Exhibit 10.1
ACT MANUFACTURING, INC.
June, 1996
The First National Bank of Boston
Mechanic's Bank Tower
Front Street - Floor 20
Xxxxxxxxx, Xxxxxxxxxxxxx 00000
Attention: Xx. Xxxxxx Xxxxx
Director
Re: Request For Waiver
Dear Sir:
Reference is made to the Amended and Restated Loan and Security Agreement
effective April 6, 1995, as amended (the "Loan Agreement"), between the
undersigned (the "Borrower") on the one hand and you, as the "Agent" (in such
capacity, so referred to herein) for the ratable benefit of the "Lenders" being
you, State Street Bank and Trust Company, and Citizens Bank of Massachusetts,
N.A.
The Borrower hereby requests that the Agent waive the Borrower's compliance
with Section 9-11 of the Loan Agreement insofar as said Section prohibits the
ratio of the Borrower's Total Debt to Net Worth, as of June 30, 1996, to exceed
that permitted, for that date, pursuant to the Loan Agreement.
As an inducement for the Lenders to instruct the Agent to waive such
compliance, the Borrower hereby represents that, but for the Borrower's breach
of that covenant as of said date, no event has occurred which is or which, but
for the giving of notice or the expiry of any applicable grace period, would be,
an Event of Default within the meaning of the Loan Agreement.
Very truly yours,
ACT MANUFACTURING, INC.
By /s/ Xxxxxx Xxxxxxxx
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Lenders' Instructions to Agent
In reliance upon the Borrower's representations, above, the Lenders hereby
instruct the Agent to provide the above waiver requested by the Borrower.
The "Lenders"
THE FIRST NATIONAL BANK OF BOSTON STATE STREET BANK AND
TRUST COMPANY
By /s/ Xxxxxx Xxxxx By /s/ F. Xxxxxx Xxxxx
-------------------------------- --------------------------------
Its Vice President Its Vice President
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CITIZENS BANK OF MASSACHUSETTS
By /s/ Xxxxxxx Xxxxxxxx
---------------------------------
Its Senior Vice President
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Agent's Waiver
The First National Bank, as Agent, in accordance with the foregoing
instructions from the Lenders, hereby waives the Borrower's compliance with
Section 9-11 of the Loan Agreement insofar as said Section prohibits the ratio
of the Borrower's Total Debt to Net Worth, as of June 30, 1996, to exceed that
permitted, for that date, by the Loan Agreement.
THE FIRST NATIONAL BANK OF
BOSTON, Agent
By /s/ Xxxxxx Xxxxx
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