Exhibit 10.3
CHASE [Logo]
Lee P .Brennan
Vice President
Corporate Banking Credit
October 25, 2005
Mr. Scott J.
Salantrie
CDI Corp.
1717 Arch Street, 35th
Floor
Philadelphia, P A 19103
Dear Scott:
This letter supersedes and replaces
our advice of line of credit letter dated November 16,
2004.
We are pleased to advise you that based upon
your annual financial statements for the fiscal year 2004, JPMorgan
Chase Bank (the “Bank”) has approved your request for a
line of credit in the aggregate amount of $25,000,000.00. Our
officers may, at their discretion, make short term loans to CDI
Corporation on such terms as are mutually agreed upon between us
from time to time.
Borrowings under this line are intended to be
used to meet your normal short term capital needs and will bear
interest at such a rate as shall be mutually agreed upon by each of
us from time to time.
As this line is not a commitment, credit
availability is, in addition, subject to your execution and
delivery of such documentation as the Bank deems appropriate and
the receipt and continuing satisfaction with current financial
information (including without limitation audited annual and
unaudited quarterly financial statements, promptl
