Document:

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                                                                EXHIBIT 10(R)(4)

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THIS DEBENTURE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED ("ACT"), OR APPLICABLE STATE SECURITIES LAWS ("STATE ACTS"), AND SHALL
NOT BE SOLD, HYPOTHECATED, OR OTHERWISE TRANSFERRED, UNLESS SUCH TRANSFER IS
MADE IN COMPLIANCE WITH THE ACT AND THE STATE ACTS.
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                           COVER-ALL TECHNOLOGIES INC.

                           8.00% CONVERTIBLE DEBENTURE

$200,000                                                                   NO. 5

DATE OF ISSUE:  JUNE 28, 2001

     COVER-ALL TECHNOLOGIES INC., a Delaware corporation (the "Company" or
"Borrower"), for value received, promises to pay to:

                                STUART STERNBERG

or to its order, (together with any assignee, jointly or severally, the "Holder"
or "Lender") on or before July 1, 2008 (the "Due Date") (unless this Debenture
shall have been sooner called for redemption or presented for conversion as
herein provided), the sum of Two Hundred Thousand Dollars ($200,000) (the
"Principal Amount") and to pay interest on the unpaid Principal Amount at the
rate of 8.00% per annum. All payments of both principal and interest shall be
made at the address of the Holder hereof as it appears in the books and records
of the Borrower, or at such other place as may be designated by the Holder
hereof. This Debenture is one of the 8.00% Convertible Debentures of the Company
in the aggregate principal amount of $400,000 issued under, and pursuant to, the
terms and provisions of the Convertible Loan Agreement, dated as of June 28,
2001, by and among Cover-All Technologies Inc. as Borrower and John Roblin,
Arnold Schumsky and Stuart Sternberg as Lender and Stuart Sternberg as Agent for
the Lender ("Loan Agreement"). On even date herewith, the Company has issued
8.00% Convertible Debentures in aggregate principal amount of $1,400,000 to
Renaissance U.S. Growth and Income Trust PLC, a public limited company
registered in England and Wales, and BFSUS Special Opportunities Trust PLC, a
public limited company registered in England and Wales (collectively, the
"Renaissance Debentures").

     1. INTEREST. Interest on the Principal Amount outstanding from time to time
shall be payable in monthly installments commencing August 1, 2001, and
subsequent payments shall be made on the first day of each month thereafter
until the Principal Amount and all accrued and unpaid interest shall have been
paid in full. Overdue principal and interest on the Debenture shall bear
interest at the rate of 18% per annum.

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     2. MATURITY. If not sooner paid, redeemed or converted, this Debenture
shall mature on July 1, 2008 at which time the remaining unpaid Principal
Amount, and all accrued and unpaid interest and any other charges then due under
the Loan Agreement, shall be due and payable in full. This Debenture shall be
prepaid PRO RATA with any prepayments of Indebtedness. This Debenture shall rank
PARI PASSU in right of payment with the Renaissance Debentures and shall be
senior in right of payment to all other Indebtedness of the Company.

     3. MANDATORY PRINCIPAL INSTALLMENTS. If this Debenture is not sooner
redeemed or converted as provided hereunder, Borrower shall pay to Holder,
commencing on July 1, 2004 and continuing on the first day of each successive
month thereafter prior to maturity, mandatory principal redemption installments,
each of such installments to be in the amount of Ten Dollars ($10) per Thousand
Dollars ($1,000) of the then remaining Principal Amount, and further, at
maturity, Borrower shall pay to Holder a final installment of the remaining
unpaid Principal Amount, and all accrued and unpaid interest and any other
charges then due under the Loan Agreement.

     4. OPTIONAL REDEMPTION BY HOLDER.

          (a) If at any time after the date hereof (i) a "person" or "group"
     within the meaning of Sections 13(d) and 14(d)(2) of the Securities
     Exchange Act of 1934, as amended, acquires more than 35% of the Company's
     voting securities, (ii) John W. Roblin resigns as CEO of the Borrower,
     prior to the expiration of his current employment term pursuant to his
     then-current employment agreement, (iii) all or substantially all of the
     assets or capital stock of the Company or its Subsidiaries are sold, or
     (iv) the Company or its Subsidiaries are merged or consolidated with or
     into unaffiliated entities, in any case without the written consent of
     Holder, the Holder shall have the right to require this Debenture to be
     redeemed by the Company at the sum equal to the Principal Amount, together
     with an amount equal to an 18% annual yield from the date hereof on the
     Principal Amount (calculated after giving effect to any and all payments
     made by Borrower to Lender under the Debenture) through the date of
     redemption (the "Redemption Date").

          (b) The Holder may exercise its right to require that the Company
     redeem this Debenture pursuant to Section 4(a) prior to maturity by giving
     written notice thereof to the Company, which notice shall specify the terms
     of redemption (including the place at which the Holder may obtain payment),
     the total redemption payment and the Redemption Date, which Redemption Date
     shall be within thirty (30) days of the date of such notice.

