IBM CREDIT LLC LETTERHEAD]
EXHIBIT 10.1
[IBM CREDIT LLC LETTERHEAD]
April 27, 2004
Mr. X. Xxxxxx Xxxxxxxxx
CFO and Treasurer
Info Tech USA, Inc.
0 Xxxxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xx. Xxxxxxxxx:
Reference is hereby made to the following: (i) Agreement for Wholesale Financing executed on April 20, 1994, by Info Tech USA, Inc. (“Info Tech”) (as amended, supplemented or otherwise modified from time to time, the “Agreement”), (ii) e-mail addressed to you from Mr. Xxxxx Xxxxxx dated August 28, 2003 whereby Mr. Xxxxx Xxxxxx informed you that IBM Credit would no longer finance Info Tech’s product effective approximately 180 days from the date of a formal notice sent by IBM Credit to Info Tech, (iii) IBM Credit’s letter to Info Tech dated September 5, 2003 whereby IBM Credit formally notified Info Tech of the Termination Date (the “September 5th Letter”) and (iv) IBM Credit’s letter to Info Tech dated March 3, 2004 whereby IBM Credit extended the Termination Date to April 9, 2004, subject to certain conditions (the “March 3, 2004 Letter ”). All capitalized terms not otherwise defined in this letter, the September 5th Letter or the March 3, 2004 Letter shall have the respective meanings set forth in the Agreement.
Info Tech has requested that IBM Credit extend the Termination Date from April 9, 2004 to June 18, 2004. As an accommodation and to continue to assist Info Tech in making replacement financing arrangements, IBM Credit agrees to this request provided Info Tech agrees to the terms of this letter.
By executing this letter, Info Tech reaffirms that (x) it will not be relieved of any obligations to IBM Credit arising out of IBM Credit’s advances or commitments made before the Termination Date, (y) all of IBM Credit’s rights and remedies under the Agreement shall be unaffected until all of Info Tech’s obligations to IBM Credit are paid in full. IBM Credit reserves any and all rights and remedies that IBM Credit now has or may have in the future with respect to Info Tech, including any and all rights or remedies which it may have in the future as a result of Customer’s failure to comply with any of the terms of the Agreement, and (z) that no new default has occurred under the Agreement.
Notwithstanding any other terms in the Agreement and provided no default occurs under the Agreement, Info Tech may repay, prior to and after the Termination Date, all such obligations according to the terms of each billing statement provided by IBM Credit to Info Tech.
Please acknowledge your agreement to the terms set forth herein by signing a copy of this letter where indicated and returning it to the attention of Mr. Xxxxx Xxxxxx at the above address.
| Sincerely, | Acknowledged and Agreed: |
| IBM CREDIT LLC /s/ Xxxxxx X. Xxxxxxxx |
INFO TECH USA, INC. /s/ X. Xxxxxx Xxxxxxxxx |
| Xxxxxx X. Xxxxxxxx Manager, Global Special Handling |
X. Xxxxxx Xxxxxxxxx Chief Financial Officer and Treasurer |
