Document:

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                                                                   Exhibit 10.46

THIS DEED is made the first day of June 1979

BETWEEN:                 CAYMAN WATER COMPANY LIMITED
                         a company incorporated and existing
                         under the laws of the Cayman Islands
                         with registered office in George Town,
                         Grand Cayman, Cayman Islands
                         (hereinafter called "the Chargor")

                         OF THE FIRST PART

AND:                     THE ROYAL BANK OF CANADA
                         of P.O. Box 245, George Town,
                         Grand Cayman, Cayman Islands
                         (hereinafter called "the Bank")

                         OF THE SECOND PART

AND:                     PHILIP H. LUSTIG
                         of P.O. Box
                         Grand Cayman, Cayman Islands
                         (hereinafter called "Lustig")

                         OF THE THIRD PART

W H E R E A S:-

This Deed is made supplemental to the Charge made pursuant to the Registered
Land Law 1971 against Parcel 8 of Block 11D in the West Bay Beach North
Registration Section attached hereto and to the Debenture (hereinafter called
"the Debenture") therein referred to and the expression "this Charge" shall
mean and include the said Charge the Debenture and this Deed.

NOW THIS DEED WITNESSETH as follows:-

A.   It is hereby agreed and the Chargor and the Bank hereby respectively
     covenant and agree with each other as follows:-

     1.   That the Chargor will pay to the Bank all sums in respect of
          principal or interest and any other monies payable in accordance
          with the terms and conditions covenants and agreements contained
          herein and in the Debenture.

[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]

[REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]

<PAGE>   2

                                      - 2-

2.   Sub-section (d) of Section 67 of the Registered Land Law 1971 (or any
     statutory modification or re-enactment thereof for the time being in force
     the said Law as aforesaid being hereinafter referred to as "the above
     Law") shall not apply to this Charge nor to any instrument of variation
     executed pursuant to this Charge and instead thereof the Chargor shall so
     long as any money remains owing on this Charge or on the Debenture or any
     variation thereof keep the buildings and all the contents for the time
     being comprised therein insured in accordance with the provisions of
     sub-clause 14(i) of the Debenture such policy or policies of insurance
     stating that no payment is to be made to the Chargor thereunder until the
     Bank's interests under this Charge and under the Debenture and all
     instruments of variation as may have been executed have been discharged
     pursuant to Section 80 of the above Law and in default of the Chargor so
     insuring the Bank may insure as aforesaid and the premiums payable
     therefor may be recovered by the Bank pursuant to Section 67 of the above
     Law and the Chargor hereby irrevocably appoints the Bank the agent of the
     Chargor for the purpose of receiving all monies under the said policy and
     giving a discharge therefor.

3.   The Chargor shall punctually pay all premiums payable under the said
     policy or policies of insurance and shall produce to the Bank on demand
     the receipts for such payments and do everything necessary to maintain the
     said policy or policies of insurance in full effect and shall not do
     anything whereby the said policy or policies of insurance will or may be
     vitiated.

4.   Sub-section (f) of Section 67 and sub-section (g) of Section 67 of the
     above Law shall not apply to this Charge nor to any instrument of
     variation executed pursuant to this Charge and instead thereof the Chargor
     shall not during the continuance of this security without prior consent in
     writing of the Bank lease or sub-lease or agree

                  [PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]

                   [REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]
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                                      -3-

     to lease or sub-lease or accept surrenders of leases or sub-leases or
     transfer or otherwise part with the possession of the premises the subject
     of this security or any part thereof.

5.   The Chargor shall not create or purport or attempt to create any charge or
     mortgage which by virtue of any law or regulation will rank pari passu with
     or in priority to this security or second or subsidiary to this security in
     respect of the premises the subject of this security without first
     obtaining the written consent of the Bank.

6.   The Chargor shall not without first obtaining the written consent of the
     Bank make or permit or suffer to be made any material change or addition
     whatsoever in or to the premises the subject of this security or the use
     thereof.

