SIMNICK SUPPLIES LIMITED

Any credit balance due to the company under condition 13 of the agreement for the purchase of debts between the company and hsbc as more particularly described in schedule 1 to the legal assignment (the contract) and includes any discounting allowance as defined in and due under the contact, the benefit of all the other provisions of the contract and all securities (if any) for the contract but only in respect of that credit balance (the contract monies). Clause 9 of the legal assignment states that the company must ensure the contract monies remain free from any mortgage lien charge pledge security or other interest affecting them other than the legal assignment in favour of the bank.

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.