CORPORATEBANKING Corporate Banking (Scotland) 4thFloor New Uberior House 11 Earl Grey Street Edinburgh EH3 9BN Strictly Private & Confidential Telephone: Direct Line: 0131 ###-###-#### Vernon Brannon, Senior Vice President Switchboard: 0131 ###-###-#### HLM Design Inc Fax: 0131 ###-###-#### Suite 2950 121 West Trade Street Email: ***@*** Charlotte, NC ###-###-#### USA Our Ref: CORP/CS Your Ref: 13 December 2002

EX-10.35.2 4 dex10352.htm LETTER FROM BANK OF SCOTLAND Letter from Bank of Scotland
 
Exhibit 10.35.2
 
[LOGO]    BANK OF SCOTLAND
            CORPORATE BANKING
  
Corporate Banking (Scotland)
   
4th Floor
   
New Uberior House
   
11 Earl Grey Street
   
Edinburgh
   
EH3 9BN
     
Strictly Private & Confidential
  
Telephone: Direct Line:        ###-###-####
Vernon Brannon, Senior Vice President
  
Switchboard:     ###-###-####
HLM Design Inc
  
Fax:                   ###-###-####
Suite 2950
    
121 West Trade Street
  
Email:          ***@***
Charlotte, NC ###-###-####
    
USA
  
Our Ref:    CORP/CS
     
   
Your Ref:
     
   
13 December 2002
 
Dear Vernon,
 
Re:    Term Loan dated 15th February 2002 (“the Term Loan”) between G A Design International (Holdings) Limited (“Borrower”) and Bank of Scotland (“BoS”)
 
With reference to schedule 4 (Financial Covenants) of the Term Loan agreement. The purpose of this letter is to confirm that BoS is in the process of reviewing the current suite of covenants prior to 31st January 2003, and in the meantime, BoS will waive the Borrowers obligation to comply with the Gearing (clause 1.1), Trade Debtor Cover (1.2) and Consolidated Interest Cover (1.6) covenant tests, as at 31st October 2002.
 
This waiver is for a period of one year and a day and only applies to the financial covenants and test date noted above, and is provided on the basis that, following receipt of the necessary financial information requested, the Borrower and BoS agree a revised suite of covenants prior to the 31st December 2002 test.
 
All other rights are reserved under the facility letter as noted above.
 
I trust that this is in order.
 
Kind regards
 
 
Yours sincerely
 
/s/    Chris Solley
Chris Solley
Corporate Banking Manager