________________________________
____________________________________________
ANNEX B
[Two duly executed originals to be provided to Ex-Im Bank]
FAST TRACK LOAN AUTHORIZATION AGREEMENT
THIS FAST TRACK LOAN AUTHORIZATION AGREEMENT (this
"Agreement") is made and entered into by and between the entity identified as Lender on
the signature page hereof (the "Lender") and the Export-Import Bank of the United States
("Ex-Im Bank"). This Agreement sets forth the specific terms and conditions of the Loan
Facility known as Guaranteed Loan No. ________________ which is guaranteed by Ex-
Bank pursuant to the Master Guarantee Agreement No. _________ dated Im
______________________ between Ex-Im Bank and Lender (the "Master Guarantee
Agreement"). Unless otherwise defined, the capitalized terms used herein which are not
defined herein shall have the meanings set forth in the Master Guarantee Agreement or
Fast Track Lender Agreement, as applicable.
1. Documentation and Location of Loan Documents:
Master Guarantee Agreement Number: ______ -MGA - 05 -___________
Fast Track Lender Agreement Number: ______-FT - 05 - _________
Name of Lender:
Proposed Effective Date of this Loan Facility:
Location of Loan Documents:
Telephone: ___________________________
Attention: ___________________________
___________________________
___________________________
Address: ___________________________
Name: ___________________________
If Borrower was assisted by a city/state export agency, please provide the name of
the agency, contact person, and telephone number.
Address:
Name: ___________________________
___________________________
___________________________
___________________________
2. A. Borrower's Name and Address: The full name, address, contact person,
telephone and telecopy numbers of Borrower are as follows:
Ex-Im Bank – 12/31/05
1
Print Form
Attention: ___________________________
___________________________
___________________________
Telephone:
Telecopier:
B. Is Borrower a Small Business as stipulated by SBA guidelines?
Yes No
C. Additionality: Please select appropriate answer(s).
(1.) Repayment risk associated with foreign sale.
(2.) Borrower's creditworthiness requires Guarantee.
(3.) Lender's internal lending limits reached.
(4.) Lender's statutory lending limits reached.
(5.) Other (please specify)
___________________________________.
(6.) Lender has adequately addressed each of the requirements
of “Additionality” as set forth in the Working Capital
Guarantee Manual in its internal credit memorandum.
3. Guarantor's Name and Address: Are there Guarantors for the Loan Facility?
Yes
Name: ___________________________
Address:
Attention:
Telephone:
Telecopier:
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
No
The full name, address, telephone and telecopy numbers of each Guarantor are as
follows:
4. The Items to be financed:
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Ex-Im Bank – 12/31/05
A. (1.) The Items: (Complete description of goods and services to be
exported, e.g., machine tools, electronic components, logs, etc.)
SIC Code(s)/NAIC No(s).
(2.) Will Indirect Exports be included in the Export-Related Borrowing
Base?
Yes. If yes, please indicate which Items above will include
Indirect Exports and affirm:
Funds available under the Export-Related Borrowing Base
derived from Indirect Exports shall at all times constitute no more
than 10% of the Maximum Amount of this Loan Facility in
accordance with the standard stated in Section 4.15 of the Master
Guarantee Agreement; or
Funds available under the Export-Related Borrowing Base
derived from Indirect Exports might constitute more than 10% of
the Maximum Amount of this Loan Facility. Lender has
obtained Ex-Im Bank's prior written consent to exceed 10% of
the Maximum Amount. Attached is a copy of Ex-Im Bank's
written consent.
No.
(3.) Have you obtained an Economic Impact Certification from the
Borrower covering all Items listed in 4.A.(1) in accordance with Section
4.09 of the MGA?
Yes
No
B. Are Commercial Letters of Credit or Standby Letters of Credit (other than
Warranty Letters of Credit) to be issued under this Loan Facility?
Yes If yes, approximately what percentage of the Loan
Facility will be utilized for Commercial Letters of Credit or
____%Standby Letters of Credit?
No
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C. Are Warranty Letters of Credit expected to be issued under this Loan
Facility?
