EXHIBIT 10.13.24
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DATED 31st JANUARY 2006
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TARRANT COMPANY LIMITED (1)
AND
MARBLE LIMITED (2)
AND
TRADE LINK HOLDINGS LIMITED (3)
(AS BORROWERS)
AND
UPS CAPITAL GLOBAL TRADE FINANCE CORPORATION (4)
(AS AGENT)
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SIXTEENTH DEED OF VARIATION
TO
SYNDICATED LETTER OF CREDIT FACILITY
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XXXXXX XXXX & XXXXXXX
SUITE 1901, 19TH FLOOR, XXXXXX KONG CENTER
0 XXXXX'X XXXX XXXXXXX
XXXX XXXX
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THIS DEED OF VARIATION is made the 31 st day of January 2006
BETWEEN:
(1) TARRANT COMPANY LIMITED a company incorporated in Hong Kong under
company number 163310 with its registered office at 00xx Xxxxx, Xxxxxx
Xxxxxx, 00-00 Xxx Xxxx Road, Xxxx Xxxx, Kowloon, Hong Kong
("TARRANT");
(2) MARBLE LIMITED a company incorporated in Hong Kong under company number
399753 with its registered office at 00xx Xxxxx, Xxxxxx Xxxxxx, 00-00
Xxx Xxxx Road, Xxxx Xxxx, Kowloon, Hong Kong ("MARBLE");
(3) TRADE LINK HOLDINGS LIMITED a company incorporated in Hong Kong under
company number 592076 with its registered office at 00xx Xxxxx, Xxxxxx
Xxxxxx, 00-00 Xxx Xxxx Road, Xxxx Xxxx, Kowloon, Hong Kong ("TRADE
LINK"); and
(4) UPS CAPITAL GLOBAL TRADE FINANCE CORPORATION (the "AGENT").
WHEREAS:
(A) Under the terms of a syndicated letter of credit facility agreement
(the "FACILITY AGREEMENT" which expression shall include the same as
from time to time amended, supplemented or modified) entered into on
13th June 2002 by and between the Borrowers and the Finance Parties,
the Agent (in its capacity as the Issuer) agreed, inter alia, to make
available to the Borrowers a facility for the issue of letters of
credit, upon the terms and subject to the conditions set out therein.
(B) Under various Deeds of Variation to the Facility Agreement entered
into on 26th February, 2003, 19th May, 2003, 2nd June, 2003, 18th
June, 2003, 23rd December, 2003, 17th March, 2004, 5th May, 2004,
17th June, 2004, 29th October, 2004, 31st December, 2004, 14th
February, 2005, 27th June 2005, 29th July 2005, 31st August 2005 and
31st October 2005 by and between the Borrowers and the Agent (the
"PRIOR DEEDS OF VARIATION"), the parties thereto agreed to vary the
terms of the Facility Agreement as set out in the Prior Deeds of
Variation.
(C) The parties hereto have therefore agreed, pursuant to Clause 23 of the
Facility Agreement, to vary the terms of the Facility Agreement as set
out in this Deed of Variation.
NOW THIS DEED HEREBY WITNESSETH as follows:-
1. DEFINITIONS AND INTERPRETATION
Words and phrases which are not defined or construed in this Deed of
Variation but which are defined or construed in the Facility Agreement,
the Companies Ordinance or the Bankruptcy Ordinance shall be construed
as having the meanings ascribed to them therein. To the extent that
there is any inconsistency between the terms of this Deed of Variation
and the Facility Agreement, the terms of this Deed of Variation shall
prevail. References to clause numbers are to those clauses in the
Facility Agreement, unless indicated otherwise.
1
2. VARIATION
2.1 The parties hereto hereby agree that the Facility Agreement shall be
varied in the following manner:-
2.1.1 By the deletion in its entirety from Clause 1.1 of the
Facility Agreement of the definition of the term "TERMINATION
DATE", and the substitution therefor of the following:
"`TERMINATION DATE' 31ST JULY, 2006, OR ANY EARLIER
DATE UPON WHICH THE ISSUER MAY
(WHETHER ALONE OR ACTING IN
CONJUNCTION WITH ANY OTHER BANK
OR FINANCIAL INSTITUTION) ENTER
INTO A CREDIT FACILITY AGREEMENT
WITH THE BORROWERS IN ORDER TO
REFINANCE THE FACILITY AND TO
SUPERSEDE AND REPLACE THIS
AGREEMENT;"
2.1.2 By the deletion in its entirety of Schedule 1 to the Facility
Agreement, and the substitution therefor of the following:
"SCHEDULE 1
BANKS AND COMMITMENTS
--------------------------- ------------------- ------------------ ----------------------------
COLUMN 1: BANK COLUMN 2: COLUMN 3: COLUMN 4:
COMMITMENT SUB-LIMIT APPLICABLE PERIOD
--------------------------- ------------------- ------------------ ----------------------------
UPS CAPITAL GLOBAL TRADE US$15,000,000 US$15,000,000 ON OR BEFORE 31ST AUGUST,
FINANCE CORPORATION 2005
--------------------------- ------------------- ------------------ ----------------------------
US$14,500,000 US$11,500,000 AT ANY TIME ON OR AFTER 1ST
SEPTEMBER, 2005, AND BEFORE
1ST OCTOBER, 2005
--------------------------- ------------------- ------------------ ----------------------------
US$14,000,000 US$11,000,000 AT ANY TIME ON OR AFTER 1ST
OCTOBER, 2005 AND BEFORE
1ST NOVEMBER, 2005
--------------------------- ------------------- ------------------ ----------------------------
US$13,500,000 US$10,500,000 AT ANY TIME ON OR AFTER 1ST
NOVEMBER, 2005 AND BEFORE
1ST DECEMBER, 2005
