Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Mobiventures Inc. - Exhibit 10.37

EXECUTION VERSION

DATED March 31 2008

(1) THE CHARGORS 
named herein

(2) TRAFALGAR CAPITAL SPECIALIZED INVESTMENT FUND

________________________________

GUARANTEE AND DEBENTURE

________________________________

 

CONTENTS

	Clause
      	  	Page 
	1
      	INTERPRETATION
      	1
      
	2
      	COVENANT
      TO PAY 	5
      
	3
      	CHARGES
      	6
      
	4
      	PROTECTION
      OF CHARGEHOLDER'S RIGHTS 	6
      
	5
      	COVENANTS
      	8
      
	6
      	DEMAND
      AND ENFORCEMENT 	12
      
	7
      	RECEIVERS
      	12
      
	8
      	POWER
      OF ATTORNEY 	13
      
	9
      	APPLICATION
      OF MONEYS RECEIVED BY THE LENDER OR THE RECEIVER 	14
      
	10
      	CONSOLIDATION
      	14
      
	11
      	PROTECTION
      OF THIRD PARTIES 	15
      
	12
      	PROTECTION
      OF THE LENDER AND THE RECEIVER 	15
      
	13
      	PROVISIONS
      RELATING TO THE LENDER 	16
      
	14
      	MISCELLANEOUS
      PROVISIONS 	16
      
	SCHEDULE
      1 - THE CHARGORS 	19
      
	SCHEDULE
      2 - TERMS OF GUARANTEE 	20
      
	SCHEDULE
      3 - REGISTERED AND UNREGISTERED LAND 	22
      
	SCHEDULE
      4 - DEED OF ACCESSION 	23
      

THIS GUARANTEE AND DEBENTURE is made
on                       
2008

BETWEEN:-

	(1) 	
      THE COMPANIES whose names and registered offices
      are set out in Schedule 1 (together with each company which becomes a
      party hereto by executing a Deed of Accession, each a "Chargor" and
      together the "Chargors"); and

	 	 
	(2) 	
      TRAFALGAR CAPITAL SPECIALIZED INVESTMENT FUND an
      investment fund registered in Luxembourg as represented by its general
      partner, TRAFALGAR CAPITAL SARL, a corporation organised and
      existing under the laws of Luxembourg, with its principal place of
      business at 8-10 Rue Mathias Hardt, BP 3023, Luxembourg L-1030 (the
      “Lender”).

IT IS AGREED as follows:-

	1. 	
      INTERPRETATION

	 	 
	1.1 	
      Definitions

	 	 
		
      In this Guarantee and Debenture, unless the context
      otherwise requires:-

		"Asset Contracts" 	
      means all the rights of each Chargor, now or in the
      future, arising out of or in connection with any agreement:- 

	 	  	
       
	
       

			
      (i) 
	
      for the acquisition of any property (real or personal) by
      any Chargor (except to the extent that such rights amount to an interest
      in land effectively charged by way of legal mortgage or fixed charge by
      Clause 3.1.1 or 3.1.2) including, without limitation, any option to
      acquire property; or 

	 	  	
       
	
       

			
      (ii) 
	
      for the hire, hire purchase, lease or loan of any
      property (real or personal), to any Chargor (except as aforesaid)
  

	 	  	
       
	
       

		"Assets" 	
      means all the undertaking, property, assets, rights and
      revenues of each Chargor whatsoever, and wheresoever, present or future
      

	 	  	
       
	
       

		"Convertible Debentures" 	
      means the US$2,000,000 convertible debenture dated on or
      around the date of this deed between the Principal Borrower and the Lender
      as from time to time varied, amended, supplemented, extended or replaced
      

	 	  	
       
	
       

		"Companies" 	
      means the Chargors together with any other Group
      Companies from time to time, and, (where the context permits), includes
      each or any of them and "Company" means each or any of them
  

	 	  	
       
	
       

		"Dangerous Substance" 	
      means any radiation and any substance (whether natural or
      artificial and whether in solid or liquid or gaseous form) capable
      (whether alone or in combination with any other substance) of causing harm
      to man or any other living organism or damaging property or the
      Environment including, without limitation, any controlled, special,
      hazardous, toxic, radioactive or dangerous waste 

	 	  	
       
	
       

		"Debts" 	
      means all book and other debts now or in the future owing
      to each Chargor (whether alone or jointly with any other person), whenever
      payable and whether liquidated or unliquidated, certain or contingent,
      including, without limitation, credit balances on any account at any bank
      or financial institution other than the Lender, 

1

			
      and together with all cheques, bills of exchange,
      negotiable instruments, credits and securities at any time given in
      relation to, or to secure payment of, any such debt, but "Debts"
      does not include any asset or right effectively charged by way of fixed
      charge under any other provision of Clause 3 

	 	  	
       

		"Deed of Accession" 	
      means a deed substantially in the form of Schedule 4
      executed, or to be executed, by a person becoming a Chargor 

	 	  	
       

		"Encumbrance" 	
      means any mortgage, charge (whether fixed or floating),
      pledge, lien, hypothecation, standard security, assignation in security,
      bond and floating charge or other security interest of any kind, and any
      right of set-off, assignment, trust, flawed asset or other agreement or
      arrangement whatsoever for the purpose of providing security or having a
      similar effect to the provision of security 

	 	  	
       

		"Environment" 	
      means all, or any of, the following media, the air
      (including, without limitation, the air within buildings and the air
      within other natural or man-made structures above or below ground), water
      (including, without limitation, ground and surface water) and land
      (including, without limitation, surface and sub-surface soil) 

	 	  	
       

		"Environmental Law" 	
      means all applicable laws (whether civil, criminal or
      administrative and including, without limitation, common law),
      regulations, codes of practice, circulars, guidance notes and the like
      (whether in the United Kingdom or elsewhere) concerning nuisance,
      pollution, the protection of human health, the Environment, conditions in
      any work place or the generation, transportation, storage, treatment or
      disposal of waste or Dangerous Substances 

	 	  	
       

	 	"Event of Default" 	
      has the meaning given in the Finance Documents 

	 	  	
       

		"Finance Documents" 	
      means the Convertible Debenture and any other Security
      Documents 

	 	  	
       

		"Fixed Plant and Equipment" 	
      means all plant, machinery or equipment of each Chargor
      of any kind (including, without limitation, all cables, pipes, switchgear,
      heating, lighting, electrical, water and gas apparatus) which does not for
      any reason constitute a Fixture, but is now or at any time directly or
      indirectly attached by any means and for any purpose to any land or
      building, whether or not it is removable or intended to form part of the
      land or building 

	 	  	
       

		"Fixtures" 	
      means all things of any kind now or at any time affixed
      to land for any purpose, including, without limitation, trade and tenants
      fixtures 

	 	  	
       

	 	"Group Company" 	
      has the meaning given in the Finance Documents 

	 	  	
       

		"Guarantor" 	
      means any Chargor insofar only as it covenants under
      Clause 2.1.2 to pay or discharge money due or owing from or liabilities of
      each other Chargor to the Lender and "Guarantors" and
      "Guarantee" shall be construed accordingly 

	 	  	
       

		"Insurances" 	
      means, in relation to each Chargor, all the right, title
      and interest of such Chargor, now or in the future, in or under any policy
      of insurance or assurance or to the proceeds thereof 

	 	  	
       

		"Intellectual Property" 	
      means, in relation to each Chargor, all the right, title
      and interest of such Chargor, now or in the future, in or to any of the
      following:- 

2

			
      (i) 
	
      any registered intellectual property right in any
      territory, including, without limitation, patents, trade marks, service
      marks, registered designs, and any similar right in any territory and any
      applications or right to apply for any of the above; 

	 	  	
       
	
       

	 	  	
      (ii) 
	
      any invention, copyright, design right or performance
      right; 

	 	  	
       
	
       

	 	  	
      (iii) 
	
      any trade secrets, know-how and confidential information;
      and 

	 	  	
       
	
       

			
      (iv) 
	
      the benefit of any agreement or licence for the use (by
      such Chargor or any other person) of any such right 

	 	  	
       
	
       

		"Land" 	
      means any estate, right or interest in or over land,
      whether legal or equitable, and wherever the land is situated, including,
      without limitation, any buildings and Fixtures on land, and the benefit of
      any covenants or rights owed to any person or enforceable by him by virtue
      of the ownership possession or occupation of land but for these purposes
      "land" excludes heritable property situated in Scotland 

	 	  	
       
	
       

		"Loose Plant and Equipment" 	
      means, in relation to each Chargor, all plant, machinery,
      equipment and motor vehicles now or at any time owned by such Chargor as a
      capital asset which is not Fixed Plant and Equipment, including, without
      limitation, any moulds, patterns, tools (other than hand tools and
      consumable tooling), dies and jigs 

	 	  	
       
	
       

		"Other Claims" 	
      means, in relation to each Chargor, all rights, claims or
      obligations of any kind whatsoever now or at any time owed to such Chargor
      capable of being satisfied by the payment of money, which are not
      effectively charged by way of fixed charge by any other provision of this
      Guarantee and Debenture 

	 	  	
       
	
       

	 	"Principal Borrower" 	
      means MobiVentures, Inc 

	 	  	
       
	
       

		"Principal" 	
      means any Company insofar only as it owes money or has
      incurred liabilities to the Lender except as a Guarantor 

	 	  	
       
	
       

		"Receiver" 	
      means any receiver appointed under this Guarantee and
      Debenture, and, where more than one receiver has been appointed, each of
      them 

	 	  	
       
	
       

		"Rents" 	
      means, in relation to each Chargor, any sum payable to
      such Chargor (and any right to recover any such a sum):- 

	 	  	
       
	
       

			
      (i) 
	
      by way of rent, service charge or otherwise under any
      lease of Land, or as mesne profits, licence fee, or otherwise howsoever
      for the use or occupation of or trespass upon Land, or other income
      arising from any Land; 

	 	  	
       
	
       

			
      (ii) 
	
      by way of rent or otherwise for or in connection with the
      possession or use of, or in respect of any trespass to or conversion of,
      any chattel except insofar as the same is effectively charged by way of
      fixed charge by Clause 3.1.1 or 3.1.2 

	 	  	
       
	
       

		"Secured Liabilities" 	
      means all liabilities and obligations owed by the
      Chargors to the Lender whether due, owing or incurred now or in the
      future, and of any kind, however arising and in any currency, whether or
      not immediately payable, whether certain or contingent, whether sole or
      joint, whether as principal or as surety, whether or not the Lender was
      the original creditor in respect thereof, and including,

3

			
      without limitation, interest, commission, costs, charges
      and expenses charged by the Lender at rates agreed between it and a
      Chargor or, in the absence of express agreement, in accordance with the
      Lender's normal practice for the time being provided that no liability or
      obligation shall, as far as concerns any Chargor, be included in the
      definition of "Secured Liabilities" if and to the extent that, if it were
      so included, this Guarantee and Debenture would constitute unlawful
      financial assistance by that Chargor contrary to section 151 Companies Act
      1985 

	 	  	
       

		"Securities" 	
      means, in relation to each Chargor, all the right, title
      and interest of such Chargor, now or in the future, in any stocks, shares,
      debentures, loan stocks, instruments creating or acknowledging any debt,
      or other securities issued by any person (whether or not marketable)
      including, without limitation, all rights and benefits arising and all
      money payable in respect of or in substitution or exchange for any of
      them, whether by way of conversion, redemption, preference, bonus, option,
      dividend, interest or otherwise, and including, without limitation, all
      Securities owned by such Chargor in any other Company 

	 	  	
       

	 	"Security Documents" 	
      has the meaning given in the Finance Documents
  

	1.2 	
      Interpretation

	 	 	 
		
      In this Guarantee and Debenture, unless the context
      otherwise requires:-

	 	 	 
		1.2.1 	
      the singular includes the plural and vice versa, and
      reference to any gender includes the other genders;

	 	 	 
		1.2.2 	
      references to persons include bodies corporate,
      associations, partnerships, organisations, states, state agencies and any
      other entity, whether or not having separate legal personality;

	 	 	 
		1.2.3 	
      words and phrases defined in the Companies Act 1985 have
      the same meanings in this Guarantee and Debenture but the word
      "company" includes any body corporate;

	 	 	 
		1.2.4 	
      references to Clauses are to clauses or sub-clauses of
      this Guarantee and Debenture, references to a Schedule are to a schedule
      to this Guarantee and Debenture and references within a Schedule to
      paragraphs are to paragraphs or sub-paragraphs of that Schedule;
  and

	 	 	 
		1.2.5 	
      references to any rate of interest shall be construed as
      meaning that rate as from time to time in force, calculated from day to
      day, and compounded on the Lender's usual days for charging interest in
      each year, both before and after judgment; and references to a base
      lending rate shall, if there is no such published or determinable rate at
      the appropriate time, be construed as meaning such reasonably equivalent
      rate as the Lender shall select.

	 	 	 
	1.3 	
      Further interpretation

	 	 	 
		
      In this Guarantee and Debenture:-

	 	 	 
		1.3.1 	
      any reference to any statute or statutory instrument or
      any section or part thereof includes any enactment (present or future)
      replacing or amending it or any instrument, order or regulation made under
      it and also includes any past statutory provisions (as from time to time
      modified or re-enacted) which such provision has directly or indirectly
      replaced;

4

		1.3.2 	
      headings are for reference purposes only and shall not
      affect the construction of anything in this Guarantee and
  Debenture;

	 	 	 
		1.3.3 	
      references to this Guarantee and Debenture (or to any
      specified provision of this Guarantee and Debenture) or any other document
      shall be construed as references to this Guarantee and Debenture, that
      provision or that document as in force for the time being and as amended
      in accordance with its terms, or, as the case may be, with the agreement
      of the relevant parties and, if so required in the relevant document, with
      the prior written consent of the Lender;

	 	 	 
		1.3.4 	
      a "Chargor" shall include its successors and
      permitted assigns; and

	 	 	 
		1.3.5 	
      the "Lender" shall include its successors and
      assigns.

