EXHIBIT 10.1
Deed of Indemnity
THIS DEED OF INDEMNITY is made on 23 January 1999
BETWEEN :
1. INTERTAN, INC., a corporation organised under the laws of the State of
Delaware, USA and having its principal offices at 201 Main Street, Suite
1805, Fort Worth, Texas, 76102, USA ("Seller"); and
2. TANDY CORPORATION a corporation organised under the laws of the State of
Delaware, USA and having its principal offices at 100 Throckmorton, Suite
1800 Fort Worth, Texas, 76102, USA ("Tandy")
3. INTERTAN CANADA LTD, a corporation organised under the laws of the province
of Alberta, Canada and having its principal offices at Barrie, Ontario,
("Canada");
4. THE CARPHONE WAREHOUSE LIMITED a company registered in England under No.
2142673 the registered office of which is at North Acton Business Park,
Wales Farm Road, London W3 6RS ("TCWL"); and
5. WORLDWIDE TELECOMMUNICATIONS LTD a company registered in England of which
the registered office is at North Acton Business Park, Wales Farm Road,
London W3 6RS ("Guarantor").
IT IS AGREED as follows:
1. DEFINITIONS AND INTERPRETATION
1.1. In this Deed unless the context otherwise requires the following
words shall bear the following meanings:
WORD MEANING
"Canada Leases" the leases or underleases by
virtue of which the legal estate
in each of the Canada Properties
is vested in Canada and all deeds
and documents which are
supplemental thereto, in each
case more specifically mentioned
in Annex 1;
"Canada Properties" the properties described in Annex 2;
Page 1
"Cap" an amount which on the date
of this Deed is (Pounds)8
million and which shall
reduce automatically on the
first anniversary of the
date of this Deed to
(Pounds)5 million, which
shall further reduce
automatically on the fourth
anniversary of the date of
this Deed to (Pounds)4
million and by a further
(Pounds)1 million on each
subsequent anniversary of
the date of this Deed, so
that it shall be zero on the
eighth such anniversary,
subject to Clauses 5.1 and
6.5 and;
"Clause", "Annex" and respectively, a clause of,
"Party" or an annex or party to this
Deed, and the Annexes form
part of and are deemed to be
incorporated in this Deed;
"Effective Date" the occurrence of any Event
of Default;
"Event of Default" any event described or
referred to in Annex 8
whether or not occurring at
the instigation of any
Indemnified Party;
"Indemnified Guarantees" the documents listed in Annex 7;
"Indemnified Leases" any and all of the Previous
Tenant Leases, the Canada
Leases and the Tandy Leases;
"Indemnified Parties" any and all of Seller,
Canada and Tandy;
Page 2
"Permitted Company" any company:
(i) which is a wholly owned
subsidiary of TCWL; or
(ii) which is a wholly owned
subsidiary of a company of
which TCWL is a wholly
owned subsidiary; or
(iii) any other company approved
in writing in advance by
all the Indemnified
Parties;
and for the purposes of this definition:
(i) ownership by full time
executive management of any
company of equity and/or
voting rights representing
in total (directly or
indirectly) in each case no
more than twenty-four per
cent of the total such
rights in that company
shall be disregarded in
determining whether that
company is a wholly owned
subsidiary of another
company; and
(ii) ownership by David Ross of
equity and/or voting rights
in any company shall be
disregarded in determining
whether that company is a
wholly owned subsidiary of
Worldwide
Telecommunications Limited
so long as David Ross also
holds not less than fifteen
per cent of those
respective rights in
Worldwide
Telecommunications Limited;
"Previous Tenant Leases" the leases or underleases
of the Previous Tenant
Properties and all deeds
and documents which are
supplemental thereto, in
each case more specifically
mentioned in Annex 5;
"Previous Tenant Properties" the properties described in Annex 6;
"Share Sale Agreement" a Share Sale Agreement
dated on the date of this
Deed made between Seller
and Buyer;
"Tandy Leases" the leases or underleases
by virtue of which the
legal estate in each of the
Tandy Properties is vested
in Tandy and all deeds and
documents which are
supplemental thereto, in
each case more specifically
mentioned in Annex 3; and
"Tandy Properties" the properties described in Annex 4.
1.2. In this Deed unless the context otherwise requires:-
Page 3
1.2.1. any reference to the singular includes a reference to the
plural and vice versa and any reference to the masculine
includes a reference to the other genders;
1.2.2. headings and titles are used in this Deed for ease of
reference only and do not affect the interpretation of this
Deed; and
1.2.3. words and expressions to which a meaning is given in the Share
Sale Agreement shall have the same meaning in this Deed,
unless the context otherwise requires.
2. INDEMNITY
2.1. Subject as provided in this Deed and for so long as any Indemnified
Party remains liable in law in respect of any Indemnified Lease or any
Indemnified Guarantee, TCWL shall indemnify, hold harmless and keep
Indemnified Parties and their respective effects at all times
indemnified against all actions proceedings liabilities claims damages
costs and expenses in relation to or arising out of the Indemnified
Leases, or arising out of any breach by the tenant of the covenants
and conditions therein contained, or out of the Indemnified
Guarantees.
3. GENERAL LIMITATIONS OF LIABILITY
3.1. The following provisions of this Clause 3 and of Clauses 4 and 5
shall operate to limit the liability of TCWL under Clause 2 of this
Deed. References in this Clause 3 and in Clauses 4, 5, 6, 7 and 8 to
"claim" and "liability" (and any similar expression) shall, unless the
context otherwise requires, be references to a claim (asserted
directly, indirectly, by way of set off or otherwise) or liability
arising under Clause 2 of this Deed notwithstanding any other
provisions contained in this Deed.
3.2. No Indemnified Party shall make any claim unless the loss sustained
under that claim shall exceed (Pounds)4,000 and then the full amount
shall be recoverable and not the excess only.
3.3. TCWL shall have no liability in respect of any claims made in
accordance with Clause 3.2 unless the total loss sustained in respect
of all of those claims (when aggregated with any losses sustained
under any previous such claims) shall exceed (Pounds)50,000 and then
the full amount shall be recoverable and not the excess only.
3.4. TCWL shall have no liability:
3.4.1. for indirect or consequential loss or damage (provided that
(without prejudice to the generality of the exclusion of
TCWL's liability under Clause 3.4.3) the liability of an
Indemnified Party as a tenant or previous
Page 4
tenant under any Indemnified Lease, or as guarantor or
indemnitor under any Indemnified Guarantee shall not be
indirect or consequential loss or damage) or for loss of the
profits of an Indemnified Party;
3.4.2. in respect of any claim to the extent that such claim is for
loss recoverable by Seller as a breach of Warranty or under
the Tax Deed; or
3.4.3. in respect of breach prior to the date of this Deed by any
Indemnified Party of any provision (other than provisions
relating to condition, repair or dilapidations) of any
Indemnified Lease, or of any provision of any Indemnified
Guarantee.
3.5. Nothing in this Deed shall operate in any way to reduce, qualify or
abrogate the duty of mitigation of each Indemnified Party.
4. EFFECTIVE DATE
4.1. No claim shall be made at any time prior to the Effective Date.
However, the making of a claim at any time prior to the Effective
Date shall not operate to release TCWL from such liability as it may
have on the making of that claim again on or after the Effective Date
(subject, for the avoidance of doubt, to the Cap applicable at the
time such claim is made after the Effective Date).
5. CAP
5.1. The aggregate liability of TCWL at any time ("Relevant Time") shall
not exceed:
5.1.1. the Cap; plus
5.1.2. the amount of any unsatisfied liability of TCWL in an amount
not exceeding the difference between the Cap which was
applicable at the time a claim in respect of that
unsatisfied liability was made and the Cap applicable at the
Relevant Time.
6. CLAIMS
6.1. No claim shall be made unless TCWL shall have been given written
notice of that claim and reasonably full details of the specific
matter and (so far as reasonably possible) amount in respect of which
that claim is made.
6.2. The Cap applicable in respect of any claim shall be the Cap
applicable at the time of receipt by TCWL of that claim in accordance
with Clause 12.
6.3. Any claim made before the Effective Date shall be invalid and of no
effect. However, the making of a claim at any time prior to the
Effective Date shall not operate to release TCWL from such liability
as it may have on the making of that claim again on or after the
Effective Date (subject, for the avoidance of doubt,
Page 5
to the Cap applicable at the time such claim is made after the
Effective Date).
