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Exhibit 10.15
CUSTOMER REFERENCE: 00000001305680
DATE OF AMENDMENT: FEBRUARY 6, 2003
AMENDMENT TO LETTER OF CREDIT NO.:
1S1305680
DATE OF ISSUE: JANUARY 23, 2002
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 18507-1999
BENEFICIARY:
ACE PROPERTY AND CASUALTY INSURANCE
COMPANY AND PACIFIC EMPLOYERS'
INSURANCE COMPANY
1601 CHESTNUT ST.
PHILADELPHIA, PA. 19103-0000
ATTN: COLLATERAL MANAGER
THE ABOVE MENTIONED CREDIT IS AMENDED AS
FOLLOWS:
THE AMOUNT OF THIS CREDIT HAS BEEN
INCREASED BY USD 7,258,550.00
THE AMOUNT OF THE CREDIT ISSUED NOW TOTALS
USD 11,770,000.00
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.
ALL OTHER TERMS AND CONDITIONS REMAIN
UNCHANGED.
/s/ [ILLEGIBLE]
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AUTHORIZED SIGNATURE
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STANDBY LETTER OF CREDIT NO. 1S1305680
DATE OF ISSUE: JANUARY
23, 2002
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 18507-1999
BENEFICIARY:
ACE PROPERTY AND CASUALTY INSURANCE
COMPANY AND PACIFIC EMPLOYERS'
INSURANCE COMPANY
1601 CHESTNUT ST.
AND
PHILADELPHIA, PA. 19103-0000
ATTN: COLLATERAL MANAGER
AMOUNT/CURRENCY:
USD 4,511,450.00
FOUR MILLION FIVE HUNDRED ELEVEN THOUSAND
FOUR HUNDRED FIFTY AND 00/100'S US
DOLLARS
DATE AND PLACE OF EXPIRY:
DECEMBER 31, 2002 AT OUR COUNTERS
GENTLEMEN:
BY ORDER OF OUR CLIENT, WATTS INDUSTRIES,
INC., WE HEREBY ESTABLISH THIS
IRREVOCABLE LETTER OF CREDIT NO. 1S1305680
IN YOUR FAVOR FOR AN AMOUNT UP TO BUT
NOT EXCEEDING THE AGGREGATE SUM OF FOUR
MILL
