Letter Agreement Extending Expiration Date and Fee Terms for Unisource Receivables Securitization Among Canadian Imperial Bank of Commerce, Asset Securitization Cooperative Corporation, Unisource Worldwide, Inc., and Portfolio Receivables, LLC

Contract Categories: Business Finance › Modification Agreements
Summary

This letter agreement, dated August 30, 2002, is between Canadian Imperial Bank of Commerce, Asset Securitization Cooperative Corporation, Unisource Worldwide, Inc., and Portfolio Receivables, LLC. It extends the expiration date for the purchase limit under two existing receivables sale agreements to December 18, 2002. Additionally, Unisource Worldwide, Inc. and Portfolio Receivables, LLC agree to pay a $200,000 fee to the servicing agent upon execution of this agreement. The agreement is effective upon signing by all parties.

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EX-10.3 5 dex103.htm LETTER AGREEMENT Prepared by R.R. Donnelley Financial -- Letter Agreement
EXHIBIT 10.3
 
August 30, 2002
 
Mr. Danny W. Huff
Executive Vice President- Finance, Chief Financial Officer
Georgia-Pacific Corporation
133 Peachtree Street N.E.
P.O. Box 105605
Atlanta, GA 30348
 
Re:    Unisource Receivables Securitization
 
Dear Mr. Huff,
 
Reference is hereby made to Section 2.1(c) of each of (i) the Receivables Sale Agreement, dated as of October 1, 1997, as amended (the “Primary Receivables Sale Agreement”), among Portfolio Receivables, LLC (the “Seller”), Unisource Worldwide, Inc. (the “Collection Agent”), Asset Securitization Cooperative Corporation and Canadian Imperial Bank of Commerce, as servicing agent (the “Servicing Agent”), and (ii) the Receivables Sale Agreement, dated as of October 1, 1997, as amended (the “Secondary Receivables Sale Agreement,” and together with the Primary Receivables Sale Agreement, the “Agreements”), among the Seller, the Collection Agent and Canadian Imperial Bank of Commerce, as purchaser and as servicing agent. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Agreements.
 
By signing this letter agreement, the parties hereto acknowledge and agree as follows:
 
 
(a)
 
As of the date hereof, the Expiration Date with respect to the Purchase Limit under the Agreements shall be December 18, 2002; and
 
 
(b)
 
In conjunction with the above extension and the Agreements, as amended, the Collection Agent and the Seller, jointly and severally, shall pay to the Servicing Agent a fee in the amount of $200,000 upon the execution of this letter agreement.

 
If you are in agreement with the foregoing, kindly sign and return to us the enclosed copy of this letter agreement.
 
Very truly yours,
 
CANADIAN IMPERIAL BANK OF COMMERCE
By:
  
/s/    JAMES W. LEES        
   
Name: James W. Lees
Title: Authorized Signatory
 
By:
  
/s/    CALLUM SUTHERLAND        
   
Name: Callum Sutherland
Title: Authorized Signatory
 
ASSET SECURITIZATION COOPERATIVE CORPORATION
By:
  
/s/    JOHN GEVLIN         
   
Name: John Gevlin
Title: Vice President and CFO
 
Accepted and agreed to as of the date first above written:
 
UNISOURCE WORLDWIDE, INC.
By:
  
/s/    DANNY W. HUFF         
   
Name: Danny Huff
Title: Executive Vice-President and Chief Financial Officer
 
PORTFOLIO RECEIVABLES, LLC
By:
  
/s/    DANNY W. HUFF         
   
Name: Danny Huff
Title: Executive Vice-President and Chief Financial Officer