Document:

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                                                                   Exhibit 10.37

                 AMENDMENT TO AGREEMENT FOR WHOLESALE FINANCING
                             (Comteq Federal, Inc.)

      This Amendment to Agreement for Wholesale Financing is entered into as of
February 25, 2000 by and between Comteq Federal, Inc., a Maryland corporation
("Customer") and IBM Credit Corporation ("IBM Credit").

      WHEREAS, the Customer and IBM Credit are parties to a certain Agreement
for Wholesale Financing (Security Agreement) dated as of October 12, 1993, as
amended from time to time (the "Agreement"), including, without limitation,
pursuant to a certain Amendment to Agreement for Wholesale Financing made as of
December 23, 1999 (the "Agreement Amendment"), and a certain Addendum to
Agreement for Wholesale Financing -- Flexible Payment Plan dated December 22,
1993, as amended from time to time (the "Addendum") (the Agreement, the
Agreement Amendment and the Addendum are hereafter referred to collectively as
the "IBM Documents"); and

      WHEREAS, PC Connections Sales Corp. (fka PC Connection, Inc. ("Sales") has
engaged in a corporate reorganization which was consummated on or about December
31, 1999, in which, among other things, (i) Sales formed PC Holdco, Inc.
("Holdco") as its subsidiary, (ii) Holdco formed a transitory subsidiary into
which Sales was merged, which resulted in Sales being a wholly-owned subsidiary
of Holdco, (iii) Sales formed two new subsidiaries, PC Connection Sales of
Massachusetts, Inc. ("Sales-MA") and Merrimack Services Corp. ("Merrimack"),
each a Delaware corporation and contributed certain assets to such entities,
(iv) Sales then distributed its stock in Merrimack and its other subsidiary, the
Customer to Holdco, and (v) Sales changed its name to "PC Connection Sales
Corp." and Holdco changed its name to "PC Connection, Inc." (the
"Restructuring"); and

      WHEREAS, the Customer and IBM Credit desire to amend the IBM Documents on
the terms and conditions set forth herein;

      NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Customer and IBM Credit hereby
agree as follows:

      1. (a) Sections 4, 11(b), 11(c), 11(d), 11(e), 12 and 13 of the Agreement
are hereby deleted in their entirety.

            (b) The fourth sentence of Section 6 of the Agreement is hereby
amended by inserting (1) after the words "relating to any indebtedness" the
phrase "in excess of $1,000,000", and (2) after the words "or other instrument"
the phrase "in excess of $1,000,000".

            (c) The phrase "appraise them as security;" appearing in the second
and third lines of Section 8 of the Agreement is hereby deleted in its entirety.

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            (d) Section II of the Agreement (as modified by the Agreement
Amendment) is hereby deleted in its entirety and replaced with the following:

      "11. Any of the following events will constitute an event of default by us
under this Agreement: we breach any of the material terms, warranties or
representations contained in this Agreement or in any other agreements between
us and you or between us and any of your affiliates; any guarantor of our
obligations to you under this Agreement or any other agreements breaches any of
the material terms, warranties or representations contained in such guaranty or
other agreements between such guarantor and you; any representation, statement,
report or certificate made or delivered by us or any of our owners,
representatives, employees or agents or by any guarantor to you is not true and
correct in any material respect; we fail to pay any of the liabilities or
obligations owed to you or any of your affiliates when due and payable under
this Agreement or under any other agreements between us and you or between us
and any of your affiliates; we abandon the Goods or any part thereof; we or any
guarantor becomes in default in the payment of any indebtedness owed to any
third party in excess of $1,000,000; there shall occur an Event of Default
pursuant to and as defined in any financing agreement between PC Connection,
Inc., a Delaware corporation and Citizens Bank of Massachusetts, as agent, and
the lenders party thereto, dated February __, 2000 or any successor financing
agreement thereto; a judgment issues on any money demand against us or any
guarantor which judgment exceeds available insurance by at least $1,000,000; an
attachment or seizure is issued against us or any material portion of the Goods;
any material part of the Goods is seized or taken in execution; we cease or
suspend our business; we or any guarantor makes a general assignment for the
benefit of creditors; we or any guarantor becomes insolvent or voluntarily or
involuntarily becomes subject to the Federal Bankruptcy Code, state insolvency
laws or any act for the benefit of creditors (in the case of an involuntary
proceeding, such proceeding is not stayed or vacated within 30 days); any
receiver is appointed for any of our or any material portion of guarantor's
assets, or any guaranty pertaining to our obligations to you is terminated for
any reason whatsoever; any guarantor disclaims any obligations under any
guaranty; we lose any franchise, permission, license or right necessary for the
operation of our business; we or any guarantors misrepresents its respective
financial condition or organizational structure in any material respect.
Following an event of a default:"

            (e) Sections 5, 8 and 9 of the Addendum are each hereby deleted in
its entirety.

