Document:

<PAGE>

                                                                   EXHIBIT 10.32

                           DORAL FINANCIAL CORPORATION
                           1451 F.D. Roosevelt Avenue
                        San Juan, Puerto Rico 00920-2717

                              As of January 1, 2004

Mrs. Zoila Levis
Doral Financial Plaza
1451 F.D. Roosevelt Avenue
San Juan, Puerto Rico 00920-2717

Dear Mrs. Levis:

              We are pleased to detail herein below the provisions of your new
employment agreement with Doral Financial Corporation ("DFC").

       1.     TERMS OF EMPLOYMENT

              The term of this Agreement shall be for a period commencing on
January 1, 2004 and ending on December 31, 2005, unless sooner terminated as
herein provided. With respect to any period of service after December 31, 2003,
this Agreement supersedes and cancels all prior employment, personal service or
similar agreements between you and DFC and its subsidiaries, divisions and
ventures.

       2.     POSITION AND RESPONSIBILITIES

              You will serve as President and Chief Operating Officer of DFC. By
your acceptance of this Agreement, you undertake to accept such employment and
to devote your full time and attention to DFC, and to use your best efforts,
ability and fidelity in the performance of the duties attaching to such
employment. During the term of your employment hereunder, you shall not perform
any services for any other company, which services conflict in any way with your
obligations under the two preceding sentences of this Section 2, whether or not
such company is competitive with the businesses of DFC, provided, however, that
nothing in this Agreement shall preclude you from devoting reasonable periods
required for

                     (i)    serving as a director or member of a committee of
any organization involving no conflict or potential conflict of interest with
the interests of DFC;

<PAGE>

Mrs. Zoila Levis
As of January 1, 2004
Page 2

                     (ii)   delivering lectures, fulfilling speaking
engagements, teaching at educational institutions;

                     (iii)  engaging in charitable and community activities; and

                     (iv)   managing your personal and family investments,
provided that such activities do not interfere with the regular performance of
your duties and responsibilities under this Agreement.

              You shall, at all times during the term hereof, be subject to the
supervision and direction of the Chairman of the Board and Chief Executive
Officer and the Board of Directors of DFC with respect to your duties,
responsibilities and the exercise of your powers.

       3.     COMPENSATION

              (a)    During the term of this Agreement you shall receive an
annual salary of $1,000,000 annually, payable no less often than monthly in
accordance with corporate policy.

              (b)    (i)    During the term of this Agreement, you shall also be

                   entitled to receive an annual incentive bonus (commencing
                   with the year ending December 31, 2004) equal to 5% of the
                   amount of Adjusted Net Income in excess of a 15% Return on
                   Equity Capital (as hereinafter defined); provided, however,
                   that the total salary and incentive compensation payable to
                   you pursuant to this Agreement shall not exceed $2,200,000
                   per annum; and

                     (ii)   The incentive bonus shall be payable annually by DFC
                   within 30 days following the date on which its Annual Report
                   on Form 10-K for the fiscal year ended the prior December 31
                   shall have been filed with the United States Securities and
                   Exchange Commission; provided that such amount shall only be
                   payable if you shall have served as President to DFC pursuant
                   to this Agreement for the entire fiscal year to which such
                   payments relate. As used in this Section 3, "Adjusted Net
                   Income" means the annual consolidated net income by DFC and
                   its subsidiaries after all taxes (including net income from
                   equity interests held by DFC in any other venture and net
                   income of any successor of DFC which may be formed by merger,
                   consolidation or sale of substantially all of the assets of
                   DFC) during the calendar year preceding the payment as
                   determined in accordance with generally accepted accounting
                   principles applied on a consistent basis throughout the
                   periods involved and as shown by DFC's published consolidated
                   financial statements audited by its independent accountants
                   (hereinafter referred to as "GAAP"), such net income to be
                   adjusted (A) by adding back to such net income any payments
                   made pursuant to Section 3(b)(i) hereof and payments of
                   similar incentive compensation to other executive officers of
                   DFC, (B) by adding back to such net income dividends on
                   shares of preferred stock that are excluded from the
                   definition of "Equity Capital" set forth below and (c) by
                   adjusting such net income for any extraordinary items of

