Document:

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                                                                  Execution Copy

                           POPULAR NORTH AMERICA, INC.

                      INTEREST CALCULATION AGENCY AGREEMENT

         INTEREST CALCULATION AGENCY AGREEMENT between Popular North America,
Inc., a Delaware corporation (the "Issuer"), and J.P. Morgan Trust Company,
National Association, dated as of June 23, 2004.

         PRELIMINARY STATEMENT

         1.       The Issuer proposes to issue and sell its Medium-Term Notes,
Series F (the "Notes") from time to time under, and pursuant to, the terms of an
Indenture, dated as of October 1, 1991, as amended by the First Supplemental
Indenture, dated as of February 28, 1995, by the Second Supplemental Indenture,
dated as of May 8, 1997 and by the Third Supplemental Indenture, dated as of
August 5, 1999 (together, the "Indenture," the terms defined being used herein
as defined therein or in the Notes), among the Issuer, Popular, Inc., a Puerto
Rico corporation, and J.P. Morgan Trust Company, National Association (successor
in interest to Bank One, N.A.), as trustee thereunder (acting in such capacity,
the "Trustee"), as Successor Trustee to Citibank, N.A.

         2.       The Issuer desires to appoint an agent of the Issuer to
calculate the base rates applicable to those Notes on which interest is to
accrue at a variable or floating rate ("Floating Rate Notes"), determined by
references to LIBOR, the 11th District Cost of Funds Rate, the Commercial Paper
Rate, the Treasury Rate, the Certificate of Deposit Rate, the CMT Rate, the
Prime Rate or the Federal Funds Rate (collectively, the "Base Rates") as are
specified and described in the Floating Rate Notes, a copy of which is attached
hereto as Exhibit A.

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         NOW, THEREFORE, the Issuer and J.P. Morgan Trust Company, National
Association hereby agree as follows:

         Section 1. Appointment of Calculation Agent. The Issuer hereby appoints
J.P. Morgan Trust Company, National Association as Calculation Agent (in such
capacity, the "Calculation Agent") of the Issuer with respect to any Floating
Rate Notes to be issued by the Issuer under and pursuant to the terms of the
Indenture, and the Calculation Agent hereby accepts its obligations as set forth
in this Agreement upon the terms and conditions set forth herein.

         Section 2. Calculation of Base Rates. Unless otherwise specified to the
Calculation Agent with respect to any particular note, the calculation date for
each applicable Interest Determination Date for any Note shall be the earlier of
(i) the tenth calendar day after such Interest Determination Date, or if any
such day is not a Business Day (as defined in the Indenture) the next succeeding
Business Day or (ii) the Business Day preceding the applicable Interest Payment
Date or Maturity, as the case may be. The Calculation Agent shall notify the
Issuer and the Trustee of such Base Rate on such calculation date. If at any
time the Calculation Agent is not also acting as Trustee under the Indenture,
the Issuer shall, upon the issuance of each Floating Rate Note having a
different Base Rate or different Interest Determination Dates than the Base Rate
or Interest Determination Dates for any prior Floating Rate Note, notify such
Calculation Agent of such Interest Determination Dates and Base Rate for such
Floating Rate Note.

         Section 3. New Base Rates. If the Issuer proposes to issue Floating
Rate Notes whose interest rate will be determined on a basis or formula not
referred to above (a "New Base Rate"), the Issuer shall give a description of
such New Base Rate to

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the Calculation Agent. The Calculation Agent shall determine if it is able and
willing to calculate the New Base Rate and upon its agreement in writing to do
so the term "Base Rate" shall be deemed to include the New Base Rate. If the
Calculation Agent notifies the Issuer that it is not able or willing to
calculate the New Base Rate, or that it is only willing to do so on the basis of
an increase of its fees not acceptable to the Issuer, the Calculation Agent
shall have no responsibility with respect to such New Base Rate and the Issuer
shall appoint a different calculation agent to determine the New Base Rate.

         Section 4. Fees and Expenses. The Calculation Agent shall be entitled
to such compensation for its services under this Agreement as may be agreed upon
with the Issuer, and the Issuer shall pay such compensation and shall reimburse
the Calculation Agent for all reasonable expenses, disbursements and advances
incurred or made by the Calculation Agent in connection with the services
rendered by it under this Agreement, including reasonable legal fees and
expenses, upon receiving an accounting therefor from the Calculation Agent.

