EXHIBIT 10.Q
SIXTH AMENDMENT and WAIVER dated as of
March 31, 1995 to the CREDIT AGREEMENT
dated as of November 21, 1991 (as the same
has been amended by the Amendment and
Waiver dated as of August 27, 1993, the
Amendment and Waiver dated as of
September 14, 1993, the Amendment dated
as of December 7, 1993, the Fourth
Amendment Agreement dated as of July 27,
1994, the Fifth Amendment and Waiver
dated as of October 11, 1994 and as the
same may be further amended, supplemented
or modified from time to time in
accordance with its terms, the "Credit
Agreement), among NAPCO SECURITY SYSTEMS,
INC., a Delaware corporation (the
"Borrower"), the guarantors signatory
hereto (collectively, the "Guarantors"),
the lenders named in SCHEDULE 2.01 and
2.06 of the Credit Agreement
(collectively, the "Lenders") and
CHEMICAL BANK, as agent for the Lenders
(in such capacity, the "Agent").
WHEREAS, the Borrower and the Guarantors wish to amend and waive certain provisions of the Credit
Agreement;
WHEREAS, the Agent and the Lenders have consented to amend and waive the Credit Agreement to reflect the
requests herein set forth;
NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the
parties hereto agree as follows:
1. Waiver of Article VII. NEGATIVE COVENANTS. Section 7.10. Current
Ratio.
Compliance with Article VII. Section 7.10. of the Credit Agreement is hereby waived for the interim six (6)
months ended December 31, 1994 to permit the Current Ratio of the Borrower and its Consolidated subsidiaries
to be less than 1.99 to 1.0 provided, however, such ratio was not less than 1.80 to 1.0 as of such interim period
end.
-2-
2. Waiver of Article VII NEGATIVE COVENANTS. Section 7.14. Total
Unsubordinated Liabilities to Tangible Net Worth Ratio.
Compliance with Article VII. Section 7.14. of the Credit Agreement is hereby waived for the interim six (6)
months ended December 31, 1994 to permit the ratio of Total Unsubordi