Exhibit 10-18
AMENDMENT NO. 9 TO LOAN AND SECURITY AGREEMENT
This Amendment No. 9 (the "Amendment") dated as of May 31, 2003, to
Loan and Security Agreement by and between THE CIT GROUP/EQUIPMENT FINANCING,
INC. ("Lender"), and Lexington Precision Corporation ("LPC").
WHEREAS, Lender and LPC are parties to a Loan and Security Agreement
dated as of March 19, 1997, including Rider A thereto (the "Agreement").
WHEREAS, LPC and Lender desire to amend the Agreement as provided
herein.
NOW, THEREFORE, in consideration of the premises and the mutual
promises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto hereby agree as follows:
1. Capitalized terms used herein, unless otherwise defined
herein, shall have the meanings ascribed thereto in the Agreement.
2. Clause (b) of Section 4 of Rider A to the Agreement is
hereby amended to read as follows:
(c) Maintain on a basis consolidated with Debtor's direct
and indirect subsidiaries, a minimum Net Worth of not less than
negative $14,500,000;
3. Except as specifically amended herein, the Agreement
remains in effect in accordance with its terms.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective duly authorized
officers as of the day and year first written above
THE CIT GROUP/EQUIPMENT FINANCING, INC.
By: /s/ Xxxxx Xxxxxx
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Title: Vice President
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LEXINGTON PRECISION CORPORATION
By: /s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx, President