     5. OPTIONAL REDEMPTION BY COMPANY.

          (a) On any interest payment date, and after receipt of irrevocable
     notice from the Borrower as provided for below, this Debenture is
     redeemable, in whole but not in part, at 101% of the Principal Amount,
     together with accrued and unpaid interest through the Redemption Date, by
     the Company, if all of the following conditions are satisfied: (i)

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     the average closing bid price for the Common Stock for the 20 consecutive
     trading days prior to the date of notice exceeds an amount equal to three
     times the Conversion Price then in effect, and the Common Stock is listed
     or quoted on the Nasdaq, the Nasdaq SmallCap System, American Stock
     Exchange or New York Stock Exchange; (ii) the average daily trading volume
     for the Common Stock for the 20 consecutive trading days prior to the date
     of the irrevocable notice shall be no less than 50,000 shares; (iii) the
     market price for the Common Stock at the time of notice reflects a
     price-to-earnings ratio of no greater than 25 times fully diluted earnings
     per share, excluding any extraordinary gains; and (iv) the shares of Common
     Stock issuable upon conversion of this Debenture shall have been fully
     registered under applicable U.S. securities laws. The Company's right of
     redemption is subject to the Holder's prior right of conversion of the
     Debenture.

          (b) Upon the Holder's notification to the Company in writing of its
     intent to sell, assign or transfer the Debenture pursuant to Section 14
     hereof, this Debenture is redeemable at the Borrower's option, in whole but
     not in part, at 101% of the Principal Amount, together with accrued and
     unpaid interest through the Redemption Date, by the Company for a period of
     up to 30 days after the date of notice.

          (c) The Company may exercise its right to redeem this Debenture
     pursuant to Sections 5(a) and (b) prior to maturity by giving notice
     thereof to the Holder of this Debenture as such name appears on the books
     of the Borrower, which notice shall specify the terms of redemption
     (including the place at which the Holder may obtain payment), the total
     redemption payment and the Redemption Date.

     6. CONVERSION RIGHT.

          (a) The Holder of this Debenture shall have the right, at Holder's
     option, at any time, to convert all, or, in multiples of $100,000, any part
     of this Debenture into such number of fully paid and nonassessable shares
     of Common Stock as provided herein. The Holder of this Debenture may
     exercise the conversion right by giving written notice (the "Conversion
     Notice") to Borrower of the exercise of such right and stating the name or
     names in which the stock certificate or stock certificates for the shares
     of Common Stock are to be issued and the address to which such certificates
     shall be delivered. The Conversion Notice shall be accompanied by the
     Debenture. The number of shares of Common Stock that shall be issuable upon
     conversion of the Debenture shall equal the outstanding Principal Amount of
     the Debenture divided by the Conversion Price (as defined below) and in
     effect on the date the Conversion Notice is given; provided, however, that
     in the event that this Debenture shall have been partially redeemed, shares
     of Common Stock shall be issued pro rata, rounded to the nearest whole
     share. Conversion shall be deemed to have been effected on the date the
     Conversion Notice is received (the "Conversion Date"). In the case of any
     Debenture called for redemption, the conversion rights will expire at the
     close of business on the Redemption Date. Within 20 business days after
     receipt of the Conversion Notice, Borrower shall issue and deliver by hand
     against a signed receipt therefor or by United States registered mail,
     return receipt requested, to the address designated in the Conversion
     Notice, a stock certificate

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     or stock certificates of Borrower representing the number of shares of
     Common Stock to which Holder is entitled and a check or cash in payment of
     all interest accrued and unpaid on the Debenture up to and including the
     Conversion Date. The conversion rights will be governed by the following
     provisions:

          (b) CONVERSION PRICE. On the issue date hereof and until such time as
     an adjustment shall occur, the Conversion Price shall be $0.50 per share;
     provided, however, that the Conversion Price shall be subject to adjustment
     at the times and in accordance with the provisions set forth below.

              (i)    ADJUSTMENT FOR ISSUANCE OF SHARES AT LESS THAN THE
                     CONVERSION PRICE. If and whenever any Additional Common
                     Stock (as defined below) shall be issued by Borrower (the
                     "Stock Issue Date") for a consideration per share less than
                     the Conversion Price, then in each such case the initial
                     Conversion Price shall be reduced to a new Conversion Price
                     in an amount equal to the price per share for the
                     Additional Common Stock then issued, if issued in
                     connection with a sale of shares, or the value of the
                     Additional Common Stock then issued, as determined in
                     accordance with generally accepted accounting principles,
                     if issued other than for cash, and the number of shares
                     issuable to Holder upon conversion shall be proportionately
                     increased; and, in the case of Additional Common Stock
                     issued without consideration, the initial Conversion Price
                     shall be reduced in amount and the number of shares issued
                     upon conversion shall be increased in an amount so as to
                     maintain for the Holder the right to convert the Debenture
                     into shares equal in amount to the same percentage interest
                     in the Common Stock of the Company as existed for the
                     Holder immediately preceding the Stock Issue Date.

              (ii)   SALE OF SHARES. In case of the issuance of Additional
                     Common Stock for a consideration part or all of which shall
                     be cash, the amount of the cash consideration therefor
                     shall be deemed to be the gross amount of the cash paid to
                     Borrower for such shares, before deducting any underwriting
                     compensation or discount in the sale, underwriting or
                     purchase thereof by underwriters or dealers or others
                     performing similar services or for any expenses incurred in
                     connection therewith. In case of the issuance of any shares
                     of Additional Common Stock for a consideration part or all
                     of which shall be other than cash, the amount of the
                     consideration therefor, other than cash, shall be deemed to
                     be the then fair market value of the property received.

