Document:

Unassociated Document

    Exhibit
10.3

    

    

    PLEDGE
AGREEMENT

    

    This Pledge Agreement (the "Agreement") dated as
of May 18th, 2009 is made by and between Astrata Group, Inc., a Nevada
corporation (the "Guarantor"), and Fame
Trading Ltd. (the "Lender") with respect
to the following:

    

    A. Guarantor owns all of the issued and
outstanding stock in Astrata (Asia Pacific) Pte Ltd ("Borrower") which is
indebted to Lender pursuant to the terms of that certain Loan Letter and
Facility Agreement dated May 15, 2009 (the "Loan"). The obligations under the
Loan arc secured by that certain Debenture, dated as of the date hereof, between
the Borrower and Lender (the "Loan Agreement").

    

    B. It is a condition to the making of
the loans reflected in the Loan that the Guarantor provides a guarantee. as
evidenced by that certain "Continuing Guarantee" dated May 15, 2009. and secure
the guarantee with, among other things, a pledge of all of Guarantor's stock in
the Borrower.

    

    C. Guarantor has agreed to pledge all
of Guarantor's stock in the Borrower as security for the performance of all of
Guarantor's agreements, promises and obligations under the
guarantee.

    

    NOW, THEREFORE, in consideration of the
premises and in order to induce the Lender to extend credit to the Borrower, and
in consideration of other obligations hereinafter incurred, Guarantor hereby
agrees as follows:

    

    ARTICLE I

    PLEDGE OF
STOCK

    

    SECTION 1.1 Pledge of Stock.
Guarantor hereby pledges all of Guarantor's stock in the Borrower, together with
any and all rights, dividends. new securities or other property to which
Guarantor is or may hereafter become entitled to receive on account of such
property (the "Stock") to secure the satisfaction and performance of all of
Guarantor's agreements, promises and obligations under the Continuing Guarantee
and this Agreement. If Guarantor receives or if the Borrower issues to Guarantor
or any other party any such property, Guarantor will immediately and physically
deliver it to Lender or, if appropriate, take such other actions as may be
necessary to create a security interest in such property in favor of the Lender,
to be held subject to this Agreement as if the same were the Stock.

    

    SECTION
1.2 Establishment of
Pledge. Guarantor, concurrently with his execution of this Agreement,
shall deliver to Lender all of the certificates or other documents evidencing
the Stock, accompanied by duly executed Stock Assignment Separate From
Certificate transferring in blank to the Lender the stock evidenced by said
certificates (if necessary).

    

    SECTION
1.3 Lender's
Authority. Guarantor hereby authorizes Lender to keep and preserve the
certificates or other documents evidencing the Stock in Lender's possession.
pending full satisfaction and performance by Guarantor of all agreements,
promises and obligations provided hereunder.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
 

    SECTION 1.4 Shares Transferable.
Guarantor may transfer the Stock to a transferee who agrees in writing to take
such Stock subject to this Agreement and to be bound by the terms and conditions
of this Agreement. References herein to Guarantor include any such
transferee.

    

    SECTION
l.5 Guarantor's
Rights. Except as herein provided and provided that Borrower is not in
default under the provisions of the Loan, the Debenture or any agreement related
thereto, and Guarantor is not in default under the provisions of the Continuing
Guarantee, the Debenture, or any agreements related thereto, Guarantor shall be
entitled to receive and collect any and all cash dividends accruing with respect
to the Stock held under this Agreement and shall have and retain all voting
rights in connection therewith; provided, however, no dividends, salary or
bonuses or any other amounts of any type or nature shall be paid, regardless of
past practices, if the amount would materially threaten to impair Borrower's
solvency or ability to meet all of its material obligations in the ordinary
course of business.

    

    SECTION 1.6 Additional Shares.
Unless otherwise agreed to in writing by the Lender, the Borrower shall not
issue, nor shall Guarantor cause the Borrower to issue, any equity securities to
any person without first obtaining the prior written consent thereto of the
Lender, which consent the Lender may grant or withhold in their sole and
absolute discretion. If any such additional shares are issued, all of such
additional shares shall be subject to this Agreement.

