Document:

EXHIBIT 10.2

  

   

  

  
    AMENDMENT #9 TO

    AMENDED AND RESTATED BUSINESS FINANCING AGREEMENT

    

    

    This Amendment #9 to Amended and Restated Business Financing Agreement (“Amendment”) is entered into on March 31, 2020, by and among ePlus Technology, inc. (“Technology”), ePlus Technology Services, inc. (“Services”) and SLAIT Consulting, LLC (“SLAIT”; and together with Technology and Services, each
      sometimes referred to as a “Dealer,” and sometimes referred to collectively, jointly and severally, as “Dealer”) and
      Wells Fargo Commercial Distribution Finance, LLC (“CDF”) and is to that certain Amended and Restated Business Financing Agreement dated July 23, 2012, by and between Dealer and CDF
      (as the same has been amended by that certain Amendment #1 to Amended and Restated Business Financing Agreement dated July 31, 2014, that certain Amendment #2 to Amended and Restated Business Financing Agreement dated July 24, 2015, that certain
      Amendment #3 to Amended and Restated Business Financing Agreement dated October 20, 2015, that certain Amendment #4 to Amended and Restated Business Financing Agreement dated July 28, 2016, that certain Amendment #5 to Amended and Restated Business
      Financing Agreement dated July 27, 2017, that certain Amendment #6 to Amended and Restated Business Financing Agreement dated February 15, 2018, that certain Amendment #7 to Amended and Restated Business Financing Agreement dated January 15, 2019,
      that certain Amendment #8 to Amended and Restated Business Financing Agreement and Amended and Restated Agreement for Wholesale Financing dated December 12, 2019 and that certain Joinder to Amended and Restated Business Financing Agreement and to
      Amended and Restated Agreement for Wholesale Financing dated January 19, 2019 and as further amended, restated, amended and restated, modified, extended, renewed, substituted, and/or supplemented, the “Agreement”). All terms which are not defined herein shall have the same meaning in this Amendment as in the Agreement.

    

    

    WHEREAS, CDF and Dealer desire
      to amend the terms of the Agreement.

    

    

    NOW THEREFORE, in consideration
      of the premises and of the mutual promises contained herein and in the Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

    

    

    
      	
              1.

            	
              Amendments.  Amendments to the Agreement:

            

    

    

    

    
      	
              a.

            	
              Section 1.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

            

    

    

    

    ““2020 Uplift Period” means the
      90 day period ending on May 5, 2020.”

    

    

    
      	
              b.

            	
              Section 2.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

            

    

    

    

    “2.1 Accounts Receivable Facility.
      Subject to the terms of this Agreement, CDF agrees to provide to Dealer an Accounts Receivable Facility of: (i) between February 14, 2020 through April 14, 2020 Seventy-Five Million Dollars ($75,000,000.00) and (ii) after April 14, 2020, Fifty Million Dollars ($50,000,000.00) (the “Accounts Receivable Facility Limit”); provided, however, that at no time will (i) the Aggregate Accounts Receivable Outstandings exceed the Accounts
      Receivable Facility Limit or (ii) the Aggregate Outstandings exceed the Aggregate Facility Limit. CDF’s decision to advance funds will not be binding until the funds are actually advanced.

    

    

    In addition, subject to the terms of the Agreement for Wholesale Financing, CDF agrees to provide to Dealer an
      inventory floorplan credit facility of (i) except during a Temporary Uplift Period, Two Hundred Fifty Million Dollars ($250,000,000.00), (ii)
      during any Temporary Uplift Period, Three Hundred Twenty Five Million Dollars ($325,000,000.00) and (iii) during any 2020 Uplift Period, Three Hundred Million Dollars ($300,000,000.00); provided, however, that at no time will the Aggregate Outstandings exceed the Aggregate Facility Limit.  CDF’s decision to advance funds
      will not be binding until the funds are actually advanced.