              (iii)  STOCK SPLITS, SUBDIVISIONS OR COMBINATIONS. In the event of
                     a stock split or subdivision of shares of Common Stock into
                     a greater

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                     number of shares, the Conversion Price shall be
                     proportionately decreased and the number of shares of
                     Common Stock which shall be issued upon such conversion
                     shall be proportionally increased, and in the event of a
                     combination of shares of Common Stock into a smaller number
                     of shares, the Conversion Price shall be proportionately
                     increased and the number of shares of Common Stock which
                     shall be issued upon such conversion shall be
                     proportionally decreased, such increase or decrease, as the
                     case may be, becoming effective at the record date.

              (iv)   STOCK DIVIDENDS. Shares of Common Stock issued as a
                     dividend or other distribution on any class of capital
                     stock of Borrower shall be deemed to have been issued
                     without consideration.

              (v)    EXCEPTIONS. The term "Additional Common Stock" herein shall
                     mean all shares of Common Stock or securities convertible
                     or exercisable into shares of Common Stock hereafter issued
                     by Borrower (including Common Stock held in the treasury of
                     Borrower), except (A) Common Stock issued upon the
                     conversion of any of the Debentures or the Renaissance
                     Debentures; (B) Common Stock issuable upon exercise of
                     presently outstanding warrants or employee or director
                     stock options; or (C) Common Stock issuable upon exercise
                     of stock options to be granted in the future to employees
                     or directors pursuant to Borrower's existing stock option
                     plans.

          (c) ADJUSTMENT FOR MERGERS AND CONSOLIDATIONS. In the event of any
     consolidation or merger of the Company with or into, or the sale of all or
     substantially all of the properties and assets of the Company, to any
     person, and in connection therewith, consideration is payable to holders of
     Common Stock in cash, securities or other property, then as a condition of
     such consolidation, merger or sale, lawful provision shall be made, and
     duly executed documents evidencing the same shall be delivered to the
     Holder, so that the Holder shall have the right at any time prior to the
     maturity of this Debenture to purchase, at a total price equal to the
     Conversion Price immediately prior to such event, the kind and amount of
     cash, securities or other property receivable in connection with such
     consolidation, merger or sale, by a holder of the same number of shares of
     Common Stock as were convertible by the Holder immediately prior to such
     consolidation, merger or sale. In any such case, appropriate provisions
     shall be made with respect to the rights and interest of the Holder so that
     the provisions hereof shall thereafter be applicable with respect to any
     cash, securities or property deliverable upon exercise hereof.
     Notwithstanding the foregoing, (i) if the Company merges or consolidates
     with, or sells all or substantially all of its property and assets to, any
     other person, and consideration is payable to holders of Common Stock in
     exchange for their Common Stock in connection with such merger,
     consolidation or sale which consists solely of cash, or (ii) in the event
     of the dissolution, liquidation or winding up of the

                                      -5-
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     Company, then the Holder shall be entitled to receive distributions on the
     date of such event on the same basis with holders of Common Stock as if
     this Debenture had been converted immediately prior to such event, less the
     Conversion Price. Upon receipt of such payment, if any, the rights of the
     Holder shall terminate and cease and this Debenture shall expire. In case
     of any such merger, consolidation or sale of assets, the surviving or
     acquiring person and, in the event of any dissolution, liquidation or
     winding up of the Company, the Company shall promptly, after receipt of
     this surrendered Debenture, make payment by delivering a check in such
     amount as is appropriate (or, in the case of consideration other than cash,
     such other consideration as is appropriate) to such person as it may be
     directed in writing by the Holder surrendering this Debenture.

          (d) DISTRIBUTIONS. In the event of distribution to all Common Stock
     holders of any securities, cash or properties or assets or other rights to
     purchase securities or assets, then, after such event, this debenture will
     also be convertible into the kind and amount of securities, cash and other
     property which the Holder would have been entitled to receive if the Holder
     owned the Common Stock issuable upon conversion of the Debenture
     immediately prior to the occurrence of such event.

          (e) CAPITAL REORGANIZATION AND RECLASSIFICATION. In case of any
     capital reorganization or reclassification of the Common Stock of Borrower
     (other than a change in par value or as a result of a stock dividend,
     subdivision, split up or combination of shares), this Debenture shall be
     convertible into the kind and number of shares of stock or other securities
     or property of Borrower to which the Holder of the Debenture would have
     been entitled to receive if the Holder owned the Common Stock issuable upon
     conversion of the Debenture immediately prior to the occurrence of such
     event. The provisions of the immediately foregoing sentence shall similarly
     apply to successive reorganizations, reclassifications, consolidations,
     exchanges, leases, transfers or other dispositions or other share
     exchanges.

          (f) NOTICE. In the event Borrower shall propose to take any action
     which shall result in an adjustment in the Conversion Price, Borrower shall
     give notice to the Holder of this Debenture, which notice shall specify the
     record date, if any, with respect to such action and the date on which such
     action is to take place. Such notice shall be given on or before the
     earlier of 10 days before the record date or the date which such action
     shall be taken. Such notice shall also set forth all facts (to the extent
     known) material to the effect of such action on the Conversion Price and
     the number, kind or class of shares or other securities or property which
     shall be deliverable or purchasable upon the occurrence of such action or
     deliverable upon conversion of this Debenture.

          (g) CERTIFICATE. Following completion of an event which results in an
     adjustment to the Conversion Price, Borrower shall furnish to the Holder of
     this Debenture a statement, signed by the Chief Financial Officer and the
     Secretary of the Borrower, of the facts creating such adjustment and
     specifying the resultant adjusted Conversion Price then in effect, which
     statement shall constitute an amendment to this Debenture.

