QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.32

AMENDMENT
TO
AGREEMENT FOR INVENTORY FINANCING

        This Amendment ("Amendment") to the Agreement for Inventory Financing is
made as of November 21, 2002 by and between En Pointe Technologies Sales, Inc.,
duly organized under the laws of the State of Delaware ("Customer") and IBM
Credit Corporation, a Delaware corporation ("IBM Credit").

RECITALS:

        A.    Customer and IBM Credit have entered into that certain Agreement
for Inventory Financing ("AIF") dated as of December 28, 2001(as amended,
supplemented or otherwise modified from time to time, the "Agreement");

        B.    Customer has requested and IBM Credit agrees to (i) extend the
Termination Date of the Agreement and (ii) revise financial covenants;

        C.    IBM Credit desires and Customer agrees to ensure that Customer's
inventory on hand financed by IBM Credit shall not exceed Three Million Dollars
($3,000,000), in which event Customer will be placed on credit hold;

AGREEMENT

        NOW THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Customer and IBM Credit hereby agree as follows:

        Section 1.    Definitions.    All capitalized terms not otherwise
defined herein shall have the respective meanings set forth in the Agreement.

        Section 2.    Amendment to Attachment A.    Attachment A to the
Agreement is hereby amended by deleting such Attachment A in its entirety and
substituting, in lieu thereof, the Attachment A attached hereto. Such new
Attachment A shall be effective as of the date specified in the new Attachment
A. The changes contained in the new Attachment A include, without limitation,
the following:

        (a)  Section II.B)(i), is hereby amended by inserting the following at
the end of the section:

        "Notwithstanding the foregoing, Product Advances will not be granted if
Customer's inventory on hand that is financed by IBM Credit exceeds Three
Million Dollars ($3,000,000), as reflected in the daily Inventory Report
described in Section 7.1(K) of the AIF. Customer shall be placed on credit hold
and be given ten (10) days to cure, after which time Customer shall be in
default."

1

--------------------------------------------------------------------------------

        (b)  Customer shall be required to maintain the following financial
percentage(s), ratio(s) and amount(s) as of the last day of the fiscal period
under review by IBM Credit:

(i)Minimum EBITDA. EBITDA, measured on a fiscal quarter-end basis of not less
than the required amount set forth in the following table for the applicable
period set forth opposite thereto;

Applicable Covenant
Amount (Old)

--------------------------------------------------------------------------------

  Applicable Covenant
Amount (New)

--------------------------------------------------------------------------------

  Applicable Period

--------------------------------------------------------------------------------

$ 0   $ (3,800,000 ) For the 12 month period ending September 30, 2002 $ 300,000
  $ (2,250,000 ) For the 12 month period ending December 31, 2002 $ 700,000   $
(1,500,000 ) For the 12 month period ending March 31, 2003 $ 1,200,000   $
1,200,000   For the 12 month period ending June 30, 2003 $ 1,700,000   $
2,500,000   For the 12 month period ending September 30, 2003 $ 2,000,000   $
2,500,000   For the 12 month period ending each fiscal quarter and thereafter

(ii)Tangible Net Worth. Tangible Net Worth of at least $17,000,000 for each
fiscal quarter-end.

(iii)Capital Expenditures. Capital expenditures shall not exceed $1,200,000 in
any fiscal year.

        Section 3.    Amendment to Agreement.    The Agreement is hereby amended
as follows:

        (1)  The definition of "Termination Date" in Section 1.1 of the
Agreement is hereby amended by deleting it in its entirety and substituting, in
lieu thereof, the following definition:

        "Termination Date": shall mean December 28, 2003 or such other date as
IBM Credit and the Customer may agree to from time to time.""

        (2)  Section 9.1. of the Agreement is hereby amended by inserting the
following new Subsection immediately following Subsection (R):

        "(S) In the event Customer's on hand inventory that is financed by IBM
Credit exceeds Three Million Dollars ($3,000,000), as reflected in the daily
Inventory Report described in Section 7.1(K) herein, Customer shall be placed on
credit hold and be given ten (10) days to cure, after which time Customer shall
be in default"

        Section 4.    Conditions to Effectiveness.    The conditions set forth
in Section 2 and Section 3 hereof shall become effective upon the receipt by IBM
Credit of this Amendment executed by Customer on or prior to November 25, 2002.

