Document:

Unassociated Document

     

    

    

    

    
      Exhibit
10.4

    
      Execution
copy

    

    

    

    

     

    COMMERCIAL
TERMS

     

     

    FOR
THE

     

     

    RECEIVABLES
FINANCE AGREEMENT

     

    

     

    BETWEEN

     

    

     

    LLOYDS
TSB BANK PLC (1)

     

    

     

    and

     

    

    CIMCOOL
INDUSTRIAL PRODUCTS B.V. (2)

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    RECEIVABLES
FINANCE AGREEMENT

    

    This
Receivables Finance Agreement (the “Agreement”) is entered into on
12 March 2008

    

    BETWEEN

    

    
      	
              (1)

            	
              WE, LLOYDS TSB BANK PLC,
      an English public limited company whose registered office is at 25 Gresham
      Street, London, United Kingdom; acting through our branch in the
      Netherlands with offices at Staten Bolwerk 1, 2011 MK Haarlem, the
      Netherlands, and

            

    

    

    
      	
              (2)

            	
              YOU, CLIENT, CIMCOOL INDUSTRIAL PRODUCTS
      B.V., a private limited liability company (besloten vennootschap met
      beperkte aansprakelijkheid), and whose registered seat (statutaire zetel) is at
      Vlaardingen, the Netherlands, registered with the Chamber of Commerce of
      Rotterdam under number 24174756 and having your office address at
      Schiedamsedijk 20, 3134 KK, Vlaardingen, the
  Netherlands,

            

    

    

    IT IS AGREED
that:

    

    
      	
              1.

            	
              INTRODUCTION

            

    

    

    
      	
              1.1.

            	
              In
      this Agreement, in our Operating Conditions (attached to this Commercial
      Terms as Annex I), in the Asset Based Finance Agreement and in any
      document pursuant to which a Security Interest is created in favour of us,
      we set out the terms on which we will make the Facility set out below
      available to you.  These are the only terms binding both of
      us.  They supersede all previous discussions, quotations, offer
      letters, proposals and representations. By signing this Agreement, you
      nonetheless confirm that all relevant individuals have either read,
      understood and accepted or have otherwise consented to statements about
      Data Protection which appear on either the offer letter, quotation,
      proposal or instruction letter sent to you and as contained in this
      Agreement and/or that the processing in accordance with such statements of
      Personal Data supplied by you is otherwise
  permitted.

            

    

    

    
      	
              1.2.

            	
              We
      may, by way of a separate agreement, make stock, plant and machinery,
      property or cashflow facilities, hire purchase and/or leasing facilities
      available to you.

            

    

    

    
      	
              1.3.

            	
              You
      confirm that you have read and understood this Agreement and the Operating
      Conditions and had the opportunity to take independent legal advice on
      your and our respective rights and
obligations.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              1.4.

            	
              To
      provide the Facility we need to have access to and to use and/or disclose
      Personal Data relating to individuals associated with your business and/or
      with your Customers’ businesses.  The terms upon which we will
      use such Personal Data are set out in the Operating
      Conditions.  You agree that you have read and understood such
      terms and that you have obtained any necessary consents from relevant
      individuals.

            

    

    

    
      	
              1.5.

            	
              The
      Operating Conditions are incorporated into and form part of this
      Agreement. If there is any conflict between these Commercial Terms and the
      Operating Conditions, then these Commercial Terms will
      prevail.

            

    

    

    
      	
              1.6.

            	
              The
      meanings of defined terms used in this Agreement are given below and in
      Part I of the Operating Conditions.

            

    

     

    
      
        	
                2.

              	
                THE
FACILITY

              

      

       

    

    
      	
              2.1

            	
              Terms

            

    

     

    
      	
               
      

            	
              2.1.1

            	
              Type
      of Facility:

            	
              Receivables
      Facility.

               

              Part I, II and VI of the Operating
      Conditions will apply to you.

            

    

     

     

    
      	
               
      

            	
              2.1.2

            	
              Review
      Limit:

            	
              equal
      at all times to the Aggregate Debt Financing Limit (as defined in the
      Asset Based Finance Agreement). The  Aggregate Debt Financing
      Limit is an aggregate limit which is applicable to facilities made
      available to you and your Associated
Businesses.

            

    

     

     

    
      	
               
      

            	
              2.1.3

            	
              Advance
      Rate:

            	
              90%.

            

    

     

     

    
      	
               
      

            	
              2.1.4

            	
              Funding
      Period:

            	
              Each
      period of 90 days beginning on the last Working Day of the month in which
      an Invoice is raised.

            

    

     

     

    
      	
               
      

            	
              2.1.5

            	
              Minimum
      Term:

            	
              36
      months from the Start Date.

            

    

     

     

    
      	
               
      

            	
              2.1.6

            	
              Final
      Repayment Date

            	
              the
      date falling five years after the date of the
  Agreement

            

    

     

     

    
      	
               
      

            	
              2.1.7

            	
              Notice
      Period:

            	
              3
      months.

            

    

     

     

    
      	
               
      

            	
              2.1.8

            	
              Additional
      Non-Notifiable Invoices:

            	
              none

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              2.1.9

            	
              Approval
      Limit:

            	
              This
      will be notified to you separately.

            

    

     

     

    
      	
               
      

            	
              2.1.10

            	
              Approved
      Countries:

            	
              all
      EU, G7 and OECD countries.

            

    

     

     

    
      	
               
      

            	
              2.1.11

            	
              Approved
      Currencies:

            	
              None.

            

    

     

    

    
      	
              2.2

            	
              Fees
      and Charges Receivables Facility

            

    

     

     

    
      	
               
      

            	
              2.2.1

            	
              Margin:

            	
              1.75%
      per annum.

            

    

     

     

    
      	
               
      

            	
              2.2.2

            	
              Arrangement
      Fee:

            	
              has
      the meaning as set forth in the Asset Based Finance
    Agreement

            

    

     

     

    
      	
               
      

            	
              2.2.3

            	
              Service
      Charge:

            	
              has
      the meaning as set forth in the Asset Based Finance
    Agreement

            

    

     

     

    
      	
               
      

            	
              2.2.4

            	
              Unused
      Line Fee:

            	
              has
      the meaning as set forth in the Asset Based Finance
    Agreement

            

    

     

     

    
      	
               
      

            	
              2.2.5

            	
              Guarantee
      Fee:

            	
              1.75%
      per annum

            

    

     

     

    
      	
               
      

            	
              2.2.6

            	
              Interest
      Payment Date:

            	
              the
      first Working Day of each month

            

    

     

     

    
      	
               
      

            	
              2.2.7

            	
              Default
      Interest:

            	
              2%
      per annum

            

    

     

     

    
      	
               
      

            	
              2.2.8

            	
              Transmission
      Charges:

            	
              EUR
      40

            

    

     

     

    
      	
               
      

            	
              2.2.9

            	
              Urgent
      Payment Charges:

            	
              EUR
      10

            

    

     

     

    
      	
               
      

            	
              2.2.10

            	
              Account
      Opening Fee:

            	
              EUR
      1,000

            

    

     

    
       

      
        	
                 
      

              	
                2.2.11

              	
                Annual
      Account Maintenance Fee:

              	
                EUR
      1,000

              

      

    

     

    
       

      
        	
                3.
        

              	
                POWER
      OF ATTORNEY

              

      

       

    

     

    
      	
              3.1

            	
              You
      irrevocably provide us a power of attorney (volmacht), with the
      right of substitution, to act on your behalf and to perform all acts on
      your behalf that are necessary or desirable, which power of attorney will
      be used in the event of the assignment of Invoices to perform all acts as
      listed in 3.2 and in case of a pledge of Invoices to perform all acts as
      listed in 3.3.

            

    

     

     

    
      	
              3.2

            	
              The
      power of attorney in case of assignment of Invoices under a Factoring
      Facility will give authority to the holder of it
  to:

            

    

     

     

    
      	
               
      

            	
              ·

            	
              perfect
      our title to an Invoice or its Related Rights;
  and/or

            

    

     

     

    
      	
               
      

            	
              ·

            	
              secure
      the performance of any of your obligations to us or a
      Customer.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    In
accordance with this power, we may without notice to you either in our name or
in your name:

     

     

    
      	
               
      

            	
              3.2.1

            	
              complete,
      negotiate or endorse all instruments representing payment of or security
      for Invoices as well as any other amount, however
  affected;

            

    

     

     

    
      	
               
      

            	
              3.2.2

            	
              bring,
      conduct, compromise or defend any legal or other
    proceedings;

            

    

     

     

    
      	
               
      

            	
              3.2.3

            	
              execute
      or sign any contracts or documents;

            

    

     

     

    
      	
               
      

            	
              3.2.4

            	
              complete
      or perform any other acts as we consider reasonably necessary to complete
      a Contract of Sale;

            

    

     

     

    
      	
               
      

            	
              3.2.5

            	
              dispose
      of or deal with any Related Rights;
and

            

    

     

     

    
      	
               
      

            	
              3.2.6

            	
              obtain
      payment of Invoices and, if necessary, give notice of the assignment of
      Invoices to us.

            

    

     

     

    
      	
              3.3

            	
              The
      power of attorney in case of pledge of Invoices will give authority to the
      holder of it to:

            

    

     

     

    
      	
               
      

            	
              ·

            	
              perfect
      our Security Interest to an Invoice or its Related Rights;
      and/or

            

    

     

     

    
      	
               
      

            	
              ·

            	
              secure
      the performance of any of your obligations to us or a
      Customer.

            

    

     

     

    In
accordance with this power, we may without notice to you either in our name or
in your name:

     

     

    
      	
               
      

            	
              3.3.1

            	
              complete,
      negotiate or endorse instruments representing payment of or security for
      Invoices as well as any other amount, however
  affected;

            

    

     

     

    
      	
               
      

            	
              3.3.2

            	
              bring,
      conduct, compromise or defend any legal or other
    proceedings;

            

    

     

     

    
      	
               
      

            	
              3.3.3

            	
              execute
      or sign any contracts or documents;

            

    

     

     

    
      	
               
      

            	
              3.3.4

            	
              complete
      or perform any other acts as we consider reasonably necessary to complete
      a Contract of Sale;

            

    

     

     

    
      	
               
      

            	
              3.3.5

            	
              dispose
      of or deal with any Related Rights;
and

            

    

     

     

    
      	
               
      

            	
              3.3.6

            	
              obtain,
      in so far as permitted pursuant to Article 3:246 Dutch Civil Code, payment
      of Invoices and, if necessary, give notice of the pledge of Invoices to
      us.

            

    

     

     

    You will
ratify anything lawfully done by any attorney, substitute attorney or mandate
under the powers set out above.  You cannot cancel our powers under
this clause and this power will last until all monies, obligations and
liabilities owing by you to us have been performed or satisfied in
full.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

        
          	
                  4.
        

                	
                  CONDITIONS
      PRECEDENT

                

        

         

      

    

     

    
      	
              4.1

            	
              We
      will provide you with the Facility when we have received in a form and
      substance satisfactory to us:

            

    

     

     

    
      	
               
      

            	
              4.1.1

            	
              a
      copy of your constitutional documents, consisting of: (i) your deed of
      incorporation, (ii) if applicable your current articles of association and
      (iii) an original copy of the extract pertaining to you from the trade
      register of the chamber of
commerce;

            

    

     

     

    
      	
               
      

            	
              4.1.2

            	
              a
      certified copy of a resolution of your board of directors approving the
      terms of, and the transactions contemplated by this Agreement, and
      resolving that it execute, deliver and perform this Agreement and any
      other security we require from you;

            

    

     

     

    
      	
               
      

            	
              4.1.3

            	
              if
      applicable, a copy of a resolution signed by all the holders of the issued
      shares in the Client, approving the terms of, and the transactions
      contemplated by this Agreement;

            

    

     

     

    
      	
               
      

            	
              4.1.4

            	
              if
      applicable, a copy of the advice cast by the relevant works council (ondernemingsraad) in
      respect of transactions contemplated by this Agreement or a confirmation
      from the works council that it refrains from exercising its rights to
      advise on the subject matter of this
Agreement;

            

    

     

     

    
      	
               
      

            	
              4.1.5

            	
              a
      corporate guarantee on first demand from Milacron Nederland B.V. and
      Milacron B.V. and a certified copy of the resolution of its governing body
      approving the granting of the
guarantee;

            

    

     

     

    
      	
               
      

            	
              4.1.6

            	
              any
      additional information or evidence we require to comply with our “know
      your customer” procedures, including satisfactory conclusion of any
      insolvency searches on you with the Central Insolvency Register (Centraal
      Insolventieregister), and any other searches deemed appropriate in
      this respect;

            

    

     

     

    
      	
               
      

            	
              4.1.7

            	
              the
      implementation of a web-based application in which reports can be
      submitted;

            

    

     

     

    
      	
               
      

            	
              4.1.8

            	
              copy
      of your latest audited accounts;

            

    

     

     

    
      	
               
      

            	
              4.1.9

            	
              a
      right of pledge in favour of us on any Invoices duly completed and signed,
      corresponding to the first Notification of
  Invoices;

            

    

     

     

    
      	
              4.1.10

            	
              if
      applicable, originals of all the necessary consents as required by the
      Data Protection Act for the collection, processing and transfer of any
      Personal Data in relation to the Invoices assigned and pledged;
      and

            

    

     

     

    
      	
              4.1.11

            	
              other
      conditions precedent are:

            

    

     

     

    
      	
               
      

            	
              ·

            	
              a
      right of pledge in favour of us on any Collection Account held by you and
      on all of your stock and inventory;

            

    

     

     

    
      	
               
      

            	
              ·

            	
              a
      right of pledge in favour of us on all shares in your share
      capital.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              GUARANTEE

            

    

     

    

    5.1           You
irrevocably and unconditionally:

     

    
      	
               
      

            	
              5.1.1

            	
              guarantee
      to us punctual performance by each Guaranteed Company of its Secured
      Obligations up to a maximum amount of EUR 7,000,000 (seven million euro)
      (for the purpose of this clause: the "Maximum
      Amount");

            

    

     

     

    
      	
               
      

            	
              5.1.2

            	
              undertake,
      by way of its own and independent obligation, with us that whenever a
      Guaranteed Company does not pay any amount when due under or in connection
      with its Secured Obligations, that you shall immediately on demand pay
      that amount or, if less, the Maximum Amount, as if you were the principal
      obligor;

            

    

     

     

    
      	
              5.2

            	
              This
      guarantee is an independent guarantee and not a suretyship (borgtocht). You agree
      to and hereby waive any rights you may have under title 7.14 Dutch Civil
      Code, if any, which waiver is hereby accepted by
  us.

            

    

     

     

    
      	
              5.3

            	
              This
      guarantee is a continuing guarantee and will extend to the ultimate
      balance of sums payable by any Guaranteed Company under its Secured
      Obligations (but never exceeding the Maximum Amount), regardless of any
      intermediate payment or discharge in whole or in
  part.

            

    

     

     

    
      	
              5.4

            	
              Until
      all amounts which may be or become payable by a Guaranteed Company under
      or in connection with its Secured Obligations have been irrevocably paid
      in full, you will not exercise any rights which you may have by reason of
      performance by you of a Guaranteed Company's obligations to be indemnified
      by that Guaranteed Company and you subordinate in favour of us any rights
      which you may acquire by way of recourse or subrogation in connection with
      any right against any Guaranteed Company until all amounts which may be or
      become payable any Guaranteed Company under or in connection with the
      Secured Obligations have been irrevocably paid in
  full.

            

    

     

     

    
      	
              6.

            	
              GOVERNING
      LAW AND JURISDICTION

            

    

     

     

    This
Agreement shall be governed by and construed in accordance with the law of the
Netherlands. You accept the jurisdiction of the competent court of the
Netherlands to hear and determine any proceedings arising out of this
Agreement.  However, you agree that we may bring proceedings in the
courts of any other jurisdiction.

     

    

     

    To
confirm agreement to the terms and conditions contained in this Agreement
together with all its Schedules, Annexes and other documents forming part of the
documentation of the subject matter of agreement the parties have executed two
originals of this Agreement on the date set out above.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              LLOYDS TSB BANK PLC,
      represented by:

               

            	 
      
	
               

              1.             
      Mark Louman

              Proxyholder A

               Name

            	
               

              /s/
      Mark Louman

              Signature

            
	
               

              2.            
      Claudia Roswitha van der Meer

              Proxyholder A

              Name

            	
               

              /s/
      Claudia Roswitha van der Meer

              Signature

            

    

    

    
      	
              CIMCOOL
      INDUSTRIAL PRODUCTS B.V.

              duly
      represented by:

               

            	 
      
	
              René
      van Geemen

              Managing
      Director

               

              Gerrit
      Jue

              Managing
      Director

              Name

            	
              /s/
      René van Geemen

               

               

              /s/
      Gerrit Jue

              Signature

               

               

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    ANNEXURE
I

    Operating
Conditions

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Guidance
Note:

    

     

    The
Agreement is in relation to various products offered by Lloyds TSB Bank PLC in
the Netherlands, and comprises two parts (a) the Commercial Terms and (b) the
Operating Conditions.

     

     

    The
Commercial Terms and the Operating Conditions jointly set out the terms on which
the Facility has been made available to you.

     

     

    In so far
as you have applied for a Euro Invoice Discounting Facility, then Parts I, II
and III of the Operating Conditions will apply to you.

     

     

    In so far
as you have applied for an Export and/or Currency Invoice Discounting Facility,
then Parts I, II and V of the Operating Conditions will apply to
you.

     

     

    In so far
as you have applied for a Factoring Facility, then Parts I, II and IV of the
Operating Conditions will apply to you.

     

     

    In so far
as you have applied for a Receivables Facility, then Parts I, II and VI of the
Operating Conditions will apply to you.

     

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    

    

    

    

    OPERATING
CONDITIONS

    

    FOR

    

    RECEIVABLES
FINANCE AGREEMENT

    

    BETWEEN

    

    LLOYDS
TSB BANK PLC(1)

    

    AND

    

    CIMCOOL
INDUSTRIAL PRODUCTS B.V. (2)

    

    

    

    

    

    

    

    

    We
acknowledge receipt of these Operating Conditions (Part I, Part II, and Part VI)
which form part of our agreement with you.

    

    

    

    

    

    /s/ René van Geemen

    

    /s/
Gerrit Jue

    

    For and
on behalf of Cimcool Industrial Products B.V.

    

    

    12 March
2008

    Date

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	
              OPERATING
      CONDITIONS – PART I

            	
              15

            
	
              DEFINITIONS

            	
              15

            
	
              Section
      1 General Definitions

            	
              15

            
	
              Section
      2 Definitions related to Dutch law

            	
              21

            
	
              OPERATING
      CONDITIONS - PART II

            	
              25

            
	
              PROVISIONS
      RELATING TO ALL CLIENTS

            	
              25

            
	
              1

            	
              LENGTH
      OF THE AGREEMENT

            	
              25

            
	
              2

            	
              NOTIFICATION,
      INVOICE CLASSIFICATION AND APPROVAL LIMITS

            	
              25

            
	
              3

            	
              USE
      OF FACILITY

            	
              26

            
	
              4

            	
              CURRENT
      AND OTHER ACCOUNTS

            	
              26

            
	
              5

            	
              COLLECTION
      OF INVOICES

            	
              27

            
	
              6

            	
              OUR
      FEES AND CHARGES

            	
              28

            
	
              7

            	
              EXPENSES,
      SET OFF AND INDEMNITY

            	
              29

            
	
              8

            	
              WARRANTIES

            	
              30

            
	
              9

            	
              UNDERTAKINGS

            	
              32

            
	
              10

            	
              TERMINATION
      EVENTS

            	
              34

            
	
              11

            	
              ASSIGNMENT
      OR PLEDGE OF INVOICES

            	
              36

            
	
              12

            	
              REPURCHASE

            	
              37

            
	
              13

            	
              COMMUNICATIONS
      BETWEEN US

            	
              38

            
	
              14

            	
              VARIATIONS

            	
              39

            
	
              15

            	
              COMMUNICATIONS
      WITH PROFESSIONALS AND OTHERS

            	
              39

            
	
              16

            	
              DATA
      PROTECTION

            	
              39

            
	
              17

            	
              PARTNERSHIPS
      AND SOLE TRADERS

            	
              41

            
	
              18

            	
              NOTICES

            	
              42

            
	
              19

            	
              GENERAL

            	
              42

            
	
              20

            	
              INTERPRETATION

            	
              42

            
	
              OPERATING
      CONDITIONS - PART III

            	
              44

            
	
              PROVISIONS
      RELATING TO INVOICE DISCOUNTING CLIENTS ONLY

            	
              44

            
	
              1

            	
              AGENCY
      APPOINTMENT

            	
              44

            
	
              2.

            	
              PLEDGE
      OF INVOICES - DISCLOSED

            	
              45

            

    

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              3.

            	
              PLEDGE
      OF INVOICES - UNDISCLOSED

            	
              46

            
	
              4.

            	
              INFORMATION
      AND REPORTING REQUIREMENTS

            	
              48

            
	
              5.

            	
              NON-NOTIFIABLE
      INVOICES

            	
              49

            
	
              6.

            	
              OUR
      SERVICES

            	
              50

            
	
              7.

            	
              DISCOUNTING
      CLIENTS WHICH BECOME FACTORING CLIENTS

            	
              51

            
	
              8.

            	
              FEES

            	
              51

            
	
              9.

            	
              EXPORT/CURRENCY
      INVOICES

            	
              52

            
	
              ANNEXURE
      I

            	
              53

            
	
              List
      of Customers

            	
              53

            
	
              ANNEXURE
      II

            	
              54

            
	
              Form
      of Disclosed Pledge Agreement

            	
              54

            
	
              Schedule
      I

            	
              56

            
	
              Detail
      of Invoices

            	
              56

            
	
              ANNEXURE
      III

            	
              57

            
	
              Form
      of Notification to Customers

            	
              57

            
	
              ANNEXURE
      IV

            	
              59

            
	
              Form
      of Undisclosed Pledge Agreement

            	
              59

            
	
              Schedule
      I

            	
              61

            
	
              Detail
      of Invoices

            	
              61

            
	
              OPERATING
      CONDITIONS - PART IV

            	
              62

            
	
              PROVISIONS
      RELATING TO FACTORING CLIENTS ONLY

            	
              62

            
	
              1

            	
              OUR
      SERVICES

            	
              62

            
	
              2

            	
              ASSIGNMENT
      OF INVOICES

            	
              62

            
	
              3

            	
              YOUR
      RESPONSIBILITIES

            	
              64

            
	
              4

            	
              OUR
      FEES AND CHARGES FOR FACTORING CLIENTS

            	
              64

            
	
              5

            	
              CURRENCY
      INVOICES

            	
              65

            
	
              ANNEXURE
      I

            	
              66

            
	
              List
      of Customers

            	
              66

            
	
              ANNEXURE
      II

            	
              67

            
	
              Assignment
      Agreement

            	
              67

            

    

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              Schedule
      I

            	
              69

            
	
              Detail
      of Invoices

            	
              69

            
	
              ANNEXURE
      III

            	
              70

            
	
              Form
      of Notification to Customers

            	
              70

            
	
              OPERATING
      CONDITIONS - PART V

            	
              72

            
	
              PROVISIONS
      RELATING TO EXPORT AND CURRENCY FACILITIES

            	
              72

            
	
              1

            	
              EXPORT
      AND CURRENCY FACILITIES

            	 
      
	
              2

            	
              OUR
      FEES AND CHARGES

            	 
      
	
              OPERATING
      CONDITIONS - PART VI

            	
              73

            
	
              PROVISIONS
      RELATING TO RECEIVABLES FACILITIES

            	
              73

            
	
              1.

            	
              PURPOSE
      OF THE FACILITY

            	 
      
	
              2.

            	
              INTEREST

            	 
      
	
              2.1.1

            	
              EURIBOR.

            	 
      
	
              We
      shall notify you promptly upon the determination of the rate of interest
      under the Agreement.

            	
              73

            
	
              2.2

            	
              You
      shall pay accrued interest on the Facility in arrears on each Interest
      Payment Date, on which date we shall charge your Current Account with the
      amount due.

            	 
      
	
              2.3

            	
              If
      you fail to pay any amount payable under the Agreement on its due date,
      interest shall accrue on the overdue amount from the due date up to the
      date of actual payment (both before and after judgement) at the rate
      determined as the Default Interest.

            	 
      
	
              3.

            	
              REPAYMENT

            	 
      
	
              4.

            	
              PREPAYMENT

            	 
      
	
              5.

            	
              SECURITY

            	 
      
	 
      	
              As
      security for your Secured Obligations you shall grant in our favour,
      whether or not in advance, an undisclosed first priority right of pledge
      (stil pandrecht eerste in rang) on all your Invoices in the manner set
      forth in Article 3:239 paragraph 1 of the Dutch Civil Code, and in
      accordance with the form requested by us.

            	
              73

            
	
              6

            	
              INFORMATION
      AND REPORTING REQUIREMENTS

            	
              74

            
	
              7

            	
              NON-NOTIFIABLE
      INVOICES

            	
              75

            
	
              8

            	
              OUR
      SERVICES

            	
              76

            
	
              ANNEXURE
      I

            	
              78

            
	
              List
      of Customers

            	
              78

            

    

     

     

     

     

     

     

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    OPERATING
CONDITIONS – PART I

     

    

     

    DEFINITIONS

     

    In the
Agreement the following words have the meaning set out opposite
them:

    

     

    Section
1 General Definitions

     

    

      
        	
                “Account
      Opening Fee”

                 

              	
                any
      fee referred to in the Commercial Terms calculated in the manner set out
      in Operating Conditions – Part II – Provisions relating to all
      clients;

                 

              
	
                “Annual
      Account Maintenance Fee”

                 

              	
                any
      fee referred to in the Commercial Terms calculated in the manner set out
      in Operating Conditions – Part II – Provisions relating to all
      clients;

                 

              
	
                “Additional
      Service Fee”

                 

              	
                the
      fee charged to Factoring Clients in respect of Invoices still unpaid at
      the ending of the Funding Period;

                 

              
	
                “Advance
      Rate”

                 

              	
                any
      percentage to be paid by us on account of the Nominal Amount of each
      Approved Invoice specified in the Commercial Terms as varied in accordance
      with the Agreement from time to time;

                 

              
	
                “Advance”

                 

              	
                the
      amount paid by us on account of the Nominal Amount of each Approved
      Invoice, in the case of Invoice Discounting, Factoring Clients and
      Receivables Clients, calculated by applying the Advance Rate to such
      Invoice;

                 

              
	
                “Approved
      Currency”

                 

              	
                any
      currency referred to in the Commercial Terms or any other currency which
      we may approve from time to time but excluding any currency which we
      notify you is not or no longer an Approved Currency;

                 

              
	
                “Approval
      Limit”

                 

              	
                any
      limit established by us in discussion with you and notified to you from
      time to time in relation to the maximum value of Invoices owing by some or
      all of your Customers expressed either as a fixed monetary amount or a
      percentage of all your Invoices outstanding from time to
time;

                 

              
	
                “Approved
      Invoice”

                 

              	
                all
      or part of any Notified Invoice not classified by us as Disapproved and
      “Approved” shall be construed accordingly;

                 

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Approved
      Country”

                 

              	
                any
      country referred to in the Commercial Terms or agreed by us from time to
      time but excluding any country which we notify you is not or no longer an
      Approved Currency;

                 

              
	
                "Asset
      Based Finance Agreement"

                 

              	
                The
      asset based finance agreement of even date herewith between you, us and
      some of your Associated Businesses.

                 

              
	
                “Associated
      Business”

                 

              	
                -

                 

              	
                Cimcool
      Europe B.V.;

                 

              
	 
      	
                -

                 

              	
                Cimcool
      Industrial Products B.V.;

                 

              
	 
      	
                -

                 

              	
                D-M-E
      Europe CVBA;

                 

              
	 
      	
                -

                 

              	
                Ferromatik
      Milacron Machinenbau GmbH; and

                 

              
	 
      	
                any
      other person or business which is owned or controlled by

                 

              
	 
      	
                (i)

                 

              	
                you
      or your spouse; or

                 

              
	 
      	
                (ii)

                 

              	
                any
      director or partner of yours; or

                 

              
	 
      	
                (iii)

                 

              	
                anyone
      who directly or indirectly controls (or who can take control of) you;
      or

                 

              
	 
      	
                (iv)

                 

              	
                anyone
      you control (or you can take control of);or

                 

              
	 
      	
                (v)

                 

              	
                any
      holding company;

                 

              
	
                “Availability”

                 

              	
                the
      amount of any Invoice Discounting, Factoring Facility or Receivables
      Facility available to you calculated as set out in condition 4.4 of the
      Operating Conditions – Part II – Provisions relating to all
      Clients;

                 

              
	
                “Bank”

                 

              	
                Lloyds
      TSB Bank plc and its successors or assigns;

                 

              
	
                “Base
      Rate”

                 

              	
                the
      published base rate of the Bank from time to time;

                 

              
	
                “Collection
      Account”

                 

              	
                any
      bank account into which payments from Customers in respect of Invoices are
      required to be paid;

                 

              
	
                “Collection
      Date”

                 

              	
                in
      the case of any Invoice which is: (a) paid in cash: the date of receipt of
      the cash by you; (b) paid by cheque or other instrument: the date on which
      funds representing the same are cleared by your bankers for interest; (c)
      paid by TARGET or CSS: the date on which funds are credited to a
      Collection Account;

                 

              
	
                “Commercial
      Terms”

                 

              	
                the
      terms set out in the main body of the Agreement (other than the Operating
      Conditions) as varied, amended, supplemented or replaced from time to
      time;

                 

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Contingent
      Instrument”

                 

              	
                a
      guarantee, bond or letter of credit issued by us or an Issuer pursuant to
      any Contingent Liability Facility;

                 

              
	
                “Contingent
      Liability Facility”

                 

              	
                any
      Facility provided by us to you offering you the option to request the
      issue of Contingent Instruments;

                 

              
	
                “Contract
      of Sale”

                 

              	
                a
      contract in any form (including a purchase order) for the sale or hire of
      goods and/or provision of services to a Customer under which an Invoice
      arises;

                 

              
	
                “Counter
      Indemnity”

                 

              	
                an
      indemnity provided by us to an Issuer in their preferred form for all
      monies, obligations and liabilities incurred under a Contingent
      Instrument;

                 

              
	
                “Credit
      Balance(s)”

                 

              	
                any
      credit balance on the Current Account;

                 

              
	
                “Currency
      Invoice”

                 

              	
                any
      Invoice payable in an Approved Currency (other than Euro);

                 

              
	
                “Current
      Account”

                 

              	
                an
      account administered by us with account number 267600011 designated LTSB
      re Cimcool Industrial Products BV;

                 

              
	
                “Customer”

                 

              	
                a
      party under a Contract of Sale obliged to pay you the Invoice and, where
      the context so permits, a prospective Customer;

                 

              
	
                “Debit
      Balance(s)”

                 

              	
                any
      debit balance on the Current Account;

                 

              
	
                “Delivered”

                 

              	
                in
      relation to Goods:

                 

              
	 
      	
                (i)

                 

              	
                physical
      delivery to (or to the order of) a Customer;

                 

              
	 
      	
                (ii)

                 

              	
                the
      Customer taking the risk in the Goods;

                 

              
	 
      	
                (iii)

                 

              	
                performance
      of the Contract of Sale;

                 

              
	 
      	
                in
      relation to services: completed and “Deliver” and “Delivery” are to be
      construed accordingly;

                 

              
	
                “Disapproved
      Invoice”

                 

              	
                all
      or part of any Invoice classified by us as disapproved in accordance with
      condition 2 and ‘Disapproved’ is to be construed accordingly;

                 

              
	
                “Drawdown
      Date”

                 

              	
                means
      the date on which the relevant Advance as requested in the Drawdown
      Request must be available to you;

                 

              
	
                “Drawdown
      Request”

                 

              	
                means
      a notice sent by you to us requesting an Advance substantially in the
      relevant form set out in Annexure V of Operating Conditions Part
      VI;

                 

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “EEA”

                 

              	
                European
      Economic Area;

                 

              
	
                “EURIBOR”

                 

              	
                has
      the meaning as set forth in the Asset Based Finance
Agreement;

                 

              
	
                “Euro”
      or “€”

                 

              	
                the
      single currency of the member states of the European Union which have
      adopted the Euro as their lawful currency in accordance with the
      legislation of the European Union relating to European Economic and
      Monetary Union, or if different, the lawful currency of Belgium or the
      Netherlands (as applicable);

                 

              
	
                “Export
      Facility”

                 

              	
                a
      Facility where we have agreed to pay for your Export
Invoices;

                 

              
	
                “Export
      Invoice”

                 

              	
                an
      Invoice which is:

                 

              
	 
      	
                (i)

                 

              	
                addressed
      to a Customer in one of the countries referred to in the Commercial Terms;
      and

                 

              
	 
      	
                (ii)

                 

              	
                expressed
      either in an Approved Currency or Euro;

                 

              
	
                “Facility”

                 

              	
                means
      each or all (as the context requires) of any Invoice Discounting Facility,
      Factoring Facility, Receivables Facility or Export and/or Currency
      Facility, made available by us to you from time to time under the terms of
      the Agreement;

                 

              
	
                “Factoring
      Client”

                 

              	
                a
      client to whom a Factoring Facility is made available;

                 

              
	
                “Factoring
      Facility”

                 

              	
                a
      debt purchase facility provided on the terms of the
Agreement;

                 

              
	
                “Fees
      and Charges”

                 

              	
                all
      those fees and charges to which we are entitled for providing any Facility
      (and any VAT thereon);

                 

              
	
                "Guaranteed
      Company"

                 

              	
                Cimcool
      Europe B.V., D-M-E Europe CVBA and Ferromatik Milacron Machinenbau
      GmbH;

                 

              
	
                “Goods”

                 

              	
                any
      goods the subject of a Contract of Sale;

                 

              
	
                “Invoice”

                 

              	
                any
      present, future or contingent obligation (including any tax or duty) of a
      Customer to make payment under a Contract of Sale (whether invoiced or
      not) and, where the context permits, includes part of an
      Invoice;

                 

              
	
                “Invoice
      Discounting

                Client”

                 

              	
                a
      client to whom an Invoice Discounting Facility is made
      available;

                 

              
	
                “Invoice
      Discounting

                Facility”

                 

              	
                a
      debt purchase facility provided on the terms of the
Agreement;

                 

              
	
                “Issuer”

                 

              	
                a
      bank or other financial institution approved by us which issues a
      Contingent Instrument on your behalf;

                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                “Margin”

                 

              	
                the
      Margin specified in the Commercial Terms;

                 

              
	
                “Minimum
      Fee”

                 

              	
                any
      minimum fee specified in the Commercial Terms;

                 

              
	
                “Minimum
      Term”

                 

              	
                the
      shortest period for which the Agreement must operate specified in the
      Commercial Terms;

                 

              
	
                “Net
      Value”

                 

              	
                in
      relation to any Invoice, the amount actually received by us in settlement
      or discharge after taking into account all deductions, discounts and
      off-sets;

                 

              
	
                “Nominal
      Amount”

                 

              	
                the
      amount received by us in or towards each Invoice together with its Related
      Rights;

                 

              
	
                “Non-Notifiable
      Invoices”

                 

              	
                those
      Invoices described as non-notifiable in the Operating Conditions for
      Invoice Discounting Clients and Receivable Clients and specified as
      Additional Non-Notifiable Invoices in the Commercial Terms;

                 

              
	
                “Notice
      Period”

                 

              	
                the
      period of notice to be served to terminate the Agreement specified in the
      Commercial Terms;

                 

              
	
                “Notification”

                 

              	
                your
      notification to us in the format we specify of the existence and amount of
      Invoices and other matters referred to in conditions 9.1.7 and 9.1.8 of
      the Operating Conditions – Part II – Provisions relating to all Clients
      and “Notified” and “Notify” are to be construed accordingly;

                 

              
	
                “Notified
      Value”

                 

              	
                the
      full amount of each Invoice given in a Notification (including any
      applicable tax or duty) and before any discount for prompt payment or
      otherwise;

                 

              
	
                “Operating
      Conditions”

                 

              	
                the
      terms and conditions on which we will provide a Facility to you
      incorporated in the Agreement, signed by you for identification as
      amended, varied, supplemented or replaced from time to time;

                 

              
	
                “Receivables
      Client”

                 

              	
                a
      client to whom a Receivables Facility is made available;

                 

              
	
                “Receivables
      Facility”

                 

              	
                a
      loan facility provided on the terms of the Agreement;

                 

              
	
                “Reserve”

                 

              	
                any
      reserve applied by us to your Availability in such amount as we may
      determine from time to time;

                 

              
	
                “Review
      Limit”

                 

              	
                the
      amount equal at all times to the Aggregate Debt Financing Limit (as
      defined in the Asset Based Finance Agreement);

                 

              
	
                "Secured
      Obligations"

                 

              	
                all
      obligations representing indebtedness for borrowed money, present or
      future, absolute or contingent, matured or not, at any time owing by you
      or any Guaranteed Company to us under or in connection with the Asset
      Based Finance Agreement or the Financing Documents (as defined in the
      Asset Based Finance Agreement), provided, however, that any such
      obligation arises out of a loan arrangement providing for revolving
      working capital loans;

                 

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Service
      Fee”

                 

              	
                the
      fee charged for the provision of our services to you calculated, unless
      otherwise agreed, as provided in Operating Conditions – Part II –
      Provisions relating to all clients;

                 

              
	
                “Start
      Date”

                 

              	
                the
      later of:

                 

              
	 
      	
                (a)

                 

              	
                the
      date of the Agreement; and

                 

              
	 
      	
                (b)

                 

              	
                the
      date on which we confirm that you have satisfied any conditions precedent
      specified by us;

                 

              
	
                “TARGET”

                 

              	
                same
      day transmission of cleared funds through the Trans-European Automated
      Real-time Gross Settlement Express Transfer System;

                 

              
	
                “Termination
      Event”

                 

              	
                any
      of the events set out in Operating Conditions – Part II – Provisions
      relating to all clients;

                 

              
	
                “Urgent
      Payment Charge”

                 

              	
                any
      fee referred to in the Commercial Terms calculated in the manner set out
      in Operating Conditions – Part II – Provisions relating to all clients;
      and

                 

              
	
                “Website”

                 

              	
                in
      the case of Invoice Discounting Clients or Receivables Facility Clients
      www.ltsbcf-solutionsplus.co.uk referred to as N-able, in the case of
      Factoring Clients, www.cashconnect.co.uk referred to as Cash Connect and,
      in any case, includes any additional or alternative domain name by which
      we may communicate with you over the internet from time to
      time.