                                      -6-
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          (h) In the event of an adjustment to the Conversion Price due to a
     sale of securities by the Borrower below the Conversion Price which would
     result in the holders of all debentures evidencing the Loan having the
     right to acquire more than 20% of the then outstanding shares of Common
     Stock, on a fully-diluted basis, the Borrower agrees to hold a vote of the
     shareholders within 150 days to authorize such an adjustment; provided such
     approval is required by Nasdaq. In the event the shareholders reject the
     authorization, the Holder shall have the right to cause the Company to
     redeem the Debenture in accordance with the provisions of Section 4.

     7. ONE-TIME ADJUSTMENT TO CONVERSION PRICE.

          (a) Notwithstanding the provisions of Section 6 hereof, if the Company
     does not achieve $3,000,000 of Trailing Twelve Months EBITDA at the end of
     fiscal year 2002, and the market price of the Common Stock is below the
     Conversion Price at the time of publication of the Company's results for
     that period, then the Conversion Price shall be automatically adjusted
     downward to an amount equal to average closing bid price of the Common
     Stock, as reported in THE WALL STREET JOURNAL, for the ten consecutive
     trading days (the "Trading Period") following Borrower's public press
     release of its fiscal year 2002 financial results. If an adjustment occurs
     pursuant to this Section 7, then the Borrower shall furnish to the holder
     of this Debenture a statement, within ten days of the occurrence thereof,
     signed by the Chief Financial Officer and the Secretary of Borrower, of the
     facts creating such adjustment and specifying the adjusted Conversion Price
     then in effect. The Holder shall not convert this Debenture or sell any
     shares of Common Stock during the Trading Period.

          (b) Under no circumstance will this adjustment to the Conversion Price
     cause the holders of all debentures evidencing the Loan to acquire greater
     than 20% of the Borrower's then outstanding shares of Common Stock. In the
     event that this adjustment to the Conversion Price allows the holders of
     all debentures evidencing the Loan to acquire greater than 20% of the
     Borrower's then outstanding shares of Common Stock, then the debenture
     holders will be entitled to decrease the Conversion Price, so that their
     potential and actual ownership is equal to twenty percent (20%) of the
     issued and outstanding Common Stock, on a fully-diluted basis, at the time
     this adjustment becomes effective.

     8. RESERVATION OF SHARES. Borrower warrants and agrees that it shall at all
times reserve and keep available, free from preemptive rights, sufficient
authorized and unissued shares of Common Stock or treasury shares of Common
Stock necessary to effect conversion of this Debenture.

     9. TAXES. The Company shall pay any documentary or other transactional
taxes attributable to the issuance or delivery of this Debenture or the shares
of Common Stock issued upon conversion by the Holder (excluding any federal,
state or local income taxes and any franchise taxes or taxes imposed upon the
Holder by the jurisdiction, or any political subdivision thereof, under which
such Holder is organized or is qualified to do business).

                                      -7-
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     10. DEFAULT.

         (a) EVENT OF DEFAULT. An "Event of Default" shall exist if an "Event
     of Default" (as defined in the Loan Agreement) shall occur and be
     continuing.

         (b) REMEDIES UPON EVENT OF DEFAULT. If an Event of Default shall have
     occurred and be continuing, then the Holder may exercise any one or more of
     the rights and remedies provided in the Loan Documents, as the Holder, in
     its sole discretion, may deem necessary or appropriate.

         (c) REMEDIES NONEXCLUSIVE. Each right, power or remedy of the Holder
     hereof upon the occurrence of any Event of Default as provided for in this
     Debenture or now or hereafter existing at law or in equity or by statute
     shall be cumulative and concurrent and shall be in addition to every other
     right, power or remedy provided for in this Debenture or now or hereafter
     existing at law or in equity or by statute, and the exercise or beginning
     of the exercise by the Holder or transferee hereof of any one or more of
     such rights, powers or remedies shall not preclude the simultaneous or
     later exercise by the Holder of any or all such other rights, powers or
     remedies.

         (d) EXPENSES. Upon the occurrence of a Default or an Event of
     Default, which occurrence is not cured within the notice provisions, if any
     provided therefore, Borrower agrees to pay and shall pay all reasonable
     costs and expenses (including attorneys' fees and expenses) incurred by the
     Holder in connection with the preservation and enforcement of Holder's
     rights under the Loan Agreement, the Debenture, or any other Loan Document.

     11. FAILURE TO ACT AND WAIVER. No failure or delay by the Holder hereof to
require the performance of any term or terms of this Debenture or not to
exercise any right or any remedy shall constitute a waiver of any such term or
of any right or of any default, nor shall such delay or failure preclude the
Holder hereof from exercising any such right, power or remedy at any later time
or times. By accepting payment after the due date of any amount payable under
this Debenture, the Holder hereof shall not be deemed to waive the right either
to require payment when due of all other amounts payable, or to later declare a
default for failure to effect such payment of any such other amount. The failure
of the Holder of this Debenture to give notice of any failure or breach of the
Borrower under this Debenture shall not constitute a waiver of any right or
remedy in respect of such continuing failure or breach or any subsequent failure
or breach.

