Exhibit 10.3
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CIT Commercial Services T: 212 382-7000
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
CIT [GRAPHIC OMITTED] May 13, 2003
Levcor International, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Ladies and Gentlemen:
We refer to the Factoring Agreement between us dated September 17, 1998, as
amended and supplemented (the "Agreement"). Capitalized terms used herein and
not defined herein shall have the same meanings as set forth in the Agreement.
This letter shall confirm that pursuant to mutual consent and understanding,
effective as of the even date herewith, the second sentence in Section 16.1 of
the Agreement shall be deleted in its entirety and replaced with the following:
"Anniversary Date" shall mean August 31, 2004 and the same date in each year
thereafter."
To compensate us for the use of our in-house legal department and facilities in
documenting this amendment, you hereby agree to pay us a Documentation Fee equal
to $135.00. Said amount shall be due and payable upon the date hereof and may be
changed by us, at our option, to your account under the Agreement on the due
date thereof.
Except as herein specifically provided, the Amendment remains in full force and
effect in accordance with its terms and no other changes in the terms or
provisions of the Agreement 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/COMMERCIAL SERVICES, INC.
By: /s/ XXXXXXX XXXXXXXXXXX
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Name: Xxxxxxx Xxxxxxxxxxx
Title: Vice President
Read and Agreed to:
LEVCOR INTERNATIONAL, INC.
By: /s/ XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
Title: Chairman, Pres., CEO