Yes Lender has obtained Ex-Im Bank's prior written
consent for issuance of such Warranty Letters of Credit.
Attached is a copy of Ex-Im Bank's written consent.
No
D. Are Retainage Accounts Receivable to be included in the Export-Related
Borrowing Base?
Yes Lender has obtained Ex-Im Bank's prior written
consent for inclusion of each such Retainage Accounts
Receivable. Attached is a copy of Ex-Im Bank's written
consent.
A. Maximum Amount: $__________________
No
5. Maximum Amount, Advance Rates, Loan Facility Terms:
B. Advance Rates by Categories of Primary Collateral:
____ percent (___%)
(1.) Inventory: The Advance Rate (to be multiplied by the Export-
Related Inventory Value or Export-Related Historical Inventory
Value) for Collateral categorized as Eligible Export-Related
Inventory shall be:
____ percent (___%)
(2.) Accounts Receivable: The Advance Rate (to be multiplied by the
Export-Related Accounts Receivable Value) for Collateral
categorized as Eligible Export-Related Accounts Receivable shall
be:
____ percent (___%)
(3.) Retainage Accounts Receivable: The Advance Rate (to be
multiplied by the Retainage Value) for Collateral categorized as
Retainage Accounts Receivable shall be:
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Ex-Im Bank – 12/31/05
____ percent (___%)
(4.) Other Assets (as described in Section 6.A. below): The Advance
Rate (to be multiplied by the Other Assets Value) for Collateral
categorized as Other Assets shall be:
____ percent (__%)
(5.) Overseas Accounts Receivable: The Advance Rate (to be
multiplied by the Export-Related Overseas Accounts Receivable
Value) for Collateral categorized as Eligible Export-Related
Overseas Accounts Receivable shall be:
____ percent (__%)
(6.) Overseas Inventory: The Advance Rate (multiplied by the Export-
Related Overseas Inventory Value) for Collateral categorized as
Eligible Export-Related Overseas Inventory shall be:
C. Type of Loan Facility and Exports Supported:
(1.) Type of Loan Facility:
The Loan Facility is a Revolving Loan Facility (other than a
Transaction Specific Revolving Loan Facility). (Complete
subsections (2.), (3.) and (5.), and, if applicable, (6.) below.)
The Loan Facility is a Transaction Specific Revolving Loan
Facility. (Complete subsections (3.), (4.), and (5.), and, if
applicable, (6.) below.)
The Loan Facility is a Transaction Specific Loan Facility.
(Complete subsections (3.), (4.), and (5.), and, if applicable, (6.)
below.)
(2.) For a Revolving Loan Facility, identify the top three countries to
which the Items will be exported:
Country of Export: _____________________________
Country of Export:
Country of Export:
_____________________________
_____________________________
(3.) Estimated total export sales each year to be supported by this Loan
Facility: $
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(4.)
(5.)
(6.)
For a Transaction Specific Revolving Loan Facility or a
Transaction Specific Loan Facility, identify the Specific Export
Orders:
Parties:
Country of Export: ______________________________
$_____________________________
______________________________
______________________________
______________________________
______________________________
______________________________
______________________________
Contract Price:
Contract Number:
Contract Date:
Lender shall conduct field examinations:
At least every three (3) months starting __________ (specify date
no later than three (3) months following the Effective Date of the
Loan Facility; quarterly field examination schedule must include
Borrower’s fiscal year end date if audited financial statements will
substitute for one field examination annually), unless Lender
follows the alternative schedule specified in Section (8) of the Fast
shall be at least every six (6) months starting __________ (specify
Track Lender Agreement in which case the field examinations
date no later than six (6) months following the Effective Date of
the Loan Facility).
At least every three (3) months starting on the date three (3)
months following the Effective Date of the Loan Facility, unless
Lender follows the alternative schedule specified in Section (8) of
the Fast Track Lender Agreement in which case the field
examinations shall be at least every six (6) months starting on the
date six (6) months following the Effective Date of the Loan
Facility.
