The CIT Group, Inc. (NJ)
650 CIT Drive
Livingston, NJ 07039
CIT
August 4, 2000
Jim Jones
Vice President and Treasurer
LSB Industries
16 South Pennsylvania Avenue
Oklahoma City, OK 73107
Dear Mr. Jones:
Reference is made to that certain Loan Agreement dated October 31, 1994,
as amended (the "Agreement") between DSN Corporation, ("Debtor"), and
the CIT Group/Equipment Financing, Inc. ("CIT"). Debtor has advised
CIT that LSB Industries, Inc., a guarantor of Debtor's obligations to
CIT were not in compliance with certain convenants as of June 30, 2000.
Debtor has requested, that notwithstanding anything to the contrary in
the Agreement, that CIT waive the instances of non-compliance through
June 30, 2001.
CIT hereby waives, as of this date, the above instances of non-compliance
under the Agreement.
All other terms, conditions and agreements under the Loan Agreement,
together with all schedules, attachments and amendments thereto shall
remain in full force and effect. Please note that CIT's willingness
to waive this particular covenant violation should not be interpreted
as CIT's agreement or willingness to waive any further breach or
violation of the Agreement.
Sincerely,
The CIT Group Equipment Financing, Inc.
By:
Title:
Acknowledged and agreed to
DSN Corporation
By:
Title:
