Document:

exv10w49

 

Exhibit 10.49

	 	 	 
	Date

	 	19 April 2007
	 
	 	 
	Our Ref

	 	CRC/CDT/LC/SMA/JT/TRITI1

PRIVATE & CONFIDENTIAL

Trio-Tech International Pte Ltd

1008 Toa Payoh North

#03-09

Singapore 318996

	 	 	 	 	 
	Attention:

	 	Mr Victor Ting	 	 
	 

	 	Chief Financial Officer
	 	Syed Muhammad
Ali
	 

	 	 	 	Telephone No. 6530 3334

Dear Sirs

BANKING ARRANGEMENTS

Standard
Chartered Banks (the “Bank”) is pleased to confirm its willingness to continue to make
available to Trio-Tech International Pte Ltd (the “Customer”) the uncommitted banking and
treasury facilities (the “Facilities”) outlined below on the following terms and conditions,
subject to the Bank’s Standard Terms and Conditions, as set out in CRC Form 338-1206 attached
hereto, and to the satisfactory completion of documentation:-

	 	 	 
	BANKING FACILITIES
AMOUNT	 	DESCRIPTION AND PRICING
	1) SGD750,000

	 	Overdraft in SGD and USD current account, repayable upon demand,
to assist with working capital requirements.
	 
	 	 
	 

	 	Interest at Prime plus 0.25% p.a. payable monthly in arrears to
the debit of the Customer’s current account.
	 
	 	 
	 

	 	Condition
	 
	 	 
	 

	 	In the event that the Bank’s prime rate is lower than its
1-month cost of funds rate, the Bank reserves the right to convert
the prime rate to its 1-month cost of funds rate.
	 
	 	 
	1a) (SGD750,000)

	 	Short term loans for period up to 90 days to assist with working
capital requirements.
	 
	 	 
	 

	 	Interest at Cost of Funds plus 3% p.a.
	 
	 	 
	 

	 	Note

	 	i)	 	Interavailability between the
short term money market loans and the overdraft facility is
at the sole discretion of the Bank.
	 
	 	ii)	 	The Bank may at any time at
its sole discretion suspend the availability of prime-based
funds by reason or circumstances affecting the money market
including but not limited to volatile rate fluctuations or
tight liquidity.
	 
	 	iii)	 	Drawings under limits 1) to
1a) are at all times subject to the availability of funds.
	 
	 	iv)	 	Combined aggregate
outstandings under limits 1) to 1a) must not exceed SGD750,000
at any one time.

	 	 	 
	Standard Chartered Bank
	 	 
	Credit Risk Control
	 	 
	Wholesale Banking
	 	 
	1
Tampines Central 5, CPF Tampines Building #03-01
	 	 
	Singapore 529508

	 	Tel +65 6876 0888
	Robinson Road P. O. Box 1901, Singapore 903801

	 	Fax +65 6260 2513

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 ZC18

Trio-Tech International Pte Ltd Page 1 of 6

 

 

	 	 	 
	2) SGD2,000,000

	 	For issuing customs and other non-shipping guarantees for period not
exceeding 12 months, except for guarantees favouring the following
bodies for the identified purpose which may be issued for period
up to 42 months:

	 	a)	 	Jurong Town Council — Rental Deposit
	 
	 	b)	 	Ministry of Manpower — Security Deposit for foreign workers
	 
	 	c)	 	Utility provider for the
Customer — Security Deposit for power supply

	 	 	 
	 

	 	Counter, indemnities are to be held.
	 
	 	 
	 

	 	Commission at standard pricing.
	 
	 	 
	2a) (SGD2,000,000)

	 	For issuing advance payment guarantees / performance bonds /retention
bonds for period not exceeding 12 months.
	 
	 	 
	 

	 	Counter indemnities are to be held.
	 
	 	 
	 

	 	Commission at standard pricing.
	 
	 	 
	2b) (SGD1,000,000)

	 	For issuing tender bonds for period not exceeding 6 months.
	 
	 	 
	 

	 	Counter indemnities are to be held.
	 
	 	 
	 

	 	Commission at standard pricing.
	 
	 	 
	2c) (SGD2,000,000)

	 	For opening irrevocable letters of credit, drafts at sight and/or usance
for period up to 120 days, covering the import of goods into
Singapore and/or Malaysia.
	 
	 	 
	 

	 	Commission at standard pricing.
	 
	 	 
	2d) (SGD1,500,000)

	 	Loans against trust receipts and/or acceptance against trust receipts
for period up to 120 days, covering the release of goods imported
under and complementary to limit 2).
	 
	 	 
	 

	 	Interest at Cost of Fund plus 2.0% p.a. during the term of each
Singapore Dollar trust receipt.
	 
	 	 
	 

	 	Interest at SIBOR plus 2.0% p.a. during the term of each foreign
currency trust receipt.
	 
	 	 
	2e) (SGD1,500,000)

	 	Shipping guarantees may be issued to secure the release of goods
imported under letters of credit or collection bills routed
through the Bank.
	 
	 	 
	 

	 	Commission at standard pricing.
	 
	 	 
	2f) (SGD1,500,000)

	 	For opening irrevocable letters of credit, drafts at sight and/or usance
for period up to 120 days, covering the import of goods in favour
of Singapore and Malaysian suppliers.
	 
	 	 
	 

	 	Commission at standard pricing.
	 
	 	 
	2g) (SGD1,000,000)

	 	Loans against imports by way of promissory notes covering collection
DA and DP bills for period up to 120 days, including original
usance period. Financing of approved suppliers’ invoices are also
permitted but at the sole discretion of the Bank.

Trio-Tech
International Pte Ltd Page 2 of 6

 

 

	 	 	 
	 

	 	Commission at 0.25% flat.
	 
	 	 
	 

	 	Interest at Cost of Fund plus 2.0% p.a. during the term of each
Singapore Dollar trust receipt.
	 
	 	 
	 

	 	Interest at SIBOR plus 2.0% p.a. during the term of each foreign
currency trust receipt.
	 
	 	 
	 

	 	Condition
	 
	 	 
	 

	 	Proceeds of invoice financing are to be paid directly to suppliers
and not credited to the Customer’s account.
	 
