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Exhibit 10.7
[Global Bank Letterhead Logo]
November 27, 2001
PSMT PHILLIPINES, INC.
32nd Street, 5th Avenue
Fort Bonifacio Global City
Taguig, Metro Manila
Attention: MANUEL M. DACAYAN
Comptroller
Dear Mr. Dacayan:
We are pleased to advise that GLOBAL BANK has approved a Peso Bridge
Finance Loan in favor of PSMT PHILIPPINES, INC. under the following terms and
conditions:
Amount : Peso equivalent of Two Million Five Hundred Thousand
Dollars (US$2,500.000)
Purpose : To bridge finance the partial funding requirements
for the construction and operation of membership
warehouse stores
Security : 1) Corporate Guaranty to be executed by PriceSmart,
Inc. (58%)
2) Sureties of William S. Go & spouse; and Robert C.
See & spouse (32%)
Interest Rate : 4.5% over the latest auction result of the average
91-days Treasure Bill rate
Interest Payment : Payable monthly in arrears
Term : Up to 180 days
Principal : Bullet upon maturity
Repayment
Prepayment : Allowed without penalty
Taxes : All payments to be made by the Borrower are to be
made free and clear of any present and future taxes,
levies, duties or other deductions of whatever
nature. In particular but without limitation, all
interest payments by the Borrower shall be required
to be grossed up to include the applicable tax. The
Borrower shall also be required to indemnify the
Lender against any and all income or capital taxes,
documentary stamp taxes and other registration or
similar taxes or fees applicable to the Loan
Agreement or other documentation or transactions
contemplated therein.
Please note that GLOBALBANK reserves the right to amend any and all of
the foregoing terms and conditions as situations warrant. This approval shall
further be subject to applicable provisions of existing bank policies,
regulations and such other terms and conditions our management may impose.
Availment herein shall be subject to availability of funds.
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To be able to activate PSMT Philippines, Inc.'s facility, we request
for the submission of the following:
BORROWER (PSMT PHILS. INC.):
1. Duly certified SEC Certificate of Registration, Articles of
Incorporation & By-laws;
2. Board Resolution/Secretary's Certificate re: establishment of
bridge loan in the amount of the peso equivalent of US$
2,500,000 and authorizing signatories;
3. Signature cards of authorized signatories duly authenticated
by corporate secretary (specimen signature cards attached)
4. Copies of 2001 CTC of the company and authorized signatories;
5. Copy of Tax Identification No.;
6. Latest Audited Financial Statements/Income Tax Returns (if
available);
7. Promissory Note/Disclosure Statement (form attached);
8. Duly signed letter advice
GUARANTOR (PRICESMART, INC.):
1. Board Resolution authorizing the execution of the guaranty and
authorizing signatories contained in a Secretary's Certificate
duly acknowledged before the Philippine Consulate;
2. Corporate Guaranty Agreement (form attached)
SURETIES (WILLIAM S. GO AND ROBERT C. SEE):
1. Surety Agreement to be executed by William S. Go and spouse
(form attached)
2. Surety Agreement to be executed by Robert C. See and spouse
(form attached)
3. Signature cards of sureties & spouses (specimen signature
cards attached)
4. Copies of 2001 CTC of the sureties & spouses;
5. Copies of 2000 Income Tax Returns of sureties
Should you need clarifications on the aforecited terms and conditions
as well as the documentary requirements, please feel free to call us.
We look forward to a mutually beneficial relationship.
Very truly yours,
GLOBALBANK
By:
/s/ Armina P. So
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ARMINA P. SO
Senior Manager
/s/ Edgar G. Esguerra
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EDGAR G. ESGUERRA
Vice President
Conforme:
By:
/s/ Gilbert Partida