EX-10-2
BANCO POPULAR
May 12, 1997
Mr. E. Xxxxx Xxxxxxxx
Vice President
Xxxxxxx International de PR, Inc.
000 XxXxxxxxx Xxxxxxx
Xxxx Xxxxxx, Xxxxxxxxxxxxx 00000
Dear Xx. Xxxxxxxx:
Pursuant to your letter dated May 19, 1997, we have effected the following
amendment to our Amended and Restated Line of Credit Agreement dated October 15,
1996.
Page 23
Section 8(e)
From : "secure, issue, assure or incur in any indebtedness for borrowed money
on behalf of or to guaranty the obligations of any other Person;
except that Borrower may advance funds as loans to its parent company
Xxxxxxx International Silversmiths, Inc., and its ultimate parent
Syratech Corporation in a sum not to exceed TEN MILLION DOLLARS
($10,000,000) in the aggregate;"
To : "secure, issue, assure or incur in any indebtedness for borrowed money
on behalf of or to guaranty the obligations of any other Person, other
than the guarantee's of the 11% Senior Notes or the Loan and Security
Agreement each dated April 16, 1997 executed in connection with the
Xxxxxx X. Xxx Company transaction.
Xxxxxxx International de PR, Inc.
Page - 2 -
Page 24
Section 8(k)
From : "permit their stockholders to pledge, assign or encumber
their stock;"
To : "permit their stockholders to pledge, assign or encumber
their stock except in accordance with the terms of the
Loan and Security Agreement dated April 16, 1997
executed in connection with the Xxxxxx X. Xxx Company
transaction."
All other terms and conditions depicted in our Amended and Restated Line of
Credit Agreement and commitment Letter remain unchanged.
As per your request, we also enclose copy of our commitment letter executed on
May 1, 1997.
Cordially,
Xxxxxx X. Xxxxxxx
Credit Officer
Corporate Banking Division
c. Xxx X. Xxxxxx, Esq.
