Re: Waiver to the Loan and Security AgreementWaiver Agreement |
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MEDIA SCIENCES INTERNATIONAL INC | Cadapult Graphic Systems, Inc. | PNC Bank, National Association. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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EXHIBIT 10.11
[logo of PNC BANK]
February 12, 2008
Media Sciences, Inc.
Cadapult Graphic Systems, Inc.
40 Boroline Road
Allendale, NJ 07401
Attention: Michael W. Levin, President
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Re: |
Waiver to the Loan and Security Agreement Dated as of December 16, 2004 (the "Agreement") between Media Sciences, Inc. a New Jersey corporation and Cadapult Graphic Systems, Inc. a New Jersey corporation (the "Borrower"), and PNC Bank, National Association (the “Bank”) |
Dear Mr. Levin:
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.
In reliance