<PAGE>

Mrs. Zoila Levis
As of January 1, 2004
Page 3

                   income and expense such as merger related expenses. As used
                   in this Section 3, (1) "Equity Capital" means DFC's
                   consolidated Stockholders Equity (excluding preferred stock
                   or other similar instruments that are not convertible into
                   shares of Common Stock) at the December 31 immediately
                   preceding the beginning of the fiscal year for which the
                   calculation is being made, determined in accordance with GAAP
                   and (2) "Return on Equity Capital" for any fiscal year means
                   the percentage determined by dividing DFC's consolidated net
                   income after all taxes determined in accordance with GAAP for
                   such fiscal year by Equity Capital for such preceding
                   December 31; provided that such calculation shall be adjusted
                   as set forth in the immediately succeeding sentence. If DFC
                   sells securities constituting Equity Capital during the
                   fiscal year, Equity Capital shall be increased by the net
                   proceeds to DFC (after expenses) of such sale multiplied by a
                   fraction the numerator of which shall be the number of days
                   in such fiscal year which had elapsed from the date of the
                   closing of such sale to the end of such fiscal year and the
                   denominator of which shall be 365.

              (c)  You shall be entitled to receive stock options to acquire
300,000 shares of DFC's Common Stock subject to the terms and conditions of
DFC's 1997 Employee Stock Option Plan and the stock option awards granted as of
January 2, 2004 by DFC's Compensation Committee.

              (d)  You shall be entitled to participate in the other benefit
plans of DFC upon the terms and conditions on which such benefits are made
available to other officers of DFC. Nothing herein shall obligate DFC to
continue any existing benefit plan or to establish any replacement benefit plan.

              (e)  You shall be entitled to reimbursement for reasonable travel
and entertainment expenses incurred in connection with the rendering of your
services hereunder in compliance with DFC policy. Nothing contained herein shall
authorize you to make any political contributions, including but not limited to
payments for dinners and advertising in any political party program or any other
payment to any person which might be deemed a bribe, kickback or otherwise and
improper payment under corporate policy or practice and no portion of the
compensation payable hereunder is for any such purpose.

              (f)  Payments under this Agreement shall be subject to reduction
by the amount of any applicable federal, Commonwealth, state or municipal
income, withholding, social security, state disability insurance, or similar or
other taxes or other items which may be required or authorized to be deducted by
law or custom.

              (g)  No additional compensation shall be due to you for
services performed or offices held in any subsidiary, division, affiliate, or
venture of DFC.

<PAGE>

Mrs. Zoila Levis
As of January 1, 2004
Page 4

       4.     MISCELLANEOUS PROVISIONS RELATING TO THE BONUS AND OTHER MATTERS

              (a)    Your acceptance of this Agreement will confirm that you
understand and agree that the granting of the incentive compensation referred to
in Section 3(b) (the "incentive compensation") or the stock options referred in
Section 3(c), and any action thereunder, does not involve any statement or
representation of any kind by DFC as to its business, affairs, earnings or
assets, or as to the tax status of the incentive compensation or the stock
options or the tax consequences of any payment or exercise thereof, or
otherwise. You further agree that any action at any time taken by or on behalf
of DFC or by its directors or any committee thereof, which might or shall at any
time adversely affect you or the incentive compensation, may be freely taken
notwithstanding any such adverse effect without your being thereby or otherwise
entitled to any right or claim against DFC or any other person or party by
reason thereof.

              (b)    The incentive compensation is personal to you and, except
as provided as contemplated in Section 3(b) above, in the event of your death or
incapacity, is not transferable or assignable either by your act or by operation
of law, and no assignee, trustee in bankruptcy, receiver or other party
whosoever shall have any right to demand any incentive compensation or any other
right with respect to it. If, in the event of your death or incapacity, your
legal representative shall be entitled to demand the incentive compensation
under any of the provisions hereof then, unless otherwise indicated by the
context or otherwise required by any term hereof, references to "you" shall
apply to said representative.

              (c)    If and when questions arise from time to time as to the
intent, meaning or application of any one or more of the provisions hereof such
questions will be decided by the Compensation Committee of the Board of
Directors of DFC or any other Committee appointed to consider such matters, or,
in the event DFC is merged into or consolidated with any other corporation, by
the Board of Directors (or a Committee appointed by it) of the surviving or
resulting corporation, and the decision of such Board of Directors or Committee,
as the case may be, as to what is a fair and equitable settlement of each such
question or as to what is a fair and proper interpretation of any provision
hereof or thereof, whatever the effect of such a decision may be, beneficial or
adverse, upon the incentive compensation, shall be conclusive and binding and
you hereby agree that the incentive compensation is granted to and accepted by
you subject to such condition and understanding. You understand that the
incentive compensation is not held or set aside in trust and (1) DFC may seek to
retain, offset, attach or similarly place a lien on such funds in circumstances
where you have been discharged for cause and shall be entitled to do so for (x)
malfeasance damaging to DFC, (y) conversion to you of an DFC opportunity, or (z)
a violation of DFC's Code of Business Conduct and Ethics, in each case as
determined in the sole discretion of the Compensation Committee of the Board of
Directors, and (2) in the event DFC is unable to make any payment under this
Agreement because of insolvency, bankruptcy or similar status or proceedings,
you will be treated as a general unsecured creditor of DFC and may be entitled
to no priority under applicable law with respect to such payments.

<PAGE>

Mrs. Zoila Levis
As of January 1, 2004
Page 5

       5.     RESTRICTIONS ON COMPETITION

              During the term of this Agreement and for a period of one year
after you cease to be an employee of DFC or an affiliate of DFC, you will not,
without the prior written consent of DFC, (a) accept employment or render
service to any person, firm or corporation, directly or indirectly, in
competition with DFC, or any affiliate thereof for any purpose which would be
competitive with the business of DFC and its affiliates within the Commonwealth
of Puerto Rico or any other geographic area in which DFC or any affiliate of DFC
by which you were employed, conducted operations (the "Restricted Area") or any
business as to which studies or preparations relating to the entry into which
were made by DFC or any affiliate of DFC by which you were employed within one
year prior thereto (collectively, the "Restricted Businesses") or (b) directly
or indirectly, enter into or in any manner take part in or lend your name,
counsel or assistance to any venture, enterprise, business or endeavor, whether
as proprietor, principal, investor, partner, director, officer, employee,
consultant, adviser, agent, independent contractor or in any other capacity
whatsoever for any purpose which would be competitive with the Restricted
Businesses in the Restricted Area. An investment not exceeding 5% of the
outstanding stock in any corporation regularly traded on any national securities
exchange or in the over-the-counter market shall not be deemed to violate this
provision, provided that you shall not render any services for such corporation.

       6.     TERMINATION OF EMPLOYMENT

              (a)    Your employment hereunder may be terminated for dishonesty,
death, incapacity, or inability to perform the duties of your employment on a
daily basis, resulting from physical or mental disability caused by illness,
accident or otherwise or refusal to perform the duties and responsibilities of
you employment hereunder, or breach of fidelity to DFC.

              (b)    At any time following a "Change in Control" of DFC, this
Agreement may be terminated by DFC or you on 30 days' written notice to you or
DFC, as the case may be, such termination to be effective as of the end of the
calendar year during which such notice is given. As used herein, a "Change in
Control" shall be deemed to have occurred at such time as (i) any person or
group becomes the beneficial owner of more than 50% of the voting power of DFC's
voting stock, or (ii) DFC consolidates with or merges into any other corporation
or conveys or otherwise disposes of all or substantially all of its assets to
any person.

