EXHIBIT 10.32
[CIBC LOGO]
Amendment No. 1
to the
Business Credit Agreement
dated March 18, 1998
Between Canadian Imperial Bank of Commerce ("CIBC")and the Customer noted below
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Customer: CIBC Branch/Centre:
Pivotal Corporation 000 Xxxxxxx Xxxxxx, 0xx Xxxxx
000 Xxxx Xxxxxxxxx, Xxxxx 000 Xxxxxxxxx, X.X.
Xxxxx Xxxxxxxxx, X.X. X0X 0X0 X0X 0X0
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Amendments. The Agreement is amended as follows:
1) $1,600,000 U.S. Letter of Credit. The following additional security is
required for this facility: Liquid Security: Pledge of $1,600,000 U.S to be held
by CIBC Wood Gundy Securities Inc. in the form of Money Market Investments.
The Fees for this Letters of Credit are CIBC's standard L/C fees, minimum $150,
plus out of pocket expenses. Plus the completion of our standard L/C
documentation.
The credit facilities will remain on a demand basis and at the pleasure of the
Bank.
Please indicate your acceptance of these amended terms by returning a signed
copy of this Agreement by June 30, 2001, then it shall become null and void and
of no further force and effect.
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Other Matters. (1) The term "the Agreement" means the Business Credit Agreement
referred to above, as it may have been revised up to the date of his Amendment.
(2) Except as revised by this Amendment, the Agreement remains in full force.
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Dated as of: June 19, 2001
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For CIBC: For the Customer:
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By: /s/ X.X. Xxxxx /s/ Xxxxxx Xxxxxx /s/ Upton Jeans
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Name: T.A. (Xxx) Xxxxx Name: Xxxxxx Xxxxxx Name: Upton Jeans
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Title: Director, Knowledge Based Business Title: V.P., Corporate V.P. Finance & Admin.
Finance
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