Waiver Letter Agreement Regarding Fixed Charge Coverage Ratio under Credit Agreement between Bank One, Michigan and Childtime Childcare, Inc.

Contract Categories: Business Finance › Waiver Agreements
Summary

Bank One, Michigan has agreed to temporarily waive Childtime Childcare, Inc.'s obligation to meet the Fixed Charge Coverage Ratio under their existing Credit Agreement, due to Childtime's default on this requirement. This waiver is effective through June 1, 2001. All other rights and remedies under the Credit Agreement remain in effect, and the waiver does not imply any future waivers of this or other covenants.

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EX-4.7 2 k63284ex4-7.txt LETTER AGREEMENT TO AMEND THE TOTAL LIABILITIES TO 1 EXHIBIT 4.7 [BANK ONE LETTERHEAD] June 1, 2001 Leonard Tylka Chief Financial Officer Childtime Childcare, Inc. 38345 West 10 Mile Road Suite 100 Farmington Hills, MI ###-###-#### Dear Len: You have informed us that Childtime Childcare, Inc. ("Childtime") is in default of the Fixed Charge Ratio under the Credit Agreement amoung Childtime and Bank One, Michigan (formerly known as NBD Bank). This letter serves to waive the Fixed Charge Coverage Ratio through June 1, 2001. Bank One, Michigan maintains all other rights and remedies and this waiver shall not be construed as an indication of our willingness to waive this or any other covenant in the future. Please give me a call if you have any questions. Sincerely, /s/ Richard Ellis Richard C. Ellis