Document:

Debenture Order Form

 Exhibit 4.3 
  

MD TECHNOLOGIES INC. 
  
 DEBENTURE ORDER FORM 
  

			
	Please Return To:	 	A PROPERLY COMPLETED
	 MD Technologies Inc.
 620 Florida St., Suite 200
 Baton Rouge, LA 70801
 Attn: Jose S. Canseco
	 	 ORIGINAL DEBENTURE
 ORDER FORM MUST BE USED TO
 SUBSCRIBE FOR DEBENTURES

  

  
 Expiration Date for Purchase of Debentures: 
 September 23, 2005 
 5:00 P.M. Baton Rouge, Louisiana Time 
  

  
 Debentures Subscribed For 
  

					
	 (1) Number of Debentures
	 	 Debenture Price 
	 	 (2) Total Payment Due

			
	 _______________
	 	 X $10,000 = 
	 	 $ __________________

  
 Method of Payment

  

	(3)	 ̈ Enclosed is a check, bank draft or telegraphic or express money
order made payable to MD Technologies Inc. (cash may not be used) in the amount of $ ___________________. 

  

	(4)	 ̈ Wire transfer of funds has been made to an account maintained by MD
Technologies Inc. for such purpose in the amount of $                     . (Please contact Mr. Canseco for wire instruction information)

  
 Debenture Registration 
  

	(5)	Form of Debenture Ownership: 

  

									
	  ̈ Individual
	  	  ̈ UTMA/UGMA
	  	  ̈ Fiduciary (i.e.
 trust, estate, etc.)
	  	  ̈ Corporation or
 Partnership
	  	  ̈ Other                     

  
 Residence and Taxpayer
Information 
  

	(6)	I am a resident of State:              Country:
             

  

					
	 	 	 	 	 
	 Name
	 	 	 	 Social Security No. or Tax ID No.

					
			
	 	 	 	 	 
			
	 Street Address/City/State/Zip Code
	 	 	 	 County of Residence

  

 Telephone Information 
  
 (7) Please provide telephone numbers where you can be reached. 
  

			
	 Daytime Phone

	  	 Evening Phone

	 (            )
	  	(            )

  
 Acknowledgment

  
 (8) I/We acknowledge receipt of the prospectus dated May
            , 2005 and understand that in order to purchase debentures, this fully completed Debenture Order Form must be received by MD Technologies Inc. no later than 5:00 p.m. on
September 23, 2005, the expiration date of the offering, unless extended by MD Technologies Inc., otherwise this Debenture Order Form will be void. Completed Debenture Order Forms, together with the required payment, may be delivered to or mailed to
MD Technologies Inc. in the enclosed business reply envelope or to the address found in the offering circular. Do not mail cash. 
  
 It is understood that this Debenture Order Form will be accepted in accordance with, and subject to, the terms and conditions described in the accompanying prospectus.

  
 The undersigned agree(s) that, without the prior consent of MD Technologies
Inc., this Debenture Order Form may not be modified, withdrawn or cancelled. 
  
 Under penalty of perjury, I/we certify that the Social Security or Tax ID Number and other information provided under Item 6 of this Debenture Order Form are true, correct and complete and that I/we am/are not subject to backup withholding
because: (i) I/we am/are exempt from backup withholding (ii) I/we have not been notified by the Internal Revenue Service (“IRS”) that I/we am/are subject to backup withholding as a result of failure to report all interest or dividends; or
(iii) the IRS has notified me/us that I/we am/are no longer subject to backup withholding. 
  
 I UNDERSTAND THAT MY PURCHASE OF DEBENTURES IS SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL INVESTED. 
  

									
					
	(9) Signature:	 	 	 	 	 	Date:	 	 
					
	(9) Signature:	 	 	 	 	 	Date:	 	 

  
 (10) If signature is by trustee(s),
executor(s), administrator(s), guardian(s), attorney-in-fact, agent(s), officer(s) of a corporation or of another person acting in a fiduciary or representative capacity, please provide the following information (please type or print). 

 

					
	 	 	 	 	 
	 Name
	 	 Capacity
	 	 Social Security No. or Tax ID No.