              (c)    If at any time you shall voluntarily terminate your
employment, then this Agreement, except for Section 5 hereof, shall terminate
and all further obligations of DFC hereunder shall cease, provided that in any
termination pursuant to subsection (b) of this Section 6 you shall be entitled
to receive all compensation due to pursuant to Section 3 hereof for the calendar
year in which such date of termination occurs.

              You agree that this Section 6 shall create no additional rights in
you to direct the operations of DFC.

<PAGE>

Mrs. Zoila Levis
As of January 1, 2004
Page 6

       7.     WAIVERS AND MODIFICATIONS

              No waiver by either party of any breach by the other of any
provisions hereof shall be deemed to be a waiver of any later or other breach
thereof, or as a waiver of any such or other provision of this Agreement. This
Agreement sets forth all of the terms of the understandings between the parties
with reference to the subject matter set forth herein and may not be waived,
changed, discharged or terminated orally or by any course of dealing between the
parties, but only by an instrument in writing signed by the party against whom
any waiver, change, discharge or termination is sought.

       8.     SEVERABILITY

              Wherever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective under applicable law. In the event
that any provision, or any portion of any provision, of this Agreement shall be
held to be void and unenforceable, the remaining provisions of this Agreement,
and the remaining portion of any provision found void or unenforceable in part
only, shall continue in full force and effect.

       9.     ARBITRATION

              Any dispute arising under this Agreement shall be submitted to
arbitration in San Juan, Puerto Rico under the rules of the American Arbitration
Association.

       10.    NOTICES

              Any notice or communication required or permitted to be given
hereunder shall be deemed duly given if delivered personally or sent by
registered or certified mail, return receipt requested, to the address of the
intended recipient as herein set forth or to such other address as a party may
theretofore have specified in writing to the other by delivering or mailing in a
similar manner. Any notice or communication intended for DFC shall be addressed
to the attention of the Chairman of the Compensation Committee of DFC's Board of
Directors.

       11.    GOVERNING LAW

              This Agreement shall be construed in accordance with the laws of
the Commonwealth of Puerto Rico.

       12.    MISCELLANEOUS

              This Agreement shall be binding upon the successors and assigns of
DFC. This Agreement is personal to you, and you therefore may not assign your
duties under this Agreement. The headings of the Sections of this Agreement are
inserted for convenience only and shall not be deemed to constitute a part
thereof or to affect the meaning hereof.

<PAGE>

Mrs. Zoila Levis
As of January 1, 2004
Page 7

              If the foregoing terms and conditions correctly embody your mutual
understanding with DFC, kindly endorse your acceptance and agreement therewith
in the space below provided, whereupon this shall become a binding agreement.

                                Very truly yours,

                                DORAL FINANCIAL CORPORATION

                                By: /s/ Salomon Levis
                                   ---------------------------------------------
                                Name:  Salomon Levis
                                Title: Chairman of the Board and
                                       Chief Executive Officer

Accepted and Agreed to as of the
date first above set forth:

     /s/ Zoila Levis
-------------------------
       Zoila Levis<PAGE>

                                                                   EXHIBIT 10.33

                              CONSULTING AGREEMENT

         This Consulting Agreement (this "Agreement") is made as of January 1,
2004 by and between Doral Financial Corporation (the "Company"), a corporation
organized pursuant to the laws of the Commonwealth of Puerto Rico, and Richard
F. Bonini (the "Consultant").

                                    RECITALS

         WHEREAS, the Consultant was employed by the Company as Senior Executive
Vice President and Chief Financial Officer pursuant to an employment agreement
that terminated on December 31, 2003.

         WHEREAS, the Consultant has informed the Board of Directors of the
Company that he desired to resign as an employee of the Company effective
December 31, 2003.

         WHEREAS, the Consultant has obtained valuable experience in the
financial services industry during his many years of employment with the Company
and the Company deems it in its best interests to engage the Consultant as a
consultant to provide certain services to the Company.

         WHEREAS, the Consultant wishes to accept to be retained by the Company,
upon the terms and conditions set forth in this Agreement.

