Document:

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                                                                   EXHIBIT 10.23

                               FIRST AMENDMENT TO
                                CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") made as of
28 day of June, 2002, by and among TANDY BRANDS ACCESSORIES, INC. (the
"Borrower"), WELLS FARGO HSBC TRADE BANK, N. A. ("Agent"), and the lenders
specified therein ("Lenders").

         WHEREAS, Borrower, Agent and the Lenders entered into a Credit
Agreement dated as of June 27, 2001, (the "Credit Agreement"); and

         WHEREAS, the Borrower has requested that Agent and the Lenders make
certain amendments to the Credit Agreement, and the Agent and the Lenders are
willing to do so subject to the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the premises herein contained and
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

         1. DEFINED TERMS. All capitalized terms used but not otherwise defined
in this Amendment shall have the meaning ascribed to them in the Credit
Agreement. Unless otherwise specified, all section references herein refer to
sections of the Credit Agreement.

         2. AMENDMENTS TO CREDIT AGREEMENT. The Credit Agreement is hereby
amended as follows:

                  2.1 Definitions

                           (a) Add the following clause to the end of clause (e)
                           in the definition of "EBITDA":

                                    ",plus (f) non-cash losses arising from the
                                    impairment of good will or intangibles under
                                    FASB 142, such additions to EBITDA not to
                                    exceed $1,500,000 during any four quarterly
                                    period."

                                       1

<PAGE>

                           (b) Permitted Acquisitions

                                    The definition of "Permitted Acquisitions"
                           is revised to read as follows:

                                              "'Permitted Acquisition' means an
                                              acquisition of a business entity
                                              or assets (i) provided the
                                              aggregate amount of consideration
                                              for all such acquisitions during
                                              the Fiscal Year does not exceed
                                              $3,000,000 or (ii) for which the
                                              Borrower has received the prior
                                              consent of the Required Lenders."

                  2.2 Capital Expenditures

                           (a) Section 10.13 is amended to read as follows:

                                    "10.13 Capital Expenditures. The Borrower
                                    shall not, and shall not permit any of its
                                    Subsidiaries to make Capital Expenditures in
                                    excess of $3,500,000 in the aggregate in any
                                    Fiscal Year."

         3. EFFECTIVENESS OF AMENDMENT. This Amendment shall be effective upon
receipt by the Agent of:

                  (a) A copy or copies of this Amendment signed by each of the
                  parties hereto;

                  (b) A Confirmation of Guaranty executed by each Guarantor, and

                  (c) A Compliance Certificate executed by Borrower.

         4. RATIFICATIONS, REPRESENTATIONS AND WARRANTIES.

                  (a) The terms and provisions set forth in this Amendment shall
                  modify and supersede all inconsistent terms and provisions set
                  forth in the Credit Agreement and, except as expressly
                  modified and superseded by this Amendment, the terms and
                  provisions of the Credit Agreement are ratified and confirmed
                  and shall continue in full force and effect. The Borrower,
                  Agent and the Lenders agree that the Credit Agreement

                                       2

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                  and the Loan Documents, as amended hereby, shall continue to
                  be legal, valid, binding and enforceable in accordance with
                  their respective terms.

                  (b) To induce the Agent and the Lenders to enter into this
                  Amendment, the Borrower ratifies and confirms each
                  representation and warranty set forth in the Credit Agreement
                  as if such representations and warranties were made on the
                  even date herewith, (except to the extent that such
                  representations and warranties related solely to an earlier
                  date and except to the extent that the facts upon which such
                  representations are based have been changed by the
                  transactions contemplated in the Credit Agreement) and further
                  represents and warrants (i) that there has occurred since the
                  date of the last financial statements delivered to the Agent
                  and the Lenders no event or circumstance that has resulted or
                  could reasonably be expected to result in a Material Adverse
                  Change, (ii) that no Event of Default exists on the date
                  hereof, and (iii) that the Borrower is fully authorized to
                  enter into this Amendment.

         5. BENEFITS. This Amendment shall be binding upon and inure to the
benefit and Borrower, Agent and the Lenders and their respective successors and
assigns; provided, however, that Borrower may not, without the prior written
consent of Agent and the Lenders, assign any rights, powers, duties or
obligations under this Amendment, the Credit Agreement or any of the other Loan
Documents.

         6. CONSTRUCTION. This Amendment shall be governed by and construed in
accordance with the laws of the State of Texas.

         7. INVALID PROVISIONS. If any provision of this Amendment is held to be
illegal, invalid or unenforceable under present or future laws, such provision
shall be fully several and the remaining provisions of this Amendment shall
remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance.

         8. ENTIRE AGREEMENT. The Credit Agreement, as amended by this
Amendment, contains the entire agreement among the parties regarding the subject
matter hereof and supersedes all prior written and oral agreements and
understandings among the parties hereto regarding same.

