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Exhibit 10.47
THOMAS M. STEINBERG
Tisch Family Interests
667 Madison Avenue, 7th Floor
New York, NY 10021
Mr. Marc I. Perkins, CEO
Gunther International, Ltd.
One Winnenden Rd.
Norwich, CT 06360
Dear Mr. Perkins:
In accordance with a $500,000 promissory note dated April 4, 2000 by and between
Gunther Partners, LLC (the "Lender") and Gunther International, Ltd. (the
"Company"), the Lender has the right to demand payment at any time after May 4,
2000.
In the event the Company is unable to meet the payment obligation upon demand,
in accordance with the promissory note, the Lender will extend the payment term
until a time as the Company's cash flows will permit payment, but no later than
April 1, 2001.
In addition, the Lender will commit to lending the Company an additional
$500,000 in the event the Company's cash flows, in the opinion of management and
the Lender, require such an amount. It would be expected that the terms of any
additional funding are on a basis similar to previous debt agreements between
the parties. This commitment expires April 1, 2001.
Both parties agree that any deferred payment or additional funding are on an
"as-needed" basis and any commitments herein expire on April 1, 2001.
Sincerely,
/s/ Thomas M. Steinberg
Thomas M. Steinberg
President
Tisch Family Interests
