Document:

Credit Facilities Agreement dated January 26, 2006

 Exhibit 4.35 
 

 
  

			
	Date:	  	26th January 2006
		
	Our ref:	  	CR/LC/TEAM1/CEB

 CONFIDENTIAL 
 Pentalpha
Hong Kong Ltd. 
 12/F., Kin Teck Industrial building, 
 26 Wong Chuk Hang Road,

 Aberdeen, 
 Hong Kong. 
 Attn.: Mr. John Sham / Mr. Samuel Leung 
 Dear Sirs, 
 BANKING FACILITIES

 Standard Chartered Bank (Hong Kong) Limited

 (the “Bank”) (the “Bank”) is pleased to offer the following banking facilities (the “Facilities”) to the Customer below for the purposes of general working capital, trade finance and
treasury requirement, subject to the Bank’s Standard Terms and Conditions for Banking Facilities and Services (including the Trade Finance Supplement) and Terms and Conditions for Foreign Exchange Business attached and the terms and conditions
set out in this facility letter. 
  

	A.	CUSTOMER: 

 Pentalpha Hong Kong Ltd. 
  

	B.	FACILITY LIMITS: 

 (1) General Banking Facilities 
  

					
	Type(s) of Facility	 	Facility Limit(s)	 	 Designated Customer(s) and Sub-limit(s),
 if applicable

	 1.      Trade Finance 
 (Please refer to Appendix 1 for product details.)
	 	HKD2,000,000.-	 	 
	 	 	 
	 (a)    Trade Finance Group All
	 		 	 •      The Customer
(HKD2,000,000.-)

	 	 	 
	 (b)    Trade Finance Group 1
	 		 	 •      The Customer
(HKD2,000,000.-)

	 	 	 
	 (c)    Trade Finance Group 2
	 		 	 •      The Customer
(HKD2,000,000.-)

	 	 	 
	 2.      Corporate Visa
Cards
	 	(HKD580,000.-)	 	 •      The
Customer

 Standard Chartered Bank (Hong Kong) Limited

 
 Wholesale Bank 
 Credit Risk Control 
 11th Floor Standard Chartered Tower

 388 Kwun Tong Road Kwun Tong Hong Kong 
 

 

					
	Pentalpha Hong Kong Ltd.	  	Page 2	 	

  

			
	Total Facility Limit:	 	HKD2,000,000.-
	  
 Notes:-
  
 •      The aggregate outstanding of Facilities 1 and 2 shall not at any time exceed
HKD2,000,000.-.
  
 •      The aggregate outstanding of all Sub-limits shall not at any time exceed the Facility Limit of that Facility and the Total Facility Limit.

  

	 	(2)	Treasury Facilities (The Bank may arrange for these facilities to be available through Standard Chartered Bank or other members of the Standard Chartered Group and separate
documentation would be executed where necessary.) 

  

			
	Type(s) of Facility	 	 Designated Customer(s) and
Sub-limits),
 if applicable

	 1.      Foreign Exchange Contracts (Spot and Forward)
  
 Facility Limit to be determined by the Bank on a case by case basis.
	 	 •      The Customer

 Note:- 
  

	•	 	The aggregate outstanding of foreign exchange contract(s) (spot and forward) facility and the Facilities 1 and 2 specified in the “General Banking Facilities” above shall not at any
time exceed HKD2,000,000.-. 

  

	C.	PRICING AND CONDITIONS: 

  

			
	 1.      Trade
Finance
	  	 Interest:
 HKD/foreign currency import/export facilities: 0.25% per annum over the Bank’s standard bills finance rates.

	 	 
	  	  	 Commission:
 Standard rates unless otherwise stipulated.

	 	 
	  	  	 Letters of Credit Issuance Commission:
 First USD50,000.-             1/4%
 Balance                            1/16%

	 	 
	  	  	 Maximum tenor for:
 Export facilities:        90 days.

	 	 
	  	  	Individual drawee limit on group combined basis not to exceed HKD10,000,000.- each.

 

 

					
	Pentalpha Hong Kong Ltd.	  	Page 3	 	

  

			
	 2.      Corporate Visa Cards
	  	 Interest: at the Bank’s
prevailing Visa Card rate.
  
 Subject to the terms and conditions stipulated in the related
Corporate Card Agreement executed by the relevant Customer.

