September 13, 2002
Mr. Xxxxx XxxXxxxxx, CFO
Vermont Pure Holdings, LTD
Xxxxx 00
Xxxxxxxxx Xxxxxxxxxx Xxxx
Xxxxxxxx, XX 00000
Re: Commercial Loan and Security Agreement Dated October 5, 2000
Dear Xxxxx:
Reference is made to Section 1.1 (jjj) of the above-referenced
Commercial Loan and Security Agreement. As of this date you, as CFO of the
Borrower, have advised Xxxxxxx Bank that you would be in violation of the Debt
Service Covenant for the period ended 7/31/02 as set forth in Section 6.17 and
defined in Section 1.1 (n) of the above referenced Agreement.
Xxxxxxx Bank hereby consents to a one time waiver of this covenant.
In addition, Vermont Pure Holdings, LTD $5,000,000 working capital line
of credit will expire on 10/5/02. The bank has approved a 120 day extension of
this facility.
Sincerely,
XXXXXXX BANK
By:/s/ Xxxxx Xxxxxx
-----------------------------------------
It's Vice President
Acknowledged on this 13th day of September, 2002.
Vermont Pure Holdings, LTD
By:/s/ Xxxxx X. MacDoanld
---------------------------------
It's Chief Financial Officer
