Attached files
bacbamer.hnTegucigalpa
Blvd.
Suyapa, Fte. a Emisoras Unidas
Apdo.
Postal No. 1156
PBX (504)
206-7200
San
Pedro Sula
Col.
Colombia, Ave. Circunvalación
Apdo.
Postal No. 1914
PBX (504)
557-4350
La
Ceiba
Ave. San
Isidro, 15 calle, Bo. Solares Nuevos
PBX (504)
443-0668
San Pedro
Sula
October
02,2009
Gentlemen
PriceSmart
Honduras, SA de C.V.
Attention:
Mrs.
Susan Altamirano
Legal
Representative
Dear
Mrs. Altamirano:
We hereby
inform you that our Bank has authorized the renewal of the revolving line of
credit for the company you represent, with the following terms and
conditions:
Applicant:
PriceSmart
Honduras, SA de C.V.
Sum
of the Credit Line:
$3,000,000
(three million US dollars) or its equivalent in local currency, which may be
used as follows:
a. Direct
loans of up to $3,000,000.00
b. Bank
guarantee for up to $3,000,000.00
c.
overdrafts and unconfirmed funds For up to $3,000,000.00
Credit
Line Expiration
Credit
Line expires on September 17, 2010
Payment Method:
Objective:
20%
withholding on daily invoicing through Credomatic
Guarantee:
(*) Interest Rate:
Working
Capital Direct loans and/or overdrafts and unconfirmed
funds
Conditions of
Ownership:
Without
collateral
As per
that negotiated
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Loans
shall be granted to the company while owned by the current shareholders
(individuals) or while the legal entities to which it belongs are, in
turn, owned by such shareholders. The creditor is hereby
authorized to accept or reject the new shareholder(s), for which purpose
such may perform the assessments it deems convenient and request the
granting of complementary surety bonds or guarantees or otherwise consider
the availability to have
expired.
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The
debtor is bound to immediately notify the creditor regarding any
modification in the general powers of attorney, of those persons
previously authorized to instruct the creditor or regarding any other
relevant change, holding the creditor harmless of any responsibility that
the noncompliance of this clause could produce in the Debtor
availabilities that are in
effect.
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Commissions:
To be
negotiated in accordance with each operation
VERSION
6
F
7.5.29.0.4
Other terms and
conditions:
■ The
Debtor(s) is(are) bound to provide provisional inancial
information, on a quarterly basis, as well as
any information required by the creditor for its correct assessment, signed by
the accountant and legal representative, as well as the audited financial statements
corresponding to the end of the period, a maximum of 90 days after the end of
the fiscal year.
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The
creditor may perform a periodic review of the Debtor, based on the
financial situation of the latter, as well as any other availability it
has with the debtor, prior to assessing the financial situation and any
other element that is, in its opinion, necessary. The Bank shall have the
exclusive right to interrupt the effectiveness of this availability of
funds, if the financial information is not up to date or should any
circumstances justifying such interruption
exist.
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Disbursements
made by the Bank are subject to the availability of resources from the
approved sources so that the Bank shall have any liability
whatsoever for the non disbursement of the available
balances.
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The
Debtor expressly and irrevocably grants its authorization for any
commission, valuation, fiscal matter, review of guarantee expenses,
bounced checks o any current or future expense directly or indirectly
related with the effective credit availabilities to be debited from the
deposits of any type kept by the client or that the client should
subsequently hold with this institution or any other subsidiary of Grupo
Financiero BAC Credomatic
Network.
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All
payments made by the Debtor shall be free and deductible of any current
tax, charges, duties, liens, withholding or contribution or those that may
be imposed in the future by any political, administrative or
jurisdictional authority of the Debtor’s domicile. In the event
that the Debtor is or becomes compelled to deduct or withhold any sum for
any reason, such shall increase the payment in such manner that the
creditor will receive the full sum to which it is entitled, on the due
date, as per the terms and conditions of this loan. In the event of
delays, in addition to interests for payment in arrears, the bank may
charge an established sum for the concept of administrative collection
expenses.
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The
Debtor undertakes the granting of the necessary additional guarantees or,
in the absence of such, to cancel the effective availabilities in the
event that the Bank, the regulatory authorities or any other entity
authorized for such purposes should reclassify the risk
category.
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The
Bank reserves the right to no longer enable the use of the line of credit
if the regulatory conditions or if, in its exclusive opinion, the
financial conditions of the market, the creditor or the Debtor justify
such right.
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Should
changes be made in the future to the legal provisions regulating the
banking business, which result in an increase in cost for the Bank, the
latter may increase its referenced interest rate margin, as long as it is
necessary in order
to cover such increase. Default in payment of the
increase shall entitle the Bank to proceed with the early termination of
this loan.
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VERSION
6
F
7.5.29.0.4
In
acceptance of the aforementioned terms and conditions, we ask that you return
this letter signed by the legal representative(s) in the space provided for such
purpose, below.
Sincerely,
Corporate
TalMG,
Keidar Carcamo
Corporate
Credit Analyst
We hereby
declare that we except the terms and conditions of the line of credit granted to
the company we represent.
PriceSmart
Honduras, SA de C.V.
[Name]
Susan
Andrea Altamirano Cisneros ID. 0501-1974-09899
Signature
Date:
October 14, 2009
VERSION
6
F
7.5.29.0.4