7.   In the event that the Chargor shall fail to discharge all monies and
     liabilities in full pursuant to the terms hereof or of the Debenture or in
     the event that the Charger be in breach of any of the Chargor's
     covenants or obligations herein or in the Debenture contained whether
     express or implied or in the event that the Chargor goes into liquidation
     (other than a voluntary liquidation for the purposes of a reconstruction
     only the terms of which have been previously approved in writing by the
     Bank) or suffers the appointment of a receiver over any part of the
     Chargor's assets then in any such event all monies owing to the Bank under
     the Debenture or hereunder shall immediately become due and payable and the
     provisions of Sections 72 to 75 inclusive of the Registered Land Law 1971
     shall apply subject to the modifications hereinafter set forth and the Bank
     may also exercise such remedies and powers under the provisions of the
     Debenture as it may think fit:-

     (i)  the power of sale and of appointing a receiver and any other remedies
          available to the Bank shall become immediately exercisable without
          further notice;

                  [PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]

                   [REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]
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                                      -4-

(ii) in addition to the remedies provided by Section 72 of the above Law the
     Bank shall have the right to foreclose or enter into possession of the
     charged premises or both in the same circumstances as would allow the Bank
     to exercise its power of sale or appoint a receiver;

(iii)in the event that the Bank does appoint a receiver or enter into possession
     of the charged premises the Bank shall be entitled to exercise its power of
     sale or foreclosure or entry into possession at any time thereafter without
     further notice;

(iv) upon the power of sale arising the Bank shall have the right to sell the
     charged premises by private treaty as well as by public auction;

(v)  a receiver appointed by the Bank shall have such powers in addition to
     those act out in the above Law or any other law relating thereto or in the
     Debenture as the Bank shall deem necessary (including the right to sell the
     charged premises and carry on the Chargor's business) for the proper
     enforcement and protection of the Bank's rights hereunder; and

(vi) the remuneration of such receiver may be in such amount and on such basis
     whether commission hourly rate or otherwise as the Bank shall agree with
     such receiver.

PROVIDED ALWAYS and it is hereby expressly declared and agreed that in any case
where any modification of the above Law (or any other modification provided for
in this Charge) shall require the sanction of the Court the Bank shall have the
right at its option to waive any modification where it is in favour of the Bank
or to seek the sanction of the Court thereto and should the Bank fail to obtain
the sanction of the Court to any particular modification or should the Bank
elect to waive its rights under any modification then the original provisions
of the above Law shall apply without modification.

[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
[REGISTRAR OF LANDS  CAYMAN ISLANDS STAMP]
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                                     - 5 -

 8.  The right contained in Section 82 of the above Law to consolidate charges
     is expressly reserved to the Bank.

 9.  No neglect omission or forebearance on the part of the Bank to take
     advantage of or enforce any right arising out of any breach non-observance
     or non-performance of any covenant or condition herein or in the Debenture
     contained or referred to or by Law implied shall be deemed to operate as a
     general waiver of such covenant or condition or the right to take advantage
     thereof either original or recurring.

10.  The taking of a judgement or judgements on any covenants herein or in the
     Debenture contained shall not operate as a merger of the said covenant or
     covenants or affect the Bank's right to interest as set forth in the
     Debenture.

11.  The Chargor shall pay the Bank's (or its lawyers servants or agents) fees
     and expenses and disbursements of and in connection with the inspection and
     valuation of the property hereby charged the examination of the title
     thereto and preparation of this Charge and for the protection and
     enforcement from time to time of the Bank's rights hereunder together with
     the stamp duty and registration fees now or hereafter payable on this
     Charge and any instrument of variation executed pursuant to this Charge.

12.  This Charge shall be stamped as a collateral and additional security to
     the Debenture.

13.  In this Charge:-

     (i)  Words importing the masculine gender shall include the feminine and
          neuter genders and vice versa and words importing the singular number
          only shall include the plural number and vice versa and words
          importing persons and all reference to persons shall include
          corporations and firms;

     (ii) If at any time two or more persons are included in the expression
          "the Chargor" then covenants entered into or implied herein by or on
          the part of the Chargor shall be deemed to be and shall

[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]
[REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]

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                                      -6-

               be construed as covenants entered into by and binding on such
               persons jointly and severally; and

         (iii) "the Chargor" shall mean and include the respective personal
               representatives and estates of and the permitted successors in
               title transferees and assigns of the Chargor and "the Bank"
               shall mean and include the successors in title transferees and
               assigns of the Bank.

B.   Lustig hereby agrees and undertakes that the Charge (hereinafter called
     "the Lustig Charge") presently registered in the name of Lustig in the
     encumbrances section of the register relating to the property hereby
     charged shall rank in point of security pari passu with this Charge and
     the Bank and Lustig hereby agree that in the event of a default under this
     Charge or under the Lustig Charge all sums collected realised or received
     whether pursuant to a sale receivership or otherwise shall be applied as
     follows:-

          for every dollar the sum of 75 cents to the bank and

          25 cents to Lustig.

