Exhibit 10.7
FIRST AMENDMENT TO LOAN AGREEMENT
THIS FIRST AMENDMENT is made as of the 27th day of January, 1998, by
and between XXXXXXX X. XXXXX ("Lender") and ACCESS SOLUTIONS INTERNATIONAL,
INC., a Delaware corporation ("Borrower").
W I T N E S S E T H T H A T:
WHEREAS, Lender and Borrower are parties to a certain letter agreement
dated December 30, 1997 ("Loan Agreement") which Loan Agreement is incorporated
by reference herein and made a part hereof, and pursuant to which the Lender
agreed to loan to the Borrower the maximum principal sum of $200,000; and
WHEREAS, the parties desire to increase the maximum principal amount
available for borrowing under the Loan Agreement, to extend the maturity date
for repayment and to reflect the granting by Borrower of a security interest in
additional collateral.
NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows:
1. INCREASE IN AVAILABILITY. The maximum principal amount available for
borrowing under the Loan Agreement is being increased from $200,000 to $290,000.
Therefore, the first sentence of the Loan Agreement is amended to read as
follows:
"This letter is written to set forth our agreement whereby
XXXXXXX X. XXXXX ("Lender"), will lend to ACCESS SOLUTIONS
INTERNATIONAL, INC., a Delaware corporation ("Borrower"),
the maximum principal sum of Two Hundred Ninety Thousand
Dollars ($290,000) (the "Loan")."
2. EXTENSION OF MATURITY DATE. The maturity date for repayment of the Loan
is being extended from February 17, 1998 to February 27, 1998. Therefore, the
third sentence of the second paragraph of the Loan Agreement is amended to read
as follows:
"The Loan shall be due and payable on February 27, 1998,
unless repaid in full prior to that time."
3. SECURITY. Security for the Note is evidenced by, among other things, a
Security Agreement dated December 30, 1997, and as further amended on the date
hereof, and UCC Financing Statements filed with the Rhode Island Secretary of
State ("Security Instruments"). All references to the Letter Agreement in the
Security Instruments shall be deemed to include this amendment to the Loan
Agreement and any other amendments that may be executed.
4. MISCELLANEOUS. Except as modified and amended hereby, the Loan Agreement
shall remain in full force and effect and is in all other respects ratified and
confirmed.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement
to be duly executed as of the day and year first above written.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
ACCESS SOLUTIONS INTERNATIONAL, INC.
BY: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
President and CEO
