1
Congress Xxxxxxx Corporation (Western)
0000 Xxxxxxxx Xxxxxxxxx Xxxxx 0000
Xxx Xxxxxxx Xxxxxxxxxx 00000
213 954 5300
July 25, 1996
Jalate, Ltd.
0000 X. Xxxxxxx
Xxx Xxxxxxx, XX 00000 [CONGRESS XXXXXXX LOGO]
Gentlemen:
This letter will modify and amend Paragraph # 7 of the Discount
Factoring Agreement between us dated 8/17/87, (as amended), to reduce the
commission rate from .50% to .45% on factored sales up to $50,000,000 and .40%
on factored sales in excess of $50,000,000, retroactive to 4/1/96.
This letter will also modify and amend Paragraph # 6a of the Discount
Factoring Agreement between us dated 8/17/87, (as amended), to reduce the
interest rate from Prime plus .25% to Prime (in excess of the prime commercial
interest rate from time to time publicly announced by CoreStates Bank, N.A.,
whether or not such announced rate is the best rate available at such bank).
This decrease shall be retroactive to 4/1/96.
This agreement shall be effective for an initial term of one (1) year
commencing as of 7/1/96 and shall automatically renew from year to year
thereafter, unless sooner terminated pursuant to the terms hereof. You may
terminate this agreement on the anniversary of the date hereof in any year by
giving to us at least sixty (60) days prior written notice by registered or
certified mail, return receipt requested. We may terminate this agreement at
any time by giving to you at least sixty (60) days prior written notice.
Nothing herein contained shall vary, alter or amend any provisions of
the said Discount Factoring Agreement between us, except as specifically
provided herein.
Very truly yours,
CONGRESS XXXXXXX
CORPORATION (WESTERN)
By: /s/ XXXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx
Title: Vice President
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AGREED TO AND ACCEPTED:
JALATE, LTD.
By: [SIG]
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Title:___________________
[CONGRESS XXXXXXX LOGO NEW YORK * LOS ANGELES]