    

    SECTION 1.7 Protection of
Lender.

    

    (a) The parties hereto shall execute
such agreements as Lender shall reasonably request for the protection of Lender.
As between Lender and any other party hereto, such agreements shall control. As
between the parties hereto other than Lender, this Agreement shall
control.

    

    (b)
Lender shall not be liable to Guarantor for any act (including, without
limitation, any act of active negligence) or omission by Lender unless Lender's
conduct constitutes willful misconduct or gross negligence.

    

    (c)
Guarantor hereby agree to indemnify and to hold Lender harmless from and against
all losses, liabilities, claims, damages, costs and expenses (including actual
attorneys' fees and disbursements) with respect to (i) any action (including,
without limitation, any act of active negligence) taken or any omission by
Lender with respect to this Agreement, provided that Lender's conduct does not
constitute willful misconduct or gross negligence, and (ii) any claims arising
out of Guarantor's ownership of the Stock or the Lender's security interest
therein.

    

    (e)
Lender shall have no liability or responsibility for the legality, genuineness
or sufficiency of the certificates or any other documents representing the Stock
or of the assignments thereof, or of any other documents deposited with
Lender.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    (a)
Guarantor agrees to pay to Lender the amount of any and all expenses, including
the fees and expenses of counsel and of any experts and agents, which Lender may
incur (if any) in connection with (a) the administration of this Agreement. (b)
the custody or preservation of, or the sale of, collection from, or other
realization upon, any of the Stock, (c) the exercise or enforcement of any of
the rights of the Lender hereunder, and (d) the failure by the Lender to perform
or observe any of the provisions hereof.

    

    SECTION
1.8 Default.

    

    (a) Whenever Guarantor is in default
hereunder or any of the agreements and instruments related thereto or hereto,
Lender shall immediately be authorized, without prior notice to Guarantor, to
cause the Stock to be sold.

    

    (b) The
proceeds of any such sale shall be first applied to the payment of all costs and
expenses of every kind for sale and delivery, including, without limitation,
Lender's expenses (as defined in the last sentence of Section 1.7 hereof) and,
after deducting such costs and expenses, Lender shall apply the net proceeds
therefrom toward the satisfaction of all amounts owed to the Lender under the
Loan in accordance with the provisions of the Loan and applicable California
law. Lender shall remit any remaining amounts to Guarantor.

    

    (c) Once
Lender transfers or sells the Stock, and applies the proceeds from any such
transfer or sale pursuant to the provisions hereof, the Lender shall be fully
discharged thereafter from all liability and responsibility with respect to the
Stock so transferred or sold.

    

    SECTION
1.9 Release from
Pledge. When Lender determines, in its sole discretion. that the entire
principal balance of the Loan, together with all accrued interest and all other
amounts due thereunder have been unconditionally paid and performed in full,
Lender shall deliver to Guarantor the Stock remaining in Lender's possession,
and all obligations among the Lender, on the one hand, and the Guarantor, on the
other hand, shall thereupon cease. If at any time any payment of the principal
of, or interest on the Loan or any other amount payable by the Borrower under
the Loan, the Debenture or other loan documents is rescinded or must be
otherwise restored or returned, the Guarantor shall immediately deliver to the
Lender the Stock.

    

    ARTICLE II

    MISCELLANEOUS

    

    SECTION 2.1 Notices. Unless
otherwise specified herein, all notices, requests and other communications to
any party hereunder shall be in writing (including bank wire, telex, facsimile
transmission or similar writing).

    

    SECTION 2.2 No Waiver. No failure
or delay by the Lender in exercising any right, power or privilege under the
Loan, the Debenture or other loan documents shall operate as a waiver thereof
nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
 

    SECTION 2.3 Amendments and
Waivers. Any provision of this Agreement may be amended or waived if, and
only if, such amendment or waiver is in writing and is signed by the Guarantor
and is consented to in writing by the Lender.

     

    SECTION
2.4 Successors and
Assign. This Agreement is for the benefit of the Lender. All of the
provisions of this Agreement shall he binding upon the parties hereto and their
respective successors and assigns except that the Guarantor may not assign or
transfer any of his rights or obligations under this Agreement.

    

    SECTION 2.5 Integration. This
Agreement integrates all the terms and conditions mentioned herein or incidental
hereto, and supersede all oral negotiations and prior writings with respect to
the subject matter hereof.

    

    SECTION 2.6 Attorneys' Fees. If
any party hereto, including the Lender, shall bring an action against the other
by reason of any alleged breach of any covenant, provision or condition or
otherwise arising out of this Agreement, the unsuccessful party shall pay to the
prevailing party all attorneys' fees and costs actually incurred by the
prevailing party, in addition to any other relief to which it may be entitled.
As used in this Section, "actual attorneys' fees" or "attorneys' fees actually
incurred" means the full and actual cost of any legal services actually
performed in connection with the matter for which such fees are sought
calculated on the basis of the usual fees charged by the attorneys performing
such services, and shall not be limited to 'reasonable attorneys' fees" as that
term may be defined in statutory or decisional authority. Lender shall be
entitled to reimbursement of Lender's attorneys' fees and costs from the non-
prevailing party in any event.

    

    SECTION 2.7 Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

    

    SECTION 2.8 Representation by
Counsel.  Lender and Guarantor hereby acknowledge that they
have been represented by counsel in connection with the negotiation, preparation
and execution of this Agreement. Each party represents and warrants to the other
that it has read this Agreement, has had an opportunity to carefully consider
its provisions, has negotiated over its terms and conditions, and completely
understands its content and legal effect.

    

    SECTION 2.9 Governing Law; Submission to
Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. THE
GUARANTOR HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS IN LOS
ANGELES, CALIFORNIA FOR THE PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE
GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
OBJECTION WHICH HE MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY
SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES HEREBY IRREVOCABLY WAIVE
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
 

    IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the day and year first written
above.

    

    Guarantor:

    

    ASTRATA
GROUP, INC

    A
Nevada corporation

    

    

    By: /s/ signature        

    Its”
Chairman & CEO

    

    

    Borrower:

    

    ASTRATA
(ASIA PACIFIC) PTE LTD

    

    By: /s/ signature        

    Its:
Director

    

    

    Lender:

    

    FAME
TRADING LTD.

    

    By: /s/ signature        

    Its:
Director

     

     

    6astrata_8k-ex1004.htm

Exhibit 10.4

    Execution
Copy

     

    

     

    The
28th
 of May
2009

     

    BETWEEN

     

    ASTRATA
(ASIA PACIFIC) PTE LTD

     

    as
Chargor

     

    And

     

    FAME
TRADING LTD

     

    as
Lender

     

    DEBENTURE

     

     

     

     

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Execution
Copy

     

    CONTENTS

     

    
      
        
          
            
              
                	Clause 	Heading	
                         Page

                      
	 	 	 
	
                        1.

                      	
                        Definitions

                      	
                        1-2

                      
	
                        2.

                      	
                        Facility

                      	
                        3

                      
	
                        3.

                      	
                        Charge

                      	
                        3

                      
	
                        4.

                      	
                        Position
      of Other Security

                      	
                        4

                      
	
                        5.

                      	
                        Continuing
      Security

                      	
                        4-5

                      
	
                        6.

                      	
                        Covenants
      and undertakings

                      	
                        5.7

                      
	
                        7.

                      	
                        Events
      of Default

                      	
                        7-8

                      
	
                        8.

                      	
                        Powers
      of The Lender on Default By The Charger

                      	
                        8-9

                      
	
                        9.

                      	
                        Representations
      and Warranties

                      	
                        9-10

                      
	
                        10.

                      	
                        Appointment
      of Receiver

                      	
                        11

                      
	
                        11.

                      	
                        Receiver

                      	
                        11-13

                      
	
                        12.

                      	
                        Power
      of Attorney

                      	
                        13

                      
	
                        13.

