Amendment to Covenants Supplement to Accounts Financing Agreement by and among Lexington Precision Corporation, Lexington Rubber Group, Inc., and Congress Financial Corporation

Contract Categories: Business Finance › Modification Agreements
Summary

Lexington Precision Corporation, Lexington Rubber Group, Inc., and Congress Financial Corporation have agreed to amend their existing financing agreements. The amendment increases the allowed amount of overdue trade accounts payable from $2,250,000 to $4,000,000 for both Lexington companies, effective through February 1, 2001. This change is formalized by the signatures of authorized officers from all parties.

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EX-10.8 9 l84505aex10-8.txt EXHIBIT 10.8 1 Exhibit 10-8 LEXINGTON PRECISION CORPORATION LEXINGTON RUBBER GROUP, INC. 767 THIRD AVENUE NEW YORK, NY 10017 As of August 31, 2000 Congress Financial Corporation 1133 Avenue of the Americas New York, NY 10036 Gentlemen: Reference is made to the Covenants Supplement to Accounts Financing Agreement [Security Agreement] dated January 11, 1990, as amended (the "LPC Supplement"), by and between Congress Financial Corporation ("Congress") and Lexington Precision Corporation ("LPC") and the Covenants Supplement to Accounts Financing Agreement [Security Agreement] dated January 11, 1990, as amended (the "LRGI Supplement"), by and between Congress and Lexington Rubber Group, Inc. ("LRGI"). Congress, LPC, and LRGI hereby agree that subparagraph IV (f) of each of the LPC Supplement and the LRGI Supplement is hereby amended by changing the dollar amount of aggregate trade accounts payable that are permitted to be past due more than sixty (60) days from $2,250,000 to $4,000,000, for the period through February 1, 2001. By the signatures hereto of their duty authorized officers, the parties hereto mutually covenant, warrant, and agree as set forth herein. Very truly yours, LEXINGTON PRECISION CORPORATION By: Warren Delano ----------------------------------- Warren Delano President LEXINGTON RUBBER GROUP, INC. By: Warren Delano ------------------------------------ Warren Delano President AGREED AND ACCEPTED: CONGRESS FINANCIAL CORPORATION By: Herbert C. Korn -------------------------- Title: Vice President -----------------------