					
			
	 	 	 	 	 
	 Street Address/City/State/Zip Code
	 	 	 	 County of Residence

  
 You may mail your completed Debenture
Order Form to MD Technologies Inc. at the address provided in the prospectus. If you send by mail, it is recommended that the Debenture Order Form be sent by registered mail, properly insured, with return receipt requested, and that a sufficient
number of days be allowed to ensure delivery to MD Technologies Inc. prior to the Expiration Date. Your Debenture Order Form, properly completed, and payment in full must be received by MD Technologies Inc. no later than 5:00 p.m., Baton Rouge,
Louisiana Time, on September         , 2005, or it will become void. 
  

 -2- 

 DEBENTURE OWNERSHIP GUIDE AND ORDER FORM INSTRUCTIONS 
  

			
	DEBENTURE OWNERSHIP GUIDE
		
	INDIVIDUAL:	  	Include the first name, middle initial, and last name of the debenture holder. Avoid the use of an initial in place of the first name. Please omit words that do not affect ownership rights
such as “Mr.,” “Mrs.,” “Dr.,” “special account,” “single person,” etc.
		
	UNIFORM TRANSFER TO MINORS ACT (“UTMA”):	  	The debenture may be held in the name of the custodian for a minor under the Uniform Transfer to Minor Acts of the individual states. There may be only one custodian and one minor designated
on a debenture. The standard abbreviation of custodian is “CUST,” while the “Uniform Transfer to Minor Act” is abbreviated “UTMA.” Standard U.S. Postal Service state abbreviations should be used to describe the
appropriate state. For example, a debenture held by John P. Jones under the Pennsylvania Uniform Transfer to Minor Act will be abbreviated: JOHN P. JONES, CUST SUSAN A. JONES, UTMA, PA.
		
	UNIFORM GIFT TO MINORS ACT (“UGMA”):	  	The debenture may be held in the name of a custodian for a minor under the Uniform Gifts to Minors laws of the individual states. There may be only one custodian and one minor designated on a
debenture. The standard abbreviation of custodian is “CUST,” while the description “Uniform Gift to Minors Act” is abbreviated “UNIF GIFT MIN ACT.” Standard U.S. Postal Service state abbreviations should be used to
describe the appropriate state.
		
	FIDUCIARIES:	  	Information provided with respect to the debenture to be held in a fiduciary capacity must contain the following:
		
	 	  	 •      The name(s) of the fiduciary. If an individual, list the first name, middle initial, and last
name. If a corporation, list corporate title (name). If an individual and a corporation, list the corporation before the individual.

		
	 	  	 •      The fiduciary capacity, such as administrator, executor, personal representative, conservator,
trustee, committee, etc.

		
	 	  	 •      A description of the document governing the fiduciary relationship, such as a trust agreement or
court order. Without designation establishing a fiduciary relationship, your debenture may not be registered in a fiduciary capacity.

		
	 	  	 •      The date of the document governing the relationship, except that the date of a trust created by a
will need not be included in the description.

		
	 	  	 •      The name of the maker, donor or testator and the name of the beneficiary.

		
	 	  	An example of fiduciary ownership: John D. Smith, Trustee Under Agreement Dated 10-1-92 for Tom A. Smith.
	
	ITEM INSTRUCTIONS
		
	ITEMS 1 and 2	  	Fill in the number of debentures that you wish to purchase and the total payment due. The amount due is determined by multiplying the number of debentures by the subscription price of $10,000
per debenture. MD Technologies Inc. may accept or reject subscriptions, in whole or in part, in the sole discretion of its board of directors.
		
	ITEMS 3 and 4	  	Please check the appropriate box if (a) your method of payment is check, bank draft or telegraphic or express made payable to MD Technologies Inc. and fill in the amount due
or

  

 -4- 

			
	 	  	(b) your method of payment is by wire transfer of funds to an account maintained by MD Technologies Inc. and fill in the amount due.
		
