Document:

bpo_ex1048-100407.htm

    
      

    

     

    Exhibit
      10.48

     

     

    
      AMENDMENT
        TO SERIES D WARRANT TO PURCHASE SHARES OF COMMON STOCK OF BPO MANAGEMENT
        SERVICES, INC.

       

      This
        Amendment to Series D Warrant to Purchase Shares of Common Stock of BPO
        Management Services, Inc. (this “Amendment”) is effective as of
        September __, 2007, by BPO Management Services, Inc., a Delaware corporation
        (“Issuer”), in favor of ____________________
        (“Holder”).  Issuer and Holder are, together, the
“Parties.”

       

      RECITALS

       

      WHEREAS,
        Issuer previously granted to Holder that certain Series J Warrant to Purchase
        Shares of Preferred Stock of Issuer, which was numbered W-J-07-__, was dated
        and
        issued June 13, 2007 (the “Series J Warrant”), and
        entitled Holder to exercise the Series J Warrant in accordance with the terms
        contained therein for the purchase of up to ___________ shares of Issuer’s
        Series D-2 Convertible Preferred Stock (the “Series J Covered
        Shares”) at an initial per-share Warrant Price (as defined in Section 9
        of the Series J Warrant) of $14.40 (the “Series J Original Warrant
        Price”);

       

      WHEREAS,
        Issuer also previously granted to Holder (a) that certain Series A Warrant
        to
        Purchase Shares of Common Stock of Issuer, which was numbered W-A-07-__,
        was
        dated and issued June 13, 2007 (the “Series A Warrant”),
        and entitled Holder to exercise the Series A Warrant in accordance with the
        terms contained therein for the purchase of up to ________ shares of Issuer’s
        Common Stock at an initial per-share Warrant Price (as defined in Section
        9 of
        the Series A Warrant) of $0.90; (b) that certain Series B Warrant to Purchase
        Shares of Common Stock of Issuer, which was numbered W-B-07-__, was dated
        and
        issued June 13, 2007 (the “Series B Warrant”), and
        entitled Holder to exercise the Series B Warrant in accordance with the terms
        contained therein for the purchase of up to ___________ shares of Issuer’s
        Common Stock at an initial per-share Warrant Price (as defined in Section
        9 of
        the Series B Warrant) of $1.25; (c) that certain Series C Warrant to Purchase
        Shares of Common Stock of Issuer, which was numbered W-C-07-__, was dated
        and
        issued June 13, 2007 (the “Series C Warrant”), and
        entitled Holder to exercise the Series C Warrant in accordance with the terms
        contained therein for the purchase of up to ___________ shares of Issuer’s
        Common Stock (the “Series C Covered Shares”) at an initial
        per-share Warrant Price (as defined in Section 9 of the Series C Warrant)
        of
        $1.35 (the “Series C Original Warrant Price”); and (d) that
        certain Series D Warrant to Purchase Shares of Common Stock of Issuer, which
        was
        numbered W-D-07-__, was dated and issued June 13, 2007 (the “Series
        D Warrant” and together with the Series J Warrant, the Series A
        Warrant, the Series B Warrant, and the Series C Warrant, the
“Warrants”), and entitled Holder to exercise the Series D
        Warrant in accordance with the terms contained therein for the purchase of
        up to
        ___________ shares of Issuer’s Common Stock (the “Series D Covered
        Shares”) at an initial per-share Warrant Price (as defined in Section 9
        of the Series D Warrant) of $1.87 (the “Series D Original Warrant
        Price”);

       

      WHEREAS,
        Issuer has determined that, in lieu of procuring mezzanine level financing
        from
        otherwise unaffiliated third parties (as originally contemplated by such
        parties) in order to finance the potential acquisition by Issuer of a private
        entity providing data center outsourcing services to clients located throughout
        the United States for more than 10 years, it will provide an enhanced
        opportunity to obtain such financing from Holder and certain other parties
        who
        received warrants at the same time and on the same terms as the Warrants
        (the
“Other Warrant Holders”), by offering a reduction to the Series
        J Original Warrant Price for up to 75% of the Series J Covered Shares, which
        reduction shall be available until October 10, 2007, pursuant to an Amendment
        to
        Series J Warrant to Purchase Shares of Preferred Stock of BPO Management
        Services, Inc. (the “Series J Warrant Amendment”);

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

       