         9. REFERENCE TO CREDIT AGREEMENT. The Credit Agreement and any and all
other agreements, documents or instruments now or hereafter executed and
delivered pursuant to the terms hereof or pursuant to the terms of the Credit
Agreement, as amended hereby, are hereby amended so that any reference in the

                                       3

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Credit Agreement to the Credit Agreement shall mean a reference to the Credit
Agreement as amended hereby.

         10. COUNTERPARTS. This Amendment may be separately executed in any
number of counterparts, each of which shall be an original, but all of which,
taken together, shall be deemed to constitute one and the same agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.

                                              IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the day and year first above
written.

                                              BORROWER:

                                              TANDY BRANDS ACCESSORIES, INC.

                                              By: /s/ STAN NINEMIRE
                                                 -------------------------------
                                              Name: Stan Ninemire
                                                   -----------------------------
                                              Title: CFO
                                                    ----------------------------

                                              AGENT:

                                              WELLS FARGO HSBC TRADE
                                              BANK, N.A.

                                              By: /s/ CONNOR J. DUFFY
                                                 -------------------------------
                                              Name: Connor J. Duffy
                                                   -----------------------------
                                              Title: Reg. Vice President
                                                    ----------------------------

                                              WELLS FARGO BANK, N. A.

                                              By: /s/ CONNOR J. DUFFY
                                                 -------------------------------
                                              Name: Connor J. Duffy
                                                   -----------------------------
                                              Title: Reg. Vice President
                                                    ----------------------------

                                       4

<PAGE>

                                            LENDERS:

                                            WELLS FARGO HSBC TRADE BANK,
                                            N.A.

                                            By: /s/ CONNOR J. DUFFY
                                               ---------------------------------
                                            Name: Connor J. Duffy
                                                 -------------------------------
                                            Title: Reg. Vice President
                                                  ------------------------------
                                            Address: 1445 Ross Avenue, Suite 450
                                                     Dallas, TX 75202

                                            Attention:
                                                      --------------------------
                                            Fax No.: 214-220-2166

                                       5

<PAGE>

                                            COMERICA BANK - TEXAS, N.A.

                                            By: /s/ CHARLES R. MCELRATH
                                               ---------------------------------
                                            Name: Charles R. McElrath
                                                 -------------------------------
                                            Title: Vice President
                                                  ------------------------------
                                            Address: 8828 Stemmons, Suite 441
                                                     Dallas, TX 75247

                                            Attention:
                                                      --------------------------
                                            Fax No.: 972-263-9837

                                       6

<PAGE>

                                          U.S. BANK NATIONAL ASSOCIATION
                                          (formerly FIRSTAR BANK, N.A.)

                                          By: /s/ GREGORY L. DRYDEN
                                             ---------------------------------
                                          Name: Gregory L. Dryden
                                               -------------------------------
                                          Title: Vice President
                                                ------------------------------
                                          Address: One Firstar Plaza, 12th Floor
                                                   St. Louis, MO 63101

                                          Attention:
                                                    --------------------------
                                          Fax No.: 314-418-3859

                                       7

<PAGE>

                                          COMPASS BANK, N.A.

                                          By: /s/ MICHAEL KEITH
                                             ---------------------------------
                                          Name: Michael Keith
                                               -------------------------------
                                          Title: Vice President
                                                ------------------------------
                                          Address: 8080 N. Central Expressway
                                                   Suite 250
                                                   Dallas, TX 75206

                                          Attention: Michael Keith
                                                    --------------------------
                                          Fax No.: 214-346-2746

                                       8

<PAGE>

                            CONFIRMATION OF GUARANTY

         Reference is made to the Credit Agreement dated as of June 27, 2001
(the "Credit Agreement") among Tandy Brands Accessories, Inc. ("Borrower"),
Wells Fargo HSBC Trade Bank, N. A. ("Agent"), and the lenders specified therein
("Lenders"). The undersigned Guarantors hereby confirm that their guaranty under
the Subsidiary Guaranty dated as of June 27, 2001 for the benefit of the Agent,
the Lenders, and Wells Fargo Bank, N. A., continues in full force and effect
notwithstanding the First Amendment to Credit Agreement dated as of June ___,
2002, which First Amendment is hereby accepted and consented to by each
Guarantor. In accordance herewith, the aforesaid guaranty shall be deemed to
cover and secure the Obligations at any time due from Borrower to Lenders
pursuant to the Credit Agreement as the latter has been modified by the First
Amendment. This Confirmation of Guaranty shall be governed by and construed in
accordance with the laws of the State of Texas.

Dated this 28 day of June, 2002.

