One of American Apparel Inc.’s big lenders has agreed to temporarily waive a requirement that the company maintain a specific debt-to-earnings ratio.

The wavier covers $80 million that Lion Capital loaned to American Apparel in March. The money came with the condition that the L.A.-based clothing manufacturer maintain a ratio of total debt to earnings of 2.2 to 1.

In filings with the Security and Exchange Commission, American Apparel said it couldn’t say whether it had violated the ratio requirement in the quarter ended Sept. 30, and that based on its operating plan, it may violate the ratio in the final quarter of 2009.

The waiver lasts until Nov. 14. American Apparel continues to negotiate a deals to help its financial situation, but “the company can provide no assurance that it will be able to secure such amendments or extensions,” the filing stated.

By mid-morning, American Apparel’s stock declined 5 percent, or 16 cents to trade at $3 per share.