Exhibit 10.8
SECOND AMENDMENT TO SECURED LINE OF CREDIT NOTE
THIS SECOND AMENDMENT is made as of the 10th day of February, 1998 between
XXXXXXX X. XXXXX, an individual with an office at 000 Xxxxxxxx Xxxxx Xxxxxxxx,
Xxxxxxxxxx, Xxxxx Xxxxxx 00000 ("Lender"), and ACCESS SOLUTIONS INTERNATIONAL,
INC., a Delaware corporation, having an address at 000 Xxx Xxx Xxxx, Xxxxx
Xxxxxxxxx, Xxxxx Xxxxxx 00000 ("Borrower").
W I T N E S S E T H T H A T:
WHEREAS, Borrower has executed and delivered to Lender a certain Secured
Line of Credit Note dated December 30, 1997, in the principal amount of Two
Hundred Thousand Dollars ($200,000) ("Note"); and
WHEREAS, Borrower has executed and delivered to Lender a First Amendment to
Secured Line of Credit Note dated as of January 27, 1998, pursuant to which
principal amount of the Note was increased to $290,000, and the maturity date
for repayment was extended; and
WHEREAS, the parties desire to further amend the Note in the manner
hereinafter set forth;
NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties agree as follows:
1. The maximum principal amount under the Note is being increased from
$290,000 to $330,000. Therefore, all references to "Two Hundred Ninety Thousand
Dollars" and/or "$290,000" shall be deleted and replaced with "Three Hundred
Thirty Thousand Dollars" and/or "$330,000", as appropriate.
2. All references in the Note to that certain Loan Agreement shall be
deemed to refer to such agreement as amended by documents executed as of even
date herewith.
3. All references in the Note to the Security Agreement shall be deemed to
refer to such agreement as amended by documents executed as of even date
herewith, and all references in the Security Agreement to the Note shall be
deemed to include this amendment to the Note and any other amendments which may
be executed in connection herewith.
4. Except as modified and amended hereby, the Note shall remain in full
force and effect and is in all other respects ratified and confirmed.
5. This Amendment is intended to take effect as a sealed instrument and
shall be construed in accordance with and governed by the laws of the State of
Rhode Island.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the day and year indicated above.
WITNESSES: LENDER:
/s/ Xxxxxxx Xxxxxxxx /s/ Xxxxxxx X. Xxxxx
------------------------------- ---------------------------------
Xxxxxxx Xxxxxxxx Xxxxxxx X. Xxxxx
BORROWER:
ACCESS SOLUTIONS INTERNATIONAL, INC.
/s/ Xxxxxxx Xxxxxxxx
------------------------------- BY: /s/ Xxxxxx X. Xxxxx
Xxxxxxx Xxxxxxxx ----------------------------------
Xxxxxx X. Xxxxx
President and CEO
