Temporary Credit Line Increase Letter Agreement between IBM Credit LLC and Datatec Industries, Inc. (January 26, 2004)
IBM Credit LLC has temporarily increased Datatec Industries, Inc.'s credit line from $25 million to $26 million to cover recent payroll and company expenses. This increase is effective from January 23, 2004, to February 29, 2004, after which the credit line will revert to $25 million. All financing remains subject to the terms of the existing Inventory and Working Capital Financing Agreement and related documents between the parties.
Exhibit 10.2
IBM Credit LLC
January 26, 2004
Mr. Mark Hirschhorn
Datatec Industries, Inc.
23 Madison Road
Fairfield, NJ 07004
Dear Mr. Hirschhorn:
We are here to inform you that your current credit line of $25,000,000.00 has been temporarily increased to $26,000,000.00 based upon recent advance requests needed to fund payroll and other company expenses presented in excess of the $25,000,000.00 credit line. This temporary increase is effective for the period beginning January 23, 2004 and ending February 29, 2004. On March 1, 2004 your credit line will be reduced back to $25,000,000.00.
All financing provided to you by IBM Credit LLC under this temporary portion of the credit line and the base portion of the credit line are subject to the terms and conditions of the Inventory and Working Capital Financing Agreement (as amended from time to time) executed on November 10, 2000 and any other agreements executed by Datatec Industries, Inc. and IBM Credit LLC.
If you have any questions regarding this information, please call Bruce Gordon at ###-###-#### or Amy Baker at ###-###-####.
| Sincerely, | Acknowledged and Agreed to: |
| /s/ Kimberly Ramirez | /s/ Mark Hirschhorn |
| Kimberly Ramirez | Mark Hirschhorn |
| Loan Manager | CFO |