                                     ACCESSORY DESIGN GROUP, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO
                                           -------------------------------------

                                     AMITY/ROLFS, INC

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO
                                           -------------------------------------

                                     TANDY BRANDS ACCESSORIES HANDBAGS, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO
                                           -------------------------------------

<PAGE>

                                     H.A. SHELDON CANADA, LTD.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

                                     TBAC INVESTMENTS, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

                                     TBAC GENERAL MANAGEMENT COMPANY

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

                                     TBAC MANAGEMENT COMPANY L.P.
                                     BY: TBAC GENERAL MANAGEMENT COMPANY,
                                     ITS GENERAL PARTNER

                                            By: /s/ STAN NINEMIRE
                                               ---------------------------------
                                            Name: Stan Ninemire
                                                 -------------------------------
                                            Title: CFO VP
                                                  ------------------------------

                                     TBAC PRINCE GARDNER, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

                                     STAGG INDUSTRIES, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

                                     TBAC-TOREL, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

                                     TBAC INVESTMENT TRUST, INC.

                                     By: /s/ STAN NINEMIRE
                                        ----------------------------------------
                                     Name: Stan Ninemire
                                          --------------------------------------
                                     Title: CFO VP
                                           -------------------------------------

<PAGE>

ACCEPTED as of the date first written above.

BORROWER

TANDY BRANDS ACCESSORIES, INC.

By: /s/ STAN NINEMIRE
   ----------------------------------------
Name: Stan Ninemire
     --------------------------------------
Title: CFO SVP
      -------------------------------------

<PAGE>

                             COMPLIANCE CERTIFICATE

                                  June 28, 2002

         Reference is made to that certain Credit Agreement dated as of June 27,
2001 among Tandy Brands Accessories, Inc. ("BORROWER"), Wells Fargo HSBC trade
Bank, N. A. ("Agent"), and the lenders specified therein ("Lenders") (the
"Credit Agreement"). Terms which are defined in the Credit Agreement and which
are used but not defined herein shall have the meanings given them in the Credit
Agreement. The undersigned, Stan Ninemire, Borrower's CEO, hereby certifies in
the name, and on behalf, of Borrower that Borrower has made a thorough inquiry
into all matters certified herein and based upon such inquiry; experience, and
the advice of counsel, does hereby further certify that:

          1. All representations and warranties made by the Borrower in any Loan
Document delivered on or before the date hereof (including, without limitation,
the representations and warranties contained in Section 4 of the Amendment) are
true in all material respects on and as of the date hereof (except to the extent
that such representations and warranties related solely to an earlier date and
except to the extent that the facts upon which such representations are based
have been changed by the transactions contemplated in the Credit Agreement) as
if such representations and warranties had been made as of the date hereof.

         2. No Event of Default exists on the date hereof.

         3. Borrower has performed and complied with all agreements and
conditions required in the Loan Documents to be performed or complied with by it
on or prior to the date hereof.

         IN WITNESS WHEREOF, this instrument is executed by the undersigned as
of the date first above written.

                                             TANDY BRANDS ACCESSORIES, INC.

                                             By: /s/ STAN NINEMIRE
                                                --------------------------------
                                             Name: Stan Ninemire
                                                  ------------------------------
                                             Title: CFO SVP
                                                   -----------------------------<PAGE>
                                                                     Exhibit 4.1

                          COMPANIES ACTS, 1963 TO 2001
                        PUBLIC COMPANY LIMITED BY SHARES

                            MEMORANDUM OF ASSOCIATION
                                       OF
                        SMARTFORCE PUBLIC LIMITED COMPANY

                    (as amended by Special Resolutions passed
              on 24th March 1992, 31st March 1995, 28th April 1998,
            26th January 2000, 10th July 2001 and 6th September 2002)

1.    The name of the Company is SMARTFORCE PUBLIC LIMITED COMPANY.

2.    The Company is to be a public limited company.

3.    The objects for which the Company is established are:

      (1)   (a) To acquire and hold shares and stocks of any class or
            description, debentures, debenture stock, bonds, bills, mortgages,
            obligations, investments and securities of all descriptions and of
            any kind issued or guaranteed by any company, corporation or
            undertaking of whatever nature and wheresoever constituted or
            carrying on business or issued or guaranteed by any government,
            state, dominion, colony, sovereign ruler, commissioners, trust,
            public, municipal, local or other authority or body of whatsoever
            nature and wheresoever situated and investments, securities and
            property of all descriptions and of any kind, including real and
            chattel real estate, mortgages, reversions, assurances policies,
            contingencies and choses in action. To purchase for investment only
            property of any tenure and any interest therein, and to make
            advances upon the security of land or other similar property or any
            interest therein.

            (b) To carry on any other trade or business whatsoever which can in
            the opinion of the directors be advantageously or conveniently
            carried on by the Company in connection with or as ancillary to any
            of the above businesses or the general business of the Company.

