Common use of Inventory Reliance Clause in Contracts

Inventory Reliance. Compliance with Article VII Section 7.19. of the Credit Agreement is hereby waived for the fiscal year ended June 30, 1995 to permit the Inventory Reliance of the Borrower and its Consolidated subsidiaries to be more than 34% as of the fiscal year ended June 30, 1995 provided, however, the Inventory Reliance of the Borrower and its Consolidated subsidiaries was not greater than 36% as of such fiscal year end. This SEVENTH AMENDMENT and WAIVER shall be construed and enforced in accordance with the laws of the State of New York. Except as expressly amended, waived or consented to hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof. This SEVENTH AMENDMENT and WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any default which may occur or may have occurred under the Credit Agreement. The Borrower hereby represents and warrants that, after giving effect to this SEVENTH AMENDMENT and WAIVER, no Event of Default or Default exists under the Credit Agreement or any other related document. Please be advised that should there be a need for further amendments or waivers with respect to these covenants or any other covenants, those requests shall be evaluated by the Agent and the Lenders when formally requested, in writing, by the Borrower and the Guarantors. This SEVENTH AMENDMENT and WAIVER may be executed in one or more counterparts, each of which shall constitute an original, but all of which when, taken together shall constitute but one SEVENTH AMENDMENT and WAIVER. The SEVENTH AMENDMENT and WAIVER shall become effective when (i) duly executed counterparts hereof which, when taken Capitalized terms used herein and not otherwise defined herein shall have the same meanings as defined in the Credit Agreement.

Inventory Reliance. Compliance with Article VII Section 7.19. 5.03(g) of the Credit Loan Agreement is hereby waived for the fiscal year ended June 30, 1995 to permit the Inventory Reliance of the Borrower and its Consolidated subsidiaries to be more greater than 34% as of the fiscal year ended June 30, 1995 provided, however, the Inventory Reliance of the Borrower and its Consolidated subsidiaries was not greater than 36% as of such fiscal year end. This SEVENTH THIRD AMENDMENT and WAIVER shall be construed and enforced in accordance with the laws of the State of New York. Except as expressly amended, waived amended or consented to hereby, the Credit Loan Agreement shall remain in full force and effect in accordance with the original terms thereof. This SEVENTH The THIRD AMENDMENT and WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Loan Agreement or any default which may occur or may have occurred under the Credit Loan Agreement. The Borrower and the Guarantors hereby represents represent and warrants warrant that, after giving effect to this SEVENTH THIRD AMENDMENT and WAIVER, no Event of Default or Default exists under the Credit Loan Agreement or any other related document. Please be advised that should there be a need for further amendments or waivers with respect to these covenants or any other covenants, those requests shall be evaluated by the Agent and the Lenders when formally requested, in writing, by the Borrower and the Guarantors. This SEVENTH THIRD AMENDMENT and WAIVER may be executed in one or more counterparts, each of which shall constitute an original, but all of which when, taken together shall constitute but one SEVENTH THIRD AMENDMENT and WAIVER. The SEVENTH THIRD AMENDMENT and WAIVER shall become effective when (i) duly executed counterparts hereof which, when taken Capitalized terms used herein and not otherwise defined herein together, bear the signatures of each of the parties hereto shall have been delivered to the same meanings Agent and (ii) the Agent shall have received copies of (a) the executed Tenth Amendment and Waiver to the Letter of Credit and Bond Purchase Agreement dated as defined of April 1, 1985 between the Borrower and Chemical Bank, in the form attached hereto as Exhibit A and (b) the executed Seventh Amendment and Waiver to the Credit Agreement.Agreement dated as of November 21, 1991 among the Borrower, the Guarantors named therein and Chemical Bank, in the form attached hereto as Exhibit B.