	 	 
	 3.      Foreign Exchange Contracts
 (Spot and Forward)
	  	 For transactions in the ordinary course of business of the
Customer.
  
 Tenor: up to 180 days.

	 	 
	Handling Fee of Facilities:	  	HKD15,000.-, payable upon your signing of this letter, and other handling fee to be mutually agreed and
payable on each anniversary of the date of this letter if the Facilities are continuing.

  

	D.	SECURITY AND CONDITIONS PRECEDENT: 

 The availability of the Facilities is conditional
upon the Bank’s receipt of the following documents, items and evidence (both in form and substance) satisfactory to the Bank: 
  

	1.	This letter duly executed by the Customer. 

  

	2.	A corporate guarantee executed by Global-Tech Appliances Inc. for an unlimited amount. 

  

	3.	A letter of undertaking by Global-Tech Appliances Inc. covenanting:- 

  

	 	(i)	not to pledge, mortgage or charge any of its assets in Hong Kong or in China to any party, nor will it issue any guarantee/indemnity, directly or indirectly, in support of any banking
facility, borrowing or financial assistance given or to be given by any bank or financial institution to any party, outside British Virgin Islands, Hong Kong or China without first obtaining the prior written consent of the Bank.

  

	 	(ii)	to assure the security position of the Bank shall rank at least pari-passu with all other bankers of the Group in extending similar facilities. 

  

	4.	Original/Certified copies of all necessary consents, approvals and other authorisations (including board resolutions) in connection with the execution, delivery and performance of this letter
and all other documents mentioned above, if applicable. 

  

	5.	(if any of the facilities referred to in this letter are to be made available by Standard Chartered Bank or other members of the Standard Chartered Group) All such documents, items or
evidence with, in favour of or to Standard Chartered Bank or, as the case may be, such member of the Standard Chartered Group as the Bank may request. 

  

	6.	Such other documents, items or evidence that the Bank may request from time to time. 

 

 

					
	Pentalpha Hong Kong Ltd.	  	Page 4	 	

  

	E.	COVENANTS AND UNDERTAKINGS: 

 The Customer undertakes
to the Bank that: 
  

	1.	it will promptly submit to the Bank: 

  

	 	•	 	a certified copy of the annual audited financial statements of the Customer within 9 months after its financial year end; 

  

	 	•	 	a certified copy of the annual audited financial statements of Global-Tech Appliances Inc. within 6 months after its financial year end; 

  

	 	•	 	a certified copy of the quarterly management accounts of Global-Tech Appliances Inc. within 120 days after the end of the relevant account period; and 

  

	 	•	 	other information that the Bank may request from time to time. 

  

	2.	it will immediately inform the Bank: 

  

	 	•	 	of any change of the Customer’s directors or beneficial shareholders or amendment to its memorandum or articles of association or equivalent constitutional documents;

  

	 	•	 	of any substantial change to the general nature of the Customer’s existing business; or 

  

	 	•	 	if it becomes, or is aware that any of its directors, shareholders, partners or managers becomes, a Related Person (as defined in paragraph 5 of section F of this letter).

  

	3.	not to pledge, mortgage or charge any of its assets in Hong Kong or in China to any party, nor will it issue any guarantee/indemnity, directly or indirectly, in support of any banking
facility, borrowing or financial assistance given or to be given by any bank or financial institution to any party, outside British Virgin Islands, Hong Kong or China without first obtaining the prior written consent of the Bank.

  

	4.	to assure the security position of the Bank shall rank at least pari-passu with all other bankers of the Group in extending similar facilities. 

  

	F.	OTHER TERMS AND CONDITIONS: 

  

	1.	The Facilities are available at the sole discretion of the Bank. The Bank may at any time immediately terminate, cancel or suspend the Facilities or otherwise modify the Facilities without
the consent of any party. 

  

	2.	Notwithstanding any provisions stated in this letter, the Facilities are repayable on demand by the Bank. The Bank has the overriding right at any time to require immediate payment and/or
cash collateralisation of all or any sums actually or contingently owing to it under the Facilities. 