        Section 5.    Representations and Warranties.    Customer makes to IBM
Credit the following representations and warranties all of which are material
and are made to induce IBM Credit to enter into this Amendment.

        Section 5.1    Accuracy and Completeness of Warranties and
Representations.    All representations made by Customer in the Agreement were
true and accurate and complete in every material respect as of the date made,
and, as amended by this Amendment, all representations made by Customer in the
Agreement are true, accurate and complete in every material respect as of the
date hereof, and do not fail to disclose any material fact necessary to make
representations not misleading.

2

--------------------------------------------------------------------------------

        Section 5.2    Violation of Other Agreements.    The execution and
delivery of this Amendment and the performance and observance of the covenants
to be performed and observed hereunder do not violate or cause Customer not to
be in compliance with the terms of any material agreement to which Customer is a
party.

        Section 5.3    Litigation.    Except as has been disclosed by Customer
to IBM Credit in writing, there is no litigation, proceeding, investigation or
labor dispute pending or, to the best of the Customer's knowledge, threatened
against Customer, which, if adversely determined, would materially adversely
affect Customer's ability to perform Customer's obligations under the Agreement
and the other documents, instruments and agreements executed in connection
therewith or pursuant hereto.

        Section 5.4    Enforceability of Amendment.    This Amendment and all of
the other documents executed and delivered by the Customer in connection
herewith are the legal, valid and binding obligations of Customer, and are
enforceable in accordance with their terms, except as such enforceability may be
limited by the effect of any applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or similar laws affecting creditors' rights
generally or the general equitable principles relating thereto.

        Section 6.    Ratification of Agreement.    Except as specifically
amended hereby, all of the provisions of the Agreement shall remain unamended
and in full force and effect. Customer hereby ratifies, confirms and agrees that
the Agreement, as amended hereby, represents a valid and enforceable obligation
of Customer, and is not subject to any claims, offsets or defenses.

        Section 7.    Governing Law.    This Amendment shall be governed by and
interpreted in accordance with the laws which govern the Agreement.

        Section 8.    Counterparts.    This Amendment may be executed in any
number of counterparts, each of which shall be an original and all of which
shall constitute one agreement.

        IN WITNESS WHEREOF, this Amendment has been executed by duly authorized
officers of the undersigned as of the day and year first above written.

En Pointe Technologies Sales, Inc.   IBM Credit Corporation
By:
 
 
 
By:
 
     

--------------------------------------------------------------------------------

     

--------------------------------------------------------------------------------

Print Name:
 
 
 
Print Name:
 
     

--------------------------------------------------------------------------------

     

--------------------------------------------------------------------------------

Title:
 
 
 
Title:
 
     

--------------------------------------------------------------------------------

     

--------------------------------------------------------------------------------

Date:
 
 
 
Date:
 
     

--------------------------------------------------------------------------------

     

--------------------------------------------------------------------------------

ATTEST:
 
 
 
ATTEST:
 
                  

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

Print Name:
 
 
 
Print Name:
 
     

--------------------------------------------------------------------------------

     

--------------------------------------------------------------------------------

3

--------------------------------------------------------------------------------

ATTACHMENT A ("AIF ATTACHMENT A") TO
AGREEMENT FOR INVENTORY FINANCING ("AIF AGREEMENT")
DATED DECEMBER 28, 2001

EFFECTIVE DATE OF THIS ATTACHMENT A: November 21, 2002

        SECTION I.    CUSTOMER:    

        CUSTOMER: En Pointe Technologies Sales, Inc.

        Customer's Organization No. (assigned by State of Organization): DE
2772959

        SECTION II.    Fees, Rates and Repayment Terms:    

A)Credit Line: Twenty Million Dollars ($20,000,00.00);

B)Borrowing Base:

        (i)    100% of the Customer's inventory in the Customer's possession as
of the date of determination as reflected in the Customer's most recent
Collateral Management Report constituting Products (other than service parts)
financed through a Product Advance by IBM Credit, so long as (i) IBM Credit has
a first priority security interest in such Products; (ii) such Products are in
new and unopened boxes, and (iii) the invoice date reflecting the sale of such
Products by Authorized Supplier is not greater than one hundred eighty
(180) days prior to the date of determination. The value to be assigned to such
inventory shall be based upon the Authorized Supplier's invoice price to
Customer for Products net of all applicable price reduction credits.
Notwithstanding the foregoing, Product Advances will not be granted if
Customer's inventory on hand that is financed by IBM Credit exceeds Three
Million Dollars ($3,000,000) as reflected in the daily Inventory Report
described in Section 7.1(K) of the AIF. Customer shall be placed on credit hold
and be given ten (10) days to cure, after which time Customer will be in
default.

