Document:

Exhibit 10.7

 

D
A T E D   A u g u s t   2 7,   2 0 1 7

 

(
1 )   I O R A   S O F T W A R E   L I M I T E D

 

(
2 )   M o r i a h   s o f t w a r e   m a n a g e m e n t   L
P

 

 

 

 

 

D
E B E N T U R E

 

 

 

		
        Reed Smith LLP

        The Broadgate Tower

        20 Primrose Street

        London EC2A 2RS

        Phone: +44 (0) 20 3116 3000

        Fax: +44 (0) 20 3116 3999

        DX1066 City / DX18 London

        r e e d s m i t h . c o m

 

 

    

     

    

Contents

 

Clause

 

	1     Definitions
    and interpretation	1
	2     Covenant
    to pay	7
	3     Grant
    of security	7
	4     Liability
    of the Chargor	10
	5     Representations
    and warranties	11
	6     General
    covenants	14
	7     Property
    covenants	22
	8     Investments
    covenants	26
	9     Equipment
    covenants	31
	10   Book
    Debts covenants	32
	11   Intellectual
    Property covenants	33
	12   Powers
    of the Lender	33
	13   When
    security becomes enforceable	36
	14   Enforcement
    of security	36
	15   Receiver	40
	16   Powers
    of Receiver	41
	17   Delegation	46
	18   Application
    of proceeds	46
	19   Costs
    and indemnity	47
	20   Further
    assurance	48
	21   Power
    of attorney	49
	22   Release	49
	23   Assignment
    and transfer	50
	24   SET-OFF	50
	25   Amendments,
    waivers and consents	51
	26   Severance	52
	27   counterparts	52
	28   third
    party rights	52
	29   Further
    provisions	52
	30   Notices	54
	31   Governing
    law and jurisdiction	55

 

Schedule

 

	Schedule
    1	 
	REGISTERED
    INTELLECTUAL Property	 
	Schedule
    2	 
	Notice
    and acknowledgement - Insurance Policy	 
	Part
    1	 
	Form
    of notice	 
	Part
    2	 
	Form
    of acknowledgement	 
	Schedule
    3	 
	Notice
    and acknowledgement - bank account	 
	Part
    1	 
	Form
    of notice	 
	Part
    2	 
	Form
    of acknowledgement	 

  

C
O N T E N T S   P A G E   1

    

     

    

 

THIS
DEED is dated August 17, 2017 and made BETWEEN:

 

		(1)	IORA
                                         SOFTWARE LIMITED a company incorporated and registered in England and Wales with
                                         company number 06355415 whose registered office is at 1-3 Chapel House Chapel Street,
                                         Guildford, England, GU1 3UH (‘Chargor’)

 

		(2)	MORIAH
                                         SOFTWARE MANAGEMENT LP a Delaware limited liability company with offices at 1 University
                                         Plaza, Hackensack, NJ 07601, USA (the “Lender” which terms shall include
                                         its successors and assigns).

 

BACKGROUND:

 

The
Lender has agreed, pursuant to the Loan Agreement, to provide the Chargor, BTHC X, Inc. and iOra, Inc. (collectively, jointly
and severally, “Borrower”) with loan facilities on a secured basis.

 

Under
this deed, the Chargor provides security to the Lender for the loan facilities made available under the Loan Agreement.

 

AGREED
TERMS

 

		1	Definitions
                                         and interpretation

 

		1.1	Definitions

 

The
following definitions apply in this deed.

 

‘Administrator’
means an administrator appointed to manage the affairs, business and property of the Chargor pursuant to clause 12.8;

 

‘Book
Debts’ means all present and future book and other debts, and monetary claims due or owing to the Chargor, and the benefit
of all security, guarantees and other rights of any nature enjoyed or held by the Chargor in relation to any of them;

 

     

     

    

 

‘Business
Day’ means a day (other than a Saturday or Sunday) on which commercial banks are open for general business in London
and deposits are dealt with on the London Interbank Market;

 

‘Delegate’
means any person appointed by the Lender or any Receiver pursuant to clause 17 and any person appointed as attorney of the
Lender, Receiver or Delegate;

 

‘Designated
Account’ means any account of the Chargor nominated by the Lender as a designated account for the purposes of this deed;

 

‘Environment’
means the natural and man-made environment including all or any of the following media, namely air, water and land (including
air within buildings and other natural or man-made structures above or below the ground) and any living organisms (including man)
or systems supported by those media;

 

‘Environmental
Law’ means all applicable laws, statutes, regulations, secondary legislation, bye-laws, common law, directives, treaties
and other measures, judgments and decisions of any court or tribunal, codes of practice and guidance notes in so far as they relate
to or apply to the Environment;

 

‘Equipment’
means all present and future equipment, plant, machinery, tools, vehicles, furniture, fittings, installations and apparatus
and other tangible moveable property for the time being owned by the Chargor, including any part of it and all spare parts, replacements,
modifications and additions;

 

‘Event
of Default’ has the meaning given to that expression in the Loan Agreement;

 

‘Loan
Agreement’ means the Loan and Security Agreement dated on or about the date of this deed (as may be amended or extended
from time to time) and made between (1) the Lender,(2) the Chargor, (3) BTHC X, Inc. and (4) iOra, Inc., a Delaware, USA corporation
(as joint borrowers).

 

‘Financial
Collateral’ means shall have the meaning given to that expression in the Financial Collateral Regulations;

 

    	 	2	 

     

    

 

‘Financial
Collateral Regulations’ means the Financial Collateral Arrangements (No 2) Regulations 2003 (SI 2003/3226);

 

‘Insurance
Policy’ means each contract and policy of insurance effected or maintained by the Chargor from time to time in respect
of its assets or business (including, without limitation, any contract or policy of insurance relating to the Properties or the
Equipment);

 

‘Intellectual
Property’ means the Chargor's present and future patents, rights to inventions, copyright and related rights, trade
marks, service marks, business names and domain names, rights in get up, goodwill, and the right to sue for passing off, rights
in designs, rights in computer software, database rights, rights to use and protect the confidentiality of, confidential information
and know-how and any interest in any of these rights, whether or not registered, including all applications and rights to apply
for and be granted renewals or extensions of and the right to claim priority from, such rights and all equivalent or similar rights
or forms of protection which subsist or will subsist now or in the future in any part of the world (including, but not limited
to, the registered intellectual property specified in Schedule 1).

 

‘Investments’
means all present and future certificated stocks, shares, loan capital, securities, bonds and investments (whether or not
marketable) for the time being owned (at law or in equity) by the Chargor, including any:

 

(a)       dividend,
interest or other distribution paid or payable in relation to any of the Investments; and

 

(b)       right,
money, shares or property accruing, offered or issued at any time in relation to any of the Investments by way of redemption,
substitution, exchange, conversion, bonus, preference or otherwise, under option rights or otherwise.

 

‘LPA
1925’ means Law of Property Act 1925;

 

‘Properties’
means all freehold and leasehold properties (whether registered or unregistered) and all commonhold properties, now or in
the future (and from time to time) owned by the Chargor, or in which the Chargor holds an interest and ‘Property’
means any of them;

 

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‘Receiver’
means a receiver, receiver and manager or administrative receiver of any or all of the Secured Assets appointed by the Lender
under clause 15;

 

‘Secured
Assets’ means all the assets, property and undertaking for the time being subject to the Security Interests created
by, or pursuant to, this deed (and references to the Secured Assets shall include references to any part of them);

 

‘Secured
Liabilities’ means all present and future monies, obligations and liabilities owed by the Borrower to the Lender, whether
actual or contingent and whether owed jointly or severally, as principal or surety or in any other capacity, including but not
limited to all monies, obligations and liabilities owed under or in connection with the Loan Agreement or this deed (including,
without limitation, those arising under clause 29.3.2), together with all interest (including, without limitation, default interest)
accruing in respect of those monies, obligations or liabilities;.

 

‘Security
Financial Collateral Arrangement’ shall have the meaning given to that expression in the Financial Collateral Regulations;

 

‘Security
Interests’ means any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by way
of security or other security interest securing any obligation of any person, or any other agreement or arrangement having a similar
effect;

 

‘Security
Period’ means the period starting on the date of this deed and ending on the date on which the Lender is satisfied that
all the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full and no further Secured Liabilities
are capable of being outstanding.

 

    4

     

    

 

		1.2	Interpretation

 

In
this deed:

 

		1.2.1	reference
                                         to a statute, statutory provision or subordinate legislation is a reference to it as
                                         it is in force for the time being, taking account of any amendment or re-enactment or
                                         extension and includes any former statute, statutory provision or subordinate legislation
                                         which it amends or re-enacts;

 

		1.2.2	unless
                                         the context otherwise requires, a reference to one gender shall include a reference to
                                         the other genders;

 

		1.2.3	unless
                                         the context otherwise requires, words in the singular include the plural and in the plural
                                         include the singular;

 

		1.2.4	a
                                         reference to a clause is to a clause of this deed, unless the context otherwise requires;

 

		1.2.5	a
                                         reference to continuing in relation to an Event of Default means an Event of Default
                                         which has not been remedied or waived;

 

		1.2.6	a
                                         reference to this deed (or any provision of it) or any other document shall be
                                         construed as a reference to this deed, that provision or that document as it is in force
                                         for the time being and as amended in accordance with its terms or with the agreement
                                         of the relevant parties;

 

		1.2.7	a
                                         reference to a person shall include a reference to an individual, firm, schedule,
                                         corporation, partnership, unincorporated body of persons or any state or any person;

 

		1.2.8	a
                                         reference to an amendment includes a novation, re-enactment, supplement or variation
                                         (and amended shall be construed accordingly);

 

		1.2.9	a
                                         reference to assets includes present and future properties, undertakings, revenues,
                                         rights and benefits of every description;

 

		1.2.10	a
                                         reference to an authorisation includes an approval, authorisation, consent, exemption,
                                         filing, licence, notarisation, registration and resolution;

 

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

 

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		1.2.12	a
                                         reference to determines or determined means, unless the contrary is indicated,
                                         a determination made at the discretion of the person making it;

 

		1.2.13	a
                                         reference to the Chargor or the Lender shall include its successors, permitted
                                         transferees and permitted assigns;

 

		1.2.14	clause
                                         headings shall not affect the interpretation of this deed; and

 

		1.2.15	where
                                         any statement is qualified by the expression so far as the Chargor is aware or to Chargor’s
                                         knowledge or any similar expression, that statement shall be deemed to include an additional
                                         statement that it has been made after due and careful enquiry.

 

		1.3	Clawback

 

If
the Lender considers that an amount paid by the Chargor in respect of the Secured Liabilities is capable of being avoided or otherwise
set aside on the liquidation or administration of the Chargor or otherwise, then that amount shall not be considered to have been
irrevocably paid for the purposes of this deed.

 

		1.4	Nature
                                         of security over real property

 

A
reference in this deed to a charge or mortgage of or over any Property includes:

 

		1.4.1	all
                                         buildings and fixtures and fittings (including trade and tenant's fixtures and fittings)
                                         that are situated on or form part of that Property at any time;

 

		1.4.2	the
                                         proceeds of the sale of any part of that Property and any other monies paid or payable
                                         in respect of or in connection with that Property;

 

		1.4.3	the
                                         benefit of any covenants for title given, or entered into, by any predecessor in title
                                         of the Chargor in respect of that Property, and any monies paid or payable in respect
                                         of those covenants; and

 

		1.4.4	all
                                         rights under any licence, agreement for sale or agreement for lease in respect of that
                                         Property.

 

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		1.5	Law
                                         of Property (Miscellaneous Provisions) Act 1989

 

For
the purposes of section 2 of the Law of Property (Miscellaneous Provisions) Act 1989, the terms of the Loan Agreement and of any
side letters between any parties in relation to the Loan Agreement are incorporated into this deed.

 

		1.6	Perpetuity
                                         period

 

If
the rule against perpetuities applies to any trust created by this deed, the perpetuity period shall be 125 years (as specified
by section 5(1) of the Perpetuities and Accumulations Act 2009).

 

		1.7	Schedules

 

The
Schedules form part of this deed and shall have effect as if set out in full in the body of this deed. Any reference to this deed
includes the Schedules.

