Letter Agreement Extending Loan and Security Agreement Between US Diagnostic, Inc. and DVI Business Credit Corporation

Contract Categories: Business Finance › Modification Agreements
Summary

This letter agreement, dated March 1, 2002, is between US Diagnostic, Inc. and DVI Business Credit Corporation. It extends the expiration date of their existing Loan and Security Agreement from April 1, 2002, to June 1, 2002, giving the lender more time to review the borrower's credit line facility. All other terms of the original agreement remain in effect, and the lender retains all rights until the loan is fully repaid. Both parties have agreed to this extension by signing the letter.

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EX-10.39 5 g74393kex10-39.txt LETTER AGREEMENT Exhibit 10.39 March 1, 2002 VIA FACSIMILIE US DIAGNOSTIC INC. 561 ###-###-#### 250 S. AUSTRALIAN AVE., 9TH FL. WEST PALM BEACH, FL 33401 Attn.: Mr. Andy Shaw Re: LOAN AND SECURITY AGREEMENT DATED FEBRUARY 27, 1997 BY AND BETWEEN US DIAGNOSTIC, INC. ("Borrower") AND DVI BUSINESS CREDIT CORPORATION ("Lender") (as amended from time to time, the "Loan Agreement") Dear Mr. Andy: PURSUANT TO SECTION 2.7 OF THE LOAN AGREEMENT, LENDER DESIRES TO EXTEND THE EXPIRATION DATE OF THE LOAN AGREEMENT FROM APRIL 1, 2002 TO JUNE 1, 2002 TO PROVIDE US WITH ADDITIONAL TIME TO REVIEW YOUR CREDIT LINE FACILITY. By your signature below, you hereby agree to the 60-day extension described above. Lender reserves all of its rights and remedies provided under the Loan Agreement and at law until all amounts owed by Borrower to Lender are paid in full. Please sign below where indicated and fax to my attention at: 949 ###-###-####. In addition, please execute one original of this document and return to my attention using the enclosed, postage paid envelope. Should you have any questions with regard to this matter, please contact me at ###-###-#### at your earliest convenience. Sincerely, DVI BUSINESS CREDIT CORPORATION /s/ Alan Young - ------------------------------------ Alan Young, Account Executive cc: Mr. Jim Nachreiner, Vice President Ms. Missy Massingham, Vice President ACCEPTED AND AGREED TO BY: BORROWER: US DIAGNOSTIC, INC. By: /s/ Paul Andrew Shaw --------------------------------- Print Name: Paul Andrew Shaw ------------------------- Title: EVP & CFO ------------------------------ Date: 3-5-02 -------------------------------