                 

              

      

    

     

    
 

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

     

    Section
2 Definitions related to Dutch law

     

    

    
      
        	
                “Currency
      Facility”

                 

              	
                a
      Facility where we have agreed to pay for your Currency Invoices owing by a
      Customer in the Netherlands;

                 

              
	
                “CSS”

                 

              	
                clearing
      and settlement system (Equens) in the
      Netherlands for domestic giro payments;

                 

              
	
                “Data
      Protection Act”

                 

              	
                the
      Dutch Data Protection Act (Wet Bescherming
      Persoonsgegevens) as amended, and any related
      regulations;

                 

              
	
                “Domestic
      Invoice”

                 

              	
                an
      Invoice payable in Euro arising from a Contract of Sale performed in the
      Netherlands, the invoice for which is addressed to a location in the
      Netherlands;

                 

              
	
                “Dutch
      Civil Code”

                 

              	
                the
      Dutch civil code, as amended from time to time (Burgerlijk
      Wetboek);

                 

              
	
                “Insolvency/Insolvent”

                 

              	
                in
      relation to any company or firm constituting a distinct legal entity
      (rechtspersoon)
      means:

                 

              
	 
      	
                i.

                 

              	
                the
      appointment of a voluntary liquidator (vereffenaar) in view of
      the dissolution of the company or firm (article 19 et seq. of the Dutch
      Civil Code) or the passing of a resolution to wind up or dissolve the
      company or firm; or

                 

              
	 
      	
                ii.

                 

              	
                the
      opening with respect to the entity or any material subsidiary of the
      entity of a moratorium (surséance van betaling)
      within the meaning of Title II Insolvency Act (Faillissementswet);
      or

                 

              
	 
      	
                iii.

                 

              	
                the
      opening with respect to the entity or any material subsidiary of the
      entity of a bankruptcy proceeding (faillissement) within
      the meaning of Title I Insolvency Act (Faillissementswet);
      or

                 

              
	 
      	
                iv.

                 

              	
                only
      insofar as applicable, the opening of an emergency proceeding (noodregeling), winding
      up order (liquidatieprocedure) or
      asset liquidation proceeding (saneringsmaatregel)
      within the meaning of Article 3:160 et seq. Act on
      Financial Supervision (Wet op het financieel
      toezicht),

                 

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      
        	 
      	
                in
      relation to an individual (sole trader (eenmanszaak),
      independent professional (beroepsbeoefenaar),
      etc.), means:

                 

              
	 
      	
                i.

                 

              	
                the
      opening with respect to the individual of a moratorium (surséance van betaling)
      within the meaning of Title II Insolvency Act (Faillissementswet);
      or

                 

              
	 
      	
                ii.

                 

              	
                the
      opening with respect to the individual of a bankruptcy proceeding (faillissement) within
      the meaning of Title I Insolvency Act (Faillissementswet);
      or

                 

              
	 
      	
                iii.

                 

              	
                the
      opening with respect to the individual of the liabiliies winding up scheme
      (schuldsaneringsregeling)
      within the meaning of Title III Insolvency Act (Faillissiementswet),

                 

              
	 
      	
                in
      relation to any company, firm, individual or group, means:

                 

              
	 
      	
                i.

                 

              	
                any
      creditor seizing (conservatoir of executoriaal
      beslag leggen) or taking possession of any of its assets whether
      through the implementation of any Security Interest or pursuant to an
      approval from the competent court (verlof) or through
      measures of forced execution (parate executie);
      or

                 

              
	 
      	
                ii.

                 

              	
                the
      transfer to its creditors as payment, or the grant to its creditors, a
      Security Interest covering a substantial portion of its fixed assets;
      or

                 

              
	 
      	
                iii.

                 

              	
                receiving
      an injunction to pay or a notification instituting a suit demanding the
      conviction of the individual or entity; or

                 

              
	 
      	
                iv.

                 

              	
                commencing
      negotiations with one or more creditors for the general readjustment or
      rescheduling of, or a moratorium in regard to, all or part of its
      indebtedness (onderhands
      akkoord); or

                 

              
	 
      	
                v.

                 

              	
                suspending
      or ceasing or threatening to suspend or cease its business or making a
      resolution or decision to this effect; or

                 

              
	 
      	
                vi.

                 

              	
                allowing
      any judgment, order or award of any court or tribunal for payment of money
      to remain unsatisfied for 7 days or more; or

                 

              
	 
      	
                vii.

                 

              	
                being
      subject to an injunction (voorlopige
      voorziening), order or other action that prohibits, prevents or
      restricts it from dealing with its assets or business; or

                 

              
	 
      	
                viii.

                 

              	
                being
      incapable of paying the principal or interest on its debts generally as
      they fall due, or failure to honour a guarantee granted by it for any debt
      when called, after any grace periods have expired; or

                 

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                ix.

                 

              	
                taking
      any steps toward or being subject to a judicial, administrative or
      arbitral proceeding that results in a decision placing the individual or
      entity in one of the situations described in the preceding two
      sub-paragraphs, or likely to cause the opening of a conciliation,
      safeguard, judicial work-out or judicial liquidation proceeding in regard
      to it; or

                 

              
	 
      	
                x.

                 

              	
                occurrence
      of an event after the signature of the Agreement or the discovery of a
      fact that was not disclosed to us at or before signature, that is of a
      nature to affect in a material adverse way the business activities,
      financial or economic situation, the profitability or the assets or
      liabilities or the capacity of the individual or entity to fulfil its
      obligations;

                 

              
	
                “Personal
      Data”

                 

              	
                personal
      data relating to a living individual as defined under the Data Protection
      Act;

                 

              
	
                “Related
      Rights”

                 

              	
                (i)

                 

              	
                all
      your rights under a Contract of Sale (including your right to
      damages);

                 

              
	 
      	
                (ii)

                 

              	
                all
      (negotiable and non negotiable) instruments, security, bonds, guarantees,
      and indemnities relating to an Invoice;

                 

              
	 
      	
                (iii)

                 

              	
                all
      documents, ledgers, databases and computer files (including operating
      systems) recording or evidencing Invoices;

                 

              
	 
      	
                (iv)

                 

              	
                all
      Goods returned to or repossessed by you or rejected by a Customer and all
      documents of title to such Goods;

                 

              
	 
      	
                (v)

                 

              	
                any
      credit insurance in respect of an Invoice;

                 

              
	 
      	
                (vii)

                 

              	
                any
      time sheets or proofs of delivery; and any and all dependent rights
      (afhankelijke rechten) and ancillary rights (nevenrechten), privileges and
      other rights inherent, attached and/or associated with the Invoices,
      including without limitation title retention rights which you undertake to
      provide in the case of a sale of goods;

                 

              
	
                “Security
      Interest”

                 

              	
                any
      mortgage, pledge, lien, or any other arrangement for the purpose of or
      having a similar effect to creating security or any title retention
      rights;

                 

              

      

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Sensitive
      Personal Data”

                 

              	
                sensitive
      personal data relating to a living individual as defined under the Data
      Protection Act;

                 

              
	
                “We”
      or “us”

                 

              	
                Lloyds
      TSB Bank plc acting through its Netherlands branch and our transferees and
      assignees; and

                 

              
	
                “Working
      Day”

                 

              	
                a
      day when the Bank is open for all normal business in Amsterdam and in
      England and Wales.

                 

              

      

    

    

     

    
 

    

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

     

    OPERATING
CONDITIONS - PART II

     

     

    PROVISIONS
RELATING TO ALL CLIENTS

     

    

     

    
      	
              1

            	
              LENGTH
      OF THE AGREEMENT

            

    

     

     

    
      	
              1.1

            	
              The
      Agreement will begin on the Start Date and, subject to condition 1.3, will
      continue for the Minimum Term and thereafter until terminated by either of
      us.

            

    

     

     

    
      	
              1.2

            	
              We
      may each terminate the Agreement by serving written notice to terminate on
      the other, but, subject to condition 1.3, we must give each other notice
      of at least the Notice Period and each of us may only terminate the
      Agreement at the end of a calendar month coinciding with or ending after
      the end of the Minimum Term.

            

    

     

     

    
      	
              1.3

            	
              We
      may also terminate the Agreement:

            

    

     

     

    
      	
               
      

            	
              1.3.1

            	
              if
      it becomes unlawful in any applicable jurisdiction for us to perform any
      of our obligations contemplated by the Agreement or to fund or maintain
      the Facility,

            

    

     

     

    
      	
               
      

            	
              1.3.2

            	
              if
      a material adverse change in the tax regime applicable to us occurs and
      such change is not due to wilful misconduct or gross negligence on our
      side (unless you at your discretion pay us an amount required to put us in
      the same position we would have been had the tax regime change not
      occurred, in which case we do not have the right to terminate the
      Agreement); and

            

    

     

     

    
      	
               
      

            	
              1.3.3

            	
              at
      any time after the occurrence of a Termination
  Event.

            

    

     

     

    
      	
              2

            	
              NOTIFICATION,
      INVOICE CLASSIFICATION AND APPROVAL
LIMITS

            

    

     

     

    
      	
              2.1

            	
              You
      will Notify us on a weekly basis through the Website of all your Invoices
      existing on or arising after the Start
Date.

            

    

     

     

    
      	
              2.2

            	
              We
      will classify all Notified Invoices as either Approved or
      Disapproved.  Any Invoice which is not Disapproved will be
      Approved.

            

    

     

     

    
      	
              2.3

            	
              We
      may Disapprove any Notified
Invoice:

            

    

     

     

    
      	
               
      

            	
              2.3.1

            	
              which,
      when added to all other unpaid Invoices owing by a particular Customer,
      exceeds any Approval Limit; or

            

    

     

     

    
      	
               
      

            	
              2.3.2

            	
              which
      is not paid by the end of the Funding Period (or which on the Start Date
      has not been paid within that time period);
or

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.3.3

            	
              which
      is disputed by a Customer; or

            

    

     

     

    
      	
               
      

            	
              2.3.4

            	
              in
      relation to which you breach any warranty or undertaking given to
      us.

            

    

     

     

    We may
Disapprove an Invoice at any time, even if it was previously Approved and vice
versa.

     

     

    
      	
              2.4

            	
              We
      will tell you of any Approval Limits set by
us.

            

    

     

     

    
      	
              3

            	
              USE
      OF FACILITY

            

    

     

     

    
      	
              3.1

            	
              We
      will allow you to make withdrawals from the Current Account up to the
      amount of your Availability as calculated in condition 4 or, if less, the
      Review Limit.

            

    

     

     

    
      	
              3.2

            	
              We
      will allow you to request Contingent Instruments to be issued up to the
      amount of your Availability as calculated in condition 4 or, if less, the
      Review Limit. If an Issuer agrees to issue the Contingent Instrument
      requested, we will, upon the issuance of the relevant Contingent
      Instrument, reserve a portion of your Availability equal to the amount of
      the Contingent Instrument.

            

    

     

     

    
      	
              3.3

            	
              Unless
      we agree otherwise all transactions between us will be accounted for in
      Euro.

            

    

     

     

    
      	
              4

            	
              CURRENT
      AND OTHER ACCOUNTS

            

    

     

     

    
      	
              4.1

            	
              We
      will operate an account in your name called the Current Account to record
      transactions relating to the
Facility.

            

    

     

    
      	
              4.2

            	
              You
      will credit to the Current Account on each Collection Date amounts
      received by you on any Collection Account in or towards payment for
      Invoices.

            

    

     

    
      	
              4.3

            	
              We
      will debit to the Current Account:

            

    

     

     

    
      	
               
      

            	
              4.3.1

            	
              withdrawals
      and any other payments made to you or to your
  order;

            

    

     

     

    
      	
               
      

            	
              4.3.2

            	
              all
      Fees and Charges (including any value added tax);
  and

            

    

     

     

    
      	
               
      

            	
              4.3.3

            	
              any
      other sums actually, contingently or prospectively payable by you to us
      whether under the Agreement or any other facility made available by us to
      you.

            

    

     

     

    
      	
              4.4

            	
              In
      order to calculate Availability, we will apply the Advance Rate to the
      Notified Value of all Approved Invoices and add any Credit Balance and
      then deduct:

            

    

     

     

    
      	
               
      

            	
              4.4.1

            	
              any
      Debit Balance;

            

    

     

     

    
      	
               
      

            	
              4.4.2

            	
              any
      amounts outstanding under Contingent
  Instruments;

            

    

     

     

    
      	
               
      

            	
              4.4.3

            	
              any
      Reserves; and

            

    

     

     

    
      	
               
      

            	
              4.4.4

            	
              any
      accrued Fees and Charges.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              4.5

            	
              The
      Debit Balance must not exceed the Review Limit. If we are providing a
      Facility (or any loan, hire purchase or lease facility) to you and
      Associated Businesses, the global aggregate Debit Balances of all you and
      all Current Accounts of the Associated Businesses and debit balances on
      such loan, hire purchase or lease accounts shall not exceed any aggregate
      Review Limit specified in the Commercial
Terms.

            

    

     

     

    
      	
              4.6

            	
              If
      your Availability is a negative figure or if you exceed any Approval Limit
      or any Review Limit whether as a result of us Disapproving an Approved
      Invoice, exercising our rights under conditions 4.7, 4.8 or 10.2 or for
      any other reason, then, in the first instance, you must immediately pay us
      the excess on our demand.

            

    

     

    
       

      
        	
                4.7

              	
                We
      may at any time, by written notice to you, with immediate effect
      vary:

              

      

       

    

     

    
      	
               
      

            	
              4.7.1

            	
              the
      Advance Rate in respect of all outstanding Approved Invoices and/or
      Invoices Notified to us after the date of such notice;
    and/or

            

    

     

    
       

      
        	
                 
      

              	
                4.7.2

              	
                

                  any
      Approval Limits; and/or

                

              

      

    

     

     

    
      	
               
      

            	
              4.7.3

            	
              the
      proportion of your Export Invoices in respect of which we will make
      Advances.

            

    

     

     

    
      	
              4.8

            	
              We
      may also from time to time apply a Reserve.  We will determine
      the amount of any Reserve after consultation with you and will notify it
      to you from time to time.

            

    

     

     

    
      	
              4.9

            	
              In
      addition to the Current Account, we may maintain such other accounts as we
      consider necessary for the operation of the
  Agreement.

            

    

     

     

    
      	
              5

            	
              COLLECTION
      OF INVOICES

            

    

     

     

    
      	
              5.1

            	
              If
      you are a client whose Facility is disclosed or whose agency to collect
      Invoices has been terminated, subject to the rights of any credit insurer,
      these conditions will apply to you.

            

    

     

     

    
      	
              5.2

            	
              We
      may take whatever action we think is suitable to obtain payment of
      Invoices from your Customers.  We may demand, exercise, obtain
      or otherwise deal with the Related Rights in whatever way we think is
      suitable (or refrain from so doing). We may settle, compromise or adjust
      any claim brought by or against us, upon such terms as we see
      fit.  We may bring, carry on, defend or compromise any legal
      proceedings or form of alternative dispute resolution in any part of the
      world and in your or our name.  We may engage collection agents,
      bailiffs or lawyers or such other professionals as we feel necessary for
      this purpose.

            

    

     

     

    
      	
              5.3

            	
              We
      do not have to bring or defend any proceedings, by or against us, even if
      you ask us to do so.

            

    

     

     

    
      	
              5.4

            	
              We
      may allow a Customer a longer period to pay or agree to accept less than
      the Notified Value of an Invoice and this will not affect your obligations
      to us.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              5.5

            	
              You
      will:

            

    

     

     

    
      	
               
      

            	
              5.5.1

            	
              at
      your expense, help us to collect Invoices, by, for example, assisting us
      to review your records and other evidence, providing witness statements
      and procuring witnesses’ attendance at court or during investigative or
      expertise proceedings; and

            

    

     

     

    
      	
               
      

            	
              5.5.2

            	
              be
      bound by any act, decision or omission of ours in the exercise of our
      rights including any reduction in, or extinction of, the Purchase
      Price.

            

    

     

     

    
      	
              5.6

            	
              We
      may sell any returned Goods on such terms as we consider appropriate and
      we will treat the proceeds of sale as if they were payment of or towards
      the relevant Invoice.

            

    

     

     

    
      	
              5.7

            	
              We
      will not pay you compensation or damages and we will not have broken the
      Agreement if your Customer does not pay an
  Invoice.

            

    

     

     

    
      	
              5.8

            	
              This
      Condition 5 is not applicable to Receivables
  Clients.

            

    

     

     

    
      	
              6

            	
              OUR
      FEES AND CHARGES

            

    

     

     

    
      	
              6.1

            	
              We
      will on the Start Date charge you the Account Opening Fee for opening the
      Current Account.

            

    

     

     

    
      	
              6.2

            	
              We
      will annually charge you the Annual Account Maintenance Fee, unless in any
      year the payment charges in the year reach EUR 1,000 in which case we will
      waive the Annual Account Maintenance Fee for that
  year.

            

    

     

     

    
      	
              6.3

            	
              For
      the purposes of calculating the Unused Line Fee, any payment of or towards
      an Invoice shall be credited to the Current Account on its Collection
      Date. We will debit any Unused Line Fee specified in the Commercial Terms
      to your Current Account at the intervals agreed with
  you.

            

    

     

     

    
      	
              6.4

            	
              We
      will charge one twelfth of the Unused Line Fee monthly in arrears on the
      amount by which during the preceding calendar
  month:

            

    

     

     

    
      	
               
      

            	
              6.4.1

            	
              your
      average Debit Balance; or

            

    

     

     

    
      	
               
      

            	
              6.4.2

            	
              where
      we have agreed to make Facilities available to you and Associated
      Businesses, your and their combined average Debit
  Balances;

            

    

     

     

    falls
short of the Review Limit (or any aggregate Review Limit where one has been
agreed), it being understood that the Unused Line Fee is an aggregate payable by
you or any Associated Business.

     

     

    
      	
              6.5

            	
              If
      we provide services to a level of intensity which were not envisaged by us
      at the time of entry into the Agreement (which includes you communicating
      with us other than via the Website) then, in addition to the Service
      Charge, we may make a reasonable charge for all costs and expenses
      (including the cost of our administrative time and resulting loss of
      profit) for providing such
services.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              6.6

            	
              If
      at any time you exceed your Availability, then, in addition to demanding
      immediate repayment of the excess, we may by notice to you increase our
      Fees and Charges to reflect our increased
risk.

            

    

     

     

    
      	
              6.7

            	
              Value
      Added Tax, where applicable, shall be added to all our Fees and Charges.
      To the extent that VAT would become chargeable, we shall promptly provide
      an appropriate VAT invoice.

            

    

     

     

    
      	
              6.8

            	
              We
      will make all payments to you or to your order through CSS. For every
      urgent outward payment (spoedbetaling) we will
      charge the Urgent Payment Charge indicated in the Commercial Terms. If we
      agree to make a payment to you other than by CSS we will charge you the
      Transmission Charges indicated in the Commercial
  Terms.

            

    

     

     

    
      	
              7

            	
              EXPENSES,
      SET OFF AND INDEMNITY

            

    

     

     

    
      	
              7.1

            	
              You
      will indemnify us (and in the case of condition 7.1.6 any bank operating
      the Collection Account or other account nominated by us) for all losses,
      costs, liabilities and expenses (including legal fees) incurred by us (or
      such bank) (and any additional administrative time incurred by us charged
      at such rate as we shall reasonably determine) directly or indirectly as a
      result of:

            

    

     

     

    
      	
               
      

            	
              7.1.1

            	
              preserving
      or enforcing our rights under the Agreement and any security given for
      it;

            

    

     

     

    
      	
               
      

            	
              7.1.2

            	
              exercising
      any of our rights under condition 5 or dealing with disputes relating to
      an Invoice;

            

    

     

     

    
      	
               
      

            	
              7.1.3

            	
              obtaining
      or enforcing a release of Invoices and Related Rights or waiver of rights,
      from any person with a Security
Interest;

            

    

     

     

    
      	
               
      

            	
              7.1.4

            	
              the
      occurrence of a Termination Event;

            

    

     

     

    
      	
               
      

            	
              7.1.5

            	
              accepting
      and/or acting upon information or instructions purporting to come from you
      even if that information or those instructions subsequently prove to have
      been incorrect or unauthorised by you (except to the extent that our
      officers have been negligent or
fraudulent);

            

    

     

     

    
      	
               
      

            	
              7.1.6

            	
              collecting
      and/or crediting to any Collection Account (or any other account nominated
      by us) any cheque or other negotiable instrument payable to you or
      endorsed in your favour;

            

    

     

     

    
      	
               
      

            	
              7.1.7

            	
              any
      claim by a Customer against us; or

            

    

     

     

    
      	
               
      

            	
              7.1.8

            	
              you
      breaching the Data Protection Act.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              7.2

            	
              We
      may charge you a reasonable fee
for:

            

    

     

     

    
      	
               
      

            	
              7.2.1

            	
              providing
      any consent, waiver or variation of the Agreement;
  or

            

    

     

     

    
      	
               
      

            	
              7.2.2

            	
              making
      an Advance which exceeds your
Availability.

            

    

     

     

    
      	
              7.3

            	
              We
      may (but are not obliged) at any time without notice to you
      to:

            

    

     

     

    
      	
               
      

            	
              7.3.1

            	
              set
      off against our liability to you any liability you owe to us;
      and/or

            

    

     

     

    
      	
               
      

            	
              7.3.2

            	
              combine
      or consolidate all or any of your accounts with
  us;

            

    

     

    
       

      
        	
                 

              	
                in
      either case whether arising under the Agreement or any other facility
      provided by us.  All your accounts with us, which may be opened
      for legal, technical or administrative reasons (and which may have
      separate names), will be deemed and will be treated contractually as
      sub-accounts of a single current account recording debits and credits that
      are connected and indivisible, giving rise to a right of set-off even if
      the legal conditions for set-off are not fulfilled.  In order to
      effect such set off or combination of accounts, we may convert currencies
      at the Bank’s spot rate of exchange prevailing at the time of set off or
      combination.  Your liability to us includes any amounts owing by
      you for goods, work or services provided to you by another of our
      clients.  We may make a reasonable estimate of any amounts
      contingently or prospectively due from you to us which cannot be
      calculated on the date we exercise set off.  We may make debit
      entries on your account to effect the intent of the set-off provisions of
      the Agreement.  You may not exercise any right of set off or
      counterclaim against monies due from you to
us.

              

      

       

    

     

    
      	
              7.4

            	
              You
      will be responsible for any stamp duty or other tax payable on any
      document transferring title by assignment or pledge (whether to you or us)
      to Invoices, Related Rights or
Goods.

            

    

     

     

    
      	
              7.5

            	
              We
      may at any time, at your request or at our discretion, convert any payment
      received by us in or towards settlement of Invoices and/or any of our
      obligations to you or your obligations to us which are owed in a currency
      other than Euro into Euro at the Bank’s prevailing spot rate of
      exchange.  Where the currency of the Current Account is
      different to that in which a Customer pays an Invoice and/or that in which
      the Nominal Amount is paid and as a result there is an exchange rate loss
      or gain when the Invoice is paid, we shall debit any loss and credit any
      gain to the Current Account.

            

    

     

     

    
      	
              8

            	
              WARRANTIES

            

    

     

     

    
      	
              8.1

            	
              On
      the date of the Agreement and each time you Notify Invoices to us, you
      warrant that:

            

    

     

     

    
      	
               
      

            	
              8.1.1

            	
              except
      as disclosed to us in writing before the Start Date, there are no Security
      Interests affecting your Invoices and you have not sold your Invoices to
      any other person;

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              8.1.2

            	
              you
      have told us about every material fact or matter which you know, or ought
      to have known, might influence us in deciding whether to enter into the
      Agreement or to classify an Invoice as Approved or Disapproved or to
      accept person as a guarantor or in determining any Review Limit or
      Approval Limit; and

            

    

     

     

    
      	
               
      

            	
              8.1.3

            	
              all
      reports, accounts, and other information supplied to us are accurate and
      complete.

            

    

     

     

    
      	
              8.2

            	
              The
      warranty in clause 8.1.2 includes any past Insolvency of your directors or
      shareholders or of any company in which they have been interested or any
      disqualification at any time of any of your directors or any holder of a
      corporate mandate acting as a director or corporate mandate
      holder.

            

    

     

     

    
      	
              8.3

            	
              In
      relation to each Invoice Notified to us, you warrant, both on the date of
      Notification and on each Working Day until that Invoice is paid,
      that:

            

    

     

     

    
      	
               
      

            	
              8.3.1

            	
              the
      Contract of Sale giving rise to the
Invoice:

            

    

     

     

    
      	
               
      

            	
              8.3.1.1

            	
              is
      valid and enforceable against the
Customer;

            

    

     

     

    
      	
               
      

            	
              8.3.1.2

            	
              is
      governed by Dutch law or another law approved by us in
      writing;

            

    

     

     

    
      	
               
      

            	
              8.3.1.3

            	
              provides
      for the Customer to submit to the jurisdiction of the Dutch Courts or the
      courts of an Approved Country;

            

    

     

     

    
      	
               
      

            	
              8.3.1.4

            	
              does
      not include any prohibition against assignment, pledge or assignation of
      the Invoice or the Contract of
Sale;

            

    

     

     

    
      	
               
      

            	
              8.3.1.5

            	
              provides
      for payment in Euro or an Approved
Currency;

            

    

     

     

    
      	
               
      

            	
              8.3.1.6

            	
              provides
      for payment on or before the end of the Funding
  Period;

            

    

     

     

    
      	
               
      

            	
              8.3.1.7

            	
              does
      not provide for cash on delivery, sale or return or for payment in advance
      or by stage payments; and

            

    

     

     

    
      	
               
      

            	
              8.3.1.8

            	
              arises
      from your normal trading activities disclosed to us before the Start
      Date;

            

    

     

     

    
      	
               
      

            	
              8.3.2

            	
              the
      Invoice relates to an actual sale and you have delivered the Goods or
      carried out the works or services to which the Invoice relates according
      to the Contract of Sale;

            

    

     

     

    
      	
               
      

            	
              8.3.3

            	
              you
      have sent to your Customers all Invoices Notified to us and, in the case
      of Invoice Discounting Clients whose Agreement is disclosed or Factoring
      Clients, those invoices and all reminders and statements include notices
      of assignment, pledge or assignation in our preferred
  form;

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              8.3.4

            	
              the
      details of the Invoice Notified to us are correct and complete and the
      Invoice has not been Notified to us
before;

            

    

     

     

    
      	
               
      

            	
              8.3.5

            	
              the
      Notified Value of each Invoice is the amount due in respect of it and any
      prompt payment or bulk order discount does not exceed that agreed by
      us;

            

    

     

     

    
      	
               
      

            	
              8.3.6

            	
              no
      right of set-off, compensation or counterclaim exists which will reduce or
      extinguish the Notified Value of an Invoice or affect our ability to
      collect the Invoice in full;

            

    

     

     

    
      	
               
      

            	
              8.3.7

            	
              so
      far as you are aware, the Customer is creditworthy and is not
      Insolvent;

            

    

     

     

    
      	
               
      

            	
              8.3.8

            	
              the
      Customer is not an Associated
Business;

            

    

     

     

    
      	
               
      

            	
              8.3.9

            	
              to
      the extent referred to in the Invoice, the Contract of Sale has been
      performed and the Invoice has become
due;

            

    

     

     

    
      	
               
      

            	
              8.3.10

            	
              there
      is no Security Interest, tracing or other third party right or claim which
      may adversely affect our title to an Invoice or our Security Interest
      relating to that Invoice, its Related Rights or
  Goods;

            

    

     

     

    
      	
               
      

            	
              8.3.11

            	
              the
      Customer has an established place of business in the Netherlands or an
      Approved Country;

            

    

     

     

    
      	
               
      

            	
              8.3.12

            	
              in
      relation to Invoice Discounting Clients and Receivables Clients, the
      Invoice is not a Non-Notifiable
Invoice;

            

    

     

     

    
      	
               
      

            	
              8.3.13

            	
              if
      the Invoice is an Export Invoice, you additionally warrant
      that:

            

    

     

     

    
      	
               
      

            	
              8.3.13.1

            	
              the
      Customer has all licences and permits necessary to import and pay for the
      Goods and/or services in the Approved Country;
  and

            

    

     

     

    
      	
               
      

            	
              8.3.13.2

            	
              the
      export of the Goods or services and payment by the Customer is not
      unlawful under any applicable law.

            

    

     

     

    
      	
              9

            	
              UNDERTAKINGS

            

    

     

     

    
      	
              9.1

            	
              You
      agree with us that you will:

            

    

     

     

    
      	
               
      

            	
              9.1.1

            	
              tell
      us immediately:

            

    

     

     

    
      	
               
      

            	
              9.1.1.1

            	
              about
      any material dispute (whether justifiable or not) between you and a
      Customer and any claim or attempt by a Customer to pay less than the
      Notified Value of an Invoice and give us copies of any
      correspondence;

            

    

     

     

    
      	
               
      

            	
              9.1.1.2

            	
              anything
      which may materially affect a Customer’s
  creditworthiness;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              9.1.1.3

            	
              if
      any person claims or tries to claim title to your
  Goods;

            

    

     

     

    
      	
               
      

            	
              9.1.1.4

            	
              if
      whomever controls or manages your company or business
    changes;

            

    

     

     

    
      	
               
      

            	
              9.1.1.5

            	
              if
      you breach any of your warranties to
us;

            

    

     

     

    
      	
               
      

            	
              9.1.1.5.1

            	
              about
      any Associated Business and if they start or cease
  trading;

            

    

     

     

    
      	
               
      

            	
              9.1.1.5.2

            	
              about
      any returned Goods; or

            

    

     

     

    
      	
               
      

            	
              9.1.1.5.3

            	
              if
      you purchase Goods or services from or owe any money to any Customer or
      there are any contracts or other arrangements between you and your
      Customer, which could reduce the Notified Value of an
    Invoice;

            

    

     

     

    
      	
               
      

            	
              9.1.2

            	
              if
      we ask:

            

    

     

     

    
      	
               
      

            	
              9.1.2.1

            	
              give
      us any information about your Customers that we
  require;

            

    

     

     

    
      	
               
      

            	
              9.1.2.2

            	
              send
      us proofs of delivery or other evidence that you have delivered Goods or
      performed your services according to the Contract of
  Sale;

            

    

     

     

    
      	
               
      

            	
              9.1.2.3

            	
              tell
      us about your bank accounts and if you open any bank account and, if we
      request, send us copies of any bank statements; for the avoidance of
      doubt, we are aware that you have opened bank accounts for outgoing
      payments;

            

    

     

    

     

    
      	
               
      

            	
              9.1.2.4

            	
              at
      your own expense, formally pledge (as instructed) to us in the way we
      require specific Invoices and their Related Rights including any credit
      insurance; or

            

    

     

     

    
      	
               
      

            	
              9.1.2.5

            	
              keep
      any returned Goods separate from other Goods and deliver them to us or
      deal with them as we direct;

            

    

     

     

    
      	
               
      

            	
              9.1.3

            	
              try
      to promptly resolve any Customer’s disputes and
  claims;

            

    

     

     

    
      	
               
      

            	
              9.1.4

            	
              ensure
      that all Invoices are paid at any time into a Collection
      Account;

            

    

     

     

    
      	
               
      

            	
              9.1.5

            	
              not
      vary any payment terms or settlement discount in respect of any Invoice
      nor waive, vary, rescind or terminate any Contract of
  Sale;

            

    

     

     

    
      	
               
      

            	
              9.1.6

            	
              promptly
      perform any continuing obligations under any Contract of Sale, such as
      repairing or maintaining Goods, providing drawings, documents or
      information, or performing any other services or
    obligations;

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              9.1.7

            	
              promptly
      raise and send to a Customer any credit note that is validly due and then
      Notify it to us.  However, we may at any time require you
      either:

            

    

     

     

    
      	
               
      

            	
              9.1.6.1

            	
              to
      send credit notes to us for approval and we may send or refuse to send
      them to your Customers; or

            

    

     

     

    
      	
               
      

            	
              9.1.6.2

            	
              to
      cease issuing credit notes without our specific
  agreement;

            

    

     

     

    
      	
               
      

            	
              9.1.8

            	
              promptly
      Notify us of any other matters (such as early payment or bulk purchase
      discounts) which may cause the Notified Value of  Invoices to be
      reduced or extinguished and not, without our specific agreement, grant any
      prompt payment or bulk purchase
discount;

            

    

     

     

    
      	
               
      

            	
              9.1.9

            	
              comply
      with any procedure we set in relation to the day to day administration of
      the Agreement and send us any documents we ask
  for;

            

    

     

     

    
      	
               
      

            	
              9.1.10

            	
              allow
      our employees or agents to enter your premises (or any location where
      Goods or records are stored) at any reasonable time in order
      to:

            

    

     

     

    
      	
               
      

            	
              9.1.9.1

            	
              audit
      and verify your sales ledger and to ensure that you are adhering to the
      procedures we require;

            

    

     

     

    
      	
               
      

            	
              9.1.9.2

            	
              remove
      (or at your expense) copy or check the terms of Contracts of Sale, your
      purchase ledgers, your accounting records (including the status of your
      preferential creditors), correspondence, orders and any other documents or
      computer files we require; or

            

    

     

     

    
      	
               
      

            	
              9.1.9.3

            	
              review
      those Related Rights capable of review, inspect Goods, or complete a
      Contract of Sale or collateral
contract;

            

    

     

     

    
      	
               
      

            	
              9.1.11

            	
              maintain
      accurate accounting books and records and have them audited at least once
      every year and as soon as the accounts have been signed off or at the
      latest within eight months of the end of your financial year send us a
      copy of your audited accounts, together with any statement or report from
      your auditors and the annual management
report;

            

    

     

     

    
      	
               
      

            	
              9.1.12

            	
              each
      month provide us with a profit and loss account and balance sheet of each
      trading entity and from Milacron B.V. (referred to as Europe) and a
      reconciliation between the month end open item sales ledger and the
      statement from LloydsTSB and promptly send us any other financial or other
      information we may request relating to your business or
      affairs;

            

    

     

     

    
      	
               
      

            	
              9.1.13

            	
              give
      our bankers such instructions or indemnities as they may require to
      collect non-transferable instruments made payable to you;
    and

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              9.1.14

            	
              provide
      us with such security as we may from time to time reasonably require to
      secure the Secured Obligations.

            

    

     

     

    
      	
              9.2

            	
              You
      will not:

            

    

     

     

    
      	
               
      

            	
              9.2.1

            	
              except
      where we have agreed in writing, create any Security
      Interest  over your Invoices or rights under the Agreement nor
      factor nor discount your Invoices other than to us;
  and/or

            

    

     

     

    
      	
               
      

            	
              9.2.2

            	
              enter
      into any hire purchase or equipment leasing facilities without first
      obtaining an offer from us.

            

    

     

     

    
      	
               
      

            	
              9.2.3

            	
              open
      any bank account (which is not a Collection Account) without our prior
      consent.

            

    

     

     

    
      	
              10

            	
              TERMINATION
      EVENTS

            

    

     

     

    
      	
              10.1

            	
              Each
      of the following is a Termination
Event:

            

    

     

     

    
      	
               
      

            	
              10.1.1

            	
              you
      breach or threaten to breach any warranty, undertaking or other obligation
      given or undertaken by you in the
Agreement;

            

    

     

     

    
      	
               
      

            	
              10.1.2

            	
              you
      fail to pay any sum due from you to us under the
  Agreement;

            

    

     

     

    
      	
               
      

            	
              10.1.3

            	
              you
      become Insolvent, or any step is taken which could result in you becoming
      Insolvent;

            

    

     

     

    
      	
               
      

            	
              10.1.4

            	
              you
      fail to pay any sum due under any other financing facility made available
      by us or any other person to you or otherwise breach the terms of any such
      facility;

            

    

     

     

    
      	
               
      

            	
              10.1.5

            	
              any
      person who has given us a guarantee or indemnity or granted a Security
      Interest as security for your obligations to us dies or becomes Insolvent
      or gives or attempts to give notice terminating, amending or withdrawing
      such guarantee, indemnity or
security;

            

    

     

     

    
      	
               
      

            	
              10.1.6

            	
              you
      sell or dispose of the whole or a substantial part of your undertaking,
      property or assets or cease to carry on the business conducted by you on
      the date of the Agreement;

            

    

     

     

    
      	
               
      

            	
              10.1.7

            	
              without
      our prior written consent, there is a material change in composition of
      your board of directors or partners or senior management or any change in
      the ownership of 10 per cent or more of your shares (unless such change is
      a result of a transfer of shares to an Associated Business) or in your
      constitution or composition;

            

    

     

     

    
      	
               
      

            	
              10.1.8

            	
              we
      reasonably consider there is a deterioration in your overall financial
      condition or in your operating performance or your overall management and
      control or in your general day to day administration and organisation or
      in your sales ledger administration or credit control
      procedures;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              10.1.9

            	
              any
      person, who has waived or released its rights to your Invoices or their
      Related Rights, withdraws or attempts to withdraw, such waiver or release
      or otherwise asserts any interest in your Invoices or Related
      Rights;

            

    

     

     

    
      	
               
      

            	
              10.1.10

            	
              you
      attempt to reject any variation to the Operating Conditions made by
      us;

            

    

     

     

    
      	
               
      

            	
              10.1.11

            	
              any
      of the Secured Obligations owing by a Guaranteed Company become due and
      payable; and

            

    

     

     

    
      	
               
      

            	
              10.1.12

            	
              the
      Agreement or any guarantee, indemnity or Security Interest granted as
      security for your obligations to us ceases to be legally valid, binding or
      enforceable or it is or becomes unlawful for you or any other person to
      perform your or their obligations under the Agreement or such guarantee,
      indemnity or security and any such defect is not remedied within 10
      Working Days after determination of such
defect.

