Exhibit 10.8
Lloyds TSB Corporate
Birmingham
Lloyds TSB Bank plc
P O Box 908
125 Colmore Row
Birmingham Telephone: 0121 625 6746
B3 2DS Facsimile: 0121 212 0861
Reference: DRD/DMYS
Date: 19th December 2003
The Directors
Timet UK Limited
P O Box 704
Witton
Birmingham
West Midlands
B6 7UR
Dear Sirs,
AMENDMENT LETTER
We refer to a letter dated 20th December 2002 (the "Facility Letter") and to the
security documents required to be effected thereby from time to time. Pursuant
to the foregoing we agreed to make available to you loan and overdraft
facilities of up to (pound)22,500,000.
We hereby confirm that with effect from the Effective Date and provided that the
Effective Date occurs not later than 22nd January 2004 the following amendments
shall be made to the Facility Letter:
1. the definition of "Commitment Termination Date" contained in Clause 1 shall
be amended to read "means 20th December 2004 or such later date as may from
time to time be agreed pursuant to Clause 2.5 hereof"; and
2. the definition of "Expiry Date" contained in Clause 1 shall be amended to
read "means 20th December 2005".
All other terms and conditions expressed in the Facility Letter remain
unaltered, and from the Effective Date the Facility Letter and this letter shall
be construed as one agreement.
The Effective Date shall be the date upon which we shall have received and found
in order:
(a) a copy of this letter duly signed by you in acceptance of the amendments
contained herein;
(b) a certified copy of your board resolution approving the terms of this
letter and authorising a person or persons to sign on your behalf the
acknowledgement appearing on the duplicate copy of this letter; and
(c) if not already in our possession, duly authenticated specimen signatures of
the person(s) so authorised.
Yours faithfully,
For and on behalf of Lloyds TSB Bank plc
/s/ Simon Stirling
Simon Stirling
Senior Relationship Manager
Continuation of a letter from
Lloyds TSB Bank plc to:
Timet UK Limited
2
We hereby acknowledge receipt of your letter dated 19th December 2003 of which
this is a duplicate and confirm our agreement to the amendments therein
contained, pursuant to a resolution of the board dated 29/12/2003.
For and on behalf of Timet UK Limited
Signed by D. Roberts (name) (name)
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/s/ D. Roberts (signature) (signature)
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29/12/03 (date) (date)
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This letter creates legal obligations. Before signing you may wish to take
independent advice.