         NOW THEREFORE, in consideration of the representations, covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

SECTION 1. DEFINITIONS

         For the purposes of this Agreement, the following terms have the
meanings specified or referred to in this Section 1.

         1.1      "AGREEMENT" means this Consulting Agreement, as amended from
                  time to time.

         1.2      "CONFIDENTIAL INFORMATION" means any and all:

                  (a)      trade secrets concerning the business and affairs of
the Company, data, know-how, ideas, customer lists, market studies and business
plans; and

                  (b)      information concerning the business and affairs of
the Company (which includes historical financial statements, financial
projections and budgets, historical and projected sales, expansion plans, the
names and backgrounds of key personnel, personnel training and techniques and
materials); and

                  (c)      notes, analysis, compilations, studies, summaries,
and other materials prepared by or for the Company containing or based, in whole
or in part, on any information included in the foregoing.

         1.3      "EFFECTIVE DATE" means January 1, 2004.

<PAGE>

         1.4      "FISCAL YEAR" means the Company's fiscal year, as it exists on
the Effective Date or as changed from time to time.

         1.5      "PERSON" means any individual, corporation (including any
non-profit corporation), general or limited partnership, limited liability
company, joint venture, estate, trust, association, organization, or
governmental body.

         1.6      "PROPRIETARY ITEMS" as defined in Section 5.1(c).

SECTION 2. TERMS AND DUTIES

         2.1      ENGAGEMENT. The Company hereby retains the Consultant, and the
Consultant hereby accepts to be retained by the Company, upon the terms and
conditions set forth in this Agreement.

         2.2      TERM. The term of engagement under this Agreement will begin
on the Effective Date and end on December 31, 2005 (the "Term").

         2.3      DUTIES. The Consultant will have such duties as are assigned
or delegated to the Consultant by the Chairman of the Board and the Chief
Executive Officer of the Company and will initially assist the Company in
identifying new business opportunities, strategic advice regarding the Company's
New York banking operations and investor relations. He will also serve as Vice
Chairman of the Board of Doral Bank FSB and as Secretary of the Board of
Directors of the Company. The Consultant will use his best efforts to promote
the success of the Company's business, and will cooperate fully with the Board
of Directors and officers of the Company in the advancement of the best
interests of the Company.

SECTION 3. COMPENSATION

         3.1      COMPENSATION. The Consultant will be paid an annual fee of
$300,000 (the "Fee"), which will be payable in equal monthly installments
according to the Company's customary payroll practices. The payment of such Fee
shall be subject to any withholding of taxes to the extent required by law.

         3.2      MEDICAL PLAN. The Company will continue to pay all costs
related to the Consultant's participation in the Company's medical plan. To the
extent the Consultant no longer is eligible to participate in the Company's
medical plan, the Company will reimburse the Consultant for the reasonable costs
of obtaining his own individual medical coverage.

SECTION 4. FACILITIES AND EXPENSES

         4.1      GENERAL. The Company will furnish the Consultant office space,
equipment, supplies, and such other facilities and personnel as the Company
deems necessary or appropriate for the performance of the Consultant's duties
under this Agreement. The Company will pay on behalf of the Consultant (or
reimburse the Consultant for) reasonable expenses incurred by the Consultant at
the request of, or on behalf of, the Company in the performance of the
Consultant's duties pursuant to this Agreement in accordance with applicable
Company policy.

                                       2
<PAGE>

SECTION 5. NON-DISCLOSURE COVENANT

         5.1      AGREEMENTS OF THE CONSULTANT. In consideration of the
compensation to be paid to the Consultant by the Company under this Agreement,
the Consultant covenants as follows:

                  (a)      During and following the Term, the Consultant will
hold in confidence the Confidential Information and will not disclose it to any
person except with the specific prior written consent of the Company or except
as otherwise expressly permitted by the terms of this Agreement.