            (f) In Section 12.2(a) of the Addendum, the phrase "nature of its
business or property requires it to be qualified or licensed" is hereby deleted
in its entirety and replaced with the phrase "failure to so qualify would have
a material adverse effect on the Customer or its business".

            (g) Clause (d) of Section 12.2 of the Addendum is hereby deleted in
its entirety and replaced with "(d) Customer shall advise IBM Credit of the
commencement or institution of legal proceedings against Customer before any
court, administrative board or tribunal which involves claims, which if
determined against the Customer, could

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reasonably be expected to result in the Customer having to pay in excess of
$1,000,000 above any available insurance in satisfaction thereof."

            (h) Clause (e) of Section 12.3 of the Addendum is hereby deleted in
its entirety and replaced in its entirety with the following:

      "(e) guaranty or indemnify or in any way become liable with respect to the
obligations of any Person, except (1) by endorsement or instruments or items of
payment for deposit to the general account of Customer in the ordinary course of
business or which are transmitted or turned over to IBM Credit on account of
Customer's Obligations or (2) by guaranty or similar agreement of the
obligations of any affiliate of the Customer issued to or for the benefit of (x)
any agent and/or lender under a working capital loan facility for such affiliate
(and any amendment, modification, or replacement thereof) (the "Working Capital
Facility"), (y) Deutsche Financial Services Corporation (or any successor or
assign thereof) or (z) any capitalized lease or purchase money obligation of the
Customer or any affiliate which is secured by the assets relating thereto and
any proceeds thereof (and any amendment, modification, or replacement thereof)
(the "Capitalized Lease Obligations");".

            (i) Clause (i) of Section 12.3 of the Addendum is hereby deleted in
its entirety and replaced in its entirety with the following:

      "(i) incur any debts outside the ordinary course of Customer's business
except (1) debts in connection with the guarantees permitted under Section
12.3(e)(2), (2) debts to Deutsche Financial Services Corporation (or any
successor or assign thereof), (3) debts in connection with the Working Capital
Facility and all Capitalized Lease Obligations and (4) renewals, extensions,
modifications or replacements of any of the foregoing;"

            (j) Clause (j) of Section 12.3 of the Addendum is hereby deleted in
its entirety and replaced in its entirety with the following:

      "(j) intentionally omitted; and".

      2. IBM Credit hereby consents to the Restructuring and waives any notice
thereof which may be required under the Agreement. IBM Credit further consents
to (a) the issuance by Customer or any of its affiliates of any indebtedness to
or guarantees to (i) IBM Credit, (ii) lenders under any working capital facility
of Customer or any of its affiliates, or (iii) Deutsche Financial Services
Corporation and (b) the granting of any liens to IBM Credit or Deutsche
Financial Services Corporation.

      3. Except as specifically amended hereby, all of the provisions of the
Agreement shall remain unamended and in full force and effect. Customer hereby
ratifies and confirms the Agreement as amended hereby and agrees that the
Agreement as amended hereby represents a valid and enforceable obligation of
Customer.

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      4. This Amendment shall be governed by and interpreted in accordance with
the Laws of the State of [Illinois].

      5. This Amendment may be executed in any number of counterparts, each of
which shall be an original and all of which shall constitute one agreement.

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      IN WITNESS WHEREOF, Customer and IBM Credit have executed this Amendment
to Agreement for Wholesale Financing as of the date first set forth above.

                                 COMTEQ FEDERAL, INC.

                                 By: /s/ Gary Sorkin
                                     -----------------------------
                                 Name: Gary Sorkin
                                      ----------------------------
                                 Its: President
                                      ----------------------------

                                 IBM CREDIT CORPORATION

                                 By:
                                     -----------------------------
                                 Name:
                                      ----------------------------
                                 Its:
                                      ----------------------------

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      IN WITNESS WHEREOF, Customer and IBM Credit have executed this Amendment
to Agreement for Wholesale Financing as of the date first set forth above.