Inventory Reliance. Compliance with Article VII Section 7.19. of the Credit Agreement is hereby waived for the fiscal year ended June 30, 1995 to permit Permit the Inventory Reliance of the Borrower and its Consolidated subsidiaries to be more than 34(i) 18% as of the fiscal year ended at all times from July l, 1994 until June 29, 1995; (ii) 15% at all times from June 30, 1995 provideduntil June 29, however1996; and (iii) 10% at all times from June 30, the Inventory Reliance of the Borrower 1996 and its Consolidated subsidiaries was not greater than 36% as of such fiscal year endthereafter. This SEVENTH FIFTH AMENDMENT and WAIVER shall be construed and enforced in accordance with the laws of the State of New York. Except as expressly amended, waived or consented to hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof. This SEVENTH FIFTH AMENDMENT and WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any default which may occur or may have occurred under the Credit Agreement. The Borrower hereby represents and warrants that, after giving effect to this SEVENTH FIFTH AMENDMENT and WAIVER, no Event of Default or Default exists under the Credit Agreement or any other related document. Please be advised that should there be a need for further amendments or waivers with respect to these covenants or any other covenants, those requests shall be evaluated by the Agent and the Lenders when formally requested, in writing, by the Borrower and the Guarantors. This SEVENTH FIFTH AMENDMENT and WAIVER may be executed in one two or more counterparts, each of which shall constitute an original, but all of which when, taken together shall constitute but one SEVENTH FIFTH AMENDMENT and WAIVER. The SEVENTH FIFTH AMENDMENT and WAIVER shall become effective when (i) duly executed counterparts hereof which, when taken together, bear the signatures of each of the parties hereto shall have been delivered to the Agent, (ii) the Agent shall have received copies of (a) the executed Eighth Amendment and Waiver to the Letter of Credit and Bond Purchase Agreement dated as of April 1, 1985 between the Borrower and Chemical Bank, in the form attached hereto as Exhibit A and (b) the executed First Amendment and Waiver to the Loan Agreement dated as of July 27, 1994 among the Company, the Guarantors named therein, Chemical Bank, The Bank of New York and Chemical Bank, as Agent, in the form attached hereto as Exhibit B, and (iii) the Agent shall have received, for its satisfactory review, a "draft" of the Borrower's audited financial statements for the fiscal year ended June 30, 1994. Capitalized terms used herein and not otherwise defined herein shall have the same meanings as defined in the Credit Agreement.

Inventory Reliance. Compliance with Article VII Section 7.19. The Borrower will maintain an Inventory Reliance of the Credit Agreement is hereby waived for the fiscal year ended not more than: (i) 18% at all times from July 1, 1994 until June 29, 1995; (ii) 15% at all times from June 30, 1995 to permit the Inventory Reliance of the Borrower and its Consolidated subsidiaries to be more than 34until June 29, 1996: and (iii) 10% as of the fiscal year ended at all times from June 30, 1995 provided, however, the Inventory Reliance of the Borrower 1996 and its Consolidated subsidiaries was not greater than 36% as of such fiscal year end. thereafter." This SEVENTH FIRST AMENDMENT and WAIVER shall be construed and enforced in accordance with the laws of the State of New York. Except as expressly amended, waived amended or consented to hereby, the Credit Loan Agreement shall remain in full force and effect in accordance with the original terms thereof. This SEVENTH The FIRST AMENDMENT and WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Loan Agreement or any default which may occur or may have occurred under the Credit Loan Agreement. The Borrower and the Guarantors hereby represents represent and warrants warrant that, after giving effect to this SEVENTH FIRST AMENDMENT and WAIVER, no Event of Default or Default exists under the Credit Loan Agreement or any other related document. Please be advised that should there be a need for further amendments or waivers with respect to these covenants or any other covenants, those requests shall be evaluated by the Agent and the Lenders when formally requested, in writing, by the Borrower and the Guarantors. This SEVENTH FIRST AMENDMENT and WAIVER may be executed in one or more counterparts, each of which shall constitute an original, but all of which when, taken together shall constitute but one SEVENTH FIRST AMENDMENT and WAIVER. The SEVENTH FIRST AMENDMENT and WAIVER shall become effective when (i) duly executed counterparts hereof which, when taken together, bear the signatures of each of the parties hereto shall have been delivered to the Agent, (ii) the Agent shall have received copies of (a) the executed Eighth Amendment and Waiver to the Letter of Credit and Bond Purchase Agreement dated as of April 1, 1985 between the Borrower and Chemical Bank 4 -4- in the form attached hereto as Exhibit A and (b) the executed Fifth Amendment and Waiver to the Credit Agreement dated as of November 21, 1991 among the Borrower, the Guarantors named therein and Chemical Bank, in the form attached hereto as Exhibit B, and (iii) the Banks shall have received, in each case for their satisfactory review, a "draft" of the Borrower's audited financial statements for the fiscal year ended June 30, 1994. Capitalized terms used herein and not otherwise defined herein shall have the same meanings as defined in the Credit Loan Agreement.