Amendment to Limited Guaranty Agreement between The CIT Group/Business Credit, Inc. and ICC Industries Inc. regarding Pharmaceutical Formulations, Inc.

Summary

This agreement is between The CIT Group/Business Credit, Inc. and ICC Industries Inc. It amends a previous guaranty, increasing ICC Industries' maximum liability for Pharmaceutical Formulations, Inc.'s obligations from $1,500,000 to $2,000,000, plus interest, costs, and legal fees. All other terms of the original guaranty remain unchanged. The amendment is effective upon mutual agreement, as indicated by the signatures of both parties.

EX-10.3(K) 4 0004.txt Exhibit 10.3(K) The CIT Group/ Credit Finance 1211 Avenue of the Americas New York, NY 10036 Tel ###-###-#### Fax ###-###-#### THE CIT GROUP April 11, 2000 ICC INDUSTRIES INC. 460 Park Avenue New York, New York 10022 Re: Pharmaceutical Formulations, Inc. (the "Borrower") Ladies and Gentlemen: Reference is made to the Limited Guaranty executed by you, the Guarantor, in favor of the Lender (which as of January 1, 2000 is the CIT Group/Business Credit, Inc. as successor by merger to The CIT Group/Credit Finance, Inc.) dated April 1, 1999 (the "Guaranty"), whereby you guaranteed the Obligations of the Borrower owing to Lender limited to $1,500,000.00 plus interest, costs and expenses (as further defined therein). Capitalized terms used and not otherwise defined herein shall have the same meanings given them in the Guaranty. This letter is to confirm that pursuant to mutual consent and understanding your maximum liability under the Guaranty shall be and hereby is increased to $2,000,000.00 in the aggregate plus interest thereon at the then applicable rate provided in the Financing Agreement, plus any and all costs and expenses of collection hereunder, including, without limitation reasonable attorneys' fees and legal expenses. Except as herein specifically provided, the Guaranty remains in full force and effect in accordance with its terms and no other changes in the terms or provisions of the Guaranty is intended or implied. If you are in agreement with the foregoing, please so indicate by signing and returning to us the enclosed copy of this letter. Very truly yours, THE CIT GROUP/BUSINESS CREDIT, INC. As successor by merger to The CIT Group/Credit Finance, Inc. By: /S/ Andrew S. Housspiegel --------------------------------- Title: Vice President Read and Agreed to: ICC INDUSTRIES INC. By: /S/ JOHN L. ORAM ______________________________ Title: President