6.4 Any claim shall, if it has not been previously satisfied settled or
withdrawn, be deemed to have been withdrawn and shall become fully
barred and unenforceable (and no new claim may be made in respect of
the facts giving rise to such withdrawn claim) on the expiry of the
period of six months commencing on the date on which notice of the
claim shall be given to TCWL unless by then proceedings in respect
of that claim shall have been issued and served upon TCWL.
6.5. On the eighth anniversary of the date of this Deed, the Cap shall
automatically reduce to zero and the indemnity set out in Clause 2.1
shall cease immediately and be of no further effect, but without
prejudice to valid claims received by TCWL prior to that anniversary
in accordance with Clause 12 and to any unsatisfied liability of
TCWL at that anniversary.
6.6. TCWL shall have the right to deduct any amount due to Buyer from
Seller under the Share Sale Agreement or the Tax Deed from any
amount due from TCWL to Seller under this Deed provided Buyer
releases Seller accordingly. Seller shall have the right to deduct
any amount due to Seller from TCWL under this Deed from any amount
due from Seller to Buyer under the Share Sale Agreement or the Tax
Deed and Buyer shall release Seller accordingly under the terms of
the Share Sale Agreement. Amounts so deducted shall where relevant
constitute a loan from Buyer to TCWL or vice versa.
7. CONDUCT OF CLAIMS
7.1. The Indemnified Parties shall take such action and provide such
information and documentation in their possession as TCWL may
reasonably request to assist TCWL to avoid, dispute, resist, appeal
compromise or defend matters which have given rise to any claim,
subject to the Indemnified Parties being indemnified to their
reasonable satisfaction by TCWL against all liability, losses,
costs, expenses, damages, interest, penalties and surcharges thereby
incurred.
7.2. If TCWL does not request any Indemnified Party to take any such
action within thirty days where such matters concern arrears of rent
and sixty days in other cases, of receipt by TCWL of any claim in
accordance with Clause 12, that Indemnified Party shall (without
prejudice to its rights under this Deed and unless it has exercised
its right under Clause 7.3 to require TCWL to deal with such claim)
be free to pay or settle the matters giving rise to that claim on
such terms as it may in their absolute discretion (but subject to
Clause 3.5) think fit.
7.3. Without prejudice to Clause 7.1, TCWL shall deal with and have
conduct of all matters giving rise to any claim if, by notice to
TCWL given at any time on or after the Effective Date, the
Indemnified Party making such claim so requires.
7.4. The Party having conduct of matters giving rise to any claim shall:
Page 6
7.4.1. keep the other Party fully informed of all relevant matters
and shall promptly forward or procure to be forwarded to the
other Party copies of all relevant correspondence and other
relevant material information and documentation;
7.4.2. first submit for approval by the other Party all
communications relating to the dispute which are to be
transmitted to a landlord and shall only finally transmit
them if such approval is given, such approval not to be
unreasonably withheld or delayed; and
7.4.3. appoint solicitors or other professional advisers only with
the prior written approval of the other Party, such approval
not to be unreasonably withheld or delayed.
7.5. In Clause 7.4, "other Party" shall mean TCWL where an Indemnified
Party has conduct of matters giving rise to any claim, and shall mean
the Indemnified Party making the claim where TCWL has conduct of
matters giving rise to that claim.
7.6. TCWL will deliver or procure that the Company will deliver to each
Indemnified Party in January and June of each year a summary report
showing the unexpired lease term, current rent, rates and service
charge and any assignment or sub-letting in respect of each
Indemnified Lease and each Indemnified Guarantee.
8. SUBSTITUTION OF SECURITY
8.1. With the prior written consent of all the Indemnified Parties (which
shall not be unreasonably withheld or delayed), either or both of the
Guarantor and TCWL shall be entitled at its respective cost promptly
upon written request to be released from its respective obligations
under this Deed on the provision of substitute security and assurance
for the fulfilment of all those obligations or of obligations not
materially different from them, such substitute security and
assurance to be in form and substance no less favourable to the
Indemnified Parties than the obligation of the Guarantor or TCWL
respectively.
9. DECLARATIONS OF TRUST AND RELATED MATTERS
9.1. Canada declares that Canada holds and has held the legal estate under
each of the Canada Leases on trust for the Company since Canada
became the tenant of that lease or if later since the incorporation
of the Company, and Canada irrevocably undertakes, until expiry of
the relevant lease or completion of its assignment to the Company:
9.1.1. to permit the Company to occupy those premises:
Page 7
9.1.2. to continue so to hold such interest;
9.1.3. as soon as practicable to account to the Company for any
rent or other sums received by Canada pursuant to any sub-
tenancy granted under any Canada Lease or any moneys
returned to it under such lease;
9.1.4. as soon as practicable to deliver to the Company any notices
or other written communications received by Canada in its
capacity as tenant under any Canada Lease; and
9.1.5. at the cost of TCWL or the Company (as the case may be, and
except where expressly provided in this Deed to the
contrary) on a full indemnity basis promptly to do such
lawful acts and things and to refrain from doing such acts
and things in relation to the Canada Leases (including as
may be necessary to transfer the Canada Leases to the
Company within three months after the date of this Deed) as
TCWL or the Company may reasonably require.
9.2. Tandy declares that Tandy holds and has held the legal estate under
each of the Tandy Leases on trust for the Company, or prior to the
incorporation of the Company on trust for Canada, since Tandy became
the tenant of that lease, and Tandy undertakes, until expiry of the
relevant lease or completion of its assignment to the Company:
9.2.1. to permit the Company to occupy those premises:
9.2.2. to continue so to hold such interest;
9.2.3. as soon as practicable to account to the Company for any
rent or other sums received by Tandy pursuant to any sub-
tenancy granted under any Tandy Lease or any moneys returned
to it under such lease;
9.2.4. as soon as practicable to deliver to the Company any notices
or other written communications received by Tandy in its
capacity as tenant under any Tandy Lease; and
9.2.5. at the cost of TCWL or the Company (as the case may be, and
except where expressly provided in this Deed to the
contrary) on a full indemnity basis promptly to do such
lawful acts and things and to refrain from doing such acts
and things in relation to the Tandy Leases (including as may
be necessary to transfer the Tandy Leases to the Company
within three months after the date of this Deed) as TCWL or
the Company may reasonably require.
9.3. Each Indemnified Party shall
9.3.1. as soon as practicable to account to the Company for any
rent or other sums received by it pursuant to any sub-
tenancy granted under any Previous Tenant Lease of which it
was a tenant or any moneys returned to it
Page 8
under such lease;
9.3.2. as soon as practicable to deliver to the Company any notices
or other written communications received by it in its
capacity as tenant under any Previous Tenant Lease of which
it was a tenant; and
9.3.3. at the cost of TCWL or the Company (as the case may be) on a
full indemnity basis promptly to do such lawful acts and
things and to refrain from doing such acts and things in
relation to any Previous Tenant Lease of which it was a
tenant, as TCWL or the Company may reasonably require.
10. TRANSFER OF CANADA LEASES AND TANDY LEASES AND RELEASE OF INDEMNIFIED
GUARANTEES
10.1. TCWL shall, and shall procure that the Company shall exercise all
reasonable endeavours (including, in the case of each of them, the
giving of guarantees or similar assurances to landlords) to procure
the transfer to the Company within three months after the date of
this Deed of the Canada Leases and the Tandy Leases and until such
transfer shall procure due observance and performance of all the
covenants and obligations on the part of the tenant contained in all
such leases.
10.2. The Indemnified Parties shall bear legal and surveyors' fees and
expenses incurred by advisors selected by them or the landlord
respectively in procuring such transfer.
10.3. TCWL shall, and shall procure that the Company shall, in each case at
TCWL's cost, exercise all reasonable endeavours (including, in the
case of each of them, the giving of guarantees or similar assurances
to landlords) to procure the absolute and unconditional release
within three months after the date of this Deed of the Indemnified
Guarantees.
11. GUARANTEE
11.1. In consideration of Seller entering into this Deed, Guarantor (as
principal obligor and not merely as a surety) unconditionally and
irrevocably guarantees as a continuing obligation the proper and
punctual performance by TCWL of all obligations undertaken by TCWL
under or pursuant to this Deed and shall indemnify, keep indemnified
and hold harmless Seller from and against all liability, costs
(including legal costs), claims, expenses, losses, actions, demands,
proceedings, penalties and damage arising in connection with any
default by TCWL.
11.2. The liability of Guarantor hereunder shall not be discharged or
impaired by any amendment to or variation of this Deed or of the
Share Sale Agreement or any other undertaking entered into pursuant
to either of them, any release of or granting of time or other
indulgence, any liquidation, administration,
Page 9
receivership or winding-up of TCWL or by any other act, event,
omission or circumstance which would operate to impair or discharge
the liability of Guarantor under this Clause 11.
