Industrial and Commercial Bank of China(Macau) Limited 18/F, ICBC Tower, Macau Landmark, 555 Avenidada Amizade, Macau Tel: (853) 2855 5222 Fax: (853) 2857 0758

Up to HKD55,000,000.00
(Hong Kong Dollars Fifty Five Million Only.)

Term Loan

To finance the Borrower’s working capital.

(1)          Upon completion of all security documentation referred in this letter and the return of the duplicate of this letter, duly signed.

(2)          Allowed for separate drawdown. Each drawdown should be in a minimum of HKD5,000,000.00 and subject to 3 business days’ prior written notice to the Bank.

(3)          Each drawdown is subject to a Commitment Letter as mentioned in Security / Documents (1) below covering the principal, accrued interest and all related fees. 

Availability Period:

ICBC MACAU

From the date of this facility letter to 29 January 2014. No loan drawing will be allowed beyond this period unless agreed by the Bank. 

The aggregate advance ratio should not exceed 95% of the amount of Commitment Letter based on RMB/HKD exchange rate at the time of each loan drawdown.

12 months after the date of loan drawing or 2 months before the expiry day of the corresponding Commitment Letter for that loan, whichever is earlier.

29 January 2015.

1.60% p.a., subject to availability of funds and fluctuation at the Bank’s discretion. Interest is calculated daily on a 365 days basis.

Principal and accrued interest together with 1% government stamp duty on interest (when applicable) are to be repaid in one lump sum on Maturity Date of each loan. No principal and accrued interest payment should go beyond the Final Maturity Date.

(1)         Commitment Letters (“Commitment Letter”) in the form of authenticated SWIFT under MT799 format for total amount not less than 105.26% (1/95%) of advanced amount for their equivalent in the RMB Commitment Letters, covering the outstanding principal, accrued interest and all related fees under this facility letter issued by Industrial and Commercial Bank of China Limited, Shenzhen Branch (“ICBC Shenzhen Branch”) in favor of the Bank. The terms and conditions of the Commitment Letter must, among others, specify the following: 

- If during the loan tenor, you fails to immediately repay the principle, accrued interest and related fees demanded under any early repayment event as stipulated in this facility letter; or if at the Final Maturity Date, you fails to repay the principle, accrued interest and related fees, ICBC Shenzhen Branch shall issue a Stand-by Letter of Credit for amount not less than 105.26% (1/95%) of advanced amount for their equivalent in RMB Standby Letter of Credit, with expiry date at least one month after the Final Maturity Date in favor of the Bank within 7 business days upon receipt of the Bank’s written demand, for securing any unpaid principle, accrued interest and related fees under this facility letter.

(2)          Board Resolution from the Borrower for accepting the facility and the corresponding terms and conditions, which is to be certified by a company director of the Borrower.