Import Line of Credit Agreement between Egyptian Arab Land Bank and Prosperity Textiles Ltd.

Summary

The Egyptian Arab Land Bank has agreed to provide Prosperity Textiles Ltd. with an import line of credit totaling two million Jordanian dinars. The agreement allows for 50% pre-shipment and 80% post-shipment financing based on import letters of credit and shipping documents. Interest rates are set at 11% plus a 1% commission for the bank's own funds, and 6% for funds under the Export Incentive Credit Act. The line of credit is secured by the endorsement of all import letters of credit and approval from Prosperity's board of directors.

EX-10.13 4 e88653_ex10-13.txt EXHIBIT 10.13 Translation from Agreement Written in Arabic. EGYPTIAN ARAB LAND BANK Irbid Branch Reference Number: 1038 Prosperity Textiles, Ltd. Subject: Import Line of Credit Greetings: With reference to the above subject, and on the basis of the meeting held on July 19, 2001 by and between the Egyptian Arab Land Bank administrative board and the Prosperity Textiles Ltd. board of directors with respect to the possibility of granting the Company a line of Credit on the strength of its import letters of credit. We are pleased to inform you that the Administrative Board has agreed to grant you an import line of credit in the amount of two (2) million Jordan dinars as follows: o 50% pre-shipment financing of import letters of credit received by us; o 80% post-shipment financing of the total value of shipping documents presented to us; o Debiting of 11% interest on transactions financed from the Bank's own financial resources, plus 1% commission; and o Debiting 6% on transactions financed pursuant to the Export Incentive Credit Act (Central Bank). The said line of credit shall be secured by: o Endorsement in favor of the bank of all import letters of credit; and o Approval by the Prosperity Board of Directors. Respectively, Egyptian Arab Land Bank [signature]