Line of Credit Agreement between Banco Popular de Puerto Rico and Wallace International de Puerto Rico, Inc.
Banco Popular de Puerto Rico has granted Wallace International de Puerto Rico, Inc. a line of credit of up to $1,000,000. The interest rate is variable, set at the Index Rate plus 1%. The agreement requires the balance to be fully paid off for at least 15 days each year. The line of credit is available until April 30, 2002. This letter serves as formal notification of the credit terms and conditions.
EX-10.1
BANCO POPULAR
August 2, 2001
Mr. James F. Callahan
Corporate Comptroller
Wallace International de Puerto Rico, Inc.
175 Mc Clellan Highway
East Boston, Massachusetts 02128
VIA FACSIMILE (617) 568-1370
Dear Mr. Callahan:
Please be advised that Wallace International de Puerto Rico, Inc. has an authorized line of credit with Banco Popular de Puerto Rico for the amount of One million dollars ($1,000,000). This facility bears interest at a floating rate per annum equal to the sum of the Index Rate plus one hundred (100) basis points. It is required an annual clean up to fifteen (15) calendar days during each approval period. The expiration date for this line is April 30, 2002.
Sincerely,
/s/ FRANKLYN VARGAS
Assistant Vice President
Mayagüez Commercial Banking Center (412)
