Document:

<PAGE>
                                                                    EXHIBIT 10.3

                                                          [ALLEN&GLEDHILL LOGO]
                                                          ADVOCATES & SOLICITORS

                             Dated 7th FEBRUARY 2003

                        AUTOMATED TECHNOLOGY (PHIL.) INC
                                   as Borrower

                                       and

                      THE DEVELOPMENT BANK OF SINGAPORE LTD
                                    as Lender

                               FACILITY AGREEMENT

                                                    ALLEN & GLEDHILL
                                                    36 ROBINSON ROAD
                                                    #18-01 CITY HOUSE
                                                    SINGAPORE 068877

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CONTENTS                                         PAGE
<S>                                              <C>
1.   DEFINITIONS AND INTERPRETATION..........      1

2.   THE FACILITY............................      7

3.   PURPOSE.................................      7

4.   CONDITIONS OF UTILISATION...............      8

5.   UTILISATION.............................      8

6.   REPAYMENT...............................      9

7.   PREPAYMENT AND CANCELLATION.............     10

8.   INTEREST................................     12

9.   INTEREST PERIODS........................     13

10.  CHANGES TO THE CALCULATION OF INTEREST..     14

11.  FEES....................................     15

12.  TAX GROSS UP AND INDEMNITIES............     15

13.  INCREASED COSTS.........................     17

14.  OTHER INDEMNITIES.......................     18

15.  MITIGATION BY THE LENDER................     19

16.  COSTS AND EXPENSES......................     19

17.  REPRESENTATIONS.........................     19

18.  INFORMATION UNDERTAKINGS................     23

19.  GENERAL UNDERTAKINGS....................     24

20.  FINANCIAL COVENANTS.....................     28

21.  EVENTS OF DEFAULT.......................     33

22.  CHANGES TO THE LENDER...................     36

23.  CHANGES TO THE BORROWER.................     37

24.  CONDUCT OF BUSINESS BY THE LENDER.......     37

25.  PAYMENT MECHANICS.......................     38

26.  SET-OFF.................................     39

27.  NOTICES.................................     40

28.  CALCULATIONS AND CERTIFICATES...........     40

29.  PARTIAL INVALIDITY......................     41

30.  REMEDIES AND WAIVERS....................     41

31.  AMENDMENTS AND WAIVERS..................     41

32.  COUNTERPARTS............................     41

33.  GOVERNING LAW...........................     41
</TABLE>

                                       i
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<TABLE>
<CAPTION>
CONTENTS                                         PAGE
<S>                                              <C>
34.  ENFORCEMENT.............................     41

35.  CONFLICT................................     42

SCHEDULE 1 CONDITIONS PRECEDENT..............     43

SCHEDULE 2 REQUESTS..........................     45
</TABLE>

                                       ii
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THIS AGREEMENT is made on 7TH February 2003 BETWEEN:

(1)   AUTOMATED TECHNOLOGY (PHIL.) INC (the "BORROWER"); and

(2)   THE DEVELOPMENT BANK OF SINGAPORE LTD (the "LENDER").

IT IS AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   Definitions

      In this Agreement:

      "ACQUISITION EXERCISE" means the acquisition by the Guarantor of all of
      the shares in Mayon Capital Limited, Gold Dawn Limited, Finetech
      International Limited and Global Crown Limited, who are immediately prior
      to the Acquisition Exercise Date collectively the registered and
      beneficial owners of all the issued capital stock of the Borrower.

      "ACQUISITION EXERCISE DATE" means the date on which the Acquisition
      Exercise is or is to be completed.

      "AFFILIATE" means, in relation to any person, a Subsidiary of that person
      or a Holding Company of that person or any other Subsidiary of that
      Holding Company.

      "AUTHORISATION" means an authorisation, consent, approval, resolution,
      licence, exemption, filing, notarisation or registration.

      "AVAILABILITY PERIOD" means

      (i)   in relation to Facility A, the period from and including the date of
            this Agreement to and including 30 June 2003; and

      (ii)  in relation to Facility B, the period from and including the date of
            this Agreement to and including the Termination Date (or, if such
            date is not a Business Day, the preceding Business Day).

      "AVAILABLE FACILITY" means in relation to a Facility, the Lender's
      Facility Amount under that Facility minus:

      (i)   the amount of any outstanding Loans under that Facility; and

      (ii)  in relation to any proposed Utilisation, the amount of any Loans
            that are due to be made under that Facility on or before the
            proposed Utilisation Date (but excluding, for the avoidance of
            doubt, the amount of a Loan due to be made in relation to such
            proposed Utilisation),

      plus, in relation to any proposed Utilisation of Facility B only, any
      Facility B Loans that are due to be repaid or prepaid on or before the
      proposed Utilisation Date.

      "BORROWER GROUP" means the Borrower and its Subsidiaries for the time
      being.

      "BREAK COSTS" means the amount (if any) by which:

      (i)   the interest which the Lender should have received for the period
            from the date of receipt of all or any part of a Loan or Unpaid Sum
            to the last day of the current

                                     - 1 -
<PAGE>

            Interest Period in respect of that Loan or Unpaid Sum, had the
            principal amount or Unpaid Sum received been paid on the last day of
            that Interest Period,

      exceeds:

      (ii)  the amount which the Lender would be able to obtain by placing an
            amount equal to the principal amount or Unpaid Sum received by it on
            deposit with a leading bank in the Singapore interbank market for a
            period starting on the Business Day following receipt or recovery
            and ending on the last day of the current Interest Period.

      "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
      banks are open for general business in Singapore and, if on that day a
      transfer of funds in US Dollars is to be made under this Agreement, New
      York City.

      "COMPLIANCE CERTIFICATE" means a certificate in form and substance
      satisfactory to the Lender.

      "EVENT OF DEFAULT" means any event or circumstance specified as such in
      Clause 21.

      "FACILITY" means Facility A or Facility B.

      "FACILITY A" means the term loan facility made available under this
      Agreement as described in Clause 2.

      "FACILITY A AMOUNT" means US$10,000,000, to the extent not cancelled,
      reduced or transferred by the Lender under this Agreement.

      "FACILITY A LOAN" means a loan made or to be made under Facility A or the
      principal amount outstanding for the time being of that loan.

      "FACILITY A REPAYMENT DATES" means each date specified in Clause 6.1.1.

      "FACILITY AMOUNT" means Facility A Amount or Facility B Amount.

      "FACILITY B" means the uncommitted revolving credit facility made
      available under this Agreement as described in Clause 2.

      "FACILITY B AMOUNT" means US$3,000,000, to the extent not cancelled,
      reduced or transferred by the Lender under this Agreement.

      "FACILITY B LOAN" means a loan made or to be made under Facility B or the
      principal amount outstanding for the time being of that loan.

      "FACILITY OFFICE" means the office or offices through which the Lender
      will perform its obligations under this Agreement from time to time, as
      agreed by the Borrower.

      "FINANCE DOCUMENT" means this Agreement, any Security Document and any
      other document designated as such by the Lender and the Borrower.

      "FINANCIAL INDEBTEDNESS" means any indebtedness for or in respect of:

      (i)   moneys borrowed;

      (ii)  any amount raised by acceptance under any acceptance credit
            facility;

                                     - 2 -
<PAGE>

      (iii) any amount raised pursuant to any note purchase facility or the
            issue of bonds, notes, debentures, loan stock or any similar
            instrument;

      (iv)  the amount of any liability as lessee in respect of any lease or
            hire purchase contract which would, in accordance with GAAP, be
            treated as a finance or capital lease;

      (v)   receivables sold or discounted (other than any receivables to the
            extent they are sold on a non-recourse basis);

      (vi)  any amount raised under any other transaction (including any forward
            sale or purchase agreement) having the commercial effect of a
            borrowing;

      (vii) any derivative transaction entered into in connection with
            protection against or benefit from fluctuation in any rate or price
            (and, when calculating the value of any derivative transaction, only
            the marked to market value shall be taken into account);

      (viii)shares which are expressed to be redeemable;

      (ix)  any counter-indemnity obligation in respect of a guarantee,
            indemnity, bond, standby or documentary letter of credit or any
            other instrument issued by a bank or financial institution; and

      (x)   the amount of any liability in respect of any guarantee or indemnity
            for any of the items referred to in paragraphs (i) to (ix) above.

      "GAAP" means (in relation to either Obligor) generally accepted accounting
      principles, standards and practices in the jurisdiction of its
      incorporation or (for so long as the Borrower has obtained approval from
      the relevant governmental authority in its jurisdiction of incorporation
      for such purpose) generally accepted accounting principles, standards and
      practices in the United States of America.

      "GROUP" means the Guarantor and its Subsidiaries for the time being.

      "GUARANTEE" means a guarantee from the Guarantor in favour of the Lender,
      in such form as may be agreed by the Borrower and the Lender.

      "GUARANTOR" means Infiniti Solutions Pte Ltd, a company incorporated in
      Singapore, and includes its successors.

      "HOLDING COMPANY" means, in relation to a company or corporation, any
      other company or corporation in respect of which it is a Subsidiary.

      "INTEREST PERIOD" means, in relation to a Loan, each period determined in
      accordance with Clause 9 and, in relation to an Unpaid Sum, each period
      determined in accordance with Clause 8.3.

      "LOAN" means a Facility A Loan or a Facility B Loan.

      "MARGIN" means:

      (i)   (in relation to a Facility A Loan) 3.5 per cent. per annum; and

      (ii)  (in relation to a Facility B Loan) three per cent. per annum.

                                     - 3 -
<PAGE>

      "MATERIAL ADVERSE EFFECT" means a material adverse effect on:

      (i)   the financial condition, a material asset or the business of either
            Obligor;

      (ii)  the ability of either Obligor to perform and comply with its payment
            or other material obligations under any Finance Document;

      (iii) the validity, legality or enforceability of, or the rights or
            remedies of the Lender under, any Finance Document; or

      (iv)  the validity, legality or enforceability of any Security expressed
            to be created pursuant to any Security Document or on the priority
            and ranking of any of that Security.

      "OBLIGOR" means the Borrower or the Guarantor.

      "ORIGINAL FINANCIAL STATEMENTS" means:

      (i)   in relation to the Borrower, the audited consolidated financial
            statements of the Borrower for the financial year ended 31 December
            2001, and the unaudited management accounts of the Borrower for the
            financial year ended 31 December 2002; and

      (ii)  in relation to the Guarantor, the unaudited consolidated financial
            statements of the Group for the financial year ended 31 December
            2001 and the unaudited management accounts of the Group for the
            period from 1 January 2002 until 30 June 2002.

      "PARTY" means a party to this Agreement and includes its successors in
      title, permitted assigns and permitted transferees.

      "POLITICAL RISK INSURANCE" means any political risk insurance maintained
      or to be maintained pursuant to Clause 19.7(ii) below.

      "POTENTIAL EVENT OF DEFAULT" means any event or circumstance which would
      (with the expiry of a grace period, the giving of notice, the making of
      any determination under the Finance Documents or any combination of any of
      the foregoing) be an Event of Default.

      "POTENTIAL UNLAWFUL EVENT" means any event or circumstance which would
      (with the expiry of a grace period, the giving of notice, the making of
      any determination under the Finance Documents or any combination of any of
      the foregoing) be an Unlawful Event.

      "PRI INSURANCE PROCEEDS" means the proceeds of any Political Risk
      Insurance received or receivable by an Obligor or received or receivable
      by the Lender as loss payee, as assignee or otherwise.

      "QUOTATION DAY" means, in relation to any period for which an interest
      rate is to be determined, two Business Days before the first day of that
      period.

      "REPEATING REPRESENTATIONS" means each of the representations set out in
      Clauses 17.1, 17.2, 17.4, 17.6, 17.10, 17.11.1, 17.11.2, 17.12.2 and
      17.15.

      "SECURED OBLIGATIONS" has the meaning ascribed to it in Section 1.02 of
      the Security Agreement.

                                     - 4 -
<PAGE>

      "SECURED PROPERTIES" means all properties from time to time charged,
      pledged, mortgaged or otherwise subject to any Security pursuant to the
      Security Documents.

      "SECURITY" means a mortgage, charge, pledge, lien or other security
      interest securing any obligation of any person or any other agreement or
      arrangement having substantially the same economic effect.

      "SECURITY AGREEMENT" means the agreement (governed under Philippines law)
      made or to be made between (i) the Borrower, and (ii) the Lender, in such
      form as may be agreed by the Borrower and the Lender.

      "SECURITY DOCUMENT" means the Guarantee, the Security Agreement and any
      other security document that may at any time be given to the Lender as
      security for any of the Secured Debt pursuant to or in connection with any
      Finance Document.

      "SELECTION NOTICE" means a notice substantially in the form set out in
      Part II of Schedule 2 given in accordance with Clause 9.

      "SIBOR" means, in relation to a Loan or Unpaid Sum, the rate internally
      quoted by the Lender to leading banks in the Singapore interbank market,
      as of 11:00 a.m. on the Quotation Day for the offering of deposits in US
      Dollars in an amount substantially equal to the amount of that Loan or
      Unpaid Sum, and for a period comparable to the Interest Period for that
      Loan or Unpaid Sum, as the case may be.

      "SUBSIDIARY" means a subsidiary within the meaning of section 5 of the
      Companies Act, Chapter 50 of Singapore.

      "TAX" means any tax, levy, impost, duty or other charge or withholding of
      a similar nature (including any penalty or interest payable in connection
      with any failure to pay or any delay in paying any of the same).

      "TERMINATION DATE" means:

      (i)   (in relation to Facility A) 31 December 2005; and

      (ii)  (in relation to Facility B) the date on which Facility B is
            cancelled in full by the Lender in accordance with Clause 2.2 or any
            other provision of this Agreement.

      "TOTAL FACILITY AMOUNTS" means the aggregate of the Facility A Amount and
      the Facility B Amount, being US$13,000,000 at the date of this Agreement.

      "UNLAWFUL EVENT" means the event or circumstance specified in Clause 7.5.

      "UNPAID SUM" means any sum due and payable but unpaid by the Borrower
      under the Finance Documents.

      "US DOLLARS" and "US$" mean the lawful currency of the United States of
      America.

      "UTILISATION" means a utilisation of a Facility.

      "UTILISATION DATE" means the date of a Utilisation, being the date on
      which the relevant Loan is to be made.

      "UTILISATION REQUEST" means a notice substantially in the form set out in
      Part I of Schedule 2.

                                     - 5 -
<PAGE>

1.2   CONSTRUCTION

      1.2.1 Unless a contrary indication appears, any reference in this
            Agreement to:

            (i)   the "LENDER", the "BORROWER", the "GUARANTOR" or "OBLIGOR" or
                  any "PARTY" shall be construed so as to include their
                  respective successors in title, permitted assigns and
                  permitted transferees;

            (ii)  "ASSETS" includes present and future properties, revenues and
                  rights of every description;

            (iii) a "FINANCE DOCUMENT" or any other agreement or instrument is a
                  reference to that Finance Document or other agreement or
                  instrument as amended or novated from time to time;

            (iv)  "INDEBTEDNESS" includes any obligation (whether incurred as
                  principal or as surety) for the payment or repayment of money,
                  whether present or future, actual or contingent;

            (v)   a "PERSON" includes any person, firm company, corporation,
                  government, state or agency of a state or any association,
                  trust or partnership (whether or not having separate legal
                  personality) or two or more of the foregoing;

            (vi)  a "REGULATION" includes any regulation, rule, official
                  directive, request or guideline (whether or not having the
                  force of law) of any governmental, intergovernmental or
                  supranational body, agency, department or regulatory,
                  self-regulatory or other authority or organisation;

            (vii) a provision of law is a reference to that provision as amended
                  or re-enacted from time to time; and

            (viii) a time of day is a reference to Singapore time.

      1.2.2 Clause and Schedule headings are for ease of reference only.

      1.2.3 Unless a contrary indication appears, a term used in any other
            Finance Document or in any notice given under or in connection with
            any Finance Document has the same meaning in that Finance Document
            or notice as in this Agreement.

      1.2.4 A Potential Event of Default or Potential Unlawful Event is
            "continuing" if it has not been remedied or waived and an Event of
            Default or Unlawful Event is "continuing" if it has not been
            remedied or waived.

1.3   THIRD PARTY RIGHTS

      1.3.1 Unless expressly provided to the contrary in this Agreement, a
            person who is not a Party has no right under the Contracts (Rights
            of Third Parties) Act, Chapter 53B of Singapore to enforce or to
            enjoy the benefit of any term of this Agreement.

      1.3.2 Notwithstanding any terms of this Agreement, the consent of any
            third party is not required for any variation (including any release
            or compromise of any liability under) or termination of this
            Agreement.

                                     - 6 -
<PAGE>

2.    THE FACILITY

2.1   THE FACILITY

      Subject to the terms of this Agreement, the Lender makes available to the
      Borrower:

      2.1.1 a term loan facility in an amount equal to the Facility A Amount;
            and

      2.1.2 an uncommitted revolving credit facility in an amount equal to the
            Facility B Amount.

2.2   RIGHT OF REVIEW

      Notwithstanding anything to the contrary, expressed or implied, in any of
      the Finance Documents, the Lender may at its absolute discretion, at any
      time and from time to time review Facility B and may vary any or all of
      the terms and conditions of Facility B and/or cancel the whole or any part
      of Facility B at any time. The Lender shall notify the Borrower of any
      variation or cancellation of Facility B and such variation or cancellation
      shall take effect, in the case of any variation, on the date specified by
      the Lender in such notice (which shall be at least 14 days after the date
      of the notice) and, in the case of any cancellation, on the date specified
      by the Lender in such notice (each such date being at least 30 days after
      the date of the notice). On and from the date such notice is given by the
      Lender, Facility B or (as the case may be) such part thereof as has been
      cancelled shall cease to be available and upon any such cancellation
      taking effect, the Borrower shall repay (without any premium, penalty or
      (provided such repayment is made on the date specified by the Lender in
      the notice referred to above) Break Costs) all amounts outstanding in
      respect of each Facility B Loan or (as the case may be) such part thereof
      as has been cancelled together with all unpaid accrued interest thereon.
      Nothing contained in this Agreement or any of the Finance Documents shall
      be deemed to impose on the Lender any obligation either at law or in
      equity to make or continue to make Facility B available to the Borrower.

3.    PURPOSE

3.1   PURPOSE

      3.1.1 The Borrower shall apply all amounts borrowed by it under Facility A
            towards the payment of principal and interest due under its existing
            bank borrowings and/or the financing of its future capital
            expenditure.

      3.1.2 The Borrower shall apply all amounts borrowed by it under Facility B
            towards its general working capital expenditure.

3.2   MONITORING

      The Lender is not bound to monitor or verify the application of any amount
      borrowed pursuant to this Agreement.

                                     - 7 -
<PAGE>

4.    CONDITIONS OF UTILISATION

4.1   INITIAL CONDITIONS PRECEDENT

      The Borrower may not deliver a Utilisation Request unless the Lender has
      received all of the documents and other evidence listed in Schedule 1 in
      form and substance satisfactory to the Lender. The Lender shall notify the
      Borrower promptly upon being so satisfied.

4.2   FURTHER CONDITIONS PRECEDENT

      The Lender will only be obliged to comply with Clause 5.4 if on the date
      of the Utilisation Request and on the proposed Utilisation Date:

      4.2.1 no Event of Default, Unlawful Event, Potential Event of Default,
            Potential Unlawful Event or an event (howsoever named or defined in
            a Political Risk Insurance) which entitles the insured thereunder to
            make a claim under such Political Risk Insurance has occurred and is
            continuing or would result from the proposed Loan; and

      4.2.2 the Repeating Representations to be made by the Borrower are true in
            all material respects.

5.    UTILISATION

5.1   DELIVERY OF A UTILISATION REQUEST

      The Borrower may utilise a Facility by delivery to the Lender of a duly
      completed Utilisation Request not later than 10:00 a.m. five Business Days
      (in the case of a Facility A Loan) or two Business Days (in the case of a
      Facility B Loan) before the Utilisation Date.

5.2   COMPLETION OF A UTILISATION REQUEST

      5.2.1 Each Utilisation Request is irrevocable and will not be regarded as
            having been duly completed unless:

            (i)   it identifies the Facility to be utilised;

            (ii)  the proposed Utilisation Date is a Business Day within the
                  Availability Period applicable to that Facility;

            (iii) the currency and amount of the Utilisation comply with Clause
                  5.3;

            (iv)  the proposed Interest Period complies with Clause 9;

            (v)   (in the case where that Utilisation Request relates to a
                  Facility A Loan to be utilised to repay existing bank
                  borrowings) it is accompanied by a confirmation from the
                  financial institution(s) to whom such bank borrowings are owed
                  of the outstanding amount of such borrowings;

            (vi)  (in the case where that Utilisation Request relates to a
                  Facility A Loan to be utilised to finance any capital
                  expenditure) it is accompanied by the confirmatory acceptance
                  by the Borrower against the quotation of the supplier(s) with
                  which the Borrower will expend such capital expenditure; and

                                     - 8 -
<PAGE>

            (vii) it specifies the account and bank to which the proceeds of the
                  Utilisation are to be credited.

      5.2.2 Only one Loan may be requested in each Utilisation Request.

5.3   AMOUNT

      The amount of the proposed Loan must be a minimum of US$100,000 or a
      higher multiple thereof for each of Facility A and Facility B or in either
      case, if less, the Available Facility.

5.4   AVAILABILITY OF LOAN

      If the conditions set out in this Agreement have been met, the Lender
      shall make each Loan available through its Facility Office.

6.    REPAYMENT

6.1   REPAYMENT OF FACILITY A LOANS

      6.1.1 The Facility A Loans outstanding at the end of the Availability
            Period for Facility A shall be repaid on the following dates in the
            following amounts (provided that, in the event that the amount of
            the Facility A Loans outstanding at the end of the Availability
            Period for Facility A is less than US$10,000,000, the amount of each
            of the instalments specified below shall be reduced in inverse order
            of maturity):

<TABLE>
<CAPTION>
Facility A Repayment Date    Repayment Instalment
<S>                          <C>
    30 September 2003            US$   500,000

    31 December 2003             US$   500,000

    31 March 2004                US$   500,000

    30 June 2004                 US$   500,000

    30 September 2004            US$ 1,000,000

    31 December 2004             US$ 1,000,000

    31 March 2005                US$ 1,000,000

    30 June 2005                 US$ 1,000,000

    30 September 2005            US$ 2,000,000

    Termination Date             US$ 2,000,000
</TABLE>

      6.1.2 The Borrower may not reborrow any part of Facility A which is
            repaid.

6.2   REPAYMENT OF FACILITY B LOANS

      6.2.1 Subject to Clauses 2.1.2 and 25.4, the Borrower shall repay each
            Facility B Loan on the last day of its Interest Period.

      6.2.2 All Facility B Loans shall be repaid on the Termination Date.

                                     - 9 -
<PAGE>

7.    PREPAYMENT AND CANCELLATION

7.1   ILLEGALITY

      If, at any time after the date of this Agreement, it becomes unlawful in
      any applicable jurisdiction for the Lender to perform any of its
      obligations as contemplated by this Agreement or to fund or maintain any
      Loan or any part thereof:

      7.1.1 the Lender shall promptly notify the Borrower upon becoming aware of
            that event;

      7.1.2 upon the Lender notifying the Borrower, the Facility or (as the case
            may be) such affected part thereof will be immediately cancelled
            without any premium or penalty; and

      7.1.3 the Borrower shall repay the Loans or (as the case may be) such
            affected part thereof accompanied by any Break Costs but without any
            premium or penalty on the date specified by the Lender in the notice
            delivered to the Borrower (being no earlier than the last day of any
            applicable grace period permitted by law).

7.2   DEEMED CANCELLATION

      Any part of Facility A which remains undrawn on the last day of the
      Availability Period for Facility A shall be deemed to have been cancelled
      by the Borrower on that day.

7.3   VOLUNTARY PREPAYMENT OF FACILITY A LOANS

      7.3.1 The Borrower may, if it gives the Lender not less than five Business
            Days' prior notice, prepay the whole or any part of the principal
            amount outstanding in respect of Facility A (but, if in part, being
            a minimum amount of US$500,000 or any higher integral multiple
            thereof) on any Facility A Repayment Date.

      7.3.2 Any prepayment of Facility A may only be made after the date falling
            12 months from the first Utilisation Date of a Facility A Loan.

      7.3.3 Any prepayment under this Clause 7.3 or Clauses 7.1, 7.4, 7.6 or any
            other provision of this Agreement shall satisfy the obligations
            under Clause 6.1 in inverse chronological order.

7.4   PREPAYMENT WITH CAUSE

      If (i) the Borrower becomes obliged to pay any amount for the account of
      the Lender under Clause 13.1 or an alternative basis is not agreed with
      the Lender pursuant to Clause 10.2.1 within the 30 day period referred to
      in Clause 10.2.1, and (ii) the Borrower gives to the Lender not less than
      14 days' notice of the date of prepayment, the Borrower may prepay all
      (but not part only) of the Loans without premium or penalty at any time.
      Upon the Lender receiving that notice, the Facilities (if any) shall be
      cancelled. Any such prepayment must be accompanied by accrued interest on
      the Loans and by any Break Costs.

7.5   UNLAWFULNESS

      If, at any time, it is or becomes unlawful for an Obligor to perform any
      of its obligations under the Finance Documents, the Lender may by written
      notice to the Borrower:

                                     - 10 -
<PAGE>

      7.5.1 cancel the Facility (or any part thereof) whereupon it shall
            immediately be cancelled;

      7.5.2 declare that all or part of the Loans, together with accrued
            interest, and all other amounts accrued or outstanding under the
            Finance Documents in relation to such Loans be immediately due and
            payable, whereupon they shall become immediately due and payable;
            and/or

      7.5.3 declare that all or part of the Loans be payable on demand,
            whereupon they shall immediately become payable on demand by the
            Lender.

7.6   MANDATORY PREPAYMENT

      The Borrower irrevocably authorises the Lender to apply any PRI Insurance
      Proceeds received by the Lender in prepayment of first, the Facility A
      Loans and secondly, the Facility B Loans, together with accrued interest
      thereon and any Break Costs and if either Obligor has received any such
      PRI Insurance Proceeds, the Borrower shall ensure that such PRI Insurance
      Proceeds are immediately applied as aforesaid. Notwithstanding the
      foregoing, if:

      7.6.1 either Obligor delivers to the Lender notice in writing that it
            intends to obtain additional Political Risk Insurance for an amount
            specified in such notice; and

      7.6.2 either Obligor delivers to the Lender, within seven Business Days of
            its receipt of such PRI Insurance Proceeds or, as the case may be,
            notification from the Lender of the Lender's receipt of such PRI
            Insurance Proceeds, a copy of such additional Political Risk
            Insurance naming the Lender as sole loss payee in accordance with
            Clause 19.7 (in form and substance acceptable to the Lender)
            together with the receipts for the most recent premium; and

      7.6.3 no Event of Default or Unlawful Event has occurred and is
            continuing,

      then the amount of the Loans shall only be prepaid by an amount equal to
      the PRI Insurance Proceeds so received less the amount specified in the
      notice delivered by that Obligor pursuant to Clause 7.6.1 above. The
      balance, if any, of the PRI Insurance Proceeds remaining with the Lender
      after such application as aforesaid shall, at the request of the
      Guarantor, be returned to the Borrower to be utilised solely for the
      purposes of equipment and machinery purchases by the Borrower, including
      but not limited to, replacement of equipment and machinery.

7.7   RESTRICTIONS

      7.7.1 Any notice of cancellation or prepayment given by either Party under
            this Clause 7 shall be irrevocable and, unless a contrary indication
            appears in this Agreement, shall specify the date or dates upon
            which the relevant cancellation or prepayment is to be made and the
            amount of that cancellation or prepayment.

      7.7.2 Any prepayment under this Agreement shall be made together with:

            (i)   accrued interest on the amount prepaid;

            (ii)  (in the case of a prepayment under Clause 7.3) a prepayment
                  fee equal to the Relevant Percentage of the amount prepaid;

                                     - 11 -
<PAGE>

            (iii) Break Costs; and

            (iv)  any other sum then due by the Borrower to the Lender under
                  this Agreement in relation to the amount prepaid.

            For the purposes of this Clause 7.7.2, "Relevant Percentage" means
            (a) in the case of any prepayment made at any time after the date
            falling 12 months from the first Utilisation Date of a Facility A
            Loan and before the date falling 24 months from such first
            Utilisation Date, 0.5 per cent. and (b) at any time after the date
            falling 24 months from such first Utilisation Date, 0.375 per cent.

      7.7.3 The Borrower may not reborrow any part of Facility A which is
            prepaid.

      7.7.4 The Borrower shall not repay or prepay all or any part of the Loans
            or cancel all or any part of the Facility except at the times and in
            the manner expressly provided for in this Agreement.

      7.7.5 No amount of the Total Facility Amounts cancelled under this
            Agreement may be subsequently reinstated.

8.    INTEREST

8.1   CALCULATION OF INTEREST

      The rate of interest on each Loan for each Interest Period is the
      percentage rate per annum which is the aggregate of the applicable:

      8.1.1 Margin; and

      8.1.2 SIBOR.

8.2   PAYMENT OF INTEREST

      Subject to Clause 9.1, the Borrower shall pay accrued interest on each
      Loan on the last day of each Interest Period in relation thereto.

8.3   DEFAULT INTEREST

      8.3.1 If the Borrower fails to pay any amount payable by it under a
            Finance Document 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 judgment) at a rate which, subject to Clause
            8.3.2 below, is the sum of three per cent and the rate which would
            have been payable if the overdue amount had, during the period of
            non-payment, constituted a Loan for successive Interest Periods,
            each of a duration selected by the Lender (acting reasonably). Any
            interest accruing under this Clause 8.3 shall be immediately payable
            by the Borrower on demand by the Lender.

      8.3.2 If any overdue amount consists of all or part of a Loan which became
            due on a day which was not the last day of an Interest Period
            relating to that Loan:

            (i)   the first Interest Period for that overdue amount shall have a
                  duration equal to the unexpired portion of the current
                  Interest Period relating to that Loan; and

                                     - 12 -
<PAGE>

            (ii)  the rate of interest applying to the overdue amount during
                  that first Interest Period shall be the sum of three per cent
                  and the rate which would have applied if the overdue amount
                  had not become due.

      8.3.3 Default interest (if unpaid) arising on an overdue amount will be
            compounded with the overdue amount at the end of each Interest
            Period applicable to that overdue amount but will remain immediately
            due and payable on demand by the Lender.

8.4   NOTIFICATION OF RATES OF INTEREST

      The Lender shall promptly notify the Borrower of the determination of a
      rate of interest under this Agreement.