 

		2	Covenant
                                         to pay

 

The
Chargor shall, on demand, pay to the Lender and discharge the Secured Liabilities when they become due.

 

		3	Grant
                                         of security

 

		3.1	Fixed
                                         charges

 

As
a continuing security for the payment and discharge of the Secured Liabilities, the Chargor with full title guarantee charges
to the Lender by way of first fixed charge:

 

		3.1.1	all
                                         Properties acquired by the Chargor in the future;

 

		3.1.2	all
                                         present and future interests of the Chargor not effectively mortgaged or charged under
                                         the preceding provisions of this clause 3.1 in, or over, freehold or leasehold property;

 

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		3.1.3	all
                                         present and future rights, licences, guarantees, rents, deposits, contracts, covenants
                                         and warranties relating to each Property;

 

		3.1.4	all
                                         licences, consents and authorisations (statutory or otherwise) held or required in connection
                                         with the Chargor's business or the use of any Secured Asset, and all rights in connection
                                         with them;

 

		3.1.5	all
                                         its present and future goodwill;

 

		3.1.6	all
                                         its uncalled capital;

 

		3.1.7	all
                                         the Equipment;

 

		3.1.8	all
                                         the Intellectual Property;

 

		3.1.9	all
                                         the Book Debts;

 

		3.1.10	all
                                         the Investments;

 

		3.1.11	all
                                         monies from time to time standing to the credit of its accounts with any bank, financial
                                         institution or other person (including each Designated Account), together with all other
                                         rights and benefits accruing to or arising in connection with each account (including,
                                         but not limited to, entitlements to interest;

 

		3.1.12	all
                                         its rights in respect of each Insurance Policy, including all claims, the proceeds of
                                         all claims and all returns of premium in connection with each Insurance Policy, to the
                                         extent not effectively assigned under clause 3.2.

 

    8

     

    

 

		3.2	Assignment

 

As
a continuing security for the payment and discharge of the Secured Liabilities, the Chargor with full title guarantee assigns
to the Lender absolutely, subject to a proviso for reassignment on irrevocable discharge in full of the Secured Liabilities:

 

		3.2.1	all
                                         its rights in each Insurance Policy, including all claims, the proceeds of all claims
                                         and all returns of premium in connection with each Insurance Policy.

 

		3.3	Floating
                                         charge

 

As
a continuing security for the payment and discharge of the Secured Liabilities, the Chargor with full title guarantee charges
to the Lender, by way of first floating charge, all the undertaking, property, assets and rights of the Chargor at any time not
effectively mortgaged, charged or assigned pursuant to clause 3.1 to clause 3.2 inclusive.

 

		3.4	Qualifying
                                         floating charge

 

Paragraph
14 of Schedule B1 to the Insolvency Act 1986 applies to the floating charge created by clause 3.3.

 

		3.5	Automatic
                                         crystallisation of floating charge

 

The
floating charge created by clause 3.3 shall automatically and immediately (without notice) convert into a fixed charge over the
assets subject to that floating charge if:

 

		3.5.1	the
                                         Chargor:

 

		(a)	creates,
                                         or attempts to create, without the prior written consent of the Lender, a Security Interest
                                         or a trust in favour of another person over all or any part of the Secured Assets (except
                                         as expressly permitted by the terms of this deed or the Loan Agreement); or

 

		(b)	disposes,
                                         or attempts to dispose of, all or any part of the Secured Assets (other than Secured
                                         Assets that are only subject to the floating charge while it remains uncrystallised);

 

		3.5.2	any
                                         person levies (or attempts to levy) any distress, attachment, execution or other process
                                         against all or any part of the Secured Assets; or

 

		3.5.3	a
                                         resolution is passed or an order is made for the winding-up, dissolution, administration
                                         or re-organisation of the Chargor.

 

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		3.6	Crystallisation
                                         of floating charge by notice

 

The
Lender may, in its sole discretion, by written notice to the Chargor, convert the floating charge created under this deed into
a fixed charge as regards any part of the Secured Assets specified by the Lender in that notice if:

 

		3.6.1	an
                                         Event of Default occurs; or

 

		3.6.2	the
                                         Lender considers those assets to be in danger of being seized or sold under any form
                                         of distress, attachment, execution or other legal process or to be otherwise in jeopardy.

 

		3.7	Assets
                                         acquired after any floating charge has crystallised

 

Any
asset acquired by the Chargor after any crystallisation of the floating charge created under this deed that, but for that crystallisation,
would be subject to a floating charge under this deed, shall (unless the Lender confirms otherwise to the Chargor in writing)
be charged to the Lender by way of first fixed charge.

 

		4	Liability
                                         of the Chargor

 

		4.1	Liability
                                         not discharged

 

The
Chargor's liability under this deed in respect of any of the Secured Liabilities shall not be discharged, prejudiced or affected
by:

 

		4.1.1	any
                                         security, guarantee, indemnity, remedy or other right held by, or available to, the Lender
                                         that is, or becomes, wholly or partially illegal, void or unenforceable on any ground;

 

		4.1.2	the
                                         Lender renewing, determining, varying or increasing any facility or other transaction
                                         in any manner or concurring in, accepting or varying any compromise, arrangement or settlement,
                                         or omitting to claim or enforce payment from any other person; or

 

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		4.1.3	any
                                         other act or omission that, but for this clause 4.1, might have discharged, or otherwise
                                         prejudiced or affected, the liability of the Chargor.

 

		4.2	Immediate
                                         recourse

 

The
Chargor waives any right it may have to require the Lender to enforce any security or other right, or claim any payment from,
or otherwise proceed against, any other person before enforcing this deed against the Chargor.

 

		5	Representations
                                         and warranties

 

		5.1	Representations
                                         and warranties

 

The
Chargor makes the representations and warranties set out in this clause 5 to the Lender.

 

		5.2	Incorporation

 

The
Chargor is duly incorporated, organised and validly subsisting and has power to own its property and assets and carry on its business
as it is now being conducted.

 

		5.3	Power
                                         and Capacity

 

It
has the power and capacity to enter into and perform its obligations under this deed and to create the Security Interests hereby
expressed to be created and has taken all necessary corporate and other action required to authorise the execution and delivery
of this deed, the creation of the security hereby expressed to be created or evidenced and its performance in accordance with
its terms.

 

		5.4	No
                                         Breach

 

Neither
the execution of this deed nor the creation of the Security Interests hereby expressed to be created or evidenced nor the performance
of its obligations hereunder contravenes any of the provisions of its constitution (or equivalent constitutional documents) or
any agreement or document to which it is a party or which is binding upon it or its assets or any law to which it is subject.

 

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		5.5	Approvals
                                         and Registrations

 

It
holds or will, within any applicable time limit, obtain and keep in full force and effect and comply with all approvals, authorisations,
consents, licences, registrations and exemptions necessary for the creation or validity of the security hereby expressed to be
created or evidenced and for it to perform its obligations hereunder.

 

		5.6	Litigation

 

No
material litigation is pending or threatened in relation to its business or likely to have an adverse effect on its business

 

		5.7	Ownership
                                         of Secured Assets

 

The
Chargor is the sole legal and beneficial owner of the Secured Assets.

 

		5.8	No
                                         Security

 

The
Secured Assets are free from any Security Interest other than the Security Interest created by this deed.

 

		5.9	No
                                         adverse claims

 

The
Chargor has not received, or acknowledged notice of, any adverse claim by any person in respect of the Secured Assets or any interest
in them.

 

		5.10	No
                                         adverse covenants

 

There
are no covenants, agreements, reservations, conditions, interests, rights or other matters whatsoever that materially and adversely
affect the Secured Assets.

 

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		5.11	No
                                         breach of laws

 

There
is no breach of any law or regulation that materially and adversely affects the Secured Assets.

 

		5.12	No
                                         interference in enjoyment

 

No
facility necessary for the enjoyment and use of the Secured Assets is subject to terms entitling any person to terminate or curtail
its use.

 

		5.13	No
                                         overriding interests

 

Nothing
has arisen, has been created or is subsisting, that would be an overriding interest in any Property.

 

		5.14	Avoidance
                                         of security

 

No
Security Interest expressed to be created under this deed is liable to be avoided, or otherwise set aside, on the liquidation
or administration of the Chargor or otherwise.

 

		5.15	No
                                         prohibitions or breaches

 

There
is no prohibition on assignment in any Insurance Policy and the entry into this deed by the Chargor does not, and will not, constitute
a breach of any Insurance Policy, or any other agreement or instrument binding on the Chargor or its assets.

 

		5.16	Environmental
                                         compliance

 

The
Chargor has, at all times, complied in all material respects with all applicable Environmental Law.

 

		5.17	Enforceable
                                         security

 

This
deed constitutes and will constitute the legal, valid, binding and enforceable obligations of the Chargor, and is and will continue
to be effective security over all and every part of the Secured Assets in accordance with its terms.

 

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		5.18	Investments

 

		5.18.1	The
                                         Investments are fully paid and are not subject to any option to purchase or similar rights.

 

		5.18.2	No
                                         constitutional document of an issuer of an Investment, nor any other agreement:

 

		(a)	restricts
                                         or inhibits any transfer of the Investments on creation or enforcement of the security
                                         constituted by this deed; or

 

		(b)	contains
                                         any rights of pre-emption in relation to the Investments.

 

		5.18.3	The
                                         Chargor has complied with all notices relating to all or any of the Investments received
                                         by it pursuant to sections 790D and 790E of the Companies Act 2006.

 

		5.18.4	No
                                         warning notice has been issued under paragraph 1(2) of Schedule 1B of the Companies Act
                                         2006, and no restrictions notice has been issued under paragraph 1(3) of Schedule 1B
                                         of the Companies Act 2006, in respect of all or any of the Investments.

 

		5.19	Times
                                         for making representations and warranties

 

The
representations and warranties set out in clause 5.2 to clause 5.18 are made by the Chargor on the date of this deed and are deemed
to be repeated on each day of the Security Period with reference to the facts and circumstances existing at the time of repetition.

 

		6	General
                                         covenants

 

		6.1	Negative
                                         pledge and disposal restrictions

 

The
Chargor shall not at any time, except with the prior written consent of the Lender:

 

		6.1.1	create,
                                         purport to create or permit to subsist any Security Interest on, or in relation to, any
                                         Secured Asset other than any Security Interest created by this deed or any Permitted
                                         Security;

 

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		6.1.2	except
                                         as expressly permitted by the Loan Agreement, sell, assign, transfer, part with possession
                                         of, or otherwise dispose of in any manner (or purport to do so), all or any part of,
                                         or any interest in, the Secured Assets (except, in the ordinary course of business, Secured
                                         Assets that are only subject to an uncrystallised floating charge); or

 

		6.1.3	create
                                         or grant (or purport to create or grant) any interest in the Secured Assets in favour
                                         of a third party other than a Permitted Security.

 

		6.2	Preservation
                                         of Secured Assets

 

The
Chargor shall not do, or permit to be done, any act or thing that would or might depreciate, jeopardise or otherwise prejudice
the security held by the Lender, or materially diminish the value of any of the Secured Assets or the effectiveness of the security
created by this deed.

 

		6.3	Comply
                                         with facilities

 

The
Chargor shall comply with and observe all terms and conditions of any facility made available to the Chargor by the Lender and
of all other contracts, agreements and security to which it is a party relating to the Secured Liabilities.

 

		6.4	Tax
                                         affairs

 

The
Chargor shall ensure that its tax affairs are at all time up to date and in order and, if required by the Lender, produce evidence
of same to the Lender.

 

		6.5	Preferential
                                         debts

 

The
Chargor shall punctually pay, as the same shall become due, all debts and liabilities which by virtue of the provisions of any
law relating to liquidation, bankruptcy, insolvency or creditors rights generally would have priority to all or any of the Secured
Liabilities.

 

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		6.6	Compliance
                                         with laws and regulations

 

		6.6.1	The
                                         Chargor shall not, without the Lender's prior written consent, use or permit the Secured
                                         Assets to be used in any way contrary to law.

