Exhibit 4
AMENDMENT TO PROMISSORY NOTE
Agreement made this 8th day of November, 2002, by and between ▇▇▇▇▇▇▇▇▇
Capital, Inc. ("Lender"), and SofTech, Inc. ("Borrower").
WHEREAS, Lender and Borrower are parties to a Promissory Note dated
September 13, 2001, a copy of which is attached as Exhibit A, wherein Lender
agreed to loan to Borrower a principal amount of up to Eleven Million Dollars on
the terms and conditions set forth in the said Promissory Note; and
WHEREAS, Borrower has requested and Lender has agreed to amend said
Promissory Note to provide for a principal sum of up to Fifteen Million Dollars
and to change the interest rate and time for repayment;
NOW THEREFORE, it is agreed as follows:
1. Paragraph 1 of the Promissory Note is hereby amended to read: "For value
received, the undersigned ("Borrower") promises to pay to ▇▇▇▇▇▇▇▇▇
Capital, Inc. ("Lender"), ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, the
principal amount of up to Fifteen Million Dollars ($15,000,000) and
interest computed on the basis of a 360-day year for the actual number of
days elapsed on the unpaid principal balance at a rate per annum equal to
the Prime Rate published from time to time in the Wall Street Journal,
plus 3.0% until maturity and the same rate after maturity."
2. Paragraph 2 of the Promissory Note is hereby amended to read: "Installment
Payment. The principal of and interest on this note shall be paid in
installments beginning August 12, 1999 and on the 12th day of each
succeeding month until June 12, 2007, at which time the remaining balance
or principal and interest shall be paid in full. Each installment payable
after this Amendment shall be in an amount equal to a sum that allows for
the principal to be repaid over a 15 year amortization period commencing
with the date of this Amendment, plus interest accrued at the above rate
on the average outstanding principal outstanding for the previous 30 day
period."
3. All other provisions of the Promissory Note shall remain in full force and
effect.
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BORROWER: LENDER:
SOFTECH, INC. ▇▇▇▇▇▇▇▇▇ CAPITAL, INC.
By: /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ By: /s/▇▇▇▇▇ ▇▇▇▇▇▇▇
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Its: President Its: Chief Financial Officer
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Dated: November 8, 2002 Dated: November 8, 2002
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