Document:

Banking Facility Letter dated Jaunary 13, 2009--SCB & Kwong Lee Shun Trading Co.

 EXHIBIT 4.45 
 

 
  

					
	Date:	  	13th January 2009	  	
			
	Our ref:	  	OCC/LC/TEAM 1/CAM	  	

 CONFIDENTIAL 
 Kwong Lee Shun Trading Company Limited 
 12/F., Kin Teck Industrial Building, 
 26 Wong Chuk Hang Road, 
 Aberdeen, Hong Kong. 
 Attn: Mr. John Sham, President and CEO 
 Dear Sirs, 
 BANKING FACILITIES 
 Standard Chartered Bank (Hong Kong) Limited

 (the “Bank”) is pleased to offer certain banking facilities including, amongst other facilities, those terms set out in this facility letter (the “Facilities”) to the Customer below
for the purposes of general working capital and 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: 

 Kwong Lee Shun Trading Company Limited

  

	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.)

  
	  	HKD10,000,000.-  	  	 
	 		 
	 (a)
Trade Finance Group All
  
	  	 	  	 •        The Customer (HKD10,000,000.-)
  

	 		 
	 (b)
Trade Finance Group 1
  
	  	 	  	 •        The Customer (HKD10,000,000.-)
  

	 		 
	 (c)
Trade Finance Group 2
  
	  	 	  	 •        The Customer (HKD10,000,000.-)
  

 Standard Chartered Bank (Hong Kong) Limited

 
 Origination and Client Coverage 
 Credit Risk Control 
 11th Floor Standard Chartered Tower 
 388 Kwun Tong Road Kwun Tong Hong Kong 
 

 

			
	Kwong Lee Shun Trading Company Limited	  	Page  2 

  

					
	 Total Facility Limit:
  
	  	HKD10,000,000.-  
	  	 
	 Note:
  
 •        The
aggregate amounts outstanding under all Sub-limits shall not at any time exceed the Facility Limit to which the Sub-limits relate and the aggregate amounts outstanding under all Facilities shall not at any time exceed 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-limit(s),
 if applicable
  

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

	 	 
	 2.      Currency and Interest Rate Risk Management
  
	  	 •        The Customer

	 
	 Note:
  
 •        The aggregate outstanding of the Treasury Facilities and the Facility 1 specified in the “General Banking Facilities” above shall not at any time exceed
HKD10,000,000.-.
  

  

	C.	PRICING AND CONDITIONS: 

  

					
	 1.      Trade Finance
	  	 Interest:
 HKD/foreign currency import/export facilities: 0.75% per annum over the Bank’s standard bills finance rate.
  
 Commission:
 Standard rates unless otherwise stipulated.
  
 Letter of Credit Opening Commission:

	 	  	First USD50,000.-	  	1/4%
	 	  	Balance	  	1/16%
	 	
	 	  	Maximum tenor/advance percentage for:
	 	  	 Export facilities: Not to exceed 90 days.
  

	 	
	 2.      Foreign Exchange Contract(s) (Spot and Forward)
	  	 For transactions in the ordinary course of business of the Customer.
  
 Tenor:     Up to 2 days for Spot.

                 Up to 12 months
for Forward.
  

	 	
	 3.      Currency and Interest Rate Risk Management
	  	 For transactions in the ordinary course of business of the Customer.
  
 Tenor:     Up to 12 months.
  

 

 
  

			
	Kwong Lee Shun Trading Company Limited	  	Page  3 

  

			
	Handling Fee of Facilities:	  	 A handling fee 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 Advanced Innovations Inc. (formerly known as Global-Tech Appliances Inc.) for an unlimited amount. 

  

	3.	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. 

  

	4.	(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. 

  

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

  

	E.	COVENANTS AND UNDERTAKINGS: 

 The Customer undertakes to the Bank
that it will: 
  

	1.	not create or permit to exist any mortgage, pledge, lien, charge, assignment or security interest over 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 / 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. 

