INGRAM MICRO INC
EXHIBIT 10.49
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<TYPE>EX-10.49
<SEQUENCE>10
<FILENAME>a97356exv10w49.htm
<DESCRIPTION>EXHIBIT 10.49
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<P align="right"><FONT size="2">EXHIBIT 10.49</FONT>

<P align="right"><FONT size="2"><IMG src="a97356a9735602.gif" alt="(COMPU-SHACK LOGO)"></FONT>

<P align="center"><FONT size="2"><B>Waiver Letter</B>
</FONT>

<P align="right"><FONT size="2">Date: 26 January 2004</FONT>

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To:
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    <TD align="left" valign="top"><FONT size="2">BNP Paribas Bank N.V.</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">Represented by BNP Paribas</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">3,rue d&#146; Antin</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">75002 Paris</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">France</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">(the
<B>&#147;Transferee&#148;)</B></FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">To the attention of: Marylene Monci/Eric Lefol</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">by mail and telecopy: &#043;33 1 42 98 69 19</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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CC:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Ingram Micro Coordination Center BVBA/Sprl.</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">Luohthavenlaan 25 A</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">1800 Vilvoorde</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">Belgium</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">To the attention of:B&#232;atrioe Ransquin/Luc Vlaminck</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">by mail and telecopy: &#043;32 2 254 92 90</FONT></TD>
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From:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Compu-Shack
Electronic GmbH</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">Ringstra&#223;le 56-58</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">56564 Neuwied</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">Germany</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2"><B>(&#147;Compu-Shack&#148;)</B></FONT></TD>
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<P align="left"><FONT size="2">Dear Sirs,
</FONT>

<P>
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    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">We refer to the German Master Receivables Transfer and Servicing Agreement (the
<B>&#147;GMRTS Agreement&#148;</B>) entered into between the Transferee, Ingram Micro
Distribution GmbH and Compu-Shack as Originators and Ingram Micro Holding GmbH
as Depositor, dated August 14, 2003 as amended and restated on December&nbsp;29,2003.</FONT></TD>
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<P align="right"><FONT size="2"><IMG src="a97356a9735602.gif" alt="(COMPU-SHACK LOGO)"></FONT>

<P align="right"><FONT size="2">BNP / Ingram<BR>
Waiver Letter</FONT>

<P>
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    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Capitalized terms and expressions not defined herein shall have
the meaning ascribed to them in
the glossary attached as Schedule&nbsp;1 to the GMRTS Agreement.</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">We hereby request that you, the Transferee, agree to</FONT></TD>
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<P>
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    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="92%"><FONT size="2">expressly waive in accordance with Clause 52 <I>(Exercise
of Rights) </I>of the GMRTS
Agreement with respect to the period from the date hereof
(inclusive)&nbsp;through 30 June
2004 (inclusive) (the <B>&#147;Waiver Period&#148;</B>) each of the following:</FONT></TD>
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    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="98%"><FONT size="2">the failure by Compu-Shaok to make Offers
thereby satisfying the conditions set out in Clause
10.1 A (b) <I>(Transfer of Receivables) </I>of the GMRTS
Agreement. The Transferee hereby agrees that the Final
Transfer Date shall not consequently be deemed to have
occurred on the second Information Date on which no
Offer is made; and</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the failure by Compu-Shack to comply with
Clause 12 A <I>(Information Obligations of the
Originators) </I>of the GMRTS Agreement;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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<P>
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    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="92%"><FONT size="2">acknowledge that during the Waiver Period none of the
items listed in paragraph 3 (a)
hereof constitutes an Event of Default pursuant to Clause
40.1 (ii) <I>(Events of Default and
Termination of Transferee&#146;s Commitment) </I>of the GMRTS
Agreement as each such item
has been waived.</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Each party hereto hereby agrees that Clause 49
<I>(Confidentiality), </I>Clause 50 <I>(Benefit of
Agreement), </I>Clause 51 <I>(Notices, Communication and Documents) </I>and
Clause 54 <I>(Indivisibility)</I>
of the GMRTS Agreement shall apply <I>mutatis mutandis </I>to this Waiver
Letter.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">This Waiver Letter shall be governed by, and construed in
accordance with, German law. Any
dispute as to the validity, execution, interpretation or any other
matter arising from this Waiver
Letter shall be subject to the jurisdiction of the District Court
<I>(Landgericht) </I>in Frankfurt am
Main, Germany.</FONT></TD>
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<P align="center"><FONT size="2">- 2 -
</FONT>

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\

<P align="right"><FONT size="2"><IMG src="a97356a9735602.gif" alt="(COMPU-SHACK LOGO)"></FONT>

<P align="right"><FONT size="2">BNP / Ingram<BR>
Waiver Letter</FONT>

<P>
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<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">6.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">This Waiver Letter may be executed (including by facsimile) in
one or more counterparts. Each
signed counterpart shall constitute an original.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">7.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Please confirm your consent to the terms of this Waiver Letter
by countersigning below.</FONT></TD>
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<P align="left"><FONT size="2">Sincerely yours,
</FONT>

<P align="left"><FONT size="2"><B>Compu-Shack-Electronic GmbH</B></FONT>

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<TD valign="top"><FONT size="2"><IMG src="a97356a9735600.gif" alt="(-s- Michael Kaack)"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<IMG src="a97356a9735601.gif" alt="(-s- Ingo Moller)"></FONT></TD>
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<P align="left"><FONT size="2"><B>Acknowledgement and
consent</B><BR>We hereby acknowledge and consent to the terms of this Waiver Letter:
</FONT>

<P align="left"><FONT size="2"><B>BNP Paribas Bank N.V.</B></FONT>

<DIV align="left"><FONT size="2">By:</FONT></DIV>

<P align="center"><FONT size="2">- 3 -
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