EXHIBIT 10.3
------------
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
Xx. Xxxxxx X. Xxxxxxxx
0000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: XXXXXXXXXX/LANSING COMPANY LLC
WESTWATER INDUTRIES, LLC
LEVCOR INTERNATIONAL, INC.
(collectively the "Clients")
Dear Xx. Xxxxxxxx:
We refer to the Factoring and Financing Agreements with the above referenced
Clients, as supplemented and amended (herein the "Agreements"). The Clients'
Obligations under the Agreements were guaranteed by you pursuant to an Amended
and Restated Limited Guaranty dated May 13, 2003. Effective as of even date
herewith Xxxxxx X. Xxxxxxxx is released from his Guaranty and the Guaranty is
terminated in accordance with its terms.
Except as herein specifically provided, the Agreement with the Client remains in
full force and effect in accordance with its terms.
Very truly yours,
THE CIT GROUP/COMMERCIAL SERVICES, INC.
By: /s/ XXXXXXX XXXXXXXXXXX
-------------------------------------
Name: Xxxxxxx Xxxxxxxxxxx
Title: Vice President
