AMENDED AND RESTATED CREDIT FACILITY AGREEMENT
AMENDED
AND RESTATED CREDIT FACILITY AGREEMENT
THIS
AMENDED AND RESTATED CREDIT FACILITY AGREEMENT (the "Agreement") is made as of
February 28, 2009 by and between ABN AMRO Bank N.V., Tokyo Branch (the "Bank"),
XXXXXX XXXXXX JAPAN INC., a Delaware corporation, (the "Borrower") operating
through its branch office in Japan and XXXXXX XXXXXX INTERNATIONAL INC., a
Delaware corporation (the "Guarantor") as follows:
Recitals
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A.
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The
Borrower and the Guarantor have entered into the Credit Facility Agreement
(as renewed, extended, or amended to date, the "Existing Agreement") dated
as of November 29, 2000 with the Bank, providing for, among other things,
loan facilities in Japanese yen (the "Facility” or
"Facilities") in the maximum amount equivalent to the Facility Amount (as
defined below).
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B.
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Subject
to the terms and conditions set forth below, the Borrower, the Guarantor
and the Bank desire to amend and restate the Existing
Agreement.
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C.
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The
amendment and restatement of the Existing Agreement hereunder is not
intended by the parties to constitute either a novation or a discharge or
satisfaction of the indebtedness and obligations under the Existing
Agreement, which indebtedness and obligations under the Existing Agreement
shall remain outstanding hereunder on the terms and conditions hereinafter
provided.
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D.
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In
consideration of the after mentioned and the mutual covenants contained
herein, the Borrower, the Guarantor and the Bank under the Existing
Agreement agree that, effective upon the Extension Date, the Existing
Agreement is amended and restated as
follows:
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1.
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Definitions:
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1.1 In
this Agreement, the following terms shall have the following
meanings:
Advance: the
borrowing of the Facility by the Borrower pursuant to the terms of this
Agreement.
Business
Day: a day, other than Saturday or Sunday on which banks are open for
general interbank business in Tokyo, New York and London.
Closing
Date: November 29th, 2000.
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Drawdown
Date: the date on which the Advances are made, or are proposed to be
made.
Event of
Default: any event specified in Section 13 of this
Agreement.
Extension
Date: February 28, 2009.
Guarantee: the
guarantee entered into by the Guarantor in favour of the Bank in respect of the
obligations of the Borrower under this Facility Agreement.
Interest
Period: with respect to any Advance hereunder, the period determined
in accordance with Section 4.2 of this Agreement.
"Material
Adverse Effect": a material adverse effect on:
i)
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the
ability of the Borrower or the Guarantor to perform its obligations under
this Agreement or in connection with an
Advance;
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ii)
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the
business, operations, property, condition (financial or otherwise) or
prospects of the Borrower or the Guarantor;
or
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iii)
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the
validity or enforceability of this Agreement or the rights or remedies of
the Bank under this Agreement.
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"month(s)": a
period of the required number of calendar days, ending on the day numerically
corresponding to the day of the calendar month(s) on which it started and
“monthly” shall be construed accordingly; provided, that (i) if there is
no such numerically corresponding day, it shall end on the last Business Day in
the relevant calendar month and (ii) if such numerically corresponding day is
not a Business Day, the period shall end on the immediately preceding Business
Date.
Notice of
Intent to Borrow: the Borrower's request to the Bank requesting an
Advance in a manner as provided in Section 8 hereof.
Outstanding
Amount(s): all advances and monies extended hereunder, all
liabilities of the Borrower to the Bank whatsoever arising (whether accrued or
contingent) and all interest and fees from time to time payable to the Bank, in
each case under or in connection with the Facility or pursuant to this
Agreement.
Repayment
Date: means, with respect to an Advance, the last day of the Interest
Period with respect to such Advance; provided, that if such date falls on a day
that is not a Business Day, the Repayment Date shall be the immediately
succeeding Business Day; provided, further, that if such Business Day falls on
the next calendar month, the Repayment Date shall be immediately preceding
Business Day.
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Termination
Date: December 1, 2010.