11.3. Any amounts payable by Guarantor pursuant to this Clause 11 shall be
paid in full without any deduction or withholding whatsoever (whether
in respect of set-off, counterclaim, duties, charges, taxes or
otherwise) unless such deduction or withholding is required by law,
in which event Guarantor shall pay to Seller an additional amount so
that the net amount received by Seller will equal the full amount
which Seller would have received had no such deduction or withholding
been made.
12. COMMUNICATIONS
12.1. All communications between the Parties with respect to this Deed
shall be delivered in writing by hand or sent by pre-paid post (first
class if inland, airmail if overseas) or facsimile telecopier to the
address of the addressee as set out in this Deed, or to such other
address or facsimile number in the United Kingdom or in the United
States of America as the addressee may from time to time have
notified for the purposes of this Clause 12.
12.2. Communications shall be deemed to have been received if delivered by
hand between the hours of 9.30 am and 5.30 pm local time on any
Business Day, on the day of delivery (and if outside those hours or
not on a Business Day, then at 9.30 am local time on the following
Business Day), or if sent by first class post, five business days
after posting exclusive of the day of posting, or if sent by
facsimile telecopier, at the time of transmission if the time of
transmission is between the hours of 9.30 am and 5.30 pm on any
Business Day (and if outside those hours or not on a Business Day,
then at 9.30 am local time on the following Business Day).
12.3. Communications under this Deed:
12.3.1. to Seller shall be addressed to:
201 Main Street, Suite 1805, Fort Worth, Texas 76102 USA;
Attention: General Counsel
Tel: (+) 1 817 348 9701
Fax: (+) 1 817 332 3071,
12.3.2. to Canada shall be addressed to:
201 Main Street, Suite 1805, Fort Worth, Texas 76102, USA;
Attention: General Counsel
Tel: (+) 1 817 348 9701
Fax: (+) 1 817 332 3071,
Page 10
12.3.3. to Tandy shall be addressed to:
100 Thockmorton, Suite 1800, Fort Worth, Texas, 76102, USA
Attention: General Counsel
Tel: (+) 1 817 415 3700
Fax: (+) 1 817 415 6593,
12.3.4. to TCWL shall be addressed to:
David Ross, Esq, North Acton Business Park, Wales Farm Road,
London W3 6RS, England
Tel: (+) 44 (0) 181 896 5000
Fax: (+) 44 (0) 181 896 5160
with a copy to:
Adrian Bott Esq, Olswang, 90 Long Acre, London WC2E 9TT,
England
Tel: (+) 44 (0) 171 208 8888
Fax: (+) 44 (0) 171 208 8800
12.3.5. to Guarantor shall be addressed to:
David Ross, Esq, North Acton Business Park, Wales Farm Road,
London W3 6RS, England
Tel: (+) 44 (0) 181 896 5000
Fax: (+) 44 (0) 181 896 5160
with a copy to:
Adrian Bott Esq, Olswang, 90 Long Acre, London WC2E 9TT,
England
Tel: (+) 44 (0) 171 208 8888
Fax: (+) 44 (0) 171 208 8800
or such alternative addressee(s) as the relevant Party may notify to
the other Party for this purpose.
12.4. In proving service:
12.4.1. by delivery by hand, it shall be necessary only to produce a
receipt for the
Page 11
communication signed by or on behalf of the addressee;
12.4.2. by post, it shall be necessary only to prove that the
communication was contained in an envelope which was duly
addressed and posted in accordance with this Clause 12;
12.4.3. by facsimile telecopier, it shall be necessary only for the
communication or a confirmatory letter to have been delivered
by hand (or sent by international courier if to an address
outside the country of dispatch) on the same day, in which
event failure of the addressee to receive such confirmation
shall not invalidate the relevant communication deemed given
by facsimile telecopier.
12.5. Each of the Indemnified Parties hereby irrevocably appoints Seller's
Solicitors as its agent for the service of process in England in
relation to any matter arising out of this Deed.
12.6. If at any time following the date of this Deed TCWL or the Company
receives any communication intended for an Indemnified Party TCWL
shall or shall procure that the Company shall promptly forward a copy
(or if not a written communication, details) of such communication to
that Indemnified Party in accordance with Clause 12.3..
13. GENERAL
13.1. Any variation of this Deed shall be binding only if it is recorded
in a document signed by or on behalf of the Parties.
13.2. Except as expressly provided in this Deed, none of the rights or
obligations referred to in this Deed may be assigned or transferred
to any person without the prior written consent of the Parties. Any
Indemnified Party shall have the right to assign or transfer its
rights or obligations referred to in this Deed to any other
Indemnified Party without the prior written consent of the Parties
(other than the transferee).
13.3. Each Party shall pay its own costs in relation to the negotiations
leading up to the sale of the Shares and to the preparation,
execution and carrying into effect of this Deed and of all the other
documents referred to in it.
13.4. The failure of a Party to exercise or enforce any right conferred
upon it by this Deed shall not be deemed to be a waiver of any such
right or operate so as to bar the exercise or enforcement thereof at
any time or times thereafter.
13.5. This Deed shall be governed by and construed in accordance with the
Law of England and Wales, and the Parties submit to the exclusive
jurisdiction of the English Courts.
13.6. TCWL shall cease to have any liability under this Deed to any
Indemnified Party (save in respect of accrued rights) in the event
that under any insolvency,
Page 12
receivership, re-organisation, liquidation or dissolution proceeding
under Court or Court appointed supervision under applicable law
including (but without limitation) the laws of any jurisdiction in
the United States of America, an order is made the effect of which is
to immediately and unconditionally remove from the board of directors
or similar management body of that Indemnified Party the right to
manage the affairs of that Indemnified Party.
IN WITNESS whereof the parties have executed this Deed as a deed under seal and
intend it to be delivered on the above date.
Page 13
Annex 1
CANADA LEASES
STORE PROPERTY DATE DOCUMENTS & PARTIES
NO.
- ------------------------------------------------------------------------------------------------------
1111 77 The Merion Centre 26 November 1986 Underlease:
Leeds (1) Town Centre Securities plc
LS2 8NG (2) Tandy Corporation
16 September 1987 Licence:
(1) Town Centre Securities plc
(2) Tandy Corporation
17 September 1987 Deed of Assignment:
(1) Tandy CorporAtion
(2) Intertan Canada Ltd.
- ------------------------------------------------------------------------------------------------------
1234 5 Rhos Dhu Road 3 February 1987 Lease:
Wrexham (1) Charity - Keys Securities Ltd.
Clwyd (2) Tandy Corporation
LL1 1AT
29 March 1987 Licence to Assign:
(1) Thorn EMI Pension Trust Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
2 May 1987 Deed of Assignment:
(1) Tandy Corporation
(2) Intertan Canada Ltd.
- ------------------------------------------------------------------------------------------------------
Page 14
1311 57/58 Dale End 3 July 1974 Underlease:
Birmingham (1) Ravenseft Properties Ltd.
West Midlands (2) Tandy Corporation
3 July 1994 Licence
(1) Ravenseft Properties Ltd.
(2) Tandy Corporation
16 April 1987 Licence to Assign
(1) Pearl Assurance Plc
(2) Tandy Corporation
(3) Intertan Canada Ltd.
22 April 1987 Notice of Assignment
- ------------------------------------------------------------------------------------------------------------------------
1328 20 Shoplatch 17 November 1978 Lease:
Shrewsbury (1) Midland Assurance Limited
Shropshire (2) Tandy Corporation
- ------------------------------------------------------------------------------------------------------------------------
1336 38a Wulfrun Centre 22 November 1973 Underlease:
Wolverhampton (1) Highside Investments Limited
West Midlands (2) Harry Fenton Limited
- ------------------------------------------------------------------------------------------------------------------------
1514 42 The Broadway 10 February 1981 Lease:
Crouch End (1) Lanagrange Ltd.
London (2) Tandy Corporation
N8 9SU
23 April 1987 Licence:
(1) Rodenhurst Estates Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
24 April 1987 Deed of Assignment:
(1) Tandy Corporation
(2) Intertan Canada Ltd.
28 April 1987 Notice of Assignment
11 June 1996 Memorandum of Rent Review
- ------------------------------------------------------------------------------------------------------------------------
Page 15
1535 7 Greenhill Street 25 October 1961 Lease:
Bedford (1) The Mayor, Aldermen & Burgesses
Beds of the Borough of Bedford
MK41 1EG (2) The Marley Tile Co. Ltd.