 

		6.6.2	The
                                         Chargor shall:

 

		(a)	comply
                                         with the requirements of any law and regulation relating to or affecting the Secured
                                         Assets or the use of it or any part of them;

 

		(b)	obtain,
                                         and promptly renew from time to time, and comply with the terms of all authorisations
                                         that are required in connection with the Secured Assets or their use or that are necessary
                                         to preserve, maintain or renew any Secured Asset; and

 

		(c)	promptly
                                         effect any maintenance, modifications, alterations or repairs that are required by any
                                         law or regulation to be effected on or in connection with the Secured Assets.

 

		6.7	Enforcement
                                         of rights

 

The
Chargor shall:

 

		6.7.1	procure
                                         the prompt observance and performance of the covenants and other obligations imposed
                                         on the Chargor's counterparties (including each counterparty in respect of each insurer
                                         in respect of an Insurance Policy); and

 

		6.7.2	enforce
                                         any rights and institute, continue or defend any proceedings relating to any of the Secured
                                         Assets which the Lender may require from time to time.

 

    16

     

    

 

		6.8	Notice
                                         of misrepresentation and breaches

 

The
Chargor shall, promptly on becoming aware of any of the same, give the Lender notice in writing of:

 

		6.8.1	any
                                         representation or warranty set out in this deed that is incorrect or misleading in any
                                         material respect when made or deemed to be repeated; and

 

		6.8.2	any
                                         breach of any covenant set out in this deed.

 

		6.9	Title
                                         documents

 

The
Chargor shall, as so required by the Lender, deposit with the Lender and the Lender shall, for the duration of this deed be entitled
to hold:

 

		6.9.1	all
                                         deeds and documents of title relating to the Secured Assets that are in the possession
                                         or control of the Chargor (and if these are not within the possession or control of the
                                         Chargor, the Chargor undertakes to obtain possession of all these deeds and documents
                                         of title);

 

		6.9.2	all
                                         Insurance Policies and any other insurance policies relating to any of the Secured Assets
                                         that the Chargor is entitled to possess; and

 

		6.9.3	all
                                         deeds and documents of title (if any) relating to the Book Debts as the Lender may specify
                                         from time to time.

 

		6.10	Insurance

 

		6.10.1	The
                                         Chargor shall insure and keep insured (or where, in the case of any leasehold property,
                                         insurance is the responsibility of the landlord under the terms of the lease, either
                                         procure that the landlord insures and keeps insured or, if and to the extent that the
                                         landlord does not do so, itself insure and keep insured) the Secured Assets against:

 

		(a)	loss
                                         or damage by fire or terrorist acts;

 

		(b)	other
                                         risks, perils and contingencies that would be insured against by reasonably prudent persons
                                         carrying on the same class of business as the Chargor; and

 

		(c)	any
                                         other risk, perils and contingencies as the Lender may reasonably require.

 

    17

     

    

 

		6.10.2	Any
                                         such insurance must be with an insurance company or underwriters, and on such terms,
                                         as are reasonably acceptable to the Lender, and must include property owners' public
                                         liability and third party liability insurance and be for not less than the replacement
                                         value of the relevant Secured Assets (meaning in the case of any premises on any Property,
                                         the total cost of entirely rebuilding, reinstating or replacing the premises in the event
                                         of their being destroyed, together with architects', surveyors', engineers' and other
                                         professional fees and charges for shoring or propping up, demolition, site clearance
                                         and reinstatement with adequate allowance for inflation) and loss of rents payable by
                                         the tenants or other occupiers of the Property for a period of at least three years,
                                         including provision for increases in rent during the period of insurance.

 

		6.10.3	The
                                         Chargor shall, if requested by the Lender, produce to the Lender each policy, certificate
                                         or cover note relating to the insurance required by clause 6.10.1 (or where, in the case
                                         of any leasehold property, that insurance is effected by the landlord, such evidence
                                         of insurance as the Chargor is entitled to obtain from the landlord under the terms of
                                         the relevant lease).

 

		6.10.4	The
                                         Chargor shall, if requested by the Lender, procure that a note of the Lender's interest
                                         is endorsed upon each insurance policy (other than public liability and third party liability
                                         insurances) maintained by it or any person on its behalf in accordance with clause 6.10.1
                                         but without the Lender having any liability for any premium in relation to those Insurance
                                         Policies unless it has expressly and specifically requested to be made liable in respect
                                         of any increase in premium or unpaid premium in respect of any Insurance Policy.

 

		6.10.5	The
                                         Chargor shall ensure that each Insurance Policy contains:

 

		(a)	a
                                         loss payee clause under which the Lender is named as first loss payee (other than in
                                         respect of any claim under any public liability and third party liability insurances);

 

		(b)	terms
                                         ensuring that it cannot be avoided or vitiated as against the Lender by reason of the
                                         act or default of any other insured party or any misrepresentation, non-disclosure or
                                         failure to make a fair presentation of risk by any other insured party;

 

    18

     

    

 

		(c)	a
                                         waiver of each insurer's rights of subrogation against the Chargor, the Lender and the
                                         tenants of any Property other than any such rights arising in connection with any fraud
                                         or criminal offence committed by any of those persons in respect of any Property or any
                                         Insurance Policy; and

 

		(d)	terms
                                         ensuring that no insurer can repudiate, rescind or cancel it, treat it as avoided in
                                         whole or in part nor treat it as expired due to non-payment of premium without giving
                                         at least 30 days' prior written notice to the Lender.

 

		6.11	Insurance
                                         premiums

 

The
Chargor shall:

 

		6.11.1	promptly
                                         pay all premiums in respect of each insurance policy maintained by it in accordance with
                                         clause 6.10.1 and do all other things necessary to keep that policy in full force and
                                         effect; and

 

		6.11.2	(if
                                         the Lender so requires) produce to, or deposit with, the Lender the receipts for all
                                         premiums and other payments necessary for effecting and keeping up each insurance policy
                                         maintained by it in accordance with clause 6.10.1 (or where, in the case of leasehold
                                         property, insurance is effected by the landlord, such evidence of the payment of premiums
                                         as the Chargor is entitled to obtain from the landlord under the terms of the relevant
                                         lease).

 

		6.12	No
                                         invalidation of insurance

 

The
Chargor shall not do or omit to do, or permit to be done or omitted, any act or thing that may invalidate or otherwise prejudice
any insurance policy maintained by it in accordance with clause 6.10.1.

 

    19

     

    

 

		6.13	Proceeds
                                         of insurance policies

 

All
monies payable under any insurance policy maintained by the Chargor in accordance with clause 6.10.1 at any time (whether or not
the security constituted by this deed has become enforceable) shall:

 

		6.13.1	immediately
                                         be paid to the Lender;

 

		6.13.2	if
                                         they are not paid directly to the Lender by the insurers, be held, pending such payment,
                                         by the Chargor as trustee of the same for the benefit of the Lender; and

 

		6.13.3	be
                                         applied in making good or recouping expenditure in respect of the loss or damage for
                                         which those monies are received or, after the security constituted by this deed has become
                                         enforceable and if the Lender so directs, in or towards discharge or reduction of the
                                         Secured Liabilities.

 

		6.14	Notices
                                         to be given by the Chargor

 

		6.14.1	The
                                         Chargor shall on the execution of this deed and as so requested by the Lender from time
                                         to time:

 

		(a)	give
                                         notice to each insurer under an Insurance Policy in the form set out in Part 1 of Schedule
                                         2 and

 

		(b)	procure
                                         that each insurer provides to the Lender an acknowledgement of the notice in the form
                                         set out in Part 2 of Schedule 2; and

 

		6.14.2	The
                                         Chargor shall on the execution of this deed and as so requested by the Lender from time
                                         to time:

 

		(a)	give
                                         notice to each bank, financial institution or other person (other than the Lender) with
                                         whom the Chargor holds an account (including each Designated Account) in the form set
                                         out in Part 1 of Schedule 3; and

 

		(b)	procure
                                         that each such bank, financial institution or other person provides to the Lender an
                                         acknowledgement of the notice in the form of Part 2 of Schedule 3.

 

    20

     

    

 

		6.15	Information

 

The
Chargor shall:

 

		6.15.1	give
                                         the Lender such information concerning the location, condition, use and operation of
                                         the Secured Assets as the Lender may require;

 

		6.15.2	permit
                                         any persons designated by the Lender and any Receiver to enter on its premises and inspect
                                         and examine any Secured Asset, and the records relating to that Secured Asset, at all
                                         reasonable times and on reasonable prior notice; and

 

		6.15.3	promptly
                                         notify the Lender in writing of any action, claim, notice or demand made by or against
                                         it in connection with any Secured Asset or of any fact, matter or circumstance which
                                         may, with the passage of time, give rise to such an action, claim, notice or demand,
                                         together with, in each case, the Chargor's proposals for settling, liquidating, compounding
                                         or contesting any such action, claim, notice or demand and shall, subject to the Lender's
                                         prior approval, implement those proposals at its own expense.

 

		6.16	Payment
                                         of outgoings

 

The
Chargor shall promptly pay all taxes, fees, licence duties, registration charges, insurance premiums and other outgoings in respect
of the Secured Assets and, on demand, produce evidence of payment to the Lender.

 

		6.17	Appointment
                                         of accountants 

 

		6.17.1	The
                                         Chargor shall:

 

		(a)	at
                                         its own cost, if at any time so required by the Lender, appoint an accountant or firm
                                         of accountants nominated by the Lender to investigate the financial affairs of the Chargor
                                         and those of its subsidiaries and report to the Lender; and

 

		(b)	at
                                         its own cost, co-operate fully with any accountants so appointed and immediately provide
                                         those accountants with all information requested.

 

		6.17.2	The
                                         Chargor authorises the Lender to make an appointment as it shall think fit at any time,
                                         without further authority from the Chargor. In every case, the Chargor shall pay, or
                                         reimburse the Lender for, the fees and expenses of those accountants.

 

    21

     

    

 

		7	Property
                                         covenants

 

		7.1	Maintenance

 

The
Chargor shall keep all premises and all fixtures and fittings on each Property in good and substantial repair and condition.

 

		7.2	Preservation
                                         of Property, fixtures and Equipment

 

The
Chargor shall not, without the prior written consent of the Lender:

 

		7.2.1	pull
                                         down or remove the whole, or any part of, any building forming part of any Property or
                                         permit the same to occur;

 

		7.2.2	make
                                         or permit any material alterations to any Property, or sever or remove, or permit to
                                         be severed or removed, any of its fixtures; or

 

		7.2.3	remove
                                         or make any material alterations to any of the Equipment belonging to, or in use by,
                                         the Chargor on any Property (except to effect necessary repairs or replace them with
                                         new or improved models or substitutes).

 

		7.3	Conduct
                                         of business on Properties

 

The
Chargor shall carry on its trade and business on those parts (if any) of the Properties as are used for the purposes of trade
or business in accordance with the standards of good management from time to time current in that trade or business.

 

		7.4	Planning
                                         information

 

The
Chargor shall:

 

		7.4.1	give
                                         full particulars to the Lender of any notice, order, direction, designation, resolution
                                         or proposal given or made by any planning authority or other public body or authority
                                         (Planning Notice) that specifically applies to any Property, or to the locality
                                         in which it is situated, within seven days after becoming aware of the relevant Planning
                                         Notice; and

 

    22

     

    

 

		7.4.2	at
                                         its own expense, immediately, on request by the Lender and at the cost of the Chargor,
                                         take all reasonable and necessary steps to comply with any Planning Notice, and make,
                                         or join with the Lender in making, any objections or representations in respect of that
                                         Planning Notice that the Lender may desire.

 

		7.5	Compliance
                                         with covenants and payment of rent

 

The
Chargor shall:

 

		7.5.1	observe
                                         and perform all covenants, stipulations and conditions to which each Property, or the
                                         use of it, is or may be subjected, and (if the Lender so requires) produce evidence sufficient
                                         to satisfy the Lender that those covenants, stipulations and conditions have been observed
                                         and performed;

 

		7.5.2	diligently
                                         enforce all covenants, stipulations and conditions benefiting each Property and shall
                                         not (and shall not agree to) waive release or vary any of the same; and

 

		7.5.3	(without
                                         prejudice to the generality of the foregoing) where a Property, or part of it, is held
                                         under a lease, duly and punctually pay all rents due from time to time, and perform and
                                         observe all the tenant's covenants and conditions.