For Loan Facilities with a Loan Facility Term greater than one (1)
year, Lender shall provide Ex-Im Bank an annual review:
Annually starting __________ (specify date no later than the first
anticipated Loan Facility Anniversary Date.
On each Loan Facility Anniversary Date or
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Ex-Im Bank – 12/31/05
(2) Maximum amount available to be drawn: $___________
(1) Current Utilization: $___________
D. Lender is providing a Domestic Revolving Credit Facility to Borrower as
follows (current utilization or maximum amount available to be drawn
shall be at least $5 million):
E. Financial Covenants under Loan Facility (if any) (please list, include
where necessary all related definitions)
(1.)
(2.
(3.
)
)
6. Security Interests:
Subject to the provisions of subsections D, E & F below in this Section 6, Lender
agrees to obtain and maintain the following valid, enforceable and perfected
security interests in the following Collateral, and the proceeds thereof:
A. Primary Collateral: First priority in the following (check all that apply in
accordance with Section 4.02(b) of the Master Guarantee Agreement):
All Inventory.
All Export-Related Inventory.
All Export-Related Overseas Inventory.
All Export-Related Inventory relating to Specific Export Order(s).
All Export-Related Overseas Inventory relating to Specific Export
Order(s).
All Accounts Receivable.
All Export-Related Accounts Receivable.
All Export-Related Overseas Accounts Receivable.
All Export-Related Accounts Receivable relating to Specific
Export Order(s).
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Ex-Im Bank – 12/31/05
_____________________________________________________
___________________________________
____________________________________
All Export-Related Overseas Accounts Receivable relating to
Specific Export Order(s).
All General Intangibles.
All Export-Related General Intangibles.
All Other Assets. Please specify:___________________________
Other Collateral. Please specify:___________________________
_____
B. Secondary Collateral: Any other assets of Borrower in which Lender is
receiving a Lien to secure any other financial accommodations provided
by Lender to such Borrower.
Please specify types:
C. Guarantor Collateral: Any assets of a Guarantor or a third party in which
Lender is granted a Lien to secure any financial accommodations provided
by Lender to Borrower.
D. Permitted Liens: ________________________________________
Please specify:
E. The Liens of Lender on the Secondary Collateral shall be a first priority
Lien except for the following Liens:
F. The Liens of Lender on the Guarantor Collateral shall be a first priority
Lien except for the following Liens:
7. Terms of Sale:
The terms of sale for the Items under this Loan Facility shall be typical for the
industry but in no event shall allow for payment more than 180 days following the
original invoice date. The terms may include the following:
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Ex-Im Bank – 12/31/05
Confirmed irrevocable letters of credit.
Irrevocable letters of credit.
Open account insured through Ex-Im Bank export credit insurance for
comprehensive commercial and political risk.
Open account insured through non Ex-Im Bank export credit insurance for
comprehensive commercial and political risk.
Cash payment received prior to shipment.
Open account uninsured.
Other terms, please specify: ________________________________
Sight draft documents against payment (also known as "documentary
collections").
B. Other Fees: ________________________________________
A. Lender's Interest Rate: __________________
8. Interest Rate and Other Fees.
9. Facility Fee: Lender shall submit a completed and signed Schedule A
together with the Facility Fee amount determined in accordance with the
applicable section of Schedule A:
A. within ten (10) Business Days of the Effective Date; and
10. Final Disbursement Date: The earlier of (a) ___________ (___) months from
the Effective Date or (b) _______________, _________.
B. with respect to a Revolving Loan Facility (other than a Transaction
Specific Revolving Loan Facility), within ten (10) Business Days of the
first and second anniversaries of the Effective Date, as applicable.