9 April 1962 Supplemental Lease:
(1) The Mayor, Aldermen & Burgesses
of the Borough of Bedford
(2) The Marley Tile Co. Ltd.
4 December 1980 Assignment:
(1) The Marley Tile Co. Ltd.
(2) Tandy Corporation
26 April 1985 Licence:
(1) North Bedfordshire Borough Council
(2) Tandy Corporation
30 December 1986 Licence
(1) Bedfordshire Borough Council
(2) InterTAN (U.K.) Ltd.
14 April 1987 Deed of Assignment:
(1) Tandy Corporation
(2) Intertan Canada Ltd.
22 April 1987 Notice of Assignment
1556 217 Moulsham Street 15 May 1982 Notice of Assignment
Chelmsford
Essex. 13 October 1982 Underlease:
CH2 0LR (1) Eagle Star Insurance Co. Ltd
(2) British Bata Shoe Co. Ltd.
21 September 1984 Assignment:
(1) British Bata Shoe Co. Ltd.
(2) Tandy Corporation
24 September 1984 Licence:
(1) Eagle Star Insurance Co. Ltd.
(2) British Bata Shoe Co. Ltd.
26 September 1984 Notice of Assignment
5 May 1987 Licence to Assign:
(1) Eagle Star Insurance Co. Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
6 May 1987 Deed of Assignment:
(1) Tandy Corporation
(2) Intertan Canada Ltd.
26 October 1987 Memorandum of Rent Review
18 January 1993 Memorandum of Rent Review
14 May ???? Memorandum of Rent Review
- --------------------------------------------------------------------------------------------
1607 70 London Road 4 June 1996 Lease:
Brighton (1) The Scottish Life Assurance Co.
Sussex. (2) InterTAN UK Ltd.
BN1 4JE
- --------------------------------------------------------------------------------------------
1614 1 Central Parade 18 October 1990 Lease:
Streatham High Road (1) A & R Fisher Ltd.
London (2) Intertan Canada Ltd.
SW16
28 November 1990 Licence to Assign:
(1) A & R Fisher Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
7 December 1990 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
6 December 1995 Memorandum of Rent Review
- ------------------------------------------------------------------------------------------------------
1622 Unit 4 22 October 1979 Underlease
East Street Shopping (1) Greenhaven Securities Ltd.
Centre (2) Tandy Corporation
Southampton
SO14 3HX
1 May 1985 Memorandum of Rent Review
27 May 1986 Licence
(1) Greenhaven Securities Ltd.
(2) Tandy Corporation
23 April 1987 Licence to Assign
(1) Capital & Counties Plc
(2) Tandy Corporation
28 April 1987 Notice of Assignment
9 July 1990 Memorandum of Rent Review
- ------------------------------------------------------------------------------------------------------
1638 69-71 High Street 23 March 1976 Underlease:
Andover (1) Rowellgrange Limited
Hants (2) Hunters Furnishings Ltd. & Sureties.
SP10 1LP
18 January 1982 Licence to Assign
(1) Sun Life Assurance Co. of Canada
(2) Tandy Corporation
22 May 1986 Memorandum of Rent Review
23 April 1987 Licence to Assign
(1) Sun Life Assurance Co. of Canada
(2) Tandy Corporation
(3) Intertan Canada Ltd.
20 August 1991 Memorandum of Rent Review
6 November 1991 Licence to Assign
(1) Sun Life Assurance Co. of Canada
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
14 November 1991 Notice of Assignment
19 August 1996 Memorandum of Rent Review
- -------------------------------------------------------------------------------------------------------------------
1640 40 The Broadway 19 November 1985 Lease:
Crawley (1) Triumph Securities Ltd.
Sussex. (2) Tandy Corporation.
RH10 1HS
14 September 1987 Licence
(1) Triumph Securities Ltd.
(2) Tandy Corporation
14 September 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
29 September 1987 Notice of Assignment
25 July 1997 Memorandum of Rent Review
- -------------------------------------------------------------------------------------------------------------------
1641 77-83 Tunbridge Wells 4 September 1978 Lease:
Kent (1) S.A. Jones esq. and Mrs M.J.Jones
TN1 2QL (2) Nash's of Bexleyheath Limited
29 March 1982 Licence
(1) Jones esq. and Mrs M.J.Jones
(2) Nash's of Bexleyheath Limited
29 March 1982 Assignment
(1) Nash's of Bexleyheath Ltd.
(2) Tandy Corporation
2 April 1982 Notice of Assignment
14 January 1985 Memorandum of Rent Review
Undated but Memorandum of Rent Review
effective from
28 August 1989
2 April 1991 Licence to Assign
(1) V. L. Eyre & J. I. George
(2) Tandy Corporation
(3) InterTAN (U.K.) Ltd.
2 April 1991 Deed of Assignment
(1) Tandy Corporation
(2) InterTAN (U.K.) Ltd.
2 April 1991 Licence
(1) V. L. Eyre & J. I. George
(2) InterTAN (U.K.) Ltd.
- -------------------------------------------------------------------------------------------------------
1645 52 Kingsmead Centre 18 August 1981 Underlease:
Farnborough (1) English Property Corp. Ltd.
Surrey (2) Peters Stores Ltd.
GU14 7SL
15 January 1986 Notice of Assignment
10 November 1986 Licence
(1) English Property Corp. Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
12 May 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
29 September 1986 Assignment
(1) Peters Stores plc
(2) N.R. Lyle & I. R. Turner
(3) Tandy Corporation
25 December 1993 Memorandum of Rent Review
ANNEX 2
CANADA PROPERTIES
STORE NUMBER LOCATION
- ------------ --------
1111 Leeds - Merrion
1234 Wrexham
1311 Dale End
1328 Shrewsbury
1336 Wolverhampton
1514 Crouch End
1535 Bedford
1556 Chelmsford
1607 Brighton
1614 Streatham
1622 Southampton
1638 Andover
1640 Crawley
1641 Tunbridge Wells
1645 Farnborough
ANNEX 3
THE TANDY LEASES
STORE PROPERTY DATE PARTIES
NO.
- -------------------------------------------------------------------------------------------------------------------------
1101 184-186 Shields Road 17 June 1974 Lease:
Byker (1) Armia Ltd.
Newcastle-upon-Tyne (2) Tandy Corporation
NE6 1DT
6 January 1980 Memorandum of Rent Review
31 January 1990 Memorandum of Rent Review
27 April 1995 Memorandum of Rent Review
- -------------------------------------------------------------------------------------------------------------------------
1104 4 Fawcett Street 25 March 1975 Lease:
Sunderland (1) UDS Properties Ltd.
Durham (2) Tandy Corporation
13 September 1985 Memorandum of Rent Review
1 February 1991 Memorandum of Rent Review
- -------------------------------------------------------------------------------------------------------------------------
1113 140 High Street 8 January 1969 Lease:
Scunthorpe (1) Prudential Assurance Co. Ltd.
DN15 6EN (2) S.A. & M.F. Stopper Limited.
6 May 1974 Licence to Assign
(1) Prudential Assurance Co. Ltd.
(2) S.A. & M.F. Stopper Limited.
22 April 1974 Assignment
(1) S.A. & M.F. Stopper Limited.
(2) Tandy Corporation
- -------------------------------------------------------------------------------------------------------------------------
1244 19 Paddock Row 26 January 1977 (1) Grosvenor Precinct (Chester) Ltd.
Grosvenor Precinct (2) A. Cunningham & M. Palumazuk
Chester trading as Messrs. Woollengers.
CH1 1ED
16 December ???? Memorandum of Rent Review
5 July 1982 Licence to Assign
(1) Grosvenor Precinct (Chester) Ltd.
(2) A.Cunningham & M. Palumazuk
trading as Messrs. Woollengers.
(3) Tandy Corporation
5 July 1982 Assignment
(1) A.Cunningham & M. Palumazuk
trading as Messrs. Woollengers
(2) Tandy Corporation
4 January 1983 (Settlement Underlease for Land at Rear)
(1) A Cunningham & M Palumazuk trading
as Messrs Wollengers
(2) Tandy Corporation.
18 April 1986 License
(1) Grosvenor Precinct (Chester) Ltd.
(2) Tandy Corporation
29 October 1986 License
(1) Grosvenor Precincts (Chester) Ltd.
(2) Tandy Corporation
25 May 1993 Memorandum of Rent Review
6 November 1996 Memorandum of Rent Review
- ---------------------------------------------------------------------------------------------------------------------
1351 48-52 Kingsbury Square 2 July 1974 Lease:
Aylesbury (1) Greytown Properties Ltd.