 

		7.6	Payment
                                         of rent and outgoings

 

The
Chargor shall:

 

		7.6.1	where
                                         a Property, or part of it, is held under a lease, duly and punctually pay all rents due
                                         from time to time; and

 

		7.6.2	pay
                                         (or procure payment of the same) when due all charges, rates, taxes, duties, assessments
                                         and other outgoings relating to or imposed on each Property or on its occupier.

 

    23

     

    

 

		7.7	Maintenance
                                         of interests in Properties

 

The
Chargor shall not, without the prior written consent of the Lender:

 

		7.7.1	grant,
                                         or agree to grant, any licence or tenancy affecting the whole or any part of any Property,
                                         or exercise, or agree to exercise, the statutory powers of leasing or of accepting surrenders
                                         under sections 99 or 100 of the Law of Property Act 1925; or

 

		7.7.2	in
                                         any other way dispose of, surrender or create, or agree to dispose of surrender or create,
                                         any legal or equitable estate or interest in the whole or any part of any Property.

 

		7.8	Registration
                                         restrictions

 

If
the title to any Property is not registered at the Land Registry, the Chargor shall use procure that no person (other than itself)
shall be registered under the Land Registration Acts 1925 to 2002 as proprietor of all or any part of any Property without the
prior written consent of the Lender. The Chargor shall be liable for the costs and expenses of the Lender in lodging cautions
against the registration of the title to the whole or any part of any Property from time to time.

 

		7.9	Development
                                         restrictions

 

The
Chargor shall not, without the prior written consent of the Lender:

 

		7.9.1	make
                                         or, insofar as it is able, permit others to make any application for planning permission
                                         or development consent in respect of the Property; or

 

		7.9.2	carry
                                         out, or permit, or suffer to be carried out on any Property any development as defined
                                         in the Town and Country Planning Act 1990 and the Planning Act 2008, or change or permit
                                         or suffer to be changed the use of any Property.

 

		7.10	Environment

 

The
Chargor shall:

 

		7.10.1	comply
                                         with all the requirements of Environmental Law both in the conduct of its general business
                                         and in the management, possession or occupation of each Property; and

 

		7.10.2	obtain
                                         and comply with all authorisations, permits and other types of licences necessary under
                                         Environmental Law.

 

    24

     

    

 

		7.11	No
                                         restrictive obligations

 

The
Chargor shall not, without the prior written consent of the Lender, enter into any onerous or restrictive obligations affecting
the whole or any part of any Property, or create or permit to arise any overriding interest, easement or right whatever in or
over the whole or any part of any Property.

 

		7.12	Proprietary
                                         rights

 

The
Chargor shall procure that no person shall become entitled to assert any proprietary or other like right or interest over the
whole or any part of any Property without the prior written consent of the Lender.

 

		7.13	Inspection

 

The
Chargor shall permit the Lender, any Receiver and any person appointed by either of them to enter on and inspect any Property
on reasonable prior notice.

 

		7.14	Property
                                         information

 

The
Chargor shall inform the Lender promptly of any acquisition by the Chargor of, or contract made by the Chargor to acquire, any
freehold, leasehold or other interest in any property.

 

		7.15	VAT
                                         option to tax

 

The
Chargor shall not, without the prior written consent of the Lender:

 

		7.15.1	exercise
                                         any VAT option to tax in relation to any Property; or

 

		7.15.2	revoke
                                         any VAT option to tax exercised, and disclosed to the Lender, before the date of this
                                         deed.

 

    25

     

    

 

		7.16	Registration
                                         at the Land Registry

 

The
Chargor consents to an application being made by the Lender to the Land Registrar for the following restriction in Form P to be
registered against its title to each Property:

 

"No
disposition of the registered estate by the proprietor of the registered estate [or by the proprietor of any registered charge,
not being a charge registered before the entry of this restriction] is to be registered without a written consent signed by the
proprietor for the time being of the charge dated [DATE] in favour of Moriah Software Management LP referred to in the charges
register [or [their conveyancer or specify appropriate details]]."

 

		8	Investments
                                         covenants

 

		8.1	Deposit
                                         of title documents

 

		8.1.1	The
                                         Chargor shall:

 

		(a)	on
                                         the execution of this deed, deliver to the Lender or as the Lender may direct, all stock
                                         or share certificates and other documents of title or evidence of ownership relating
                                         to any Investments owned by the Chargor at that time; and

 

		(b)	on
                                         the purchase or acquisition by it of Investments after the date of this deed, deliver
                                         to the Lender or as the Lender may direct, all stock or share certificates and other
                                         documents of title or evidence of ownership relating to those Investments.

 

		8.1.2	At
                                         the same time as delivering documents to the Lender or as the Lender may direct, in accordance
                                         with clause 8.1.1, the Chargor shall also deliver to the Lender or as the Lender may
                                         direct:

 

		(a)	all
                                         stock transfer forms relating to the relevant Investments duly completed and executed
                                         by or on behalf of the Chargor, but with the name of the transferee, the consideration
                                         and the date left blank; and

 

    26

     

    

 

		(b)	any
                                         other documents (in each case duly completed and executed by or on behalf of the Chargor)
                                         that the Lender may request to enable it or any of its nominees, or any purchaser or
                                         transferee, to be registered as the owner of, or otherwise obtain a legal title to, or
                                         to perfect its security interest in any of the relevant Investments,

 

so
that the Lender may, at any time and without notice to the Chargor, complete and present those stock transfer forms and other
documents to the issuer of the Investments for registration.

 

		8.2	Nominations

 

		8.2.1	The
                                         Chargor shall terminate with immediate effect all nominations it may have made (including,
                                         without limitation, any nomination made under section 145 or section 146 of the Companies
                                         Act 2006) in respect of any Investments and, pending that termination, procure that any
                                         person so nominated:

 

		(a)	does
                                         not exercise any rights in respect of any Investments without the prior written approval
                                         of the Lender; and

 

		(b)	immediately
                                         on receipt by it, forward to the Lender all communications or other information received
                                         by it in respect of any Investments for which it has been so nominated.

 

		8.2.2	The
                                         Chargor shall not, during the Security Period, exercise any rights (including, without
                                         limitation, any rights under sections 145 and 146 of the Companies Act 2006) to nominate
                                         any person in respect of any of the Investments.

 

    27

     

    

 

		8.3	Additional
                                         registration obligations

 

The
Chargor shall:

 

		8.3.1	obtain
                                         all consents, waivers, approvals and permissions that are necessary, under the articles
                                         of association or otherwise of an issuer of any Investments, for the transfer of the
                                         Investments to the Lender or its nominee, or to a purchaser on enforcement of the security
                                         constituted by this deed; and

 

		8.3.2	procure
                                         the amendment of the share transfer provisions (including, but not limited to, deletion
                                         of any pre-emption provisions) under the articles of association, other constitutional
                                         documents or otherwise of each issuer of the Investments in any manner that the Lender
                                         may require in order to permit the transfer of the Investments to the Lender or its nominee,
                                         or to a purchaser on enforcement of the security constituted by this deed.

 

		8.4	Dividends
                                         and voting rights before enforcement

 

		8.4.1	Before
                                         the security constituted by this deed becomes enforceable, the Chargor may retain and
                                         apply for its own use all dividends, interest and other monies paid or payable in respect
                                         of the Investments and, if any are paid or payable to the Lender or any of its nominees,
                                         the Lender will hold all those dividends, interest and other monies received by it for
                                         the Chargor and will pay them to the Chargor promptly on request.

 

		8.4.2	Before
                                         the security constituted by this deed becomes enforceable, the Chargor may exercise all
                                         voting and other rights and powers in respect of the Investments or, if any of the same
                                         are exercisable by the Lender of any of its nominees, to direct in writing the exercise
                                         of those voting and other rights and powers provided that:

 

		(a)	it
                                         shall not do so in any way that would breach any provision of the Loan Agreement or any
                                         other Loan Document (as defined in the Loan Agreement) or this deed or for any purpose
                                         inconsistent with the Loan Agreement or this deed; and

 

    28

     

    

 

		(b)	the
                                         exercise of, or the failure to exercise, those voting rights or other rights and powers
                                         would not, in the Lender's opinion, have an adverse effect on the value of the Investments
                                         or otherwise prejudice the Lender's security under this deed.

 

		8.4.3	The
                                         Chargor shall indemnify the Lender against any loss or liability incurred by the Lender
                                         (or its nominee) as a consequence of the Lender (or its nominee) acting in respect of
                                         the Investments at the direction of the Chargor.

 

		8.4.4	The
                                         Lender shall not, by exercising or not exercising any voting rights or otherwise, be
                                         construed as permitting or agreeing to any variation or other change in the rights attaching
                                         to or conferred by any of the Investments that the Lender considers prejudicial to, or
                                         impairing the value of, the security created by this deed.

 

		8.5	Dividends
                                         and voting rights after enforcement

 

After
the security constituted by this deed has become enforceable:

 

		8.5.1	all
                                         dividends and other distributions paid in respect of the Investments and received by
                                         the Chargor shall be held by the Chargor on trust for the Lender and immediately paid
                                         into a Designated Account or, if received by the Lender, shall be retained by the Lender;
                                         and

 

		8.5.2	all
                                         voting and other rights and powers attaching to the Investments shall be exercised by,
                                         or at the direction of, the Lender and the Chargor shall, and shall procure that its
                                         nominees shall, comply with any directions the Lender may give, in its absolute discretion,
                                         concerning the exercise of those rights and powers.

 

		8.6	Calls
                                         on Investments

 

Notwithstanding
the security created by this deed the Chargor shall promptly pay all calls, instalments and other payments that may be or become
due and payable in respect of all or any of the Investments. The Chargor acknowledges that the Lender shall not be under any liability
in respect of any such calls, instalments or other payments.

 

    29

     

    

 

		8.7	No
                                         alteration of constitutional documents or rights attaching to Investments

 

The
Chargor shall not, without the prior written consent of the Lender, amend, or agree to the amendment of:

 

		8.7.1	the
                                         memorandum or articles of association, or any other constitutional documents, of any
                                         issuer that is not a public company; or

 

		8.7.2	the
                                         rights or liabilities attaching to any of the Investments.

 

		8.8	Preservation
                                         of Investments

 

The
Chargor shall ensure (as far as it is able to by the exercise of all voting rights, powers of control and other means available
to it) that any issuer that is not a public company shall not:

 

		8.8.1	consolidate
                                         or subdivide any of its Investments, or reduce or re-organise its share capital in any
                                         way;

 

		8.8.2	issue
                                         any new shares or stock; or

 

		8.8.3	refuse
                                         to register any transfer of any of its Investments that may be lodged for registration
                                         by, or on behalf of, the Lender or the Chargor in accordance with this deed.

 

		8.9	Investments
                                         information

 

The
Chargor shall, promptly following receipt, send to the Lender copies of any notice, circular, report, accounts and any other document
received by it that relates to the Investments.

 

		8.10	Compliance
                                         with requests for information

 

The
Chargor shall promptly copy to the Lender and comply with all requests for information which are made under the Companies Act
2006 (including, without limitation, under sections 790D, 790E and 793 of the Companies Act 2006) relating to all or any part
of the Secured Assets. If it fails to do so, the Lender may elect to provide such information as it may have on behalf of the
Chargor.

 

    30

     

    

 

		9	Equipment
                                         covenants

 

		9.1	Maintenance
                                         of Equipment

 

The
Chargor shall:

 

		9.1.1	maintain
                                         the Equipment in good and serviceable condition (except for expected fair wear and tear)
                                         in compliance with all relevant manuals, handbooks, manufacturer's instructions and recommendations
                                         and maintenance or servicing schedules;

 

		9.1.2	at
                                         its own expense, renew and replace any parts of the Equipment when they become obsolete,
                                         worn out or damaged with parts of a similar quality and of equal or greater value; and

 

		9.1.3	not
                                         permit any Equipment to be:

 

		(a)	used
                                         or handled other than by properly qualified and trained persons; or

 

		(b)	overloaded
                                         or used for any purpose for which it is not designed or reasonably suitable.

