EXHIBIT 4.1 [LETTERHEAD OF BANK OF BOSTON] October 11, 1996 Mr. J. A. Ovenden Chief Financial Officer CMI Industries, Inc. 1301 Gervais St., Suite 700 Post Office Drawer 11589 Columbia, SC 29211 Dear Jim, Reference is made to the Loan and Security...
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EXHIBIT 4.1
[LETTERHEAD OF BANK OF BOSTON]
October 11, 1996
Xx. X. X. Xxxxxxx
Chief Financial Officer
CMI Industries, Inc.
0000 Xxxxxxx Xx., Xxxxx 000
Post Office Drawer 11589
Xxxxxxxx, XX 00000
Dear Xxx,
Reference is made to the Loan and Security agreement dated 3/19/96 between CMI
Industries, Inc., The First National Bank of Boston, as Agent, NationsBank of
North Carolina and Wachovia Bank of South Carolina, as Lenders.
The First National Bank of Boston and the Lenders hereby waives compliance
under Section 11.1(b) minimum net worth, for the quarters ending 9/30/96 and
12/31/96, only.
The waiver shall not in any way be deemed a waiver of the Borrower's
compliance with such requirements for any other period, nor shall such waiver
be deemed a waiver of the Borrower's compliance with any other covenant or
requirement set forth in the Loan Agreement.
Please acknowledge your agreement with this waiver by signing below.
WITNESSED: CMI INDUSTRIES, INC.
/s/ Xxxxxx XxXxxx /s/ Xxxxx X. Xxxxxxx
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XXXXXX XXXXXX XXXXX X. XXXXXXX
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Print Name Print Name
Title: Chief Financial Officer
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Executed at: Columbia, SC
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WITNESSED: FIRST NATIONAL BANK OF BOSTON
/s/ Xxxxxx X. Xxxxxxxxxxx
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XXXXXX X. XXXXXXXXXXX
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Print Name Print Name
Title: Division Executive
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Executed at:
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WITNESSED: NATIONSBANK OF NORTH CAROLINA, N.A.
/s/ Xxxxxxxx Xxxxxxxx /s/ Xxxxx X. Xxxxxxx
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XXXXXXXX XXXXXXXX XXXXX X. XXXXXXX
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Print Name Print Name
Title: Vice President
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Executed at:
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WITNESSED: WACHOVIA BANK OF SOUTH CAROLINA, N.A.
/s/ Xxxxx X. Xxxxxx /s/ Xxxxxx X. Xxxxxxx
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XXXXX X. XXXXXX XXXXXX X. XXXXXXX
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Print Name Print Name
Title: Senior Vice President
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Executed at: 10/23/96
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