SYRATECH CORP
EX-10.1
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<TYPE>EX-10.1
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<FILENAME>j3526_ex10d1.htm
<DESCRIPTION>EX-10.1
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<title>EX-10</title>



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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-10.1</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ADVICE OF BORROWING

TERMS</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;width:84.32%;">

 <tr>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Relationship Office:</font></b></p>

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.42%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commercial

  Banking South Yorkshire</font></p>

  </td>

  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date</font></b>:&#160;&#160;&#160; 01 April 2002</p>

  </td>

 </tr>

 <tr>

  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.42%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.96%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Borrower(s)</font></b></p>

  </td>

  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registered Number</font></b>:</p>

  </td>

 </tr>

 <tr>

  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.96%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C J Vander Limited &amp;</font></p>

  </td>

  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.08%;">

  <p style="margin:0in 0in .0001pt;text-indent:14.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">763852</font></p>

  </td>

 </tr>

 <tr>

  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.96%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">International Silver Company Limited</font></p>

  </td>

  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.08%;">

  <p style="margin:0in 0in .0001pt;text-indent:9.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">03768277</font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="167" style="border:none;"></td>

  <td width="100" style="border:none;"></td>

  <td width="206" style="border:none;"></td>

  <td width="134" style="border:none;"></td>

 </tr>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We intend that the facilities

listed in Part 1 of the attached Facility Schedule (the &#147;on-demand facilities&#148;)

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

facilities should be reviewed on or before that date.&#160; The facilities are, however, subject to the following:-</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the terms and

conditions below,</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the specific

conditions applicable to an individual facility as detailed in the Facility

Schedule,</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Security

detailed in the attached Security Schedule, and</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the attached

General Terms.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">All amounts outstanding are repayable on

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

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

varied by us giving notice in writing.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preconditions:</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preconditions which must be

satisfied before facilities can be utilized:</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A signed copy of

this Advice of Borrowing Terms to be returned to us.</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Receipt of a

certified copy of a resolution of your board of directors confirming:-</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Certification by

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

duly convened</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agreement to

give security (if applicable)</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>acceptance of

the terms and conditions of the facility/facilities</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>authorization of

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

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

facility/facilities</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Completed

Application forms for the Advanced Payment Guarantees in favor of Charles

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

guarantees given by CJ Vander Limited.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conditions:</font></b></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The following conditions must be satisfied at

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

right to demand repayment at any time:</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Advance

Payment Guarantees in favour of Charles Kendall &amp; Partners Limited are

issued subject to the following conditions:-</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Advance Payment

monies (2 x &#163;168000) received are to be held in a separate account designated

Natwest Bank re CJ Vander Limited.&#160; Interest

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

Limited.&#160; Alternatively the initial

Advance Payment of &#163;168,000 is held on the designated account with a reduction

of &#163;168,000 to the </p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt .25in;text-indent:17.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agreed composite facility of &#163;250,000 (ie reducing to &#163;82,000) upon the

issue of the second Advanced Payment Guarantee.</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A formal charge

over these balances to be executed by CJ Vander Limited.</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The funds are to

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

until the Bank&#146;s liability under the Advance Payment Guarantees ceases or

satisfactory alternative security is held.</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audited accounts

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

relate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Monthly

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

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

Debtor/Creditor listings with suitable commentary/explanations re any

divergence from budget.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Facilities

remain available subject to our agreed lending formula calculated on the

following basis:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Debtors&lt;3

months + Stock x 40%] to cover utilized facilities in a ratio of minimum 2:1</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Given the current trading of C

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

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

of support on the basis of the clear integrity of the parent undertaking.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Interest Set Off:</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cleared debit and cleared

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

and loan accounts repayable on demand specified below (the &#147;Interest Set Off

Accounts&#148;) will be used to calculate, on a daily basis, the net cleared debit

balance of the Interest Set Off Accounts.&#160;

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

for Interest calculation purposes, are detailed in the attached Facility

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

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

balance.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cleared debit balances which

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

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

Facility Schedule.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Fees and Costs</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following fees are due, in

addition to the specific Arrangement Fee(s) detailed in the Facility Schedule:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:22.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fee Type</font></b></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:22.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount</font></b></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:22.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Account to

  be debited</font></b></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:22.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date to be

  debited</font></b></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Security Fee

  - Charge over credit balances held</font></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#163;50</font></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon completion of the formal charge</font></p>

  </td>

  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:19.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&#160; A Tyas</font></p>

  </td>

  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.12%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manager</font></p>

  </td>

  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commercial

  Banking</font></p>

  </td>

  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For and on

  behalf of</font></p>

  </td>

  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">National

  Westminster Bank Plc</font></p>

  </td>

  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='2',FILE='C:\C2\ndiekmann\3526_1\t_619363\j3526_ex10d1.htm',USER='ndiekma',CD='May 11 09:09 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Acceptance:</font></b></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To

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

and return the enclosed copy of this Advice of Borrowing Terms within 28 Days.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form of Acceptance</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I accept the

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

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

this Form of Acceptance on behalf of the Borrower(s).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.48%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By (name and

  title):</font></p>

  </td>

  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen

  Wilfin, Finance Manager</font></p>

  </td>

  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15<sup>th</sup>

  April 2002</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For and on

  behalf of: C J Vander Limited</font></p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.48%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By (name and

  title):</font></p>

  </td>

  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.44%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen

  Wilfin, Finance Manager</font></p>

  </td>

  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15<sup>th</sup>

  April 2002</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For and on

  behalf of:&#160; International Silver

  Limited</font></p>

  </td>

  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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