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Exhibit 10.7.a
ITT COMMERCIAL FINANCE
[ITT LETTERHEAD]
December 7, 1993
Xxxxxxx Xxxxxx
Manchester Equipment Company, Inc.
00 Xxxxxx Xxxx.
Hauppauge, NY 11788
Dear Xxxx:
Thank you for providing us the opportunity to handle your inventory
financing needs. We have established a $500,000.00 credit line to finance your
Apple product upon receipt of the following conditions:
1. UCC-ls (received)
2. Agreement for Wholesale Financing (received)
3. Subordination Agreements from all prior broad lien filers on Apple
product
4. Proper insurance coverage with ITTCMP listed as loss payee
In order to avoid any delays in approving orders, please make sure we
receive all the conditions within 30 days from receipt of this letter, as your
file will have to be resubmitted for approval if we receive them after that
time frame. If you sense a serious problem with the conditions or something
that might cause a lengthy delay please call.
In addition we will need the following information from you on a
regular basis:
Quarterly Financial Statements
In this 30 interest free program, inventory is financed by total
amounts with scheduled payments made in installments.
In order to simplify payments, we have established common note dates of the
5th, 15th, and 25th.
If the invoice is dated Common note date
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from the 1st to the 10th 5th
from the 11th to the 20th 15th
from the 21st to the 31st 25th
When making payments use the following address:
Regular Mail Payments Express Mail Payments
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ITT Commercial Finance Corp. Provident National Bank
P.O. Box 7780-3070 000 X. 00xx Xxxxxx
Xxxxxxxxxxxx, XX 00000-0000 Xxxxxxxxxxxx, XX 00000
Account # 000-000-0 Attn: Lock Box Department
4th floor
c/o Lockbox #7780-3070
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I have included a Policy and Procedure Newsletter which details standard
procedures. Hopefully this will help clarify any questions you might have
regarding what we require.
As with any new relationship it takes a while to get to know each
other. If you have any questions about the terms of your financing program
please feel free to contact Xxxxx Xxxxx, your Account Manager or Xxxx
Xxxxxxx, Branch Manager. All of us at ITT are eager to respond to your needs
quickly and effectively. I have also included an organizational chart of the
office to keep on hand.
At ITT Commercial Finance, we pride ourselves on providing quality
customer service and innovative financing programs. We will do our best to
warrant the confidence you have placed in us, and we look forward to a strong
and mutually beneficial relationship for both our companies. I am available at
your convenience to discuss any additional financing needs. Please feel free to
call me anytime.
Sincerely,
/s/ XxxxXxxxx Xxxxxxx
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XxxxXxxxx Xxxxxxx
Sales Support Manager
CONFIRMATION
This is to confirm receipt of this letter. Please sign below and send back to
our office in the enclosed envelope.
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By:
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Its:
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