Bucks (2) Ripolin Ltd.
HP20 2JE
3 August 1981 Assignment
(1) Jacoa Decor Supplies Ltd. (formerly
Ripolin)
(2) Jacoa Ltd.
9 December 1981 Licence to Assign
(1) Ecclesiastical Insurance Office Ltd.
(2) Jacoa Decor Supplies Ltd.
(3) Jacoa Ltd.
2 October 1984 Memorandum of Rent Review
24 October 1985 Assignment
(1) Jacoa Ltd.
(2) Tandy Corporation
- ----------------------------------------------------------------------------------------------------------------------
1427 23 Churchill Way 1 June 1983 Lease:
Cardiff (1) John Hall Limited
South Glamorgan. (2) Tandy Corporation
CF1 4ME
1 June 1983 Licence
(1) John Hall Ltd.
(2) Tandy Corporation
3 June 1983 Memorandum of Rent Review
?? 1985 Licence to Assign
(1) Adare Estates Co.
(2) Tandy Corporation
(3) A.T. Computerworld Ltd.
26 March 1986 Deed of Release & Grant
(1) Tandy Corporation
(2) Adare Estates Co.
- ----------------------------------------------------------------------------------------------------------------------
1534 4 Harben Parade 22 July 1981 Licence:
Finchley Road (1) The Mayor and Burgesses of the London
Swiss Cottage Borough of Camden
London (2) Tandy Corporation
NW3 6JP
22 July 1981 Deed of Consent to Underletting:
(1) The Mayor and Burgesses of the London
Borough of Camden
(2) McDonalds Golden Arches Restaurants Ltd.
20 November 1981 Lease:
(1) McDonalds Golden Arches Restaurants Limited
(2) Tandy Corporation
Undated: effective Memorandum of Rent Review
from 24 June 1990
- ---------------------------------------------------------------------------------------------------------------------------
1621 206 High Street 23 May 1978 Lease:
Sutton (1) The Standard Life Assurance Co.
Surrey (2) Tandy Corporation.
SM1 1NU
24 February 1984 Memorandum of Rent Review
- ---------------------------------------------------------------------------------------------------------------------------
1630 11 Market Street 11 January 1979 Lease:
Eastleigh (1) Dean Property Holdings Limited
Hants (2) Cosham Car Accessories Limited
S05 54H
2 February 1981 Assignment
(1) Cosham Car Accessories Ltd.
(2) Tandy Corporation
Undated Notice of Assignment
26 February 1981 Deed of Assignment, Change of Use & Variation
(1) Dean Property Holdings Ltd.
(2) Cosham Car Accessories Ltd
(3) Tandy Corporation
25 December 1988 Memorandum of Rent Review
ANNEX 4
TANDY PROPERTIES
STORE NUMBER LOCATION
- ------------ --------
1101 Shields Road
1104 Sunderland
1113 Scunthorpe
1244 Chester
1351 Aylesbury
1427 Churchill Way (Cardiff)
1534 Swiss Cottage
1621 Sutton
1630 Eastleigh
ANNEX 5
PREVIOUS TENANT LEASES
STORE PROPERTY DATE PARTIES
NO.
- ---------------------------------------------------------------------------------------------------------------------
1102 23 Newgate Centre 8 July 1974 Underlease:
Newcastle-Upon-Tyne (1) Crossgate Properties Ltd.
NE1 5RE (2) Tandy Corporation
19 February 1985 Memorandum of Rent Review
15 September 1987 Licence to Assign:
(1) The Hammerson Property Investment &
Development Corporation Plc
(2) Tandy Corporation
(3) Intertan Canada Ltd.
Notice of Assignment
30 September 1987
Licence to Assign:
11 May 1988 (1) A. J. Lilley & B. L. Mitchell
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
Notice of Assignment
5 June 1988
Memorandum of Rent Review
11 August 1989
Memorandum of Rent Review
16 June 1995
- ---------------------------------------------------------------------------------------------------------------------
1117 126-128 Front Street 20 June 1974 Lease
Arnold (1) Mutley Properties (Northern) Ltd.
Nottingham (2) Tandy Corporation.
NG5 7EG
31 August 1978 Memorandum of Rent Review
2 October 1983 Agreement
(1) Mutley Properties (Northern) Ltd.
(2) Tandy Corporation
16 March 1987 Notice of Assignment
28 May 1987 Licence
(1) Mutley Properties (Northern) Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
4 June 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
9 March 1988 Licence
(1) Mutley Properties (Northern) Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
19 March 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
29 September 1988 Memorandum of Rent Review
- ---------------------------------------------------------------------------------------------------------------------
1121 332 High Street 1 September 1983 Lease:
Lincoln (1) Dido Securities Ltd.
LN5 7DW (2) Tandy Corporation.
1 September 1983 Licence
(1) Dido Securities Ltd.
(2) Tandy Corporation
1 February 1988 Licence to Assign
(1) Dido Securities Ltd.
(2) Tandy Corporation & Another
2 February 1988 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
4 July 1991 Deed of Rectification & Variation
(1) Dido Securities Ltd.
(2) Intertan Canada Ltd.
29 July 1991 Licence to Assign
(1) Dido Securities Ltd.
(2) Intertan Canada Ltd.
1 August 1991 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
- --------------------------------------------------------------------------------
1122 5 Church Street 24 September 1975 Lease:
York (1) The Equitable Debenture & Assets
YO1 2BG Corporation Ltd.
(2) RSC Hi-Fi Centres Ltd. And Another
Lease:
24 September 1975 (1) The Equitable Debenture & Assets
Corporation Ltd.
(2) RSC Hi-Fi Centres Ltd.
(3) Audio Fidelity Ltd.
10 November 1977 Licence
(1) The Equitable Debenture & Assets
Corporation Ltd.
(2) Realistic Sound Centres Ltd.
10 November 1977 Assignment
(1) Realistic Sound Centres
(2) Tandy Corporation
12 June 1986 Memorandum of Rent Review
3 August 1987 Licence
(1) F.R.Evans (Leeds) Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
29 January 1992 Licence to Assign
(1) F.R.Evans (Leeds) Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
27 April 1992 Licence
(1) F.R.Evans (Leeds) Ltd.
(2) InterTAN (U.K.) Ltd.
- --------------------------------------------------------------------------------
1133 118-120 Linthorpe 30 September 1985 Lease:
Road (1) The Trustees of the Arthur
Middlesbrough Nathan Settlement
TS1 2JR (2) Tandy Corporation
29 April 1987 Licence to Assign
(1) The Trustees of the Arthur
Nathan Settlement
(2) Tandy Corporation
(3) Intertan Canada Ltd.
2 May 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
11 May 1987 Notice of Assignment
12 February 1991 Memorandum of Rent Review
9 April 1991 Licence to Assign
12 April 1991 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
15 April 1991 Notice of Assignment
- --------------------------------------------------------------------------------
1138 84 The Moor 9 September 1985 Underlease:
Sheffield (1) Ravenseft Properties Ltd.
South Yorkshire. (2) Tandy Corporation
S1 4PB
1 May 1987 Licence:
(1) Ravenseft Properties Ltd
(2) Tandy Corporation
(3) Intertan Canada Ltd.
5 January 1989 Licence
(1) Ravenseft Properties Ltd
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
11 January 1989 Notice of Assignment
26 July 1991 Memorandum of Rent Review
- --------------------------------------------------------------------------------
1204 374-376 Woodchurch 19 May 1975 Underlease:
Road (1) Kwik Save Discount Group Plc
Prenton Birkenhead (2) Tandy Corporation
L42 8PG
18 February 1985 Memorandum of Rent Review
24 April 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
24 April 1987 Licence to Assign
(1) Kwik Save Discount Group Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
28 April 1987 Notice of Assignment
21 February 1991 Licence to Assign
(1) Kwik Save Discount Group Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
22 February 1991 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
22 February 1991 Notice of Assignment
- --------------------------------------------------------------------------------
1209 67 High Street 26 June 1986 Lease:
Cheadle (1) Mr & Mrs W.A. Shawden
Cheshire (2) Tandy Corporation.
SK8 1BJ
11 May 1987 Licence to Assign
(1) Mr & Mrs W.A. Shawden
(2) Tandy Corporation
(3) Intertan Canada Ltd.
12 May 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
11 March 1992 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
12 March 1992 Notice of Assignment
17 January 1996 Memorandum of Rent Review
- --------------------------------------------------------------------------------
1211 12 Market Place 13 August 1986 Lease:
Crewe (1) Ravenseft Properties Ltd.
