BELL INDUSTRIES INC /NEW/
EXHIBIT 10.V
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.v</B>



<P align="center" style="font-size: 10pt"><U>AMENDMENT TO AGREEMENT FOR WHOLESALE FINANCING</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment to Agreement for Wholesale Financing (&#147;Amendment&#148;) is made by and between
<B>GE Commercial Distribution Finance Corporation</B> (formerly known as Deutsche Financial Services
Corporation) (&#147;CDF&#148;) and <B>Bell Industries, Inc.</B> (&#147;Dealer&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, CDF and Dealer entered into that certain Agreement for Wholesale Financing
dated May&nbsp;11, 2001 (&#147;Agreement&#148;); and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, CDF and Dealer desire to amend the Agreement as provided herein



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for and in consideration of the premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, CDF and Dealer agree
as follows:


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    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">1&nbsp;&nbsp;</TD>
    <TD>All references in the Agreement to &#147;Deutsche Financial Services
Corporation&#148; and &#147;DFS&#148; shall be deemed to be references to &#147;GE Commercial Distribution
Finance Corporation&#148; and &#147;CDF.&#148;</TD>
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    <TD colspan="5">&nbsp;</TD>
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    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>Paragraph&nbsp;4 of the Agreement is restated in its entirety as follows:</TD>
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<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Collateral Reports; Paydown</B>. Dealer will forward to CDF by the sixth (6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day of
each month (or the next business day) a Collateral Report (as defined below) dated as of the
5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of such month. Regardless of the SPP terms pertaining to any Collateral
financed by CDF, and notwithstanding any scheduled payments made by Dealer after the
Determination Date (as defined below) or anything contained in the Agreement to the contrary,
if CDF determines, after reviewing the Collateral Report, after conducting an inspection of
the Collateral or otherwise, that (i)&nbsp;the total current outstanding indebtedness owed by
Dealer to CDF as of the date of the Collateral Report, inspection or any other date on which a
paydown is otherwise required hereunder, as applicable (the &#147;Determination Date&#148;), exceeds
(ii)&nbsp;the Collateral Liquidation Value (as defined below) as of the Determination Date, Dealer
will immediately upon demand pay CDF the difference between (i)&nbsp;Dealer&#146;s total current
outstanding indebtedness owed to CDF as of the Determination Date, and (ii)&nbsp;the Collateral
Liquidation Value as of the Determination Date. Any and all such paydown amounts will be
applied to the then oldest outstanding indebtedness owed by Dealer to CDF.



<P align="left" style="margin-left:3%; font-size: 10pt">The term &#147;Collateral Report&#148; is defined herein to mean a report compiled by Dealer specifying
the following information: (a)&nbsp;the total aggregate wholesale invoice price of all of Dealer&#146;s
inventory financed by CDF that is unsold and in Dealer&#146;s possession and control as of the date
of such Report; and (b)&nbsp;the total outstanding balance owed to Dealer (and specifically to
Dealer&#146;s Bell Tech.logix division) on Dealer&#146;s Eligible Accounts (as defined below) as of the
date of such Report: in each case to the extent CDF has a first priority, fully perfected
security interest therein; and (c)&nbsp;the total amount owed to Union Bank of California, N.A.
from Dealer as of the date of such Report (&#147;Union Bank Outstandings&#148;). In addition, Dealer
will (1)&nbsp;e-mail to CDF by the tenth
(10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day of each month, the amount of the Union
Bank Outstandings as of the last day of the prior month, and (2)&nbsp;forward to CDF not more than
twenty-five (25)&nbsp;days following each fiscal quarter end, a copy of the borrowing base
certificate and supporting documentation that Dealer has provided to Union Bank of California,
N.A. or any successor lender.


