guaranty Agreement, dated as of October 16, 2007 (as has been amended, restated, supplemented or otherwise modified from time to time, the “DIP Credit Agreement”) by and among Movie Gallery, Inc. (the “Company”), the Subsidiaries party thereto, the Lenders party thereto and The Bank of New York, as administrative agent and as collateral agent. Terms used and not otherwise defined herein shall have the meaning set forth in the DIP Credit Agreement.
Pursuant to Section 5.1(g) of the DIP Credit Agreement, this letter serves as notice to the Administrative Agent and the Lenders that the Company will not be able timely to comply with the requirement under Section 5.1(c) of the DIP Credit Agreement to deliver audited financials as of today. The Company continues to work with its auditors to complete the necessary steps for such auditors to complete the audit for fiscal year 2007.
MOVIE GALLERY, INC. | ||
By: | /s/ Thomas Johnson | |
Name: | Thomas Johnson | |
Title: | Chief Financial Officer |
cc: | Haynes and Boone, LLP |
901 Main Street, Suite 3100
Dallas, Texas 75202
Attention: Laurie G. Lang, Esq.
Facsimile: (214) 200-0667
email: laurie.lang@haynesboone.com