AMENDMENT TO BUSINESS FINANCING AGREEMENT AND AGREEMENT FOR WHOLESALE FINANCING
AMENDMENT
TO BUSINESS FINANCING AGREEMENT AND
AGREEMENT
FOR WHOLESALE FINANCING
This
Amendment is made to (i) that certain Business Financing Agreement executed
on
the 31st day August, 2000, between ePlus
Technology, inc. ("Dealer")
and GE
Commercial Distribution Finance Corporation ("CDF"),
as amended ("BFA") and (ii) that certain Agreement for Wholesale Financing
between Dealer and CDF dated August 31, 2000, as amended ("AWF").
FOR
VALUE
RECEIVED, CDF and Dealer agree as follows (capitalized terms shall have the
same
meaning as defined in the BFA unless otherwise indicated):
1.
Section 2.1 of the BFA is hereby amended in its entirety to read as
follows:
"2.1
Accounts Receivable Facility. Subject
to the terms of this Agreement, CDF agrees to provide to Dealer an Accounts
Receivable Facility of Thirty
Million Dollars ($30,000,000.00);
provided, however, that (i) at no time during the Overline Period (as defined
below) will the principal amount outstanding under the Accounts Receivable
Facility and Dealer's inventory floorplan credit facility with CDF (excluding
open
approvals for which CDF has not yet received the invoice) exceed, in the
aggregate, Eighty-Five
Million Dollars ($85,000,000.00), and (ii)
at
no time other
than during the
Overline Period will the principal amount outstanding under the Accounts
Receivable Facility and Dealer's inventory floorplan credit facility with CDF
(including
open
approvals for which CDF has not yet received the invoice) exceed, in the
aggregate, Eighty-Five
Million Dollars ($85,000,000.00).
CDF's
decision to advance funds will not be binding until the funds are actually
advanced."
In
addition, subject to the terms of the AWF, CDF agrees to provide to Dealer
an
inventory floorplan credit facility of (x) from June 26, 2006 through September
21, 2006 (“Overline Period”), Eighty-Five
Million Dollars ($85,000,000.00)
(plus an
additional Fifteen
Million Dollars ($15,000,000.00)
for open
approvals for which CDF has not yet received the invoice), and (y) at all times
other than during the Overline Period, Eighty-Five
Million Dollars ($85,000,000.00)
(including
open
approvals for which CDF has not yet received the invoice); provided, however,
that (i) at no time during the Overline Period will the principal amount
outstanding under Dealer’s inventory floorplan credit facility with CDF
(excluding
open
approvals for which CDF has not yet received the invoice) and the principal
amount outstanding under the Accounts Receivable Facility exceed, in the
aggregate, Eighty-Five
Million Dollars ($85,000,000.00) and
(ii)
at no time other than during the Overline Period will the principal amount
outstanding under the Dealer's inventory floorplan credit facility with CDF
(including
open
approvals for which CDF has not yet received the invoice) and the principal
amount outstanding under the Accounts Receivable Facility exceed, in the
aggregate, Eighty-Five
Million Dollars ($85,000,000.00).
CDF's
decision to advance funds will not be binding until the funds are actually
advanced.
Dealer
waives notice of CDF's acceptance of this Amendment.
All
other
terms and provisions of the AWF and BFA, to the extent not inconsistent with
the
foregoing, are ratified and remain unchanged and in full force and
effect.
IN
WITNESS WHEREOF, each of Dealer and CDF have executed this Amendment on this
29th
day of
June, 2006.
ePlus
Technology, inc.
Attest:
/s/
Xxxxxx X. Xxxxxxxxx
/s/
Xxxxx X. Xxxxxxxx Xxxxxx
X.
Xxxxxxxxx
Xxxxx
X.
Xxxxxxxx,
Secretary
Chief
Financial Officer
GE COMMERCIAL DISTRIBUTION
FINANCE
CORPORATION
/s/ Xxxxx Xxxxxxx
Xxxxx
Xxxxxxx
Vice President of Operations
