1 EXHIBIT 10.17 July 22, 1997 Mr. R.S. Ramdas Sr. Director Internal Audit, Tax & Treasury Syntel, Inc. 2800 Livernois Troy, MI 48083 Dear Ramdas: Under the terms and conditions of the Credit Authorization Agreement dated July 9, 1997 between NBD Bank...
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EXHIBIT 10.17
July 22, 1997
Xx. X.X. Xxxxxx
Xx. Director Internal Audit, Tax & Treasury
Syntel, Inc.
0000 Xxxxxxxxx
Xxxx, XX 00000
Dear Ramdas:
Under the terms and conditions of the Credit Authorization Agreement dated
July 9, 1997 between NBD Bank and Syntel, Inc., NBD Bank hereby removes items
9.3A Dividends and 9.3B Sale of Shares. In addition, NBD Bank hereby amends
Section 9.3 I Tangible Net Worth to be a minimum of $10,000,000 increasing to
$16,000,000 by December 31, 1997 and Section 9.3K Leverage Ratio not to exceed
2.20:1.00 reducing to 1.00:1.00 by December 31, 1997. All other terms and
conditions remain the same. Please sign below to acknowledge your acceptance and
confirmation.
Sincerely,
By: /s/ XXXX XXX XXXXXXX
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Xxxx Xxx Xxxxxxx
Its: Vice President
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Accepted and Agreed to this 22nd day
of July 1997.
Syntel, Inc.
By: /s/ X.X. XXXXXX
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X.X. Xxxxxx
Its:
Sr. Director Internal Audit, Tax &
Treasury
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