 

		9.2	Payment
                                         of Equipment taxes

 

The
Chargor shall promptly pay all taxes, fees, licence duties, registration charges, insurance premiums and other outgoings in respect
of the Equipment and, on demand, produce evidence of such payment to the Lender.

 

		9.3	Notice
                                         of charge

 

The
Chargor:

 

		9.3.1	shall,
                                         if so requested by the Lender, affix to and maintain on each item of Equipment in a conspicuous
                                         place, a clearly legible identification plate containing the following wording:

 

"NOTICE
OF CHARGE

 

This
[DESCRIBE ITEM] and all additions to it [and ancillary equipment] are subject to a fixed charge dated [DATE] in favour of Moriah
Software Management LP."

 

		9.3.2	shall
                                         not, and shall not permit any person to, conceal, obscure, alter or remove any plate
                                         affixed in accordance with clause 9.3.1.

 

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		10	Book
                                         Debts covenants

 

		10.1	Realising
                                         Book Debts

 

Subject
to the provisions of the Loan Agreement the Chargor shall:

 

		10.1.1	The
                                         Chargor shall as an agent for the Lender, collect in and realise all Book Debts, pay
                                         the proceeds into a Designated Account immediately on receipt and, pending that payment,
                                         hold those proceeds in trust for the Lender;

 

		10.1.2	not,
                                         without the prior written consent of the Lender, withdraw any amounts standing to the
                                         credit of any Designated Account; and

 

		10.1.3	if
                                         called on to do so by the Lender, execute a legal assignment of the Book Debts to the
                                         Lender on such terms as the Lender may require and give notice of that assignment to
                                         the debtors from whom the Book Debts are due, owing or incurred.

 

		10.2	Preservation
                                         of Book Debts

 

The
Chargor shall not (except as provided by clause 10.1 or with the prior written consent of the Lender) release, exchange, compound,
set-off, grant time or indulgence in respect of, or in any other manner deal with, all or any of the Book Debts.

 

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		11	Intellectual
                                         Property covenants

 

		11.1	Preservation
                                         of rights

 

The
Chargor shall take all necessary action to safeguard and maintain present and future rights in, or relating to, the Intellectual
Property including (without limitation) by observing all covenants and stipulations relating to those rights, and by paying all
applicable renewal fees, licence fees and other outgoings.

 

		11.2	Registration
                                         of Intellectual Property

 

The
Chargor shall use all reasonable efforts to register applications for the registration of any Intellectual Property, and shall
keep the Lender informed of all matters relating to each such registration.

 

		11.3	Maintenance
                                         of Intellectual Property

 

The
Chargor shall not permit any Intellectual Property to be abandoned, cancelled or to lapse.

 

		12	Powers
                                         of the Lender

 

		12.1	Power
                                         to remedy

 

		12.1.1	The
                                         Lender shall be entitled (but shall not be obliged) to remedy, at any time, a breach
                                         by the Chargor of any of its obligations contained in this deed.

 

		12.1.2	The
                                         Chargor irrevocably authorises the Lender and its agents to do all things that are necessary
                                         or desirable for that purpose.

 

		12.1.3	Any
                                         monies expended by the Lender in remedying a breach by the Chargor of its obligations
                                         contained in this deed shall be reimbursed by the Chargor to the Lender on a full indemnity
                                         basis and shall carry interest in accordance with clause 19.1.

 

		12.2	Exercise
                                         of rights

 

		12.2.1	The
                                         rights of the Lender under clause 12.1 are without prejudice to any other rights of the
                                         Lender under this deed.

 

		12.2.2	The
                                         exercise of any rights of the Lender under this deed shall not make the Lender liable
                                         to account as a mortgagee in possession.

 

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		12.3	Power
                                         to dispose of chattels

 

		12.3.1	At
                                         any time after the security constituted by this deed has become enforceable, the Lender
                                         or any Receiver may, as agent for the Chargor, dispose of any chattels or produce found
                                         on any Property.

 

		12.3.2	Without
                                         prejudice to any obligation to account for the proceeds of any disposal made under clause
                                         12.3.1, the Chargor shall indemnify the Lender and any Receiver against any liability
                                         arising from any disposal made under clause 12.3.1.

 

		12.4	Lender
                                         has Receiver's powers

 

To
the extent permitted by law, any right, power or discretion conferred by this deed on a Receiver may, after the security constituted
by this deed has become enforceable, be exercised by the Lender in relation to any of the Secured Assets whether or not it has
taken possession of any Secured Assets and without first appointing a Receiver or notwithstanding the appointment of a Receiver.

 

		12.5	Conversion
                                         of currency

 

		12.5.1	For
                                         the purpose of, or pending the discharge of, any of the Secured Liabilities, the Lender
                                         may convert any monies received, recovered or realised by it under this deed (including
                                         the proceeds of any previous conversion under this clause 12.5) from their existing currencies
                                         of denomination into any other currencies of denomination that the Lender may think fit.

 

		12.5.2	Any
                                         such conversion shall be effected at the then prevailing spot selling rate of exchange,
                                         as determined by the Lender, for such other currency against the existing currency.

 

		12.5.3	Each
                                         reference in this clause 12.5 to a currency extends to funds of that currency and, for
                                         the avoidance of doubt, funds of one currency may be converted into different funds of
                                         the same currency.

 

    34

     

    

 

		12.6	New
                                         accounts

 

		12.6.1	If
                                         the Lender receives, or is deemed to have received, notice of any subsequent Security
                                         Interest, or other interest, affecting all or part of the Secured Assets, the Lender
                                         may open a new account for the Chargor in the Lender's books. Without prejudice to the
                                         Lender's right to combine accounts, no money paid to the credit of the Chargor in any
                                         such new account shall be appropriated towards, or have the effect of discharging, any
                                         part of the Secured Liabilities.

 

		12.6.2	If
                                         the Lender does not open a new account immediately on receipt of the notice, or deemed
                                         notice, under clause 12.6.1, then, unless the Lender gives express written notice to
                                         the contrary to the Chargor, all payments made by the Chargor to the Lender shall be
                                         treated as having been credited to a new account of the Chargor and not as having been
                                         applied in reduction of the Secured Liabilities, as from the time of receipt or deemed
                                         receipt of the relevant notice by the Lender.

 

		12.7	Indulgence

 

The
Lender may, at its discretion, grant time or other indulgence, or make any other arrangement, variation or release with any person
not being a party to this deed (whether or not any such person is jointly liable with the Chargor) in respect of any of the Secured
Liabilities, or of any other security for them without prejudice either to this deed or to the liability of the Chargor for the
Secured Liabilities.

 

		12.8	Appointment
                                         of an Administrator

 

		12.8.1	The
                                         Lender may, without notice to the Chargor, appoint any one or more persons to be an Administrator
                                         of the Chargor pursuant to Paragraph 14 of Schedule B1 of the Insolvency Act 1986 if
                                         the security constituted by this deed becomes enforceable.

 

		12.8.2	Any
                                         appointment under this clause 12.8 shall:

 

		(a)	be
                                         in writing signed by a duly authorised signatory of the Lender; and

 

		(b)	take
                                         effect, in accordance with paragraph 19 of Schedule B1 of the Insolvency Act 1986.

 

		12.8.3	The
                                         Lender may apply to the court for an order removing an Administrator from office and
                                         may by notice in writing in accordance with this clause 12.8 appoint a replacement for
                                         any Administrator who has died, resigned, been removed or who has vacated office upon
                                         ceasing to be qualified.

 

    35

     

    

 

		13	When
                                         security becomes enforceable

 

		13.1	Security
                                         becomes enforceable on Event of Default

 

The
security constituted by this deed shall become immediately enforceable if an Event of Default occurs.

 

		13.2	Discretion

 

After
the security constituted by this deed has become enforceable, the Lender may, in its absolute discretion, enforce all or any part
of that security at the times, in the manner and on the terms it thinks fit, and take possession of and hold or dispose of all
or any part of the Secured Assets.

 

		14	Enforcement
                                         of security

 

		14.1	Enforcement
                                         powers

 

		14.1.1	For
                                         the purposes of all powers implied by statute, the Secured Liabilities are deemed to
                                         have become due and payable on the date of this deed.

 

		14.1.2	The
                                         power of sale and other powers conferred by section 101 of the LPA 1925 (as varied or
                                         extended by this

 

		14.1.3	The
                                         power of sale and other powers conferred by section 101 of the LPA 1925 (as varied or
                                         extended by this deed) shall arise on and be immediately exercisable at any time after
                                         the execution of this deed the security constituted by this deed has become enforceable
                                         under clause 13.1.

 

		14.1.4	Section
                                         103 of the LPA 1925 does not apply to the security constituted by this deed.

 

    36

     

    

 

		14.2	Extension
                                         of statutory powers of leasing

 

The
statutory powers of leasing and accepting surrenders conferred on mortgagees under the LPA 1925 and by any other statute are extended
so as to authorise the Lender and any Receiver, at any time after the security constituted by this deed has become enforceable,
whether in its own name or in that of the Chargor, to:

 

		14.2.1	grant
                                         a lease or agreement to lease;

 

		14.2.2	accept
                                         surrenders of leases; or

 

		14.2.3	grant
                                         any option of the whole or any part of the Secured Assets with whatever rights relating
                                         to other parts of it,

 

whether
or not at a premium and containing such covenants on the part of the Chargor, and on such terms and conditions (including the
payment of money to a lessee or tenant on a surrender) as the Lender or Receiver thinks fit without the need to comply with any
of the restrictions imposed by sections 99 and 100 of the LPA 1925.

 

		14.3	Access
                                         on enforcement

 

		14.3.1	At
                                         any time after the Lender has demanded payment of the Secured Liabilities or if the Chargor
                                         defaults in the performance of its obligations under this deed or the Loan Agreement,
                                         the Chargor will allow the Lender or its Receiver, without further notice or demand,
                                         immediately to exercise all its rights, powers and remedies in particular (and without
                                         limitation) to take possession of any Secured Asset and for that purpose to enter on
                                         any premises where a Secured Asset is situated (or where the Lender or a Receiver reasonably
                                         believes a Secured Asset to be situated) without incurring any liability to the Chargor
                                         for, or by any reason of, that entry.

 

		14.3.2	At
                                         all times, the Chargor must allow the Lender or its Receiver access to any premises for
                                         the purpose of clause 14.3.1 (including obtaining any necessary consents or permits of
                                         other persons) and ensure that its employees and officers do the same.

 

    37

     

    

 

		14.4	Prior
                                         Security

 

At
any time after the security constituted by this deed has become enforceable, or after any powers conferred by any Security Interest
having priority to this deed shall have become exercisable, the Lender may:

 

		14.4.1	redeem
                                         that or any other prior Security Interest;

 

		14.4.2	procure
                                         the transfer of that Security Interest to it; and

 

		14.4.3	settle
                                         and pass any account of the holder of any prior Security Interest.

 

Any
accounts so settled and passed shall be, in the absence of any manifest error, conclusive and binding on the Chargor. All monies
paid by the Lender to an encumbrancer in settlement of any of those accounts shall, as from its payment by the Lender, be due
from the Chargor to the Lender on current account and shall bear interest at the default rate of interest specified in the Loan
Agreement and be secured as part of the Secured Liabilities.

 

		14.5	Protection
                                         of third parties

 

No
purchaser, mortgagee or other person dealing with the Lender, any Receiver or Delegate shall be concerned to enquire:

 

		14.5.1	whether
                                         any of the Secured Liabilities have become due or payable, or remain unpaid or undischarged;

 

		14.5.2	whether
                                         any power the Lender, a Receiver or Delegate is purporting to exercise has become exercisable
                                         or is properly exercisable; or

 

		14.5.3	how
                                         any money paid to the Lender, any Receiver or any Delegate is to be applied.

 

		14.6	Privileges

 

Each
Receiver and the Lender is entitled to all the rights, powers, privileges and immunities conferred by the LPA 1925 on mortgagees
and receivers.

 

    38

     

    

 

		14.7	No
                                         liability as mortgagee in possession

 

Neither
the Lender, any Receiver, any Delegate nor any Administrator shall be liable, by reason of entering into possession of a Secured
Asset or for any other reason, to account as mortgagee in possession in respect of all or any of the Secured Assets, nor shall
any of them be liable for any loss on realisation of, or for any act, neglect or default of any nature in connection with, all
or any of the Secured Assets for which a mortgagee in possession might be liable as such.