	 	 
	 

	 	Note

	 	1.	 	Combined aggregate outstandings under limits 2) to 2g) must
not exceed SGD2,000,000 at any one time.
	 
	 	2.	 	Limits 1) to 1a) & 2) to 2g)
and Treasury Facilities may at the Bank’s discretion be made
inter-available to Universal (Far East) Pte Ltd subject
to the execution of a corporate guarantee from Trio
Tech International Pte Ltd, to be supported by a board
resolution.

	 	 	 
	3) SGD555,568

	 	Paid-down balance of a 3-year term loan to support purchase of
equipment for work/contract with Advanced Micro Devices.
	 
	 	 
	 

	 	Interest at Cost of Funds plus 3.5% p.a.
	 
	 	 
	 

	 	Tenor
	 
	 	 
	 

	 	3 years from date of first drawdown.
	 
	 	 
	 

	 	Drawdown
	 
	 	 
	 

	 	Loan drawdown on 30 Nov 2005
	 
	 	 
	 

	 	Maturity
	 
	 	 
	 

	 	29 November 2008
	 
	 	 
	 

	 	Repayment
	 
	 	 
	 

	 	Repayable in 35 equal monthly
instalments of SGD27,777 (excluding
interest) and final instalment of SGD27,805 (excluding interest)
with effect from January 2006.
	 
	 	 
	 

	 	Prepayment
	 
	 	 
	 

	 	Prepayment penalty at 1.0% and partial repayment will be applied
in inverse order of maturity and may not be redrawn. The Customer
is to give at least 30 days written notice before such repayment
is effected.
	 
	 	 
	 

	 	Note
	 
	 	 
	 

	 	Limit 3) is to be fully repaid on drawdown of the Term Loan
Facility as indicated in the Bank’s Term Loan offer letter dated
19 April 2007

Trio-Tech International Pte Ltd Page 3 of 6

 

 

TREASURY FACILITIES

Foreign Exchange Facilities

The Bank will be pleased to quote rates for foreign exchange forward transactions up to 180 days.
Quotes for same day or next day settlement can normally be provided subject to the currency
involved and the time of day. Such quotes will always be at the sole discretion of the Bank.

Currency and Interest Rate Risk Management Facilities

The Bank will also be pleased to quote rates for currency and interest rate options and swaps,
including structures customised to meet the Customer’s specific requirements. Interest rate and
cross currency swaps may be transacted for tenors of up to 3 years.

Mandate

Prior to undertaking any transaction with the Bank, the Customer will provide to the Bank a
certified true copy of the Customer’s Board of Director’s Resolution together with the Dealing
Mandate, duly authorised written instructions which authorise:

	a)	 	named individuals to enter into relevant transactions on behalf of the Customer by telephone
or by any other method acceptable to the Bank; and
	 
	b)	 	named individuals to sign the confirmation and written instructions to the Bank regarding
settlement and payment of transactions,

together with specimen signatures of those persons named under sub-clause (b) above.

The Customer is obliged to keep these instructions current by informing the Bank at the address
specified herein of any changes. The Customer will be responsible for, and the Bank accepts no
liability for, any loss incurred as a result of an individual who purports to be authorised by the
Customer to enter into relevant transactions but who is not actually so authorised.

Documentation

Transactions in currency and interest rate risk management products will be governed by a master
agreement to be entered into before dealings commence.

All foreign exchange transactions shall be governed by the ISDA master agreement entered into
between the Bank and the Customer.

SECURITY

Security for the above Facilities and for facilities which may be extended by the Bank to the
Customer from time to time:-

	1)	 	Existing all monies Registered Charge over cash deposits (which deposit may consist of
current, fixed or USD Principal Protected Commodity Basket Deposit (“CLINT”) deposits) of not
less than SGD2,000,000 in the name of the Customer held with the Bank and supported by an
appropriate board resolution.
	 
	2)	 	Existing corporate guarantee for SGD2,500,000 executed by Trio-Tech International, United
States of America, supported by a board resolution, held by Standard Chartered Bank, New York.

CONDITIONS

	1)	 	The Customer shall maintain a minimum networth of SGD15,000,000 at all times.
	 
	 	 	Networth is defined as the aggregate of paid-up capital and revenue reserves, excluding
revaluation reserves and deducting any loans made to the directors in their personal

Trio-Tech International Pte Ltd Page 4 of 6

 

 

	 	 	capacities or to the parent company, Trio-Tech International, United States of America
directly and indirectly or other related companies and other intangible assets.
	 
	2)	 	Gearing ratio of the Customer shall not exceed 1 .0x at all times.
	 
	 	 	Consolidated gearing ratio is defined as total external debts : networth.
	 
	3)	 	Any dividends to be declared are subject to prior written consent from the Bank which
will not be unreasonably withheld.
	 
	4)	 	The Customer shall submit to the Bank its quarterly management accounts and its operating
subsidiaries including Trio-Tech International (M) Sdn Bhd, Trio-Tech (KL) Sdn Bhd and Trio-
Tech (Bangkok) Co Ltd within 75 days from the end of each period.
	 
	5)	 	The Customer shall submit to the Bank its quarterly lists of stocks and ageing debtors (trade
and non-trade, including related company debts) within 75 days from the end of each period and
stocks shall be subject to periodic inspection by the Bank’s officers.

INTEREST

The Bank’s United States Dollar and Singapore Dollar prime lending rate are currently 8.25% p.a.
and 5.75% p.a. respectively and are subject to fluctuation without prior notice but the rate and
any changes thereto are notified in the press and are featured in the Bank’s statements of account
and on notices displayed at the Bank’s branches.

The Bank’s Standard Bills Finance Rate (SBFR) for all Trade Finance related loans is also subject
to fluctuation without prior notice and will be determined by the Bank according to market forces
but the prevailing rate and any changes thereto are featured in the Bank’s Trade Finance
statements and are available on request from our Trade Customer Services Centre. The SBFR for
Singapore Dollar denominated Trade loans is currently 5.75% p.a. and for Foreign Currency Trade
loans is the respective currency’s local inter-bank offer rate or Cost of Funds (i.e. SIBOR) for
three months or such other period as the Bank in its discretion may consider appropriate.

EXCLUSION OF RIGHTS OF THIRD PARTIES

A person who is not a party to this Facility Letter has no right under the Contracts (Rights of
Third Parties) Act (Chapter 53B) to enforce or enjoy the benefit of any terms of the Facility
Letter.