Cheshire (2) Tandy Corporation
CW1 2EG
1 May 1987 Licence
(1) Ravenseft Properties Ltd
(2) Tandy Corporation
(3) Intertan Canada Ltd.
2 May 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
13 February 1989 Licence
(1) Ravenseft Properties Ltd
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
20 February 1989 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
20 February 1989 Notice of Assignment
25 March 1991 Memorandum of Rent Review
7 January 1996 Memorandum of Rent Review
- --------------------------------------------------------------------------------
1217 22-23 Central 23 May 1975 Lease
Shopping Area (1) Shearer Estates (Retail) Ltd.
Chadderton (2) Tandy Corporation
Lancs
Ol9 0LQ 29 September 1979 Memorandum of Rent Review
29 September 1984 Memorandum of Rent Review
30 September 1987 Licence to Assign:
(1) The Greater Manchester Residuary
Body
(2) Tandy Corporation
(3) Intertan Canada Ltd.
30 September 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
29 September 1989 Memorandum of Rent Review
23 March 1992 Licence to Assign
(1) Tameside Metropolitan Borough
Council
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
27 March 1992 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
27 March 1992 Notice of Assignment
29 September 1994 Memorandum of Rent Review
1221 Unit 16 East Precinct 25 March 1974 Lease:
16 Charles Street (1) Spinster Limited
Hanley Shopping (2) Tandy Corporation
Centre
Hanley 9 May 1979 Memorandum of Rent Review
Stoke on Trent
7 May 1987 Licence to Assign
(1) Febourne Properties Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
8 May 1987 Deed of Assignment
(1) Tandy Corporation
(2) InterTAN (U.K.) Ltd.
7 June 1988 Licence to Assign
(1) Febourne Properties Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
8 June 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
13 June 1989 Memorandum of Rent Review
- --------------------------------------------------------------------------------
1224 37 Union Street 16 May 1980 Lease:
Accrington (1) The Manchester Commercial Buildings
Lancs Co. Ltd.
BB5 1PL (2) Tandy Corporation.
21 August 1984 Deed of Variation:
(1) The Manchester Commercial Buildings
Co. Ltd.
(2) Tandy Corporation
16 March 1987 Notice of Assignment
4 January 1988 Licence to Assign
(1) The Manchester Commercial Buildings
Co. Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
4 January 1988 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
10 March 1988 Licence to Assign
(1) The Manchester Commercial Buildings
Co. Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
11 March 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
29 November 1990 Memorandum of Rent Review
2 October 1991 Notice of Assignment
25 March 1994 Memorandum of Rent Review
1229 32 Stamford New 25 June 1986 Underlease:
Road (1) Petros Developments (Altrincham)
Ltd.
Altrincham (2) Tandy Corporation.
WA14 1EJ
Licence
13 March 1987 (1) Petros Developments (Altrincham)
Ltd.
(2) Tandy Corporation
Licence to Assign
(1) Petros Developments (Altrincham)
Ltd.
30 April 1987 (2) Tandy Corporation
(3) Intertan Canada Ltd.
Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
1 May 1987
Licence to Assign
(1) Petros Developments (Altrincham)
Ltd.
(2) Intertan Canada Ltd.
30 September 1991 (3) InterTAN (U.K.) Ltd.
Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
2 October 1991 Memorandum of Rent Review
Memorandum of Rent Review
12 December 1995
19 January 1998
- --------------------------------------------------------------------------------
1230 91 James Street 10 January 1981 Underlease:
Burnley (1) National Westminster Bank Ltd.
BB11 1PY (2) Tandy Corporation
6 August 1987 Licence to Assign
(1) Caviapen Trustees Ltd.
(acting as custodians for CAA
Superannuation Scheme
(2) Tandy Corporation
(3) Intertan Canada Ltd.
21 July 1992 Deed of Variation
(1) Caviapen Trustees Ltd
(2) Intertan Canada Ltd.
21 July 1992 Licence to Assign
(1) Caviapen Trustees Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
18 September 1992 Notice of Assignment
2 October 1992 Memorandum of Rent Review
12 December 1996 Memorandum of Rent Review
- --------------------------------------------------------------------------------
1232 111 Princes Street 21 November 1980 Lease:
Stockport (1) UDS Properties Ltd.
Cheshire (2) Tandy Corporation
SK1 1RQ
29 July 1986 Deed
(1) Premium Life Assurance Co. Ltd.
(2) Tandy Corporation
12 May 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
14 May 1987 Licence to Assign
(1) Peachey Property Corporation Plc
(2) Tandy Corporation
(3) Intertan Canada Ltd.
10 December 1992 Deed of Release
(1) Hammerson UK Properties
(2) Intertan Canada Ltd.
10 December 1992 Memorandum of Rent Review
20 January 1993 Licence to Assign
(1) Hammerson UK Properties Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
20 January 1993 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
21 January 1993 Notice of Assignment
1240 23 Princes Pavement 4 January 1979 Agreement for Lease
Birkenhead (1) Wirral Borough Council
Wirral (2) Victoria Wine Co. Ltd.
Merseyside
5 December 1981 Assignment
(1) Victoria Wine Co. Ltd.
(2) Tandy Corporation
17 May 1981 Sub-Underlease
(1) Wirral Borough Council
(2) Tandy Corporation
11 September 1987 Licence to Assign
(1) Wirral Borough Council
(2) Tandy Corporation
(3) Intertan Canada Ltd.
11 September 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
7 August 1992 Deed of Variation
(1) Wirral Borough Council
(2) Intertan Canada Ltd.
17 February 1993 Licence to Assign
(1) Legal & General Assurance Society Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
Deed of Assignment
19 February 1993 (1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
Deed of Variation
17 October 1995 (1) Legal & General Assurance Society
(2) InterTAN (U.K.) Ltd.
Lease:
17 May 1998 (1) Wirral Borough Council
(2) Tandy Corporation
1245 17 Birley Street 3 September 1985 Lease:
Blackpool (1) Peachey Property Corporation plc.
FY1 1EG (2) Tandy Corporation.
27 November 1986 Memorandum of Rent Review
22 April 1987 Licence to Assign
(1) Peachey Property Corporation plc.
(2) Tandy Corporation
24 April 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
17 September 1992 Licence to Assign
(1) Wereldhave Property Corporation Plc
(2) Intertan Canada Ltd.
Assignment
21 September 1992 (1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
Notice of Assignment
21 September 1992
Memorandum of Rent Review
10 December 1996
1246 45 Lune Street 14 August 1985 Lease:
Preston. (1) Legal & General Assurance Society Ltd.
PR1 2NN (2) Tandy Corporation.
Memorandum of Rent Review
10 August 1987
Licence to Assign
21 September 1987 (1) Legal & General Assurance Society Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
Licence to Assign
(1) Legal & General Assurance Society Ltd.
30 November 1992 (2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
Notice of Assignment
Memorandum of Rent Review
3 December 1992
9 June 1997
1326 83 Warwick Street 18 November 1974 Lease:
Leamington Spa (1) The Trustees of the England Settlement
CV32 4RR (2) Tandy Corporation
Deed of Variation
13 December 1977 (1) The Trustees of the England Settlement
(2) Tandy Corporation
Memorandum of Rent Review
13 March 1981 Licence to Assign
(1) The Trustees of the England Settlement
29 June 1987 (2) Tandy Corporation
(3) Intertan Canada Ltd.
Licence to Assign
(1) The Trustees of the England Settlement
(2) Intertan Canada Ltd.
12 May 1988
Deed of Variation
(1) J.C.England, M.D.R.Worster, A.P.F.Rothman,
D.J.S.Worster.
(2) InterTAN (U.K.) Ltd.
4 February 1991
Memorandum of Rent Review
29 September 1994
1329 101 Upper Broad Walk 26 September 1980 Lease:
Broad Marsh Centre (1) Prudential Assurance Co. Ltd
Nottingham (2) Focus on Interior Furnishings (Heanor) Ltd.
(3) Paul Adrian Cripwell
23 October 1980 Licence to Assign:
(1) Prudential Assurance Co. Ltd
(2) Focus On Interior Furnishings (Heanor) Ltd.
(3) Tandy Corporation
Deed of Assignment
3 November 1980 (1) Focus On Interior Furnishings (Heanor) Ltd.
(2) Tandy Corporation
14 December 1987 Licence to Assign
(1) Possfund Custodian Trustee Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
14 December 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
3 May 1988 Licence to Assign
(1) Possfund Custodian Trustee Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
3 May 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
1 May 1995 Memorandum of Rent Review
1330 36 Belgrave Gate 8 October 1979 Underlease
Leicester (1) Nationwide Building Society
LE1 3GP (2) Oswald Weiss.
