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EXHIBIT 10.1
AMENDMENT NUMBER ELEVEN 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 21, 1998.
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. The amount stated in Paragraph 2.2 of the Loan Agreement shall be
changed to One Million Two Hundred Thousand Dollars ($1,200,000).
2. In Exhibit 1.1 to the Agreement, in the definition of "Termination
Date" and in the Revolving Credit Note, the references to December 31, 1997 are
hereby deleted and December 31, 1998 is substituted therefor.
3. In Exhibit 1.1 to the Agreement, in the definition of "Total Loan
Commitment," the reference to "Two Million Dollars ($2,000,000)" is deleted and
"One Million Two Hundred Thousand Dollars ($1,200,000)" is substituted therefor.
4. In Exhibit 2.2(a), the reference to "Two Million Dollars
($2,000,000)" is deleted and "One Million Two Hundred Thousand Dollars
($1,200,000)" is substituted therefor.
5. In consideration of the agreements by WITECH reflected in this
Amendment Number Eleven, ARI hereby grants WITECH a warrant (the "January 0000
Xxxxxxx") for the purchase of twenty five thousand (25,000) shares as reflected
in Exhibit A attached hereto.
6. Subject to the amendment described herein, the Loan Agreement and
associated documents and agreements remain in full force and effect.
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
By: ARI NETWORK SERVICES, INC.
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Xxxxxxx Xxxxxxxxxx, President By:
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Xxxxx X. Xxxxxxx, Chairman, President
and Chief Executive Officer
