EXHIBIT 10.10
LOAN AGREEMENT
BETWEEN
LLOYDS TSB COMMERCIAL FINANCE LIMITED
AND
XCEL POWER SYSTEMS LIMITED
LLOYDS TSB COMMERCIAL FINANCE LIMITED
LOAN AGREEMENT
A. DATE:
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B. PARTIES: LENDER: LLOYDS TSB COMMERCIAL FINANCE LIMITED
------- ------ A company incorporated in England and
Wales with number 733011
whose registered office is at Xxxxxx
Xxxxx, Xxx Xxxxxx Xxxxx, Xxxxxxxx,
Xxxxxx XX0 0XX.
Borrower: XCEL POWER. SYSTEMS LIMITED
-------- a company incorporated in England
and Wales with neither 00575679
whose registered office is at
Xxxxxxxxx Xxxx, Xxxxx Xxxx, Xxxxxxx,
Xxxx XX00 0XX
C. INTRODUCTION
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C.1 The Lender's Standard Terms and Conditions for revolving Loan
Fealties (the "Conditions") are supplied with, and form an
integral part of, this Loan Agreement (the "Agreement") and
are signed (for identification) on behalf of the Lender and
the Borrower.
C.2 Except where the context otherwise requires:
C.2 1 all references in this Agreement to:
C.2.1.1 the expression "Agreement" includes the
Conditions;
C.2.1.1 a clause means a clause in this Agreement
and to a condition means a condition
contained in the Conditions,
C.2.2 expressions defined in the Conditions bear the same
meaning in this Agreement.
C.3 Where there is any conflict between a clause and a condition,
their such clause shall prevail.
D. LOAN AGREEMENT
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D.1 Subject to the terms of this Agreement, at the request of the
Borrower the Lender has agreed to make Advances to the
Borrower relative to Valuations of the Secured Collateral up
to the Loan Facility Limit.
D.2 The Borrower has entered into this Agreement on the basis that
it has read and understood all of its terms and also it has
had the prior opportunity to take Independent legal advice as
to its rights and obligations.
E. PARTICULARS
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F.1 GENERAL
-------
DATE OF DEBT PURCHASE AGREEMENT:
--------------------------------
ADDITIONAL PRECONDITIONS:
-------------------------
ADDITIONAL SECURITY DOCUMENT:
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F.2 FINANCIAL
---------
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DRAWDOWN FREQUENCY Stock in Trade: Not Applicable
Plant & Machinery: Monthly
Property Not Applicable
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FIRST DRAWN DOWN DATE: When requested
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LENDER'S MAXIMUM AGGREGATE COMMITMENT: lesser of (pound)2,550,000 and 125% of the Notified Value of
all Debts outstanding at the relevant time
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STOCK IN TRADE Not Applicable
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STOCK IN TRADE ADVANCES LIMIT: FROM THE
AMOUNT AVAILABLE FROM THE STOCK IN TRADE the lesser of (pound)0 or the sum equal to 0% of the
VALUE WE WILL DEDUCT ALL PREFERENTIAL CLAIMS Stock in Trade Value
AND OTHER RESERVES REQUIRED PRIOR TO ARRIVING
AT AN AVAILABLE FUNDS FIGURE
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STOCK IN TRADE INTEREST RATE 0% above Base Rate
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STOCK IN TRADE REPAYMENT TERMS
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VALUATIONS OF STOCK IN TRADE PREPARED BY BORROWER: Prior to the first advance and
within 14 days of each calendar month. Prepared by
Borrower a schedule of VAT and PAYE liability.
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PLANT AND MACHINERY The plant and machinery set out or otherwise described
in any schedules respectively to a document being an
Additional Security Document and/o the General Security
Document (and in this Agreement reference to Plant and
Machinery shall be construed accordingly).
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PLANT AND MACHINERY ADVANCES LIMIT the lesser of (pound)75,000 or the sum equal to 50% of
plant and Machinery Value
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PLANT AND MACHINERY INTEREST RATE 1.9% above Base Rate
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PLANT AND MACHINERY REPAYMENT TERMS (pound)2,083.00
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VALUATIONS OR PLANT AND MACHINERY PREPARED BY INDEPENDENT VALUER. Prior to drawdown and
annually on the anniversary of this Agreement
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PROPERTY Not Applicable
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PROPERTY ADVANCES LIMIT the lesser of (pound)0 or the sum equal to 0% of Property
Value
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PROPERTY ADVANCES INTEREST RATE 0% above Base Rate
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PROPERTY ADVANCE REPAYMENT TERMS
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PREPARED BE INDEPENDENT VALUER. Prior to drawdown and
VALUATIONS OF PROPERTY annually on the anniversary of this Agreement
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F. POWER OF ATTORNEY
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For the purposes of enabling the Lender to exercise more readily and
beneficially the powers conferred on the Lender in this Agreement the
Borrower hereby irrevocably and by way of security appoints the Lender
(and any successor or assignee and its (arid their respective)
directors and officers from time to time jointly and each of them
severally to be the Attorney of the Borrower for the purpose of
executing all such deeds and documents and performing all such acts and
things in the name of the Borrower as may be expedient for the exercise
by the Lender (any such successor or assignee) of any of its said
powers or to secure the performance of any of the Borrowers obligations
in this Agreement.
G. SPECIAL TERMS (IF ANY)
----------------------
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IN WITNESS whereof the Lender and the Borrower have each executed this Agreement
as a deed on the above dare and in the manner appearing below:
SIGNED and DELIVERED as a DEED on the 28th
day of june 2005 on behalf of )
)
LLOYDS TSB COMMERCIAL FINANCE LIMITED )
)
by: 1.** ______________________________________)
duly appointed attorney )
)
2.** ______________________________________)
duly appointed attorney )
SIGNED and DELIVERED as a Deed BY
XCEL POWER SYSTEMS LIMITED
acting by** Xxxxxxx X. Xxxxx ) /S/ Xxxxxxx X. Xxxxx
------------------------------ ) ---------------------------
Director ) Director
)
And** G.M.J. Xxxxxxxx ) /S/ G.M.J. Xxxxxxxx
------------------------------ ) ---------------------------
*Director/Company Secretary ) *Director/Company Secretary
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