THE April 10, 2000
CIT
GROUP
Xxx Xxxxx
Vice President and Treasure
LSB Industries Inc.
00 Xxxxx Xxxxxxxxxxxx Xxxxxx
Xxxxxxxx Xxxx, Xxxxxxxx 00000
Dear Xx. Xxxxx:
Reference is made to that certain Loan Agreement dated
October 31, 1994, as amended (the "Agreement") between DSN
Corporation, ("Debtor"), and the CIT Group/Equipment
Financing, Inc. ("CIT"). Debtor has advised CIT that LSB
Industries Inc., a guarantor of Debtor's obligations to CIT
were not in compliance with certain covenants as of December
31, 1999.
Xxxxxx has requested, that notwithstanding anything to the
contrary of the Agreement, that CIT waive the instances of
non-compliance through April 1, 2001.
CIT hereby waives, as of this date, the above instances of
non-compliance under the Agreement by acceptance of a
$7,500.00 processing fee.
All other terms, conditions and agreements under the Loan
Agreement, together with all schedules, attachments and
amendments thereto shall remain in full force and effect.
Please note that Cites willingness to waive this particular
covenant violation should not be interpreted as Cites
agreement or willingness to waive any further breach or
violation of the Agreement.
Sincerely,
The CIT Group Equipment Financing
Inc.
By:___________________________________
Title:________________________________
Acknowledged and Agreed to
DSN Corporation
By:________________________
Title:_____________________
