ADVICE OF BORROWING TERMS
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BRANCH / UNIT: Thames Valley Corporate Business Centre
Abbey Gardens
4 Abbey Street
READING
Berkshire
RG1 3BA
DATE: 25 September 1997
BORROWER'S NAME: Cyberia (UK) Ltd,
4 Faraday court, Rankine road, Basingstoke,
Hampshire, RG24
Subject to the Bank's rights below and subject to the Bank's rights under the
"General Terms Upon Which The Bank Makes Facilities Available", it is the Bank's
current intention that the facilities specified in this Advice of Borrowing
Terms (except for those facilities which are subject to their own separate
facility documentation covered below under "Facilities Subject To Separate
Documentation") should remain available for a term of ten years subject to
annual review with the next review 31 May 1998.
FACILITY 1
Facility Type: Loan.
Amount: Pounds Sterling 280,000.
Purpose: To assist with the purchase of 65 Church
Street, Basingstoke.
Repayment: Repayment of Pounds Sterling 3,533.95 per month
over a ten year term with the availability of a
six month capital repayment holiday should you
wish to exercise the option. During this period,
interest will need to be covered on a quarterly
basis.
First Debit Interest Rate: 2 % above the Bank's Base Rate from time to time.
Second Debit Interest Rate: Not applicable.
Payable: Quarterly.
FACILITY 2
Facility Type: Loan.
Amount: Pounds Sterling 140,000
Purpose: To assist with the refurbishment costs in
connection with 65 Church Street, Basingstoke.
Repayment: Repayments of Pounds Sterling 1,766.97 per month
over a ten year term with the availability of a
capital repayment holiday over the initial six
month period. During this time interest would need
to be covered on a quarterly basis. First Debit
Interest Rate: 2 % above the Bank's Base Rate from
time to time.
Second Debit Interest Rate: Not applicable.
Payable: Quarterly.
REPAYMENT
It is the Bank's current intention that the facilities should be reviewed by the
dates indicated herein. However, all amounts outstanding under the facilities
are repayable on demand, which may be made by the Bank at its sole discretion at
any time. The Facilities may also, by notice, be withdrawn, reduced or made
subject to further conditions or otherwise varied.
INTEREST
Interest on any indebtedness from time to time in excess of agreed facilities
will be charged at the interest rate detailed above. An excess fee will be
charged at the Bank's published rate from time to time (currently Pounds
Sterling 3.50 per day) for each day that your agreed overdraft limit is
exceeded. The Bank is not obliged to allow (or to continue to allow) any excess
borrowing.
All rates specified above are variable. If the interest rate specified above is
not linked to the Bank's Base Rate, interest will be charged initially at the
rate per annum specified above, which may vary from time to time at the Bank's
absolute discretion. Details of the current rates are available from the Branch
or Office where the facility is provided.
The Bank may alter the basis upon which interest is calculated (including the
size of the margin charged over the Bank's Base Rate or other published rate) on
facilities and/or the amount of any regular repayments of facilities which are
repayable on demand (or by notice), but it will give the customer one month's
notice before doing so.
FEES
An all encompassing arrangement and security fee of Pounds Sterling 5,250 will
fall payable on drawdown, i.e. 30 September 1997.
SECURITY
The Bank continues to rely on its existing security (and requires additional
security where specified), detailed below, for the discharge on demand of all
present and future liabilities (both actual and contingent) of the Borrower to
the Bank. The liabilities secured will include, without limitation, all
liabilities of the borrower to the Bank under the facility or facilities
specified in this Advice of Borrowing Terms including those which are listed
below under the heading "Facilities Subject To Separate Documentation".
From time to time the Bank may wish to revalue the security and the cost of any
valuations required by the Bank will be met by the Borrower. Further information
is included in the "General Terms Upon Which The Bank Makes Facilities
Available".
Date Executed Title of Security / Asset
To Come First and only Legal Mortgage over 65 Church
Street, Basingstoke given by Cyberia (UK) Ltd.
Composite Guarantee Arrangement between Cyberia
(UK) Ltd, Lapland (UK) Ltd and Mobile Planet Ltd.
To Come A Guarantee limited to Pounds Sterling 100,000
unsupported given by Michael J. Neame and Martin
Clarke.
OTHER CONDITIONS
o The Bank will require sight of monthly Management Accounts in the format
agreed for both Lapland (UK) Ltd and Mobile Planet Ltd to be received by
the month end following to the month to which the Accounts relate.
o The Bank will require sight of Audited Accounts on Cyberia (UK) Ltd,
Lapland (UK) Ltd and Mobile Planet Ltd within six months following the year
end to which the Accounts relate.
o London Clancy to re-value 65 Church Street, Basingstoke upon completion of
the refurbishment works and this to be provided by way of side letter.
o Drawdown of Loan 2 will be subject to provision of appropriate
Architects Certificates.
GENERAL TERMS
Please note that all facilities specified in this Advice of Borrowing Terms are
made available subject to the "General Terms Upon Which The Bank Makes
Facilities Available", except for those subject to separate Facility
Letters/Agreement Forms which do not expressly incorporate the General Terms.
Please note that all facilities are also subject to any terms which may be
implied by English Law.
/s/ David Napier
Manager
For and on behalf of
National Westminster Bank PLC
The Borrower confirms acceptance of the above terms and conditions pursuant to a
Resolution of the Board of Directors of Cyberia (UK) Ltd
Signed: /s/ Michael Neame
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M J Neame Esq.
For and on behalf of
Cyberia (UK) Ltd
Date: 30/10/97
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