EXHIBIT 10.16
GREYROCK CAPITAL
EXTENSION AGREEMENT
BORROWER: The Ultimate Software Group, Inc.
ADDRESS: 0000 Xxxxxxxx Xxx
Xxxxxx, XX 00000-0000
Date: December 14, 1999
THIS EXTENSION AGREEMENT (this "Agreement") is entered into between
GREYROCK CAPITAL, a Division of Banc of America Commercial Finance Corporation
("GC"), whose address is 00000 Xxxxxxxx Xxxxxxxxx, Xxxxx 0000, Xxx Xxxxxxx,
Xxxxxxxxxx 00000, and the Borrower named above ("Borrower").
GC and the borrower agree to amend and supplement the Loan and Security
Agreement between them, dated September 25, 1996 as amended (as amended, the
"Loan Agreement"), as follows. (This Agreement, the Loan Agreement, any prior
written amendments to the Loan Agreement signed by GC and Borrower, and all
other written documents and agreements between GC and the Borrower, are referred
to herein collectively as the "Loan Documents." Capitalized terms used but not
defined in this Agreement shall have the meanings set forth in the Loan
Agreement.)
1. Extension. The date "December 31, 1999" in Section 4 of the Schedule
to Loan Agreement is hereby deleted and replaced with the date "December 31,
2000."
2. Fee. In consideration of GC entering into this Agreement, Borrower
shall concurrently pay GC a fee in the amount of $40,000 which shall be
non-refundable and in addition to all interest and other fees payable to GC
under the Loan Documents. GC is authorized to change said fee to Borrower's loan
account.
3. Representations True. To induce GC to enter into this Agreement,
Borrower hereby confirms and restates as of the date hereof, the representations
and warranties made by it in Section 3 of the Loan Agreement. For the purposes
of this Section 3 each reference in Section 3 of the Loan Agreement to "this
Agreement," and words "hereof," "herein," "hereunder," or words of like import
in such Section, shall mean and be reference to the Loan Agreement as amended by
this Agreement.
4. General Provisions. GC's execution and delivery of, or acceptance
of, this Agreement and any other documents and instruments in connection
herewith shall not be deemed to create a course of dealings or otherwise create
any express or implied duty by it to provide any
other or further amendments, consents or waivers in the future. This Agreement,
the Loan Agreement, and the other Loan documents set forth in full all of the
representations and agreements of the parties with respect to the subject matter
hereof and supercede all prior discussions, representations, agreements and
understandings between the parties with respect to the subject hereof. Except as
herein expressly amended and supplemented, all of the terms and provisions of
the Loan Agreement and the other Loan Documents shall continue in full force and
effect and the same are hereby ratified and confirmed. This Agreement forms part
of the Loan Agreement and the terms of the Loan Agreement are incorporated
herein by reference.
Borrower: GC:
THE ULTIMATE SOFTWARE GROUP, GREYROCK CAPITAL,
INC. A DIVISION OF BANC OF AMERICA
COMMERCIAL FINANCE CORPORATION
By: /s/ XXXXXXXX XXXXXXXX By: /s/ XXXX XXXXXX
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Exec. Vice President and CFO Title: Sr. Vice President
By: /s/ XXXXXX XXXXX
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General Counsel