            

    

     

     

    
      	
              10.2

            	
              Upon
      or at any time after a Termination Event has occurred (whether or not we
      actually terminate the Agreement) or following the expiry of any notice to
      terminate the Agreement, we may by written notice to you (and as well as
      exercising any of our other rights under the Agreement or any other
      facility we have made available to you) do all or any of the following
      (either at the same time or at separate
times):

            

    

     

     

    
      	
               
      

            	
              10.2.1

            	
              if
      the Facility is confidential, disclose this Facility to your Customers and
      simultaneously or at a later date cancel your agency to collect
      Invoices;

            

    

     

     

    
      	
               
      

            	
              10.2.2

            	
              reduce
      the Advance Rate to zero or such other percentage as we may
      decide;

            

    

     

     

    
      	
               
      

            	
              10.2.3

            	
              classify
      all or any Invoices as Disapproved;

            

    

     

     

    
      	
               
      

            	
              10.2.4

            	
              apply
      a Reserve in such amount as we may
decide;

            

    

     

     

    
      	
               
      

            	
              10.2.5

            	
              combine
      your Current Accounts (if you have more than one) and any loan or other
      accounts maintained by us;

            

    

     

     

    
      	
               
      

            	
              10.2.6

            	
              refuse
      requests for withdrawals from the Current
  Account;

            

    

     

     

    
      	
               
      

            	
              10.2.7

            	
              demand
      immediate payment of:

            

    

     

     

    
      	
               
      

            	
              10.2.7.1

            	
              any
      Debit Balance on your Current Account (or combined Current
      Accounts);

            

    

     

     

    
      	
               
      

            	
              10.2.7.2

            	
              any
      Fees and Charges or other monies or liabilities which you owe us actually,
      contingently or prospectively.  If we cannot calculate the
      precise amount owing to us on the date of demand we may include a
      reasonable estimate in our demand;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              10.2.8

            	
              debit
      to your Current Account, in addition to any ot her fees to which we may be
      entitled, a fee equal to 10% of the Notified Value of all Invoices
      (including VAT) which are unpaid on the date we serve notice under this
      clause and which come into existence thereafter.  You agree that
      this fee represents a reasonable estimate by us of the costs of the
      additional services and administration which will be provided by us
      following a Termination Event;

            

    

     

     

    
      	
               
      

            	
              10.2.9

            	
              terminate
      the Agreement and charge you the fees for early termination (if
      applicable) referred to in the Asset Based Finance
    Agreement;

            

    

     

    
    

     

    
      	 	

              10.2.10 

            	

              at
      your cost appoint accountants or any other professional to investigate
      your business, assets or affairs, to ascertain your financial position or,
      in the case of Invoice Discounting Clients, review your sales ledger
      administration and/or credit control
  procedures; 

            

    

     

     

    
      	
               
      

            	
              10.2.11

            	
              if
      you are an Invoice Discounting Client, request you to start Notifying
      Non-Notifiable Invoices to us and/or convert you to a Factoring
      Client.

            

    

     

     

    
      	
              10.3

            	
              Termination
      of the Agreement will not affect any of your or our respective rights and
      obligations which arose under it prior to such termination and, in
      particular, our rights in respect of Invoices assigned or pledged to us
      and our power of attorney will survive such termination.  You
      will continue, subject to applicable Insolvency laws, to Notify Invoices
      to us after termination of the Agreement and after the occurrence of a
      Termination Event until, in either case, repayment of all Debit Balances.
      Such rights and obligations shall only cease when all monies due from you
      to us and from us to you have been paid in
full.

            

    

     

     

    
      	
              11

            	
              ASSIGNMENT
      OR PLEDGE OF INVOICES

            

    

     

     

    
      	
              11.1

            	
              In
      the event the Facility relates to Factoring, you will undertake to assign
      on a disclosed basis to us all your Invoices which are outstanding on the
      Start Date and you undertake to assign on a disclosed basis in advance all
      your Invoices, which arise after the Start Date until the Agreement
      terminates. The relevant provisions on assignment in the Operating
      Conditions Part II and Part IV for Factoring Clients apply
      accordingly.

            

    

     

     

    
      	
              11.2

            	
              In
      the event the Facility relates to Invoice Discounting, Invoice Discounting
      or Receivables Financing, with export and currency facilities, you will
      undertake to pledge either on a disclosed basis (openbaar pandrecht) or
      on an undisclosed basis (stil pandrecht) to us
      all your Invoices which are outstanding on the Start Date and you
      undertake to pledge either on a disclosed basis (openbaar pandrecht) or
      on an undisclosed basis (stil pandrecht) in
      advance all your Invoices, which arise after the Start Date until the
      Agreement terminates. The relevant provisions to pledge either on a
      disclosed basis (openbaar pandrecht) or
      on an undisclosed basis (stil pandrecht) in the
      Operating Conditions Part II, Part III or Part V for Invoice Discounting
      Clients apply accordingly.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              11.3

            	
              We
      grant you the authority as provided in Art. 3:246 paragraph 4 of the Dutch
      Civil Code, to have and accept the right to, until the occurrence of a
      default (verzuim), to collect
      any Invoices from any relevant debtor without restriction and to make if
      possible the Invoices due and payable. Following default, we shall
      henceforth exclusively be entitled to collect the pledged or assigned
      Invoices, to receive payments and to make – if possible – the pledged or
      assigned Invoices due and payable.

            

    

     

     

    
      	
              11.4

            	
              Notwithstanding
      the provisions of condition 5 above, upon the occurrence of a Termination
      Event which constitutes a default (verzuim) within the
      meaning of Article 6:81 and Article 3:248 of the Dutch Civil
      Code:

            

    

     

     

    
      	
               
      

            	
              (i)

            	
              we
      can take, and are hereby authorised to take, all necessary judicial and
      extra-judicial measures.  If we do take measures as mentioned in
      the previous sentence, you will offer any and all required support,
      including but not limited to all necessary documents and information with
      regard to the relevant Invoice;

            

    

     

     

    
      	
               
      

            	
              (ii)

            	
              in
      the case of an undisclosed pledge or assignment, you will promptly notify
      (mededeling) in
      writing, at your own costs, the existence of the pledge or assignment
      to:

            

    

     

     

    
      	
               
      

            	
              (a)

            	
              a
      third party or the court process server (deurwaarder) acting on
      behalf of such third party making an attachment (beslag) on its
      Invoices; or

            

    

     

     

    
      	
               
      

            	
              (b)

            	
              its
      bankruptcy trustee (curator), administrator
      (bewindvoerder)
      or similar officer in any jurisdiction;
or

            

    

     

     

    
      	
               
      

            	
              (c)

            	
              any
      other relevant person, as the case may
be.

            

    

     

     

    you may
serve notice to instruct any relevant debtor owing pledged or assigned Invoices
to make any and all payments in or towards satisfaction of such pledged or
assigned Invoices to us in accordance with Article 3:246 of the Dutch Civil
Code.

     

     

    
      	
              11.5

            	
              You
      are not entitled to request the President of the competent court (rechtbank) to order
      that the Invoices shall be sold in a manner deviating from the provisions
      of Article 3:250 of the Dutch Civil
Code.

            

    

     

     

    
      	
              12

            	
              REPURCHASE

            

    

     

     

    
      	
              12.1

            	
              We
      may at any time (i) reassign all or any Invoices and their Related Rights,
      (ii) or release the pledge of all or any Invoices and their Related
      Rights, to you.

            

    

     

     

    
      	
              12.2

            	
              The
      repurchase price payable by you to us for any Invoice repurchased by you
      will be its Notified Value plus all relative Fees and Charges less all
      sums received in or towards discharge of the Invoice.  If we
      require you to repurchase all of your Invoices, then, for administrative
      convenience, their repurchase price will be the Debit Balance after we
      have debited all Fees and Charges and any other monies and liabilities
      actually, contingently or prospectively owing by you to
  us.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              12.3

            	
              Upon
      payment of the repurchase price for an Invoice, our rights in that Invoice
      and its Related Rights will transfer to you.  We will, if
      requested by you, at your expense, execute a formal re-assignment or
      release letter to you of any Invoices repurchased and give notice of such
      repurchase to your Customers.

            

    

     

     

    
      	
              12.4

            	
              This
      Condition 12 is not applicable to Receivable
  Clients.

            

    

     

     

    
      	
              13

            	
              COMMUNICATIONS
      BETWEEN US

            

    

     

     

    
      	
              13.1

            	
              Unless
      we agree otherwise, you will Notify us of all Invoices, credit and debit
      notes, daily cash collections (if you are an Invoice Discounting Client)
      and all other sale and purchase ledger information electronically through
      the Website and in such format as we may
  require.

            

    

     

     

    
      	
              13.2

            	
              We
      will provide regular statements to you relating to your accounts with us
      electronically through the Website, unless we agree otherwise. It is your
      responsibility to access this information and other communications from us
      by accessing the Website on a regular basis.  Unless you notify
      us within 30 days of us posting your statement to the Website that any
      item is incorrect, then, that statement will be binding upon you, unless
      we have made an obvious error.

            

    

     

     

    
      	
              13.3

            	
              All
      information we provide to each other through the Website (unless corrupted
      as a result of technical failure) has the same status as if it had been in
      writing or other printed form and signed by the provider and neither of us
      will challenge the validity of such information solely because it was
      prepared, sent or received only in electronic form.  Where the
      Agreement requires a consent, waiver or notice given by us to be in
      writing such condition shall (unless it is notice to terminate or a
      variation of the Commercial Terms) be satisfied if it is transmitted
      through the Website.  We may require you to provide hard copies
      of any information provided by you
  electronically.

            

    

     

     

    
      	
              13.4

            	
              In
      any proceedings or claim, you will accept and be bound by a certificate
      signed by us as to the balance on any accounts and the amounts due and
      owing by either of us to the other, unless we have made an obvious
      error.

            

    

     

     

    
      	
              13.5

            	
              We
      may accept and rely upon any signature, communication or information
      ostensibly sent by you even though you may not actually have given or sent
      it or the sender or provider had no authority to send or provide
      it.  This applies whether the communication is written, oral or
      through the Website.

            

    

     

     

    
      	
              13.6

            	
              In
      regard to the form of pledge and/or assignment that you must provide us on
      each Notification Date, you will provide us with an original form manually
      signed by a duly authorised representative or, or in any other form as
      agreed with you, from time to time.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              14

            	
              VARIATIONS

            

    

     

     

    
      	
              14.1

            	
              The
      Agreement incorporates the Operating Conditions in force from time to
      time.  Variations to these Operating Conditions can be made by
      us after consultation with you. Any variation shall take effect
      immediately after we have reached an agreement on the variations to be
      made.

            

    

     

     

    
      	
              14.2

            	
              If
      we are unable to reach an agreement (acting upon good faith) on the
      variation of the Operating Conditions, we shall agree upon a date which is
      not later than two months after cessation of our negotiations to reach an
      agreement, after which date you shall cease to use the Facility and repay
      all amounts outstanding.

            

    

     

     

    
      	
              14.3

            	
              The
      Agreement incorporates the Commercial Terms in force from time to
      time.  We may mutually agree to change the Commercial Terms. In
      these circumstances, we shall both agree revised Commercial Terms which
      are to apply and they will be provided to you in hard copy
      form.  Any such revised Commercial Terms which are then signed
      on behalf of each of us shall be deemed to be the new Commercial Terms and
      shall vary the previous Commercial Terms from the date of the last
      signature on such revised Commercial
Terms.

            

    

     

     

    
      	
              15

            	
              COMMUNICATIONS
      WITH PROFESSIONALS AND OTHERS

            

    

     

     

    
      	
              15.1

            	
              We
      may:

            

    

     

    

    
      	
               
      

            	
              15.1.1

            	
              provide
      your bank, the Bank or any company in the Bank’s group or your auditors,
      accountants and other professional advisers with such information as they
      may require in relation to your business and affairs and the terms,
      operation and account balances under the
  Agreement;

            

    

     

    
      	
               
      

            	
              15.1.2

            	
              obtain
      from your bank, auditors, accountants and other professional advisers such
      information as we may require;
and/or

            

    

     

     

    
      	
               
      

            	
              15.1.3

            	
              subject
      to us consulting with you prior thereto, obtain from your Customers their
      consent to taking of references from their
  bankers.

            

    

     

     

    
      	
              15.2

            	
              You
      have (or will) authorise the persons referred to above to give us such
      information.

            

    

     

     

    
      	
              15.3

            	
              We
      may disclose such information about you and any other person as we see fit
      to any potential assignee, transferee, sub-participant or delegate of our
      rights or obligations under the
Agreement.

            

    

     

     

    
      	
              16

            	
              DATA
      PROTECTION

            

    

     

     

    
      	
              16.1

            	
              You
      agree that any and all information you supply to us or that we may
      otherwise acquire relating to any individual associated with or engaged by
      your business and/or a Customer’s business (including but not limited to a
      sole trader, director, shareholder, partner, member, employee, guarantor
      and/or indemnifier) may be used by us for the purposes
  of:

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              16.1.1

            	
              deciding
      whether to enter into the Agreement with
you;

            

    

     

     

    
      	
               
      

            	
              16.1.2

            	
              performance
      of the Agreement and/or any other ancillary or related
      agreement;

            

    

     

     

    
      	
               
      

            	
              16.1.3

            	
              exercising
      our right and/or obligations under the Agreement and/or any other
      ancillary or related agreements;
and/or

            

    

     

     

    
      	
               
      

            	
              16.1.4

            	
              preventing
      fraud and/or money laundering;

            

    

     

     

    any may
be disclosed to and/or used by the Bank and any company in the Bank’s group
and/or any credit reference agencies and fraud prevention and/or prosecution
agencies.

     

     

    
      	
              16.2

            	
              Where
      you provide Personal Data to us about any individual who is not a party to
      the Agreement, you warrant and undertake that the Personal Data have been
      collected, processed and transferred in accordance with applicable data
      protection laws (including the Data Protection Act) and that the
      individuals concerned have explicitly agreed to the use and disclosure of
      such Personal Data (which may include Sensitive Personal Data) in
      accordance with the terms of this condition
16.

            

    

     

     

    
      	
              16.3

            	
              You
      warrant that you are registered under the Data Protection Act as a data
      controller, that you have duly completed any and all filings, declarations
      or other formalities required by law in this regard, and that your
      registration, declarations and filings cover the processing of Personal
      Data in accordance with the
Agreement.

            

    

     

     

    
      	
              16.4

            	
              You
      warrant that you shall process any Personal Data of which we are a data
      controller (as defined under the Data Protection Act) in accordance with
      any and all data protection legislation in force from time to
      time.  In processing such Personal Data, you shall act only upon
      instructions given to you by us, unless otherwise required by law and/or
      by the data subject where
appropriate.

            

    

     

     

    
      	
              16.5

            	
              You
      warrant to take appropriate technical and organisational security measures
      in order to safeguard the Personal Data being processed in accordance with
      the Agreement, from accidental loss or destruction, from alteration or
      unauthorised disclosure or access, and from any unlawful forms of
      processing.  You shall notify us immediately of any breaches of
      security in relation to such Personal Data immediately upon becoming aware
      of such breaches.  We shall be entitled to carry out and/or
      engage a third party to carry out on our behalf, an audit of your premises
      to check your compliance with this condition 16.  You warrant
      that any third party you authorise to have access to the Personal Data
      will respect and maintain the security and confidentiality of the Personal
      Data and will only act under your
instructions.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              16.6

            	
              We
      shall be entitled to transfer any Personal Data processed in accordance
      with the Agreement outside the EEA.  You warrant and undertake
      that you have obtained any necessary consents from relevant individuals
      and/or agencies for such transfer.

            

    

     

     

    
      	
              16.7

            	
              Each
      party shall appoint and identify to the other party a named individual
      within its organisation to act as a point of contact for the other party
      or any regulator relating to Personal
Data.

            

    

     

     

    
      	
              17

            	
              PARTNERSHIPS
      AND SOLE TRADERS

            

    

     

     

    
      	
              17.1

            	
              Where
      you are a partnership, the provisions of this condition 17
      apply.

            

    

     

     

    
      	
              17.2

            	
              The
      undertakings and warranties contained in the Agreement are given by each
      member or partner and your obligations to us are joint and
      several.

            

    

     

     

    
      	
              17.3

            	
              We
      may:

            

    

     

     

    
      	
               
      

            	
              17.3.1

            	
              release
      or reach a compromise with any member or partner without affecting our
      rights against the other members or partners or the
      partnership;

            

    

     

     

    
      	
               
      

            	
              17.3.2

            	
              treat
      a notice or demand by us to any member or partner as a notice or demand
      given to the other members or partners or to the partnership (but we need
      not treat a notice or demand in such
manner);

            

    

     

     

    
      	
               
      

            	
              17.3.3

            	
              treat
      a notice or demand by any member or partner to us, as a notice or demand
      given by the firm or all the members or partners (but we need not treat a
      notice or demand in such manner);

            

    

     

     

    
      	
               
      

            	
              17.3.4

            	
              treat
      the Agreement as binding upon any successors, heirs, assigns or personal
      representative of any of you and upon any agent, administrator, liquidator
      or other persons acting on behalf of any of you, whether court-appointed
      or voluntary; and

            

    

     

     

    
      	
               
      

            	
              17.3.5

            	
              require
      you to include wording on each Notification so that it takes effect as an
      offer by you to sell us the Invoices referred to in
  it.

            

    

     

     

    
      	
              17.4

            	
              You
      will notify us in writing as soon as any member or partner leaves the
      partnership.

            

    

     

     

    
      	
              17.5

            	
              A
      retiring member or partner will have no obligations to us in respect of
      Invoices assigned or pledged to us after you have notified us of his
      retirement.  However, he will remain liable to us for all
      matters occurring prior to such
notification.

            

    

     

     

    
      	
              17.6

            	
              You
      warrant that the individuals or entities signing the Agreement comprise
      all your members or partners.  You will notify us of the
      admission of a new member or partner to your partnership.  You
      will procure that any new member or partner executes such documents we may
      require to ensure that he is bound by the terms of the Agreement and is
      placed under the same obligations as you.  If you change your
      trading style, or adopt another style, or incorporate your business, you
      will notify us of such fact, and if required by us, enter into such
      further agreement with us as may be
necessary.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              17.7

            	
              Notwithstanding
      any change in your partnership, we may account to you or exercise all our
      rights against you, including our right of set off as if there had been no
      such change.

            

    

     

     

    
      	
              17.8

            	
              If
      required by us, you will take all steps necessary to enable us to proceed
      to any legal formalities we deem necessary for the recognition of the
      Agreement.

            

    

     

     

    
      	
              17.9

            	
              If
      you are a sole trader, you will seek our consent before entering into a
      partnership with another person or incorporating your
      business.

            

    

     

     

    
      	
              18

            	
              NOTICES

            

    

     

     

    
      	
              18.1

            	
              Any
      notice given by us to you to terminate the Agreement or vary the
      Commercial Terms shall be in writing and sent by post or by
      courier.  Any other notice from us to you may be given by post,
      courier, telephone, facsimile or e-mail.  Any notice served by
      post shall be addressed to you at either your address stated in the
      Commercial Terms, your registered office or the address last known to us
      at which you carried on business.

            

    

     

     

    
      	
              18.2

            	
              Notices
      and other communications sent or given by us shall be treated as
      served:

            

    

     

     

    
      	
               
      

            	
              18.2.1

            	
              if
      delivered by courier: at the time of
delivery;

            

    

     

     

    
      	
               
      

            	
              18.2.2

            	
              if
      posted: 48 hours after posting or upon receipt (whichever is earlier);
      and

            

    

     

     

    
      	
               
      

            	
              18.2.3

            	
              if
      sent or given by telephone, facsimile or e-mail at the time of the
      conversation or transmission (unless the sender knows or ought reasonably
      to have been aware of a transmission
failure).

            

    

     

     

    
      	
              18.3

            	
              Any
      notice given by you to us, including notice to terminate the Agreement,
      must be in writing and sent by registered post, return receipt requested,
      to us at our registered office or such other address as we advise to you
      in writing for this purpose and will take effect when it is received by
      us.

            

    

     

     

    
      	
              19

            	
              GENERAL

            

    

     

     

    
      	
              19.1

            	
              We
      may novate or assign any of our obligations, rights and remedies under the
      Agreement or sub-contract or delegate our obligations or
      duties.  You will not assign any of your rights nor delegate any
      of your duties under the Agreement.

            

    

     

     

    
      	
              19.2

            	
              No
      delay or omission by us in exercising any of our rights or remedies shall
      impair or operate as a waiver of them.  No waiver by us of any
      breach of your obligations to us shall constitute a waiver of any other
      breach.  No single, partial or defective exercise by us of any
      right shall preclude our further exercise of our rights.  Our
      rights are cumulative and not exclusive of any rights provided at law or
      in equity.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              19.3

            	
              The
      terms of the Agreement are agreed by us and by you to be reasonable.
      However, if any provision is valid only if some other provision or a part
      of it is deleted then such other part or provision shall be treated as
      deleted.

            

    

     

     

    
      	
              19.4

            	
              Except
      where specifically provided, the Agreement may only be enforced by the
      parties to it and the parties may rescind or vary it without the consent
      of any other person.

            

    

     

     

    
      	
              20

            	
              INTERPRETATION

            

    

     

     

    
      	
              20.1

            	
              In
      the Agreement:

            

    

     

     

    
      	
              20.2

            	
              unless
      the context otherwise provides, the singular includes the plural and vice
      versa;

            

    

     

     

    
      	
              20.3

            	
              a
      reference to any gender includes any other
  gender;

            

    

     

     

    
      	
              20.4

            	
              the
      headings are for convenience only and shall be ignored in its
      interpretation;

            

    

     

     

    
      	
              20.5

            	
              references
      to a “clause” or “condition” are to a clause of the Commercial Terms or a
      condition of the Operating Conditions and, unless otherwise specified, any
      reference to a condition, is to a condition in the Operating Conditions –
      Part II – Provisions relating to all
Clients;

            

    

     

     

    
      	
              20.6

            	
              references
      to the “Agreement” are to the receivables finance agreement entered into
      by both of us and the Operating Conditions incorporated therein as varied,
      replaced or supplemented from time to
time;

            

    

     

     

    
      	
              20.7

            	
              any
      reference to a “person” is to any individual, firm, company, corporation
      or partnership;

            

    

     

     

    
      	
              20.8

            	
              the
      meaning of general words introduced by the word “other” is not to be
      limited by reference to any preceding word indicating a particular class
      of acts, matters or things;

            

    

     

     

    
      	
              20.9

            	
              unless
      the context otherwise requires, where in or in relation to any place
      outside the Netherlands, the meaning of a word or expression used in the
      Agreement is to be considered and such word or expression has no
      counterpart in that place, it is to have the meaning of its closest
      equivalent in that place;

            

    

     

     

    
      	
              20.10

            	
              any
      reference to a law, decree or any subordinate or other legislation or
      regulation shall be construed as a reference to that legislation or
      regulation as subsequently amended or re-enacted and shall include all
      subordinate text deriving authority from any
  law;

            

    

     

     

    
      	
              20.11

            	
              any
      term or phrase defined in the Dutch Civil Code (whether capitalised or
      not) bears the same meaning in the
Agreement;

            

    

     

     

    
      	
              20.12

            	
              any
      reference to “we” or “us” includes our transferees and assignees;
      and

            

    

     

     

    
      	
              20.13

            	
              any
      reference to “you” means you in whatever name or style you carry on
      business.

            

    

     

     

     

    
 

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            Execution
copy

            

          

        

      

    

    

    

     

    OPERATING
CONDITIONS - PART III

     

     

    PROVISIONS
RELATING TO INVOICE DISCOUNTING CLIENTS ONLY

     

    

     

    
      	
              1

            	
              AGENCY
      APPOINTMENT

            

    

     

     

    
      	
              1.1.

            	
              We
      appoint you as our agent, at your expense, to administer Customers’
      accounts and to collect and enforce payment of Invoices for our
      benefit.  You accept such appointment and agree to act promptly
      and efficiently in carrying out your duties and to follow any instructions
      which we may give you.  You will ensure that all Invoices are
      promptly and accurately entered in your sales ledger.  You will
      instruct your bankers to transfer to the Collection Account all credit
      transfers received by you.  You will not instruct a lawyer or
      other agent to collect any Invoice without our prior written approval and,
      then, only on terms approved by us.

            

    

     

     

    
      	
              1.2.

            	
              You
      will open a Collection Account in respect of each Invoice Discounting,
      Currency and/or Export Facility made available by us to
      you.  All balances in the Collection Account are held solely for
      our account and benefit in escrow and you will notify the bank holding the
      Collection Account of such exclusivity and take all steps necessary,
      including the conclusion of an escrow agreement, to implement the
      exclusivity.  Until notice from us to the contrary, you will
      direct your Customers to settle their Invoices by making payment directly
      into that account.  If you receive payment (even if it is made
      payable to us) you will immediately upon receipt pay it into the
      Collection Account.  Alternatively, if we require, you will
      deliver to us or pay into such bank account as we may nominate all cash or
      other remittances endorsing the same where necessary. You will keep any
      payment received by you as our agent, pending payment into the Collection
      Account or to any other account nominated by us, separate from your own
      money.

            

    

     

     

    
      	
              1.3.

            	
              [You
      shall grant, whether or not in advance, for our benefit, a disclosed first
      priority right of pledge (openbaar pandrecht eerste in
      rang) over the balances in the Collection Account in our favour, in
      the manner set forth in Article 3:236 paragraph 1 jo. Article 3:98 jo 3:94
      paragraph 1 of the Dutch Civil Code, and in accordance with the form
      advised by us.]

            

    

     

     

    
      	
              1.4.

            	
              Where
      we have agreed that the Agreement is disclosed, then you will include the
      wording which we will provide to you on each
  Invoice.

            

    

     

     

    
      	
              1.5.

            	
              Where
      we have agreed that the Agreement is confidential, then, for the moment,
      neither you nor we will notify your Customers that you have pledged your
      Invoices to us.  However, we may at any time vary or terminate
      your agency to collect either some or all of your Invoices.  We
      may:

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              1.5.1.

            	
              give
      (or require you to give) notice to some or all of your Customers of the
      pledge of their Invoices and the Related Rights to
  us;

            

    

     

     

    
      	
               
      

            	
              1.5.2.

            	
              either
      simultaneously with giving such notice or at a later date, instruct your
      Customers to pay us directly;

            

    

     

     

    
      	
               
      

            	
              1.5.3.

            	
              require
      you to send us a copy of your sales and purchase ledger and such other
      records as we may require;

            

    

     

     

    
      	
               
      

            	
              1.5.4.

            	
              require
      you to forward all Invoices to us for issuing by us and we will, at your
      expense, administer Customers’
accounts.

            

    

     

     

    
      	
              1.6.

            	
              You
      will confirm to your Customers the effect of any notice served on them and
      if your agency to collect Invoices has been terminated you will cease to
      hold yourself out as our agent to collect Invoices.  The
      provisions of condition 5 of the Operating Conditions – Part II –
      Provisions relating to all Clients shall then
  apply.

            

    

     

     

    
      	
              1.7.

            	
              You
      will pay those costs specified in the Commercial Terms for maintaining the
      Collection Account.

            

    

     

     

    
      	
              1.8.

            	
              You
      hereby authorise us or any person nominated by us to contact your
      Customers to verify the amount of each Invoice due from them, the due date
      for payment and in the case of overdue Invoices, the date when payment can
      be expected.  You will assist us or our nominee in any way we
      require and you authorise us and them to disclose their identity if
      required to do so by law or if requested by a
  Customer.

            

    

     

     

    
      	
              2.

            	
              PLEDGE
      OF INVOICES - DISCLOSED

            

    

     

     

    
      	
              2.1.

            	
              You
      hereby pledge to us on the terms of the
  Agreement:

            

    

     

     

    
      	
               
      

            	
              2.1.1.

            	
              all
      your Invoices which are outstanding on the Start Date;
  and

            

    

     

     

    
      	
               
      

            	
              2.1.2.

            	
              all
      your Invoices, which arise after the Start Date until the Agreement
      terminates, from the list of Customers set out in Annex I to these
      Operating Conditions, as agreed and amended by the parties from time to
      time.

            

    

     

     

    In order
to perfect the pledge of the Invoices as referred to in 2.1.1 and 2.1.2 you will
execute a deed of pledge substantially in accordance with the form of agreement
as set out in Annex II to these Operating Conditions, and Notify in writing all
Customers set out in Annex I to these Operating Conditions of the pledge of
their Invoices to us in the form set in Annex III and, insofar as necessary, you
hereby provide us the authority to effect such Notification ourselves, in the
event you fail to deliver such Notifications.

     

     

    Other
than as set our above, neither of us needs to take any further action to pledge
your current and future Invoices pledged by this clause.

     

     

    At the
same time as you pledge your Invoices to us, you also pledge (and will offer to
pledge) to us Related Rights in relation to those Invoices.  We will
credit to your Current Account the Notified Value of any invoices and their
Related Rights so pledged by you to us. Neither of us needs to take any other
further action to pledge to us such Related Rights, but you agree to deliver
such further documents and take such further action as we may reasonably require
in furtherance of the Agreement in regard to the pledge of such Related Rights.
It is specified that in the case of Related Rights which are constituted by
negotiable instruments such as bills of exchange, drafts and notes, such
instruments will be endorsed to our favour upon the pledge of the corresponding
Invoices, in view of collection of such instruments on their maturity
dates.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              2.2

            	
              If
      an Invoice or its Related Rights is for any reason not formally pledged to
      us, you will hold such Invoice and its Related Rights for us as our agent
      and for our account and benefit.  If you receive any cash or
      other forms of payment for any Invoices,
then:

            

    

     

     

    
      	
               
      

            	
              2.2.1.

            	
              you
      will hold them for us as our agent and for our account and
      benefit;

            

    

     

     

    
      	
               
      

            	
              2.2.2.

            	
              you
      will immediately deliver such payments to us (endorsed to us, if
      necessary) or pay them into the Collection Account, the Current Account or
      any such bank account as we tell you, but you must not pay them into any
      other bank account; and

            

    

     

     

    
      	
               
      

            	
              2.2.3.

            	
              For
      the avoidance of doubt, we hereby remind you that this Facility is with
      recourse, being expressly agreed that we shall have recourse against you
      in relation to any pledge of Invoices and Related Rights, as expressly
      agreed between us.

            

    

     

     

    
      	
              2.3.

            	
              As
      security of your payment obligations under the Agreement, you hereby
      pledge in our favour whether or not in advance, in accordance with Article
      3:236 Dutch Civil Code, any credit rights arising from the Invoices, as
      well as the Invoices themselves and their Related Rights, for the amount
      resulting from the difference between the aggregate Nominal Amount of the
      Notified Invoices and the application of the Advance Rate to such
      aggregate Purchase Price. Upon payment by the Customers of any Invoice,
      the pledge shall be deemed to be automatically extended to any amounts
      collected. Enforcement of this pledge shall be effected by means of
      set-off, compensation or
counterclaim.

            

    

     

     

    
      	
              2.4.

            	
              Article
      3:236 paragraph 2 jo. article 3:98 jo. 3:97 and 3:94 paragraph 1 of the
      Dutch Civil Code apply, mutatis mutandis, to all Invoices and Related
      Rights that come into existence after the date of execution of the
      Agreement.

            

    

     

     

    
      	
              2.5.

            	
              Notwithstanding
      (but without prejudice to) the foregoing, in order to render the pledge
      enforceable against third parties, you will deliver to us on or prior to
      each date of Notification a valid and duly completed and signed pledge
      form covering the Notified Invoices and their Related Rights, and you will
      deliver such further documents and take such further actions as we may
      reasonably require in furtherance of the Agreement.  A sample
      pledge form for this purpose is attached as Annex
  II.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              3.

            	
              PLEDGE
      OF INVOICES - UNDISCLOSED

            

    

     

     

    
      	
              3.1

            	
              You
      hereby pledge to us on the terms of the
  Agreement:

            

    

     

     

    
      	
               
      

            	
              3.1.1

            	
              all
      your Invoices which are outstanding on the Start Date;
  and

            

    

     

     

    
      	
               
      

            	
              3.1.2

            	
              all
      your Invoices, which arise after the Start Date until the Agreement
      terminates, from the list of Customers set out in Annex I to these
      Operating Conditions, as agreed and amended by the parties from time to
      time.

            

    

     

     

    In order
to perfect the pledge of the Invoices as referred to in 3.1.1 you undertake to
submit a signed form of pledge agreement (and any ancillary or supporting
document) as set out in Annex IV to these Operating Conditions together with
Annex I to these Operating Conditions disclosing the transaction details
relating to all Customers, no later than two Business Days after the execution
of the Agreement, for registration purposes with the competent Dutch tax
authorities (Inspectie der
Registratie en Successie) and, insofar as necessary, you hereby provide
us the authority to effect such registration ourselves, in the event you fail to
deliver such registrations.

     

     

    In order
to perfect the pledge of the Invoices as referred to in 3.1.2 you undertake to,
on a [monthly1] basis, submit a
signed pledge agreement as set out in Annex IV to these Operating Conditions, no
later than two Business Days after the preceding [month2], for registration
purposes and any ancillary or supporting document with the competent Dutch tax
authorities (Inspectie der
Registratie en Successie) and, insofar as necessary, you hereby provide
us the authority to effect such registration ourselves, in the event you fail to
deliver such registrations.

     

     

    Neither
of us needs to take any further action to pledge of your current and future
Invoices pledged by this clause.

     

     

    At the
same time as you pledge your Invoices to us, you also pledge (and will offer to
pledge) to us Related Rights in relation to those Invoices.  We will
credit to your Current Account the Notified Value of any Invoices and their
Related Rights so pledged by you to us. Neither of us needs to take any other
further action to pledge to us such Related Rights, but you agree to deliver
such further documents and take such further actions as we may reasonably
require in furtherance of the Agreement in regard to the pledge of such Related
Rights. It is specified that in the case of Related Rights which are constituted
by negotiable instruments such as bills of exchange, drafts and notes, such
instruments will be endorsed to our favour upon the pledge of the corresponding
Invoices, in view of collection of such instruments on their maturity
dates.

     

    ________________________

    1Monthly/quarterly/semi-annual/annual.

    
      2Month/quarter/half
year/year.

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.2

            	
              If
      an Invoice or its Related Rights is for any reason not formally pledged to
      us, you will hold such Invoice and its Related Rights for us as our agent
      and for our account and benefit.  If you receive any cash or
      other forms of payment for any Invoices,
then:

            

    

     

     

    
      	
               
      

            	
              3.2.1

            	
              you
      will hold them for us as our agent and for our account and benefit;
      and

            

    

     

     

    
      	
               
      

            	
              3.2.2

            	
              you
      will immediately deliver such payments to us (endorsed to us, if
      necessary) or pay them into the Collection Account or any such bank
      account as we tell you, but you must not pay them into any other bank
      account.

            

    

     

     

    
      	
              3.3

            	
              For
      the avoidance of doubt, we shall have recourse against you in relation to
      any pledge of Invoices and Related Rights, in accordance with the terms of
      this Agreement.

            

    

     

     

    
      	
              3.4

            	
              As
      security of your payment obligations under the Agreement, you hereby
      pledge in our favour whether or not in advance, in accordance with Article
      3:239 Dutch Civil Code, any credit rights arising from the Invoices, as
      well as the Invoices themselves and their Related Rights, for the amount
      resulting from the difference between the aggregate Nominal Amount of the
      Notified Invoices and the application of the Advance Rate to such
      aggregate Purchase Price. Upon payment by the Customers of any Invoice,
      the pledge shall be deemed to be automatically extended to any amounts
      collected. Enforcement of this pledge shall be effected by means of
      set-off, compensation or
counterclaim.

            

    

     

     

    
      	
              3.5

            	
              Article
      3:239 paragraph 1 jo. article 3:98 jo. 3:97 and 3:94 paragraph 1 of the
      Dutch Civil Code apply, mutatis mutandis, to all Invoices and Related
      Rights that come into existence after the date of execution of the
      Agreement.

            

    

     

     

    
      	
              4.

            	
              INFORMATION
      AND REPORTING REQUIREMENTS

            

    

     

     

    
      	
              4.1

            	
              You
      will maintain a monthly open item ageing analysis, in such form as we may
      require, showing the position of each Customer’s account on the last day
      of each month, including details of any outstanding credit
      balances.

            

    

     

     

    
      	
              4.2

            	
              You
      will supply to us wherever possible via the Website (or at our option make
      available for inspection by us) the following documents and/or information
      forthwith upon our request:

            

    

     

     

    
      	
               
      

            	
              4.2.1

            	
              copies
      of Invoices and all debit and credit notes or other documents evidencing
      how an Invoice is reduced, paid or otherwise
  satisfied;

            

    

     

     

    
      	
               
      

            	
              4.2.2

            	
              the
      full terms of any Contract of Sale;

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              4.2.3

            	
              proof
      of the complete performance of each Contract of
  Sale;

            

    

     

     

    
      	
               
      

            	
              4.2.4

            	
              such
      other information and evidence as we may require relating to Invoices
      Related Rights or Contracts of
Sale;

            

    

     

     

    
      	
               
      

            	
              4.2.5

            	
              daily
      a report detailing monies collected by you as our agent;
    and

            

    

     

     

    
      	
               
      

            	
              4.2.6

            	
              within
      15 days of the end of the month to which they relate or promptly upon our
      request copies of:

            

    

     

     

    
      	
               
      

            	
              4.2.6.1

            	
              your
      open item ageing analysis;

            

    

     

     

    
      	
               
      

            	
              4.2.6.2

            	
              your
      sales ledger control account with a reconciliation of it to our month end
      statement;

            

    

     

     

    
      	
               
      

            	
              4.2.6.3

            	
              your
      reconciliation of cash receipts into the Collection
    Account;

            

    

     

     

    
      	
               
      

            	
              4.2.6.4

            	
              your
      purchase ledger; and

            

    

     

     

    
      	
               
      

            	
              4.2.6.5

            	
              within
      one month (or other such period as we may reasonably specify) of the end
      of the month to which they relate your monthly management
      accounts.

            

    

     

     

    
      	
              5.

            	
              NON-NOTIFIABLE
      INVOICES

            

    

     

     

    
      	
              5.1

            	
              Until
      we give you notice to the contrary, you must not Notify us of the
      following Invoices:

            

    

     

     

    
      	
               
      

            	
              5.1.1

            	
              Invoices
      due from a director, officer, shareholder or employee of
      yours;

            

    

     

     

    
      	
               
      

            	
              5.1.2

            	
              Invoices
      due from any other person with which you maintain, other than your
      habitual commercial or professional dealings, de facto or de jure economic or
      financial links whether direct or indirect, or with which you have
      shareholders, partners, directors, officers or managers in
      common;

            

    

     

     

    
      	
               
      

            	
              5.1.3

            	
              Invoices
      due from the sale of any of your capital
assets;

            

    

     

     

    
      	
               
      

            	
              5.1.4

            	
              Invoices
      which are not due in respect of your trade, occupation or
      profession;

            

    

     

     

    
      	
               
      

            	
              5.1.5

            	
              Invoices
      where the Customer does not have an established place of
      business;

            

    

     

     

    
      	
               
      

            	
              5.1.6

            	
              Invoices
      arising under a hire purchase, leasing or consumer credit sale
      agreement;

            

    

     

     

    
      	
               
      

            	
              5.1.7

            	
              Invoices
      due in respect of Goods delivered on sale or return or on
      approval;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              5.1.8

            	
              Invoices
      arising under any Contract of Sale involving advance payments, conditional
      sales, consignment sales, sales for which a provisional or pro forma
      invoice has been issued, and Invoices for costs, interest for late payment
      or other penalties to be paid by the
Customer;

            

    

     

     

    
      	
               
      

            	
              5.1.9

            	
              Invoices
      arising under any Contract of Sale with the State or any local government
      body or any entity subject to public law and benefiting from sovereign or
      other immunity;

            

    

     

     

    
      	
               
      

            	
              5.1.10

            	
              Invoices
      arising under any Contract of Sale with a Customer who supplies goods or
      services to you and which may therefore be subject to rights of set-off,
      contra accounting, compensation, defence or
  cross-claim;

            

    

     

     

    
      	
               
      

            	
              5.1.11

            	
              those
      additional Invoices referred to in the Agreement as Additional
      Non-Notifiable Invoices; and/or

            

    

     

     

    
      	
               
      

            	
              5.1.12

            	
              Export
      Invoices representing more than 10% of all your Invoices outstanding from
      time to time. We may at any time require you to Notify us of
      Non-Notifiable Invoices.

            

    

     

     

    
      	
              5.2

            	
              We
      will Disapprove Non-Notifiable
Invoices.

            

    

     

     

    
      	
              5.3

            	
              We
      shall only make a Service Fee in respect of Non-Notifiable Invoices after
      we have given you notice under condition 5.2
  above.

            

    

     

     

    
      	
              6.

            	
              OUR
      SERVICES

            

    

     

     

    
      	
              6.1

            	
              In
      return for the Service Fee we will at your request or at any other time
      should we so decide provide the following services relative to Notified
      Invoices:

            

    

     

     

    
      	
               
      

            	
              6.1.1

            	
              advice
      on improvements to your collection procedures and assessing your need for
      credit insurance;

            

    

     

     

    
      	
               
      

            	
              6.1.2

            	
              general
      advice on standard sales contracts, terms of payment, the use of
      settlement discounts, evaluating the effect of changing invoicing methods
      and terms;

            

    

     

     

    
      	
               
      

            	
              6.1.3

            	
              provision
      of statistical information based upon Invoices Notified to
    us;

            

    

     

     

    
      	
               
      

            	
              6.1.4

            	
              advice
      on export debtor procedures and the specific requirements of major trading
      countries where we have arrangements with
  correspondents;

            

    

     

     

    
      	
               
      

            	
              6.1.5

            	
              assistance
      in reviewing general terms and conditions of suppliers in relation to
      their reservations of title;

            

    

     

     

    
      	
               
      

            	
              6.1.6

            	
              advice
      on your relationship with your
bankers;

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              6.1.7

            	
              checking
      and advising you on the accuracy of the monthly reconciliation of your
      sales ledger to our month end
statement;

            

    

     

     

    
      	
               
      

            	
              6.1.8

            	
              advice
      on your need for foreign exchange facilities or contingent liability
      cover;

            

    

     

     

    
      	
               
      

            	
              6.1.9

            	
              daily
      information as to the status of your accounts with
  us;

            

    

     

     

    
      	
               
      

            	
              6.1.10

            	
              reviewing
      your reconciliation and monitoring the operation of the Collection
      Account, including detailing dishonoured cheques or other defects in
      payment;

            

    

     

     

    
      	
               
      

            	
              6.1.11

            	
              liaising
      with lawyers or other agents instructed to collect Invoices;
      or

            

    

     

     

    
      	
               
      

            	
              6.1.12

            	
              inspecting
      your books and records relating to Invoices,
  including:

            

    

     

     

    
      	
               
      

            	
              6.1.13

            	
              general
      systems;

            

    

     

     

    
      	
               
      

            	
              6.1.13.1

            	
              maintenance
      of sales ledger;

            

    

     

     

    
      	
               
      

            	
              6.1.13.2

            	
              dunning
      cycles;

            

    

     

     

    
      	
               
      

            	
              6.1.13.3

            	
              overdue
      Invoices;

            

    

     

     

    
      	
               
      

            	
              6.1.13.4

            	
              control
      systems.

            

    

     

     

    
      	
              6.2

            	
              The
      provision of any of the services in this condition 6 shall be without
      responsibility on our part to the fullest extent permitted by
      law.

            

    

     

     

    
      	
              7.

            	
              DISCOUNTING
      CLIENTS WHICH BECOME FACTORING
CLIENTS

            

    

     

     

    
      	
              7.1

            	
              If
      following a Termination Event we exercise our rights to cancel your agency
      to collect Invoices and disclose this Facility to your Customers, we may
      also convert you to a Factoring Client in which
  case:

            

    

     

     

    
      	
               
      

            	
              7.1.1

            	
              we
      will send you (at the same time as we serve notice on you) details of the
      revised Commercial Terms which will include an increased Service Fee to
      reflect the additional services provided by us to Factoring Clients and an
      Additional Service Fee which we will charge in respect of Invoices which
      remain outstanding more than [3 months] after the end of the month in
      which the Invoice is raised;

            

    

     

     

    
      	
               
      

            	
              7.1.2

            	
              we
      will provide you with access rights to Cash Connect which is the Website
      interface for Factoring Clients;

            

    

     

     

    
      	
               
      

            	
              7.1.3

            	
              Operating
      Conditions – Part III – Provisions relating to Invoice Discounting only,
      will cease to apply to you and Operating Conditions – Part IV – Provisions
      relating to Factoring Clients only will become applicable;
    and

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              7.1.4

            	
              all
      Invoices subsequently issued by you will be endorsed as assigned to
      us.

            

    

     

     

    
      	
              7.2

            	
              You
      will automatically become a Factoring Client on service of the notice at
      condition 7.1.1 and will then be bound by the those Operating Conditions
      which apply to Factoring Clients in place of those which apply to Invoice
      Discounting Clients.

            

    

     

     

    
      	
              8.

            	
              FEES

            

    

     

     

    
      	
              8.1

            	
              If
      we have agreed a Minimum Fee:

            

    

     

     

    
      	
               
      

            	
              8.1.1

            	
              we
      will debit to your Current Account on the last Working Day of each month
      any shortfall between the actual Service Fee paid by you in that month and
      the monthly amount of any Minimum Fee;
and

            

    

     

     

    
      	
               
      

            	
              8.1.2

            	
              that
      calculation will commence in the calendar month after the month in which
      the Start Date occurs.

            

    

     

     

    
      	
              8.2

            	
              We
      will debit any Monitoring Fee, Audit Fee, Arrangement Fee, Facility Fee,
      Documentation Fee or Unused Line Fee specified in the Commercial Terms to
      your Current Account at the intervals agreed with
  you.

            

    

     

     

    
      	
              8.3

            	
              We
      will charge one twelfth of the Unused Line Fee monthly in arrears on the
      amount by which during the preceding calendar
  month:

            

    

     

     

    
      	
               
      

            	
              8.3.1

            	
              your
      average Debit Balance; or

            

    

     

     

    
      	
               
      

            	
              8.3.2

            	
              where
      we have agreed to make Facilities available to you and any other members
      of your group, your and their combined average Debit Balances;
      or

            

    

     

     

    
      	
               
      

            	
              8.3.3

            	
              where
      we have agreed to make a stock finance facility available to you and/or
      any other member(s) of your group (and agreed to take it into account for
      these purposes) the combined average Debit Balance on any such stock
      finance loan account(s) and your and their combined Debit
      Balances;

            

    

     

     

    falls
short by more than the Agreed Percentage of the Review Limit (or any aggregate
Review Limit of the Facility/facility as indicated in condition 8.3, where one
has been agreed).

     

     

    
      	
              8.4

            	
              If
      we provide services to a level of intensity which were not envisaged by us
      at the time of entry into the Agreement (which includes you communicating
      with us other than via the Website) then, in addition to the Service
      Charge, we may make a reasonable charge for all costs and expenses
      (including the cost of our administrative time and resulting loss of
      profit) for providing such
services.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              8.5

            	
              If
      at any time you exceed your Availability, then, in addition to demanding
      immediate repayment of the excess, we may by notice to you increase our
      Fees and Charges to reflect our increased
risk.

            

    

     

     

    
      	
              9.

            	
              EXPORT/CURRENCY
      INVOICES

            

    

     

     

    
      	
              9.1

            	
              We
      may Approve, make Advances and pay the Nominal Amount in Euro for Export
      Invoices Notified to us representing up to 10% of all your Invoices
      outstanding from time to time.  If we do this we may adjust the
      Service Charge to compensate for the additional work involved and a
      reasonable profit margin thereon.

            

    

     

     

    
      	
              9.2

            	
              Unless
      we have agreed to make Currency Facility available all Currency Invoices
      will be converted into Euro at the Bank’s spot rate of exchange on the day
      on which the Invoice is Notified to
us.

            

    

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

     

    ANNEXURE
I

     

     

    List
of Customers

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    ANNEXURE
II

     

     

    Form
of Disclosed Pledge Agreement

     

    

    Confidential

     

    

    To:           LLOYDS TSB BANK
PLC

    Staten
Bolwerk 1, 2011 MK Haarlem, the Netherlands

    

    

    Date:                                           
2008

    

    Dear
Sirs,

    

    DEED
OF PLEDGE

    

    
      	
              1.

            	
              We
      refer to the receivables finance agreement dated on or about the date
      hereof (the “Agreement”) as the same
      may be amended, supplemented or restated from time to time, under which we
      have undertaken to perform certain obligations pursuant to borrowings
      made, which obligations shall, as a condition of the commitments being
      made available under the Agreement, be secured, inter alia, by means of a
      first priority right of pledge that shall be vested over the Invoices for
      your benefit.

            

    

    

    
      	
              2.

            	
              Terms
      defined in the Agreement shall have the same meaning in this letter,
      unless a contrary indication
appears.

            

    

    

    
      	
              3.

            	
              In
      furtherance of our obligations as set forth above, we are providing for
      your benefit, a disclosed first ranking right of pledge (openbaar pandrecht eerste in
      rang) over the Invoices listed in Schedule I, in your favour, in
      the manner set forth in Article 3:236 paragraph 1 jo. Article 3:98 and
      3:94 paragraph 1 of the Dutch Civil Code, for such period as determined in
      accordance with the Agreement, and as security for the full and proper
      fulfilment of our obligations.

            

    

    

    
      	
              4.

            	
              We
      acknowledge and agree, that if and to the extent that the Invoices are
      subject to any right of pledge or other encumbrance, which take priority
      over this deed of pledge, this right of pledge will have been created with
      the highest possible priority (rangorde) available at
      such time of creation.

            

    

    

    
      	
              5.

            	
              This
      letter shall form an integral and inherent part of the
      Agreement.

            

    

    

    
      	
              6.

            	
              This
      letter may be signed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument.  Delivery
      of an executed signature page by facsimile shall be as effective as
      delivery of a manually executed
document.

            

    

    

    
      	
              7.

            	
              This
      letter shall be governed by, and construed in accordance with, the law of
      the Netherlands.  The parties hereto submit to the non-exclusive
      jurisdiction of the courts of the Netherlands.  The parties
      hereto waive any defence of inconvenient forum, which may be
      available.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    Please
acknowledge your agreement to the terms of this letter by countersigning the
attached copy of this letter.

    

    Yours
faithfully

    ...........................................

    for and
on behalf of

    [u]

    

    

    We agree
to the terms set out above.

    ...........................................

    for and
on behalf of

    LLOYDS
TSB BANK PLC

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    Schedule
I

     

     

    Detail
of Invoices

     

    
      	
              Invoice
      No.

            	
              Amount
      (including interest)

            	
              Currency

            	
              Invoice
      Date

            	
              Maturity
      Date

            	
              Approved
      Debtor

            
	
               
      

               

               

               

               

            	 
      	 
      	 
      	 
      	 
      

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    ANNEXURE
III

     

     

    Form
of Notification to Customers

     

    
      	
              To:

            	
              BY REGISTERED
      MAIL

            

    

    
      	
               
      

            	
              [Customer]

            

    

    
      	
               
      

            	
              Attn:
      [u]

            

    

    
      	
               
      

            	
              [address]

            

    

    

    
      	
              From:

            	
              [Client]

            

    

    
      	
               
      

            	
              [address]

            

    

    

    
      	
              Cc:

            	
              [u]

            

    

    

     

    
      	
              [city], [date]

            

    

     

     

    
      	
              Dear
      Sir/Madam,

            

    

     

     

    
      	
              RE:

            	
              [Company name] -
      NOTIFICATION OF PLEDGE OF
RECEIVABLES

            

    

     

     

    We refer
to a disclosed deed of pledge of receivables, dated [u], by and between [Client] and Lloyds TSB Bank PLC (the “Deed of Pledge”). Capitalised
terms used in this Notification to Customers shall have the same meaning given
thereto in the Deed of Pledge.

     

     

    On behalf
of Lloyds TSB Bank PLC we hereby notify you that pursuant to the Deed of Pledge,
we have created a first priority right of pledge over any and all Invoices
payable by you to the Client, by way of security in favour of the Bank for its
obligations under the Receivables Finance Agreement.

     

     

    
      	
              We
      instruct you to pay all accounts receivable due to [u] to the Bank to the
      following account: [u].

            

    

     

     

    
      	
              Please
      acknowledge receipt of this notice by signing and returning this letter
      us.

            

    

     

     

    
      	
              Yours
      sincerely,

            

    

     

     

    
      	
              [u]

            

    

     

     

    
      	
              By:

            

    

     

     

    
      	
              [authorised
      signatory]

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              For
      acknowledgement of receipt:

            

    

     

     

    
      	
              [Customer]

            

    

     

     

    
      	
              Name:

            

    

     

     

    
      	
              Title:

            

    

     

    Date:

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    ANNEXURE
IV

     

     

    Form
of Undisclosed Pledge Agreement

     

    

    Confidential

     

    

    To:           LLOYDS TSB BANK
PLC

    Staten
Bolwerk 1, 2011 MK Haarlem, the Netherlands

    

    

    Date:                                           
2008

    

    Dear
Sirs,

    

    DEED
OF PLEDGE

    

    
      	
              1.

            	
              We
      refer to the receivables finance agreement dated on or about the date
      hereof (the “Agreement”) as the same may be amended, supplemented or
      restated from time to time, under which we have undertaken to perform
      certain obligations pursuant to borrowings made, which obligations shall,
      as a condition of the commitments being made available under the
      Agreement, be secured, inter alia, by means of a first priority right of
      pledge that shall be vested over the Invoices for your
      benefit.

            

    

    

    
      	
              2.

            	
              Terms
      defined in the Agreement shall have the same meaning in this letter,
      unless a contrary indication
appears.

            

    

    

    
      	
              3.

            	
              In
      furtherance of our obligations as set forth above, we are providing for
      your benefit, an undisclosed first ranking right of pledge (stil pandrecht eerste in
      rang) over the Invoices listed in Schedule I, in your favour, in
      the manner set forth in Article 3:239 paragraph 1 jo. Article 3:98 and
      3:94 paragraph 1 of the Dutch Civil Code, for such period as determined in
      accordance with the Agreement, and as security for the full and proper
      fulfilment of our obligations.

            

    

    

    
      	
              4.

            	
              We
      acknowledge and agree, that if and to the extent that the Invoices are
      subject to any right of pledge or other encumbrance, which take priority
      over this deed of pledge, this right of pledge will have been created with
      the highest possible priority (rangorde) available at
      such time of creation.

            

    

    

    
      	
              5.

            	
              As
      of the date hereof, we, or our representative, shall submit this letter
      for registration with the competent Dutch tax authorities (Inspectie Registratie en
      Successie) with a copy to
you.

            

    

    

    
      	
              6.

            	
              This
      letter shall form an integral and inherent part of the
      Agreement.

            

    

    

    
      	
              7.

            	
              This
      letter may be signed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument.  Delivery
      of an executed signature page by facsimile shall be as effective as
      delivery of a manually executed
document.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              8.

            	
              This
      letter shall be governed by, and construed in accordance with, the law of
      the Netherlands.  The parties hereto submit to the non-exclusive
      jurisdiction of the courts of the Netherlands.  The parties
      hereto waive any defence of inconvenient forum, which may be
      available.

            

    

    

    Please
acknowledge your agreement to the terms of this letter by countersigning the
attached copy of this letter.

    

    Yours
faithfully

    ...........................................

    for and
on behalf of

    [u]

    

    

    We agree
to the terms set out above.

    ...........................................

    for and
on behalf of

    LLOYDS
TSB BANK PLC

     

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Schedule
I

     

     

    Detail
of Invoices

     

    
      	
              Invoice
      No.

            	
              Amount
      (including interest)

            	
              Currency

            	
              Invoice
      Date

            	
              Maturity
      Date

            	
              Approved
      Debtor

            
	
               
      

               

               

               

               

            	 
      	 
      	 
      	 
      	 
      

    

    

    

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    OPERATING
CONDITIONS - PART IV

     

     

    PROVISIONS
RELATING TO FACTORING CLIENTS ONLY

     

     

    

     

     

    
      	
              1

            	
              OUR
      SERVICES

            

    

     

     

    
      	
              1.1

            	
              We
      will:

            

    

     

     

    
      	
               
      

            	
              1.1.1

            	
              run
      your sales ledger; and

            

    

     

     

    
      	
               
      

            	
              1.1.2

            	
              collect
      payment of your invoices from your Customers by sending them monthly
      statements and reminder letters where necessary in a format agreed with
      them.

            

    

     

     

    
      	
              1.2

            	
              We
      may:

            

    

     

     

    
      	
               
      

            	
              1.2.1

            	
              give
      you information about Customers’ and possible new Customers’ credit status
      within a reasonable period of you asking us.  We will not be
      liable to pay any compensation or damages if the information we give is
      not accurate;

            

    

     

     

    
      	
               
      

            	
              1.2.2

            	
              approve,
      make Advances and pay the Nominal Amount in Euro in respect of Export
      and/or Currency Invoices; or

            

    

     

     

    
      	
               
      

            	
              1.2.3

            	
              provide
      certain additional services.

            

    

     

     

    
      	
              2

            	
              ASSIGNMENT
      OF INVOICES

            

    

     

     

    
      	
              2.1

            	
              You
      hereby assign (or if such assignment is ineffective for any reason you
      will undertake to pledge) to us on the terms of the
    Agreement:

            

    

     

    

     

    
      	
               
      

            	
              2.1.1

            	
              all
      your Invoices which are outstanding on the Start Date;
  and

            

    

     

     

    
      	
               
      

            	
              2.1.2

            	
              all
      your Invoices, which arise after the Start Date until the Agreement
      terminates,

            

    

     

     

    from the
list of Customers set out in Annex I to these Operating Conditions, as agreed
and amended by the parties from time to time.

     

     

    In order
to perfect the assignment of the Invoices as referred to in 2.1.1 you will
notify in writing, in accordance with the notification form set out in Annex III
to these Operating Conditions, all Customers set out in Annex I to these
Operating Conditions of the assignment of their Invoices to us and, insofar as
necessary, you hereby provide us the authority to effect such notification
ourselves, in the event you fail to deliver such notifications.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    In order
to perfect the assignment of the Invoices as referred to in 2.1.2 you will
execute a deed of assignment substantially in accordance with the form of
agreement as set out in Annex II to these Operating Conditions, and notify in
writing all Customers as set out in Annex I to these Operating Conditions of the
assignment of their Invoices to us in the form set in Annex III and, insofar as
necessary, you hereby provide us the authority to effect such notification
ourselves, in the event you fail to deliver such notifications.

     

     

    Neither
of us needs to take any further action to transfer to us ownership of your
current and future Invoices assigned by this clause.

     

     

    At the
same time as you assign your Invoices to us, you also assign (and will offer to
assign) to us Related Rights in relation to those Invoices.  We will
credit to your Current Account the Notified Value of any Invoices and their
Related Rights so assigned by you to us. Neither of us needs to take any other
further action to transfer to us such Related Rights, but you agree to deliver
such further documents and take such further actions as we may reasonably
require in furtherance of the Agreement in regard to the transfer of such
Related Rights. It is specified that in the case of Related Rights which are
constituted by negotiable instruments such as bills of exchange, drafts and
notes, such instruments will be endorsed to our favour upon the assignment of
the corresponding Invoices, in view of collection of such instruments on their
maturity dates.

     

     

    
      	
              2.2

            	
              If
      an Invoice or its Related Rights is for any reason not formally assigned
      to us, you will hold such Invoice and its Related Rights for us as our
      agent and for our account and benefit.  If you receive any cash
      or other forms of payment for any Invoices,
  then:

            

    

     

     

    
      	
               
      

            	
              2.2.1

            	
              you
      will hold them for us as our agent and for our account and benefit;
      and

            

    

     

     

    
      	
               
      

            	
              2.2.2

            	
              you
      will immediately deliver such payments to us (endorsed to us, if
      necessary) or pay them into the Collection Account or any such bank
      account as we tell you, but you must not pay them into any other bank
      account.

            

    

     

     

    
      	
              2.3

            	
              For
      the avoidance of doubt, we shall have recourse against you in relation to
      any assignment of Invoices and Related Rights in accordance with the terms
      of this Agreement.

            

    

     

     

    
      	
              2.4

            	
              As
      security of your payment obligations under the Agreement, you hereby
      pledge in our favour, in accordance with Article 3:236 Dutch Civil Code,
      any credit rights arising from the Invoices, as well as the Invoices
      themselves and their Related Rights, for the amount resulting from the
      difference between the aggregate Nominal Amount of the Notified Invoices
      and the application of the Advance Rate to such aggregate Purchase Price.
      Upon payment by the Customers of any Invoice, the pledge shall be deemed
      to be automatically extended to any amounts collected. Enforcement of this
      pledge shall be effected by means of set-off, compensation or
      counterclaim. Article 3:236 paragraph 1 jo. Article 3:98 jo. 3:97 and 3:94
      paragraph 1 of the Dutch Civil Code apply, mutatis mutandis, to all
      Invoices and related Rights that come into existence after the date of
      execution of the Agreement.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              2.5

            	
              Notwithstanding
      (but without prejudice to) the foregoing, in order to render the
      assignment and pledge enforceable against third parties, you will deliver
      to us on or prior to each date of Notification a valid and duly completed
      and signed transfer and pledge form covering the Notified Invoices and
      their Related Rights, and you will deliver such further documents and take
      such further actions as we may reasonably require in furtherance of the
      Agreement.  A sample transfer and pledge form for this purpose
      is attached as Annex II. You undertake to on a [monthly3] basis submit the signed transfer and
      pledge form, no later than two Business Days after the preceding
      [month4], for registration purposes and any
      ancillary or supporting document with the competent Dutch tax authorities
      (Inspectie
      der Registratie en
Successie).

            

    

     

     

    
      	
              2.6

            	
              In
      relation to a Factoring Facility provided on a recourse basis, if and as
      soon as the Customer fails to pay any amount when due (as shown on the
      relevant Invoice) under the Contract of Sale in respect of a Invoice
      accepted by the Bank, the Bank shall have the sole right to reassign all
      or any Invoices and their Related Rights to you in accordance with
      condition 12 of the Operating Conditions – Part II – Provisions relating
      to all Clients.

            

    

     

     

    
      	
              3

            	
              YOUR
      RESPONSIBILITIES

            

    

     

     

    
      	
              3.1

            	
              You
      must:

            

    

     

     

    
      	
               
      

            	
              3.1.1

            	
              raise
      Invoices in the normal course but including wording which we will provide
      to you indicating that each one has been assigned to us and ensure that
      all Invoices are promptly and accurately entered in your sales
      ledger;

            

    

     

     

    
      	
               
      

            	
              3.1.2

            	
              send
      notices of assignment in a form satisfactory to us of your Invoices to you
      Customers;

            

    

     

     

    
      	
               
      

            	
              3.1.3

            	
              not
      attempt to collect payment for any Invoices for your own
      account;

            

    

     

     

    
      	
               
      

            	
              3.1.4

            	
              not
      agree to settle any Invoices;

            

    

     

     

    
      	
               
      

            	
              3.1.5

            	
              only
      issue credit notes in accordance with the Operating Conditions;
      and

            

    

     

     

    
      	
               
      

            	
              3.1.6

            	
              within
      one month (or other such period as we may reasonably specify) of the end
      of the quarter to which they relate send your quarterly management
      accounts to us.

            

    

     

     

    
      	
              4

            	
              OUR
      FEES AND CHARGES FOR FACTORING
CLIENTS

            

    

     

     

    
      	
              4.1

            	
              For
      the purpose of calculating any Minimum Fee expressed as an annual
      fee:

            

    

     

     

    _____________________________________

    
      3 Monthly
/ quarterly / semi-annual / annual.

      4 Month /
quarter / half year / year.

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              4.1.1

            	
              “annual”
      means the period from 1 July in any year to 30 June in the next
      year.  The first annual charge will reflect the period from the
      Start Date to the next 30th
      June; and

            

    

     

     

    
      	
               
      

            	
              4.1.2

            	
              we
      will divide the fee by 365 and multiply that figure by the number of
      relevant days elapsed to the date of calculation of the
    fee.

            

    

     

     

    
      	
              4.2

            	
              We
      will apply any Additional Service Fee percentage specified in the
      Commercial Terms to the Notified Value of all Invoices which remain
      outstanding at the end of the Funding Period.  We will charge
      this fee in arrears on the last Working Day of each month in respect of
      that month.

            

    

     

     

    
      	
              4.3

            	
              We
      may vary the Service Fee or any Minimum Fee on giving you [2] months
      written notice which expires on or after the end of any Minimum
      Term.

            

    

     

     

    
      	
              4.4

            	
              We
      may vary the Discount Charge on giving you [3] months written notice which
      expires at any time after the end of the Minimum
  Term.

            

    

     

     

    
      	
              5

            	
              CURRENCY
      INVOICES

            

    

     

     

    
      	
              5.1

            	
              If
      an Invoice is a Currency Invoice, we will calculate the Nominal Amount in
      Euro at the exchange rate agreed between us.  If we do not agree
      on an exchange rate, we will use the exchange rate on the date we make the
      Advance.

            

    

     

     

    
      	
              5.2

            	
              We
      may at your request set up separate Current Accounts for each currency in
      which we agree to make Advances.

            

    

     

     

    
      	
              5.3

            	
              If
      we make Advances in a currency other than Euro we may calculate the
      Discount Charge on the Debit Balance by adding the margin to the Bank’s
      short term offer rate for the currency in question as determined by us
      either daily or weekly.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

     

    ANNEXURE
I

     

     

    List
of Customers

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

     

    ANNEXURE
II

     

     

    Assignment
Agreement

     

    

    Confidential

     

    

    To:           LLOYDS TSB BANK
PLC

    Staten
Bolwerk 1, 2011 MK Haarlem, the Netherlands

    

    

    Date:                                           
2008

    

    Dear
Sirs,

    

    DEED
OF ASSIGNMENT

    

    
      	
              1.

            	
              We
      refer to the receivables finance agreement dated on or about the date
      hereof (the “Agreement”) as the same may be amended, supplemented or
      restated from time to time, under which we have undertaken to assume
      responsibility for the collection of the Invoices which results into an
      assignment of the Invoices as listed herein in Schedule
  I.

            

    

    

    
      	
              2.

            	
              Terms
      defined in the Agreement shall have the same meaning in this letter,
      unless a contrary indication
appears.

            

    

    

    
      	
              3.

            	
              In
      furtherance of our obligations as set forth above, title to the Invoices
      is transferred to you by (i) execution and delivery of this deed of
      assignment and (ii) giving notice to the Customers, in accordance with
      Article 3:94(1) of the Dutch Civil
Code.

            

    

    

    
      	
              4.

            	
              We
      acknowledge and agree, that if and to the extent that the Invoices are
      subject to any assignment or other encumbrance, which take priority over
      this deed of assignment, this assignment will have been created with the
      highest possible priority (rangorde) available at
      such time of creation.

            

    

    

    
      	
              5.

            	
              This
      letter shall form an integral and inherent part of the
      Agreement.

            

    

    

    
      	
              6.

            	
              This
      letter may be signed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument.  Delivery
      of an executed signature page by facsimile shall be as effective as
      delivery of a manually executed
document.

            

    

    

    
      	
              7.

            	
              This
      letter shall be governed by, and construed in accordance with, the law of
      the Netherlands.  The parties hereto submit to the non-exclusive
      jurisdiction of the courts of the Netherlands.  The parties
      hereto waive any defence of inconvenient forum, which may be
      available.

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Please
acknowledge your agreement to the terms of this letter by countersigning the
attached copy of this letter.

    

    Yours
faithfully

    ...........................................

    for and
on behalf of

    [u]

    

    

    We agree
to the terms set out above.

    ...........................................

    for and
on behalf of

    LLOYDS
TSB BANK PLC

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    Schedule
I

     

     

    Detail
of Invoices

     

    
      	
              Invoice
      No.

            	
              Amount
      (including interest)

            	
              Currency

            	
              Invoice
      Date

            	
              Maturity
      Date

            	
              Approved
      Debtor

            
	
               
      

               

               

               

               

            	 
      	 
      	 
      	 
      	 
      

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    ANNEXURE
III

     

     

    Form
of Notification to Customers

     

    
      	
              To:

            	
              BY REGISTERED
      MAIL

              
                [Customer]

                
                  Attn:
      [u]

                  
                    [address]

                  

                

              

            

    

    
    

    
    

    
    

    

    
      	
              From:

            	
              [Client]

              
                [address]

              

            

    

    
    

    

    
      	
              Cc:

            	
              [u]

            

    

    

     

    
      	
              [city], [date]

            

    

     

     

    
      	
              Dear
      Sir/Madam,

            

    

     

     

    
      	
              RE:

            	
              [Company name] -
      NOTIFICATION OF ASSIGNMENT

            

    

     

     

    We refer
to the assignment of receivables, dated [u], by and between [Company] and Lloyds TSB Bank PLC (the “Assignment Agreement”).
Capitalised terms used in this Notification shall have the same meaning given
thereto in the Assignment Agreement.

     

     

    On behalf
of the Company we hereby notify you that pursuant to the Assignment Agreement,
payments in respect of this claim must be made, from the date of this notice, to
the Bank at [fill in details
Collection Account and specifics of payment].

     

     

    
      	
              Please
      acknowledge receipt of this notice by signing and returning this letter
      us.

            

    

     

     

    
      	
              Yours
      sincerely,

            

    

     

     

    
      	
              [u]

            

    

     

     

    
      	
              By:

            

    

     

     

    
      	
              [authorised
      signatory]

            

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              For
      acknowledgement of receipt:

            

    

     

     

    
      	
              [Customer]

            

    

     

     

    
      	
              Name:

            

    

     

     

    
      	
              Title:

            

    

     

    Date:

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    OPERATING
CONDITIONS - PART V

     

    

     

    PROVISIONS
RELATING TO EXPORT AND CURRENCY FACILITIES

     

    

     

    
      	
              1

            	
              EXPORT
      AND CURRENCY FACILITIES

            

    

     

     

    
      	
              1.1

            	
              Export
      Facilities will only be made available in respect of Invoices owing by
      Customers from Approved Countries and denominated in Approved
      Currencies.

            

    

     

     

    
      	
              1.2

            	
              We
      may maintain separate Current Accounts for each currency and each Approved
      Country in which we agree to make
Advances.

            

    

     

     

    
      	
              1.3

            	
              Currency
      Facilities will only be provided in an Approved Currency other than
      Euro.

            

    

     

     

    
      	
              1.4

            	
              Unless
      we agree otherwise, you will arrange for Currency Invoices in respect of
      which we agree to provide an Export Facility to be credit insured and for
      our interest to be noted on the insurance
  policy.

            

    

     

     

    
      	
              2

            	
              OUR
      FEES AND CHARGES

            

    

     

     

    
      	
              2.1

            	
              We
      will calculate and charge the Service Fee payable on Currency Invoices in
      the Approved Currency in which such Invoices are
      denominated.  On each anniversary of the Start Date we will
      convert those Service Fees paid by you on such Currency Invoices into Euro
      at the Bank’s spot rate of exchange on the date of such conversion and add
      them to the other service fees paid by you during that year to determine
      if you have paid any Minimum Fee we have
agreed.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    OPERATING
CONDITIONS - PART VI

     

     

    PROVISIONS
RELATING TO RECEIVABLES FACILITIES

     

    

     

    
      	
              1.

            	
              PURPOSE
      OF THE FACILITY

            

    

     

     

    
      	
              1.1

            	
              You
      shall apply all amounts borrowed in accordance with the Asset Based
      Finance Agreement.

            

    

     

     

    
      	
              2.

            	
              INTEREST

            

    

     

     

    
      	
              2.1

            	
              The
      rate of interest on the Facility is the percentage rate per annum which is
      the aggregate of the applicable:

            

    

     

     

    
      	
               
      

            	
              3.6.1

            	
              Margin;
      and

            

    

     

     

    
      	
               
      

            	
              2.1.1

            	
              EURIBOR.

            

    

     

     

    We shall
notify you promptly upon the determination of the rate of interest under the
Agreement.

     

     

    
      	
              2.2

            	
              You
      shall pay accrued interest on the Facility in arrears on each Interest
      Payment Date, on which date we shall charge your Current Account with the
      amount due.

            

    

     

     

    
      	
              2.3

            	
              If
      you fail to pay any amount payable under the Agreement on its due date,
      interest shall accrue on the overdue amount from the due date up to the
      date of actual payment (both before and after judgement) at the rate
      determined as the Default Interest.

            

    

     

     

    Any
interest, commission or fee accruing under the Agreement will accrue from day to
day and is calculated on the basis of the actual number of days elapsed and a
year of 360 days.

     

     

    
      	
              3.

            	
              REPAYMENT

            

    

     

     

    
      	
              3.1

            	
              You
      shall repay all amounts outstanding under the Facility on the Final
      Repayment Date.

            

    

     

     

    
      	
              4.

            	
              PREPAYMENT

            

    

     

     

    
      	
              4.1

            	
              Any
      prepayment shall be made in accordance with the provisions of this
      Agreement and you may reborrow amounts subject to the provisions of this
      Agreement.

            

    

     

     

    
      	
              5.

            	
              SECURITY

            

    

     

     

    As
security for your Secured Obligations you shall grant in our favour, whether or
not in advance, an undisclosed first priority right of pledge (stil pandrecht eerste in
rang) on all your Invoices in the manner set forth in Article 3:239
paragraph 1 of the Dutch Civil Code, and in accordance with the form requested
by us.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

     

    
      	
              5.1

            	
              Until
      notice from us to the contrary, you will direct your Customers to settle
      their Invoices by making payment directly into a Collection Account. If
      you receive payment you will immediately upon receipt pay it into the
      Current Account

            

    

     

     

    
      	
              5.2

            	
              As
      security for your Secured Obligations you shall grant in our favour,
      whether or not in advance, a disclosed first priority right of pledge
      (openbaar pandrecht
      eerste in rang) over the balances in the Collection Accounts, in
      the manner set forth in Article 3:236 paragraph 2 jo. Article 3:98 jo 3:94
      paragraph 1 of the Dutch Civil Code, and in accordance with the form
      requested by us.

            

    

     

     

    
      	
              5.3

            	
              As
      security for your Secured Obligations you shall grant in our favour,
      whether or not in advance, a non-possessory first priority right of pledge
      (vuistloos pandrecht
      eerste in rang) over all of your stock and inventory, in the manner
      set forth in Article 3:237 of the Dutch Civil Code, and in accordance with
      the form requested by us.

            

    

     

     

    
      	
              5.4

            	
              Where
      we have agreed that the Agreement is confidential, then, for the moment,
      neither you nor we will notify your Customers that you have pledged your
      Invoices to us.  However, we may at any time vary or terminate
      your agency to collect either some or all of your Invoices.  We
      may:

            

    

     

     

    
      	
               
      

            	
              5.4.1

            	
              give
      (or require you to give) notice to some or all of your Customers of the
      pledge of their Invoices and the Related Rights to
  us;

            

    

     

     

    
      	
               
      

            	
              5.4.2

            	
              either
      simultaneously with giving such notice or at a later date, instruct your
      Customers to pay us directly;

            

    

     

     

    5.4.3           require
you to send us a copy of your sales and purchase ledger and such other records
as we may require;

     

     

    
      	
               
      

            	
              5.4.4

            	
              require
      you to forward all Invoices to us for issuing by us and we will, at your
      expense, administer Customers’
accounts.

            

    

     

     

    
      	
              5.5

            	
              You
      will confirm to your Customers the effect of any notice served on them and
      you will cease collect Invoices.  The provisions of condition 5
      of the Operating Conditions – Part II – Provisions relating to all Clients
      shall then apply.

            

    

     

     

    
      	
              5.6

            	
              You
      will pay those costs specified in the Commercial Terms for maintaining the
      Collection Account.

            

    

     

     

    
      	
              5.7

            	
              You
      hereby authorise us or any person nominated by us to contact your
      Customers to verify the amount of each Invoice due from them, the due date
      for payment and in the case of overdue Invoices, the date when payment can
      be expected.  You will assist us or our nominee in any way we
      require and you authorise us and them to disclose their identity if
      required to do so by law or if requested by a
  Customer.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              6

            	
              INFORMATION
      AND REPORTING REQUIREMENTS

            

    

     

     

    
      	
              6.1

            	
              You
      will maintain a monthly open item ageing analysis, in such form as we may
      require, showing the position of each Customer’s account on the last day
      of each month, including details of any outstanding credit
      balances.

            

    

     

     

    
      	
              6.2

            	
              You
      will supply to us wherever possible via the Website (or at our option make
      available for inspection by us) the following documents and/or information
      forthwith upon our request:

            

    

     

     

    
      	
               
      

            	
              6.2.1

            	
              copies
      of Invoices and all debit and credit notes or other documents evidencing
      how an Invoice is reduced, paid or otherwise
  satisfied;

            

    

     

    
       

      
        	
                 
      

              	
                6.2.2

              	
                the
      full terms of any Contract of Sale;

              

      

      
         

         

        
          	
                   
      

                	
                  6.2.3

                	
                  proof
      of the complete performance of each Contract of
  Sale;

                

        

         

      

    

     

    
      	
               
      

            	
              6.2.4

            	
              such
      other information and evidence as we may require relating to Invoices
      Related Rights or Contracts of
Sale;

            

    

     

    
       

      
        	
                 
      

              	
                6.2.5

              	
                daily
      a report detailing monies collected by you as our agent;
    and

              

      

               

    

     

    
      	
               
      

            	
              6.2.6

            	
              within
      15 days of the end of the month to which they relate or promptly upon our
      request copies of:

            

    

     

     

    
      
        	
                 
      

              	
                6.2.7

              	
                your
      open item ageing analysis;

              

      

       

    

     

    
      	
               
      

            	
              6.2.8

            	
              your
      sales ledger control account with a reconciliation of it to our month end
      statement;

            

    

     

    
       

      
        
          	
                   
      

                	
                  6.2.9

                	
                  your
      reconciliation of cash receipts into the Collection
    Account;

                

        

         

      

    

    
       

      
        	
                 
      

              	
                6.2.10

              	
                your
      purchase ledger; and

              

      

      
         

        
           

          
            	
                     
      

                  	
                    6.2.11

                  	
                    within
      one month (or other such period as we may reasonably specify) of the end
      of the month to which they relate your monthly management
      accounts.

                  

          

        

      

    

     

     

    7           NON-NOTIFIABLE
INVOICES

     

     

    
      	
              7.1

            	
              Until
      we give you notice to the contrary, you must not Notify us of the
      following Invoices:

            

    

     

     

    
      
        	
                 
      

              	
                7.1.1

              	
                Invoices
      due from a director, officer, shareholder or employee of
      yours;

              

      

       

    

     

    
      	
               
      

            	
              7.1.2

            	
              Invoices
      due from any other person with which you maintain, other than your
      habitual commercial or professional dealings, de facto or de jure economic or
      financial links whether direct or indirect, or with which you have
      shareholders, partners, directors, officers or managers in
      common;

            

    

     

    
       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    
       

      
        
          	
                   
      

                	
                  7.1.3

                	
                  Invoices
      due from the sale of any of your capital
assets;

                

        

         

      

    

     

    
      
        
          	
                   
      

                	
                  7.1.4

                	
                  Invoices
      which are not due in respect of your trade, occupation or
      profession;

                

        

         

      

    

     

    
      
        
          	
                   
      

                	
                  7.1.5

                	
                  Invoices
      where the Customer does not have an established place of
      business;

                

        

         

      

    

    
       

      
        
          	
                   
      

                	
                  7.1.6

                	
                  Invoices
      arising under a hire purchase, leasing or consumer credit sale
      agreement;

                

        

         

      

    

     

    
      
        
          
            	
                     
      

                  	
                    7.1.7

                  	
                    Invoices
      due in respect of Goods delivered on sale or return or on
      approval;

                  

          

           

        

      

    

     

    
      	
               
      

            	
              7.1.8

            	
              Invoices
      arising under any Contract of Sale involving advance payments, conditional
      sales, consignment sales, sales for which a provisional or pro forma
      invoice has been issued, and Invoices for costs, interest for late payment
      or other penalties to be paid by the
Customer;

            

    

     

     

    
      	
               
      

            	
              7.1.9

            	
              Invoices
      arising under any Contract of Sale with the State or any local government
      body or any entity subject to public law and benefiting from sovereign or
      other immunity;

            

    

     

     

    
      
        	
                 
      

              	
                7.1.10

              	
                Invoices
      arising under any Contract of Sale with a Customer who supplies goods or
      services to you and which may therefore be subject to rights of set-off,
      contra accounting, compensation, defence or
  cross-claim;

              

      

       

      
         

        
          
            	
                     
      

                  	
                    7.1.11

                  	
                    

                      those
      additional Invoices referred to in the Agreement as Additional
      Non-Notifiable Invoices;
and/or

                    

                  

          

           

          
             

            
              
                	
                         
      

                      	
                        7.1.12

                      	
                        

                          

                            Export
      Invoices representing more than 10% of all your Invoices outstanding from
      time to time. We may at any time require you to Notify us of
      Non-Notifiable
Invoices.

                          

                        

                      

              

            

          

        

      

    

     

     

    
      
        
          
            	
                     
      

                  	
                    7.1.13

                  	
                    

                      

                        We
      will Disapprove Non-Notifiable
  Invoices.

                      

                    

                  

          

        

      

       

      
        
           

          
            
              	
                       
      

                    	
                      7.1.14

                    	
                      

                        

                          We
      shall only make a Service Fee in respect of Non-Notifiable Invoices after
      we have given you notice under condition 5.2
      above.

                        

                      

                    

            

          

        

         

      

    

     

    8           OUR
SERVICES

     

     

    
      	
              8.1

            	
              In
      return for the Service Charge we will at your request or at any other time
      should we so decide provide the following services relative to Notified
      Invoices:

            

    

     

     

    
      	
               
      

            	
              8.1.1

            	
              advice
      on improvements to your collection procedures and assessing your need for
      credit insurance;

            

    

     

     

    
      	
               
      

            	
              8.1.2

            	
              general
      advice on standard sales contracts, terms of payment, the use of
      settlement discounts, evaluating the effect of changing invoicing methods
      and terms;

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

       

      
        	
                 
      

              	
                8.1.3

              	
                provision
      of statistical information based upon Invoices Notified to
    us;

              

      

       

    

     

    
      	
               
      

            	
              8.1.4

            	
              advice
      on export debtor procedures and the specific requirements of major trading
      countries where we have arrangements with
  correspondents;

            

    

     

     

    
      	
               
      

            	
              8.1.5

            	
              assistance
      in reviewing general terms and conditions of suppliers in relation to
      their reservations of title;

            

    

     

    
       

      
        	
                 
      

              	
                8.1.6

              	
                advice
      on your relationship with your
bankers;

              

      

       

    

     

    
      	
               
      

            	
              8.1.7

            	
              checking
      and advising you on the accuracy of the monthly reconciliation of your
      sales ledger to our month end
statement;

            

    

     

    
       

      
        	
                 
      

              	
                8.1.8

              	
                advice
      on your need for foreign exchange facilities or contingent liability
      cover;

              

      

      
         

         

        
          	
                   
      

                	
                  8.1.9

                	
                  daily
      information as to the status of your accounts with
  us;

                

        

         

      

    

    
       

      
        	
                 
      

              	
                8.1.10

              	
                reviewing
      your reconciliation and monitoring the operation of the Collection
      Account, including detailing dishonoured cheques or other defects in
      payment;

              

      

    

     

    
      
         

        
          	
                   
      

                	
                  8.1.11

                	
                  liaising
      with lawyers or other agents instructed to collect Invoices;
      or

                

        

      

    

     

    
      
        
           

          
            	
                     
      

                  	
                    8.1.12

                  	
                    inspecting
      your books and records relating to Invoices,
  including:

                  

          

        

      

      
        
          
             

             

            
              	
                       
      

                    	
                      8.1.13

                    	
                      general
      systems;

                    

            

          

        

        
          
            
               

               

              
                	
                         
      

                      	
                        8.1.14

                      	
                        maintenance
      of sales ledger;

                      

              

            

          

          
            
              
                 

                 

                
                  	
                           
      

                        	
                          8.1.15

                        	
                          dunning
      cycles;

                        

                

              

            

            
              
                
                   

                   

                  
                    	
                             
      

                          	
                            8.1.16

                          	
                            overdue
      Invoices;

                          

                  

                

              

              
                
                  
                     

                     

                    
                      	
                               
      

                            	
                              8.1.17

                            	
                              control
      systems.

                            

                    

                  

                

                 

              

            

          

        

      

    

     

    
      	
              8.2

            	
              The
      provision of any of the services in this condition 9 shall be without
      responsibility on our part to the fullest extent permitted by
      law.

            

    

     

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

     

    ANNEXURE
I

     

     

    List
of CustomersUnassociated Document

     

    Exhibit
10.5

     

    
      

      

       

      
 

      

      

      

      

      

      

      COMMERCIAL
TERMS

       

      FOR
THE

       

      RECEIVABLES
FINANCE AGREEMENT

      

      BETWEEN

      

      LLOYDS
TSB BANK PLC (1)

      

      and

      

      D-M-E
EUROPE CVBA (2)

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      RECEIVABLES
FINANCE AGREEMENT

       

      This
Receivables Finance Agreement (the “Agreement”) is entered into on 12 March
2008

      

      BETWEEN

      

      
        	
                (1)

              	
                WE,
      LLOYDS TSB BANK PLC, a public limited company incorporated under the laws
      of England and Wales, with its registered office at 25 Gresham Street,
      London, registered with the Commercial Registry of England and Wales under
      number 2065, acting through its branch office located 2 avenue de
      Tervueren, 1040 Brussels, Belgium and registered with the register of
      legal entities under enterprise number 0448315291; and

              
	 
      	 
      
	
                (2)

              	
                YOU,
      CLIENT, D-M-E EUROPE, a cooperative limited liability company (cooperative
      vennootschap met beperkte aansprakelijkheid), and whose registered office
      (maatschappelijke zetel) is at Industriepark Noord, Oude Baan 1, 2800
      Mechelen, Belgium, registered with the register of legal entities under
      enterprise number 0456932455;

              

      

      

      IT IS
AGREED that:

      

      
        	
                1.

              	
                INTRODUCTION

              

      

      

      
        	
                1.1.

              	
                In
      the Agreement, in our Operating Conditions (attached to these Commercial
      Terms as Annex I), in the Asset Based Finance Agreement and in any
      document pursuant to which a Security Interest is created in favour of us,
      we set out the terms on which we will make the Facility set out below
      available to you.  These are the only terms binding both of
      us.  They supersede all previous discussions, quotations, offer
      letters, proposals and representations. By signing this Agreement, you
      nonetheless confirm that all relevant individuals have either read,
      understood and accepted or have otherwise consented to statements about
      Data Protection which appear on either the offer letter, quotation,
      proposal or instruction letter sent to you and as contained in this
      Agreement and/or that the processing in accordance with such statements of
      Personal Data supplied by you is otherwise permitted.

              
	 
      	 
      
	
                1.2.

              	
                We
      may, by way of a separate agreement, make stock, plant and machinery,
      property or cashflow facilities, hire purchase and/or leasing facilities
      available to you.

              
	 
      	 
      

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      
        	
                1.3.

              	
                You
      confirm that you have read and understood the Agreement and had the
      opportunity to take independent legal advice on your and our respective
      rights and obligations.

              
	 
      	 
      
	
                1.4.

              	
                To
      provide the Facility we need to have access to and to use and/or disclose
      Personal Data relating to individuals associated with your business and/or
      with your Customers’ businesses.  The terms upon which we will
      use such Personal Data are set out in the Operating
      Conditions.  You agree that you have read and understood such
      terms and that you have obtained any necessary consents from relevant
      individuals.

              
	 
      	 
      
	
                1.5.

              	
                The
      Operating Conditions are incorporated into and form part of the Agreement.
      If there is any conflict between these Commercial Terms and the Operating
      Conditions, then these Commercial Terms will prevail.

              
	 
      	 
      
	
                1.6.

              	
                The
      meanings of defined terms used in this Agreement are given below and in
      Part I of the Operating Conditions.

              

      

      

      
        	
                2.

              	
                THE
      FACILITY

              

      

      

      
        	
                2.1

              	
                Terms

              

      

      

      
        	 
      	
                2.1.1

              	
                Type
      of Facility:

              	
                Receivables
      Facility.

              
	 	 	 	 
	 
      	 
      	 
      	
                Part
      I, II and VI of the Operating Conditions will apply to
  you.

              
	 	 	 	 
	 
      	
                2.1.2

              	
                Review
      Limit:

              	
                equal
      at all times to the Aggregate Debt Financing Limit (as defined in the
      Asset Based Finance Agreement). The  Aggregate Debt Financing
      Limit is an aggregate limit which is applicable to facilities made
      available to you and to your Associated Businesses.

              
	 	 	 	 
	 
      	
                2.1.3

              	
                Advance
      Rate:

              	
                85%.

              
	 	 	 	 
	 
      	
                2.1.4

              	
                Funding
      Period:

              	
                Each
      period of 90 days beginning on the last Working Day of the month in which
      an Invoice is raised.

              
	 	 	 	 
	 
      	
                2.1.5

              	
                Minimum
      Term:

              	
                36
      months from the Start Date.

              
	 	 	 	 
	 
      	
                2.1.6

              	
                Final
      Repayment Date

              	
                The
      date falling five years after the date of this
  Agreement.

              
	 	 	 	 
	 
      	
                2.1.7

              	
                Notice
      Period:

              	
                3
      months.

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                2.1.8

              	
                Additional
      Non-Notifiable Invoices:

              	
                You
      must not Notify us of Invoices due from or in respect of:
    none

              
	 	 	 	 
	 
      	
                2.1.9

              	
                Approval
      Limit:

              	
                This
      will be notified to you separately.

              
	 	 	 	 
	 
      	
                2.1.10

              	
                Approved
      Countries:

              	
                All
      EU; G7 and OECD countries.

              
	 	 	 	 
	 
      	
                2.1.11

              	
                Approved
      Currencies:

              	
                None.

              

      

      

      
        	
                2.2

              	
                Fees
      and Charges Receivables Facility

              

      

      

      
        	 
      	
                2.2.1

              	
                Margin:

              	
                1.75%
      per annum.

              
	 	 	 	 
	 
      	
                2.2.2

              	
                Arrangement
      Fee:

              	
                has
      the meaning as set forth in the Asset Based Finance
    Agreement

              
	 	 	 	 
	 
      	
                2.2.3

              	
                Service
      Charge:

              	
                has
      the meaning as set forth in the Asset Based Finance
    Agreement

              
	 	 	 	 
	 
      	
                2.2.4

              	
                Guarantee
      Fee:

              	
                1.75%
      per month

              
	 	 	 	 
	 
      	
                2.2.5

              	
                Unused
      Line Fee:

              	
                has
      the meaning as set forth in the Asset Based Finance
    Agreement

              
	 	 	 	 
	 
      	
                2.2.6

              	
                Interest
      Payment Date:

              	
                the
      first Working Day of each month

              
	 	 	 	 
	 
      	
                2.2.7

              	
                Default
      Interest:

              	
                2%
      per annum

              
	 	 	 	 
	 
      	
                2.2.8

              	
                Transmission
      Charges :

              	
                EUR
      40

              
	 	 	 	 
	 
      	
                2.2.9

              	
                Urgent
      Payment Charges:

              	
                EUR
      10

              
	 	 	 	 
	 
      	
                2.2.10

              	
                Account
      Opening Fee:

              	
                EUR
      1,000

              
	 	 	 	 
	 
      	
                2.2.11

              	
                Annual
      Account Maintenance Fee:

              	
                EUR
      1,000

              

      

      

      
        	
                3.

              	
                POWER
      OF ATTORNEY

              

      

      

      
        	
                3.1

              	
                You
      irrevocably provide us a power of attorney (volmacht), with the right of
      substitution, to act on your behalf and to perform all acts on your behalf
      that are necessary or desirable, which power of attorney will be used to
      perform all acts as listed in 3.2.

              
	 	 
	
                3.2

              	
                The
      power of attorney will give authority to the holder of it
    to:

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                ●

              	
                perfect
      our Security Interest to an Invoice or its Related Rights;
      and/or

              
	 
      	 
      	 
      
	 
      	
                
                  ● 

                

              	
                secure
      the performance of any of your obligations to us or a
      Customer.

              

      

      

      
        	 
      	
                In
      accordance with this power, we may without notice to you either in our
      name or in your name:

              

      

      

      
        	 
      	
                3.2.1

              	
                complete,
      negotiate or endorse instruments representing payment of or security for
      Invoices as well as any other amount, however affected;

              
	 	 	 
	 
      	
                3.2.2

              	
                dispose
      of or deal with any Related Rights; and

              
	 	 	 
	 
      	
                3.2.3

              	
                obtain,
      in so far as permitted pursuant to Article 2075 of the Belgian Civil Code,
      payment of Invoices and, if necessary, give notice of the pledge of
      Invoices in our favour.

              

      

      

      
        	 
      	
                You
      will ratify anything lawfully done by any attorney, substitute attorney or
      mandate under the powers set out above.  You cannot cancel our
      powers under this clause and this power will last until all monies,
      obligations and liabilities owing by you to us have been performed or
      satisfied in full.

              

      

      

      
        	
                4.

              	
                CONDITIONS
      PRECEDENT

              

      

      

      
        	
                4.1

              	
                We
      will provide you with the Facility when we have received in a form and
      substance satisfactory to us:

              

      

      

      
        	 
      	
                4.1.1

              	
                a
      copy of your constitutional documents, consisting of: (i) your deed of
      incorporation, (ii) if applicable your current articles of association and
      (iii) an original copy of the excerpt of the Crossroads Bank of
      Enterprises and (iv) an original copy of a certificate of non insolvency
      (“verklaring van
      niet-faillissement”) of the clerk of the relevant Commercial
      Court;

              
	 	 	 
	 
      	
                4.1.2

              	
                a
      certified copy of a resolution of your board of directors approving the
      terms of, and the transactions contemplated by the Agreement, and
      resolving that it execute, deliver and perform the Agreement and any
      security we require from you;

              
	 	 	 
	 
      	
                4.1.3

              	
                a
      corporate guarantee on first demand from your parent, Milacron B.V., and a
      certified copy of the resolution of its governing body approving the
      granting of the guarantee;

              
	 	 	 
	 
      	
                4.1.4

              	
                any
      additional information or evidence we require to comply with our “know
      your customer” procedures and any other searches deemed appropriate in
      this respect;

              
	 	 	 
	 
      	
                4.1.5

              	
                the
      implementation of a web-based application in which reports can be
      submitted;

              
	 	 	 
	 
      	
                4.1.6

              	
                copy
      of your latest audited accounts;

              
	 	 	 
	 
      	
                4.1.7

              	
                the
      security interests referred to under 6 below, completed and
      signed;

              
	 	 	 

      

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                4.1.8

              	
                if
      applicable, originals of all the necessary consents as required by the
      Data Protection Act for the collection, processing and transfer of any
      Personal Data in relation to the Invoices
  pledged.

              

      

      

      
        	
                5.

              	
                GUARANTEE

              

      

      

      
        	
                5.1

              	
                As
      an independent obligation you shall provide us with a first demand
      independent guarantee in the form set out in Annex II (the “Guarantee”), pursuant to which you will
      irrevocably and unconditionally guarantee to us punctual performance by
      each Guaranteed Company of its Secured
  Obligations

              

      

      

      
        	
                6.

              	
                SECURITY
      INTEREST

              

      

      

      
        	 
      	
                As
      security for the Secured Obligations you shall provide us with
      :

              
	 
      	
                –-
      a floating charge (pand op
      handelszaak) in respect of your business substantially in the form
      set out in Annex
      III;

              
	 
      	
                – a
      floating charge mandate (mandaat tot
      vestigen van een pand op handelszaak) in respect of your business
      substantially in the form set out in Annex IV;

              
	 
      	
                – a
      bank account pledge agreement substantially in the form set out in Annex V;

              
	 
      	
                –
      an undisclosed receivables pledge agreement substantially in the form set
      out in Annex
      VI

              
	 	 
	 
      	
                If
      any such security is called upon in relation to Secured Obligations that
      are obligations of a Guaranteed Company, the limitation as set forth in
      Clause 6 of the Guarantee applies.

              

      

      

      
        	
                7.

              	
                GOVERNING
      LAW AND JURISDICTION

              

      

      

      
        	 
      	
                This
      Agreement shall be governed by and construed in accordance with the law of
      the Belgium. You accept the jurisdiction of the competent court of
      Brussels, Belgium to hear and determine any proceedings arising out of
      this Agreement.  However, you agree that we may bring
      proceedings in the courts of any other
  jurisdiction.

              

      

      

      To
confirm agreement to the terms and conditions contained in this Agreement
together with all its Schedules, Annexes and other documents forming part of the
documentation of the subject matter of agreement the parties have executed two
originals of this Agreement on the date set out above.

      

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      LLOYDS
TSB BANK PLC

      represented
by:

      

      

      
        	
                1.

              	
                Baudouin
      Benfante

              	
                /s/
      Baudouin Benfante

              
	 
      	
                Manager,
      Finance and Loans Administration Dept.

              	
                Signature

              
	 
      	
                Authorised
      signatory

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                2.

              	
                Luc
      Vanleeuwe

              	
                /s/
      Luc Vanleeuwe

              
	 
      	
                Manager,
      Wholesale Banking

              	
                Signature

              
	 
      	
                Authorised
      signatory

              	 
      

      

      

      D-M-E
EUROPE CVBA

      represented
by:

      

      

      
        	
                Gerard
      van Deventer

              	
                /s/
      Gerard van Deventer

              
	
                Proxyholder

              	
                Signature

              

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
 

      Annexes :

      

      I –
Operating Conditions

      II – Form
of Guarantee

      III- Form
of Floating Charge

      IV – Form
of Floating Charge Mandate

      V – Form
of Bank Account Pledge Agreement

      VI – Form
of Undisclosed Receivables Pledge Agreement

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

      ANNEX
I TO THE AGREEMENT

      Operating
Conditions

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      Guidance
Note:

      

      The
Agreement is in relation to various products offered by Lloyds TSB Bank PLC in
Belgium, and comprises two parts (a) the Commercial Terms and (b) the Operating
Conditions.

       

      The
Commercial Terms and the Operating Conditions, together with the Asset Based
Finance Agreement, jointly set out the terms on which the Facility has been made
available to you.

       

      In so far
as you have applied for a Euro Invoice Discounting Facility, then Parts I, II
and III of the Operating Conditions will apply to you.

       

      In so far
as you have applied for an Export and/or Currency Invoice Discounting Facility,
then Parts I, II and V of the Operating Conditions will apply to
you.

       

      In so far
as you have applied for a Factoring Facility, then Parts I, II and IV of the
Operating Conditions will apply to you.

       

      In so far
as you have applied for a Receivables Facility, then Parts I, II and VI of the
Operating Conditions will apply to you.

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      

      

      

      

      

      OPERATING
CONDITIONS

      

      FOR

      

      RECEIVABLES
FINANCE AGREEMENT

      

      BETWEEN

      

      LLOYDS
TSB BANK PLC (1)

      

      AND

      

      D-M-E
EUROPE CVBA (2)

      

      

      

      

      

      

      

      

      We
acknowledge receipt of these Operating Conditions (Part I, Part II, and Part VI)
which form part of our agreement with you.

      
 

      

      

      /s/
Gerard van Deventer

      For and
on behalf of D-M-E Europe CVBA

      

      

      12 March
2008

      Date

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
 

      

      
        	
                OPERATING
      CONDITIONS – PART I

              	
                11

              
	
                DEFINITIONS

              	
                11

              
	
                Section
      1 General Definitions

              	
                11

              
	
                Section
      2 Definitions related to Belgian law

              	
                16

              
	
                OPERATING
      CONDITIONS - PART II

              	
                19

              
	
                PROVISIONS
      RELATING TO ALL CLIENTS

              	
                19

              

      

      
        	
                1

              	
                LENGTH
      OF THE AGREEMENT

              	
                19

              
	
                2

              	
                NOTIFICATION,
      INVOICE CLASSIFICATION AND APPROVAL LIMITS

              	
                19

              
	
                3

              	
                USE
      OF FACILITY

              	
                20

              
	
                4

              	
                CURRENT
      AND OTHER ACCOUNTS

              	
                20

              
	
                5

              	
                COLLECTION
      OF INVOICES

              	
                21

              
	
                6

              	
                OUR
      FEES AND CHARGES

              	
                21

              
	
                7

              	
                EXPENSES,
      SET OFF AND INDEMNITY

              	
                22

              
	
                8

              	
                WARRANTIES

              	
                23

              
	
                9

              	
                UNDERTAKINGS

              	
                25

              
	
                10

              	
                TERMINATION
      EVENTS

              	
                27

              
	
                11

              	
                ASSIGNMENT
      OR PLEDGE OF INVOICES

              	
                28

              
	
                12

              	
                REPURCHASE

              	
                29

              
	
                13

              	
                COMMUNICATIONS
      BETWEEN US

              	
                29

              
	
                14

              	
                VARIATIONS

              	
                30

              
	
                15

              	
                COMMUNICATIONS
      WITH PROFESSIONALS AND OTHERS

              	
                30

              
	
                16

              	
                DATA
      PROTECTION

              	
                30

              
	
                17

              	
                PARTNERSHIPS
      AND SOLE TRADERS

              	
                31

              
	
                18

              	
                NOTICES

              	
                32

              
	
                19

              	
                GENERAL

              	
                33

              
	
                20

              	
                INTERPRETATION

              	
                33

              

      

      
        	
                OPERATING
      CONDITIONS - PART III

              	
                35

              
	
                PROVISIONS
      RELATING TO INVOICE DISCOUNTING CLIENTS ONLY

              	
                35

              

      

      
        	
                1

              	
                AGENCY
      APPOINTMENT

              	
                35

              
	
                2.

              	
                PLEDGE
      OF INVOICES - DISCLOSED

              	
                36

              

      

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      
        	
                3.

              	
                PLEDGE
      OF INVOICES - UNDISCLOSED

              	
                37

              
	
                4.

              	
                INFORMATION
      AND REPORTING REQUIREMENTS

              	
                38

              
	
                5.

              	
                NON-NOTIFIABLE
      INVOICES

              	
                38

              
	
                6.

              	
                OUR
      SERVICES

              	
                39

              
	
                7.

              	
                DISCOUNTING
      CLIENTS WHICH BECOME FACTORING CLIENTS

              	
                40

              
	
                8.

              	
                FEES

              	
                40

              
	
                9.

              	
                EXPORT/CURRENCY
      INVOICES

              	
                41

              

      

      
        	
                ANNEX
      I

              	
                42

              
	
                List
      of Customers

              	
                42

              
	
                ANNEX
      II

              	
                43

              
	
                Form
      of Disclosed Pledge Agreement

              	
                43

              
	
                Schedule
      I

              	
                45

              
	
                Detail
      of Invoices

              	
                45

              
	
                ANNEX
      III

              	
                46

              
	
                Form
      of Notification to Customers

              	
                46

              
	
                ANNEX
      IV

              	
                48

              
	
                Form
      of Undisclosed Pledge Agreement

              	
                48

              
	
                Schedule
      I

              	
                50

              
	
                Detail
      of Invoices

              	
                50

              
	
                OPERATING
      CONDITIONS - PART IV

              	
                51

              
	
                PROVISIONS
      RELATING TO FACTORING CLIENTS ONLY

              	
                51

              

      

      
        	
                1

              	
                OUR
      SERVICES

              	
                51

              
	
                2

              	
                ASSIGNMENT
      OF INVOICES

              	
                51

              
	
                3

              	
                YOUR
      RESPONSIBILITIES

              	
                52

              
	
                4

              	
                OUR
      FEES AND CHARGES FOR FACTORING CLIENTS

              	
                53

              
	
                5

              	
                CURRENCY
      INVOICES

              	
                53

              

      

      
        	
                ANNEX
      I

              	
                54

              
	
                List
      of Customers

              	
                54

              
	
                ANNEX
      II

              	
                55

              
	
                Assignment
      Agreement

              	
                55

              

      

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Schedule
      I

              	
                57

              
	
                Detail
      of Invoices

              	
                57

              
	
                ANNEX
      III

              	
                58

              
	
                Form
      of Notification to Customers

              	
                58

              
	
                OPERATING
      CONDITIONS - PART V

              	
                60

              
	
                PROVISIONS
      RELATING TO EXPORT AND CURRENCY FACILITIES

              	
                60

              

      

      
        	
                1

              	
                EXPORT
      AND CURRENCY FACILITIES

              	
                60

              
	
                2

              	
                OUR
      FEES AND CHARGES

              	
                60

              

      

      
        	
                OPERATING
      CONDITIONS - PART VI

              	
                61

              
	
                PROVISIONS
      RELATING TO RECEIVABLES FACILITIES

              	
                61

              

      

      
        	
                1.

              	
                PURPOSE
      OF THE FACILITY

              	
                61

              
	
                2.

              	
                INTEREST

              	
                61

              
	
                3.

              	
                REPAYMENT

              	
                61

              
	
                4.

              	
                PREPAYMENT

              	
                61

              
	
                5.

              	
                SECURITY

              	
                61

              
	
                6

              	
                INFORMATION
      AND REPORTING REQUIREMENTS

              	
                63

              
	
                7

              	
                NON-NOTIFIABLE
      INVOICES

              	
                63

              
	
                8

              	
                OUR
      SERVICES

              	
                64

              

      

      
        	
                ANNEX
      I

              	
                66

              
	
                List
      of Customers

              	
                66

              

      

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
 

      OPERATING
CONDITIONS – PART I

      

      

      DEFINITIONS

      

      In the
Agreement the following words have the meaning set out opposite
them:

      

      Section
1 General Definitions

      

      
        	
                “Account
      Opening Fee”

              	
                any
      fee referred to in the Commercial Terms calculated in the manner set out
      in Operating Conditions – Part II – Provisions relating to all
      clients;

              
	
                “Annual
      Account Maintenance Fee”

              	
                any
      fee referred to in the Commercial Terms calculated in the manner set out
      in Operating Conditions – Part II – Provisions relating to all
      clients;

              
	
                “Additional
      Service Charge”

              	
                the
      fee charged to Factoring Clients in respect of Invoices still unpaid at
      the ending of the Funding Period;

              
	
                “Advance
      Rate”

              	
                any
      percentage to be paid by us on account of the Nominal Amount of each
      Approved Invoice specified in the Commercial Terms as varied in accordance
      with the Agreement from time to time;

              
	
                “Advance”

              	
                the
      amount paid by us on account of the Nominal Amount of each Approved
      Invoice, in the case of Invoice Discounting, Factoring Clients and
      Receivables Clients, calculated by applying the Advance Rate to such
      Invoice;

              
	
                “Approved
      Currency”

              	
                any
      currency referred to in the Commercial Terms or any other currency which
      we may approve from time to time but excluding any currency which we
      notify you is not or no longer an Approved Currency;

              
	
                “Approval
      Limit”

              	
                any
      limit established by us in discussion with you and notified to you from
      time to time in relation to the maximum value of Invoices owing by some or
      all of your Customers expressed either as a fixed monetary amount or a
      percentage of all your Invoices outstanding from time to
    time;

              
	
                “Approved
      Invoice”

              	
                all
      or part of any Notified Invoice not classified by us as Disapproved and
      “Approved” shall be construed
accordingly;

              

      

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Approved
      Country”

              	
                any
      country referred to in the Commercial Terms or agreed by us from time to
      time but excluding any country which we notify you is not or no longer an
      Approved Country;

              
	
                “Asset
      Based Finance Agreement”

              	
                The
      asset based finance agreement of even date herewith between you, us and
      some of your Associated Businesses;

              
	
                “Associated
      Business”

              	
                each
      of Cimcool Europe B.V., Cimcool Industrial Products B.V.,  and
      Ferromatik Milacron Maschinenbau GmbH and

              
	 
      	
                any
      other person or business which is owned or controlled
  by:

              
	 
      	
                (i)

              	
                you;
      or

              
	 
      	
                (ii)

              	
                anyone
      who directly or indirectly controls (or who can take control of) you;
      or

              
	 
      	
                (iii)

              	
                anyone
      you control (or you can take control of);

              
	
                “Availability”

              	
                the
      amount of any Invoice Discounting, Factoring Facility or Receivables
      Facility available to you calculated as set out in condition 4.5 of the
      Operating Conditions – Part II – Provisions relating to all
      Clients;

              
	
                “Bank”

              	
                Lloyds
      TSB Bank plc and its successors or assigns;

              
	
                “Base
      Rate”

              	
                the
      published base rate of the Bank from time to time;

              
	
                “Collection
      Account”

              	
                any
      bank account into which payments from Customers in respect of Invoices are
      required to be paid;

              
	
                “Collection
      Date”

              	
                in
      the case of any Invoice which is: (a) paid in cash: the date of receipt of
      the cash by you; (b) paid by cheque or other instrument: the date on which
      funds representing the same are cleared by your bankers for interest; (c)
      paid by TARGET: the date on which funds are credited to a Collection
      Account;

              
	
                “Commercial
      Terms”

              	
                the
      terms set out in the main body of the Agreement (other than the Operating
      Conditions) as varied, amended, supplemented or replaced from time to
      time;

              
	
                “Contingent
      Instrument”

              	
                a
      guarantee, bond or letter of credit issued by us or an Issuer pursuant to
      any Contingent Liability Facility;

              
	
                “Contingent
      Liability Facility”

              	
                any
      Facility provided by us to you offering you the option to request the
      issue of Contingent Instruments;

              

      

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Contract
      of Sale”

              	
                a
      contract in any form (including a purchase order) for the sale or hire of
      goods and/or provision of services to a Customer under which an Invoice
      arises;

              
	
                “Counter
      Indemnity”

              	
                an
      indemnity provided by us to an Issuer in their preferred form for all
      monies, obligations and liabilities incurred under a Contingent
      Instrument;

              
	
                “Credit
      Balance(s)”

              	
                any
      credit balance on the Current Account;

              
	
                “Currency
      Invoice”

              	
                any
      Invoice payable in an Approved Currency (other than
  Euro);

              
	
                “Current
      Account”

              	
                an
      escrow account administered by us with account number IBAN BE
      43-632251500001 “LTSB CF re D-M-E”;

              
	
                “Customer”

              	
                a
      party under a Contract of Sale obliged to pay you the Invoice and, where
      the context so permits, a prospective Customer;

              
	
                “Debit
      Balance(s)”

              	
                any
      debit balance on the Current Account;

              
	
                “Delivered”

              	
                in
      relation to Goods:

              
	 
      	
                (i)

              	
                physical
      delivery to (or to the order of) a Customer;

              
	 
      	
                (ii)

              	
                the
      Customer taking the risk in the Goods;

              
	 
      	
                (iii)

              	
                performance
      of the Contract of Sale;

              
	 
      	
                in
      relation to services: completed and “Deliver” and “Delivery” are to be
      construed accordingly;

              
	
                “Disapproved
      Invoice”

              	
                all
      or part of any Invoice classified by us as disapproved in accordance with
      condition 2 and ‘Disapproved’ is to be construed
    accordingly;

              
	
                “Drawdown
      Date”

              	
                means
      the date on which the relevant Advance as requested in the Drawdown
      Request must be available to you;

              
	
                “Drawdown
      Request”

              	
                means
      a notice sent by you to us requesting an Advance substantially in the
      relevant form set out in Annex V of Operating Conditions Part
      VI;

              
	
                “EEA”

              	
                European
      Economic Area;

              
	
                “EU”

              	
                European
      Union;

              
	
                “EURIBOR”

              	
                the
      Euro Inter-bank Offered Rate of Interest for the period as set out in the
      Asset Based Finance Agreement;

              
	
                “Euro”
      or “€”

              	
                the
      single currency of the member states of the European Union which have
      adopted the Euro as their lawful currency in accordance with the
      legislation of the European Union relating to European Economic and
      Monetary Union, or if different, the lawful currency of Belgium or the
      Netherlands (as applicable);

              

      

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Export
      Facility”

              	
                a
      Facility where we have agreed to pay for your Export
    Invoices;

              
	
                “Export
      Invoice”

              	
                an
      Invoice which is:

              
	 
      	
                (i)

              	
                addressed
      to a Customer in one of the countries referred to in the Commercial Terms;
      and

              
	 
      	
                (ii)

              	
                expressed
      either in an Approved Currency or Euro;

              
	
                “Facility”

              	
                means
      each or all (as the context requires) of any Invoice Discounting Facility,
      Factoring Facility, Receivables Facility or Export and/or Currency
      Facility, made available by us to you from time to time under the terms of
      the Agreement;

              
	
                “Factoring
      Client”

              	
                a
      client to whom a Factoring Facility is made available;

              
	
                “Factoring
      Facility”

              	
                a
      debt purchase facility provided on the terms of the
    Agreement;

              
	
                “Fees
      and Charges”

              	
                all
      those fees and charges to which we are entitled for providing any Facility
      or for opening or managing a bank account (and any VAT
      thereon);

              
	
                “G7”

              	
                the
      group of seven industrialized nations, composed of Canada, France,
      Germany, Italy, Japan, United Kingdom and United States of
      America;

              
	
                “Goods”

              	
                any
      goods the subject of a Contract of Sale;

              
	
                “Guaranteed
      Company”

              	
                Cimcool
      Industrial Products B.V., Cimcool Europe B.V. and Ferromatik Milacron
      Maschinenbau GmbH;

              
	
                “Interest
      Payment Date”

              	
                the
      first Working Day of each month;

              
	
                “Invoice”

              	
                any
      present, future or contingent obligation (including any tax or duty) of a
      Customer to make payment under a Contract of Sale (whether invoiced or
      not) and, where the context permits, includes part of an Invoice. For the
      purpose of clarity, “Invoice” does not refer to a “factuur” but to any
      obligation of a Customer to pay you under a Contract of
    Sale;

              
	
                “Invoice
      Discounting Client”

              	
                a
      client to whom an Invoice Discounting Facility is made
      available;

              

      

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Invoice
      Discounting  Facility”

              	
                a
      debt purchase facility provided on the terms of the
    Agreement;

              
	
                “Issuer”

              	
                a
      bank or other financial institution approved by us which issues a
      Contingent Instrument on your behalf;

              
	
                “Margin”

              	
                the
      Margin specified in the Commercial Terms;

              
	
                “Minimum
      Fee”

              	
                any
      minimum fee specified in the Commercial Terms;

              
	
                “Minimum
      Term”

              	
                the
      shortest period for which the Agreement must operate specified in the
      Commercial Terms;

              
	
                “Net
      Value”

              	
                in
      relation to any Invoice, the amount actually received by us in settlement
      or discharge after taking into account all deductions, discounts and
      off-sets;

              
	
                “Nominal
      Amount”

              	
                the
      amount received by us in or towards each Invoice together with its Related
      Rights;

              
	
                “Non-Notifiable
      Invoices”

              	
                those
      Invoices described as non-notifiable in the Operating Conditions for
      Invoice Discounting Clients and Receivables Clients and specified as
      Additional Non-Notifiable Invoices in the Commercial
  Terms;

              
	
                “Notice
      Period”

              	
                the
      period of notice to be served to terminate the Agreement specified in the
      Commercial Terms;

              
	
                “Notification”

              	
                your
      notification to us in the format we specify of the existence and amount of
      Invoices and other matters referred to in conditions 9.7.7 and 9.1.8 of
      the Operating Conditions – Part II – Provisions relating to all Clients
      and “Notified” and “Notify” are to be construed
    accordingly;

              
	
                “Notified
      Value”

              	
                the
      full amount of each Invoice given in a Notification (including any
      applicable tax or duty) and before any discount for prompt payment or
      otherwise;

              
	
                “OECD”

              	
                Organisation
      for the Economic Co-operation and Development;

              
	
                “Operating
      Conditions”

              	
                the
      terms and conditions on which we will provide a Facility to you
      incorporated in the Agreement, signed by you for identification as
      amended, varied, supplemented or replaced from time to
    time;

              
	
                “Receivables
      Client”

              	
                a
      client to whom a Receivables Facility is made
available;

              
	
                “Receivables
      Facility”

              	
                a
      loan facility provided on the terms of the
  Agreement;

              

      

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

       

      
        	
                “Receivables
      Finance Agreement”

              	
                the
      present agreement consisting of the Commercial Terms and the Operating
      Conditions;

              
	
                “Reserve”

              	
                any
      reserve applied by us to your Availability in such amount as we may
      determine from time to time;

              
	
                “Review
      Limit”

              	
                the
      amount equal at all times to the Aggregate Debt Financing Limit (as
      defined in the Asset Based Finance Agreement);

              
	
                “Secured
      Obligations”

              	
                all
      obligations representing indebtedness for borrowed money, present or
      future, absolute or contingent, matured or not, at any time owing by you
      or any Guaranteed Company to us, under or in connection with the Financing
      Documents (as defined in the Asset Based Finance Agreement) and under the
      Asset Based Finance Agreement, provided, however, that any such obligation
      arises out of a loan arrangement providing for revolving working capital
      loans;

              
	
                “Service
      Charge”

              	
                the
      fee charged for the provision of our services to you calculated, unless
      otherwise agreed, as provided in Operating Conditions – Part II –
      Provisions relating to all clients;

              
	
                “Start
      Date”

              	
                the
      later of:

              
	 
      	
                (a)
      the date of the Agreement; and

              
	 
      	
                (b)
      the date on which we confirm that you have satisfied any conditions
      precedent specified by us;

              
	
                “TARGET”

              	
                same
      day transmission of cleared funds through the Trans-European Automated
      Real-time Gross Settlement Express Transfer System;

              
	
                “Termination
      Event”

              	
                any
      of the events set out in Operating Conditions – Part II – Provisions
      relating to all clients;

              
	
                “Urgent
      Payment Charge”

              	
                any
      charge referred to in the Commercial Terms calculated in the manner set
      out in Operating Conditions – Part II – Provisions relating to all
      clients; and

              
	
                “Website”

              	
                in
      the case of Invoice Discounting Clients or Receivables Facility Clients
      www.ltsbcf-solutionsplus.co.uk referred to as N-able, in the case of
      Factoring Clients, www.cashconnect.co.uk referred to as Cash Connect and,
      in any case, includes any additional or alternative domain name by which
      we may communicate with you over the internet from time to
      time.

              

      

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      
 

      Section
2 Definitions related to Belgian law

      

      
        	
                “1872
      Act”

              	
                Titel
      VI of the Belgian Commercial code (Wet van 5 mei 1872 houdende
      herziening der beschikkingen betreffende het Pand en de
      Commissie);

              
	
                “Belgian
      Civil Code”

              	
                the
      Belgian civil code, as amended from time to time (Burgerlijk
      Wetboek);

              
	
                “Collateral
      Act”

              	
                The
      Belgian Collateral Act (Wet van 15 december 2004
      betreffende financiële zekerheden en houdende diverse fiscale bepalingen
      inzake zakelijke zekerheidsovereenkomsten en leningen met betrekking tot
      financiële instrumenten);

              
	
                “Currency
      Facility”

              	
                a
      Facility where we have agreed to pay for your Currency Invoices owing by a
      Customer in Belgium;

              
	
                “Data
      Protection Act”

              	
                the
      Belgian Data Protection Act (Wet van 8 december 1992 tot
      bescherming van de persoonlijke levensfeer ten opzicht van de verwerking
      van persoonsgegevens) as amended, and any related
      regulations;

              
	
                “Disclosed”

              	
                in
      relation to the assignment of an Invoice or pledge of an Invoice by you to
      us, the fact that such assignment or pledge has been notified to (or
      acknowledged by) the Customer in accordance with respectively Article 1690
      of the Belgian Civil Code and Article 2075 of the Belgian Civil Code;
      “Undisclosed” or “Undisclosed Basis” is construed accordingly in the event
      that such assignment or pledged has not been notified to (or acknowledged
      by) the Customer;

              
	
                “Domestic
      Invoice”

              	
                an
      Invoice payable in Euro arising from a Contract of Sale performed in
      Belgium, the invoice for which is addressed to a location in
      Belgium;

              
	
                “Insolvency/Insolvent”

              	
                in
      relation to any company or firm constituting a distinct legal entity
      (rechtspersoon)
      means:

              
	 
      	
                i.

              	
                the
      appointment of a liquidator (vereffenaar) in view of
      the dissolution of the company or firm or the passing of a resolution to
      wind up or dissolve the company or firm; or

              
	 
      	
                ii.

              	
                the
      opening with respect to the entity or any material subsidiary of the
      entity of a moratorium of any indebtedness (including a gerechtelijk akkoord
      within the meaning of the Judicial Composition Act (Wet van 17 juli 1997
      betreffende het gerechtelijk akkoord);
or

              

      

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                iii.

              	
                the
      opening with respect to the entity or any material subsidiary of the
      entity of a bankruptcy proceeding (faillissement) within
      the meaning of the Insolvency Act (Faillissementswet van 8
      augustus 1997); or

              
	 
      	
                iv.

              	
                only
      insofar as applicable, the opening of an insolvency proceedings within the
      meaning of Annex 1 of the Insolvency Proceedings Regulations (Council Regulation n°
      1346/2000 of 29 May 2000 on insolvency proceedings);
    or

              
	 
      	
                v.

              	
                any
      analogous procedure or step is taken in any
  jurisdiction;

              
	 
      	
                in
      relation to an individual, means:

              
	 
      	
                i.

              	
                the
      opening with respect to the individual of a moratorium of any indebtedness
      (including a gerechtelijk akkoord
      within the meaning of the Judicial Composition Act (Wet van 17 juli 1997
      betreffende het gerechtelijk akkoord); or

              
	 
      	
                ii.

              	
                the
      opening with respect to the individual of a bankruptcy proceeding (faillissement) within
      the meaning of the Insolvency Act (Faillissementswet van 8
      augustus 1997; or

              
	 
      	
                iii.

              	
                the
      opening with respect to the individual of the liabilities repayment scheme
      (collectieve
      schuldenregeling) within the meaning of Articles 1675/2 to 1675/19
      of the Belgian Judicial Code,

              
	 
      	
                iv.

              	
                or
      any analogous procedure or step is taken in any
    jurisdiction

              
	 
      	
                in
      relation to any company, firm, individual or group,
  means:

              
	 
      	
                i.

              	
                any
      creditor seizing (bewarend of uitvoerend beslag
      leggen) or taking possession of any of its assets whether through
      the implementation of any Security Interest or pursuant to an approval
      from the competent court or through measures of forced execution (gedwongen uitvoering);
      or

              
	 
      	
                ii.

              	
                the
      transfer to its creditors as payment, or the grant to its creditors, a
      Security Interest covering a substantial portion of its fixed assets;
      or

              

      

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                iii.

              	
                receiving
      an injunction to pay or a notification instituting a suit demanding the
      conviction of the individual or entity; or

              
	 
      	
                iv.

              	
                commencing
      negotiations with one or more creditors for the general readjustment or
      rescheduling of, or a moratorium in regard to, all or part of its
      indebtedness (onderhands
      akkoord); or

              
	 
      	
                v.

              	
                suspending
      or ceasing or threatening to suspend or cease its business or making a
      resolution or decision to this effect; or

              
	 
      	
                vi.

              	
                allowing
      any judgment, order or award of any court or tribunal for payment of money
      to remain unsatisfied for 7 days or more; or

              
	 
      	
                vii.

              	
                being
      subject to an injunction, order or other action that prohibits, prevents
      or restricts it from dealing with its assets or business;
    or

              
	 
      	
                viii.

              	
                being
      incapable of paying the principal or interest on its debts generally as
      they fall due, or failure to honour a guarantee granted by it for any debt
      when called, after any grace periods have expired; or

              
	 
      	
                ix.

              	
                taking
      any steps toward or being subject to a judicial, administrative or
      arbitral proceeding that results in a decision placing the individual or
      entity in one of the situations described in the preceding two
      sub-paragraphs, or likely to cause the opening of a conciliation,
      safeguard, judicial work-out or judicial liquidation proceeding in regard
      to it; or

              
	 
      	
                occurrence
      of an event after the signature of the Agreement or the discovery of a
      fact that was not disclosed to us at or before signature, that is of a
      nature to affect in a material adverse way the business activities,
      financial or economic situation, the profitability or the assets or
      liabilities or the capacity of the individual or entity to fulfil its
      obligations;

              
	
                “Personal
      Data”

              	
                personal
      data relating to a living individual as defined under the Data Protection
      Act;

              
	
                “Related
      Rights”

              	
                (i)

              	
                all
      your rights under a Contract of Sale (including your right to
      damages);

              

      

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                (ii)

              	
                all
      (negotiable and non negotiable) instruments, security, bonds, guarantees,
      and indemnities relating to an Invoice;

              
	 
      	
                (iii)

              	
                all
      documents, ledgers, databases and computer files (including operating
      systems) recording or evidencing Invoices;

              
	 
      	
                (iv)

              	
                all
      Goods returned to or repossessed by you or rejected by a Customer and all
      documents of title to such Goods;

              
	 
      	
                (v)

              	
                any
      credit insurance in respect of an Invoice;

              
	 
      	
                (vi)

              	
                any
      time sheets or proofs of delivery; and

              
	 
      	
                (vii)

              	
                any
      and all dependent rights (accessoire rechten) and
      ancillary rights (nevenrechten),
      privileges and other rights inherent, attached and/or associated with the
      Invoices, including without limitation title retention rights which you
      undertake to provide in the case of a sale of goods;

              
	
                “Security
      Interest”

              	
                any
      mortgage, pledge, lien, or any other arrangement for the purpose of or
      having a similar effect to creating security or any title retention
      rights;

              
	
                “Sensitive
      Personal Data”

              	
                sensitive
      personal data relating to a living individual as defined under the Data
      Protection Act;

              
	
                “We”
      or “us”

              	
                Lloyds
      TSB Bank plc (company number 2065) acting through its Belgian branch
      (register of legal entities under enterprise number BE0448315291) and our
      transferees and assignees; and

              
	
                “Working
      Day”

              	
                a
      day when the Bank is open for all normal business in Brussels and in
      England and Wales.

              

      

       

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

       

      OPERATING
CONDITIONS - PART II

      

      PROVISIONS
RELATING TO ALL CLIENTS

      

      
        	
                1

              	
                LENGTH
      OF THE AGREEMENT

              

      

      

      
        	
                1.1

              	
                The
      Agreement will begin on the Start Date and, subject to condition 1.3, will
      continue for the Minimum Term and thereafter until terminated by either of
      us.

              
	
                1.2

              	
                We
      may each terminate the Agreement by serving written notice to terminate on
      the other, but, subject to condition 1.3, we must give each other notice
      of at least the Notice Period and each of us may only terminate the
      Agreement at the end of a calendar month coinciding with or ending after
      the end of the Minimum Term.

              
	
                1.3

              	
                We
      may also terminate the Agreement:

              

      

      

      
        	 
      	
                1.3.1

              	
                if
      it becomes unlawful in any applicable jurisdiction for us to perform any
      of our obligations contemplated by the Agreement or to fund or maintain
      the Facility,

              
	 
      	
                1.3.2

              	
                if
      a material adverse change in the tax regime applicable to us occurs and
      such change is not due to wilful misconduct or gross negligence on our
      side unless you, at your discretion, pay us an amount required to put us
      in the same position we would have been had the tax regime change not
      occurred, in which case we do not have the right to terminate the
      Agreement (with the understanding that any excess amount as stated in
      Clause 5.2 of the Asset Based Finance Agreement will be refunded);
      and

              
	 
      	
                1.3.3

              	
                at
      any time after the occurrence of a Termination
  Event.

              

      

      

      
        	
                2

              	
                NOTIFICATION,
      INVOICE CLASSIFICATION AND APPROVAL
LIMITS

              

      

      

      
        	
                2.1

              	
                You
      will Notify us on a weekly basis through the Website of all your Invoices
      existing on or arising after the Start Date.

              
	
                2.2

              	
                We
      will classify all Notified Invoices as either Approved or
      Disapproved.  Any Invoice which is not Disapproved will be
      Approved.

              
	
                2.3

              	
                We
      may Disapprove any Notified
Invoice:

              

      

      

      
        	 
      	
                2.3.1

              	
                which,
      when added to all other unpaid Invoices owing by a particular Customer,
      exceeds any Approval Limit; or

              

      

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                2.3.2

              	
                which
      is not paid by the end of the Funding Period (or which on the Start Date
      has not been paid within that time period); or

              
	 
      	
                2.3.3

              	
                which
      is disputed by a Customer; or

              
	 
      	
                2.3.4

              	
                in
      relation to which you breach any warranty or undertaking given to
      us.

              

      

      

      
        	 
      	
                We
      may Disapprove an Invoice at any time, even if it was previously Approved
      and vice versa.

              

      

      

      
        	
                2.4

              	
                We
      will tell you of any Approval Limits set by
us.

              

      

      

      
        	
                3

              	
                USE
      OF FACILITY

              

      

      

      
        	
                3.1

              	
                We
      will allow you to make withdrawals from the Current Account up to the
      amount of your Availability as calculated in condition 4 or, if less, the
      Review Limit.

              
	
                3.2

              	
                We
      will allow you to request Contingent Instruments to be issued up to the
      amount of your Availability as calculated in condition 4 or, if less, the
      Review Limit. If an Issuer agrees to issue the Contingent Instrument
      requested, we will, upon the issuance of the relevant Contingent
      Instrument, reserve a portion of your Availability equal to the amount of
      the Contingent Instrument.

              
	
                3.3

              	
                Unless
      we agree otherwise all transactions between us will be accounted for in
      Euro.

              

      

      

      
        	
                4

              	
                CURRENT
      AND OTHER ACCOUNTS

              

      

      

      
        	
                4.1

              	
                We
      will operate an account in your name (referenced “D-M-E Europe”) called
      the Current Account to record transactions relating to the
      Facility.

              
	
                4.2

              	
                 You
      will credit to the Current Account on each Collection Date, amounts
      received by you on any Collection Account in or towards payment for
      Invoices.

              
	
                4.3

              	
                We
      will debit from the Current
Account:

              

      

      

      
        	 
      	
                4.3.1

              	
                withdrawals
      and any other payments made to you or to your order;

              
	 
      	
                4.3.2

              	
                all
      Fees and Charges (including any value added tax); and

              
	 
      	
                4.3.3

              	
                any
      other sums actually, contingently or prospectively payable by you to us
      whether under the Agreement or any other facility made available by us to
      you.

              

      

      

      
        	
                4.4

              	
                In
      order to calculate Availability, we will apply the Advance Rate to the
      Notified Value of all Approved Invoices and add any Credit Balance and
      then deduct:

              

      

      

      
        	 
      	
                4.4.1

              	
                any
      Debit Balance;

              
	 
      	
                4.4.2

              	
                any
      amounts outstanding under Contingent
  Instruments;

              

      

       

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                4.4.3

              	
                any
      Reserves; and

              
	 
      	
                4.4.4

              	
                any
      accrued Fees and Charges.

              

      

      

      
        	
                4.5

              	
                The
      Debit Balance must not exceed the Review Limit. If we are providing a
      Facility (or any loan, hire purchase or lease facility) to you and the
      Associated Businesses, the global aggregate Debit Balances of all Current
      Accounts of you and of the Associated Businesses and debit balances on
      such loan, hire purchase or lease accounts shall not exceed any aggregate
      Review Limit specified in the Commercial Terms.

              
	
                4.6

              	
                If
      your Availability is a negative figure or if you exceed any Approval Limit
      or any Review Limit whether as a result of us Disapproving an Approved
      Invoice, exercising our rights under conditions 4.7, 4.8 or 0 or for any
      other reason, then, in the first instance, you must immediately pay us the
      excess on our demand.

              
	
                4.7

              	
                We
      may at any time, by written notice to you, with immediate effect
      vary:

              

      

      

      
        	 
      	
                4.7.1

              	
                the
      Advance Rate in respect of all outstanding Approved Invoices and/or
      Invoices Notified to us after the date of such notice;
    and/or

              
	 
      	
                4.7.2

              	
                any
      Approval Limits; and/or

              
	 
      	
                4.7.3

              	
                the
      proportion of your Export Invoices in respect of which we will make
      Advances.

              

      

      

      
        	
                4.8

              	
                We
      may also from time to time apply a Reserve.  We will determine
      the amount of any Reserve after consultation with you and will notify it
      to you from time to time.

              
	
                4.9

              	
                In
      addition to the Current Account, we may maintain such other accounts as we
      consider necessary for the operation of the
  Agreement.

              

      

      

      
        	
                5

              	
                COLLECTION
      OF INVOICES

              

      

      

      
        	
                5.1

              	
                If
      you are a client whose Facility is disclosed or whose agency to collect
      Invoices has been terminated, subject to the rights of any credit insurer,
      these conditions will apply to you.

              
	
                5.2

              	
                We
      may take whatever action we think is suitable to obtain payment of
      Invoices from your Customers.  We may demand, exercise, obtain
      or otherwise deal with the Related Rights in whatever way we think is
      suitable (or refrain from so doing). We may settle, compromise or adjust
      any claim brought by or against us, upon such terms as we see
      fit.  We may bring, carry on, defend or compromise any legal
      proceedings or form of alternative dispute resolution in any part of the
      world and in your or our name.  We may engage collection agents,
      bailiffs or lawyers or such other professionals as we feel necessary for
      this purpose.

              
	
                5.3

              	
                We
      do not have to bring or defend any proceedings, by or against us, even if
      you ask us to do so.

              

      

       

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

       

      
        	
                5.4

              	
                We
      may allow a Customer a longer period to pay or agree to accept less than
      the Notified Value of an Invoice and this will not affect your obligations
      to us.

              
	
                5.5

              	
                You
      will:

              

      

      

      
        	 
      	
                5.5.1

              	
                at
      your expense, help us to collect Invoices, by, for example, assisting us
      to review your records and other evidence, providing witness statements
      and procuring witnesses’ attendance at court or during investigative or
      expertise proceedings; and

              
	 
      	
                5.5.2

              	
                be
      bound by any act, decision or omission of ours in the exercise of our
      rights including any reduction in, or extinction of, the Purchase
      Price.

              

      

      

      
        	
                5.6

              	
                We
      may sell any returned Goods on such terms as we consider appropriate and
      we will treat the proceeds of sale as if they were payment of or towards
      the relevant Invoice.

              
	
                5.7

              	
                We
      will not pay you compensation or damages and we will not have broken the
      Agreement if your Customer does not pay an Invoice.

              
	
                5.8

              	
                This
      Condition 5 is not applicable to Receivables
  Clients.

              

      

      

      
        	
                6

              	
                OUR
      FEES AND CHARGES

              

      

      

      
        	
                6.1

              	
                We
      will on the Start Date charge you the Account Opening Fee for opening the
      Current Account.

              
	
                6.2

              	
                We
      will annually charge you the Annual Account Maintenance Fee, unless in any
      year the payment charges in the year reach EUR 1,000 in which case we will
      waive the Annual Account Maintenance Fee for that year.

              
	
                6.3

              	
                For
      the purposes of calculating the Unused Line Fee, any payment of or towards
      an Invoice shall be credited to the Current Account on its Collection
      Date. We will debit any Unused Line Fee specified in the Commercial Terms
      to your Current Account at the intervals agreed with
  you.

              
	
                6.4

              	
                We
      will charge one twelfth of the Unused Line Fee monthly in arrears on the
      amount by which during the preceding calendar
  month:

              

      

      

      
        	 
      	
                6.4.1

              	
                your
      average Debit Balance; or

              
	 
      	
                6.4.2

              	
                where
      we have agreed to make Facilities available to you and Associated
      Businesses, your and their combined average Debit
  Balances;

              

      

      

      
        	 
      	
                falls
      short of the Review Limit (or any aggregate Review Limit where one has
      been agreed), it being understood that the Unused Line Fee is an aggregate
      payable by you or any Associated
Business.

              

      

       

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

       

      
        	
                6.5

              	
                If
      we provide services to a level of intensity which were not envisaged by us
      at the time of entry into the Agreement (which includes you communicating
      with us other than via the Website) then, in addition to the Service
      Charge, we may make a reasonable charge for all costs and expenses
      (including the cost of our administrative time and resulting loss of
      profit) for providing such services.

              
	
                6.6

              	
                If
      at any time you exceed your Availability, then, in addition to demanding
      immediate repayment of the excess, we may by notice to you increase our
      Fees and Charges to reflect our increased risk.

              
	
                6.7

              	
                Value
      Added Tax, where applicable, shall be added to all our Fees and Charges.
      To the extent that VAT would become chargeable, we shall promptly provide
      an appropriate VAT invoice.

              
	
                6.8

              	
                We
      will make all payments to you or to your order through TARGET. For every
      urgent outward payment we will charge the Urgent Payment Charge indicated
      in the Commercial Terms. If we agree to make a payment to you other than
      by TARGET we will charge you the Transmission Charges indicated in the
      Commercial Terms.

              

      

      

      
        	
                7

              	
                EXPENSES,
      SET OFF AND INDEMNITY

              

      

      

      
        	
                7.1

              	
                You
      will indemnify us (and in the case of condition 7.1.6 any bank operating
      the Collection Account or other account nominated by us) for all losses,
      costs, liabilities and expenses (including legal fees) incurred by us (or
      such bank) (and any additional administrative time incurred by us charged
      at such rate as we shall reasonably determine) directly or indirectly as a
      result of:

              

      

      

      
        	 
      	
                7.1.1

              	
                preserving
      or enforcing our rights under the Agreement and any security given for
      it;

              
	 
      	
                7.1.2

              	
                exercising
      any of our rights under condition 5 (Collection of Invoices) or dealing
      with disputes relating to an Invoice;

              
	 
      	
                7.1.3

              	
                obtaining
      or enforcing a release of Invoices and Related Rights or waiver of rights,
      from any person with a Security Interest;

              
	 
      	
                7.1.4

              	
                the
      occurrence of a Termination Event;

              
	 
      	
                7.1.5

              	
                accepting
      and/or acting upon information or instructions purporting to come from you
      even if that information or those instructions subsequently prove to have
      been incorrect or unauthorised by you (except to the extent that our
      officers have been negligent or fraudulent);

              
	 
      	
                7.1.6

              	
                collecting
      and/or crediting to any Collection Account (or any other account nominated
      by us) any cheque or other negotiable instrument payable to you or
      endorsed in your favour;

              

      

       

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                7.1.7

              	
                any
      claim by a Customer against us; or

              
	 
      	
                7.1.8

              	
                you
      breaching the Data Protection Act.

              

      

      

      
        	
                7.2

              	
                We
      may charge you a reasonable fee
for:

              

      

      

      
        	 
      	
                7.2.1

              	
                providing
      any consent, waiver or variation of the Agreement; or

              
	 
      	
                7.2.2

              	
                making
      an Advance which exceeds your
Availability.

              

      

      

      
        	
                7.3

              	
                We
      may (but are not obliged) at any time without notice to you
      to:

              

      

      

      
        	 
      	
                7.3.1

              	
                set
      off against our liability to you any liability you owe to us;
      and/or

              
	 
      	
                7.3.2

              	
                combine
      or consolidate all or any of your accounts with
  us;

              

      

      

      
        	 
      	
                in
      either case whether arising under the Agreement or any other facility
      provided by us.  All your accounts with us, which may be opened
      for legal, technical or administrative reasons (and which may have
      separate names), will be deemed and will be treated contractually as
      sub-accounts of a single current account recording debits and credits that
      are connected and indivisible (eenheid van rekening), giving rise to a
      right of set-off even if the legal conditions for set-off are not
      fulfilled.  In order to effect such set-off or combination of
      accounts, we may convert currencies at the Bank’s spot rate of exchange
      prevailing at the time of set off or combination.  Your
      liability to us includes any amounts owing by you for goods, work or
      services provided to you by another of our clients.  We may make
      a reasonable estimate of any amounts contingently or prospectively due
      from you to us which cannot be calculated on the date we exercise set
      off.  We may make debit entries on your account to effect the
      intent of the set-off provisions of the Agreement.  You may not
      exercise any right of set-off or counterclaim against monies due from you
      to us.

              

      

      

      
        	
                7.4

              	
                You
      will be responsible for any stamp duty or other tax payable on any
      document transferring title by assignment or pledge (whether to you or us)
      to Invoices, Related Rights or Goods.

              
	
                7.5

              	
                We
      may at any time, at your request or at our discretion, convert any payment
      received by us in or towards settlement of Invoices and/or any of our
      obligations to you or your obligations to us which are owed in a currency
      other than Euro into Euro at the Bank’s prevailing spot rate of
      exchange.  Where the currency of the Current Account is
      different to that in which a Customer pays an Invoice and/or that in which
      the Nominal Amount is paid and as a result there is an exchange rate loss
      or gain when the Invoice is paid, we shall debit any loss and credit any
      gain to the Current Account.

              

      

      

      
        	
                8

              	
                WARRANTIES

              

      

      

      
        	
                8.1

              	
                On
      the date of the Agreement and each time you Notify Invoices to us, you
      warrant that:

              

      

       

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      
 

      
        	 
      	
                8.1.1

              	
                except
      as disclosed to us in writing before the Start Date, there are no Security
      Interests affecting your Invoices and you have not sold your Invoices to
      any other person;

              
	 
      	
                8.1.2

              	
                you
      have told us about every material fact or matter which you know, or ought
      to have known, might influence us in deciding whether to enter into the
      Agreement or to classify an Invoice as Approved or Disapproved or to
      accept person as a guarantor or in determining any Review Limit or
      Approval Limit; and

              
	 
      	
                8.1.3

              	
                all
      reports, accounts, and other information supplied to us are accurate and
      complete.

              

      

      

      
        	
                8.2

              	
                The
      warranty in clause 0 includes any past Insolvency of your directors or
      shareholders or of any company in which they have been interested or any
      disqualification at any time of any of your directors or any holder of a
      corporate mandate acting as a director or corporate mandate
      holder.

              
	
                8.3

              	
                In
      relation to each Invoice Notified to us, you warrant, both on the date of
      Notification and on each Working Day until that Invoice is paid,
      that:

              

      

      

      
        	 
      	
                8.3.1

              	
                the
      Contract of Sale giving rise to the
Invoice:

              

      

      

      
        	 
      	 
      	
                8.3.1.1

              	
                is
      valid and enforceable against the Customer;

              
	 
      	 
      	
                8.3.1.2

              	
                is
      governed by Belgian law or another law approved by us in
      writing;

              
	 
      	 
      	
                8.3.1.3

              	
                provides
      for the Customer to submit to the jurisdiction of the Belgian Courts or
      the courts of an Approved Country;

              
	 
      	 
      	
                8.3.1.4

              	
                does
      not include any prohibition against assignment, pledge or assignation of
      the Invoice or the Contract of Sale;

              
	 
      	 
      	
                8.3.1.5

              	
                provides
      for payment in Euro or an Approved Currency;

              
	 
      	 
      	
                8.3.1.6

              	
                provides
      for payment on or before the end of the Funding Period;

              
	 
      	 
      	
                8.3.1.7

              	
                does
      not provide for cash on delivery, sale or return or for payment in advance
      or by stage payments; and

              
	 
      	 
      	
                8.3.1.8

              	
                arises
      from your normal trading activities disclosed to us before the Start
      Date;

              

      

      

      
        	 
      	
                8.3.2

              	
                the
      Invoice relates to an actual sale and you have delivered the Goods or
      carried out the works or services to which the Invoice relates according
      to the Contract of Sale;

              

      

       

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                8.3.3

              	
                you
      have sent to your Customers all Invoices Notified to us and, in the case
      of Invoice Discounting Clients whose Agreement is disclosed or Factoring
      Clients, those invoices and all reminders and statements include notices
      of assignment, pledge or assignation in our preferred
  form;

              
	 
      	
                8.3.4

              	
                the
      details of the Invoice Notified to us are correct and complete and the
      Invoice has not been Notified to us before;

              
	 
      	
                8.3.5

              	
                the
      Notified Value of each Invoice is the amount due in respect of it and any
      prompt payment or bulk order discount does not exceed that agreed by
      us;

              
	 
      	
                8.3.6

              	
                no
      right of set-off, compensation or counterclaim exists which will reduce or
      extinguish the Notified Value of an Invoice or affect our ability to
      collect the Invoice in full;

              
	 
      	
                8.3.7

              	
                so
      far as you are aware, the Customer is creditworthy and is not
      Insolvent;

              
	 
      	
                8.3.8

              	
                the
      Customer is not an Associated Business;

              
	 
      	
                8.3.9

              	
                to
      the extent referred to in the Invoice, the Contract of Sale has been
      performed and the Invoice has become due;

              
	 
      	
                8.3.10

              	
                there
      is no Security Interest, tracing or other third party right or claim which
      may adversely affect our title to an Invoice or our Security Interest
      relating to that Invoice, its Related Rights or Goods;

              
	 
      	
                8.3.11

              	
                the
      Customer has an established place of business in Belgium or an Approved
      Country;

              
	 
      	
                8.3.12

              	
                in
      relation to Invoice Discounting Clients and Receivables Clients, the
      Invoice is not a Non-Notifiable Invoice;

              
	 
      	
                8.3.13

              	
                if
      the Invoice is an Export Invoice, you additionally warrant
      that:

              

      

      

      
        	 
      	 
      	
                8.3.13.1

              	
                the
      Customer has all licences and permits necessary to import and pay for the
      Goods and/or services in the Approved Country; and

              
	 
      	 
      	
                8.3.13.2

              	
                the
      export of the Goods or services and payment by the Customer is not
      unlawful under any applicable law.

              

      

      

      
        	
                9

              	
                UNDERTAKINGS

              

      

      

      
        	
                9.1

              	
                You
      agree with us that you will:

              

      

      

      
        	 
      	
                9.1.1

              	
                tell
      us immediately:

              

      

       

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      
 

      
        	 
      	 
      	
                9.1.1.1

              	
                about
      any material dispute (whether justifiable or not) between you and a
      Customer and any claim or attempt by a Customer to pay less than the
      Notified Value of an Invoice and give us copies of any
      correspondence;

              
	 
      	 
      	
                9.1.1.2

              	
                anything
      which may materially affect a Customer’s
  creditworthiness;

              
	 
      	 
      	
                9.1.1.3

              	
                if
      any person claims or tries to claim title to your
Goods;

              
	 
      	 
      	
                9.1.1.4

              	
                if
      whomever controls or manages your company or business
    changes;

              
	 
      	 
      	
                9.1.1.5

              	
                if
      you breach any of your warranties to
us;

              

      

      

      
        	 
      	 
      	 
      	
                9.1.1.5.1

              	
                about
      any Associated Business and if they start or cease
  trading;

              
	 
      	 
      	 
      	
                9.1.1.5.2

              	
                about
      any returned Goods; or

              
	 
      	 
      	 
      	
                9.1.1.5.3

              	
                if
      you purchase Goods or services from or owe any money to any Customer or
      there are any contracts or other arrangements between you and your
      Customer, which could reduce the Notified Value of an
    Invoice;

              

      

      

      
        	 
      	
                9.1.2

              	
                if
      we ask:

              

      

      

      
        	 
      	 
      	
                9.1.2.1

              	
                give
      us any information about your Customers that we
require;

              
	 
      	 
      	
                9.1.2.2

              	
                send
      us proofs of delivery or other evidence that you have delivered Goods or
      performed your services according to the Contract of
  Sale;

              
	 
      	 
      	
                9.1.2.3

              	
                tell
      us about your bank accounts and if you open any bank account and, if we
      request, send us copies of any bank statements; for the avoidance of
      doubts, we are aware that you have opened bank accounts for outgoing
      payments;

              
	 
      	 
      	
                9.1.2.4

              	
                at
      your own expense, formally pledge (as instructed) to us in the way we
      require specific Invoices and their Related Rights including any credit
      insurance; or

              
	 
      	 
      	
                9.1.2.5

              	
                keep
      any returned Goods separate from other Goods and deliver them to us or
      deal with them as we direct;

              

      

      

      
        	 
      	
                9.1.3

              	
                try
      to promptly resolve any Customer’s disputes and claims;

              
	 
      	
                9.1.4

              	
                ensure
      that all Invoices are paid at any time into a Collection
      Account;

              
	 
      	
                9.1.5

              	
                not
      vary any payment terms or settlement discount in respect of any Invoice
      nor waive, vary, rescind or terminate any Contract of
  Sale;

              

      

       

       

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                9.1.6

              	
                promptly
      perform any continuing obligations under any Contract of Sale, such as
      repairing or maintaining Goods, providing drawings, documents or
      information, or performing any other services or
    obligations;

              
	 
      	
                9.1.7

              	
                promptly
      raise and send to a Customer any credit note that is validly due and then
      Notify it to us.  However, we may at any time require you
      either:

              

      

      

      
        	 
      	 
      	
                9.1.7.1

              	
                to
      send credit notes to us for approval and we may send or refuse to send
      them to your Customers; or

              
	 
      	 
      	
                9.1.7.2

              	
                to
      cease issuing credit notes without our specific
  agreement;

              

      

      

      
        	 
      	
                9.1.8

              	
                promptly
      Notify us of any other matters (such as early payment or bulk purchase
      discounts) which may cause the Notified Value of  Invoices to be
      reduced or extinguished and not, without our specific agreement, grant any
      prompt payment or bulk purchase discount;

              
	 
      	
                9.1.9

              	
                comply
      with any procedure we set in relation to the day to day administration of
      the Agreement and send us any documents we ask for;

              
	 
      	
                9.1.10

              	
                allow
      our employees or agents to enter your premises (or any location where
      Goods or records are stored) at any reasonable time in order
      to:

              

      

      

      
        	 
      	 
      	
                9.1.10.1

              	
                audit
      and verify your sales ledger and to ensure that you are adhering to the
      procedures we require;

              
	 
      	 
      	
                9.1.10.2

              	
                remove
      (or at your expense) copy or check the terms of Contracts of Sale, your
      purchase ledgers, your accounting records (including the status of your
      preferential creditors), correspondence, orders and any other documents or
      computer files we require; or

              
	 
      	 
      	
                9.1.10.3

              	
                review
      those Related Rights capable of review, inspect Goods, or complete a
      Contract of Sale or collateral
contract;

              

      

      

      
        	 
      	
                9.1.11

              	
                maintain
      accurate accounting books and records and have them audited at least once
      every year and as soon as the accounts have been signed off or at the
      latest within eight months of the end of your financial year send us a
      copy of your audited accounts, together with any statement or report from
      your auditors and the annual management report;

              
	 
      	
                9.1.12

              	
                each
      month provide us with your profit and loss account and balance sheet and a
      reconciliation between the month end open item sales ledger and the
      statement from us and promptly send us any other financial or other
      information we may request relating to your business or
      affairs;

              

      

       

       

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                9.1.13

              	
                give
      our bankers such instructions or indemnities as they may require to
      collect non-transferable instruments made payable to you;
    and

              
	 
      	
                9.1.14

              	
                provide
      us with such security as we may from time to time reasonably require to
      secure the Secured Obligations.

              

      

      

      
        	
                9.2

              	
                You
      will not:

              

      

      

      
        	 
      	
                9.2.1

              	
                except
      where we have agreed in writing, create any Security
      Interest  over your Invoices or rights under the Agreement nor
      factor nor discount your Invoices other than to us;
  and/or

              
	 
      	
                9.2.2

              	
                enter
      into any hire purchase or equipment leasing facilities without first
      obtaining an offer from us;

              
	 
      	
                9.2.3

              	
                open
      any bank account (which is not a Collection Account) without our prior
      consent.

              

      

      

      
        	
                10

              	
                TERMINATION
      EVENTS

              

      

      

      
        	
                10.1

              	
                Each
      of the following is a Termination
Event:

              

      

      

      
        	 
      	
                10.1.1

              	
                you
      breach or threaten to breach any warranty, undertaking or other obligation
      given or undertaken by you in the Agreement;

              
	 
      	
                10.1.2

              	
                you
      fail to pay any sum due from you to us under the
  Agreement;

              
	 
      	
                10.1.3

              	
                you
      become Insolvent, or any step is taken which could result in you becoming
      Insolvent;

              
	 
      	
                10.1.4

              	
                you
      fail to pay any sum due under any other financing facility made available
      by us or any other person to you or otherwise breach the terms of any such
      facility;

              
	 
      	
                10.1.5

              	
                any
      person who has given us a guarantee or indemnity or granted a Security
      Interest as security for your obligations to us dies or becomes Insolvent
      or gives or attempts to give notice terminating, amending or withdrawing
      such guarantee, indemnity or security;

              
	 
      	
                10.1.6

              	
                you
      sell or dispose of the whole or a substantial part of your undertaking,
      property or assets or cease to carry on the business conducted by you on
      the date of the Agreement;

              
	 
      	
                10.1.7

              	
                without
      our prior written consent, there is a material change in composition of
      your board of directors or partners or senior management or any change in
      the ownership of 10 per cent or more of your shares (unless such change is
      a result of a transfer of shares to an Associated Business) or in your
      constitution or composition;

              

      

       

       

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                10.1.8

              	
                we
      reasonably consider there is a deterioration in your overall financial
      condition or in your operating performance or your overall management and
      control or in your general day to day administration and organisation or
      in your sales ledger administration or credit control
      procedures;

              
	 
      	
                10.1.9

              	
                any
      person, who has waived or released its rights to your Invoices or their
      Related Rights, withdraws or attempts to withdraw, such waiver or release
      or otherwise asserts any interest in your Invoices or Related
      Rights;

              
	 
      	
                10.1.10

              	
                you
      attempt to reject any variation to the Operating Conditions made by
      us;

              
	 
      	
                10.1.11

              	
                any
      of the Secured Obligations owing by a Guaranteed Company become due and
      payable; and

              
	 
      	
                10.1.12

              	
                the
      Agreement or any guarantee, indemnity or Security Interest granted as
      security for your obligations to us ceases to be legally valid, binding or
      enforceable or it is or becomes unlawful for you or any other person to
      perform your or their obligations under the Agreement or such guarantee,
      indemnity or security and any such defect is not remedied within 10
      Working Days after determination of such
defect;

              

      

      

      
        	
                10.2

              	
                Upon
      or at any time after a Termination Event has occurred (whether or not we
      actually terminate the Agreement) or following the expiry of any notice to
      terminate the Agreement, we may by written notice to you (and as well as
      exercising any of our other rights under the Agreement or any other
      facility we have made available to you) do all or any of the following
      (either at the same time or at separate
times):

              

      

      

      
        	 
      	
                10.2.1

              	
                if
      the Facility is confidential, disclose this Facility to your Customers and
      simultaneously or at a later date cancel your agency to collect
      Invoices;

              
	 
      	
                10.2.2

              	
                reduce
      the Advance Rate to zero or such other percentage as we may
      decide;

              
	 
      	
                10.2.3

              	
                classify
      all or any Invoices as Disapproved;

              
	 
      	
                10.2.4

              	
                apply
      a Reserve in such amount as we may decide;

              
	 
      	
                10.2.5

              	
                combine
      your Current Accounts (if you have more than one) and any loan or other
      accounts maintained by us;

              
	 
      	
                10.2.6

              	
                refuse
      requests for withdrawals from the Current Account;

              
	 
      	
                10.2.7

              	
                demand
      immediate payment of:

              

      

      

      
        	 
      	 
      	
                10.2.7.1

              	
                any
      Debit Balance on your Current Account (or combined Current
      Accounts);

              
	 
      	 
      	
                10.2.7.2

              	
                any
      Fees and Charges or other monies or liabilities which you owe us actually,
      contingently or prospectively.  If we cannot calculate the
      precise amount owing to us on the date of demand we may include a
      reasonable estimate in our demand;

              

      

       

       

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      
 

      
        	 
      	
                10.2.8

              	
                debit
      to your Current Account, in addition to any of the fees to which we may be
      entitled, a fee equal to 10% of the Notified Value of all Invoices
      (including VAT) which are unpaid on the date we serve notice under this
      clause and which come into existence thereafter.  You agree that
      this fee represents a reasonable estimate by us of the costs of the
      additional services and administration which will be provided by us
      following a Termination Event;

              
	 
      	
                10.2.9

              	
                terminate
      the Agreement and charge you the fees for early termination (if
      applicable) referred to in the Asset Based Finance
    Agreement;

              
	 
      	
                10.2.10

              	
                at
      your cost appoint accountants or any other professional to investigate
      your business, assets or affairs, to ascertain your financial position or,
      in the case of Invoice Discounting Clients, review your sales ledger
      administration and/or credit control procedures;

              
	 
      	
                10.2.11

              	
                if
      you are an Invoice Discounting Client, request you to start Notifying
      Non-Notifiable Invoices to us and/or convert you to a Factoring
      Client.