<PAGE>

      (2)   To carry on the business of surveyors, estate agents, valuers,
            auctioneers, carriers, shippers, fowarding agents, garagement,
            caterers, licensed publicans, fuel suppliers, textile manufacturers
            and dealers, insurance agents and brokers, farmers and generally to
            import, export, manufacture, make, grow, produce, repair, adapt for
            sale and prepare for market goods and materials of every kind, or
            otherwise to carry on any business which may seem to the Company
            capable of being conveniently carried on in connection with the
            above or any one of the above or calculated directly or indirectly
            to enhance the value of or render more profitable any of the
            Company's property or rights.

      (3)   To acquire by purchase, exchange, lease, fee farm grant or
            otherwise, either for an estate in fee simple or for any less estate
            or other estate or interest whether immediate or reversionary and
            whether vested or contingent, any lands, tenements or hereditaments
            of any tenure, whether subject or not to any charges or
            encumbrances, and to hold, farm, work and manage and to let, sublet,
            either furnished or unfurnished, mortgage or charge land and
            buildings of any kind, reversions, interests, annuities, life
            policies, and any other property real or personal, movable or
            immovable, either absolutely or conditionally, and either subject or
            not to any mortgages, charges, ground rent or other rents or
            encumbrances.

      (4)   To hold and farm and work or manage or to sell, let, licence,
            alienate, mortgage, lease or charge land, house property, shops,
            flats, maisonettes, reversions, interests, annuities, life policies,
            and any other property real or personal, movable or immovable,
            either absolutely or conditionally, and either subject to or not to
            any mortgage, charge, rent or encumbrance and to pay for any lands,
            tenements, hereditaments, chattels, or assets acquired by the
            Company in cash or shares, stock, debentures or obligations of the
            Company whether fully paid or otherwise or in any other manner.

      (5)   To enter into contracts of every nature and kind and to carry on the
            business of a trust and investment company and to invest the funds
            of the Company in or upon or otherwise acquire, hold and deal in
            property, securities, stocks, shares, debentures, interests and
            investments of every nature and description and to hold, serve,
            exchange, and otherwise deal in

<PAGE>

            such properties and investments, and receive income therefrom, and
            to borrow for investment purposes, and to place the funds of the
            Company on deposit with bankers or financial or mercantile houses or
            companies and withdraw same therefrom, and to enter into hire
            purchase, credit sales and other deferred payment arrangements.

      (6)   To acquire shares, stocks, debentures, debenture stock, bonds,
            obligations as securities either by original subscription, tender,
            purchase, exchange or otherwise, and to subscribe for the same
            either conditionally or otherwise, to guarantee and to write
            descriptions thereof and to exercise and enforce all rights and
            powers conferred by or incidental to the ownership thereof.

      (7)   To act as agents or managers in carrying on any business concerns or
            undertakings and to employ experts to investigate and examine the
            condition, management, prospects, value and circumstances of any
            business concerns and undertakings and generally of any assets,
            property or rights of any kind.

      (8)   To apply for, purchase or otherwise acquire and protect, prolong,
            renew, whether in Ireland or elsewhere any patents, patent rights,
            brevets d'invention, licences, protection, concessions and the like,
            conferring any exclusive or non-exclusive or limited right to use,
            or any secret or other information as to any invention, process or
            privilege which may seem capable of being used for any of the
            purposes of the Company or the acquisition of which may seem
            calculated directly or indirectly to benefit the Company, and to
            use, exercise, develop, manufacture under or grant licences or
            privilege in respect thereof or otherwise turn to account the
            property, rights, privileges and information so acquired, and to
            carry on any business in any way connected therewith, and to expend
            money in experimenting upon and testing, and in improving or seeking
            to improve any patents, inventions, systems, programmes, computing
            or other machines or rights which the Company may acquire or propose
            to acquire.

      (9)   To raise or borrow money, and to secure the payment of money by the
            issue of or upon debentures or debenture stock, perpetual,
            terminable or otherwise or bonds or other obligations, charged or
            not charged upon or by

<PAGE>

            mortgage, charge, hypothecation, lien or pledge of the whole or any
            part of the undertaking property, assets and rights of the Company,
            both present and future, including its uncalled capital and
            generally in such other manner and on such terms as may seem
            expedient, and to issue any of the Company's securities, for such
            consideration and on such terms as may be thought fit, including the
            power to pay a proportion of the profits of the Company by way of
            interest on any monies so raised or borrowed; and also by a similar
            mortgage, charge, hypothecation, lien or pledge, to secure and
            guarantee the performance by the Company of any obligation or
            liability it may undertake; and to redeem or pay off any such
            securities aforesaid.

      (10)  To draw, make, accept, endorse, discount, execute and issue
            promissory notes, bills of exchange, bills of lending, warrants,
            debentures and other negotiable or transferable instruments.

      (11)  To guarantee, support or secure, whether by personal covenant or by
            mortgaging or charging all or any part of the undertaking property
            and assets (present and future) and uncalled capital of the Company,
            or all such methods, the performance of the obligations of and the
            repayment or payment of the principal amounts and interest of any
            person, firm or company or the dividends or interest of any
            securities, including (without prejudice to the generality of the
            forgoing) any company which is the Company's holding company or a
            subsidiary or associated company.

      (12)  To acquire and undertake the whole or any part of the business,
            property, goodwill and assets of any person, firm or company
            carrying on or proposing to carry on any of the businesses which the
            Company is authorised to carry on, or which can be conveniently
            carried on in connection with the same, or may seem calculated
            directly or indirectly to benefit the Company, or possessed of
            property suitable for the purposes of the Company and as part of the
            consideration for any of the acts or things aforesaid or property
            acquired to undertake all or any of the liabilities of such person,
            firm or company, or to acquire an interest in, amalgamate with, or
            enter into any arrangement for sharing profits, or for co-operation,
            or for limiting competition, or for mutual assistance with any such
            person,

<PAGE>

            firm or company, and to give issue or accept by way of consideration
            for any of the acts or things aforesaid or property acquired, any
            shares, debentures, debenture stock or securities that may be agreed
            upon, and to hold and retain or sell, mortgage and deal with any
            shares, debentures, debenture stock or securities so received.

      (13)  To enter into partnership or into any arrangement for sharing
            profits, union of interest, a joint adventure, reciprocal
            concession, co-operation or otherwise with any company carrying on
            or engaged in any business or transaction which the Company is
            authorised to carry on or engaged in, or any business or transaction
            capable of being conducted so as directly or indirectly to benefit
            the Company, and to lend money to, guarantee the contracts or
            debentures of or otherwise assist any such companies, and to take or
            otherwise acquire and hold shares or stock in or securities of, and
            to subsidise or otherwise assist any such company and to sell, hold,
            re-issue, with or without guarantee, or otherwise deal with such
            shares, stocks or securities.

      (14)  To undertake the office of trustee, executor, administrator,
            committee, manager, secretary, registrar, attorney, delegate,
            substitute or treasurer, and any other offices or situations of
            trust or confidence, and to perform and discharge the duties and
            functions incidental thereto, and generally to transact all kinds of
            trust and agency business either gratuitously or otherwise.

      (15)  To take part in the creation, issue or conversion of debentures,
            debenture stock, bonds, obligations, shares, stocks or securities,
            and to act as trustees in connection with any such securities and to
            take part in the conversion of business concerns and undertakings
            into companies.

      (16)  To take part in the management, supervision or control of the
            business or operations of any company or undertaking, and for that
            purpose to appoint and remunerate any Directors, Accountants or
            other experts or agents.

      (17)  To carry on and undertake any business, transaction or operation
            commonly carried on or undertaken by financial agents, factors,

<PAGE>

            financiers, underwriters, concessionaires, contractors for public
            and other works or merchants and to enter into hire purchase, credit
            sales, and other agreements providing for payment by instalments or
            deferred means.

      (18)  To apply for, promote and obtain any Act of the Oireachtas,
            provisional order or licence of the Minister for Industry and
            Commerce or other authority for enabling the Company to carry any of
            its objects into effect, or for effecting any modification of the
            Company's constitution, or for any other purpose which may seem
            expedient, and to oppose any proceedings or applications which may
            seem calculated, directly or indirectly, to prejudice the Company's
            interests.

      (19)  To enter into any arrangements with any governments or authorities
            (supreme, municipal, local or otherwise), or any corporations,
            companies or persons that may seem conducive to the attainment of
            the Company's objects, or any of them, and to obtain from any such
            government, authority, corporation, company, or person any charters,
            contracts, decrees, rights, privileges and concessions which the
            Company may think desirable, and to carry out, exercise and comply
            with any such arrangements, charters, contracts, decrees, rights,
            privileges and concessions.

      (20)  To subscribe for, take, purchase or otherwise acquire and hold
            shares or other interests in, or securities of any other company
            having objects altogether or in part similar to those of this
            Company or carrying on any business capable of being carried on so
            as, directly or indirectly, to benefit this Company.

      (21)  To promote any company for the purpose of acquiring all or any of
            the property or liabilities of the Company, or of undertaking any
            business or operations which may appear likely to assist or benefit
            the Company or to enhance the value of or render more profitable any
            property, assets or business of the Company, or for any other
            purpose which may seem directly or indirectly calculated to benefit
            the Company.

