Exhibit 10.47

 

WELLS FARGO FOOTHILL, INC.

Suite 3000 West

2450 Colorado Avenue

Santa Monica, California 90404

February 10, 2006

 

CellStar Corporation

601 S. Royal Lane

Coppell, Texas 75019

 

Attention: Mr. Mike Farrell

     Ms. Elaine Rodriguez

 

  Re: $85,000,000 Revolving Credit Facility

 

Gentlemen:

 

CellStar Corporation (“CellStar”), each of CellStar’s Subsidiaries signatory
thereto (together with CellStar, each an individual “Borrower”, and
collectively, the “Borrowers”), the lenders signatory thereto (the “Lenders”)
and WELLS FARGO FOOTHILL, INC., in its capacity as agent for the Lenders (the
“Agent”), have entered into that certain Loan and Security Agreement dated as of
September 28, 2001 (as amended, restated, supplemented or otherwise modified
prior to the date hereof, the “Existing Loan Agreement”).

 

Borrowers have requested that Wells Fargo Foothill, Inc. (“WFF”) agree to
arrange for the extension of the Maturity Date (as defined in the Existing Loan
Agreement) until September 27, 2009.

 

WFF is pleased to advise you that WFF hereby commits to provide to the Borrowers
on or before April 1, 2006 either (a) an extension of the Maturity Date of the
Existing Loan Agreement until September 27, 2009, or (b) if the Lenders are
unwilling to provide such extension, a senior secured credit facility in the
maximum aggregate principal amount of $85,000,000 (the “New Facility”), on the
same term and conditions contained in the Existing Loan Agreement with the sole
exception that the Maturity Date would be extended until September 27, 2009. Any
changes to the terms and conditions of the Existing Loan Agreement (other than
the extension of the Maturity Date until

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September 27, 2009) shall be subject to the consent of the Borrowers and WFF in
their sole discretion.

 

WFF shall not be deemed to have waived any term or condition of the Existing
Loan Agreement and all of the terms and conditions of the Existing Loan
Agreement are and shall remain in full force and effect.

 

This letter agreement, (i) supersedes all prior discussions, agreements,
commitments, arrangements, negotiations or understandings, whether oral or
written, of the parties with respect to the subject matter hereof; (ii) shall be
governed by the law of the State of Georgia; (iii) shall be binding upon the
parties and their respective successors and assigns, (iv) may not be relied upon
or enforced by any other person or entity, and (v) may be signed in multiple
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument. If this letter agreement
becomes the subject of a dispute, each of the parties hereto hereby waives trial
by jury. This letter agreement may be amended, modified or waived only in a
writing signed by each of the parties hereto.

 

Very truly yours,

WELLS FARGO FOOTHILL, INC.,

By:

 

/s/ Robert Bernier

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Name: Robert Bernier

   

Title: Vice President

 

Agreed and accepted on this

12th day of February, 2006:

 

CELLSTAR CORPORATION

By:

 

/s/ Michael J. Farrell

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Name:

 

Michael J. Farrell

   

Title:

 

Executive Vice President of Finance

 

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