 

		14.8	Conclusive
                                         discharge to purchasers

 

The
receipt of the Lender or any Receiver or Delegate shall be a conclusive discharge to a purchaser and, in making any sale or other
disposal of any of the Secured Assets or in making any acquisition in the exercise of their respective powers, the Lender, every
Receiver and Delegate may do so for any consideration, in any manner and on any terms that it or he thinks fit.

 

		14.9	Right
                                         of appropriation

 

		14.9.1	To
                                         the extent that:

 

		(a)	the
                                         Secured Assets constitute Financial Collateral; and

 

		(b)	this
                                         deed and the obligations of the Chargor under it constitute a Security Financial Collateral
                                         Arrangement,

 

the
Lender shall have the right, at any time after the security constituted by this deed has become enforceable, to appropriate all
or any of those Secured Assets in or towards the payment or discharge of the Secured Liabilities in any order that the Lender
may, in its absolute discretion, determine.

 

		14.9.2	The
                                         value of any Secured Assets appropriated in accordance with this clause shall be:

 

		(a)	in
                                         the case of cash, the amount standing to the credit of each of the Chargor's accounts
                                         with any bank, financial institution or other person, together with all interest accrued
                                         but unposted, at the time the right of appropriation is exercised; and

 

    39

     

    

 

		(b)	in
                                         the case of Investments, the price of those Investments at the time the right of appropriation
                                         is exercised as listed on any recognised market index, or determined by any other method
                                         that the Lender may select (including independent valuation).

 

		14.9.3	The
                                         Chargor agrees that the methods of valuation provided for in this clause are commercially
                                         reasonable for the purposes of the Financial Collateral Regulations.

 

		15	Receiver

 

		15.1	Appointment

 

At
any time after the security constituted by this deed has become enforceable, or at the request of the Chargor, the Lender may,
without further notice, appoint by way of deed, or otherwise in writing, any one or more persons to be a Receiver of all or any
part of the Secured Assets.

 

		15.2	Removal

 

The
Lender may, without further notice (subject to section 45 of the Insolvency Act 1986 in the case of an administrative receiver),
from time to time, by way of deed, or otherwise in writing, remove any Receiver appointed by it and may, whenever it thinks fit,
appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated.

 

		15.3	Remuneration

 

The
Lender may fix the remuneration of any Receiver appointed by it without the restrictions contained in section 109 of the LPA 1925,
and the remuneration of the Receiver shall be a debt secured by this deed, to the extent not otherwise discharged.

 

    40

     

    

 

		15.4	Power
                                         of appointment additional to statutory powers

 

The
power to appoint a Receiver conferred by this deed shall be in addition to all statutory and other powers of the Lender under
the Insolvency Act 1986, the LPA 1925 or otherwise, and shall be exercisable without the restrictions contained in sections 103
and 109 of the LPA 1925 or otherwise.

 

		15.5	Power
                                         of appointment exercisable despite prior appointments

 

The
power to appoint a Receiver (whether conferred by this deed or by statute) shall be, and remain, exercisable by the Lender despite
any prior appointment in respect of all or any part of the Secured Assets.

 

		15.6	Agent
                                         of the Chargor

 

Any
Receiver appointed by the Lender under this deed shall be the agent of the Chargor and the Chargor shall be solely responsible
for the contracts, engagements, acts, omissions, defaults, losses and remuneration of that Receiver and for liabilities incurred
by that Receiver. The agency of each Receiver shall continue until the Chargor goes into liquidation and after that the Receiver
shall act as principal and shall not become the agent of the Lender.

 

		16	Powers
                                         of Receiver

 

		16.1	General

 

		16.1.1	Any
                                         Receiver appointed by the Lender under this deed shall, in addition to the powers conferred
                                         on it by statute, have the powers set out in clause 16.2 to clause 16.23.

 

		16.1.2	If
                                         there is more than one Receiver holding office at the same time, each Receiver may (unless
                                         the document appointing it states otherwise) exercise all of the powers conferred on
                                         a Receiver under this deed individually and to the exclusion of any other Receiver.

 

		16.1.3	Any
                                         exercise by a Receiver of any of the powers given by clause 16 may be on behalf of the
                                         Chargor, the directors of the Chargor (in the case of the power contained in clause 16.16)
                                         or itself.

 

    41

     

    

 

		16.2	Repair
                                         and develop Properties

 

A
Receiver may undertake or complete any works of repair, building or development on the Properties and may apply for and maintain
any planning permission, development consent, building regulation approval or any other permission, consent or licence to carry
out any of the same.

 

		16.3	Surrender
                                         leases

 

A
Receiver may grant, or accept surrenders of, any leases or tenancies affecting any Property and may grant any other interest or
right over any Property on any terms, and subject to any conditions, that it thinks fit.

 

		16.4	Employ
                                         personnel and advisors

 

A
Receiver may provide services and employ, or engage any managers, officers, servants, contractors, workmen, agents, other personnel
and professional advisers on any terms, and subject to any conditions, that it thinks fit. A Receiver may discharge any such person
or any such person appointed by the Chargor.

 

		16.5	Make
                                         VAT elections

 

A
Receiver may make, exercise or revoke any value added tax option to tax as it thinks fit.

 

		16.6	Remuneration

 

A
Receiver may charge and receive any sum by way of remuneration (in addition to all costs, charges and expenses incurred by it)
that the Lender may prescribe or agree with it.

 

		16.7	Realise
                                         Secured Assets

 

A
Receiver may collect and get in the Secured Assets or any part of them in respect of which it is appointed, and make any demands
and take any proceedings as may seem expedient for that purpose, and take possession of the Secured Assets with like rights.

 

    42

     

    

 

		16.8	Manage
                                         or reconstruct the Chargor's business

 

A
Receiver may carry on, manage, develop, reconstruct, amalgamate or diversify or concur in carrying on, managing, developing, reconstructing,
amalgamating or diversifying the business of the Chargor.

 

		16.9	Dispose
                                         of Secured Assets

 

A
Receiver may sell, exchange, convert into money and realise all or any of the Secured Assets in respect of which it is appointed
in any manner (including, without limitation, by public auction or private sale) and generally on any terms and conditions as
it thinks fit. Any sale may be for any consideration that the Receiver thinks fit and a Receiver may promote, or concur in promoting,
a company to purchase the Secured Assets to be sold.

 

		16.10	Sever
                                         fixtures and fittings

 

A
Receiver may sever and sell separately any fixtures or fittings from any Property without the consent of the Chargor.

 

		16.11	Sell
                                         Book Debts

 

A
Receiver may sell and assign all or any of the Book Debts in respect of which it is appointed in any manner, and generally on
any terms and conditions, that it thinks fit.

 

		16.12	Valid
                                         receipts

 

A
Receiver may give valid receipt for all monies and execute all assurances and things that may be proper or desirable for realising
any of the Secured Assets.

 

		16.13	Make
                                         settlements

 

A
Receiver may make any arrangement, settlement or compromise between the Chargor and any other person that it may think expedient.

 

    43

     

    

 

		16.14	Bring
                                         proceedings

 

A
Receiver may bring, prosecute, enforce, defend and abandon all actions, suits and proceedings in relation to any of the Secured
Assets as it thinks fit.

 

		16.15	Improve
                                         the Equipment

 

A
Receiver may make substitutions of, or improvements to, the Equipment as it may think expedient.

 

		16.16	Make
                                         calls on Chargor members

 

A
Receiver may make calls conditionally or unconditionally on the members of the Chargor in respect of uncalled capital with (for
that purpose and for the purpose of enforcing payments of any calls so made) the same powers as are conferred by the articles
of association of the Chargor on its directors in respect of calls authorised to be made by them.

 

		16.17	Insure

 

A
Receiver may, if it thinks fit, but without prejudice to the indemnity in clause 19, effect with any insurer any policy of insurance
either in lieu or satisfaction of, or in addition to, the insurance required to be maintained by the Chargor under this deed.

 

		16.18	Powers
                                         under the LPA 1925

 

A
Receiver may exercise all powers provided for in the LPA 1925 in the same way as if it had been duly appointed under the LPA 1925,
and exercise all powers provided for an administrative receiver in Schedule 1 to the Insolvency Act 1986.

 

		16.19	Borrow

 

A
Receiver may, for any of the purposes authorised by this clause 16, raise money by borrowing from the Lender (or from any other
person) either unsecured or on the security of all or any of the Secured Assets in respect of which it is appointed on any terms
that it thinks fit (including, if the Lender consents, terms under which that security ranks in priority to this deed).

 

    44

     

    

 

		16.20	Redeem
                                         prior Security

 

A
Receiver may redeem any prior Security Interest and settle and pass the accounts to which the Security Interest relates. Any accounts
so settled and passed shall be, in the absence of any manifest error, conclusive and binding on the Chargor, and the monies so
paid shall be deemed to be an expense properly incurred by the Receiver.

 

		16.21	Delegation

 

A
Receiver may delegate his powers in accordance with this deed.

 

		16.22	Absolute
                                         beneficial owner

 

A
Receiver may, in relation to any of the Secured Assets, exercise all powers, authorisations and rights it would be capable of
exercising, and do all those acts and things, as an absolute beneficial owner could exercise or do in the ownership and management
of the Secured Assets or any part of the Secured Assets.

 

		16.23	Incidental
                                         powers

 

A
Receiver may do any other acts and things that it:

 

		16.23.1	may
                                         consider desirable or necessary for realising any of the Secured Assets;

 

		16.23.2	may
                                         consider incidental or conducive to any of the rights or powers conferred on a Receiver
                                         under or by virtue of this deed or law; and

 

		16.23.3	lawfully
                                         may or can do as agent for the Chargor.

 

    45

     

    

 

		17	Delegation

 

		17.1	Delegation

 

The
Lender or any Receiver may delegate (either generally or specifically) by power of attorney or in any other manner to any person
any right, power, authority or discretion conferred on it by this deed (including the power of attorney granted under clause 21.1).

 

		17.2	Terms

 

The
Lender and each Receiver may make a delegation on the terms and conditions (including the power to sub-delegate) that it thinks
fit.

 

		17.3	Liability

 

Neither
the Lender nor any Receiver shall be in any way liable or responsible to the Chargor for any loss or liability arising from any
act, default, omission or misconduct on the part of any Delegate.

 

		18	Application
                                         of proceeds

 

		18.1	Order
                                         of application of proceeds

 

All
monies received by the Lender, a Receiver or a Delegate pursuant to this deed, after the security constituted by this deed has
become enforceable, shall (subject to the claims of any person having prior rights and by way of variation of the LPA 1925) be
applied in the following order of priority:

 

		18.1.1	in
                                         or towards payment of or provision for all costs, charges and expenses incurred by or
                                         on behalf of the Lender (and any Receiver, Delegate, attorney or agent appointed by it)
                                         under or in connection with this deed, and of all remuneration due to any Receiver under
                                         or in connection with this deed;

 

		18.1.2	in
                                         or towards payment of or provision for the Secured Liabilities in any order and manner
                                         that the Lender determines in accordance with the provisions of the Loan Agreement; and

 

		18.1.3	in
                                         payment of the surplus (if any) to the Chargor or other person entitled to it.

 

		18.2	Appropriation

 

Neither
the Lender, any Receiver nor any Delegate shall be bound (whether by virtue of section 109(8) of the LPA 1925, which is varied
accordingly, or otherwise) to pay or appropriate any receipt or payment first towards interest rather than principal or otherwise
in any particular order between any of the Secured Liabilities.

 

    46

     

    

 

		18.3	Suspense
                                         account

 

All
monies received by the Lender, a Receiver or a Delegate under this deed:

 

		18.3.1	may,
                                         at the discretion of the Lender, Receiver or Delegate, be credited to any suspense or
                                         securities realised account;

 

		18.3.2	shall
                                         bear interest, if any, at the rate agreed in writing between the Lender and the Chargor;
                                         and

 

		18.3.3	may
                                         be held in that account for so long as the Lender, Receiver or Delegate thinks fit.