                      	
                        Application
      of Monies By Receiver

                      	
                        13-14

                      
	
                        14.

                      	
                        Appointment
      of Receiver Not Affecting Other Powers

                      	
                        14

                      
	
                        15.

                      	
                        Appointment
      of Lender As Attorney in Fact

                      	 
      
	
                        16.

                      	
                        No
      Enquiry By Third Puny

                      	
                        1-1

                      
	
                        17.

                      	
                        Waiver
      Not To Prejudice Rights of The Lender

                      	
                        14-15

                      
	
                        IS.

                      	
                        Indulgence

                      	
                        15

                      
	
                        19.

                      	
                        Rights
      of The Lender

                      	
                        15

                      
	
                        20.

                      	
                        Payment

                      	
                        16

                      
	
                        21.

                      	
                        Remedies
      and Waivers

                      	
                        16

                      
	
                        22.

                      	
                        Indemnity

                      	
                        16-17

                      

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Execution
Copy

    CONTENTS

     

    
      
        
          
            
              	
                      Clause

                    	 Heading	
                      Page

                    
	 	 	 
	
                      23.

                    	
                      Calculations

                    	
                      17

                    
	
                      24.

                    	
                      Assignment

                    	
                      17

                    
	
                      25.

                    	
                      Notices
      and Disclosures

                    	
                      18

                    
	
                      26.

                    	
                      Partial
      Invalidity

                    	
                      19

                    
	
                      27

                    	
                      Counterparts

                    	
                      19

                    
	
                      28.

                    	
                      Governing
      Law and Jurisdiction

                    	
                      19

                    

            

          

        

      

    

     

     

     

     

     

     

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    THIS
DEBENTURE is made the
18th day of May 2009/

     

    BETWEEN

     

    
      	
              A. 

            	
              ASTRATA (ASIA PACIFIC)
      PTE LTD (the "Chargor", which
      expression shall unless the context otherwise requires. include its
      successors and permitted assigns), a company incorporated in the Republic
      of Singapore and having its registered office at 135 Jon Seng Road #02-0 I, Singapore
      368363.

            

    

     

    AND

     

    
      	
              B. 

            	
              FAME
      TRADING LTD (the "Lender", which
      expression shall unless the context otherwise requires, include its
      successors and permitted assigns), a company incorporated in British
      Virgin Islands and having its registered office at Akara Building. 24 De
      Castro Street. Wickhams Cay I, Road Town, Tortola. British Virgin
      Islands.

            

    

     

    WHEREAS

     

    
      	
              (1)

            	
              The
      Lender has, at the request of the Chargor, agreed to make available to the
      Chargor, inter alia, theFacility
      (as hereinafter defined) on the terms and conditions contained in the
      Transaction Documents (as hereinafter
defined)

            

    

     

    
      	
              (2)

            	
              As
      a condition precedent to and security for the grant of the Facility, the
      Chargor has agreed, inter alia, to execute
      a floating charge over the Charged Property (as hereinafter defined) in
      favour of the Lender, as security, for the payment and repayment by the
      Chargor of the Total Indebtedness (as hereinafter
  defined).

            

    

     

    NOW THIS DEBENTURE WITNESSETH
as follows:

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    
      	
              (A)

            	
              Interpretation: 
      In this Debenture, except to the extent that the context otherwise
      requires all words and expressions as defined in the
      Facility Agreement shall have the same meanings when used or referred to
      herein and in addition, the following words or expressions shall have the
      following meanings respectively:

               

            

    

     

    "Business Day" means a
day on which the banks are open for business in United States of America and
Singapore except Saturdays, Sundays and public holidays in the said
countries;

     

    “Charged Property”
means the property and assets of the Chargor charged pursuant to Clause 3
hereof:

     

    "Event of
Default" means any one of the
events mentioned in Clause 7
or any event or circumstance which, with the giving of any notice. And
for the lapse of any period of time, and/or the fulfilment of any other
requirement could become in the view of the Lender one of the events mentioned
in that Clause;