ACCEPTANCE

This offer will remain open for acceptance for a period of thirty days from the date of this
letter.

To confirm your acceptance of this offer, please return the attached duplicate copy of this letter
duly signed in acceptance together with a certified true extract of the board resolution as per
specimen attached to:

Standard Chartered Bank

Credit Risk Control, Singapore

Wholesale Bank,

CPF Tampines Building #03-01

1 Tampines Central 5

Singapore 529508

Attention : Ms Jaslyn Tay

This Facility Letter supersedes all previous Facility Letters.

Trio-Tech
International Pte Ltd Page 5 of 6

 

 

DOCUMENTATION

We enclose a set of documents which should be duly completed and returned to the Bank at the above
mentioned address.

With respect to the Treasury Facilities for Universal (Far East) Pte Ltd, a certified true copy of
the Customer’s Board of Director’s Resolution (in the form attached) together with the Dealing
Mandate (in the form attached) should be duly completed and returned to the Bank at the above
mentioned address.

AVAILABILITY AND REPAYMENT

The above Facilities are subject to periodic review by the Bank at its discretion, and it is
expressly agreed that it will at all times be available at the sole discretion of the Bank.
Notwithstanding any provisions contained in this letter or in any other document, the Bank will at
all times have the right to require immediate payment of all or any 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.

We are pleased to make this offer of banking facilities and look forward to receiving your formal
acceptance in due course.

Should you require any assistance pertaining to the completion of documentation, you may contact
Ms Jaslyn Tay at telephone no. 6780 7520.

Yours faithfully

 For and
on behalf of

 Standard
Chartered Bank

	 	 	 
	

	 	
	Syed Muhammad Ali

	 	Diana Soh
	Director

	 	Credit Documentation Manager
	Local Corporates

	 	Credit Risk Control

We confirm the Customer’s acceptance of the Facilities on the terms and conditions outlined in
this letter dated 19 April 2007:-

	 	 	 
	/s/ Yong Siew Wai
 

for and on behalf of Trio-Tech International Pte Ltd

	 	 

	 	 	 
	/s/ Yong Siew Wai
 

for and on behalf of Universal (Far East) Pte Ltd

	 	 

Trio-Tech
International Pte Ltd Page 6 of 6

 

 

	 	 	 
	Date

	 	19 April 2007
	 
	 	 
	Our Ref

	 	CRC/CDT/LC/SMA/JT/TRITI1

PRIVATE & CONFIDENTIAL

Trio-Tech International Pte Ltd

1008 Toa Payoh North

#03-09

Singapore 318996

			
	Attention:	 	Mr Victor Ting

Chief Financial Officer

Dear Sirs

RECEIVABLES PURCHASE AGREEMENT :     TRIO-TECH INTERNATIONAL PTE LTD

We refer to the Receivables Purchase Facility Letter dated 11 August 2003 (the “Facility
Letter”) and the two Receivables Purchase Agreements (the “Agreements”) dated 11 August 2003
setting out the terms and conditions of the Receivables Purchase Facility made available to
your company (the “Company”) as varied by our letters dated 15 September 2005 (the “3rd
Supplemental Letter”) and 6 April 2006 (the “4th Supplemental Letter”)

Following our recent discussions, we are pleased to confirm that the “Schedule” to the
Agreements and “Conditions” shall be varied as follows:

FIU LIMIT

The FIU limit of SGD1,000,000/USD2,000,000 shall be revised to
SGD6,000,000

The FIU limit of SGD2,000,000/USD1,200,000 shall be revised
to SGD6,000,000

The aggregate FIU limit at any one time shall not exceed SGD6,000,000 which will be available
in both SGD and USD and inter-allocation is subject to the
Bank’s approval.

DISCOUNTING CHARGE

The discounting charge shall be revised as follows:

	 	 	 	 	 
	(i)

	 	For SGD FIU limit:
	 	Cost of Funds plus 2.0% per annum
	(ii)

	 	For USD FIU limit:
	 	SIBOR plus 2.0% per annum

CONDITIONS

The following will also be required for all receivables purchased: -

	(i)	 	Invoices relating to the receivable(s).
	 
	(ii)	 	If required by the Bank, formal assignment of debt in the Bank’s approved form

	 	 	 
	Standard Chartered Bank
	 	 
	Credit Risk Control
	 	 
	Wholesale Banking
	 	 
	1
Tampines Central 5, CPF Tampines Building #03-01
	 	 
	Singapore 529508

	 	Tel  +65 6876 0888
	Robinson
Road P. O. Box 1901, Singapore 903801

	 	Fax +65 6260 2513

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 ZC18

Trio-Tech International Pte Ltd Page 1 of 4

 

 

	(iii)	 	Invoices must be supported by copy of bill of lading, delivery order and/or airway
bill.
	 
	(iv)	 	All payments by the approved debtors must be made directly to the Bank or an account
designated by the Bank
	 
	(v)	 	Payment from buyer is to be made within 30 days from invoice due date, after which debt to
be reassigned to the Company and the Company is to settle outstanding under the invoice
financing.
	 
	(vi)	 	The Company is to maintain a minimum networth of SGD15,000,000 at all times
	 
	 	 	Networth is defined as the aggregate of paid-up capital and revenue reserves, excluding
revaluation reserves and deducting any loans made to the directors in their personal
capacities or to the parent company, Trio-Tech International, United States of America
directly and indirectly or other related companies and other intangible assets
	 
	(vii)	 	Gearing ratio of the Company is not to exceed 1 time
	 
	 	 	Consolidated gearing ratio is defined as total external debts : networth
	 
	(viii)	 	Any dividends to be declared are subject to prior written consent from the Bank which
will not be unreasonably withheld
	 
	(ix)	 	The Company is to submit to the Bank its quarterly management accounts and its operating
subsidiaries including Trio-Tech International (M) Sdn Bhd, Trio-Tech (KL) Sdn Bhd and
Trio-Tech (Bangkok) Co Ltd within 75 days from the end of each period.
	 
	(x)	 	The Company is to submit to the Bank its quarterly lists of stocks and ageing debtors (trade
and non-trade, including related company debts) within 75 days from the end of each quarter
and stocks are subject to periodic inspection by the Bank’s officers.
	 
