| | REQUEST RELAXATION OF COVENANTS IN CREDIT TERMS
[Date]
[NAME, BANK AND ADDRESS, ex.
Tom Atkinson
COMANY Bank
14 Edith Street,
Hackney West,
ZIP POST CODE]
Dear [NAME, ex. Tom Atkinson],
According to the terms of our credit arrangement with you, we are required to maintain [STATE COVENANT WHICH YOU EXPECT TO BREAK, ex. a debt to equity ratio of 2 to 1].
[EXPLAIN REASONS FOR RELAXING OF COVENANT, ex. As you may be aware, our business is seasonal, and this year, we are experiencing record orders for our products. Although this is desirable from a sales and profitability perspective, it requires additional capital to finance the growth, and we have raised this amount privately by way of debt].
We expect to be back in a position to maintain our covenants within a few months.
Please feel free to call me if you have any questions.
Sincerely,
[YOUR NAME, ex. Tony Montana]
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