         Section 5. Right and Liabilities of Calculation Agent. The Calculation
Agent shall incur no liability for, or in respect of, any action taken, omitted
to be taken or suffered by it in reliance upon any Floating Rate Note,
certificate, affidavit, instruction, notice, request, direction, order,
statement or other paper, document or communication reasonably believed by it to
be genuine. Any order, certificate, affidavit, instruction, notice, request,
direction, statement or other communication from the Issuer made or given by it
and sent, delivered or directed to the Calculation Agent under, pursuant to or
as permitted by any provision of this Agreement shall be sufficient for purposes
of this Agreement if such communication is in writing and signed by any officer

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of the Issuer. The Calculation Agent may consult with counsel satisfactory to it
and the opinion of such counsel shall constitute full and complete authorization
and protection of the Calculation Agent with respect to any action taken,
omitted to be taken or suffered by it hereunder in good faith and in accordance
with and in reliance upon the opinion of such counsel. In acting under this
Agreement, the Calculation Agent (in its capacity as such) does not assume any
obligation towards, or any relationship of agency or trust for or with the
holders of the Notes.

         Section 6. Right of Calculation Agent to Own Floating Rate Notes. The
Calculation Agent may act as Trustee under the Indenture and it, its officers,
employees and shareholders may become owners of, or acquire any interests in,
Floating Rate Notes, with the same rights as if the Calculation Agent were not
the Calculation Agent, and may engage in, or have an interest in, any financial
or other transaction with the Issuer as if the Calculation Agent were not the
Calculation Agent.

         Section 7. Duties of Calculation Agent. The Calculation Agent shall be
obliged only to perform such duties as are specifically set forth herein and no
other duties or obligations on the part of the Calculation Agent, in its
capacity as such, shall be implied by this Agreement.

         Section 8. Termination, Resignation or Removal of Calculation Agent.
The Calculation Agent may at any time terminate this Agreement by giving no less
than 90 days' written notice to the Issuer unless the Issuer consents in writing
to a shorter time. Upon receipt of notice of termination by the Calculation
Agent, the Issuer agrees promptly to appoint a successor Calculation Agent. The
Issuer may terminate this Agreement at any time by giving written notice to the
Calculation Agent and specifying

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the date when the termination shall become effective; provided, however, that
not termination by the Calculation Agent or by the Issuer shall become effective
prior to the date of the appointment by the Issuer, as provided in Section 9
hereof, of a successor Calculation Agent and the acceptance of such appointment
by such successor Calculation Agent. If an instrument of acceptance by a
successor Calculation Agent shall not have been delivered to the Calculation
Agent within 30 days after the giving of such notice of resignation, the
resigning Calculation Agent may petition any court of competent jurisdiction for
the appointment of a successor Calculation Agent. Upon termination by either
party pursuant to the provisions of this Section, the Calculation Agent shall be
entitled to the payment of any compensation owed to it by the Issuer hereunder
and to the reimbursement of all reasonable expenses, disbursements and advances
incurred or made by the Calculation Agent in connection with the services
rendered by it hereunder, as provided by Section 4 hereof.

         Section 9. Appointment of Successor Calculation Agent. Any successor
Calculation Agent appointed by the Issuer or by a court following termination of
this Agreement pursuant to the provisions of Section 8 hereof shall execute and
deliver to the Calculation Agent and to the Issuer an instrument accepting such
appointment, and thereupon such successor Calculation Agent shall, without any
further act or instrument, become vested with all the rights, immunities, duties
and obligations of the Calculation Agent, with like effect as if originally
named as Calculation Agent hereunder, and the Calculation Agent shall thereupon
be obligated to transfer and deliver, and such successor Calculation Agent shall
be entitled to receive and accept, copies of any

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available records maintained by the Calculation Agent in connection with
performance of its obligations hereunder.

         Section 10. Indemnification. The Issuer shall indemnify and hold
harmless the Calculation Agent, its officers and employees from and against all
actions, claims, damages, liabilities, losses and expenses (including reasonable
legal fees and expenses) relating to or arising out of actions or omissions in
any capacity hereunder, except actions, claims, damages, liabilities, losses and
expenses caused by the gross negligence or wilful misconduct of the Calculation
Agent, its officers or employees. This Section 10 shall survive the payment in
full of all obligations under the Notes, whether by redemption, repayment or
otherwise.

         Section 11. Merger, Consolidation or Sale of Business by Calculation
Agent. Any corporation into which the Calculation Agent may be merged, converted
or consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Calculation Agent may be a party, or any corporation
to which the Calculation Agent may sell or otherwise transfer all or
substantially all of its corporate trust business, shall, to the extent
permitted by applicable law, become the Calculation Agent under this Agreement
without the execution of any paper or any further act by the parties hereto.