11. Financial Reporting Requirements: Lender shall require that Borrower and
each Guarantor deliver to Lender and Ex-Im Bank the following financial
statements:
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Ex-Im Bank – 12/31/05
A. Year End Financial Statements. Within one hundred and twenty (120)
days of Borrower's and each Guarantor's (other than individual Guarantor)
fiscal year end or if such Person is required to submit a Form 10-K at the
time of filing of such Form 10-K, the income statement, balance sheet and
statement of cash flow as of such fiscal year end, including in each case all
footnotes and other disclosures which have been certified without
qualification by an independent accounting firm acceptable to Lender (the
"Accountants")
B. Quarterly Financial Statements. Within 45 days of Borrower's and each
Guarantor's (other than an individual Guarantor) fiscal quarter end or if
such Person is required to submit a Form 10-Q at the time of filing of such
Form 10-Q, the income statement, balance sheet and statement of cash
flow as of the end of such fiscal quarter which have been internally
prepared by management of such Person in accordance with GAAP
certified as fairly presenting the financial condition of such Person as of
the date thereof by an authorized officer of such Person.
C. Individual Guarantors Financial Statements: Once each year, a personal
financial statement on a bank form or such other form generally accepted
by Lender.
12. Country Limitation Schedule: (See Country Limitation Schedule
dated_____________, attached hereto, which may be updated from time to time)
13. Special Conditions: (See Schedule B attached hereto and made a part hereof.)
14. Collateral Examinations: Pre-funding collateral exam completed within 60
days of Lender’s submission of this Agreement for Ex-Im Bank approval?
Yes____ No____
(i) Is the Collateral sufficient? Yes____ No____
(ii) All outstanding issues resolved? Yes____ No____
(iii) If no, please provide a brief description of the issues and
the anticipated resolutions.
15. Pre-Commitment Authorization: Attached hereto is a copy of the Pre-
Commitment Authorization.
(i) The terms of the Domestic Revolving Credit Facility and
the Loan Facility are not materially different than the terms
in the Pre-Commitment Worksheet, except as set forth
below:
(ii) The amount of the Domestic Revolving Credit Facility or
the Loan Facility has:
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Ex-Im Bank – 12/31/05
Not applicable.
Increased. Please specify which facility and by how much
$_________.
Decreased. Please specify which facility and by how much
$_________.
(iii) The Financial Covenants are materially different than those
contained in the Pre-Commitment Worksheet as follows:
Not applicable.
Applicable. (Please briefly describe the revised Financial
Covenants and the rationale to support the revised
Covenants).
(1.)
(2.)
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Ex-Im Bank – 12/31/05
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
duly executed and delivered as of this _______________ day of _________________,
By: ____________________________
________.
Name of Lender:
(Signature)
__________________________Name:
(Print or Type)
___________________________Title:
Telephone: ______________________
______________________Telecopier:
Address: ________________________
________________________
(Print or Type), Senior V.P. or higher
By: ____________________________
Name of Lender:
(Signature)
__________________________Name:
(Print or Type)
___________________________Title:
Telephone: ______________________
______________________Telecopier:
(Print or Type)
________________________
________________________
Address:
Title: ___________________________
(Print or Type)
Name: __________________________
(Print or Type)
By: ____________________________
(Signature)
EXPORT-IMPORT BANK OF THE UNITED
STATES
Address: 811 Vermont Avenue, N.W.
Washington, D.C. 20571
Telephone: (202) 565-3780
Telecopier: (202) 565-3793
Title: ___________________________
Senior Vice President, _________________
Name: __________________________
(Print or Type)
By: ____________________________
(Signature)
EXPORT-IMPORT BANK OF THE UNITED
STATES
Address: 811 Vermont Avenue, N.W.
Washington, D.C. 20571
Telephone: (202) 565-3780
Telecopier: (202) 565-3793
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Ex-Im Bank – 12/31/05
Lender: ___________________________ Guaranteed Loan Number: ___________
Borrower(s):