 

		19	Costs
                                         and indemnity

 

		19.1	Costs

 

The
Chargor shall pay to, or reimburse, the Lender and any Receiver on demand, on a full indemnity basis, all costs, charges, expenses,
taxes and liabilities of any kind (including, without limitation, legal, printing and out-of-pocket expenses) incurred by the
Lender, any Receiver or any Delegate in connection with:

 

		19.1.1	taking,
                                         holding, protecting, perfecting, preserving or enforcing (or attempting to do so) any
                                         of the Lender's, a Receiver's or a Delegate's rights under this deed; or

 

		19.1.2	taking
                                         proceedings for, or recovering, any of the Secured Liabilities,

 

together
with interest, which shall accrue and be payable (without the need for any demand for payment being made) from the date on which
the relevant cost or expense arose until full discharge of that cost or expense (whether before or after judgment, liquidation,
winding up or administration of the Chargor) at the rate and in the manner specified in the Loan Agreement.

 

    47

     

    

 

		19.2	Indemnity

 

The
Chargor shall indemnify the Lender, each Receiver and each Delegate, and their respective employees and agents against all liabilities,
costs, expenses, damages and losses (including but not limited to any direct, indirect or consequential losses, loss of profit,
loss of reputation and all interest, penalties and legal costs (calculated on a full indemnity basis) and all other professional
costs and expenses) suffered or incurred by any of them arising out of or in connection with:

 

		19.2.1	the
                                         exercise or purported exercise of any of the rights, powers, authorities or discretions
                                         vested in them under this deed or by law in respect of the Secured Assets;

 

		19.2.2	taking,
                                         holding, protecting, perfecting, preserving or enforcing (or attempting to do so) the
                                         security constituted by this deed; or

 

		19.2.3	any
                                         default or delay by the Chargor in performing any of its obligations under this deed.

 

Any
past or present employee or agent may enforce the terms of this clause 19.2 subject to and in accordance with the provisions of
the Contracts (Rights of Third Parties) Act 1999.

 

		20	Further
                                         assurance

 

		20.1	Further
                                         assurance

 

		20.2	The
                                         Chargor shall, at its own expense, take whatever action the Lender or any Receiver may
                                         reasonably require for:

 

		20.2.1	creating,
                                         perfecting or protecting the security intended to be created by this deed;

 

		20.2.2	facilitating
                                         the realisation of any Secured Asset; or

 

		20.2.3	facilitating
                                         the exercise of any right, power, authority or discretion exercisable by the Lender or
                                         any Receiver in respect of any Secured Asset,

 

    48

     

    

 

		20.3	including,
                                         without limitation (if the Lender or Receiver thinks it expedient) the execution of any
                                         transfer, conveyance, assignment or assurance of all or any of the assets forming part
                                         of (or intended to form part of) the Secured Assets (whether to the Lender or to its
                                         nominee) and the giving of any notice, order or direction and the making of any registration.

 

		21	Power
                                         of attorney

 

		21.1	Appointment
                                         of attorneys

 

By
way of security, the Chargor irrevocably appoints the Lender, every Receiver and every Delegate separately to be the attorney
of the Chargor and, in its name, on its behalf and as its act and deed, to execute any documents and do any acts and things that:

 

		21.1.1	the
                                         Chargor is required to execute and do under this deed; or

 

		21.1.2	any
                                         attorney deems proper or desirable in exercising any of the rights, powers, authorities
                                         and discretions conferred by this deed or by law on the Lender, any Receiver or any Delegate.

 

		21.2	Ratification
                                         of acts of attorneys

 

The
Chargor ratifies and confirms, and agrees to ratify and confirm, anything that any of its attorneys may do in the proper and lawful
exercise, or purported exercise, of all or any of the rights, powers, authorities and discretions referred to in clause 21.1.

 

		22	Release

 

		22.1	Subject
                                         to clause 29.3, on the expiry of the Security Period (but not otherwise), the Lender
                                         shall, at the request and cost of the Chargor, take whatever action is necessary to:

 

		22.1.1	release
                                         the Secured Assets from the security constituted by this deed; and

 

		22.1.2	reassign
                                         the Secured Assets to the Chargor.

 

    49

     

    

 

		23	Assignment
                                         and transfer

 

		23.1	Assignment
                                         by Lender

 

		23.1.1	At
                                         any time, without the consent of the Chargor but subject to the terms of the Loan Agreement,
                                         the Lender may assign or transfer the whole or any part of the Lender’s rights
                                         and / or obligations under this deed to any person.

 

		23.1.2	The
                                         Lender may disclose to any actual or proposed assignee or transferee any information
                                         about the Chargor, the Secured Assets and this deed that the Lender considers appropriate.

 

		23.2	Assignment
                                         by Chargor

 

The
Chargor may not assign any of its rights, or transfer any of its obligations, under this deed, or enter into any transaction that
would result in any of those rights or obligations passing to another person.

 

		24	SET-OFF

 

		24.1	Lender's
                                         right of set-off

 

The
Lender may at any time set off any liability of the Chargor to the Lender against any liability of the Lender to the Chargor,
whether either liability is present or future, liquidated or unliquidated, and whether or not either liability arises under this
deed. If the liabilities to be set off are expressed in different currencies, the Lender may convert either liability at a market
rate of exchange for the purpose of set-off. Any exercise by the Lender of its rights under this clause 24.1 shall not limit or
affect any other rights or remedies available to it under this deed or otherwise.

 

		24.2	No
                                         obligation to set off

 

The
Lender is not obliged to exercise its rights under clause 24.1. If, however, it does exercise those rights it must promptly notify
the Chargor of the set-off that has been made.

 

    50

     

    

 

		24.3	Chargor’s
                                         waiver of set-off

 

The
Chargor waives any present or future right of set-off it may have in respect of the Secured Liabilities (including sums payable
by the Chargor under this deed).

 

		24.4	Exclusion
                                         of Chargor’s right of set-off

 

All
payments made by the Chargor to the Lender under this deed shall be made without any set-off, counterclaim, deduction or withholding
(other than any deduction or withholding of tax as required by law).

 

		25	Amendments,
                                         waivers and consents

 

		25.1	Amendments

 

No
amendment of this deed shall be effective unless it is in writing and signed by, or on behalf of, each party (or its authorised
representative).

 

		25.2	Waivers
                                         and consents

 

		25.2.1	A
                                         waiver of any right or remedy under this deed or by law, or any consent given under this
                                         deed, is only effective if given in writing by the waiving or consenting party and shall
                                         not be deemed a waiver of any other breach or default. It only applies in the circumstances
                                         for which it is given and shall not prevent the party giving it from subsequently relying
                                         on the relevant provision.

 

		25.2.2	A
                                         failure to exercise, or a delay in exercising, any right or remedy provided under this
                                         deed or by law shall not constitute a waiver of that or any other right or remedy, prevent
                                         or restrict any further exercise of that or any other right or remedy or constitute an
                                         election to affirm this deed. No single or partial exercise of any right or remedy provided
                                         under this deed or by law shall prevent or restrict the further exercise of that or any
                                         other right or remedy. No election to affirm this deed by the Lender shall be effective
                                         unless it is in writing.

 

		25.3	Rights
                                         and remedies

 

The
rights and remedies provided under this deed are cumulative and are in addition to, and not exclusive of, any rights and remedies
provided by law.

 

    51

     

    

 

		26	Severance

 

If
any provision (or part of a provision) of this deed is or becomes invalid, illegal or unenforceable, it shall be deemed modified
to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision
(or part of a provision) shall be deemed deleted. Any modification to or deletion of a provision (or part of a provision) under
this clause shall not affect the legality, validity and enforceability of the rest of this deed.

 

		27	counterparts

 

Counterparts

 

This
deed may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original,
but all the counterparts shall together constitute one deed.

 

		28	third
                                         party rights

 

A
person who is not a party to this deed shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce,
or enjoy the benefit of, any term of this deed. This does not affect any right or remedy of a third party that exists, or is available,
apart from that Act.

 

		29	Further
                                         provisions

 

		29.1	Independent
                                         security

 

The
security constituted by this deed shall be in addition to, and independent of, any other security or guarantee that the Lender
may hold for any of the Secured Liabilities at any time. No prior security held by the Lender over the whole or any part of the
Secured Assets shall merge in the security created by this deed.

 

    52

     

    

 

		29.2	Continuing
                                         security

 

The
security constituted by this deed shall remain in full force and effect as a continuing security for the Secured Liabilities,
despite any settlement of account, or intermediate payment, or other matter or thing, unless and until the Lender discharges this
deed in writing.

 

		29.3	Discharge
                                         conditional

 

Any
release, discharge or settlement between the Chargor and the Lender shall be deemed conditional on no payment or security received
by the Lender in respect of the Secured Liabilities being avoided, reduced or ordered to be refunded pursuant to any law relating
to insolvency, bankruptcy, winding-up, administration, receivership or otherwise. Despite any such release, discharge or settlement:

 

		29.3.1	the
                                         Lender or its nominee may retain this deed and the security created by or pursuant to
                                         it, including all certificates and documents relating to the whole or any part of the
                                         Secured Assets, for any period that the Lender deems necessary to provide the Lender
                                         with security against any such avoidance, reduction or order for refund; and

 

		29.3.2	the
                                         Lender may recover the value or amount of such security or payment from the Chargor subsequently
                                         as if the release, discharge or settlement had not occurred.

 

		29.4	Certificates

 

A
certificate or determination by the Lender as to any amount for the time being due to it from the Chargor under this deed shall
be, in the absence of any manifest error, conclusive evidence of the amount due.

 

		29.5	Consolidation

 

The
restriction on the right of consolidation contained in section 93 of the LPA 1925 shall not apply to this deed.

 

    53

     

    

 

		29.6	Small
                                         company moratorium

 

Notwithstanding
anything to the contrary in this deed, neither the obtaining of a moratorium by the Chargor under schedule A1 to the Insolvency
Act 1986 nor the doing of anything by the Chargor with a view to obtaining such a moratorium (including any preliminary decision
or investigation) shall be, or be construed as:

 

		29.6.1	an
                                         event under this deed which causes any floating charge created by this deed to crystallise;

 

		29.6.2	an
                                         event under this deed which causes any restriction which would not otherwise apply to
                                         be imposed on the disposal of any property by the Chargor; or

 

		29.6.3	a
                                         ground under this deed for the appointment of a Receiver.

 

		30	Notices

 

		30.1	Service

 

Any
notice, demand, request or other communication in relation to this deed may be delivered as follows: (i) by hand or by ordinary
pre-paid post to the Chargor at the address of the Chargor last known to the Lender or to the Lender at the address stated at
the beginning of this deed or such other address as the Lender may notify to the Chargor for this purpose; or (ii) by fax to a
fax number provided for that purpose by the Chargor to the Lender or by the Lender to the Chargor; or (iii) by any electronic
system used by both the Chargor and the Lender from time to time and capable of delivering and receiving such communication by
use of access codes provided by the Chargor to the Lender or by the Lender to the Chargor. Such communication will be deemed to
have been validly given or made when delivered by hand or twenty-four hours after dispatch by post, fax or other electronic system.

 

    54

     

    

 

		31	Governing
                                         law and jurisdiction

 

		31.1	Governing
                                         law

 

This
deed and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

 

		31.2	Jurisdiction

 

The
parties to this deed irrevocably agree that, subject as provided below, the courts of England and Wales shall have exclusive jurisdiction
over any dispute or claim that arises out of, or in connection with, this deed or its subject matter or formation (including non-contractual
disputes or claims). Nothing in this clause shall limit the right of the Lender to take proceedings against the Chargor in any
other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking
of proceedings in any other jurisdictions, whether concurrently or not, to the extent permitted by the law of that other jurisdiction.

 

		31.3	Other
                                         service

 

The
Chargor irrevocably consents to any process in any proceedings under clause 31.2 being served on it in accordance with the provisions
of this deed relating to service of notices. Nothing contained in this deed shall affect the right to serve process in any other
manner permitted by law.

