UBS Bank USA Credit Line Increase Notification to AXT Inc.
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Summary
UBS Bank USA has notified AXT Inc. that the approval amount on its credit line account has been increased from $3,000,000 to $10,000,000 as of January 13, 2012. The letter clarifies that the credit line is not a committed loan facility, and UBS Bank USA is not obligated to fulfill borrowing requests. The credit line cannot be used for securities transactions, and early repayment may incur fees. The terms are governed by the existing Credit Line Agreement, and changes in collateral value may affect access to funds.
EX-10.24 4 ex10_24.htm EXHIBIT 10.24 ex10_24.htm
Exhibit 10.24
 | UBS Bank USA |
| c/o UBS Financial Services Inc. 1000 Harbor Boulevard, 8th FL. Weehawken, NJ 07086-6761 | |
| ubs.com/fs |
| 000126 UBSBDD11 000000 |
| AXT Inc ATTN: Raymond Low |
| 4281 Technology Drive |
| Fremont, CA ###-###-#### |
January 17, 2012
Notice: Your Credit Line account has been increased
Approval amount on your UBS Credit Line account has been increased as detailed below.
| Account number | 5V 66301 |
| Previous approval amount | $3,000,000,00 |
| New approval amount as of January 13, 2012 | $10,000,000.00 |
Please note that the rate on your Credit Line may have changed as a result of this increase; refer to Schedules I and II in your Credit Line Agreement.
Questions
Please contact your Financial Advisor at ###-###-#### if you have questions regarding your Credit Line account. Thank you for allowing us to serve your wealth management needs.
| Sincerely, | |
| /s/ Steve Stewart | |
| Steve Stewart | |
| Senior Vice President & Chief Credit Officer | |
| UBS Bank USA |
Disclosure
Loans made through a Credit Line are extended solely at the discretion of UBS Bank USA under the terms of the§
Credit Line Agreement (Agreement), This is not a committed loan facility and UBS Bank USA is not obligated to you or any third party to satisfy your borrowing requests. UBS Bank USA Credit Line loans may not be used to purchase, carry, or trade in securities, or pay debt that was used to purchase, carry, or trade in securities, Payment of principal prior to the end of a fixed rate contact may result in prepayment fees, Changes in the value of the collateral supporting your Credit Line, as well as other factors described in the Agreement, may limit your ability to access funds from your Credit Line, Reliance on this letter by a third party for any reason shall in no way create any obligation upon UBS Bank USA to such third party,
UBS Bank USA and UBS Financial Services Inc. are a subsidiaries of UBS AG
Package ID: 0018589843 - 01E