1.2 Clause
headings in this Agreement are inserted for convenience only and shall be
ignored in construing this Agreement. Words denoting singular numbers
shall include the plural and vice versa.
2.
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Type
of Facilities and Facility Limit
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2.1 Subject
to the terms of this Agreement, the Bank agrees to make available to the
Borrower the Facilities in the maximum amount equivalent to Japanese Yen Five
Hundred and thirty million (JPY 530,000,000) (the "Facility
Amount").
2.2 The
aggregate of all Advances outstanding hereunder shall not, at any time, exceed
the Facility Amount.
3. Availability
and Borrowing
3.1 From
the Closing Date and prior to the Termination Date, the Borrower may borrow,
repay and re-borrow, subject to the terms of the Facility as stated
herein.
3.2 All
Advances shall be in Japanese yen in the minimum principal amount equivalent to
Japanese Yen One million (JPY 1,000,000.00), with integral multiples equivalent
to Japanese Yen One million (JPY 1,000,000.00).
3.3 The
Facility shall be available only if the debt to equity ratio of the Guarantor
does not exceed 1.75: 1, where debt would represent obligations of the Guarantor
for borrowed money.
4.
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Interest
Rates and Fees
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4.1
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Interest
Rate
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The
interest shall accrue on each Advance from and including the relevant Drawdown
Date up to but excluding the date that the Advance is repaid at the rate that is
the aggregate of:
(i) The
Bank's cost of funds; and
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(ii) a
margin rate of one percent (1%) per annum.
4.2
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Interest
Period
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With
respect to any Advance, Interest Period is at the Borrower's option as stated in
the Notice of Intent to Borrow at either one (1), two (2), three (3), six (6) or
more months as requested by the Borrower; provided, that no Interest Period may
exceed the Termination Date. The Interest Period for an Advance shall
begin on the Drawdown Date of that Advance. If the Borrower fails to
indicate an Interest Period in the Notice of Intent to Borrow, the Interest
Period shall be one (1) month.
4.3
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Interest
Payment
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With
respect to each Advance, interest payable by the Borrower under this Agreement
accrue from day to day and are due on the last day of the Interest Period of
such Advance; provided, that interest shall be payable by the Borrower at least
semi-annually in arrears. The interest shall be calculated based on
the actual number of days elapsed and 360 days a year or when applicable the
actual number of days elapsed and 365 days a year at the discretion of the
Bank.
4.4
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Facility
Fee
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A
facility fee equal to 17.5 basis points (0.175%) per annum of the Facility
Amount in Japanese Yen, accruing from and including the Closing Date to and
including the Termination Date shall be payable by the Borrower to the Bank at
least semi-annually in arrears in Japanese Yen.
4.5
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Commitment
Fee
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The
Borrower shall pay to the Bank, at least semi-annually in arrears in Japanese
Yen, a commitment fee equal to 25 basis points (0.25%) per annum of the unused
portion of the Facility Amount in Japanese Yen, accruing from and including the
Closing Date to and including the Termination Date.
5. Purpose
of Facility
The
Facilities available under this Agreement shall be used by the Borrower for the
purpose of working capital of the Borrower or any other purpose in the normal
course of business, including the repayment of outstanding
indebtedness.
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6. Repayment
6.1
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Unless
demanded earlier, in accordance with Clause 13 or Clause 19 of this
Agreement, the Borrower will repay the Advances made to it in accordance
with this Clause 6.
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6.2
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The
Borrower may repay, in whole or in part, any Advances to the Bank on a
Repayment Date relating to such
Advance.
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6.3
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The
Borrower will be required to make repayment of any Advance of the Facility
and any other Outstanding Amount under this Agreement on the Termination
Date, subject to the extension of such Termination Date by the Bank in
accordance with Clause 7 of this
Agreement.
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7.
Term of this Agreement
The
arrangements under this Agreement shall expire on the Termination Date;
provided, that the Borrower may request that the Bank renew and extend this
Agreement for additional one year periods, by notifying of such request to the
Bank at least three hundred and sixty five (365) days prior to the Termination
Date then in effect. The determination to renew and extend this
Agreement on the same or new terms and conditions is in the sole discretion of
the Bank and subject to the Bank's approval of the Borrower and Guarantor’s credit
history.
