Exhibit 10-188
AMENDMENT NO. 7 TO LOAN AND SECURITY AGREEMENT
This Amendment No. 7 (the "Amendment") dated as of February
28, 2002, to Loan and Security Agreement by and between THE CIT GROUP/EQUIPMENT
FINANCING, INC. ("Lender"), and Lexington Precision Corporation ("LPC").
WHEREAS, Lender and LPC are parties to a Loan and Security
Agreement dated as of March 19, 1997, including Rider A thereto (the
"Agreement").
WHEREAS, LPC and Lender desire to amend the Agreement as
provided herein.
NOW, THEREFORE, in consideration of the premises and the
mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties hereto hereby agree as follows:
1. Capitalized terms used herein, unless otherwise defined
herein, shall have the meanings ascribed thereto in the Agreement.
2. Clause (b) of Section 4 of Rider A to the Agreement is
hereby amended to read as follows:
(c) Maintain on a basis consolidated with Debtor's direct and
indirect subsidiaries, a minimum Net Worth of not less than
negative $13,500,000;
3. Except as specifically amended herein, the Agreement
remains in effect in accordance with its terms.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective duly authorized
officers as of the day and year first written above
THE CIT GROUP/EQUIPMENT FINANCING, INC.
By: Xxxxx XxXxxxxx
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Title: Vice President
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LEXINGTON PRECISION CORPORATION
By: Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, Chairman of the Board