<PAGE>

      (22)  To guarantee the payments of dividends or interest on any stocks,
            shares, debentures or other securities issued by, or any other
            contract or obligation of any company, societe anonyme, association,
            undertaking or public or private body and the performance of
            contracts by or become security for members of any company having
            dealings with the Company.

      (23)  To accumulate capital for any of the purposes of the Company, and to
            appropriate any of the Company's assets to specific purposes, either
            conditionally or unconditionally and to admit any class or section
            of those who have any dealings with the Company to any share in the
            profits thereof or in the profits of any particular branch of the
            Company's business, or to any other special rights, privileges,
            advantages or benefits.

      (24)  To apply for and obtain any legislative, municipal or other acts or
            authorisations for enabling the Company to carry any of its objects
            into effect or for any extension or alteration of its powers, or for
            effecting any modification of the Company's constitution, or for any
            other purpose which may seem expedient, and to oppose any
            proceedings, or applications which may seem calculated directly or
            indirectly to prejudice the Company's interest.

      (25)  To apply for and obtain all such licences, consents, authorities,
            grants, permissions and concessions as may be required, or deemed to
            be desirable, in connection with the running or administration of
            the Company's business or otherwise in relation to its affairs.

      (26)  To advance and lend money, with or without security to such persons
            or companies and upon such terms and subject to such conditions as
            may seem expedient.

      (27)  To create, maintain, invest and deal with any reserve or sinking
            funds for redemption of obligations of the Company, or for
            depreciation of works or stock, or any other purpose of the Company.

      (28)  To remunerate any person, firm or company rendering services to this
            Company, either by cash payment or by the allotment to him or them
            of

<PAGE>

            shares or securities of the Company credited as paid up in full or
            in part or otherwise as may be thought expedient.

      (29)  To effect assurance and insurance contracts and policies of every
            description, provided that nothing herein contained shall empower
            the Company to carry on a business of insurance in the meaning of
            the Insurance Acts, 1909 to 1989.

      (30)  To sell or otherwise dispose of the whole or any part of the
            business or property of the Company, either together or in portions,
            for such consideration as the Company may think fit, and in
            particular for shares, debentures or securities of any company
            purchasing the same.

      (31)  To distribute either upon a distribution of assets or a division of
            profits among the members of the Company in kind any property of the
            Company, and in particular any shares, debentures or securities of
            other companies belonging to this Company, or of which this Company
            may have the power of disposing.

      (32)  To establish, join, support and subscribe to, or to aid in the
            establishment and support of associations, institutions, societies,
            co-operatives, clubs, funds, trusts or conveniences calculated to
            benefit the Company or employees or ex-employees of the Company or
            the dependants or connections of such persons or connected with any
            town or place where the Company carries on business and to grant
            pensions, gratuities, allowances or charitable aid to any person who
            may have served the Company, or to the wives, children or other
            relatives of such person and to make payments towards insurance, and
            to form and contribute to provident and benefit funds for the
            benefit of any persons employed by the Company and to subscribe or
            guarantee money for charitable or benevolent objects or for any
            exhibition or for any public general or useful object.

      (33)  To support and subscribe to any charitable or public object, and any
            institution, society or club which may be for the benefit of the
            Company

<PAGE>

            or its employees, or may be connected with any town or place where
            the Company carries on business.

      (34)  To make gifts or grant bonuses to officers or other persons who are
            or have been in the employment of the Company and to allow any such
            persons to have the use and enjoyment of such property, chattels or
            other assets belonging to the Company upon such terms as the Company
            shall think fit.

      (35)  To insure the life of any persons who may, in the opinion of the
            Company, be of value to the Company, as having or holding for the
            Company interests, goodwill, or influence or otherwise and to pay
            the premiums on such insurance.

      (36)  To promote freedom of contract and to resist, insure against,
            counteract and discourage interference therewith, to join any lawful
            federation, union, association or party and to contribute to the
            funds thereof or do any other lawful act or thing with a view to
            preventing or resisting directly or indirectly any interruption of
            or interference with the Company or any other trade or business or
            providing or safeguarding against the same, or resisting or opposing
            any strike movement or organisation which may be thought detrimental
            to the interests of the Company or it employees, and to subscribe to
            any association for funds for any such purposes.

      (37)  To procure the Company to be registered or recognised in any foreign
            country, colony, dependency or place.

      (38)  To pay all or any expenses of, incidental to or incurred in
            connection with the formation and incorporation of the Company and
            the raising of its share and loan capital, or to contract with any
            person or company to pay the same, and (except for the case of
            shares subject to the provisions of any statute for the time being
            in force) to pay commissions to brokers and others for underwriting,
            placing, selling or guaranteeing the subscription of any shares,
            debentures or securities of the Company.