         Section 12. Notices. Any notice or other communication given hereunder
shall be delivered in person, sent by letter, telecopy or telex or communicated
by telephone (subject, in the case of communication by telephone, to written
confirmation dispatched within 24 hours) to the addresses given below or such
other address as the party to receive such notice may have previously specified:

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                  To the Issuer:

                  Popular North America, Inc.
                  c/o Popular, Inc.
                  209 Munoz Rivera Avenue
                  Hato Rey, Puerto Rico 00918
                  Attention:   Chief Financial Officer
                  Facsimile:   (787) 767-8948

                  To the Calculation Agent:

                  J.P. Morgan Trust Company, National Association
                  227 W. Monroe Street/Suite 2600
                  Chicago, Illinois 60606
                  Attention:   Brenda Cosey
                  Facsimile:   (312) 267-5209

                  To the Trustee:

                  J.P. Morgan Trust Company, N.A.
                  227 W. Monroe Street/Suite 2600
                  Chicago, Illinois 60606
                  Attention:   Insitutional Trust Services/George N. Reaves
                  Facsimile:   (312) 267-5209

         Any notice hereunder given by letter, telecopy or telex shall be deemed
to have been received when it would have been received in the ordinary course of
post or transmission, as the case may be.

         Section 13. Benefit of Agreement. Except as provided herein, this
Agreement is solely for the benefit of the parties hereto and their successors
and assigns and no other persons shall acquire or have any rights under or by
virtue hereof.

         Section 14. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

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         Section 15. Counterparts. This Agreement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute one and the same instrument.

         IN WITNESS WHEREOF, this Agreement has been entered into the day and
year first above written.

                                            POPULAR NORTH AMERICA, INC.

                                            By: /s/ Jorge A. Junquera
                                            ------------------------------
                                                Name:  Jorge A. Junquera
                                                Title:    President

                                            J.P. MORGAN TRUST COMPANY,
                                            NATIONAL ASSOCIATION

                                            By: /s/ George N. Reaves
                                            ------------------------------
                                                 Name: George N. Reaves
                                                 Title:   Vice President

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                                                                  EXHIBIT 10.27

                                AMENDMENT NO. 1

                           Dated as of April 22, 2004

                                       to

                         RECEIVABLES PURCHASE AGREEMENT

                         Dated as of February 25, 2004

                  THIS AMENDMENT NO. 1 dated as of April 22, 2004 ("Amendment")
is entered into by and among Jabil Circuit Financial II, Inc., a Delaware
corporation (the "Seller"), Jabil Circuit, Inc., a Delaware corporation (the
"Servicer"), Jupiter Securitization Corporation ("Jupiter"), the financial
institutions party hereto (the "Financial Institutions") and Bank One, NA (Main
Office Chicago), as Agent (the "Agent"). Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed to them in the RPA,
as defined below.

                             PRELIMINARY STATEMENTS

                  A.       The Seller, the Servicer, Jupiter, the Financial
Institutions and the Agent are parties to that certain Receivables Purchase
Agreement dated as of February 25, 2004 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "RPA").

                  B.       The parties hereto have agreed to amend the RPA on
the terms and conditions hereinafter set forth.

                  NOW, THEREFORE, in consideration of the premises set forth
above, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Seller, the Servicer, Jupiter, the
Financial Institutions and the Agent agree as follows:

                  SECTION 1. Amendment to the RPA. Effective as of the date
hereof, subject to the satisfaction of the conditions precedent set forth in
Section 2 below, the RPA is hereby amended as follows:

                  1.1      Section 9.1(f) of the RPA is hereby amended to
replace the period at the end of clause (ii) with "; or" and add the following
clause (iii) at the end:

                           (iii)    the average of the Dilution Ratios as at
                  the end of such month and the two preceding months shall
                  exceed 8.0%.

                  1.2      Exhibit I to the RPA is hereby amended to add the
following definitions in the appropriate alphabetical order:

                  "Default Proxy Ratio" means, as at the last day of any
         calendar month, a percentage equal to (i) the sum of (A) the aggregate
         Outstanding Balance of all Receivables greater than 90 days past due
         and less than 121 days past due as of

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         such day plus (B) the aggregate Outstanding Balance of all Receivables
         that became Charged-Off Receivables during such month and which have
         remained unpaid for less than 91 days from the original invoice date,
         divided by (ii) the Originator Sales during the month ended three (3)
         months prior to such month.

                  "Dilution Horizon Ratio" means, as of the last day of any
         calendar month, a percentage equal to (i) the Originator Sales during
         such calendar month divided by (ii) the aggregate Outstanding Balance
         of all Eligible Receivables as of such date.

                  "Dilution Percentage" means, as of the last day of any
         calendar month, a percentage equal to the following calculation:

                    [(2 x ED) + ((DS - ED) x DS / ED)] x DHR

         where:

                           ED  =  the Expected Dilution Ratio at such time.

                           DS  =  the Dilution Spike Ratio at such time.

                           DHR =  the Dilution Horizon Ratio at such time.

