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EXHIBIT 10.27.7
LIMITED WAIVER
TRINET ESSENTIAL FACILITIES X, INC. ("TriNet") is entering into this
Limited Waiver as of August 22, 1997 (but effective only upon delivery of the
Certificate hereinafter mentioned and thereupon with no further action by the
parties being necessary) with respect to the four separate Lease Agreements,
each dated as of May 15, 1993 between TriNet, as landlord, and Caterair
International Corporation ("Tenant"), as tenant, as amended by First Amendment
to Lease Agreement dated as of September 22, 1995, the Second Amendment to Lease
Agreement dated as of December 1, 1995, the Third Amendment to Lease Agreement
dated as of June 1, 1996, the Fourth Amendment to Lease Agreement dated as of
December 2, 1996 and the Fifth Amendment to Lease Agreement dated as of June
23, 1997 (collectively, the "Leases).
PRELIMINARY STATEMENT
Paragraph 15(l) of the Leases establishes a net worth test for Tenant (the
Net Worth Test"), the violation of which constitutes an Event of Default under
the Leases. Tenant intends to enter into a series of transactions which will
likely cause it to violate the Net Worth Test. Landlord and Tenant propose to
enter into a further amendment to the Leases, to be effective at a future date
(the "Contemplated Amendment"), which will remove the Net Worth Test and
substitute certain other tests in its place Based on Tenant's certificate to the
effect that the conditions set forth in section 3.1 and 3.2 of the current draft
of the Contemplated Amendment have been satisfied (the "Certificate"), TriNet is
prepared to waive such default under paragraph 15(1) of the Lease until the
effectiveness of the Contemplated Amendment.
AGREEMENTS
NOW THEREFORE, in consideration of the agreements herein made, the parties
hereto hereby agree as follows, each agreement herein being contingent upon each
other agreement:
TriNet hereby waives any breach of, and compliance by Tenant with, the Net
Worth Test contained in paragraph 15(1) of the Leases and any Event of Default
that would result therefrom for the period commencing on the date hereof and
ending on the effectiveness of the Contemplated Amendment.
2. The foregoing waiver shall not be construed as waiving any other
default or Event of Default under the Leases.
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IN WITNESS WHEREOF, TriNet has caused this Limited Waiver to be duly
executed as of the date first above set forth to be effective only upon delivery
to TriNet of the Certificate (and thereupon with no further action by the
parties being necessary).
TriNet Essential Facilities X, Inc.
By: /s/ Xxxx X. Xxxxxxx
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