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EXHIBIT 10.15
NEDBANK
NEDBANK HOUSE
20 ABCHURCH LANE, LONDON EC4N 7AD, UNITED KINGDOM
TELEPHONE (0171) 623-1077 (GENERAL)
TELEPHONE (0171) 623 1329 (FOREX DEALERS) (0171) 623-2763 (CORP DEALERS)
FAX: (0171) 621-9304
TELEX 886208, 8956177 (GENERAL) TELEX 8956269 (FOREX)
TELEGRAM: "VASCOGAMA" LONDON
Our Ref: DJE/KL
6th April, 1998.
The Directors
Union Transport International Inc.
c/o P.O. Box 1915
Kempton Park
1620 Gauteng
Johannesburg
South Africa
Dear Sirs
We refer to the letter (the "Letter") dated 2nd January 1997 from Nedcor Bank
Ltd (the "Bank") setting out the terms and conditions of a (pound)300,000
multicurrency facility (the "Facility") to Union Transport International Inc.
(the "Borrower").
We are pleased to vary the terms and conditions of the Letter as follows:
1. With immediate effect, the Facility may also be utilised on the same terms
and conditions by Union Transport Inc. (the "Additional Borrower") to the
extent that it is not used by the Borrower i.e. the maximum aggregate
amount outstanding between the two companies shall not
exceed (pound)300,000.
All other terms and conditions shall remain unchanged.
Acceptance of the amended terms and conditions shall be signified by the
Borrower returning to the Bank within one month:
(a) the enclosed duplicate of this letter duly signed on the Borrower's behalf
as evidence of acceptance of the amended terms and conditions stated
herein, and
A DIVISION OF NEDCOR BANK LIMITED - REGULATED BY THE SFA
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(b) a certified true copy of a resolution of the Borrower's Board of Directors:
(i) accepting the amended terms and conditions stated; and
(ii) authorising a specified person, or persons, to endorse and return to
the Bank the duplicate of this letter.
Yours faithfully
for and on behalf of
NEDCOR BANK LTD
/s/ Illegible /s/ Illegible
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Authorised Signatory Authorised Signatory
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Accepted on the terms and conditions stated herein, pursuant to a resolution of
the Board of Directors, a certified true coy [sic] of which is attached hereto.
For and on behalf of
UNION TRANSPORT INTERNATIONAL INC.
/s/ Illegible Director
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10th June 98 Date
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For and on behalf of
UNION TRANSPORT INC.
/s/ Illegible Director
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10th June 98 Date
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