                                 COMTEQ FEDERAL, INC.

                                 By:
                                     -----------------------------
                                 Name:
                                      ----------------------------
                                 Its:
                                      ----------------------------

                                 IBM CREDIT CORPORATION

                                 By: /s/ Stephen A. Nichols
                                     -----------------------------
                                 Name: Stephen A. Nichols
                                      ----------------------------
                                 Its: Region Credit Mgr
                                      ----------------------------

                                       6<PAGE>

                                                                   Exhibit 10.38

IBM Credit Corporation

                                    GUARANTY
                           (For Comteq Federal, Inc.)

TO: IBM CREDIT CORPORATION                               DATE: February 25, 2000
    1500 RiverEdge Parkway
    Atlanta, GA 30328

Gentlemen:

         In consideration of credit and financing accommodations granted or to
be granted by you to Comteq Federal, Inc. ("Dealer"), which is in the best
interest of the undersigned, and for other good and valuable consideration
received, the undersigned guaranties to you, jointly and severally, the prompt
and unconditional payment by Dealer of any and all obligations, liabilities,
contracts, mortgages, notes, trust receipts, secured transactions, inventory
financing and security agreements, and commercial paper on which Dealer is
obligated to you in connection with that certain Agreement for Wholesale
Financing dated as of October 10, 1993, as amended and in effect from time to
time, heretofore, now, or hereafter owed or arising ("Liabilities"), whether the
Liabilities are individual, joint, several, primary, secondary, direct,
contingent or otherwise. The undersigned also agrees to indemnify you and hold
you harmless against any losses you may sustain and expenses you may incur,
suffer or be liable for as a result of or in any way arising out of, following,
or consequential to any transactions with or for the benefit of Dealer, except
those arising out of your own gross negligence or willful misconduct.

         If Dealer fails to pay any Liabilities to you when due, all Liabilities
to you shall then be deemed to have become immediately due and payable, and the
undersigned shall then pay upon demand the full amount of all sums owed to you
by Dealer, together with all reasonable expenses, including reasonable
attorney's fees.

         The liability of the undersigned is direct and unconditional and shall
not be affected by any extension, renewal or other change In the terms of
payment of any security agreement or any other agreement between you and Dealer,
or any change in the manner, place or terms of payment or performance thereof,
or the release, settlement or compromise of or with any party liable for the
payment or performance thereof, the release or non-perfection of any security
thereunder, any change in Dealer's financial condition, or the interruption of
business relations between you and Dealer. This Guaranty shall continue for so
long as any sums owing to you by Dealer remain outstanding and unpaid, unless
terminated in the manner provided below. The undersigned acknowledges that its
obligations hereunder are in addition to and independent of any agreement or
transaction between you and Dealer or any other person creating or reserving any
lien, encumbrance or security interest in any property of Dealer or any other
person as security for any obligation of Dealer. You need not exhaust your
rights or recourse against Dealer or any other person or any security you may
have at any time before being entitled to payment from the undersigned.

         This Guaranty is assignable, and shall inure to the benefit of and bind
your and our respective successors and assigns.

          If Dealer hereafter is incorporated, acquired by a corporation,
dissolved, or otherwise undergoes any change in its management, ownership,
identity or organizational structure, this Guaranty shall continue to extend to
any Liabilities of the Dealer or such resulting corporation, dissolved
corporation, or new or changed legal entity or identity to you.

         The undersigned waives: notice of the acceptance of this Guaranty, and
of presentment, demand and protest; notices of nonpayment, nonperformance, and
dishonor; notices of amount of indebtedness of Dealer outstanding at any time;
notices of the number and amount of advances made by you to Dealer in

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reliance on this Guaranty; notices of any legal proceedings against Dealer;
notice and hearing as to any prejudgment remedies; and any other demands and
notices required by law. The undersigned also waives any and all rights in and
notices or demands relating to any collateral now or hereafter securing any of
the Liabilities, including, but not limited to, all rights, notices or demands
relating, whether directly or indirectly, to the sale or other disposition of
any or all of such collateral or the manner of such sale or other disposition.
All waivers by the undersigned herein shall survive any termination or
revocation of this Guaranty.

