Waiver Agreement between Wisconsin Business Bank and Badger Paper Mills, Inc. (2003 Debt Service Coverage Covenant)
Wisconsin Business Bank and Badger Paper Mills, Inc. entered into an agreement where the bank waives the requirement for Badger Paper Mills to meet the debt service coverage covenant for the year 2003, as the company was in default as of December 31, 2003. This waiver applies only to the specified covenant for 2003 and does not affect any other rights or obligations under the existing loan agreement or related documents. The agreement is accepted by Badger Paper Mills upon signature.
Your Bank...Your Partner
February 27, 2004
Mr. Bill Peters
Badger Paper Mills, Inc.
200 W. Front St.
Peshtigo, WI 54157
Dear Bill:
Badger Paper Mills, Inc. was in default of our loan agreement at 12/31/03 due to not meeting the debt service coverage covenant. Wisconsin Business Bank agrees to waive this covenant as it pertains to the year 2003.
This waiver should not be construed to be a waiver of any other rights under the note, loan agreement and related loan documents.
Please sign below to accept these terms.
Sincerely,
Wenda M. Roycraft
Vice President
I agree and acknowledge the above terms on this _____ day of ______________, 2004.
By ______________________________
William F. Peters
CFO, Vice President/Secretary
Badger Paper Mills, Inc.
1510 Mid Valley Dr., P.O. Box 5307, De Pere, WI 54115-5307
Phone ###-###-#### Fax ###-###-####
www.wisbusbank.com