28 August 1981 Licence to Assign
(1) Nationwide Building Society
(2) Oswald Weiss
(3) Mr. & Mrs. P.C. Mallinger
8 September 1981 Assignment
(1) Oswald Weiss
(2) Mr. & Mrs. P.C. Mallinger
8 November 1983 Supplemental Underlease
(1) Nationwide Building Society
(2) Newarke Wools Ltd.
(3) Mr & Mrs P.C. Mallinger.
8 September 1986 Licence
(1) Nationwide Building Society
(2) Newarke Wools Ltd.
(3) Tandy Corporation
(4) Mr. & Mrs. P.C. Mallinger
17 September 1986 Assignment
(1) Newarke Wools Ltd.
(2) Tandy Corporation
23 October 1986 Supplemental Underlease
(1) Nationwide Building Society
(2) Tandy Corporation
23 April 1987 Licence to Assign
(1) Nationwide Building Society
(2) Tandy Corporation
(3) Intertan Canada Ltd.
24 April 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
7 April 1989 Licence to Assign
(1) Nationwide Anglia Building Society
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
12 April 1989 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
1412 13-17 Clarence Street 27 October 1984 Memorandum of Rent Review
Gloucester
GL1 1EA 30 August 1985 Underlease:
(1) Norwich Union Life Assurance Society.
(2) Tandy Corporation
Licence to Assign
27 April 1987 (1) Norwich Union Life Assurance Society
(2) Tandy Corporation
Deed of Assignment
(1) Tandy Corporation
2 May 1987 (2) Intertan Canada Ltd.
Licence to Assign
(1) Norwich Union Life Assurance Society
11 March 1991 (2) Intertan Canada Ltd.
Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
11 March 1991
1415 9 Wood Street 18 July 1979 Lease:
Cardiff (1) Capital & Counties Property Co. Ltd.
South Glamorgan. (2) Tandy Corporation.
CF1 1EN
18 July 1979 Licence
(1) Capital & Counties Property Co. Ltd.
(2) Tandy Corporation
30 July 1985 Deed of Variation
(1) Capital & Counties Plc
(2) Tandy Corporation
Licence
(1) Capital & Counties Plc
30 July 1985 (2) Tandy Corporation
Licence to Assign
(1) Capital & Counties Plc
23 April 1987 (2) Tandy Corporation
Deed of Assignment
(1) Tandy Corporation
24 April 1987 (2) Intertan Canada Ltd.
Licence to Assign
(1) Mars Pension Trustees Ltd.
10 June 1996 (2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
Deed of Assignment
(1) Intertan Canada Ltd.
10 June 1996 (2) InterTAN (U.K.) Ltd.
Notice of Assignment
14 June 1996
1535 7 Greenhill Street 25 October 1961 Lease
Bedford (1) The Mayor, Aldermen & Burgesses of the
Beds Borough of Bedford
MK41 1EG (2) The Marley Tile Co. Ltd.
9 April 1962 Supplemental Lease
(1) The Mayor, Aldermen & Burgesses of the
Borough of Bedford
(2) The Marley Tile Co. Ltd.
4 December 1980 Assignment
(1) The Marley Tile Co. Ltd
(2) Tandy Corporation
26 April 1985 Licence
(1) North Bedfordshire Borough Council
(2) Tandy Corporation
30 December 1986 Licence
(1) Bedfordshire Borough Council
(2) InterTAN (U.K.) Ltd.
14 April 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
22 April 1987 Notice of Assignment
1541 65 Southernhay 8 June 1981 Underlease:
Basildon (1) Ravenseft Properties Limited
Essex (2) Tandy Corporation
SS14 1EU
22 September 1986 Deed of Rent Review
(1) Ravenseft Properties Ltd.
(2) Tandy Corporation
4 June 1987 Licence to Assign
(1) Ravenseft Properties Ltd
(2) Tandy Corporation
(3) Intertan Canada Ltd.
5 June 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
14 July 1988 Licence to Assign
(1) Ravenseft Properties Ltd
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
15 July 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
11 November 1991 Memorandum of Rent Review
1550 1 Quadrant House 24 September 1981 Lease:
The Quadrant (1) Property Growth Assurance Co. Ltd.
Richmond (2) Tandy Corporation
Surrey
TW9 1DT 17 November 1983 Deed of Variation
(1) Property Growth Assurance Co. Ltd
(2) Tandy Corporation
4 December 1986 Memorandum of Rent Review
11 September 1987 Licence
(1) Bristol & West Building Society
(2) Tandy Corporation
14 September 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
6 October 1987 Notice of Assignment
8 April 1992 Memorandum of Rent Review
2 November 1992 Licence to Assign
(1) Bristol & West Building Society
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
4 November 1992 Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
4 November 1992 Notice of Assignment
4 November 1992 Memorandum of Rent Review
1559 10 East Walk 4 December 1985 Lease:
The High (1) Courtenay Investments Ltd.
Harlow (2) Tandy Corporation
Essex
CH20 1JH 19 June 1987 Licence to Assign
(1) Courtenay Investments Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
19 June 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
17 August 1987 Memorandum of Rent Review
12 April 1988 Licence to Assign
(1) Courtenay Investments Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
12 April 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
1 September 1994 Memorandum of Rent Review
14 April 1997 Memorandum of Rent Review
1638 69-71 High Street 23 March 1976 Underlease:
Andover (1) Rowellgrange Limited
Hants (2) Hunters Furnishings Ltd. & Sureties.
SP10 1LP
18 January 1982 Licence to Assign
(1) Sun Life Assurance Co. of Canada
(2) Tandy Corporation
22 May 1986 Memorandum of Rent Review
23 April 1987 Licence to Assign
(1) Sun Life Assurance Co. of Canada
(2) Tandy Corporation
(3) Intertan Canada Ltd.
20 August 1991 Memorandum of Rent Review
6 November 1991 Licence to Assign
(1) Sun Life Assurance Co. of Canada
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
14 November 1991 Notice of Assignment
19 August 1996 Memorandum of Rent Review
1639 Unit 78 Osborne Hall 3 December 1986 Underlease
Fareham (1) The Standard Life Assurance Co.
Hants (2) Tandy Corporation.
PO16 0PW
17 June 1987 Memorandum of Rent Review
7 December 1987 Licence to Assign
(1) The Standard Life Assurance Co.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
7 December 1987 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
6 April 1989 Licence
(1) The Standard Life Assurance Co.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
13 April 1989 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
13 April 1989 Notice of Assignment
20 July 1992 Memorandum of Rent Review
18 November 1997 Memorandum of Rent Review
4596 69 High Street 23 September 1985 Underlease
Hounslow (1) Sun Life Assurance Society Plc.
London (2) Tandy Corporation.
18 August 1986 Licence
(1) Sun Life Assurance Society Plc
(2) Tandy Corporation
20 January 1988 Licence to Assign
(1) Sun Life Assurance Society Plc
(2) Tandy Corporation
(3) Intertan Canada Ltd.
20 January 1988 Deed of Assignment
(1) Tandy Corporation
(2) Intertan Canada Ltd.
2 August 1988 Licence to Assign
(1) Sun Life Assurance Society Plc
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
2 August 1988 Deed of Assignment
(1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
18 February 1996 Memorandum of Rent Review
4649 Unit 215/216 19 December 1986 Lease
Stoneborough (1) The Prudential Assurance Co. Ltd.
Chequers Centre (2) Shell Pensions Trust Ltd.
Maidstone (3) Tandy Corporation.
Kent
28 January 1988 Licence & Deed of Covenant
(1) The Prudential Assurance Co. Ltd.
(2) Shell Pensions Trust Ltd
(3) Tandy Corporation
(4) Intertan Canada Ltd.
7 April 1989 Licence & Deed of Covenant
(1) The Prudential Assurance Co. Ltd.
(2) Shell Pensions Trust Ltd
(3) Tandy Corporation
(4) Intertan Canada Ltd.
8 June 1992 Memorandum of Rent Review
23 May 1997 Licence
(1) The Prudential Assurance Co. Ltd
(2) Shell Pensions Trust Ltd.
(3) InterTAN (U.K.) Ltd.
23 May 1997 Supplemental Lease
(1) The Prudential Assurance Co. Ltd.
(2) Shell Pensions Trust Ltd
(3) InterTAN (U.K.) Ltd.
5 August 1997 Memorandum of Rent Review
4643 233 Commercial Road 17 January 1985 Lease:
Portsmouth (1) The Prudential Assurance Company Ltd.
