Comerica Bank–Sipex Corporation Waiver of Default Letter (March 31, 2001)

Summary

Comerica Bank-California has notified Sipex Corporation that it violated a financial covenant in their Amended and Restated Revolving Credit Loan & Security Agreement as of March 31, 2001, specifically regarding net income requirements. The bank agrees to waive its right to declare a default for this specific violation for the period ending March 31, 2001. This waiver is limited to the described instance and does not apply to future or other violations. All other rights and remedies under the agreement remain in effect.

EX-10.2 3 b39292scex10-2.txt EX-10.2 COMERICA BANK -- CALIFORNIA WAIVER 1 Exhibit 10.2 May 8, 2001 Frank DiPietro Sipex Corporation 22 Linell Circle Billerica, MA 01821 Dear Frank: Comerica Bank-California (herein "Bank") hereby gives formal notice to Sipex Corporation (herein "Borrower") that as of March 31, 2001 it is in violation of the Amended and Restated Revolving Credit Loan & Security Agreement between Comerica Bank and Sipex Corporation dated March 22, 2001 (Agreement) as of March 31, 2001: 7.17(g) "Net Income after taxes of ($1,500,000) for the quarter ended March 31, 2001..." Subject to the terms and conditions that follow, we have decided to waive our default right with respect to the violation for the period ending on March 31, 2001. Please note that this applies only to the specific instance described above. It is not a waiver of any subsequent violation of the same provision of the Agreement, nor is it a waive of any violation of any other provision of the Agreement. Except as expressly stated in this letter, we reserve all of the rights, powers, and remedies available to us under the Agreement and any other contracts or instruments signed by you. If you have any questions regarding this letter, please contact me. Sincerely, /s/ Marco Figone Vice President ###-###-####