EXHIBIT 10.2
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The CIT Group/Commercial Services, Inc. T: 212 382-7000
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
[GRAPHIC OMITTED]
CiT
July 26, 2006
LEVCOR INTERNATIONAL, INC.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Gentlemen:
We refer to the Factoring Agreement between us dated September 17, 1998 as
amended (the "Factoring Agreement"). Capitalized terms used herein and defined
in the Factoring Agreement shall have the same meanings as specified therein
unless otherwise specifically defined herein.
This is to confirm that pursuant to mutual consent and understanding, effective
as of the date hereof the fifth sentence of Paragraph 15.1 of Section 15 of the
Factoring Agreement which provides for the Minimum Factoring Fees shall be, and
hereby is, deleted in its entirety.
To compensate us for the use of our in-house legal department and facilities in
documenting this agreement, you agree to pay us a Documentation Fee equal to
$135.00. Said amount shall be due and payable upon the date hereof and may at
our option be charged to your account under the Agreement on the due date
thereof.
Except to the extent set forth herein, no other change or amendment in any of
the terms, provisions or conditions of the Factoring Agreement is intended or
implied. If the foregoing is in accordance with your understanding of our
agreement, kindly so indicate by signing and returning the enclosed copy of this
letter.
Very truly yours,
THE CIT GROUP/COMMERCIAL SERVICES, INC.
By: /s/ XXXXXXX XXXXXXXXXXX
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Name: Xxxxxxx Xxxxxxxxxxx
Title: Vice President
Read and Agreed to:
LEVCOR INTERNATIONAL, INC.
By: /s/ XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
Title: Chairman
