Exhibit [10]a
Norwest Bank Minnesota,
National Association Waiver of Covenant and Credit Agreement
RE: Waiver of Covenant 7.2(a) and (b) of the Credit Agreement dated October
13, 1997 between Norwest Bank Minnesota, N.A. and Research,
Incorporated.
Norwest Bank Minnesota, N.A. hereby agrees to waive the violation of the
covenant outlined below for the quarter
ending June 30, 1998.
7.2(a) Tangible Net Worth. Maintain a minimum Tangible Net Worth of at least
$5,500,000 as of the end of each fiscal quarter through and including
June 30, 1998,
7.2(b) Total Liabilities to Tangible Net Worth. Maintain a ratio of total
liabilities to Tangible Net Worth of less than 1.3 to 1.0 as of the end
of each fiscal quarter, through and including June 30, 1998,
This waiver extends only to the covenants outlined above and only for the period
described above. All other terms and conditions of the agreements remain in full
force and effect.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By: /s/ Xxxxxxx X. Xxxxxxxx Dated: August 5, 1998
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Xxxxxxx X. Xxxxxxxx
Its: Assistant Vice President