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EXHIBIT 10.32
AMENDMENT NUMBER SIX TO LOAN AGREEMENT
THIS AMENDMENT to the Loan Agreement entered into as of October 4, 1993,
between ARI NETWORK SERVICES, INC. ("ARI") and WITECH CORPORATION ("WITECH") as
amended (the "Loan Agreement") is dated January 23, 1996.
BACKGROUND
This Amendment to the Loan Agreement reflects the mutual understanding
and agreement of the parties to amend the Loan Agreement regarding the
provision by WITECH of a revolving credit facility to ARI.
NOW THEREFORE, the parties agree as follows:
1. For a period commencing on the date hereof and ending on June 30,
1996, the amount stated in Paragraph 2.2 shall be increased from One Million
Five Hundred Thousand Dollars ($1,500,000) to Two Million Dollars ($2,000,000).
The difference of Two Hundred Fifty Thousand Dollars ($250,000) plus all
interest accruing thereon at the rates stated in the Loan Agreement shall be
referred to herein as the "Bridge Loan."
2. The Bridge Loan shall be repaid in full by ARI out of the proceeds
of the sale of ARI stock pursuant to the Form S-2 filed by the Company with the
SEC on January 24, 1996, prior to the use of such proceeds for any other
purpose. In any event the Bridge Loan shall be repaid by ARI not later than
February 29, 1996. In the event that any amount of the Bridge Loan remains
outstanding after February 29, 1996, such unpaid amount shall bear interest at
a rate per annum equal to the Prime Rate plus 6.0% from the date of such
nonpayment until the Bridge Loan is paid in full.
3. Subject to the amendment described herein, the Loan Agreement and
associated documents and agreements remain in full force and effect and the
Bridge Loan shall be subject to all of the terms and conditions of such
documents.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective officers as of the date first
above written.
WITECH CORPORATION ARI NETWORK SERVICES, INC.
By: /s/ Xxxxxxx Xxxxxxxxxx By: /s/ Xxxxx X. Xxxxxxx
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Xxxxxxx Xxxxxxxxxx, President Xxxxx X. Xxxxxxx, President