Loan Agreement between Lloyds TSB Commercial Finance Limited and Xcel Power Systems Limited (June 28, 2005)
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Summary
This agreement is between Lloyds TSB Commercial Finance Limited (the lender) and Xcel Power Systems Limited (the borrower). Lloyds TSB agrees to provide a revolving loan facility to Xcel Power Systems, with advances based on the value of certain secured assets, up to a maximum of £2,550,000 or 125% of the notified value of outstanding debts. The agreement outlines interest rates, repayment terms, and valuation requirements for plant and machinery. Xcel Power Systems grants Lloyds TSB a power of attorney to act on its behalf for certain actions related to the loan. The agreement was executed as a deed on June 28, 2005.
EX-10.10 11 emrise_10qex10-10.txt 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: ----- B. PARTIES: LENDER: LLOYDS TSB COMMERCIAL FINANCE LIMITED ------- ------ A company incorporated in England and Wales with number 733011 whose registered office is at Boston House, The Little Green, Richmond, Surrey TW9 1QF. Borrower: XCEL POWER. SYSTEMS LIMITED -------- a company incorporated in England and Wales with neither 00575679 whose registered office is at Brunswick Road, Cobbs Wood, Ashford, Kent TN23 1EB C. INTRODUCTION ------------ 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 -------------- 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 ----------- F.1 GENERAL ------- DATE OF DEBT PURCHASE AGREEMENT: -------------------------------- ADDITIONAL PRECONDITIONS: ------------------------- ADDITIONAL SECURITY DOCUMENT: ----------------------------- F.2 FINANCIAL --------- - ------------------------------------------------------- ------------------------------- ------------------------------ DRAWDOWN FREQUENCY Stock in Trade: Not Applicable Plant & Machinery: Monthly Property Not Applicable - ------------------------------------------------------- ------------------------------- ------------------------------
F. POWER OF ATTORNEY ----------------- 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) ---------------------- -4- 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** Carmine T. Oliva ) /S/ Carmine T. Oliva ------------------------------ ) --------------------------- Director ) Director ) And** G.M.J. Jeffries ) /S/ G.M.J. Jeffries ------------------------------ ) --------------------------- *Director/Company Secretary ) *Director/Company Secretary -5-