Exhibit 10.32
April 26, 2000
Xx. Xxxx Xxxxxxxxx
xXXxX*s, Inc.
000 Xxxxxx Xx.
Xxx Xxxx, X.X. 00000
Dear Evan:
Allfirst Bank hereby agrees to waive provision 3(q) of the Construction
Loan Agreement dated August 6, 1999, among Allfirst Bank, xXXxX*s
Distribution Company and xXXxX*s, Inc. ("the Loan Agreement), through May 5,
2001 only, upon payment of a $5,000 covenant waiver fee. This provision
requires a minimum fixed charge coverage ratio of 1.4 to 1.0. All other
provisions of the loan documents remain unchanged.
In addition, xXXxX*s agrees to provide Allfirst with notice of any event
of default described in section 11 (a)(viii) of the Loan Agreement with any
other lender with 5 business days of such default.
Please indicate your acceptance of the above by signing and returning to
me the enclosed copy of this letter.
Sincerely,
/s/ Xxxxx X. Xxxxxxx
------------------------------
Senior Vice President
-2-
April 26, 2000
We hereby agree to and accept the above terms and conditions.
XXXxX*s
4/26/00 /s/ Xxxx Xxxxxxxxx
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Dated Xxxx Xxxxxxxxx, President
XXXxX*s Distribution Company
4/26/00 /s/ Xxxx Xxxxxxxxx
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Dated Xxxx Xxxxxxxxx, President
