WAIVER AGREEMENT
TO
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
WAIVER AGREEMENT dated as of May
17, 1999 to the Amended and Restated Revolving Credit
Agreement dated as of September 15, 1997 (as heretofore
amended, and as may be further amended, restated,
modified or supplemented from time to time, the "Credit
Agreement") among Jitney-Jungle Stores of America, Inc.
("Jitney Jungle"), Southern Jitney Jungle Company,
XxXxxxx-Xxxxxx Co., Inc., Jitney-Jungle Bakery, Inc.,
Pump and Save, Inc., Interstate Jitney Jungle Stores, Inc.,
and Delchamps, Inc. ("Delchamps") (each a "Borrower"
and collectively, the "Borrowers"), the guarantors named
therein, the lenders named therein (the "Lenders") and
Fleet Capital Corporation, as agent for the Lenders (the
"Agent"). Capitalized terms used herein and not defined
shall have the respective meanings assigned to such terms
in the Credit Agreement.
WHEREAS the Borrowers have requested
that the Agent and the Required Lenders agree to waive
certain provisions in the Credit Agreement;
WHEREAS the Agent and the Required
Lenders are willing to waive such provisions of the Credit
Agreement on the terms and conditions contained herein;
NOW, THEREFORE, the Borrowers, the
Guarantors, the Required Lenders and the Agent hereby
agree as follows:
1. Waiver. Pursuant to the terms and
conditions contained herein, the Agent and the
Required Lenders hereby agree to waive
compliance with Section 7.09 of the Credit
Agreement solely as it pertains to the Fiscal Quarter
ended March 27, 1999.
2. Effective Date. This Agreement shall become
effective upon compliance with the conditions set
forth immediately below:
(a) The Agent shall have received an
original counterpart of this Waiver, duly executed and
delivered by the Borrowers, the Guarantors and the
Required Lenders.
(b) After giving effect to this Waiver no
Default or Event of Default shall have occurred.
3. Ratification. Except as expressly waived
herein, all terms and conditions of the Credit
Agreement and all other Loan Documents remain in
full force and effect. All collateral security and
guarantees in connection with the Credit Agreement
and/or the Loan Documents are hereby confirmed and
ratified in all respects.
4. Counterparts. This Waiver may be executed
in counterparts, each of which shall constitute an
original but all of which when taken together shall
constitute one contract, and shall become effective
when copies hereof which, when taken together, bear
the signatures of each of the parties hereto shall be
delivered to the Agent. Delivery of an executed
counterpart of a signature page to this Waiver by
telecopier shall be effective as delivery of a manually
executed signature page hereto.
5. Governing Law. THIS WAIVER SHALL
BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK (OTHER
THAN THE CONFLICTS OF LAWS PRINCIPLES
THEREOF).
[Remainder of page intentionally left blank.]
IN WITNESS WHEREOF, the parties have
caused this Waiver Agreement to be executed by their
respective officers thereunto duly authorized, as to the date
first above written.
JITNEY-JUNGLE STORES OF AMERICA, INC.,
as Borrower and as Guarantor
By__________________________________
Name:
Title:
SOUTHERN JITNEY JUNGLE COMPANY,
as Borrower and as Guarantor
By_________________________________
Name:
Title:
XxXXXXX-XXXXXX CO., INC.,
as Borrower and as Guarantor
By_________________________________
Name:
Title:
JITNEY-JUNGLE BAKERY, INC.,
as Borrower and as Guarantor
By_________________________________
Name:
Title:
PUMP AND SAVE, INC.,
as Borrower and as Guarantor
By_________________________________
Name:
Title:
INTERSTATE JITNEY JUNGLE STORES, INC.,
as Borrower and as Guarantor
By_________________________________
Name:
Title:
DELCHAMPS, INC.,
as Borrower and as Guarantor
By_________________________________
Name:
Title:
JJ CONSTRUCTION CORP.,
as Guarantor
By_________________________________
Name:
Title:
SUPERMARKET CIGARETTE SALES, INC.,
as Guarantor
By_________________________________
Name:
Title:
FLEET CAPITAL CORPORATION,
as Agent
By_________________________________
Name:
Title:
FLEET CAPITAL CORPORATION,
as Lender
By________________________________
Name:
Title:
PNC BANK, NATIONAL ASSOCIATION,
as Lender
By________________________________
Name:
Title:
XXXXXX FINANCIAL INC.,
as Lender
By________________________________
Name:
Title:
IBJ WHITEHALL BUSINESS CREDIT CORP.,
as Lender
By________________________________
Name:
Title:
NATIONAL BANK OF CANADA, a Canadian
Chartered Bank, as Lender
By________________________________
Name:
Title:
NATIONAL BANK OF CANADA, a Canadian
Chartered Bank, as Lender
By________________________________
Name:
Title:
NATIONAL CITY BANK, as Lender
By________________________________
Name:
Title:
DEUTSCHE FINANCIAL SERVICES CORPORATION,
as Lender
By________________________________
Name:
Title:
FLEET BANK, N.A., as a Letter of
Credit Issuer
By________________________________
Name:
Title: