EXHIBIT 10.54
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[LETTERHEAD OF BOSTON FINANCIAL & EQUITY CORPORATION]
March 27, 1997
Xx. Xxxxx Xxxxxxxx
Chief Financial Officer
POSITRON CORPORATION
00000 Xxxx Xxx Xxxxx
Xxxxxxx, Xx 00000
RE: EXTENDED AGREEMENT BETWEEN POSITRON CORPORATION ("POSITRON")
AND
BOSTON FINANCIAL & EQUITY CORPORATION ("BF&EC")
Dear Xxxxx:
In response to your request, we are pleased to have the opportunity to extend
the original terms of the Revolving Financing Agreement dated February 9, 1996
("Loan Agreement") until April 30, 1997.
This Agreement will continue the previously executed extension, as amended
herein, between BF&EC and Positron dated February 9, 1997.
The extension of the agreement between POSITRON AND Boston Financial & Equity
Corporation ("BF&EC") will have the following conditions:
EXTENSION TERM: Until 5:00 P.M. EDT Wednesday April 30, 1997.
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LOAN AMOUNT: A discretionary demand revolving line of credit of up to
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$1,000,000 of eligible accounts receivable, as defined in
original Loan Agreement.
INTEREST: .000378 per day on average Accounts Receivable loan.
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COLLATERAL: First position on all assets, except where noted in original
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ageement dated 2/9/96 and Inter-Creditor Agreement dated
11/12/96
LENDING LIMIT: As defined in original Loan Agreement.
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MINIMUM PAYMENT: A minimum payment of Fifteen (15) Thousand Dollars ($15,000)
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for the extension term.
SUBORDINATION: BF&EC, Uro-Tech, Ltd. ("UT") and Profutures Bridge Capital
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Fund, LP. ("Profutures") will maintain their relative
positions as established by the Inter-Creditor agreement
dated November 12, 1996.
Continued ....
[LETTERHEAD OF BOSTON FINANCIAL & EQUITY CORPORATION]
Page Two
Xx. Xxxxx Xxxxxxxx
POSITRON CORPORATION
March 27, 1997
If the foregoing is acceptable to POSITRON, please respond by signing this
extension letter in the space provided below.
If a signed copy of this proposal is not received by BF&EC by 5:00 p.m. Friday,
March 28, 1997, the current loan balance plus interest will become due and
payable in full on March 31, 1997.
Please call with any questions or comments.
Thanks you for the opportunity to be of continuing service to POSITRON.
Sincerely,
Boston Financial & Equity Corporation
/s/ Xxxxx X. Xxxxxxxxxx
Xxxxx X. Xxxxxxxxxx
Executive Vice President
AGREED AND ACCEPTED: AGREED AND ACCEPTED:
POSITRON CORPORATION URO-TECH, LTD.
By:/s/ Xxxxx Xxxxxxxx By: Uro-Tech Management Corp.,
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General Partner
Title: CFO
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Date:_________________________ BY:__________________________
Authorized Officer
Title:________________________
