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EXHIBIT 10.36
FLEET BANK
August 2, 1994
Xx. Xxxxxx X. St. Xxxxxxx
Chief Financial Officer
Summa Four, Inc.
00 Xxxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Dear Xxx:
Reference is hereby made to the letter agreement executed by and between Summa
Four, Inc. and Fleet Bank of Massachusetts, N.A. as of October 15, 1992 and
amended as of July 28, 1993. We are pleased to inform you that we have approved
the following amendments to the agreement. All capitalized terms used herein
shall refer to those terms used in the letter agreement. Nothing herein shall be
deemed to constitute a waiver, release or amendment of any other terms of the
agreement.
1) The Expiration Date of the Agreement is hereby extended until September
1, 1995.
2) The reduction of the Facility Fee to 1/8% of the facility is hereby
formalized although it has been in effect since February 1, 1994.
3) The Capital Base Requirement is reduced to $32,500,000 as of March 31,
1994 and will continue to step up as called for in the Agreement.
4) The company is hereby permitted to repurchase up to 500,000 shares of
its common stock on the open market, as contemplated in the recently
announced stock repurchase program.
Xxx, we are pleased to continue our relationship with Summa Four and wish you
continued success. Please sign below and execute the attached note to evidence
your acceptance of this amendment.
Sincerely,
/s/Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Vice President
High Technology Group
Agreed and Accepted: /s/Xxxxxx X. St. Xxxxxxx
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by: Xxxxxx X. St. Germain date:
title: S.V.P., CFO
