First Union Commercial Corporation 200 South Biscayne Boulevard - 11th Floor Miami, Florida 33131 305-789-1205 November 7, 1996 Group Technologies Corporation 10901 Malcolm McKinley Drive Tampa, Florida 33612 Attn: David D. Johnson Chief Financial...Group Technologies Corp • November 13th, 1996 • Printed circuit boards
In response to your request, we have agreed to amend, or waive (on a one-time basis) Events of Default pertaining to, certain negative covenants contained within the Credit Agreement. Specifically, we agree to waive compliance (and the related Events of Default) with (a) the required ratio of EBIT to interest on Indebtedness and the required EBITDA, as specified in Sections 8.11 and 8.12, respectively, each on a consolidated and an unconsolidated basis and as to your 1996 third quarter only, (b) the required Book Net Worth, as specified in Section 8.15, for the period of August through November, 1996 and (c) the required Tangible Net Worth plus Subordinated Debt, as specified in Section 8.14, for the period of October and November, 1996. In addition, the maximum internally financed Capital Expenditures for Borrower, on an unconsolidated basis for fiscal year 1996, as specified in Section 8.9, are increased from $1,500,000 to $2,000,000.
RECITALCredit and Security Agreement • November 13th, 1996 • Group Technologies Corp • Printed circuit boards • Florida
RECITALCredit and Security Agreement • November 13th, 1996 • Group Technologies Corp • Printed circuit boards • Florida
