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<SEC-DOCUMENT>0000899681-04-000831.txt : 20041210
<SEC-HEADER>0000899681-04-000831.hdr.sgml : 20041210
<ACCEPTANCE-DATETIME>20041210150118
ACCESSION NUMBER:		0000899681-04-000831
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041209
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041210
DATE AS OF CHANGE:		20041210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		041196006

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		22 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_121004.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>


<P ALIGN=CENTER><FONT SIZE=3>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>

<HR SIZE=1 WIDTH=35% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3>FORM 8-K<BR>
<BR>
CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934<BR>
<BR>
Date of Report (Date of earliest event reported): December 9, 2004<BR>
<BR>
<B>Systemax Inc.</B><BR>
(Exact Name of Registrant as Specified in Charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>
<B>Delaware</B><BR>
(State or Other Jurisdiction<BR>
of Incorporation)</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B>1-13792</B><BR>
(Commission<BR>
File Number)</TD>
<TD WIDTH=34% ALIGN=CENTER>
<B>11-3262067</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT SIZE=3><B>11 Harbor Park Drive<BR>
Port Washington, New York 11050</B><BR>
(Address of Principal Executive offices, including Zip Code)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Registrant's telephone number, including area code: <B>(516) 608-7000</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>N.A.</B><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<P><FONT SIZE=3>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2
below): </FONT></P>

<P><FONT SIZE=3>|_| Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </FONT></P>

<P><FONT SIZE=3>|_| Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14-12) </FONT></P>

<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240-14d-2(b)) </FONT></P>

<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CRF 240.13e-4(c)) </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Page 1 of 10</FONT></P>
<PAGE>


<P ALIGN=LEFT><FONT SIZE=3><B> <U>ITEM 1.01</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 <U>Entry Into a Material Definitive Agreement</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 9, 2004, the Company entered into an amendment to its Loan and Security
Agreement with JPMorgan Chase Bank and other lenders, to modify the scope of
permitted investments in order to permit increases in the equity of certain of
the Company's foreign subsidiaries. A copy of the amendment is filed as an
exhibit to this Form 8-K. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B> <U>ITEM 9.01</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Financial Statements and Exhibits</U></B> </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>(a) Financial Statements of Business Acquired</I>
- - not applicable</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>(b)  Pro Forma Financial Information - not applicable</I></FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>(c)  Exhibits</I></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>10.1</TD>
<TD WIDTH=90%>
Amendment No. 10, dated as of December 9, 2004 to Loan and Security Agreement
with JPMorgan Chase Bank and other lenders, and dated as of June 13, 2001
</TD>
</TR>
</TABLE>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
By: <U>/s/ Steven Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Steven Goldschein<BR>
Title: Senior Vice President and CFO
</TD>
</TR>
</TABLE>
<BR>
<BR>
<P ALIGN=LEFT><FONT SIZE=3>Dated:  December 10, 2004</FONT></P>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT INDEX</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>10.1</TD>
<TD WIDTH=95%>
Amendment No. 10, dated as of December 9, 2004 to Loan and Security Agreement
with JPMorgan Chase Bank and other lenders, and dated as of June 13, 2001
</TD>
</TR>
</TABLE>
</BODY>
</HTML>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>systemax-ex101_121004.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>eX-10.1</TITLE>
</HEAD>
<BODY>