    

    

    
      1

      
        

    

    If, at any time, the Aggregate Accounts Receivable Outstandings exceed the Accounts Receivable Facility Limit, Dealer will immediately
      pay to CDF an amount not less than the difference between (i) Aggregate Accounts Receivable Outstandings and (ii) the Accounts Receivable Facility Limit.  If, at any time, the Aggregate Outstandings exceed the Aggregate Facility Limit, Dealer will
      immediately pay to CDF an amount not less than the difference between (i) Aggregate Outstandings and (ii) the Aggregate Facility Limit.”

    

    

    
      	
              c.

            	
              The second to last sentence in Section 5.2 is hereby deleted in its entirety and replaced with the following:

            

    

    

    

    “Notwithstanding the foregoing subsections (k) and (l), Dealer, from time to time, may make a dividend to ePlus inc. if, after giving
      effect to such dividend, and as of the date of such dividend, (i) Dealer is not in default under the terms and conditions of this Agreement, (ii) Dealer’s Available Borrowing is not less than Twenty Million Dollars ($20,000,000.00) and (iii) Dealer
      does not have any outstandings under its Accounts Receivable Facility with CDF (provided that this clause (iii) shall not apply as of March 31, 2020).”

    

    

    
      	
              2.

            	
              Each Dealer hereby unconditionally releases, acquits, waives, and forever discharges CDF and its successors, assigns, directors, officers,
                agents, employees, representatives and attorneys from any and all liabilities, claims, causes of action or defenses, if any, and for any action taken or failure to take action, existing at any time prior to the execution of this Amendment.

            

    

    

    

    
      	
              3.

            	
              This Amendment shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their participants, successors and
                assigns.

            

    

    

    

    
      	
              4.

            	
              This Amendment may be executed in any number of counterparts, each of which counterparts, once they are executed and delivered, shall be deemed
                to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. This Amendment may be executed by any party to this Amendment by original signature, facsimile and/or electronic signature.

            

    

    

    

    [Remainder of Page Intentionally Left Blank]

    

    

    
      2

      
        

    

    

    

    IN WITNESS WHEREOF, Dealer and CDF have executed this Amendment as of the date first set forth hereinabove.

    

    

    
      	 	
              “DEALER”

            
	 	 	 	 	 
	 	
              EPLUS TECHNOLOGY, INC.

            
	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/ Elaine D. Marion

            
	 	 	 	
              Print Name:

            	
              Elaine D. Marion

            
	 	 	 	
              Title:

            	
              CFO

            
	 	 
	 	 
	 	
              EPLUS TECHNOLOGY SERVICES, INC.

            
	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/ Elaine D. Marion

            
	 	 	 	
              Print Name:

            	
              Elaine D. Marion

            
	 	 	 	
              Title:

            	
              CFO

            
	 	 
	 	 
	 	
              SLAIT CONSULTING, LLC

            
	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/ Elaine D. Marion

            
	 	 	 	
              Print Name:

            	
              Elaine D. Marion

            
	 	 	 	
              Title:

            	
              CFO

            
	 	 
	 	 
	 	
              “CDF”

            
	 	 	 	 	 
	 	
              WELLS FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC

            
	 	 	 	 	 
	 	 	 	
              By:

            	
              /s/ Jack Morrone

            
	 	 	 	
              Print Name:

            	
              Jack Morrone

            
	 	 	 	
              Title:

            	
              Duly Authorized Signatory

            

    

    

    

    

    

    

    

  

  3Exhibit

CAPITAL MAINTENANCE AGREEMENT

This Capital Maintenance Agreement (this "Agreement") is made effective as of the 30th day of January, 2020 (the "Effective Date"), by and between Athene Annuity & Life Assurance Company, a Delaware life insurance company ("AADE"), for the benefit of Athene Annuity and Life Company, an Iowa life insurance company ("AAIA").

WHEREAS, AAIA is a wholly-owned subsidiary of AADE;

WHEREAS, AADE has agreed, subject to the terms of this Agreement, to maintain AAIA's capital and surplus as required by the insurance laws of the State of New Jersey as of the Effective Date; and

WHEREAS, AADE and AAIA desire to enter into this Agreement to provide support to AAIA in the issuance of new products in the State of New Jersey.

