EX-10.32 15 ex10_32.txt EXHIBIT 10.32 [CIBC LOGO] Amendment No. 1 to the Business Credit Agreement dated March 18, 1998 Between Canadian Imperial Bank of Commerce ("CIBC")and the Customer noted below -------------------------------------------------------------------------------- Customer: CIBC Branch/Centre: Pivotal Corporation 400 Burrard Street, 7th Floor 224 West Esplanade, Suite 300 Vancouver, B.C. North Vancouver, B.C. V2M 3M6 V6C 3A6 -------------------------------------------------------------------------------- Amendments. The Agreement is amended as follows: 1) $1,600,000 U.S. Letter of Credit. The following additional security is required for this facility: Liquid Security: Pledge of $1,600,000 U.S to be held by CIBC Wood Gundy Securities Inc. in the form of Money Market Investments. The Fees for this Letters of Credit are CIBC's standard L/C fees, minimum $150, plus out of pocket expenses. Plus the completion of our standard L/C documentation. The credit facilities will remain on a demand basis and at the pleasure of the Bank. Please indicate your acceptance of these amended terms by returning a signed copy of this Agreement by June 30, 2001, then it shall become null and void and of no further force and effect. --------------------------------------------------------------------------------------------------- Other Matters. (1) The term "the Agreement" means the Business Credit Agreement referred to above, as it may have been revised up to the date of his Amendment. (2) Except as revised by this Amendment, the Agreement remains in full force. --------------------------------------------------------------------------------------------------- Dated as of: June 19, 2001 --------------------------------------------------------------------------------------------------- For CIBC: For the Customer: --------------------------------------------------------------------------------------------------- By: /s/ T.A. Smith /s/ George Reznik /s/ Upton Jeans --------------------------------------------------------------------------------------------------- Name: T.A. (Tom) Smith Name: George Reznik Name: Upton Jeans --------------------------------------------------------------------------------------------------- Title: Director, Knowledge Based Business Title: V.P., Corporate V.P. Finance & Admin. Finance ---------------------------------------------------------------------------------------------------