Exhibit 10.1
Corporate Banking
Services
Advice of Borrowing Terms
for
INLITE COMPUTERS LIMITED
From:
CRAWLEY COMMERCIAL BUSINESS CENTRE
19 February 2002
[NATWEST LOGO]
ADVICE OF BORROWING TERMS
RELATIONSHIP OFFICE: Crawley Commercial Business
Centre DATE: 19 February 2002
BORROWER(S) REGISTERED NUMBER:
Inlite Computers Limited 3106266
We intend that the facilities listed in Part 1 of the attached Facility Schedule
(the "on-demand facilities") should remain available to the borrower(s) until 6
June 2002 and all facilities should be reviewed on or before that date. The
facilities are, however, subject to the following:-
- - the terms and conditions below,
- - the specific conditions applicable to an individual facility as
detailed in the Facility Schedule,
- - the Security detailed in the attached Security Schedule, and
- - the attached General Terms.
ALL AMOUNTS OUTSTANDING ARE REPAYABLE ON DEMAND WHICH MAY BE MADE BY US AT OUR
DISCRETION AT ANY TIME AND THE FACILITIES MAY BE WITHDRAWN, REDUCED, MADE
SUBJECT TO FURTHER CONDITIONS OR OTHERWISE VARIED BY US GIVING NOTICE IN
WRITING.
CONDITIONS:
The following conditions must be satisfied at all times while the facilities are
outstanding, but this will not affect our right to demand repayment at any time:
- - Monthly management accounts to be provided to us within 21 days of the
end of the month to which they relate
- - Audited accounts to be provided to us within 180 days of the financial
year-end to which they relate.
- - The overdraft facility is to be used to meet any cash shortfall, which
cannot be, covered by either the agreed GLE ID line, or the stretching
of creditors. It is envisaged that usage will be primarily to support
the company with their requirements to hold stock per agreed SLA's or
as part of a phased contract.
/s/ Alan Curtis
ALAN CURTIS
MANAGER, COMMERCIAL BANKING
For and on behalf of
National Westminster Bank Plc
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ACCEPTANCE:
To signify your agreement to the terms and conditions outlined above please sign
and return the enclosed copy of this Advice of Borrowing Terms within 10 days.
FORM OF ACCEPTANCE
I accept the facility/facilities on the above terms and conditions and confirm
that I have been authorised by the Board(s) of Directors of the Borrower(s)
(copy Resolution enclosed) to sign this Form of Acceptance on behalf of the
Borrower(s).
By (name and title): Date
For and on behalf of: INLITE COMPUTERS LIMITED
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Facility Schedule
PART 1 - FACILITIES REPAYABLE ON DEMAND
OVERDRAFT: - BASE RATE
ACCOUNT NUMBER: 53558286 60-06-20
NAME OF BORROWER Inlite Computers Limited
LIMIT: L150,000.
PURPOSE: To finance working capital
REPAYMENT: Fully fluctuating
1ST DEBIT INTEREST RATE: 2.25% above the Bank's Base rate
2ND DEBIT INTEREST RATE: 4.25% above the Bank's Base rate on
borrowing in excess of agreed facilities.
INTEREST PAYABLE: Monthly
ARRANGEMENT FEE: LNil
EXCESS FEES: We will be entitled to charge an excess fee
(Referral fee) at the Bank's published rate
for each day any agreed limit is exceeded
(see our "Services & Charges for Business
Customers" brochure for details).
PART 2 - FACILITIES SUBJECT TO SEPARATE DOCUMENTATION:
The following facilities are made available on the terms of the separate
documentation between us.
NAME OF BORROWER FACILITY AND PURPOSE AMOUNT DATE AGREEMENT
L SIGNED
Inlite Computers Limited Business Card L10,000. 30/10/1995
SECURITY SCHEDULE
We rely on the security detailed below (and require additional security where
specified) to repay, on demand, all your current and future liabilities (both
actual and contingent) to us. These liabilities include, without limitation,
those incurred by you under the facility(ies) specified in the Facility
Schedule.
DATE EXECUTED/NEW: SECURITY: GIVEN/TO BE GIVEN BY:
13/02/2001 Legal Mortgage over lease granted in Copy Data Limited
favour of Copy Data relating to The
Arena, Raleigh Court, Priestley Way,
Crawley, West Sussex
30/03/1999 Guarantee Limited to L50,000 Kevin Michael O'Brien
13/02/2001 Guarantee Limited to L160,000 Eric Arthur O'Brien
(supporting security held)
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