EXHIBIT 99
September 30, 1997
Xx. Xxxxxx Xxxxxxxx
Senior Commercial Manager
Westpac Banking Corporation
Level 8, 000 Xxxxxxxxx Xxxxxx
Xxxxxx, XXX 0000
Xxxxxxxxx
Re: InterTAN Australia Ltd., Multi-Option Switch Facility Agreement
Dear Xxxxxx:
This letter is intended to document our recent discussion whereby Westpac
Banking Corporation ("Westpac") has agreed with InterTAN Australia Ltd. ("ITA")
to make certain modifications to the Multi-Option Switch Facility Agreement the
( the "Facility") dated November 27, 1996 between Westpac and ITA. The
modifications are as follows:
(i) Section 1.1, definition of "InterTAN Debt" is amended in its entirety
to read: "`InterTAN Debt' means all money, debts and liabilities of the
Borrower to InterTAN Inc., whether actual or contingent, and further, for
definitional purposes only, shall include the aggregate amount of all
issued and outstanding preference shares issued by Borrower to InterTAN
Inc."
(ii) Section 9, subsections (p) and (s) are each amended to delete the
reference to "A$25,000,000" and to substitute therefor the number
"A$22,000,000."
The amendment of the "InterTAN Debt" definition is necessary given that ITA
proposes to convert A$4,336,934 of its inter-company debt owing to InterTAN,
Inc. into 4,336,934 preferences shares, A$1.00 face value per share. This debt
to equity conversion will not reduce the "InterTAN Debt" below the agreed A$22
million limit. Basically, such amount will consist of A$4,336,934 worth of ITA
preference shares, with the balance of the A$22 million remaining as inter-
company debt between ITA and InterTAN, Inc.
If the foregoing accurately sets forth our agreement regarding the modifications
of certain provisions of the Facility, please acknowledge as such on behalf of
Westpac by signing this letter below. Thank you in advance for you attention to
this matter.
Regards,
/s/ Xxxx Xxxxxx
Xxxx Xxxxxx
Acknowledged and Agreed
This 1 day of October, 1997.
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Westpac Banking Corporation
by: /s/ X. X. Xxxxxxxx
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Title: Senior Relationship Manager