8. Notice
of Intent to Borrow
The
Facility becomes available subject to the Bank's receipt of the Borrower's
Notice of Intent to Borrow. Such Notice of Intent to Borrow must be
received by the Bank at least by 11:00 a.m. two (2) Business Days prior to any
proposed Drawdown Date. The Notice of Intent to Borrow shall state
the amount of the Advance in Japanese Yen, the Interest Period and the Drawdown
Date that the Borrower is requesting.
Subject
to compliance by the Bank with all laws, regulations and policies applicable to
the Bank (including the requirements of Japan's Financial Services Agency),
compliance by the Borrower with the conditions precedent set out in Clause 9 and
no limits set out in Clause 3 being exceeded, the Bank will make the utilization
available on the proposed Drawdown Date specified in the Notice of Intent to
Borrow.
9. Conditions
Precedent
Save as
the Bank may otherwise agree, the availability of the Facility and each Advance
hereunder shall be strictly conditional upon the Borrower's compliance with all
the terms and conditions stated in this Agreement, there being no occurrence of
an Event of Default and the satisfaction of the following conditions
precedent:
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(a)
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An
original of this Agreement duly signed by the Borrower and the
Guarantor;
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(b)
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An
original of the Guarantee duly signed by the
Guarantor;
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(c)
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A
current certified copy of the seal certificate (inkan shomei sho) of
the Borrower certified and provided at the time of loan renewal, and if
changed in any way, within thirty (30) days of such
change;
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(d)
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A
current copy of the: (i) certified commercial register (shogyo tokibo tohon); (ii)
Articles of Incorporation (teikan); and (iii)
Regulations of the Board of Directors (torishimariyakukai
kitei), of the Borrower certified and provided at the time of loan
renewal, and if amended, within thirty (30) days of such
amendment;
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(e)
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A
copy of the constitutive documents of the Guarantor certified and provided
at the time of loan renewal, and if amended, within thirty (30) days of
such amendment;
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(f)
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Evidence
that all necessary filings, if any, registration and other formalities in
relation to this Agreement or any other document referred to herein or in
connection with the Facility have been completed;
and
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(g)
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There
shall have been no change in the business, assets, financial condition of
the Borrower and the Guarantor since the end of the most recent fiscal
year end, except as set forth in Form 10Q of the Guarantor for the period
ended November 30, 2008, which would have a Material Adverse
Effect.
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10. Representations
and Warranties
10.1 The
Borrower represents and warrants as follows on and as of each Drawdown Date and
Extension Date or at the request of the Bank:
(a)
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The
Borrower is a corporation duly organized and validly existing under the
laws of the State of Delaware with power to own its own property and
assets and carry on its business as it is now being
conducted.
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(b)
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The
execution, delivery and performance by the Borrower of this Agreement are
within the Borrower's corporate powers, have been duly authorized by all
necessary corporate action and do not contravene the Borrower's Articles
of Incorporation ("teikan") or Regulations
of the Board of Directors ("torishimariyakukai
kitei") or does not violate any law or any existing agreement or
contractual obligation binding on or affecting the
Borrower.
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(c)
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No
governmental, regulatory approval, registration, permit, or third party
approval, etc. is required with regard to the Borrower’s
participation in the transactions contemplated by this
Agreement.
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(d)
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There
is no pending, threatened or continuing action, suit, investigation,
litigation or proceeding affecting the Borrower before any court,
governmental agency or arbitrator that could be reasonably likely to have
a Material Adverse Effect or would affect the legality, validity or
enforceability of this Agreement or any Advance
hereunder.
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(e)
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The
claims of the Bank against the Borrower under this Agreement shall rank at
least pari passu
with the claims of all other general unsecured creditors and all
unsubordinated creditors of the Borrower except to the extent that there
are certain preferential rights that arise as a matter of
law.