<P ALIGN=RIGHT><FONT SIZE=3>EXHIBIT 10.1</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>AMENDMENT NO. 10<BR>
<BR>
TO<BR>
LOAN AND SECURITY AGREEMENT</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THIS AMENDMENT NO. 10</B> ("Amendment No. 10") is entered into as of December
9, 2004 by and between SYSTEMAX INC., a corporation organized under the laws of
the State of Delaware ("SYX"), SYSTEMAX MANUFACTURING INC. (formerly known as
Midwest Micro Corp.), a corporation organized under the laws of the State of
Delaware ("SMI"), GLOBAL COMPUTER SUPPLIES INC. (successor by merger to
Continental Dynamics Corp.), a corporation organized under the laws of the State
of New York ("GCS"), GLOBAL EQUIPMENT COMPANY, INC., a corporation organized
under the laws of the State of New York ("GEC"), TIGER DIRECT, INC., a
corporation organized under the laws of the State of Florida ("Tiger"), DARTEK
CORPORATION, a corporation organized under the laws of the State of Delaware
("Dartek"), NEXEL INDUSTRIES, INC., a corporation organized under the laws of
the State of New York ("NII"), MISCO AMERICA INC., a corporation organized under
the laws of the State of Delaware ("Misco"), SYSTEMAX RETAIL SALES INC., a
corporation organized under the laws of the State of Delaware ("SRS"), PAPIER
CATALOGUES, INC., a corporation organized under the laws of the State of New
York ("PCI"), CATALOG DATA SYSTEMS, INC., a corporation organized under the laws
of the State of New York ("CDS"), MILLENNIUM FALCON CORP., a corporation
organized under the laws of the State of Delaware ("MFC"), TEK SERV INC., a
corporation organized under the laws of the State of Delaware ("TSI"), B.T.S.A.,
Inc., a corporation organized under the laws of the State of New York ("BTSA"),
PROFIT CENTER SOFTWARE INC., a corporation organized under the laws of the State
of New York ("PCS"), GLOBAL GOV'T/EDUCATION SOLUTIONS INC., a corporation
organized under the laws of the State of Delaware ("GGES") and SYX DISTRIBUTION
INC., a corporation organized under the laws of the State of Delaware ("SYXD")
(SYX, SMI, GCS, GEC, Tiger, Dartek, NII, Misco, SRS, PCI, CDS, MFC, TSI, BTSA,
PCS, GGES and SYXD, each a "Borrower" and jointly and severally the
"Borrowers"), the lenders who are parties to the Loan Agreement, as defined
herein ("Lenders") and JPMORGAN CHASE BANK, as agent for the Lenders
("Agent").</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>BACKGROUND</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers,
Agent and Lenders are parties to a Loan and Security Agreement dated as of June
13, 2001 (as amended by Amendment No. 1 to Loan and Security Agreement dated as
of September 1, 2001, Amendment No. 2 to Loan and Security Agreement and Consent
dated as of December 13, 2001, Amendment No. 3 to Loan and Security Agreement
dated as of December 20, 2001, Amendment No. 4 to Loan and Security Agreement
and Consent dated as of April 18, 2002, Amendment No. 5 and Waiver to Loan and
Security Agreement dated as of June 30, 2002, Amendment No. 6 to Loan and
Security Agreement dated as of September 22, 2003, Amendment No. 7 to Loan and
Security Agreement dated as of November 17, 2003, Joinder and Amendment No. 8
dated as of May 10, 2004, Amendment No. 9 to Loan and Security Agreement dated
as of July 2, 2004, and as the same may be amended, supplemented or otherwise
modified from time to time, the &#147;Loan Agreement&#148;) pursuant to which
the Lenders provided the Borrowers with certain financial accommodations. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
have informed Agent and Lenders that they intend to (a) convert approximately
$7,300,000 of inter-company loans due SYX from Systemax Europe Ltd. into equity,
(b) contribute an additional approximately $7,300,000 of equity into Systemax
Europe Ltd. which such sum, within ten (10) Business Days of the receipt
thereof, Systemax Europe Ltd. will use to satisfy current account balances due
SYX and (c) convert Euro 10,000,000 (approximately equivalent to $13,500,000) of
inter-company loans outstanding to Misco German Inc., a wholly-owned subsidiary
of SYX, to equity. Borrowers have requested Agent and Lenders to amend Section
7.4 of the Loan Agreement to permit such transactions. Agent and Lenders are
willing to so amend the Loan Agreement on the terms and conditions hereafter set
forth. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE</B>, in consideration of any loan or advance or grant of credit
heretofore or hereafter made to or for the account of Borrowers by Lenders, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Definitions</U>. All capitalized terms not
otherwise defined herein shall have the meanings given to them in the Loan
Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment to Loan Agreement</U>. Subject to
satisfaction of the conditions precedent set forth in Section 3 below, Section
7.4 of the Loan Agreement is hereby amended and restated in its entirety as
follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4
<U>Investments, Loans</U>. Make advances, loans or extensions of credit to, or
capital contributions or other investments in, any Person, including without
limitation, any Parent, Subsidiary or Affiliate, or purchase or acquire
obligations, stock or assets of, or any other interest in, any Person, except
(a) obligations issued or guaranteed by the United States of America or any
agency thereof with maturities of not more than 365 days; (b) commercial paper
with maturities of not more than 180 days and a published rating of not less
than A-1 or P-1 (or the equivalent rating); (c) certificates of time deposit and
bankers&#146; acceptances having maturities of not more than 180 days and
repurchase agreements backed by United States government securities of a
commercial bank if (i) such bank has a combined capital and surplus of at least
$500,000,000, or (ii) its debt obligations, or those of a holding company of
which it is a Subsidiary, are rated not less than A (or the equivalent rating)
by a nationally recognized investment rating agency; and (d) U.S. money market
funds that have assets in excess of $2.0 billion and that invest solely in
obligations issued or guaranteed by the United States of America or an agency
thereof, (e) loans to or by and investments in or capital stock of any
Subsidiary of any Borrower which is also a Borrower under this Agreement, (f)
trade credit incurred in the ordinary course of business, (g) loans in an
aggregate amount, together with all guarantees described in Section 7.3(d), at
any time not in excess of $8,000,000 to Millennium Group LLC and/or Worldwide
Papers LLC, (h) during the month of December 2001, capital contributions in the
aggregate sum of $2,400,000 to Misco Iberia Computer Supplies, S.A. (a Spanish
subsidiary of Misco; hereafter &#147;Misco Iberia&#148;) provided that a
substantially equivalent sum is received by SYX, directly or indirectly from
Misco Iberia, whether in the form of repayment of inter-company loans or trade
debt or otherwise, proof of which (in form and substance satisfactory to Agent)
shall be provided to Agent within five (5) Business Days of any such capital
contributions, (i) during the month of December 2004, capital contributions in
the aggregate sum not to exceed (A) $2,5000,000 <U>plus</U> (B) the Dollar
equivalent of 2,483,000 British pounds (which, as of December 1, 2004, is
approximately $4,800,000) to Systemax Europe Ltd. provided that a substantially
equivalent sum is received by SYX, directly or indirectly from Systemax Europe
Ltd., whether in the form of repayment of inter-company loans or trade debt or
otherwise, proof of which (in form and substance satisfactory to Agent) shall be
provided to Agent within ten (10) Business Days of any such capital
contributions, (j) in addition to the capital contributions permitted under
clause (i) of this Section 7.4, loans or capital contributions in an aggregate
amount at any time not in excess of $17,500,000 to Systemax Europe Ltd. (whether
in Dollars and/or in the Dollar equivalent of other currencies) and (k) loans or
capital contributions in an aggregate amount at any time not in excess of the
Dollar equivalent of Euro 10,000,000 (which, as of December 1, 2004, is
approximately $13,500,000) to Misco Germany Inc.&#148; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Conditions of Effectiveness</U>. This
Amendment No. 10 shall become effective as of the date upon which Agent shall
have received (a) four (4) copies of this Amendment No. 10 executed by
Borrowers, each of the Lenders and each Guarantor and (b) such other
certificates, instruments, documents, agreements and opinions of counsel as may
be required by Agent or its counsel, each of which shall be in form and
substance satisfactory to Agent and its counsel.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Release</U>. Each Borrower hereby releases,
remises, acquits and forever discharges each Lender and Agent and each Lender's
and Agent's employees, agents, representatives, consultants, attorneys,
fiduciaries, officers, directors, partners, predecessors, successors and
assigns, subsidiary corporations, parent corporations, and related corporate
divisions (all of the foregoing hereinafter called the "Released Parties"), from
any and all actions and causes of action, judgments, executions, suits, debts,
claims, demands, liabilities, obligations, damages and expenses of any and every
character, known or unknown, direct and/or indirect, at law or in equity, of
whatsoever kind or nature, for or because of any matter or things done, omitted
or suffered to be done by any of the Released Parties prior to and including the
date of execution hereof, and in any way directly or indirectly arising out of
or in any way connected to this Amendment No. 10, the Loan Agreement or the
Other Documents (all of the foregoing hereinafter called the "Released
Matters"). Each Borrower acknowledges that the agreements in this Section are
intended to be in full satisfaction of all or any alleged injuries or damages
arising in connection with the Released Matters.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Representations and Warranties</U>.
