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Exhibit 10.3
BANK OF COMMUNICATIONS HONG KONG
BRANCH
Our Ref
: LC-04-0409-836553-4363
To : Contech
International (Hong Kong) Limited
Date: 14 th September 2004
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Important
Notices:
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This letter sets out the terms
and conditions upon which our bank would revise general banking
facilities to you. You are advised to read and understand these
terms and conditions carefully before accepting the banking
facilities.
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Dear Sirs / Madams,
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Re:
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General
Banking Facilities
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With reference to our recent discussion, we,
Bank of Communications, Hong Kong Branch, are pleased to revise the
following facilities (the “Facilities”) to you subject
to the General Agreement for Banking Facilities and the terms
stated below. Words and expressions defined in the General
Agreement for Banking Facilities shall have the same meaning in
this letter.
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•
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Overdraft
Facility (against charged deposits)
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USD6,000,000.00***
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(i) Overnight LIBOR or (ii) 1.5%
p.a. above the deposit rate for the charged deposit (whichever is
the highest) and payable monthly on the last business day to the
debit of your account No.027-535-0-200308-3 with monthly
rests.
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Remarks
Overdraft Facility of
USD6,000,000.00 can be interchanged with equivalent Hong Kong
Dollars Currency and the interest rate will be charged as
follows:-
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i)
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Overnight HIBOR
or (ii) 2% p.a. below the HKD Best Lending Rate (whichever is the
highest and payable monthly on the last business day to the debit
of your account No.027-535-0-200307-0 with monthly
rests.
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•
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Spare
Overdraft Facility (against charged deposits)
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USD4,000,000.00***
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(i) Overnight LIBOR or (ii) 1.5%
p.a. above the deposit rate for the charged deposit (whichever is
the highest) and payable monthly on the last business day to the
debit of your account No.027-535-0-200308-3 with monthly
rests.
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Remarks
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a)
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100% deposits
shall be held by us upon utilization of this facility.
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b)
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Overdraft
Facility of USD4,000,000.00 can be interchanged with equivalent
Hong Kong Dollars Currency and the interest rate will be charged as
follows:-
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i)
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Overnight HIBOR
or (ii) 2% p.a. below the HKD Best Lending Rate (whichever is the
highest) and payable monthly on the last business day to the debit
of your account No.027-535-0-200307-0 with monthly
rests.
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2.
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Conditions
Precedent / Collateral Securities
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The following
collateral securities and/or legal documents shall be
provided:-
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Pledge of
Deposits for USD6,000,000.00 (or its equivalent in foreign currency
acceptable to us).
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Duplicate
copies of this facility letter duly accepted and executed by
you.
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General
Agreement for Banking Facilities duly accepted and executed by
you.
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•
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Certified
extract of board resolutions (and shareholders
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