Exhibit 10.10 Multitrak Software Development Corp. 119 Beach Street Boston, MA 02111-2502 April 30, 1992 LRF Investments, Inc. 189 Wells Avenue Suite 4 Newton, MA 02159 Re: Multitrak Software Development Corp. Dear Joe: The purpose of this letter is...
Exhibit 10.10
Multitrak Software Development Corp.
000 Xxxxx Xxxxxx
Xxxxxx, XX 00000-0000
April 30, 1992
LRF Investments, Inc.
000 Xxxxx Xxxxxx Xxxxx 0
Xxxxxx, XX 00000
Re: Multitrak Software Development Corp.
Dear Xxx:
The purpose of this letter is to confirm the agreements that we have made
with respect to the maturity dates for certain debt obligations owed to LRF
Investments, Inc. ("LRF") by Multitrak Software Development Corp. ("Multitrak")
and the extension of certain rights which LRF has under certain warrants issued
by Multitrak to LRF. This letter will confirm our agreement that LRF hereby
extends the maturity dates for each of the debt obligations owed by it by
Multitrak by one year from the original maturity dates indicated on each of the
debt obligations described on the "Summary Data of Notes Payable" attached
hereto. Multitrak hereby agrees that the warrants issued by Multitrak to LRF and
originally dated August 15, 1989 respectively for what are now 40,000 shares and
80,000 shares of Multitrak and which originally expired on March 31, 1993 are
hereby extended to March 31, 1994. This agreement is signed as an instrument
under seal. These agreements are in consideration for each other. Please confirm
your agreement to the foregoing by signing where provision is made below and
returning a signed copy to me.
Sincerely yours,
Multitrak Software Development Corp.
By: /s/ Xxxxxxx X. Xxxxxxx
-----------------------------
Xxxxxxx X. Xxxxxxx, President
The foregoing is agreed to:
LRF Investments, Inc.
By: Xxxxxx X. Xxxxxxx
-----------------------
MULTITRAK SOFTWARE
SUMMARY DATA ON NOTES PAYABLE
-----------------------------
NAME DATE ORIGINAL REVISED CURRENT
OF OF FACE INTEREST MATURITY MATURITY SPECIAL PRINCIPAL
ISSUE ISSUE AMOUNT RATE DATE DATE FEATURES OUTSTANDING
REVOLVING CREDIT LINE APR 20 88 $100,000.00 PRIME + 3.5% MAY 31 91 MAY 31 93 SUBORDINATED TO SENIOR DEBT. $45,564.47
SUBORDINATED TO BANK DEBT.
EQUITY REPURCHASE OPTION BY MSDC.
EXERCISE OF EQUITY REPURCHASE
OPTION MAY AFFECT ELECTION
OF DIRECTORS.
SECURED BY ASSETS.
SUBORDINATED NOTES APR 20 88 $240,000.00 PRIME + 3.5% APR 30 91 APR 30 93 SUBORDINATED TO SENIOR DEBT. $240,000.00
SUBORDINATED TO BANK DEBT.
EQUITY REPURCHASE OPTION BY MSDC.
EXERCISE OF EQUITY REPURCHASE
OPTION MAY AFFECT ELECTION
OF DIRECTORS.
SECURED BY ASSETS.
SUBORDINATED NOTES OCT 25 88 $160,000.00 PRIME + 3.5% APR 30 91 APR 30 93 SUBORDINATED TO SENIOR DEBT. $160,000.00
SUBORDINATED TO BANK DEBT.
EQUITY REPURCHASE OPTION BY MSDC.
EXERCISE OF EQUITY REPURCHASE
OPTION MAY AFFECT ELECTION
OF DIRECTORS.
SECURED BY ASSETS.
SECURED NOTE AUG 15 89 $500,000.00 PRIME + 3.5% APR 01 91 APR 01 93 SECURED BY ASSETS. $500,000.00
40,000 WARRANTS @ $1.75,
EXPIRING MAR 31 93.
80,000 WARRANTS @ $1.75,
EXPIRING MAR 31 93.
NOTE REPAYMENT BEGINS APR 01 93
@ APPROXIMATELY $17,000 PER
MONTH IF NOTE NOT REPAID
BY MAR 31 93.
LINE OF CREDIT JAN 29 90 $240,000.00 PRIME + 3.5% ON DEMAND ON DEMAND SECURED BY RECEIVABLES $240,000.00
TOTAL LRF NOTES: $1,240,000.00 $1,185,564.47
============= =============