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(f)
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The
consolidated and non-consolidated financial statements of the Borrower and
the Guarantor for the fiscal year ended in May, and any other relevant
information, copies of which have been furnished to the Bank, fairly and
accurately present the financial condition of the Borrower as of such date
and that there has been no material adverse change of any kind in the
financial condition of the Borrower or in the results of the Borrower's
business operations, which would have a Material Adverse
Effect.
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(g)
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The
Borrower is in compliance, in all material respects which bear any
relation to this Agreement, with all applicable laws, rules, regulations
and orders of Japan and of any foreign countries in which the Borrower
carries on business and the Borrower has obtained and is maintaining all
licenses and approvals as are required under applicable laws, rules,
regulations and orders to ensure the validity and performance of this
Agreement.
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(h)
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This
Agreement has been duly executed and delivered by the
Borrower. This Agreement shall constitute, when delivered, a
legal, valid and binding obligation of the Borrower enforceable against
the Borrower in accordance with its terms and furthermore each loan made
to the Borrower pursuant to this Agreement will constitute a legal, valid
and binding obligation of the Borrower enforceable against the Borrower in
accordance with the terms of this
Agreement.
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(i)
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No
Event of Default has occurred which has not been
cured.
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10.2
The Guarantor represents and warrants as follows on and
as of each Drawdown Date and Extension Date:
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(a)
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The
Guarantor is a corporation duly organized and validly existing under the
laws of Delaware with power to own its own property and assets and carry
on its business as it is now being
conducted.
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(b)
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The
execution, delivery and performance by the Guarantor of this Agreement and
the Guarantee are within the Guarantor’s corporate
powers, have been duly authorized by all necessary corporate action and do
not contravene the Guarantor’s Articles
of Incorporation or Certificate of Incorporation that may be applicable to
the Guarantor or By-laws or does not violate any law or any existing
agreement or contractual obligation binding on or affecting the
Guarantor.
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(c)
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Paragraphs
(c), (d), (e), (g), (h) and (i) of Section 10.1 above are applicable mutatis mutandis to the
Guarantor in respect of the Guarantee provided by the Guarantor and in
respect of this Agreement.
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11. Affirmative
Covenants
So long
as any Outstanding Amount shall remain unpaid with respect to any Advance
furnished by the Bank hereunder, the Borrower shall at all times:
Material Compliance with
Laws
Comply,
in all material respects which bear any relation to this Agreement, with all
applicable laws rules, regulations and orders and obtain and maintain all
licenses and approvals as are required under applicable law for the validity or
performance of this Agreement.
Payment of Taxes and
Material Obligations
Pay and
discharge, before the same shall become delinquent, (i) all taxes, assessments
and governmental charges or levies imposed upon it or upon its property and (ii)
all lawful claims that, if unpaid, might by law become a lien upon its property;
provided, that the Borrower shall not be required to pay or discharge any such
tax, assessment, charge, claim or obligation that is being contested in good
faith and by proper proceedings and as to which appropriate reserves are being
maintained, unless and until any action is taken to enforce any lien resulting
therefrom attached to its property.
Maintenance of
Books
Keep
proper books of record and account, in which full and correct entries shall be
made of all financial transactions and the assets and business of the Borrower
in accordance with generally accepted accounting principles in effect from time
to time.
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Maintenance of
Properties
Maintain
and preserve all of its properties that are used or useful in the conduct of its
business in good working order and condition, ordinary wear and tear
excepted.
Reporting
Requirements
Furnish
to the Bank, as soon as available and in any event within three (3) months after
the end of each fiscal year and fiscal half year, a copy of all relevant
financial statements or other statement or information relating to the business
and financial condition of the Borrower and the Guarantor as may from time to
time be requested by the Bank, with a verification as to the accuracy of such
information. Further, the Borrower shall promptly notify the Bank in
writing of any substantial change in its shareholders, management or
constitutive documents; it shall promptly notify the Bank if there is any
litigation that if adversely determined would have a material adverse effect on
the financial condition or operations of the Borrower, or which would affect the
legality, validity, and enforceability of this Agreement.
Change of
Control
The
Borrower shall not, except with the prior written consent of the Bank, permit
any change in its ownership directly or indirectly resulting in a change of
control or any change in voting powers or rights directly or indirectly
resulting in any change in control of the Borrower.
