EXHIBIT 4.01.4
PNC Business Credit
Xxx Xxxxx Xxxxxx Xxxxxxxxx
0xx Xxxxx
Xxxx Xxxxxxxxx, XX 00000
March 7,2000
Xx. Xxxxxx Xxxxxxx
Senior Vice President
Swank, Inc.
0 Xxxxx Xx.
XX Xxx 0000
Xxxxxxxxx, Xx. 00000-0000
Re: Waiver to REVOLVING CREDIT AND SECURITY AGREEMENT dated July
27, 1998 as such has been amended and/or supplemented from time
to time, (the "Agreement") between Swank, Inc. (hereinafter
referred to as the "Borrower") and PNC Bank, National
Association, (the "Agent").
Dear Xx. Xxxxxxx:
The Borrower has acknowledged and agreed with the Agent that:
1. With reference to section 6.5 of the Agreement Fixed Charge
Coverage Ratio, Borrower advised the Agent that Borrower was
not in compliance for the Year Ended 12/31/99.
The Borrower has requested that the Agent grant a waiver for the
above listed events.
In reliance upon the Borrower's representations and warranties
and subject to the terms and conditions herein set forth, the
Agent agrees to grant a waiver as follows:
1. Defined Terms. Terms used herein which are defined in the
Agreement shall have the same meanings herein as therein
defined.
2. Waiver. The Agent hereby grants a waiver of Borrower's
non-compliance with sections 6.5 of the Agreement and of any
Event of Default that would otherwise result from a violation
of said Section. The Borrower agrees that the Agreement and
all related documents, instruments and agreements
(collectively, the "Loan Documents"), will remain in full
force and effect, irrespective of this waiver.
3. Extent of Waiver. Except as expressly described above, this
waiver shall not constitute (a) a modification or an
alteration of the terms, conditions or covenants of the
Agreement or any other Loan Documents or (b) a waiver, release
or limitation upon the Agent's exercise of any of its rights
and remedies thereunder, which shall not relieve or release
the Borrower or any guarantor in any way from any of its
respective duties, obligations, covenants or agreements under
the Agreement or the other Loan Documents or from the
consequences of any Event of Default thereunder, except as
expressly described above. This waiver shall not obligate the
Agent, or be construed to require the Agent, to waive any
other Events of Default or defaults whether now existing or
which may occur after the date of this waiver.
4. Execution in Counterparts. This letter agreement may be
executed in multiple counterparts, and by the parties hereto
on separate counterparts, each complete set of which, when so
executed and delivered, shall constitute an original, but all
such counterparts shall constitute but one and the same
instrument.
5. Waiver Fee: $10,000
Please execute the enclosed extra copy of this letter in the
space provided below and return the fully executed document to
the undersigned for this waiver to be effective.
Very truly yours,
PNC Bank, National Association
By: /s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx V, Xxxxxxx
Title: Vice President
Accepted and agreed to as of the date written above:
Swank, Inc.
By: /s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
Senior Vice President
Swank, Inc.
