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[GE LOGO]
Exhibit 10(m)
GE Capital Financial
GE Capital Financial Inc.
0000 Xxxxx Xxxxxxxxx Xxxx, Xxxx Xxxx Xxxx, XX 00000
801 517-5000
0000 Xxxxx Xxxxxxxxx Xxxx, Xxxx Xxxx Xxxx, XX 00000
801 517-5000
February 12, 2004
LESCO, Inc
00000 Xxxxxxx Xxxx
Xxxxxxxxxxxx, Xxxx 00000
Attention: Xxxx Xxxxxxxxxx, Chief Financial Officer
00000 Xxxxxxx Xxxx
Xxxxxxxxxxxx, Xxxx 00000
Attention: Xxxx Xxxxxxxxxx, Chief Financial Officer
Re: Credit Based Promotion Pricing Adjustments
Xxxx:
Reference is made to that certain Private Label Business Credit
Program Agreement, dated as of December 16, 2003 (the “Program
Agreement”) by and among LESCO, Inc., an Ohio corporation
(“LESCO”), LESCO Services, Inc., an Ohio corporation (“LSI”), AIM Lawn
& Garden Products, Inc, an Ohio corporation (“AIM”), and LESCO
Technologies, LLC, a Nevada limited liability company (“LTLLC” and
together with LESCO, LSI and AIM, the “LESCO Parties”), on the
one hand, and GE Capital Financial Inc, a Utah industrial loan
corporation (“Bank”), on the other. Capitalized terms not otherwise
defined herein shall have the meaning given to such terms set forth in
the Program Agreement.
As you know, the Program Agreement contemplates that the LESCO Parties
and Bank may, from time to time offer credit based promotions to the
commercial customers of the LESCO Parties. The terms of those
promotions available as of the Program Commencement Date are set forth
on Schedule 3.5(d) of the Program Agreement. You have requested that
Bank amend Schedule 3.5(d) to provide for additional credit based
promotions covering four and five month deferred payment periods.
Subject to the terms and conditions contained in this letter agreement,
Bank is willing to provide such additional credit based promotions. The
newly added credit based promotions and the corresponding Promotional
Fee Percentages and interest rate adjustments are set forth on the
attached amended Schedule 3.5(d), which is hereby incorporated by
reference into the Program Agreement.
Except as specifically amended hereby, the Program Agreement, and all
terms contained therein, remains in full force and effect and the
newly added credit based promotions reflected in the attached amended
Schedule 3.5(d) shall be subject to the terms and conditions of the
Program Agreement, including the re-pricing and interest adjustment
provisions of Article 3. The Program Agreement, as amended by this
letter agreement, constitutes the entire understanding of the parties
with respect to the subject matter hereof.
This letter agreement may be executed in counterparts, each of which
shall constitute an original, but all of which, when taken together,
shall constitute but one agreement.
The execution, delivery and performance of this letter agreement has been duly
authorized by all requisite corporate action on the part of the LESCO Parties
and Bank and upon execution by each party, will constitute a legal, binding
obligation thereof.
Very truly yours, GE CAPITAL FINANCIAL INC. |
||||
By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Executive Vice President-CFO | |||
Acknowledged and agreed to this 27th day of February, 2004
THE LESCO PARTIES: LESCO, INC. |
||||
By: | /s/ Xxxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxxxx | |||
Its: Senior Vice President and Chief Financial Officer | ||||
LESCO SERVICES, INC. |
||||
By: | /s/ Xxxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxxxx | |||
Its: Vice President and Chief Financial Officer | ||||
LESCO TECHNOLOGIES, LLC |
||||
By: | /s/ Xxxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxxxx | |||
Its: Vice President and Chief Financial Officer | ||||
AIM LAWN & GARDEN PRODUCTS, INC. |
||||
By: | /s/ Xxxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxxxx | |||
Its: Vice President and Chief Financial Officer | ||||
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SCHEDULE 3.5(d)
To
Business Credit Program Agreement
To
Business Credit Program Agreement
Initial Promotional Fee Percentages
Available as of the Program Commencement Date
Available as of the Program Commencement Date
I. Promotional Fee Percentages. The following chart sets forth the
Promotional Fee Percentages applicable to the Program as of the Program Commencement
Date. Also set forth are the Interest Rate Adjustments contemplated by Section 3.6.
Credit Based Promotions | Promotional Fee Percentages | Interest Rate | Interest Rate | |||||||||||||
Adjustment Per | Adjustment Per 25 | |||||||||||||||
25 Basis Points | Basis Points | |||||||||||||||
Deferred Payment Periods | Prox Accounts | BRC Accounts | Prox Accounts | BRC Accounts | ||||||||||||
3 Months |
2.81 | % | 2,79 | % | 7bps | 4bps | ||||||||||
4 Months |
3.40 | % | 4.68 | % | 9bps | 7bps | ||||||||||
5 Months |
3.96 | % | 6.16 | % | 11bps | 9bps | ||||||||||
6 Months |
4.59 | % | 7.67 | % | 13bps | 11bps | ||||||||||
7 Months |
4.99 | % | 8.61 | % | 15bps | 12bps | ||||||||||
8 Months |
5.47 | % | 10.24 | % | 17bps | 14bps | ||||||||||
9 Months |
5.90 | % | 11.45 | % | 19bps | 16bps |
3