Amendment to Line of Credit Agreement between Wallace International de Puerto Rico, Inc. and Banco Popular de Puerto Rico
Wallace International de Puerto Rico, Inc. has been authorized for a $500,000 line of credit with Banco Popular de Puerto Rico. The interest rate is set at the Index Rate plus 200 basis points, and the line requires a 15-day annual clean-up period. The line of credit expires on January 30, 2004. Existing guarantees remain in effect, and the current agreement will be amended to reflect these changes.
EX-10.1
BANCO POPULAR
May 14, 2003
Mr. James F. Callahan
Corporate Controller
Wallace International de Puerto Rico, Inc.
175 McClellan Highway
East Boston, Massachusetts 02128
VIA FACSIMILE ###-###-####
Dear Mr. Callahan:
Please be advised that Wallace International de Puerto Rico, Inc. has authorized line of credit with Banco Popular de Puerto Rico for the amount of Five hundred Thousand dollars ($500,000). This facility bears interest at a floating rate per annum equal to the sum of the Index Rate plus two hundred (200) 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 January 30, 2004.
Please be advised that the current Line of Credit Agreement needs to be amended to reflect the above stated changes. Guarantees will continue in full force and effect.
We trust this information is useful to you.
Sincerely,
/s/ Joffre Gomez
Credit & Commercial Relationships Officer
Mayaguez Commercial Banking Center
cc Luis Santiago