	 	 	 
	1.4 	
      Schedules

	 	 	 
		
      The Schedules shall be treated as an integral part of
      this Guarantee and Debenture and references to this Guarantee and
      Debenture shall include the Schedules.

	 	 	 
	1.5 	
      Incorporation of terms

	 	 	 
		
      Unless otherwise defined herein, capitalised terms
      defined in the Finance Documents shall have the same meaning when used in
      this Guarantee and Debenture.

	 	 	 
	2. 	
      COVENANT TO PAY

	 	 	 
	2.1 	
      Covenant

	 	 	 
		
      Each Chargor hereby covenants:-

	 	 	 
		2.1.1 	
      to pay or discharge to the Lender on demand any or all of
      the Secured Liabilities owing or incurred by such Chargor;

	 	 	 
		2.1.2 	
      and guarantees to pay or discharge to the Lender on
      demand any or all of the Secured Liabilities owing or incurred by each
      other Company (except as a Guarantor for the Chargor giving this
      covenant); and

	 	 	 
		2.1.3 	
      in either case to pay interest to the Lender upon any sum
      so demanded until payment (both before and after any judgment) at 3% above
      the rate applicable to that sum immediately before demand (or, if there
      was no such applicable rate, at 16% per annum).

	 	 	 
	2.2 	
      Guarantee

	 	 	 
		
      The guarantee contained in Clause 2.1.2 is given subject
      to, and with the benefit of, the provisions set out in Schedule 2 by each
      Chargor separately and also jointly with every other Chargor except the
      Chargor guaranteed.

	 	 	 
	2.3 	
      Guarantee binding

	 	 	 
		
      Each Chargor agrees to be bound by the guarantee
      contained in Clause 2.1.2, even if any other Company which was intended to
      execute this Guarantee and Debenture may not do so or may not be
      effectually bound.

	 	 	 
	2.4 	
      Demands

	 	 	 
		
      The making of one demand under this Guarantee and
      Debenture will not preclude the Lender making any further
  demands.

5

	3. 	
      CHARGES

	 	 	 	 
	3.1 	
      Charging clause

	 	 	 	 
		
      As security for payment of the Secured Liabilities, each
      Chargor with full title guarantee hereby charges to the Lender:-

	 	 	 	 
		3.1.1 	
      by way of first legal mortgage all Land now owned by such
      Chargor, including, without limitation, the land which is described in
      Schedule 3 hereto;

	 	 	 	 
		3.1.2 	
      by way of first fixed equitable charge all Land which
      such Chargor acquires in the future;

	 	 	 	 
		3.1.3 	
      by way of separate first fixed charges:-

	 	 	 	 
			(a) 	
      all the goodwill and uncalled capital of such Chargor,
      present or future;

	 	 	 	 
			(b) 	
      the Securities of such Chargor;

	 	 	 	 
			(c) 	
      the Insurances of such Chargor;

	 	 	 	 
			(d) 	
      the Intellectual Property of such Chargor;

	 	 	 	 
			(e) 	
      the Debts of such Chargor;

	 	 	 	 
			(f) 	
      the Rents of such Chargor;

	 	 	 	 
			(g) 	
      the Asset Contracts of such Chargor;

	 	 	 	 
			(h) 	
      the Other Claims of such Chargor;

	 	 	 	 
			(i) 	
      the Fixed Plant and Equipment of such Chargor;
  and

	 	 	 	 
			(j) 	
      the Loose Plant and Equipment of such Chargor;

	 	 	 	 
		3.1.4 	
      by way of first floating charge all those Assets of such
      Chargor which are not for any reason effectively charged by this Guarantee
      and Debenture by way of fixed charge or mortgage, including, without
      limitation, any heritable property of such Chargor situated in
      Scotland.

	 	 	 	 
	3.2 	
      Qualifying floating charge

	 	 	 	 
		
      Paragraph 14 of Schedule B1 to the Insolvency Act 1986
      will apply to any floating charge created by this Debenture.

	 	 	 	 
	4. 	
      PROTECTION OF CHARGEHOLDER'S RIGHTS

	 	 	 	 
	4.1 	
      Moneys received

	 	 	 	 
		
      Each Chargor shall pay into such Chargor's account as the
      Lender may direct all moneys which it receives in respect of any Debts,
      Securities, Insurances, Intellectual Property, Rents and any other of the
      rights and claims charged to the Lender under Clause 3.1.3, and not
      withdraw any moneys from that account unless the Lender permits it to do
      so, and until such payment hold all moneys so received upon trust for the
      Lender and shall not without the prior written consent of the Lender
      charge, factor, discount or assign any of them in favour of any other
      person, or otherwise deal with them except for the purpose of collecting
      them in and paying them as required by this Clause.

	 	 	 	 
	4.2 	
      Covenants

	 	 	 	 
		
      Each Chargor covenants that it will not, without the
      prior written consent of the Lender or save as expressly permitted
      pursuant to the Finance Documents:-

6

		4.2.1 	
      create any Encumbrance, or allow any Encumbrance to arise
      or continue, on or over any of the Assets; or

	 	 	 	 
		4.2.2 	
      to part with or dispose of all or any of the Assets
      charged by way of fixed charge or mortgage; or

	 	 	 	 
		4.2.3 	
      to part with or dispose of all or any of the Assets
      charged by way of floating charge except in the ordinary course of
      carrying on its business as a going concern.

	 	 	 	 
	4.3 	
      Conversion of floating charge

	 	 	 	 
		
      The Lender may if an Event of Default has occurred and is
      continuing from time to time by notice in writing to any Chargor convert
      any floating charge created by this Guarantee and Debenture into a fixed
      charge, in respect of any Assets of such Chargor which are specified in
      any such notice. Any such floating charge shall automatically be converted
      into a fixed charge:-

	 	 	 	 
		4.3.1 	
      in respect of any Assets of any Chargor, immediately
      prior to such Chargor agreeing or resolving (unless the Lender has first
      consented in writing to it) to create any Encumbrance over those Assets in
      favour of any other person, or to part with or dispose of them otherwise
      than in the ordinary course of carrying on such Chargor's business as a
      going concern or as permitted pursuant to the Finance Documents or if the
      Lender notifies the relevant Chargor in writing that it in good faith
      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; and

	 	 	 	 
		4.3.2 	
      in respect of all the Assets of any Chargor, if such
      Chargor ceases to carry on business or to be a going concern or if any
      voluntary arrangement or other moratorium (other than a moratorium which
      the Company is entitled to obtain under Section 1A of the Insolvency Act
      1986) or compromise with any of such Chargor’s creditors, or any class of
      them, is proposed or put into effects; 

	 	 	 
	 	but so that this Clause 4.3 shall
      not apply to any Assets situated in Scotland.
	 	 	 	 
	4.4 	
      Application to Land Registry

	 	 	 	 
		
      Each Chargor hereby applies to the Chief Land Registrar
      for a restriction to be entered on the register of title of all registered
      land now or in the future owned by such Chargor in the following
      terms:-

	 	 	 	 
		
      "No disposition of the registered estate by the
      proprietor of the registered estate is to be registered without a written
      consent signed by the proprietor for the time being of a charge dated
      [insert date] in favour of [insert name of Lender] referred
      to in the charges register".

	 	 	 	 
	4.5 	
      Deposit of deeds and title documents

	 	 	 	 
		
      Each Chargor shall, subject to the rights of any prior
      mortgagee, deposit with the Lender and the Lender during the continuance
      of this security shall be entitled to hold all deeds and documents of
      title relating to such Chargor’s Land, Securities (including, without
      limitation, warrants and coupons) and Insurances.

	 	 	 	 
	4.6 	
      Further assurances

	 	 	 	 
		
      Each Chargor shall, at is own expense, at any time when
      required by the Lender execute and deliver to the Lender:-

	 	 	 	 
		4.6.1 	
      a valid legal mortgage of any Land now or in the future
      owned by such Chargor;

	 	 	 	 
		4.6.2 	
      a fixed charge over any interest, not capable of being
      charged by way of legal mortgage, in any Land now or in the future
      belonging to such Chargor;

	 	 	 	 
		4.6.3 	
      a legal assignment or other fixed security over all or
      any of its Intellectual Property;

7

		4.6.4 	
      a legal charge over all or any of its
  Securities;

	 	 	 
		4.6.5 	
      a chattel mortgage over such chattels, plant, machinery,
      computers and/or other equipment of such Chargor as the Lender may
      specify;

	 	 	 
		4.6.6 	
      a fixed charge or other fixed security over any of its
      Assets over which there is a floating charge;

	 	 	 
		4.6.7 	
      where any of its Assets are situated outside England and
      Wales, such fixed security under the law of the place where the Asset is
      situated as the Lender may require;

	 	 	 
		4.6.8 	
      a notice to any third party of any of the charges or
      assignments contained in this Guarantee and Debenture;

	 	 	 
		4.6.9 	
      execute and deliver to the Lender a legal assignment of
      any Debts which the Lender shall require, and give notice of any such
      assignment to any person when required by the Lender; and

	 	 	 
		4.6.10 	
      all deeds and documents which the Lender may deem
      necessary or desirable to vest in the Lender the security intended to be
      created by this Guarantee and Debenture over all or any of the
    Assets,

	 	 	 
		
      in each case, in the Lender's standard form or such other
      form as the Lender may require. In the case of Assets situated outside
      England and Wales, references to any form of security shall be taken to
      refer to any form of security available under the relevant local law which
      the Lender may select.

	 	 	 
	4.7 	
      Other acts

	 	 	 
		
      Without prejudice to Clause 4.6, each Chargor shall, at
      its own expense, at any time when required by the Lender do and concur in
      all acts or things as the Lender may deem necessary or desirable to vest
      in the Lender the security intended to be created by this Guarantee and
      Debenture over all or any of the Assets or to facilitate the enforcement
      of that security, or the exercise of any powers or discretions intended to
      be vested in the Lender or the Receiver by this Guarantee and
      Debenture.

	 	 	 
	4.8 	
      Continuing security

	 	 	 
		
      This Guarantee and Debenture shall be a continuing
      security to the Lender and shall remain in force until expressly
      discharged in writing by the Lender notwithstanding any intermediate
      settlement of account or other matter or thing whatsoever, and shall be
      without prejudice and in addition to any other right, remedy or security
      of any kind which the Lender may have now or at any time in the future for
      or in respect of any of the Secured Liabilities.

	 	 	 
	4.9 	
      Chargors' certificates

	 	 	 
		
      Each Chargor hereby certifies that this Guarantee and
      Debenture does not contravene any of the provisions of the memorandum and
      articles of association of such Chargor and has been duly authorised and
      executed in accordance therewith.

	 	 	 
	5. 	
      COVENANTS

	 	 	 
	5.1 	
      General covenants

	 	 	 
		
      While this Guarantee and Debenture continues in force,
      each Chargor shall comply with all the covenants and undertakings on its
      part contained in the Finance Documents and, without prejudice to them,
      shall:-

	 	 	 
		5.1.1 	
      forthwith notify the Lender of the acquisition of any
      Land or any Intellectual Property;

8

	 	5.1.2 	
      effect and maintain in force insurance in respect of the
      Assets acceptable to the Lender in its discretion;

	 	 	 	 
	 	5.1.3 	
      ensure that each such insurance names the Lender as a
      co-insured (or, at the option of the Lender, that the Lender's interest is
      noted on the policy);

	 	 	 	 
	 	5.1.4 	
      promptly pay all premiums, and do all other things
      required to keep each insurance in full force and effect and not liable to
      be avoided or to have any claim thereunder refused;

	 	 	 	 
	 	5.1.5 	
      promptly as and when requested by the Lender supply to
      the Lender copies of all such policies of insurance;

	 	 	 	 
	 	5.1.6 	
      in relation to all Land owned or occupied by such
      Chargor:-

	 	 	 	 
	 		(a) 	
      keep all buildings and all plant, machinery, fixtures,
      fittings and other effects charged under this Guarantee and Debenture in
      good and substantial repair and in good working order and condition
      (except only for fair wear and tear) and will not, without the prior
      written consent of the Lender, alter, pull down, remove or dispose of any
      of the same except in the ordinary course of repair, maintenance or
      improvement;

	 	 	 	 
	 		(b) 	
      as soon as reasonably practicable, provide to the Lender
      such documents or information in its possession or under its control
      relating to such Land as the Lender may from time to time reasonably
      require;

	 	 	 	 
	 		(c) 	
      punctually pay or cause to be paid and keep the Lender
      indemnified against, all rents, rates, taxes, levies, charges, duties,
      assessments, impositions and outgoings whatever (whether parliamentary,
      parochial, local or otherwise) assessed, charged or imposed upon or now or
      in the future payable by it in respect of all or any Land vested in such
      Chargor or in which it has an interest and, when required, produce to the
      Lender (if available) proof of such payment;

	 	 	 	 
	 		(d) 	
      ensure the due observance of all laws, statutes,
      statutory instruments, regulations and bye-laws for the time being in
      force and all notices, orders and requirements of any competent authority
      (statutory or otherwise) and all directives and codes of practice
      affecting any Land vested in such Chargor or in which it has an interest
      or affecting such Chargor’s business or the Assets of such Chargor or
      relating to the protection of the environment or health and safety, where,
      in each case, failure to do so would result in any material adverse
      effect, and carry out all works and give effect to all arrangements which
      any such authority may in respect of the aforesaid direct or
    recommend;

	 	 	 	 
	 		(e) 	
      complete with reasonable expedition any building
      operations commenced at any time by such Chargor on any such Land to the
      reasonable satisfaction of the Lender and any competent authority and in
      conformity with all requisite planning and bye-law consents (including,
      but not limited to, the provisions of any agreement entered into by such
      Chargor with any such authority) all of which building operations shall
      have been previously approved in writing by the Lender (such approval not
      to have been unreasonably withheld or delayed);

	 	 	 	 
	 		(f) 	
      observe and perform the terms of all agreements,
      assignments, contracts, conveyances, grants and other deeds and documents
      for the time being binding on such Chargor or affecting any such Land or
      its use or enjoyment, where, in each case, failure to do so would result
      in any material adverse effect, and such Chargor shall not knowingly take
      or omit to take any action of any kind whereby any interest or estate of
      such Chargor in any such Land may be forfeited or otherwise adversely
      affected;

	 	 	 	 
	 		(g) 	
      at all times observe and perform (and ensure that any
      other person at any time occupying any such Land also observes and
      performs) all restrictive and other covenants to which such Land or any
      part of it may from time to time be subject,

9

	 			all obligations on the part of such Chargor or
      any such occupier in any lease or tenancy agreement and all building
      regulations and all restrictions, conditions and stipulations for the time
      being affecting such Land or any part of it or the use or enjoyment of
      such Land;
	 	 	 	 	 
	 		(h) 	
      within seven days deliver to the Lender any notice or
      proceedings served on such Chargor and relating to any alleged breach of
      any of the above;

	 	 	 	 	 
	 		(i) 	
      at all times keep such Land in a safe condition for all
      persons foreseeably likely to be present on any part of it, and where
      necessary or desirable for such purposes, erect and maintain fencing,
      barriers, covers and other security measures; and

	 	 	 	 	 
	 		(j) 	
      permit the Lender at any reasonable time to enter on the
      land, inspect it and any assets on it, and take copies of any documents
      there.

