Exhibit 4.11 

**LIMITED GUARANTY**

**THIS GUARANTY** dated as ofDecember 22, 2009 (as amended, supplemented, amended and restated or otherwise modified from time to time, the **“Guaranty”**), is made by the undersigned Guarantor (“**Guarantor**”) to Comerica Bank, aTexas banking association (“**Comerica**”), as Administrative Agent for and on behalf of the Lenders (as defined below) (in such capacity, the “**Agent**”). 

**RECITALS:**

A. Software Brokers of America, Inc., a Florida corporation (“**Borrower**” and together with any other Persons that may from time to time become parties to the Credit Agreement as borrowers, the“**Borrowers**”), has entered into that certain Revolving Credit Agreement dated as of December 22, 2009 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “**CreditAgreement**”) with each of the financial institutions party thereto (collectively, including their respective successors and assigns, the “**Lenders**”) and the Agent, pursuant to which the Lenders have agreed, subjectto the satisfaction of certain terms and conditions, to extend or to continue to extend financial accommodations to the Borrowers, as provided therein. 

B. As a condition to entering into and performing their respective obligations under the Credit Agreement, the Lenders and the Agent have required that the Guarantor provide to the Agent, for and onbehalf of the Lenders, this Guaranty. 

C. The Guarantor desires to see the success of the Borrowers. Furthermore, theGuarantor shall receive direct and/or indirect benefits from extensions of credit made or to be made pursuant to the Credit Agreement to the Borrowers. 

D. The business operations of the Borrowers and the Guarantor are interrelated and omplement one another, and such entities have a common business purpose, with intercompany bookkeeping and accountingadjustments used to separate their respective properties, liabilities, and transactions. To permit their uninterrupted and continuous operations, such entities now require and will from time to time hereafter require funds and credit accommodationsfor general business purposes, and the proceeds of advances under the credit facilities extended under the Credit Agreement will directly or indirectly benefit the Borrowers and the Guarantor hereunder, severally and jointly. 

E. The Agent is acting as agent for the Lenders pursuant to **Section 12** of the Credit Agreement. 

**NOW, THEREFORE**, to induce each of the Lenders to enter into and perform its obligations under the Credit Agreement, the Guarantor hasexecuted and delivered this Guaranty. 

**1. Definitions**. As used in this Guaranty, capitalized terms not otherwisedefined herein have the meanings provided for such terms in the Credit Agreement. The term “Lenders” as used herein shall include any successors or assigns of the Lenders in accordance with the Credit Agreement. In addition, the followingterm shall have the following meaning: 

“**Guaranteed Obligations**” shall mean, collectively, allIndebtedness of the Borrowers (as defined in the Credit Agreement) (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after maturity thereof and accruing on or after the filing of anypetition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding by or against the Borrowers or any one of them, whether or not a claim for post-filing or post-petition interest is allowed in such a proceeding andincluding, without limitation, interest at the highest allowable per annum rate specified in any document, instrument or agreement applicable to any of the Indebtedness), and all other liabilities and obligations of any Borrower, in each casewhether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred, which may arise under, out of, or in connection with the Credit Agreement, this Guaranty and the other Loan Documents. 

**2. Limitation**. The total obligation of the Guarantor under this Guaranty is **LIMITED** as specifically set forth in**Section 20** hereof, and this obligation shall include, IN ADDITION TO any limited amount of principal guaranteed, all interest on that limited amount, and all costs incurred by the Agent or any Lender in collection efforts againstthe Borrowers and/or the Guarantor, or any of them, or otherwise incurred by the Agent or any Lender in any way relating to the Indebtedness, or this Guaranty, including without limit reasonable attorney fees. The Guarantor agrees that (a) thelimitation on the total obligations of the Guarantor shall not be a limitation on the amount of Borrowers’ Indebtedness or any other obligations and liabilities to the Agent or any Lender; (b) any payments by the Guarantor shall not reducethe maximum liability of the Guarantor under this Guaranty unless written notice to that effect is actually received by the Agent or any Lender at, or prior to, the time of the payment, and (c) the liability of the Guarantor to the Agent andthe Lenders shall at all times be deemed to be the aggregate liability of the Guarantor under this Guaranty plus any other obligation of the Guarantor to the Agent or any Lender undertaken by the Guarantor after the date hereof. 

