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EXBT10-1
AMENDMENT NO. 9 TO CREDIT FACILITY AND SECURITY AGREEMENT
This Amendment No. 9 (the "Amendment") dated as of December 31, 1999,
to Credit Facility and Security Agreement by and between Bank One,
N.A.("Lender"), Lexington Precision Corporation ("LPC"), and Lexington Rubber
Group, Inc., formerly Lexington Components, Inc. ("LRGI").
WHEREAS, Lender, LPC, and LRGI are parties to a Credit Facility and
Security Agreement dated as of January 31,1997, including Rider A thereto (the
"Agreement").
WHEREAS, LPC, LRGI, 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. Section 2.C of Rider A to the Agreement is hereby amended in its
entirety to read as follows:
C. Maintain on a basis consolidated with LPC's direct and indirect
subsidiaries operating working capital (excess of current assets over
current liabilities as determined in accordance with generally accepted
accounting principals) (excluding all obligations payable to Congress
Financial Corporation, The CIT Group/Equipment Finance, Inc., and
Lender and the current portion of other long-term indebtedness) of not
less than (i) SIX MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($6,500,000) from July 31, 1998 through December 31, 1998 and (ii) not
less than SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($7,500,000) from and after January 1, 1999.
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.
BANK ONE, NA
By: Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
Vice President
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LEXINGTON PRECISION CORPORATION
By: Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
President
LEXINGTON RUBBER GROUP, INC.
By: Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
President
