Mr. Chris Olander Avatech Solutions Subsidiary, Inc. 10715 Red Run Boulevard, Suite 101 Owings Mills, MD 21117 RE: Amendment to Loan and Security Agreement dated September 11, 2003. Dear Chris:
EXHIBIT 10.15
K BANK
Writer’s Direct Dial
000-000-0000 x000
October 28, 2004
Xx. Xxxxx Xxxxxxx
Avatech Solutions Subsidiary, Inc.
00000 Xxx Xxx Xxxxxxxxx, Xxxxx 000
Xxxxxx Xxxxx, XX 00000
RE: Amendment to Loan and Security Agreement dated September 11, 2003.
Dear Xxxxx:
The purpose of this letter is to inform you that regardless of the terms and conditions of the loan documents between K BANK, formerly KEY BANK AND TRUST (the “LENDER”) and AVATECH SOLUTIONS SUBSIDIARY, INC. (“BORROWER”), and AVATECH SOLUTIONS, INC. and TECHNICAL LEARNINGWARE COMPANY, INC. (collectively, the “GUARANTORS”), as long as the additional $700,000 Revolving Line of Credit is in place, outstanding under the BORROWER’s $3,000,000 revolving line of credit with K Bank shall at no time exceed the lesser of the borrowing base or $2,300,000. Please also be informed that as outlined in Section 1.15 of the Second Modification Agreement, until such time as (i) the BORROWER’s subordinated loan with Dassault Systemes Corp. is in place or (ii) Dassault agrees to increase the amount of permitted outstanding under the BORROWER’s $3,000,000 revolving line of credit with K Bank after November 1, 2004 shall at no time exceed the lesser of the borrowing base or $2,000,000.
In closing, please be advised that nothing in this letter shall be considered a waiver of any existing events of default under the LENDER’s loan agreements with the BORROWER and the GUARANTORS, whether known or unknown by the LENDER, and that all existing terms and conditions of the loan documents between the LENDER, the BORROWER, and the GUARANTORS (other than those specifically modified above) shall remain in full force and effect. If you have any questions about this letter, please do not hesitate to contact me. Otherwise, please sign where indicated on the following page and return this document to my attention. This letter agreement may be executed by facsimile.
Sincerely,
By: | /s/ Xxxxxxx X. Xxxxxxxxxxx | |
Xxxxxxx X. Xxxxxxxxxxx | ||
Vice President |
ACKNOWLEDGED AND ACCEPTED this day of October, 2004, by:
BORROWER:
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AVATECH SOLUTIONS SUBSIDIARY, INC. | ||
By: | /s/ Xxxxxxxxxxx Xxxxxxx | |
Title: |
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Date: |
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GUARANTORS: | ||
AVATECH SOLUTIONS, INC. | ||
By: | /s/ Xxxxxxxxxxx Xxxxxxx | |
Title: | Executive Vice President | |
Date: |
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TECHNICAL LEARNINGWARE COMPANY, INC. | ||
By: | /s/ Xxxxxxxxxxx Xxxxxxx | |
Title: | Executive Vice President | |
Date: |
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