Letter of Financial Assistance from The iQ Group Global Ltd
Exhibit 10.9
4 August 2020
The Directors
GBS Inc.
Level 9, 85 Castlereagh Street
Sydney, NSW 2000
Australia
Dear Directors
Confirmation of Financial Support
In order for the directors of GBS Inc. and its controlled entities (“the Group”), to be in a position to support the use of the going concern basis in preparing the financial report of the Group, which means that the Group is expected to be able to pay its debts as and when they fall due and continue in operation without any intention or necessity to liquidate or otherwise wind up its operations, we hereby give assurance to the directors and officers of the Group of the intention of The IQ Group Global Ltd (being one of the ultimate holding entities), to financially support the Group in the future, as follows:
The IQ Group Global Ltd hereby acknowledge to the directors of the Group that, The IQ Group Global Ltd accepts responsibility of providing and undertakes to provide sufficient financial assistance to the Group in relation to operating obligations as and when it is needed to enable the Group to continue its operations;
This financial assistance includes
| - | The IQ Group Global Ltd not seeking repayment of any intercompany loans or payables balances due from the Group except to the extent that funds become available; and | |
| - | The guarantee is irrevocable for at least 12 months from the date of signing of the financial reports for 30 June 2020. The IQ Group Global Ltd and the Group undertake to fully invoke the provisions of this agreement in the event that the financial support from the guarantor is required. |
Signed for and behalf of The IQ Group Global Ltd
Dr George Syrmalis
Group Chief Executive Officer & Director
The iQ Group Global Ltd.
ABN 26 149 731 644
Level 9, 85 Castlereagh Street, Sydney, NSW, 2000
P 02 8239 5400 I W theiqgroupglobal com
