EXHIBIT 10.3(E)
THE The CIT Group/
CIT Credit Finance
GROUP 0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Tel: 000-000-0000
Fax: 000-000-0000
April 1, 1999
Pharmaceutical Formulations, Inc.
000 Xxxxxxxxxx Xxx.
Xxxxxx, Xxx Xxxxxx 00000
Re: Loan and Security Agreement, dated August 4, 1989, between The CIT
Group/Credit Finance, Inc., assignee of Fidelcor Business Credit
Corporation ("Lender"), and Private Formulations, Inc., predecessor by
merger of Pharmaceutical Formulations, Inc., ("Borrower") (as amended, the
"Loan Agreement") and all related security agreements, documents and
instruments (collectively, the "Financing Agreements")
Gentlemen:
Reference is made to the Warrant Certificates (the "Warrant Certificates") dated
April 1, 1992 and March 30, 1993 issued to Lender for the purchase of 100,000
and 10,000 shares, respectively, of the common stock of Borrower. You have
requested and we have agreed to amend the Financing Agreements pursuant to an
amendment thereto being executed as of the date hereof. In consideration of the
Lender making the amendments contained therein, you hereby agree to amend the
Warrant Certificates as follows:
Effective as of the date hereof, the expiration dates of each of the Warrant
Certificates shall be extended to March 31, 2004.
Except as herein above specifically provided, the Warrant Certificates shall
remain unmodified and in full force and effect.
Please signify your agreement with the foregoing by signing and returning to us
the enclosed copy of this letter.
Very truly yours,
THE CIT GROUP/CREDIT FINANCE, INC.
BY: /S/
------------------------------
Title: VICE PRESIDENT
AGREED:
PHARMACEUTICAL FORMULATIONS, INC.
By: /S/ XXXXXXX X. XX XXXX
------------------------------
Title: PRESIDENT & CEO
CONFIRMED:
EXTRA PARENT CORP.
By: /S/ XXXXXXX X. XX XXXX
------------------------------
Title: PRESIDENT & CEO
ICC INDUSTRIES INC.
By: /S/ XXXX X. XXXX
-------------------------------
Title: PRESIDENT
