Exhibit 10.3(L)
CIT Business Credit T: 000-000-000
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
CIT
May 19, 2000
PHARMACEUTICAL FORMULATION, INC.
000 Xxxxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Ladies and Gentlemen:
Reference is made to the (i) Loan and Security Agreement between you and us, as
successor by merger to The CIT Group/Credit Finance, Inc., dated August 4, 1989,
as supplemented and amended (the "Loan Agreement") and (ii) the letter agreement
between us dated April 26, 1999 with respect to a certain Overadvance (the
"Overadvance Letter"). Capitalized terms used and not otherwise defined herein
shall have the same meanings given them in the Loan Agreement and/or the
Overadvance Letter.
Notwithstanding any provision to the contrary in the Overadvance Letter it is
hereby mutually agreed that, the current outstanding balance of the Overadvance
which is $2,650,000.00 and is due and payable to us without offset, counterclaim
or deduction, shall be repaid in monthly installments of $100,000.00 on the
first business day of each month commencing on June 1, 2000.
The effectiveness of this agreement shall be subject to our receipt of an
amendment (in form and substance satisfactory to us) increasing the Guaranty
executed by ICC Industries, Inc. from $2,000,000.00 to $2,500,000.00.
Except as herein specifically provided, the Loan Agreement and/or the
Overadvance Letter shall remain in full force and effect in accordance with
their terms and no other changes in or waivers of the terms or provisions of the
Loan Agreement and/or the Overadvance Letter are intended or implied. Nothing
contained herein shall or shall be deemed to waive, release or modify any right
or remedy to either party under the Loan Agreement or applicable law. If you are
in agreement with the foregoing, please so indicate by signing and returning to
us the enclosed copy of this letter.
Very truly yours,
THE CIT GROUP/BUSINESS CREDIT, INC.
As successor by merger to
The CIT Group/Credit
Finance, Inc.
By: /S/ _______________________________
Title: Assistant Vice President
Read and Agreed to:
PHARMACEUTICAL FORMULATIONS, INC.
By: /S/ XXXX X. XXXX
__________________________________
Title: Chairman
