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Exhibit 10.17
[FLEET LETTERHEAD]
October 13th, 1998
Xx. Xxxxxxx Xxxxxxx
Sapient Corporation
Xxx Xxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Dear Xxxx:
Reference is hereby made to the Letter Agreement by and between Sapient
Corporation, Inc. ("Sapient" or the "Borrower") and Fleet National Bank (the
"Bank") as successor in interest to Fleet Bank of Massachusetts, N.A. dated July
14, 1994 and amended by the Loan Modification Agreement made as of July 1, 1995,
February 15, 1998, June 30, 1997 and our letter of March 16, 1998.
We are pleased to inform you that Fleet National Bank (the "Bank") has approved
the renewal of the $5,000,000 line of credit to Sapient Corporation (the
"Borrower") through June 30th, 2000 subject to the existing terms and
conditions. Please sign below to indicate your acceptance of these terms. Upon
receipt of your acceptance of this commitment letter and the attached Allonge to
the Promissory Note, these terms shall become effective. This commitment shall
expire unless accepted by October 30th, 1998.
The Borrower represents and warrants that the execution of this commitment
letter has been duly authorized by the Borrower by all necessary corporate and
other action and that the execution will not conflict with, violate the
provisions of, or cause a default or constitute an event which, with passage of
time or giving of notice or both, could cause a default on the part of the
Borrower under its charter documents or by-laws or under any contract,
agreement, law, rule, order, ordinance, franchise, instrument or other document,
or result in the imposition of any lien or encumbrance on any property or asset
of the Borrower. In addition, the statements, representations and warranties
made in the Agreement continue to be correct as of the date hereof and the
Borrower is in compliance with all terms of the Agreement. Except as expressly
affected hereby, the Agreement remains in full force and effect as heretofore.
Sincerely,
Fleet National Bank
/s/ Xxxxxxx Xxxxxxx
Xxxxxxx Xxxxxxx Agreed and Accepted: /s/ Xxxxxxx X. Xxxxxxx
Vice President -------------------------
High Technology Division by: Xxxxxxx X. Xxxxxxx
title: Director of Finance
date: 10/14/98
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ALLONGE TO PROMISSORY NOTE
The maturity date of the attached Promissory Note dated February 16, 1996 for
$5,000,000 is hereby extended to June 30, 2000, from June 30, 1998.
This Allonge will be governed by the terms and conditions of the Letter
Agreement made as of the 14th day of July, 1994 (as amended as of July 1, 1995,
February 16, 1996, June 30, 1997 and March 16, 1998) by and between Sapient
Corporation and Fleet National Bank as successor to Fleet Bank of Massachusetts,
N.A. Nothing herein shall be deemed to constitute a waiver, release or amendment
of any terms of the Agreement.
/s/ /s/ Xxxxxxx X. Xxxxxxx
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Witness Name: Xxxxxxx X. Xxxxxxx
Title: Director of Finance
Sapient Corporation
Date: 10/14/97
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/s/ Xxxxxxx Xxxxxxx
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Witness Olaparl Onipade
Vice President
Fleet National Bank,
Date: 10/15/98
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