Exhibit 10(j)
Amendment #9 to Loan Agreement
Dated December 30, 1998
19
Xxxxxxx Xxxxxx
00000 Xxxxxxx
Xxxxxxxx, Xxxxxxxx 00000
December 30, 1998
Xx. Xxxxxxx X. 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, November 1, 1996, September 9, 1997, June 30, 1998 and December 30,
1998.
Dear Xxxxxxx:
This letter confirms that the Maturity Date for the Revolving Credit Loan (as
defined in the Loan Agreement) is extended to October 1, 2000.
Accrued interest on the Revolving Credit Loan from April 1, 1995 to June 30,
1996 is payable in 6 equal monthly installments of $52,590, commencing
January 15, 1999 and continuing on the fifteenth day of each month thereafter
until paid in full. Accrued interest from July 1, 1996 to June 30, 1997 is
payable in 6 equal monthly installments of $57,188, commencing April 15, 1999
and continuing on the fifteenth day of each month thereafter, until paid in
full. Accrued interest from July 1, 1997 to June 30, 1998 is payable in 6
equal monthly installments of $63,554, commencing July 15, 1999 and
continuing on the fifteenth day of each month thereafter, until paid in full.
Interest accrued on the outstanding principal balance from and after July 1,
1998 is payable in 12 equal monthly installments, commencing July 15, 1999
and continuing on the fifteenth day of each month thereafter, until paid in
full.
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