	 	  	The aggregate subscription price will be deemed to have been received by MD Technologies Inc. only upon (i) clearance of any non-certified check, (ii) receipt by MD Technologies Inc. of any
certified check or bank draft drawn upon a domestic bank or of any posted, telegraphic or express money order, or (iii) receipt of good funds in MD Technologies Inc.’s account. If paying by a non-certified personal check, please note that the
funds paid thereby may take at least five business days to clear. Accordingly, persons who wish to pay the aggregate subscription price by a means of a non-certified personal check are urged to make payment sufficiently in advance to the offering
expiration date, to ensure that such payment is received and clears by such date and are urged to consider payment by means of certified or cashier’s check, money order or wire transfer of funds. All funds received shall be held by MD
Technologies Inc. If the amount enclosed or transmitted is not sufficient to pay the purchase price for all debentures that are stated to be subscribed for, the number of debentures subscribed for will be assumed to be the maximum number that could
be subscribed for upon payment of such amount. If the offering is terminated, all funds received from subscribers will be promptly refunded, with interest.
		
	 ITEMS 5, 6 and 7
	  	The securities transfer industry has developed a uniform system of securityholder registration that we will use in the issuance of your debentures. Please complete Items 5, 6 and 7 as fully
and accurately as possible, and be certain to supply the social security or tax ID number of the person who is subscribing for debentures. Additionally, please list your daytime and evening telephone number(s). We will need to call you if we cannot
execute your subscription as given. If you have any questions or concerns regarding the registration of your debenture, please consult your legal advisor. Debenture ownership must be registered in one of the ways described under “Debenture
Ownership Guide” above.
		
	 ITEMS 8 and 9
	  	Please sign and date the Debenture Order Form where indicated. Review the Debenture Order Form carefully before you sign, including the acknowledgment. Normally, one signature is
required.
		
	 ITEM 10
	  	Persons who sign the Debenture Order Form in a representative or other fiduciary capacity must indicate their capacity when signing and unless waived by MD Technologies Inc. in its sole and
absolute discretion, must present to MD Technologies Inc. satisfactory evidence of their authority so to act. If the Debenture Order Form is executed by a person other than the holder named on the face of the Debenture Order Form, prior evidence of
authority of the person executing the Debenture Order Form must accompany the name unless MD Technologies Inc., in its discretion, dispenses with proof of authority.

  

 -5-Paying Agent and Registrar Agreement with Hancock Bank of Louisiana

 Exhibit 10.7 
  
 PAYING AGENT AND REGISTRAR AGREEMENT 
  
 by and between 
  
 MD TECHNOLOGIES INC. 
  
 and 
  
 HANCOCK BANK OF LOUISIANA 
  
 as Paying Agent and Registrar 
  
 relating to 
  
 $5,000,000 
  
 7.25 % CONVERTIBLE DEBENTURES DUE JUNE 30, 2015 
  

 TABLE OF CONTENTS 
  

			
	ARTICLE I
	
	APPOINTMENT OF BANK AS PAYING AGENT AND REGISTRAR
		
	 Section 1.01
	  	Appointment and Acceptance
	 Section 1.02
	  	Compensation
	 Section 1.03
	  	Duration
	
	ARTICLE II
	
	DEFINITIONS
	 Section 2.01
	  	Definitions
	 Section 2.02
	  	Other Definitions
	
	ARTICLE III
	
	PAYING AGENT
	 Section 3.01
	  	Duties of Paying Agent
	 Section 3.02
	  	Payment Dates
	
	ARTICLE IV
	
	REGISTRAR
	 Section 4.01
	  	Transfer and Exchange
	 Section 4.02
	  	Blank Certificate Instruments
	 Section 4.03
	  	Form of Certificate Register
	 Section 4.04
	  	List of Certificate Holders
	 Section 4.05
	  	Return of Cancelled Certificate
	 Section 4.06
	  	Mutilated, Destroyed, Lost or Stolen Certificate
	 Section 4.07
	  	Transaction Information to Issuer
	
	ARTICLE V
	
	THE BANK
	 Section 5.01
	  	Duties of Bank
	 Section 5.02
	  	Reliance on Documents, etc.
	 Section 5.03
	  	Recitals of Issuer

  

