Document:

EX-10

EX-10.1

 

ADVICE OF BORROWING

TERMS

 

	

  Relationship Office:

  	

  Commercial

  Banking South Yorkshire

  	

  Date:    01 April 2002

  
	

   

  	

   

  	

   

  
	

  Borrower(s)

  	

   

  	

  Registered Number:

  
	

  C J Vander Limited &

  	

   

  	

  763852

  
	

  International Silver Company Limited

  	

   

  	

  03768277

  
				

 

We intend that the facilities

listed in Part 1 of the attached Facility Schedule (the “on-demand facilities”)

should remain available to the borrower(s) until 30 October 2002 and all

facilities should be reviewed on or before that date.  The facilities are, however, subject to the following:-

 

•                  the terms and

conditions below,

•                  the specific

conditions applicable to an individual facility as detailed in the Facility

Schedule,

•                  the Security

detailed in the attached Security Schedule, and

•                  the attached

General Terms.

 

All amounts outstanding are repayable on

demand which may be made by us at our discretion at any time and the facilities

may be withdrawn, reduced, made subject to further conditions or otherwise

varied by us giving notice in writing.

 

Preconditions:

Preconditions which must be

satisfied before facilities can be utilized:

•                  A signed copy of

this Advice of Borrowing Terms to be returned to us.

•                  Receipt of a

certified copy of a resolution of your board of directors confirming:-

•                  Certification by

the chairman of the meeting that a valid quorum was present and the meeting was

duly convened

•                  Agreement to

give security (if applicable)

•                  acceptance of

the terms and conditions of the facility/facilities

•                  authorization of

a person or persons to sign the Form of Acceptance in this Advice of Borrowing

Terms and to take such other action as may be necessary for the purpose of the

facility/facilities

•                  Completed

Application forms for the Advanced Payment Guarantees in favor of Charles

Kendall & Partners Limited and executed counter indemnity in respect of the

guarantees given by CJ Vander Limited.

 

Conditions:

The following conditions must be satisfied at

all times while the facilities are outstanding, but this will not affect our

right to demand repayment at any time:

 

•                  The Advance

Payment Guarantees in favour of Charles Kendall & Partners Limited are

issued subject to the following conditions:-

•                  Advance Payment

monies (2 x £168000) received are to be held in a separate account designated

Natwest Bank re CJ Vander Limited.  Interest

earned on the balance of the account to be credited to the account of CJ Vander

Limited.  Alternatively the initial

Advance Payment of £168,000 is held on the designated account with a reduction

of £168,000 to the 

 

 

agreed composite facility of £250,000 (ie reducing to £82,000) upon the

issue of the second Advanced Payment Guarantee.

•                  A formal charge

over these balances to be executed by CJ Vander Limited.

•                  The funds are to

be held on deposit and/or reduced composite facility are to remain in place

until the Bank’s liability under the Advance Payment Guarantees ceases or

satisfactory alternative security is held.

•                  Audited accounts

to be provided to us within 180 days of the financial year end to which they

relate.

 

•                  Monthly

management accounts to be provided to us within 21 days of the end of the month

to which they relate; to include Profit & Loss, Balance Sheet and Aged

Debtor/Creditor listings with suitable commentary/explanations re any

divergence from budget.

 

•                  Facilities

remain available subject to our agreed lending formula calculated on the

following basis:

 

[Debtors<3

months + Stock x 40%] to cover utilized facilities in a ratio of minimum 2:1

 

Given the current trading of C

J Vander Ltd and insolvent balance sheet footings (ie treating the parental

support as a long term liability), we will continue to extend existing levels

of support on the basis of the clear integrity of the parent undertaking.

 

Interest Set Off:

Cleared debit and cleared

credit balances in the same currency on non-interest bearing current accounts

and loan accounts repayable on demand specified below (the “Interest Set Off

Accounts”) will be used to calculate, on a daily basis, the net cleared debit

balance of the Interest Set Off Accounts. 

The Interest Set Off Accounts, which we have agreed are to be set off

for Interest calculation purposes, are detailed in the attached Facility

Schedule which also specifies the frequency at which interest will be payable

and the rate or rates at which it will be charged on the net cleared debit

balance.

 

Cleared debit balances which

are set off on a daily basis by cleared credit balances on the Interest Set Off

Accounts will incur interest at the Set Off Rate specified in the attached

Facility Schedule.

 

Other Fees and Costs

The following fees are due, in

addition to the specific Arrangement Fee(s) detailed in the Facility Schedule:

 

	

  Fee Type

  	

   

  	

  Amount

  	

   

  	

  Account to

  be debited

  	

   

  	

  Date to be

  debited

  	

   

  
	

  Security Fee

  - Charge over credit balances held

  	

   

  	

  £50

  	

   

  	

   

  	

   

  	

  Upon completion of the formal charge

  	

   

  

 

	

  /s/  A Tyas

  	

   

  	

   

  
	

  Manager

  	

   

  
	

  Commercial

  Banking

  	

   

  
	

  For and on

  behalf of

  	

   

  
	

  National

  Westminster Bank Plc

  	

   

  

 

2

 

Acceptance:

•                     To

signify your agreement to the terms and conditions outlined above please sign

and return the enclosed copy of this Advice of Borrowing Terms within 28 Days.