C)Collateral Insurance Amount: Twelve Million Dollars ($12,000,000.00)

D)Delinquency Fee Rate: Prime Rate plus 6.500%

E)Free Financing Period Exclusion Fee: For each Product Advance made by IBM
Credit pursuant to Customer's financing plan where there is no Free Financing
Period associated with such Product Advance there will be a fee equal to the
Free Financing Period Exclusion Fee. For a 30 day payment plan when Prime Rate
is 8% the Free Financing Period Exclusion Fee is 1.08% of the invoice amount.

        This fee will vary by .0125% with each .25% change in Prime Rate (e.g.
Prime Rate of 7.25%, the charge is 1.0425% of the invoice amount). The fee
accrues as of the Date of Note and is payable as stated in the billing
Statement.

F)Other Charges:

    (i)   Application Processing Fee:   None.
 
 
(ii)
 
Monthly Service Fee:
 
$1,000.00
 
 
(iii)
 
Closing Fee:
 
None.
 
 
(iv)
 
Commitment Fee:
 
None.

        SECTION III.    Financial Covenants:    Definitions: The following terms
shall have the following respective meanings in this Attachment A. All amounts
shall be determined in accordance with generally accepted accounting principles
(GAAP).

1

--------------------------------------------------------------------------------

        "EBITDA" means, with respect to any fiscal period, the consolidated net
earnings (or loss) of Parent and its Subsidiaries, minusextraordinary gains,
plus interest expense, income taxes, and depreciation and amortization for such
period, as determined in accordance with GAAP.

        "Intangible Assets" means, with respect to any Person, that portion of
the book value of all of such Person's assets that would be treated as
intangibles under GAAP.

        "Tangible Net Worth" means, as of any date of determination, the result
of (a) Customer's total stockholder's equity, minus(b) the sum of (i) all
Intangible Assets of Customer, (ii) all of Customer's prepaid expenses, and
(iii) all amounts due to Customer from Affiliates.

        Customer will be required to maintain the following financial ratios,
percentages and amounts as of the last day of the fiscal period under review by
IBM Credit:

        (i)    Minimum EBITDA. EBITDA, measured on a fiscal quarter-end basis,
of not less than the required amount set forth in the following table for the
applicable period set forth opposite thereto;

Applicable Amount

--------------------------------------------------------------------------------

  Applicable Period

--------------------------------------------------------------------------------

$ (3,800,000 ) For the 12 month period ending September 30, 2002 $ (2,250,000 )
For the 12 month period ending December 31, 2002 $ (1,500,000 ) For the 12 month
period ending March 31, 2003 $ 1,200,000   For the 12 month period ending June
30, 2003 $ 2,500,000   For the 12 month period ending September 30, 2003 $
2,500,000   For the 12 month period ending each fiscal quarter and thereafter

        (ii)  Tangible Net Worth. Tangible Net Worth of at least $17,000,000 for
each fiscal quarter-end.

        (iii)  Capital Expenditures. Capital expenditures shall not exceeed
$1,200,000 in any fiscal year.

        SECTION IV.    Additional Conditions Precedent Pursuant to Section 5.1
(J) of the Agreement:    

•Collateralized guaranties from each of En Point Technologies, Inc. and En
Pointe Technologies Ventures, Inc.;

•Subordination or Intercreditor Agreements from all creditors having a lien
which is superior to IBM Credit in any assets that IBM Credit relies on to
satisfy Customer's obligations to IBM Credit;

•A Compliance Certificate as to Customer's compliance with the financial
covenants set forth in Attachment A as of the last fiscal month of Customer for
which financial statements have been published;

•Termination or release of Uniform Commercial Code filing by another creditor as
required by IBM Credit;

•A copy of an all-risk insurance certificate pursuant to Section 7.8 (B) of the
Agreement.

2

--------------------------------------------------------------------------------

QuickLinks

Exhibit 10.32
AMENDMENT TO AGREEMENT FOR INVENTORY FINANCING
RECITALS
AGREEMENT
ATTACHMENT A ("AIF ATTACHMENT A") TO AGREEMENT FOR INVENTORY FINANCING ("AIF
AGREEMENT") DATED DECEMBER 28, 2001