EXHIBIT 10.17
ADDENDUM TO WORKOUT AGREEMENT FOR INTERNATIONAL MICROCOMPUTER SOFTWARE, INC.
The Workout Agreement dated November 6, 2000, between the Debtor and its
Creditors ("Workout Agreement") is hereby amended as follows:
The second sentence of paragraph 1.1 shall be replaced with the following:
"Unsecured Claims shall include (a) all unsecured claims arising under leases or
executory contracts entered into prior to the Workout Date except to the extent
of the reasonable value of the use of goods, services, or space actually used or
occupied by the Debtor after the Workout Date and (b) interest at the annual
rate of 8% from February 1, 2000, to September 30, 2002, and then 12% interest
thereafter until paid."
The first sentence of paragraph 3.1 shall be replaced as follows: Not later than
September 30, 2002, Creditors shall receive the first of four equal payments,
the sum of which shall equal 10% of the amount of their Unsecured Claims. The
three remaining payments shall be made not later than December 31, 2002, March
31, 2003, and June 30, 203. Interest shall be paid on the unpaid balance from
February 1, 2000.
The first sentence of paragraph 4.1 shall be replaced with the following: "This
Agreement shall become effective only if it is accepted by the holders of 93% or
more in dollar amount of Unsecured Claims not later than August 17, 2001, or by
such lower percentage to which the Debtor and the Committee agree.
Paragraph 4.2 shall be deleted.
Consent to Addendum to Workout Agreement
The undersigned Creditor ("Creditor") hereby accepts all of the terms and
conditions of the above Addendum. I certify that I have read the Workout
Agreement and understand all of its terms, including the provision that the cash
I receive in the amount of 10% of my Unsecured Claim will be in full
satisfaction of such Unsecured Claim (as defined in the Workout Agreement).
Legal Name of Creditor ____________________________________
Signature of Creditor or Authorized
Representative /s/_________________________________
Printed or Typed Name of Person Signing ____________________________________
Title of Person Signing ____________________________________
Address of Creditor ____________________________________
____________________________________
Telephone Number (____) ____________________________
Facsimile Number (____) ____________________________
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Adjustment Bureau
PLEASE SIGN AND RETURN TO: CMA Business Credit Services
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Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇
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