     

    "Facility Agreement"
means the facility agreement to be executed by the Lender and the
Borrower contemporaneously with the execution of this Debenture:

     

    "Lien" means any
mortgage, deed of trust, charge, pledge, lien. attachment, encumbrance or other
security interest or any segregation of assets or revenues or other preferential
arrangement) whether or not constituting a security interest and whether or not
enforceable in law) with respect to any present or future assets, revenues or
rights to the receipt of income of the party referred to in the context in which
the term is used:

    
      
         

      

      
        Page 1 of
23

        
          

        

      

      
         

      

    

     

    "Receivables" means
all rights now owned or hereafter acquired or created, to payment under any
contract not yet earned by performance, all book debts, invoice debts, contract
rights, accounts, notes, bills, acceptances and other forms of obligation owed
by or owing to the Chargor (including all
rights to receive payments under presently existing or hereafter acquired or
created letters of credit) or by virtue of goods sold or leased, services
rendered whether or not evidenced by any writing, and all extensions and
renewals of any of the above:

     

    “Total Indebtedness”
has the meaning
ascribed to it in the Facility Agreement;

     

    "Facility" has the
meaning ascribed to it in the Facility Agreement; and

     

    "Transaction
Documents" has the meaning ascribed to it in the Facility
Agreement.

     

    
      	
              (B)

            	
              Miscellaneous
      :

            

    

     

    
      	
            	
              (i) 

            	
              References
      to the "Debenture" include references to any deed or other document
      executed in order to perfect the security hereby constituted or in
      pursuance of any of the provisions
      contained or incorporated herein.

            

    

     

    
      	
            	
              (ii) 

            	
              Any
      reference to a “Receiver” includes a reference to a "Receiver and Manager”
      or "Manager”;

            

    

     

    
      	
            	
              (iii) 

            	
              Words
      importing the singular number
      include the plural number and vice versa, and words importing a
      particular gender include any other gender.

            

    

     

    
      	
            	
              (iv) 

            	
              The
      words "hereof" "hereon" and "hereunder” and words of similar import refer
      to this Debenture as a whole and not to any particular provision of this
      Debenture;

            

    

     

    
      	
            	
              (v) 

            	
              The
      headings to the Clauses hereof shall not be deemed to be a part thereof or
      be taken in consideration in the interpretation or construction thereof or
      of this Debenture;

            

    

     

    
      	
            	
              (vi) 

            	
              References
      herein to Clauses, Schedules and Appendices are references to Clauses,
      Schedules and Appendices of this
Debenture:

            

    

     

    
      	
            	
              (vii) 

            	
              References
      to documents include amendments, modification, variations, replacements
      and supplements thereto;

            

    

     

    
      	
            	
              (viii) 

            	
              References
      to statutes and other legislation include re-enactments and amendments
      thereof and include any subordinate legislation made under any such
      statute;

            

    

     

    
      	
            	
              (ix) 

            	
              References
      to a party include its permitted assigns and transferees and
      its successors in title; and

            

    

     

    
      	
            	
              (x) 

            	
              References
      to a ''person" includes any individual, company, corporation, firm
      partnership, joint venture, association, organization, trust, state or
      agency of a state (in each case, whether or not having separate legal
      personality).

            

    

    
      
         

      

      
        Page 2 of
23

        
          

        

      

      
         

      

    

     

    
      
        	
                2. 

              	
                FACILITY

              

      

    

     

    
      
        	
                (A)

              	
                Subjectto
      the provisions of the Transaction Documents, the Lender hereby agrees to
      make available the Chargor the Facility in accordance with the terms of
      the Facility Agreement.

              

      

    

     

    
      	
              (B) 

            	
              The
      Chargor hereby covenants and undertakes that it will duly pay to the
      Lender the Total Indebtedness.

            

    

     

    
      	
              3.