                  "Dilution Ratio" means, as of the last day of any calendar
         month, a percentage equal to (i) the aggregate amount of Dilutions
         which accrued during such calendar month, divided by (ii) the
         Originator Sales during the month ending one (1) calendar month prior
         to such date.

                  "Dilution Spike Ratio" means, as of the last day of any
         calendar month, a percentage equal to the highest Dilution Ratio as of
         the last day of any of the twelve (12) months then most recently
         ended.

                  "Expected Dilution Ratio" means, as of any date, the average
         of the Dilution Ratios in respect of the twelve (12) immediately
         preceding months.

                  1.3      Exhibit I to the RPA is hereby further amended to
delete the definitions of "Dilution Reserve", "Loss Ratio" and "Purchase Limit"
and replace them with the following:

                  "Dilution Reserve" means, on any date, an amount equal to the
         greater of (i) $12,000,000 and (ii) an amount equal to the Dilution
         Percentage multiplied by the Net Receivables Balance on such date.

                  "Loss Ratio" means, as of the last day of any calendar month,
         a percentage equal to the highest three-month rolling average Default
         Proxy Ratio as of the last day of any of the twelve (12) months then
         most recently ended.

                  "Purchase Limit" means $120,000,000.

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                  1.4      Schedule A to the RPA is hereby amended to delete
the "$102,000,000" Commitment amount of Bank One, NA (Main Office Chicago) and
replace it with the amount "$122,400,000."

                  SECTION 2. Conditions Precedent. This Amendment shall become
effective as of the date first above written, upon receipt by the Agent of four
(4) copies of this Amendment duly executed by each of the Seller, the Servicer,
the Purchasers and the Agent.

                  SECTION 3. Covenants, Representations and Warranties of the
Seller and the Servicer.

                  3.1      Upon the effectiveness of this Amendment, each of
the Seller and the Servicer hereby reaffirms all covenants, representations and
warranties made by it, to the extent the same are not amended hereby, in the
RPA, as amended, and agrees that all such covenants, representations and
warranties shall be deemed to have been re-made as of the effective date of
this Amendment.

                  3.2      Each of the Seller and the Servicer hereby
represents and warrants, (i) that this Amendment constitutes the legal, valid
and binding obligation of such Person enforceable against such Person in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors' rights generally and general principles of equity
which may limit the availability of equitable remedies and (ii) upon the
effectiveness of this Amendment, no Amortization Event or Potential
Amortization Event has occurred or is continuing.

                  SECTION 4. Reference to the Effect on the RPA.

                  4.1      Upon the effectiveness of this Amendment, each
reference in the RPA to "this Agreement," "hereunder," "hereof," "herein,"
"hereby" or words of like import shall mean and be a reference to the RPA as
amended hereby, and each reference to the RPA in any other document, instrument
or agreement executed and/or delivered in connection with the RPA shall mean
and be a reference to the RPA as amended hereby.

                  4.2      Except as specifically amended hereby, the RPA and
the other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby
ratified and confirmed.

                  4.3      The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of the
Purchasers or the Agent under the RPA or any of the other Transaction
Documents, nor constitute a waiver of any provision contained therein, except
as specifically set forth herein.

                  SECTION 5. Headings. Section headings in the Amendment are
included herein for convenience of reference only and shall not constitute part
of this Amendment for any other purpose.

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                  SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF
CONFLICTS) OF THE STATE OF ILLINOIS.

                  SECTION 7. Counterparts. This Amendment may be executed by
one or more of the parties to this Amendment on any number of separate
counterparts and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

                  SECTION 8. Fees and Expenses. The Seller hereby confirms its
agreement to pay on demand all reasonable costs and expenses in connection with
the preparation, execution and delivery of this Amendment and any of the other
instruments, documents and agreements to be executed and/or delivered in
connection herewith, including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel to the Agent.

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                  IN WITNESS WHEREOF, this Amendment has been duly executed as
of the day and year first above written.

                                        JABIL CIRCUIT FINANCIAL II, INC.

                                        By: /s/  JAMES FALCONER
                                            -----------------------------------
                                        Name: James Falconer
                                        Title: Vice President

                                        JABIL CIRCUIT, INC., as Servicer

                                        By: /s/  FORBES ALEXANDER
                                            -----------------------------------
                                        Name: Forbes Alexander
                                        Title: Treasurer

                                        JUPITER SECURITIZATION CORPORATION

                                        By: /s/  MAUREEN MARCON
                                            -----------------------------------
                                        Name: Maureen Marcon
                                        Title: Authorized Signatory

                                        BANK ONE, NA (Main Office Chicago), as
                                        a Financial Institution and as Agent

                                        By: /s/  MAUREEN MARCON
                                            -----------------------------------
                                        Name: Maureen Marcon
                                        Title: Director, Capital Markets

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