CREDIT FACILITIES RENEWAL

Letter of Credit

You are currently viewing:

This Letter of Credit involves

NAM TAI ELECTRONICS INC | THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.

Title: CREDIT FACILITIES RENEWAL
Date: 3/15/2005
Industry: Electronic Instr. and Controls

CREDIT FACILITIES RENEWAL, Parties: nam tai electronics inc , the hongkong and shanghai banking corporation limited

EXHIBIT 4.23 [HSBC LOGO] Commercial Banking - Division A (Level 10) Ref: (CARM Serial No. 040827) 'CONFIDENTIAL Nam Tai Group Management Ltd 15/F China Merchants Tower Shun Tak Centre 168-200 Connaught Road Central Hong Kong 24 September 2004 Attn: Mr. T. Murakami / Mr. S. K. Cheung Dear Sirs BANKING FACILITIES A/C NO. 500-815287 With reference to our recent discussions, we are pleased to advise that we have reviewed your banking facilities and offer a renewal within the following revised limits which will be made available on the specific terms and conditions outlined below. These revised facilities are subject to review at any time, and in any event by 31 May 2005, and also subject to our overriding right of suspension, withdrawal and repayment on demand, including the right to call for cash cover on demand for prospective and contingent liabilities. This letter supersedes our previous letter dated 9 September 2004 which should be returned to us for cancellation.

New Limit Previous Limit --------- -------------- Overdraft HKD500,000.- HKD500,000.- Interest on the overdraft facility will be charged on daily balances AT OUR HKD BEST LENDING RATE (PREVIOUSLY at 0.5% per annum over our HKD best lending rate), which is currently 5.125% per annum, but subject to fluctuation at our discretion and payable monthly in arrears to the debit of your current account. Treasury Facilities USD30,000,000.- USD30,000,000.- within which: Foreign Exchange: (USD30,000,000.-) (USD30,000,000.-) - For booking forward exchange contracts with individual contracts up to a maximum of 6 months' duration. Currency Option- (USD30,000,000.-) (USD30,000,000.-) - maximum maturity: up to a maximum of 6 months forward

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED Hong Kong Main Office: 1 Queen's Road Central, Hong Kong Tel: 2822 1111 Fax: Telex: 73205 HSBC HX Telegrams: Hongbank Hongkong Web: www.hsbc.com.hk [HSBC LOGO] Nam Tai Group Management Ltd - 2 - 24 September 2004 Terms and Conditions Contracts for treasury products may only be entered into under these facilities to cover exchange rate exposure incurred in the normal course of your business. All treasury product facilities remain subject to our overriding right to call for cash cove

SITE SEARCH

AGREEMENTS / CONTRACTS

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates