EXHIBIT 10.21
[THE ROYAL BANK OF SCOTLAND LETTERHEAD]
Inveresk Research Group Inc
Elphinstone Research Centre
Tranent
EH33
24 January 2003
Dear Sirs
BORROWING FACILITIES
We write with reference to the Facility Agreement between The Royal Bank of
Scotland plc and Inveresk Research Group, Inc dated 21 June 2002 ("the Facility
Agreement") which sets out the terms and conditions upon, and subject to which,
the Bank has agreed to make available (i) a US$50,000,000 Term facility and
(ii) a US$25,000,000 Multicurrency Revolving Facility ("the Facilities").
Definitions used within this letter shall have the same meanings as set out in
the Facility Agreement.
It has been agreed between the Bank and the Company that notwithstanding the
terms of Clause 21.1.2 of the Facility Agreement, Consolidated Net Tangible
Assets of the Group shall not be less than $10,000,000 at 31 December 2002 and
that references to $35,000,000 within Clause 21.1.2 shall be substituted by
$10,000,000.
All other terms and conditions of the Facility Agreement remain in full force
and effect.
Yours faithfully
For and on behalf of The Royal Bank of Scotland plc
/s/ Xxxxx X. Xxxxxxxx
Xxxx Xxxxxxx
Senior Corporate Manager
The Royal Bank of Scotland plc ("the Bank") is regulated by the Financial
Services Authority and is a member of The Royal Bank of Scotland Marketing
Group. The only packaged products (life policies, unit trusts and other
collective investment schemes and stakeholder and other pensions) the Bank
advises on and sells are those of the Marketing Group, whose other members are
Royal Scottish Assurance plc and Royal Bank of Scotland Unit Trust Management
Limited, both regulated by the Financial Services Authority. The Royal Bank of
Scotland plc, Registered in Scotland No. 90312. Registered Office, 00 Xx.
Xxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX. Agency agreements exist between members of
The Royal Bank of Scotland Group.
