Best Buy 2003 Annual Report Download - page 66

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the Loans shall be immediately cancelled and the Borrower shall, in respect of each, Letter of Credit and Bankers’ Acceptance issued
under the Loans within 15 days from the date demand is made, either:
14.1. pay to the Bank the face amount of the applicable Letter of Credit or Bankers’
Acceptance, as the case may be; or
14.2. pledge in favour of and on terms and conditions acceptable to the Bank, as
continuing security for its contingent obligations and liabilities to the Bank in respect of
the applicable Letter of Credit or Bankers’ Acceptance, as the case may be, cash
collateral or a deposit instrument or other liquid collateral security in a form
acceptable to the Bank in an amount equal to the face amount of the applicable, Letter
of Credit or Bankers’ Acceptance.
12
15. Earlier Offer Letters:
This Offer Letter shall stand in substitution for and replacement of all previous offer letters issued by the Bank in favour of the
Borrower (including the Prior Offer Letter) and the terms and conditions set forth herein shall govern the Loans exclusively and shall
supersede the terms and conditions contained in any earlier offer letters issued by the Bank to the Borrower or to any other parties.
This offer may be accepted by the Borrower, and acknowledged by each of the Guarantors, by signing, dating and returning to the
Bank by 5:00 p.m. on September 13, 2002 the enclosed copy of this letter executed by the Borrower and each of the Guarantors. The
Bank has instructed its solicitors to commence preparation of the Loan Documents.
Yours very truly,
HSBC BANK CANADA
By: /s/ Bruce Clarke By: /s/ Kerry Hutchinson
Bruce Clarke Kerry Hutchinson
Vice President Senior Account Manager
Commercial Financial Services
• • • • • • •
AGREED TO AND ACCEPTED THIS 13 DAY OF September 2002.
THE BORROWER:
BEST BUY CANADA LTD. MAGASINS BEST BUY LTÉE.
Per: /s/ Kevin Layden
Per:
13
ACKNOWLEDGED AND AGREED TO THIS DAY OF , 2002.