                  (b)      The foregoing obligation does not apply to any part
of the Confidential Information that the Consultant demonstrates was or became
generally available to the public other than as a result of a disclosure by the
Consultant.

                  (c)      The Consultant will not remove from the Company's
premises (except to the extent such removal is for purposes of the performance
of the Consultant's duties at home or while traveling, or except as otherwise
specifically authorized by the Company) any document, record, notebook, plan, or
computer software or code, whether embodied in a disk or in any other form
(collectively, the "Proprietary Items"). The Consultant recognizes that all of
the Proprietary Items are the exclusive property of the Company. Upon
termination of this Agreement or upon the request of the Company during the
Term, the Consultant will return to the Company all of the Proprietary Items in
the Consultant's possession or subject to the Consultant's control, and the
Consultant shall not retain any copies, abstracts, or other physical embodiment
of any of the Proprietary Items.

SECTION 6. NON-COMPETITION

         6.1      ACKNOWLEDGMENT BY THE CONSULTANT. The Consultant acknowledges
that: (a) the services to be performed by him under this Agreement are of a
special character; (b) the Company competes with other businesses that are or
could be located in any part of the Commonwealth of Puerto Rico or in the New
York City metropolitan area; (c) the Company has required that the Consultant
make the covenants set forth in this Section 6 in consideration for the
Consultant's engagement hereunder; and (d) the provisions of this Section 6 are
reasonable and necessary to protect the Company's business.

         6.2      COVENANT NOT TO COMPETE. During the term of this Agreement,
you will not, without the prior written consent of the Company's Chief Executive
Officer or Audit Committee, accept employment or render service to any person,
firm or corporation in competition with the Company, or any affiliate thereof
for any purpose which would be directly competitive with the mortgage banking,
banking, insurance or securities business of the Company and its affiliates
within Puerto Rico or with the Company's retail banking and mortgage banking
business in New York City; provided, however, that anything in this Agreement to
the contrary notwithstanding the provisions of this Agreement will not restrict
you from continuing to service as a director of Fundex Corporation or investing
in loans or loan participations to be made by Fundex Corporation or investing in
real estate development projects. An investment not exceeding 5% of the
outstanding stock in any corporation regularly traded on any national securities
exchange or in the over-the-counter market shall not be deemed to violate this
provision, provided that you shall not render any services for such corporation.

                                       3
<PAGE>

SECTION 7. GENERAL PROVISIONS

         7.1      INJUNCTIVE RELIEF AND ADDITIONAL REMEDY. The Consultant
acknowledges that the injury that would be suffered by the Company as a result
of a breach of the provisions of this Agreement would be irreparable and that an
award of monetary damages to the Company for such a breach would be an
inadequate remedy. Consequently, the Company will have the right, in addition to
any other rights it may have, to obtain injunctive relief to restrain any breach
or threatened breach or otherwise to specifically enforce any provision of this
Agreement, and the Company will not be obligated to post bond or other security
in seeking such relief.

         7.2      REPRESENTATIONS AND WARRANTIES BY THE CONSULTANT. The
Consultant represents and warrants to the Company that the execution and
delivery by the Consultant of this Agreement do not, and the performance by the
Consultant of the Consultant's obligations hereunder will not, with or without
the giving of notice or the passage of time, or both: (a) violate any judgment,
writ, injunction, or order of any court, arbitrator, or governmental agency
applicable to the Consultant; or (b) conflict with, result in the breach of any
provisions of or the termination of, or constitute a default under, any
agreement to which the Consultant is a party or by which the Consultant is or
may be bound.

         7.3      WAIVER. The rights and remedies of the parties to this
Agreement are cumulative and not alternative. Neither the failure nor any delay
by either party in exercising any right, power, or privilege under this
Agreement will operate as a waiver of such right, power, or privilege, and no
single or partial exercise of any such right, power, or privilege will preclude
any other or further exercise of such right, power, or privilege or the exercise
of any other right, power, or privilege. To the maximum extent permitted by
applicable law, (a) no claim or right arising out of this Agreement can be
discharged by one party, in whole or in part, by a waiver or renunciation of the
claim or right unless in writing signed by the other party; (b) no waiver that
may be given by a party will be applicable except in the specific instance for
which it is given; and (c) no notice to or demand on one party will be deemed to
be a waiver of any obligation of such party or of the right of the party giving
such notice or demand to take further action without notice or demand as
provided in this Agreement.

