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Exhibit 10(d)
Xxxxxx Xxxxxx
000 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
February 27, 1997
Howtek, Inc.
00 Xxxx Xxxxxx
Xxxxxx, XX 00000
Gentlemen:
Reference is made to the Revolving Loan and Security Agreement dated
October 26, 1987 between the undersigned, Xxxxxx Xxxxxx (the "Creditor"), and
Howtek, Inc. ("Debtor"), as the same has been amended from time to time (the
"Credit Agreement"), and the $8 million Convertible Revolving Credit Note dated
October 26, 1987 issued by the Debtor to the Creditor, pursuant to the Credit
Agreement, as the same has been amended from time to time (the "Note").
Debtor is currently indebted to the Creditor under the Credit Agreement
and the Note in the aggregate amount of $3,708,582.24, of which $629,978.09
represents past due interest and $3,078,604.15 represents the outstanding
principal balance of the Note.
Creditor is willing to waive any and all defaults and events of
defaults under the Note provided Debtor agrees, by countersigning this letter
below, to pay on January 4, 1999, (or, with respect to accrued interest only,
on an earlier date if demanded by Creditor) the outstanding principal balance
of the Note at the time outstanding and all accrued past due interest as
of the date hereof and all interest which accrues on the principal amount of
the Note outstanding from time to time hereafter (collectively, the
"Liabilities").
Accordingly, Creditor hereby (1) waives all defaults and events of
defaults in the payment and/or performance by Debtor of the provisions of the
Credit Agreement and the Note from the date of issue of the Note through the
date of this letter and (2) extends the stated maturity of the Note to January
4, 1999, at which time the Liabilities will be due, unless, with respect to
accrued interest only, Creditor demands payment on an earlier date.
In consideration for such waiver, Debtor, by its signature appearing at
the foot of this letter and the enclosed counterpart hereof, agrees to pay the
Liabilities on January 4, 1999, or, with respect to accrued interest only, on
such earlier date as of which Creditor may demand payment of such accrued
interest.
Very truly yours,
/s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx
Accepted and agreed as
of the above date
Howtek, Inc.
By: /s/ Xx. Xxxxxxx Xxxxxxx
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