**3. Guaranty**. The Guarantor hereby guarantees to the Lenders the due and punctual payment to the Lenders when due, whether byacceleration or otherwise, and performance of the Guaranteed Obligations. The Guarantor further agrees to pay any and all expenses (including reasonable attorneys’ fees), that may be paid or incurred by the Agent or any Lender in enforcing orpreserving rights with respect to or collecting any or all of the Guaranteed Obligations and/or enforcing any rights with respect to, or collecting against the Guarantor under this Guaranty. 

 

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**4. Unconditional Character of Guaranty**. The obligations of the Guarantor underthis Guaranty shall be absolute and unconditional, and shall be a guaranty of payment and not of collection, irrespective of the validity, regularity or enforceability of the Credit Agreement or any of the other Loan Documents, or any provisionthereof, the absence of any action to enforce the same, any waiver or consent with respect to or any amendment of any provision thereof (provided that any amendment of this Guaranty shall be in accordance with the terms hereof), the recovery of anyjudgment against any Person or action to enforce the same, any failure or delay in the enforcement of the obligations of any Credit Party under the Credit Agreement or any of the other Loan Documents, or any setoff, counterclaim, recoupment,limitation, defense or termination whether with or without notice to the Guarantor. The Guarantor hereby waives diligence, demand for payment, filing of claims with any court, any proceeding to enforce any provision of the Credit Agreement or any ofthe other Loan Documents, any right to require a proceeding first against the Borrowers or any one of them or against any other guarantor or Person providing collateral, or to exhaust any security for the performance of the obligations of theBorrowers or any one of them, any protest, presentment, notice or demand whatsoever, and the Guarantor hereby covenants that this Guaranty shall not be terminated, discharged or released until, subject to **Section 15** hereof, finalpayment in full of all of the Guaranteed Obligations due or to become due and the termination of any and all commitments of Agent, Issuing Lender, Swing Line Lender and the Lenders to extend credit (whether optional or obligatory) under the CreditAgreement or any other Loan Document, and only to the extent of any such payment, performance and discharge. The Guarantor hereby further covenants that no security now or subsequently held by the Agent or the Lenders for the payment of theGuaranteed Obligations (including, without limitation, any security for any of the foregoing), whether in the nature of a security interest, pledge, lien, assignment, setoff, suretyship, guaranty, indemnity, insurance or otherwise, and no act,omission or other conduct of the Agent or the Lenders in respect of such security, shall affect in any manner whatsoever the unconditional obligations of this Guaranty, and that the Agent and each of the Lenders in their respective sole discretionand without notice to the Guarantor, may release, exchange, enforce, apply the proceeds of and otherwise deal with any such security without affecting in any manner the unconditional obligations of this Guaranty. 

Without limiting the generality of the foregoing, the obligations of the Guarantor under this Guaranty, and the rights of the Agent toenforce the same, on behalf of the Lenders by proceedings, whether by action at law, suit in equity or otherwise, shall not be in any way affected to the extent permitted by applicable law, by (i) any insolvency, bankruptcy, liquidation,reorganization, readjustment, composition, dissolution, winding up or other proceeding involving or affecting the Borrowers or any one of them, the Guarantor any other guarantor or any other Person or any of their respective Affiliates including anydischarge of, or bar or stay against collecting, all or any of the Guaranteed Obligations in or as a result of any such proceeding; (ii) any change in the ownership of any of the capital stock (or other ownership interests) of the Lenders, theGuarantor, any other guarantor or any other Person providing collateral for any of the Guaranteed Obligations, or any of their respective Affiliates; (iii) the election by the Agent or any Lender, in any bankruptcy proceeding of any Person, toapply or not apply Section 1111(b)(2) of the Bankruptcy Code; (iv) any extension of credit or the grant of any security interest or lien under the Bankruptcy Code; (v) any agreement or stipulation with respect to the provision ofadequate protection in any bankruptcy proceeding of any Person; (vi) the avoidance of any security interest or lien in favor of the Agent or any Lender for any reason; (vii) any action taken by the Agent or any Lender that is authorized bythis paragraph or any other provision of this Guaranty; or (viii) any other principle or provision of law, statutory or otherwise, which is or might be in conflict with the terms hereof. 