	(xi)	 	The Company agrees that it will not:-

	 	(a)	 	seek to obtain any financing from any other bank or financial institution in
respect of any invoice which it has presented or will present to the Bank;
	 
	 	(b)	 	seek to sell or assign to any person, any debt which it has sold or intends to sell
to the Bank under the Receivable Purchase Facility.

	(xii)	 	If the Company has already obtained financing via any import facilities (the “Other
Facilities”) granted to the Company by the Bank or any other financial institution in respect
of any particular invoices, debts, goods or services, then the Company shall not seek to
utilise the Receivables Purchase Facility in respect of the said invoices, debts, goods or
services, unless the proceeds from the utilisation of the Receivables Purchase Facility are
used exclusively to repay the Company’s indebtedness under the Other Facilities.
	 
	(xiii)	 	Please refer to Appendix A for the list of approved buyers. Any other buyer(s) to be
approved by the Bank. For without recourse facility, invoices up to 45 days and for with
recourse facility invoices up to 60 days from invoice date, drawn on AMD and Freescale are
acceptable for financing, subject to the invoices not more than 15 days overdue.

The variation set out above will take effect from the date of this letter (the “5th Supplemental
Letter”).

The 3rd and 4th Supplemental Letters dated 15 September 2005 and 6 April 2006 respectively are
hereby cancelled.

Trio-Tech International Pte Ltd Page 2 of 4

 

 

Except for the above variation, all the terms of the Facility Letter and Agreements will
remain in full force and effect in all other respects.

Expressions used in the 5th Supplemental Letter have the same meanings as defined in the
Agreements unless otherwise defined or the context otherwise requires.

Please sign the enclosed copy of the 5th Supplemental Letter and return it to

Standard Chartered Bank
 Credit
Risk Control, Singapore

Wholesale Bank,

 CPF Tampines
Building #03-01

 1 Tampines
Central 5 

Singapore 529508

Attention: Ms Jaslyn Tay

within one month after the date of the 5th Supplemental
Letter

The 5th Supplemental letter will be governed by
Singapore law.

Yours faithfully,

For and on behalf of

STANDARD CHARTERED BANK

Singapore Branch

	 	 	 
	

	 	
	Syed Muhammad Ali

	 	Diana Soh
	Director

	 	Credit Documentation Manager
	Local Corporates

	 	Credit Risk Control

ACCEPTANCE

We confirm acceptance of the facility on the terms and conditions outlined in the 5th
Supplemental Letter dated 19 April 2007.

For and on behalf of

Trio-Tech International Pte Ltd

	 	 	 
	/s/ Yong Siew Wai
 

Authorised Signatory

	 	 
	Date:
	 	 

Trio-Tech
International Pte Ltd Page 3 of 4

 

 

APPENDIX A

LIST OF APPROVED BUYERS UNDER “WITHOUT RECOURSE” FACILITY

	(i)	 	Freescale Semiconductor Malaysia Sdn Bhd
	 
	(ii)	 	Infineon Technologies Asia Pacific Pte Ltd
	 
	(iii)	 	Advance Micro Devices (S) Pte Ltd
	 
	(iv)	 	Advance Micro Devices, Inc (USA)
	 
	(v)	 	AMD Technologies (China) Co Ltd

LIST OF PRE-APPROVED BUYERS UNDER “WITH RECOURSE” FACILITY

	(i)	 	Freescale Semiconductor Malaysia Sdn Bhd
	 
	(ii)	 	Advance Micro Devices (S) Pte Ltd
	 
	(iii)	 	Advance Micro Devices, Inc (USA)
	 
	(iv)	 	AMD Technologies (China) Co Ltd

Trio-Tech
International Pte Ltd Page 4 of 4

 

 

	 	 	 
	FROM:

	 	Standard Chartered Bank
	 

	 	Singapore Branch
	 
	 	 
	TO:

	 	Trio-Tech International Pte Ltd
	 

	 	1008 Toa Payoh North
	 

	 	#03-09
	 

	 	Singapore 318996
	 
	 	 
	DATE:

	 	19 April 2007

OFFER LETTER — SINGLE CURRENCY TERM LOAN FACILITY

Dear Sirs

Subject to your countersigning this Offer Letter within the period specified below and subject
to the terms of this Offer Letter and the General Terms referred to below, we agree to make
available to you the Facility described in the schedule hereto.

We attach a copy of the General Terms (Doc Ref: WBLegal/Term Loan(single currency, single
borrower)/General Terms/FEB.06) which are incorporated into this Offer Letter. In the General
Terms, you are referred to as the “Borrower” and we are referred to as the “Bank”.

This Offer Letter and the General Terms (together referred to as the “Facility Agreement”)
will take effect and become binding on you and us on the later of (a) the date on which you
countersign this Offer Letter and return it to us and (b) the Effective Date (if any)
specified in the schedule hereto.

This Offer Letter will lapse at 3pm (Singapore time) on the date falling 14 (fourteen) days
after the date of this Offer Letter and shall have no further effect unless it is
countersigned by you and then received by us before that time.

for and on behalf of

Standard Chartered Bank

	 	 	 	 	 
		 	
	Name:

	 	Syed Muhammad Ali
	 	Diana Soh
	 

	 	Director
	 	Credit Documentation Manager
	 

	 	Local Corporates
	 	Credit Risk Control

We accept your offer to make available to us the Facility described in the schedule hereto and
agree to be bound by the terms of this Offer Letter and the General Terms referred to above (a
copy of which we have received).

for and on behalf of

Trio-Tech International Pte Ltd

	 	 	 	 	 
	/s/ Yong Siew Wai	 	 
	 	 	 
	Name:

	 	Yong Siew Wai	 	 
	Title:

	 	Chief Executive Officer	 	 
	 
	Date:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Standard Chartered Bank	 	 
	 

	 	Credit Risk Control	 	 
	 

	 	Wholesale Banking	 	 
	 

	 	1 Tampines Central 5, CPF Tampines Building #03-01
	 

	 	Singapore 529508

Robinson Road P. O. Box 1901, Singapore 903801
	       Tel  +65 6876 0888

       Fax +65 6260 2513

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 ZC18

Trio-Tech International Pte Ltd

 

 

 - 2 -

SCHEDULE to the Offer Letter

The words
and phrases in “bold” (and within quotation marks) used in this schedule will, when
used in the General Terms, either have the meaning set out opposite them or (where no meaning
is included and a box is left blank) not be applicable.