IN WITNESS WHEREOF the Common Seal of the Chargor was hereunto affixed and this
Deed signed by its duly authorised officers and the duly authorised Attorney
for and on behalf of the Bank and Phillip H. Lustig have hereunto set their
respective hand and seals the day and year first above written.

THE COMMON SEAL OF CAYMAN WATER        )          CAYMAN WATER COMPANY LIMITED
                                       )
COMPANY LIMITED was hereunto affixed   )
                                       )
by                                     )    Per: /s/ C. Flowers
                                       )         ---------------       Director
and by                                 )
                                       )
in the presence of:-                   )    Per: /s/ L. Dowmer
                                                 ---------------       Director

Witness

[PUBLIC RECORDS OFFICE CAYMAN ISLANDS STAMP]

[REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]

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                                      -7-

SIGNED, SEALED and DELIVERED for )         THE ROYAL BANK OF CANADA
                                 )
and on behalf of THE ROYAL BANK  )
                                 )
OF CANADA by its duly authorised )    Per: /s/ D. Stewart
                                 )        ---------------------------
Attorney, D.J. Stewart, in the   )         Attorney for the Bank
                                 )
presence of:-                    )

/s/ Neil Cavers
---------------------
Witness

SIGNED, SEALED and DELIVERED by  )
                                 )       /s/ Phillip H. Lustig
the said PHILIP H. LUSTIG in     )       ----------------------------
                                 )           PHILLIP H. LUSTIG
the presence of:-                )

--------------------------
Witness        12.4.79

[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]

[REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]
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                                      -8-

                                    PROBATE

BE IT REMEMBERED that on this       day of         1979 before me the
undersigned a Notary Public in and for the Cayman Islands personally came and
appeared one                    an attesting witness to the due execution of the
within Deed who being by me duly sworn made oath and said that he/she was
present and did see the Common Seal of CAYMAN WATER COMPANY LIMITED one of the
parties named in the said Deed affixed to the said Deed by                 and
by                      of the said CAYMAN WATER COMPANY LIMITED as and for the
proper act and deed of the said CAYMAN WATER COMPANY LIMITED and did see the
said Director and Secretary execute acknowledge and deliver the said Deed for
the purposes therein mentioned.

--------------------------------             ----------------------------------
Witness                                      NOTARY PUBLIC in and for the
                                             Cayman Islands.

                                    PROBATE

BE IT REMEMBERED that on this 30th day of May    1979                before me
the undersigned a Notary Public in and for the Cayman Islands personally came
and appeared one Neil Cavers                     an attesting witness to the
due execution of the within Deed who being by me duly sworn made oath and said
that he was present and did see D.J. Stewart, duly authorised attorney for
and on behalf of the said THE ROYAL BANK OF CANADA one of the parties named in
the said Deed sign seal and as and for the proper act and deed of the said THE
ROYAL BANK OF CANADA execute acknowledge and deliver the said Deed for the
purposes therein mentioned.

/s/ NEIL CAVERS
--------------------------------             ----------------------------------
Witness Neil Cavers                          NOTARY PUBLIC in and for the
                                             Cayman Islands.

[PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]

[REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]
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                                      -9-

                                    PROBATE
                                    -------

BE IT REMEMBERED that on this          day of             1979 before me the
undersigned a Notary Public in and for the Cayman Islands personally came and
appeared one                             an attesting witness to the due
execution of the within Deed who being by me duly sworn made oath and said that
he/she was present and did see PHILIP H. LUSTIG one of the parties named in the
said Deed sign seal and as and for his proper act and deed execute acknowledge
and deliver the said Deed for the purposes therein mentioned.

--------------------------------             -----------------------------------
Witness                                      NOTARY PUBLIC in and for the
                                             Cayman Islands.

                  [Public Record Office Cayman Islands Stamp]

                   [REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]<PAGE>   1
                                                                   Exhibit 10.47

                                 CAYMAN ISLANDS

                          THE REGISTERED LAND LAW 1971

                              VARIATION OF CHARGE

REGISTRATION SECTION                    BLOCK                    PARCEL

West Bay Beach North                     11D                       8
--------------------                    -----                    ------

W H E R E A S : -
-------------

1.   This Instrument is made supplemental to the Charge ("the Charge") between
     CAYMAN WATER COMPANY LIMITED ("the Chargor") and THE ROYAL BANK OF CANADA
     ("the Bank") shown as entry nos. 6 & 7 in the encumbrances section of the
     register relating to the above mentioned title and Debenture ("the
     Debenture") referred to therein.