 

This
document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

    55

     

    

 

 

	
        EXECUTED as a DEED
by                                 (director) for and on behalf of IORA SOFTWARE LIMITED in the presence of:
	
        )

        )

        )
	
         

         

        /s/ Mark Thompson

	 	 	 
	
        Witness signature:
	 	
        

        /s/ Lesley E. Jones

	
        Witness name (print):
	 	Lesley E. Jones
	 	 	 
	
        Witness address:
	 	17 Willowbourne, Fleet, Hampshire, GU51 5AB 
	 	 	 
	
        

        EXECUTED as a DEED by                           
        (authorised signatory) for and on behalf of MORIAH SOFTWARE MANAGEMENT LP in the presence of:
	
        

        )

        )

        )

        )
	
        

         

         

         

        /s/ Greg
        Zilberstein

	 	 	 
	
        Witness signature:
	 	 
	 	 	 
	
        Witness name (print):
	 	 
	 	 	 
	Witness address:	 	 

 

 

56Exhibit 10.1

 

TRANSFER AGREEMENT

BETWEEN:

JAMES GEISKOPF, 3250 Oakland Hills Court, Fairfield, CA  94534

(the “Seller”)

AND:

BLOCKCHAIN FUND GP INC., L120 2303 – 4th Street SW, 

Calgary, AB T2S 2S7

 (the “Purchaser”)

WHEREAS:

A. The Seller is the beneficial owner of 3,000,000 common shares in the capital of AppCoin Innovations Inc. (the “Company”); and

B. The Seller has agreed to transfer to the Purchaser an aggregate of 2,000,000 common shares of the Company (the “Shares”) owned by the Seller on the terms and conditions hereinafter set forth in this Agreement.

THEREFORE in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties), the parties covenant and agree as follows:

1. Purchase and Sale

1.1 On the basis of the representations and warranties of the parties to this Agreement and subject to the terms and conditions of this Agreement, the Seller agrees to transfer the Shares to the Purchaser for an aggregate purchase price of US$5,000.00 (the “Purchase Price”).

1.2 The closing of the transfer of the Shares (the “Closing”) will take place on such date as may be agreed to by the parties hereto (the “Closing Date”).

1.3 On the Closing Date:

		(a)	
the Seller will deliver to the Purchaser, the following documents:

		(i)	
share certificates representing the Shares registered in the name of the Purchaser, and

 

  

-2-

 

 

	
 

	(ii)	
all other documents and instruments as the Purchaser may reasonably require; and

		(b)	
the Purchaser will deliver to the Seller a cheque for the Purchase Price.

2. Representations and Warranties

2.1 The Seller represents and warrants to the Purchaser (which representations and warranties shall survive the closing of the transactions contemplated in this Agreement), with the intent that the Purchaser will rely thereon in entering into this Agreement and in concluding the transfer of the Shares as contemplated herein, that:

		(a)	
the Seller is the beneficial and registered owner of the Shares free and clear of all liens, charges and encumbrances of any kind whatsoever;

		(b)	
there are no written instruments, buy-sell agreements, registration rights or agreements, voting agreements or other agreements by and between or among the Seller or any other person, imposing any restrictions upon the transfer, prohibiting the transfer of or otherwise pertaining to the Shares or the ownership thereof;

		(c)	
the Seller has the power and capacity and good and sufficient right and authority to enter into this Agreement on the terms and conditions set forth in this Agreement and to transfer the legal and beneficial title and ownership of the Shares to the Purchaser;

		(d)	
no person, firm, corporation or entity of any kind has or will have any agreement or option or any right capable at any time of becoming an agreement to:

		(i)	
purchase or otherwise acquire the Shares; or

		(ii)	
require the Seller to sell, transfer, assign, pledge, charge, mortgage or in any other way dispose of or encumber any of the Shares other than under this Agreement;

		(e)	
this Agreement and all other documents required to be executed and delivered by the Seller have been duly, or will when executed and delivered be duly, executed and delivered by the Seller, and constitute the legal, valid and binding obligations of the Seller, enforceable against the Seller in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors, specific performance, injunctive relief and other equitable remedies;

		(f)	
the Seller has not taken any action which would impose any obligation or liability to any person for finder’s fees, agent’s commissions or like payments in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby;

-3-

 

 

 

	
 

 

	(g)	
the Seller acquired the Shares in a transaction exempt from the registration requirements of the U.S. Securities Act of 1933 (the “1933 Act”) either (i) pursuant to Section 4(a)(1) of the 1933 Act, or (ii) pursuant to Section 4(a)(2) of the 1933 Act in the event that the Seller is deemed an underwriter; and

		(h)	
the Seller is not an "underwriter" (as such term is defined in Section 2(11) of the 1933 Act) of any securities of the Company.

2.2 The Purchaser represents and warrants to the Seller (which representations and warranties shall survive the closing of the transactions contemplated in this Agreement), with the intent that the Seller will rely thereon in entering into this Agreement and in concluding the transfer of the Shares as contemplated herein, that:

		(a)	
the Purchaser is acquiring the Shares as principal for investment only;

		(b)	
the Purchaser has the power and capacity and good and sufficient right and authority to enter into this Agreement on the terms and conditions set forth in this Agreement;

		(c)	
this Agreement and all other documents required to be executed and delivered by the Purchaser have been duly, or will when executed and delivered be duly, executed and delivered by the Purchaser, and constitute the legal, valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors, specific performance, injunctive relief and other equitable remedies;

		(d)	
the Purchaser has not taken any action which would impose any obligation or liability to any person for finder’s fees, agent’s commissions or like payments in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby;

		(e)	
the sale of the Shares to the Purchaser as contemplated in this Agreement complies with or is exempt from the applicable securities legislation of the jurisdiction of residence of the Purchaser;

		(f)	
the Purchaser has had access to all of the books and records of the Company and accordingly agrees that it is familiar with and has access to information regarding the Company similar to information that would be available in a registration statement filed by the Company under the 1933 Act;

		(g)	
the Purchaser is acquiring the Shares as principal for the Purchaser’s own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in such Shares;

-4-

 

 

	
 

 

	(h)	
the Purchaser (i) has adequate net worth and means of providing for the Purchaser’s current financial needs and possible personal contingencies, (ii) has no need for liquidity in this investment, and (iii) is able to bear the economic risks of an investment in the Shares for an indefinite period of time;

		(i)	
the Purchaser understands and agrees that the Shares are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act; and

		(j)	
the Purchaser is not acquiring the Shares as a result of any form of general solicitation or general advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio, or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.

2.3 The Purchaser agrees to deliver, along with an executed copy of this Agreement:

		(a)	
a fully completed and executed Investor Questionnaire in the form attached as Exhibit 1 hereto; and

		(b)	
such other supporting documentation that the Seller or its legal counsel may request to establish the Purchaser’s qualification as a qualified purchaser.

3. Legending and Registration of Subject Shares

3.1 The Purchaser hereby acknowledges that a legend may be placed on the certificates representing the Shares to the effect that the Shares represented by such certificates are subject to transfer restrictions.

4. Entire Agreement

4.1 There are no representations, warranties, collateral agreements, or conditions except as herein specified.

5. Expenses

5.1 Each party to this Agreement will be responsible for all of its own expenses, legal and other professional fees, disbursements, and all other costs incurred in connection with the negotiation, preparation, execution, and delivery of this Agreement and all documents and instruments relating hereto and the consummation of the transactions contemplated hereby.

6. Proper Law

6.1 This Agreement will be governed by and construed in accordance with the law of British Columbia.

-5-

 

 

7. Further Assurances

7.1 The parties to this Agreement hereby agree to execute and deliver all such further documents and instruments and do all acts and things as may be necessary or convenient to carry out the full intent and meaning of and to effect the transactions contemplated by this Agreement.

8. Electronic Means

8.1 Delivery of an executed copy of this Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Agreement as of the date set forth on page one of this Agreement.

9. Counterparts

9.1 This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall constitute an original and all of which together shall constitute one instrument.

IN WITNESS WHEREOF the parties hereto have duly executed this Agreement as of the 21st day of August, 2017.

 

	
EXECUTED by JAMES GEISKOPF in the presence of:

                                                                               

Signature

                                                                               

Print Name

                                                                               

Address

                                                                               

                                                                               

 Occupation

	
)

)

)

)

)

)

)

)

)

)

)

)

 )

)

)

	

“James Geiskopf”                                                                   

JAMES GEISKOPF

 

BLOCKCHAIN FUND GP INC.

Per:

 

  

	
“Cameron Chell”

	 
	
Name: Cameron Chell

	 
	
Tile: Director

	 

 

 

EXHIBIT 1

 

QUESTIONNAIRE

 

All capitalized terms herein, unless otherwise defined, have the meanings ascribed thereto in the Transfer Agreement.

 

The Purchaser covenants, represents and warrants to the Seller that:

 

		1.	
the Purchaser has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the transactions detailed in the Transfer Agreement and the Purchaser is able to bear the economic risk of loss arising from such transactions;

	
   2.

	
the Purchaser is (tick one or more of the following boxes):

 

	
(A)    

	
a director, officer, employee, founder or control person of the Company or a director, officer or employee of an affiliate of the Company

	 ☐
	 	 	 
	
(B)    

	
a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer, founder or control person of the Company

	 ☐
	 	 	 
	
(C)    

	
a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer, founder or control person of the Company

	 ☐
	 	 	 
	
(D)    

	
a close personal friend of a director, executive officer, founder or control person of the Company

	 ☐
	 	 	 
	
(E)    

	
a close business associate of a director, executive officer, founder or control person of the Company

	 ☐
	 	 	 
	
(F)    

	
a spouse, parent, grandparent, brother, sister, child or grandchild of the selling security holder or the selling security holder’s spouse

	 ☐
	 	 	 
	
(G)    

	
an accredited investor

	 ☐
	 	 	 
	
(H)    

	
a company, partnership or other entity of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons described in paragraphs A to G

	 ☐
	 	 	 
	
(I)     

	
a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are persons described in paragraphs A to G

	 ☐

 

		3.	
if the Purchaser has checked box B, C, D, E, H or I in paragraph 2 above, the director, executive officer, founder or control person of the Company with whom the undersigned has the relationship is:

 

(Instructions to Purchaser: fill in the name of each director, executive officer, founder and control person which you have the above-mentioned relationship with.  If you have checked box H or I, also indicate which of A to G describes the security holders, directors, trustees or beneficiaries which qualify you as box H or I and provide the names of those individuals.  Please attach a separate page if necessary).

 

-2-

 

 

 

	
 

	4.	
if the Purchaser has ticked box G in Section 2 above, the Purchaser satisfies one or more of the categories of "accredited investor" (as that term is defined in National Instrument 45-106) indicated below (please check the appropriate box):

 

		☐	
(a) an individual who beneficially owns financial assets (as defined in National Instrument 45-106) having an aggregate realizable value that, before taxes but net of any related liabilities (as defined in National Instrument 45-106), exceeds CDN$5,000,000;

 

		☐	
(b) an individual who, either alone or with a spouse, beneficially owns financial assets (as defined in National Instrument 45-106) having an aggregate realizable value that, before taxes but net of any related liabilities (as defined in National Instrument 45-106), exceeds CDN$1,000,000;

 

		☐	
(c) an individual whose net income before taxes exceeded CDN$200,000 in each of the two more recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of those years and who, in either case, reasonably expects to exceed that net income level in the current calendar year;

 

		☐	
(d) an individual who, either alone or with a spouse, has net assets of at least CDN $5,000,000; or

 

		☐	
(e) a person, other than an individual or investment fund, that had net assets of at least CDN$5,000,000 as reflected on its most recently prepared financial statements.

 

IN WITNESS WHEREOF, the undersigned has executed this Questionnaire as of the 21st day of August, 2017.

 

	
If an Individual:

	 	 	
If a Corporation, Partnership or Other Entity:

	 
	 	 	 	 	 
	 	 	 	 	 
	
Signature

	 	 	
Blockchain Fund GP Inc.

	 
	 	 	 	
Print or Type Name of Entity

	 
	 	 	 	 	 
	 	 	 	 	 
	
Print or Type Name

	 	 	
“Cameron Chell”

	 
	 	 	 	
Signature of Authorized Signatory

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
Corporation

	 
	 	 	 	
Type of Entity

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