Attached files
file | filename |
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EX-10.BK - FORTIS BANK GENERAL CREDIT OFFER DATED OCTOBER 19, 2005 (ENGLISH TRANSLATION) - MET PRO CORP | mpr201002bv1exbk.htm |
EX-10.BL - POSITIVE NEGATIVE MORTGAGE STATEMENT DATED OCTOBER 19, 2005 (ENGLISH TRANSLATION)` - MET PRO CORP | mpr201002bv1exbl.htm |
EX-10.BM - GENERAL CONDITIONS OF FORTIS BANK (ENGLISH TRANSLATION) - MET PRO CORP | mpr201002bv1exgc.htm |
EX-10.BN - GENERAL CREDIT CONDITIONS OF FORTIS BANK (ENGLISH TRANSLATION) - MET PRO CORP | mpr201002bv1exgcc.htm |
UNITES
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest
event reported): October 19, 2005
MET-PRO
CORPORATION
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
Pennsylvania
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001-07763
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23-1683282
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(State
or other jurisdiction of
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(Commission
File Number)
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(I.R.S.
Employer
|
|
incorporation
or organization)
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Identification
No.)
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160
Cassell Road, P.O. Box 144
|
|||
Harleysville,
Pennsylvania
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19438
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||
(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s telephone number, including area code: (215) 723-6751
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arangement of a Registrant.
(a)
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Creation of a Direct
Financial Obligation
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On
October 19, 2005, Mefiag B.V., a wholly-owned subsidiary of Met-Pro Corporation,
(the “Company”) entered into credit arrangement with Fortis Bank (the “Bank”)
which included a line of credit in the amount of 300,000 Euros and a loan in the
amount of 1,000,000 Euros. Both the line of credit and loan were used
for an expansion and renovation of the Mefiag B.V. location in Heerenveen, the
Netherlands. The loan is payable in quarterly installments, plus
interest at a fixed rate of 3.82%, maturing on January 1, 2016. The
line of credit is payable on demand, plus an interest rate of 0.7% above the
one-month EURIBOR rate debited annually, and is available at the Company’s
disposal until further notice, but at the latest until April 1,
2016.
The
Bank reserves the right to reconsider the continuation of the credit arrangement
if a substantial change occurs, especially in the case of modifications in the
stockholders’ setup and/or the management and/or the financial structure and/or
the profitability of Mefiag B.V. The credit arrangement includes one
financial covenant in which the earnings after taxes for Mefiag B.V. will at
least amount to 200,000 Euros annually. The agreement also includes
other customary conditions that: (i) restrict the Company’s ability to, among
other things, further mortgage or transfer the business property covered by the
loan/line of credit; or may not wholly or partly dispose of the business
property without written consent of the Bank; and (ii) in the event of a
default, including, among other things, nonpayment of interest or principal when
due; occurrence of any change in legal form; if information provided or
representations made to the Bank when entering the agreement was inaccurate or
incorrect; or voluntary case or other proceeding seeking liquidation,
reorganization or other relief under bankruptcy, insolvency or other similar
law, the principal of the loan amount outstanding together with interest accrued
thereon, shall become due and payable immediately.
A
copy of the General Credit Offer, the Positive/Negative Mortgage Statement,
Fortis Bank General Conditions and General Credit Conditions of Fortis Bank are
filed as an exhibit hereto.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: March 12, 2010
Date: March 12, 2010
MET-PRO CORPORATION | |
By: /s/ Raymond J. De Hont | |
Raymond J. De Hont, | |
President and Chief Executive Officer | |
Exhibit
Index
Exhibit
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Description
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(10)(bk) | |||
(10)(bl) | |||
(10)(bm) | |||
(10)(bn) | General Credit Conditions of Fortis Bank (Nederland) N.V. [English Translation] |