<P align="center" style="font-size: 10pt">1
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<P align="left" style="margin-left:3%; font-size: 10pt">The term &#147;Eligible Accounts&#148; is defined herein to include all of Dealer&#146;s accounts
receivable except for: (a)&nbsp;accounts created from the sale of goods and services on
non-standard terms and/or that allow for payment to be made more than thirty (30)&nbsp;days from
the date of sale; (b)&nbsp;accounts unpaid more than ninety (90)&nbsp;days from date of invoice; (c)&nbsp;all
accounts of any obligor with fifty percent (50%) or more of the outstanding balance unpaid for
more than ninety (90)&nbsp;days from the date of invoice; (d)&nbsp;accounts which the obligor is an
officer, director, shareholder, partner, member, owner, employee, agent, parent, subsidiary,
affiliate of, or is related or has common shareholders, officers, directors, owners, partners
or members; (e)&nbsp;consignment sales; (f)&nbsp;accounts for which the payment is or may be
conditional; (g)&nbsp;accounts for which the obligor is not a commercial or institutional entity or
is not a resident of the United States or Canada; (h)&nbsp;accounts with respect to which any
warranty or representation provided herein is not true and correct; (i)&nbsp;accounts which
represent goods or services purchased for a personal, family or household purpose; (j)
accounts which represent goods used for demonstration purposes or loaned by Dealer to another
party; (k)&nbsp;accounts which are progress payment, barter or contra
accounts; (l)&nbsp;accounts which
are discounts, rebates, bonuses or credits for returned goods owed to Dealer by any third
party; (m)&nbsp;accounts which are being financed by CDF pursuant to a Business Financing Agreement
or other comparable document between Dealer and CDF; and (n)&nbsp;any and all other accounts which
CDF deems to be ineligible. CDF may, with notice to Dealer and at any time or times hereafter,
verify the validity, amount or any other matter relating to any Eligible Account by mail,
telephone, or other means, in the name of Dealer or CDF.



<P align="left" style="margin-left:3%; font-size: 10pt">The term &#147;Collateral Liquidation Value&#148; is defined herein to mean: (i)&nbsp;one hundred percent
(100%) of the total aggregate wholesale invoice price of all of Dealer&#146;s Bell Tech.logix
division&#146;s inventory and demonstration equipment financed by CDF that is unsold and in
Dealer&#146;s possession and control; and (ii)&nbsp;one hundred percent (100%) of the CDF Account
Portion (as defined below): in each case as of the date of the Collateral Report and to the
extent CDF has a first priority, fully perfected security interest therein.



<P align="left" style="margin-left:3%; font-size: 10pt">The term &#147;CDF Account Portion&#148; is defined herein to mean (a)&nbsp;the net amount of Eligible
Accounts arising from sales of inventory of Dealer&#146;s Bell Tech.logix division and financed by
CDF for Dealer, as shown on the most recent Collateral Report, multiplied by (b)&nbsp;the quotient
of (i)&nbsp;the amount due CDF from Dealer (&#147;CDF Outstandings&#148;) divided by (ii)&nbsp;the sum of (x)&nbsp;CDF
Outstandings plus (y)&nbsp;Union Bank Outstandings: in each case as of the date of the Collateral
Report, but in no event to exceed Ten Million Dollars ($10,000,000).



<P align="left" style="margin-left:3%; font-size: 10pt">If Dealer from time to time is required to make immediate payment to CDF of any past due
obligation discovered during any Collateral review, upon review of a Collateral Report or at
any other time, Dealer agrees that acceptance of such payment by CDF shall not be construed to
have waived or amended the terms of its financing program.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<B>No
Other Modifications</B>. Except as expressly modified or amended herein, all other
terms and provisions of the Agreement shall remain unmodified and in full force and effect and
the Agreement, as hereby amended, are ratified and confirmed by CDF
and Dealer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<B>Capitalized
Terms</B>. Except as otherwise defined herein, all capitalized terms will
have the same meanings set forth in the Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer
waives notice of CDF&#146;s acceptance of this Amendment.


<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, CDF and Dealer have executed this Amendment as of the <U>12th</U> day of <U>December</U>, 2003.

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>GE COMMERCIAL DISTRIBUTION
FINANCE CORPORATION</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><IMG src="a07396a0739603.gif" alt="-s- David Lynch"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px soild #000000">David Lynch</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of Operations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BELL INDUSTRIES, INC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="a07396a0739602.gif" alt="-s- Russell A. Doll"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px soild #000000">Russell A. Doll</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President/</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ATTEST:</B></TD>
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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="a07396a0739601.gif" alt="-s- Janet Simmons"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px soild #000000">Janet Simmons, (Assistant) Secretary</TD>
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<TR><TD>&nbsp;</TD></TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Print Name: <U>Janet Simmons</U></TD>
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