	 	 	 	 	 
	 	5.1.7 	
      at all times comply with all applicable Environmental
      Law, and obtain and comply with the terms of any licence or permit under
      any Environmental Law which is necessary or desirable to carry on any of
      such Chargor’s businesses or activities and which failure to comply with
      or obtain could in the opinion of the Lender be expected to have a
      material adverse effect on such Chargor;

	 	 	 	 	 
	 	5.1.8 	
      take all action necessary to maintain any registered
      rights to Intellectual Property in full force and effect, and to make and
      pursue all applications which it is entitled to make for any such
      rights;

	 	 	 	 	 
	 	5.1.9 	
      in relation to the Intellectual Property owned by such
      Chargor:-

	 	 	 	 	 
	 		(a) 	
      take all necessary action to protect and maintain such
      Intellectual Property and as soon as reasonably practicable notify the
      Lender of any infringement or alleged infringement or any challenge to the
      validity of any such Intellectual Property of which such Chargor has
      notice and supply the Lender with all information in its possession
      relating thereto as the Lender may reasonably request;

	 	 	 	 	 
	 		(b) 	
      duly register (and pay all fees and costs in connection
      therewith) in such registers or with such authorities as may be available
      for the purpose (in the United Kingdom or elsewhere) and in such names as
      may be required by the law and practice of the place of registration such
      of the following as may be capable of registration, whether in the United
      Kingdom or elsewhere:-

	 	 	 	 	 
	 			(i) 	
      this Guarantee and Debenture;

	 	 	 	 	 
	 			(ii) 	
      all licences, registered user agreements or other
      interests granted to or acquired by such Chargor relating to such
      Intellectual Property; and

	 	 	 	 	 
	 			(iii) 	
      all future assignments and/or mortgages made under this
      Guarantee and Debenture;

	 	 	 	 	 
	 		(c) 	
      pay all application, registration, renewal and other
      payments necessary for effecting, protecting, maintaining or renewing
      registrations required to be made under Clause 5.1.9(b) before the latest
      time provided for payment thereof and do all other reasonable acts and
      things necessary for maintaining all such Intellectual Property in full
      force and effect and send or deliver to the Lender the receipt (if
      provided) for every such payment immediately after the same shall have
      been made. If default shall be made by such Chargor in making such
      payments or doing such acts or things, the Lender may make such payments
      or cause such acts or things to be done. All moneys expended by the Lender
      under this provision shall be recoverable by the Lender under Clause
      14.5;

10

	 	(d) 	
      use reasonable endeavours to procure that any agents
      acting for it shall agree in writing to notify the Lender of any renewal
      or other fees due in respect of any such Intellectual Property and of any
      such acts or things necessary for protecting and maintaining any of such
      Intellectual Property before such payment is due or such act or thing must
      be done;

	 	 	 
	 	(e) 	
      diligently commence and prosecute all proceedings as may
      be necessary to prevent infringement or, as applicable, continued
      infringement of such Intellectual Property belonging to such Chargor
      unless the Lender (acting reasonably) is satisfied that to do so would not
      be in the commercial interests of such Chargor;

	 	 	 
	 	(f) 	
      maintain an up-to-date record of all trade marks,
      applications for registration of trade marks and of all copyright, patents
      and patent applications owned by such Chargor and provide a copy to the
      Lender on written request;

	 	 	 
	 	(g) 	
      at the request of the Lender, provide the Lender with a
      written summary of all trade marks, trade mark applications, trade names
      and Intellectual Property comprised in Clause 3.1.3(d) acquired by such
      Chargor (whether in the United Kingdom or elsewhere) since the creation of
      this Guarantee and Debenture or the date of the last notification, as the
      case may be;

	 	 	 
	 	(h) 	
      not to sell, assign, transfer, license or agree to
      license any such Intellectual Property or any interest therein or permit
      any third party to use such Intellectual Property;

	 	 	 
	 	(i) 	
      not to alter any specification for which any trade mark
      has been registered or give its consent to registration by a third party
      of any trade mark the same or confusingly similar to any trade mark;
      and

	 	 	 
	 	(j) 	
      not without the Lender's prior written consent, use the
      Lender's name in or join the Lender into any proceedings relating to
      infringement of any such Intellectual
Property.

	5.2 	
      Default

	 	 
		
      If any Chargor is in default under any of the covenants
      set out in Clause 5.1 (or any of its other obligations under this
      Guarantee and Debenture), the Lender may at its sole discretion (but will
      not be obliged to) take any steps which it considers necessary or
      desirable to remedy the default or make good its effects in whole or in
      part, and in particular, without limitation, may pay any amount which any
      Chargor ought to pay and may authorise any person to enter, by force if
      necessary, on any Land or into any building owned or occupied by such
      Chargor and perform works and may put in place or renew any insurance.
      Neither the Lender, nor any person authorised by it, shall be deemed to
      have taken possession of any Land by virtue of exercising any power given
      by this Clause 5.2, irrespective of the degree of control exercised over
      the Land or access to it, unless and until the Lender (or any such person)
      serves notice in writing on the relevant Chargor expressly stipulating its
      intention to take possession.

	 	 
	5.3 	
      Insurance proceeds

	 	 
		
      The Lender shall be entitled to be paid the proceeds of
      any Insurance to which any Chargor is entitled (other than any indemnity
      against liability to a third party) and each Chargor hereby irrevocably
      instructs any insurer in respect of any such policy to pay such proceeds
      to the Lender and undertakes to the Lender to issue such further
      instructions to that effect as the Lender may require.

	 	 
	5.4 	
      Application of insurance proceeds

	 	 
		
      All moneys received in respect of any Insurance
      whatsoever (other than any indemnity against liability to a third party)
      shall as the Lender in its sole discretion requires be applied either in
      making

11

		
      good the loss or damage in respect of which the money is
      received or in or towards discharge of the Secured Liabilities.

	 	 	 
	6. 	
      DEMAND AND ENFORCEMENT

	 	 	 
	6.1 	
      Enforcement

	 	 	 
		
      This Guarantee and Debenture shall become enforceable in
      respect of and against any Chargor:-

	 	 	 
		6.1.1 	
      upon any demand being made by the Lender for payment of
      any of the Secured Liabilities by such Chargor;

	 	 	 
		6.1.2 	
      upon any request being made by such Chargor to the Lender
      for the appointment of a receiver or for the Lender to exercise any other
      power or right available to it;

	 	 	 
		6.1.3 	
      upon the occurrence of any event referred to in Clause
      4.3.2, or any event causing the floating charge created by this Guarantee
      and Debenture to become fixed in relation to any Assets of such Chargor;
      or

	 	 	 
		6.1.4 	
      upon the passing of any resolution, or the presentation
      of a petition, for winding up of such Chargor or the making of an
      application for an administration order in relation to such Chargor or the
      taking of any steps in relation to the appointment of an administrator of
      such Chargor.

	 	 	 
	6.2 	
      Demand for payment

	 	 	 
		
      Any demand for payment, and any other notice to be given
      by the Lender under this Guarantee and Debenture, shall be in writing and
      may be signed by any official of the Lender, and may be made of or given
      to any Chargor at any place of business of such Chargor, or the registered
      office of such Chargor:-

	 	 	 
		6.2.1 	
      by delivering it to any such place; or

	 	 	 
		6.2.2 	
      by sending it by first class post to any such place (in
      which case it shall be deemed received at 10.00am on the next Business Day
      after posting, and proof of posting shall be proof of delivery);
  or

	 	 	 
		6.2.3 	
      by sending it by fax to any fax number of such Chargor
      (in which case it shall be deemed received when sent, and proof of sending
      shall be proof of receipt).

	 	 	 
	6.3 	
      Power of sale

	 	 	 
		
      At any time after this Guarantee and Debenture has become
      enforceable, the Lender may exercise, in respect of any Asset, the power
      of sale given to mortgagees by the Law of Property Act 1925. The
      restrictions imposed by section 103 of that Act shall not apply, and the
      Lender may delegate the exercise of its power of sale to any Receiver or
      other person.

	 	 	 
	7. 	
      RECEIVERS

	 	 	 
	7.1 	
      Appointment

	 	 	 
		
      At any time after this Guarantee and Debenture has become
      enforceable in respect of and against any Chargor, the Lender may appoint
      any person or persons to be a receiver or receivers of all or any part of
      the Assets of such Chargor hereby charged or an administrator of such
      Chargor. An appointment over part only of such Assets shall not preclude
      the Lender from making any subsequent appointment over any other part of
      such Assets.

12

	7.2 	
      Appointment in writing

	 	 	 
		
      The appointment of a Receiver shall be in writing, and
      may be signed by any officer of the Lender. Where more than one person is
      acting at any time as Receiver, they shall have power to act severally as
      well as jointly.

	 	 	 
	7.3 	
      Remuneration

	 	 	 
		
      The Lender may from time to time determine the
      remuneration of the Receiver (which shall not be subject to the limit in
      section 109(6) of the Law of Property Act 1925) and may (subject to the
      application of section 45 of the Insolvency Act 1986) remove any person
      from office in relation to all or any part of the Assets of which he is
      the Receiver and at any time (before or after any person shall have
      vacated office or ceased to act as Receiver in respect of any of such
      Assets) appoint a further or other receiver or receivers over all or any
      part of such Assets.

	 	 	 
	7.4 	
      Powers

	 	 	 
		
      The Receiver shall be the agent of the relevant Chargor
      (which shall be solely liable for his acts, defaults and remuneration)
      unless and until such Chargor goes into liquidation whereafter he shall
      act as principal and shall not become the agent of the Lender, and the
      Receiver shall have and be entitled to exercise in relation to such
      Chargor all the powers set out in Schedule 1 to the Insolvency Act 1986
      and in applying that Schedule:-

	 	 	 
		7.4.1 	
      the words "he" and "him" refer to the Receiver;
  and

	 	 	 
		7.4.2 	
      references to the property of the company are to the
      Assets over which the Receiver is appointed;

	 	 	 
			
      and in particular by way of addition to but without
      limiting such powers (and without prejudice to the Lender's powers) the
      Receiver shall have power to do the following things namely:-

	 	 	 
		7.4.3 	
      power to carry on or join with any person in carrying on
      any business (whether or not carried on by such Chargor prior to his
      appointment); and

	 	 	 
		7.4.4 	
      power to maintain, repair, make safe, improve and develop
      any Land or other Asset of such Chargor and to do all such other things as
      may in his opinion be necessary or desirable for maintaining or enhancing
      the value or marketability of any such Asset.

	 	 	 
	8. 	
      POWER OF ATTORNEY

	 	 	 
	8.1 	
      Appointment

	 	 	 
		
      Each Chargor hereby irrevocably and by way of security
      appoints the Lender (whether or not a Receiver has been appointed) and
      also (as a separate appointment) each Receiver severally as the attorney
      and attorneys of such Chargor with power to do any act, and execute and
      deliver any deed or other document, on behalf of and in the name of such
      Chargor, which such Chargor could be required to do or execute under any
      provision of this Guarantee and Debenture, or which the Lender in its sole
      opinion may consider necessary or desirable for perfecting the Lender's
      title to any of the Assets of such Chargor or enabling the Lender or the
      Receiver to exercise any of its or his rights or powers under this
      Guarantee and Debenture.

	 	 	 
	8.2 	
      Ratification

	 	 	 
		
      Each Chargor hereby ratifies and confirms and agrees to
      ratify and confirm whatever any such attorney as is mentioned in Clause
      8.1 shall do or purport to do in the exercise or purported exercise of all
      or any of the powers, acts or other matters referred to in Clause
    8.1.

13

	9. 	
      APPLICATION OF MONEYS RECEIVED BY THE LENDER OR THE
      RECEIVER

	 	 	 
	9.1 	
      Application of moneys

	 	 	 
		
      All sums received by virtue of this Guarantee and
      Debenture and/or any other Security Documents by the Lender or the
      Receiver shall, subject to the payment of any claim having priority to
      this Guarantee and Debenture, be paid or applied in the following order of
      priority:-

	 	 	 
		9.1.1 	
      in satisfaction of all costs, charges and expenses
      incurred and payments made by the Lender or the Receiver (including,
      without limitation, legal expenses) and of the remuneration of the
      Receiver;

	 	 	 
		9.1.2 	
      in or towards payment to the Lender of the Secured
      Liabilities in such order as the Lender may at its discretion require;
      and

	 	 	 
		9.1.3 	
      as to the surplus (if any), to the person or persons
      entitled thereto.