  

	3.	The Bank’s Standard Terms and Conditions for Banking Facilities and Services (including the Trade Finance Supplement) and Terms and Conditions for Foreign Exchange Business
(“Standard Terms and Conditions”) attached and/or referred to in this letter forms an integral part of this letter and the Customer agrees to observe and be bound by such Standard Terms and Conditions. 

  

	4.	The terms and conditions set out or referred to in this letter supersede and replace those set out in our letter (if any) previously sent to the Customer(s). 

 

 

					
	Pentalpha Hong Kong Ltd.	  	Page 5	 	

  

	5.	Please note that section 83 of the Banking Ordinance imposes on the Bank certain limitations on advances to persons (including firms, partnerships and companies) related to its directors,
employees with lending authority or controllers (each person so related shall be referred to as a “Related Person”). When acknowledging and accepting this facility letter, the Customer should advise the Bank if it is, or any of its
directors, shareholders, partners or managers is, a Related Person within the meaning of the Banking Ordinance. If subsequent to the acceptance of this facility letter, the Customer becomes, or is aware that any of its directors, shareholders,
partners or managers is or becomes, a Related Person, it should immediately advise the Bank in writing. 

  

	6.	This letter shall be governed by and construed in accordance with the laws of Hong Kong SAR. 

 Please sign and return to us the enclosed copy of this letter together with the attached Standard Terms and Conditions for Banking Facilities and Services (including the Trade Finance Supplement) and Terms and Conditions for Foreign
Exchange Business to the Bank’s Credit Risk Control at 11th Floor, Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong, Kowloon within one month after the date of this letter, failing which this offer shall lapse. 
 If you have any queries, please feel free to contact any of the following persons:- 
  

					
	Queries on	  	Name	  	Telephone No.
	 Execution of bank documents
	  	 Ms. Lilian Cheng,
 Credit Documentation
Manager
	  	2282-6422
	 	 	 
	Banking arrangements	  	Mr. Monte Wong, Relationship Manager	  	2821-1863

  

	
	 Yours faithfully,
 For and on behalf
of
 STANDARD CHARTERED BANK (HONG KONG) LIMITED

	
	/s/ Lilian Cheng
	Lilian Cheng
	 Credit Documentation Manager

 LC/mc 
 Encl. 
 We agree and accept all the terms and conditions set out above and the Bank’s Standard Terms and Conditions for Banking Facilities and Services (including the Trade Finance
Supplement) and Terms and Conditions for Foreign Exchange Business attached and/or referred to in this letter, which we have read and understood. 
  

	
	 For and on behalf of
 PENTALPHA HONG KONG LTD.

	
	/s/ Kwong Ho Sham

 

 

					
	Pentalpha Hong Kong Ltd.	  	Page 6	 	

  

 Appendix 1 
 TRADE FINANCE FACILITY 
 Trade Finance Group All 
  

	•	 	Negotiation of export credit documents with discrepancies on a with recourse basis 

 Trade Finance Group 1 
  

	•	 	Purchase of documents against payment bills with title documents on parties acceptable to the Bank on a with recourse basis 

  

	•	 	Purchase of documents against acceptance bills with ECA/approved insurance cover on a with recourse basis 

  

			
	 •      Issuance of import letters of credit
	  	- sight and usance
		  	- with title documents

 Trade Finance Group 2 
  

	•	 	Purchase of documents against acceptance bills without ECA/approved insurance cover on a with recourse basis 

  

	•	 	Purchase of documents against payment bills without title documents on parties acceptable to the Bank on a with recourse basis 

  

			
	 •      Issuance of import letters of credit
	  	- sight and usance
		  	- with title documentsCredit Facilities Agreement dated November 18, 2005

 Exhibit 4.36 
 

 
  

			
	 Date:
	  	18th November 2005
		
	 Our ref:
	  	C&I/MACAU/MIA

 CONFIDENTIAL 
 Pentalpha
Macau Commercial Offshore Limited 
 21/F., Citicorp Centre, 18 Whitfield Road, 
 Causeway Bay, 
 Hong Kong. 
 Attn. :
Mr. John Sham / Mr. Samuel Leung 
 Dear Sirs, 
 BANKING FACILITIES: 
 PENTALPHA MACAU COMMERCIAL OFFSHORE LIMITED 
 We are pleased to confirm that the Bank is willing to make available to your company (the “Company”) the following working capital facilities up to the amounts indicated. 
  

