Amendment to Factoring Agreement between Fortis Commercial Finance N.V. and Supplies Distributors S.A.

Summary

This amendment updates the factoring agreement between Fortis Commercial Finance N.V. and Supplies Distributors S.A. dated March 31, 2002. It increases the maximum credit facility to 7,500,000 EUR and allows the client to take out straight loans with a minimum of 125,000 EUR. It also adds a condition that if Supplies Distributors S.A.'s tangible net worth falls below 2,000,000 EUR or 10% of total assets, Fortis may take over collection of debts. Both parties have agreed to these changes as of October 23, 2002.

EX-10.29 6 d04449exv10w29.txt AMENDMENT TO FACTORING AGREEMENT EXHIBIT 10.29 Post Address: SUPPLIES DISTRIBUTORS SA Rue Louis Bleriot 5 (FORTIS LETTERHEAD) 4460 GRACE-HOLOGNE Date 23rd October 2002 Our Ref. Legal Department JC/kc 337500 Dear Madam, Dear Sir, Re: Factoring agreement of 31st March 2002 Modification of the Particular Conditions: Section 7 and 13 Our board has decided to modify the particular conditions. We therefore send you enclosed the relative endorsement to the agreement. We kindly request you to sign both copies and to return them to us. The original document, signed by our company, will be returned to you afterwards. Looking forward to a further pleasant cooperation and always at your service, we remain. yours sincerely, /s/ THIERRY LIBERMAN ------------------------ Thierry Liberman Legal Department /s/ JULIEN CIOLS ------------------------ Head Legal Department Encl.: endorsement IV (FORTIS LOGO) (FORTIS COMMERCIAL FINANCE WATERMARK) ENDORSEMENT IV TO THE FACTORING AGREEMENT OF MARCH 31st, 2002 Between, Fortis Commercial Finance N.V. located at Turnhout, Steenweg op Tielen 51 and Supplies Distributors S.A. located at Grace Hologne, rue Louis Bleriot 5 has been agreed to modify Section 7 and 13 of the Particular Conditions as follows: Section 7. MAXIMUM CREDIT FACILITY: 7.500.000 EUR Within this credit facility, the client is granted the facility to take out straight loans with a minimum of 125.000 EUR at the interest conditions stipulated hereafter. Section 13. RESOLUTORY CONDITION: If the tangible net worth of the Company Supplies Distributors S.A., calculated as follows: Equity - - goodwill - - bad debt not provided for - - intercompany debt - - current account shareholders + intercompany credit + subordinated long term debt + current account shareholders credit is less than 2.000.000 EUR or less than 10% of the total assets, the factor has the right to take over the dunning of the debtors. Made out in duplicate at Turnhout on October 23rd, 2002. Supplies Distributors SA N.V. Fortis Commercial Finance /s/ MARTIN BLANEY /s/ WALTER ELMORE - ---------------------------- ------------------------------- Martin Blaney Walter Elmore Managing Director Director