  

	2.	promptly submit to the Bank: 

  

	 	•	 	 certified copies of the annual audited financial statements of the Customer and Global-Tech Advanced Innovations Inc. within 9 months after their financial year
end; 

  

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

  

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

 

 

			
	Kwong Lee Shun Trading Company Limited	  	Page  4 

  

	3.	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). 

  

	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. This clause 2 does not apply to any factoring facility(ies). 

  

	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. 

 

	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, you should advise us if you are, or any of your
directors, shareholders, partners or managers is, a Related Person within the meaning of the Banking Ordinance. If subsequent to your acceptance of this facility letter, you become, or are aware that any of your directors, shareholders, partners or
managers is or becomes, a Related Person, you should immediately advise us in writing. 

  

	6.	The Customer acknowledges the following: 

  

	 	(a)	The Customer has received and read the Bank’s Notice to Customers and Other Individuals relating to the Personal Data (Privacy) Ordinance and the Code of Practice on Consumer
Credit Data; and 

  

	 	(b)	The Customer has, or will, notify each of its Relevant Individuals, the Bank may, in the course of providing banking services to the Customer, receive Customer information in
respect of that Relevant Individual. 

 For the purpose of the above, a “Relevant Individual” is defined as being one
of the following (but not limited to) Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, department heads, corporate officers (e.g. authorized signatories, company secretary etc.), directors, major shareholders, beneficial
owners, and guarantors (where applicable). 
  

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

 

 

			
	Kwong Lee Shun Trading Company Limited	  	Page  5 

 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.
  

	 Banking
arrangements
  
	  	 Mr. Kelvin Fong, Relationship Manager
  
	  	2821-1323  

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

 

	
	
	/s/ Josephine To
	Josephine To
	Senior Credit Documentation Manager

 JT/ELG 
 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 
 KWONG LEE
SHUN TRADING COMPANY LIMITED 

	
	
	/s/ Kwong Ho Sham

 Each of the undersigned hereby acknowledge the terms of this facility letter and confirm that their
respective obligations under each guarantee and security document (as applicable) that they have executed in favour of the Bank will continue in full force and are not and will not be affected, discharged or varied by the execution of this facility
letter. 
 For and on behalf of 
 GLOBAL-TECH ADVANCED INNOVATIONS INC. 
  

	
	
	/s/ John C.K. Sham

 

 
  

			
	Kwong Lee Shun Trading Company Limited	  	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 

                                         
     - without title documentsLetter Agreement by and between Alesco Financial Inc. and Cohen Brothers, LLC