	 	 	 
	Description of “Facility”

	 	a single currency term loan facility of up
to SGD5,500,000
	 
	 	 
	“Effective Date”

	 	N.A.
	 
	 	 
	“Borrower” (insert full legal name)

	 	Trio-Tech International Pte Ltd
	 
	 	 
	Borrower’s jurisdiction of incorporation

	 	Singapore
	 
	 	 
	Borrower’s company registration number

	 	197602325K
	 
	 	 
	Borrower’s principal office address

	 	1008 Toa Payoh North 

#03-09 

Singapore 318996
	 
	 	 
	“Parent Company”

	 	N.A.
	 
	 	 
	“Controller”

	 	N.A.
	 
	 	 
	“Minimum Holding”

	 	N.A.

	 	 	 	 	 
	“Transaction Subsidiaries” of the
Borrower (see definition of “Borrower
Group”)

	 	þ
	 	None
	 

	 	o
	 	All Subsidiaries of the Borrower for the time being
	 
	 	 	 	 
	 

	 	o
	 	The Subsidiaries of the Borrower specified below

	 	 	 	 	 
	 

	 	The following Subsidiaries:	 	 
	 
	 	 	 	 
	 

	 	 

(incorporated in                     )
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	(incorporated in                     )	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	(incorporated in                     )	 	 

Trio-Tech International Pte Ltd

 

- 3 -

	 	 	 
	“Purpose”

	 	To assist in the Borrower’s expansion plans in Singapore
and China
	 
	 	 
	“Facility Currency”

	 	Singapore Dollar (SGD)
	 
	 	 
	“Commitment”

	 	SGD5,500,000
	 
	 	 
	“Availability Period” ends on:

	 	30 June 2007. Any amount undrawn after the expiry of the
availability period will be cancelled.
	 
	 	 
	“Final Repayment Date”

	 	36 months from date of drawdown.
	 
	 	 
	“Repayment Timetable”
	 	 

	 	 	 	 	 
	“Instalment Date”

	 	þ
	 	the “Instalments” monetary
amounts/percentages) set out below 
	 
	 	 	 	 
	 

	 	o
	 	the “Reducing Availability Amounts” set out
below

	 	 	 
	 

	 	35 equal monthly repayments of SGD153,000 each
(excluding interest) and a final principal repayment
amount of SGD145,000 (excluding interest)
	 
	 	 
	 

	 	The first quarterly principal instalment is to commence
from the date of first drawdown
	 
	 	 
	“Number of Loans Limit”

	 	N.A.

	 	 	 	 	 
	Rate of interest, clause 5.1

	 	o
	 	“Fixed Rate” of                     %
	 
	 	 	 	 
	 

	 	þ
	 	Floating Rate using:

	 	–	 	“Margin” of 3.0% p.a.
payable monthly in arrears to the debit of the Borrower’s
current account
	 
	 	–	 	“Reference Rate” of:
	 
	 	 	 	o Prime Rate
	 
	 	 	 	þ Market Reference Rate based on the following Interbank Offered Rate:
	 
	 	 	 	Cost of Funds
	 
	 	 	 	“Cost of Funds” means in relation to an Interest
Period, the rate certified by the Bank to be the aggregate
of (i) the rate at which deposits in Singapore Dollars (in
an amount comparable with the amount in relation to which
Cost of Funds is to be determined and for a period equal to
the relevant period) were being offered to the

Trio-Tech International Pte Ltd

 

- 4 -

	 	 	 	Bank in Singapore Interbank Market (or from such other source as the Bank may
select for the purpose) at or about 11:00 a.m. and (ii) the rate certified by
the Bank to be the cost of compliance with reserve, special deposit or other regulatory requirements with respect to the amount in
question (in each case) on the applicable Interest Determination Date;

	 	 	 	 	 
	 

	 	o
	 	Agreed Rate
	 
	 	 	 	 
	 

	 	o
	 	Specified Rate
	 
	 	 	 	 
	Please indicate whether each of the following clauses in the General Terms apply:
	 
	 	 	 	 
	Voluntary prepayment of Loans, clause 4.5

	 	þ
	 	Applies
	 
	 	 	 	 
	 

	 	o
	 	Does not apply
	 
	 	 	 	 
	“Prepayment Fee”, clause 4.6

	 	o
	 	Applies, with the Prepayment Fee being a fixed
amount (regardless of the size of the repayment) of:

                                        (denominated in

the Facility Currency)

	 	 	 
	 

	 	þ      Applies, with the Prepayment
Fee of 1.0% on
the prepaid amount during the first year from the first drawdown date. The
Borrower shall give the Bank 30 days prior written notice in respect of any
prepayment of the Facility. Any loan amount that has been prepaid cannot be
re-borrowed and shall be applied to reduce the outstanding loan amount in the
inverse order of maturity.
	 
	 	 
	 

	 	o      Does not apply

	 	 	 	 	 
	Fees, clause 8

	 	þ
	 	Applies, in which case the Fees shall be as set out

below
	 
	 	 	 	 
	 

	 	o
	 	Does not apply

The Fees are:

	 	•	 	Commitment fee of SGD25,000 payable on acceptance
of Offer Letter

	 	 	 	 	 
	Required financial statements, clause 14.1 (a)

	 	þ
	 	Applies to:
	 
	 	 	 	 
	 

	 	 	 	þ Borrower Group’s audited financial statements
	 

	 	 	 	o audited financial statements of each Obligor
	 

	 	 	 	o the following monthly, quarterly or half-yearly management or other
unaudited financial statements in relation to any Obligor or Borrower Group
Member:
	 
	 	 	 	 
	 

	 	 	 	
 

	 
	 	 	 	 
	 

	 	 	 	
 

	 
	 	 	 	 
	 

	 	 	 	
 

	 
	 	 	 	 
	 

	 	 	 	
 

	 
	 	 	 	 
	 

	 	o
	 	Does not apply

Trio-Tech
International Pte Ltd

 

- 5 -

	 	 	 	 	 
	Financial statements, clause 14.1(b)

	 	o
	 	Does not apply
	 
	 	 	 	 
	 

	 	þ
	 	Applies to the financial statements specified below

	 	•	 	The Borrower shall submit to the Bank its quarterly management accounts
and its operating subsidiaries including Trio-Tech International (M) Sdn
Bhd, Trio-Tech (KL) Sdn Bhd and Trio-Tech (Bangkok) Co Ltd within 75 days from the end
of each period.