Event of
Default
The
Borrower shall notify the Bank in writing of any Event of Default or potential
Event of Default forthwith upon occurrence thereof.
12. Financial
Covenant (Maintaining Debt to Equity Ratio)
So long
as any amount shall remain unpaid with respect to any Advance furnished by the
Bank hereunder, the Guarantor shall at all times maintain its debt to equity
ratio not to exceed 1.75 : 1, where debt would represent obligations of the
Guarantor for borrowed money.
13. Events
of Default
Each of
the following describes circumstances that constitute an Event of
Default:
(a)
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The
Borrower or the Guarantor fails to pay when due any or all of the
Outstanding Amounts and/or any other amount payable under this Agreement
or any other document referred to in this Agreement or in connection with
the Facility and upon notification of non payment by the bank the payment
shall remain unpaid for a period of three (3) business
days.
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(b)
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The
Borrower fails duly to perform or comply with the covenants Material
Compliance with Laws or Change of Control set out at Clause 13 of this
Agreement.
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(c)
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The
Borrower or the Guarantor fails duly to perform or comply with any of the
obligations or covenants (other than those referred to in Clause 13(b) or
agreements assumed by it in this Agreement or any other document referred
to in this Agreement or in connection with the Facility for
twenty (20) days after written notice thereof has been given by the Bank
to the Borrower or the Guarantor, as appropriate, or if such matter cannot
with best efforts be remedied within a twenty (20) day period,
such additional period as the Bank considers reasonably necessary to cure
the same.
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(d)
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Any
representation or warranty made or deemed to be made by the Borrower or
the Guarantor in this Agreement or any other document referred to in this
Agreement or in connection with the Facility proves to have been incorrect
or misleading in any material respect when made or deemed to be
made.
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(e)
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Any
indebtedness of the Borrower or the Guarantor for borrowed money in excess
of US Dollars One Million (USD 1,000,000.00) in aggregate or its
equivalent is not paid when due or within any applicable grace period, or
any creditor or creditors of the Borrower or the Guarantor, as the case
may be, declares that any indebtedness of the Borrower or the Guarantor
for borrowed money in excess of US Dollars One Million (USD 1,000,000.00)
in aggregate or its equivalent is in default and is due and payable prior
to its specified maturity.
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(f)
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The
Borrower or the Guarantor is unable to pay its debts as they fall due and
commences negotiations with any one or more of its creditors with a view
to the general readjustment or rescheduling of its
indebtedness.
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(g)
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The
Borrower or the Guarantor takes any corporate action or other steps are
taken or legal proceedings are started for its winding-up, dissolution,
administration or re-organization or for the appointment of a liquidator,
receiver, trustee, administrator or similar officer or any proceeding is
instituted by or against the Borrower or the Guarantor, whether in Japan
or some other jurisdiction, seeking to adjudicate it a bankrupt or
insolvent, or seeking liquidation, arrangement, adjustment, protection,
relief, or composition of its or its debts under any law relating to
bankruptcy ("hasan"), commencement
of procedures for rehabilitation ("saisei tetsuzuk""),
commencement of reorganization proceedings ("kaisha kosei
tetsuzuki"), commencement of company arrangement ("kaisha seiri"),
commencement of special liquidation ("tokubetsu seisan") or
such comparable actions in any other jurisdiction, and in the case of such
proceeding against it, either such proceeding shall remain undismissed or
unstayed for a period of thirty (30) days or any of the actions sought in
such proceeding shall occur; or the Borrower shall take any corporate
action to authorize any of the actions set forth above in this
paragraph.
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(h)
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The
debt to equity ratio of the Guarantor exceeded 1.75: 1 where debt would
represent obligations
of the Guarantor for borrowed
money.
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(i)
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The
Borrower shall cease or threaten to cease to carry on all or a substantial
part of its business (other than for the purposes of an amalgamation,
merger or reconstruction on terms approved by the
Bank).
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(j)
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Any
order or notice of provisional attachment, provisional injunction or
attachment is issued in respect of the
Borrower.
