Exhibit 10(r)(xiv)
XXX XXXXXXX XXXXXXX
Xxx 0, 0000 Xxxxxxxx.
QMS, Inc.
Xxx Xxxxxx Xxxx
Xxxxxx, Xxxxxxx 00000
Attention: Xxxxxxx Xxxxxxx, CFO
Gentlemen:
Reference is hereby made to that certain Loan And Security Agreement, (as
amended and supplemented, the "Agreement") dated as of November 7, 1995 by
and between Foothill Capital Corporation ("Foothill") and QMS, Inc.
("Borrower"). Terms defined in the Agreement which are used herein shall
have the same meanings as set forth in the Agreement, unless otherwise
specified.
Borrower has requested, and this letter shall serve as Foothill's agreement
to waive Borrower's compliance with the Tangible Net Worth covenant under
Section 6.13(c) of the Agreement for its fiscal quarter ended March 28,
1997.
Foothill shall charge Borrower's loan account a fee in the amount of Two
Thousand Five Hundred ($2,500.00) upon execution and delivery of this
waiver letter. Said fee shall be in addition to any other fees, expenses,
or compensation payable to Foothill under any Loan Document, shall be
compensation to Foothill for said waiver, and fully-earned, non-refundable
on the date Borrower's loan account is charged.
This waiver is effective only to the extent specifically stated above and
does not affect or diminish Foothill's rights hereafter to require strict
performance by Borrower of this provision of the Agreement. Foothill's
rights and remedies under the Agreement continue in full force and effect
and the consequences of any act or failure to act on the part of Borrower
which would constitute an Event of Default as defined in the Agreement and
to which Foothill has not herein specifically consented are not waived.
Sincerely,
FOOTHILL CAPITAL CORPORATION
By /s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxx
Its Assistant Vice President
Foothill Capital Corporation/310-996-7000
00000 Xxxxx Xxxxxx Xxxx., Xxxxx 0000, Xxx Xxxxxxx, Xxxxxxxxxx 00000-0000
A NORWEST Company
