Exhibit 10.1
COMPUTER SOFTWARE INNOVATIONS,
INC.
900 East Main Street, Suite T
Easley, South Carolina 29640
August 10, 2006
RBC Centura Bank
Attn: Mr. Charles
Arndt
531 South Main Street, 2
nd
Floor
Greenville, SC 29601
Dear Mr. Arndt:
This letter is being provided to you
in connection with: (a) the March 14, 2005 Loan Agreement
and related Loan Documents (as such term is defined in the Loan
Agreement) between Computer Software Innovations, Inc.
(“CSI”) and RBC Centura Bank (the “Bank”)
evidencing CSI’s credit facility with the Bank in the amount
of $3,000,000, which credit facility was extended on March 1,
2006 and May 1, 2006, and which was modified pursuant to a
Modification Agreement on July 14, 2006 to increase the
principal amount of the facility to $3,500,000 and to extend the
facility’s maturity date to July 15, 2007; and
(b) CSI’s February 10, 2006 promissory note and
related agreements (collectively, the “Term Promissory
Note”) evidencing a term loan with the Bank in the amount of
$400,000. The Term Promissory Note, the Loan Agreement, the Loan
Documents and the Modification Agreement are hereinafter referenced
collectively as the “Credit Documents.” Specifically,
this letter relates to a potential cross-default under the Credit
Documents arising out of a default on certain outstanding
subordinated debt owed by CSI to various parties as described
below.
On February 11, 2005, CSI
executed five Promissory Notes, each in the amount of $375,040, in
favor of each of the followi
