Amendment to Letter of Credit No. 1S1305680 between Fleet National Bank, Watts Industries, Inc., and ACE Property and Casualty Insurance Company
This amendment increases the amount of an existing letter of credit issued by Fleet National Bank on behalf of Watts Industries, Inc. for the benefit of ACE Property and Casualty Insurance Company and Pacific Employers' Insurance Company. The credit amount is raised by $8,347,667, making the new total $20,195,267. All other terms of the original letter of credit remain unchanged. The amendment is effective as of March 3, 2004.
Exhibit 10.2
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| CUSTOMER REFERENCE: 00000001305680 | |
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| DATE OF AMENDMENT: MARCH 3, 2004 |
| AMENDMENT TO LETTER OF CREDIT NO.: | |
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| 1S1305680 | |
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| DATE OF ISSUE: JANUARY 23, 2002 | |
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| ISSUING BANK: |
| APPLICANT: | |
| FLEET NATIONAL BANK |
| WATTS INDUSTRIES, INC. | |
| C/O GLOBAL TRADE OPERATIONS |
| 815 CHESTNUT ST. | |
| 1 FLEET WAY, MAIL STOP: PAEH0802SM |
| NORTH ANDOVER, MA 01845 | |
| SCRANTON PA ###-###-#### |
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| BENEFICIARY: | |
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| ACE PROPERTY AND CASUALTY INSURANCE | |
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| COMPANY AND PACIFIC EMPLOYERS' | |
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| INSURANCE COMPANY | |
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| 1601 CHESTNUT ST. | |
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| PHILADELPHIA, PA. 19103-0000 | |
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| ATTN: COLLATERAL MANAGER | |
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| THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: | |||
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| THE AMOUNT OF THIS CREDIT HAS BEEN INCREASED BY USD 8,347,667.00 | |||
| THE AMOUNT OF THE CREDIT ISSUED NOW TOTALS USD 20,195,267.00 | |||
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| ALL CORRESPONDENCE INCLUDING PRESENTATIONS UNDER THIS LETTER OF CREDIT SHALL BE SENT TO FLEET NATIONAL BANK, ATTN: GLOBAL TRADE OPERATIONS DEPT., STANDBY UNIT, 1 FLEET WAY, SCRANTON, PA 18507. | |||
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| ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. | |||
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| /s/ [Illegible] | |
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| AUTHORIZED SIGNATURE | |
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THIS IS AN INTEGRAL PART OF LETTER OF CREDIT/ADVICE NUMBER: 1S1305680
THIS DOCUMENT CONSISTS OF 2 PAGE(S).
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