     12. CONSENT TO JURISDICTION. The Company hereby agrees and consents that
any action, suit or proceeding arising out of this Debenture may be brought in
any state or federal court in the State of New York, including the United States
District Court for the Southern District of New York, or in any other court
having jurisdiction over the subject matter, all at the sole election of the
Holder hereof, and by the issuance and execution of this Debenture, the Borrower
irrevocably consents to the jurisdiction of each such court. The Company hereby
irrevocably appoints CT Corporation System, New York, New York, as agent for the
Borrower

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to accept service of process for and on behalf of the Borrower in any action,
suit or proceeding arising out of this Debenture. Except for default in payment
of interest or principal when and as they become due, and except as otherwise
specifically set forth herein or otherwise agreed to in writing by the parties,
any action, dispute, claim or controversy (all such herein called "Dispute")
between or among the parties as to the facts or the interpretation of the
Debenture shall be resolved by arbitration as set forth in the Loan Agreement.

     13. HOLDER'S RIGHT TO REQUEST MULTIPLE DEBENTURES. The Holder shall, upon
written request and presentation of the Debenture, have the right, at any
interest payment date, to request division of this Debenture into two or more
instruments, each of such to be in such amounts as shall be requested; provided
however, that no Debenture shall be issued in denominations of face amount less
than $100,000.

     14. TRANSFER. Subject to Section 12.07 of the Loan Agreement, this
Debenture may be transferred on the books of the Borrower by the registered
Holder hereof, or by Holder's attorney duly authorized in writing, in multiples
of $100,000 only upon (i) delivery to the Borrower of a duly executed assignment
of the Debenture, or part thereof, to the proposed new Holder, as well as an
executed investor representation letter signed by the proposed transferee and
such other transfer documents and instruments as the Company may reasonably
request, along with a current notation of the amount of payments received and
net Principal Amount yet unfunded, and presentment of such Debenture to the
Borrower for issue of a replacement Debenture, or Debentures, in the name of the
new Holder, (ii) the designation by the new Holder of the Lender's agent for
notice, such agent to be the sole party to whom Borrower shall be required to
provide notice when notice to Holder is required hereunder and who shall be the
sole party authorized to represent Lender in regard to modification or waivers
under the Debenture, the Loan Agreement, or other Loan Documents; and any
action, consent or waiver (other than a compromise of principal and interest)
when given or taken by Lender's agent for notice, shall be deemed to be the
action of the holders of a majority in amount of the Principal Amount of the
Debenture, as such holders are recorded on the books of the Borrower, and (iii)
in compliance with the legend to read as follows:

                  "This Debenture has not been registered under the Securities
                  Act of 1933, as amended ("Act"), or applicable state
                  securities laws ("State Acts"), and shall not be offered,
                  sold, pledged, hypothecated, or otherwise transferred, unless
                  such transfer is made in compliance with the Act and the State
                  Acts."

     Holder shall notify the Company in writing of its intent to sell, assign or
transfer the Debenture prior to any such sale, assignment or transfer.

     The Company shall be entitled to treat any holder of record of the
Debenture as the Holder in fact thereof and of the Debenture and shall not be
bound to recognize any equitable or other claim to or interest in this Debenture
in the name of any other person, whether or not it shall have express or other
notice thereof, except as otherwise provided by applicable law.

                                      -9-
<PAGE>

     15. NOTICES. All notices and communications under this Debenture shall be
in writing and shall be either delivered in person or by overnight service, such
as FedEx, and accompanied by a signed receipt therefor; or mailed first-class
United States certified mail, return receipt requested, postage prepaid, and
addressed as follows: (i) if to the Borrower at its address for notice as stated
in the Loan Agreement; and (ii) if to the Holder of this Debenture, to the
address (a) of such Holder as it appears on the books of the Borrower or (b) in
the case of a partial assignment to one or more Holders, to the Lender's agent
for notice, as the case may be. Any notice of communication shall be deemed
given and received as of the date of such delivery if delivered; or if mailed,
then three days after the date of mailing.

     16. MAXIMUM INTEREST RATE.

         (a) Regardless of any provision contained in this Debenture, Lender
     shall never be entitled to receive, collect or apply as interest on the
     Debenture any amount in excess of interest calculated at the Maximum Rate
     (as defined below), and, in the event that Lender ever receives, collects
     or applies as interest any such excess, the amount which would be excessive
     interest shall be deemed to be a partial prepayment of principal and
     treated hereunder as such; and, if the principal amount of the Debenture is
     paid in full, any remaining excess shall forthwith be paid to Borrower. In
     determining whether or not the interest paid or payable under any specific
     contingency exceeds interest calculated at the Maximum Rate, Borrower and
     Lender shall, to the maximum extent permitted under applicable law, (i)
     characterize any non principal payment as an expense, fee or premium rather
     than as interest, (ii) exclude voluntary prepayments and the effects
     thereof, and (iii) amortize, pro rate, allocate and spread, in equal parts,
     the total amount of interest throughout the entire contemplated term of the
     Debenture; provided that, if the Debenture is paid and performed in full
     prior to the end of the full contemplated term thereof, and if the interest
     received for the actual period of existence thereof exceeds interest
     calculated at the Maximum Rate, Lender shall refund to Borrower the amount
     of such excess or credit the amount of such excess against the principal
     amount of the Debenture and, in such event, Lender shall not be subject to
     any penalties provided by any laws for contracting for, charging, taking,
     reserving or receiving interest in excess of interest calculated at the
     Maximum Rate.

