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Exhibit 10.1
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COMERICA BANK - CALIFORNIA East Bay Corporate Banking
0000 X Xxxxxxxxxx Xxxx., Xxx. 000
Xxxxxx Xxxxx, XX 00000
July 27, 2001
Xxxxx XxXxxxxx
Sipex Corporation
00 Xxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Dear Xxxxx:
Comerica Bank-California (herein "Bank") hereby gives formal notice to Sipex
Corporation (herein "Borrower") that as of June 30, 2001 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 $0 for the quarter ended June 30,
2001..."
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 June 30,
2001. 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/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
Vice President
(000) 000-0000