 

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**5. Waivers**. The Guarantor hereby waives to the fullest extent possible underapplicable law: 

(a) any defense based upon the doctrine of marshaling of assets or upon an election of remedies by Agent orthe Lenders, including, without limitation, an election to proceed by non-judicial rather than judicial foreclosure; 

(b) anydefense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; 

(c) any duty on the part of Agent or any of the Lenders to disclose to the Guarantor any facts Agent or the Lenders may now or hereafterknow about the Borrowers, regardless of whether Agent or any Lender has reason to believe that any such facts materially increase the risk beyond that which the Guarantor intends to assume or has reason to believe that such facts are unknown to theGuarantor or has a reasonable opportunity to communicate such facts to the Guarantor; 

(d) any other event or action(excluding compliance by the Guarantor with the provisions hereof) that would result in the discharge by operation of law or otherwise of the Guarantor from the performance or observance of any obligation, covenant or agreement contained in thisGuaranty; and 

(e) all rights to participate in any security now or hereafter held by the Agent or any Lender. 

The Guarantor acknowledges and agrees that this is a knowing and informed waiver of the undersigned’s rights as discussed above andthat the Agent and the Lenders are relying on this waiver in extending credit to the Borrowers. 

**6. Waiver ofSubrogation**. The Guarantor hereby waives any claim for reimbursement, contribution, exoneration, indemnity or subrogation, or any other similar claim, which the Guarantor may have or obtain against the Borrowers or any one of them, by reasonof the existence of this Guaranty, or by reason of the payment by the Guarantor of any of the Guaranteed Obligations or the performance of this Guaranty, the Credit Agreement or any of the other Loan Documents, until the Guaranteed Obligations havebeen repaid and discharged in full, no Letters of Credit shall remain outstanding and all commitments to extend credit under the Credit Agreement or any of the other Loan Documents (whether optional or obligatory) have been terminated. Any amountspaid to the Guarantor on account of any such claim at any time when the obligations of the Guarantor under this Guaranty shall not have been fully and finally paid shall be held by the Guarantor in trust for Agent and the Lenders, segregated fromother funds of the Guarantor, and forthwith upon receipt by the Guarantor shall be turned over to Agent in the exact form received by the Guarantor (duly endorsed to Agent by the Guarantor, if required), to be applied to the Guarantor’sobligations under this Guaranty, whether matured or unmatured, in such order and manner as Agent may determine. 

The Guarantoracknowledges and agrees that this is a knowing and informed waiver of the undersigned’s rights as discussed above and that the Agent and the Lenders are relying on this waiver in extending credit to the Borrowers. 

 

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**7. Other Transactions**. The Agent and each of the Lenders may deal with theBorrowers and any security held by them for the obligations of the Borrowers in the same manner and as freely as if this Guaranty did not exist and the Agent shall be entitled, on behalf of the Lenders, without notice to the Guarantor, among otherthings, to grant to the Borrowers or any one of them such extension or extensions of time to perform any act or acts as may seem advisable to the Agent (on behalf of the Lenders) at any time and from time to time, and to permit the Borrowers or anyone of them to incur additional indebtedness to the Agent, the Lenders, or any of them, without terminating, affecting or impairing the validity or enforceability of this Guaranty or the obligations of the Guarantor hereunder. 

**8. Remedies; Right to Offset**. The Agent may proceed, either in its own name (on behalf of the Lenders) or in the name of theGuarantor, or otherwise, to protect and enforce any or all of its rights under this Guaranty by suit in equity, action at law or by other appropriate proceedings, or to take any action authorized or permitted under applicable law, and shall beentitled to require and enforce the performance of all acts and things required to be performed hereunder by the Guarantor. Each and every remedy of the Agent and of the Lenders shall, to the extent permitted by law, be cumulative and shall be inaddition to any other remedy given hereunder or now or hereafter existing at law or in equity. 

At the option of the Agent,the Guarantor may be joined in any action or proceeding commenced by the Agent against the Borrowers or any one of them, any other guarantor or any of the other parties providing Collateral for any of the Guaranteed Obligations, and recovery may behad against the Guarantor in such action or proceeding or in any independent action or proceeding against the Guarantor without any requirement that the Agent or the Lenders first assert, prosecute or exhaust any remedy or claim against theBorrowers or any one of them, any other guarantor and/or any of the other parties providing Collateral for any of the Guaranteed Obligations. 

The Guarantor acknowledges the rights of the Agent and of each of the Lenders, subject to the applicable terms and conditions of the Credit Agreement, to offset against the Guaranteed Obligations of theGuarantor to the Lenders under this Guaranty, any amount owing by the Agent or the Lenders, or either or any of them to the Guarantors, whether represented by any deposit of the Guarantors (or any of them) with the Agent or any of the Lenders orotherwise. 

