EXHIBIT 10(d)
[IBM CREDIT CORPORATION LETTERHEAD APPEARS HERE]
December 11, 1997
Compucom Systems, Inc.
Attn: Xx. Xxxxxx Xxxxxx
0000 Xxxxxx Xxxx
Xxxxxx, XX 00000
Dear Xx. Xxxxxx:
IBM Credit Corporation ("IBM Credit") is pleased to offer Compucom Systems, Inc.
("Compucom") an extension of the terms of the Agreement for the period specified
below.
Please indicate your acceptance of this extension of the Termination Date (as
defined in the Agreement) from December 21, 1997 to March 20, 1998 by signing a
copy of this letter, where indicated, and returning it to IBM Credit at the
above address.
Except as specifically modified by this letter, the terms and conditions of the
Agreement shall remain in full force and effect.
IBM Credit wants to provide you with quality financial services as an
enhancement to your business activities. We, therefore, appreciate this
opportunity to respond to your financing needs.
Sincerely,
IBM CREDIT CORPORATION
BY: /s/ XXXXXX X. XXXXXX
--------------------------------------
Title: Credit Account Operations Manager
Date: December 11, 1997
Acknowledged and Agreed:
COMPUCOM SYSTEMS. INC.
BY: /s/ XXXXXX XXXXXX
--------------------------------------
Title: VP-Finance
Date: December 17, 1997
Please read in conjunction with
Amendment for Inventory
Financing made as of December
16, 1997 by and between CompuCom
Systems, Inc. and IBM Credit
Corporation.
DC
12/17/97
AMENDMENT
TO
AGREEMENT FOR INVENTORY FINANCING
This Amendment ("Amendment") to the Agreement for Inventory Financing is
made as of December 16, 1997 by and between Compucom Systems, Inc., a Delaware
corporation ("Customer") and IBM Credit Credit Corporation, a Delaware
corporation ("IBM Credit").
RECITALS:
A. Customer and IBM Credit have entered into that certain Agreement for
Inventory Financing dated as of September 20, 1996 (as amended, supplemented or
otherwise modified from time to time, the "Agreement").
B. The parties have agreed to modify the Agreement as more specifically
as set forth below, upon and subject to the terms and conditions set forth
herein.
C. IBM Credit is willing to accommodate Customer's request subject to the
conditions set forth below.
AGREEMENT
NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
Customer and IBM Credit hereby agree as follows:
Section 1. Definitions. All capitalized terms not otherwise defined herein
shall have the respective meanings set forth in the Agreement.
Section 2. Amendment. The Agreement is hereby amended by deleting Section 8.13
in its entirety and replacing with the following:
"8.13 Restriction on Accounts. Customer will not, without IBM Credit's prior
written consent, cause the "Maximum Net Investment", as defined in that certain
Transfer and Administration Agreement dated April 1, 1996 (as amended,
supplemented or otherwise modified from time to time) to exceed One Hundred
Seventy Five Million Dollars ($175,000,000)."
Section 3. Representations and Warranties. Customer makes to IBM Credit the
following representations and warranties all of which are material and are made
to induce IBM Credit to enter into this Amendment.
Section 3.1 Accuracy and Completeness of Warranties and Representations. All
representations made by Customer in the Agreement were true and accurate and
complete in every respect as of the date made, and, as amended by this
Amendment, all representations made by Customer in the Agreement are true,
accurate and complete in every material respect as of the date hereof, and do
not fail to disclose any material fact necessary to make representations not
misleading.
COMPUCOM AIFSMD (10/97) Page 1 of 2
Section 3.2 Violation of Other Agreements. The execution and delivery of this
Amendment and the performance and observance of the covenants to be performed
and observed hereunder do not violate or cause Customer not to be in compliance
with the terms of any agreement to which Customer is a party.
Section 3.3 Litigation. Except as has been disclosed by Customer to IBM Credit
in writing, there is no litigation, proceeding, investigation or labor dispute
pending or threatened against Customer, which if adversely determined, would
materially adversely affect Customer's ability to perform Customer's obligations
under the Agreement and the other documents, instruments and agreements executed
in connection therewith or pursuant hereto.
Section 3.4 Enforceability of Amendment. This Amendment has been duly
authorized, executed and delivered by Xxxxxxxx and is enforceable against
Customer in accordance with its terms.
Section 4. Ratification of Agreement. Except as specifically amended hereby,
all of the provisions of the Agreement shall remain unamended and in full force
and effect. Customer hereby, ratifies, confirms and agrees that the Agreement,
as amended hereby, represents a valid and enforceable obligation of Customer,
and is not subject to any claims, offsets or defenses.
Section 5. Governing Law. This Amendment shall be governed by and interpreted
in accordance with the laws which govern the Agreement.
Section 6. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be an original and all of which shall
constitute one agreement.
IN WITNESS WHEREOF, this Amendment has been executed by duly authorized
offices of the undersigned as of the day and year first above written.
COMPUCOM SYSTEMS, INC. IBM CREDIT CORPORATION
By: /s/ XXXXXX XXXXXX By: /s/ XXXXXX X. XXXXXX
---------------------------------- -------------------------------------
Name: Xxxxxx Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: V.P. - Finance Title: Credit-Account Operations Mgr.
ATTEST: ATTEST:
/s/ X. XXXXXX XXXXX /s/ XXX XXXXXX
------------------------------------- ----------------------------------------
Print Name: X. Xxxxxx Xxxxx Print Name: Xxx Xxxxxx
SVP-CFO
COMPUCOM AIFSMD (10/97) Page 2 of 2