 EXHIBIT 10.29 
 [Cohen & Company Letterhead] 
 September 22, 2009 

Alesco Financial Inc. 
 Cira Centre 

2929 Arch Street, 17th Floor 
 Philadelphia,
Pennsylvania 19104 
 Ladies and Gentlemen: 
 Reference is made to (i) the Management Agreement, dated as of January 31, 2006 (as amended from time to time, the “Management Agreement”), by and between Alesco Financial Trust
(predecessor in interest to Alesco Financial Inc. (“AFN”)) and Cohen Brothers Management, LLC (the “Manager”) and (ii) the Agreement and Plan of Merger, dated as of February 20, 2009, by and among AFN,
Cohen & Company and Fortune Merger Sub, LLC, (as amended from time to time, the “Merger Agreement”). 
 The independent directors of AFN have determined that it is advisable for AFN to accept the recommendation of Cohen & Company to use the services of Cohen & Company’s broker-dealer subsidiary in connection with
certain investments to be made by AFN prior to the consummation of the merger contemplated by the Merger Agreement (the “Merger”). This letter agreement sets forth the understanding between AFN and Cohen & Company with
regard to such investments. 
 1. Investments. (a) AFN will utilize Cohen & Company Securities, LLC
(“CCS”), a registered broker-dealer subsidiary of Cohen & Company, in implementing an investment strategy (the “Investment Strategy”) consistent with the presentation, dated September 2009, to the special
committee of the independent members of the AFN board of directors (the “Special Committee”) titled “Summary of Terms—AFN Interim Investment Strategy” (the “Summary of Terms”). AFN and the Manager
agree that the Investment Guidelines contained in the Management Agreement shall be amended if necessary to facilitate the Investment Strategy. CCS agrees to, and Cohen & Company agrees to cause CCS to, conduct the Investment Strategy in
accordance with the Summary of Terms. 
 (b) In addition to the obligations of the Manager to provide reports to
the Special Committee as specified in the Summary of Terms, no later than 10 calendar days prior to the end of each fiscal quarter of AFN, the Manager shall provide to the Chief Executive Officer of AFN, the Chief Financial Officer of AFN and a
designated representative of the Special Committee, a written report (the “Portfolio Report”) containing the Manager’s then-current estimates of the mark-to-market values of each then-existing investment in the portfolio
acquired through the Investment Strategy (the “Portfolio”). The Portfolio Report will provide two independent mark-to-market values for each securities position in the Portfolio in addition to Cohen’s estimated mark-to-market
value for each position. The Portfolio Report will also provide Chatham Financial’s (or another recognized industry expert’s) mark-to-market value for each derivative position, in addition to any estimate by Cohen. 
 (c) The Special Committee, acting through its designated representative, may direct the Manager to sell any investment in the
Portfolio and CCS shall, and Cohen & Company shall cause CCS to, undertake such sale as promptly as possible. 

 2. Term. This letter agreement shall terminate on the earlier of December 31,
2009 or the consummation of the Merger contemplated by the Merger Agreement, unless extended upon mutual written agreement of the parties hereto; provided, however, that Sections 3 and 4 shall survive any termination of this letter agreement.

 3. Reduction of Termination Fee. The aggregate amount of cumulative net realized losses, if any, incurred by AFN in
connection with the Interim Investment Strategy shall reduce, dollar for dollar, (but not below zero), any termination fee payable by AFN to the Manager in connection with a termination of the Management Agreement. 
 4. Application of Management Agreement. Except as otherwise provided herein, the terms of the Management Agreement shall apply to the
Investment Strategy. Notwithstanding the foregoing, for purposes of calculating whether any Incentive Compensation (as defined in the Management Agreement) is payable to the Manager in respect of a quarter during which the Investment Strategy is
being conducted, Net Income (as defined in the Management Agreement) shall exclude any unrealized gains and losses on the Portfolio, regardless of whether such unrealized gains or losses are included in other comprehensive income or loss, or in net
income. 
 5. Governing Law. This letter agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard for the conflicts of laws principles thereof. 
 6. Counterparts and Other Matters.
This letter agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the
other party. Facsimile or other electronic transmission of any signed original document shall be deemed the same as delivery of an original. 
 Please signify your acceptance and agreement with the foregoing by executing one copy of this letter where indicated below. 
  

			
	Sincerely yours,
	
	COHEN BROTHERS, LLC
		
	By: 	 	/s/ CHRISTOPHER RICCIARDI
		 	Name: Christopher Ricciardi
		 	Title:   CEO and President
	
	COHEN BROTHERS MANAGEMENT, LLC
		
	By: 	 	/s/ JAMES J. McENTEE, III
		 	Name: James J. McEntee, III
		 	Title:   Chief Operating Officer

			
	COHEN & COMPANY SECURITIES, LLC
		
	By: 	 	/s/ KENNETH R. SMITH
		 	Name: Kenneth R. Smith
		 	Title:   CCO
	
	Accepted and agreed to as of September 22, 2009.
	
	ALESCO FINANCIAL INC.
		
	By: 	 	/s/ JOHN J. LONGINO
		 	Name: John J. Longino
		 	Title:  Chief Financial Officer and Treasurer

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