EXHIBIT 10.1 MODIFICATION AGREEMENTAddendum or Modifications |
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Exhibit 10.1
This
MODIFICATION AGREEMENT entered into at Albany, New York, as of February 7,
2006 between MapInfo Realty LLC, a New York limited liability
company, with an address of One Global View, Troy, New York 12180 (the
"Borrower") and Citizens Bank, N.A., a National Bank with an address
of 833 Broadway, Albany, New York 12207 (the "Bank").
WHEREAS,
the Bank has made a loan to the Borrower in the original principal amount of $15,075,000.00
(the "Loan");
WHEREAS, the Loan is
evidenced by that certain Note, dated December
18, 2002 (as previously amended, modified or supplemented, the
"Note"), by the Borrower in favor of the Bank in the original
principal amount of $15,075,000.00 which matures on January 1, 2013
(the "Maturity Date");
WHEREAS,
the Note and all other documents and instruments executed in
connection with or relating to the Loan are referred to herein, collectively,
as the "Loan Documents"; and all collateral granted to the Bank to
secure the Loan is referred to herein, collectively, as the
"Collateral";
WHEREAS,
the Borrower and the Bank have agreed to modify the interest rate(s) applicable
to the Loan;
WHEREAS,
the Borrower and the Bank have agreed to modify the Loan and the Loan Documents
in accordance with the terms of this Agreement.
NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Bank and the Borrower mutually agree as follows:
- MODIFICATION
1.1 Recitals
and Representations Accurate. The above recitals are hereby made a part of
this Agreement and the Borrower acknowledges and agrees that each of the
recitals is true and correct.
1.2 Ratification.
All of the terms and conditions of the Loan Documents, as amended or modified
hereby, are ratified, acknowledged, confirmed, and continued in full force and
effect as if fully restated herein.
1.3 Interest Rate. The Borrower and
the Bank agrees that notwithstanding anything to the contrary in the Note as of
the effective the date of this Agreement, the outstanding principal balance of
the Note, as modified hereby, shall bear interest at a per annum rate equal to One
and Thirty-Five Hundredths Percent (1.35%) above the Libor Rate (as
hereinafter defined) for any Interest Period (as hereinafter defined). The Floor Rate is being removed from Note.
Interest
Period means initially, the period commencing on the date of this Note (the
"Start Date") and ending on the numerically corresponding date one
month later, and thereafter each one month period ending on the day of such
month that numerically corresponds to the Start Date. If an Interest Period is
to end in a month for which there is no day which numerically corresponds to
the Start Date, the Interest Period will end on the last day of such month
1.4 Index.
LIBOR Rate means relative to any Interest Period, the offered rate for delivery
in two London Banking Days (as hereinafter defined) of deposits of U.S. Dollars
which the British Bankers' Association fixes as its LIBOR rate and which
appears on the Telerate Page 3750 as of 11:00 a.m. London time on the day on
which the Interest Period commences, and for a period approximately equal to
such Interest Period. If the first day of any Interest Period is not a day
which is both a (i) Business Day (as hereinafter defined), and (ii) a day on
which US dollar deposits are transacted in the London interbank market (a
""London Banking Day""), the LIBOR Rate shall be determined
in reference to the next preceding day which is both a Business Day and a
London Banking Day. If for any reason the LIBOR Rate is unavailable and/or the
Bank is unable to determine the LIBOR Rate for any Interest Period, the LIBOR
Rate shall be deemed to be equal to the Bank's Prime rate. Business Day means
any day which is neither a Saturday or Sunday nor a legal holiday on which
commercial banks are authorized or required to be closed in Albany.
1.5 Principal Balance. The Borrower
acknowledges and agrees that the current outstanding principal balance of the
Note as of the date hereof is $14,130,517.32.
1.6 Representations and Warranties.
The Borrower hereby represents and warrants to the Bank that:
(a) The
person executing this Agreement is duly authorized to do so and to bind the
Borrower to the terms hereof;
(b) Each
of the Loan Documents is a valid and legal binding obligation of the Borrower,
enforceable in accordance with its terms, and is not subject to any defenses,
counterclaims, or offsets of any kind;
(c) All
financial statements delivered to the Bank presented fairly, in all material
respects, the financial position of MapInfo Corporation for the periods
reflected in such financial statement;
(d) Since
the date of the Loan Documents there has been no material adverse change in the
condition, financial or otherwise, of the Borrower, except as disclosed to the
Bank in writing or publicly in SEC filings;
(e) Except
as disclosed in SEC filings, there exists no action, suit, proceeding or
investigation, at law or in equity, before any court, board, administrative
body or other entity, pending or threatened, affecting the Borrower or its
property, wherein an unfavorable decision, ruling or finding would materially
adversely affect the business operations, property or financial condition of
the Borrower; and
(f) There exists no event of default, or other circumstance that with the passage of time or giving of notice or bot






