Exhibit 10.24 - Letter Agreement amending the Loan Agreement
Xxxxxxx Bank & Trust, N.A.
South Arlington Office
Xxxxxx X. Von Der Ahe
President
July 25, 1996
Xx. Xxx Xxxxxxx, CFO
InnoServ Technologies, Inc.
0000 Xxxxxxx #000
Xxxxxxxxx, XX 00000
REFERENCE: LOAN AGREEMENT DATED DECEMBER 15, 1995 COVENANT VIOLATIONS.
Dear Xx. Xxxxxxx,
You have indicated that you are in violation of the Minimum Tangible Net Worth
and Current Ratio covenants outlined in our loan agreement referenced above. We
hereby waive compliance with these covenants through April 30, 1996 and re-set
these covenants as follows:
Minimum Tangible Net Worth $5,722,000
Minimum Current Ratio 1.00 to 1.00
If you require anything else, please do not hesitate to call.
Sincerely,
/s/ Xxxxxx X. Von Der Ahe
Xxxxxx X. Von Der Ahe,
President