			
	ARTICLE VI
	
	MISCELLANEOUS PROVISIONS
	 Section 6.01
	  	Amendments
	 Section 6.02
	  	Assignment
	 Section 6.03
	  	Notices
	 Section 6.04
	  	Effect of Headings
	 Section 6.05
	  	Successors and Assigns
	 Section 6.06
	  	Severability
	 Section 6.07
	  	Benefits of Agreement
	 Section 6.08
	  	Entire Agreement
	 Section 6.09
	  	Application of Proceeds
	 Section 6.10
	  	Counterparts
	 Section 6.11
	  	Termination
	 Section 6.12
	  	Sinking Fund
	 Section 6.13
	  	Governing Law

  

 2 

 PAYING AGENT AGREEMENT 
  
 This PAYING AGENT AGREEMENT entered into as of May     , 2005 (the “Agreement”), is by
and between the MD TECHNOLOGIES, INC., a Delaware corporation (the “Issuer”), and HANCOCK BANK OF LOUISIANA (Trust Division), in the City of Baton Rouge, Louisiana as Paying Agent/Registrar (the “Bank”): 
  
 RECITALS OF THE ISSUER 
  
 WHEREAS, the Issuer has duly authorized and provided for the issuance of its
7.25% Convertible Debentures due 2015 (the “Certificate”), in an aggregate principal amount of $5 million to be issued as a fully registered certificate without coupons; and 
  
 WHEREAS, all things necessary to make the Certificate the valid obligation of the Issuer, in accordance with their terms,
will have been taken upon the issuance and delivery thereof; and 
  
 WHEREAS, the Issuer desires that the Bank act as the Paying Agent for the Issuer in paying the principal, premium, if any, and interest on the Certificate, (including payments upon redemption of the certificate), in accordance with the
terms thereof, and that the Bank act as Registrar for the Certificate, all in accordance with the terms of this Agreement and the Issuing Resolution (herein defined); and 
  
 WHEREAS, the Issuer has duly authorized the execution and delivery of this Agreement, and all things necessary to make this
Agreement the valid agreement of the Issuer, in accordance with its terms, have been done; and 
  
 WHEREAS, the Bank desires to accept the appointments of Paying Agent and Registrar as set forth in this Agreement and the Issuing Resolution; and 
  
 WHEREAS, the Bank has duly authorized the execution and delivery of this Agreement, and all things necessary to make this
Agreement the valid agreement of the Bank, in accordance with its terms, have been done; 
  
 NOW, THEREFORE, it is mutually agreed by the Issuer and the Bank as follows: 
  
 ARTICLE I 
  
 APPOINTMENT OF BANK AS PAYING AGENT AND REGISTRAR 
  
 Section 1.01 Appointment and Acceptance. The Issuer hereby appoints the Bank as Paying Agent with respect to the Certificate, for the purpose of paying to the registered owners of the Certificate the principal, premium if any, and
interest on the Certificate. 
  
 The Issuer hereby appoints the
Bank as Registrar, as hereinafter defined, with respect to the Certificate. 
  

 The Bank hereby accepts its appointment, and agrees to act as the Paying Agent and Registrar (the
“Paying Agent”), as set forth in this Agreement and in the Issuing Resolution. 
  
 Section 1.02 Compensation. As compensation for the Bank’s services as Paying Agent and Registrar, the Issuer hereby agrees to pay the Bank a fee according to the Bank’s fee schedule set forth in
Exhibit A hereto. Such compensation shall remain fixed for the term of this Agreement in accordance with Exhibit A. 
  
 Section 1.03 Duration. The Bank shall remain the Paying Agent and Registrar for the Issuer until the outstanding debt or the Certificate is paid in
full, either at maturity or upon redemption, unless (i) the Bank consents to the appointment of a successor Paying agent, or (ii) the Bank becomes insolvent, enters into receivership or bankruptcy, or (iii) acts in bad faith, or (iv) as set forth in
Section 6.11. 
  
 ARTICLE II 
  
 DEFINITIONS 
  
 Section 2.01 Definitions. For all purposes of this Agreement, except
as otherwise expressly provided or unless the context otherwise requires: 
  
 “Agreement” means this Paying Agent Agreement. 
  