Hampshire (2) Black Camping and Leisure Ltd.
Licence to Assign
27 March 1986 (1) The Prudential Assurance Co. Ltd.
(2) Black Camping & Leisure Ltd
Assignment
30 April 1986 (1) Blacks Camping & Leisure Ltd.
(2) Tandy Corporation
Licence & Deed of Covenant
31 July 1987 (1) The Prudential Assurance Co. Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
Deed of Assignment
3 August 1987 (1) Tandy Corporation
(2) Intertan Canada Ltd.
Licence to Assign
22 May 1989 (1) Sheraton U.K. Ltd
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
Deed of Assignment
24 May 1989 (1) Intertan Canada Ltd.
(2) InterTAN (U.K.) Ltd.
Memorandum of Rent Review
10 April 1995
4205 36 Bridge Street 1 April 1982 Lease:
St. Helens (1) Star (Great Britain) Holdings Ltd.
Lancaster (2) Tandy Corporation
25 December 1986 Memorandum of Rent Review
22 June 1987 Licence & Deed of Covenant
(1) Urban Commercial Properties Ltd.
(2) Tandy Corporation
(3) Intertan Canada Ltd.
25 July 1989 Licence & Deed of Covenant
(1) Urban Commercial Properties Ltd.
(2) Intertan Canada Ltd.
(3) InterTAN (U.K.) Ltd.
19 December 1991 Memorandum of Rent Review
17 April 1997 Memorandum of Rent Review
Annex 6
PREVIOUS TENANT PROPERTIES
Store Number LOCATION
------------ --------
1102 Newcastle-Upon-Tyne
1117 Arnold
1121 Lincoln
1122 York
1133 Middlesbrough
1138 Sheffield
1204 Prenton
1209 Cheadle
1211 Crewe
1217 Chadderton
1221 Hanley
1224 Accrington
1229 Altrincham
1230 Burnley
1232 Stockport
1240 Birkenhead
1245 Blackpool
1246 Preston.
1326 Leamington Spa
1329 Broad Marsh
1330 Leicester
1412 Gloucester
1415 Cardiff
1535 Bedford
1541 Basildon
1550 Richmond
1559 Harlow
1638 Andover
1639 Fareham
4596 Hounslow
4649 Maidstone
4643 Portsmouth
4205 St. Helens
Annex 7
INDEMNIFIED GUARANTEES
STORE Property DATE PARTIES
NO.
- ----------------------------------------------------------------------------------------
1148 Unit 18 Pavement 14 May 1992 Sub-Underlease:
Centre (1) Chesterfield Borough Council
Chesterfield (2) InterTAN UK Limited
S40 6BS (3) InterTAN Inc.
9 June 1993 Memorandum of Rent Review
- ----------------------------------------------------------------------------------------
1361 18 Market Place 24 November 1988 Lease
Loughborough (1) Standard Life Investment Funds Ltd.
Leics (2) InterTAN UK Ltd.
LE11 3EB (3) InterTAN Inc.
Undated Deed of Release & Grant of Right of
Way
(1) The Council of the Borough of Charnwood
(2) Standard Life Investment Funds Ltd.
- ----------------------------------------------------------------------------------------
1428 21 East Street 18 March 1986 Lease:
Taunton (1) Imperial Life Assurance Co. of Canada
Somerset (2) Holland & Barrett (Franchising) Ltd.
TA1 3CP
Licence to Assign
11 July 1988 (1) Imperial Trident Life Ltd.
(2) Holland & Barrett (Franchising) Ltd.
(3) InterTAN (U.K.) Ltd.
(4) Intertan Inc.
Memorandum of Rent Review
6 May 1997
- ----------------------------------------------------------------------------------------
1429 2 Frederick Place 26 July 1988 Lease:
The Quedam Centre (1) The Standard Life Assurance Co Ltd.
Yeovil (2) Booker Health Foods Ltd.
Somerset
BA20 1LD
Licence
26 July 1988 (1) The Standard Life Assurance Co Ltd.
(2) Booker Health Foods Ltd.
Licence to Assign & Deed of Variation
(1) The Standard Life Assurance Co Ltd.
1 August 1988 (2) Booker Health Foods Ltd.
(3) InterTAN (U.K.) Ltd.
(4) Intertan Inc.
Assignment
(1) Booker Health Foods Ltd.
(2) InterTAN (U.K.) Ltd.
12 August 1988
Notice of Assignment
19 August 1988
- --------------------------------------------------------------------------------
1570 14 High Road 31 October 1986 Lease:
Wood Green (1) Provident Financial Group
London plc
N22 6BX (2) Cullen's Stores plc
31 October 1986 Licence
(1) Provident Financial Group
plc
(2) Cullen's Stores plc
2 September 1988 Licence
(1) I.H.Carrim & E. Carrim
(2) Cullen's Stores Plc
(3) InterTAN (U.K.) Ltd.
2 September 1988 Licence & Deed of Variation
(1) Provident Financial Group
plc
(2) Cullen's Stores plc
(3) InterTAN (U.K.) Ltd.
(4) Intertan Inc.
21 September 1988 Assignment
(1) Cullen's Stores Plc
(2) InterTAN (U.K.) Ltd.
8 June 1995 Memorandum of Rent Review
- -------------------------------------------------------------------------------
1571 Unit 15 10 October 1990 Lease:
Kingsland Shopping (1) College Estate Ltd.
Centre (2) InterTAN UK Ltd.
London (3) InterTAN Inc.
E8 2LX
22 May 1995 Memorandum of Rent Review
- -------------------------------------------------------------------------------
1819 33 Bridgegate 4 October 1988 (1) Vico Properties (Scotland)
Irvine Ltd.
(2) InterTAN(U.K.) Ltd.
(3) InterTAN Inc.
20 January 1989 (1) J. Leon & Co. Ltd.
(2) InterTAN (U.K.) Ltd.
(3) InterTAN Inc.
- --------------------------------------------------------------------------------
Annex 8
EVENT OF DEFAULT
14. The Company ceases carrying on its business or a material part of its
business other than as a result of a disposal of that business or that
material part to a Permitted Company.
15. Any judgement or judgements or order or orders for the payment of money or
money's worth in an amount or value in aggregate not less than
(Pounds)50,000 made against the Company is not complied with within 14 days
or any execution or distress is levied or enforced on any assets of the
Company and is not discharged within seven days;
16. The Company stops payment of its debts or agrees to declare a moratorium or
becomes or is deemed under Section 123(1)(e) or 123(2) of the Insolvency
Act 1986 to be unable to pay its debts;
17. Any event of default (as defined in or pursuant to the relevant agreement)
occurs in relation to the Company pursuant to the terms of any agreement
relating to any money borrowed by the Company and the lender of any such
money asserts that any such money has become due for repayment prior to its
normal maturity date by reason of the Company's default or the Company's
insolvency;
18. The Company enters into any agreement, composition or arrangement with its
creditors generally, or any class of its creditors, or takes any steps
with a view to entering into any such agreement, composition or arrangement
or any steps are taken with a view to the Company entering into a voluntary
arrangement under any statute dealing with insolvency or the protection of
debtors unless the purpose and effect of such action is that the rights,
assets, liabilities and obligations of the Company are assumed by a
Permitted Company;
19. Any security holder enters into possession or otherwise takes steps to
enforce its security over any assets of the Company;
20. An order is made or a resolution (not being a resolution relating to a
winding up as part of a solvent reconstruction or amalgamation under which
the rights, assets, liabilities and obligations of the Company are assumed
by a Permitted Company) is passed or proceedings or steps are taken for
appointing an administrator of or for the winding-up of the Company or a
notice is issued convening a meeting to pass such a resolution;
21. Any receiver is appointed over all or any of the assets of the Company, or
any steps are taken toward the appointment of such a receiver;
22. Any event similar to or analogous to any of the foregoing occurs in
relation to the Company under the laws of any jurisdiction;
23. The Company disposes of all or the major part of its business other than to
a Permitted Company
24. The Company or following a disposal to a Permitted Company as contemplated
by Paragraph 23, that assignee company ceases to be a Permitted Company.
Executed as a Deed under Seal by )
INTERTAN, INC )
Executed as a Deed under Seal by )
TANDY CORPORATION )
Executed as a Deed under Seal by )
INTERTAN CANADA LIMITED )
Executed as a Deed under Seal by )
THE CARPHONE )
WAREHOUSE LIMITED )
Director
Director/Secretary
Executed as a Deed under Seal by )
WORLDWIDE )
TELECOMMUNICATIONS )
LIMITED )
Director
Director/Secretary