	 	 	 	 	 
	Negative pledge, clause 15.3(a)

	 	þ
	 	Applies
	 
	 	 	 	 
	 

	 	o
	 	Does not apply
	 
	 	 	 	 
	Negative pledge, clause 15.3(b)

	 	þ
	 	Applies
	 
	 	 	 	 
	 

	 	o
	 	Does not apply
	 
	 	 	 	 
	Disposals, clause 15.4

	 	þ
	 	Applies
	 
	 	 	 	 
	 

	 	o
	 	Does not apply
	 
	 	 	 	 
	No other borrowings, 15.8

	 	þ
	 	Applies
	 
	 	 	 	 
	 

	 	o
	 	Does not apply
	 
	 	 	 	 
	Financial Covenants, clause 15.9

	 	þ
	 	Applies, in which case the Financial Covenants shall be as

set out below
	 
	 	 	 	 
	 

	 	o
	 	Does not apply

Trio-Tech International Pte Ltd

 

- 6 -

The Financial Covenants are:

	 	1)	 	The Borrower shall maintain a minimum networth of
SGD15,000,000 at all times.
	 
	 	 	 	Networth is defined as the aggregate of paid-up capital and revenue reserves, excluding
revaluation reserves and deducting any loans
made to the directors in their personal
capacities or to the parent company, Trio-Tech
international, United States of America
directly and indirectly or other related
companies and other intangible assets.
	 
	 	2)	 	Gearing ratio of the Borrower shall not exceed
1.0x at all times.
	 
	 	 	 	Consolidated gearing ratio is defined as total
external debts : networth.
	 
	 	3)	 	Any dividends to be declared are subject to prior
written consent from the Bank which will not be
unreasonably withheld.
	 
	 	4)	 	The Borrower shall submit to the Bank its quarterly
lists of stocks and ageing debtors (trade and non-trade, including related company debts) within 75
days from the end of each period and stocks shall
be subject to periodic inspection by the Bank’s
officers.
	 
	 	5)	 	The Borrower is to maintain a Consolidated Debt
to Earnings Before Interest, Tax, Depreciation and
Amortisation (EBITDA) ratio of not more than 2.5x
at all times during the term of the 3-year term loan.
	 
	 	 	 	Debt to EBITDA ratio is defined as total bank
loans divided by EBITDA.

	 	 	 	 	 
	Borrower Group’s audited consolidated financial
statements, clause 14.1(a)(i)

	 	þ
	 	Applies
	 
	 	 	 	 
	 

	 	o
	 	Does not apply

	 	 	 
	“Threshold
One”, clauses 2.3, 4.4, 4.5

	 	N.A.
	 
	 	 
	“Threshold Two", clauses 4.3, 4.4

	 	N.A.
	 
	 	 
	“Threshold Three", clauses 15.3(c)(vii), 15.4(c),
15.8(c), 15.8(d), 16.4(c)

	 	N.A.
	 
	 	 
	“Cure Period", clause 16.2

	 	N.A.

“Approved
Security”, clause 15.3(c)(i)

	 	 	 	 	 	 	 
	
	 	Description (including 	 	Maximum principal  	 	
	Date
	 	lender/chargee)	 	amount secured	 	Obligor
	N.A.

	 	N.A.
	 	N.A.
	 	N.A.

Trio-Tech International Pte Ltd

 

- 7 -

	 	 	 	 	 
	Security Documents, each given or to be given by Obligor identified below in favour of the Bank:
	 
	Date

	 	Description
	 	Obligor
	16 May 2000

	 	Corporate Guarantee
	 	Trio-Tech International USA
	26 July 2000

	 	Registered charge over cash
deposits
	 	Trio-Tech International Pte Ltd

Additional undertakings, clause 15.12:

Loan proceeds to be used to settle outstanding amount under the existing term loan facility as
outlined under Limit 3) in the Facility Letter dated 19 April 2007.

Additional representations, clause 13.9:

N.A.

Additional events of default, clause 16.11:

N.A.

Additional conditions precedent, schedule 2, paragraph 3(h):

N.A.

“Utilisation-Specific
Conditions Precedent”

N.A.

Clauses to
be deleted, clause 23.7:

N.A

New clauses to be added, clause 23.7:

N.A

Clauses to be amended, clause 23.7:

N.A.

“Process Agent”

	 	 	 
	Name

	 	N.A.
	 
	 	 
	Address

	 	N.A,

 

Trio-Tech International Pte Ltdexv10w50

 

Exhibit 10.50

Please quote our reference when replying:

Our ref: JTC(L) 3729/199/DL/mh

20 February 2006

	 	 	 	 	 
	TRIO-TECH INTERNATIONAL PTE LTD

BLK 1008 TOA PAYOH NORTH

#03-09
SINGAPORE 318996	 	JTC Corporation

The JTC Summit

8 Jurong Town Hall Road

Singapore 609434

	 

	 	contact

centre hotline
	 	1800 568 7000
	 
	 	 	 	 
	 

	 	main line
	 	(65) 6560 0056
	ATTN: MRS LEE SOON SIEW KUAN
	 	 	 	 
	 

	 	facsimile
	 	(65) 6565 5301
	 
	 	 	 	 
	 

	 	website
	 	www.jtc.gov.sg

BY POST AND FAX

(FAX: 62596355)

Dear Sirs,

OFFER
OF TENANCY FOR GROUND SITE KNOWN AS PRIVATE LOT 4551I (ANCILLARY) FOR THE
INSTALLATION OF 2 UNITS OF COOLING TOWERS AT BLK 1004 TOA PAYOH NORTH #01-08 /09 /10 /11 /12
/14 /15 SINGAPORE 318995 (THE “PREMISES” ) (AREA: 151.36 SQUARE METRES)

	1.	 	We are pleased to offer a tenancy of the Premises (as hereinafter defined) subject
to the following covenants, terms and conditions in this letter and in the annexed
Memorandum of Tenancy for Ground Site (“the Offer”):

	 	1.01	 	Location and Area:
	 
	 	 	 	The area of 151.36 square metres only as delineated and edged in the plans
attached hereto known as Private Lot 4551I (ancillary) at BLK 1004 TOA PAYOH
NORTH #01-08/09/10/11 /12/14/15 SINGAPORE 318995
	 
	 	1.02	 	Term of Tenancy:
	 
	 		 	3 years with effect from 16 January 2006 (“the Commencement Date”).
	 
