EXHIBIT 4.1i
<PAGE>
May 26, 2000
Emanuel N. Logothetis, Chairman
Joule, Inc.
1245 Route 1 South
Edison, New Jersey 08837
Re: Summit Bank (the "Lender") to
Joule, Inc. (the "Borrower")
Dear Mr. Logothetis:
Reference is made to a certain Loan and Security Agreement dated as of
February 20, 1991, as amended from time to time (the "Loan Agreement"), by and
between the Borrower and the Lender. All capitalized terms used, but not
specifically defined herein, shall have the meaning provided for such terms in
the Loan Agreement.
The Borrower has requested and the Lender has agreed to extend the
Termination Date in the Loan Agreement as set forth herein. Therefore, the
parties agree as follows:
1. As of the date hereof, Article I, Section 1.1 (ll) of the Loan
Agreement, is hereby amended and modified to read as follows:
(ll) "Termination Date" shall mean May 31, 2001.
2. In furtherance of the foregoing, any and all references to a "maturity
date" or to the date on which the Loan matures and/or expires in any and all
Loan Documents is hereby amended and modified to delete the existing maturity
date of "May 31, 2000" and insert a new maturity date of "May 31, 2001" in their
place and stead.
3. The Borrower and Corporate Guarantors hereby agree with, reaffirm and
acknowledge the representations and warranties contained in the Loan Agreement,
Corporate Guaranty Agreements and any and all amendments and/or modifications
thereto. Furthermore, the Borrower and Corporate Guarantors represent that the
representations and warranties contained in the Loan Agreement, Corporate
Guaranty Agreements and any and all amendments and/or modifications thereto
continue to be true and in full force and effect. All Obligations of the
Borrower to the Lender are due without any offset, defenses, counterclaims or
recoupment whatsoever.
4. All other terms and conditions of the Loan Agreement and any and all
amendments and/or modifications thereto, and any and all exhibits and schedules
annexed thereto and all other writings submitted by the Borrower to the Lender
pursuant thereto, shall remain unchanged and in full force and effect.
<PAGE>
Emanuel N. Logothetis, Chairman
Joule, Inc.
May 26, 2000
Page 2
5. This letter amendment shall not constitute a waiver or modification of
any of the Lender's rights and remedies or of any of the terms, conditions,
warranties, representations or covenants contained in the Loan Agreement and any
and all amendments and/or modifications thereto, except as specifically set
forth above, and the Lender hereby reserves all of its rights and remedies
pursuant to the Loan Agreement and any and all amendments and/or modifications
thereto and applicable law.
6. This letter amendment may be executed in any number of counterparts,
each of which, when taken together, shall be deemed one and the same instrument.
Kindly indicate the agreement of the Borrower and Corporate Guarantors with
the terms and conditions of this letter amendment by countersigning in the space
provided below, and returning a countersigned copy of this letter amendment to
the undersigned. This letter amendment shall become null and void unless a
countersigned copy is returned within fourteen (14) days from the date hereof.
Very truly yours,
SUMMIT BANK
By: Cynthia Colucci
---------------------
Cynthia Colucci,
Vice President
Accepted and agreed as of this
thirty first day of May, 2000:
BORROWER:
JOULE, INC.
By: Emanuel Logothetis
------------------------------
Name: Emanuel Logothetis
Title: Chairman of the Board
<PAGE>
Emanuel N. Logothetis, Chairman
Joule, Inc.
May 26, 2000
Page 3
CORPORATE GUARANTORS:
JOULE MAINTENANCE CORPORATION,
a New Jersey corporation
By: Emanuel Logothetis
------------------------------
Name: Emanuel Logothetis
Title: Chairman of the Board
JOULE TECHNICAL SERVICES, INC.,
a New Jersey corporation
By: Emanuel Logothetis
------------------------------
Name: Emanuel Logothetis
Title: Chairman of the Board
JOULE TECHNICAL STAFFING, INC.,
a New Jersey corporation
By: Emanuel Logothetis
------------------------------
Name: Emanuel Logothetis
Title: Chairman of the Board
