logo of PNC BANK] February 12, 2008 Media Sciences, Inc. Cadapult Graphic Systems, Inc. Allendale, NJ 07401 Attention: Michael W. Levin, PresidentWaiver to the Loan and Security Agreement • September 25th, 2008 • Media Sciences International Inc • Miscellaneous chemical products
This letter is issued in connection with the Agreement referenced above. Terms used in this letter which are defined in the Agreement shall have the same meanings in this letter as they do in the Agreement. The Borrower's failure to comply with the FINANCIAL COVENANTS Section of the Agreement by failing to maintain EBITDA to Fixed Charge greater than 1.00 to 1.00 for the period ending December 31, 2007 and a ratio of Funded Debt to EBITDA of less than 2.50 to 1.00 for the period ending December 31, 2007 constitute Events of Default under the Agreement.
