Facility Offer Letter between Agricultural Bank of China Suzhou Wuzhong Sub-branch and Mflex Suzhou Co., Ltd.
This agreement is between Agricultural Bank of China Suzhou Wuzhong Sub-branch and Mflex Suzhou Co., Ltd. The bank offers Mflex a revolving loan facility of up to 200 million RMB (or equivalent USD) for three years, with no collateral required. Interest rates are set at 90% of the PBOC basic rate for RMB loans and a negotiated rate for USD loans. The agreement also outlines various service fees and conditions, with most terms valid for one year. The facility is intended to support Mflex's financing needs.
EXHIBIT 10.68
Facility Offer Letter
Attention: Mflex Suzhou Co., Ltd
With reference to our recent discussion, we are pleased to confirm our agreement to granting you the facility detailed below.
Amount: Up to 200 million RMB or equivalent USD Purpose: Revolving loan Tenor: Three year Security: Clean
Price: The RMB interest rate is 90% of Basic rate according to PBOC. (The interest rate is adjusted once a year)
The Basic RMB Interest Rate of PBOC
Term 6 months 12 months 1-3 years 3-5 years Above 5 years
Basic Rate 4.86% 5.31% 5.40% 5.76% 5.94%
PBOC (31th July 2010)
The USD interest rate is calculated as Libor+XXBPS; BPS is determined by mutual consultation according to USD lending cost in domestic market.
Agricultural Bank of China Suzhou Wuzhong Sub-branch
President sign:
31th July 2010
Address: No. 138 Dongwu Road Wuzhong District Suzhou PRC Post Code: 215128
Number :(86)0512-65655688 Fax:(86)0512-65012010 Email: ***@***
AGRICULTURAL BANK OF CHINA
The Price of Financing Service
Business Basic price Favorable price
USD USD Loan Negotiated by ABC and MFLEX according to the variation of market price
USD Time Deposit Negotiated by ABC and MFLEX according to the variation of market price
RMB Facility Basic rate 90% of basic rate
One-day call 0.81%
Seven-day call 1.35%
Agreement deposit 1.17%
Remit Outward Remittances 0.1% at least 50RMB at last 1000rmb 30RMB/PER
Outstation Payment 0.1% at least 50RMB at last 1000rmb 30RMB/PER
Import L/C Opening 0.15% at least 300RMB 20% of basic price
Amendment 200RMB free
Acceptance 0.1% free
dishonor 100RMB free
Shipping guarantee 0.1% free
Endorse bill of lading 0.1% free
Export L/C Opening 300RMB free
Amendment 100RMB free
Acceptance 0.2% free
dishonor 100RMB free
Shipping guarantee NO free
Endorse bill of lading NO free
Spot FCY Exchange Selling Bid price Bid price + 125bps
Purchasing Offer price Offer price-125bps
Draft Issue bank acceptance bill 0.55% 0.25%
Notes: the validity of the price of financing services is one year.