              

      

      

      
        	
                10.3

              	
                Termination
      of the Agreement will not affect any of your or our respective rights and
      obligations which arose under it prior to such termination and, in
      particular, our rights in respect of Invoices assigned or pledged to us
      and our power of attorney will survive such termination.  You
      will continue, subject to applicable Insolvency laws, to Notify Invoices
      to us after termination of the Agreement and after the occurrence of a
      Termination Event until, in either case, repayment of all Debit Balances.
      Such rights and obligations shall only cease when all monies due from you
      to us and from us to you have been paid in
full.

              

      

      

      
        	
                11

              	
                ASSIGNMENT
      OR PLEDGE OF INVOICES

              

      

       

      
        	
                11.1

              	
                In
      the event the Facility relates to Factoring, you will undertake to assign
      on a disclosed basis to us all your Invoices which are outstanding on the
      Start Date and you undertake to assign on a disclosed basis in advance all
      your Invoices, which arise after the Start Date until the Agreement
      terminates. The relevant provisions on assignment in the Operating
      Conditions Part II and Part IV for Factoring Clients apply
      accordingly.

              
	
                11.2

              	
                In
      the event the Facility relates to Invoice Discounting, Invoice Discounting
      or Receivables Financing, with export and currency facilities, you will
      undertake to pledge either on a Disclosed basis or on an Undisclosed basis
      to us all your Invoices which are outstanding on the Start Date and you
      undertake to pledge either on a Disclosed basis or on an Undisclosed basis
      in advance all your Invoices, which arise after the Start Date until the
      Agreement terminates. The relevant provisions to pledge either on a
      Disclosed basis or on an Undisclosed basis in the Operating Conditions
      Part II, Part III or Part V for Invoice Discounting Clients apply
      accordingly.

              

      

       

       

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

       

       

      
        	
                11.3

              	
                You
      shall be free, until the occurrence of a default, to collect any Invoices
      from any relevant debtor without restriction and to make if possible the
      Invoices due and payable. Following default, we shall henceforth
      exclusively be entitled to collect the pledged or assigned Invoices, to
      receive payments and to make – if possible – the pledged or assigned
      Invoices due and payable.

              
	
                11.4

              	
                Notwithstanding
      the provisions of condition 5 above, upon the occurrence of a Termination
      Event:

              

      

      

      
        	 
      	
                (i)

              	
                we
      can take, and are hereby authorised to take, all necessary judicial and
      extra-judicial measures.  If we do take measures as mentioned in
      the previous sentence, you will offer any and all required support,
      including but not limited to all necessary documents and information with
      regard to the relevant Invoice;

              
	 
      	
                (ii)

              	
                we
      may serve notice to instruct any relevant debtor owing pledged or assigned
      Invoices to make any and all payments in or towards satisfaction of such
      pledged or assigned Invoices to us in accordance with Article 1690 of the
      Belgian Civil Code.

              

      

      

      
        	
                12

              	
                REPURCHASE

              

      

      

      
        	
                12.1

              	
                We
      may at any time (i) reassign all or any Invoices and their Related Rights,
      (ii) or release the pledge of all or any Invoices and their Related
      Rights, to you.

              
	
                12.2

              	
                The
      repurchase price payable by you to us for any Invoice repurchased by you
      will be its Notified Value plus all relative Fees and Charges less all
      sums received in or towards discharge of the Invoice.  If we
      require you to repurchase all of your Invoices, then, for administrative
      convenience, their repurchase price will be the Debit Balance after we
      have debited all Fees and Charges and any other monies and liabilities
      actually, contingently or prospectively owing by you to
  us.

              
	
                12.3

              	
                Upon
      payment of the repurchase price for an Invoice, our rights in that Invoice
      and its Related Rights will transfer to you.  We will, if
      requested by you, at your expense, execute a formal re-assignment or
      release letter to you of any Invoices repurchased and give notice of such
      repurchase to your Customers.

              
	
                12.4

              	
                This
      Condition 12 is not applicable to Receivable
  Clients.

              

      

      

      
        	
                13

              	
                COMMUNICATIONS
      BETWEEN US

              

      

      

      
        	
                13.1

              	
                Unless
      we agree otherwise, you will Notify us of all Invoices, credit and debit
      notes, daily cash collections (if you are an Invoice Discounting Client)
      and all other sale and purchase ledger information electronically through
      the Website and in such format as we may
  require.

              

      

       

       

      
        
           

        

        
          37

          
            

          

        

        
           

        

      

       

       

      
        	
                13.2

              	
                We
      will provide regular statements to you relating to your accounts with us
      electronically through the Website, unless we agree otherwise. It is your
      responsibility to access this information and other communications from us
      by accessing the Website on a regular basis.  Unless you notify
      us within 30 days of us posting your statement to the Website that any
      item is incorrect, then, that statement will be binding upon you, unless
      we have made an obvious error.

              
	
                13.3

              	
                All
      information we provide to each other through the Website (unless corrupted
      as a result of technical failure) has the same status as if it had been in
      writing or other printed form and signed by the provider and neither of us
      will challenge the validity of such information solely because it was
      prepared, sent or received only in electronic form.  Where the
      Agreement requires a consent, waiver or notice given by us to be in
      writing such condition shall (unless it is notice to terminate or a
      variation of the Commercial Terms) be satisfied if it is transmitted
      through the Website.  We may require you to provide hard copies
      of any information provided by you electronically.

              
	
                13.4

              	
                In
      any proceedings or claim, you will accept and be bound by a certificate
      signed by us as to the balance on any accounts and the amounts due and
      owing by either of us to the other, unless we have made an obvious
      error.

              
	
                13.5

              	
                We
      may accept and rely upon any signature, communication or information
      ostensibly sent by you even though you may not actually have given or sent
      it or the sender or provider had no authority to send or provide
      it.  This applies whether the communication is written, oral or
      through the Website.

              
	
                13.6

              	
                In
      regard to the form of pledge and/or assignment that you must provide us on
      each Notification Date, you will provide us with an original form manually
      signed by a duly authorised representative or, or in any other form as
      agreed with you, from time to time.

              

      

      

      
        	
                14

              	
                VARIATIONS

              

      

      

      
        	
                14.1

              	
                The
      Agreement incorporates the Operating Conditions in force from time to
      time.  Variations to these Operating Conditions can be made by
      us after consultation with you. Any variation shall take effect
      immediately after we have reached an agreement on the variations to be
      made.

              
	
                14.2

              	
                If
      we are unable to reach an agreement (acting upon good faith) on the
      variation of the Operating Conditions, we shall agree upon a date which is
      not later than two months after cessation of our negotiations to reach an
      agreement, after which date you shall cease to use the Facility and repay
      all amounts outstanding.

              
	
                14.3

              	
                The
      Agreement incorporates the Commercial Terms in force from time to
      time.  We may mutually agree to change the Commercial Terms. In
      these circumstances, we shall both agree revised Commercial Terms which
      are to apply and they will be provided to you in hard copy
      form.  Any such revised Commercial Terms which are then signed
      on behalf of each of us shall be deemed to be the new Commercial Terms and
      shall vary the previous Commercial Terms from the date of the last
      signature on such revised Commercial
Terms.

              

      

       

       

      
        
           

        

        
          38

          
            

          

        

        
           

        

      

      
 

      
        	
                15

              	
                COMMUNICATIONS
      WITH PROFESSIONALS AND OTHERS

              

      

      

      
        	
                15.1

              	
                We
      may:

              

      

      

      
        	 
      	
                15.1.1

              	
                provide
      your bank, the Bank or any company in the Bank’s group or your auditors,
      accountants and other professional advisers with such information as they
      may require in relation to your business and affairs and the terms,
      operation and account balances under the Agreement;

              
	 
      	
                15.1.2

              	
                obtain
      from your bank, auditors, accountants and other professional advisers such
      information as we may require; and/or

              
	 
      	
                15.1.3

              	
                obtain
      from your Customers their consent to taking of references from their
      bankers.

              

      

      

      
        	
                15.2

              	
                You
      have (or will) authorise the persons referred to above to give us such
      information.

              
	
                15.3

              	
                We
      may disclose such information about you and any other person as we see fit
      to any potential assignee, transferee, sub-participant or delegate of our
      rights or obligations under the
Agreement.

              

      

      

      
        	
                16

              	
                DATA
      PROTECTION

              

      

      

      
        	
                16.1

              	
                You
      agree that any and all information you supply to us or that we may
      otherwise acquire relating to any individual associated with or engaged by
      your business and/or a Customer’s business (including but not limited to a
      sole trader, director, shareholder, partner, member, employee, guarantor
      and/or indemnifier) may be used by us for the purposes
  of:

              

      

      

      
        	 
      	
                16.1.1

              	
                deciding
      whether to enter into the Agreement with you;

              
	 
      	
                16.1.2

              	
                performance
      of the Agreement and/or any other ancillary or related
      agreement;

              
	 
      	
                16.1.3

              	
                exercising
      our right and/or obligations under the Agreement and/or any other
      ancillary or related agreements; and/or

              
	 
      	
                16.1.4

              	
                preventing
      fraud and/or money laundering;

              

      

      

      
        	 
      	
                any
      may be disclosed to and/or used by the Bank and any company in the Bank’s
      group and/or any credit reference agencies and fraud prevention and/or
      prosecution agencies.

              

      

      

      
        	
                16.2

              	
                Where
      you provide Personal Data to us about any individual who is not a party to
      the Agreement, you warrant and undertake that the Personal Data have been
      collected, processed and transferred in accordance with applicable data
      protection laws (including the Data Protection Act) and that the
      individuals concerned have explicitly agreed to the use and disclosure of
      such Personal Data (which may include Sensitive Personal Data) in
      accordance with the terms of this condition
16.

              

      

       

       

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

       

       

      
        	
                16.3

              	
                You
      warrant that you are registered under the Data Protection Act as a data
      controller, that you have duly completed any and all filings, declarations
      or other formalities required by law in this regard, and that your
      registration, declarations and filings cover the processing of Personal
      Data in accordance with the Agreement.

              
	
                16.4

              	
                You
      warrant that you shall process any Personal Data of which we are a data
      controller (as defined under the Data Protection Act) in accordance with
      any and all data protection legislation in force from time to
      time.  In processing such Personal Data, you shall act only upon
      instructions given to you by us, unless otherwise required by law and/or
      by the data subject where appropriate.

              
	
                16.5

              	
                You
      warrant to take appropriate technical and organisational security measures
      in order to safeguard the Personal Data being processed in accordance with
      the Agreement, from accidental loss or destruction, from alteration or
      unauthorised disclosure or access, and from any unlawful forms of
      processing.  You shall notify us immediately of any breaches of
      security in relation to such Personal Data immediately upon becoming aware
      of such breaches.  We shall be entitled to carry out and/or
      engage a third party to carry out on our behalf, an audit of your premises
      to check your compliance with this condition 16.  You warrant
      that any third party you authorise to have access to the Personal Data
      will respect and maintain the security and confidentiality of the Personal
      Data and will only act under your instructions.

              
	
                16.6

              	
                We
      shall be entitled to transfer any Personal Data processed in accordance
      with the Agreement outside the EEA.  You warrant and undertake
      that you have obtained any necessary consents from relevant individuals
      and/or agencies for such transfer.

              
	
                16.7

              	
                Each
      party shall appoint and identify to the other party a named individual
      within its organisation to act as a point of contact for the other party
      or any regulator relating to Personal
Data.

              

      

      

      
        	
                17

              	
                PARTNERSHIPS
      AND SOLE TRADERS

              

      

      

      
        	
                17.1

              	
                Where
      you are a partnership, the provisions of this condition 17
      apply.

              
	
                17.2

              	
                The
      undertakings and warranties contained in the Agreement are given by each
      member or partner and your obligations to us are joint and
      several.

              
	
                17.3

              	
                We
      may:

              

      

      

      
        	 
      	
                17.3.1

              	
                release
      or reach a compromise with any member or partner without affecting our
      rights against the other members or partners or the
      partnership;

              

      

       

       

      
        
           

        

        
          40

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                17.3.2

              	
                treat
      a notice or demand by us to any member or partner as a notice or demand
      given to the other members or partners or to the partnership (but we need
      not treat a notice or demand in such manner);

              
	 
      	
                17.3.3

              	
                treat
      a notice or demand by any member or partner to us, as a notice or demand
      given by the firm or all the members or partners (but we need not treat a
      notice or demand in such manner);

              
	 
      	
                17.3.4

              	
                treat
      the Agreement as binding upon any successors, heirs, assigns or personal
      representative of any of you and upon any agent, administrator, liquidator
      or other persons acting on behalf of any of you, whether court-appointed
      or voluntary; and

              
	 
      	
                17.3.5

              	
                require
      you to include wording on each Notification so that it takes effect as an
      offer by you to sell us the Invoices referred to in
  it.

              

      

      

      
        	
                17.4

              	
                You
      will notify us in writing as soon as any member or partner leaves the
      partnership.

              
	
                17.5

              	
                A
      retiring member or partner will have no obligations to us in respect of
      Invoices assigned or pledged to us after you have notified us of his
      retirement.  However, he will remain liable to us for all
      matters occurring prior to such notification.

              
	
                17.6

              	
                You
      warrant that the individuals or entities signing the Agreement comprise
      all your members or partners.  You will notify us of the
      admission of a new member or partner to your partnership.  You
      will procure that any new member or partner executes such documents we may
      require to ensure that he is bound by the terms of the Agreement and is
      placed under the same obligations as you.  If you change your
      trading style, or adopt another style, or incorporate your business, you
      will notify us of such fact, and if required by us, enter into such
      further agreement with us as may be necessary.

              
	
                17.7

              	
                Notwithstanding
      any change in your partnership, we may account to you or exercise all our
      rights against you, including our right of set off as if there had been no
      such change.

              
	
                17.8

              	
                If
      required by us, you will take all steps necessary to enable us to proceed
      to any legal formalities we deem necessary for the recognition of the
      Agreement.

              
	
                17.9

              	
                If
      you are a sole trader, you will seek our consent before entering into a
      partnership with another person or incorporating your
      business.

              

      

      

      
        	
                18

              	
                NOTICES

              

      

      

      
        	
                18.1

              	
                Any
      notice given by us to you to terminate the Agreement or vary the
      Commercial Terms shall be in writing and sent by post or by
      courier.  Any other notice from us to you may be given by post,
      courier, telephone, facsimile or e-mail.  Any notice served by
      post shall be addressed to you at either your address stated in the
      Commercial Terms, your registered office or the address last known to us
      at which you carried on business.

              

      

       

       

      
        
           

        

        
          41

          
            

          

        

        
           

        

      

       

       

      
        	
                18.2

              	
                Notices
      and other communications sent or given by us shall be treated as
      served:

              

      

      

      
        	 
      	
                18.2.1

              	
                if
      delivered by courier: at the time of delivery;

              
	 
      	
                18.2.2

              	
                if
      posted: 48 hours after posting or upon receipt (whichever is earlier);
      and

              
	 
      	
                18.2.3

              	
                if
      sent or given by telephone, facsimile or e-mail at the time of the
      conversation or transmission (unless the sender knows or ought reasonably
      to have been aware of a transmission
failure).

              

      

      

      
        	
                18.3

              	
                Any
      notice given by you to us, including notice to terminate the Agreement,
      must be in writing and sent by registered post, return receipt requested,
      to us at our registered office or such other address as we advise to you
      in writing for this purpose and will take effect when it is received by
      us.

              

      

      

      
        	
                19

              	
                GENERAL

              

      

      

      
        	
                19.1

              	
                We
      may novate or assign any of our obligations, rights and remedies under the
      Agreement or sub-contract or delegate our obligations or duties (it being
      understood that the Parties agree that in the event of novation of all or
      any parts of this Agreement, all Security Interest aiming at securing the
      Secured Obligations will be maintained automatically, without any further
      formality or consent to secured the Secured Obligations as
      novated).  You will not assign any of your rights nor delegate
      any of your duties under the Agreement.

              
	
                19.2

              	
                No
      delay or omission by us in exercising any of our rights or remedies shall
      impair or operate as a waiver of them.  No waiver by us of any
      breach of your obligations to us shall constitute a waiver of any other
      breach.  No single, partial or defective exercise by us of any
      right shall preclude our further exercise of our rights.  Our
      rights are cumulative and not exclusive of any rights provided at law or
      in equity.

              
	
                19.3

              	
                The
      terms of the Agreement are agreed by us and by you to be reasonable.
      However, if any provision is valid only if some other provision or a part
      of it is deleted then such other part or provision shall be treated as
      deleted.

              
	
                19.4

              	
                Except
      where specifically provided, the Agreement may only be enforced by the
      parties to it and the parties may rescind or vary it without the consent
      of any other person.

              

      

      

      
        	
                20

              	
                INTERPRETATION

              

      

      

      
        	
                20.1

              	
                In
      the Agreement:

              
	
                20.2

              	
                unless
      the context otherwise provides, the singular includes the plural and vice
      versa;

              
	
                20.3

              	
                a
      reference to any gender includes any other gender;

              
	
                20.4

              	
                the
      headings are for convenience only and shall be ignored in its
      interpretation;

              

      

       

       

      
        
           

        

        
          42

          
            

          

        

        
           

        

      

       

       

      
        	
                20.5

              	
                references
      to a “clause” or “condition” are to a clause of the Commercial Terms or a
      condition of the Operating Conditions and, unless otherwise specified, any
      reference to a condition, is to a condition in the Operating Conditions –
      Part II – Provisions relating to all Clients;

              
	
                20.6

              	
                references
      to the “Agreement” are to the receivables finance agreement entered into
      by both of us and the Operating Conditions incorporated therein as varied,
      replaced or supplemented from time to time;

              
	
                20.7

              	
                any
      reference to a “person” is to any individual, firm, company, corporation
      or partnership;

              
	
                20.8

              	
                the
      meaning of general words introduced by the word “other” is not to be
      limited by reference to any preceding word indicating a particular class
      of acts, matters or things;

              
	
                20.9

              	
                unless
      the context otherwise requires, where in or in relation to any place
      outside Belgium, the meaning of a word or expression used in the Agreement
      is to be considered and such word or expression has no counterpart in that
      place, it is to have the meaning of its closest equivalent in that
      place;

              
	
                20.10

              	
                any
      reference to a law, decree or any subordinate or other legislation or
      regulation shall be construed as a reference to that legislation or
      regulation as subsequently amended or re-enacted and shall include all
      subordinate text deriving authority from any law;

              
	
                20.11

              	
                any
      term or phrase defined in the Belgian Civil Code (whether capitalised or
      not) bears the same meaning in the Agreement;

              
	
                20.12

              	
                any
      reference to “we” or “us” includes our transferees and assignees;
      and

              
	
                20.13

              	
                any
      reference to “you” means you in whatever name or style you carry on
      business.

              

      

       

       

      
        
           

        

        
          43

          
            

          

        

        
           

        

      

       

       

      OPERATING
CONDITIONS - PART III

       

      PROVISIONS
RELATING TO INVOICE DISCOUNTING CLIENTS ONLY

       

      

      
        	
                1

              	
                AGENCY
      APPOINTMENT

              

      

      

      
        	
                1.1.

              	
                We
      appoint you as our agent, at your expense, to administer Customers’
      accounts and to collect and enforce payment of Invoices for our
      benefit.  You accept such appointment and agree to act promptly
      and efficiently in carrying out your duties and to follow any instructions
      which we may give you.  You will ensure that all Invoices are
      promptly and accurately entered in your sales ledger.  You will
      instruct your bankers to transfer to the Collection Account all credit
      transfers received by you.  You will not instruct a lawyer or
      other agent to collect any Invoice without our prior written approval and,
      then, only on terms approved by us.

              
	
                1.2.

              	
                You
      will open a Collection Account in respect of each Invoice Discounting,
      Currency and/or Export Facility made available by us to
      you.  All balances in the Collection Account are held solely for
      our account and benefit in escrow and you will notify the bank holding the
      Collection Account of such exclusivity and take all steps necessary,
      including the conclusion of an escrow agreement, to implement the
      exclusivity.  Until notice from us to the contrary, you will
      direct your Customers to settle their Invoices by making payment directly
      into that account.  If you receive payment (even if it is made
      payable to us) you will immediately upon receipt pay it into the
      Collection Account.  Alternatively, if we require, you will
      deliver to us or pay into such bank account as we may nominate all cash or
      other remittances endorsing the same where necessary. You will keep any
      payment received by you as our agent, pending payment into the Collection
      Account or to any other account nominated by us, separate from your own
      money.

              
	
                1.3.

              	
                You
      shall grant, whether or not in advance, for our benefit, a disclosed first
      priority right of pledge (openbaar pandrecht eerste in rang) over the
      balances in the Collection Account in our favour, in the manner set forth
      in the Collateral Act and Articles 1689 and follow. of the Belgian Civil
      Code, and in accordance with the form advised by us.

              
	
                1.4.

              	
                Where
      we have agreed that the Agreement is disclosed, then you will include the
      wording which we will provide to you on each Invoice.

              
	
                1.5.

              	
                Where
      we have agreed that the Agreement is confidential, then, for the moment,
      neither you nor we will notify your Customers that you have pledged your
      Invoices to us.  However, we may at any time vary or terminate
      your agency to collect either some or all of your Invoices.  We
      may:

              

      

      

      
        	 
      	
                1.5.1.

              	
                give
      (or require you to give) notice to some or all of your Customers of the
      pledge of their Invoices and the Related Rights to
  us;

              

      

       

       

      
        
           

        

        
          44

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                1.5.2.

              	
                either
      simultaneously with giving such notice or at a later date, instruct your
      Customers to pay us directly;

              
	 
      	
                1.5.3.

              	
                require
      you to send us a copy of your sales and purchase ledger and such other
      records as we may require;

              
	 
      	
                1.5.4.

              	
                require
      you to forward all Invoices to us for issuing by us and we will, at your
      expense, administer Customers’
accounts.

              

      

      

      
        	
                1.6.

              	
                You
      will confirm to your Customers the effect of any notice served on them and
      if your agency to collect Invoices has been terminated you will cease to
      hold yourself out as our agent to collect Invoices.  The
      provisions of condition 5 of the Operating Conditions – Part II –
      Provisions relating to all Clients shall then apply.

              
	
                1.7.

              	
                You
      will pay those costs specified in the Commercial Terms for maintaining the
      Collection Account.

              
	
                1.8.

              	
                You
      hereby authorise us or any person nominated by us to contact your
      Customers to verify the amount of each Invoice due from them, the due date
      for payment and in the case of overdue Invoices, the date when payment can
      be expected.  You will assist us or our nominee in any way we
      require and you authorise us and them to disclose their identity if
      required to do so by law or if requested by a
  Customer.

              

      

      

      
        	
                2.

              	
                PLEDGE
      OF INVOICES - DISCLOSED

              

      

      

      
        	
                2.1.

              	
                You
      hereby pledge to us on the terms of the
  Agreement:

              

      

      

      
        	 
      	
                2.1.1.

              	
                all
      your Invoices which are outstanding on the Start Date;
  and

              
	 
      	
                2.1.2.

              	
                all
      your Invoices, which arise after the Start Date until the Agreement
      terminates, from the list of Customers set out in Annex I to these
      Operating Conditions, as agreed and amended by the parties from time to
      time.

              

      

      

      
        	 
      	
                In
      order to perfect the pledge of the Invoices as referred to in 2.1.1 and
      2.1.2 you will execute a deed of pledge substantially in accordance with
      the form of agreement as set out in Annex II to these Operating
      Conditions, and Notify in writing all Customers set out in Annex I to
      these Operating Conditions of the pledge of their Invoices to us in the
      form set in Annex III and, insofar as necessary, you hereby provide us the
      authority to effect such Notification ourselves, in the event you fail to
      deliver such Notifications.

              
	 
      	
                Other
      than as set our above, neither of us needs to take any further action to
      pledge your current and future Invoices pledged by this
      clause.

              
	 
      	
                At
      the same time as you pledge your Invoices to us, you also pledge (and will
      offer to pledge) to us Related Rights in relation to those
      Invoices.  We will credit to your Current Account the Notified
      Value of any invoices and their Related Rights so pledged by you to us.
      Neither of us needs to take any other further action to pledge to us such
      Related Rights, but you agree to deliver such further documents and take
      such further action as we may reasonably require in furtherance of the
      Agreement in regard to the pledge of such Related Rights. It is specified
      that in the case of Related Rights which are constituted by negotiable
      instruments such as bills of exchange, drafts and notes, such instruments
      will be endorsed to our favour upon the pledge of the corresponding
      Invoices, in view of collection of such instruments on their maturity
      dates.

              

      

       

       

      
        
           

        

        
          45

          
            

          

        

        
           

        

      

      
 

      
        	
                2.2

              	
                If
      an Invoice or its Related Rights is for any reason not formally pledged to
      us, you will hold such Invoice and its Related Rights for us as our agent
      and for our account and benefit.  If you receive any cash or
      other forms of payment for any Invoices,
then:

              

      

      

      
        	 
      	
                2.2.1.

              	
                you
      will hold them for us as our agent and for our account and
      benefit;

              
	 
      	
                2.2.2.

              	
                you
      will immediately deliver such payments to us (endorsed to us, if
      necessary) or pay them into the Collection Account, the Current Account or
      any such bank account as we tell you, but you must not pay them into any
      other bank account; and

              
	 
      	
                2.2.3.

              	
                For
      the avoidance of doubt, we hereby remind you that this Facility is with
      recourse, being expressly agreed that we shall have recourse against you
      in relation to any pledge of Invoices and Related Rights, as expressly
      agreed between us.

              

      

      

      
        	
                2.3.

              	
                As
      security of your payment obligations under the Agreement, you hereby
      pledge in our favour whether or not in advance, in accordance with the
      1872 Act and, as the case may be, the Belgian Civil Code, any credit
      rights arising from the Invoices, as well as the Invoices themselves and
      their Related Rights, for the amount resulting from the difference between
      the aggregate Nominal Amount of the Notified Invoices and the application
      of the Advance Rate to such aggregate Purchase Price. Upon payment by the
      Customers of any Invoice, the pledge shall be deemed to be automatically
      extended to any amounts collected. Enforcement of this pledge shall be
      effected by means of set-off, compensation or
  counterclaim.

              
	
                2.4.

              	
                Notwithstanding
      (but without prejudice to) the foregoing, in order to render the pledge
      enforceable against third parties, you will deliver to us on or prior to
      each date of Notification a valid and duly completed and signed pledge
      form covering the Notified Invoices and their Related Rights, and you will
      deliver such further documents and take such further actions as we may
      reasonably require in furtherance of the Agreement.  A sample
      pledge form for this purpose is attached as Annex
  II.

              

      

      

      
        	
                3.

              	
                PLEDGE
      OF INVOICES - UNDISCLOSED

              

      

      

      
        	
                3.1

              	
                You
      hereby pledge to us on the terms of the
  Agreement:

              

      

      

      
        	 
      	
                3.1.1

              	
                all
      your Invoices which are outstanding on the Start Date;
  and

              

      

       

       

      
        
           

        

        
          46

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                3.1.2

              	
                all
      your Invoices, which arise after the Start Date until the Agreement
      terminates, from the list of Customers set out in Annex I to these
      Operating Conditions, as agreed and amended by the parties from time to
      time.

              

      

      

      
        	 
      	
                In
      order to perfect the pledge of the Invoices as referred to in 3.1.1 you
      undertake to submit a signed form of pledge agreement (and any ancillary
      or supporting document) as set out in Annex IV to these Operating
      Conditions together with Annex I to these Operating Conditions disclosing
      the transaction details relating to all Customers, no later than two
      Business Days after the execution of the Agreement,.

              
	 
      	
                In
      order to perfect the pledge of the Invoices as referred to in 3.1.2 you
      undertake to, on a [monthly1] basis, submit a
      signed pledge agreement as set out in Annex IV to these Operating
      Conditions, no later than two Business Days after the preceding
      [month2].

              
	 
      	
                Neither
      of us needs to take any further action to pledge of your current and
      future Invoices pledged by this clause.

              
	 
      	
                At
      the same time as you pledge your Invoices to us, you also pledge (and will
      offer to pledge) to us Related Rights in relation to those
      Invoices.  We will credit to your Current Account the Notified
      Value of any Invoices and their Related Rights so pledged by you to us.
      Neither of us needs to take any other further action to pledge to us such
      Related Rights, but you agree to deliver such further documents and take
      such further actions as we may reasonably require in furtherance of the
      Agreement in regard to the pledge of such Related Rights. It is specified
      that in the case of Related Rights which are constituted by negotiable
      instruments such as bills of exchange, drafts and notes, such instruments
      will be endorsed to our favour upon the pledge of the corresponding
      Invoices, in view of collection of such instruments on their maturity
      dates.

              

      

      

      
        	
                3.2

              	
                If
      an Invoice or its Related Rights is for any reason not formally pledged to
      us, you will hold such Invoice and its Related Rights for us as our agent
      and for our account and benefit.  If you receive any cash or
      other forms of payment for any Invoices,
then:

              

      

      

      
        	 
      	
                3.2.1

              	
                you
      will hold them for us as our agent and for our account and benefit;
      and

              
	 
      	
                3.2.2

              	
                you
      will immediately deliver such payments to us (endorsed to us, if
      necessary) or pay them into the Collection Account or any such bank
      account as we tell you, but you must not pay them into any other bank
      account.

              

      

      

      
        	
                3.3

              	
                For
      the avoidance of doubt, we shall have recourse against you in relation to
      any pledge of Invoices and Related Rights, in accordance with the terms of
      this Agreement.

              

      

       

       

      ____________________

      
        1 Monthly
/ quarterly / semi-annual / annual.

        2 Month /
quarter / half year / year.

      

       

      
        
           

        

        
          47

          
            

          

        

        
           

        

      

       

       

      
        	
                3.4

              	
                As
      security of your payment obligations under the Agreement, you hereby
      pledge in our favour whether or not in advance, in accordance with the
      1871 Act and, as the case may be, the Belgian Civil Code, any credit
      rights arising from the Invoices, as well as the Invoices themselves and
      their Related Rights, for the amount resulting from the difference between
      the aggregate Nominal Amount of the Notified Invoices and the application
      of the Advance Rate to such aggregate Purchase Price. Upon payment by the
      Customers of any Invoice, the pledge shall be deemed to be automatically
      extended to any amounts collected. Enforcement of this pledge shall be
      effected by means of set-off, compensation or
  counterclaim.

              

      

      

      
        	
                4.

              	
                INFORMATION
      AND REPORTING REQUIREMENTS

              

      

      

      
        	
                4.1

              	
                You
      will maintain a monthly open item ageing analysis, in such form as we may
      require, showing the position of each Customer’s account on the last day
      of each month, including details of any outstanding credit
      balances.

              
	
                4.2

              	
                You
      will supply to us wherever possible via the Website (or at our option make
      available for inspection by us) the following documents and/or information
      forthwith upon our request:

              

      

      

      
        	 
      	
                4.2.1

              	
                copies
      of Invoices and all debit and credit notes or other documents evidencing
      how an Invoice is reduced, paid or otherwise satisfied;

              
	 
      	
                4.2.2

              	
                the
      full terms of any Contract of Sale;

              
	 
      	
                4.2.3

              	
                proof
      of the complete performance of each Contract of Sale;

              
	 
      	
                4.2.4

              	
                such
      other information and evidence as we may require relating to Invoices
      Related Rights or Contracts of Sale;

              
	 
      	
                4.2.5

              	
                daily
      a report detailing monies collected by you as our agent;
    and

              
	 
      	
                4.2.6

              	
                within
      15 days of the end of the month to which they relate or promptly upon our
      request copies of:

              

      

      

      
        	 
      	 
      	
                4.2.6.1

              	
                your
      open item ageing analysis;

              
	 
      	 
      	
                4.2.6.2

              	
                your
      sales ledger control account with a reconciliation of it to our month end
      statement;

              
	 
      	 
      	
                4.2.6.3

              	
                your
      reconciliation of cash receipts into the Collection
    Account;

              
	 
      	 
      	
                4.2.6.4

              	
                your
      purchase ledger; and

              
	 
      	 
      	
                4.2.6.5

              	
                within
      one month (or other such period as we may reasonably specify) of the end
      of the month to which they relate your monthly management
      accounts.

              

      

       

       

      
        
           

        

        
          48

          
            

          

        

        
           

        

      

      
 

      
        	
                5.

              	
                NON
      -NOTIFIABLE INVOICES

              

      

      

      
        	
                5.1

              	
                Until
      we give you notice to the contrary, you must not Notify us of the
      following Invoices:

              

      

      

      
        	 
      	
                5.1.1

              	
                Invoices
      due from a director, officer, shareholder or employee of
      yours;

              
	 
      	
                5.1.2

              	
                Invoices
      due from any other person with which you maintain, other than your
      habitual commercial or professional dealings, de facto or de jure economic
      or financial links whether direct or indirect, or with which you have
      shareholders, partners, directors, officers or managers in
      common;

              
	 
      	
                5.1.3

              	
                Invoices
      due from the sale of any of your capital assets;

              
	 
      	
                5.1.4

              	
                Invoices
      which are not due in respect of your trade, occupation or
      profession;

              
	 
      	
                5.1.5

              	
                Invoices
      where the Customer does not have an established place of
      business;

              
	 
      	
                5.1.6

              	
                Invoices
      arising under a hire purchase, leasing or consumer credit sale
      agreement;

              
	 
      	
                5.1.7

              	
                Invoices
      due in respect of Goods delivered on sale or return or on
      approval;

              
	 
      	
                5.1.8

              	
                Invoices
      arising under any Contract of Sale involving advance payments, conditional
      sales, consignment sales, sales for which a provisional or pro forma
      invoice has been issued, and Invoices for costs, interest for late payment
      or other penalties to be paid by the Customer;

              
	 
      	
                5.1.9

              	
                Invoices
      arising under any Contract of Sale with the State or any local government
      body or any entity subject to public law and benefiting from sovereign or
      other immunity;

              
	 
      	
                5.1.10

              	
                Invoices
      arising under any Contract of Sale with a Customer who supplies goods or
      services to you and which may therefore be subject to rights of set-off,
      contra accounting, compensation, defence or
cross-claim;

              
	 
      	
                5.1.11

              	
                those
      additional Invoices referred to in the Agreement as Additional
      Non-Notifiable Invoices; and/or

              
	 
      	
                5.1.12

              	
                Export
      Invoices representing more than 10% of all your Invoices outstanding from
      time to time. We may at any time require you to Notify us of
      Non-Notifiable Invoices.

              

      

      

      
        	
                5.2

              	
                We
      will Disapprove Non-Notifiable
Invoices.

              

      

       

       

      
        
           

        

        
          49

          
            

          

        

        
           

        

      

       

       

      
        	
                5.3

              	
                We
      shall only make a Service Charge in respect of Non-Notifiable Invoices
      after we have given you notice under condition 5.2
  above.

              

      

      

      
        	
                6.

              	
                OUR
      SERVICES

              

      

      

      
        	
                6.1

              	
                In
      return for the Service Charge we will at your request or at any other time
      should we so decide provide the following services relative to Notified
      Invoices:

              

      

      

      
        	 
      	
                6.1.1

              	
                advice
      on improvements to your collection procedures and assessing your need for
      credit insurance;

              
	 
      	
                6.1.2

              	
                general
      advice on standard sales contracts, terms of payment, the use of
      settlement discounts, evaluating the effect of changing invoicing methods
      and terms;

              
	 
      	
                6.1.3

              	
                provision
      of statistical information based upon Invoices Notified to
    us;

              
	 
      	
                6.1.4

              	
                advice
      on export debtor procedures and the specific requirements of major trading
      countries where we have arrangements with
  correspondents;

              
	 
      	
                6.1.5

              	
                assistance
      in reviewing general terms and conditions of suppliers in relation to
      their reservations of title;

              
	 
      	
                6.1.6

              	
                advice
      on your relationship with your bankers;

              
	 
      	
                6.1.7

              	
                checking
      and advising you on the accuracy of the monthly reconciliation of your
      sales ledger to our month end statement;

              
	 
      	
                6.1.8

              	
                advice
      on your need for foreign exchange facilities or contingent liability
      cover;

              
	 
      	
                6.1.9

              	
                daily
      information as to the status of your accounts with us;

              
	 
      	
                6.1.10

              	
                reviewing
      your reconciliation and monitoring the operation of the Collection
      Account, including detailing dishonoured cheques or other defects in
      payment;

              
	 
      	
                6.1.11

              	
                liaising
      with lawyers or other agents instructed to collect Invoices;
      or

              
	 
      	
                6.1.12

              	
                inspecting
      your books and records relating to Invoices, including:

              
	 
      	
                6.1.13

              	
                general
      systems;

              

      

      

      
        	 
      	 
      	
                6.1.13.1

              	
                maintenance
      of sales ledger;

              
	 
      	 
      	
                6.1.13.2

              	
                dunning
      cycles;

              
	 
      	 
      	
                6.1.13.3

              	
                overdue
      Invoices;

              
	 
      	 
      	
                6.1.13.4

              	
                control
      systems.

              

      

       

       

      
        
           

        

        
          50

          
            

          

        

        
           

        

      

      
 

      
        	
                6.2

              	
                The
      provision of any of the services in this condition 6 shall be without
      responsibility on our part to the fullest extent permitted by
      law.

              

      

      

      
        	
                7.

              	
                DISCOUNTING
      CLIENTS WHICH BECOME FACTORING
CLIENTS

              

      

      

      
        	
                7.1

              	
                If
      following a Termination Event we exercise our rights to cancel your agency
      to collect Invoices and disclose this Facility to your Customers, we may
      also convert you to a Factoring Client in which
  case:

              

      

      

      
        	 
      	
                7.1.1

              	
                we
      will send you (at the same time as we serve notice on you) details of the
      revised Commercial Terms which will include an increased Service Charge to
      reflect the additional services provided by us to Factoring Clients and an
      Additional Service Charge which we will charge in respect of Invoices
      which remain outstanding more than 3 months after the end of the month in
      which the Invoice is raised;

              
	 
      	
                7.1.2

              	
                we
      will provide you with access rights to Cash Connect which is the Website
      interface for Factoring Clients;

              
	 
      	
                7.1.3

              	
                Operating
      Conditions – Part III – Provisions relating to Invoice Discounting only,
      will cease to apply to you and Operating Conditions – Part IV – Provisions
      relating to Factoring Clients only will become applicable;
    and

              
	 
      	
                7.1.4

              	
                all
      Invoices subsequently issued by you will be endorsed as assigned to
      us.