 

 

Form of Acceptance

 

I accept the

facility/facilities on the above terms and conditions and confirm that that I

have been authorised by the Board(s) of Directors of the Borrower(s) to sign

this Form of Acceptance on behalf of the Borrower(s).

 

	

  By (name and

  title):

  	

  /s/ Stephen

  Wilfin, Finance Manager

  	

   

  	

   

  	

  Date:

  	

  15th

  April 2002

  
	

   

  	

   

  	

   

  	

   

  
	

  For and on

  behalf of: C J Vander Limited

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  By (name and

  title):

  	

  /s/ Stephen

  Wilfin, Finance Manager

  	

   

  	

   

  	

  Date:

  	

  15th

  April 2002

  
	

   

  	

   

  	

   

  	

   

  
	

  For and on

  behalf of:  International Silver

  Limited

  	

   

  	

   

  	

   

  

 

3EX-10

EX-10.2

 

AMENDMENT NO. 4 TO EMPLOYMENT

AGREEMENT

 

AMENDMENT NO. 4 dated April 11,

2002 to EMPLOYMENT AGREEMENT dated as of August 16, 1991, between Syratech

Corporation, a Delaware corporation (the “Company”), and Melvin L. Levine (the

“Executive”).

WHEREAS, the Company and the

Executive are parties to an Employment Agreement dated as of August 16, 1991,

which was amended by Amendment No. 1 dated as of May 11, 1995, Amendment No. 2

dated as of January 31, 1997 and Amendment No. 3 dated as of April 16, 1997 (as

so amended, the “Agreement”), (capitalized terms used and not otherwise defined

herein shall have the meaning given to such terms in the Agreement);

WHEREAS, the

Company and the Executive have agreed to amend the provisions of the Agreement

relating to (i) the Executive’s accrued paid time off, (ii) the Executive’s

term of full­time employment and (iii) certain other matters.

 

NOW, THEREFORE, in

consideration of the mutual covenants and agreements herein contained, the

parties agree as follows:

1.             Paid Time Off.  The Company agrees that it

will pay the Executive, at the end of the Executive’s term of full-time

employment, a lump sum, subject to appropriate withholding requirements, equal

to the Executive’s then accrued paid time off pursuant to the Company’s written

policy. The Company and the Executive agree that as of December 31, 2001, the

Executive had accrued an aggregate of 135 days of “paid time off’ as defined in

the Company’s written policy dated January 1, 2001.

2.             Extension.  Section 1.2 of the Agreement is

hereby amended and restated in its entirety to read as follows:

“1.2               The Executive’s

term of full-time employment pursuant to this Agreement shall, unless otherwise

terminated pursuant to Section 4 of this Agreement, continue until April 16, 2003.

The Executive’s term of advisory service (the “Advisory Period”) shall begin on

the day next following the last day of the Executive’s term of full-time

employment in accordance with this Agreement and shall end on the third

anniversary of such day.”

 

3.             Base Salary.  As of April 16, 2002, the

Executive’s Base Salary shall be increased by the Company to Four Hundred

Fifteen Thousand Dollars ($415,000) per annum.

4.             Annual Bonus Opportunity.  The Executive

shall be eligible to participate in an annual incentive bonus program for the

Company’s senior executives. The Executive’s participation in such annual bonus

program shall be on terms similar to the participation of other senior

executives of the Company.

5.             Options.  The Company intends to adopt, as

soon as is practicable, a 2002 Stock Incentive Plan and in connection therewith

shall grant to the Executive options to purchase not

 

 

less than 75,000 shares of the

Company’s Common Stock, $.01 par value per share, thereunder. Such options

shall have terms that are similar to the terms granted to other senior

executives of the Company.

 

6.             Attorney’s Fees.  The Company agrees to

reimburse the Executive for his reasonable attorney’s fees actually incurred in

connection with the negotiation of this Agreement in an amount not to exceed

$1,500.

7.             Confirmation of Other Terms.  In all other

respects, the provisions of the Agreement are hereby ratified, confirmed and

approved.

IN WITNESS

WHEREOF, the parties have duly executed this Amendment No. 4 to the Agreement

as of the date first written above.

 

	

   

  	

  SYRATECH

  CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By: 

  	

  /s/ David V.

  Harkins

  	

   

  
	

   

  	

  Name:  David V. Harkins

  
	

   

  	

  Title:    Director

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  /s/  Melvin L. Levine

  	

   

  
	

   

  	

  Melvin L.

  Levine

  

 

2

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