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(k)
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It
is or becomes unlawful for the Borrower or the Guarantor to perform any of
its obligations under this Agreement or any other document referred to in
this Agreement or in connection with the
Facility.
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(l)
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The
Borrower or the Guarantor repudiates this Agreement or evidences an
intention to repudiate this Agreement or any other document referred to in
this Agreement or in connection with the
Facility.
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Upon the
occurrence of an Event of Default (and subject to the continuation thereof) and
at any time thereafter, the Bank may by giving verbal or written notice to the
Borrower:
(a)
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cancel
any part of the Facility then undrawn or unutilized, and declare all
Outstanding Amounts to be immediately due and payable;
and
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(b)
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declare
that this Agreement or the Facility shall be
terminated.
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14. Set-Off
Upon the
occurrence and during the continuance of any Event of Default, the Bank may, at
any time and from time to time, to the fullest extent permitted by law, set off
and apply any obligation (whether or not matured) owed by the Bank to the
Borrower or the Guarantor, as the case may be, including any and all deposits
(general or special, time or demand, provisional or final) regardless of the
place of payments, booking branch or currency of either obligation against any
and all of the obligations of the Borrower or the Guarantor now or hereafter
existing under this Agreement and the Advances, whether or not the Bank shall
have made any demand under this Agreement or any Advance and although such
obligations may be unmatured. If the obligations are in different
currencies, the Bank may convert its obligation at the spot rate of exchange of
the Bank, for the purpose of the set-off. The rights of the Bank
under this Section are in addition to other rights and remedies (including
without limitation, other rights of set-off) that the Bank may
have.
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15. Taxes/Other
Deductions and Expenses
15.1 All
payments to be made by the Borrower or the Guarantor under this Agreement are to
be in immediately available funds, without set-off or counterclaim and free and
clear of any present or future taxes, withholding or other deductions
whatsoever.
15.2 If
any withholdings or deductions are required to be made by law, the Borrower or
the Guarantor will pay such additional amount as is necessary to ensure that the
Bank receives the amount that would have been received had no such withholding
or deduction been required.
15.2
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All
relevant expenses, fees and out of pocket costs, including, but not
limited to the legal fees and costs to be incurred by the Bank for the
enforcement of its right hereunder, shall be for account of the Borrower,
whether or not the Facility is actually
advanced.
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16. Changes
in Circumstances
If, at
any time, it is unlawful for the Bank to fund or allow to remain outstanding all
or any part of the Facility, then the Bank shall, promptly after becoming aware
of the same, deliver to the Borrower a notice to that effect and any amount
owing or liability incurred pursuant to this Agreement or in relation to or in
connection with the Facility will be immediately due and payable and
availability under the Facility will be reduced to zero.
17. Indemnity
The
Borrower irrevocably and unconditionally undertakes to indemnify the Bank and
each of its affiliates and its officers, directors, employees, agents, advisors
and other representatives from and against any and all damages, losses,
liabilities and expenses (including, without limitation, reasonable fees and
expenses of counsel) that may be incurred by or asserted or awarded against any
of them arising out of or relating to the Facility or this Agreement or the
guarantee hereunder, except to the extent such
damage, loss, liability or expense is found in a final judgment by a court of
competent jurisdiction to have resulted from the indemnified party’s gross
negligence or wilful misconduct.
18.
Increased
Costs
If as a
result of (i) the introduction of or any change in (or in the interpretation,
administration or application of) any law or regulation or (ii) compliance with
any law or regulation made after the date of this Agreement or any request from
or requirement of any central bank or other fiscal, monetary or other
authority:
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(i) the
Bank or its head office is unable to obtain the rate of return on its capital
which it would have been able to obtain but for the Bank's making, funding or
maintaining the Advances or any part of the Advances; or
(ii) the
Bank or its head office incurs an additional or increased cost as a result of
the Bank's making, funding or maintaining the Advances or any part of the
Advances,
then the Borrower will on
demand pay to the Bank an amount sufficient to indemnify the Bank or its head
office for such reduction in return or increased cost.
