Amendment to Private Label Business Credit Program Agreement between GE Capital Financial Inc. and LESCO Parties (February 2004)
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Summary
This agreement amends the existing Private Label Business Credit Program Agreement between GE Capital Financial Inc. and the LESCO Parties (LESCO, Inc., LESCO Services, Inc., AIM Lawn & Garden Products, Inc., and LESCO Technologies, LLC). It adds new credit-based promotional options with four- and five-month deferred payment periods, specifying the associated promotional fees and interest rate adjustments. All other terms of the original agreement remain unchanged, and the new promotions are subject to the original agreement’s conditions.
EX-10.M 4 l24259aexv10wm.htm EX-10(M) EX-10(M)
[GE LOGO]
Exhibit 10(m)
GE Capital Financial
GE Capital Financial Inc.
4246 South Riverboat Road, Salt Lake City, UT 84123
801 ###-###-####
4246 South Riverboat Road, Salt Lake City, UT 84123
801 ###-###-####
February 12, 2004
LESCO, Inc
15885 Sprague Road
Strongsville, Ohio 44136
Attention: Jeff Rutherford, Chief Financial Officer
15885 Sprague Road
Strongsville, Ohio 44136
Attention: Jeff Rutherford, Chief Financial Officer
Re: Credit Based Promotion Pricing Adjustments
Jeff:
Reference is made to that certain Private Label Business Credit Program Agreement, dated as of December 16, 2003 (the Program Agreement) by and among LESCO, Inc., an Ohio corporation (LESCO), LESCO Services, Inc., an Ohio corporation (LSI), AIM Lawn & Garden Products, Inc, an Ohio corporation (AIM), and LESCO Technologies, LLC, a Nevada limited liability company (LTLLC and together with LESCO, LSI and AIM, the LESCO Parties), on the one hand, and GE Capital Financial Inc, a Utah industrial loan corporation (Bank), on the other. Capitalized terms not otherwise defined herein shall have the meaning given to such terms set forth in the Program Agreement.
As you know, the Program Agreement contemplates that the LESCO Parties and Bank may, from time to time offer credit based promotions to the commercial customers of the LESCO Parties. The terms of those promotions available as of the Program Commencement Date are set forth on Schedule 3.5(d) of the Program Agreement. You have requested that Bank amend Schedule 3.5(d) to provide for additional credit based promotions covering four and five month deferred payment periods. Subject to the terms and conditions contained in this letter agreement, Bank is willing to provide such additional credit based promotions. The newly added credit based promotions and the corresponding Promotional Fee Percentages and interest rate adjustments are set forth on the attached amended Schedule 3.5(d), which is hereby incorporated by reference into the Program Agreement.
Except as specifically amended hereby, the Program Agreement, and all terms contained therein, remains in full force and effect and the newly added credit based promotions reflected in the attached amended Schedule 3.5(d) shall be subject to the terms and conditions of the Program Agreement, including the re-pricing and interest adjustment provisions of Article 3. The Program Agreement, as amended by this letter agreement, constitutes the entire understanding of the parties with respect to the subject matter hereof.
This letter agreement may be executed in counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one agreement.
The execution, delivery and performance of this letter agreement has been duly authorized by all requisite corporate action on the part of the LESCO Parties and Bank and upon execution by each party, will constitute a legal, binding obligation thereof.
Very truly yours, GE CAPITAL FINANCIAL INC. | ||||
By: | /s/ Brent P. Wallace | |||
Name: | Brent P. Wallace | |||
Title: | Executive Vice President-CFO | |||
Acknowledged and agreed to this 27th day of February, 2004
THE LESCO PARTIES: LESCO, INC. | ||||
By: | /s/ Jeffrey Rutherford | |||
Name: | Jeffrey Rutherford | |||
Its: Senior Vice President and Chief Financial Officer | ||||
LESCO SERVICES, INC. | ||||
By: | /s/ Jeffrey Rutherford | |||
Name: | Jeffrey Rutherford | |||
Its: Vice President and Chief Financial Officer | ||||
LESCO TECHNOLOGIES, LLC | ||||
By: | /s/ Jeffrey Rutherford | |||
Name: | Jeffrey Rutherford | |||
Its: Vice President and Chief Financial Officer | ||||
AIM LAWN & GARDEN PRODUCTS, INC. | ||||
By: | /s/ Jeffrey Rutherford | |||
Name: | Jeffrey Rutherford | |||
Its: Vice President and Chief Financial Officer | ||||
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SCHEDULE 3.5(d)
To
Business Credit Program Agreement
To
Business Credit Program Agreement
Initial Promotional Fee Percentages
Available as of the Program Commencement Date
Available as of the Program Commencement Date
I. Promotional Fee Percentages. The following chart sets forth the Promotional Fee Percentages applicable to the Program as of the Program Commencement Date. Also set forth are the Interest Rate Adjustments contemplated by Section 3.6.
Credit Based Promotions | Promotional Fee Percentages | Interest Rate | Interest Rate | |||||||||||||
Adjustment Per | Adjustment Per 25 | |||||||||||||||
25 Basis Points | Basis Points | |||||||||||||||
Deferred Payment Periods | Prox Accounts | BRC Accounts | Prox Accounts | BRC Accounts | ||||||||||||
3 Months | 2.81 | % | 2,79 | % | 7bps | 4bps | ||||||||||
4 Months | 3.40 | % | 4.68 | % | 9bps | 7bps | ||||||||||
5 Months | 3.96 | % | 6.16 | % | 11bps | 9bps | ||||||||||
6 Months | 4.59 | % | 7.67 | % | 13bps | 11bps | ||||||||||
7 Months | 4.99 | % | 8.61 | % | 15bps | 12bps | ||||||||||
8 Months | 5.47 | % | 10.24 | % | 17bps | 14bps | ||||||||||
9 Months | 5.90 | % | 11.45 | % | 19bps | 16bps |
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