Document:

<PAGE>
Exhibit 10.8

THIS NOTE AND THE COMMON STOCK OF THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. AS AMENDED (the "ACT"), OR QUALIFIED UNDER ANY STATE
SECURITIES LAWS AND HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH
A VIEW TO OR FOR SALE IN CONNECTION WITH ANY DISTRIBUTION THEREOF. THIS NOTE AND
THE COMMON STOCK OF THE COMPANY MAY NOT BE SOLD, ASSIGNED, OR OTHERWISE
TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER
CONCURRED IN BY COUNSEL FOR THE COMPANY THAT REGISTRATION AND QUALIFICATION ARE
NOT REQUIRED.

                                   PENGE CORP.
                                 PROMISSORY NOTE

$                                                   Issue Date: --------

--------

FOR VALUE RECEIVED, Penge Corp., a Delaware corporation (the "Company"), hereby
promises to pay to the order of                (the "Holder") in lawful money of
the United States at the address of the Holder set forth below, the principal
amount                Dollars ($         ), with simple interest at the rate of
twenty four percent (24.0%) per annum.

Interest will be calculated on a 365-day year for the actual number of days
elapsed and shall commence on the Issue Date and continue on the outstanding
principal until paid in full as provided below.

l. PURCHASE TERMS. This note (the "Note") is issued pursuant to the terms
outlined below

         o        The note is a      month note.
                               ------
         o        The note carries a balloon payment of principal and interest
                  on the     of           , 2006
                        -----   ----------

2. MATURITY DATE. The entire outstanding principal balance of this Note, and any
unpaid accrued interest, shall be due and payable in full on the __ of
_________. 2006 unless prepaid by the Holder prior to the Maturity Date pursuant
to the terms of this Note.

3. PAYMENT. All amounts payable hereunder shall be paid by the Company in
immediately available and freely transferable funds at the place designated by
the Holder to the Company for such payment.

4. SUCCESSORS AND ASSIGNS. All covenants, agreements and undertakings in this
Note by or on behalf of any of the parties shall bind and inure to the benefit
of the respective successors and assigns of the parties whether so expressed or
not.

<PAGE>

5. SEVERABILITY. If any provision of the Note is held to be illegal, invalid or
unenforceable under any present or future law, then: (i) such provision, or any
portion thereof, shall be fully severable; (ii) this Note will be construed and
enforced as if such illegal, invalid or unenforceable provision had never
comprised a part hereof; (iii) the remaining provisions of this Note shall
remain in full force and effect and shall not be affected by the illegal.
invalid or unenforceable provision or its severance from this Note; and (iv) in
lieu of such illegal, invalid or unenforceable provision there will
automatically be added as a part of this Note a legal, valid and enforceable
provision on terms as substantially similar as possible to the terms of the
illegal, invalid or unenforceable provision.

6. AMENDMENT. This Note and any provision hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the Company
and the Holder.

7. GOVERNING LAW. The terms of this Note shall be construed in accordance with
the Laws of the State of Texas as applied to contracts entered into by Texas
residents within the State of Texas, which contracts are to be performed
entirely within the State of Texas.

8. NOTICE. Any notice or other communication provided for under this Note shall
be in writing and shall be sent by (a) personal delivery, (b) registered or
certified mail (return receipt requested) or (c) nationally recognized overnight
courier service, to Company or to the Purchaser at their respective addresses
set forth on the signature pages of the Agreement. A notice or other
communication shall be deemed to have been duly received (a) if personally
delivered, on the date of such delivery, (b) if mailed, on the date set forth on
the signed return receipt or (c) if delivered by overnight courier, on the date
of actual delivery (as evidenced by the receipt of the overnight courier
service).

IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the date
first written above.

PENGE CORPORATION

By:
    -----------------

Name:    KC Holmes
Title:   President

Date:              , 2006
    ---------------

LENDER:

Signature:
           --------------------------
Name:
           --------------------------
Address:
           --------------------------
Date:
           --------------------------Exhibit 10.1

    FIFTH
      AMENDMENT TO CREDIT AGREEMENT

    

    This
      FIFTH AMENDMENT TO CREDIT AGREEMENT (the “Fifth Amendment”) dated November 15,
      2006, is by and among ePlus inc., a Delaware corporation (“ePlus”), the
      Subsidiaries of ePlus signatory hereto (including ePlus, each individually
      a
“Borrower” and collectively, the “Borrowers”), the Banks signatory hereto (the
“Banks”), and National City Bank, as Administrative Agent for the Banks (the
“Administrative Agent”).

    

    BACKGROUND

    

    A.  Pursuant
      to that certain Credit Agreement dated
      September
      23,
      2005,
      by and
      among the Borrowers, the Banks, and the Administrative Agent, as amended by
      a
      First Amendment to Credit Agreement, dated July 11, 2006, a Second Amendment
      dated July 28, 2006, a Third Amendment dated August 30, 2006, and a Fourth
      Amendment dated September 27, 2006 (as the same may be modified and amended
      from
      time to time, including by this Fifth Amendment, the “Credit Agreement”), the
      Banks agreed, inter
      alia,
      to
      extend to the Borrowers a revolving credit facility in the maximum aggregate
      principal amount of $35,000,000.