2.   The Charge and the Debenture were entered into as security for credit
     facilities given to the Chargor to a maximum sum of Two Hundred Thousand
     Cayman Islands Dollars (CI$200,000.00).

3.   The Bank has agreed at the request of the Chargor to extend its credit
     facilities to a maximum sum of Four Hundred and Seventy Five Thousand
     Cayman Islands Dollars (CI$475,000.00) or its equivalent in United States
     Dollars as hereinafter provided and the Chargor has agreed to enter into
     this Instrument for the purpose of increasing the sum secured by the
     Chargor.

NOW THIS INSTRUMENT WITNESSETH as follows:-
------------------------------

1.   The Chargor and the Bank hereby agree that with effect from the date hereof
     the Charge shall be varied to increase the maximum sum secured thereunder
     from Two Hundred Thousand Cayman Islands Dollars (CI$200,000.00) to Four
     Hundred and Seventy Five Thousand Cayman Dollars (CI$475,000.00) or its
     equivalent in United States Dollars provided that the Bank shall have the
     right in its sole discretion to determine what proportion of the increased
     credit facilities shall be advanced in Cayman Islands Dollars and what
     proportion in United States Dollars.

                                I, the Registrar of Lands in the Cayman Islands
                                certify that this document was received by me
REGISTERED                      for registration on the 12th day of May 1981
THIS 21 DAY OF MAY 1981         and list stamp duty assessed/adjudicated by
                                me/Treasury at CI$10 and Land Registry dues at
/s/                             CI$10 relating thereto have been paid.
------------------------
                                                       /s/
CAYMAN ISLANDS                                         ----------------------
                                                       Registrar of Lands

                   [REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]
<PAGE>   2
                                      -2-

-         In so far as not hereby expressly waived or varied the parties hereto
          hereby confirm the terms and provisions of the Charge.

Dated this 30th day of April 1981.

The Common Seal of CAYMAN       )    CAYMAN WATER COMPANY LIMITED
                                )
WATER COMPANY LIMITED was       )
                                )
hereunto affixed by             )    Per:  /s/ L. Downer
                                )    -----------------------------
L. Downer                and    )                         Director
                                )
by        J. Parker             )
                                )
In the presence of:             )
                                )
                                )
/s/                             )    Per: /s/ J. Parker
---------------------------         -----------------------------
                                                        Director
Witness                                                Secretary

SIGNED, SEALED AND DELIVERED    )      THE ROYAL BANK OF CANADA
                                )
By D.J. STEWART *****           )
                                )
the duly authorised Attorney    )
                                )
for and on behalf of THE ROYAL  )
                                )
BANK OF CANADA in the pre-      )
                                )
sence of:--                     )
                                )
                                )
/s/                                Per: /s/ D. Stewart
---------------------------        -------------------------------
                                                      Attorney for
Witness                                               the Bank

                                     [PUBLIC RECORD OFFICE CAYMAN ISLANDS STAMP]

<PAGE>   3
                                      -3-

                         CERTIFICATE OF IDENTIFICATION
                         -----------------------------

                          Cayman Water Company Limited

                 Name:     Per: /s/ L. Downer       -- Director

                           Per:  J. Parker          -- Secretary
                 -----------------------------------------------

I HEREBY CERTIFY that the above named persons appeared before me on the 30th day
of April 1981

               being known to me acknowledged the above signature or mark to be
theirs and that they had freely and voluntarily executed this instrument and
understood its contents.

                                        /s/
                                   ---------------------------------------
                                   Signature and designation of the
                                   person certifying

                         CERTIFICATE OF IDENTIFICATION
                         -----------------------------

                          The Royal Bank of Canada

           Name:     Per: D.J. Stewart       -- Attorney for the Bank
           ----------------------------------------------------------

I HEREBY CERTIFY that the above named person appeared before me on the 30th day
of April 1981 and being known to me acknowledged the above signature or mark to
be his and that he had freely and voluntarily executed this instrument and
understood its contents.

                                        /s/
                                   ---------------------------------------
                                   Signature and designation of the
                                   person certifying

[REGISTRAR OF LANDS CAYMAN ISLANDS STAMP]

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