Release and Termination of Guaranty Agreement by The CIT Group for Robert A. Levinson

Summary

This letter agreement, dated July 26, 2006, is between The CIT Group/Commercial Services, Inc. and Robert A. Levinson. It confirms that Mr. Levinson is released from his obligations under a previous guaranty related to the financing agreements of Blumenthal/Lansing Company LLC, Westwater Industries, LLC, and Levcor International, Inc. All other terms of the original agreements with the clients remain unchanged and in effect.

EX-10.3 4 ex10_3.txt EXHIBIT 10.3 EXHIBIT 10.3 ------------ The CIT Group/Commercial Services, Inc. T: 212 ###-###-#### 1211 Avenue of the Americas New York, NY 10036 [GRAPHIC OMITTED] CiT July 26, 2006 Mr. Robert A. Levinson 1035 Fifth Avenue New York, New York 10028 Re: BLUMENTHAL/LANSING COMPANY LLC WESTWATER INDUTRIES, LLC LEVCOR INTERNATIONAL, INC. (collectively the "Clients") Dear Mr. Levinson: We refer to the Factoring and Financing Agreements with the above referenced Clients, as supplemented and amended (herein the "Agreements"). The Clients' Obligations under the Agreements were guaranteed by you pursuant to an Amended and Restated Limited Guaranty dated May 13, 2003. Effective as of even date herewith Robert A. Levinson is released from his Guaranty and the Guaranty is terminated in accordance with its terms. Except as herein specifically provided, the Agreement with the Client remains in full force and effect in accordance with its terms. Very truly yours, THE CIT GROUP/COMMERCIAL SERVICES, INC. By: /s/ ANTHONY MONTEMARANO ------------------------------------- Name: Anthony Montemarano Title: Vice President