MERSTONE LIMITED

All the chargor's present and future stock of motor vehicles supplied to the chargor by vwfs pursuant to a master credit sale agreement dated 1ST august 1996 and made between vwfs and the chargor ("the master credit sale agreement") or pursuant to any variation of or agreement made in substitution for the master credit sale agreement and all the chargor's right title and interest in such motor vehicles ("the motor vehicles");. See the mortgage charge document for full details.

All the company's assets of whatsoever nature and wheresoever situate both present and future (including uncalled capital).

All those monies which may from time to time become due or owing to douglas stewart limited by V.A.G. (united kingdom). See the mortgage charge document for full details.

Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

Monies owing to the company by V.A.g (united kingdom) limited by way of deposit on the acquisition of motor veichles.

L/H property known as land and buildings on the east side of britannia road waltham cross hertfordshire t/n HD163709 and the proceeds of sale thereof. Floating charge over all moveable plant machinery implements utensils furniture and equipment.

A specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof fixed and floating charges over undertaking and all property and assets present and future including goodwill bookdebts and the benefits of any licences.

All the companies assets present & future (including uncalled capital).

Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

All the company's assets of whatsoever natire both present and future (including uncalled capital).