Exhibit (4)(xvii)
April 2, 1998
Xx. Xxxxxx X. Xxxxx
Vice President - Finance
Plymouth Rubber Company, Inc.
000 Xxxxxx Xxxxxx
Xxxxxx, XX 00000
Dear Xxx:
This letter will serve to amend the Master Security Agreements dated as of
December 29, 1995 and January 27, 1997, respectively, by and between General
Electric Capital Corporation ("Secured Party") and Plymouth Rubber Company,
Inc. ("Debtor") as follows:
1. Section 10(a) is hereby amended to read as follows:
(a) At all times during the term of the Security Agreement, Debtor
shall maintain: (i) Minimum Working Capital, per the attached schedule,
(ii) Minimum Fixed Charge Coverage ratio, per the attached schedule.
All other terms and conditions will remain in full force and effect. This
Amendment is effective beginning February 27, 1998.
This amendment is subject to the receipt of a $33,750 amendment fee.
Sincerely,
Xxxxxx X. Xxxx
Senior Risk Analyst
AGREED AND ACKNOWLEDGED:
PLYMOUTH RUBBER COMPANY, INC.
By:______________________________
Name:____________________________
Title:___________________________
Date:____________________________
SCHEDULE A
1st qtr 98 2nd qtr 98 3rd qtr 98 4th qtr 98
Working Capital 1,000,000 1,105,000 245,000 630,000
Fixed Charge Coverage 1.24X 1.0X 1.0X 1.0X
1st qtr 00 0xx xxx 00 0xx xxx 99 4th qtr 99
Working Capital 1,000,000 1,375,000 1,750,000 2,500,000
Fixed Charge Coverage 1.25X 1.50X thereafter
1st qtr 20 2nd qtr 20 3rd qtr 20
Working Capital 3,000,000 3,500,000 3,750,000 thereafter