--------------------------- ------------------- ------------------ ----------------------------
US$13,000,000 US$10,000,000 AT ANY TIME ON OR AFTER 1ST
DECEMBER 2005 AND BEFORE
1ST JANUARY, 2006
2
--------------------------- ------------------- ------------------ ----------------------------
US$12,500,000 US$9,500,000 AT ANY TIME ON OR AFTER 1ST
JANUARY 2006 AND BEFORE 1ST
APRIL 2006
--------------------------- ------------------- ------------------ ----------------------------
US$12,000,000 US$9,000,000 AT ANY TIME ON OR AFTER 1ST
APRIL 2006 AND BEFORE 1ST
MAY 2006
--------------------------- ------------------- ------------------ ----------------------------
US$11,500,000 US$8,500,000 AT ANY TIME ON OR AFTER 1ST
MAY 2006 AND BEFORE 1ST
JUNE 2006
--------------------------- ------------------- ------------------ ----------------------------
US$11,000,000 US$8,000,000 AT ANY TIME ON OR AFTER 1ST
JUNE 2006 AND BEFORE 1ST
JULY 2006
--------------------------- ------------------- ------------------ ----------------------------
US$10,500,000 US$7,500,000 AT ANY TIME ON OR AFTER 1ST
JULY, 2006
--------------------------- ------------------- ------------------ ----------------------------
3. NO OTHER AMENDMENTS OR WAIVERS
3.1 The execution, delivery and effectiveness of this Deed of Variation
shall not operate as a waiver of any right, power or remedy of the
Agent under the Facility Agreement or any of the other Finance
Documents, nor constitute a waiver of any provision of the Facility
Agreement or any of the other Finance Documents. Except for the
amendments and agreements set forth above, the text of the Facility
Agreement and all other Finance Documents shall remain unchanged and in
full force and effect and each of the Borrowers hereby ratifies and
confirms its obligations thereunder. This Deed of Variation shall not
constitute a modification of the Facility Agreement or any of the other
Finance Documents or a course of dealing with the Agent at variance
with the Facility Agreement or any of the other Finance Documents such
as to require further notice by the Agent to require strict compliance
with the terms of the Facility Agreement or any of the other Finance
Documents in the future, except as expressly set forth herein. Each of
the Borrowers acknowledges and expressly agrees that the Agent reserves
the right to, and does in fact, require strict compliance with all
terms and provisions of the Facility Agreement and all other Finance
Documents. The Borrowers have no knowledge of any challenge to the
Agent's claims arising under the Facility Agreement or any of the other
Finance Documents, or to the effectiveness of the Facility Agreement or
any of the other Finance Documents.
3.2 The parties hereby acknowledge and confirm that neither the obligations
of any Borrower nor the rights and remedies of the Agent under the
Facility Agreement or any of the other Finance Documents or otherwise
conferred by law shall be discharged, prejudiced or impaired by reason
of the execution of this Deed of Variation or the variation of the
terms and conditions of the Facility Agreement in accordance with this
Deed of Variation.
4. GENERAL
4.1 This Deed of Variation may be executed in any number of counterparts and
by the different parties hereto on separate counterparts each of which
when so executed and delivered shall be original but all the
counterparts together shall constitute one and the same instrument.
3
4.2 This Deed of Variation shall be governed and construed in accordance
with the laws of the Hong Kong Special Administrative Region of the
People's Republic of China and the parties hereto agree to submit to the
non-exclusive jurisdiction of the Courts of the Hong Kong Special
Administrative Region of the People's Republic of China.
IN WITNESS WHEREOF this Deed of Variation has been entered into the day and year
first above written.
THE BORROWERS
THE COMMON SEAL of )
TARRANT COMPANY LIMITED )
was hereunto affixed )
in the presence of: )
/S/ XXXXX XXX
--------------------------------
Xxxxx Xxx, Director
/S/ XXXXXXX XXX
--------------------------------
Xxxxxxx Xxx, Director/Secretary
THE COMMON SEAL of )
MARBLE LIMITED )
was hereunto affixed )
in the presence of: )
/S/ XXXXX XXX
--------------------------------
Xxxxx Xxx, Director
/S/ XXXXXXX XXX
--------------------------------
Xxxxxxx Xxx, Director/Secretary
THE COMMON SEAL of )
TRADE LINK HOLDINGS LIMITED )
was hereunto affixed )
in the presence of: )
/S/ XXXXX XXX
--------------------------------
Xxxxx Xxx, Director
/S/ XXXXXXX XXX
--------------------------------
Xxxxxxx Xxx, Director/Secretary
4
THE AGENT
SIGNED for and on behalf of )
UPS CAPITAL GLOBAL )
TRADE FINANCE CORPORATION )
by: )
in the presence of: ) /S/ XXXX X. XXXXXXXX
-------------------------
Xxxx X. Xxxxxxxx,
Director of
Portfolio Management
/S/ XXXXX XXXXXX
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Xxxxx Xxxxxx, WITNESS
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