            	
              CHARGE

            

    

     

    
      	
            	
              (A)

            	
              Floating Charge
      : The Chargor as beneficial owner, and as a continuing security for the
      payment and discharge of the Total Indebtedness and for the observance and
      performance by the Chargor of all its
      obligations to the Lender under or in connection with the Facility,
      hereby charges and agrees to charge in favour of the Lender by way of
      FIRST FLOATING CHARGE the whole of the Chargor's undertaking and all its
      property and assets whatsoever and wheresoever present and future
      including all its present and future estate, right, title and interest in
      and to all benefits accrued and to accrue to the
      Chargor in relation to its Receivables and cash at bank and all other book
      and other debts and monetary claims now or at any time hereafter due or
      owing (including without limitation, things in action which may give rise
      to any debt, revenue or claim) to the Chargor in connection with or in
      relation to its Receivables together with the full benefit of all
      guarantees and securities therefor and indemnities in respect thereof and
      all Liens, reservations of title, rights of tracing and other rights and
      remedies enabling the Chargor to enforce or obtain the Receivables or such
      cash at bank
      or any such debts or claims, or any crystallization of the flouting charge
      hereby create whatsoever and wheresoever present (the undertaking,
      property, assets and rights comprised within the floating charge created
      by this clause hereinafter called the "Charged
  Property").

            

    

     

    PROVIDED
ALWAYS THAT from the date hereof the Chargor is not to be at liberty to and
shall not create any assignment, mortgage or charge upon and so that no Lien
shall in any case or in any manner arise on or affect any pan of the Charged
Property either in priority to or part pari passu or ranking after
the charges hereby created and further that the Chargor shall have no power
without the prior consent of the Lender (such consent not to be unreasonably
withheld) in writing to:

     

    
      	
            	
              (a) 

            	
              (save
      in favour of the Lender) create, extend or permit to subsist any mortgage
      or other fixed security. floating charge, pledge, hypothecation or Lien
      (other than a lien, arising in the ordinary course of business by
      operation of law) or other security interest of any kind, whether in any
      such case ranking in priority to or pari passu with or
      after the floating charge created by the Charger under the preceding
      provisions of this Clause 3(A).
and/or

            

    

     

    
      	
            	
              (b) 

            	
              (save
      in the ordinary course of business) sell, transfer, assign or part with in
      any way or otherwise dispose of, whether by means of one or a number of
      transactions refuted or not and whether at one time or over a period of
      time, the whole or any part of the Charged Property, or enter into an
      agreement (other than an agreement conditional upon such consent or
      agreement of the Lender being obtained) for any such sale, transfer,
      assignment or other disposal.

            

    

     

     

    
      	
            	
              (B)

            	
              Continuing
      Obligations: Notwithstanding anything in this Debenture to the
      contrary, all obligations of the Chargor in respect of the Charged
      Property shall continue to be the obligations of and shall be promptly and
      duty performed  and complied with by the
  Chargor.

            

    

     

    
      
         

      

      
        Page 3 of
23

        
          

        

      

      
         

      

    

    
      	
            	
              (C) 

            	
              Rights and
      Privileges : The Charged Property shall be charged in favour of the
      Lender together with all rights and privileges connected
      therewith.

            

    

     

    
      	
              4.

            	
              POSITION OF OTHER
      SECURITY

            

    

     

    
      	
              (A)

            	
              Debenture Not to
      Prejudice other Securities: This Debenture is in addition and
      without prejudice to nor shall it affect any other charge, mortgage, lien,
      collateral, security or other instruments or letters of set-off which the
      Lender may now or hereafter hold from limit to time from or on account of
      the Chargor nor shall such collateral or other security or any Lien to
      which the Lender may otherwise be entitled (including any security, charge
      or Lien prior to the date of this Debenture) or the liability of any
      person or persons not parties hereto for all or any part of the Total
      Indebtedness be in any way prejudiced or affected by this Debenture. The
      Lender shall have full powers and absolute discretion to deal with,
      exchange, release, omit, modify, omit, neglect or abstain from perfecting
      or enforcing any such collateral or other securities or other guarantees
      or rights which the Lender may now or hereunder have from or against such
      person or persons or to give time for payment or any indulgence to any
      such other person or persons without discharging or in any way affecting
      the Chargor's liabilities or the Total Indebtedness or the security
      created hereunder. All moneys received by the Lender from the Charger or
      any person or persons liable to pay the same may be applied by the Lender
      to any account or item of account or any transactions to which the same
      may be applicable.