	 	 	 
	9.2 	
      Money paid

	 	 	 
		
      Notwithstanding the provisions of Clause 9.1, only money
      actually paid by the Receiver to the Lender shall be capable of being
      applied by the Lender in or towards satisfaction of any money or
      liabilities or other sums hereby secured.

	 	 	 
	9.3 	
      Suspense account

	 	 	 
		
      The Lender may, without prejudice to any other rights it
      may have, at any time and from time to time place (and keep for such time
      as it may think prudent) any moneys received, recovered or realised under
      or by virtue of this Guarantee and Debenture or any other Security
      Document on a separate or suspense account to the credit of the relevant
      Chargor or of the Lender as the Lender shall think fit without any
      intermediate obligation on the Lender's part to apply the same or any part
      thereof in or towards the discharge of the Secured Liabilities.

	 	 	 
	10. 	
      CONSOLIDATION

	 	 	 
	10.1 	
      Combination of accounts

	 	 	 
		
      In addition to any general lien, right to combine
      accounts, right to set-off or other right which it may at any time have,
      the Lender shall have the right at any time or times, without notice to
      the relevant Chargor, to combine or consolidate all or any accounts which
      it then has in relation to such Chargor (in whatever name) and any Secured
      Liabilities owed by such Chargor to the Lender, and/or to set- off or
      transfer any amounts standing to the credit of one or more accounts of
      such Chargor in or towards satisfaction of any Secured Liabilities owed to
      the Lender on any other account or otherwise.

	 	 	 
	10.2 	
      Application

	 	 	 
		
      The Lender's rights under Clause 10.1 apply:-

	 	 	 
		10.2.1 	
      whether or not any demand has been made hereunder, or any
      liability concerned has fallen due for payment;

	 	 	 
		10.2.2 	
      whether or not any credit balance is immediately
      available or subject to any restriction;

	 	 	 
		10.2.3 	
      irrespective of the currencies in which any balance or
      liability is denominated, and the Lender may for the purpose of exercising
      its right elect to convert any sum or liability in one currency into any
      other at its spot rate applying at or about 11.00am on the date of
      conversion; and

	 	 	 
		10.2.4 	
      in respect of any Secured Liabilities owed by the
      relevant Chargor, whether owed solely or jointly, certainly or
      contingently, presently or in the future, as principal or surety, and
      howsoever arising.

14

	11. 	
      PROTECTION OF THIRD PARTIES

	 	 
	11.1 	
      Statutory powers

	 	 
		
      In favour of any purchaser, the statutory powers of sale
      and of appointing a receiver which are conferred upon the Lender, as
      varied and extended by this Guarantee and Debenture, and all other powers
      of the Lender, shall be deemed to arise and be exercisable immediately
      after the execution of this Guarantee and Debenture.

	 	 
	11.2 	
      Purchasers

	 	 
		
      No purchaser from or other person dealing with the
      Lender, any person to whom it has delegated any of its powers, or the
      Receiver shall be concerned to enquire whether any of the powers which
      they have exercised has arisen or become exercisable, or whether the
      Secured Liabilities remain outstanding or whether any event has happened
      to authorise the Receiver to act or as to the propriety or validity of the
      exercise of any such power; and the title and position of a purchaser or
      such person shall not be impeachable by reference to any of those
      matters.

	 	 
	11.3 	
      Receipts

	 	 
		
      The receipt of the Lender or the Receiver shall be an
      absolute and conclusive discharge to a purchaser or such person and shall
      relieve him of any obligation to see to the application of any moneys paid
      to or by the direction of the Lender or the Receiver.

	 	 
	12. 	
      PROTECTION OF THE LENDER AND THE
RECEIVER

	 	 
	12.1 	
      No liability

	 	 
		
      The Lender and any Receiver shall not be liable in
      respect of any loss or damage which arises out of the exercise, or
      attempted or purported exercise of, or the failure to exercise any of
      their respective powers under this Guarantee and Debenture.

	 	 
	12.2 	
      Not mortgagee in possession

	 	 
		
      Without prejudice to any other provision of this
      Guarantee and Debenture, entry into possession of any Asset shall not
      render the Lender or the Receiver liable to account as mortgagee in
      possession or to be liable for any loss on realisation or for any default
      or omission for which a mortgagee in possession might be liable and if and
      whenever the Lender or the Receiver enters into possession of any Asset it
      shall be entitled at any time it or he thinks fit to go out of such
      possession.

	 	 
	12.3 	
      Indemnity

	 	 
		
      Each Chargor shall indemnify and keep indemnified the
      Lender, every Receiver, and any person who acts as the servant, agent,
      delegate or attorney of any of them, against all claims, costs, expenses
      and liabilities which they may suffer or incur arising in any way out of
      the taking or holding of this Guarantee and Debenture, the exercise or
      purported exercise of any right, power, authority or discretion given by
      it, or any other act or omission in relation to this Guarantee and
      Debenture or the Assets.

	 	 
	12.4 	
      Currency provision

	 	 
		
      If any amount due to be paid to the Lender is, for any
      reason, paid in a currency (the "currency of payment") other than
      the currency in which it was expressed to be payable (the "contractual
      currency"), the Lender may wherever it thinks fit apply the amount of
      the currency of payment received by it in the purchase, in accordance with
      its normal practice, of the contractual currency, and if this results in
      any shortfall below the amount due in the contractual currency, after
      deducting all taxes, costs and commissions payable in connection with that
      purchase, the relevant Chargor shall indemnify the Lender against the
      amount of the shortfall.

15

	12.5 	
      Continuing protection

	 	 	 
		
      The provisions of this Clause 12 shall continue in full
      force and effect notwithstanding any release or discharge of this
      Guarantee and Debenture, or the discharge of any Receiver from
    office.

	 	 	 
	13. 	
      PROVISIONS RELATING TO THE LENDER

	 	 	 
	13.1 	
      Powers and discretions

	 	 	 
		
      The rights, powers and discretions given to the Lender in
      this Guarantee and Debenture:-

	 	 	 
		13.1.1 	
      may be exercised as often as and in such manner as, the
      Lender thinks fit;

	 	 	 
		13.1.2 	
      are cumulative, and are not exclusive of any of its
      rights under the general law; and

	 	 	 
		13.1.3 	
      may only be waived in writing and specifically, and any
      delay in exercising, or non- exercise of, any right, is not a waiver of
      it.

	 	 	 
	13.2 	
      Certificates

	 	 	 
		
      A certificate by an officer of the Lender:-

	 	 	 
		13.2.1 	
      as to any amount for the time being due to it under the
      Finance Documents; or

	 	 	 
		13.2.2 	
      as to any sums payable to it under this Guarantee and
      Debenture;

	 	 	 
		
      shall (save in the case of manifest error) be conclusive
      and binding upon the Chargors for all purposes.

	 	 	 
	13.3 	
      Assignment

	 	 	 
		
      The Lender may assign this Guarantee and Debenture to any
      successor in title to any of the Secured Liabilities and may disclose any
      information in its possession relating to any Chargor, its affairs or the
      Secured Liabilities to any actual or prospective assignee.

	 	 	 
	13.4 	
      Delegation

	 	 	 
		
      The Lender may at any time and from time to time delegate
      by power of attorney or in any other manner to any person or persons all
      or any of the rights, powers and discretions which are for the time being
      exercisable by it under this Guarantee and Debenture. Any such delegation
      may be made upon such terms (including power to sub-delegate) as the
      Lender may think fit. The Lender shall not in any way be liable or
      responsible to the Chargors for any loss or damage arising from any act,
      default, omission or misconduct on the part of any such delegate or
      sub-delegate.

	 	 	 
	13.5 	
      Trusts

	 	 	 
		
      The perpetuity period for any trust constituted by this
      Guarantee and Debenture shall be 80 years.

	 	 	 
	14. 	
      MISCELLANEOUS PROVISIONS

	 	 	 
	14.1 	
      Powers of sale, leasing and accepting
      surrenders

	 	 	 
		
      While this Guarantee and Debenture continues in
      force:-

	 	 	 
		14.1.1 	
      no statutory or other power of granting or agreeing to
      grant or of accepting or agreeing to accept surrenders of leases or
      tenancies of the Land hereby charged or any part of it shall be capable of
      being exercised by the Chargors or any of them; and

	 	 	 
		14.1.2 	
      no Chargor shall be entitled to part with possession
      (otherwise than on the termination of any lease, tenancy or licence to it
      of any Land, or to share occupation of any Land
with

16

			any other person or persons, or to surrender any lease
      of Land or permit such a lease to be assigned or forfeited,
	 	 	 
		
      without the prior written consent of the
Lender.

	 	 	 
	14.2 	
      Consolidation of mortgages

	 	 	 
		
      Section 93 of the Law of Property Act 1925 dealing with
      the consolidation of mortgages shall not apply to this security.

	 	 	 
	14.3 	
      Extension

	 	 	 
		
      The statutory powers of sale, leasing and accepting
      surrenders exercisable by the Lender are hereby extended so that the
      Lender may, either in its own name or in that of any Chargor:-

	 	 	 
		14.3.1 	
      grant a lease or leases (whether or not at a premium) of
      the whole or any part or parts of any Land owned by such Chargor, with
      such rights relating to other Land and containing such covenants on the
      part of such Chargor and generally on such terms and conditions as the
      Lender shall think fit (including, without limitation, the payment of
      money to a lessee or tenant on a surrender); and

	 	 	 
		14.3.2 	
      accept a surrender of any lease on such terms as the
      Lender may think fit in either case, without any of the restrictions on
      such powers contained in section 99 and 100 of the Law of Property Act
      1925.

	 	 	 
	14.4 	
      Severability

	 	 	 
		
      If any provision of this Guarantee and Debenture is
      illegal, invalid or unenforceable in any jurisdiction, that shall not
      affect:-

	 	 	 
		14.4.1 	
      the validity or enforceability of any other provision, in
      any jurisdiction; or

	 	 	 
		14.4.2 	
      the validity or enforceability of that particular
      provision, in any other jurisdiction.

	 	 	 
	14.5 	
      Costs, charges and expenses

	 	 	 
		
      All costs, charges and expenses incurred or paid by the
      Lender or by the Receiver in the exercise of any power or right given by
      this Guarantee and Debenture or in relation to any consent requested by
      any Chargor, or in perfecting or otherwise in connection with this
      Guarantee and Debenture or the Assets, including, without limitation, all
      moneys expended by the Lender under Clause 5.2, all sums recoverable under
      Clause 12 and all costs of the Lender (on an indemnity basis) of all
      proceedings for the enforcement of this Guarantee and Debenture or for
      obtaining payment of moneys hereby secured, shall be recoverable from such
      Chargor as debts and shall bear interest until payment at the rate or
      rates applicable or if there is no applicable rate at 16% per
  annum.

	 	 	 
	14.6 	
      Amendments and variations

	 	 	 
		
      This Guarantee and Debenture shall remain in full force
      and effect notwithstanding any amendments or variations from time to time
      to the Finance Documents (including, without limitation, any increase in
      the amount of the Secured Liabilities) and all references to the Finance
      Documents or any Security Document herein shall be taken as referring to
      the Finance Documents or such Security Document as amended or varied from
      time to time.

	 	 	 
	14.7 	
      Information

	 	 	 
		
      The Lender may from time to time seek from any other
      person having dealings with the Chargors such information about the
      Chargors and their affairs as the Lender may think fit and each Chargor
      hereby authorises and requests any such person to provide any such
      information to the Lender and agrees to provide such further authority in
      this regard as the Lender may from time to time reasonably
  require.

17

	14.8 	
      Joint and separate liability

	 	 
		
      Unless the context otherwise requires, all covenants,
      agreements, representations and warranties on the part of the Chargors
      contained in this Guarantee and Debenture are given by them jointly and
      separately and shall be construed accordingly.

	 	 
	14.9 	
      Authority of Principal Borrower

	 	 
		
      Each Chargor (except the Principal Borrower) hereby
      irrevocably authorises the Principal Borrower to act on its behalf in
      administering the terms of this Guarantee and Debenture and in signing on
      its behalf any document varying, supplementing, restating and/or replacing
      the terms and conditions contained in this Guarantee and Debenture or any
      document ancillary to it (including, for the avoidance of doubt but
      without limitation, any Deed of Accession).

	 	 
	14.10 	
      Deemed separate charges

	 	 
		
      This Guarantee and Debenture shall, in relation to each
      Chargor, be read and construed as if it were a separate Guarantee and
      Debenture relating to such Chargor to the intent that if any Encumbrance
      created or any guarantee or other undertaking given by any other Chargor
      in this Guarantee and Debenture shall be invalid or liable to be set aside
      for any reason, this shall not affect any Encumbrance created or any
      guarantee or other undertaking given hereunder by such first
    Chargor.

	 	 
	14.11 	
      Counterparts

	 	 
		
      This Guarantee and Debenture may be executed in any
      number of counterparts, and this has the same effect as if the signatures
      on the counterparts were on a single copy of this Guarantee and
      Debenture.

	 	 
	14.12 	
      Contracts (Rights of Third Parties) Act
  1999

	 	 
		
      A person who is not a Party has no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the
      benefit of any term of this Guarantee and Debenture. This clause does not
      affect any right or remedy of any person which exists or is available
      otherwise than pursuant to that Act.

	 	 
	14.13 	
      Deeds of accession

	 	 
		
      Each of the parties hereto agrees that each Deed of
      Accession shall be supplemental to this Guarantee and Debenture and be
      binding on and enure to the benefit of all the parties hereto.

	 	 
	14.14 	
      Governing law

	 	 
		
      This Guarantee and Debenture shall be governed by and
      construed in accordance with English law and each Chargor hereby submits
      for the benefit of the Lender to the jurisdiction of the English courts
      for the purposes of any dispute in relation to it but without prejudice to
      the right of the Lender to commence proceedings against such Chargor in
      any other jurisdiction.

