Consent and Waiver Agreement Regarding Subordinated Note Prepayment by Crystal Rock Holdings, Inc. and Noteholders
Contract Categories:
Business Finance
›
Waiver Agreements
Summary
Crystal Rock Holdings, Inc. and noteholders Henry E. Baker, John B. Baker, and Peter K. Baker agree that the company may pay $500,000 of principal on its subordinated notes solely to Peter K. Baker. The other noteholders consent to this payment, waive the usual 30-day written notice requirement for prepayments, and waive any objection to the payment not being made proportionally among all noteholders. This agreement is effective upon signature by all parties.
EX-10.1 2 ex101.htm EXHIBIT 10.1 ex101.htm
Exhibit 10.1
Crystal Rock Holdings, Inc.
1050 Buckingham Street
Watertown, CT 06795
September 15, 2010
Henry E. Baker
514 Northfield Road
Litchfield, CT 06759
Peter K. Baker
118 Gray Rock Road
Southbury, CT 06488
John B. Baker
20 Hardscrabble Road
Warren, CT 06754
Gentlemen,
I refer to $13,500,000 in aggregate principal amount of subordinated notes (“Notes”) of Crystal Rock Holdings, f/k/a Vermont Pure Holdings, Ltd. (“Company”) payable to the following individuals in the amount set forth opposite the individual’s name:
| Henry E. Baker | $ | 4,600,000 | ||
| John B. Baker | $ | 4,200,000 | ||
| Peter K. Baker | $ | 4,700,000 |
As you know, the Company is considering the payment to Peter Baker of $500,000 principal amount of the Notes.
By signing the enclosed extra copy of this letter below and returning it to Bruce MacDonald, CFO of the Company, please confirm that you (a) consent to this payment, (b) waive the requirement in the Notes for 30 days’ prior written notice of prepayments, and (c) waive any objection to the fact that this payment, if made, will not be made pro-rata among the three holders of the Notes, but will be paid entirely to Peter Baker. The Company will rely on your consent and waivers.
This letter may be signed in counterpart copies, and all of the signed copies will together constitute a single letter.
| Very truly yours, | |||
| CRYSTAL ROCK HOLDINGS, INC. | |||
| By: | /s/ Martin Dytrych | ||
| Martin Dytrych | |||
| Chair, Audit Committee | |||
The undersigned hereby consent and waive as set forth above.
| /s/ Henry E. Baker | ||||
| Henry E. Baker | ||||
| Dated: September 27, 2010 | ||||
| /s/ Peter K. Baker | ||||
| Peter K. Baker | ||||
| Dated: September 22, 2010 | ||||
| /s/ John B. Baker | ||||
| John B. Baker | ||||
| Dated: September 22, 2010 |