NOW THEREFORE, in consideration of the agreements and covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:

1.Capital and Surplus. AADE agrees that it shall cause, at all times during the term of this Agreement, AAIA to have and maintain minimum capital and surplus in an amount sufficient to satisfy the insurance laws of the State of New Jersey as of the Effective Date. AADE agrees that its undertaking provided herein shall be an absolute, unconditional and continuing obligation during the term of this Agreement. AADE and AAIA shall notify the Delaware Department of Insurance and Iowa Insurance Division anytime AADE is required to make a capital contribution to AAIA in accordance with the terms and conditions of this Section 1.

2.No Guarantee of Indebtedness. This Agreement is not, and shall not be construed as or deemed to constitute, evidence of indebtedness or a direct or indirect guaranty by AADE to any person of the payment of any indebtedness, or of any liability or obligation of any kind or character whatsoever, of AAIA.

3.Term. This Agreement shall take effect as of the date AAIA receives authority to conduct variable annuity business in the State of New Jersey and remain in effect for a period of ten (10) years.

4.Notices. All notices, requests, consents, approvals, and statements given in connection with this Agreement shall be in writing and, if properly addressed to the recipient, shall be deemed received (a) when delivered personally to the recipient; (b) when sent by electronic mail or electronic facsimile transmission if sent during business hours on a business day in the place of receipt and otherwise at the opening of business on the next business day in the place of receipt; or (c) two (2) business days after they are put in possession of the courier if sent by reputable express courier service. Notices shall be deemed to be properly addressed to a party if addressed to its address, facsimile number, or electronic mail address, as applicable, set forth below.

Ifto AADE:

Athene Annuity & Life Assurance Company 7700 Mills Civic Parkway
West Des Moines, IA 50266 Attention: Legal
E-mail:    legal@athene.com Ifto AAIA:
Athene Annuity and Life Company
7700 Mills Civic Parkway
West Des Moines, IA 50266-3862 Attention: Legal
E-mail:    legal@athene.com

Any party hereto may change its address, facsimile number, or electronic mail address, as applicable, for the purpose of this Section 4 by informing the other party of the new address, facsimile number, or electronic mail address.

5.Waivers and Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by AADE therefrom shall be effective unless the same shall be in writing and signed by AAIA; provided that no amendment or waiver shall be effective unless previously approved by the Iowa Insurance Division, and also provided, that no amendment or waiver of Sections 1, 3, 5, 6, 7 or 8, nor any amendment or waiver that would affect such sections, shall be effective unless previously agreed to by the New Jersey Department of Banking and Insurance. No failure on the part of AAIA to exercise, and no delay by AAIA in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by AAIA of any right hereunder preclude any other or further exercise thereof or the exercise by AAIA of any other right.

6.No Third Party Beneficiaries. Nothing in this Agreement shall in any manner create any obligations or establish any rights against any of the parties to this Agreement in favor of any third parties or any person not expressly party to this Agreement.

7.Assignment. This Agreement shall not be assigned by either of the parties hereto without the prior written approval of the other party hereto and the Delaware Department of Insurance, Iowa Insurance Division, and New Jersey Department of Banking and Insurance. This Agreement shall be binding upon AADE and its successors and permitted assigns, and shall inure to the benefit of and be enforceable by AAIA and its successors and permitted assigns.

8.Governing Law. In all respects, including, without limitation, matters of construction and performance of this Agreement and the obligations arising hereunder, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Iowa applicable to contracts and obligations made in such state and any applicable laws of the United States of America.

9.Counterparts. This Agreement may be executed in multiple counterparts, each of which will be deemed an original, but all of which shall constitute one and the same instrument.

10.Interpretation. The headings of the sections and other subdivisions of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof.

11.Enforceability. If any term or provision of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

[Signature page follows]

CONFIDENTIAL TREATMENT

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement effective as of the Effective Date.

ATHENE    ANNUITY    &    LIFE    ASSURANCE COMPANY

By:  

Name: Title:
 
Grant Kvalheim President

ATHENE ANNUITY AND LIFE COMPANY

By:  

Name: Travis Tweed
Title: VP, Controller & Treasurer

[Signature Page to Capital Maintenance Agreement]

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