	 	1.03	 	Rent:
	 
	 	 	 	Rent at $459.00 per month (“Rent”) on the Premises to be paid without
demand and in advance without deduction on the 1st day of each month of the
year (i.e. 1st of January, February, March, etc.).
	 
	 	1.04	 	Reinstatement Deposit:
	 
	 	 	 	You shall pay to us a Reinstatement Deposit of $2,000.00 without demand
at the time of the acceptance of this Offer, without prejudice to our rights
of deduction under clause 1.06.

          

 

 

	 	1.05	 	Tenancy Agreement:
	 
	 	 	 	Upon due acceptance of the Offer in accordance with paragraph 2, you shall have entered
into a tenancy agreement with us (“the Tenancy”) and will be bound by the covenants, terms
and conditions thereof. In the event of any inconsistency or conflict between any
covenant, term or condition of this letter and the Memorandum of Tenancy, the relevant
covenant, term or condition in this letter shall prevail.
	 
	 	1.06	 	Security Deposit/Banker’s Guarantee :
	 
	 	 	 	Ordinarily we would require a tenant to lodge with us a security deposit equivalent to
three (3) months’ Rent. However, as an off-budget measure and as payment by GIRO has been
made a condition with which you must comply under clause 3 of this letter, you shall, at
the time of your acceptance of the Offer, place with us a deposit equivalent to one (1)
month’s Rent (“Security Deposit”) as security against any breach of the covenants, terms
and conditions in the Tenancy, as follows :

	 	(a)	 	The Security Deposit may be in the form of cash or acceptable Banker’s
Guarantee in the form attached (effective from 16 January 2006 to 15 April 2009), or
such other form of security as we may in our absolute discretion permit or accept.
	 
	 	(b)	 	The Security Deposit shall be maintained at the same sum throughout
the Term and shall be repayable to you without interest, or returned to
you for cancellation, after the termination of the Term (by expiry or otherwise)
or expiry of the Banker’s Guarantee, as the case may be, subject to appropriate
deductions or payment to us for damages or other sums due under the Tenancy.
	 
	 	(c)	 	If the Rent is increased or any deductions are made from the Security
Deposit, you shall immediately pay the amount of such increase or make good the
deductions so that the Security Deposit shall at all times be equal to one (1)
month’s Rent.
	 
	 	(d)	 	If at any time during the Term, your GIRO payment is discontinued, then you
shall place with us, within two (2) weeks of the date of discontinuance of your GIRO
payment, the additional sum equivalent to two (2) months’ Rent, so that the Security
Deposit shall at all times be equal to three (3) months’ Rent for the remaining
period of the Term.
	 
	 	(e)	 	If at any time during the Term the off-budget measure is withdrawn you
shall, if required in writing by us, also pay to us the additional sum equivalent to
two (2) months’ Rent so that the Security Deposit shall at all times be equal to
three (3) months’ Rent for the remaining period of the Term.

 

 

	 	1.07	 	Mode of Payment:
	 
	 	 	 	Except for the payment to be made with your letter of acceptance pursuant to
paragraph 2 of this letter, which payment shall be by non-cash mode (eg cashier’s
order, cheque etc), during the Term, you shall pay Rent and GST at prevailing rate by
Interbank GIRO or any other mode to be determined by us.
	 
	 	 	 	You have an existing account with us from which we will continue to deduct the aforesaid
payments. You are therefore not required to submit a duly completed GIRO form as part of
the Mode of Acceptance herein unless you wish to have a separate GIRO account to meet the
aforesaid payments.
	 
	 	1.08	 	Permitted Use:
	 
	 	 	 	Subject to clause 1.11, you shall at all times use the whole of the Premises for the
purpose of Installation of 2 Cooling Towers and for no other purpose whatsoever.
	 
	 	1.09	 	Preparation and Submission of Plans:

	 	(a)	 	No alteration, addition, improvement, erection, installation or
interference to or in the Premises or the fixtures and fittings therein is permitted
without our prior written consent and the approval of the relevant governmental and
statutory authorities. Your attention is drawn to clauses 2.10 to 2.19 and 2.34
of the Memorandum of Tenancy.
	 
	 	(b)	 	If you have made any changes to the original layout of your factory, you
shall be required to engage a qualified architect or engineer to prepare and submit
plans showing the layout of all installations including any alterations and
additions. And you may wish to make and submit to Controller, BCU(JTC) four copies
of fresh layout plan showing the alterations or additions etc, for our
record/approval. If you have any enquiries on the preparation and
submission of your plans for JTC endorsement, please call our Contact Centre
Hotline at 1800 568 7000.
	 
	 	(c)	 	No work shall commence until the plans have been approved by us and the
relevant governmental and statutory authorities.

	 	1.10	 	Special Conditions:

	 	(a)	 	Siting of Ground Site Installation:
	 
	 	 	 	The Ground Site Installation shall be sited at least 1.5 metres away from any
existing service line underground.

 

 

	 	(b)	 	Security of the Ground Site Installation:
	 
	 	 	 	You shall be responsible for the security of the Ground Site Installation
at all times during the Tenancy and shall not hold us responsible or liable in
any respect thereto.
	 
	 	(c)	 	Erection of louvred panels around Ground Site Installation:
	 
	 	 	 	Without prejudice to the generality of clauses 2.10, 2.12, 2.21 and 2.32
and our rights in clause 4.07 of the Memorandum of Tenancy for Ground Site,
you shall within a month of the Commencement Date erect around the Ground Site
Installation anodised louvred panels or any other type of fencing as may be
stipulated by us and ensure that the said louvred panels or fencing is
maintained in good and tenantable repair and condition at all times during the
Term.
	 
	 	(d)	 	Determination of the Tenancy:
	 
	 	 	 	The Tenancy of the Premises shall be determined at any time either: -

	 	(i)	 	at the expiry of a three month written notice,
as from the date of the said notice, from us to you; OR
	 
	 	(ii)	 	at the determination (by expiry or otherwise) of your tenancy
the factory unit(s) known as BLK 1004 TOA PAYOH NORTH #01-08 /09 /10
/11 /12 /14 /15 Singapore 318995 ( the “Principal Unit/s) in the
Building in respect of which the Cooling Towers serve.

