Exhibit 10.1
[COMERICA LOGO]
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COMERICA BANK-CALIFORNIA
November 07, 2001
Xxxxx XxXxxxxx
Sipex Corporation
00 Xxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Dear Xxxxx:
Comerica Bank-California (herein "Bank") hereby gives formal notice to Sipex
Corporation (herein "Borrower") that as of September 30, 2001 it is in violation
of the Amended and Restated Revolving Credit Loan & Security Agreement between
Comerica Bank and Sipex Corporation dated March 22, 2001 (Agreement) as follows:
7.17(g) "Net Income after taxes of $1,000,000 for the quarter ended
September 30, 2001..."
Subject to the terms and conditions that follow, we have decided to waive our
default right with respect to the violation for the period ending on September
30, 2001. Please note that this applies only to the specific instance described
above. It is not a waiver of any subsequent violation of the same provision of
the Agreement, nor is it a waiver of any violation of any other provision of the
Agreement.
Except as expressly stated in this letter, we reserve all of the rights, powers,
and remedies available to us under the Agreement and any other contracts or
instruments signed by you. If you have any questions regarding this letter,
please contact me.
Sincerely,
/s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx
Corporate Banking Officer
(000) 000-0000
