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 Fifteen Million
Dollars ($15,000,000.00); provided, however, that at no time will the principal
amount outstanding under the Accounts Receivable Facility and Dealer's inventory
floorplan credit facility with CDF exceed, in the aggregate, Fifty Million
Dollars ($50,000,000.00). 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 Fifty Million Dollars ($50,000,000.00);
provided, however, that at no time will the principal amount outstanding under
Dealer's inventory floorplan credit facility with CDF and Dealer's Accounts
Receivable Facility exceed, in the aggregate Fifty Million Dollars
($50,000,000.00). CDF's decision to advance funds will not be binding until the
funds are actually advanced.
2. Section 3.12 of the BFA is hereby amended in its entirety to read as follows:
"3.12 Review. Dealer grants CDF an irrevocable license to enter Dealer's
business locations during normal business hours with forty-eight (48) hours
prior notice to Dealer (unless Dealer is in Default in which case no prior
notice shall be required) to: (a) account for and inspect all Collateral; (b)
verify Dealer's compliance with this Agreement; and (c) review, examine, and
make copies of Dealer's books, records, files and business procedures and
practices. Dealer further agrees to pay CDF a review fee of Three Thousand
Dollars ($3,000.00) per quarter for any such review, inspection or examination
made by CDF. CDF may, without notice to Dealer and at any time or times
hereafter, verify the validity, amount or any other matter relating to any
Account by mail, telephone, or other means, in the name of Dealer or CDF."
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
24th day of June, 2004.
ePlus Technology, inc.
Attest:
Xxxxxx X. Xxxxxxxxx
Xxxxx X. Xxxxxxxx, Secretary Chief Financial Officer
GE COMMERCIAL DISTRIBUTION
FINANCE CORPORATION
Xxxxx Xxxxxxx
Vice President of Operations
