SANWA BUSINESS CREDIT CORPORATION
Xxx Xxxxx Xxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
September 1, 1997
VIA FACSIMILE AND CERTIFIED MAIL
Xx. Xxxxxxx Xxxxxx
President & CEO
C&L Communications, Inc.
00000 Xxxxxxx Xxxx.
Xxxxx 000
Xxx Xxxxxxx, Xxxxx 00000
Re: Waiver of Events of Default/Sanwa Business Credit Corporation
Loan Facility to C&L Communications, Inc.
Dear Xx. Xxxxxx:
Reference is made to that certain Loan and Security Agreement dated
as of January 2, 1996, as amended, by and between C&L
Communications, Inc. ("Borrower") and Sanwa Business Credit
Corporation ("SBCC"). You have advised us that there now exists
certain Events of Default under the Loan Agreement due to (i)
Borrower's failure to timely deliver to SBCC its year-end (March
31, 1997) audited financial statements in accordance with Section
10.1(E)(i) of the Loan Agreement and (ii) Borrower's failure to
deliver to SBCC the monthly Covenant Compliance Certificate in
accordance with Section 10.1(M) of the Loan Agreement for the
periods ending on April 30, 1997, May 31, 1997, June 30, 1997 and
July 31, 1997 (collectively, the "Events of Default").
SBCC hereby waives the Events of Default. SBCC's waiver of the
Events of Default shall in no way be deemed a waiver or forbearance
of any other default, whether now existing or hereafter arising or
any other Event of Default under the Loan Agreement or any
Ancillary Agreement.
Yours very truly,
/s/ Xxxxxx Xxxxx
Vice President/Credit Manager
Collateral Lending Department
Sanwa Business Credit Corp.
cc: Xx. Xxxxx Xxxxxxx
The Xxxxx Corporation
0000 Xxxx Xxxxx Xxxx Xxxx
Xxxxx 000
Xxxxxxxxx, XX 00000
Mr. Xxxxxxx Xxxx, Esq.
Xxxxxxx & Xxxx, S.C.
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Xx. Xxxxxxx Xxxxxxxx, Esq.
Xxxxxxxx & Xxxxxx, Ltd.
00 Xxxxx Xxxxxx Xxxxx
00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000-0000