**9. Borrowers’ Financial Condition**. The Guarantor delivers this Guaranty based solely on its ownindependent investigation of (or decision not to investigate) the financial condition of the Borrowers and is not relying on any information furnished by Agent or the Lenders. The Guarantor assumes full responsibility to keep itself informedconcerning the financial condition of the Borrowers and all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligation, the status of the Guaranteed Obligations or any other matter which the Guarantor may deem necessary orappropriate, now or later. 

**10. Representations and Warranties; Covenants**. The Guarantor (a) ratifies,confirms and, by reference thereto (as fully as though such matters were expressly set forth herein), represents and warrants with respect to itself those matters set forth in **Article 6** of the Credit Agreement to the extent applicableto the Guarantor and those matters set forth in the recitals hereto**,** and such representations and warranties shall be deemed to be continuing representations and warranties true and correct in all material respects so long as this Guarantyshall be in effect; and (b) agrees not to otherwise engage in any action or inaction, the result of which would cause a violation of any term or condition of the Credit Agreement. 

 

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**11. Governing Law; Severability**. This Guaranty has been delivered in Michiganand shall be interpreted and the rights of the parties hereunder shall be determined under the laws of, and be enforceable in, the State of Michigan. If any term or provision of this Guaranty or the application thereof to any circumstance shall, toany extent, be invalid or unenforceable, the remainder of this Guaranty, or the application of such term or provision to circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term andprovision of this Guaranty shall be valid and enforceable to the fullest extent permitted by law. 

**12. Notices**.All notices, requests, consents, approvals, waivers and other communications hereunder shall be in writing (including, by facsimile transmission) and mailed, faxed or delivered to the address or facsimile number specified for notices on thesignature pages to this Guaranty; or, as directed to the Guarantor or the Agent, to such other address or number as shall be designated by such party in a written notice to the other. All such notices, requests and communications shall, when sent byovernight delivery, or faxed, be effective when delivered for overnight (next business day) delivery, or transmitted in legible form by facsimile machine (with electronic confirmation of receipt), respectively, or if mailed, upon the third BusinessDay after the date deposited into the U.S. mail, or if otherwise delivered, upon delivery; except that notices to the Agent shall not be effective until actually received by the Agent. 

**13. Amendments**. The terms of this Guaranty may not be altered, modified, amended, supplemented or terminated in any mannerwhatsoever unless the same shall be in writing and signed by or on behalf of the requisite Lenders as determined pursuant to the Credit Agreement and the Guarantor. 

**14. No Waiver**. No waiver or release shall be deemed to have been made by the Agent or any of the Lenders of any of their respective rights hereunder unless the same shall be in writing andsigned by or on behalf of the requisite Lenders as determined pursuant to the Credit Agreement, and any such waiver shall be a waiver or release only with respect to the specific matter and shall in no way impair the rights of the Agent or any ofthe Lenders or the obligations of the Guarantor under this Guaranty in any other respect at any other time. 

 

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**15. Release; Reinstatement**. Upon the final payment and discharge in full ofall Guaranteed Obligations and the termination of any and all commitments of Agent, Issuing Lender, Swing Line Lender and the Lenders to extend credit (whether optional or obligatory) under the Credit Agreement or any other Loan Document, the Agentshall deliver to the Guarantor, upon written request therefor, (a) a written release of this Guaranty and (b) appropriate discharges of any Collateral provided by the Guarantor for this Guaranty; provided however that, the effectiveness ofthis Guaranty shall continue or be reinstated, as the case may be, in the event: (x) that any payment received or credit given by the Agent or the Lenders, or any of them, is returned, disgorged, rescinded or required to be recontributed to anyparty as an avoidable preference, impermissible setoff, fraudulent conveyance, restoration of capital or otherwise under any applicable state, federal, or local law of any jurisdiction, including laws pertaining to bankruptcy or insolvency, and thisGuaranty shall thereafter be enforceable against the Guarantor as if such returned, disgorged, recontributed or rescinded payment or credit has not been received or given by the Agent or the Lenders, and whether or not the Agent or any Lender reliedupon such payment or credit or changed its position as a consequence thereof or (y) that any liability is imposed, or sought to be imposed against the Agent or the Lenders, or any of them, relating to the environmental condition of any ofproperty mortgaged or pledged to the Agent on behalf of the Lenders by the Guarantor, Borrower, any other guarantor or other party as collateral (in whole or part) for any indebtedness or obligation evidenced or secured by this Guaranty, whethersuch condition is known or unknown, now exists or subsequently arises (excluding only conditions which arise after acquisition by the Agent or any Lender of any such property, in lieu of foreclosure or otherwise, due to the wrongful act or omissionof the Agent or such Lenders, or any person other than the Borrowers or any one of them, the Subsidiaries, or Affiliates of the Borrowers or the Subsidiaries), and this Guaranty shall thereafter be enforceable against the Guarantor to the extent ofall such liabilities, costs and expenses (including reasonable attorneys’ fees) incurred by the Agent or Lenders as the direct or indirect result of any such environmental condition but only for which the Borrowers are, or any one of them is,obligated to the Agent and the Lenders pursuant to the Credit Agreement. For purposes of this Guaranty “environmental condition” includes, without limitation, conditions existing with respect to the surface or ground water, drinking watersupply, land surface or subsurface strata and the ambient air. 