Borrowers hereby represent and warrant as follows:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment
No. 10, and the Loan Agreement, as amended hereby, constitute legal, valid and
binding obligations of Borrowers and are enforceable against Borrowers in
accordance with their respective terms.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the
effectiveness of this Amendment No. 10, each Borrower hereby reaffirms all
covenants, representations and warranties made in the Loan Agreement and agree
that all such covenants, representations and warranties shall be deemed to have
been remade as of the effective date of this Amendment No. 10.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Event of
Default or Default has occurred and is continuing or would exist, after giving
effect to this Amendment No. 10.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowers have
no defense, counterclaim or offset with respect to the Loan
Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Effect on the Loan Agreement</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the
effectiveness of this Amendment No. 10, each reference in the Loan Agreement to
"this Agreement," "hereunder," "hereof," "herein" or words of like import shall
mean and be a reference to the Loan Agreement as amended hereby.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
specifically amended herein, the Loan Agreement, and all other documents,
instruments and agreements executed and/or delivered in connection therewith,
shall remain in full force and effect, and are hereby ratified and
confirmed.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
execution, delivery and effectiveness of this Amendment No. 10 shall not operate
as a waiver of any right, power or remedy of Agent or any Lender, nor constitute
a waiver of any provision of the Loan Agreement, or any other documents,
instruments or agreements executed and/or delivered under or in connection
therewith. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Governing Law</U>. This Amendment No. 10
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns and shall be governed by and construed in
accordance with the laws of the State of New York.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Headings</U>. Section headings in this
Amendment No. 10 are included herein for convenience of reference only and shall
not constitute a part of this Amendment No. 10 for any other purpose.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Counterparts; Telecopied Signatures</U>.
This Amendment No. 10 may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which taken
together shall be deemed to constitute one and the same agreement. Any signature
delivered by a party via telecopier shall be deemed to be an original signature
hereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>IN WITNESS WHEREOF</B>, this Amendment No. 10 has been duly executed as of
the day and year first written above. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
By: <U>/s/Steven M. Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven M. Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President<BR>
<BR>
SYSTEMAX MANUFACTURING INC.<BR>
GLOBAL COMPUTER SUPPLIES INC.<BR>
GLOBAL EQUIPMENT COMPANY, INC.<BR>
TIGER DIRECT, INC.<BR>
DARTEK CORPORATION<BR>
NEXEL INDUSTRIES, INC.<BR>
MISCO AMERICA INC.<BR>
SYSTEMAX RETAIL SALES INC.<BR>
PAPIER CATALOGUES, INC.<BR>
CATALOG DATA SYSTEMS, INC.<BR>
MILLENNIUM FALCON CORP.<BR>
TEK SERV INC.<BR>
B.T.S.A., INC.<BR>
PROFIT CENTER SOFTWARE INC.<BR>
GLOBAL GOV'T/EDUCATION SOLUTIONS INC. SYX DISTRIBUTION INC.<BR>
<BR>
<BR>
By: <U>/s/Steven M. Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven M. Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President<BR>
<BR>
<BR>
JPMORGAN CHASE BANK, as Lender and as<BR>
Agent<BR>
<BR>
<BR>
By: <U>/s/ Donna M. DiForio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Donna M. DiForio<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President<BR>
<BR>
TRANSAMERICA BUSINESS CAPITAL<BR>
CORPORATION,<BR>
as Lender and as Co-Agent<BR>
<BR>
<BR>
By: <U>/s/ James De Santis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Its: Duly Authorized Signatory<BR>
<BR>
GMAC COMMERCIAL FINANCE LLC,<BR>
(successor by merger to GMAC COMMERCIAL<BR>
CREDIT LLC), as Lender<BR>
<BR>
By: <U>/s/ Harvey Winter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Its: Vice President
</TD>
</TR>
</TABLE>

<P ALIGN=LEFT><FONT SIZE=3>ACKNOWLEDGED AND AGREED:<BR>
<BR>
SYSTEMAX SUWANEE LLC<BR>
<BR>
By: Systemax Inc., Member<BR>
<BR>
<BR>
By: <U>/s/Steven M. Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven M. Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President<BR>
<BR>
THE MILLENNIUM GROUP LLC<BR>
<BR>
By: <U>/s/Steven M. Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven M. Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President<BR>
<BR>
SYSTEMAX SERVICES INC.<BR>
<BR>
By: <U>/s/Steven M. Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven M. Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President</FONT></P>
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