              

      

      

      
        	
                7.2

              	
                You
      will automatically become a Factoring Client on service of the notice at
      condition 7.1.1 and will then be bound by the those Operating Conditions
      which apply to Factoring Clients in place of those which apply to Invoice
      Discounting Clients.

              

      

      

      
        	
                8.

              	
                FEES

              

      

      

      
        	
                8.1

              	
                If
      we have agreed a Minimum Fee:

              

      

      

      
        	 
      	
                8.1.1

              	
                we
      will debit to your Current Account on the last Working Day of each month
      any shortfall between the actual Service Charge paid by you in that month
      and the monthly amount of any Minimum Fee; and

              
	 
      	
                8.1.2

              	
                that
      calculation will commence in the calendar month after the month in which
      the Start Date occurs.

              

      

      

      
        	
                8.2

              	
                We
      will debit any Monitoring Fee, Audit Fee, Arrangement Fee, Facility Fee,
      Documentation Fee or Unused Line Fee specified in the Commercial Terms to
      your Current Account at the intervals agreed with you.

              
	
                8.3

              	
                We
      will charge one twelfth of the Unused Line Fee monthly in arrears on the
      amount by which during the preceding calendar
  month:

              

      

       

       

      
        
           

        

        
          51

          
            

          

        

        
           

        

      

      
 

      
        	 
      	
                8.3.1

              	
                your
      average Debit Balance; or

              
	 
      	
                8.3.2

              	
                where
      we have agreed to make Facilities available to you and any other members
      of your group, your and their combined average Debit Balances;
      or

              
	 
      	
                8.3.3

              	
                where
      we have agreed to make a stock finance facility available to you and/or
      any other member(s) of your group (and agreed to take it into account for
      these purposes) the combined average Debit Balance on any such stock
      finance loan account(s) and your and their combined Debit
      Balances;

              

      

      

      
        	 
      	
                falls
      short by more than the Agreed Percentage of the Review Limit (or any
      aggregate Review Limit of the Facility/facility as indicated in condition
      8.3, where one has been agreed).

              

      

      

      
        	
                8.4

              	
                If
      we provide services to a level of intensity which were not envisaged by us
      at the time of entry into the Agreement (which includes you communicating
      with us other than via the Website) then, in addition to the Service
      Charge, we may make a reasonable charge for all costs and expenses
      (including the cost of our administrative time and resulting loss of
      profit) for providing such services.

              
	
                8.5

              	
                If
      at any time you exceed your Availability, then, in addition to demanding
      immediate repayment of the excess, we may by notice to you increase our
      Fees and Charges to reflect our increased
risk.

              

      

      

      
        	
                9.

              	
                EXPORT/CURRENCY
      INVOICES

              

      

      

      
        	
                9.1

              	
                We
      may Approve, make Advances and pay the Nominal Amount in Euro for Export
      Invoices Notified to us representing up to 10% of all your Invoices
      outstanding from time to time.  If we do this we may adjust the
      Service Charge to compensate for the additional work involved and a
      reasonable profit margin thereon.

              
	
                9.2

              	
                Unless
      we have agreed to make Currency Facility available all Currency Invoices
      will be converted into Euro at the Bank’s spot rate of exchange on the day
      on which the Invoice is Notified to
us.

              

      

       

       

       

      
        
           

        

        
          52

          
            

          

        

        
           

        

      

       

       

      ANNEX
I

       

      List
of Customers

       

       

      

      
        
           

        

        
          53

          
            

          

        

        
           

        

      

       

       

      ANNEX
II

       

      Form
of Disclosed Pledge Agreement

       

      Confidential

       

       

       

      To:           LLOYDS TSB BANK
PLC

      [Address
Belgian branch]

       

      

      

       

      Date:                               
 2008

       

       

      Dear
Sirs,

       

      DEED
OF PLEDGE

       

       

      
        	
                1.

              	
                We
      refer to the receivables finance agreement dated on or about the date
      hereof (the “Agreement”) as the same may be amended, supplemented or
      restated from time to time, under which we have undertaken to perform
      certain obligations pursuant to borrowings made, which obligations shall,
      as a condition of the commitments being made available under the
      Agreement, be secured, inter alia, by means of a first priority right of
      pledge that shall be vested over the Invoices for your
      benefit.

              
	
                2.

              	
                Terms
      defined in the Agreement shall have the same meaning in this letter,
      unless a contrary indication appears.

              
	
                3.

              	
                In
      furtherance of our obligations as set forth above, we are providing for
      your benefit, a disclosed first ranking right of pledge (openbaar
      pandrecht eerste in rang) over the Invoices listed in Schedule I, in your
      favour, in the manner set forth in the 1872 Act and, as the case may be,
      the Belgian Civil Code, for such period as determined in accordance with
      the Agreement, and as security for the full and proper fulfilment of our
      obligations.

              
	
                4.

              	
                We
      acknowledge and agree, that if and to the extent that the Invoices are
      subject to any right of pledge or other encumbrance, which take priority
      over this deed of pledge, this right of pledge will have been created with
      the highest possible priority (rangorde) available at such time of
      creation.

              
	
                5.

              	
                This
      letter shall form an integral and inherent part of the
      Agreement.

              
	
                6.

              	
                This
      letter may be signed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument.  Delivery
      of an executed signature page by facsimile shall be as effective as
      delivery of a manually executed document.

              
	
                7.

              	
                This
      letter shall be governed by, and construed in accordance with, the law of
      the Belgium.  The parties hereto submit to the non-exclusive
      jurisdiction of the courts of Belgium.  The parties hereto waive
      any defence of inconvenient forum, which may be
  available.

              

      

       

      Please
acknowledge your agreement to the terms of this letter by countersigning the
attached copy of this letter.

       

      Yours
faithfully

      ...........................................

       

      for and
on behalf of

      [u]

       

      We agree
to the terms set out above.

      ...........................................

      for and
on behalf of

      LLOYDS
TSB BANK PLC

       

      

      
        
           

        

        
          54

          
            

          

        

        
           

        

      

       

       

      Schedule
I

       

      Detail
of Invoices

       

      
        	
                Invoice
      No.

              	
                Amount

                 (including

                 interest)

              	
                Currency

              	
                Invoice

                Date

              	
                Maturity

                Date

              	
                Approved

                Debtor

              
	
                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 
      

              	 
      	 
      	 
      	 
      	 
      

      

       

      

       

       

      
        
           

        

        
          55

          
            

          

        

        
           

        

      

       

       

      ANNEX
III

       

      Form
of Notification to Customers

       

      
        	
                To:

              	
                BY
      REGISTERED MAIL

              
	 
      	
                [Customer]

              
	 
      	
                Attn:
      [u]

              
	 
      	
                [address]

              
	 
      	 
      
	
                From:

              	
                [Client]

              
	 
      	
                [address]

              
	 
      	 
      
	
                Cc:

              	
                [u]

              

      

      

       

      [city],
[date]

       

      Dear
Sir/Madam,

       

      RE:           [Company
name] - NOTIFICATION OF
PLEDGE OF RECEIVABLES

       

       

      We refer
to a disclosed deed of pledge of receivables, dated [u], by and between [Client]
and Lloyds TSB Bank PLC
(the “Deed of Pledge”).
Capitalised terms used in this Notification to Customers shall have the same
meaning given thereto in the Deed of Pledge.

       

       

      On behalf
of Lloyds TSB Bank PLC we hereby notify you that pursuant to the Deed of Pledge,
we have created a first priority right of pledge over any and all Invoices
payable by you to the Client, by way of security in favour of the Bank for its
obligations under the Receivables Finance Agreement.

       

       

      We
instruct you to pay all accounts receivable due to [u] to the Bank exclusively to the following account:
[u].

       

       

      Please
acknowledge receipt of this notice by signing and returning this letter
us.

       

       

      Yours
sincerely,

       

      [u]

       

      By:

       

      [authorised
signatory]

       

       

      
        
           

        

        
          56

          
            

          

        

        
           

        

      

      

       

       

      For
acknowledgement of receipt:

       

      [Customer]

       

      Name:

       

      Title:

       

      Date:

       

       

      
        
           

        

        
          57

          
            

          

        

        
           

        

      

      

       

      ANNEX
IV

       

      Form
of Undisclosed Pledge Agreement

       

      Confidential

       

      

       

      
        	
                To:

              	
                LLOYDS
      TSB BANK PLC

              

      

      [address
Belgian branch]

      

      

      
        Date:                               
 2008

      

       

       

      Dear
Sirs,

       

      DEED
OF PLEDGE

       

      

      
        	
                1.

              	
                We
      refer to the receivables finance agreement dated on or about the date
      hereof (the “Agreement”) as the same may be amended, supplemented or
      restated from time to time, under which we have undertaken to perform
      certain obligations pursuant to borrowings made, which obligations shall,
      as a condition of the commitments being made available under the
      Agreement, be secured, inter alia, by means of a first priority right of
      pledge that shall be vested over the Invoices for your
      benefit.

              
	
                2.

              	
                Terms
      defined in the Agreement shall have the same meaning in this letter,
      unless a contrary indication appears.

              
	
                3.

              	
                In
      furtherance of our obligations as set forth above, we are providing for
      your benefit, an undisclosed first ranking right of pledge (stil pandrecht
      eerste in rang) over the Invoices listed in Schedule I, in your favour, in
      the manner set forth in the 1872 Actand, as the case may be, the Belgian
      Civil Code, for such period as determined in accordance with the
      Agreement, and as security for the full and proper fulfilment of our
      obligations.

              
	
                4.

              	
                We
      acknowledge and agree, that if and to the extent that the Invoices are
      subject to any right of pledge or other encumbrance, which take priority
      over this deed of pledge, this right of pledge will have been created with
      the highest possible priority (rangorde) available at such time of
      creation.

              
	
                5.

              	
                This
      letter shall form an integral and inherent part of the
      Agreement.

              
	
                6.

              	
                This
      letter may be signed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument.  Delivery
      of an executed signature page by facsimile shall be as effective as
      delivery of a manually executed document.

              
	
                7.

              	
                This
      letter shall be governed by, and construed in accordance with, the law of
      Belgium.  The parties hereto submit to the non-exclusive
      jurisdiction of the courts of Belgium.  The parties hereto waive
      any defence of inconvenient forum, which may be
  available.

              

      

       

      Please
acknowledge your agreement to the terms of this letter by countersigning the
attached copy of this letter.

       

      

       

      Yours
faithfully

      ...........................................

      for and
on behalf of

      [u]

       

      We agree
to the terms set out above.

      ...........................................

      for and
on behalf of

      LLOYDS
TSB BANK PLC

       

       

      
        
           

        

        
          58

          
            

          

        

        
           

        

      

       

       

      Schedule
I

       

      Detail
of Invoices

       

      
        	
                Invoice
      No.

              	
                Amount
      

                (including
      

                interest)

              	
                Currency

              	
                Invoice
      

                Date

              	
                Maturity
      

                Date

              	
                Approved
      

                Debtor

              
	
                 
      

                 

                 

                 

                 

                 

                 

                 

                 

                 

              	 
      	 
      	 
      	 
      	 
      

      

      

      

      
        
           

        

        
          59

          
            

          

        

        
           

        

      

       

       

      OPERATING
CONDITIONS - PART IV

       

      PROVISIONS
RELATING TO FACTORING CLIENTS ONLY

       

       

      
        	
                1

              	
                OUR
      SERVICES

              

      

      

      
        	
                1.1

              	
                We
      will:

              

      

      

      
        	 
      	
                1.1.1

              	
                run
      your sales ledger; and

              
	 
      	
                1.1.2

              	
                collect
      payment of your invoices from your Customers by sending them monthly
      statements and reminder letters where necessary in a format agreed with
      them.

              

      

      

      
        	
                1.2

              	
                We
      may:

              

      

      

      
        	 
      	
                1.2.1

              	
                give
      you information about Customers’ and possible new Customers’ credit status
      within a reasonable period of you asking us.  We will not be
      liable to pay any compensation or damages if the information we give is
      not accurate;

              
	 
      	
                1.2.2

              	
                approve,
      make Advances and pay the Nominal Amount in Euro in respect of Export
      and/or Currency Invoices; or

              
	 
      	
                1.2.3

              	
                provide
      certain additional services.

              

      

      

      
        	
                2

              	
                ASSIGNMENT
      OF INVOICES

              

      

      

      
        	
                2.1

              	
                You
      hereby assign (or if such assignment is ineffective for any reason you
      will undertake to pledge) to us on the terms of the
    Agreement:

              

      

      

      
        	 
      	
                2.1.1

              	
                all
      your Invoices which are outstanding on the Start Date;
  and

              
	 
      	
                2.1.2

              	
                all
      your Invoices, which arise after the Start Date until the Agreement
      terminates,

              

      

      

      
        	 
      	
                from
      the list of Customers set out in Annex I to these Operating Conditions, as
      agreed and amended by the parties from time to time.

              
	 
      	
                In
      order to perfect the assignment of the Invoices as referred to in 2.1.1
      you will notify in writing, in accordance with the notification form set
      out in Annex III to these Operating Conditions, all Customers set out in
      Annex I to these Operating Conditions of the assignment of their Invoices
      to us and, insofar as necessary, you hereby provide us the authority to
      effect such notification ourselves, in the event you fail to deliver such
      notifications.

              

      

       

       

      
        
           

        

        
          60

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                In
      order to perfect the assignment of the Invoices as referred to in 2.1.2
      you will execute a deed of assignment substantially in accordance with the
      form of agreement as set out in Annex II to these Operating Conditions,
      and notify in writing all Customers as set out in Annex I to these
      Operating Conditions of the assignment of their Invoices to us in the form
      set in Annex III and, insofar as necessary, you hereby provide us the
      authority to effect such notification ourselves, in the event you fail to
      deliver such notifications.

              
	 
      	
                Neither
      of us needs to take any further action to transfer to us ownership of your
      current and future Invoices assigned by this clause.

              
	 
      	
                At
      the same time as you assign your Invoices to us, you also assign (and will
      offer to assign) to us Related Rights in relation to those
      Invoices.  We will credit to your Current Account the Notified
      Value of any Invoices and their Related Rights so assigned by you to us.
      Neither of us needs to take any other further action to transfer to us
      such Related Rights, but you agree to deliver such further documents and
      take such further actions as we may reasonably require in furtherance of
      the Agreement in regard to the transfer of such Related Rights. It is
      specified that in the case of Related Rights which are constituted by
      negotiable instruments such as bills of exchange, drafts and notes, such
      instruments will be endorsed to our favour upon the assignment of the
      corresponding Invoices, in view of collection of such instruments on their
      maturity dates.

              

      

      

      
        	
                2.2

              	
                If
      an Invoice or its Related Rights is for any reason not formally assigned
      to us, you will hold such Invoice and its Related Rights for us as our
      agent and for our account and benefit.  If you receive any cash
      or other forms of payment for any Invoices,
  then:

              

      

      

      
        	 
      	
                2.2.1

              	
                you
      will hold them for us as our agent and for our account and benefit;
      and

              
	 
      	
                2.2.2

              	
                you
      will immediately deliver such payments to us (endorsed to us, if
      necessary) or pay them into the Collection Account or any such bank
      account as we tell you, but you must not pay them into any other bank
      account.

              

      

      

      
        	
                2.3

              	
                For
      the avoidance of doubt, we shall have recourse against you in relation to
      any assignment of Invoices and Related Rights in accordance with the terms
      of this Agreement.

              
	
                2.4

              	
                As
      security of your payment obligations under the Agreement, you hereby
      pledge in our favour, in accordance with the 1872 Act and, as the case may
      be, the Belgian Civil Code, any credit rights arising from the Invoices,
      as well as the Invoices themselves and their Related Rights, for the
      amount resulting from the difference between the aggregate Nominal Amount
      of the Notified Invoices and the application of the Advance Rate to such
      aggregate Purchase Price. Upon payment by the Customers of any Invoice,
      the pledge shall be deemed to be automatically extended to any amounts
      collected. Enforcement of this pledge shall be effected by means of
      set-off, compensation or
counterclaim..

              

      

       

       

      
        
           

        

        
          61

          
            

          

        

        
           

        

      

       

       

      
        	
                2.5

              	
                Notwithstanding
      (but without prejudice to) the foregoing, in order to render the
      assignment and pledge enforceable against third parties, you will deliver
      to us on or prior to each date of Notification a valid and duly completed
      and signed transfer and pledge form covering the Notified Invoices and
      their Related Rights, and you will deliver such further documents and take
      such further actions as we may reasonably require in furtherance of the
      Agreement.  A sample transfer and pledge form for this purpose
      is attached as Annex II.

              
	
                2.6

              	
                In
      relation to a Factoring Facility provided on a recourse basis, if and as
      soon as the Customer fails to pay any amount when due (as shown on the
      relevant Invoice) under the Contract of Sale in respect of a Invoice
      accepted by the Bank, the Bank shall have the sole right to reassign all
      or any Invoices and their Related Rights to you in accordance with
      condition 12 of the Operating Conditions – Part II – Provisions relating
      to all Clients.

              

      

      

      
        	
                3

              	
                YOUR
      RESPONSIBILITIES

              

      

      

      
        	
                3.1

              	
                You
      must:

              

      

      

      
        	 
      	
                3.1.1

              	
                raise
      Invoices in the normal course but including wording which we will provide
      to you indicating that each one has been assigned to us and ensure that
      all Invoices are promptly and accurately entered in your sales
      ledger;

              
	 
      	
                3.1.2

              	
                send
      notices of assignment in a form satisfactory to us of your Invoices to you
      Customers;

              
	 
      	
                3.1.3

              	
                not
      attempt to collect payment for any Invoices for your own
      account;

              
	 
      	
                3.1.4

              	
                not
      agree to settle any Invoices;

              
	 
      	
                3.1.5

              	
                only
      issue credit notes in accordance with the Operating Conditions;
      and

              
	 
      	
                3.1.6

              	
                within
      one month (or other such period as we may reasonably specify) of the end
      of the quarter to which they relate send your quarterly management
      accounts to us.

              

      

      

      
        	
                4

              	
                OUR
      FEES AND CHARGES FOR FACTORING
CLIENTS

              

      

      

      
        	
                4.1

              	
                For
      the purpose of calculating any Minimum Fee expressed as an annual
      fee:

              

      

      

      
        	 
      	
                4.1.1

              	
                “annual”
      means the period from 1 July in any year to 30 June in the next
      year.  The first annual charge will reflect the period from the
      Start Date to the next 30th June; and

              
	 
      	
                4.1.2

              	
                we
      will divide the fee by 365 and multiply that figure by the number of
      relevant days elapsed to the date of calculation of the
    fee.

              

      

       

       

      
        
           

        

        
          62

          
            

          

        

        
           

        

      

      
 

      
        	
                4.2

              	
                We
      will apply any Additional Service Charge percentage specified in the
      Commercial Terms to the Notified Value of all Invoices which remain
      outstanding at the end of the Funding Period.  We will charge
      this fee in arrears on the last Working Day of each month in respect of
      that month.

              
	
                4.3

              	
                We
      may vary the Service Charge or any Minimum Fee on giving you [2] months
      written notice which expires on or after the end of any Minimum
      Term.

              
	
                4.4

              	
                We
      may vary the Discount Charge on giving you [3] months written notice which
      expires at any time after the end of the Minimum
  Term.

              

      

      

      
        	
                5

              	
                CURRENCY
      INVOICES

              

      

      

      
        	
                5.1

              	
                If
      an Invoice is a Currency Invoice, we will calculate the Nominal Amount in
      Euro at the exchange rate agreed between us.  If we do not agree
      on an exchange rate, we will use the exchange rate on the date we make the
      Advance.

              
	
                5.2

              	
                We
      may at your request set up separate Current Accounts for each currency in
      which we agree to make Advances.

              
	
                5.3

              	
                If
      we make Advances in a currency other than Euro we may calculate the
      Discount Charge on the Debit Balance by adding the margin to the Bank’s
      short term offer rate for the currency in question as determined by us
      either daily or weekly.

              

      

       

      
 

      
        
           

        

        
          63

          
            

          

        

        
           

        

      

       

       

      ANNEX
I

       

      List
of Customers

       

       

      

       

      
        
           

        

        
          64

          
            

          

        

        
           

        

      

       

       

      ANNEX
II

       

      Assignment
Agreement

       

      Confidential

       

       

       

       

      
        
           

        

        
          65

          
            

          

        

        
           

        

      

       

      

       

      
        	
                To:

              	
                LLOYDS
      TSB BANK PLC

              

      

      [address
Belgian branch]

      

       

      
        Date:                               
 2008

      

      

       

      Dear
Sirs,

       

      DEED
OF ASSIGNMENT

       

      

      
        	
                1.

              	
                We
      refer to the receivables finance agreement dated on or about the date
      hereof (the “Agreement”) as the same may be amended, supplemented or
      restated from time to time, under which we have undertaken to assume
      responsibility for the collection of the Invoices which results into an
      assignment of the Invoices as listed herein in Schedule
  I.

              
	
                2.

              	
                Terms
      defined in the Agreement shall have the same meaning in this letter,
      unless a contrary indication appears.

              
	
                3.

              	
                In
      furtherance of our obligations as set forth above, title to the Invoices
      is transferred to you by (i) execution and delivery of this deed of
      assignment and (ii) giving notice to the Customers, in accordance with
      1872 Act and, as the case may be,  Civil
Code.

              
	
                4.

              	
                We
      acknowledge and agree, that if and to the extent that the Invoices are
      subject to any assignment or other encumbrance, which take priority over
      this deed of assignment, this assignment will have been created with the
      highest possible priority (rangorde) available at such time of
      creation.

              
	
                5.

              	
                This
      letter shall form an integral and inherent part of the
      Agreement.

              
	
                6.

              	
                This
      letter may be signed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument.  Delivery
      of an executed signature page by facsimile shall be as effective as
      delivery of a manually executed document.

              
	
                7.

              	
                This
      letter shall be governed by, and construed in accordance with, the law of
      Belgium.  The parties hereto submit to the non-exclusive
      jurisdiction of the courts of Belgium.  The parties hereto waive
      any defence of inconvenient forum, which may be
  available.

              

      

       

      Please
acknowledge your agreement to the terms of this letter by countersigning the
attached copy of this letter.

       

      

       

      Yours
faithfully

       

      ...........................................

      for and
on behalf of

      [u]

       

      We agree
to the terms set out above.

      ...........................................

      for and
on behalf of

      LLOYDS
TSB BANK PLC

       

      

      
        
           

        

        
          66

          
            

          

        

        
           

        

      

       

       

      Schedule
I

       

      Detail
of Invoices

       

      
        	
                Invoice
      No.

              	
                Amount
      

                (including
      

                interest)

              	
                Currency

              	
                Invoice
      

                Date

              	
                Maturity
      

                Date

              	
                Approved
      

                Debtor

              
	
                 
      

                 

                 

                 

                 

                 

                 

                 

                 

                 

              	 
      	 
      	 
      	 
      	 
      

      

      

      

      
        
           

        

        
          67

          
            

          

        

        
           

        

      

       

       

      ANNEX
III

       

      Form
of Notification to Customers

       

      
        	
                To:

              	
                BY
      REGISTERED MAIL

              
	 
      	
                [Customer]

              
	 
      	
                Attn:
      [●]

              
	 
      	
                [address]

              
	 
      	 
      
	
                From:

              	
                [Client]

              
	 
      	
                [address]

              
	 
      	 
      
	
                Cc:

              	
                [●]

              

      

      

       

      [city],
[date]

       

      Dear
Sir/Madam,

       

      RE:           [Company
name] - NOTIFICATION OF
ASSIGNMENT

       

       

      We refer
to the assignment of receivables, dated [u], by and between [Company]
and Lloyds TSB Bank PLC
(the “Assignment
Agreement”). Capitalised terms used in this Notification shall have the
same meaning given thereto in the Assignment Agreement.

       

       

      On behalf
of the Company we hereby notify you that pursuant to the Assignment Agreement,
payments in respect of this claim must be made, from the date of this notice, to
the Bank at [fill in details
Collection Account and specifics of payment].

       

       

      Please
acknowledge receipt of this notice by signing and returning this letter
us.

       

       

      Yours
sincerely,

       

       

      [u]

       

       

      By:

       

      [authorised
signatory]

      

       

      For
acknowledgement of receipt:

       

      [Customer]

       

      Name:

       

      Title:

       

      Date:

       

      

      
        
           

        

        
          68

          
            

          

        

        
           

        

      

      

       

      OPERATING
CONDITIONS - PART V

       

       

      

       

       

      PROVISIONS
RELATING TO EXPORT AND CURRENCY FACILITIES

       

       

      

       

      
        	
                1

              	
                EXPORT
      AND CURRENCY FACILITIES

              

      

      

      
        	
                1.1

              	
                Export
      Facilities will only be made available in respect of Invoices owing by
      Customers from Approved Countries and denominated in Approved
      Currencies.

              
	
                1.2

              	
                We
      may maintain separate Current Accounts for each currency and each Approved
      Country in which we agree to make Advances.

              
	
                1.3

              	
                Currency
      Facilities will only be provided in an Approved Currency other than
      Euro.

              
	
                1.4

              	
                Unless
      we agree otherwise, you will arrange for Currency Invoices in respect of
      which we agree to provide an Export Facility to be credit insured and for
      our interest to be noted on the insurance
  policy.

              

      

      

      
        	
                2

              	
                OUR
      FEES AND CHARGES

              

      

      

      
        	
                2.1

              	
                We
      will calculate and charge the Service Charge payable on Currency Invoices
      in the Approved Currency in which such Invoices are
      denominated.  On each anniversary of the Start Date we will
      convert those Service Charges paid by you on such Currency Invoices into
      Euro at the Bank’s spot rate of exchange on the date of such conversion
      and add them to the other service charges paid by you during that year to
      determine if you have paid any Minimum Fee we have
  agreed.

              

      

      

       

       

      
        
           

        

        
          69

          
            

          

        

        
           

        

      

       

       

      OPERATING
CONDITIONS - PART VI

       

      PROVISIONS
RELATING TO RECEIVABLES FACILITIES

       

       

      

       

      
        	
                1.

              	
                PURPOSE
      OF THE FACILITY

              

      

      

      
        	
                1.1

              	
                You
      shall apply all amounts borrowed in accordance with the Asset Based
      Finance Agreement.

              

      

      

      
        	
                2.

              	
                INTEREST

              

      

      

      
        	
                2.1

              	
                The
      rate of interest on the Facility for each Interest Period is the
      percentage rate per annum which is the aggregate of the
      applicable:

              

      

      

      
        	 
      	
                2.1.1.

              	
                Margin;
      and

              
	 
      	
                2.1.2.

              	
                EURIBOR

              

      

      

      
        	 
      	
                We
      shall notify you promptly upon the determination of the rate of interest
      under the Agreement.

              

      

      

      
        	
                2.2

              	
                You
      shall pay accrued interest on the Facility in arrears on each Interest
      Payment Date, on which date we shall charge your Current Account with the
      amount due.

              
	
                2.3

              	
                If
      you fail to pay any amount payable under the Agreement on its due date,
      interest shall accrue on the overdue amount from the due date up to the
      date of actual payment (both before and after judgement) at the rate
      determined as the Default Interest.

              
	
                2.4

              	
                Any
      interest, commission or fee accruing under the Agreement will accrue from
      day to day and is calculated on the basis of the actual number of days
      elapsed and a year of 360 days.

              

      

      

      
        	
                3.

              	
                REPAYMENT

              

      

      

      
        	
                3.1

              	
                You
      shall repay all amounts outstanding under the Facility on the Final
      Repayment Date.

              

      

      

      
        	
                4.

              	
                PREPAYMENT

              

      

       

       

      
        
           

        

        
          70

          
            

          

        

        
           

        

      

      
 

      
        	
                4.1

              	
                Any
      prepayment and reborrowing shall be made in accordance with the provisions
      of this Agreement and you may reborrow amounts subject to the provisions
      of the Agreement.

              

      

      

      
        	
                5.

              	
                SECURITY

              

      

      

      
        	
                5.1

              	
                As
      security for the Secured Obligations you shall provide us with the
      guarantee provided in Clause 5 (Guarantee) of the Commercial Terms and the
      security interests provided in Clause 6 (Security Interest) of the
      Commercial Terms, including (but not limited to) (i) an Undisclosed first
      priority right of pledge on all your Invoices; and (ii) a Disclosed first
      priority right of pledge over the balance in the Collection
      Accounts.

              
	
                5.2

              	
                Until
      notice from us to the contrary, you will direct your Customers to settle
      their Invoices by making payment directly into a Collection
      Account.  If you receive payment you will immediately upon
      receipt pay it into the Current Account.  5.4 Where we have
      agreed that the pledge is Disclosed, then you will include the wording
      which we will provide to you on each Invoice.

              
	
                5.3

              	
                Where
      we have agreed that the pledge is confidential, then, for the moment,
      neither you nor we will notify your Customers that you have pledged your
      Invoices to us.  However, we may at any time vary or terminate
      your agency to collect either some or all of your Invoices.  We
      may:

              

      

      

      
        	 
      	
                5.3.1

              	
                give
      (or require you to give) notice to some or all of your Customers of the
      pledge of their Invoices and the Related Rights to us;

              
	 
      	
                5.3.2

              	
                either
      simultaneously with giving such notice or at a later date, instruct your
      Customers to pay us directly;

              
	 
      	
                5.3.3.

              	
                require
      you to send us a copy of your sales and purchase ledger and such other
      records as we may require;

              
	 
      	
                5.3.4

              	
                require
      you to forward all Invoices to us for issuing by us and we will, at your
      expense, administer Customers’
accounts.

              

      

      

      
        	
                5.4

              	
                You
      will confirm to your Customers the effect of any notice served on them and
      you will cease to collect Invoices.  The provisions of condition
      5 of the Operating Conditions – Part II – Provisions relating to all
      Clients shall then apply.

              
	
                5.5

              	
                You
      will pay those costs specified in the Commercial Terms for maintaining the
      Collection Account.

              
	
                5.6

              	
                You
      hereby authorise us or any person nominated by us to contact your
      Customers to verify the amount of each Invoice due from them, the due date
      for payment and in the case of overdue Invoices, the date when payment can
      be expected.  You will assist us or our nominee in any way we
      require and you authorise us and them to disclose their identity if
      required to do so by law or if requested by a
  Customer.

              

      

       

       

      
        
           

        

        
          71

          
            

          

        

        
           

        

      

      
 

      
        	
                6

              	
                INFORMATION
      AND REPORTING REQUIREMENTS

              

      

      

      
        	
                6.1

              	
                You
      will maintain a monthly open item ageing analysis, in such form as we may
      require, showing the position of each Customer’s account on the last day
      of each month, including details of any outstanding credit
      balances.

              
	
                6.2

              	
                You
      will supply to us wherever possible via the Website (or at our option make
      available for inspection by us) the following documents and/or information
      forthwith upon our request:

              

      

      

      
        	 
      	
                6.2.1

              	
                copies
      of Invoices and all debit and credit notes or other documents evidencing
      how an Invoice is reduced, paid or otherwise satisfied;

              
	 
      	
                6.2.2

              	
                the
      full terms of any Contract of Sale;

              
	 
      	
                6.2.3

              	
                proof
      of the complete performance of each Contract of Sale;

              
	 
      	
                6.2.4

              	
                such
      other information and evidence as we may require relating to Invoices
      Related Rights or Contracts of Sale;

              
	 
      	
                6.2.5

              	
                daily
      a report detailing monies collected by you as our agent;
    and

              
	 
      	
                6.2.6

              	
                within
      15 days of the end of the month to which they relate or promptly upon our
      request copies of:

              

      

      

      
        	 
      	 
      	
                6.2.6.1

              	
                your
      open item ageing analysis;

              
	 
      	 
      	
                6.2.6.2

              	
                your
      sales ledger control account with a reconciliation of it to our month end
      statement;

              
	 
      	 
      	
                6.2.6.3

              	
                your
      reconciliation of cash receipts into the Collection
    Account;

              
	 
      	 
      	
                6.2.6.4

              	
                your
      purchase ledger; and

              
	 
      	 
      	
                6.2.6.5

              	
                within
      one month (or other such period as we may reasonably specify) of the end
      of the month to which they relate your monthly management
      accounts.

              

      

      

      
        	
                7

              	
                NON
      -NOTIFIABLE INVOICES

              

      

      

      
        	
                7.1

              	
                Until
      we give you notice to the contrary, you must not Notify us of the
      following Invoices:

              

      

      

      
        	 
      	
                7.1.1

              	
                Invoices
      due from a director, officer, shareholder or employee of
      yours;

              
	 
      	
                7.1.2

              	
                Invoices
      due from any other person with which you maintain, other than your
      habitual commercial or professional dealings, de facto or de jure economic
      or financial links whether direct or indirect, or with which you have
      shareholders, partners, directors, officers or managers in
      common;

              

      

       

       

      
        
           

        

        
          72

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                7.1.3

              	
                Invoices
      due from the sale of any of your capital assets;

              
	 
      	
                7.1.4

              	
                Invoices
      which are not due in respect of your trade, occupation or
      profession;

              
	 
      	
                7.1.5

              	
                Invoices
      where the Customer does not have an established place of
      business;

              
	 
      	
                7.1.6

              	
                Invoices
      arising under a hire purchase, leasing or consumer credit sale
      agreement;

              
	 
      	
                7.1.7

              	
                Invoices
      due in respect of Goods delivered on sale or return or on
      approval;

              
	 
      	
                7.1.8

              	
                Invoices
      arising under any Contract of Sale involving advance payments, conditional
      sales, consignment sales, sales for which a provisional or pro forma
      invoice has been issued, and Invoices for costs, interest for late payment
      or other penalties to be paid by the Customer;

              
	 
      	
                7.1.9

              	
                Invoices
      arising under any Contract of Sale with the State or any local government
      body or any entity subject to public law and benefiting from sovereign or
      other immunity;

              

      

      

      
        	 
      	 
      	
                7.1.10

              	
                Invoices
      arising under any Contract of Sale with a Customer who supplies goods or
      services to you and which may therefore be subject to rights of set-off,
      contra accounting, compensation, defence or
cross-claim;

              
	 
      	 
      	
                7.1.11

              	
                those
      additional Invoices referred to in the Agreement as Additional
      Non-Notifiable Invoices; and/or

              
	 
      	 
      	
                7.1.12

              	
                Export
      Invoices representing more than 10% of all your Invoices outstanding from
      time to time. We may at any time require you to Notify us of
      Non-Notifiable Invoices.

              

      

      

      
        	
                7.2

              	
                We
      will Disapprove Non-Notifiable Invoices.

              
	
                7.3

              	
                We
      shall only make a Service Charge in respect of Non-Notifiable Invoices
      after we have given you notice under condition 5.2
  above.

              

      

      

      
        	
                8

              	
                OUR
      SERVICES

              

      

      

      
        	
                8.1

              	
                In
      return for the Service Charge we will at your request or at any other time
      should we so decide provide the following services relative to Notified
      Invoices:

              

      

      

      
        	 
      	
                8.1.1

              	
                advice
      on improvements to your collection procedures and assessing your need for
      credit insurance;

              
	 
      	
                8.1.2

              	
                general
      advice on standard sales contracts, terms of payment, the use of
      settlement discounts, evaluating the effect of changing invoicing methods
      and terms;

              
	 
      	
                8.1.3

              	
                provision
      of statistical information based upon Invoices Notified to
    us;

              

      

       

       

      
        
           

        

        
          73

          
            

          

        

        
           

        

      

       

       

      
        	 
      	
                8.1.4

              	
                advice
      on export debtor procedures and the specific requirements of major trading
      countries where we have arrangements with
  correspondents;

              
	 
      	
                8.1.5

              	
                assistance
      in reviewing general terms and conditions of suppliers in relation to
      their reservations of title;

              
	 
      	
                8.1.6

              	
                advice
      on your relationship with your bankers;

              
	 
      	
                8.1.7

              	
                checking
      and advising you on the accuracy of the monthly reconciliation of your
      sales ledger to our month end statement;

              
	 
      	
                8.1.8

              	
                advice
      on your need for foreign exchange facilities or contingent liability
      cover;

              
	 
      	
                8.1.9

              	
                daily
      information as to the status of your accounts with
  us;

              

      

      

      
        	 
      	 
      	
                8.1.10

              	
                reviewing
      your reconciliation and monitoring the operation of the Collection
      Account, including detailing dishonoured cheques or other defects in
      payment;

              
	 
      	 
      	
                8.1.11

              	
                liaising
      with lawyers or other agents instructed to collect Invoices;
      or

              
	 
      	 
      	
                8.1.12

              	
                inspecting
      your books and records relating to Invoices, including:

              
	 
      	 
      	
                8.1.13

              	
                general
      systems;

              
	 
      	 
      	
                8.1.13.1

              	
                  maintenance
      of sales ledger;

              
	 
      	 
      	
                8.1.13.2

              	
                  dunning
      cycles;

              
	 
      	 
      	
                8.1.13.3

              	
                  overdue
      Invoices;

              
	 
      	 
      	
                8.1.13.4

              	
                  control
      systems.

              

      

      

      
        	
                8.2

              	
                The
      provision of any of the services in this condition 8 shall be without
      responsibility on our part to the fullest extent permitted by
      law.

              

      

      

       

      
        
           

        

        
          74

          
            

          

        

        
           

        

      

       

       

      ANNEX
I

      List
of Customers

       

       

       

       

      
        
           

        

        
          75

          
            

          

        

        
           

        

      

      

       

      ANNEX
II TO THE AGREEMENT

      Form
of Guarantee

       

       

       

       

      
        
           

        

        
          76

          
            

          

        

        
           

        

      

       

       

      ANNEX
III TO THE AGREEMENT

      Form
of Floating charge

      (pand op
handelszaak)

       

       

       

       

      
        
           

        

        
          77

          
            

          

        

        
           

        

      

       

       

      ANNEX
IV TO THE AGREEMENT

      Form
of Floating Charge Mandate

      (mandaat tot vestigen van een pand op
handelszaak)

       

       

       

       

      
        
           

        

        
          78

          
            

          

        

        
           

        

      

      

       

      ANNEX
V TO THE AGREEMENT

      Form
of Bank Account Pledge Agreement

       

       

       

       

      
        
           

        

        
          79

          
            

          

        

        
           

        

      

      

       

      ANNEX
VI TO THE AGREEMENT

      Form
of Undisclosed Receivables Pledge Agreement

       

       

       

       

      80

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