Waiver Agreement between The CIT Group/Equipment Financing, Inc. and DSN Corporation (August 2, 2001)
The CIT Group/Equipment Financing, Inc. agrees to waive any covenant violations by DSN Corporation under their Loan and Security Agreement for the period from April 1, 2002 to December 31, 2002. This waiver is conditional upon DSN Corporation providing annual and quarterly financial statements and paying a $15,000 waiver fee. The letter is addressed to LSB Industries, Inc., represented by its Vice President and Treasurer.
CIT
Mr. Jim D. Jones
Vice President and Treasurer
LSB Industries, Inc.
16 South Pennsylvania
Oklahoma City, OK 73101
Via Fax # (405) 236-0728
Re: Covenant Violation
Dear Mr. Jones:
This letter is to inform you that The CIT Group/Equipment Financing, Inc. ("CIT") hereby agrees to waive any covenant violation under that certain Loan and Security Agreement dated October 31, 1994, including any amendments and guaranties thereto, between DSN Corporation, as Borrower, and CIT, as Lender, for the period from April 1, 2002 and December 31, 2002, subject to the following:
- Continued receipt of annual and quarterly financial statements.
- Receipt of $15,000.00 waiver fee.
If you have any questions, please call me at ###-###-####.
Very Truly,
The CIT Group/Equipment Financing, Inc.
By: ______________________________
Herb Ballard, Senior Credit Analyst