Schedule A to the Fast Track Loan Authorization Agreement
Facility Fee Schedule
I. Loan Facility Type (Check one.)
Revolving Loan Facility (other than Transaction Specific Revolving Loan
Facility) (Loan Facility Type “R” for use in Table 1)
Transaction Specific Loan Facility (Loan Facility Type “TS” for use in
Table 1)
Transaction Specific Revolving Loan Facility (Loan Facility Type “TSR”
for use in Table 1)
II. Loan Facility Fee Term, and Portion of Term for which the Facility Fee is due:
A. Number of months (total) in the term of the Loan Facility:
B. Number of months for which Facility Fee is due:
(Based on Table 1 below)
Table 1
LOAN
FACILITY
TYPE
If number of months
in Part A is:
NUMBER OF MONTHS FOR WHICH FACILITY FEE IS
DUE WITHIN 10 BUSINESS DAYS OF:
Effective Date
1st anniversary
of Effective Date
2nd anniversary
of Effective Date
R Up to 12 months Number of months
set forth in Part
II.A. above
(minimum 6)
N/A N/A
More than 12
months, up to and
including 24 months
12
Number of months
set forth in Part
II.A. less 12
N/A
More than 24
months, up to and
including 36 months
12 12 Number of months
set forth in Part
II.A. less 24
T, TSR Any number of
months
Number of months
set forth in Part
II.A. above
(minimum 6)
N/A N/A
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Ex-Im Bank – 12/31/05
Late fees accrue at the rate of Fifty Dollars ($50.00) per day for each calendar
day that the Facility Fee remains unpaid after the tenth (10
th
) Business Day
following the Effective Date, each Loan Facility Anniversary Date, or the
effective date of each Extension or amendment to the Fast Track Loan
Authorization Agreement increasing the Maximum Amount, as applicable, up to
the sixtieth (60
th
) calendar day after such date.
III. Annual Facility Fee Percentage (check one):
The Criteria for Reduced Facility Fee have not been met in accordance
with Exhibit I to the Master Guarantee Agreement. (Use to determine
applicable Ex-Im Bank’s share in Table 2).
The Criteria for Reduced Facility Fee have been met in accordance with
Exhibit I to the Master Guarantee Agreement. (Use to determine
applicable Ex-Im Bank’s share in Table 2).
Note: For Revolving Loan Facilities (other than Transaction Specific
Revolving Loan Facilities) with terms in excess of twelve (12)
months, the Criteria for the Reduced Facility Fee must have been
met for each year or portion thereof for which Lender remits the
Reduced Facility Fee.
Table 2
LOAN FACILITY TERM
MAXIMUM AMOUNT STANDARD FACILITY FEE (1.5%) REDUCED FACILITY FEE (1.0%)
Facility Fee
Ex-Im’s
Share
Lender
Retains Facility Fee
Ex-Im’s
Share
Lender
Retains
Up to 6 months First $2,000,000
75 bp 25 bp 50 bp 50 bp 25 bp 25 bp
Portion over $2,000,000
75 bp 37.5 bp 37.5 bp 50 bp 25 bp 25 bp
More than 6 up to 12
months
First $2,000,000
150 bp pa 25 bp 125 bp pa 100 bp pa 25 bp 75 bp pa
Portion over $2,000,000
150 bp pa 75 bp pa 75 bp pa 100 bp pa 50 bp pa 50 bp pa
More than 12 months First $2,000,000
150 bp pa 25 bp pa 125 bp pa 100 bp pa 25 bp pa 75 bp pa
Portion over $2,000,000
150 bp pa 75 bp pa 75 bp pa 100 bp pa 50 bp pa 50 bp pa
bp = basis point
pa = per annum
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Ex-Im Bank – 12/31/05
IV.A. Facility Fee Calculations following the Effective Date and each Loan Facility
Anniversary Date:
Show Facility Fee calculation in Table 3 below:
Table 3
Portion of Maximum Amount
X
Applicable “Ex-
Im’s Share” from
Table 2
Pro-rate Facility Fee
if/as applicable:
Amount of Facility Fee
to remit to Ex-Im Bank
X
Number of months
for which Facility
Fee is due (based on
Table 1)
divided
by 12 =
Loan Facility Term up to 6
months:
First
$2,000,000 = $
X
bp
FLAT FEE
= $
Portion over
$2,000,000 = $ X bp
FLAT FEE
= $
Loan Facility Term more than
6 up to 12 months:
First
$2,000,000 = $
X
bp
FLAT FEE
= $
=$
= $
=$
=$
Portion over
$2,000,000 =
$
X bp (pa) X / 12
Loan Facility Term more than
12 months:
First
$2,000,000 = $
X
bp (pa) X / 12
Portion over
$2,000,000 = $ X bp (pa) X / 12
Lender shall pay this Facility Fee to Ex-Im Bank within ten (10) Business Days of the
[Effective Date] [1
st
anniversary of Effective Date] [2
nd
anniversary of Effective Date]
Lender shall pay to Ex-Im Bank any late fees which accrue at the rate of Fifty Dollars
($50.00) per day for each calendar day that the Facility Fee remains unpaid after the tenth
(10
th
) Business Day following the Effective Date, and each Loan Facility Anniversary Date,
as applicable, up to the sixtieth (60
th
) calendar day after such date.