	1.	CURRENT ACCOUNT OVERDRAFT – HKD1,000,000.- 

  

	2.	TRADE FINANCE GROUP ALL (Discrepant Credit Bills Negotiated – with recourse) – HKD13,000,000.- 

  

	3.	TRADE FINANCE GROUP 1 – HKD13,000,000.- 

  

	4.	TRADE FINANCE GROUP 2 – HKD13,000,000.- 

 The above Trade Finance Groups All, 1
and 2 are complementary and the combined outstandings are not to exceed HKD13,000,000.-. For product availability of the Trade Finance facilities, please see the attachment to this letter. 
 Prior evidence of insurance is required for all “free on board” and “cost and freight” shipments under import letters of credit. 
 Usance period of export facilities is not to exceed 90 days. 
  

							
	 Standard Chartered Bank
 Macau Branch
  
 Room 807, 8/F Office Tower, Macau Landmark Avenida da Amizade, Z. A. P. E. Macau
	    	 Tel
 Fax
 Swift
	  	 (853) 786 111
 (853) 786 222
 SCBLHKHHMAC
	  	

 Incorporated in England with limited liability by Royal Charter 1853 
 The Principal Office of the Company is situated in England at 1 Aldermanbury Square London EC2V 7SB Reference Number ZC 18 
  

 

 

					
	Pentalpha Macau Commercial Offshore Limited	  	Page 2	 	

  

 Individual drawee acceptable to the Bank with drawee limit allowed at the Bank’s sole discretion. 
 INTEREST, COMMISSIONS AND FEES 
 Unless otherwise specified, interest on all sums advanced
will be payable monthly in arrears at 1% per annum over Prime or HIBOR, whichever is higher. “Prime” means the rate which we announce or apply from time to time as our prime rate for lending Hong Kong Dollars and “HIBOR”
means the rate which we determine to be the Hong Kong Interbank Offered Rate for the relevant period. 
 Commissions will be charged at our standard rates unless
otherwise stipulated. Export bills will be discounted and import bills will be financed at our standard bills finance rates plus 0.25% per annum. 
  

			
	Letters of Credit Opening Commission
	 First USD50,000.-
	  	1/4%
	 Balance
	  	1/8%

 A default rate of 8% per annum over Prime or HIBOR, whichever is higher, will apply to amounts not paid when due or in
excess of agreed facility amounts. All past due bills shall bear interest at 4% per annum above the rates charged on your regular bills outstandings. 
 You shall
pay to the Bank an arrangement fee of HKD15,000.-, payable on the date on which the Bank’s offer of the above facilities are accepted by you as signified by your counter-signing of this letter. The arrangement fee is non-refundable in any
event. A handling fee in an amount to be mutually agreed will be payable on each anniversary of the date of this letter if the facilities are continuing. The fees will be debited to your current account 
 Whether or not the documentation for the above facilities is executed or the facilities are made available to you as contemplated following your acceptance of this letter, you
shall forthwith on demand reimburse the Bank all out of pocket expenses (including but not limited to legal fees and disbursements) incurred by the Bank in connection with the facilities including, without limitation, the negotiation, preparation,
execution and/or enforcement of this letter and the documentation referred to below. 
  

 

 

					
	Pentalpha Macau Commercial Offshore Limited	  	Page 3	 	

  

 AVAILABILITY AND REPAYMENT 
 The above
facilities are subject to periodic review by the Bank at its discretion, and it is expressly agreed that they will at all times be available at the sole discretion of the Bank. Notwithstanding any other provisions contained in this letter or in any
other document, the Bank will at all times have the right to require immediate payment and/or cash collateralisation of all or part of any sums actually or contingently owing to it, and the right to immediately terminate or suspend, in whole or in
part, the facilities and all further utilisation of the facilities. 
 ASSIGNMENT 
 The Company may not assign or transfer all or any of its rights, benefits or obligations under this letter (and any documentation or transactions to which this letter relates) without the Bank’s prior written consent. 
 The Bank may at any time assign or transfer to any one or more banks or other financial institutions all or any of its rights, benefits or obligations under this letter (and any
documentation or transactions to which this letter relates) or change its lending office. 
 DOCUMENTATION 
 Before the above facilities may be used, the enclosed copy of this letter and the Bank’s standard form General Customer Agreement must be signed by the Company and returned to
us together with certified copies of appropriate authorising board resolutions. 
 The following documentation will also be required: 
  

	•	 	Unlimited corporate guarantee by Global-Tech Appliances Inc. 

