Exhibit 99.1
MTB BANK
00 XXXXX XXXXXX
XXX XXXX, XXX XXXX 00000-0000
November 12, 1997
Information Management Technologies Corporation
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xx. Xxxxxx X. Xxxxx
Re: Credit Agreement dated the date hereof between MTB Bank
and Information Management Technologies Corporation
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Dear Xx. Xxxxx:
Reference is made to the above-referenced Credit Agreement.
Capitalized terms used but not defined herein shall have their respective
meanings as set forth in the Credit Agreement.
Notwithstanding anything to the contrary contained in the Credit
Agreement, and without in any way limiting any of the rights, powers,
privileges or remedies of the Bank under the Credit Agreement, any other Loan
Document or the Letter of Credit Documents, the Borrower acknowledges and
agrees that the aggregate amount of Loans and Letters of Credit that the Bank
may be obligated to make or issue under the Credit Agreement shall be reduced
by the amount of $125,000 until such time as the Borrower shall have complied
with this letter agreement in respect of Item 6 listed on Schedule I hereto.
In order to induce the Bank to enter into the Credit Agreement and the
other Loan Documents, the Borrower hereby agrees that no later than January
12, 1998 (or such other date as may be provided on the attached Schedule I
hereto), it will take or cause to be taken, and it will deliver or cause to
be delivered to the Bank, the actions (the "ACTIONS") and documentation (the
"DOCUMENTS"), respectively, listed on Schedule I hereto.
Each of the Actions and the Documents above shall be in form and
substance satisfactory to the Bank and its counsel in their sole discretion.
This letter agreement shall constitute a Loan Document. Failure by the
Borrower to comply with the terms and conditions of this letter agreement
shall constitute an Event of Default under the Credit Agreement.
Please acknowledge your agreement to the foregoing by signing this
letter agreement below and returning it to the undersigned.
Very truly yours,
MTB BANK
By: /s/ Illegible
---------------------------------
By: /s/ Illegible
---------------------------------
ACKNOWLEDGED AND AGREED
INFORMATION MANAGEMENT
TECHNOLOGIES CORPORATION
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, President
