Commitment Letter from Shmuel BenTov to The A Consulting Team, Inc. Regarding Citibank Loan Repayment

Contract Categories: Business Finance › Guaranty Agreements
Summary

Shmuel BenTov has committed in writing to provide The A Consulting Team, Inc. with funds to repay a $2,000,000 loan from Citibank, N.A. if Citibank demands repayment, either in full or in part. This letter confirms his agreement to loan TACT the necessary amount to cover the repayment obligation, ensuring the company can meet its debt if required.

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EX-10.10 3 0003.txt SHMUEL BENTOV LETTER COMMITMENT Exhibit 10.10 Shmuel BenTov 130 Carthage Road Scarsdale, NY 10583-7202 March 29, 2001 Mr. Frank Thoelen, CFO Ms. Lori Stanley, Corp. Counsel The A Consulting Team, Inc. 200 Park Avenue South New York, New York, 10003 Re: Repayment of Citibank, N.A. Loan Dear Mr. Thoelen & Ms. Stanley, I am writing to confirm our recent conversation wherein I agreed that in the event that Citibank, N.A., demands repayment of its outstanding loan of $2,000,000 (two million dollars), (in whole or in part) from The A Consulting Team, Inc. ("TACT"), I will loan TACT the necessary funds required to repay this loan. Very truly yours, /s/ Shmuel BenTov Shmuel BenTov