DATE OF LOAN AGREEMENT 2002
(1) XCEL POWER SYSTEMS LIMITED (Company Number 00575679) whose registered office is at
Brunswick Road, Cobbs Wood, Ashford, Kent, TN23 1EB (the "BORROWER")
(2) VENTURE FINANCE PLC AS LENDER (Company Number 2281768) whose registered office is at
Sussex House, Perrymount Road, Haywards Heath, West Sussex, RH16 1DN ("VF")
"INTEREST COVER COVENANT" means the covenant specified in paragraph 4 of Part 1 of the Schedule.
"INTEREST RATE" means the rate specified in paragraph 3 of Part 1 of the Schedule charged on the Loan
Account Balance outstanding from day to day, which interest shall be debited to the Loan Account upon the last
A VF and the Borrower are parties to an agreement for the purchase of
debts ("THE AGREEMENT FOR THE PURCHASE OF DEBTS"), a stock facility
("THE ADVANTAGE AGREEMENT"), a term loan ("THE LOAN Agreement") and a
cashflow loan ("THE CASHFLOW LOAN AGREEMENT") each dated as of the date
B VF has agreed to make available to the Borrower a loan facility upon
the terms and subject to the conditions set out in this Agreement.
IT IS AGREED as follows:-
In this Agreement, unless the context otherwise requires, the following
words and expressions will have the meaning set out opposite them:-
"AGREEMENT" means this agreement and the Schedule.
"AGGREGATE LIMIT" means the amount specified in (or, if appropriate,
calculated in accordance with) paragraph 2 of Part 1 of the Schedule,
or such other greater or lesser amount as VF may notify to the Borrower
from time to time, in each case in VF's absolute discretion.
"AVAILABILITY PERIOD" means the period detailed in paragraph 7 of Part
1 of the Schedule.
"BASE RATE" means the Base Rate set by VF's Bankers subject to a
minimum rate of 4.5%.