WAIVER dated as of August 10, 2000 to the
Mortgage made and entered into as of
July 9, 1998 between Syscomm
International Corporation (the
"Borrower") and The Chase Manhattan
Bank, a banking corporation duly
organized and existing under the
laws of the State of New York (the
"Bank")
WHEREAS, the Borrower wishes to waive the provision of the Mortgage with respect
to the required quarterly consolidated net loss;
WHEREAS, the Bank has consented to waive that provision of the Mortgage to
reflect the changes herein set forth;
NOW THEREFORE, in consideration of the premises and the mutual agreements herein
contained, the parties hereby agree as follows;
Waiver of Section 53:
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Compliance with Section 53 of the Mortgage is hereby waived to permit
the Borrower to incur a quarterly consolidated net loss for the fiscal
quarter ending June 30, 2000 as long as the net loss for the quarter
was not greater than $550,000. The Borrower was required to report a
consolidated net loss not greater than $150,000 for the fiscal quarter
ending June 30, 2000.
The Waiver shall be construed and enforced in accordance with the laws of the
State of New York.
Expect as expressly amended or consented to hereby, the Mortgage shall remain in
full force and effect in accordance with the original terms thereof. The Waiver
herein contained is limited specifically to the matters set forth above and does
not constitute directly or by implication an amendment or waiver of any other
provision of the Mortgage or any default which may occur or may have occurred
under the Mortgage.
Capitalized terms used herein and not otherwise defined herein shall have the
same meanings as defined in the Mortgage.
The Borrower hereby represents and warrants that, after giving effect to this
Waiver, no Event of Default or Default exists under the Mortgage or any related
documents.
This Waiver shall become effective when duly executed counterparts hereof which,
when taken together, bear the signatures of each of the parties hereto shall
have been delivered to the Bank.
IN WITNESS WHEREOF, the Borrower and the Bank have caused the Waiver to be duly
executed by their duly authorized officers, all as of the day and year first
above written.
Syscomm International Corporation
By: /s/ Xxxx X. Xxxxxxxxxxx
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Xxxx X. Xxxxxxxxxxx, Chief Executive Officer
ATTEST:
/s/ Xxxx X. Xxxxxxxxxxx
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Secretary, Xxxx X. Xxxxxxxxxxx
Accepted this 14th day of August, 2000
By the Chase Manhattan Bank
By: Xxxxxxxxxxx Xxxxxxxxx
Title: Vice President
