Reaffirmation of $4,000,000 Discretionary Demand Line of Credit between Met-Pro Corporation and Lender
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Summary
This agreement reaffirms a $4,000,000 discretionary demand line of credit provided to Met-Pro Corporation by the lender for the period from November 30, 2010, to November 30, 2011. Borrowings are subject to mutually agreeable terms, periodic review, and are evidenced by a prior demand promissory note. Advances are made at the lender's discretion. The agreement is signed by Met-Pro's Chairman, CEO, and CFO, confirming acceptance of these terms.
EX-10.BV 3 mpr10q20101031ex10bv.htm REAFFIRMATION OF DISCRETIONARY DEMAND LINE OF CREDIT mpr10q20101031ex10bv.htm
| Exhibit (10)(bv) | ||
 | Suite 300 3025 Chemical Road Plymouth Meeting, PA 19462 |
November 29, 2010
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 November 30, 2010 through November 30, 2011. 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 2nd day of December 2010.
| /s/Raymond J. De Hont | /s/Gary J. Morgan | |
| Raymond J. De Hont | Gary J. Morgan | |
| Chairman and CEO | Senior Vice President -Finance & CFO |
