Bank Credit Facility Agreement between Dah Sing Bank Limited and Concord Camera HK Ltd. (2007)

Summary

Dah Sing Bank Limited has agreed to provide Concord Camera HK Ltd. with a credit facility of up to USD 1,000,000, expiring on June 30, 2008. The facility covers various banking services such as letters of credit, loans, and invoice financing, subject to specific terms, including interest rates, collateral requirements, and restrictions on eligible suppliers and buyers. The agreement can be reviewed or terminated by the bank at any time, and Concord Camera HK Ltd. must provide financial statements and notify the bank of any changes in company directorship or relationships with the bank's directors or employees.

EX-10.1 2 e31059ex10_1.txt BANK CREDIT FACILITY Exhibit 10.1 (LOGO) Dah Sing Financial Centre Dah Sing Bank 108 Gloucester Road, Hong Kong 21st November, 2007 Private & Confidential Concord Camera HK Ltd. 14/F, ADP Pentagon Centre, 98 Texaco Road Tsuen Wan, N.T. Attn.: Mr. Paul Wong Dear Sirs, Re: Banking Facilities We have the pleasure to inform you that we have revised the under-mentioned banking facilities in your favour to expire on 30th June, 2008 subject to the following terms and conditions: OPENING OF LETTER OF CREDIT &/OR DRAFT LOAN (30 DAYS) &/OR NEGOTIATING EXPORT L/C WITH LETTER OF GUARANTEE &/OR OUTWARD BILLS LOAN (30 DAYS) &/OR TRUST RECEIPT (120 DAYS) &/OR INVOICE FINANCING (120 DAYS) &/OR PACKING LOAN (120 DAYS) &/ADVANCE AGAINST RECEIVABLES (120 DAYS) ..................USD1,000,000.00 Interest Rate: Hong Kong Dollar : @1.5% p.a. over HK Inter-Bank Offer Rate; United States Dollar : @1.5% p.a. over London Inter-bank Offer Rate Other Currency : @1.5% p.a. over Dah Sing Bank's Base Rate. - -------------------------------------------------------------------------------- Telephone: 2507 8866 Cable: Dahsingbank Telex: 74063 DSB HX Fax: 2598 5052 Website: www.dahsing.com DahSing Bank, Ltd. -2- 21st November, 2007 Concord Camera HK Ltd. Notes: 1. Maximum tenor for D/L and T/R under one transaction is not to exceed 120 days. 2. L/C commission, commission in lieu of exchange and HKD bills commission to be charged at: 1/4% for the first USD50,000.00; 1/16% for the balance. 3. Packing loan is up to 80% of export L/C amount and tenor is set for 120 days from date of advance or expiry date of export L/C whichever is earlier. 4. Invoice Financing is restricted to the following suppliers: - Ability Enterprise Co. Ltd., Taiwan - Gauss Electronics Co. Ltd., Hong Kong - Kin Sang Chemical Ltd, Hong Kong - Shenzhen Laiyinda Industrial Co. Ltd., Shenzhen, PRC - Golden Eagle (Tianjin) Electronics Co. Ltd., Tianjin, PRC 5. For AAR, the advance is up to 90% of the sales invoices to the buyers and documents no need to send out through our bank. It is also restricted to the buyer Boots (Retail Buying) Ltd., England. 6. Any excess on bills line should be against earmarking its HKD current account or USD current account. Terms and Conditions: 1. Against charge to us fixed deposit for amount not less than USD1,000,000.00. 2. Audited financial statements of the Concord Camera HK Ltd. to be submitted for our reference not later than nine months from the respective statement date. 3. Renewal fee of HKD5,000.00 is to be charged by us. Other Terms and Conditions The above credit facilities are available for your acceptance and/or draw down within 2 months from the date hereof and are subject to complete collateral and/or documentation at all times. The facilities are subject to review at any time and also subject to our overriding right of withdrawal and repayment on demand. The facility shall be subject to termination or cancellation at any time unconditionally by the bank without giving any prior notice or reason therefore. DahSing Bank, Ltd. -3- 21st November, 2007 Concord Camera HK Ltd. The Borrower and/or Guarantor hereby undertakes to inform the bank as soon as there is any change in the directorship or partners of the company or partnership. In respect of the Code of Banking Practice, we would draw to your attention that by accepting this facility letter, you have given your consent to our providing, from time to time, relevant information or documents in respect of the above facilities or any subsequent amendment/renewal thereof including but not limited to loan outstanding, statement of account, copy of contract evidencing the obligation guaranteed and copy of formal demand for overdue payments to the guarantor(s) or securities providers of the facilities. Please note that Section 83 of the Banking Ordinance has imposed on us as a licensed bank certain limitations on advances to persons related to our directors and employees. In acknowledging this Facility Letter, you undertake to advise us whether you are in any way related to any of our directors or employees within the meaning of Section 83. In the absence of such advice, we will assume that you are not so related. You are also requested to advise us in writing should you become so related subsequent to acknowledging this Facility Letter. We offer full range of commercial banking services. As our valued clients, we are pleased to provide you with professional services and esteemed services at privileged offerings. The details of our contacts are as follows: Corporate Card/Purchasing Card Connie Cheung Tel: 8108-6382 Mandatory Provident Fund Larry Lau Tel: 2507-8778 General Insurance Jack Ng Tel: 2808-5202 This supersedes all our previous letters concerning banking facilities. Please confirm your acceptance of the above by signing and returning to us the duplicate copy of this letter at your earliest convenience. Yours faithfully, For and on behalf of Dah Sing Bank, Limited Henry P.H. Lau - --------------------------------- Authorized Signature Commercial Banking Division HL/(3916-001)/mm