    

    B.  The
      Borrowers did not deliver the following documents as required by Section 5.1
      of
      the Credit Agreement (a) their annual audited financial statements prior to
      May
      31, 2006, (b) their “Projections” for 2007 prior to June 30, 2006, (c) Borrowing
      Base Certificates for the monthly periods ending through August 31, 2006; (d)
      Compliance Certificate (Annual), for the period ending March 31, 2006; (e)
      Compliance Certificate (Quarterly), for the period ending June 30, 2006; (f)
      Financial Statements (Quarterly), for the period ending June 30, 2006; (g)
      Inventory Report (Annual), for the period ending March 31, 2006; (h) Inventory
      Report (Quarterly), for the period ending June 30, 2006; (i) Residual
      Realization Report (Annual), for the period ending March 31, 2006; and (j)
      Residual Realization Report (Quarterly), for the period ending June 30, 2006
      (the “Waived Delivery Event”), which events were waived through November 15,
      2006, pursuant to the Fourth Amendment, and have advised the Banks that they
      will be unable to deliver such items in the timeframe set forth in the Fourth
      Amendment.

    

    C.  The
      Borrowers will not be able deliver the following documents as required by
      Section 5.1 of the Credit Agreement (collectively, the “Ongoing Delivery
      Event”): (a) Borrowing Base Certificates for the monthly periods ending through
      September 30, 2006, October 31, 2006 and November 30, 2006; (b) Compliance
      Certificate (Quarterly), for the period ending September 30, 2006; (c) Financial
      Statements (Quarterly), for the period ending September 30, 2006; (d) Inventory
      Report (Quarterly), for the period ending September 30, 2006; (e) Residual
      Realization Report (Quarterly), for the period ending September 30,
      2006.

    

    D.  The
      Borrowers have requested an extension of the delivery date requirements for
      the
      Waived Delivery Event and for the Ongoing Delivery Event, as each is described
      above, to which the Banks are willing to agree, on the terms and subject to
      the
      conditions set forth herein.

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and intending to be legally bound hereby, the parties hereto
      agree
      as follows:

    

    1.  Definitions.
      

    

    (a)  General
      Rule.
      Except
      as expressly set forth herein, all capitalized terms used and not defined herein
      shall have the respective meanings ascribed thereto in the Credit Agreement.
      

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    

    (b)  Additional
      Definition.
      The
      following additional definition shall be added to Article 1 of the Credit
      Agreement to read in its entirety as follows:

    

    “Fifth
      Amendment”
means
      the Fifth Amendment to this Agreement dated November 15, 2006.

    

    2.  Representations
      and Warranties.
      Each
      Borrower hereby represents and warrants to the Administrative Agent and each
      Bank that, except as to the Waived Delivery Event and the Ongoing Delivery
      Event, as to such Borrower:

    

    (a)  Representations.
      each of
      the representations and warranties of such Borrower contained in the Credit
      Agreement and/or the other Loan Documents are true, accurate and correct in
      all
      material respects on and as of the date hereof as if made on and as of the
      date
      hereof, except to the extent such representation or warranty was made as of
      a
      specific date;

    

    (b)  Power
      and Authority.
      (i)
      such Borrower has the power and authority under the laws of its jurisdiction
      of
      organization and under its organizational documents to enter into and perform
      this Fifth Amendment and any other documents which the Banks require such
      Borrower to deliver hereunder (this Fifth Amendment and any such additional
      documents delivered in connection with the Fifth Amendment are herein referred
      to as the “Amendment Documents”); (ii) such Borrower is in good standing in its
      jurisdiction of organization and each additional jurisdiction in which it is
      required to be so qualified; and (iii) all actions, corporate or otherwise,
      necessary or appropriate for the due execution and full performance by the
      Borrower of the Fifth Amendment have been adopted and taken and, upon their
      execution, the Credit Agreement, as amended by this Fifth Amendment will
      constitute the valid and binding obligations of the Borrower enforceable in
      accordance with their respective terms;

    

    (c)  No
      Violations of Law or Agreements.
      the
      making and performance of the Fifth Amendment will not violate any provisions
      of
      any law or regulation, federal, state, local, or foreign, or the organizational
      documents of such Borrower, or result in any breach or violation of, or
      constitute a default or require the obtaining of any consent under, any
      agreement or instrument by which such Borrower or its property may be
      bound;

    

    (d)  No
      Default.
      except
      as is waived hereby, no Default or Event of Default has occurred and is
      continuing; and

    

    (e)  No
      Material Adverse Effect.
      No
      Material Adverse Effect has occurred since September 23, 2005.

    

    3.  Conditions
      to Effectiveness of Amendment.
      This
      Fifth Amendment shall be effective upon the Administrative Agent’s receipt of
      the following, each in form and substance reasonably satisfactory to the
      Banks:

    

    (a)  Fifth
      Amendment.
      this
      Fifth Amendment, duly executed by the Borrowers and the Banks; 

     

    
      (b)  Consent
        and Waivers.
        copies
        of any consents or waivers necessary in order for the Borrowers to comply
        with
        or perform any of its covenants, agreements or obligations contained in any
        agreement, which are required as a result of the Borrowers’ execution of this
        Fifth Amendment, if any; and

    

     

    
      
        -2-

      

      
        
        

        
        

      

      
        
        

      

    

    (c)  Other
      Documents and Actions.
      such
      additional agreements, instruments, documents, writings and actions as the
      Banks
      may reasonably request.

    

    4.  Limited
      Consent; Ratification.
      Subject
      to the terms and conditions of this Fifth Amendment, the Banks and
      Administrative Agent hereby consent to Waived Delivery Event and the Ongoing
      Delivery Event, to a date not later than January 15, 2007. Except as stated
      in
      the preceding sentence, the execution, delivery and performance of this Fifth
      Amendment shall not operate as a waiver of any right, power or remedy of the
      Administrative Agent or the Banks under the Credit Agreement or any Loan
      Document, or constitute a waiver of any provision thereof. Except as expressly
      modified hereby, all terms, conditions and provisions of the Credit Agreement
      and the other Loan Documents shall remain in full force and effect and are
      hereby ratified and confirmed by any Borrower. Nothing contained herein
      constitutes an agreement or obligation by the Administrative Agent or any Bank
      to grant any further amendments to any of the Loan Documents.

    

    5.  Acknowledgments.
      To
      induce the Banks to enter into this Fifth Amendment, each Borrower acknowledges,
      agrees, warrants, and represents that:

    

    (a)  Acknowledgment
      of Obligations; Collateral; Waiver of Claims.
      (i) the
      Loan Documents are valid and enforceable against, and all of the terms and
      conditions of the Loan Documents are binding on, the Borrowers; (ii) the liens
      and security interests granted to the Administrative Agent by the Borrowers
      pursuant to the Loan Documents are valid, legal and binding, properly recorded
      or filed and first priority perfected liens and security interests; and (iii)
      the Borrowers hereby waive any and all defenses, set-offs and counterclaims
      which they, whether jointly or severally, may have or claim to have against
      the
      Administrative Agent or any Bank as of the date hereof.

    

    (b)  No
      Waiver of Existing Defaults.
      Other
      than the Delivery Event, no Default or Event of Default exists immediately
      before or immediately after giving effect to this Fifth Amendment. Nothing
      in
      this Fifth Amendment nor any communication between the Administrative Agent,
      any
      Bank, any Borrower or any of their respective officers, agents, employees or
      representatives shall be deemed to constitute a waiver of (i) any Default or
      Event of Default arising as a result of the foregoing representation proving
      to
      be false or incorrect in any material respect; or (ii) any rights or remedies
      which the Administrative Agent or any Bank has against any Borrower under the
      Credit Agreement or any other Loan Document and/or applicable law, with respect
      to any such Default or Event of Default arising as a result of the foregoing
      representation proving to be false or incorrect in any material
      respect.

    

    6.  Binding
      Effect.
      This
      Fifth Amendment shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assigns.

    

    7.  Governing
      Law.
      This
      Fifth Amendment and all rights and obligations of the parties hereunder shall
      be
      governed by and be construed and enforced in accordance with the laws of the
      Commonwealth of Pennsylvania without regard to Pennsylvania or federal
      principles of conflict of laws.

    

    8.  Headings.
      The
      headings of the sections of this Fifth Amendment are inserted for convenience
      only and shall not be deemed to constitute a part of this Fifth
      Amendment.

    

    9.  Counterparts.
      This
      Fifth Amendment may be executed in any number of counterparts with the same
      affect as if all of the signatures on such counterparts appeared on one document
      and each counterpart shall be deemed an original.

    
      
        -3-

      

      
        
        

        
        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to Credit
      Agreement to be executed under seal by their duly authorized officers, all
      as of
      the day and year first written above.

     

    ePLUS
      inc.

     

    By:
/s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      Senior
      Vice President

     

    ePLUS
      Group, inc.

     

    By:
/s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      Senior
      Vice President

     

    ePLUS
      Government, inc.

     

    By:
/s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      Senior
      Vice President

     

    ePLUS
      Capital, inc.

     

    By:
/s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      President

     

    
      
        -4-

        

        
        

      

      
        
        

        
        

      

      
        
        

      

    

    NATIONAL
      CITY BANK

     

    By:
      /s/ Michael J. Labrum       

    Name:
      Michael
      J. Labrum

    Title:
      Senior
      Vice President

    

     

    BRANCH
      BANKING AND TRUST COMPANY OF VIRGINIA

     

    By:
/s/
      Ronald P. Gudbrandsen      

    Name:
      Ronald
      P. Gudbrandsen

    Title:
      Senior
Vice
      President 

     

     

     

                 -5-

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