      WHEREAS,
        in furtherance of the foregoing, Issuer has also determined that, in the
        event
        that Holder exercises any portion of the Series J Covered Shares affected
        by
        such reduction to the Series J Original Warrant Price, the Series C Original
        Warrant Price and Series D Original Warrant Price shall be reduced by amendments
        to the Series C Warrant and the Series D Warrant effective for the remainder
        of
        the term of the Series C Warrant and the Series D Warrant, respectively,
        to
        $0.01 per share and $1.10 per share, respectively, for the same percentage
        of
        the Series C Covered Shares and Series D Covered Shares as the percentage
        of
        such Series J Covered Shares exercised between the date hereof and October
        10,
        2007 (i.e., if Holder exercises one-quarter (1/4) of the Series J
        Covered Shares during said period, the Series C Original Warrant Price and
        the
        Series D Original Warrant Price shall be reduced as described herein for
        one-quarter (1/4) of the Series C Covered Shares and Series D Covered
        Shares);

       

      WHEREAS,
        Section 11 of the Series D Warrant requires that the Series D Warrant may
        only
        be amended by written instrument(s) executed by Issuer and the holders of
        warrants exercisable for a majority of the shares of Common Stock of Issuer
        issuable upon exercise of the then-outstanding Series D Warrants issued to
        Holder and the Other Warrant Holders (the “Majority
        Holders”);

       

      WHEREAS,
        Issuer shall be deemed to have obtained the signature of the Majority Holders
        upon its receipt of signed acknowledgements to this Amendment and/or the
        amendments provided to the Other Warrant Holders representing the requisite
        number of covered shares and, if Holder has not provided its signed
        acknowledgement to this Amendment by the time Issuer has obtained the written
        consent of the Majority Holders, Holder’s signature shall only be required to
        evidence its agreement that this Amendment and the other amendments referenced
        herein do not trigger the anti-dilution protection set forth in the Warrants;
        and

       

      WHEREAS,
        the Parties desire to amend the Series D Warrant to memorialize this
        understanding and to execute amendments to the Series J Warrant and the Series
        C
        Warrant (in form and substance which is substantially similar to this
        Amendment).

       

      NOW,
        THEREFORE, in consideration of the promises and covenants made herein, and
        for
        such other good and valuable consideration, the receipt and sufficiency of
        which
        are hereby acknowledged, the Parties hereby agree as follows:

       

      ARTICLE
        1

      AMENDMENT

      

      1.  Amendment
        to Series D Warrant.  For purposes of this Amendment,
“Amendment Eligible Shares” shall mean that number of shares
        calculated pursuant to the product of (a) the percentage of the Series J
        Covered
        Shares actually exercised by Holder during the period commencing on the date
        hereof and ending on October 10, 2007 multiplied by (b) the number of Series
        D
        Covered Shares.  Effective solely for any exercise by Holder of up to
        one hundred percent (100%) of the Amendment Eligible Shares (collectively,
        the
“Amended Warrant Price Shares”) occurring during the remainder
        of the term of the Series D Warrant, the “Warrant Price” specified in Section 9
        of the Series D Warrant shall be $1.10 per share of such Covered
        Shares.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

       

      ARTICLE
        2

      MISCELLANEOUS
        PROVISIONS

       

      2.  Miscellaneous
        Provisions.

       

      2.1  No
        Further Amendments.  Except as amended by this Amendment, the
        Series D Warrant remains unmodified and in full force and effect.  In
        the event of any inconsistency between the provisions of the Series D Warrant
        and the provisions of this Amendment, the provisions of this Amendment shall
        prevail.  This Amendment
        may only be modified or amended by a written agreement executed by Issuer,
        and
        consented to by Holder, with the same formalities and in the same manner
        as this
        Amendment.

       

      2.2  Counterparts.  This
        Amendment may be executed in one or more counterparts, each of which shall
        be
        deemed an original but all of which when taken together shall constitute
        one and
        the same instrument.  Facsimiles or portable document files
        transmitted by e-mail containing original signatures shall be deemed for
        all
        purposes to be originally signed copies of the documents which are the subject
        of such facsimiles or files.

       

      2.3  Binding
        on Successors. This
        Amendment shall be binding upon and
        shall inure to the benefit of the successors and permitted assigns of the
        Parties.

       

      2.4  Entire
        Agreement.  The
        Series D Warrant as amended by this
        Amendment contains the entire understanding between the Parties and supersedes
        any prior written or oral agreements between them respecting the subject
        matter
        contained herein.  There are no representations, agreements,
        arrangements or understandings, oral or written, between the Parties relating
        to
        the subject matter hereof that are not fully expressed
        herein.