EXECUTED AND DELIVERED AS A DEED by each Chargor and
executed by the Lender on the date hereof

18

SCHEDULE 1 
THE CHARGORS

	Company name 	No 	Address for service 	Fax number for service 
	
MobiVentures, Inc 

	

	MIS Business Centre, Suite 3.19 
130
      Shaftesbury Avenue 
London 
England 	

	
MobiVentures Limited 

	
04874858 

	MIS Business Centre, Suite 3.19 
130
      Shaftesbury Avenue 
London 
England 	

19

SCHEDULE 2 
TERMS OF GUARANTEE

	1. 	
      The Lender may without giving notice to or obtaining any
      consent from the Guarantor and without affecting the Guarantor's liability
      hereunder renew, vary or determine any accommodation given to the
      Principal, hold over, renew, modify or release any security or guarantee
      now or hereafter held from the Principal or any other person including any
      other person liable under this Guarantee in respect of the liabilities
      hereby secured and/or any liabilities of the Guarantor and grant time or
      indulgence to or compound with the Principal or any such person and this
      Guarantee shall not be discharged nor shall the Guarantor's liability
      under it be affected by anything which would not have discharged or
      affected the Guarantor's liability if the Guarantor had been a principal
      debtor to the Lender instead of a guarantor.

	 	 
	2. 	
      This Guarantee shall be additional to any other guarantee
      or security now or hereafter held in respect of the liabilities hereby
      secured. This Guarantee may be enforced without the Lender first making
      demand on the Principal or taking any steps or proceedings against the
      Principal or having recourse to any such other guarantee or
    security.

	 	 
	3. 	
      This Guarantee shall be a continuing security and shall
      remain in force notwithstanding any disability of the Guarantor and
      irrespective of whatever dealings may occur on any account between the
      Lender and the Principal.

	 	 
	4. 	
      The Guarantor has not taken and will not take, without
      the written consent of the Lender, any security from the Principal in
      connection with this Guarantee and any security so taken shall be held in
      trust for the Lender and as security for the liability of the Guarantor to
      the Lender hereunder.

	 	 
	5. 	
      In respect of the Guarantor's liability hereunder, the
      Lender shall have a lien on all Securities or other property of the
      Guarantor held by the Lender whether for safe custody or otherwise. The
      Lender shall further be entitled (as well before as after demand
      hereunder) to set off against any credit balance on any account of the
      Guarantor with the Lender (whether current or otherwise or subject to
      notice or not) and against any interest accruing thereon, any liabilities
      of the Guarantor to the Lender arising under or pursuant to the Finance
      Documents or any Security Document and if such liabilities or any part
      thereof are or is in a different currency from a credit balance against
      which the Lender seeks to set it off, the Lender shall be entitled to
      utilise currency of the account in credit for the purchase, at its spot
      rate of exchange, of an amount in the currency of the liability not
      exceeding the amount of such liability and also to pay out of the credit
      balance any additional sum which the Lender may be required to pay for
      such currency.

	 	 
	6. 	
      This Guarantee shall apply to all of the Secured
      Liabilities of the Principal to the Lender and shall not be affected by
      any fluctuation in, or intermediate discharge of, such liabilities and
      until such liabilities have been discharged in full, the Guarantor shall
      not be entitled to share in any security held or money received by the
      Lender on account of such liabilities or to stand in the place of the
      Lender in respect of any security or money nor, until such liabilities
      have been discharged in full, shall the Guarantor take any step to enforce
      any right or claim against the Principal in respect of any moneys paid by
      the Guarantor to the Lender hereunder or have or exercise any rights as
      surety in competition with the Lender.

	 	 
	7. 	
      Any moneys received by the Lender in connection with this
      Guarantee may be placed to the credit of a suspense account and such
      receipt shall not affect the right of the Lender to claim or prove against
      the Principal (or any other person liable) for the entire amount of the
      liabilities of the Principal. Such moneys or any part thereof may at the
      Lender's option be applied in or towards discharge of such liabilities of
      the Principal to the Lender as the Lender may in its absolute discretion
      determine.

	 	 
	8. 	
      If this Guarantee is determined or called in by demand
      made by the Lender, the Lender may open a new account or accounts with the
      Principal or any other person for whose liabilities this Guarantee is
      available as security. If the Lender does not open a new account, it shall
      nevertheless be treated as if it had done so at the time of determination
      or calling in and as from that time all payments made to the Lender shall
      be credited or be treated as having been credited

20

		
      to the new account and shall not operate to reduce the
      amount for which this Guarantee is available as security at that
    time.

	 	 
	9. 	
      This Guarantee shall not be discharged nor shall the
      Guarantor's liability be affected by reason of any failure of or
      irregularity, defect or informality in any security given by or on behalf
      of the Principal in respect of the moneys or liabilities hereby secured
      nor by any legal limitation, bar or restriction, dissolution, disability,
      incapacity or want of any borrowing powers of the Principal or want of
      authority of any director, manager, official or other person appearing to
      be acting for the Principal in any matter in respect of the moneys or
      liabilities hereby secured or by any supervening matters rendering the
      performance of the obligations of the Principal illegal in any
      jurisdiction and such moneys or liabilities will be recoverable by the
      Lender from the Guarantor as sole or principal debtor.

	 	 
	10. 	
      Any settlement or discharge or release between the
      Guarantor and the Lender shall be conditional upon no security or payment
      to the Lender by the Principal or any other person being avoided or
      reduced for any reason and the Lender shall be entitled to recover the
      value or amount of such security or payment from the Guarantor
      subsequently as if such settlement, discharge or release had not occurred.
      Any liability of the Guarantor under this paragraph (whether actual or
      contingent) shall be a liability in respect of which the Lender may
      exercise the rights referred to in paragraph 5 of this Schedule
  2.

	 	 
	11. 	
      Other than with the prior written consent of the Lender,
      the Guarantor shall not terminate this Guarantee whilst any part of the
      Secured Liabilities remains outstanding.

	 	 
	12. 	
      None of the terms of this Guarantee are enforceable by
      any person other than the Guarantor, the Lender and any person to whom the
      Lender has assigned its rights pursuant to the Finance Documents or a
      Security Document.

21

SCHEDULE 3 
REGISTERED AND UNREGISTERED LAND

Registered Land

	Title number 	Description 	Chargor

Unregistered Land

	Description 	Chargor

22

SCHEDULE 4 
DEED OF ACCESSION

THIS DEED OF ACCESSION is made on
[                    
]

BETWEEN:-

	(1) 	
      [                
      ] (the "New Chargor"), a company incorporated in England or Wales
      whose registered office is at
      [                  
       ]; 

	  	
       

	(2) 	
      [               
       ] LIMITED (the "Company") for itself and as agent for
      and on behalf of each of the other Chargors named in the Guarantee and
      Debenture referred to below; and 

	  	
       

	(3) 	
      TRAFALGAR CAPITAL SPECIALIZED INVESTMENT FUND an
      investment fund registered in Luxembourg as represented by its general
      partner, TRAFALGAR CAPITAL SARL, a corporation organised and
      existing under the laws of Luxembourg, with its principal place of
      business at 8-10 Rue Mathias Hardt, BP 3023, Luxembourg L-1030 (the
      “Lender”). 

WHEREAS:-

	(A) 	
      The New Chargor is or will on the date hereof become a
      wholly-owned Subsidiary of the Company. 

	  	
       

	(B) 	
      The Company has entered into a guarantee and debenture
      dated
      [                    
      ] (as supplemented and amended by Deeds of Accession or otherwise from
      time to time, the "Guarantee and Debenture") between the Company,
      each of the companies named therein as Chargors and the Lender. 

	  	
       

	(C) 	
      The New Chargor at the request of the Company and in
      consideration of the Lender making or continuing to make facilities
      available to the Company or any other member of its group and after giving
      due consideration to the terms and conditions of the Finance Documents and
      the Guarantee and Debenture and satisfying itself that there are
      reasonable grounds for believing that the entry into this Deed by it will
      be of benefit to it, has decided in good faith and for the purpose of
      carrying on its business to enter into this Deed and thereby become a
      Chargor under the Guarantee and Debenture. 

IT IS AGREED as follows:-

	1. 	
      Terms defined in the Guarantee and Debenture shall have
      the same meaning in this Deed.

	 	 
	2. 	
      The New Chargor hereby agrees:-

	 	 
	2.1 	
      to become a party to and to be bound by the terms of the
      Guarantee and Debenture as a Chargor with immediate effect and so that the
      Guarantee and Debenture shall be read and construed for all purposes as if
      the New Chargor had been an original party thereto in the capacity of
      Chargor (but so that the security created and guarantee given consequent
      on such accession shall be created and given on the date hereof);
    and

	 	 
	2.2 	
      to be bound by all the covenants and agreements in the
      Guarantee and Debenture which are expressed to be binding on a
    Chargor.

	 	 
	3. 	
      In accordance with the foregoing, the New Chargor now
      grants and gives to the Lender the charges, mortgages and other security
      and the guarantee described in the Guarantee and Debenture as being
      granted, created or made or given by the Chargors thereunder in favour of
      the Lender and grants to the Lender the floating charge as described in
      Clause 3.1.4 of the Guarantee and Debenture, to the intent that its
      charges, mortgages and other security and its guarantee shall be effective
      and binding upon it and its property and assets and shall not in any way
      be avoided, discharged or released or otherwise adversely affected by any
      ineffectiveness or invalidity of the Guarantee and Debenture or of any
      other party's execution thereof or any other Deed of Accession, or by any
      avoidance, invalidity, discharge or release of any charge or mortgage or
      guarantee contained in the Guarantee and Debenture or in any other Deed of
      Accession.

23

	4. 	
      The Company, for itself and as agent for and on behalf of
      all the other Chargors under the Guarantee and Debenture, hereby agrees to
      all matters provided for herein.

	 	 
	5. 	
      The Guarantee and Debenture and this Deed shall be read
      as one to this extent and so that references in the Guarantee and
      Debenture to "this Guarantee and Debenture", "herein", and similar phrases
      shall be deemed to include this Deed.

	 	 
	6. 	
      This Deed shall be governed by and construed in
      accordance with English law.

IN WITNESS whereof this Deed of Accession has been
executed as a deed on the date first above written

	EXECUTED (but not delivered 	) 
	until the date hereof) AS A DEED 	) 
	by
      [                                      
      ] LIMITED 	) 
	acting by:- 	) 
	 	  
	 	Director 
	 	  
	 	Director/Secretary 

24

	The Chargors 	  
	  	  
	EXECUTED (but not delivered until 	) 
	the date hereof) AS A DEED by 	) 
	MOBIVENTURES, INC acting by:- 	) /s/ Nigel Nicholas 
	  	  
	  	Director 
	  	  
	  	Director/Secretary 
	  	  
	  	  
	  	  
	EXECUTED (but not delivered until 	) 
	the date hereof) AS A DEED by 	) 
	MOBIVENTURES LIMITED acting by:- 	) /s/ Nigel Nicholas 
	  	  
	  	Director 
	  	  
	  	Director/Secretary 
	  	  
	  	  
	  	  
	The Lender 	  
	  	  
	SIGNED as a deed on behalf of 	           )
  
	TRAFALGAR 	           )
  
	CAPITAL SPECIALIZED INVESTMENT 	         
       ) 
	FUND 	           )
  
	acting by its general partner 	           )
  
	TRAFALGAR CAPITAL SARL 	  

25Filed by Automated Filing Services Inc. (604) 609-0244 - MobiVentures Inc. - Exhibit 10.38

DATED 2008 

Draft: 26/03/08

(1) MOBIVENTURES, INC

(2) TRAFALGAR CAPITAL SPECIALIZED INVESTMENT FUND

	 	 	 
	 	CHARGE OVER SHARES 	 
	 	 	 

 

CONTENTS

	  	  	Page 
	1
      	INTERPRETATION
      	2
      
	2
      	COVENANT
      TO PAY 	4
      
	3
      	CHARGE
      	4
      
	4
      	COVENANT
      TO DEPOSIT AND FURTHER ASSURANCES 	4
      
	5
      	REPRESENTATIONS
      AND UNDERTAKINGS 	5
      
	6
      	ENFORCEMENT
      OF SECURITY 	7
      
	7
      	DEALINGS
      WITH CHARGED PROPERTY ON ENFORCEMENT 	7
      
	8
      	APPLICATION
      OF MONEYS 	8
      
	9
      	GENERAL
      RIGHTS OF THE BANK 	8
      
	10
      	LIABILITY
      OF BANK, DELEGATES AND NOMINEES 	9
      
	11
      	PROTECTION
      OF THIRD PARTIES 	10
      
	12
      	PRESERVATION
      OF SECURITY 	10
      
	13
      	RELEASE
      OF CHARGED PROPERTY 	11
      
	14
      	POWER
      OF ATTORNEY 	12
      
	15
      	CURRENCY
      INDEMNITY 	12
      
	16
      	CERTIFICATE
      TO BE CONCLUSIVE EVIDENCE 	12
      
	17
      	COSTS
      AND EXPENSES 	12
      
	18
      	STAMP
      DUTY 	13
      
	19
      	COMMUNICATIONS
      	13
      
	20
      	RIGHTS
      AND WAIVERS 	14
      
	21
      	INVALIDITY
      	14
      
	22
      	ASSIGNMENT
      BY BANK 	14
      
	23
      	GOVERNING
      LAW 	15
      
	24
      	ENFORCEMENT
      	15
      

1

THIS CHARGE is made on 2008

BETWEEN:-

	(1) 	MOBIVENTURES, INC whose registered
      office is at [ ] (the "Chargor"); and 
	  	  
	
      (2) 
	
      TRAFALGAR CAPITAL SPECIALIZED INVESTMENT FUND an
      investment fund registered in Luxembourg as represented by its general
      partner, TRAFALGAR CAPITAL SARL, a corporation organised and
      existing under the laws of Luxembourg, with its principal place of
      business at 8-10 Rue Mathias Hardt, BP 3023, Luxembourg L-1030 (the
      “Lender”). 

