EX-10.35.1 5 dex10351.txt LETTER FROM BANK OF SCOTLAND Exhibit 10.35.1 [LETTERHEAD APPEARS HERE] *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: 0131-559-0717 Vernon Brannon, Senior Vice President Switchboard: 0131-442-7777 HLM Design Inc Fax: 0131-859-0760 Suite 2950 121 West Trade Street Email: chris_solley@bankofscotland.co.uk Charlotte, NC 28202-5399 Our Ref: CORP/03 USA Your ref:
18 September 2002 Dear Vernon, Re: Term Loan dated 15th February 2002 ("the Term Loan") between GA 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 shall review the current suite of covenants prior to 31st October 2002, 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 (1.5) covenant tests, as at 31st July 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 the Borrower and BoS agree a revised suite of covenants prior to the 31st October test. All other rights are reserved under the facility letter as noted above. I trust that this is in order. Kind regards /s/ Chris Solley Chris Solley Corporate Banking Manager