 “Bank” means Hancock Bank of Louisiana as Paying Agent and Registrar. 
  
 “Bank Office” means the principal corporate trust office of the Bank at the address as set forth on the
signature page of this Agreement. The Bank will notify the Issuer in writing of any change in location of the Bank Office. 
  
 “Certificate” means the Issuer’s obligations referred to in the recitals to this Agreement, which obligations are to be issued
pursuant to the Issuing Resolution. 
  
 “Certificate
Register” has the meaning set forth in Section 4.01 hereof. 
  
 “Holder” or “Certificate Holder” means a Person in whose name a Certificate is registered in the Certificate Register. 
  
 “Issuer” means the issuing authority party to this Agreement referred to in the first paragraph hereof. 
  
 “Issuer Request” or “Issuer Order” means a
written request or order signed in the name of the issuer by any officer of the Issuer and delivered to the Bank. 
  
 “Issuing Resolution” means the resolution or other official proceedings of the governing authority of the Issuer pursuant to which the
Certificate is issued, certified by any officer of the Issuer and delivered to the Bank. 
  

 2 

 “Paying Agent” means the Bank when it is performing the functions associated with such
terms in this Agreement. 
  
 “Person” means any
individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision of a government. 
  
 “Record Date” means the Bond Registrar’s close of
business on the fifteenth day of the month immediately preceding such Payment Date or, if such date is not a Business Day, the next preceding Business Day; and, in the case of each redemption, such Record Date shall be specified by the Bond
Registrar in the notice of redemption, provided that such Record Date shall be not less than fifteen calendar days before the mailing of such notice of redemption. 
  
 “Responsible Officer” when used with respect to the Bank means the Chairman or Vice-Chairman of the Board
of Directors, the Chairman or Vice-Chairman of the Executive Committee of the Board of Directors, the Chairman, any Vice-Chairman, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, the Cashier, any Assistant Cashier,
any Trust Officer or Assistant Trust Officer, or any other officer of the Bank customarily performing functions similar to those performed by any of the above designated officers, and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of, and familiarity with, the particular subject. 
  
 Section 2.02 Other Definitions. Capitalized terms herein not otherwise defined shall have the respective meanings assigned thereto in the Debenture
Purchase Agreement. 
  
 ARTICLE III 
  
 PAYING AGENT 
  
 Section 3.01 Duties of Paying Agent. As Paying Agent, the Paying Agent
shall, provided adequate funds have been provided to it for such purpose by or on behalf of the Issuer, pay on behalf of the Issuer the principal of the Certificate at the stated maturity or redemption date, and the interest on the Certificate when
due, by computing the amount of principal and/or interest to be paid to each of the Holders as of Record Date, preparing the checks and mailing the checks on the principal and/or interest Payment Date to the Holders, addressed to their address
appearing on the Certificate Register as of Record Date. 
  
 Payment of the final installment of principal on the Certificate shall only be made upon presentation and surrender of the Certificate to the Paying Agent. 
  
 Section 3.02 Payment Date. The Issuer hereby instructs the Bank to pay the principal of and interest on the
Certificate on the dates specified in the Issuing Resolution. 
  

 3 

 ARTICLE IV 
  

REGISTRAR 
  
 Section 4.01 Transfer and Exchange. The Issuer shall cause to be kept at the Bank Office a register (herein sometimes referred to as the
“Certificate Register”) in which, subject to such reasonable written regulations as the Issuer may prescribe (which regulations may be furnished the Bank herewith or subsequent hereto by Issuer Order), the Issuer shall provide for the
registration of Certificate and of transfers and exchanges of the Certificate. The Bank is hereby appointed “Registrar” for the purpose of registering the Certificate and transfers of the Certificate as herein provided. The Bank agrees to
maintain the Certificate Register while it is the Registrar. 
  
 If the Certificate is surrendered for transfer or exchange, it shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bank, duly executed by the Holder thereof or his attorney, duly
authorized in writing. 
  
 Registrar may request any supporting
documentation it feels necessary to effect a re-registration. 
  