         (b) "Maximum Rate" shall mean, on any day, the highest nonusurious rate
     of interest (if any) permitted by applicable law on such day that, at any
     time or from time to time, may be contracted for, taken, reserved, charged
     or received on the Indebtedness evidenced by the Debenture under the laws
     which are presently in effect of the United States of America or by the
     laws of any other jurisdiction which are or may be applicable to the
     Holders of the Debenture and such Indebtedness or, to the extent permitted
     by law, under such applicable laws of the United States of America or by
     the laws of any other jurisdiction which are or may be applicable to the
     Holder of the Debenture and which may hereafter be in effect and which
     allow a higher maximum nonusurious interest rate than applicable laws now
     allow.

                                      -10-
<PAGE>

     17. LOAN AGREEMENT, GUARANTY AND SECURITY AGREEMENTS. This Debenture is
issued pursuant to the Loan Agreement dated of even date herewith among the
Company and the other parties thereto, and the Holder is entitled to all the
rights and benefits thereunder. Both Borrower and the Holder have participated
in the negotiation and preparation of the Convertible Loan Agreement and of this
Debenture. Borrower agrees that a copy of the Loan Agreement with all
amendments, additions and substitutions therefor shall be available to the
Holder at the offices of Borrower. The indebtedness evidenced by this Debenture
is secured pursuant to the Security Agreements dated of even date herewith among
the Company, its subsidiaries and the Holder, and the Holder is entitled to all
rights and benefits of a secured party thereunder. The payment and performance
of this Debenture is guaranteed by the Company's subsidiaries pursuant to their
Guaranty dated of even date herewith.

     18. DEFINED TERMS. Capitalized terms used but not defined herein shall have
the meaning given them in the Loan Agreement.

     19. GOVERNING LAW. This Debenture shall be governed by and construed and
enforced in accordance with the substantive laws of the State of New York,
without regard to the conflicts of laws provisions thereof, and the applicable
laws of the United States. Venue and jurisdiction shall lie in the federal or
state courts of New York County, New York.

     IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
issued, executed and delivered on the date and year above stated.

                            [SIGNATURE PAGE FOLLOWS.]

                                      -11-
<PAGE>

                                   COVER-ALL TECHNOLOGIES INC.

                                   By:  /s/ John W. Roblin
                                       ------------------------------------
                                       John W. Roblin, Chairman and CEO<PAGE>

                                                                EXHIBIT 10(R)(5)

                           BORROWER SECURITY AGREEMENT
                                (WITH SCHEDULE I)

     This SECURITY AGREEMENT (this "Agreement"), dated as of June 28, 2001, is
entered into among COVER-ALL TECHNOLOGIES INC., a Delaware corporation
("Borrower"), JOHN ROBLIN, ARNOLD SCHUMSKY AND STUART STERNBERG (collectively
referred to as "Lender"), and STUART STERNBERG, as agent for the Secured Party
(the "Agent").

                                    RECITALS

     A. Lender, Borrower and Agent have entered into a Convertible Loan
Agreement of even date herewith (the "Loan Agreement"), pursuant to which Lender
will lend to Borrower the aggregate principal amount of $400,000 evidenced by
Borrower's 8.00% Convertible Debentures of even date herewith (the
"Debentures").

     B. As a condition for entering into the Loan Agreement and providing the
Loan, Lender required that Borrower grant a security interest in its assets as
collateral for such Loan.

     C. On even date herewith, Renaissance US Growth & Income Trust PLC, a
public limited company registered in England and Wales ("RUSGIT"), and BFSUS
Special Opportunities Trust PLC, a public limited company registered in England
and Wales ("BFSUS") (RUSGIT and BFSUS collectively referred to as "Renaissance")
has loaned to Borrower the aggregate principal amount of $1,400,000 evidenced by
Borrower's 8.00% Convertible Debentures.

     D. Renaissance, Renaissance Capital Group, Inc., a Texas corporation
("RCG"), and the Borrower have entered into a Pledge Agreement, certain Borrower
Security Agreements and Subsidiary Security Agreements of even date herewith
providing for the pledge and grants of security interests in the pledged Shares
and the Collateral to secure the payment when due of the Obligations of the
Borrower under the Loan Documents (as such terms are defined in the Convertible
Loan Agreement among Renaissance, RCG and Borrower).

     E. Renaissance and Holder have entered into an Intercreditor Agreement of
even date herewith setting forth the relative rights and responsibilities as
creditors of Borrower.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
covenants and agreements set forth herein, the parties agree as follows:

     1. GRANT OF SECURITY INTEREST. (a) In order to secure payment when due of
the Obligations now existing or hereafter incurred, Borrower hereby irrevocably
grants to the Lender a first and prior security interest in the following
property of the Borrower (the "Collateral"), whether now owned or existing, or
hereafter acquired, owned, existing or arising (whether by

<PAGE>

contract or operation of law), and wherever located, which shall be retained by
Lender, until the Obligations have been paid in full and the Loan Agreement has
been terminated.

         (i) All accounts (including inter-company receivables), contract
rights, chattel paper and rights of payment of every kind (collectively,
"Accounts") and instruments and general intangibles of Borrower.

         (ii) All bank accounts of Borrower.

         (iii) All monies and property of any kind of Borrower, now or hereafter
in the possession or under the control of Lender, Agent or a bailee of Lender.

         (iv) All licenses, patents, patent applications, copyrights,
trademarks, trademark applications, trade names, assumed names, service marks
and service mark applications and other intellectual property of Borrower, as
more particularly described on SCHEDULE 1 attached hereto and incorporated
herein for all purposes.

         (v) All licenses, patents, patent applications, copyrights, trademarks,
trademark applications, trade names, assumed names, service marks and service
mark applications and other intellectual property of Borrower.

