EXHIBIT (10) (O)
As of November 13, 1996
IGI, Inc. and Subsidiaries
Xxxxx Xxxx xxx Xxxxxxx Xxxxxx
Xxxxx, Xxx Xxxxxx 00000
Re: Fourth Amendment to Second Amended
and Restated Loan Agreement
Dear Sirs:
Reference is made to the Second Amended and Restated Loan Agreement,
dated as of December 13, 1995, by and among Fleet Bank-NH, Mellon Bank, N.A.,
and IGI, Inc. and certain of its subsidiaries (as heretofore amended, the "Loan
Agreement"). All capitalized terms used herein without definition have the
respective meanings ascribed to them in the Loan Agreement.
This will confirm our agreement to amend the Loan Agreement, as
follows:
1. Certain Amendment. Section 5.08 of the Loan Agreement is hereby
amended so as to read in full as follows:
"Section 5.08. Net Income. In each quarter of each Fiscal Year as
set forth below, achieve Net Income of not less than the minimum
amount set forth below for such fiscal quarter:
Quarter Ending Minimum Net Income
-------------- ------------------
September 30, 1996 $100,000
December 31, 1996 $300,000
March 31, 1997 $500,000
June 30, 1997 $500,000
September 30, 1997 $500,000
December 31, 1997 $500,000
March 31, 1998 $625,000"
and each quarter
thereafter
Except as expressly set forth herein, all of the terms and conditions
of the Loan Agreement shall remain unmodified and in full force and effect.
Kindly confirm the Borrowers' agreement to the foregoing by
countersigning a counterpart copy of this letter in the spaces provided below.
Very truly yours,
FLEET BANK-NH
By:___________________________________
MELLON BANK, N.A.
By:___________________________________
Acknowledged, Confirmed
and Agreed to:
IGI, INC.
By:___________________________________
IGEN, INC.
By:___________________________________
IMMUNOGENETICS, INC.
By:___________________________________
BLOOD CELLS, INC.
By:___________________________________