THIS DEED WITNESSES as follows:-

	1. 	INTERPRETATION 	  
	  	  	  
	1.1 	Definitions 	  
	  	  	  
	  	In this Deed:- 	  
	  	  	
      

		"Business Day" 	
      means a day (other than a Saturday or a Sunday) on which
      banks are open for business in London 

	  	  	
      

	  	"Charge" 	
      means all or any of the Security created, or which may at
      any time be created, by or pursuant to this Deed 

	  	  	
      

	  	"Charged Property" 	
      means the Original Shares, any Further Shares, any
      Derived Assets and any Dividends 

	  	  	
      

	  	"Delegate" 	
      means a delegate or sub-delegate appointed pursuant
      to Clause 9.4 (Delegation) 

	  	  	
      

		"Derived Assets" 	
      means all Shares, rights or other property of a capital
      nature which accrue or are offered, issued or paid at any time (by way of
      bonus, rights, redemption, conversion, exchange, substitution,
      consolidation, subdivision, preference, warrant, option, purchase or
      otherwise) in respect of:- 

	  	  	
      

	  	  	
      (a) the Original Shares; or 

	  	  	
      

	  	  	
      (b) any Further Shares; or 

	  	  	
      

	  	  	
      (c) any Shares, rights or other property previously
      accruing, offered, issued or paid as mentioned in this definition
  

	  	  	
      

		"Dissolution" 	
      of a person includes the bankruptcy, insolvency,
      liquidation, amalgamation, reconstruction, reorganisation, administration,
      administrative or other receivership, or dissolution of that person, and
      any equivalent or analogous proceeding by whatever name known and in
      whatever jurisdiction, and any step taken (including, but without
      limitation, the presentation of a petition or the passing of a resolution)
      for or with a view to any of the foregoing 

	  	  	
      

		"Dividends" 	
      means all dividends, interest and other income paid or
      payable in respect of the Original Shares, any Further Shares or any
      Derived Assets 

	  	  	
      

		"Event of Default" 	
      has the meaning given to that expression in clause [ ] of
      the Facilities Agreement 

2

	 	"Facilities Agreement" 	
      means the Convertible Debenture dated on or about the
      date of this Deed and made between, inter alia, the Chargor and the Lender
      as amended, varied, supplemented, extended or replaced from time to time
      [Description to be confirmed] 

	 	  	
       

	 	"Further Shares" 	
      means all Shares (other than the Original Shares and any
      Shares comprised in any Derived Assets) which the Chargor and the Lender
      may at any time agree shall be subject to the Charge 

	 	  	
       

	 	"LPA" 	
      means the Law of Property Act 1925 

	 	  	
       

	 	"Original Shares" 	
      means the Shares listed in the Schedule 

	 	  	
       

	 	"Proceedings" 	
      means any proceeding, suit or action arising out of or in
      connection with this Deed 

	 	  	
       

	 	"Rights" 	
      means rights, benefits, powers, privileges, authorities,
      discretions and remedies (in each case, of any nature whatsoever)
  

	 	  	
       

	 	"Secured Finance Documents" 	
      means the [Finance Documents] as that term is defined in
      the Facilities Agreement [Definition to be confirmed] 

	 	  	
       

	 	"Secured Liabilities" 	
      means all liabilities and obligations owed by the Company
      to the Lender under each or any of the Finance Documents and under this
      Deed, in each case whether due, owing or incurred now or in the future,
      and of any kind, however arising and in any currency, whether or not
      immediately payable, whether certain or contingent, whether sole or joint,
      whether as principal or as surety, whether or not the Lender was the
      original creditor in respect thereof, and including, without limitation,
      interest, commission, costs, charges and expenses charged by the Lender at
      rates agreed between it and the Company or, in the absence of express
      agreement, in accordance with the Lender's, normal practice for the time
      being 

	 	  	
       

	 	"Security" 	
      means a mortgage, charge, pledge, lien or any other
      security interest securing any obligation of any person or any other
      agreement or arrangement having a similar effect 

	 	  	
       

	 	"Shares" 	
      means stocks, shares and other securities of any kind
    

	1.2 	
      Incorporation of terms

	 	 	 
		
      Unless the context otherwise requires or unless defined
      in this Deed, all words and expressions defined or whose interpretation is
      provided for in the Facilities Agreement shall have the same meanings in
      this Deed.

	 	 	 
	1.3 	
      Interpretation

	 	 	 
		
      In this Deed, unless the context otherwise
    requires:-

	 	 	 
		1.3.1 	
      words importing the singular shall include the plural and
      vice versa and reference to any gender includes the other
gender;

	 	 	 
		1.3.2 	
      references to a "guarantee" include an indemnity
      or any other form of surety;

	 	 	 
		1.3.3 	
      an Event of Default is "continuing" if it has not
      been remedied or waived;

	 	 	 
		1.3.4 	
      all references to documents include such documents as
      amended, supplemented, replaced or novated from time to
  time;

3

	 	1.3.5 	
      all references to a party include references to its
      personal representatives, permitted assigns and transferees and its
      successors in title and (where applicable) to any replacement or
      additional trustee or agent;

	 	 	 
	 	1.3.6 	
      references to persons include bodies corporate,
      unincorporated associations and partnerships; and

	 	 	 
	 	1.3.7 	
      words and phrases defined in the Companies Act 1985 have
      the same meanings in this Deed but the word "company" includes any
      body corporate.

	1.4 	
      Statutes and headings

	 	 	 
		
      In this Deed:-

	 	 	 
		1.4.1 	
      any reference to any statute or statutory instrument
      includes any enactment replacing or amending it or any instrument, order
      or regulation made under it and also includes any past statutory
      provisions (as from time to time modified or re-enacted) which such
      provision has directly or indirectly replaced; and

	 	 	 
		1.4.2 	
      headings are for reference purposes only and shall not
      affect the construction of anything in this Deed.

	 	 	 
	1.5 	
      Clauses and Schedules

	 	 	 
		
      In this Deed references to "Clauses" are to the
      clauses or sub-clauses of this Deed, references to the "Schedule"
      is to the Schedule to this Deed. The Schedule shall be treated as an
      integral part of this Deed and references to this Deed shall include the
      Schedule.

	 	 	 
	2. 	
      COVENANT TO PAY

	 	 	 
		
      The Chargor covenants with the Lender to pay and
      discharge all Secured Liabilities at the time or times when, and in the
      currency or currencies in which, the same are expressed to be payable
      under the Secured Finance Documents or, as the case may be, this
    Deed.

	 	 	 
	3. 	
      CHARGE

	 	 	 
		
      The Chargor, as continuing security for the payment and
      discharge of all Secured Liabilities, with full title guarantee charges
      all its Rights, title and interest in and to the Charged Property by way
      of first fixed charge in favour of the Lender.

	 	 	 
	4. 	
      COVENANT TO DEPOSIT AND FURTHER
  ASSURANCES

	 	 	 
	4.1 	
      Original Shares and Further Shares

	 	 	 
		
      The Chargor shall, immediately after the execution of
      this Deed in the case of the Original Shares, and within two Business Days
      of each occasion on which the Lender and the Chargor agree that any Shares
      shall become Further Shares, deposit with the Lender:-

	 	 	 
		4.1.1 	
      all share certificates, documents of title and other
      documentary evidence of ownership in relation to such Shares;
and

	 	 	 
		4.1.2 	
      transfers of such Shares duly executed by the Chargor or
      its nominee with the name of the transferee left blank or, if the Lender
      so requires, duly executed by the Chargor or its nominee in favour of the
      Lender (or the Lender's nominee), and such other documents as the Lender
      may require to enable the Lender (or the Lender's nominee) or, after the
      occurrence of an Event of Default, any purchaser to be registered as the
      owner of, or otherwise to obtain legal title to, such
  Shares.

4

	4.2 	
      Derived Assets

	 	 	 	 
		
      The Chargor shall, within two Business Days of the
      accrual, offer, issue or payment of any Derived Assets, deliver or pay to
      the Lender or procure the delivery or payment to the Lender of:-

	 	 	 	 
		4.2.1 	
      all such Derived Assets or the share certificates,
      renounceable certificates, letters of allotment, documents of title and
      other documentary evidence of ownership in relation to them; and

	 	 	 	 
		4.2.2 	
      transfers of any Shares comprised in such Derived Assets
      duly executed by the Chargor or its nominee with the name of the
      transferee left blank or, if the Lender so requires, duly executed by the
      Chargor or its nominee in favour of the Lender (or the Lender's nominee),
      and such other documents as the Lender may require to enable the Lender
      (or the Lender's nominee) or, after the occurrence of an Event of Default,
      any purchaser to be registered as the owner of, or otherwise to obtain
      legal title to, the Shares comprised in such Derived Assets.

	 	 	 	 
	4.3 	
      Further Assurances

	 	 	 	 
		
      In addition to and without prejudice to anything else
      contained in this Deed, the Chargor shall, at its own cost, promptly
      execute and do all such deeds, instruments, transfers, renunciations,
      proxies, notices, documents, assurances, acts and things in such form as
      the Lender may from time to time require:-

	 	 	 	 
		4.3.1 	
      for perfecting, preserving or protecting the Charge or
      the priority of the Charge; and

	 	 	 	 
		4.3.2 	
      for facilitating the realisation of the Charge or the
      exercise of any Rights vested in the Lender.

	 	 	 	 
	5. 	
      REPRESENTATIONS AND UNDERTAKINGS

	 	 	 	 
	5.1 	
      General Representations

	 	 	 	 
		5.1.1 	
      The Chargor represents and warrants to the Lender
      that:-

	 	 	 	 
		5.1.2 	
      it is the sole beneficial owner of the Charged
      Property;

	 	 	 	 
		5.1.3 	
      no Security (other than the Charge) exists on, over or
      with respect to any of the Charged Property;

	 	 	 	 
		5.1.4 	
      it has not sold, transferred, lent, assigned, parted with
      its interest in, disposed of, granted any option in respect of or
      otherwise dealt with any of its Rights, title and interest in and to the
      Charged Property, or agreed to do any of the foregoing (otherwise than
      pursuant to this Deed);

	 	 	 	 
		5.1.5 	
      the Original Shares, any Further Shares and any Shares
      comprised in any Derived Assets are fully paid and there are no moneys or
      liabilities outstanding in respect of any of the Charged
  Property;

	 	 	 	 
		5.1.6 	
      the Original Shares, any Further Shares and any Shares
      comprised in any Derived Assets have been duly authorised and validly
      issued and are free from any restrictions on transfer or rights of
      pre-emption;

	 	 	 	 
		5.1.7 	
      it has the power to enter into, and perform and comply
      with its obligations under, this Deed, and to create the Charge;

	 	 	 	 
		5.1.8 	
      all actions, conditions and things required to be taken,
      fulfilled and done (including the obtaining of any necessary consents) in
      order to:

	 	 	 	 
			(a) 	
      enable it lawfully to enter into, and perform and comply
      with its obligations under, this Deed;

5

	 	 	(b) 	 ensure that those obligations are valid, legal, binding
        and enforceable;

	 	 	 	 
	 	 	(c) 	 permit the creation of the Charge and ensure that (subject
        to all necessary registrations thereof being made) the Charge is a valid,
        legal, binding and enforceable first fixed charge over the Charged Property
        ranking in priority to the interests of any liquidator, administrator
        or creditor of the Chargor, and

	 	 	 	 
	 	 	(d) 	 make this Deed admissible in evidence in the courts
        of England,

have been taken, fulfilled and
done;

	5.1.9 	
      the obligations of the Chargor under this Deed and
      (subject to all necessary registrations thereof being made) the Charge are
      and will be until fully discharged valid, legal, binding and enforceable
      and the Charge constitutes a first fixed charge over the Charged Property
      ranking in priority to the interests of any liquidator, administrator or
      creditor of the Chargor; and

	 	 
	5.1.10 	
      each of the above representations and warranties will be
      correct and complied with in all respects at all times during the
      continuance of the Charge as if repeated then by reference to the then
      existing circumstances.

	5.2 	
      General Undertakings

	 	 	 
		
      The Chargor shall:-

	 	 	 
		5.2.1 	
      not create, attempt to create or permit to subsist any
      Security (other than the Charge) on, over or with respect to any of the
      Charged Property;

	 	 	 
		5.2.2 	
      not sell, transfer, lend, assign, part with its interest
      in, dispose of, grant any option in respect of or otherwise deal with any
      of its Rights, title and interest in and to the Charged Property, or agree
      to do any of the foregoing (otherwise than pursuant to this
  Deed);

	 	 	 
		5.2.3 	
      not take or omit to take any action which act or omission
      could adversely affect or diminish the value of any of the Charged
      Property;

	 	 	 
		5.2.4 	
      ensure that there are no moneys or liabilities
      outstanding in respect of any of the Charged Property;

	 	 	 
		5.2.5 	
      ensure that the Original Shares, any Further Shares and
      any Shares comprised in any Derived Assets are free from any restriction
      on transfer or rights of pre-emption;

	 	 	 
		5.2.6 	
      take all action within its power to procure, maintain in
      effect and comply with all the terms and conditions of all approvals,
      authorisations, consents and registrations necessary or appropriate for
      anything provided for on its part in this Deed;

	 	 	 
		5.2.7 	
      ensure that the Charge will at all times be a legally
      valid and binding first fixed charge over the Charged Property ranking in
      priority to the interests of any liquidator, administrator or creditor of
      the Chargor;

	 	 	 
		5.2.8 	
      without prejudice to Clause 5.2.4 (General
      Undertakings), punctually pay all calls, subscription moneys and other
      moneys payable on or in respect of any of the Charged Property and
      indemnify and keep indemnified the Lender and its nominees against any
      cost, liabilities or expenses which it or they may suffer or incur as a
      result of any failure by the Chargor to pay the same;

	 	 	 
		5.2.9 	
      deliver to the Lender a copy of every circular, notice,
      report, set of accounts or other document received by the Chargor in
      respect of or in connection with any of the Charged Property forthwith
      upon receipt by the Chargor of such document;

	 	 	 
		5.2.10 	
      promptly deliver to the Lender all such information
      concerning the Charged Property as the Lender may request from time to
      time; and

6

		5.2.11 	
      not nominate another person to enjoy or exercise all or
      any specified rights of the charger in relation to the Charged Property as
      contemplated by the Companies Act 2006 or otherwise.

	 	 	 
	6. 	
      ENFORCEMENT OF SECURITY

	 	 	 
	6.1 	
      Chargor's rights before Enforcement

	 	 	 
		
      Until the Charge has become enforceable, the Chargor
      shall be entitled to:-

	 	 	 
		6.1.1 	
      receive and retain free from the Charge any Dividends
      paid to it as permitted under the terms of the Facilities Agreement;
      and

	 	 	 
		6.1.2 	
      exercise and control the exercise of all voting and other
      Rights relating to the Charged Property.

	 	 	 
	6.2 	
      Charge shall become Enforceable

	 	 	 
		
      The Charge shall be enforceable, and the powers conferred
      by section 101 of the LPA as varied or extended by this Deed shall be
      exercisable, upon and at any time after the occurrence of an Event of
      Default.

	 	 	 
	6.3 	
      Section 101 LPA

	 	 	 
		
      The powers conferred by section 101 of the LPA, as varied
      and extended by this Deed, shall be deemed to have arisen on the execution
      of this Deed.

	 	 	 
	6.4 	
      Section 93 and 103 LPA

	 	 	 
		
      Sections 93 and 103 of the LPA shall not apply to this
      Deed.

	 	 	 
	7. 	
      DEALINGS WITH CHARGED PROPERTY ON
    ENFORCEMENT

	 	 	 
	7.1 	
      Rights of Lender

	 	 	 
		
      At any time after the Charge has become enforceable, the
      Lender shall have the right, without any notice to, or consent of, the
      Chargor:-

	 	 	 
		7.1.1 	
      Possession

	 	 	 
			
      to take possession of, collect and get in the Charged
      Property, and in particular to take any steps necessary to vest all or any
      of the Charged Property in the name of the Lender or its nominee
      (including completing any transfers of any Shares comprised in the Charged
      Property) and to receive and retain any Dividends;

	 	 	 
		7.1.2 	
      Sell

	 	 	 
			
      to sell, exchange, convert into money or otherwise
      dispose of or realise the Charged Property (whether by public offer or
      private contract) to any person and for such consideration (whether
      comprising cash, debentures or other obligations, Shares or other valuable
      consideration of any kind) and on such terms (whether payable or
      deliverable in a lump sum or by instalments) as it may think fit, and for
      this purpose to complete any transfers of the Charged Property;

	 	 	 
		7.1.3 	
      Voting Rights

	 	 	 
			
      for the purpose of preserving the value of the Charge, or
      realising the same, to exercise or direct the exercise of all voting and
      other Rights relating to the Charged Property in such manner as it may
      think fit;

7

		7.1.4 	
      Claims

	 	 	 
			
      to settle, adjust, refer to arbitration, compromise and
      arrange any claims, accounts, disputes, questions and demands relating in
      any way to the Charged Property;

	 	 	 
		7.1.5 	
      Legal actions

	 	 	 
			
      to bring, prosecute, enforce, defend and abandon actions,
      suits and proceedings in relation to the Charged Property; and

	 	 	 
		7.1.6 	
      Other Rights

	 	 	 
			
      to do all such other acts and things it may consider
      necessary or expedient for the realisation of the Charged Property or
      incidental to the exercise of any of the Rights conferred on it under or
      in connection with this Deed or the LPA and to concur in the doing of
      anything which it has the Right to do and to do any such thing jointly
      with any other person.

	 	 	 
	7.2 	
      Obligations of Chargor

	 	 	 
		
      After the Charge has become enforceable:-

	 	 	 
		7.2.1 	
      all Dividends shall be paid to and retained by the
      Lender, and any such moneys which may be received by the Chargor shall,
      pending such payment, be segregated from any other property of the Chargor
      and held in trust for the Lender; and

	 	 	 
		7.2.2 	
      the Chargor shall procure that all voting and other
      Rights relating to the Charged Property are exercised in accordance with
      such instructions (if any) as may from time to time be given to the
      Chargor by the Lender, and the Chargor shall deliver to the Lender such
      forms of proxy or other appropriate forms of authorisation to enable the
      Lender to exercise such voting and other Rights.

	 	 	 
	8. 	
      APPLICATION OF MONEYS

	 	 	 
		
      All moneys arising from the exercise of the powers of
      enforcement under this Deed shall (except as may be otherwise required by
      applicable law) be held and applied in the following order of priority
      (but without prejudice to the right of the Lender to recover any shortfall
      from the Chargor):-

	 	 	 
	8.1 	
      in satisfaction of all costs, charges and expenses
      incurred, and payments made, by the Lender (including, without limitation,
      legal expenses);

	 	 	 
	8.2 	
      in or towards the payment or discharge of such of the
      Secured Liabilities in such order as the Lender in its absolute discretion
      may from time to time determine; and

	 	 	 
	8.3 	
      after all the Secured Liabilities have been paid or
      discharged in full, in payment of any surplus to the Chargor or other
      person entitled to it.

	 	 	 
	9. 	
      GENERAL RIGHTS OF THE LENDER

	 	 	 
	9.1 	
      Redemption of Security

	 	 	 
		
      The Lender may at any time redeem any Security over the
      Charged Property having priority to the Charge or procure the transfer
      thereof to the Lender and may settle the accounts of encumbrancers. Any
      accounts so settled shall be conclusive and binding on the Chargor. The
      Chargor shall on demand pay to the Lender all principal moneys, interest,
      costs, charges, losses, liabilities and expenses of and incidental to any
      such redemption or transfer.

	 	 	 
	9.2 	
      Suspense Account

	 	 	 
		
      The Lender may, for as long as any of the Secured
      Liabilities for which any other person may be liable as principal debtor
      or as co-surety with the Chargor have not been paid or discharged in
      full,

8

		 at its sole discretion, place and retain on
        a suspense account, for as long as it considers fit, any moneys received,
        recovered or realised under or in connection with this Deed to the extent
        of such Secured Liabilities without any obligation on the part of the
        Lender to apply the same in or towards the discharge of such Secured Liabilities.

	 	 	 
	9.3 	 New Account

	 	 	 
		 At any time following:

	 	 	 
		9.3.1 	 the Lender receiving notice (either actual or constructive)
        of any subsequent Security affecting the Charged Property or,

	 	 	 
		9.3.2 	 the Dissolution of the Chargor,

	 	 	 
		 the Lender may open a new account in the
        name of the Chargor (whether or not it permits any existing account to
        continue).

	 	 	 
		 If the Lender does not open such a new account,
        it shall nevertheless be treated as if it had done so at the time when
        the notice was received or was deemed to have been received or, as the
        case may be, the Dissolution commenced. Thereafter, all payments made
        by the Chargor to the Lender or received by the Lender for the account
        of the Chargor shall be credited or treated as having been credited to
        the new account and shall not operate to reduce the amount secured by
        this Deed at the time when the Lender received or was deemed to have received
        such notice or, as the case may be, the Dissolution commenced.

	 	 	 
	9.4 	 Delegation

	 	 	 
		 The Lender may delegate in any manner to any
        person any of the Rights which are for the time being exercisable by the
        Lender under this Deed. Any such delegation may be made upon such terms
        and conditions (including power to sub-delegate) as the Lender may think
        fit.

	 	 	 
	9.5 	 Set-off by the Lender

	 	 	 
		 In addition to any general lien, right to
        combine accounts, right to set-off or other right which it may at any
        time have the Lender may at any time, without notice to the Chargor and
        without prejudice to any of the Lender's other Rights, combine or consolidate
        all or any accounts which it then has in relation to the Chargor (in whatever
        name) and any Secured Liabilities owed by the Chargor to the Lender and/or
        set off any Secured Liabilities which are due and unpaid against any obligation
        (whether or not matured) owed by the Lender to the Chargor, regardless
        of the place of payment or booking branch, and for that purpose the Lender
        may convert one currency into another at the rate of exchange determined
        by the Lender in its absolute discretion to be prevailing at the date
        of set- off.

	 	 	 
	10. 	 LIABILITY OF LENDER, DELEGATES AND NOMINEES

	 	 	 
	10.1 	 Possession

	 	 	 
		 If the Lender or any Delegate shall take possession
        of the Charged Property, it may at any time relinquish such possession.

	 	 	 
	10.2 	 Lender's Liability

	 	 	 
		 The Lender shall not in any circumstances
        (whether by reason of taking possession of the Charged Property or for
        any other reason whatsoever and whether as mortgagee in possession or
        on any other basis whatsoever):-

	 	 	 
		10.2.1 	 be liable to account to the Chargor or any other person
        for anything except the Lender's own actual receipts; or

	 	 	 
		10.2.2 	 be liable to the Chargor or any other person for any
        costs, charges, losses, damages, liabilities or expenses arising from
        any realisation of the Charged Property or from any

9

		  
	exercise or non-exercise by the Lender of any Right
        conferred upon it in relation to the Charged Property or from any act,
        default, omission or misconduct of the Lender, its officers, employees
        or agents in relation to the Charged Property except to the extent that
        they shall be caused by the Lender's own fraud, gross negligence or wilful
        misconduct or that of its officers or employees.

	 	 	 
	10.3 	 Delegate's and Nominee's Liability

	 	 	 
		 All the provisions of Clause 10.2 (Lender's
        Liability) shall apply, mutatis mutandis, in respect of the liability
        of any Delegate or nominee of the Lender or any officer, employee or agent
        of the Lender, any Delegate or any nominee of the Lender.

	 	 	 
	10.4 	 Indemnity

	 	 	 
		 The Lender and every Delegate, attorney, manager,
        agent or other person appointed by the Lender hereunder shall be entitled
        to be indemnified out of the Charged Property in respect of all liabilities
        and expenses incurred by any of them in the execution or purported execution
        of any of its Rights and against all actions, proceedings, costs, claims
        and demands in respect of any matter or thing done or omitted in anyway
        relating to the Charged Property, and the Lender and any such Delegate,
        attorney, manager, agent or other person appointed by the Lender hereunder
        may retain and pay all sums in respect of the same out of any moneys received.

	 	 	 
	11. 	 PROTECTION OF THIRD PARTIES

	 	 	 
		 No person dealing with the Lender or any Delegate
        shall be concerned to enquire whether any event has happened upon which
        any of the Rights conferred under or in connection with this Deed or any
        relevant legislation are or may be exercisable, whether any consents,
        regulations, restrictions or directions relating to such Rights have been
        obtained or complied with or otherwise as to the propriety or regularity
        of acts purporting or intended to be in exercise of any such Rights or
        as to the application of any money borrowed or raised or other proceeds
        of enforcement. All the protections to purchasers contained in any relevant
        legislation for the time being in force shall apply to any person purchasing
        from or dealing with the Lender or any Delegate.

	 	 	 
	12. 	 PRESERVATION OF SECURITY

	 	 	 
	12.1 	 Continuing Security

	 	 	 
		 The Charge shall be a continuing security
        for the Secured Liabilities and shall not be satisfied, discharged or
        affected by any intermediate payment or settlement of account (whether
        or not any Secured Liabilities remain outstanding thereafter) or any other
        matter or thing whatsoever.

	 	 	 
	12.2 	 Other Security

	 	 	 
		 The Charge shall be in addition to and shall
        not be prejudiced by any other Security or any guarantee or indemnity
        or other document which the Lender may at any time hold for the payment
        of the Secured Liabilities.

	 	 	 
	12.3 	 Waiver of Defences

	 	 	 
		 Without prejudice to Clauses 12.1 (Continuing
        Security) and 12.2 (Other Security), neither the Charge nor
        the liability of the Chargor for the Secured Liabilities shall be prejudiced
        or affected by:-

	 	 	 
		12.3.1 	 any variation or amendment of, or waiver or release
        granted under or in connection with, any other Security or any guarantee
        or indemnity or other document; or

	 	 	 
		12.3.2 	 time being given, or any other indulgence or concession
        being granted, by the Lender to the Chargor or any other person; or

	 	 	 
		12.3.3 	 the taking, holding, failure to take or hold, varying,
        realisation, non-enforcement, non- perfection or release by the Lender
        or any other person of any other Security, or any guarantee or indemnity
        or other document; or

10

		12.3.4 	
      the Dissolution of the Chargor or any other person;
    or

	 	 	 
		12.3.5 	
      any change in the constitution of the Chargor;
  or

	 	 	 
		12.3.6 	
      any amalgamation, merger or reconstruction that may be
      effected by the Lender with any other person or any sale or transfer of
      the whole or any part of the undertaking, property and assets of the
      Lender to any other person; or

	 	 	 
		12.3.7 	
      the existence of any claim, set-off or other right which
      the Chargor may have at any time against the Lender or any other person;
      or

	 	 	 
		12.3.8 	
      the making or absence of any demand for payment of any
      Secured Liability on the Chargor or any other person, whether by the
      Lender or any other person; or

	 	 	 
		12.3.9 	
      any arrangement or compromise entered into by the Lender
      with the Chargor or any other person; or

	 	 	 
		12.3.10 	
      any other thing done or omitted or neglected to be done
      by the Lender or any other person or any other dealing, fact, matter or
      thing which, but for this provision, might operate to prejudice or affect
      the liability of the Chargor for the Secured Liabilities.