       

      

       

      

       

      [SIGNATURE
        PAGE TO FOLLOW]

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

       

      IN
        WITNESS WHEREOF, the Parties hereto have executed or have caused a duly
        authorized officer to execute this Amendment all effective as of the day
        and
        year first above written.

       

      
        	
                ISSUER:

              	 	 
	 	 	 
	
                BPO
                  MANAGEMENT SERVICES, INC.,

                a
                  Delaware corporation

              	 	 
	 	 	 
	
                By:     ______________________________

                Name:
                  Patrick A. Dolan

                Its:      Chief
                  Executive Officer

              	 	 
	 	 	 
	 	 	 
	
                Amendment
                  is acknowledged and consented to:

                 

              	 	 
	
                HOLDER:

              	 	 
	 	 	 
	 	 	 
	
                By:     ______________________________

                Name:

                Its:

              	 	 

      

      

       

       

       

      4f_exh.htm

    AMENDMENT
      TO AGREEMENT FOR WHOLESALE FINANCING

    AND
      BUSINESS FINANCING AGREEMENT

    

    This
      Amendment is made to (i) that certain Agreement for Wholesale Financing dated
      August 31, 2000, between ePlus Technology, inc. ("Dealer") and
GE Commercial Distribution Finance Corporation ("CDF"), as
      amended ("AWF) and (ii) that certain Business Financing Agreement between Dealer
      and CDF dated August 31, 2000, as amended ("BFA").

    

    FOR
      VALUE
      RECEIVED, CDF and Dealer agree as follows:

    

    1.  Section
      2.1 of the BFA is
      hereby amended in its entirety to read as follows:

    

    "2.1
      Accounts Receivable Facility.  Subject to the terms of this
      Agreement, CDF agrees to provide to Dealer an Accounts Receivable Facility
      of
Thirty Million Dollars ($30,000,000.00); provided, however,
      that:  (i) at no time during the Temporary Increase Period (as defined
      below) will the principal amount outstanding under the Accounts Receivable
      Facility and Dealer's inventory floorplan credit facility with CDF exceed,
      in
      the aggregate, One Hundred Million Dollars ($100,000,000.00),
      and (ii) at no time other than from October 1, 2007 through October
      31, 2007 (“Temporary Increase Period”) will the principal amount outstanding
      under the Accounts Receivable Facility and Dealer’s inventory floorplan credit
      facility with CDF exceed, in the aggregate, Eighty-Five Million Dollars
      ($85,000,000.00).  CDF's decision to advance funds will not
      be binding until the funds are actually advanced."

    

    In
      addition, subject to the terms of the AWF, CDF agrees to provide to Dealer
      an
      inventory floorplan credit facility of:  (a) One Hundred
      Million Dollars ($100,000,000.00) during the Temporary Increase Period,
      and (b) at all times other than the Temporary Increase Period,
Eighty-Five Million Dollars ($85,000,000.00); provided,
      however, that (i) at no time during the Temporary Increase Period will the
      principal amount outstanding under the Accounts Receivable Facility and Dealer's
      inventory floorplan credit facility with CDF exceed, in the aggregate,
One Hundred Million Dollars ($100,000,000.00), and (ii) at no
      time other than during the Temporary Increase Period will the principal amount
      outstanding under the Accounts Receivable Facility and Dealer’s inventory
      floorplan credit facility with CDF exceed, in the aggregate, Eighty-Five
      Million Dollars ($85,000,000.00).  CDF's decision to advance
      funds will not be binding until the funds are actually advanced.

    

    Dealer
      waives notice of CDF's acceptance of this Amendment.

    

    All
      other
      terms and provisions of the AWF and BFA, to the extent not inconsistent with
      the
      foregoing, are ratified and remain unchanged and in full force and
      effect.

    

    IN
      WITNESS WHEREOF, Dealer and CDF have executed this Amendment on
      this 1 day
      of October , 2007.

                                                                                       

    
      
        	 	EPLUS
                TECHNOLOGY, INC.
	 	 
	 	By:  
                /s/ Steven
                J. Mencarini, CFO
	 	        
                Steven J. Mencarini, Chief Financial
                Officer

      

    

                                                                          
      

     

    
      
        	 	
                GE
                  COMMERCIAL DISTRIBUTION FINANCE 

                CORPORATION

              
	 	 
	 	By:   
                /s/ David Mintert 
	 	         
                David Mintert, Vice President of
                Operations

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