**16. Consent to Jurisdiction**. The Guarantorhereby irrevocably submits to the non-exclusive jurisdiction of any United States federal or Michigan state court sitting in Detroit in any action or proceeding arising out of or relating to this Guaranty or any of the other Loan Documents and theGuarantor hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in any such United States federal or Michigan state court. The Guarantor irrevocably consents to the service of any and allprocess in any such action or proceeding brought in any court in or of the State of Michigan (and to the receipt of any and all notices hereunder) by the delivery of copies of such process to the Guarantor at its addresses identified in**Section 12** hereof in the manner set forth therein. 

**17. Headings**. The headings, captions, andarrangements used in this Guaranty are for convenience only and shall not affect the interpretation of this Guaranty. 

**18.WAIVER OF JURY TRIAL**. THE GUARANTOR (AND THE AGENT AND EACH LENDER BY ACCEPTING THE BENEFITS HEREOF) WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHERLOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY EITHER SUCH PARTY AGAINST THE OTHER, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THEGUARANTOR (AND THE AGENT AND EACH LENDER BY ACCEPTING THE BENEFITS HEREOF) AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING. THE GUARANTOR (AND THE AGENT AND EACH LENDER BYACCEPTING THE BENEFITS HEREOF) FURTHER AGREES THAT ITS RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITYOF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 

 

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**19. Limitation under Applicable Insolvency Laws**. Notwithstanding anything tothe contrary contained herein, it is the intention of the Guarantor, the Agent and the Lenders that the amount of the respective Guarantor’s obligations hereunder shall be in, but not in excess of, the maximum amount thereof not subject toavoidance or recovery by operation of applicable law governing bankruptcy, reorganization, arrangement, adjustment of debts, relief of debtors, dissolution, insolvency, fraudulent transfers or conveyances or other similar laws (collectively,“**Applicable Insolvency Laws**”). To that end, but only in the event and to the extent that the Guarantor’s obligations hereunder or any payment made pursuant thereto would, but for the operation of the foregoing proviso,be subject to avoidance or recovery under Applicable Insolvency Laws, the amount of the Guarantor’s obligations hereunder shall be limited to the largest amount which, after giving effect thereto, would not, under Applicable Insolvency Laws,render the Guarantor’s obligations hereunder unenforceable or avoidable or subject to recovery under Applicable Insolvency Laws. To the extent any payment actually made hereunder exceeds the limitation contained in this**Section 19**, then the amount of such excess shall, from and after the time of payment by the Guarantor, be reimbursed by the Lenders upon demand by the Guarantor. The foregoing proviso is intended solely to preserve the rights ofthe Agent and the Lenders hereunder against the Guarantor to the maximum extent permitted by Applicable Insolvency Laws and neither the Borrowers nor any one of them, nor the Guarantor nor any other Person shall have any right or claim under this**Section 19** that would not otherwise be available under Applicable Insolvency Laws 

**20. AdditionalProvisions**. Notwithstanding anything to the contrary set forth herein, the total obligation of the Guarantor under this Guaranty shall not exceed $30,000,000 plus interest on that amount and all costs incurred by the Agent or any Lender incollection efforts against the Borrowers and/or the Guarantor, or any of them, including, without limit, reasonable attorney fees. 

**[SIGNATURES FOLLOW ON SUCCEEDING PAGES]**

 

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**IN WITNESS WHEREOF**, each of the undersigned Guarantor has executed this Guaranty asof the date first above written. 

 
GUARANTORS:**INTCOMEX, INC.**, A Delaware corporationBy: 
/s/ Michael Shalom
Its: 
President

 

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