9.    INTEREST PERIODS

9.1   SELECTION OF INTEREST PERIODS

      9.1.1 The Borrower may select an Interest Period for a Loan in the
            Utilisation Request for that Loan or (if, in the case of Facility A,
            the Loan that has already been borrowed) in a Selection Notice.

      9.1.2 Each Selection Notice for a Facility A Loan is irrevocable and must
            be delivered to the Lender by the Borrower not later than 10.00 a.m.
            two Business Days before the first day of the relevant Interest
            Period.

      9.1.3 If the Borrower fails to deliver a Selection Notice to the Lender in
            accordance with Clause 9.1.2 above, the relevant Interest Period
            will be three months.

      9.1.4 Subject to this Clause 9, the Borrower may select an Interest Period
            of three months or any shorter period agreed between the Borrower
            and the Lender.

      9.1.5 Any Interest Period for a Facility A Loan which would otherwise
            extend beyond a Facility A Repayment Date shall instead end on that
            date.

      9.1.6 The first Interest Period for a Facility A Loan shall start on the
            Utilisation Date of such Facility A Loan and each subsequent
            Interest Period shall start on the last day of the preceding
            Interest Period of such Loan. Each Interest Period shall end (in the
            case of the first Facility A Loan) three months or such shorter
            period thereafter, as so selected or agreed pursuant to Clause 9.1.4
            and (in the case of the first Interest Period relating to any
            subsequent Facility A Loan) on the same date as the then current
            Interest Period relating to the first Facility A Loan.

      9.1.7 Each Facility B Loan has one Interest Period only.

9.2   NON-BUSINESS DAYS

      If an Interest Period would otherwise end on a day which is not a Business
      Day, that Interest Period will instead end on the next Business Day.

9.3   CONSOLIDATION OF FACILITY A LOANS

      If two or more Interest Periods:

      9.3.1 relate to Facility A Loans; and

      9.3.2 end on the same date,

                                     - 13 -
<PAGE>

      those Facility A Loans will be consolidated into, and treated as, a single
      Facility A Loan on the last day of the Interest Period relating thereto.

10.   CHANGES TO THE CALCULATION OF INTEREST

10.1  MARKET DISRUPTION

      10.1.1   If a Market Disruption Event occurs in relation to a Loan for any
               Interest Period, then the rate of interest on that Loan for the
               Interest Period shall be the rate per annum which is the sum of:

               (i)   the Margin; and

               (ii)  the rate notified to the Borrower by the Lender as soon as
                     practicable and in any event at least one Business Day
                     before interest is due to be paid in respect of that
                     Interest Period, to be that which expresses as a percentage
                     rate per annum the cost to the Lender of funding that Loan
                     from whatever source it may reasonably select.

      10.1.2   The Lender shall, together with any notification given pursuant
               to Clause 10.1.1 above, provide the Borrower with the basis for
               determining the rate so notified and confirm to the Borrower that
               it has or intends to make similar claims for compensation under
               loans denominated in US Dollars granted by the Lender to its
               other customer(s) of similar standing which accrue interest based
               on the Singapore inter-bank offer rate (provided that the Lender
               is entitled to do so under the terms of such loans and subject to
               any obligation of confidentiality).

      10.1.3   In this Agreement "MARKET DISRUPTION EVENT" means:

               (i)   before close of business in Singapore on the Quotation Day
                     for the relevant Interest Period, the Screen Rate is not
                     available and the Lender is unable to provide a quotation
                     to determine SIBOR for US Dollars and the relevant Interest
                     Period; or

               (ii)  before close of business in Singapore on the Quotation Day
                     for the relevant Interest Period, the Borrower receives
                     notification from the Lender that the cost to it of
                     obtaining matching deposits in the Singapore interbank
                     market would be in excess of SIBOR due to unavailability of
                     funds in, or other circumstances generally affecting, the
                     Singapore inter-bank market (and not circumstances relating
                     to the Lender or its funding sources).

10.2  ALTERNATIVE BASIS OF INTEREST OR FUNDING

      10.2.1   If a Market Disruption Event occurs and the Lender or the
               Borrower so requires, the Lender and the Borrower shall enter
               into negotiations (for a period of not more than 30 days) with a
               view to agreeing a substitute basis for determining the rate of
               interest.

      10.2.2   Any alternative basis agreed pursuant to Clause 10.2.1 above
               shall, with the prior consent of the Lender and the Borrower, be
               binding on all Parties. If the Lender or the Borrower so request
               (such request not to be made more frequently than once a month so
               long as such alternative basis applies), the Parties shall
               negotiate with

                                     - 14 -
<PAGE>

               each other in good faith to determine whether such alternative
               basis shall continue to apply.

10.3  BREAK COSTS

      10.3.1   The Borrower shall on demand by the Lender, pay to the Lender its
               Break Costs attributable to all or any part of a Loan or Unpaid
               Sum being paid by the Borrower on a day other than the last day
               of an Interest Period for that Loan or Unpaid Sum.

      10.3.2   The Lender shall, as soon as reasonably practicable after a
               demand by the Borrower, provide a certificate confirming the
               amount of its Break Costs for any Interest Period in which they
               accrue.

11.   FEES

11.1  COMMITMENT FEE

      11.1.1   The Borrower shall pay to the Lender a fee in US Dollars computed
               at the rate of 0.5 per cent. per annum on the undrawn portion of
               Facility A Amount (insofar as such undrawn portion of Facility A
               Amount has not been cancelled) from day to day during the period
               commencing from the date of this Agreement to the last day of the
               Availability Period for Facility A.

      11.1.2   The accrued commitment fee is payable on 31 March, 2003, and on
               the last day of the Availability Period for Facility A or, if
               Facility A is cancelled in full before the last day of the
               Availability Period for Facility A, on the cancelled amount of
               the undrawn portion of Facility A at the time the cancellation is
               effective.

11.2  FRONT-END FEE

      The Borrower shall pay to the Lender a front-end fee of US$65,000 (being
      0.50 per cent. of the Total Facility Amounts) on the date of this
      Agreement.

12.   TAX GROSS UP AND INDEMNITIES

12.1  DEFINITIONS

      In this Clause 12:

      "TAX CREDIT" means a credit against, relief or remission for, or repayment
      of any Tax.

      "TAX DEDUCTION" means a deduction or withholding for or on account of Tax
      from a payment under a Finance Document.

      "TAX PAYMENT" means an increased payment made by the Borrower to the
      Lender under Clause 12.2 or a payment under Clause 12.3.

12.2  TAX GROSS-UP

      12.2.1   The Borrower shall make all payments to be made by it without any
               Tax Deduction, unless a Tax Deduction is required by law, in
               which case the amount of the payment due from it shall be
               increased to an amount which (after making any Tax Deduction)
               leaves an amount equal to the payment which would have been due
               if no Tax Deduction had been required.

                                     - 15 -
<PAGE>

      12.2.2   The Borrower shall promptly upon becoming aware that it must make
               a Tax Deduction (or that there is any change in the rate or the
               basis of a Tax Deduction) notify the Lender accordingly.

      12.2.3   If the Borrower is required to make a Tax Deduction, it shall
               make that Tax Deduction and any payment required in connection
               with that Tax Deduction within the time allowed and in the
               minimum amount required by law.

      12.2.4   Within thirty days of making either a Tax Deduction or any
               payment required in connection with that Tax Deduction, the
               Borrower shall deliver to the Lender evidence reasonably
               satisfactory to the Lender that the Tax Deduction has been made
               or (as applicable) any appropriate payment paid to the relevant
               taxing authority.

12.3  TAX INDEMNITY

      12.3.1   If the Lender is or will be subject to any liability, or required
               to make any payment, for or on account of Tax in relation to a
               sum received or receivable (or any sum deemed for the purposes of
               Tax to be received or receivable) under a Finance Document, then
               the Borrower shall (within three Business Days of demand by the
               Lender) pay to the Lender an amount equal to the loss, liability
               or cost which the Lender determines will be or has been (directly
               or indirectly) suffered for or on account of Tax by it in respect
               of a Finance Document.

      12.3.2   Clause 12.3.1 above shall not apply with respect to any Tax
               assessed on the Lender:

               (i)   under the law of the jurisdiction in which the Lender is
                     incorporated or, if different, the jurisdiction (or
                     jurisdictions) in which the Lender is treated as resident
                     for tax purposes; or

               (ii)  under the law of the jurisdiction in which the Lender's
                     Facility Office is located in respect of amounts received
                     or receivable in that jurisdiction,

               if that Tax is imposed on or calculated by reference to the net
               income received or receivable (but not any sum deemed to be
               received or receivable) by the Lender.

      12.3.3   If the Lender makes, or intends to make, a claim under Clause
               12.3.1 above, it shall promptly notify the Borrower of the event
               which will give, or has given, rise to the claim and giving the
               basis for calculating any amount so claimed.

12.4  TAX CREDIT

      If the Borrower makes a Tax Payment and the Lender determines that:

      12.4.1   a Tax Credit is attributable to that Tax Payment; and

      12.4.2   the Lender has obtained, utilised and retained that Tax Credit,

      the Lender shall pay an amount to the Borrower which the Lender determines
      will leave it (after that payment) in the same after-Tax position as it
      would have been in had the Tax Payment not been made by the Borrower.

                                     - 16 -
<PAGE>

12.5  STAMP TAXES

      The Borrower shall pay and, within three Business Days of demand,
      indemnify the Lender against any cost, loss or liability the Lender incurs
      in relation to all stamp duty, registration and other similar Taxes
      payable in respect of any Finance Document.

12.6  GOODS AND SERVICES TAX

      The Borrower shall also pay to the Lender within three Business Days of
      demand, in addition to any amount payable by the Borrower to the Lender
      under a Finance Document, any goods and services, value added or similar
      Tax payable in respect of that amount (and references in that Finance
      Document to that amount shall (where appropriate) be deemed to include any
      such Taxes payable in addition to it).

13.   INCREASED COSTS

13.1  INCREASED COSTS

      13.1.1   Subject to Clause 13.3 the Borrower shall, within three Business
               Days of a demand by the Lender, pay the Lender the amount of any
               Increased Costs incurred by the Lender as a result of (i) the
               introduction of or any change after the date of this Agreement in
               (or in the interpretation, administration or application of) any
               law or regulation of the Philippines, Singapore and/or the
               jurisdiction of incorporation of the Lender or (ii) compliance
               with any law or regulation of the Philippines, Singapore and/or
               the jurisdiction of incorporation of the Lender made after the
               date of this Agreement.

      13.1.2   In this Agreement "INCREASED COSTS" means:

               (i)   a reduction in the rate of return from the Facility or on
                     the Lender's overall capital (except on account of Tax on
                     its overall net income);

               (ii)  an additional or increased cost; or

               (iii) a reduction of any amount due and payable under any Finance
                     Document,

               which is incurred or suffered by the Lender to the extent that it
               is attributable to the Lender having entered into this Agreement
               or funding or performing its obligations under any Finance
               Document.

13.2  INCREASED COST CLAIMS

      13.2.1   If the Lender intends to make a claim pursuant to Clause 13.1 it
               shall notify the Borrower of the event giving rise to the claim.

      13.2.2   The Lender shall, together with any notification given pursuant
               to Clause 13.2.1, provide a certificate confirming the amount of
               its Increased Costs together with the basis for calculating any
               such amount.

13.3  EXCEPTIONS

      13.3.1   Clause 13.1 does not apply to the extent any Increased Cost is:

               (i)   attributable to a Tax Deduction required by law to be made
                     by the Borrower; or

                                     - 17 -
<PAGE>

               (ii)  compensated for by Clause 12.3 (or would have been
                     compensated for under Clause 12.3 but was not so
                     compensated solely because the exclusion in Clause 12.3.2
                     applied).

      13.3.2   In this Clause 13.3, a reference to a "TAX DEDUCTION" has the
               same meaning given to the term in Clause 12.1.

14.   OTHER INDEMNITIES

14.1  CURRENCY INDEMNITY

      14.1.1   If any sum due from the Borrower under the Finance Documents (a
               "SUM"), or any order, judgment or award given or made in relation
               to a Sum, has to be converted from the currency (the "FIRST
               CURRENCY") in which that Sum is payable into another currency
               (the "SECOND CURRENCY") for the purpose of:

               (i)   making or filing a claim or proof against the Borrower;

               (ii)  obtaining or enforcing an order, judgment or award in
                     relation to any litigation or arbitration proceedings,

               the Borrower shall as an independent obligation, within three
               Business Days of demand, indemnify the Lender against any cost,
               loss or liability arising out of or as a result of the conversion
               including any discrepancy between (a) the rate of exchange used
               to convert that Sum from the First Currency into the Second
               Currency and (b) the rate or rates of exchange available to that
               person at the time of its receipt of that Sum.

      14.1.2   The Borrower waives any right it may have in any jurisdiction to
               pay any amount under the Finance Documents in a currency or
               currency unit other than that in which it is expressed to be
               payable.

14.2  OTHER INDEMNITIES

      The Borrower shall, within three Business Days of demand, indemnify the
      Lender against any cost, loss or liability incurred by the Lender as a
      result of:

      14.2.1   the occurrence of any Event of Default, Potential Event of
               Default, Unlawful Event or Potential Unlawful Event;

      14.2.2   a failure by the Borrower to pay any amount due under a Finance
               Document on its due date;

      14.2.3   funding, or making arrangements to fund, a Loan requested by the
               Borrower in the Utilisation Request but not made by reason of
               non-fulfilment of any of the conditions of Clause 4 or 5 or the
               Borrower revoking a Utilisation Request (other than by reason of
               default or negligence by the Lender alone);

      14.2.4   a Loan (or part of a Loan) not being prepaid in accordance with a
               notice of prepayment given by the Borrower;

      14.2.5   investigating any event which it reasonably believes is an Event
               of Default, Potential Event of Default, Unlawful Event or
               Potential Unlawful Event; or

                                     - 18 -
<PAGE>

      14.2.6   acting or relying on any notice, request or instruction which it
               reasonably believes to be genuine, correct and appropriately
               authorised.

15.   MITIGATION BY THE LENDER

15.1  MITIGATION

      15.1.1   The Lender shall, in consultation with the Borrower, take all
               reasonable steps to mitigate any circumstances which arise and
               which would result in any amount becoming payable under, or
               cancelled pursuant to, any of Clause 7.1, Clause 10, Clause 12 or
               Clause 13 including (but not limited to) transferring its rights
               and obligations under the Finance Documents to another Affiliate
               or Facility Office.

      15.1.2   Clause 15.1.1 above does not in any way limit the obligations of
               the Borrower under the Finance Documents.

15.2  LIMITATION OF LIABILITY

      15.2.1   The Borrower shall indemnify the Lender for all costs and
               expenses reasonably incurred by the Lender as a result of steps
               taken by it under Clause 15.1.

      15.2.2   The Lender is not obliged to take any steps under Clause 15.1 if,
               in its opinion (acting reasonably), to do so might be prejudicial
               to it.

16.   COSTS AND EXPENSES

16.1  TRANSACTION EXPENSES

      The Borrower shall within three Business Days of demand pay the Lender the
      amount of all costs and expenses (including legal fees) reasonably
      incurred by it in connection with the negotiation, preparation, printing
      and execution of:

      16.1.1   this Agreement and any other documents referred to in this
               Agreement; and

      16.1.2   any other Finance Documents executed after the date of this
               Agreement.

16.2  AMENDMENT COSTS

      If the Borrower requests an amendment, waiver or consent, the Borrower
      shall, within three Business Days of demand, reimburse the Lender for the
      amount of all costs and expenses (including legal fees) reasonably
      incurred by the Lender in responding to, evaluating, negotiating or
      complying with that request.

16.3  ENFORCEMENT COSTS

      The Borrower shall, within three Business Days of demand, pay to the
      Lender the amount of all costs and expenses (including legal fees)
      incurred by the Lender in connection with the enforcement of, or the
      preservation of any rights under, any Finance Document.

17.   REPRESENTATIONS

      The Borrower makes the representations and warranties set out in this
      Clause 17 to the Lender on the date of this Agreement.

                                     - 19 -
<PAGE>

17.1  STATUS

      17.1.1   It is a corporation duly incorporated and validly existing under
               the law of its jurisdiction of incorporation.

      17.1.2   It and each of the Borrower's Subsidiaries has the power to own
               its assets and carry on its business as it is being conducted.

17.2  BINDING OBLIGATIONS

      The obligations expressed to be assumed by it in each Finance Document are
      (subject to any general principles of law limiting its obligations which
      are specifically referred to in any legal opinion delivered pursuant to
      Clause 4 and other general equitable principles and insolvency,
      liquidation and other laws affecting creditors' rights generally) legal,
      valid, binding and enforceable obligations.

17.3  NON-CONFLICT WITH OTHER OBLIGATIONS

      The entry into and performance by it of, and the transactions contemplated
      by, the Finance Documents do not and will not conflict with:

      17.3.1   any law or regulation applicable to it;

      17.3.2   the constitutional documents of any member of the Borrower Group;
               or

      17.3.3   any agreement or instrument binding upon it or any member of the
               Borrower Group or any assets of it or any member of the Borrower
               Group to an extent or in a manner which has or will have a
               Material Adverse Effect,

      nor (except as provided in any Security Document) result in the existence
      of, or oblige it to create, any Security over any of its assets.

17.4  POWER AND AUTHORITY

      It has the power to enter into, perform and deliver, and has taken all
      necessary action to authorise its entry into, performance and delivery of,
      the Finance Documents to which it is a party and the transactions
      contemplated by those Finance Documents.

17.5  VALIDITY AND ADMISSIBILITY IN EVIDENCE

      All Authorisations required or desirable:

      17.5.1   to enable it lawfully to enter into, exercise its rights and
               comply with its obligations in the Finance Documents to which it
               is a party; and

      17.5.2   to make the Finance Documents to which it is a party admissible
               in evidence in its jurisdiction of incorporation,

      have been obtained or effected and are in full force and effect (save for
      any stamp duty payable on the Financing Documents which shall be paid
      within any applicable grace period).

17.6  GOVERNING LAW AND ENFORCEMENT

      17.6.1   The choice of Singapore law as the governing law of this
               Agreement will be recognised and enforced in its jurisdiction of
               incorporation.

                                     - 20 -
<PAGE>

      17.6.2   Any judgment against the Borrower obtained in Singapore in
               relation to this Agreement will, subject to compliance with the
               appropriate civil procedures to enforce such judgement
               (particularly Section 48 of Rule 39 and Section 24 of Rule 132 of
               the Rules of Court of the Philippines), be enforceable in the
               Philippines unless, with respect to the action in which the
               foreign judgement was rendered, there is evidence of want of
               jurisdiction, want of notice to the Borrower, collusion, fraud or
               clear mistake of law or fact, or if such judgement is found to be
               contrary to the laws, customs and public policy of the
               Philippines.

17.7  DEDUCTION OF TAX

      It is not required under the law of its jurisdiction of incorporation to
      make any deduction for or on account of Tax from any payment it may make
      under any Finance Document subject as stated in any legal opinion
      delivered pursuant to Clause 4.

17.8  NO FILING OR STAMP TAXES

      Under the law of its jurisdiction of incorporation, it is not necessary
      that the Finance Documents be filed, recorded or enrolled with any court
      or other authority in that jurisdiction or that any stamp, registration or
      similar tax be paid on or in relation to the Finance Documents or the
      transactions contemplated by the Finance Documents subject as stated in
      any legal opinion delivered pursuant to Clause 4.

17.9  NO DEFAULT

      17.9.1   No Event of Default or Unlawful Event is continuing or might
               reasonably be expected to result from the making of any
               Utilisation.

      17.9.2   No other event or circumstance is outstanding which constitutes a
               default under any other agreement or instrument which is binding
               on it or any of the Borrower's Subsidiaries or to which its (or
               the Borrower's Subsidiaries) assets are subject which might have
               a Material Adverse Effect.

17.10 NO MISLEADING INFORMATION

      17.10.1  So far as it is aware (after making all due enquiry), any factual
               information provided by it in relation to any Finance Document
               was true and accurate in all material respects as at the date it
               was provided or as at the date (if any) at which it is stated.

      17.10.2  So far as it is aware (after making all due enquiry), nothing has
               occurred or been omitted from the factual information referred to
               in Clause 17.10.1 above and no information has been given or
               withheld that results in that information being untrue or
               misleading in any material respect.

17.11 FINANCIAL STATEMENTS

      17.11.1  The Original Financial Statements were prepared in accordance
               with GAAP consistently applied.

      17.11.2  Its Original Financial Statements fairly represent its
               consolidated financial condition and operations as at the end of
               and for the relevant financial year.

                                     - 21 -
<PAGE>

      17.11.3  There has been no material adverse change in its business or
               financial condition since 31 December 2002.

17.12 PARI PASSU RANKING

      17.12.1  Each Security Document creates (or, once entered into, will
               create) in favour of the Lender the Security which it is
               expressed to create with the ranking and priority it is expressed
               to have except as may be described in any legal opinion delivered
               pursuant to Clause 4 and subject to the Security referred to in
               Clause 19.3.3.(ii) below.

      17.12.2  Without limiting Clause 17.12.1 above, its payment obligations
               under the Finance Documents rank at least pari passu with the
               claims of all its other unsecured and unsubordinated creditors,
               except for obligations mandatorily preferred by the law in its
               place of incorporation applying to companies generally.

17.13 TITLE

      It has good title to the assets subject to the Security created by it
      pursuant to any Security Document, free from all Security except the
      Security created pursuant to, or permitted by, the Finance Documents.

17.14 WINDING-UP

      No meeting has been convened for the winding-up of it or any of the
      Borrower's Subsidiaries or for the appointment of a receiver, trustee,
      judicial manager, administrator, administrative receiver, compulsory
      manager or other similar officer of it, any of the Borrower's Subsidiaries
      or any of their respective assets, no such step is intended by it or any
      of its Subsidiaries and, so far as it is aware, no petition, application
      or the like is outstanding for the winding-up of it or any of its
      Subsidiaries or for the appointment of a receiver, trustee, judicial
      manager, administrator, administrative receiver, compulsory manager or
      other similar officer of it, any of its Subsidiaries or any of their
      respective assets or any of them.

17.15 IMMUNITY

      Neither it nor any of its assets is entitled to immunity from suit,
      execution, attachment or other legal process and in any proceedings taken
      in the Philippines or Singapore in relation to the Finance Documents, it
      will not be entitled to claim immunity for itself or any of its assets
      arising from suit, execution or other legal process.

17.16 ACQUISITION

      The Acquisition Exercise has been completed on 20 December, 2002.

17.17 REPETITION

      The Repeating Representations are deemed to be made by the Borrower by
      reference to the facts and circumstances then existing at all times during
      the continuance of this Agreement.

                                     - 22 -
<PAGE>

18.   INFORMATION UNDERTAKINGS

18.1  The undertakings in this Clause 18 remain in force from the date of this
      Agreement for so long as any amount is outstanding under the Finance
      Documents or any Facility is in force.

18.2  FINANCIAL STATEMENTS

      The Borrower shall supply to the Lender:

      18.2.1   as soon as the same become available, but in any event within 180
               days after the end of each of its financial years, certified true
               copies of its audited consolidated financial statements for that
               financial year;

      18.2.2   as soon as the same become available, but in any event within 90
               days after the end of each half of each of its financial years,
               certified true copies of its unaudited consolidated financial
               statements for that financial half year;

      18.2.3   as soon as the same become available, but in any event within 180
               days after the end of each of the financial years of the
               Guarantor, certified true copies of the audited consolidated
               financial statements of the Guarantor for that financial year;
               and

      18.2.4   as soon as the same become available, but in any event within 90
               days after the end of each half of each of the financial years of
               the Guarantor, certified true copies of the unaudited
               consolidated financial statements of the Guarantor for that
               financial half year.

18.3  COMPLIANCE CERTIFICATE

      18.3.1   The Borrower shall supply to the Lender, with each set of
               financial statements delivered pursuant to Clause 18.1, a
               Compliance Certificate setting out (in reasonable detail)
               computations as to compliance with Clause 20 as at the date as at
               which those financial statements were drawn up.

      18.3.2   Each Compliance Certificate shall be signed by two directors of
               the Borrower.

18.4  REQUIREMENTS AS TO FINANCIAL STATEMENTS

      18.4.1   Each set of financial statements delivered by the Borrower
               pursuant to Clause 18.1 shall be certified by a director of the
               Borrower or (as the case may be) the Guarantor as fairly
               representing its consolidated financial condition and operations
               as at the end of and for the period in relation to which those
               financial statements were drawn up.

      18.4.2   The Borrower shall procure that each set of financial statements
               delivered pursuant to Clause 18.1 is prepared using GAAP.

18.5  INFORMATION: MISCELLANEOUS

      The Borrower shall supply to the Lender:

      18.5.1   promptly upon becoming aware of them, the details of any
               litigation, arbitration or administrative proceedings which are
               current, or pending against it, the Guarantor or any other member
               of the Borrower Group, and which might, if adversely determined,
               have a Material Adverse Effect; and

                                     - 23 -
<PAGE>

      18.5.2   promptly, such further information (other than information of a
               confidential or proprietary nature or in respect of which
               disclosure is prohibited pursuant to any law or directive to
               which the Borrower or the Guarantor is subject) regarding the
               financial condition, business and operations of itself, the
               Guarantor or any other member of the Borrower Group as the Lender
               may reasonably request.

18.6  NOTIFICATION OF DEFAULT

      18.6.1   The Borrower shall notify the Lender of any Event of Default or
               Unlawful Event which is continuing (and the steps, if any, being
               taken to remedy it) promptly upon becoming aware of its
               occurrence. The Borrower shall also notify the Lender of any
               Potential Event of Default or Potential Unlawful Event which is
               continuing (and the steps, if any, being taken to remedy it) and
               which, in the reasonable opinion of the Borrower, is materially
               adverse to its operations or would affect its ability to fulfil
               its obligations under this Agreement, promptly upon becoming
               aware of its occurrence

      18.6.2   Promptly upon a request by the Lender, the Borrower shall supply
               to the Lender a certificate signed by two of its directors or
               senior officers on its behalf certifying that, so far as it is
               aware and (if applicable) except as previously notified to the
               Lender or waived by the Lender, no Event of Default or Unlawful
               Event and no Potential Event of Default or Potential Unlawful
               Event which, in the reasonable opinion of the Borrower, is
               materially adverse to its operations or would affect its ability
               to fulfil its obligations under this Agreement, has occurred and
               is continuing (or if an Event of Default or Unlawful Event or
               Potential Event of Default or Potential Unlawful Event which, in
               the reasonable opinion of the Borrower, is materially adverse to
               its operations or would affect its ability to fulfil its
               obligations under this Agreement, is continuing, specifying the
               Event of Default, Potential Event of Default, Unlawful Event or
               Potential Unlawful Event and the steps, if any, being taken to
               remedy it).

18.7  WINDING-UP

      The Borrower will promptly notify the Lender of:

      18.7.1   the giving of any notice to convene a general meeting of it for
               the passing of a resolution for its winding-up;

      18.7.2   the filing of any application to place it under judicial
               management;

      18.7.3   the filing of any petition for its winding-up,

      and any verbal notification so given by it shall be confirmed in writing
      within 24 hours thereof.

19.   GENERAL UNDERTAKINGS

      The undertakings in this Clause 19 remain in force from the date of this
      Agreement for so long as any amount is outstanding under the Finance
      Documents or any Facility is in force.

                                     - 24 -
<PAGE>

19.1  AUTHORISATIONS

      The Borrower shall promptly:

      19.1.1   obtain, comply with and do all that is necessary to maintain in
               full force and effect; and

      19.1.2   supply certified copies to the Lender of,

      any Authorisation required under any law or regulation of its jurisdiction
      of incorporation to enable it to perform its obligations under the Finance
      Documents and to ensure the legality, validity, enforceability or
      admissibility in evidence in its jurisdiction of incorporation of any
      Finance Document.

19.2  COMPLIANCE WITH LAWS

      The Borrower shall comply in all respects with all laws to which it may be
      subject, if failure to so comply would materially impair its ability to
      perform its obligations under the Finance Documents.

19.3  NEGATIVE PLEDGE

      19.3.1   The Borrower shall not (and shall ensure that no other member of
               the Borrower Group will), without the prior consent in writing of
               the Lender (which shall not be unreasonably withheld), create or
               permit to subsist any Security over any of its assets.

      19.3.2   The Borrower shall not (and shall ensure that no other member of
               the Borrower Group will):

               (i)   sell, transfer or otherwise dispose of any of its assets on
                     terms whereby they are or may be leased to or re-acquired
                     by any other member of the Borrower Group;

               (ii)  sell, transfer or otherwise dispose of any of its
                     receivables on recourse terms;

               (iii) enter into any arrangement under which money or the benefit
                     of a bank or other account may be applied, set-off or made
                     subject to a combination of accounts; or

               (iv)  enter into any other preferential arrangement having a
                     similar effect,

               in circumstances where the arrangement or transaction is entered
               into primarily as a method of raising Financial Indebtedness or
               of financing the acquisition of an asset.

      19.3.3   Clauses 19.3.1 and 19.3.2 above do not apply to:

               (i)   any netting or set-off arrangement entered into by any
                     member of the Borrower Group in the ordinary course of its
                     banking arrangements for the purpose of netting debit and
                     credit balances;

               (ii)  any existing Security granted by the Borrower in favour of
                     Rizal Commercial Banking Corp. (RCBC) and/or Banco de Oro
                     Universal Bank (BDO) which

                                     - 25 -
<PAGE>

                     shall be discharged within three Business Days after the
                     date of the first Loan;

               (iii) any lien arising by operation of law and in the ordinary
                     course of trading;

               (iv)  any Security entered into pursuant to any Finance Document;
                     or

               (v)   any Security granted by the Borrower over any asset
                     acquired by the Borrower to secure the purchase of such
                     asset or to secure the indebtedness incurred solely for the
                     purpose of financing the acquisition of such asset,
                     provided that:

                     (a)   the Borrower shall have given the Lender the first
                           right of refusal to finance the Borrower's
                           acquisition of such asset; and

                     (b)   the aggregate purchase price of such assets subject
                           to Security pursuant to this Clause 19.3.3(v) shall
                           not exceed US$2,000,000 (or its equivalent).

19.4  DISPOSALS

      19.4.1   The Borrower shall not (and shall ensure that no other member of
               the Borrower Group will) sell, lease, transfer or otherwise
               dispose of all or substantially all of its assets or any part of
               such assets which, either alone or when aggregated with all other
               disposals required to be taken in account under this Clause
               19.4.1, is substantial in relation to its assets or those of
               itself and its Subsidiaries taken as a whole or the disposal of
               which (either alone or when so aggregated) would have a Material
               Adverse Effect.

      19.4.2   Clause 19.4.1 above does not apply to any sale, lease, transfer
               or other disposal:

               (i)   made in the ordinary course of trading of the disposing
                     entity; or

               (ii)  of assets in exchange for other assets comparable or
                     superior as to type, value and quality.

19.5  REORGANISATION

      The Borrower will not, without the prior consent in writing of the Lender
      (such consent not to be unreasonably withheld), undertake or permit any
      reorganisation, amalgamation, reconstruction, takeover or any other
      schemes of compromise or arrangement affecting its present constitution.

19.6  CHANGE OF BUSINESS

      The Borrower shall procure that no substantial change is made to the
      general nature of the business of the Borrower or the Borrower Group taken
      as a whole from that carried on at the date of this Agreement.

19.7  INSURANCE

      The Borrower will (i) at all times effect and maintain with any reputable
      insurer or underwriter having a rating of not less than "AA" from Standard
      & Poor's insurances against such risks and liabilities customary for
      businesses similar to its business and in amounts and on terms
      satisfactory to the Lender, including but not limited to insurances

                                     - 26 -
<PAGE>

      over the Secured Properties against loss and damage by fire, explosion,
      aircraft and other aerial devices and articles dropped therefrom, storm,
      tempest, flooding, burst pipes and tanks, subsidence, malicious damage and
      other customary risks and (ii) ensure and procure that the Guarantor will
      effect and maintain with any reputable insurer or underwriter having a
      rating of not less than "AA" from Standard & Poor's insurances against
      political risks of the Philippines in amounts and on terms satisfactory to
      the Lender, and will give such information to the Lender regarding such
      insurances as the Lender may from time to time require and punctually pay
      or procure to be paid all premiums and deliver or procure to be delivered
      receipts therefor to the Lender.

      Each of such insurances shall:

      (a)   be taken out in the name of the relevant Obligor;

      (b)   name the Lender as sole loss payee or beneficiary;

      (c)   acknowledge that the relevant Obligor is the sole party liable to
            pay the premiums in respect thereof;

      (d)   provide for the insurers or underwriters to give to the Lender at
            least 30 days' prior notice of cancellation by reason of non-payment
            of calls, premiums or otherwise and allow the Lender an opportunity
            of paying such calls or premiums which may be in default; and

      (e)   provide that they may not be altered or amended without the prior
            consent in writing of the Lender.

      Each of such insurances shall also contain a notice of assignment signed
      in accordance with the relevant policy rules.

19.8  REGISTRATION

      The Borrower will ensure that it does not need to obtain US Dollars from
      the Philippine banking system to service any amount of debt under this
      Agreement and it will promptly, at the request of the Lender (if such
      registration is necessary pursuant to any applicable law or regulation or
      is required by any applicable governmental authority in the Philippines),
      register this Agreement with the Bangko Sentral ng Pilipinas.

19.9  CAPITAL EXPENDITURE

      The Borrower shall not make or incur any capital expenditure without the
      prior consent in writing of the Lender (such consent not to be
      unreasonably withheld) provided that the Borrower may make or incur
      capital expenditure in an aggregate amount not exceeding US$4,500,000
      during its financial year ending 31 December, 2003.

19.10 POLITICAL RISK EVENT

      If any event occurs which entitles the Borrower to make a claim under a
      Political Risk Insurance, it shall immediately inform the Lender and shall
      take all necessary steps and action to make any such claim.

19.11 FURTHER ASSURANCE

      It will from time to time on request by the Lender do or procure the doing
      of all such acts and will execute or procure the execution of all such
      documents as is or would be

                                     - 27 -
<PAGE>

      necessary for giving full effect to each of the Finance Documents or
      securing to the Lender the full benefits of all rights, powers and
      remedies conferred upon the Lender in any of the Finance Documents.

19.12 CONDITIONS SUBSEQUENT

      The Borrower shall:

      19.12.1  immediately after any acquisition by it of any real property in
               the Philippines, execute a mortgage over such real property in
               such form as the Lender may require and do all such acts and
               execute all such documents as may be necessary to perfect or give
               full effect to such mortgage under all applicable laws;

      19.12.2  ensure that immediately after the making of the Facility A Loan
               referred to in Clause 5.2.1(v) above which is utilised to repay
               its existing bank borrowings, the financial institution(s) to
               whom such bank borrowings are owed shall confirm to the Lender
               (i) that such bank borrowings have been fully satisfied or
               discharged and (ii) that such financial institution(s) shall take
               all steps as may be required under applicable laws to discharge
               any Security securing such bank borrowings; and

      19.12.3  within three Business Days after the making of the Facility A
               Loan referred to in Clause 5.2.1(v) above, deliver to the Lender
               an acknowledgement of each notice of assignment referred to in
               paragraph 2(c) of Schedule 1 signed by the person to whom that
               notice was addressed.

19.13 SPECIAL CONSULTANT

      If the Lender determines that the Borrower is or will be unable to perform
      its obligations under any of the Financing Documents, the Lender may
      appoint on the Borrower's behalf or require the Borrower to appoint, a
      Special Consultant to conduct an audit of the Borrower or perform such
      other duties as the Lender may specify. The Lender may nominate as Special
      Consultant an accountant, lawyer, banker, engineer or, with limitation,
      any person whom the Lender considers suitably qualified. A Special
      Consultant so appointed shall be the agent of the Borrower who shall be
      solely responsible for his acts, defaults and remuneration.

20.   FINANCIAL COVENANTS

20.1  FINANCIAL CONDITION

      The Borrower shall ensure that:

      20.1.1   Consolidated Liabilities will not at any time exceed such
               percentage of Consolidated Networth as set out below:

               (i)   as of 30 June 2003, 175 per cent.;

               (ii)  as of 31 December 2003 and 30 June 2004, 150 per cent.; and

               (iii) as of 31 December 2004 and each 30 June and 31 December
                     falling thereafter for so long as any amount is outstanding
                     under the Finance Documents or any Facility is in force,
                     100 per cent;

                                     - 28 -
<PAGE>

      20.1.2   The ratio of Consolidated EBITDA less Tax to Consolidated Debt
               Service for any Relevant Period will not be less than 1.25 to 1;

      20.1.3   Liabilities will not at any time exceed such percentage of
               Networth as set out below:

               (i)   as of 30 June 2003, 175 per cent.;

               (ii)  as of 31 December 2003 and 30 June 2004, 150 per cent.; and

               (iii) as of 31 December 2004 and each 30 June and 31 December
                     falling thereafter for so long as any amount is outstanding
                     under the Finance Documents or any Facility is in force,
                     100 per cent; and

      20.1.4   The ratio of EBITDA less Tax to Debt Service for any Relevant
               Period will not be less than 1.25 to 1.

20.2  FINANCIAL COVENANT CALCULATIONS

      Consolidated Liabilities, Consolidated Networth, Consolidated Debt
      Service, Consolidated EBITDA, Debt Service, EBITDA, Liabilities and
      Networth shall be calculated and interpreted in accordance with the GAAP
      applicable to the Original Financial Statements of the Borrower and shall
      be expressed in US Dollars.

20.3  DEFINITIONS

      In this Clause 20:

      "CONSOLIDATED DEBT SERVICE" means in respect of any Relevant Period, the
      aggregate of:

      (i)      the aggregate amount of interest and any other finance charges
               (whether or not paid, payable or capitalised) payable by the
               Borrower Group in that Relevant Period in respect of Consolidated
               Liabilities adjusted (but without double counting) by deducting
               interest income of the Borrower Group in respect of that Relevant
               Period to the extent freely distributable to the Borrower Group
               in cash, as determined (except as needed to reflect the terms of
               this Clause 20) from the financial statements of the Borrower and
               Compliance Certificates delivered under Clause 18.1 and Clause
               18.2; and

      (ii)     the aggregate of the scheduled repayments under Facility A and
               any other Financial Indebtedness of the Borrower Group (excluding
               any indebtedness of any member of the Borrower Group to any other
               member of the Borrower Group to the extent permitted hereunder)
               falling due during the Relevant Period.

      "CONSOLIDATED EBITDA" means, in relation to any Relevant Period, the total
      consolidated operating profit of the Borrower Group for that Relevant
      Period:

      (i)      before taking into account:

               (a)   Interest Expense;

               (b)   Tax;

               (c)   any share of the profit of any associated company or
                     undertaking, except for dividends received in cash by any
                     member of the Borrower Group; and

                                     - 29 -
<PAGE>

               (d)   extraordinary and exceptional items; and

      (ii)     after adding back all amounts provided for depreciation and
               amortisation for that Relevant Period,

      as determined (except as needed to reflect the terms of this Clause 20
      from the financial statements of the Borrower Group and Compliance
      Certificates delivered under Clause 18.1 and Clause 18.2.

      "CONSOLIDATED LIABILITIES" means, as at any particular time in relation to
      the Borrower Group, an amount for the time being including:

      (i)      bank overdrafts and any part of any other borrowings maturing
               within 12 months;

      (ii)     the principal amount of any bonds or debentures or any other debt
               instruments issued by any member of the Borrower Group whether
               issued for cash or a consideration other than cash;

      (iii)    the liabilities of any member of the Borrower Group under any
               other liabilities in the nature of borrowings;

      (iv)     all other indebtedness whatsoever for borrowed moneys;

      (v)      current creditors, dividends, and taxation payable within 12
               months;

      (vi)     the principal amount raised by acceptances under any acceptance
               credit in favour of any member of the Borrower Group;

      (vii)    the face amount of any bills of exchange (other than cheques) or
               other instruments upon which any member of the Borrower Group is
               liable as drawer, acceptor or endorser;

      (viii)   all actual and contingent liabilities of whatsoever nature of any
               member of the Borrower Group in respect of borrowed moneys
               including, without limitation, the maximum premium payable on a
               redemption of any debenture or other indebtedness of any member
               of the Borrower Group and all actual and contingent liabilities
               of any other person (including the par value of any shares and
               the principal amount of any debentures of any person) to the
               extent that such liabilities, shares or debentures are directly
               or indirectly guaranteed or secured by or are, directly or
               indirectly, the subject of an indemnity given by, or with a right
               of recourse against, any member of the Borrower Group;

      (ix)     the aggregate of the principal amounts outstanding under all
               agreements or transactions entered into by any member of the
               Borrower Group for leasing, hire purchase, conditional sale or
               purchase on deferred terms, or provision of funds in support of
               obligations of third parties and similar transactions in relation
               to any property, and any other amounts due to creditors other
               than current creditors;

      (x)      amounts standing to the credit of any deferred tax account or tax
               equalisation reserve; and

      (xi)     any amount proposed to be distributed to shareholders,

      Provided that no liabilities shall be included in a calculation of
      Consolidated Liabilities more than once.

                                     - 30 -
<PAGE>

      For this purpose, any amount outstanding or repayable in a currency other
      than US Dollars shall on that day be taken into account in its US Dollars
      equivalent at the rate of exchange that would have been used had an
      audited consolidated balance sheet of the Borrower Group been prepared as
      at that day in accordance with the GAAP applicable to the Original
      Financial Statements of the Borrower.

      "CONSOLIDATED NETWORTH" means, as at any particular time, the aggregate
      of:

      (i)      the amount paid up or credited as paid up on the issued share
               capital of the Borrower and (to the extent required by GAAP
               applicable to the Original Financial Statements of the Borrower)
               of the subsidiaries of the Borrower (other than any shares which
               are expressed to be redeemable); and

      (ii)     the amount standing to the credit of the consolidated reserves of
               the Borrower Group,

      less (but without double counting) any amount included in the above which
      is attributable to:

      (a)      goodwill or other intangible assets;

      (b)      amounts set aside for Tax;

      (c)      minority interests;

      (d)      the amount by which the net book value of any asset has been
               written up after the date as at which the Original Financial
               Statements were prepared (or, in the case of a person becoming a
               member of the Borrower Group after that date, the date on which
               that person became or becomes a member of the Borrower Group) by
               way of revaluation or on its transfer from one member of the
               Borrower Group to another; and

      (e)      any dividend or other distribution declared, recommended or made
               by any member of the Borrower Group,

      but ignoring any variation in the credit or debit balance on the Borrower
      Group consolidated profit and loss account since the date of the then
      latest audited consolidated balance sheet of the Borrower Group except to
      the extent reflected in any later Borrower Group consolidated profit and
      loss statement delivered to the Lender under Clause 18.

      "DEBT SERVICE" means in respect of any Relevant Period, the aggregate of:

      (i)      the aggregate amount of interest and any other finance charges
               (whether or not paid, payable or capitalised) payable by the
               Borrower in that Relevant Period in respect of Liabilities
               adjusted (but without double counting) by deducting interest
               income of the Borrower in respect of that Relevant Period to the
               extent freely distributable to the Borrower in cash, as
               determined (except as needed to reflect the terms of this Clause
               20) from the financial statements of the Borrower and Compliance
               Certificates delivered under Clause 18.1 and Clause 18.2; and

      (ii)     the aggregate of the scheduled repayments under Facility A and
               any other Financial Indebtedness of the Borrower falling due
               during the Relevant Period.

                                     - 31 -
<PAGE>

      "EBITDA" means, in relation to any Relevant Period, the total operating
      profit of the Borrower for that Relevant Period:

      (i)      before taking into account:

               (a)   Interest Expense;

               (b)   Tax;

               (c)   any share of the profit of any associated company or
                     undertaking, except for dividends received in cash by the
                     Borrower; and

               (d)   extraordinary and exceptional items; and

      (ii)     after adding back all amounts provided for depreciation and
               amortisation for that Relevant Period,

      as determined (except as needed to reflect the terms of this Clause 20)
      from the financial statements of the Borrower and Compliance Certificates
      delivered under Clause 18.1 and Clause 18.2.

      "LIABILITIES" means, as at any particular time in relation to the
      Borrower, an amount for the time being including:

      (i)      bank overdrafts and any part of any other borrowings maturing
               within 12 months;

      (ii)     the principal amount of any bonds or debentures or any other debt
               instruments issued by the Borrower whether issued for cash or a
               consideration other than cash;

      (iii)    the liabilities of the Borrower under any other liabilities in
               the nature of borrowings;

      (iv)     all other indebtedness whatsoever for borrowed moneys;

      (v)      current creditors, dividends, and taxation payable within 12
               months;

      (vi)     the principal amount raised by acceptances under any acceptance
               credit in favour of the Borrower;

      (vii)    the face amount of any bills of exchange (other than cheques) or
               other instruments upon which the Borrower is liable as drawer,
               acceptor or endorser;

      (viii)   all actual and contingent liabilities of whatsoever nature of the
               Borrower in respect of borrowed moneys including, without
               limitation, the maximum premium payable on a redemption of any
               debenture or other indebtedness of the Borrower and all actual
               and contingent liabilities of any other person (including the par
               value of any shares and the principal amount of any debentures of
               any person) to the extent that such liabilities, shares or
               debentures are directly or indirectly guaranteed or secured by or
               are, directly or indirectly, the subject of an indemnity given
               by, or with a right of recourse against, the Borrower;

      (ix)     the aggregate of the principal amounts outstanding under all
               agreements or transactions entered into by the Borrower for
               leasing, hire purchase, conditional sale or purchase on deferred
               terms, or provision of funds in support of obligations of third
               parties and similar transactions in relation to any property, and
               any other amounts due to creditors other than current creditors;

                                     - 32 -
<PAGE>

      (x)      amounts standing to the credit of any deferred tax account or tax
               equalisation reserve; and

      (xi)     any amount proposed to be distributed to shareholders,

      Provided that no liabilities shall be included in a calculation of
      Liabilities more than once.

      For this purpose, any amount outstanding or repayable in a currency other
      than US Dollars shall on that day be taken into account in its US Dollars
      equivalent at the rate of exchange that would have been used had an
      audited balance sheet of the Borrower been prepared as at that day in
      accordance with the GAAP applicable to the Original Financial Statements
      of the Borrower.

      "NETWORTH" means, as at any particular time, the aggregate of:

      (i)      the amount paid up or credited as paid up on the issued share
               capital of the Borrower (other than any shares which are
               expressed to be redeemable); and

      (ii)     the amount standing to the credit of the consolidated reserves of
               the Borrower,

      less (but without double counting) any amount included in the above which
      is attributable to:

      (a)      goodwill or other intangible assets;

      (b)      amounts set aside for Tax;

      (c)      minority interests;

      (d)      the amount by which the net book value of any asset has been
               written up after the date as at which the Original Financial
               Statements were prepared by way of revaluation; and

      (e)      any dividend or other distribution declared, recommended or made
               by the Borrower,

      but ignoring any variation in the credit or debit balance on the Borrower
      profit and loss account since the date of the then latest audited balance
      sheet of the Borrower except to the extent reflected in any later Borrower
      profit and loss statement delivered to the Lender under Clause 18.

      "RELEVANT PERIOD" means:

      (i)      in relation to the computation of EBITDA, the period of 12
               calendar months immediately preceding such date of computation;
               and

      (ii)     in relation to the computation of Debt Service, the period of 12
               calendar months immediately preceding such date of computation.

21.   EVENTS OF DEFAULT

      Each of the events or circumstances set out in Clause 21 is an Event of
      Default.

21.1  NON-PAYMENT

      An Obligor does not pay on the due date any amount payable pursuant to a
      Finance Document at the place at and in the currency in which it is
      expressed to be payable.

                                     - 33 -
<PAGE>

21.2  FINANCIAL COVENANTS

      Any requirement of Clause 20 is not satisfied.

21.3  OTHER OBLIGATIONS

      21.3.1   An Obligor does not comply with any provision of the Finance
               Documents (other than those referred to in Clause 21.1 and Clause
               21.2).

      21.3.2   No Event of Default under Clause 21.3.1 above will occur if the
               failure to comply is capable of remedy and is remedied within 14
               days of the Lender giving notice to the Borrower or the Borrower
               becoming aware of the failure to comply.

21.4  MISREPRESENTATION

      Any representation or statement made or deemed repeated by an Obligor in
      the Finance Documents or any other document delivered by or on behalf of
      any Obligor under or in connection with any Finance Document is or proves
      to have been incorrect or misleading in any material respect when made or
      deemed repeated and if that default is capable of remedy, it is not
      remedied within 14 days of the Lender giving notice to the Borrower or the
      Borrower becoming aware of the default.

21.5  CROSS DEFAULT

      21.5.1   Any Financial Indebtedness exceeding in aggregate US$500,000 of
               any Obligor or any member of the Borrower Group is not paid when
               due nor within any applicable grace period.

      21.5.2   Any Financial Indebtedness of any Obligor or any member of the
               Borrower Group is declared to be due and payable prior to its
               specified maturity as a result of an event of default (however
               described).

      21.5.3   Any commitment for any Financial Indebtedness of any Obligor or
               any member of the Borrower Group is cancelled or suspended by a
               creditor of any Obligor or member of the Borrower Group as a
               result of an event of default (however described).

      21.5.4   Any creditor of any Obligor or any member of the Borrower Group
               becomes entitled to declare any Financial Indebtedness of any
               Obligor or any member of the Borrower Group due and payable prior
               to its specified maturity as a result of an event of default
               (however described).

21.6  INSOLVENCY

      21.6.1   Any Obligor or a member of the Borrower Group is deemed to be
               unable or admits inability to pay its debts generally, suspends
               making payments on all or a material part of its debts or, by
               reason of actual or anticipated financial difficulties, commences
               negotiations with one or more of its creditors with a view to
               rescheduling all or a material part of its indebtedness.

      21.6.2   The value of the assets of any Obligor or any member of the
               Borrower Group is less than its liabilities (taking into account
               contingent and prospective liabilities).

                                     - 34 -
<PAGE>

      21.6.3   A moratorium is declared in respect of all or a material part of
               the indebtedness of any Obligor or any member of the Borrower
               Group.

21.7  INSOLVENCY PROCEEDINGS

      Any corporate action, legal proceedings or other procedure or step (other
      than those of a frivolous or vexatious nature in the reasonable opinion of
      the Lender) is taken in relation to:

      21.7.1   the suspension of payments, a moratorium of any indebtedness,
               winding-up, dissolution, administration, provisional supervision,
               supervision or reorganisation (by way of voluntary arrangement,
               scheme of arrangement or otherwise) other than a solvent
               liquidation or reorganisation on terms approved by the Lender
               (such approval not to be unreasonably withheld);

      21.7.2   a composition, assignment or arrangement with any creditor of any
               Obligor or any member of the Borrower Group;

      21.7.3   the appointment of a liquidator (other than in a solvent
               liquidation of a member of the Borrower Group which is not an
               Obligor), receiver, administrator, administrative receiver,
               compulsory manager, provisional supervisor, supervisor or other
               similar officer in respect of any Obligor or any member of the
               Borrower Group or any of its assets; or

      21.7.4   the enforcement of any Security over any assets of any Obligor or
               any member of the Borrower Group,

      or any analogous procedure or step is taken in any jurisdiction.

21.8  CREDITORS' PROCESS

      Any expropriation, attachment, sequestration, distress or execution
      affects all or a material part of the assets of any Obligor or any member
      of the Borrower Group and is not discharged or stayed within 21 days.

21.9  OWNERSHIP OF BORROWER

      At any time after the Acquisition Exercise Date, the Borrower is not or
      ceases to be a wholly owned direct or indirect Subsidiary of the
      Guarantor.

21.10 REPUDIATION

      An Obligor repudiates a Finance Document or evidences an intention to
      repudiate a Finance Document.

21.11 SECURITY

      Any Security Document is not in full force and effect or does not create
      in favour of the Lender the Security which it is expressed to create with
      the ranking and priority it is expressed to have.

21.12 BUSINESS IN JEOPARDY

      In the reasonable opinion of the Lender (i) the business of the Borrower
      is in jeopardy and/or (ii) the key management of the Borrower as at the
      date of this Agreement is wholly

                                     - 35 -
<PAGE>

      or substantially displaced or the authority of the Borrower in the conduct
      of its business is wholly or substantially curtailed.

21.13 DECLARED COMPANY

      The Guarantor is declared by the Minister to be a declared company under
      the provisions of Part IX of the Companies Act, Chapter 50 of Singapore.

21.14 NO PROCEEDINGS PENDING OR THREATENED

      Any litigation, arbitration or administrative proceedings of or before any
      court, arbitral body or agency have been started or threatened against the
      Borrower or any of the Borrower's Subsidiaries which, if adversely
      determined, might reasonably be expected to have a Material Adverse
      Effect.

21.15 MATERIAL ADVERSE CHANGE

      Any event or circumstance occurs which the Lender reasonably determines
      would have a Material Adverse Effect.

21.15A POLITICAL RISK EVENT

      An event (howsoever named or defined in a Political Risk Insurance) which
      entitles the insured thereunder to make a claim under such Political Risk
      Insurance occurs and either (i) any grace or waiting period for such
      insured to make such claim has expired or (ii) the payment of such claim
      has been made under such Political Risk Insurance.

21.16 ACCELERATION

      On and at any time after the occurrence of an Event of Default the Lender
      may, by notice in writing to the Borrower:

      21.16.1  cancel the Total Facility Amounts whereupon it shall immediately
               be cancelled;

      21.16.2  declare that all or part of the Loans, together with accrued
               interest, and all other amounts accrued or outstanding under the
               Finance Documents be immediately due and payable, whereupon they
               shall become immediately due and payable; and/or

      21.16.3  declare that all or part of the Loans be payable on demand,
               whereupon they shall immediately become payable on demand by the
               Lender.

22.   CHANGES TO THE LENDER

22.1  ASSIGNMENTS AND TRANSFERS BY THE LENDER

      Subject to this Clause 22, a Lender (the "EXISTING LENDER") may, at its
      own cost and expense, without the consent of the Borrower:

      22.1.1   assign any of its rights; or

      22.1.2   transfer by novation any of its rights and obligations,

      to another bank or financial institution or to a trust fund or other
      entity which is regularly engaged in or established for the purpose of
      making, purchasing or investing in loans, securities or other financial
      assets (the "NEW LENDER").

                                     - 36 -
<PAGE>

22.2  CONDITIONS OF ASSIGNMENT OR TRANSFER

      If:

      22.2.1   the Lender assigns or transfers any of its rights or obligations
               under the Finance Documents or changes its Facility Office; and

      22.2.2   as a result of circumstances existing at the date the assignment,
               transfer or change occurs, the Borrower would be obliged to make
               a payment to the New Lender or the Lender acting through its new
               Facility Office under Clause 12 or Clause 13,

      then the New Lender or the Lender acting through its new Facility Office
      is only entitled to receive payment under those Clauses to the same extent
      as the Existing Lender or the Lender acting through its previous Facility
      Office would have been if the assignment, transfer or change had not
      occurred.

22.3  DISCLOSURE OF INFORMATION

      The Lender and any of its officers (as defined in the Banking Act, Chapter
      19 of Singapore (the "BANKING ACT")) may disclose to any of its Affiliates
      and any other person:

      22.3.1   to whom the Lender assigns or transfers (or may potentially
               assign or transfer) all or any of its rights and obligations
               under this Agreement;

      22.3.2   to whom the Lender enters into (or may potentially enter into)
               any sub-participation in relation to, or any other transaction
               under which payments are to be made by reference to, this
               Agreement or the Borrower;

      22.3.3   to whom, and to the extent that, information is required to be
               disclosed by any applicable law or regulation;

      22.3.4   to whom the Lender is under a duty to disclose; or

      22.3.5   who is a person, or who belongs to a class of persons, specified
               in the second column of the Sixth Schedule to the Banking Act,

      any customer information (as defined in the Banking Act) or any other
      information about the Borrower, the Group and the Finance Documents as the
      Lender shall consider appropriate.

      This Clause 22.3 is not, and shall not be deemed to constitute, an express
      or implied agreement by the Lender with the Borrower for a higher degree
      of confidentiality than that described in Section 47 of the Banking Act
      and in the Sixth Schedule to the Banking Act.

23.   CHANGES TO THE BORROWER

      The Borrower may not assign any of its rights or transfer any of its
      rights or obligations under the Finance Documents.

24.   CONDUCT OF BUSINESS BY THE LENDER

      No provision of this Agreement will:

      24.1.1   impose a legal obligation on the Lender to take any steps that
               might be prejudicial to it or which might conflict with its
               general banking policies;

                                     - 37 -
<PAGE>

      24.1.2   interfere with the right of the Lender to arrange its affairs
               (tax or otherwise) in whatever manner it thinks fit;

      24.1.3   oblige the Lender to claim any credit, relief, remission or
               repayment available to it or the extent, order and manner of any
               claim; or

      24.1.4   oblige the Lender to disclose any information relating to its
               affairs (tax or otherwise).

25.   PAYMENT MECHANICS

25.1  PAYMENTS TO THE LENDER

      25.1.1   On each date on which the Borrower is required to make a payment
               under a Finance Document, it shall make the same available to the
               Lender for value on the due date at the time and in such funds
               specified by the Lender as being customary at the time for
               settlement of transactions in the relevant currency in the place
               of payment.

      25.1.2   Payment shall be made to such account in the principal financial
               centre of the country of that currency with such bank as the
               Lender may notify to the Borrower by not less than five Business
               Days' notice.

25.2  PAYMENTS BY THE LENDER

      25.2.1   On each date on which the Lender is required to make a payment
               under a Finance Document, the Lender shall make the same
               available to the Borrower for value on the due date at the time
               and in such funds specified by the Lender as being customary at
               the time for settlement of transactions in the relevant currency
               in the place of payment.

      25.2.2   Payment shall be made to such account in the principal financial
               centre of the country of that currency with such bank as the
               Borrower may notify to the Lender in the relevant Utilisation
               Request.

25.3  DISTRIBUTIONS TO THE BORROWER

      The Lender may (with the consent of the Borrower or in accordance with
      Clause 26 (Set-Off)) apply any amount payable by it to the Borrower in or
      towards payment (on the date and in the currency and funds of receipt) of
      any amount due from the Borrower under the Finance Documents or in or
      towards purchase of any amount of any currency to be so applied.

25.4  NETTING OF PAYMENTS

      Notwithstanding Clauses 6.2 or 25.1 to 25.3 or any other provision of this
      Agreement, if on any date an amount under Facility B (the "FIRST AMOUNT")
      is to be advanced by the Lender under this Agreement and an amount under
      Facility B (the "SECOND AMOUNT") is due from the Borrower to the Lender
      under this Agreement, the Lender shall apply the first amount in or
      towards payment of the second amount. The Lender shall remain obliged to
      advance any excess (or, as the case may be, the Borrower shall remain
      obliged to pay any shortfall) in accordance with this Clause 25. Nothing
      in this Clause 25.4 shall be effective to create a charge.

                                     - 38 -
<PAGE>

25.5  PARTIAL PAYMENTS

      25.5.1   If the Lender receives a payment that is insufficient to
               discharge all the amounts then due and payable by an Obligor
               under the Finance Documents, the Lender shall apply that payment
               towards the obligations of the Borrower under the Finance
               Documents in any order selected by the Lender.

      25.5.2   Clause 25.5.1 above will override any appropriation made by the
               Borrower.

25.6  NO SET-OFF BY BORROWER

      All payments to be made by the Borrower under the Finance Documents shall
      be calculated and be made without (and free and clear of any deduction
      for) set-off or counterclaim subject, however, to Clause 22.2.

25.7  BUSINESS DAYS

      25.7.1   Any payment which is due to be made on a day that is not a
               Business Day shall be made on the next Business Day.

      25.7.2   During any extension of the due date for payment of any principal
               or an Unpaid Sum under this Agreement interest is payable on the
               principal or Unpaid Sum at the rate payable on the original due
               date.

25.8  CURRENCY OF ACCOUNT

      25.8.1   Subject to Clauses 25.8.2 to 25.8.5 below, US Dollars is the
               currency of account and payment for any sum due from the Borrower
               under any Finance Document.

      25.8.2   A repayment of an Unpaid Sum or a part of an Unpaid Sum shall be
               made in the currency in which that Unpaid Sum is denominated on
               its due date.

      25.8.3   Each payment of interest shall be made in the currency in which
               the sum in respect of which the interest is payable was
               denominated when that interest accrued.

      25.8.4   Each payment in respect of costs, expenses or Taxes shall be made
               in the currency in which the costs, expenses or Taxes are
               incurred.

      25.8.5   Any amount expressed to be payable in a currency other than US
               Dollars shall be paid in that other currency.

26.   SET-OFF

      The Lender may, at any time after the occurrence of an Event of Default
      and so long as such Event of Default is continuing, but is not obliged to,
      set off any matured obligation due from the Borrower under the Finance
      Documents (to the extent beneficially owned by the Lender) against any
      obligation owed by the Lender to the Borrower, regardless of the place of
      payment, booking branch or currency of either obligation. If the
      obligations are in different currencies, the Lender may convert either
      obligation at a market rate of exchange in its usual course of business
      for the purpose of the set-off. The Lender shall as soon as reasonably
      practicable upon effecting such set-of or conversion give notice in
      writing thereof to the Borrower.