         7.4      BINDING EFFECT; DELEGATION OF DUTIES PROHIBITED. This
Agreement shall inure to the benefit of, and shall be binding upon, the parties
hereto and their respective successors, assigns, heirs, and legal
representatives, including any entity with which the Company may merge or
consolidate or to which all or substantially all of its assets may be
transferred. The duties and covenants of the Consultant under this Agreement,
being personal, may not be delegated or assigned.

         7.5      NOTICES. All notices, consents, waivers, and other
communications under this Agreement must be in writing and will be deemed to
have been duly given when (a) delivered by hand (with written confirmation of
receipt), (b) sent by facsimile (with written confirmation of receipt), provided
that a copy is mailed by registered mail, return receipt requested, or (c) when
received by the addressee, if sent by a nationally recognized overnight delivery
service (receipt requested), in each case to the appropriate addresses and
facsimile numbers set forth below (or to such other addresses and facsimile
numbers as a party may designate by notice to the other parties):

                  If to the Company:         Doral Financial Corporation
                                             1451 F.D. Roosevelt Avenue
                                             San Juan, Puerto Rico 00920-2717
                                             Attention:  Chairman of the Board

                                       4
<PAGE>

                  If to the Consultant:      Richard F. Bonini
                                             2 Adele Court
                                             Amawalk, New York 10501

         8.6      INDEPENDENT CONTRACTOR. Notwithstanding anything to the
contrary contained herein, Consultant shall be an independent contractor
performing the functions set forth in this Agreement. Nothing contained herein
shall be deemed to create any association, partnership, joint venture, or
relationship of master and servant, or employer or employee between the parties
hereto or any affiliates or subsidiaries thereof, or to provide either party
with the right, power and authority, whether express or implied, to create any
such duty or obligation or behalf of the other party.

         8.7      ENTIRE AGREEMENT; AMENDMENTS. This Agreement contains the
entire agreement between the parties with respect to the subject matter hereof
and supersede all prior agreements and understandings, oral or written, between
the parties hereto with respect to the subject matter hereof. This Agreement may
not be amended orally, but only by an agreement in writing signed by the parties
hereto.

         8.8      APPLICABLE LAW. This Agreement shall be governed by,
interpreted and construed in accordance with the laws of the Commonwealth of
Puerto Rico.

         8.9      ARBITRATION. Any dispute under this Agreement shall be
submitted to arbitration in New York, New York under the rules of the American
Arbitration Association.

         8.10     SECTION HEADINGS, CONSTRUCTION. The headings of Sections in
this Agreement are provided for convenience only and will not affect its
construction or interpretation. All references to "Section" or "Sections" refer
to the corresponding Section or Sections of this Agreement unless otherwise
specified. All words used in this Agreement will be construed to be of such
gender or number as the circumstances require. Unless otherwise expressly
provided, the word "including" does not limit the preceding words or terms.

         8.11     SEVERABILITY. If any provision of this Agreement is held
invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Agreement will remain in full force and effect. Any provision
of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.

         8.12     COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute
one and the same agreement.

         8.13     TAXES. Consultant shall be solely responsible for paying any
income and any other taxes or licenses applicable to Consultant, its business
and its services.

                                       5
<PAGE>

         IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as of the date above first written above.

DORAL FINANCIAL CORPORATION                         CONSULTANT

By:  /s/ Salomon Levis                              By: /s/ Richard F. Bonini
   -------------------------                           -------------------------
Name:  Salomon Levis                                Name: Richard F. Bonini
Title: Chairman of the Board and
       Chief Executive Officer

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]