EX-4
from 10-Q
1 page
July 26, 2004 Robert S. McMillan New Horizons Worldwide, Inc. 1900 S. State College, Ste 200 Anaheim, Ca 92806 Dear Robert: We Have Learned of the Following Breach of the Terms of Your Agreement With US Dated 02/27/2003 (The Agreement): 1) Minimum Quarterly Adjusted EBITDA at 6/30/2004 Not Less Than $1,800,000. Actual Was $469,000 at 6/30/2004. Wells Fargo Bank National Association By: /S/ Ronald K. Peters Ronald K. Peters Vice President
12/34/56
EX-4
from 10-Q
1 page
1) Minimum Quarterly Adjusted EBITDA at 3/31/2004 Not Less Than $1,800,000. Actual Was $1,360,000. Subject to the Terms and Conditions That Follow, We Have Decided to Waive Our Default Rights With Respect to This Breach for the Period Ending 3/31/2004. Please Note, However, That This Waiver Applies Only to the Specific Instance Described Above. It Is Not a Waiver of Any Subsequent Breach of the Same Provision of the Agreement, Nor Is It a Waiver of Any Breach of Any Other Provision of the Agreement. Wells Fargo Bank, National Association By: /S/ Ronald K. Peters Ronald K. Peters, Vice President
12/34/56
EX-4
from 10-K
1 page
1) Minimum Quarterly Adjusted EBITDA at 12/31/2003 Not Less Than $1,800,000. Actual Was $1,177,000. Subject to the Terms and Conditions That Follow, We Have Decided to Waive Our Default Rights With Respect to This Breach for the Period Ending 12/31/2003. Please Note, However, That This Waiver Applies Only to the Specific Instance Described Above. It Is Not a Waiver of Any Subsequent Breach of the Same Provision of the Agreement, Nor Is It a Waiver of Any Breach of Any Other Provision of the Agreement. Wells Fargo Bank, National Association By: /S/ Ronald K. Peters Ronald K. Peters, Vice President
12/34/56