	 	 	 
	13. 	
      RELEASE OF CHARGED PROPERTY

	 	 	 
	13.1 	
      Release of Charged Property

	 	 	 
		
      If:-

	 	 	 
		13.1.1 	
      all Secured Liabilities have been paid or discharged in
      full; or

	 	 	 
		13.1.2 	
      Security or a guarantee for the Secured Liabilities, in
      each case acceptable to the Lender, has been provided in substitution for
      this Deed,

	 	 	 
			
      then, subject to Clause 13.2 (Retention of Deed),
      the Lender shall at the request and cost of the Chargor execute such deeds
      and do all such acts and things as may be necessary to release the Charged
      Property from the Charge.

	 	 	 
	13.2 	
      Retention of Deed

	 	 	 
		
      If the Chargor requests the Lender to release the Charged
      Property from the Charge following any payment or discharge made or
      Security or guarantee given in relation to the Secured Liabilities by a
      person other than the Chargor (a "Relevant Transaction"), the
      Lender shall be entitled to retain this Deed (and all stock and share
      certificates, transfers, documents of title and other documentary evidence
      of ownership in relation to the Charged Property deposited with the Lender
      pursuant to this Deed) and shall not be obliged to release the Charged
      Property from the Charge until the expiry of the Retention Period in
      relation to that Relevant Transaction. If at any time before the expiry of
      that Retention Period the Dissolution of such other person shall have
      commenced, the Lender may continue to retain this Deed (and all such stock
      and share certificates, transfers, documents of title and documentary
      evidence) and shall not be obliged to release the Charged Property from
      the Charge for such further period as the Lender may determine.

	 	 	 
	13.3 	
      Retention Period

	 	 	 
		
      For the purpose of Clause 13.2 (Retention of Deed)
      "Retention Period" means, in relation to any Relevant Transaction,
      the period which commences on the date when that Relevant Transaction was
      made or given, and which ends on the date falling one month after the
      expiration of the maximum period within which that Relevant Transaction
      can be avoided, reduced or invalidated by virtue of any applicable law or
      for any other reason whatsoever.

11

	14. 	
      POWER OF ATTORNEY

	 	 	 
	14.1 	
      Appointment

	 	 	 
		
      The Chargor hereby appoints, irrevocably and by way of
      security, the Lender and any person nominated in writing by the Lender as
      attorney of the Chargor severally to be the attorney of the Chargor (with
      full powers of substitution and delegation), on its behalf and in its name
      or otherwise, at such time and in such manner as the attorney may think
      fit:-

	 	 	 
		14.1.1 	
      to do anything which the Chargor is or may be obliged to
      do (but has not done) under this Deed including, but without limitation,
      to complete and execute any transfer of Shares; and

	 	 	 
		14.1.2 	
      generally to exercise all or any of the Rights conferred
      on the Lender in relation to the Charged Property or under or in
      connection with this Deed or any relevant legislation.

	 	 	 
	14.2 	
      Ratification

	 	 	 
		
      The Chargor covenants to ratify and confirm whatever any
      attorney shall do or purport to do in the exercise or purported exercise
      of the power of attorney in Clause 14.1 (Appointment).

	 	 	 
	15. 	
      CURRENCY INDEMNITY

	 	 	 
	15.1 	
      Currency Indemnity

	 	 	 
		
      If, under any applicable law, whether pursuant to a
      judgment against the Chargor or the Dissolution of the Chargor or for any
      other reason, any payment under or in connection with this Deed is made or
      falls to be satisfied in a currency (the "Other Currency") other
      than the currency in which the relevant payment is expressed to be payable
      (the "Required Currency"), then, to the extent that the payment
      actually received by the Lender (when converted into the Required Currency
      at the rate of exchange on the date of payment or, if it is not
      practicable for the Lender to make the conversion on that date, at the
      rate of exchange as soon afterwards as it is practicable for the Lender to
      do so or, in the case of a Dissolution, at the rate of exchange on the
      latest date permitted by applicable law for the determination of
      liabilities in such Dissolution) falls short of the amount expressed to be
      due or payable under or in connection with this Deed, the Chargor shall,
      as an original and independent obligation under this Deed, indemnify and
      hold the Lender harmless against the amount of such shortfall.

	 	 	 
	15.2 	
      Rate of Exchange

	 	 	 
		
      For the purpose of Clause 15.1 (Currency
      Indemnity) "rate of exchange" means the rate at which the
      Lender is able on the relevant date to purchase the Required Currency with
      the Other Currency and shall take into account any commission, premium and
      other costs of exchange and taxes payable in connection with such
      purchase.

	 	 	 
	16. 	
      CERTIFICATE TO BE CONCLUSIVE EVIDENCE

	 	 	 
		
      For all purposes, including any Proceedings, a copy of a
      certificate signed by an officer of the Lender as to the amount of any
      indebtedness comprised in the Secured Liabilities for the time being
      shall, in the absence of manifest error, be conclusive evidence against
      the Chargor as to the amount thereof.

	 	 	 
	17. 	
      COSTS AND EXPENSES

	 	 	 
		
      The Chargor shall indemnify the Lender on demand against
      all costs, charges, losses, liabilities, expenses and other sums
      (including legal, accountants' and other professional fees) and any taxes
      thereon expended, paid, incurred or debited on account by the Lender in
      relation to this Deed, and/or any other document referred to in this Deed,
      including, without prejudice to the generality of the
  foregoing:-

12

	17.1 	
      in connection with the negotiation, preparation,
      execution, stamping, filing, registration and perfection of this
    Deed;

	 	 	 
	17.2 	
      in connection with the granting of any waiver or consent
      sought by the Chargor or in connection with any variation, amendment,
      extension or modification of, or supplement to, this Deed;

	 	 	 
	17.3 	
      in enforcing, protecting, preserving or realising, or
      attempting to enforce, protect, preserve or realise, the Lender's Rights
      under this Deed; and

	 	 	 
	17.4 	
      in connection with or contemplation of any Proceedings or
      the recovery or attempted recovery of any Secured Liabilities.

	 	 	 
	18. 	
      STAMP DUTY

	 	 	 
		
      The Chargor shall pay promptly, and in any event before
      any penalty becomes payable, all stamp, documentary and similar taxes, if
      any, payable in connection with the entry into, performance, enforcement
      or admissibility in evidence of this Deed or any other document referred
      to in this Deed, and shall indemnify the Lender against any liability with
      respect to, or resulting from any delay in paying or omission to pay, any
      such tax.

	 	 	 
	19. 	
      COMMUNICATIONS

	 	 	 
	19.1 	
      Communications to be in Writing

	 	 	 
		
      Any communication given or made under or in connection
      with the matters contemplated by this Deed shall be in writing.

	 	 	 
	19.2 	
      Deemed Delivery

	 	 	 
		
      Any such communication shall be addressed as provided in
      Clause 19.3 (Parties' Details) and, if so addressed, shall be
      deemed to have been duly given or made as follows:-

	 	 	 
		19.2.1 	
      if sent by personal delivery, upon delivery at the
      address of the relevant party;

	 	 	 
		19.2.2 	
      if sent by first class post, two Business Days after the
      date of posting;

	 	 	 
		19.2.3 	
      if sent by fax, upon receipt by the relevant
  party,

	 	 	 
			
      provided that if, in accordance with the above
      provisions, any such communication would otherwise be deemed to be given
      or made outside working hours, such communication shall be deemed to be
      given or made at the start of the next period of working hours.

	 	 	 
	19.3 	
      Parties' Details

	 	 	 
		
      The relevant details of each party for the purposes of
      this Deed, subject to Clause 19.4 (Change of Details),
  are:-

	Party 	Addressee 	Address 	Fax No. 
	Chargor 			
	Lender 

	Robert Press, Esq 

	The Dickens 
Kirk Street 
16 Northington
      Street 
London WC1N 2DG 	+1 786 323 1650

13

	19.4 	
      Change of Details

	 	 	 
		
      Either party may notify the other party at any time of a
      change to its details for the purposes of Clause 19.3 provided that such
      notification shall only be effective on:-

	 	 	 
		19.4.1 	
      the date specified in the notification as the date on
      which the change is to take place; or

	 	 	 
		19.4.2 	
      if no date is specified or the date specified is less
      than ten Business Days after the date on which notice is given, the date
      falling ten Business Days after notice of any such change has been
      given.

	 	 	 
	20. 	
      RIGHTS AND WAIVERS

	 	 	 
	20.1 	
      Delay

	 	 	 
		
      No delay or omission on the part of the Lender in
      exercising any Right provided by law or under this Deed shall impair such
      Right or operate as a waiver thereof or of any other Right.

	 	 	 
	20.2 	
      Single or Partial Exercise

	 	 	 
		
      The single or partial exercise by the Lender of any Right
      provided by law or under this Deed shall not preclude any other or further
      exercise thereof or the exercise of any other Right.

	 	 	 
	20.3 	
      Rights to be Cumulative

	 	 	 
		
      The Rights provided in this Deed are cumulative with, and
      not exclusive of, any Rights provided by law.

	 	 	 
	21. 	
      INVALIDITY

	 	 	 
		
      If at any time any provision of this Deed is or becomes
      illegal, invalid or unenforceable in any respect under the law of any
      jurisdiction, neither:-

	 	 	 
	21.1 	
      the legality, validity or enforceability in that
      jurisdiction of any other provision of this Deed; nor

	 	 	 
	21.2 	
      the legality, validity or enforceability under the law of
      any other jurisdiction of that or any other provision of this
  Deed,

	 	 	 
		
      shall be affected or impaired.

	 	 	 
	22. 	
      ASSIGNMENT BY LENDER

	 	 	 
		
      The Lender may at any time, without the consent of the
      Chargor, assign or transfer the whole or, as the case may be, any part of
      the Lender's Rights under this Deed to any person to whom the whole or any
      part of any of the Lender's rights under the Facilities Agreement shall be
      assigned or transferred.

	 	 	 
	22.1 	
      Contracts (Rights of Third Parties) Act
  1999

	 	 	 
		22.1.1 	
      Any Receiver and their respective officers, employees and
      agents may enforce any term of this Deed which purports to confer a
      benefit on that person, but no other person who is not a party to this
      Deed has any right under the Contracts (Rights of Third Parties) Act 1999
      to enforce or to enjoy the benefit of any term of this Deed.

	 	 	 
		22.1.2 	
      Notwithstanding any term of any Secured Finance Document,
      the parties to this Deed and any Receiver may rescind, vary, waive,
      release, assign, novate or otherwise dispose of all or any of their
      respective rights or obligations under this Deed without the consent of
      any person who is not a party to this Deed.

14

	22.2 	
      Counterparts

	 	 	 
		
      This Deed may be executed in any number of counterparts,
      and this has the same effect as if the signatures on the counterparts were
      on a single copy of this Deed.

	 	 	 
	23. 	
      GOVERNING LAW

	 	 	 
		
      This Deed shall be governed by, and construed in
      accordance with, English law.

	 	 	 
	24. 	
      ENFORCEMENT

	 	 	 
	24.1 	
      Jurisdiction of English Courts

	 	 	 
		24.1.1 	
      The courts of England have exclusive jurisdiction to
      settle any dispute arising out of or in connection with this Deed
      (including a dispute regarding the existence, validity or termination of
      this Deed) (a "Dispute").

	 	 	 
		24.1.2 	
      The parties to this Deed agree that the courts of England
      are the most appropriate and convenient courts to settle Disputes and
      accordingly no such party will argue to the contrary.

	 	 	 
		24.1.3 	
      This Clause 24.1.3 (Jurisdiction of English
      Courts) is for the benefit of the Lender only. As a result, the Lender
      shall be prevented from taking proceedings relating to a Dispute in any
      other courts with jurisdiction. To the extent allowed by law, the Lender
      may take concurrent proceedings in any number of jurisdictions.

	 	 	 
	24.2 	
      Service of Process

	 	 	 
		
      Without prejudice to any other mode of service allowed
      under any relevant law, the Chargor:

	 	 	 
		24.2.1 	
      irrevocably appoints MobiVentures Limited (company number
      04874858) as its agent for service of process in relation to any
      proceedings before the English courts in connection with any Secured
      Finance Document (and MobiVentures Limited (company number 04874858) by
      its execution of this Deed, accepts that appointment); and

	 	 	 
		24.2.2 	
      agrees that failure by a process agent to notify the
      relevant Chargor of the process will not invalidate the proceedings
      concerned.

	 	 	 
		24.2.3 	
      if any person appointed as process agent is unable for
      any reason to act as agent for service of process, MobiVentures Limited
      (company number 04874858) (on behalf of the Chargor) must immediately (and
      in the event within 7 days of such event taking place) appoint another
      agent on terms acceptable to the Lender. Failing this, the Lender may
      appoint another agent for this purpose.

and the Chargor expressly agrees and
consents to the provisions of this Clause 24 (Enforcement) and Clause 23
(Governing Law).

EXECUTED AND DELIVERED AS A DEED by the Chargor and the
Lender on the date set out at the beginning of this Deed.

15

SCHEDULE

	Name of Company 	Shares 	No. of Shares 	Nominal Value 	Registered Holder 
	[ ] 	[ ]	[ ] 	[ ] 	[ ] 

16

	The Chargor 	  
	  	  
	EXECUTED (but not delivered until 	) 
	the date hereof) AS A DEED by 	) 
	MOBIVENTURES, INC acting by:- 	) 
	  	  
	  	  
	  	Director 
	  	  
	  	  
	  	Director/Secretary 
	  	  
	  	  
	The Lender 	  
	  	  
	SIGNED as a deed on behalf of 	           )
  
	TRAFALGAR 	           )
  
	CAPITAL SPECIALIZED INVESTMENT 	           )
  
	FUND 	           )
  
	acting by its general partner 	           )
  
	TRAFALGAR CAPITAL SARL 	  
	  	  
	  	  
	  	  
	  	  
	The agent for service 	  
	  	  
	EXECUTED (but not delivered until 	) 
	the date hereof) AS A DEED by 	) 
	MOBIVENTURES LIMITED acting by:- 	) 
	  	  
	  	  
	  	Director 
	  	  
	  	  
	  	Director/Secretary 

17

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