                                     - 39 -
<PAGE>

27.   NOTICES

27.1  COMMUNICATIONS IN WRITING

      Any communication to be made under or in connection with the Finance
      Documents shall be made in writing and, unless otherwise stated, may be
      made by fax, letter or telex.

27.2  ADDRESSES

      The address, fax number and telex number (and the department or officer,
      if any, for whose attention the communication is to be made) of each Party
      for any communication or document to be made or delivered under or in
      connection with the Finance Documents is that identified with its name
      below, or any substitute address, fax number, telex number or department
      or officer as the Party may notify to the other Party by not less than
      five Business Days' prior notice in writing.

27.3  DELIVERY

      27.3.1   Any communication or document made or delivered by the Lender to
               the Borrower under or in connection with the Finance Documents
               will only be effective:

               (i)   if by way of fax, when received in legible form; or

               (ii)  if by way of letter, when it has been left at the relevant
                     address or five Business Days after being sent by prepaid
                     registered post (by airmail) in an envelope addressed to it
                     at that address; or

               (iii) if by way of telex, when despatched, but only if, at the
                     time of transmission, the correct answerback appears at the
                     start and at the end of the sender's copy of the notice,

               and, if a particular department or officer is specified as part
               of its address details provided under Clause 27.2, if addressed
               to that department or officer.

      27.3.2   Any communication or document to be made or delivered to the
               Lender will be effective only when actually received by the
               Lender and then only if it is expressly marked for the attention
               of the department or officer identified with the Lender's
               signature below (or any substitute department or officer as the
               Lender shall specify for this purpose).

      27.3.3   Any communication or document made or delivered to the Borrower
               in accordance with this Clause will be deemed to have been made
               or delivered to the Borrower.

28.   CALCULATIONS AND CERTIFICATES

28.1  ACCOUNTS

      In any litigation or arbitration proceedings arising out of or in
      connection with a Finance Document, the entries made in the accounts
      maintained by the Lender are prima facie evidence of the matters to which
      they relate.

28.2  CERTIFICATES AND DETERMINATIONS

      Any certification or determination by the Lender of a rate or amount under
      any Finance Document is prima facie evidence of the matters to which it
      relates.

                                     - 40 -
<PAGE>

28.3  DAY COUNT CONVENTION

      Any interest, commission or fee accruing under a Finance Document 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.

29.   PARTIAL INVALIDITY

      If, at any time, any provision of the Finance Documents is or becomes
      illegal, invalid or unenforceable in any respect under any law of any
      jurisdiction, neither the legality, validity or enforceability of the
      remaining provisions nor the legality, validity or enforceability of such
      provision under the law of any other jurisdiction will in any way be
      affected or impaired.

30.   REMEDIES AND WAIVERS

      No failure to exercise, nor any delay in exercising, on the part of the
      Lender, any right or remedy under the Finance Documents shall operate as a
      waiver, nor shall any single or partial exercise of any right or remedy
      prevent any further or other exercise or the exercise of any other right
      or remedy. The rights and remedies provided in this Agreement are
      cumulative and not exclusive of any rights or remedies provided by law.

31.   AMENDMENTS AND WAIVERS

      No term of any of the Finance Documents may be amended or waived without
      the prior consent of the Lender and the Borrower and any such amendment or
      waiver will be binding on all Parties.

32.   COUNTERPARTS

      Each Finance Document may be executed in any number of counterparts, and
      this has the same effect as if the signatures on the counterparts were on
      a single copy of the Finance Document.

33.   GOVERNING LAW

      This Agreement is governed by Singapore law.

34.   ENFORCEMENT

34.1  JURISDICTION OF SINGAPORE COURTS

      34.1.1   The courts of Singapore have jurisdiction to settle any dispute
               arising out of or in connection with this Agreement (including a
               dispute regarding the existence, validity or termination of this
               Agreement) (a "DISPUTE").

      34.1.2   The Parties agree that the courts of Singapore are the most
               appropriate and convenient courts to settle Disputes and
               accordingly no Party will argue to the contrary.

      34.1.3   This Clause 34.1 is for the benefit of the Lender only. As a
               result, the Lender shall not be prevented from taking proceedings
               relating to a Dispute in any other courts with jurisdiction. To
               the extent allowed by law, the Lender may take concurrent
               proceedings in any number of jurisdictions.

                                     - 41 -
<PAGE>

34.2  SERVICE OF PROCESS

      Without prejudice to any other mode of service allowed under any relevant
      law the Borrower :

      34.2.1   irrevocably appoints the Guarantor as its agent for service of
               process in relation to any proceedings before the Singapore
               courts in connection with any Finance Document; and

      34.2.2   agrees that failure by a process agent to notify the Borrower of
               the process will not invalidate the proceedings concerned.

      This Agreement has been entered into on the date stated at the beginning
      of this Agreement

35.   CONFLICT

      In the event of any inconsistency between the provisions of this Agreement
      and the provisions of any of the Finance Documents, the provisions of this
      Agreement will prevail.

                                     - 42 -
<PAGE>

                                   SCHEDULE 1

                              CONDITIONS PRECEDENT

1.    OBLIGORS

(a)   A copy of the certificate of incorporation and memorandum and articles of
      association of the Guarantor and the analogous constitutional documents of
      the Borrower.

(b)   A copy of a resolution of the board of directors of each Obligor:

      (i)   approving the terms of, and the transactions contemplated by, the
            Finance Documents to which it is a party and resolving that it
            execute the Finance Documents to which it is a party;

      (ii)  in the case of the Guarantor, to the effect that it is in the
            commercial interests of the Guarantor, giving reasons;

      (iii) authorising a specified person or persons to execute the Finance
            Documents to which it is a party on its behalf; and

      (iv)  authorising a specified person or persons, on its behalf, to sign
            and/or despatch all documents and notices (including, if relevant,
            any Utilisation Request and Selection Notice) to be signed and/or
            despatched by it under or in connection with the Finance Documents
            to which it is a party.

(c)   A specimen of the signature of each person authorised by the resolution
      referred to in paragraph (b) above.

(d)   A certificate of a director or the secretary of the relevant Obligor
      certifying that:

      (i)   each copy document relating to it specified in paragraphs (a) and
            (b) above is correct, complete and in full force and effect as at a
            date no earlier than the date of this Agreement; and

      (ii)  borrowing or guaranteeing, as appropriate, the Total Facility
            Amounts would not cause any borrowing, guaranteeing or similar limit
            binding on that Obligor to be exceeded.

2     SECURITY

      The following documents in such form as may be agreed by the Borrower and
      the Lender:

(a)   A copy of each Security Document, duly executed by the Parties to it.

(b)   A copy of all insurance policies required to be effected by the Borrower
      under Clause 19.7 (in form and substance acceptable to the Lender) naming
      the Lender as sole loss payee and the receipts for the most recent
      premium.

(c)   Notices of assignment of Assigned Accounts signed by the Borrower, all as
      required by the Security Agreement.

      In this paragraph 2, the term "ASSIGNED ACCOUNTS", has the meaning given
      to it in the Security Agreement.

                                     - 43 -
<PAGE>

3     LEGAL OPINIONS

(a)   A legal opinion of Allen & Gledhill, legal advisers to the Lender in
      Singapore, substantially in the form agreed by the Lender prior to signing
      this Agreement.

(b)   A legal opinion of SyCip Salazar Hernandez & Gatmaitan, legal advisers to
      the Lender in the Philippines.

4     OTHER DOCUMENTS AND EVIDENCE

(a)   Evidence that any process agent referred to in Clause 34.2, if not an
      Obligor, has accepted its appointment.

(b)   A copy of any other Authorisation which is necessary (if the Lender has
      notified the Borrower accordingly) in connection with the entry into and
      performance of the transactions contemplated by any Finance Document or
      for the validity and enforceability of any Finance Document.

(c)   The Original Financial Statements of each Obligor.

(d)   Evidence that the fees, costs and expenses then due from the Borrower
      pursuant to Clause 11 and Clause 16 have been paid or will be paid by the
      first Utilisation Date.

(e)   Evidence that the cash component of the consideration payable in relation
      to the Acquisition Exercise does not exceed US$8,000,000.

(f)   Evidence that the existing key management of the Borrower has signed or
      will sign a service agreement of not less than two years from the
      Acquisition Exercise Date.

                                     - 44 -
<PAGE>

                                   SCHEDULE 2

                                    REQUESTS

                                     PART I

                               UTILISATION REQUEST

From:  Automated Technology (Phil.) Inc

To:    The Development Bank of Singapore Ltd

Dated: [                         ]

Dear Sirs

                        AUTOMATED TECHNOLOGY (PHIL.) INC

                               FACILITY AGREEMENT

                  DATED [__________] (THE "FACILITY AGREEMENT")

1     We refer to the Facility Agreement. This is a Utilisation Request. Terms
      defined in the Facility Agreement shall have the same meaning in this
      Utilisation Request.

2     We wish to borrow a Loan on the following terms:

      Proposed Utilisation Date:      [         ] (or, if that is not a Business
                                       Day, the next Business Day)

      Facility to be utilised:        [Facility A]/[Facility B]*

      Amount:                         [       ] or, if less, the Available
                                      Facility

      Interest Period:                [       ]

3     We confirm that each condition specified in Clause 4.2 is satisfied on the
      date of this Utilisation Request.

4     The proceeds of this Loan should be credited to [account].

5     This Utilisation Request is irrevocable.

                                Yours faithfully

                                --------------------------

                                authorised signatory for

                                [name of the Borrower]

----------

* Delete as appropriate.

                                     - 45 -
<PAGE>

                                     PART II

                                SELECTION NOTICE

From:  Automated Technology (Phil.) Inc

To:    The Development Bank of Singapore Ltd

Dated:

Dear Sirs

                        AUTOMATED TECHNOLOGY (PHIL.) INC

                               FACILITY AGREEMENT

                      DATED [          ] (THE "AGREEMENT ")

1     We refer to the Agreement. This is a Selection Notice. Terms defined in
      the Agreement have the same meaning when used in this Selection Notice
      unless given a different meaning in this Selection Notice.

2     We refer to the Interest Period of the Facility A Loan ending on [     ].*

3     We request that the next Interest Period for that Facility A Loan is [  ].

4     This Selection Notice is irrevocable.

                                Yours faithfully

                                --------------------------

                                authorised signatory for

                                Automated Technology (Phil.) Inc

----------

* INSERT DETAILS OF ALL LOANS WHICH HAVE AN INTEREST PERIOD ENDING ON THE SAME
DATE.

                                     - 46 -
<PAGE>

IN WITNESS WHEREOF this Agreement has been entered into on the date stated at
the beginning.

THE BORROWER

AUTOMATED TECHNOLOGY (PHIL.) INC

Address:       Main Avenue cor. Hologram Road
               Light Industry and Science Park of the Philippines - SEPZ 4025
               Cabuyo, Laguna, Philippines

Fax No.:       (6349) 543 0334

Tel No.:       (6349) 543 0333

Attention:     Jose Antonio A. Lichauco
               SVP/CFO

By: /s/ Renato Tanseco        /s/ Inderjit Singh

THE LENDER

THE DEVELOPMENT BANK OF SINGAPORE LTD

Address:       6 Shenton Way #03-05
               DBS Building Tower One
               Singapore 068809

Fax No.:       6323 5410

Attention:     Manager, Advisory Banking, Investment Banking Group

By: /s/ DBS Representative

/s/ Sia Moon Joon

Notarary Public Singapore

                                     - 47 -
<PAGE>

                                                                  Execution Copy

                           OMNIBUS SECURITY AGREEMENT

                          dated as of February 5, 2003

                                     between

                        AUTOMATED TECHNOLOGY (PHIL.) INC.

                                       and

                     THE DEVELOPMENT BANK OF SINGAPORE LTD.

<PAGE>

THIS OMNIBUS SECURITY AGREEMENT (this "Agreement"), dated as of February 5,
2003, is made by and between AUTOMATED TECHNOLOGY (PHIL.) INC., a corporation
organized under the laws of the Philippines (the "Company"), and THE DEVELOPMENT
BANK OF SINGAPORE LTD., a banking corporation organized under the laws of
Singapore (the "Bank").

                              PRELIMINARY STATEMENT

(A)   By a Facility Agreement dated February 5, 2003, between the Company and
      the Bank (as amended or supplemented, the "Facility Agreement"), the Bank
      agreed to provide to the Company a term loan facility in the amount of
      US$10,000,000 and an uncommitted revolving credit facility in the amount
      of US$3,000,000 under the terms and conditions of the Facility Agreement;

(B)   In order to secure the due and full payment and performance by the Company
      of all Secured Obligations, the Company agreed to mortgage and/or assign
      the Collateral in favor of the Bank in accordance with and under the terms
      and conditions of this Agreement.

NOW, THEREFORE, the parties hereto agree as follows:

                                     PART A
                                COMMON PROVISIONS

                     SECTION 1. DEFINITIONS AND OTHER TERMS

1.01  PRINCIPLES OF CONSTRUCTION

      (a) Capitalized terms used in this Agreement but not otherwise defined
      shall have the meanings set forth in Section 1.02 of this Part A.

      (b) The headings in this Agreement are inserted for convenience of
      reference only and shall not limit or affect the construction of the
      provisions hereof. Unless the context otherwise requires, words denoting
      the singular number shall include the plural and vice versa. Unless
      otherwise provided herein, all terms of accounting used herein shall be
      construed in accordance with generally accepted accounting principles in
      effect in the Philippines on the date applied. References to "Part" or
      "Schedule" are references to the Parts of and Schedules to this Agreement.

      (c) Unless the context otherwise requires, references in any Part of this
      Agreement to "Section" or "Sections" are references to the Sections of
      such Part.

      (d) Reference in this Agreement to any statute, law, decree or regulation
      shall be construed as a reference to such statute, law, decree or
      regulation as re-enacted, redesignated, amended or extended from time to
      time, and reference in this Agreement to any document or agreement shall
      be deemed to include

<PAGE>

      references to such document or agreement as amended, varied, supplemented
      or replaced from time to time.

      (e) References to any Person or Persons shall be construed as a reference
      to any permitted successors or assigns of such Person or Persons.

1.02  COMMON DEFINED TERMS

      When used in this Agreement, the following terms shall have the following
      meanings (terms used in the singular to have a correlative meaning when
      used in the plural and vice versa):

      "Applicable Law" shall mean any statute, law, regulation, ordinance, rule,
      judgment, order, decree, Governmental Approval, concession, grant,
      franchise, license, directive, guideline, policy, requirement or other
      governmental restriction or any similar form of decision of, or
      determination by, or any interpretation or administration of any of the
      foregoing by, any Governmental Authority.

      "Base Rate" shall mean the interest rate referred to in Clause 8.3 of the
      Facility Agreement.

      "Business Day" shall mean a day on which commercial banks are not
      authorized or required to close in the cities of Manila and Makati.

      "Collateral" shall mean all property, rights, title and interest of any
      kind or character covered by, or purported to be covered by, this
      Agreement.

      "Declaration" shall mean the declaration or notice that the Bank may issue
      under Clause 21.16 of the Facility Agreement.

      "Event of Default" shall mean any of the events specified in Clause 21 of
      the Facility Agreement.

      "Facilities" shall mean the aggregate principal amount of the loan and
      credit facilities made to the Company under the Facility Agreement, or as
      the context may require, the amount thereof then outstanding.

      "Governmental Approval" shall mean any authorization, consent, approval,
      license, franchise, ruling, permit, tariff, rate, certification,
      exemption, filing, variance, claim, order, judgment, decree, publication,
      notices to, declarations of or with or registration by or with, any
      Governmental Authority.

      "Governmental Authority" shall mean any nation or government, any state or
      other political subdivision thereof, and any entity exercising executive,
      legislative, judicial, regulatory or administrative functions of or
      pertaining to the government.

                                       2
<PAGE>

      "Lien" shall mean, with respect to any Person, any mortgage, charge,
      pledge, lien or other security interest on or with respect to any asset or
      revenue of such Person securing any obligation of any Person or any other
      agreement or arrangement having substantially the same economic effect.

      "Material Adverse Effect" shall have the meaning ascribed thereto in
      Clause 1.1 of the Facility Agreement.

      "Person" shall mean an individual, corporation, partnership, joint
      venture, unincorporated association, trust or other juridical entity, or
      any Governmental Authority.

      "Secured Obligations" shall mean all indebtedness, liabilities and
      obligations of the Company to the Bank under or pursuant to the terms of
      the Facility Agreement and this Agreement.

      "Termination" shall mean the occurrence of both of the following: (i) the
      payment in full of all the Secured Obligations, and (ii) the termination
      in whole of the obligations of the Bank to extend or maintain the
      Facilities under the Facility Agreement.

      "US Dollars" and "US$" shall mean the lawful currency of the United States
      of America.

                              SECTION 2. COLLATERAL

2.01  GRANTING CLAUSE

      In consideration of the extension of the Facilities to the Company under
      the Facility Agreement, and in order to secure the due and full payment
      and performance of all Secured Obligations according to their terms, as
      well as for the prompt observance and performance of all the provisions of
      this Agreement (including any instrument supplemental hereto and any
      modification or alteration hereof made as herein provided), the Company
      has granted, conveyed, mortgaged, assigned, transferred, and confirmed,
      and by these presents do hereby grant, convey, mortgage, assign, transfer,
      and confirm unto the Bank, the following Collateral:

            (1) all personal property, tangible and intangible, owned by the
      Company on the date of the execution hereof, and all personal property,
      tangible and intangible, which may be hereafter acquired by it, situated
      in the Philippines, excepting in each case such property as is hereinafter
      expressly excepted and excluded from the Lien and operations of this
      Agreement, each of which property will be granted by the Company to the
      Bank by way of chattel mortgage and/or assignment in accordance with the
      applicable provisions of Part B and Part C;

                                       3
<PAGE>

            (2) all revenues now or hereafter collected by the Company, and all
      moneys now or hereafter payable by the customers of the Company, as
      granted by the Company to the Bank by way of assignment in accordance with
      the provisions of Part C; and

            (3) all of the proceeds of the foregoing.

      The particular description of the Collateral in any provision of this
      Agreement shall be without prejudice to the generality of the granting
      clause contained in this Section 2.01.

2.02  EXCEPTIONS AND EXCLUSIONS

      Any and all property, permits, licenses or franchises now owned or
      hereafter acquired or constructed by or granted to the Company for use in
      connection with its business, to the extent that any such property,
      permit, license or franchise is or may be stated or required to be
      non-transferable by virtue of any Applicable Law or any agreement entered
      into by the Company with any Governmental Authority, and any personal
      property owned by the Company over which any Lien may from time to time be
      granted by the Company pursuant to Clause 19.3.3(v) of the Facility
      Agreement, are hereby excepted and excluded from this Agreement and from
      the Lien created hereunder.

2.03  DEFEASANCE CLAUSE

      It is of the essence of this Agreement that if the Company shall pay or
      perform or cause to be paid or performed in full all of the Secured
      Obligations, and if the Company shall also observe and perform its
      covenants and obligations set forth in this Agreement, then this Agreement
      and the estate and rights hereby granted shall cease and terminate, and
      the Bank shall, as soon as practicable thereafter and at the cost and
      request of the Company, execute and deliver to the Company, as
      appropriate, such deeds or other instruments as shall be requisite to
      cancel and discharge the Lien of this Agreement and reconvey to the
      Company, as appropriate, the estate and titles hereby conveyed.

2.04  DECLARATION

      If an Event of Default shall have occurred and be continuing, the Bank
      under the Facility Agreement may issue a Declaration in accordance with
      the terms of such agreement, and shall then have such rights and remedies
      as are provided in this Agreement.

                       SECTION 3. MISCELLANEOUS PROVISIONS

                                       4
<PAGE>

3.01  WAIVER, CUMULATIVE RIGHTS

      No failure or delay on the part of the Bank in exercising any right, power
      or remedy accruing to it upon any breach or default of the Company under
      this Agreement shall impair any such right, power or remedy, nor shall it
      be construed as a waiver of any such breach or default thereafter
      occurring, nor shall a waiver of any single breach or default be deemed a
      waiver of any other breach or default theretofore or thereafter occurring,
      nor shall any single or partial exercise of any such right or power
      preclude any other or further exercise thereof or the exercise of any
      other right or power hereunder. All remedies, either under this Agreement
      or by Applicable Law or otherwise afforded the Bank shall be cumulative
      and not alternative. No notice to or demand on the Company in any case
      shall entitle it to any other or further notice or demand in similar or
      other circumstances.

3.02  AMENDMENTS

      Subject to any other requirement as may be specified in any other Part,
      the written consent of the Bank shall be required for an amendment or any
      waiver of the provisions of this Agreement.

3.03  VENUE FOR SUIT

      The Company irrevocably agrees that any legal action, suit or proceeding
      arising out of or relating to this Agreement or any Part may be
      instituted, at the option of the Bank, in any competent court in Metro
      Manila, and by the execution and delivery of this Agreement, the Company
      submits to and accepts with regard to any such action or proceeding for
      itself and in respect of its properties or assets, generally and
      unconditionally, the non-exclusive jurisdiction of any such court. The
      Company hereby waives any objection which it may now or hereafter have to
      the laying of the venue of any such action, suit or proceeding, and
      further waives any claim that any such suit, action or proceeding has been
      brought in an inconvenient forum. The foregoing, however, shall not limit
      or be construed to limit the rights of the Bank to commence proceedings or
      to obtain execution of judgment against the Company in any venue or
      jurisdiction where assets of the Company may be found. Furthermore, the
      foregoing shall be without prejudice to the right of the Bank to bring
      action in the courts of and in any appropriate venue in order to proceed
      against the Collateral in accordance with the provisions of Part A, B and
      C.

3.04  GOVERNING LAW

      This Agreement shall be governed in all respects, including validity,
      construction, performance and effect, by the laws of the Philippines.

                                       5
<PAGE>

3.05  SEVERABILITY OF PROVISIONS

      If any one or more of the provisions contained in this Agreement or any
      document executed in connection herewith shall be invalid, illegal or
      unenforceable under any Applicable Law, the validity, legality and
      enforceability of the remaining provisions contained herein shall not in
      any way be affected or impaired.

3.06  ASSIGNMENT

      This Agreement shall be binding upon and shall be enforceable against the
      Company, the Bank and their respective successors and assigns, except that
      the Company shall not have the right to transfer or assign its rights or
      obligations hereunder. The Bank may at its own cost be entitled to
      transfer or assign any part or all of its rights and/or obligations
      hereunder to any Person in favour of whom it has transferred or assigned
      any part or all of its rights and obligations under the Facility
      Agreement. An assignment by the Bank of all or a part of its rights and
      obligations hereunder shall be effective and binding only when the Company
      receives written notice of such assignment, together with a copy of the
      instrument effecting such assignment, duly executed by the Bank and its
      assignee. Upon any assignment by the Bank, the assignee shall be entitled,
      to the extent of the interest assigned, to the benefits, rights and
      remedies of the Bank pursuant to the provisions of this Agreement as fully
      as if a party hereto.

3.07  ENTIRE AGREEMENT

      This Agreement and the documents referred to herein, and such other
      documents as may be executed by the parties contemporaneously herewith or
      subsequently pursuant hereto, constitute the entire agreement of the
      parties with respect to the subject matter hereof and shall supersede any
      prior expressions of intent or understanding with respect to this
      transaction.

3.08  NOTICES

      Unless otherwise stated, each notice or other communication to be made
      hereunder shall be made in accordance with the provisions in Clause 27 of
      the Facility Agreement.

3.09  LIABILITY FOR TAXES

      The Company agrees to pay, within three (3) Business Days of demand by the
      Bank, any taxes imposed on or with regard to the execution, formalization,
      notarization, registration or perfection of this Agreement or any other
      documentation contemplated hereunder or delivered pursuant hereto. In the
      event that the Company fails to pay, and the Bank is required by any
      Governmental Authority to pay, any such taxes, the Company shall, within
      three (3) Business Days of demand by the Bank, reimburse the Bank for such

                                       6
<PAGE>

      taxes paid.

3.10  FEES AND EXPENSES

      (a) The Company shall, within three (3) Business Days of demand by the
      Bank, pay all reasonable and documented costs and expenses, including fees
      and expenses of counsel, in connection with the preparation, negotiation,
      execution, delivery and administration of this Agreement and any other
      document or instrument required to be executed in relation thereto, as
      well as costs and expenses, if any, in connection with the registration,
      notation and amendment thereof and the issue of any consents or waivers in
      connection therewith, and any and all fees, stamps and other taxes, and
      shall save the Bank from any and all liabilities with respect to or
      resulting from any delay or omission to pay such taxes, if any, which may
      be payable or determined to be payable in connection with the execution
      and delivery of this Agreements and all other documents or instruments
      related thereto.

      (b) The Company shall reimburse the Bank, within three (3) Business Days
      of demand by the Bank, for all reasonable and documented expenses incurred
      by it, including expenses and fees of counsel, (i) in connection with the
      enforcement and administration of any part of this Agreement from and
      after the occurrence of an Event of Default, or (ii) with respect to any
      action which may be instituted by any Person against the Bank in respect
      of any of the foregoing or as a result of any transaction, action or
      non-action arising from the foregoing, except when such action cannot be
      attributed to the fault or negligence of the Company. Such expenses shall
      be reimbursed whether or not the Bank gives notice of such Event of
      Default or demands acceleration of the payment of the Facilities or takes
      other action to enforce the provisions of the Facility Agreement, unless
      the Bank waives the Event of Default and in such waiver specifically waive
      reimbursement of administration and enforcement expenses resulting from
      such waived Event of Default.

              (The space below has been left blank intentionally.)

                                       7
<PAGE>

                                     PART B
                                    MORTGAGE

                        SECTION 1. ADDITIONAL DEFINITIONS

1.01  ADDITIONAL DEFINITIONS APPLICABLE TO PART B

      Wherever used in this Part B, unless the context otherwise requires, the
      following terms shall have the following meanings:

      "Chattel" shall mean the movable assets of the Company referred to in
      Section 2.02, except (i) the properties and assets of the Company covered
      by Part C, to the extent they have already been effectively assigned,
      conveyed, set over and transferred to the Bank pursuant to Part C and (ii)
      the personal property owned by the Company over which any Lien may from
      time to time be granted by the Company pursuant to Clause 19.3.3(v) of the
      Facility Agreement.

      "Chattel Mortgage" shall mean the mortgage or mortgages created and/or to
      be created by the Company pursuant to Section 2.01, together with the
      rights, benefits and remedies of the Bank inherent therein or provided for
      herein.

      "Future Chattel" shall mean the personal properties of the Company other
      than those assets classified as Present Chattel.

      "Mortgaged Assets" shall mean the Present Chattel and the Future Chattel.

      "Mortgage Supplement" shall mean each document in substantially the form
      of Schedule 1, to be executed and registered by the Company pursuant to
      Section 3.02.

      "Present Chattel" shall mean the personal properties of the Company that
      exist at the time of the execution of this Agreement, as listed in
      Schedule 2.

                           SECTION 2. CHATTEL MORTGAGE

2.01  CREATION OF THE CHATTEL MORTGAGE

      (a) As security for the timely payment, discharge, observance and
      performance of the Secured Obligations, and the faithful performance and
      observance of the covenants contained herein, the Company

            (i) hereby creates, establishes and constitutes in favor of the
      Bank, subject to Section 3.03(a), a second ranking mortgage on the Present
      Chattel; and

                                       8
<PAGE>

            (ii) hereby (x) agrees to and, to the extent permitted under
      Applicable Law, does create, establish and constitute a first ranking
      mortgage on the Future Chattel, upon the coming into existence and/or
      acquisition by the Company of ownership of such assets, and (y) further
      agrees that, without prejudice to the obligation of the Company to execute
      and register the Mortgage Supplements, a first ranking mortgage on the
      Future Chattel shall be and, to the extent permitted under Applicable Law,
      is hereby, automatically created, established and constituted upon the
      coming into existence and/or acquisition by the Company of ownership of
      such assets and shall be subject to the same terms and conditions of this
      Part B (and of Part A of this Agreement, as applied to this Part B) as are
      applicable to the mortgage on the Present Chattel.

      (b) The Chattel Mortgage shall include all equity, right, title and
      interest of the Company in and to any of the Chattel, if not fully paid
      for and owned by the Company at the time of purchase or acquisition, as
      well as all rights, indemnities or benefits inherent therein or
      appertaining thereto, and the Chattel shall forthwith upon the purchase,
      acquisition and delivery thereof, become subject to the Lien constituted
      herein, upon the same terms and conditions of this Part B as fully and
      completely to all intents and purposes as if owned by the Company on the
      date hereof.

2.02  CHATTEL

      The Chattel shall consist of the following:

      (a) the Present Chattel and the Future Chattel, as well as replacements
      and substitutions thereof; and

      (b) all rights, benefits and indemnities received by or due to the Company
      in lieu of, or inherent to, or in connection with any of the assets
      referred to in sub-paragraph (a) of this Section 2.02.

              SECTION 3. COVENANTS AND UNDERTAKINGS OF THE COMPANY

3.01  REGISTRATION OF THE CHATTEL MORTGAGE

      The Company shall, at its own cost and expense:

      (a) promptly after the date of this Agreement, (i) cause the Chattel
      Mortgage on the Present Chattel to be registered with the appropriate
      Register(s) of Deeds in the Philippines, (ii) perform such other acts,
      deeds, registrations, deposits and formalities necessary or reasonably
      advisable to give full effect to, ensure the validity of, and render
      enforceable against the Company and all third parties, such Chattel
      Mortgage and this Part B, and (iii) furnish the Bank with evidence,
      reasonably satisfactory to the Bank, that such registration and all acts,
      deeds, deposits and formalities, as required under the

                                       9
<PAGE>

      preceding clauses (i) to (ii) of this Section 3.01(a) have been made and
      performed; and

      (b) promptly after the date of each Mortgage Supplement, which shall be
      executed and delivered in accordance with Section 3.02, (i) cause the
      Chattel Mortgage on the Future Chattel covered by such Mortgage Supplement
      to be registered with the appropriate Register(s) of Deeds in the
      Philippines, (ii) perform such other acts, deeds, registrations, deposits
      and formalities necessary or reasonably advisable to give full effect to,
      ensure the validity of, and render enforceable against the Company and all
      third parties, such Lien created by the Mortgage Supplement, and (iii)
      furnish the Bank with evidence reasonably satisfactory to the Bank, that
      such registration and all acts, deeds, deposits and formalities, as
      required under the preceding clauses (i) and (ii) of this Section 3.01(b)
      have been made and performed.

3.02  MORTGAGE SUPPLEMENTS

      (a) The Company shall execute and deliver a Mortgage Supplement in respect
      of Future Chattel, each with value in excess of US$200,000, that have not
      yet been subject to the Lien of the Chattel Mortgage under this Part B,
      every six (6) months from the date of the original registration of the
      Chattel Mortgage on the Present Chattel.

      (b) If required by the Bank, the Company shall deliver to the Bank, in
      connection with the registration of each Mortgage Supplement, a legal
      opinion or opinions, in form and substance satisfactory to the Bank,
      confirming the validity, priority and enforceability of the Chattel
      Mortgage as supplemented by such Mortgage Supplement, and such other
      matters incident to the Chattel Mortgage and such Mortgage Supplement as
      the Bank shall reasonably request.

3.03  COVENANTS

      The Company shall perform and observe each of the covenants and agreements
      of the Company contained in this Agreement. In addition, unless the Bank
      shall otherwise agree in writing, the Company covenants and agrees that:

      (a) It shall, within three (3) Business Days from initial drawdown under
      the Facility Agreement, (i) secure the discharge of all Liens existing on
      the Present Chattel and obtain a certificate of discharge, in form and
      substance acceptable to the Bank, from the holders of such Liens, and (ii)
      perform all acts and comply with any and all requirements necessary to
      convert the Chattel Mortgage on the Present Chattel from a second ranking
      mortgage into a first ranking mortgage;

      (b) It shall permit officers and designated representatives of the Bank,
      after prior notice to the Company and during normal office hours, to visit
      and inspect any of the Mortgaged Assets or any of the premises where any
      of the

                                       10
<PAGE>

      Mortgaged Assets may be located as required by the Bank to exercise and
      enforce to the fullest extent its rights and remedies hereunder.

      (c) It shall within three (3) Business Days of demand reimburse the Bank
      or pay as directed by the Bank any amounts incurred or defrayed or caused
      to be incurred or defrayed by the Bank in the exercise of its rights and
      remedies hereunder, including without limitation, such costs and expenses
      referred to in Section 3.04.

      (d) (i) It shall warrant and defend its title to, interest in, and/or
      possession of the Mortgaged Assets owned by it against the claims and
      demands of all persons whomsoever, except the rightful claims of the Bank
      pursuant to this Agreement, and (ii) as soon as practicable, but in no
      event more than five (5) Business Days after the Company obtains knowledge
      of any litigation or governmental proceeding which could reasonably be
      expected to have a Material Adverse Effect, give the Bank written notice
      of such litigation or proceeding and, at its own cost and expense,
      diligently make all defenses and take all actions to protect its rights
      under the Mortgaged Assets and those of the Bank hereunder.

      (e) In the event the Bank becomes involved in any litigation relating to,
      or connected with, its rights over any or all of the Mortgaged Assets, it
      shall pay within three (3) Business Days of demand all expenses of the
      Bank in such litigation, including a reasonable amount for attorney's fees
      to be determined by the Bank, the Chattel Mortgage to stand as security
      for such payment.

      (f) As soon as practicable, but in any event no more than five (5)
      Business Days after the Company obtains knowledge thereof, it shall inform
      the Bank in writing of any material loss or damage affecting any of the
      Mortgaged Assets (excluding any wear and tear in the ordinary course of
      business), together with the extent of such loss or damage and otherwise
      of any event which has had or may be reasonably likely to have a Material
      Adverse Effect.

      (g) It shall not demolish or permit to be demolished any fixture or
      installation constituting the Mortgaged Assets, or make or permit to be
      made (other than in the normal course of maintenance) any alteration or
      substitution in respect of any of the Mortgaged Assets or cause or allow
      the Mortgaged Assets to be misused, wasted or to deteriorate (other than
      normal wear and tear) or do or permit to be done upon the Mortgaged Assets
      anything which would in any manner have or be reasonably likely to have a
      Material Adverse Effect.

      (h) It shall not sell, assign, alienate, encumber, lease, remove, transfer
      or otherwise dispose of, otherwise than in the ordinary course of business
      or in accordance with the provisions of the Facility Agreement, any of the
      Mortgaged Assets from the premises where they were installed, situated or
      used, as the case may be, at the time of the establishment of the Lien
      thereon in accordance herewith or from the place where they were intended
      to be installed, situated or

                                       11
<PAGE>

      used, as the case may be, at the time of the purchase or acquisition of
      ownership thereof by the Company, in each case.

      (i) During the existence of the Chattel Mortgage, it shall at all times
      keep the Mortgaged Assets in good condition (normal wear and tear
      excepted), promptly making repairs, and, in general, doing or causing to
      be done all such acts and things as may be reasonably required or
      necessary for the care, preservation and maintenance of the Mortgaged
      Assets. In default thereof, the Bank may, in its discretion, keep the
      Mortgaged Assets in good repair and condition, and all expenses which the
      Bank may incur in connection therewith shall be payable within three (3)
      Business Days of demand, plus interest thereon at the rate per annum equal
      to the Base Rate, accruing from the date of payment by the Bank to the
      date of reimbursement and such amounts shall form part of the Secured
      Obligations.

      (j) It shall pay and discharge on time all taxes and assessments levied or
      assessed on the Mortgaged Assets (except assessments contested in good
      faith) and, upon request, surrender to the Bank, certified true copies of
      the official receipts for such payment. Should the Company fail to pay
      such taxes and assessments, the Bank may, in its discretion, pay such
      taxes and assessments. All payments made by the Bank in connection
      therewith shall be payable within three (3) Business Days of demand, plus
      interest thereon at the rate per annum equal to the Base Rate accruing
      from the date of payment by the Bank to the date of reimbursement, and
      such amounts shall likewise form part of the Secured Obligations.

3.04  ADDITIONAL COVENANT

      The Bank may advance the expenses of litigation and/or the expenses of
      execution, notarization, registration and cancellation of contracts or
      instruments required to be paid on the part of the Company but with
      respect to which the Company has defaulted, and all sums so advanced shall
      be reimbursed by the Company within three (3) Business Days of demand with
      interest at the rate per annum equal to the Base Rate accruing from the
      date of payment by the Bank to the date of reimbursement, and shall, prior
      to repayment, be likewise secured by the Chattel Mortgage.

                   SECTION 4. RIGHTS AND REMEDIES OF THE BANK

4.01  RIGHT TO ACT FOR THE COMPANY IN GENERAL

      (a) Without prejudice to any other rights and remedies that the Bank may
      have under this Part B or under any Applicable Law, upon its issuance if a
      Declaration, the Bank shall have the right, but not the obligation, to do
      or cause to be done at the expense of the Company, such acts and things
      which are otherwise to be done by the Company under this Part B and
      otherwise to take or

                                       12
<PAGE>

      cause to be taken such actions and measures as the Bank shall deem
      necessary or advisable to protect its rights under this Part B and
      preserve the value of the Mortgaged Assets.

      (b) All reasonable costs, expenses, charges and fees paid or incurred by
      the Bank in the exercise of its rights and remedies under this Part B
      shall be for the account of the Company, and the Company undertakes to pay
      the same or, as the case may be, to reimburse the Bank and/or its agents,
      representatives, successors and assigns, as the case may be, for any
      monies paid by it within three (3) Business Days of demand with interest
      thereon at the rate per annum equal to the Base Rate, computed on the
      basis of the actual number of days elapsed and a year of 360 days, from
      the date the same shall have been paid by the Bank and/or its agents,
      representatives, successors and assigns until actually paid by the
      Company. Any sums so advanced with interest thereon as aforesaid shall be
      deemed to be secured by the Chattel Mortgage and form part of the Secured
      Obligations.

4.02  UNAUTHORIZED SALE AND OTHER DISPOSITION OF MORTGAGED ASSETS

      (a) If any of the Mortgaged Assets shall be sold, assigned, transferred,
      alienated, leased or in any other manner disposed of otherwise than as
      permitted by this Part B, any third party who may have acquired title to
      or possession of any such Mortgaged Assets shall be deemed not to have
      acquired the same in good faith. Accordingly, without prejudice to any
      other rights and remedies that the Bank may have under this Part B or
      under Applicable Law, and to the extent permitted under Applicable Law,
      the relevant Mortgaged Assets being the subject thereof may be repossessed
      by judicial or direct means which may then be available or permitted under
      the circumstances, at the joint and several expense of the Company and
      such third party, by the Bank or, at the request of the Bank and to the
      extent permitted under Applicable Law, shall be repossessed by the Company
      free from any Lien whatsoever other than the Chattel Mortgage created
      hereby.

      (b) Alternatively and to the extent permitted under Applicable Law, at the
      option of the Bank, the third party acquiring any of the Mortgaged Assets
      otherwise than permitted in this Part B shall be deemed to have assumed
      the Company's debt secured under this Agreement as primary co-obligor and
      for all intents and purposes, the Chattel Mortgage shall continue in full
      force and effect under the terms and conditions of this Part B (and of
      Part A, as applied to this Part B) until the Secured Obligations shall
      have been repaid in full.

4.03  UNAUTHORIZED LIENS

      If the Company shall hereafter create or permit to exist any Lien on any
      of the Mortgaged Assets in favor of any third party, the same shall,
      without prejudice to any rights and remedies that the Bank may have under
      this Part B or under any Applicable Law, be and remain junior in rank to
      the Chattel Mortgage

                                       13
<PAGE>

      hereby created in favor of the Bank until the Termination, notwithstanding
      any extension of the term or amendment and modification of any of the
      terms, provisions and conditions of this Agreement and notwithstanding any
      additional mortgages or other Liens at any time created as security for
      the same amounts hereby secured or any other amounts at a later date
      advanced by the Bank to the Company, all of which shall be and at all
      times remain a first ranking and senior security in relation to such
      security created by the Company in favor of such third party.

4.04  DECLARATION

      (a) Upon its issuance of a Declaration, the Bank shall have the right to
      immediately commence proceedings to foreclose upon the Chattel Mortgage,
      and such foreclosure may be carried out, at the option of the Bank, either
      extra-judicially under Act No. 1508, as amended, or judicially.

      (b) Promptly upon receipt of notification that foreclosure proceedings
      have been commenced by the Bank, the Company shall turn over possession of
      all of its Mortgaged Assets being foreclosed upon to the Bank or to
      another party designated by the Bank, as the Bank shall direct; provided,
      however, that the Company shall, at its own expense, deliver possession of
      the Chattel owned by it to the Bank or as it may direct, at the place
      designated by the Bank or its duly authorized representatives, in each
      case in its or their reasonable discretion; and provided further, that if
      the Company shall fail to turn over possession of any of the Mortgaged
      Assets as required in this Part B, the Bank shall be entitled and
      authorized to repossess the same wherever they may be located by whichever
      means the Bank shall determine and to enter for that purpose any premises
      where any such Mortgaged Assets may be located and transport them, at the
      expense of the Company, to the place otherwise determined by the Bank for
      turning over possession thereof.

      (c) The Company agrees that neither it nor anyone claiming through or
      under it, will set up, claim or seek to take advantage of, any
      appraisement, valuation, stay, extension, period, redemption or any other
      benefit under any Applicable Law in any locality where any property
      subject to the Lien hereof may be situated, in order to prevent, hinder or
      delay the enforcement or foreclosure of the Chattel Mortgage, or the
      absolute sale of the Mortgaged Assets or any part thereof, or the final
      and absolute transfer of possession thereof, immediately after such sale
      to the purchasers of any such Mortgaged Assets; and the Company for itself
      and all who may at any time claim through or under it, hereby waives the
      benefit of all such Applicable Laws.

      (d) In the event that the Chattel Mortgage shall be foreclosed, whether
      judicially or extrajudicially, any sheriff or notary public conducting the
      sale at public auction, or the Bank where a direct sale is permitted by
      Applicable Law, shall, at the option of the Bank, sell the Mortgaged
      Assets individually, in groups or as a whole lot.

                                       14
<PAGE>

4.05  WAIVER OF REDEMPTION RIGHT

      The Company hereby waives and relinquishes all rights, present and, to the
      fullest extent permitted by Applicable Law, future, that it may have by
      Applicable Law or otherwise to redeem any of the Mortgaged Assets that may
      have been sold, whether in a judicial or extrajudicial foreclosure, and
      whether the sale took place at public auction or was a direct sale.

                          SECTION 5. POWER OF ATTORNEY

5.01  APPOINTMENT AND AUTHORITY OF ATTORNEY-IN-FACT

      The Company hereby irrevocably appoints the Bank as its attorney-in-fact,
      with right of substitution, so that the Bank or any other Person empowered
      by the Bank, shall be authorized, without need of further authorization
      from the Company, (i) to execute and deliver Mortgage Supplements and
      cause the Chattel Mortgage constituted on the Mortgaged Assets covered by
      such Mortgage Supplements to be duly registered with the appropriate
      Register(s) of Deeds and other appropriate Governmental Authorities in the
      Philippines in the event the Company fails to execute, deliver and
      register the Mortgage Supplements in accordance with Section 3.01(b) of
      this Part B and (ii) upon the issuance of a Declaration and in
      preservation or enforcement of the rights of the Bank under this Part B or
      under this Agreement:

            (1) to effect the sale of any of the Mortgaged Assets owned by it in
      one or more transactions, in accordance with Act No. 1508, as amended, or
      other Applicable Law and in such other manner as may be determined by such
      attorney-in-fact, including (to the extent permitted by Applicable Law)
      the direct sale without public auction of any such Mortgaged Assets at
      such price and upon such terms as may be determined by such
      attorney-in-fact.

            (2) to enter upon any premises where the Mortgaged Assets or any of
      them may be located without the need for a court order or other form of
      authority otherwise than upon the authority granted herein;

            (3) to take and retain possession and control of any such Mortgaged
      Assets as receivers without bond or otherwise for the purpose of
      foreclosure of the Chattel Mortgage, and transport any of them to any
      location as determined by such attorney-in-fact;

            (4) to make any repairs, additions and improvements on the Mortgaged
      Assets owned by it at the expense of the Company as such attorney-in-fact
      shall deem proper or necessary;

            (5) to exercise any of the rights of the Company arising under or in

                                       15
<PAGE>

      connection with this Part B, to designate or delegate to another Person,
      in substitution of such attorney-in-fact, the exercise of such rights of
      the Company, under such terms as such attorney-in-fact shall deem proper
      or necessary;

            (6) to collect, claim, receive and deposit all monies in accordance
      with this Part B, and to avail itself of all benefits that accrue, and
      that may become due and payable to the Company under this Part B;

            (7) to institute and maintain such suits and proceedings as such
      attorney-in-fact shall deem expedient to prevent any impairment of the
      Mortgaged Assets or to preserve and protect the interest of such
      attorney-in-fact therein;

            (8) to execute and deliver such deeds of conveyance or sale as may
      be necessary or proper for the purpose of conveying full title and
      ownership, free from any claims and rights of the Company to any of the
      Mortgaged Assets, after foreclosure thereof;

            (9) to execute and deliver in the name of the Company, and on its
      behalf, mortgages (in substantially the form of the Mortgage Supplement)
      on the property or assets hereafter acquired by the Company or received by
      the Company in replacement, substitution or exchange of any of the
      Mortgaged Assets, to do or cause to be done all such acts and things which
      are otherwise required to be done by the Company under this Part B for
      this purpose and, to advance such sums of money as are necessary to give
      full effect to the provisions of this clause (9); and

            (10) in general, to sign such agreements and documents and perform
      such acts and things required, necessary or, in the opinion of such
      attorney-in-fact, advisable to fully accomplish the purpose of this Part
      B.

5.02  RATIFICATION OF ATTORNEY'S ACTS

      The Company hereby agrees to and ratifies any and all actions and things
      performed or done by the Bank pursuant to and in accordance with Section
      6.01 as the Company's attorney-in-fact.

5.03  POWER OF ATTORNEY COUPLED WITH INTEREST

      This special power of attorney shall be deemed coupled with an interest
      and cannot be revoked by the Company until, and shall be automatically
      revoked upon, the Termination. Upon the issuance of a Declaration, the
      Company shall abstain from exercising any rights under any contract to
      which it is a party which shall be inconsistent with the exercise of the
      rights, powers, remedies and functions herein granted to the Bank as the
      Company's attorney-in-fact, provided, however, that nothing herein shall
      prevent the Company from, prior to the exercise by the Bank of any such
      rights, powers and remedies and functions

                                       16
<PAGE>

      in accordance with this Part B, undertaking the Company's operations in
      the ordinary course of business.

                       SECTION 6. MISCELLANEOUS PROVISIONS

6.01  CONTINUING AND PARTIAL SECURITY

      (a) The Company hereby duly notes and agrees that the security created by
      this Part B in favor of the Bank in the form of a Chattel Mortgage in
      accordance with the provisions of this Part B shall be a continuing
      security and shall remain in full force and effect until the Termination.
      Accordingly, the validity and enforceability of the Chattel Mortgage
      hereunder shall not be affected or impaired by any of the following: any
      extension of time, forbearance or concession given to the Company; any
      assertion of, or failure to assert, or delay in asserting, any right,
      power or remedy against the Company, or in respect of any other security
      for any of the Secured Obligations; any modification or amplification of
      any of the provisions of this Agreement or the Facility Agreement; any
      failure of the Company to comply with any requirement of any Applicable
      Law; the dissolution, liquidation, reorganization or any other alteration
      of the legal structure of the Company; any purported or actual assignment
      of any of the Secured Obligations by the Bank to any other Person; any
      other circumstance (other than payment in full of the Secured Obligations
      by the Company) which might otherwise constitute a legal or equitable
      discharge of a security; or to the fullest extent permitted by Applicable
      Law, any voidability or unenforceability of any provision of this
      Agreement or the Facility Agreement.

      (b) The Company hereby agrees that the security created in accordance with
      the provisions of this Part B shall be construed as a partial security for
      the Secured Obligations, and is in addition to any other security that the
      Bank may, now or in the future, obtain to secure the same obligations.
      Accordingly, in the event that the monies at any time realized by the Bank
      in the judicial or extrajudicial foreclosure of the Chattel Mortgage on
      any of the Mortgaged Assets and/or in the exercise of any of its rights,
      powers and remedies under this Part B shall not be sufficient to pay and
      discharge all the Secured Obligations, any remaining unpaid balance
      thereof shall remain due and payable by the Company in accordance with the
      terms of this Agreement and the Facility Agreement and all rights, powers
      and remedies of the Bank in respect thereof are hereby reserved.

6.02  PROCEEDS RECEIVED BY BANK

      All monies realized and received by the Bank in the exercise of its
      rights, powers and remedies under this Part B, including, without
      limitation, any proceeds realized as a result of expropriation or
      otherwise in respect of the Mortgaged Assets pursuant to the provisions of
      this Part B shall be applied by

                                       17
<PAGE>

      the Bank towards the payment or performance of the Secured Obligations in
      accordance with the provisions of the Facility Agreement and this
      Agreement. Any surplus monies remaining after payment in full of the
      Secured Obligations shall be reconveyed to the Company. For the avoidance
      of doubt, it is understood that the Company shall remain liable to the
      extent of any deficiency between the amount of the proceeds of the
      Mortgaged Assets and the aggregate amount of the Secured Obligations.

6.03  CERTIFICATE OF BANK BINDING

      Any written notice delivered by the Bank in accordance with this Agreement
      as to the amounts of principal of, and interest, charges, fees and
      expenses or any other amount due and payable at any time by the Company
      under this Agreement, shall, in the absence of manifest error, be prima
      facie evidence in any legal proceedings with respect to the Chattel
      Mortgage and any other provisions of this Part B.

6.04  RATIFICATION OF ACTS IN GENERAL OF BANK

      The Company hereby confirms and ratifies all actions, acts or things
      taken, performed or done by the Bank (other than those taken, performed or
      done in the Bank's gross negligence or wilful misconduct) in the exercise
      of any or all rights, powers and remedies granted to it under this Part B,
      including without limitation, the rights, powers and remedies referred to
      in Sections 4 and 5.

6.05  RIGHTS, POWERS AND REMEDIES

      (a) The rights, powers and remedies of the Bank provided for in this Part
      B are not exclusive of, but are in addition to, any other rights, powers
      and remedies that the Bank may have under Applicable Law or under any
      other provision of this Agreement. The Bank shall not be liable to the
      Company or any other Person (except as otherwise provided in this
      Agreement) for any action taken or not taken by it under this Part B. One
      or more exercises of the rights, powers and remedies granted in this Part
      B shall not extinguish or exhaust such rights, powers or remedies until
      the Termination shall have occurred. If the Secured Obligations are now or
      hereafter further secured by any real estate mortgages, chattel mortgages,
      pledges, contracts or guaranty, assignments or other security, including,
      without limitation, pursuant to Part C of this Agreement, the Bank may
      exhaust the remedies granted under any of said security instruments
      including, without limitation, under Part C of this Agreement, either
      concurrently or independently, and in such other manner as the Bank in the
      exercise of its discretion may determine.

      (b) No course of dealing and no delay in exercising, or omission to
      exercise, any right, power or remedy accruing to the Bank upon issuance of
      any Declaration or other circumstance under the Chattel Mortgage and/or
      this Part B shall impair any such right, power or remedy or be construed
      to be a waiver

                                       18
<PAGE>

      thereof or an acquiescence thereto; nor shall the action of the Bank in
      respect of such default, Event of Default or circumstance, or any
      acquiescence by it thereto, affect or impair any right, power or remedy of
      the Bank in respect of any other Declaration.

6.06  TERMINATION; DISCHARGE OF SECURITY; REINSTATEMENT

      On or after the Termination, the Bank, at the written request and expense
      of the Company, will thereafter promptly execute and deliver to the
      Company the proper instrument or instruments identified by the Company
      acknowledging the termination of this Part B and Part A as applicable to
      this Part B, and will promptly duly release from the Chattel Mortgage such
      of the Mortgaged Assets as have not theretofore been sold or otherwise
      foreclosed, applied or released pursuant to this Part B.

6.07  BANK WITHOUT OBLIGATIONS

      Notwithstanding anything contained herein, this Part B and the Chattel
      Mortgage are only intended as security for the Secured Obligations, and
      the Bank shall not be obligated to perform or discharge, and do not hereby
      undertake to perform or discharge, any obligation, duty, or liability of
      the Company under or relating to any of the Mortgaged Assets.

              (The space below has been left blank intentionally.)

                                       19
<PAGE>

                                     PART C
                                   ASSIGNMENT

                        SECTION 1. ADDITIONAL DEFINITIONS

1.01  ADDITIONAL DEFINITIONS APPLICABLE TO PART C

      Wherever used in this Part C, unless the context otherwise requires, the
      following terms shall have the following meanings:

      "Assigned Accounts" shall mean any account established or to be
      established by the Company at any bank or financial institution, including
      the accounts to which all proceeds of the Assigned Receivables shall be
      deposited in trust for the benefit of the Bank, and including, without
      limitation, the accounts listed in Schedule 3.

      "Assigned Contracts" shall mean any and all contracts and agreements
      (except (i) the Assigned Receivables relating thereto, to the extent they
      have been assigned, conveyed, set over and transferred pursuant to this
      Part C and (ii) existing and future contracts of the Company that contain
      specific prohibitions against assignment by the Company of its rights and
      interest thereunder) between the Company and its customers, whether such
      contracts and agreements are existing or hereafter from time to time
      entered into by the Company.

      "Assigned Properties" shall mean the Assigned Accounts, the Assigned
      Contracts, and the Assigned Receivables.

      "Assigned Receivables" shall mean all monies now or hereafter payable to
      the Company under the Assigned Contracts.

      "Consents" shall mean the respective written consents (substantially in
      the form attached as Schedule 5) of the Depositaries to the assignment of
      the Assigned Accounts to the Bank as set out in this Part C.

      "Depositaries" shall mean the banks and financial institutions in which
      the Assigned Accounts are maintained.

      "Obligors" shall mean the parties to the Assigned Contracts (other than
      the Company), the Depositaries, and other Persons against whom claims for
      payment of the Assigned Receivables may be made.

                   SECTION 2. ASSIGNMENT AND SECURITY INTEREST

                                       20
<PAGE>

2.01  OUTRIGHT ASSIGNMENT OF RECEIVABLES

      In consideration of the extension of the Facilities to the Company, and to
      ensure the payment by the Company of the Secured Obligations, and for
      other good and valuable consideration the receipt and sufficiency of which
      are hereby acknowledged by the Company, the Company does hereby assign,
      convey, set over and transfer unto the Bank, absolutely and
      unconditionally, all of the Company's rights, title and interest in
      respect of the Assigned Properties, including the right of the Company to
      receive payment of the Assigned Receivables from the Obligors. The
      assignment, conveyance, setting over and transfer to the Bank under this
      Agreement extend to all Assigned Properties of the kind described in this
      Part C, which the Company may establish, enter into or acquire at any time
      during the continuation of this Agreement. For the avoidance of doubt, the
      assignment, conveyance, setting over and transfer hereunder of the
      Assigned Properties shall constitute, for all purposes, a present,
      irrevocable and absolute assignment of such receivables subject to no
      contingencies or conditions.

2.02  DELIVERY OF CONSENTS

      (a) The Company shall notify the Depositaries, substantially in the form
      attached as Schedule 4, of the assignment of the Assigned Accounts
      contemplated in this Part C, and secure the Consents (i) within three (3)
      Business Days of the execution of this Agreement, with respect to the
      Company's existing Assigned Accounts or (ii) with respect to Assigned
      Accounts to be established by the Company after the execution of this
      Agreement, as soon as practicable after such Assigned Accounts are
      established. The Company shall further secure the confirmation of the
      Depositaries that they shall not exercise any right of set-off against the
      Company in respect of any and all funds available in the Assigned
      Accounts, other than pursuant to any netting or set-off arrangement
      entered into in the ordinary course of banking arrangements for the
      purpose of netting debit and credit balances.

      (b) The Company agrees and confirms that the execution and delivery of the
      Consents shall constitute an unconditional and irrevocable instruction
      from the Company and the Bank to the Depositaries:

            (1) to comply with all directives of the Bank in respect of the
      Assigned Accounts not inconsistent with this Agreement; and

            (2) that all funds available or to be deposited from time to time in
      the Assigned Accounts shall be maintained in such accounts in trust for
      the benefit of the Bank until all Secured Obligations shall have been paid
      and performed in full or as otherwise directed by the Bank.

                                       21
<PAGE>

2.03  EFFECTIVENESS OF ASSIGNMENT

      For the avoidance of doubt, it is expressly understood that the assignment
      of the Assigned Properties pursuant to Section 2.01 takes effect
      immediately upon the execution of this Agreement, whereupon all of the
      right, title, interest and benefit of the Company in and to the Assigned
      Properties shall vest upon and accrue in favor of the Bank, to the
      exclusion of all other Persons. Notwithstanding the foregoing, however,
      the assignment by the Company of' the Assigned Properties as contemplated
      herein is not intended and shall not be deemed to result in the discharge
      or release of the Company's obligation to pay or perform the Secured
      Obligations or any part thereof, it being understood that any such
      discharge or release shall take effect if and only to the extent that the
      proceeds of the Assigned Properties have been received by the Bank and
      applied by it towards the payment of all Secured Obligations. Upon the due
      and full payment of all Secured Obligations, and the faithful performance
      and observance by the Company of its covenants contained in this
      Agreement, the assignment, conveyance and transfer made under this Part C
      shall become null and void; otherwise, they shall remain in full force and
      effect.

2.04  POWER OF ATTORNEY

      (a) The Company hereby irrevocably appoints the Bank as its
      attorney-in-fact with right of substitution, so that the Bank or any other
      Person empowered by the Bank shall be authorized upon the issuance of a
      Declaration by the Bank, without need of further authorization from the
      Company:

            (1) to send written notice to all Obligors (in respect of the
      Assigned Receivables), instructing any or all of them to pay all monies
      due and owing to the Company from time to time to any of the Assigned
      Accounts;

            (2) to file any claim, institute and maintain such suits and
      proceedings or take any action as such attorney-in-fact shall deem
      expedient or desirable for the collection of any Assigned Receivable;

            (3) to exercise any of the rights of the Company arising under or in
      connection with any Assigned Contract and to designate or delegate to
      another Person or entity, in substitution of such attorney-in-fact, the
      exercise of such rights of the Company, under such terms as such
      attorney-in-fact shall deem proper or necessary;

            (4) to withdraw all or any funds available in or thereafter received
      into any of the Assigned Accounts; and

            (5) in general, to sign such agreements and documents and perform
      such acts and things required, necessary or, in the opinion of such
      attorney-in-fact, advisable, to fully accomplish the purpose of this Part
      C.

                                       22
<PAGE>

      (b) The Company hereby confirms and ratifies any and all actions and
      things properly performed or done by the Bank as the Company's
      attorney-in-fact or any of its representatives hereunder in each case
      pursuant to the powers granted hereunder.

      (c) This special power of attorney shall be deemed coupled with an
      interest, and cannot be revoked by the Company until, and shall be
      automatically revoked upon, the Termination.

2.05  COSTS AND EXPENSES

      All reasonable costs, expenses, charges and fees paid or incurred by the
      Bank in the exercise of any of the rights, remedies or powers granted
      under this Part C shall be for the account of the Company, and the Company
      undertakes to pay the same or, as the case may be, to reimburse the Bank
      and/or its agents, representatives, successors and assigns as the case may
      be, for any monies paid by it within three (3) Business Days of demand
      with interest thereon at the rate per annum equal to the Base Rate,
      computed on the basis of the actual number of days elapsed and a year of
      360 days, from the date the same shall have been paid by the Bank and/or
      its agents, representatives, successors and assigns until actually paid by
      the Company. Any sums advanced with interest thereon as aforesaid shall
      form part of the Secured Obligations.

2.06  PROTECTION OF THE BANK'S INTEREST

      (a) The Company shall do nothing to impair the rights of the Bank in
      respect of the Assigned Properties, provided, however, that nothing herein
      shall prevent the Company, prior to the exercise by the Bank of any such
      rights in accordance with the terms of this Part C, from undertaking the
      Company's operations in the ordinary course of business. The Company shall
      assume all liabilities, obligations and responsibilities in connection
      with the Assigned Properties and the liability of the Company with respect
      to the Secured Obligations shall in no way be affected or diminished by
      reason of the fact that any of the Assigned Properties may be lost,
      destroyed, stolen, damaged, impaired or for any reason whatsoever
      unavailable to the Company.

      (b) The Company shall ensure that all Assigned Receivables are deposited
      in any of the Assigned Accounts.

2.07  FURTHER ASSURANCES

      The Company agrees that at any time and from time to time, at its sole
      expense, it shall promptly execute and deliver all further notices,
      instruments and documents (including, without limitation, any additional
      or supplemental assignment agreement or security agreement), and take all
      further action that, in

                                       23
<PAGE>

      the reasonable opinion of the Bank, may be reasonably necessary in order
      to perfect, preserve and protect the assignment, conveyance, setting over
      and transfer of Assigned Properties.