         (vi) All inventory, equipment (including any and all computer hardware
and components), machinery and fixtures of Borrower in all forms and wherever
located, and all parts and products thereof, all accessories thereto, and all
documents therefor.

         (vii) All books and records (including, without limitation, customer
lists, credit files, tapes, ledger cards, computer software and hardware,
electronic data processing software, computer programs, printouts and other
computer materials and records) of Borrower evidencing or containing information
regarding or otherwise pertaining to any of the foregoing.

         (viii) All accessories to, substitutions for and all replacements,
products and proceeds of the foregoing, including, without limitation, proceeds
of insurance policies insuring the Collateral (including, but not limited to,
claims paid and premium refunds).

     2. INSURANCE ON COLLATERAL. Borrower further warrants and agrees that it
will pay for and maintain insurance in the amounts and of the types required
pursuant to Section 5.12 of the Loan Agreement.

     3. DELIVERY OF RECEIVABLES. Upon Agent's request, upon the occurrence and
during the continuance of an Event of Default, Borrower will, at any reasonable
time and at Borrower's own expense, physically deliver to Agent, all Accounts
(including inter-company receivables) assigned to Agent at any reasonable place
or places designated by Agent. Failure to deliver any

                                      -2-
<PAGE>

Account, or failure to deliver physical possession of any instruments, documents
or writings in respect of any Account shall not invalidate Agent's Lien and
security interest therein, except to the extent that possession may be required
by applicable law for the perfection of said Lien or security interest, in which
latter case, the Account shall be deemed to be held by the Borrower as the
custodian agent of Agent, for the benefit of Lender. Failure of Agent to demand
or require Borrower to include any Account in any schedule, to execute any
schedule, to assign and deliver any schedule or to deliver physical possession
of any instruments, documents or writings related to any Account shall not
relieve Borrower of its duty so to do.

     4. COLLECTION OF RECEIVABLES. Borrower hereby agrees that it shall use
commercially reasonable efforts, at its sole cost and expense and in its own
name, to promptly and diligently collect and enforce payment of all Accounts and
Borrower will defend and hold Lender and Agent harmless from any and all loss,
damage, penalty, fine or expense arising from such collection or enforcement.

     5. FINANCING STATEMENTS. Borrower agrees to execute all financing
statements and amendments thereto as Agent, on behalf of the Lender, may request
from time to time to evidence the security interest granted to Agent hereunder
and will pay the cost of all filing fees and taxes, if any, necessary to effect
the filing thereof. Wherever permitted by law, during the term of this
Agreement, Borrower authorizes Agent to file financing statements with respect
to the Collateral without the signature of Borrower, and shall give notice
thereof to Borrower. Without the written consent of Agent, Borrower will not
allow any financing statement or notice of assignment to be on file in any
public office covering any Collateral, proceeds thereof or other matters subject
to the security interest granted to Agent herein, unless such financing
statement relates to a Permitted Lien.

     6. LENDER'S PAYMENT OF CLAIMS. Lender may, in its sole discretion,
discharge or obtain the release of any Lien asserted by any Person against the
Collateral, other than a Permitted Lien which, in the Lender's judgment, may
have a Material Adverse Effect on the Lender's rights with respect to the
Collateral. All sums paid by Lender in respect thereof shall be payable, on
demand, by Borrower to Lender and shall be a part of the Obligations.

     7. DEFAULT AND REMEDIES.

          a.   Borrower shall be in default hereunder upon the occurrence and
               during the continuation of an Event of Default, as set forth in
               the Loan Agreement.

          b.   Upon the occurrence and during the continuation of any Event of
               Default (i) unless Lender or Agent shall elect otherwise, the
               entire unpaid amount of the Obligations due under the Loan
               Agreement, as are not then otherwise due and payable, shall
               become immediately due and payable without notice to Borrower or
               demand by Lender or Agent and (ii) either Lender or Agent may, at
               its or their option, exercise from time to time any and all
               rights and remedies available to them under the Uniform
               Commercial Code or otherwise, including the right to foreclose or
               otherwise realize upon the Collateral and to dispose of any of
               the

                                      -3-
<PAGE>

               Collateral at one or more public or private sales or other
               proceedings, and Borrower agrees that any of Lender, Agent or
               their nominee may become the purchaser at any such sale or sales.
               Borrower agrees that twenty (20) days shall be reasonable prior
               notice of the date of any public sale or other disposition of the
               same. All rights and remedies granted Lender hereunder or under
               any other agreement between Lender and Borrower shall be deemed
               concurrent and cumulative and not alternative, and Lender, or
               Agent on its behalf, may proceed with any number of remedies at
               the same time or at different times until all the Obligations are
               fully satisfied. The exercise of any one right or remedy shall
               not be deemed a waiver or release of, or an election against, any
               other right or remedy. Borrower shall pay to Lender or Agent, on
               demand, any and all expenses (including reasonable attorneys'
               fees and legal expenses) which may have been incurred by Lender
               or Agent (i) in the prosecution or defense of any action arising
               under this Agreement, the Collateral or any of Lender's rights
               therein or thereto; or (ii) in connection with the custody,
               preservation, use, operation, preparation for sale or sale of the
               Collateral, the incurring of all of which are hereby authorized
               to the extent Lender or Agent deem the same advisable. Borrower's
               liability to Lender or Agent for any such payment shall be
               included in the Obligations. The proceeds of any Collateral
               received by Lender or Agent at any time before or after an Event
               of Default, whether from a sale or other disposition of
               Collateral or otherwise, or the Collateral itself, may be applied
               to the payment, in full or in part, of such of the Obligations
               and in such order and manner as Lender or Agent may elect.