<PAGE>

      (39)  To do all or any of the above things in any part of the world, and
            as principals, agents, contractors, trustees or otherwise, and
            either by or through trustees, agents, subcontractors or otherwise
            and either alone or in partnership or conjunction with any person or
            company, and to contract for the carrying on of any operation
            connected with the Company's business by any person or company.

      (40)  To carry on any other trade or business whatsoever which can in the
            opinion of the board of directors be advantageously carried on by
            the Company in connection with or as ancillary to any of the above
            businesses or the general business of the Company.

      (41)  To do all such other things as may be deemed incidental or conducive
            to the attainment of the above objects or any of them.

      And it is hereby declared that in the construction of this clause the word
      "company" except where used in reference to this Company, shall be deemed
      to include any person or partnership or other body or persons, whether
      incorporated or not incorporated and whether domiciled in Ireland or
      elsewhere, and words denoting the singular number only shall include the
      plural number and vice versa.

      The objects set forth in any sub-clause of this clause shall not be
      restrictively construed but the widest interpretation shall be given
      thereto and they shall not except where the context expressly so requires
      in such sub-clause, be in any way limited to or restricted by reference to
      or inference from any other object or objects set forth in such sub-clause
      or from the terms of any other sub-clause or by the name of the Company.
      None of such sub-clauses or the object or objects therein specified for
      the powers thereby conferred shall be deemed subsidiary or auxiliary to
      the objects or powers mentioned in any other sub-clause, but the Company
      shall have full power to exercise all or any of the powers and to achieve
      or endeavour to achieve all or any of the objects conferred by and
      provided in any one or more of the said sub-clauses.

4.    The liability of the members is limited.

<PAGE>

5. The share capital of the Company is E27,500,000 divided into 250,000,000
ordinary shares of E0.11 each. The share capital of the Company whether the
original or any increased capital of the Company may be divided into different
classes of shares with any special, qualified, preferred, deferred or other
rights or privileges or conditions as to capital, dividends, rights of voting or
other matters attached thereto, and from time to time the Company's regulations
may be varied so far as may be necessary to give effect to any such rights,
privileges or conditions.

<PAGE>

We, the several persons, whose names, addresses and descriptions are subscribed,
wish to be formed into a company in pursuance of this Memorandum of Association,
and we agree to take the number of shares in the capital of the Company set
opposite our respective names.

------------------------------------------------------------------------
NAMES, ADDRESSES AND DESCRIPTIONS                 NUMBER OF SHARES TAKEN
OF SUBSCRIBERS                                    BY EACH SUBSCRIBER

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

Bridget Trant,
Highdown Hill,
Newcastle,
Co. Dublin

Formations Manager                                One Share

Susan Lawless,
14 Springhill Park,
Blackrock,
County Dublin

Systems Manager                                   One Share

------------------------------------------------------------------------
Total Shares Taken:                               Two

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

                        Dated this 25th day of July 1989

Witness to the above signatures:                  Geraldine Reynolds
                                                  39 Birchwood Heights
                                                  Tallaght,
                                                  Dublin 24
                                                  Secretary

