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Exhibit 10.76
AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT
This Amendment No. 2 (the "Amendment") dated as of November
30, 1998 to Loan and Security Agreement by and between THE CIT GROUP/EQUIPMENT
FINANCING, INC. ("Lender"), 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 meaning ascribed thereto in the Agreement.
2. Section 4(d) of Rider A to the Agreement is hereby amended
in its entirety to read as follows:
(d) not incur, make or commit to make any expenditure in
respect of the purchase or other acquisition of fixed or
capital assets including leases which in accordance with
generally accepted accounting principles should be capitalized
on the books of Debtor (including normal replacements and
maintenance) which after giving effect thereto, would cause the
aggregate amount of such capital expenditures by Debtor to
exceed $18,000,000 in Debtor's fiscal year 1997, $16,000,000 in
Debtor's fiscal year 1998 and $15,000,000 (on a non-cumulative
basis) in any fiscal year thereafter.
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
Amendment 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: Xxxxx X. Xxxxxxxx
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Title: Assistant Vice President/Credit
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LEXINGTON PRECISION CORPORATION
By: Xxxxxx Xxxxxx
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Title: President
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