Exhibit 10.1
[COMERICA LOGO]
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Comerica Bank-California
April 24, 2002
Xxxxx XxXxxxxx
Sipex Corporation
00 Xxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Dear Xxxxx:
Comerica Bank-California (herein "Bank") hereby gives formal notice to Sipex
Corporation (herein "Borrower") that as of March 30, 2002 it is in violation of
the Amended and Restated Revolving Credit Loan & Security Agreement between
Comerica Bank and Sipex Corporation dated March 22, 2001 (Agreement) as follows:
7.17(g) "Net Income after taxes of ($1,500,000) for the quarter ended
March 30, 2002..."
7.17(d) "A ratio of Quick Assets to Current Liabilities of not less than
0.75:1.00..."
Subject to the terms and conditions that follow, we have decided to waive our
default right with respect to the violation for the period ending on March 30,
2002. Please note that this applies only to the specific instance described
above. It is not a waiver of any subsequent violation of the =same provision of
the Agreement, nor is it a waiver of any violation of any other provision of
the Agreement.
Except as expressly stated in this letter, we reserve all of the rights,
powers, and remedies available to us under the Agreement and any other
contracts or instruments signed by you. If you have any questions regarding
this letter, please contact me.
Sincerely,
/s/ Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx
Corporate Banking Officer
(000) 000-0000
