Exhibit 10.3
[GMAC COMMERCIAL CREDIT LLC LETTERHEAD]
January 25, 2001
Target Logistic Services, Inc.
000 Xxxx Xxxxx Xxxxxx
Xxxxxxx, XX 00000
Ladies/Gentlemen:
Reference is made to the Restated and Amended Accounts Receivable
Management and Security Agreement between us dated as of July 13, 1998, as
amended and/or supplemented (the "Agreement"). All capitalized terms not
otherwise defined herein shall have the meaning ascribed to such terms under the
Agreement.
This letter will confirm that the Agreement is hereby amended in the
following manner:
1. Section 1.(A) of the Agreement, definition of "Contract
Rate" is hereby amended by deleting the words and numeral
"two percent (2%)" from the second (2nd) line of said
definition and by substituting the words and numeral one
percent (1%)" in their place and stead.
2. Section 5(b)(i) of the Agreement is hereby amended by (i)
deleting the words "the Maximum Revolving Amount" anywhere
such words appear in said section, and by substituting the
dollar amount $6,00,000" in their place and stead.
3. Section 1.(A) of the Agreement, definition of "Term" is
hereby amended by deleting the date "January 14, 2000" and
by substituting the date "January 14, 2003, in its place and
stead.
Except as heretofore and hereby amended, the Agreement shall remain in
full force and effect in accordance with its terms.
If the foregoing accurately reflects your agreement with us, please so
indicate by signing below and returning a signed copy of this letter to our
offices.
Very truly yours,
GMAC COMMERCIAL CREDIT LLC
By: /s/
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Title:
ACCEPTED AND AGREED:
TARGET LOGISTIC SERVICES, INC.
By: /s/
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Title: Secretary
