EXHIBIT 10(j)(i)
March 2, 2000
QMS, Inc.
Xxx Xxxxxx Xxxx
Xxxxxx, Xxxxxxx 00000
Re: Credit Agreement dated as of August 19, 1999 by and between
QMS, Inc. (the "Company") and Xxxxxx Trust and Savings Bank
Gentlemen:
We refer to that certain Credit Agreement dated as of August 19, 1999
currently in effect between you and us (the "Credit Agreement"). Terms used
herein without definition shall have the same meaning herein as such terms have
in the Credit Agreement.
The Company has informed us that the Company is in default of its
obligations under (i) Section 8.7 of the Credit Agreement by reason of its
failure through and including December 31, 1999, to maintain a Tangible Net
Worth at not less than $6,500,000, and (ii) Section 8.9 of the Credit Agreement
by reason of its failure as of December 31, 1999, to maintain a Fixed Charge
Coverage Ratio of not less than .90 to 1.
We hereby waive through and including (but not after) December 31, 1999,
your compliance with Sections 8.7 and 8.9 of the Credit Agreement.
This waiver is limited to the matter expressly stated herein. Except as
specifically waived hereby, all of the terms and conditions of the Credit
Agreement shall stand and remain in full force and effect. This waiver shall be
construed and determined in accordance with, and governed by, the laws of the
State of Illinois.
Very truly yours,
XXXXXX TRUST AND SAVINGS BANK
By: /s/ Xxxxx Xxxxxxxxxxxx, Xx.
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Its Vice President
