Exhibit 10.8
                                                                    ------------


                                                           May 13, 2003


LEVCOR INTERNATIONAL, INC.
462 Seventh Avenue
New York, NY 10018

Ladies and Gentlemen:

Reference is made to the Financing Agreement between us dated January 24, 2002,
together with any and all amendments, supplements, documents and instruments
executed in conjunction therewith (herein the "Financing Agreement").
Capitalized terms used herein and defined in the Financing Agreement shall have
the meanings specified therein unless otherwise specifically defined herein.

You have advised us you are, or may be, in violation of the covenant set forth
in Section IV, Paragraph 4.13 of the Financing Agreement for the fiscal period
ending December 31, 2002 by declaring and paying dividends.

This letter is to confirm our agreement that, solely with respect to said fiscal
period the foregoing violation and/or breach of the Financing Agreement shall
not be deemed to be Default and/or Event of Default under the Financing
Agreement. On and after the date hereof you shall be in compliance with all of
the terms and provisions of the Financing Agreement (including, without
limitation, the financial covenants referred to above) as amended hereby.

In addition, effective immediately, Section IV, Paragraph 4.13 of the Financing
Agreement shall be, and hereby is, deleted in its entirety and replaced by the
following:

     "4.13        You shall not make any distribution of any kind on, or
                  purchase, acquire, redeem or retire, any of your capital stock
                  or equity interest, of any class whatsoever, whether now or
                  hereafter outstanding, except that (a) you and your
                  affiliates, Westwater Industries, LLC and Blumenthal/Lansing
                  Company LLC, may, on an aggregate basis, declare and pay
                  dividends in an amount not to exceed $300,000 in the aggregate
                  during any fiscal year, and (b) you may make loans to your
                  affiliates Blumenthal/Lansing Company LLC and Westwater
                  Industries, LLC in an amount not to exceed $2,500,000 in the
                  aggregate at any one time outstanding, provided further that,
                  you hereby agree that any notes which may be issued to you
                  therefor are hereby pledged to us as collateral security for
                  your Obligations hereunder, and provided further that prior to
                  the making of any such loan no Default or Event of Default has
                  occurred or will arise after giving effect thereto."

In consideration of the preparation of this agreement by our in-house legal
department you agree to pay us a Documentation Fee of $135.00. Such fee shall be
due and payable in full on the date hereof and may, at our option, be charged to
your revolving loan account on the due date thereof. You further agree to pay
all Out-of-Pocket Expenses incurred in connection with this Waiver and Amendment
Agreement and the transactions contemplated hereby, all of which may (at our
option) be charged to your revolving loan account.
<PAGE>

Except to the extent set forth herein, no other waiver of, or change in any of
the terms, provisions or conditions of the Financing Agreement is intended or
implied. This agreement shall not constitute a waiver of any other existing
Defaults or Events of Default under the Financing Agreement (whether or not we
have knowledge thereof), and shall not constitute a waiver of any future
Defaults or Events of Default whatsoever.


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<PAGE>

If the foregoing is in accordance with your understanding of our agreement,
kindly so indicate by signing and returning the enclosed copy of this letter. In
addition, we have asked Levcor International, Inc., Button Fashion, BV,
Westwater Industries, LLC and Robert Levinson (the "Guarantors") to sign below
to confirm that the foregoing waiver shall not affect, modify or diminish the
Guarantors obligations under any instruments of Guaranty and/or any related
pledge or security agreements executed in our favor.


                                       Very truly yours,

                                       THE CIT GROUP/COMMERCIAL SERVICES, INC.

                                       By: /s/ ANTHONY MONTEMARANO
                                           -----------------------

                                       Title:  Vice President

Read and Agreed to:

LEVCOR INTERNATIONAL, INC.

By: /s/ ROBERT A. LEVINSON
    ----------------------
Title:  Chairman, President, CEO

Confirmed:

BLUMENTHAL/LANSING COMPANY LLC

By: /s/ ROBERT A. LEVINSON
    ----------------------
Title:  Chairman

WESTWATER INDUSTRIES, LLC

By /s/ ROBERT A. LEVINSON
   ----------------------
Title: Chairman

BUTTON FASHIONS, BV

By /s/ ROBERT A. LEVINSON
   ----------------------
Title: Chairman

/s/ ROBERT A. LEVINSON
---------------------------------
Robert A. Levinson, an individual



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