 The Registrar shall not be required to transfer or exchange any bond during the period beginning with the Record Date and ending on the Interest Payment Date. 
  
 Section 4.02 Blank Certificate Instruments. The Issuer may provide an adequate inventory of blank Certificate
instruments to facilitate transfers. If so provided, the Bank covenants that it will maintain all blank Certificate instruments in safekeeping and will use reasonable care in maintaining such blank Certificate instruments in safekeeping, which shall
be not less than the care it exercises for debt securities of other political subdivisions or corporations for which it serves as registrar, or which it maintains for its own securities, and in compliance with its document retention policies.

  
 Section 4.03. Form of Certificate Register. The Bank as
Registrar will maintain the records of the Certificate Register in accordance with the Bank’s general practices and procedures in effect from time to time. The Bank shall not be obligated to maintain such Register in any form other than those
that the Bank has currently available and currently utilizes at the time. 
  
 The Certificate Register may be maintained in written form, or in any other form capable of being converted into written form, within a reasonable time. 
  
 Section 4.04. List of Certificate Holders. The Bank will provide the Issuer at any time reasonably requested by the
Issuer, upon payment of any required reasonable fee, a copy of the information contained in the Certificate Register. The Issuer may also inspect the information in the Certificate Register at any time the Bank is customarily open for business,
provided that reasonable time is allowed the Bank to provide an up-to-date listing or to convert the information into written form. 
  

 4 

 The Bank will not release or disclose the content of the Certificate Register to any person other than
to, or at the written request of, an authorized officer or employee of the Issuer, except upon receipt of a subpoena, court order or otherwise required by law. Upon receipt of a subpoena or court order or other request, the Bank will notify the
Issuer so that the issuer may have the option to contest the subpoena or court order. 
  
 Section 4.05 Return of Cancelled Certificate. The Bank will, at such reasonable intervals as it determines, surrender to the Issuer a canceled Certificate in lieu of which or in exchange for which another
Certificate has been issued, or which has been paid. 
  
 Section
4.06 Mutilated, Destroyed, Lost or Stolen Certificate. The Issuer hereby instructs the Bank to deliver and issue a Certificate in exchange for or in lieu of a mutilated, destroyed, lost or stolen Certificate as long as the same does not
result in an over-issuance. The Bank will issue and deliver a new Certificate in exchange for a mutilated Certificate surrendered to it. The Bank will issue a new Certificate in lieu of a Certificate for which it received written representation from
the Holder that the instrument representing such Certificate is destroyed, lost or stolen, without the surrender or production of the original instrument. The Bank will pay on behalf of the Issuer the principal and premium, if any, of a Certificate
for which it receives written representation that such Certificate is destroyed, lost or stolen following the stated maturity or redemption of the Certificate, without the surrender or production of the original instrument. The Bank will not issue a
replacement Certificate or pay such replacement Certificate unless there is delivered to the Bank and the Issuer such certificate or indemnity as they may require to save both the Bank and the Issuer harmless. 
  
 On satisfaction of the Bank and the Issuer, the Certificate Register will be
cancelled with a notation that it has been mutilated, destroyed, lost or stolen and a new Certificate will be issued of the same series and of like tenor and principal amount bearing a number (according to the Certificate Register) not
contemporaneously outstanding. Any replacement Certificate issued hereunder shall contain any legend prescribed by applicable law. 
  
 The Bank may charge the Holder the Bank’s fees and expense in connection with issuing a new Certificate in lieu of or exchange for a mutilated,
destroyed, lost or stolen Certificate. 
  
 Section 4.07.
Transaction Information to Issuer. The Bank will, within a reasonable time after receipt of written request from the Issuer, furnish the Issuer information as to the Certificate it has paid pursuant to Section 3.01, the Certificate it has
delivered upon the transfer or exchange of any Certificate pursuant to Section 4.01 and the Certificate it has delivered in exchange for or in lieu of mutilated, destroyed, lost or stolen Certificate pursuant to Section 4.06. 
  
 ARTICLE V 
  
 THE BANK 
  
 Section 5.01 Duties of the Bank. The Bank undertakes to perform the duties set forth herein and agrees to use reasonable care in the performance
thereof. 
  