         The undersigned has made an independent investigation of the financial
condition of Dealer and gives this Guaranty based on that investigation and not
upon any representations made by you. The undersigned acknowledges that it has
access to current and future Dealer financial information which will enable the
undersigned to continuously remain informed of Dealer's financial condition. The
undersigned also consents to and agrees that the obligations under this Guaranty
shall not be affected by your: subsequent increases or decreases in the credit
line that you may grant to Dealer; substitutions, exchanges or releases of all
or any part of the collateral now or hereafter securing any of the Liabilities;
sales or other dispositions of any or all of the collateral now or hereafter
securing any of the Liabilities without demands, advertisement or notice of the
time or place of the sales or other dispositions; realizing on the collateral;
or purchases of all or any part of the collateral for your own account.

          This Guaranty and any and all obligations, liabilities, terms and
provisions herein shall survive any and all bankruptcy or insolvency
proceedings, actions and/or claims brought by or against Dealer, whether such
proceedings, actions and/or claims are federal and/or state.

          This Guaranty is submitted by the undersigned to you (for your
acceptance or rejection thereof) at your above specified office; as an offer by
the undersigned to guaranty the credit and financial accommodations provided by
you to Dealer. If accepted, this Guaranty shall be deemed to have been made at
your above specified office. This Guaranty and all obligations pursuant thereto,
shall be governed and controlled as to interpretation, enforcement, validity,
construction, effect and in all other respects by the laws of the state of your
above specified office. The undersigned, to induce you to accept this Guaranty,
agrees that all actions or proceedings arising directly or indirectly in
connection with, out of, related to or from this Guaranty may be litigated, at
your sole discretion and election, in courts within the state of your above
specified office. The undersigned consents and submits to the jurisdiction of
any local, state or federal court located within that state. The undersigned
waives any right to transfer or change the venue of any litigation brought
against the undersigned by you in accordance with this paragraph.

          Any delay by you, or your successors or assigns in exercising any or
all rights granted you under this Guaranty shall not operate as a waiver of
those rights. Furthermore, any failure by you, your successors or assigns, to
exercise any or all rights granted you under this Guaranty shall not operate as
a waiver of your right to exercise any or all of them later.

          This document contains the full agreement of the parties concerning
the guaranty of Dealer's Liabilities and can be varied only by a document signed
by all the parties hereto. The undersigned may terminate this Guaranty by notice
to you in writing, the termination to be effective thirty (30) days after
receipt and acknowledgment thereof by you, but the termination shall in no
manner terminate the undersigned guaranty of Liabilities arising prior to the
effective date of termination.

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         WE AGREE THAT ANY ACTION, SUIT OR PROCEEDING RELATING DIRECTLY OR
INDIRECTLY TO THIS GUARANTY OR THE RELATIONSHIP BETWEEN YOU AND US, WILL BE
TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE WITHOUT A JURY. THUS, WE
HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN ANY SUCH ACTION, SUIT OR PROCEEDING.

WITNESS (as to all)                    PC CONNECTION SALES CORP.
                                       (f/k/a PC Connection, Inc.)
/s/ Jack L. Ferguson
------------------------------------   By: /s/ Jerry McDougal
                                          --------------------------------------
(Print Name: Jack L. Ferguson      )
            ------------------------   (Print Name: Jerry McDougal             )
                                                   -----------------------------
Address: Rte 101A, 730 Milford Rd.
        ----------------------------   Title: Vice President
         Merrimack, NH 03054              --------------------------------------
------------------------------------
                                       PC CONNECTION SALES OF
------------------------------------   MASSACHUSETTS, INC.

                                       By: /s/ Peter Cannure
                                          --------------------------------------

                                       (Print Name: Peter Cannure              )
                                                   -----------------------------

                                       Title: Vice President
                                          --------------------------------------

                                       MERRIMACK SERVICES CORP.

                                       By: /s/ Mark Gavin
                                          --------------------------------------

                                       (Print Name: Mark Gavin                 )
                                                   -----------------------------

                                       Title: Chief Financial Officer
                                          --------------------------------------

                                       PC CONNECTION, INC. (fka PC Holdco, Inc.)

                                       By: /s/ Mark Gavin
                                          --------------------------------------

                                       (Print Name: Mark Gavin                 )
                                                   -----------------------------

                                       Title: Chief Financial Officer)
                                          --------------------------------------

                                       Guarantor's Address (as to all):

                                       Rte 101A, 730 Milford Road
                                       -----------------------------------------
                                       Merrimack, NH 03054
                                       -----------------------------------------

                                       -----------------------------------------

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