Waiver Agreement to Amended and Restated Credit Agreement between Perceptron, Inc. and Comerica Bank
Perceptron, Inc. and Comerica Bank have entered into an agreement in which the Bank waives a specific covenant violation by Perceptron under their existing Credit Agreement for the period ending December 31, 2016. This waiver only applies to the identified violation and does not change any other terms of the Credit Agreement or release the Company from future obligations. All other rights and remedies of the Bank remain in effect.
EXHIBIT 4.20
February 3, 2017
Perceptron, Inc.
47827 Halyard Dr.
Plymouth, Michigan 48170
Re:Amended and Restated Credit Agreement dated as of November 16, 2010, by and between Perceptron, Inc. (“Company”) and Comerica Bank (as amended, “Credit Agreement”)
Gentlemen:
Company has advised the Bank that it has violated the provisions of Section 7.11 of the Credit Agreement for the period ended December 31, 2016 (the “Covenant Violation”). Company has requested that the Bank waive any Event of Default under the Credit Agreement resulting from the Covenant Violation. The Bank hereby waives the Covenant Violation (“Waiver”).
This Waiver shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement, or to constitute a waiver or release by the Bank of any right, remedy Default or Event of Default under the Credit Agreement, except to the extent expressly set forth above. Furthermore, this Waiver shall not affect in any manner whatsoever any rights or remedies of the Bank with respect to any other non-compliance by the Company with the Credit Agreement or the Loan Documents whether in the nature of an Event of Default or otherwise, and whether now in existence or subsequently arising.
Except as specifically defined to the contrary herein, capitalized terms used in this Waiver shall have the meanings given them in the Credit Agreement.
Very truly yours,
COMERICA BANK
By: /s/ Lydia R. Mansoor
Its: Officer