 5 

 Section 5.02. Reliance on Documents, etc. (a) The Bank may conclusively rely, as to the truth of
the statements and correctness of the opinions expressed therein, on the Certificate or opinions furnished to the Bank. 
  
 (b) The Bank shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it shall be proved that the Bank was
negligent in ascertaining the pertinent facts. 
  
 (c) No
provisions of this Agreement shall require the Bank to expend or risk its own funds or otherwise incur any financial liability for performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risks or liability is not assured to it. 
  
 (d) The Bank may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, note security, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. Without limiting the generality of the foregoing statement,
the Bank need not examine the ownership of the Certificate, but is protected in acting upon receipt of the Certificate containing an endorsement or instruction of transfer or power of transfer that appears on its face to be signed by the Holder or
an attorney-in-fact of the Holder. The Bank shall not be bound to make any investigation into the facts or matters stated in a resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note,
security or other paper or document supplied by Issuer. 
  
 (e)
The Bank may consult with counsel, and the written advice of such counsel or any opinion of counsel shall be full and complete authorization and protection with respect to any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. 
  
 (f) The Bank may exercise any of the powers
and perform any of the duties hereunder either directly or by or through agents or attorneys of the Bank. 
  
 (g) The Bank, with respect to the issuance of new certificates, is not responsible for compliance with rules and regulations of the Securities and
Exchange Commission, or any “Blue Sky Laws” of any State. 
  
 Section 5.03 Recitals of Issuer. The recitals contained in the Certificate and herein shall be taken as the statements of the Issuer, and the Bank assumes no responsibility for their correctness. 
  
 The Bank shall in no event be liable to the Issuer, any Holder or Holders of
the Certificate or any other Person for any amount due on any Certificate from its own funds. 
  
 The Issuer represents and warrants that this agreement has been fully authorized and executed by the Issurer. 
  

 6 

 ARTICLE VI 
  

MISCELLANEOUS PROVISIONS 
  
 Section 6.01 Amendments. This Agreement may be amended by an agreement in writing signed by both of the parties hereto. 
  
 Section 6.02 Assignment. This Agreement may not be assigned by either
party without the prior written consent of the other. 
  
 Section
6.03 Notices. Any request, demand, authorization, direction, notice, consent, waiver or other document provided or permitted hereby to be given or furnished to the Issuer or the Bank shall be mailed or delivered to the Issuer or the Bank,
respectively, at the addresses shown on the signature page of this Agreement. 
  
 Section 6.04. Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 Section 6.05 Successors and Assigns. All covenants and agreements herein by the Issuer shall bind its successors and
assigns, whether so expressed or not. 
  
 Section 6.06
Severability. In case any provision herein shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 6.07 Benefits of Agreement. Nothing herein, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, any benefit or any legal or equitable right, remedy or claim hereunder. 
  
 Section 6.08. Entire Agreement. This Agreement and the Issuing Resolution constitute the entire agreement between the
parties hereto relative to the Bank acting as Paying Agent and Registrar. 
  
 Section 6.09 Counterparts. This Agreement may be executed in any number of counterparts, each which shall be deemed an original and all of which shall constitute one and the same Agreement. 
  
 Section 6.10 Termination. This Agreement will terminate on the date of
final payment by the Bank issuing its checks for the final payment of principal and interest of the Certificate or upon transfer of the Certificate to another financial institution as Holder, such Holder of the Certificate being a different
financial institution than the original Holder of the Certificate. The provisions of Section 1.02 and of Article V shall survive, and remain in full force and effect following the termination of this Agreement. 
  
 Section 6.11. Governing Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of Louisiana. 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

			
	 MD TECHNOLOGIES, INC.

		
	 By:
	 	 
	 	 	William Eglin
	 	 	President and CEO

  
 ATTEST: 
  

			
		
	By:	 	 

  

			
	HANCOCK BANK OF LOUISIANA, as Paying Agent and Registrar
		
	 By:
	 	 
	 	 	________________________________
	 	 	Vice-President and Trust Officer

  

 8

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