Xxxxxxx Xxxxxx
00000 Xxxxxxx
Xxxxxxxx, Xxxxxxxx 00000
November 1, 1996
Xx. Xxxxxxx Xxxxxx
Lannett Company, Inc.
0000 Xxxxx Xxxx
Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000
Re: Loan Agreement between Xxxxxxx Xxxxxx ("Lender") and Lannett
Company, Inc., a Delaware corporation ("Borrower") dated August 30, 1991, as
amended by Amendment #1 to Loan Agreement dated as of March 15, 1993, and by
letter agreements dated August 1, 1994, May 15, 1995, December 31, 1995, June
30, 1996 and November 1, 1996.
Dear Xxxxxxx:
This letter confirms that the Maturity Date (as defined in the Loan
Agreement) for the Revolving Credit Loan is extended to December 31, 1998.
This letter also confirms that the Lender will not declare an Event of
Default under the Loan Agreement or any promissory note or other document
executed and delivered in connection with the Loan Agreement if Borrower
fails to pay interest accrued from April 1, 1995 to June 30, 1996 on the
Revolving Credit Loan (as defined in the Loan Agreement) or the Term Loan (as
defined in the Loan Agreement) in monthly installments as currently provided
in the Loan Agreement; provided that (i) Borrower pays such accrued interest
in two equal monthly installments, on June 30, 1997, and June 30, 1998.
Very Truly Yours,
By: /s/ Xxxxxxx Xxxxxx
-------------------
Xxxxxxx Xxxxxx
AGREED TO AND ACCEPTED:
LANNETT COMPANY, INC.
By: /s/ Xxxxxxx X. Xxxxxx
----------------------
Xxxxxxx X Xxxxxx, Vice President - Finance and Treasurer
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