Temporary Credit Line Increase Letter Agreement between IBM Credit LLC and Datatec Industries, Inc.
IBM Credit LLC has temporarily increased Datatec Industries, Inc.'s credit line from $25 million to $28 million to cover recent funding needs, such as payroll and company expenses. This increase is effective from June 3, 2003, to August 31, 2003, after which the credit line will revert to $25 million. All financing remains subject to the terms of the existing Inventory and Working Capital Agreement and any other agreements between the parties.
Exhibit 10.32
IBM Credit LLC
1500 RiverEdge Parkway
Atlanta, GA 30328
June 11, 2003
Mr. Mark Hirschhorn
Datatec Industries, Inc.
23 Madison Road
Fairfield, NJ 07004
Dear Mr. Hirschhorn:
We are here to inform you that you current credit line of $25,000,000.00 has been temporarily increased to $28,000,000.00 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 June 3, 2003 and ending August 31, 2003. ON August 31, 2003 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 Agreement (as amended from time to time) executed on November 10, 2000 and any other arrangements executed by Datatec Industries, Inc. and IBM Credit LLC.
If you have any questions regarding this information, please call Mike McGovern at ###-###-#### or Amy Baker at ###-###-####.
Sincerely, Acknowledged and Agreed to:
/s/ Kimberly Ramirez /s/ Mark Hirschhorn
Kimberly Ramirez Mark Hirschhorn
Loan Manager CFO