  

	•	 	Certified true copies of the Company’s certificate of incorporation and memorandum and articles of association together with Offshore Services License issued by the Macau Institute for
the Promotion of Commerce and Investment. 

  

	•	 	Certified original copies of audited financial statements of the Company and Global-Tech Appliances Inc. within 9 months after their financial year end. A signed original copy of the
quarterly management accounts of Global-Tech Appliances Inc. within 120 days after the end of the relevant accounting period. Such other information as the Bank may request from time to time. 

 UNDERTAKING 
 The Company undertakes to the Bank that it
will: 
  

	•	 	Immediately inform the Bank of any change of the Company’s directors or beneficial shareholders or amendment of its memorandum or articles of association. 

  

 

 

					
	Pentalpha Macau Commercial Offshore Limited	  	Page 4	 	

  

 By acceptance of this letter the Company gives consent to the Bank to disclose details of the Company’s account
relationship with the Bank (including credit balances and any security given for the facilities) to all or any of the following persons (whether in or outside Hong Kong): (i) its Head Office and any of its offices, branches, related companies
or associates, (ii) any actual or proposed participant or sub-participant in, or assignee or novatee of the Bank’s rights in relation to the Company’s accounts, (iii) any agent, contractor or third party service provider which
provides services of any kind to the Bank in connection with the operation of its business, (iv) any financial institution with which the Company has or proposes to have dealings to enable credit checks to be conducted on the Company, and
(v) any person to whom the Bank is under an obligation to make disclosure under the requirements of any law binding on the Bank or any of its branches. 
 Please
sign the enclosed copy of this letter and return it to the Bank at 11th Floor, Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong for the attention of Ms. Peggy Yiu, within one month after the date of this letter, after
which this offer will lapse. This letter will be governed by Hong Kong SAR law. 
 We enclose a set of documents which should also be completed and returned to the
Bank at the above-mentioned address. If you have any queries regarding the completion of the required documents, please contact Ms. Peggy Yiu, whose telephone number is 852-2282-6611. With regard to queries on banking arrangements, you can
contact Mr. Monte Wong, whose telephone number is 852-2821-1863. 
 We are pleased to be of service to you and take this
opportunity to thank you for your custom. 
  

	
	 Yours faithfully,

	 For and on behalf of STANDARD CHARTERED BANK

	
	/s/ John Sham
	 Authorized Signature

 PF/EL/PY/htc 
 Encl. 
  

	
	 Agreed.

	 For and on behalf of

	PENTALPHA MACAU COMMERCIAL OFFSHORE LIMITED
	
	/s/ John Sham

  

 

 

 

 
 Pentalpha Macau Commercial Offshore Limited 
 Attachment Regarding Trade Finance Products 
 This attachment forms an integral part of our
banking facility letter dated 18th November 2005. 
 You may use any product or aggregate of products in any one group up to the limit shown in the attached
banking facility letter. 
 Trade Finance Group ALL 
  

	•	 	Discrepant Credit Bills Negotiated - with recourse 

 Trade
Finance Group 1 
  

	•	 	Purchase of Documents against Payment Bills of Exchange secured by goods 

  

	•	 	Purchase of Documents against Acceptance Bills of Exchange with ECA/approved insurance cover 

  

	•	 	Import Letters of Credit        - sight and usance 

             - secured by goods 
 Trade Finance Group 2 
  

	•	 	Purchase of Documents against Acceptance Bills of Exchange without ECA/approved insurance cover 

  

	•	 	Purchase of Documents against Payment Bills of Exchange not secured by goods 

  

	•	 	Import Letters of Credit        - sight and usance 

             - not secured by goods

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