ADDENDUM TO AGREEMENT FOR WHOLESALE FINANCING
This Addendum is made to that certain Agreement for Wholesale Financing
entered into by and between ePlus Technology of NC, inc. ("Dealer") and Deutsche
Financial Services Corporation ("DFS") on February 12, 2001, as amended
("Agreement").
FOR VALUE RECEIVED, DFS and Dealer agree as follows:
1. DFS and Dealer agree to amend the Agreement to provide as follows
(capitalized terms shall have the same meaning as defined in the Agreement
unless otherwise indicated):
"Collections. Unless otherwise directed by DFS, to expedite
collection of accounts for the benefit of DFS, Dealer shall
notify all of its obligors to make payment of the accounts to one
or more lock-boxes. The lock-box(es), and all accounts into which
the proceeds of any such lock-box(es) are deposited, shall be
established at banks selected by Dealer and satisfactory to DFS
in its sole discretion. Dealer shall issue to any such banks an
irrevocable letter of instruction, in form and substance
acceptable to DFS, directing such banks to deposit all payments
or other remittances received in the lock-box to such account or
accounts as DFS shall direct. Following notice to such banks from
DFS, all funds deposited in the lock-box or any such account
immediately shall become the property of DFS, and any
disbursements of the proceeds in the lock-box or any such account
will only be made to DFS. Dealer shall obtain the agreement of
such banks to waive any offset rights against the funds so
deposited. DFS assumes no responsibility for such lock-box
arrangement, including, without limitation, any claim of accord
and satisfaction or release with respect to deposits which any
banks accept thereunder. All remittances which Dealer receives in
payment of any accounts, and the proceeds of any of the other
Collateral, shall be immediately deposited in such accounts
designated by DFS. All proceeds received or collected by DFS with
respect to accounts, and reserves and other property of Dealer in
possession of DFS at any time or times hereafter, may be held by
DFS without interest to Dealer until all Obligations are paid in
full or applied by DFS on account of the Obligations. DFS may
release to Dealer such portions of such reserves and proceeds as
DFS may determine. Upon the occurrence and during the continuance
of a Default, DFS may notify the obligors that the accounts have
been assigned to DFS, collect the accounts directly in its own
name and charge the collection costs and expenses, including
attorneys' fees, to Dealer. DFS has no duty to protect, insure,
collect or realize upon the accounts to preserve rights in them."
Dealer waives notice of DFS' acceptance of this addendum.
All other terms and provisions of the Agreement, to the extent not
inconsistent with the foregoing, are ratified and remain unchanged and in full
force and effect.
IN WITNESS WHEREOF, Dealer and DFS have executed this Addendum on this
____ day of February, 2001.
EPlus Technology of NC, inc.
ATTEST:
By:______________________________
_______________________________ Title: Xxxxxx X. Xxxxxxxxx, CFO
Xxxxxxx X. Xxxxxxxxx, Secretary
DEUTSCHE FINANCIAL SERVICES CORPORATION
By:______________________________
Title:___________________________
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