              SECTION 3. REPRESENTATIONS, WARRANTIES AND COVENANTS

      The Company represents, warrants and covenants, which representations,
      warranties and covenants shall survive the execution and delivery of this
      Agreement and the making and repayment of the Secured Obligations, as
      follows:

3.01  NO LIENS

      The Company shall defend the Assigned Properties against all claims and
      demands of all Persons at any time claiming the same or any interest
      therein adverse to the Bank. Without limitation to the preceding
      sentences, the Company shall not assign, charge, convey, sell, set over,
      transfer or grant any security interest in the Assigned Properties other
      than pursuant to this Part C and any other Part of this Agreement or as
      otherwise provided pursuant to the Facility Agreement.

3.02  CONSENTS

      The Company shall obtain after the date of the execution and delivery of
      this Agreement such other consents of Persons and Governmental Approvals
      as may be required under Applicable Law or any of the Assigned Contracts
      or, in the reasonable judgment of the Bank, necessary or appropriate after
      the date of this Agreement (i) for the assignment, conveyance, setting
      over and transfer of the Assigned Properties to the Bank, (ii) for the
      performance of this Part C by the Company, (iii) for the perfection or
      maintenance of the assignment, conveyance, setting over and transfer
      effected hereby with respect to the Assigned Properties or (iv) for the
      exercise by the Bank of the rights, remedies and powers provided for in
      this Part C or the remedies in respect of the Assigned Properties pursuant
      to this Part C. Notwithstanding the foregoing, any notice of the
      assignment, conveyance, setting over and transfer by the Company to the
      Bank of the Assigned Receivables and the Assigned Contracts may only be
      given to the Obligors after a Declaration has been issued.

3.04  RECOURSE

      This Part C is made with full recourse to the Company and pursuant to and
      in reliance upon all the warranties, representations, covenants and
      agreements on the part of the Company contained herein, in any other Part
      of this Agreement, or in the Facility Agreement.

                                       24
<PAGE>

                   SECTION 4. PROCEEDS OF ASSIGNED RECEIVABLES

4.01  APPLICATION OF PROCEEDS

      The Company agrees that the proceeds of the Assigned Receivables held in
      any of the Assigned Accounts and other funds available in any of the
      Assigned Accounts shall be applied towards the payment of the Secured
      Obligations as and when such obligations fall due under the terms of the
      Facility Agreement. For the avoidance of doubt, it is understood that the
      Company shall remain liable to the extent of any deficiency between the
      amount of the proceeds of the Assigned Receivables or Assigned Accounts
      received by the Bank and the aggregate amount of the Secured Obligations.
      In the event the Bank shall receive any amount in excess of the
      outstanding Secured Obligations, it shall, after all the Secured
      Obligations shall have been paid in full in accordance with their terms,
      reconvey such excess amounts in favor of the Company. Any funds remaining
      in the Assigned Account after full payment of all Secured Obligations
      shall be reconveyed to the Company.

4.02  PAYMENTS MADE TO COMPANY

      If the Company shall directly receive any payments in respect of the
      Assigned Properties, the Company shall receive such payments in trust for
      the benefit of the Bank, shall segregate such payments from its other
      funds, and shall forthwith and in no event later than five Business Days
      deposit such payments to any of the Assigned Accounts or, in the event a
      Declaration has been issued, deliver such payments directly to the Bank.

4.03  WITHDRAWALS

      The Company shall be entitled to receive, withdraw or otherwise transfer
      any credit balance from time to time in the Assigned Accounts in the
      ordinary course of business prior to the occurrence of an Event of
      Default. Upon the occurrence of an Event of Default and for so long as
      such Event of Default is continuing, the Company shall not be entitled to
      receive, withdraw or otherwise transfer any credit balance from the
      Assigned Accounts without the prior consent of the Bank.

               SECTION 5. REMEDIES UPON ISSUANCE OF A DECLARATION

5.01  REMEDIES IN RESPECT OF ASSIGNED ACCOUNTS AND ASSIGNED RECEIVABLES

      (a) The Company agrees that, if any Declaration shall have been issued,
      then and in every such case, subject to any mandatory requirements of
      Applicable Law then in effect, the Bank, in addition to any rights now or

                                       25
<PAGE>

      hereafter existing under Applicable Law or as set forth elsewhere in this
      Agreement, may:

      (1) instruct the Obligors to make any payments in respect of the Assigned
      Receivables directly to the Bank, and apply the same towards the payment
      of all Secured Obligations; and

      (2) take any credit balances in the Assigned Accounts, and apply the same
      towards the payment of all Secured Obligations.

      (b) For the avoidance of doubt, it is understood that the Company shall
      remain liable to the extent of any deficiency between the amount of funds
      received by the Bank under Section 5.01(a) and the aggregate amount of the
      Secured Obligations.

5.02  DISPOSITION OF THE ASSIGNED CONTRACTS

      (a) Any Assigned Contract may be sold, transferred assigned or otherwise
      disposed of under one or more contracts or as an entirety, and without the
      necessity of gathering at the place of sale the property to be sold, and
      in general, in such manner, at such time or times, at such place or places
      and on such terms as the Bank may, in compliance with any mandatory
      requirements of Applicable Law, determine to be commercially reasonable.
      Any such disposition, which shall be a private sale or other private
      proceeding permitted by such requirements, shall be made upon not less
      than ten days' written notice to the Company specifying the time at which
      such disposition is to be made and the intended sale price or other
      consideration therefore, and shall be subject, for the ten days after the
      giving of such notice, to the right of the Company or any nominee of the
      Company to acquire the Assigned Contracts involved at a price or for such
      other consideration equal to the intended sale price or other
      consideration so specified. If, under mandatory requirements of Applicable
      Law, the Bank shall be required to make disposition of the Assigned
      Contracts within a period of time which does not permit the giving of
      notice to the Company as hereinabove specified, the Bank need give the
      Company only such notice of disposition as shall be reasonably practicable
      in view of such mandatory requirements of Applicable Law.

      (b) The Company hereby irrevocably appoints the Bank as its
      attorney-in-fact, with full power of substitution, so that the Bank, or
      any Person empowered by the Trustee, shall be authorized to sell, assign
      or otherwise dispose of the Assigned Contracts or any part thereof
      pursuant to the provisions of the preceding paragraph, and, in general, to
      do or cause to be done all such acts and things which are otherwise
      required to be done by the Company under this Section 5.02.

                                       26
<PAGE>

5.03  WAIVER OF CLAIMS

      The Company hereby waives, to the extent permitted by Applicable Law,
      notice and judicial hearing (except as to the issue of liability under
      this Part C or under the other Parts of this Agreement) in connection with
      the Bank's disposition of any of the Assigned Contracts, including,
      without limitation, any and all prior notice and hearing for any
      prejudgment remedy or remedies and any such right which the Company would
      otherwise have under the constitution or any statute of the Philippines or
      any political subdivision thereof, and the Company hereby further waives,
      to the extent permitted by Applicable Law:

            (i) all damages occasioned by such disposition except any damages
      which are the direct result of the gross negligence or wilful misconduct
      of the Bank or any Person acting on its behalf or instruction;

            (ii) all other requirements as to the time, place and terms of sale
      or other requirements with respect to the enforcement of the Bank's rights
      hereunder; and

            (iii) all rights of redemption, appraisement, valuation, stay,
      extension or moratorium now or hereafter in force under any Applicable Law
      in order to prevent or delay the enforcement of this Part C or the
      absolute sale, assignment or transfer of the Assigned Contracts or any
      portion thereof, and the Company, for itself and all who may claim under
      it, insofar as it or they now or hereafter lawfully may, hereby waives the
      benefit of all such laws.

5.04  APPLICATION OF PROCEEDS

      The proceeds of the sale, assignment, transfer or other disposition of any
      Assigned Contract pursuant to Section 5.02 shall be applied towards the
      full payment of all Secured Obligations. For the avoidance of doubt, it is
      understood that the Company shall remain liable to the extent of any
      deficiency between the amount of such proceeds and the aggregate amount of
      the Secured Obligations.

              (The space below has been left blank intentionally.)

                                       27
<PAGE>

                                     PART D
                                 SIGNATURE PAGES

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
by their respective duly authorized officers as of the date first above written.

AUTOMATED TECHNOLOGY (PHIL.) INC.

By:

   /s/ Renato M. Tanseco
-------------------------------------
Name: Renato M. Tanseco
Title: Chairman of the Board

   /s/ Inderjit Singh
-------------------------------------
Name: Inderjit Singh
Title: CEO

THE DEVELOPMENT BANK OF SINGAPORE LTD.

By:

   /s/ Andy Koh
-------------------------------------
Name: Andy Koh
Title: Vice President

   /s/ Sia Moon Joon
-------------------------------------
Name: Sia Moon Joon
Title: Notary Public Singapore

                           SIGNED IN THE PRESENCE OF:

   /s/ Witness                                 /s/ Witness
-------------------------------------     --------------------------------------

                                       28
<PAGE>

                             AFFIDAVIT OF GOOD FAITH

We swear that the Chattel Mortgage created by Part B of the foregoing Omnibus
Security Agreement is made for the purpose of securing the obligations specified
therein, and for no other purpose, and that the same are just and valid
obligations and not one entered into for the purpose of fraud.

AUTOMATED TECHNOLOGY (PHIL.) INC.

By:

   /s/ Renato M. Tanseco
-------------------------------------
Name:  Renato M. Tanseco
Title: Chairman of the Board

   /s/ Inderjit Singh
-------------------------------------
Name:  Inderjit Singh
Title: CEO

   /s/ Sia Moon Joon
-------------------------------------
Name:  Sia Moon Joon
Title: Notary Public Singapore

                                       29
<PAGE>

                     ACKNOWLEDGMENT AND CERTIFICATE OF OATH

REPUBLIC OF THE PHILIPPINES)
   Makati City                  )ss.

BEFORE ME, a Notary Public for and in Feb 06, 2003, Philippines, personally
appeared:

<TABLE>
<CAPTION>
Name                  Comm. Tax Certificate/Passport No.         Date/Place Issued
----                  ----------------------------------         -----------------
<S>                   <C>                                        <C>
Renato M. Tanseco                   14404666                     Makati - 1-09-03
</TABLE>

known to me and by me to be the same persons who executed the foregoing Omnibus
Security Agreement and who further acknowledged to me that the same is their
free and voluntary act and deed and the free and voluntary act and deed of the
corporations they respectively represent. I further certify that Mr./Ms. Renato
M. Tanseco of Automated Technology (Phil.) Inc. signed the above Affidavit of
Good Faith and made oath to the truth thereof.

The foregoing instrument relates in part to a mortgage covering personal
properties identified and described in Schedule 2 thereto, and the instrument
consists of forty-three (43) pages, including the pages of the Schedules annexed
thereto and the pages on which this Acknowledgment and Certificate of Oath is
written, executed by the parties and their instrumental witnesses on the
Signature Pages and on the left margin of each and every other page thereof.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my seal this
6th day of February, 2003, at the place written above.

Doc. No.   226 ;
Page No.   047 ;                           /s/ Christine Marie P. Quirino
Book No.    11 ;                           Notary Public
Series of 2003.

                                       30
<PAGE>
                                    GUARANTEE

1.   In consideration of The Development Bank of Singapore Ltd., a banking
     corporation incorporated in Singapore, with an office at 6, Shenton Way,
     #03-05, DBS Building Tower One, Singapore 068809, ("the Lender") agreeing
     to make available the loan facilities (the "Facilities") to Automated
     Technology (Phil) Inc., a company incorporated in Philippines and having
     its registered office at Light Industry & Science Park of the Philippines,
     SEPZ 4025, Cabuyao, Laguna, Philippines ("the Borrower") pursuant to the
     terms and conditions set out in a Term Loan and Revolving Credit Facility
     Agreement dated as of 29 January, 2003 between the Borrower and the Lender
     (as such agreement may hereafter be amended, restated, supplemented or
     otherwise modified from time to time, the "Facility Agreement"), we,
     Infiniti Solutions Pte Ltd, a company incorporated in Singapore and having
     a registered office at 5001 Beach Road, #07-24, Golden Mile Complex,
     Singapore 199588 ("the Guarantor") HEREBY IRREVOCABLY AND UNCONDITIONALLY
     guarantees to pay and satisfy the Lender on demand as principal debtor and
     not merely as surety all sums of money which are now or shall from time to
     time and at any time hereafter be due or owing to the Lender by the
     Borrower under the Facility Agreement (the "Guaranteed Money", which
     expression shall include any part thereof). Terms used and not otherwise
     defined herein shall have the meanings ascribed to such terms in the
     Facility Agreement.

2.   The Guarantor shall:

     (a)    maintain a consolidated gearing ratio not exceeding (i) 1.85 to 1.0
            as of 31 December 2002 and 30 June 2003, (ii) 1.75 to 1.0 as of 31
            December 2003 and 30 June 2004 and (iii) 1.50 to 1.0 as of 31
            December 2004 and as of the end of any covenant testing period
            thereafter. The consolidated gearing ratio is defined as the ratio
            of (i) Consolidated Liabilities of the Guarantor and its
            Subsidiaries net of payables to (a) the former shareholders of the
            Borrower under the Share Purchase Agreement dated 20 November 2002
            between the Guarantor and such shareholders and (b) the former
            shareholders of Viko Technology, Inc. under the Purchase Agreement
            dated 18 December, 2001 between the Guarantor and such shareholders
            to (ii) Consolidated Networth of the Guarantor and its Subsidiaries.
            Consolidated Networth shall include redeemable preference shares for
            periods up to 31 December 2005 only. The consolidated gearing
            covenant shall be tested on a semi-annual basis on every 30 June and
            31 December until the Guaranteed Money has been fully paid or
            satisfied. "Consolidated Liabilities" and "Consolidated Networth"
            shall have the meanings ascribed to them in the Facility Agreement
            except that references to "the Borrower" therein shall be construed
            as references to the Guarantor;

     (b)    ensure that there is no significant change in the key management of
            the Guarantor until the Guaranteed Money has been fully paid or
            satisfied;

     (c)    ensure that sufficient funds in new equity are raised by the
            Guarantor for the payment of the cash components under the purchase
            consideration of Viko Technology, Inc. and the Borrower;

     (d)    ensure that any redemption of preference shares by the Guarantor
            shall not cause an Event of Default under the Facility Agreement;

     (e)    give the Lender or an Affiliate thereof at least ten Business Days
            to match offers of other financial institutions in connection with
            the future debt financing needs of the Guarantor and any Affiliate
            thereof;

     (f)    give the Lender or an Affiliate thereof at least ten Business Days
            to match offers of other financial institutions in connection with
            the future fund raising needs of the Guarantor and any Affiliate
            thereof in equity markets where the Lender or an Affiliate has a
            strong presence;

     (g)    ensure that it is the legal and beneficial owner, direct or
            indirect, of all of the outstanding capital stock of the Borrower;

<PAGE>

     (h)    notify the Lender immediately in the event that there is a
            threatened action or proceeding (other than those of a frivolous or
            vexatious nature or those disputed promptly in good faith and by
            appropriate proceedings) affecting the Guarantor or its Subsidiaries
            before any governmental authority, arbitrator or referee that could
            reasonably be expected to materially and adversely affect the
            financial condition or operations of the Guarantor or any of its
            Subsidiaries;

     (i)    file all income tax returns required to have been filed and pay all
            taxes, assessments, charges and other amounts due thereunder, except
            to the extent disputed by appropriate proceedings diligently pursued
            and to the extent that appropriate reserves are being maintained
            with respect to any amounts so disputed;

     (j)    represent that the Original Financial Statements of the Guarantor
            fairly represent the consolidated financial condition and operations
            of the Guarantor as at the end of and for the relevant financial
            period; and

     (k)    not amend or alter its memorandum and articles of association
            relating to its borrowing powers and its principal business
            activities without the prior written consent of the Lender, such
            consent not to be unreasonably withheld.

3.   This Guarantee shall not be considered as satisfied by any intermediate
     payment or satisfaction of the Guaranteed Money but shall be a continuing
     security and shall extend to cover all or any part of the Guaranteed Money
     which shall for the time being constitute the balance due or owing from the
     Borrower to the Lender upon any account or otherwise as aforesaid.

4.   The Lender may at any time and without affecting its rights against the
     Guarantor determine enlarge or vary any credit to the Borrower, vary
     exchange abstain from perfecting or release any other securities held or to
     be held by the Lender for or on account of the Guaranteed Money, open a
     fresh account or accounts and/or continue with any account or accounts
     current or otherwise with or for the Borrower renew bills and promissory
     notes in any manner and compound with give time for payment, accept
     compositions from and make any other arrangements with the Borrower or any
     obligors on bills notes or other securities held or to be held by the
     Lender for and on behalf of the Borrower.

5.   This Guarantee shall be in addition to and shall not be in any way
     prejudiced or affected by any collateral or other security now or hereafter
     held by the Lender for the Guaranteed Money nor shall such collateral or
     other security or any lien to which the Lender may be otherwise entitled or
     the liability of any person or persons not parties hereto for all or any
     part of the Guaranteed Money be in any way prejudiced or affected by this
     Guarantee. The Lender shall have full power at its discretion to give time
     for payment or to make any other arrangement with any such other person or
     persons without prejudice to this Guarantee or the Guarantor's liability
     hereunder. All monies received by the Lender from the Guarantor or the
     Borrower or any person or persons liable to pay the same may be applied by
     the Lender to any account or item of account or to any transaction which
     the same may be applicable.

6.   No disposition assurance security or payment which may be avoided under any
     law relating to bankruptcy or under any provisions of the Singapore
     Companies Act (Cap 50) or any statutory modification thereof or under any
     other applicable laws or is otherwise avoided in any manner and no release
     settlement or discharge which may have been given or made on the faith of
     any such disposition assurance security or payment shall prejudice or
     affect the Lender's right to recover from the Guarantor monies to the full
     extent of this Guarantee as if such disposition assurance security payment
     release settlement or discharge had never been granted given or made.

7.   All dividends compositions and monies received by the Lender from the
     Borrower or from any other company person or estate capable of being
     applied by the Lender in reduction of the indebtedness of the Borrower
     shall be regarded for all purposes as payments in gross and in the event of
     bankruptcy or winding up or any receiving order or other analogous order
     being made or any other analogous events occurring under any applicable
     laws in relation to the Borrower the Lender shall be entitled to prove in
     the bankruptcy winding up dissolution or liquidation of the Borrower in
     respect of the whole of the Borrower's indebtedness to the Lender and
     without any

                                       2
<PAGE>

     right of the Guarantor to be subrogated to the Lender in respect of any
     such proof until the Lender shall have received in the bankruptcy winding
     up or liquidation of the Borrower or from other sources one hundred (100)
     cents on the dollar.

8.   Any payments by the Guarantor hereunder shall be made without any set-off
     or counterclaim and shall be free and clear of any taxes including
     withholding taxes, import or levies. If the Guarantor is required to make
     any payment hereunder subject to the deduction or withholding of tax, the
     Guarantor shall increase the sum payable by it to the extent necessary to
     ensure that, after making the required deduction or withholding, the Lender
     receives and retains (free from any liability in respect of any such
     deduction or withholding) a net sum equal to the sum which it would have
     received and so retained had no such deduction or withholding been made or
     required to be made. The Guarantor shall thereafter submit all tax receipts
     or such evidence of payment of tax to the Lender as soon as reasonably
     practicable. In the event that the Lender actually receives the benefit of
     a tax credit, allowance or refund resulting solely and directly from a
     deduction or withholding in respect of which the Guarantor has paid an
     additional amount under this Clause, the Lender shall reimburse to the
     Guarantor such part of that benefit as, will leave it (after such
     reimbursement) in a position which is no more and no less favourable than
     the position in which it would have been if such deduction, withholding,
     payment or liability had not been made or incurred.

9.   If any goods and services tax ("GST" which expression includes any tax of a
     similar nature which may be substituted or levied in addition to it)
     whatsoever is now or hereafter chargeable by law on any payment hereunder,
     the Guarantor shall pay such GST in addition to all other sums payable
     hereunder or relating hereto and agrees to indemnify the Lender against the
     payment if the Lender is required by law to collect and make payment in
     respect of such GST. The Lender may debit the Guarantor's account(s) for
     such GST including default interest payable in the same manner as may be
     provided herein or in any agreement relating hereto for the Facilities
     and/or other charges or as the Lender may prescribe from time to time,
     notwithstanding such debiting may result in the Guarantor's account
     becoming overdrawn Provided that the Lender shall forthwith upon making
     such debit give notice thereof to the Guarantor.

10.  The Lender may but is not bound to resort for the Lender's own benefit to
     any other means of payment at any time and in any order the Lender deems
     fit without thereby diminishing the Guarantor's liability hereunder and the
     Lender may exercise its rights under this Guarantee in force either for
     payment of the ultimate balance after resorting to other means of payment
     or for the balance due notwithstanding that other means of payment have not
     been resorted to and in the latter case without entitling the Guarantor to
     any benefit from such other means of payment so long as the Guaranteed
     Money remains owing and unpaid by the Borrower to the Lender and in
     addition the Lender may require payment by the Guarantor of its liability
     without taking any proceedings first to enforce such payment by the
     Borrower.

11.  If any monies shall be paid by the Guarantor to the Lender under this
     Guarantee, the Guarantor shall not in respect of the amount so paid seek to
     enforce repayment or to exercise any other rights or legal remedies of
     whatsoever kind which may accrue howsoever to the Guarantor in respect of
     the amount so paid until the Guaranteed Money owing from the Borrower to
     the Lender has been fully paid to the Lender. The Guarantor will not prove
     in competition with the Lender for any monies owing by the Borrower to the
     Guarantor on any account whatsoever and/or in respect of any monies due or
     owing from the Borrower to the Lender but will give to the Lender the full
     benefit of any proof which the Guarantor may be able to make in the
     bankruptcy or winding up or liquidation of the Borrower or in any
     arrangement or composition with creditors until the Lender shall have
     received all monies guaranteed hereunder outstanding and remaining unpaid
     by the Borrower to the Lender.

12.  Any indebtedness of the Borrower now or hereafter held by the Guarantor
     shall be fully subordinated to the indebtedness of the Borrower to the
     Lender under the Facility Agreement and such indebtedness of the Borrower
     to the Guarantor if the Lender so requires shall be collected enforced and
     received by the Guarantor and shall be paid over to the Lender on account
     of the indebtedness of the Borrower to the Lender but without reducing or
     affecting in any manner the liability of the Guarantor under this Guarantee
     until all the Guaranteed Money has been fully paid to the Lender.

                                       3
<PAGE>

13.  The Guarantor agrees and acknowledges that the obligations and liabilities
     of the Guarantor hereunder shall be absolute and unconditional and in
     addition to the other provisions of this Guarantee, shall not be abrogated,
     prejudiced, affected or discharged:

     (a)    by the Lender granting explicitly or by conduct or otherwise,
            whether directly or indirectly, to the Borrower, the Guarantor or
            any other person of any time, forbearance, concession, credit
            compounding, compromise, waiver, variation, renewal, release,
            discharge or other advantage or indulgence;

     (b)    by the Lender failing neglecting or deciding not to recover the
            moneys hereby guaranteed or any part thereof by the realisation of
            any collateral or other security or in any manner otherwise or in
            the event of enforcement by the Lender of any collateral or other
            security or any remedy or otherwise, by any act, omission,
            negligence or other conduct or failure on the part of the Lender or
            any other person in connection therewith;

     (c)    by any laches, acquiescence, delay, acts, omissions, mistakes on the
            part of the Lender or any other person;

     (d)    by reason of any agreement, deed, mortgage, charge, debenture,
            guarantee, indemnity or security held or taken at any time by the
            Lender or by reason of the same being void, voidable or
            unenforceable;

     (e)    by any moratorium or other period staying or suspending by statute
            or order of any court or other authority all or any of the Lender's
            rights, remedies or recourse against the Borrower or the Guarantor;

     (f)    by reason of any other dealing, matter or thing which, but for the
            provisions of this Clause, could or might operate to affect or
            discharge all or any part of the obligations and liabilities of the
            Guarantor hereunder; or

     (g)    by the Lender asserting or failing to assert any right or remedy
            against the Borrower or doing or omitting to do any act in pursuance
            of any authority or permission contained in this Guarantee.

14.  The Guarantor declares it has not taken and undertakes not to take directly
     or indirectly from the Borrower in respect of its liability and obligation
     hereunder any security of any nature whatsoever whereby the Guarantor or
     any person claiming under it might in the Borrower's bankruptcy or
     winding-up or liquidation increase the proofs in such bankruptcy or
     liquidation or diminish the property available for distribution to the
     Lender's detriment.

15.  For the consideration aforesaid and as a separate and independent
     stipulation:

     (a)    the Guarantor agrees that all sums of money which may not be
            recoverable from the Guarantor on the footing of a guarantee whether
            by reason of any legal limitation disability or incapacity including
            without limitation the bankruptcy or winding-up or liquidation or
            any other analogous events in relation to the Borrower under any
            other applicable laws or any other fact or circumstance whether
            known to the Lender or not shall nevertheless be recoverable from
            the Guarantor on demand as though the Guarantor was the sole and
            principal debtor;

     (b)    the Guarantor irrevocably and unconditionally undertakes to
            indemnify the Lender on a full indemnity basis against all
            reasonable legal costs between solicitors and clients and other
            costs and disbursements incurred for or in connection with demanding
            and enforcing payment of all monies guaranteed hereunder or
            otherwise howsoever in enforcing this Guarantee and/or the covenants
            agreements undertakings stipulations terms and conditions of this
            Guarantee.

     (c)    the Guarantor agrees to furnish and provide the Lender with and
            permits the Lender to obtain all such statements information
            explanation and data as the Lender may reasonably require from time
            to time regarding the operations and financial affairs of the
            Guarantor.

                                       4
<PAGE>

            The Guarantor hereby agrees and undertakes to furnish to the Lender
            (i) every fiscal quarter immediately after their issue, but in any
            case not later than 90 days after the end of each fiscal quarter,
            unaudited consolidated financial statements of the Guarantor for
            such quarter, including a balance sheet, income statement and cash
            flow statement and (ii) every year immediately after their issue,
            but in any case not later than 120 days after the close of its
            financial year, (A) the audited annual consolidated financial
            statements of the Guarantor, including a balance sheet, income
            statement and cash flow statement, audited by a firm of auditors
            approved by the Lender together with auditors' and directors'
            reports and (B) a copy of the annual return which the Guarantor is
            required by law to file with the Registrar of Companies.

16.  A statement or certificate signed by the Manager Accountant or other
     officer of the Lender as to the monies and liabilities for the time being
     due to or incurred by the Lender (and setting out the computation and basis
     thereof) shall subject only to computational and/or clerical mistakes be
     final and conclusive and be binding on the Guarantor.

17.  This Guarantee shall continue to bind the Guarantor notwithstanding :

     (a)    any change by amalgamation reconstruction or otherwise which may be
            made in the constitution of the company by which the business of the
            Lender may for the time being be carried on and shall be available
            to the company carrying on the business of the Lender for the time
            being; or

     (b)    any winding-up (whether voluntary or compulsory) amalgamation or
            reconstruction of or affecting the Borrower or any defect
            informality or insufficiency of the Borrower's borrowing powers; or

     (c)    any winding-up (whether voluntary or compulsory) amalgamation or
            reconstruction of or affecting the Guarantor.

18.  The Guarantor shall, immediately upon any occurrence of the following:

     (i)    the giving of notice by the Guarantor to convene its general meeting
            for passing any resolution to wind up the Guarantor; or

     (ii)   the filing of any application for placing the Guarantor under
            judicial management; or

     (iii)  the filing of any petition for winding up the Guarantor.

     notify the Lender of the same.

     Where any such notification as aforesaid is given verbally by the Guarantor
     to the Lender, the Guarantor shall confirm it in writing within twenty-four
     (24) hours thereof.

19.  The Guarantor shall not be discharged or released from this Guarantee by
     any alteration in the obligations covenants undertakings stipulations terms
     and conditions governing the Facilities ("the Terms"). The Lender may from
     time to time vary, or add to the Terms and this Guarantee shall extend and
     apply to the Terms varied or added to (notwithstanding such variations or
     additions may impose further liabilities or more onerous covenants
     undertakings or burdens on the Borrower) notwithstanding the Guarantor
     shall not have received notice or been made aware of or consented to such
     variations of or additions to the Terms Provided that the Lender shall
     forthwith upon effecting such variation or addition (as the case may be)
     give notice thereof to the Guarantor..

20.  Any demand for payment of monies or any other demand or notice under this
     Guarantee may be made by any officer of the rank of Assistant Treasurer and
     above or any Secretary Manager Accountant Legal Officer or by any person or
     firm acting as solicitors for the Lender by a letter addressed to the
     Guarantor and sent by registered post or delivered to the address
     abovestated and a notice or demand so served shall be deemed to be served
     and received on the day it was so left or the 3rd day from the date it is
     posted (where the Guarantor's address is in Singapore) or 7 days after
     posting (where the Guarantor's address is outside Singapore), as the case
     may be.

                                       5
<PAGE>

21.  The Guarantor may not determine or revoke this Guarantee unless the Lender
     receives notice of its intention to revoke this Guarantee and agrees in
     writing, and the Guarantor makes full provision for any other outstanding
     liabilities or obligations to the Lender of the Borrower's account
     guaranteed hereunder and not unless the Guaranteed Money is paid to the
     Lender in full.

22.  In addition to any lien right of set-off or other right which the Lender
     may have the Lender shall be entitled at any time upon the Guarantor's
     failure to pay the Guaranteed Money or any part thereof pursuant to a
     declaration of an Event of Default pursuant to Clause 21.17 of the Facility
     Agreement and without prior notice to the Borrower or the Guarantor to
     combine or consolidate all or any of the accounts and liabilities of the
     Borrower or the Guarantor with or to the Lender anywhere whether in or
     outside Singapore or set-off or transfer any sums standing to the credit of
     one or more of such accounts in or towards satisfaction of any of the
     liabilities of the Borrower or the Guarantor to the Lender on any other
     accounts whether in or outside Singapore or in any other respect whether
     such liabilities be actual or contingent primary or collateral several or
     joint notwithstanding that the credit balances on such accounts and the
     liabilities on any other accounts may not be expressed in the same currency
     and the Lender is hereby authorised to effect any necessary conversions at
     the Lender's prevailing rate of exchange Provided that the Lender shall
     forthwith upon effecting such application or conversion (as the case may
     be) give notice thereof to the Guarantor.

23.  In addition and without prejudice to any right or remedies of the Lender
     under this Guarantee or by law conferred upon the Lender, the Lender may
     from time to time and at any time upon the Guarantor's failure to pay the
     Guaranteed Money or any part thereof pursuant to a declaration of an Event
     of Default pursuant to Clause 21.17 of the Facility Agreement, debit to any
     account of the Guarantor with the Lender, whether the account be current or
     otherwise, all or any part of the Guaranteed Money and the sums so debited
     shall be deemed to be monies advanced by the Lender to the Guarantor on the
     Guarantor's account and payable on demand Provided that the Lender shall
     forthwith upon making such debit give notice thereof to the Guarantor.

