Reaffirmation of $4,000,000 Discretionary Demand Line of Credit between Bank and Met-Pro Corporation (February 2012)

Contract Categories: Business Finance › Credit Agreements
Summary

This letter agreement reaffirms a $4,000,000 discretionary demand line of credit provided to Met-Pro Corporation by the lender, effective from February 28, 2012 through November 30, 2012. Borrowings are subject to mutually agreeable terms, periodic review, and are evidenced by a prior demand promissory note. Advances are at the lender's discretion. The agreement is signed by representatives of both parties, including Met-Pro's Chairman/CEO and CFO.

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EX-10.CO 2 mpr8k20120222ex10co.htm REAFFIRMATION LINE OF CREDIT, DATED FEBRUARY 10, 2012 mpr8k20120222ex991.htm
 
  Exhibit (10)(co)
     
     
     
 
Suite 300
3025 Chemical Road
Plymouth Meeting, PA 19462
 
 
 
 
 
 
February 10, 2012
 
 
Mr. Gary J. Morgan
Senior Vice President - Finance & CFO
Met-Pro Corporation
160 Cassell Road
Harleysville, Pa. 19438
 
Re: Demand Line of Credit
 
Dear Gary,
 
Please be advised that we have reaffirmed your Discretionary Demand Line of Credit in the amount of $4,000,000 from February 28, 2012 through November 30, 2012. Borrowings under the Line will be on mutually agreeable terms and conditions, and will be subject to review from time to time. Borrowings are evidenced by the Demand Promissory Note dated February 23, 1996 and advances will be available at our discretion.
 
Sincerely,
 
 
/s/Dale R. Carr
 
Dale R. Carr
Senior Vice President
 
 
Agreed and Accepted this     17th       day of   February    2012.
 
 
 
 
 
/s/Raymond J. De Hont   /s/Gary J. Morgan
Raymond J. De Hont   Gary J. Morgan
Chairman and CEO   Senior Vice President -Finance & CFO