<PAGE>

                                      INDEX

No.   Description                                                     Pages

PART I - PRELIMINARY

1.    Interpretation                                                   17

PART II - SHARE CAPITAL AND RIGHTS

2.    Share Capital                                                    19

3.    Rights of Shares on Issue                                        19

4.    Redeemable Shares                                                19

5.    Purchase of Own Shares                                           19

6.    Variation of Rights                                              19

7.    Trusts not Recognised                                            20

8.    Allotment of Shares                                              20

9.    Payment of Commission                                            20

10.   Financial Assistance                                             20

PART III - SHARE CERTIFICATES

11.   Issue of Certificates                                            21

12.   Balance and Exchange Certificates                                21

13.   Renewal of Certificates                                          21

PART IV - LIEN ON SHARES

14.   Extent of Lien                                                   21

15.   Power of Sale                                                    22

16.   Power to Effect Transfer                                         22

17.   Proceeds of Sale                                                 22

PART V - CALLS ON SHARES AND FORFEITURE

18.   Making of Calls                                                  22

19.   Time of Call                                                     23
<PAGE>

20.   Liability of Joint Holders                                       23

21.   Interest on Calls                                                23

22.   Instalments Treated as Calls                                     23

23.   Power to Differentiate                                           23

24.   Notice Requiring Payment                                         24

25.   Forfeiture                                                       24

26.   Power of Disposal                                                24

27.   Effect of Forfeiture                                             24

28.   Statutory Declaration                                            25

PART VI - TRANSFER OF SHARES

29.   Instrument of Transfer                                           25

30.   Refusal to Register Transfer                                     25

31.   Procedure on Refusal                                             25

32.   Closing of Transfer Books                                        26

33.   Absence of Registration Fees                                     26

34.   Retention of Transfer Instruments                                26

PART VII - TRANSMISSION OF SHARES

35.   Death of Member                                                  26

36.   Transmission on Death or Bankruptcy                              26

37.   Rights before Registration                                       26

PART VIII - ALTERATION OF SHARE CAPITAL

38.   Increase of Capital                                              27

39.   Consolidation, Sub-Division and
      Cancellation of Capital                                          27

40.   Fractions on Consolidation                                       27

41.   Reduction of Capital                                             28

PART IX - GENERAL MEETINGS

42.   Annual General Meeting                                           28
<PAGE>

43.   Extraordinary General Meeting                                    28

44.   Convening General Meetings                                       28

45.   Notice of General Meetings                                       28

PART X - PROCEEDINGS AT GENERAL MEETINGS

46.   Quorum for General Meetings                                      29

47.   Chairman of General Meetings                                     29

48.   Directors and Auditors Right to Attend
      General Meetings                                                 30

49.   Adjournment of General Meetings                                  30

50.   Determination of Resolutions                                     30

51.   Entitlement to Demand a Poll                                     30

52.   Taking of a Poll                                                 31

53.   Written Resolution of Members                                    31

54.   Votes of Members                                                 32

55.   Chairman's Casting Vote                                          32

56.   Voting by Joint Holders                                          32

57.   Voting by Incapacitated Holders                                  32

58.   Default in Payment of Calls                                      32

59.   Time for Objection to Voting                                     33

60.   Proxy Voting                                                     33

61.   Deposit of Proxy Instruments                                     33

62.   Effect of Proxy Instruments                                      33

63.   Effect of Revocation of Proxy                                    34

PART XI - DIRECTORS

64.   Number of Directors                                              34

65.   Ordinary Remuneration of Directors                               34

66.   Special Remuneration of Directors                                34
<PAGE>

67.   Expenses of Directors                                            35

68.   Shareholding Qualification                                       35

69.   Alternate Directors                                              35

PART XII - POWERS OF DIRECTORS

70.   Director's Powers                                                36

71.   Power to Delegate                                                36

72.   Appointment of Attorneys                                         36

73.   Local Management                                                 37

74.   Borrowing Powers                                                 37

PART XIII - APPOINTMENT, RETIREMENT AND DISQUALIFICATION OF DIRECTORS

75.   Eligibility for Appointment                                      39

76.   Appointment of Additional Directors                              39

77.   Retirement by Rotation                                           39

78.   Disqualification of Directors                                    40

PART XIV - DIRECTORS' OFFICERS AND INTERESTS

79.   Executive Officers                                               41

80.   Directors' Interests                                             41

81.   Restriction on Director's Voting                                 42

82.   Entitled to Grant Pensions                                       43

PART XV - PROCEEDINGS OF DIRECTORS

83.   Regulation and Convening of Directors'
      Meetings                                                         44

84.   Voting at Directors' Meetings                                    44

85.   Quorum for Directors' Meetings                                   44

86.   Telecommunication Meetings                                       45

87.   Chairman of Board of Directors                                   45

88.   Validity of Acts of Directors                                    45

<PAGE>

89.   Directors' Resolutions in Writing                                45

PART XVI - THE SECRETARY

90.   Appointment of Secretary                                         46

91.   Assistant Secretary                                              46

PART XVII - THE SEAL

92.   Use of Seal                                                      46

93.   Seal for Use Abroad                                              46

94.   Signature of Sealed Instruments                                  46

PART XVIII - DIVIDENDS AND RESERVES

95.   Declaration of Dividends                                         47

96.   Interim and Fixed Dividends                                      47

97.   Payment of Dividends                                             47

98.   Deductions from Dividends                                        48

99.   Dividends in Specie                                              48

100.  Payment of Dividends by Post                                     48

101.  Dividends Not to Bear Interest                                   48

102.  Payment to Holders on a Particular Date                          49

103.  Unclaimed Dividends                                              49

PART XIX - CAPITALISATION OF PROFITS OR RESERVES

104.  Capitalisation of Distributable
      Profits and Reserves                                             49

105.  Capitalisation of Non-Distributable
      Profits and Reserves                                             49

106.  Implementation of Capitalisation Issues                          50

PART XX - NOTICES

107.  Notice in Writing                                                50

108.  Service of Notices                                               50

109.  Service on Joint Holders                                         52
<PAGE>

110.  Service on Transfer or Transmission
      of Shares                                                        52

111.  Signature to Notices                                             52

112.  Deemed Receipt of Notices                                        52

PART XXI - WINDING UP

113.  Distribution on Winding up                                       52

114.  Distribution in Specie                                           53

PART XXII - MISCELLANEOUS

115.  Inspection of Books Etc.  by Members                             53

116.  Destruction of Records                                           53

117.  Untraced Shareholders                                            54

118.  Indemnity                                                        55

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