	 	 	 	In either event, we shall not be held responsible or liable for any cost,
damages, loss or expense arising therefrom.
	 
	 	(e)	 	Third Party Rights:
	 
	 	 	 	A person (which term includes a body corporate) who is not a party to
this Tenancy shall have no right under the Contracts (Rights of Third Parties)
Act (as amended or revised from time to time) to enforce the covenants, terms
or conditions of this Tenancy.

	 	1.11	 	Amendments to the Memorandum of Tenancy:
	 
	 	 	 	The following Covenants and Conditions in the Memorandum of Tenancy i.e. clause
2.18, 4.02 (a)(ii) and 4.03 (a)(ii) shall be deleted and replaced as follows:

	 	“2.18	 	Emergency Lighting:
	 
	 	 	 	Subject to clauses 2.12, 2.13 and 2.14 of the Memorandum of Tenancy, you
shall, if required by us, install emergency lighting at such locations in the
Premises as may be determined by us.”

 

 

	 	“4.02(a) (ii)	 	 on the Tenant by registered or ordinary post to or by
leaving or affixing it at the business address, the Premises or the
Principal Unit/s NOTWITHSTANDING THAT is it returned by the post office
undelivered;”
	 
	 	“4.03(a) (ii)	 	 the Tenant by registered post to or by leaving or affixing it at
the business address, the Premises or the Principal Unit/s NOTWITHSTANDING THAT it is
returned by the post office undelivered.”

	 	 	 	You are to ensure that the maximum loading capacity in the goods lifts of the
Building is not exceeded.
	 
	 	 	 	You accept the Premises with full knowledge that the ground/ production floor
slabs are laid directly on the ground with services laid in the ground and may
settle, subside and crack in the event that the ground in, on or around the
Premises and/or the Building consolidates in the course of time. You shall
therefore, subject to our prior written consent, provide, at your own cost,
suitable and proper foundation for all machinery, equipment and installation at the Premises. We will not be liable for any loss, damage or inconvenience that
may be suffered by you or any other person in connection with the subsidence or
cracking of the ground/ production floor slabs or aprons of the Premises and/or
Building.

	 	1.12	 	Option for renewal of tenancy:

	 	(a)	 	You may within 3 months before the expiry of the Term make a written
request to us for a further term of tenancy
	 
	 	(b)	 	We may grant you a further term of tenancy of Premises upon mutual terms to
be agreed between you and us subject to the following :

	 	(i)	 	there shall be no breach of your obligations at the
time you make your request for a further term;
	 
	 	(ii)	 	our determination of revised Rent, having regard to the
market rent of the Premises at the time of granting the further term, shall
be final;
	 
	 	(iii)	 	we shall have absolute discretion to determine such
covenants, terms and conditions, but excluding a covenant for renewal of
tenancy; and
	 
	 	(iv)	 	there shall not be any breach of your obligations at the
expiry of Term.

 

 

	2.	 	Mode of Acceptance:
	 
	 	 	The Offer shall lapse if we do not receive the following by 28 February 2006:

	 	“ 	 	 Duly signed Letter of Acceptance of all the covenants, terms and conditions
in the tenancy in the form enclosed at the ANNEX A.
	 
	 	“ 	 	 Payment of the sum set out in ANNEX B.
	 
	 	 	 	Alternatively, please let us have your remittance of $46.00 (inclusive of GST at
prevailing rate) and the Banker’s Guarantee (in lieu of the one month’s cash
deposit and the Reinstatement Deposit for the sum of $2,459.00.

	3.	 	Please note that payments made prior to your giving us the other items listed above may be
cleared by and credited by us upon receipt. However, if the said other items are not
forthcoming from you within the time stipulated herein, the Offer shall lapse and there shall
be no contract between you and us arising hereunder. Any payments received shall then be
refunded to you without interest and you shall have no claim of whatsoever nature against us.
	 
	4.	 	Variation of Tenancy:
	 
	 	 	This letter and the Memorandum of Tenancy constitute the full terms and conditions
governing the Offer and no terms or representation or otherwise, whether express of
implied, shall form part of the Offer other than what is contained herein. Any
variation, modification, amendment, deletion, addition or otherwise of the terms of the
Offer shall not be enforceable unless agreed by both parties and
reduced in writing by us.

Yours faithfully

Daphne Loy (Ms)

Assistant Manager (Lease Management)

Flatted Factory & Business Park Department

Customer Services Group

DID      : 68833688

HP       : 90109912

FAX     : 68855936

Email   : loyhyd@jtc.gov.sg

Encl

 

 

Annex A

OFFER
OF TENANCY FOR GROUND SITE KNOWN AS PRIVATE LOT 4551I (ANCILLARY) FOR THE INSTALLATION OF 2
UNITS OF COOLING TOWERS AT BLK 1004 TOA PAYOH NORTH #01 -08 /09 /10 /11 /12 /14 /15 SINGAPORE 318995

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount	 	 	 	 	 	 	GST	 
	Rent at $459.00 per month
on 151.36 sqm for the period
16 January 2006 to 28 February
2006
	 	$	695.90	 	 	 	 	 	 	$	34.80	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Less: Amount to be
deducted through GIRO
	 	 	 	 	 	$	730.70	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Deposit equivalent to 3 months’
Building Rent
and Service Charge (or
Banker’s Guarantee)
	 	$	1377.00	 	 	 	 	 	 	 	 	 
	Less: Deposit equivalent to 2
month’s Building Rent
and Service Charge
(Off-budget Measure)
	 	$	(918.00	)	 	$	459.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Reinstatement Deposit
	 	 	 	 	 	$	2,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Stamp Duty for
Letter of Acceptance (in
duplicate)
	 	 	 	 	 	$	46.00	 	 	 	 	 
	Note : If the Letter is not
returned to us within 14 days
of the date of the Letter,
you will have to pay penalty
on the stamp duty which is
imposed by Stamp Duty Office
of IRAS.
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Total Payable (inclusive
of GST at prevailing
rate)
	 	 	 	 	 	$	2,505.00	 	 	 	 	 

Alternatively, please let us have your cheque for $46.00 and a Banker’s Guarantee for $2,459.00.

Please note that your first month’s rent of $730.70 will be deducted through your Giro Account in March 2006.

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