EXHIBIT 10.29
Post Address:
SUPPLIES DISTRIBUTORS XX
Xxx Xxxxx Xxxxxxx 5 (FORTIS LETTERHEAD)
4460 GRACE-HOLOGNE
Date 23rd October 2002
Our Ref. Legal Department JC/kc 337500
Dear Xxxxx, Dear Sir,
Re: Factoring agreement of 31st March 2002
Modification of the Particular Conditions: Section 7 and 13
Our board has decided to modify the particular conditions.
We therefore send you enclosed the relative endorsement to the agreement.
We kindly request you to sign both copies and to return them to us.
The original document, signed by our company, will be returned to you
afterwards.
Looking forward to a further pleasant cooperation and always at your service, we
remain.
yours sincerely,
/s/ XXXXXXX XXXXXXXX
------------------------
Xxxxxxx Xxxxxxxx
Legal Department
/s/ XXXXXX XXXXX
------------------------
Head Legal Department
Encl.: endorsement IV
(FORTIS LOGO)
(FORTIS COMMERCIAL FINANCE WATERMARK)
ENDORSEMENT IV TO THE FACTORING AGREEMENT OF MARCH 31st, 2002
Between,
Fortis Commercial Finance N.V.
located at Turnhout, Xxxxxxxx xx Xxxxxx 00
and Supplies Distributors S.A.
located at Grace Hologne, xxx Xxxxx Xxxxxxx 0
has been agreed to modify Section 7 and 13 of the Particular Conditions as
follows:
Section 7. MAXIMUM CREDIT FACILITY: 7.500.000 EUR
Within this credit facility, the client is granted the facility to take out
straight loans with a minimum of 125.000 EUR at the interest conditions
stipulated hereafter.
Section 13. RESOLUTORY CONDITION:
If the tangible net worth of the Company Supplies Distributors S.A., calculated
as follows:
Equity
- goodwill
- bad debt not provided for
- intercompany debt
- current account shareholders
+ intercompany credit
+ subordinated long term debt
+ current account shareholders credit
is less than 2.000.000 EUR or less than 10% of the total assets, the factor
has the right to take over the xxxxxxx of the debtors.
Made out in duplicate at Turnhout on October 23rd, 2002.
Supplies Distributors SA N.V. Fortis Commercial Finance
/s/ XXXXXX XXXXXX /s/ XXXXXX XXXXXX
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Xxxxxx Xxxxxx Xxxxxx Xxxxxx
Managing Director Director