24.  In addition and without prejudice to any other rights of the Lender under
     the loan and security documents relating to the Facilities, if this
     Guarantee or any other security for the Facilities is terminated, or for
     any other reason which the Lender deems justifiable, the Lender may
     forthwith open a new or separate interest-bearing account ("the new
     account") for the Borrower in the Lender's books with a view to preserving
     the rights of the Lender to prove the whole of the moneys owing by the
     Borrower and if the Lender does not in fact open such new account it shall
     nevertheless be deemed to have done so at the time of such termination and
     as from and after the time that the new account was opened or so deemed to
     have been opened, all payments made by or on behalf of the Borrower shall
     (notwithstanding any legal or equitable rule of presumption to the
     contrary) be credited or deemed to have been credited to the new account
     and shall not go to reduce the amount owing by the Borrower to the Lender
     at the time the new account was opened or deemed to have been opened,
     unless the Lender expressly directs otherwise after all sums (actual or
     contingent) owing to the Lender under the new account have been paid and
     satisfied to the Lender in full or at any other time. For the avoidance of
     doubt, if a payment which would (but for this Clause) have been applied in
     the reduction of the Guaranteed Money is instead credited to a new account
     of the Borrower under this Clause, then for the purpose of calculating
     interest on the Guaranteed Money, the Guaranteed Money shall be deemed to
     have been reduced by the amount of that payment

25.  In addition to the rights conferred by any applicable laws, the Guarantor
     consents to the Lender disclosing any information relating to this
     Guarantee where such disclosure may be required under any applicable law or
     regulation or by any governmental authority or body with whose requests the
     Lender is accustomed to or required to comply.

26.  (a)    Without prejudice to the other provisions of this Guarantee any
            amount received or recovered by the Lender in a currency other than
            the contractual currency whether as a result of or of the
            enforcement of a judgment or order of court or tribunal of any
            jurisdiction in the dissolution of the Borrower and/or the Guarantor
            or otherwise, shall only constitute a discharge to the extent of the
            amount in the contractual currency which the Lender is able in
            accordance with its usual practice to purchase with the amount so
            received or recovered in such other currency on the date of that
            receipt or recovery (or if it

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            is not practicable to make that purchase on that date on the first
            date on which it is practicable to do so).

     (b)    If that amount in the contractual currency is less than the amount
            in the contractual currency due to the Lender by the Borrower, the
            Guarantor shall indemnify the Lender against any loss sustained by
            the Lender as a result. In any event, the Guarantor shall indemnify
            the Lender against the cost of making any such purchase.

     (c)    These indemnities constitute a separate and independent obligation
            from the other obligations in this Guarantee and shall give rise to
            a separate and independent cause of action.

27.  (a)    This Guarantee shall be governed by and construed in all respects in
            accordance with the laws of Singapore and shall be subject to the
            non-exclusive jurisdiction of the courts of Singapore. The Guarantor
            hereby agrees that where any actions or proceedings are initiated
            and taken in Singapore the Guarantor shall submit to the
            jurisdiction of the courts of Singapore. The service of any writ of
            summons or any legal process in respect of any action or proceeding
            hereunder may be effected on the Guarantor by forwarding a copy of
            the writ of summons and statement of claim or other legal process by
            registered post to the address of the Guarantor hereinbefore stated.

     (b)    To the extent that the Guarantor may in any jurisdiction claim for
            itself or its assets immunity from suit, execution, attachment
            (whether in aid of execution, before judgment or otherwise) or other
            legal process and to the extent in any such jurisdiction there may
            be attributed to itself or its assets such immunity whether on
            grounds of sovereignty or otherwise (whether or not claimed), the
            Guarantor irrevocably agrees not to claim and irrevocably waives
            such immunity to the full extent permitted by the laws of such
            jurisdiction. The Guarantor irrevocably agrees and undertakes that
            it and its assets are, and shall be subject to any proceedings
            attachment or execution in respect of its obligations under this
            Guarantee.

     (c)    The Guarantor irrevocably consents in respect of any proceedings
            anywhere to the giving of any relief or the issue of any process in
            connection with those proceedings including, without limitation, the
            making, enforcement or execution against any assets whatsoever
            (irrespective of the use or intended use) of any order or judgment
            which may be made or given in those proceedings.

28.  The Guarantor may not assign its rights nor transfer its obligations or any
     part thereof under this Guarantee without the prior written consent of the
     Lender (such consent not to be unreasonably withheld). The Lender shall at
     its own cost be entitled to assign or transfer any part or all of its
     rights and/or obligations under this Guarantee to any person in favour of
     whom it has assigned any part or all of its rights or transferred any part
     or all of its obligations under the Facility Agreement.

29.  In the event that the Guarantor is in default of the payment of insurance
     premiums, legal fees, property taxes or any other out-of-pocket expenses,
     the Lender may in its sole and absolute discretion pay such amounts and the
     Guarantor agrees to reimburse the Lender for such amounts, together with
     interest on such amounts from the date that the Lender paid such amounts
     until the date on which such amounts are paid in full, payable on demand,
     at an interest per annum equal to the Prime Rate plus 5% per annum. In the
     event that the amount of such interest is less than $250, the Guarantor
     will pay the Lender an administrative charge of $250 rather than the amount
     of such interest Provided that the Lender shall notify the Guarantor of the
     amount payable by the Guarantor under this Clause and shall in such
     notification set out the computation and basis of such amount.

30.  In this Guarantee where the context so admits :

     (a)    words importing the singular number include the plural number and
            vice versa;

     (b)    words importing the masculine gender include the feminine or neuter
            gender;

     (c)    the expression "the Guarantor" includes the personal representatives
            and successors-in-title of the Guarantor;

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     (d)    the expression "the Lender" and "the Borrower" include their
            respective successors and assigns; and

     (e)    the word "person" includes any company or association or body of
            persons, corporate or unincorporated.

31.  Third Party Rights. The Contracts (Rights of Third Parties) Act (Chap 53B)
     shall not apply to this Guarantee and no person not party to this Guarantee
     shall have or acquire any right to enforce any term of it pursuant to that
     Act. This Clause shall not affect any right or remedy of any third party
     which exists or is available otherwise than by reason of that Act and shall
     prevail over any other provision of this Guarantee which is inconsistent
     with it.

IN WITNESS WHEREOF the Guarantor has hereunto affixed its Common Seal on the day
of January, 2003.

The Common Seal of                                   )
Infiniti Solutions Pte Ltd                           )
was hereunto affixed                                 )
in the presence of                                   )

                                                              - Director

                                                              - Secretary

     I,     , an Advocate & Solicitor of         practising in      hereby
certify that on the day of       20      the Common Seal of was duly affixed to
the within written instrument at in my presence in accordance with the
regulations of the said company (which regulations have been produced and shown
to me).

     Witness my hand.

                                       8<PAGE>

                                                                    EXHIBIT 10.4

                    TENANCY AGREEMENT FOR HONEYWELL BUILDING

PARTIES           This Tenancy Agreement made the 14th day of January 2004
                  Between BERMUDA TRUST (SINGAPORE) LIMITED, a company
                  incorporated in Singapore with its registered office at 20
                  Raffles Place #13-01/05 Ocean Towers Singapore 048620, as
                  trustee of Ascendas Real Estate Investment Trust (hereinafter
                  called "the Landlord") of the one part and INFINITI SOLUTIONS
                  PTE LTD of 1 Kaki Bukit View #02-01 TechView Singapore 415941
                  (hereinafter called "the Tenant" which expression shall where
                  the context so admits include its successors and permitted
                  assigns) of the other part.

WITNESSETH as follows :-

DEMISE            1.    In consideration of the rents payments covenants and
                        agreements set forth herein the Landlord hereby lets and
                        the Tenant hereby takes All the portion of the sixth
                        storey(s) of the Building known as HONEYWELL BUILDING
                        (hereinafter called "the Building") containing an
                        approximate area of
AREA OF                 371.81 square metres shown (for the purpose of
PREMISES                identification only) edged in red on the plan annexed
                        hereto and indicated as Unit #06-09 (which said portion
                        is hereinafter called "the Premises") for the term of
TERM                    twenty-four (24) months from the 15th day of February
                        2004 (hereinafter called "the said term") YIELDING and
                        PAYING therefore during the said term
RENT                    the rent (hereinafter called "the said rent") of Dollars
                        Two Thousand Two Hundred and Eighty-Six and Cents
                        Sixty-Three Only ($2,286.63) per month calculated at the
                        rate of Dollars Six and Cents Fifteen Only ($6.15) per
                        square metre per month to be paid, without any
                        deductions and in advance without demand, on the 1st day
                        of each month, the first of such payment to be made on
                        the 1st day of February 2004.

USE OF            2.    The Tenant's use and occupation of the Premises shall
COMMON                  include the use in common with others of the common
AREA                    areas, parking areas, service roads, loading facilities,
                        sidewalks and other facilities as the Landlord may
                        designated from time to time, subject to the terms and
                        conditions of this Agreement and subject to reasonable
                        rules and regulations for the use thereof as the
                        Landlord may prescribe from time to time.

TENANT'S          3.    The Tenant hereby covenants with the Landlord as
COVENANTS               follows:-

TO PAY RENT             (1)   To pay the said rent on the days and in the manner
                              aforesaid.

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TO PAY SERVICE          (2)   To pay during the said term the sum of Dollars
CHARGE INCLUSIVE              Three Thousand Seven Hundred and Eighteen and
OF CHARGES FOR                Cents Ten Only ($3,718.10) per month calculated at
AIR-CONDITIONING              the rate of Dollars Ten Only ($10.00) per square
OPERATING HOURS               metre per month inclusive of standard
                              air-conditioning charges during the standard
                              operating hours from 8.00 am to 8.00 pm from
                              Mondays to Fridays and from 8.00 am to 3.00 pm on
                              Saturdays (Public Holidays excepted) in advance on
                              the same dates and in the same manner as for the
                              said rent as charges for services to be undertaken
                              by the Landlord (hereinafter referred to as "the
                              Service Charge") PROVIDED THAT if the cost of
                              services shall increase the Landlord may revise
                              the Service Charge and on serving a notice in
                              writing to the Tenant to this effect together with
                              reasons for such increase in Service Charge such
                              revised Service Charge shall be payable as from
                              the date specified in the said notice.

AIR-CONDITIONING        (3)   To pay every month in advance on the same dates
CHARGES OUTSIDE               and in the same manner as for the said rent or on
STANDARD                      such other dates as may be notified by the
OPERATING HOURS               Landlord to the Tenant, all direct operating
                              costs for the supply of air-conditioning to the
                              Premises outside the standard operating hours as
                              specified in Clause 3(2) hereof, such costs to be
                              revised by the Landlord from time to time and to
                              be apportioned and calculated by the Landlord and
                              notified to the Tenant in writing and such
                              notification shall be accepted by the Tenant as
                              final and conclusive as to the amount thereof,
                              save for manifest error.

SECURITY                (4)   (i)   (a)   To pay a security deposit equivalent
DEPOSIT                                   to three (3) months' rent and Service
                                          Charge on or before the execution of
                                          this Agreement, or commencement of the
                                          said term whichever is the earlier, as
                                          security against breach of any of the
                                          covenants herein contained which
                                          security deposit shall be maintained
                                          at this figure during the said term
                                          and shall be repayable without
                                          interest on the termination of this
                                          tenancy subject however to an
                                          appropriate deduction as damages in
                                          respect of any such breach.

INCREASE IN                         (b)   If the Service Charge has been
SERVICE CHARGE                            increased by the Landlord in
                                          accordance with Clause 3(2) hereof to
                                          increase the security stipulated in
                                          sub-clause (i)(a) above so that it
                                          shall be at all times be equal to
                                          three (3) months' rent and Service
                                          Charge.

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RENOVATION                    (ii)  (a)   To pay a cash deposit (hereinafter
DEPOSIT                                   called "the renovation deposit") at
                                          the rate of Dollars Ten ($10.00) per
                                          square metre subject to a minimum sum
                                          of $1,000.00 and a maximum sum of
                                          $20,000.00 before the commencement of
                                          any renovation works to the Premises
                                          by the Tenant including any additions
                                          or alterations to any existing
                                          renovations as a security against any
                                          damages incurred by reason of any
                                          damage caused to the Premises or any
                                          part of the Building during the course
                                          of such renovation works. The Landlord
                                          shall serve to the Tenant a written
                                          notice to make good within a
                                          stipulated time any damage caused to
                                          the Premises and/or the Building in
                                          the course of the renovation works. In
                                          the event that the Tenant fails to do
                                          so, the Landlord reserves the right
                                          (without being under any obligation to
                                          do so) to make good the said damage
                                          and shall make the appropriate
                                          deductions of the costs and expenses
                                          incurred and arising therefrom from
                                          the renovation deposit. Subject to an
                                          appropriate deduction for such said
                                          damage, the renovation deposit shall
                                          be repayable without interest upon
                                          completion of such renovation works
                                          and a full and proper submission of
                                          copies of the relevant authorities'
                                          approvals and renovation plans to the
                                          Landlord, including the Building
                                          Layout Plan, the Electrical Plan, the
                                          Fire Protection Plan, the
                                          Air-conditioning Plan, the Plumbing &
                                          Sanitary Plan and such other plans as
                                          may be applicable.

                                    (b)   If the renovation deposit is
                                          insufficient to cover the damages
                                          incurred for purposes of making the
                                          deductions as set out in sub-clause
                                          (ii)(a) above, the Landlord may serve
                                          upon the Tenant a notice in writing
                                          specifying the amount outstanding
                                          after such set-off of the renovation
                                          deposit and the Tenant shall pay such
                                          amount within 7 days from the date of
                                          such notice.

                                    (c)   The Landlord shall have the right to
                                          forfeit the renovation deposit if the
                                          renovation plans referred to in
                                          sub-clause (ii)(a) above are not
                                          submitted within 2 months from the
                                          date of possession of the premises.

UTILITIES               (5)   To arrange for and pay all charges and outgoings
BILLS                         whatsoever in respect of the supply of electricity
                              and water used by the Tenant at the Premises as
                              shown by the separate meters belonging thereto and
                              also to pay all charges for the

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                              use and maintenance of such meters PROVIDED ALWAYS
                              that subject to the prior written consent of the
                              Landlord such consent not to be unreasonably
                              withheld and to all approvals being obtained by
                              the Tenant from the relevant governmental and
                              statutory authorities the water sub-meter will be
                              installed in the Premises by the Tenant at his own
                              costs.

GST                     (6)   To pay or to indemnify the Landlord against Goods
                              and Services Tax ("GST") or any tax of a similar
                              nature that may be substituted for it or levied in
                              addition to it chargeable in respect of any
                              payment to be made by the Tenant under the terms
                              and conditions herein or in respect of any payment
                              made by the Landlord where the Tenant agrees under
                              the terms and conditions herein to reimburse the
                              Landlord including any GST levied on any legal
                              costs.

ACCEPTANCE OF           (7)   The Tenant shall accept the Premises in its
EXISTING CONDITIONS           existing state and condition, including the
                              structural, mechanical and electrical
                              specifications of the Premises.

USE OF                  (8)   At all times to use and occupy the Premises for
PREMISES                      the purpose of semiconductor development
                              laboratory and for no other purposes whatsoever.

INFORMATION ON          (9)   To submit all necessary information and details as
USE AND WATER                 may be required by the competent authorities on
                              the use of the Premises stipulated in clause 3(8)
                              hereof and waste water discharge originating from
                              the Premises, to the Sewerage Department and other
                              relevant governmental and statutory authorities
                              for consideration and clearance in writing before
                              undertaking such use and discharge.

FLOOR LOADING           (10)  Not to place or allow to be placed upon the
                              Premises or on any of the floors in the Building
                              any article machinery or load in excess of 5
                              kiloNewtons per square metre and when required by
                              the Landlord to distribute any load on any part of
                              the floor of the Premises in accordance with the
                              directions and requirements of the Landlord and
                              not to place or allow to be placed in the goods
                              lifts of the Premises any article machinery or
                              load in excess of 3 metric tonne.

TENANTABLE              (11)  At all times to keep the interior of the Premises
REPAIR                        the flooring flooring and interior plaster and
                              other surface materials or rendering on walls and
                              ceilings and fixtures thereon and

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                              therein including doors windows glass locks
                              fastening electric wires and installations and
                              fittings for light and power in a clean and good
                              state of tenantable repair and reasonably
                              decorative order and condition (fair wear and tear
                              excepted) and to forthwith replace or repair any
                              part of the Premises and the fixtures and fittings
                              therein which shall be broken or damaged and
                              further if any damage is caused to the Landlord or
                              to any person whomsoever directly or indirectly
                              through the said damaged condition of any part of
                              the interior of the Premises the flooring and
                              interior plaster and other surface materials or
                              rendering on walls and ceilings and fixtures
                              thereon and therein including doors windows glass
                              locks fastenings electric wires and installation
                              and fitting for light and power the Tenant shall
                              be wholly responsible therefore and shall fully
                              indemnify the Landlord against all claims demands
                              actions and legal proceedings whatsoever made upon
                              the Landlord by any person in respect thereof.

CLEANING OF             (12)  To keep the Premises and every part thereof clean
DEMISED PREMISES              and in a hygienic condition and to keep all pipes
                              drains basins sinks and water closets if any in
                              the Premises clean and unblocked. Any cleaners
                              employed by the Tenant for the purpose hereof
                              shall be at the sole expense and responsibility of
                              the Tenant and shall be subject to the prior
                              written approval of the Landlord which approval
                              shall not be unreasonably withheld. In addition
                              all debris and waste materials of whatever nature
                              including pollutants shall be disposed of by the
                              Tenant, daily, in a manner prescribed by the
                              Landlord failing which the Landlord reserves the
                              right (without being under any obligation to do
                              so) to dispose of the same and all costs and
                              expenses incurred by the Landlord in this respect
                              shall be a debt due from the Tenant to the
                              Landlord and shall be paid by the Tenant to the
                              Landlord within seven (7) days of the Landlord
                              notifying the Tenant of the amount thereof.

NOT TO MAKE             (13)  (a)   Not to make or cause to be made any
ALTERATIONS                         alterations in or additions to the Premises
OR ADDITIONS                        without the prior written consent of the
                                    Landlord such consent not to be unreasonably
                                    withheld and the relevant governmental and
                                    statutory authorities PROVIDED THAT on the
                                    granting of such consent and without
                                    prejudice to other terms and conditions
                                    which may be imposed the Tenant shall place
                                    with the Landlord a deposit equivalent to
                                    such amount as the Landlord may deem
                                    sufficient for the reinstatement of the
                                    Premises or any part of the Building to its
                                    original condition in respect of major
                                    structures erected by

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                                    the Tenant. In the event of such consents
                                    being given to carry out at the Tenant's own
                                    cost and expense such alterations or
                                    additions with such material and in such
                                    manner and at such time(s) as shall be
                                    approved by the Landlord.

                              (b)   Without prejudice to sub-clause (a) above,
                                    the Tenant shall have the right to install
                                    any decorations in the Premises PROVIDED
                                    ALWAYS THAT such decorations do not require
                                    any approval from the relevant government
                                    authorities and are consistent with the
                                    general aesthetics of the Building.

NOT TO MODIFY           (14)  Not to modify any existing electrical wiring or
ELECTRICAL                    modify or replace any existing fire alarm fixtures
INSTALLATIONS                 and fittings or affix or install any further or
                              additional electrical and fire alarm wiring
                              extensions in or about the Premises without the
                              written consent of the Landlord and the relevant
                              governmental and statutory authorities having been
                              first obtained and PROVIDED FURTHER that all such
                              work shall be carried out by a licensed electrical
                              contractor or competent person as reasonably
                              approved by the Landlord to be employed and paid
                              by the Tenant who shall ensure as part of the work
                              that the existing circuits and equipment are not
                              overloaded or unbalanced. Prior to any electrical
                              and fire alarm installation or modification work,
                              the Tenant shall submit the necessary plans to the
                              Landlord and the relevant governmental and
                              statutory authorities for approval, such approval
                              by the Landlord not to be unreasonably withheld.

INSTALLATION            (15)  Subject to all approvals being obtained by the
OF ELECTRICAL                 Tenant from the relevant authorities, to install
AND OTHER                     at the Tenant's own costs and expense all
APPLIANCES                    electrical or other appliances including telephone
                              and teleprinters (as the Tenant may require) in
                              such manner that the wires shall not run across
                              the floor or ceiling or along the walls of the
                              Premises so s to be visible in the Premises but
                              shall be concealed in metal conduits and if
                              running along the floor shall be concealed in the
                              ducts in the underfloor trunking.

NOTICE OF               (16)  Without prejudice to Clause 3(11) hereof to give
DAMAGE                        notice forthwith to the Landlord of any damage
                              that may occur to the Premises and of any accident
                              to or defect in the water pipes gas pipes
                              electrical wiring air-conditioning ducts or any
                              other fittings, fixtures or other facility
                              therein.

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INTERNAL                (17)  Subject to the prior written consent of the
FITTINGS                      Landlord such consent not to be unreasonably
                              withheld and to all approvals being obtained by
                              the Tenant from the relevant authorities to carry
                              out within the Premises at the Tenant's own cost
                              and expense all fittings and works which are not
                              provided by the Landlord including all or any of
                              the following as may be necessary:-

                              (i)   partitioning within the Premises;

                              (ii)  installation of all necessary
                                    air-conditioning distribution ducts
                                    connecting the same to the main
                                    air-conditioning ducts of the Building;

                              (iii) installation of all necessary electrical
                                    wiring conduits fittings and fixtures;

                              (iv)  provision of interior plaster or other
                                    materials or rendering on walls floors and
                                    ceiling, and

                              (v)   where water or gas is to be supplied to the
                                    Premises, installation of water and other
                                    pipes apparatus fittings fixtures and all
                                    necessary

                              All debris and waste materials of whatever nature
                              resulting from the aforesaid works shall be
                              disposed of by the Tenant in a manner prescribed
                              by the Landlord by way of written notice served on
                              the Tenant and in the event that the same is not
                              performed and completed by the Tenant within the
                              stipulated time as stated in the said written
                              notice, the Landlord reserves the right (without
                              being under any obligation to do so) to dispose of
                              the same and all costs and expenses incurred by
                              the Landlord in this respect shall be a debt due
                              from the Tenant to the Landlord and shall be paid
                              by the Tenant to the Landlord within seven (7)
                              days of the Landlord's written notification to the
                              Tenant of the amount thereof.

FEES OF                 (18)  The fees of any architect engineer or other
ARCHITECTS                    consultant employed by the Landlord for the
ENGINEERS, ETC                purpose of considering and approving any plans
                              specifications materials and all works carried out
                              by the Tenant and all other costs, charges and
                              expenses incurred by the Landlord in connection
                              therewith shall be a debt due from the Tenant to
                              the Landlord and shall be paid by the Tenant to
                              the Landlord within seven (7) days of the Landlord
                              notifying the Tenant of the amount thereof in
                              writing. No delay in carrying out and completing
                              all or any of the said works (including
                              installations of telephones and teleprinters) in
                              at or about the Premises, whether caused by any
                              governmental and/or

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                              statutory authorities or otherwise shall be a
                              ground for postponing the commencement of the term
                              hereby created or relieve in any way the Tenant
                              from the performance and observance of the
                              covenants conditions and stipulations herein
                              contained and on his part to be performed and
                              observed.

TO PERMIT               (19)  To permit the Landlord or its agents with or
ENTRY TO VIEW                 without workmen or others with all necessary
CONDITION                     appliances and tools to enter upon the Premises or
                              any part thereof by prior notice, except in cases
                              of emergency, to take inventories at all
                              reasonable times to take inventories of the
                              Landlord's fixtures and fittings therein to view
                              the condition thereof and examine the state of
                              repair of the Premises and thereupon the Landlord
                              may serve upon the Tenant notice in writing
                              specifying any work or repairs necessary to be
                              done which are the responsibility of the Tenant
                              under the terms of this Agreement and require the
                              Tenant forthwith to execute the same and the
                              Tenant shall pay the Landlord's reasonable costs
                              of survey and attending to the preparation of the
                              notice and if the Tenant shall not within ten days
                              after the service of such notice proceed
                              diligently and in workmanlike manner with the
                              execution of such work or repairs then to permit
                              the Landlord (who shall not be under any
                              obligation to do so) to enter upon the Premises
                              and execute such work or repairs and the cost
                              thereof shall be a debt due from the Tenant to the
                              Landlord and be forthwith recoverable PROVIDED
                              ALWAYS that the Landlord shall not be liable to
                              the Tenant for any loss damage or inconvenience
                              caused by such work or repairs.

TO BEAR                 (20)  The Tenant shall be liable to the Landlord for any
LOSSES AND                    damage or deterioration caused directly or
DAMAGES                       indirectly by the Tenant's activities to the
                              Premises and the Building or any part thereof or
                              to any of the Landlord's property including
                              equipment fixtures wiring and piping above or
                              below ground and shall bear the costs of repairs
                              thereof and shall also be liable for any injury or
                              damage caused to any person or property if such
                              damage or injury is due to or arises from any act
                              default or negligence of the Tenant or the
                              servants agents employees or licensees or invitees
                              of the Tenant or any person who is authorized
                              expressly or impliedly by the Tenant to enter into
                              the Premises or the Building or any part thereof
                              and the Tenant shall indemnify and keep the
                              Landlord fully and effectively indemnified from
                              and against all demands actions costs claims and
                              liabilities whatsoever in respect of any injury or
                              damage so caused.

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TO PERMIT               (21)  To permit the Landlord his agents or workmen and
ENTRY TO                      others, by prior notice, except in the case of
REPAIR                        emergency, to enter the Premises to carry out any
                              improvement works including fire safety and
                              compartmentation works at the Premises or to do
                              structural or external repairs and execute such
                              work as may be necessary to the Premises or to
                              other portions of the Building of which it may
                              form a part not conveniently accessible otherwise
                              than from or through the Premises PROVIDED ALWAYS
                              that the Landlord shall not be liable to the
                              Tenant for any loss damage or inconvenience caused
                              thereby.

TO REMOVE               (22)  In complying with Clause 3(19) and Clause 3(21)
INSTALLATOINS                 hereof and if so required by the Landlord, through
                              a notice to the Tenant, except in cases of
                              emergency, to remove such installation, machinery
                              or any article to permit the Landlord to execute
                              the said repairs and works and if the Tenant shall
                              fail to observe or perform this covenant the
                              Landlord shall remove the same and all costs and
                              expenses incurred thereby shall be recoverable
                              from the Tenant as a debt PROVIDED ALWAYS that the
                              Landlord shall not be liable to the Tenant for any
                              loss damage or inconvenience caused by such
                              removal.

DISPOSAL OF             (23)  Not to discharge, dump, leave or burn nor to cause
WASTE                         or permit the discharging, dumping leaving or
                              burning of any waste including but not limited to
                              pollutants into surface or other drains or any
                              water course or in or upon any part of the
                              Premises and/or the Building but at the Tenant's
                              own cost and expense to make good and sufficient
                              provision for the safe and efficient disposal of
                              all waste generated at the Premises and/or the
                              Building to the requirements and satisfaction of
                              the Landlord and/or relevant governmental and
                              statutory authorities PROVIDED THAT in the event
                              of any default by the Tenant under this covenant
                              the Landlord may carry out such remedial measures
                              as it thinks necessary and all costs and expenses
                              incurred thereby shall forthwith be recoverable
                              from the Tenant as a debt.

TO MAINTAIN             (24)  (i)   To provide and maintain refuse receptacles
REFUSE                              for all waste and refuse produced at the
RECEPTACLES                         Premises in connection with the Tenant's
                                    operations and in conformity with the
                                    requirements and standards prescribed by the
                                    Competent Authority and to keep the same out
                                    of sight of the public during the hours of
                                    business and to transfer such waste and
                                    refuse in suitable receptacles to such area
                                    and at such times each day as may be
                                    reasonably prescribed by the Landlord.

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LITTERING                     (ii)  Not to litter or permit any littering in the
                                    common areas in or around the Premises
                                    and/or the Building.

PROHIBITED              (25)  Not to store in or bring upon any part of the
USES                          Premises or the Building or common areas any
                              chemicals or any arms ammunition or unlawful goods
                              or any explosive, toxic or combustible substance
                              or any substance of a dangerous nature or to use
                              the Premises or any part thereof for the storage
                              or cooking of food or to permit or suffer anyone
                              to sleep or reside therein or to permit any
                              auction sale to take place therein or thereat or
                              to use the Premises for any illegal or immoral
                              purpose.

NOT TO KEEP             (26)  Not to keep or allow to be kept livestock or other
ANIMALS                       animals at the Premises.

NOT TO RENDER           (27)  Not to do or suffer to be done on or in the
INSURANCE VOID OR             Premises or the Building anything whereby the
VOIDABLE                      insurance of the Premises or of the Building or
                              any part thereof may be rendered void or voidable
                              or whereby the premium thereon may be increased
                              and to repay to the Landlord on demand all sums
                              paid by the Landlord by way of increased premium
                              and all expenses incurred by the Landlord in
                              connection with insurance rendered necessary by a
                              breach or non-observance of this covenant by the
                              Tenant without prejudice to any other rights and
                              remedies available to the Landlord.

NUISANCE                (28)  Not to do or permit or suffer to be done anything
                              in or upon the Premises or any part of the
                              Building which in the reasonable opinion of the
                              Landlord is a nuisance or cause annoyance to or in
                              any way interfere with the business or the quiet
                              or comfort of the other occupants of the Building
                              and on a written notice being served on the
                              Premises by the Landlord requiring the abatement
                              of any nuisance caused by vibration, noise or
                              offensive smell or by undue emission of smoke,
                              vapour or duct, the Tenant shall forthwith after
                              service of such notice abate such nuisance
                              PROVIDED THAT the Landlord shall not be
                              responsible to the Tenant for any loss, damage or
                              inconvenience as a result of nuisance, annoyance
                              or any interference whatsoever caused by the other
                              occupants of the Building.

NOT TO CAUSE            (29)  Not to cause any obstruction in or on the
OBSTRUCTOIN                   approaches private roads or passage way adjacent
                              to or leading to the Building by leaving or
PARKING OF                    parking or permitting to be left or parked any
                              motor vehicle or other carriages belonging to or

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VEHICLES                      used by the Tenant or by any of their friends
                              servants or visitors. And also to observe all
                              regulations made by the Landlord relating to the
                              parking of such vehicles or carriages and to pay
                              such car park charges as may be imposed by the
                              Landlord.