= $
Total (Facility Fee + any applicable late fees)
= $
B. Facility Fee Calculations for an Extension:
As of the date of this requested Extension, the Criteria for Reduced
Facility Fee have not been met in accordance with Exhibit I to the Master
Guarantee Agreement. (Use to determine applicable Ex-Im Bank’s share
in Table 2).
As of the date of this requested Extension, the Criteria for Reduced
Facility Fee have been met in accordance with Exhibit I to the Master
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Ex-Im Bank – 12/31/05
Guarantee Agreement. (Use to determine applicable Ex-Im Bank’s share
in Table 2).
Show Facility Fee calculation in Table 4 below:
Table 4
Portion of Maximum Amount
X
Applicable “Ex-
Im’s Share” from
Table 2
Pro-rate Facility Fee
if/as applicable:
Amount of Facility Fee
to remit to Ex-Im Bank
X
Number of days for
which Facility Fee
is due (based on
Table 1)
divided
by 360 =
Loan Facility Term plus
Extension up to 6 months:
First
$2,000,000 =
NOT APPLICABLE
Portion over
$2,000,000 =
NOT APPLICABLE
Loan Facility Term plus
Extension more than
6 up to 12 months:
First
$2,000,000 =
NOT APPLICABLE
Portion over
$2,000,000 =
$
X bp (pa) X / 360 = $
Loan Facility Term plus
Extension more than
12 months:
First
$2,000,000 =
$
X
bp (pa) X / 360 = $
Portion over
$2,000,000 =
$
X bp (pa) X / 360
= $
Lender shall pay this Facility Fee to Ex-Im Bank within ten (10) Business Days of the
Extension.
= $
Lender shall pay to Ex-Im Bank any late fees which accrue at the rate of Fifty Dollars
($50.00) per day for each calendar day that the Facility Fee remains unpaid after the tenth
(10
th
) Business Day following the Extension, up to the sixtieth (60
th
) calendar day after such
date.
= $
Total (Facility Fee + any applicable late fees)
= $
C. Facility Fee Calculations for an Increase in the Maximum Amount:
For increases in the Maximum Amount, the Facility Fee shall be calculated
in accordance with Section 3.01(a)(iv) of the Master Guarantee Agreement.
Ex-Im Bank’s portion of such Facility Fee shall be between 25 and 75 basis
points based on the amount of the increase to the Maximum Amount.
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Ex-Im Bank – 12/31/05
__________________________
____________________________
___________________________
___________________________
______________________
______________________
___________________________
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
duly executed this ___________ day of , .
By: ____________________________
Name of Lender:
(Signature)
Name: __________________________
(Print or Type)
Title:
Telephone: ______________________
______________________ Telecopier:
(Print or Type), Senior V.P. or higher
________________________
________________________
Address:
Name of Lender:
By: ____________________________
(Signature)
__________________________Name:
Telephone:
Telecopier:
Address: ________________________
________________________
(Print or Type)
Title:
(Print or Type)
Title:
(Print or Type)
Name:
(Print or Type)
By:
(Signature)
EXPORT-IMPORT BANK OF THE UNITED
STATES
Address: 811 Vermont Avenue, N.W.
Washington, D.C. 20571
Telephone: (202) 565-3780
Telecopier: (202) 565-3793
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Ex-Im Bank – 12/31/05