19. Illegality
If at any
time it becomes unlawful for the Bank to fund or maintain all or any part of any
Advance, the Bank will, promptly after becoming aware of the same, deliver to
the Borrower a notice to that effect and any amount owing or liability incurred
in connection with that Advance will be immediately due and payable and the
availability of further Advances will be immediately cancelled.
20.
Assignment
20.1
The Bank may assign any of its rights or transfer by novation any of
its rights and obligations under this Agreement to The Royal Bank of Scotland
plc, Tokyo Branch without the consent of the Borrower or the
Guarantor.
20.2
The Bank may enter into any sub-participation in
relation to this Agreement or any Obligor or enter into any other contractual
arrangements with any third party to fund any Advance or to reduce its credit
exposure to the Borrower without the consent of the Borrower.
20.3
Neither the Borrower or the Guarantor may assign
any of its rights or transfer any of its rights or obligations under this
Agreement.
21. Disclosure
of Information
Each of
the Borrower and the Guarantor authorises the Bank to disclose information about
it or any transactions or dealings between it and the Bank for any purpose to
(i) any other branches, subsidiaries or associated or affiliated companies of
the Bank; (ii) government agencies, authorities and credit bureaus in Japan and
elsewhere where the disclosure is required by law; (iii) the professional
advisers of the Bank; (iv) any person with whom the Bank may enter, or has
entered into, any kind of transfer, participation or other agreement in relation
to this Agreement; and (v) any investor or potential investor in a
securitisation (or similar transaction of broadly equivalent economic effect) of
the Bank’s rights or obligations under this Agreement.
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22. Bank
Transaction Agreement
To the
extent that this Agreement does not contradict any terms of any Bank Transaction
Agreement in effect between the Bank and the Borrower, the terms of any such
Bank Transaction Agreement, except Article 4 (Security) and Article 5
(Acceleration of Payment) thereof, will apply to this Agreement.
24. Notices
Any
communication to be made by one person to another under or in connection with
this Agreement shall be made in writing by letter to the address specified below
(or any substitute address as that person may previously have notified the other
in writing).
Xxxx Xxx
ABN AMRO Bank NV, Tokyo
Branch
Atago Green Hills XXXX
Xxxxx
0-0, Xxxxx 0-Xxxxx,
Xxxxxx-xx,
Xxxxx 000-0000 Xxxxx
Xxxxxxx Xxxxx Xxxxxxx
Xxxxxx Xxxxxx Japan Inc.
0-0, Xxxxx 0-Xxxxx,
Xxxxx-xx
Xxxxx, Xxxxx 110-0016
Xxxxxxx X. Xxxxxx
Xxxxxx Xxxxxx International
Inc
00 Xxxx 00xx
Xxxxxx, 00xx
Xx.
Xxx Xxxx, Xxx Xxxx 00000
Any
communication or document made or delivered by one person to another under or in
connection with this Agreement will only be effective:
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(i)
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if
by way of fax, when received in legible form;
or
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14
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(ii)
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if
by way of letter, when it has been left at the relevant address or
three days
after being deposited in the post, postage prepaid in an envelope
addressed to it at that
address,
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and, if a
particular department or officer is specified as part of its address details, if
addressed to that department or officer.
25. Governing
Law and Jurisdiction
25.1 This
Agreement shall be governed by and construed in accordance with the laws of
Japan.
25.2 The
parties hereto hereby submit to the exclusive jurisdiction of the Tokyo District
Court in connection with any disputes that may arise hereunder.
[Intentionally
left blank]
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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their respective officers thereunto duly authorized, as of the date
indicated.
XXXXXX
XXXXXX JAPAN INC.
As
Borrower
By:
______________________________ Date:
____________ ____, 2009
Name:
Title:
XXXXXX
XXXXXX INTERNATIONAL INC.
As
Guarantor
By:
______________________________ Date:
____________ ____, 2009
Name:
Title:
ABN AMRO
Bank N.V., Tokyo branch
As
Bank
By:
______________________________ Date: _____________ ____,
2009
Name:
Title:
By:
______________________________ Date: _____________ ____,
2009
Name:
Title:
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