Amendment to Credit Facility Agreement among HSBC Bank plc, Warwick International Group Limited, and Sequa Corporation (March 31, 2005)
HSBC Bank plc has agreed to continue providing banking facilities to Warwick International Group Limited and Sequa Corporation, subject to the terms of a previous facility letter, with certain amendments. Specifically, requirements related to cash deposits and collateral with HSBC and Barclays Bank have been removed. The agreement is set for review in August 2005. Both Warwick and Sequa have accepted these revised terms by signing the letter.
HSBC Exhibit 10.5
The Directors
Warwick International Group Limited
Mostyn
Holywell
Flintshire
CH8 9HE
The Directors
Sequa Corporation
200 Park Avenue
New York
New York
10166
USA
31 March 2005
Dear Sirs
HSBC Bank plc ('the bank') is pleased to advise that it is willing to continue to make available to Warwick International Group Limited (registered in England with number ###-###-####) and Sequa Corporation (registered in the state of Delaware USA with number 13-1885030) ("Sequa") banking facilities, subject to the terms and conditions set out in the Facility Letter dated 24 January 2005, save as revised below:
| 1 | The Security Schedule shall be amended to read as follows |
| Paragraph (j) relating to cash deposited with HSBC Bank Plc and Barclays Bank Plc is deleted. | |
| 2 | Additional Matters |
| Paragraph 4 relating to the amounts of cash collateral to be held with both HSBC Bank Plc and Barclays Bank Plc is deleted. |
Without prejudice to the terms and conditions of the Facility Letter (as amended), the Facilities are due for review in August 2005.
HSBC Bank plc
Leeds City Branch, 33 Park Row, Leeds, Yorkshire LS1 1LD
Tel: 08457 404 404 Fax: 0113 ###-###-####
Registered in England number 14259. Registered Office: 8 Canada Square, London E14 5HQ
Authorised and regulated by the Financial Services Authority.
Member of the HSBC Bank marketing group. We sell life insurance, pensions and collective
investment schemes and advise only on our own range of these products.
HSBC
To accept the revised terms and conditions relating to the Facilities as set out in this letter please arrange for the enclosed copy to be signed and returned.
Yours faithfully
/s/: SHARON THEAKER
Sharon Theaker
Corporate Banking Manager
For and on behalf of HSBC Bank plc
HSBC
ACCEPTANCE
We Warwick International Group Limited and Sequa Corporation accept the revised terms and conditions relating to the Facilities as set out in the attached letter dated 31 March 2005.
Date: March 31, 2005
Director: /s/ Steve Williams
Secretary: /s/ Simon J. Watt-Smith
(Signed for and on behalf of Warwick International Group Limited, pursuant to a Resolution of the Board of Directors passed on March 31, 2005).
Date: March 31, 2005
Vice President and Treasurer /s/ Kenneth A. Drucker
(Signed for and on behalf of Sequa Corporation pursuant to a Resolution of the Board of Directors passed on 28 October 2004).
