Amendment No. 1 to Business Credit Agreement between CIBC and Pivotal Corporation
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Summary
This amendment updates the Business Credit Agreement between Canadian Imperial Bank of Commerce (CIBC) and Pivotal Corporation. It requires Pivotal to provide $1,600,000 USD in liquid security, held as money market investments by CIBC Wood Gundy Securities Inc., to support a letter of credit. Standard fees and documentation apply. The credit facilities remain at the discretion of the bank. The amendment is effective upon signature and does not change other terms of the original agreement.
EX-10.32 15 ex10_32.txt EXHIBIT 10.32 [CIBC LOGO] Amendment No. 1 to the Business Credit Agreement dated March 18, 1998 Between Canadian Imperial Bank of Commerce ("CIBC")and the Customer noted below -------------------------------------------------------------------------------- Customer: CIBC Branch/Centre: Pivotal Corporation 400 Burrard Street, 7th Floor 224 West Esplanade, Suite 300 Vancouver, B.C. North Vancouver, B.C. V2M 3M6 V6C 3A6 -------------------------------------------------------------------------------- Amendments. The Agreement is amended as follows: 1) $1,600,000 U.S. Letter of Credit. The following additional security is required for this facility: Liquid Security: Pledge of $1,600,000 U.S to be held by CIBC Wood Gundy Securities Inc. in the form of Money Market Investments. The Fees for this Letters of Credit are CIBC's standard L/C fees, minimum $150, plus out of pocket expenses. Plus the completion of our standard L/C documentation. The credit facilities will remain on a demand basis and at the pleasure of the Bank. Please indicate your acceptance of these amended terms by returning a signed copy of this Agreement by June 30, 2001, then it shall become null and void and of no further force and effect.
