September 14, 1995
Xxxxxxx Xxxxx, Inc.
0000 Xxxxxxxx
Xxx Xxxx, XX 00000
Gentlemen/Ladies:
We refer to our Restated and Amended Financing Agreement
with you bearing effective date of July 1, 1992, as amended
("Agreement"). Capitalized terms herein have the meaning
ascribed to them in the Agreement unless otherwise indicated.
1. We waive any rights we would otherwise have as a result
of the fact that, on June 30, 1995, Tangible Net Worth was less
than ($9,000,000) and Working Capital was less than
($11,000,000).
2. In consideration of the foregoing, you agree to pay us
$35,000 on execution hereof. In addition to our other rights, we
may charge said amount to your account.
The waivers herein are limited to the date and the
provisions specified above. We reserve all of our other rights,
including but not limited to our rights arising out of your
failure to comply with the provisions specified above on a date
other than that specified above. Accordingly, nothing herein is,
or should be construed to be, a precedent.
Subject to the foregoing, the Agreement is ratified and
confirmed.
Very truly yours,
BNY Financial Corporation
By: s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
AGREED:
Xxxxxxx Xxxxx, Inc.
By: /s/ Xxxxx X Xxxxxxx
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Xxxxx X Xxxxxxx