SIGNS,                  (30)  (i)   Not to affix erect attach paint or exhibit
UNSIGHTLY                           or permit to be affixed erected painted r
OBJECT                              exhibited in or about any part of the
                                    Building or the exterior walls of the
                                    Premises or on or through the windows or
                                    doors thereof any placard poster notice
                                    advertisement name plate or sign or
                                    announcement flag-staff air-conditioning
                                    unit television or wireless mast or aerial
                                    or any other things whatsoever save and
                                    except such as shall have been previously
                                    approved in writing by the Landlord such
                                    approval not to be unreasonably withheld in
                                    accordance with a standard design laid down
                                    by the Landlord.

WINDOWS                       (ii)  To keep the windows of the Premises closed
                                    at all times so as to maintain an efficient
                                    air-conditioning system and not to erect or
                                    install thereon or on any glass panel or
                                    elsewhere any sign device furnishing
                                    ornament or object which is visible from
                                    outside the Premises and which, in the
                                    opinion of the Landlord, is incongruous or
                                    unsightly or may detract from the general
                                    appearance of the Building.

OBSTRUCTION             (31)  Not to cover or obstruct or permit to be covered
OF LIGHT                      or obstructed in any manner or by an article or
                              thing other than approved by the Landlord such
                              approval not to be unreasonably withheld the
                              windows, sky-lights or ventilating shafts or
                              air-inlets or outlets which reflect or admit light
                              or enable air to flow into or out of the Premises
                              or any part of the Building.

USE OF                  (32)  (i)   Not to place or take into the passenger
LIFTS                               lifts any baggage furniture parcels sacks
                                    bags heavy articles or other goods or
                                    merchandise save only light articles.

                              (ii)  To use the service lift(s) provided for the
                                    Building in a manner prescribed by the
                                    Landlord.

NOT TO CAUSE            (33)  Not to cause any obstruction of any kind to the
OBSTRUCTION                   common stairways passageways and other common
                              parts of or accesses to the Premises or the
                              Building of which the Premises forms part of
                              including the apron of the Premises or the
                              Building thereof and upon the Landlord serving a
                              notice to the Tenant to remove such obstruction,
                              the Tenant

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                              shall do so failing which the Landlord shall the
                              the fully right and liberty and absolute
                              discretion to remove and clear any such
                              obstruction and all costs and expenses incurred
                              thereby shall be recoverable from the Tenant as a
                              debt AND PROVIDED THAT :-

                              (a)   At all times the Landlord shall not be
                                    liable to the Tenant or any third party for
                                    any loss damage or inconvenience caused by
                                    such removal and the Tenant hereby
                                    indemnifies and shall keep the Landlord
                                    indemnified in this respect; and

                              (b)   The Tenant shall indemnify and keep
                                    indemnified the Landlord from and against:-

                                    (i)   any fines imposed by the relevant
                                          authorities;

                                    (ii)  all claims and demands made by any
                                          third party against the Landlord; and

                                    (iii) all loss and damage to the Landlord
                                          arising from any such obstruction.

MACHINERY               (34)  Not without the Landlord's prior written consent
                              such consent not to be unreasonably withheld to
                              bring or allow to be brought on to the Premises or
                              any part of the Building used in common with the
                              Landlord and other Tenants any machines or
                              machinery save and except typewriters and such
                              machinery and equipment as are required for the
                              business of the Tenant subject to the other
                              provisions herein contained.

FOOD AND                (35)  Not without the prior written consent of the
DIRNK                         Landlord such consent not to be unreasonably
                              withheld to permit any vendors of food or drink or
                              the servants or agents of such vendors to bring on
                              to the Premises or any part thereof or on to the
                              Building or any part thereof food or drink for the
                              consumption by the occupiers of the Premises save
                              and except contractors who have been given the
                              right by the Landlord to provide food and drink
                              service for the occupiers of the Premises.

UNAUTHORISED            (36)  (i)   Not to install or cause or permit to be
INSTALLATIONS                       installed any air- conditioning mechanical
                                    ventilation or any machinery, apparatus,
                                    fixtures or fittings or extend, supplement,
                                    replace or modify the same or any existing
                                    air-conditioning, mechanical ventilation,
                                    machinery, apparatus, fixtures or fittings
                                    in or about the Premises without the prior
                                    consent in

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                                    writing of the Landlord such consent not to
                                    be unreasonably withheld and the relevant
                                    governmental and statutory authorities
                                    PROVIDED THAT :-

                                    (a)   prior to the commencement of all such
                                          work as shall be permitted the Tenant
                                          shall submit to the Landlord and
                                          relevant governmental and statutory
                                          authorities for their approval,
                                          appropriate layout and detailed plans,
                                          including design calculations, if any,
                                          and if so required, separate detailed
                                          building envelop plans and
                                          calculations on Overall Thermal
                                          Transfer Value (OTTV) of the Premises;
                                          and

                                    (b)   all such plans and calculations shall
                                          be prepared, and all such works as
                                          shall be permitted shall be carried
                                          out by professional or competent
                                          persons as approved by the Landlord
                                          such approval not to be unreasonably
                                          withheld and employed by the Tenant at
                                          his own cost and expense.

                              (ii)  Without prejudice to the generality of
                                    sub-clause (i) above, the Tenant shall
                                    install its air-conditioning units/equipment
                                    only in such areas in or around the Premises
                                    and in such manner as permitted by the
                                    Landlord.

PRECAUTIONS             (37)  To keep the Premises and all fixtures, fittings,
AGAINST FIRE                  installations and appliances therein in a safe
                              condition by adopting all necessary measures to
                              prevent any outbreak or occurrence of fire in the
                              Premises and upon written notice form the
                              Landlord, to comply with such requirements as the
                              Landlord may it is discretion stipulate as to fire
                              precautions relating to the Premises.

NOT TO ASSIGN           (38)  Not to assign sublet grant a licence or part with
OR SUBLET                     or share the possession of the Premises or any
                              part thereof without first obtaining the written
                              consent of the Landlord such consent not to be
                              unreasonably withheld, which consent if granted
                              shall be subject to such terms and conditions as
                              the Landlord may think fit to impose.

NOT TO                  (39)  Not to do or omit or suffer to be done or omitted
CONTRAVENE ANY                any act matter or thing in or on the Premises
WRITTEN LAW                   and/or in respect of the respect of the business
                              trade or industry carried out or conducted therein
                              which shall contravene the provisions of any laws
                              rules or regulations now or hereafter affecting
                              the same and at all times hereafter to indemnify
                              and keep indemnified the Landlord against all
                              actions, proceedings,

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                              costs, expenses, claims, fines, losses, penalties
                              and demands in respect of any act matter or thing
                              done or omitted to be done in contravention of the
                              said provisions.

TO INSTALL              (40)  To install where necessary and at the Tenant's own
EXIT LIGHTS, ETC              cost and expense to maintain exit lights and exit
                              signs at staircases, exit passage ways and the
                              exits of the Premises in accordance with the
                              requirements of the Building Control Division and
                              other relevant governmental and statutory
                              authorities.

ELECTRICAL              (41)  (i)   Without prejudice to the generality of
INSTALLATIONS                       Clause 3(14) to install electrical switch
                                    board wiring and equipment to the Premises
                                    including the following electrical
                                    protective devices, all at the Tenant's own
                                    expense to the approval of the Landlord

                                    (a)   Overcurrent protective devices in
                                          Landlord's Switch Room;

                                    (b)   Overcurrent and earth-leakage
                                          protective devices in the Premises,

                                    PROVIDED THAT, it shall be the
                                    responsibility of the Tenant to keep all or
                                    any of the aforesaid switch board wiring,
                                    equipment and devices installed by the
                                    Tenant in good condition at all times and
                                    the Landlord shall grant the Tenant access
                                    and furnish plans and drawing which are in
                                    the Landlord's possession (if required and
                                    at the Tenant's own cost and expense) for
                                    such works.

WATER SUPPLY                  (ii)  To install water meter(s) and carry out all
                                    plumbing works in or around the Premises
                                    and/or the Building at the Tenant's own cost
                                    subject to the prior approval in writing, of
                                    the Landlord and relevant governmental and
                                    statutory authorities.

FIRE                    (42)  Without prejudice to the generality of Clauses
PROTECTION                    3(14) and 3(41) to carry out such modification
INSTALLATIONS                 work on the existing fire alarm wiring, heat
                              detectors and fixtures in the Premises as shall be
                              necessary to suit to the Tenant's operations, any
                              addition or alterations made to the Premises by
                              the Tenant and as may be required by the relevant
                              authorities in respect thereof, including the
                              installation of additional wiring and connections
                              of the heat detectors and fixtures to the
                              Landlord's common fire alarm system, to the
                              approval of the Landlord and all at the Tenant's
                              own expense PROVIDED THAT:

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                              (a)   The Tenant shall submit the necessary fire
                                    alarm drawings of the Premises, indicating
                                    the existing fixtures, the proposed
                                    modifications and the layout of the Tenant's
                                    machinery for the written approval of the
                                    Landlord prior to the commencement of the
                                    modification work.

                              (b)   The Tenant shall ensure that the existing
                                    fire alarm wiring, heat detectors and
                                    fixtures and any additional wiring and
                                    fixtures installed by the Tenant in the
                                    Premises are serviced regularly and in good
                                    condition at all times including the payment
                                    of any fee(s) in connection with the
                                    servicing and maintenance work.

                              (c)   Any item of replacement required for the
                                    effective maintenance of the fire alarm
                                    wiring, heat detectors and fixtures shall be
                                    of a quality and have an operational
                                    characteristic similar to the item to be
                                    replaced and shall be subject to the written
                                    approval of the Landlord. The Tenant shall
                                    be required to replace any items of
                                    dissimilar quality and operational
                                    characteristic found in use.

TO OBSERVE              (43)  To observe and perform and to cause all his
RULES &                       employees independent contractors agents invitees
REGULATONS                    and licensees to observe and perform all the rules
                              and regulations made by the Landlord for the
                              proper management of the Building and notified in
                              writing by the Landlord to the Tenant from time to
                              time. Provided Always that the Landlord shall not
                              be liable to the Tenant in any way for violation
                              of the rules and regulations by any persons
                              including other Tenants of the Building or the
                              employees independent contractors agents visitors
                              invitees or licensees thereof and Provided Further
                              that nothing herein shall be construed to extend
                              to gross negligence or willful misconduct on the
                              part of the Landlord.

LICENCES                (44)  To obtain and maintain in full force and effect at
AND APPROVALS                 the Tenant's own expense all relevant licenses and
                              approvals (including but not limited to clearance
                              from the Head, Pollution Control Department and
                              all other relevant authorities) which are
                              necessary for use of the Premises and to comply
                              with all statutes, orders, rules, regulations and
                              by-laws as may from time to time be imposed
                              regarding the use of the Premises and the
                              operation of the Tenant's business.

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PERMISSION              (45)  At all times during the three calendar months
TO ENTER                      immediately preceding the determination of the
AND VIEW                      said term to permit intending tenants and others
                              with written authority from the Landlord or its
                              agents at reasonable times of the day and by prior
                              notice to view the Premises.

TO SURRENDER            (46)  At the determination of the said term by expiry or
PREMISES                      otherwise to yield up the Premises and all
                              Landlord's fixtures and fittings fastenings or
                              appurtenances in such good and substantial repair
                              (fair wear and tear excepted) as shall be in
                              accordance with the covenants of the Tenant
                              hereinbefore contained and with all locks and key
                              complete.

TO REDECORATE           (47)  Immediately prior to the determination of the said
                              term or nay renewal thereof as the case may be to
                              restore the Premises in all respects to its
                              original state and condition (fair wear and tear
                              excepted) and if so required by the Landlord to
                              redecorate including painting the interior thereof
                              to the satisfaction of the Landlord PROVIDED
                              ALWAYS that if the Tenant shall fail to observe or
                              perform this covenant the Landlord shall execute
                              such works for the said restoration and
                              redecoration and recover the cost thereof from the
                              Tenant together with all rent and Service Charge
                              and other amounts which the Landlord would have
                              been entitled to receive from the Tenant had the
                              period within which such restoration and
                              redecoration is effected by the Landlord been
                              added to the said term.

INTEREST ON             (48)  To pay interest at the rate of 10% per annum or
LATE PAYMENT                  such higher rate as may be determined from time to
                              time by the Landlord in respect of any outstanding
                              amount payable under this Agreement from the date
                              such amount becomes due until payment in full is
                              received by the Landlord.

NOT TO CAUSE            (49)  Not to install and/or use any electrical
ELECTRICAL OR                 installations, machines or apparatus that may
MECHANICAL                    cause or causes heavy power surge, high frequency
INTERFERENCE, ETC             voltage and current, air-borne noise, vibration or
                              any electrical or mechanical interference or
                              disturbance whatsoever which may prevent or
                              prevents in any way the service or use of any
                              communication system or affects the operation of
                              other equipment, installations, machinery,
                              apparatus or plants of other Tenants and in
                              connection therewith, to allow the Landlord or any
                              authorized persons to inspect with prior notice,
                              except in cases of emergency, such installation,
                              machine or apparatus in the Premises to determine
                              the source of the interference

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                              or disturbance and thereupon, to take suitable
                              measures, at the Tenant's own expenses, to
                              eliminate or reduce such interference or
                              disturbance to the Landlord's satisfaction, if it
                              is found by the Landlord or such authorized person
                              that the Tenant's electrical installation, machine
                              or apparatus is causing or contributing to the
                              said interference or disturbance.

TO INDEMNIFY            (50)  To indemnify the Landlord against any claims,
                              proceedings, action, losses, penalties, damages,
                              expenses, costs, demands which may arise in
                              connection with clause 2(49) above.

TO PERFORM              (51)  (i)   To perform an observe all the obligations
AND OBSERVE                         other than those relating to the structure
OBLIGATIONS                         of the Premises which the Landlord of the
                                    Premises may be liable to perform or observe
                                    during the said term by any direction or
                                    requirement of any public or local authority
                                    and if the Tenant shall fail to observe or
                                    perform this covenant the Landlord may in
                                    its absolute discretion perform the same and
                                    all expenses and costs incurred thereby
                                    shall be recoverable from the Tenant as a
                                    debt PROVIDED ALWAYS that the Landlord shall
                                    not be liable to the Tenant for any loss
                                    damage or inconvenience caused thereby.

                              (ii)  Should the Tenant receive any notice from
                                    the government or any statutory, public or
                                    municipal authority with respect to the
                                    Premises to forthwith give notice thereof in
                                    writing to the Landlord.

UTILIZATION             (52)  To ensure compliance with the Guidelines for
OF SPACE                      Business Park Development in respect of
                              utilization of space and permitted activities as
                              may be set out by the Urban Redevelopment
                              Authority from time to time.

THERMAL                 (53)  Without prejudice to Clause 3(8) hereof and
INSTALLATION                  subject to the prior written approval of the
                              Landlord such approval not to be unreasonably
                              withheld and the relevant governmental and
                              statutory authorities, to provide adequate thermal
                              insulation to the floor, ceiling and the walls of
                              the rooms, if the rooms are used for purposes
                              requiring low temperature air conditioning or
                              cooling that would result in moisture condensation
                              on the external, ceiling or floor within or
                              outside the Premises.

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LANDLORD'S        4.    The Landlord hereby covenants with the Tenant as
COVENANTS               follows:-

                        (1)   So far as is practicable but subject as
                              hereinafter set out:

                              (i)   To provide:

                                    (a)   Lift services;

                                    (b)   Air-conditioning services as specified
                                          in Clause 3(2) hereof:

                                    (c)   Electricity for the lighting of the
                                          passages corridors toilets and other
                                          parts of the Building used by the
                                          Tenant in common with others;

                                    (d)   Water for the common toilets (except
                                          those within the Premises) in the
                                          Building

                              (ii)  To keep the roof main drains and pipes all
                                    external walls and all common areas of the
                                    Building including the entrances corridors
                                    passages stairways landings car-parks lifts
                                    and common toilets clean and in good repair
                                    including repainting and redecorating of the
                                    same or any part thereof at such times and
                                    in such manner as the Landlord in its
                                    absolute discretion may consider necessary.

                              (iii) To keep the lifts staircases landings and
                                    such common areas as aforesaid well and
                                    sufficiently cleaned and lighted and to keep
                                    the lifts in proper working order and to
                                    provide security services for the Building.

                              (iv)  PROVIDED ALWAYS that the Landlord shall not
                                    e liable for any loss the Tenant may sustain
                                    by reason of any damage or injury caused by
                                    or in consequence of any breakage of or
                                    defects in any of the equipment pipes wire
                                    or other apparatus so provided by the
                                    Landlord.

TO INSURE               (2)   To keep the Building insured against loss or
                              damage by fire and in the event of such loss or
                              damage (unless resulting from some act or default
                              of the Tenant) to rebuild and reinstate the
                              damaged part of the Building PROVIDED THAT and it
                              is expressly agreed and understood that the term
                              "loss or damage by fire" as used in this clause do
                              not include any loss or damage caused to the
                              Tenant's fixtures or loss due to the Premises
                              being rendered out of commission and in any such
                              event the Landlord shall not be held liable for
                              any such loss or damage sustained by the Tenant.

QUIET                   (3)   That the Tenant paying the rent and observing and
ENJOYMENT                     performing the several covenants and stipulations
                              on its part herein contained shall during the said
                              term quietly enjoy the

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                              Premises without any interruption by the Landlord
                              or any person or persons lawfully claiming under
                              or in trust for him.

GENERAL           5.    PROVIDED ALWAYS and it is hereby agreed as follows:-

RIGHT OF                (1)   If the rent hereby reserved or any part thereof
RE-ENTRY                      shall at any time be unpaid for fourteen (14) days
                              after becoming payable (whether formally demanded
                              or not) or if the Tenant shall fail to observe or
                              perform any covenant or stipulation on its part
                              herein contained subject to the Tenant's right to
                              notice and rectification as may be provided by the
                              Landlord (except in cases of emergency) or if the
                              Tenant shall make any assignment for the benefit
                              of its creditors or enter into any arrangement
                              with its creditors by composition or otherwise or
                              suffer any distress or attachment or execution to
                              be levied against its goods or if the Tenant being
                              a company shall enter into liquidation whether
                              compulsory or voluntary (save for the purpose of
                              reconstruction or amalgamation) or being an
                              individual shall have a receiving order or an
                              adjudicating order made against him then and in
                              any of such cases it shall be lawful for the
                              Landlord at any time thereafter to re-enter upon
                              the Premises or any part thereof in the name of
                              the whole and thereupon this Tenancy shall
                              absolutely determine but without prejudice to the
                              rights of action of the Landlord in respect of any
                              breach of the covenants on the part of the Tenant
                              herein contained.

REMOVAL OF              (2)   Upon the expiration or sooner determination of the
GOODS                         term hereby created or any extension or renewal
                              thereof or upon the Landlord becoming entitled to
                              re-enter the Premises pursuant to any provisions
                              of this Agreement, the Tenant shall remove from
                              the Premises all goods (which expression shall
                              include personal property of every description)
                              which may be thereupon or therein and in default
                              thereof, the Landlord shall be at liberty (but
                              shall not be obliged) to remove all such goods
                              from the Premises and without limiting the
                              generality of the foregoing, the Landlord shall be
                              deemed to have the authority of the Tenant to
                              store such goods at the expense of the Tenant in
                              such place or places as the Landlord may think
                              fit. The Landlord shall not be liable for any loss
                              or damage whatsoever in respect of such goods
                              which shall be at the Tenant's risk and expense at
                              all times. All costs and expenses incurred by the
                              Landlord in effecting such removal and storage
                              shall be a debt due from the Tenant to the
                              Landlord and shall be paid by the Tenant to the
                              Landlord within seven (7) days of the Landlord
                              notifying the Tenant in writing of the amount
                              thereof, and

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                              until payment the Landlord shall have a lien on
                              such goods. If such costs and expenses are not
                              paid by the Tenant, the Landlord shall be entitled
                              to sell such goods in any manner as the Landlord
                              may think fit, and recover from the sale proceeds,
                              all such costs and expenses, including the
                              expenses of the sale, and the Landlord shall not
                              be responsible for any loss or damage howsoever
                              arising from such sale.

UNTENANTABILITY         (3)   In the event of the Premises or any part thereof
                              or the Building or any part thereof at any time
                              during the term hereby created being so damaged or
                              destroyed by fire act of God or other cause beyond
                              the control of the Landlord as to render the
                              Premises unfit for use or access hereto impossible
                              for a period of more than one (1) month (except
                              where such damage or destruction has been caused
                              by the default or negligence of the Tenant or his
                              servants or agents) the rent hereby covenanted to
                              be paid or a fair proportion thereof according to
                              the nature and extent of the damage sustained
                              shall be suspended until the Premises shall again
                              be rendered fit for occupation and use or until
                              access thereto may be obtained as the case may be
                              and any dispute concerning this Clause shall be
                              referred to arbitration in accordance with the
                              Arbitration Act (Cap 10) or any statutory
                              modification or re-enactment thereof for the time
                              being in force.

HOLDING OVER            (4)   If the unfitness of the Premises or the
                              inaccessibility thereto as aforesaid shall
                              continue for a period of more than two (2) months
                              either the Landlord or the Tenant shall be at
                              liberty by notice in writing to determine the term
                              hereby created and upon such notice being given
                              the term hereby granted shall absolutely cease and
                              determine but without prejudice to any right of
                              action of the Landlord or the Tenant in respect of
                              any antecedent breach of this Agreement by the
                              Tenant or the Landlord as the case may be.

LANDLORD NOT            (5)   Notwithstanding anything herein contained the
LIABLE FOR                    Landlord shall not be liable to the Tenant nor
INTERRUPTION                  shall the Tenant have any claim against the
OF SERVICES                   Landlord in respect of any loss, injury, damage or
                              inconvenience, including electrical or mechanical
                              interference, occasioned by:

                              (a)   any interruption in any of the services
                                    provided by the Landlord by reason of
                                    necessary repair or maintenance of any
                                    installations or apparatus or damage thereto
                                    or destruction thereof by fire water riot
                                    act of God or other cause beyond the
                                    Landlord's

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                                    control or by reason of mechanical or other
                                    defect or breakdown or other inclement
                                    conditions or unavoidable shortage of
                                    manpower fuel materials electricity or water
                                    or labour disputes.

                              (b)   any act omission default misconduct or
                                    negligence of any other tenant or occupier
                                    of the Building or its servant or employee.

                              (c)   any leakage of the piping wiring and
                                    sprinkler system in the Premises or the
                                    Building and/or any defect in the structure
                                    of the Premises or the Building.

LANDLORD NOT            (6)   The Landlord shall be under no liability either to
LIABLE FOR                    the Tenant or to others who may be permitted to
ACCIDENTS                     enter or use the Premises or the Building or any
                              part thereof for accidents happening or injuries
                              sustained or for loss of or damage to property in
                              the Premises or the Building or any part thereof
                              and Provided Further That nothing herein shall be
                              construed to extend to gross negligence or willful
                              misconduct on the part of the Landlord.

OUTER DOORS             (7)   The Landlord shall be entitled to close the outer
OF BUILDINGS                  doors of the Building and keep the same closed and
                              locked after 10 pm and before 7 am on Mondays to
                              Saturdays and on Sundays and gazetted public
                              holidays the Landlord may keep the outer doors
                              closed all day. The Tenant and all others shall
                              not without obtaining special permission from the
                              Landlord such permission not to be unreasonably
                              withheld enter the Premises on Sundays or gazetted
                              public holidays or after 10 pm and before 7 am on
                              Mondays to Saturdays. The aforesaid hours are
                              subject to change as may from time to time be
                              decided by the Landlord and notified to the
                              Tenant. The Tenant shall however have access to
                              the Building via its main doors throughout the
                              said term subject to the Landlord's reasonable
                              rules and regulations relating to after hour
                              access.

LOADING AND             (8)   All loading and unloading carried out by the
UNLOADING                     Tenant shall only be effected at such location(s)
                              as designated by the Landlord from time to time.

WEIGHT AND              (9)   The Landlord shall in all cases retain and have
STESSES                       the power to prescribe the weight and proper
                              position of all iron or steel safes and other
                              heavy equipment articles or goods whatsoever and
                              any or all damage caused to the Building or any
                              part thereof or to the common areas by the Tenant
                              or

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                              anyone on the Tenant's behalf by taking in or
                              putting out a safe furniture goods or other
                              articles or during the time such are in the
                              Building shall be made good by the Tenant or by
                              the Landlord at the sole expense of the Tenant.
                              The Tenant shall pay to the Landlord the amount of
                              such damage made good by the Landlord within seven
                              (7) days of the Landlord notifying in writing the
                              Tenant of the amount thereof.

RENEWAL OF              (10)  That the Landlord will on the written request of
TENANCY                       the Tenant made not less than three (3) months
                              before the expiration of the term hereby created
                              and if there shall not at the time of such request
                              be any existing breach or non-observance of any of
                              the covenants on the part of the Tenant
                              hereinbefore contained at the expense of the
                              Tenant grant to the Tenant a tenancy of the
                              Premises for a further term of twenty-four (24)
                              months from the expiration of the said term at the
                              prevailing market rent and containing the like
                              covenants and conditions as are herein contained
                              or such variations or modifications thereof
                              together with other terms which may be imposed by
                              the Landlord with the exception of the present
                              covenant for renewal.

SERVICE OF              (11)  (i)   Any notice requiring to be served hereunder
NOTICE                              shall be sufficiently served on the Tenant
                                    if left addressed to it at the Premises or
                                    forwarded to it by registered post to its
                                    last known place of business and shall be
                                    sufficiently served on the Landlord if
                                    addressed to it and sent by registered post
                                    to the Registered Office.

SERVICE OF                    (ii)  In the event of any action in respect of the
ORIGINATING                         tenancy created herein (including any action
PROCESS                             for the recovery of the rent and/or Service
                                    Charge herein reserved) the Tenant agrees
                                    and accepts that the originating process
                                    shall be sufficiently served on the Tenant
                                    if left addressed to it at the address
                                    specified in this Agreement or if left
                                    posted upon a conspicuous part of the
                                    Premises or forwarded to it by post at its
                                    last known place of business.

RECEIPT OF MAIL         (12)  Letters or parcels whether registered or otherwise
                              and telegrams or keys received by any servants of
                              the Landlord on behalf of the Tenant will be
                              received solely at the risk of the Tenant.

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WAIVER NOT TO           (13)  No waiver expressed or implied by the Landlord of
PREJUDICE RIGHTS              any breach of any covenant, condition or duty of
                              the Tenant shall be construed as a waiver of any
                              subsequent or other breach of the same or any
                              other covenant, condition or duty and shall not
                              prejudice in any way the rights, powers and
                              remedies of the Landlord herein contained. Any
                              acceptance of rent and/or Service Charge shall not
                              be deemed to operate as a waiver by the Landlord
                              of any right to proceed against the Tenant of any
                              of its obligations hereunder.

RIGHT TO LET            (14)  The Landlord shall be entitled to let any other
                              part or parts of the Building subject to any terms
                              or conditions the Landlord may think fit and
                              nothing herein contained shall be deemed to create
                              a letting scheme for the Building or any part
                              thereof and neither the Tenant nor the persons
                              deriving title under the Tenant shall have the
                              benefit of or the right to enforce or to have
                              enforced or to prevent the release or modification
                              of any covenant agreement or conditions entered
                              into by any present or future tenant.

CHARGES                 (15)  The Tenant shall pay all costs disbursements fees
RELATING TO                   and charges legal or otherwise including stamp
DOCUMENT                      and/or registration fees in connection with the
                              preparation Stamping and issue of this Agreement
                              and any prior accompanying or future documents or
                              deeds supplementary collateral or in any way
                              relating to this Agreement.

ALL OTHER               (16)  The Tenant shall pay all costs and fees legal or
CHARGES                       otherwise including costs as between solicitor and
                              client in connection with the enforcement of the
                              covenants and conditions of this Agreement. For
                              the purposes of the recovery of any sums due to
                              the Landlord by the Tenant under this Agreement,
                              all such sums including Service Charge, GST,
                              interest and costs shall be deemed as rental and
                              recoverable as a debt from the Tenant under the
                              provisions of the Distress Act (Cap. 84).

MARGINAL                (17)  The marginal notes hereto are inserted for
NOTES                         convenience of reference only and shall not in any
                              way define, limit, construe or describe the scope
                              or intent of the clauses of this Agreement or in
                              any way affect this Agreement.

EXCLUSION               (18)  The covenants provisions terms and agreements
OF IMPLIED                    herein cover and comprise the whole of the
TERMS, ETC                    agreement between the parties hereto or their
                              appointed agents and the parties hereto expressly
                              agree and declare that no further or other

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                              covenants agreements provisions or terms save for
                              those contained in the Landlord's Letter of Offer
                              and letters supplemental thereto whether in
                              respect of the Premises or otherwise shall be
                              deemed to be implied herein or to arise between
                              the parties hereto by way of collateral or other
                              agreement by reason of any promise representation
                              warranty or undertaking given or made by either
                              party hereto to the other party on or prior to
                              execution hereof and the existence of any such
                              implication or collateral or other agreement is
                              hereby negatived.

GOVERNING LAW           (19)  This Agreement shall be governed by and construed
                              in accordance with the laws of Singapore.

ILLEGALITY,             (20)  The illegality, invalidity or unenforceability of
INVALIDITY,                   any provision of this Agreement under the law or
UNENFORCEABILITY              any jurisdiction shall not effect the legality,
OF PROVISION                  validity or enforceability of any other provision.
IN AGREEMENT

LIMITATION OF           (21)  It is hereby agreed and acknowledged that the
LIABILITY                     Landlord is entering into this Agreement in its
                              capacity as trustee of Ascendas Real Estate
                              Investment Trust ("A-REIT") and not in its
                              personal capacity. As such, any liability incurred
                              by the Landlord and any indemnity to be given by
                              the Landlord hereunder shall be limited to the
                              assets of A-REIT over which the Landlord has
                              recourse.

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            IN WITNESS WHEREOF the parties hereto have hereunto set their hands
and/or seals the day and the year first above written.

SIGNED BY :                                )
                                           )
                                           )
                                           )
                                           )
For and on behalf of the                   )
BERMUDA TRUST (SINGAPORE) LIMITED          )
AS TRUSTEE OF ASCENDAS REAL ESTATE         )            /s/ Allison Wong
INVESTMENT TRUST                           )     -------------------------------
                                           )     Signature
                                           )
                                           )
in the presence of :                       )            /s/ Sharon Teo
                                                 -------------------------------
                                                 Signature of Witness

SIGNED BY :                                )
                                           )
                                           )
Inderjit Singh                             )
CEO                                        )
                                           )            /s/ Inderjit Singh
For and on behalf of                       )      ------------------------------
                                           )      Signature of Director
                                           )
Colin Seet                                 )      COMPANY STAMP:
Director, Operations Support               )
                                           )
in the presence of:                        )            /s/ Colin Seet
                                                  ------------------------------
                                                  Signature of Witness

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