EXHIBIT 10.3(H)
THE The CIT Group/
CIT Credit Finance
GROUP 0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Tel: 000-000-0000
Fax: 000-000-0000
June 2, 1999
Pharmaceutical Formulations, Inc.
000 Xxxxxxxxxx Xxx.
Xxxxxx, Xxx Xxxxxx 00000
Re: Loan and Security Agreement, dated August 4, 1989, between The CIT
Group/Credit Finance, Inc., assignee of Fidelcor Business Credit
Corporation ("Lender"), and Private Formulations, Inc., predecessor by
merger of Pharmaceutical Formulations, Inc., ("Borrower") (as amended, the
"Loan Agreement") and all related guaranties, security agreements,
documents and instruments (collectively, the "Financing Agreements")
Gentlemen:
You have requested and we have agreed to amend the Financing Agreements as set
forth below, effective as of April 1, 1999. Capitalized terms appearing below
that are not defined below shall have the meanings given in the Loan Agreement.
1. Notwithstanding anything to the contrary contained in any of the
Financing Agreements as amended, the interest rate to be charged pursuant to the
Loan Agreement is hereby amended effective April 1, 1999 to be the Prime Rate
plus one and one quarter percent (1.25%) per annum. The default interest rate
provided for in the Loan Agreement shall remain unchanged.
Except as herein above specifically provided, the Loan Agreement, the Guaranty
and all of the other Financing Agreements shall remain unmodified and in full
force and effect.
Please signify your agreement with the foregoing by signing and returning to us
the enclosed copy of this letter.
Very truly yours,
THE CIT GROUP/CREDIT FINANCE, INC.
By: /S/
------------------------------
Title: VICE PRESIDENT
AGREED:
PHARMACEUTICAL FORMULATIONS, INC.
By: /S/ X.X. XXXXXX
-------------------------------
Title: SENIOR VICE PRESIDENT
CONFIRMED:
EXTRA PARENT CORP.
By: /S/ X.X. XXXXXX
-------------------------------
Title: SENIOR VICE PRESIDENT
ICC INDUSTRIES INC.
By: /S/ XXXX X. XXXX
-------------------------------
Title: PRESIDENT