     8. REPRESENTATIONS AND COVENANTS OF BORROWER. Borrower hereby represents to
and agrees with Lender as follows:

          a.   Borrower owns the Collateral as sole owner, free and clear of any
               Liens, other than Permitted Liens.

          b.   So long as any Obligations remain unpaid, Borrower agrees not to
               sell, assign or transfer the Collateral, other than sales of
               Collateral in the ordinary course of business, and to maintain it
               free and clear of any Liens, other than Permitted Liens.

     9. MISCELLANEOUS.

          a.   This Agreement shall bind and inure to the benefit of the parties
               and their respective heirs, personal representatives, successors
               and assigns, except that Borrower shall not assign any of its
               rights hereunder without the prior written consent of holders of
               more than 50% of the principal amount of the then outstanding
               Debentures.

                                      -4-
<PAGE>

          b.   Any provision hereof which is prohibited or unenforceable in any
               jurisdiction shall, as to such jurisdiction, be ineffective to
               the extent of such prohibition or unenforceability without
               affecting the validity or enforceability of the remainder of this
               Agreement or the validity or enforceability of such provision in
               any other jurisdiction.

          c.   This Agreement shall be governed by and construed and enforced in
               accordance with the substantive laws of the State of New York,
               without regard to the conflicts of laws provisions thereof, and
               the applicable laws of the United States. Venue and jurisdiction
               shall be in the state or federal courts in New York County, New
               York.

          d.   Borrower hereby consents to the jurisdiction of the courts of the
               State of New York in any action or proceeding which may be
               brought against it under or in connection with this Agreement or
               any transaction contemplated hereby or to enforce any agreement
               contained herein and, in the event any such action or proceeding
               shall be brought against it, Borrower agrees not to raise any
               objection to such jurisdiction or to the laying of venue in New
               York County, New York or, if applicable, any other county in any
               state in which Collateral is located.

          e.   All capitalized terms, unless otherwise specified, have the
               meanings assigned to them in the Loan Agreement and the
               Debentures.

          f.   Any notices or other communications required or permitted to be
               given by this Agreement or any other documents and instruments
               referred to herein must be (i) given in writing and personally
               delivered, mailed by prepaid certified or registered mail or sent
               by overnight service, such as FedEx, or (ii) made by telex or
               facsimile transmission delivered or transmitted to the party to
               whom such notice or communication is directed, with confirmation
               thereupon given in writing and personally delivered or mailed by
               prepaid certified or registered mail.

     If to Borrower to:

     Cover-All Technologies Inc.
     18-01 Pollitt Drive
     Fair Lawn, NJ 07410
     Attn.:   John W. Roblin
              Chairman and CEO
     Telephone:        (201) 794-4800
     Facsimile:        (201) 475-9287

                                      -5-
<PAGE>

     with a copy to:

     Piper Marbury Rudnick & Wolfe LLP
     1251 Avenue of the Americas
     New York, New York 10021
     Attn: Leonard Gubar, Esq.
     Telephone:        (212) 835-6020
     Facsimile:        (212) 835-6001

     If to Lender to:

     John Roblin
     c/o 18-01 Pollitt Drive
     Fair Lawn, NJ 07410
     Attn.:   John W. Roblin
              Chairman and CEO
     Telephone:        (201) 794-4800
     Facsimile:        (201) 475-9287

     Arnold Schumsky
     c/o Spear, Leeds & Kellogg
     120 Broadway
     New York, New York  10271
     Telephone:        (212) 422-7046
     Facsimile:        (212) 433-7299

     and

     Stuart Sternberg
     c/o Spear, Leeds & Kellogg
     120 Broadway
     New York, New York  10271
     Telephone:        (212) 422-7046
     Facsimile:        (212) 433-7299

     If to Agent to:

     Stuart Sternberg
     c/o Spear, Leeds & Kellogg
     120 Broadway
     New York, New York  10271
     Telephone:        (212) 422-7046
     Facsimile:        (212) 433-7299

         Any notice delivered personally in the manner provided herein will be
     deemed given to the party to whom it is directed upon the party's (or its
     agent's) actual receipt.

                                      -6-
<PAGE>

     Any notice addressed and mailed in the manner provided herein will be
     deemed given to the party to whom it is addressed at the close of business,
     local time of the recipient, on the fourth business day after the day it is
     placed in the mail, or, if earlier, the time of actual receipt.

          g.   Capitalized terms used herein, unless otherwise defined herein,
               have the definitions given them in the Loan Agreement among
               Borrower, Lender and Agent.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS.]

                                      -7-
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed as of the
date and year written above. BORROWER:

                                COVER-ALL TECHNOLOGIES INC.

                                By:      /s/ John W. Roblin
                                         ---------------------------------------
                                         John W. Roblin, Chairman and CEO

                                LENDER:

                                By:      /s/ John Roblin
                                         ---------------------------------------
                                         John Roblin

                                By:      /s/ Arnold Schumsky
                                         ---------------------------------------
                                         Arnold Schumsky

                                By:      /s/ Stuart Sternberg
                                         ---------------------------------------
                                         Stuart Sternberg

                                AGENT:

                                By:      /s/ Stuart Sternberg
                                         ---------------------------------------
                                         Stuart Sternberg

                                      -8-

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