            

    

     

    
      	
              (B)

            	
              Other Securities not
      to Prejudice Debenture : Nothing contained in any other charge,
      mortgage, lien or security which the Lender holds or may at any time hold
      from the Chargor alone or jointly with any other person on arts account
      whatsoever anywhere whether in or outside Singapore shall prejudice or
      affect this Debenture.

            

    

     

    
      	
              5.

            	
              CONTINUING
      SECURITY

            

    

     

    
      	
              (A) 

            	
              No Discharge by Part
      Payment : This security shall not be considered as satisfied by any
      intermediate payment or satisfaction of the whole or any part of the Total
      Indebtedness but shall constitute and be a continuing security to the
      Lender and extend to cover all or any of the Total
      Indebtedness.

            

    

     

    
      	
              (B)

            	
              Avoidance of Security :
      No assurance, security or payment which may be avoided under the Companies
      Act, Chapter 50 Singapore or under any other provision or enactment of any
      jurisdiction relating to bankruptcy, winding up, insolvency or any
      analogous proceedings and no release, settlement, discharge or arrangement
      which may has been given or made on the faith of any such assurance,
      security or payment shall prejudice or affect the right of the Lender to
      enforce the security provided hereunder to the full extent or to recover
      from the Chargor to the full extent as provides, for hereunder as if such
      payment, release, settlement,
      discharge or arrangement (as the case may bet had never been granted,
      given or made: and any such release, settlement, discharge or arrangement
      shall (as between the Lender and the Chargor) be deemed to have been
      granted, given or made upon the express condition that it shall be wholly
      void and of no effect if the pay merit
      on the faith of which it was granted, given or made shall at any time
      thereafter be void under any such provision as referred to above so that
      thereafter the Lender shall be entitled to exercise all their rights
      hereunder against the Charger as if such release, settlement, discharge or
      arrangement had never been granted, given or made. If in
      the Lender's reasonable opinion there is a possibility that any such
      payment, release, settlement, discharge or arrangement may be void or
      avoided, the Lender shall be at liberty at its absolute discretion to
      retain the security so created as security for the Total Indebtedness for
      a period of six months after the Total Indebtedness have been paid
      in

            

    

     

    
      	
              (C)

            	
              Security to Continue
      to be Valid and Binding : This security shall continue to be valid
      and binding for all purposes notwithstanding:

            

    

     

    
      	
            	
              (i) 

            	
              any
      change by amalgamation, consolidation, reconstruction, merger,
      reorganisation or otherwise which may be made in the constitution of the
      company by which the business of the Lender may for the time being be
      carried on and shall be available to the company carrying on the business
      of the Lender for the time being;
or

            

    

    
      
         

      

      
        Page 4 of
23

        
          

        

      

      
         

      

    

    

     

    
      	
            	
              (ii) 

            	
              the
      insolvency, liquidation or winding-up of the Chargor (as the case may be)
      or any commencement of any of the foregoing;
or

            

    

     

    
      	
            	
              (iii) 

            	
              any
      change in constitution, amalgamation, consolidation, reconstruction,
      merger or reorganisation or or affecting the Chargor (as the case may be):
      or

            

    

     

    
      	
            	
              (iv) 

            	
              the
      illegality, invalidity or unenforeeability of or any defect in any
      provision of any of the Transaction Documents, the Facility or any other
      security, guarantee or indemnity or any of the obligations of any of the
      parties thereunder: or

            

    

     

    
      	
            	
              (v) 

            	
              any
      other matter or thing whatsoever.

            

    

     

    
      	
              6.

            	
              COVENANTS AND
      UNDERTAKINGS

            

    

     

    
      	
              (A)

            	
              Affirmative
      Undertakings: The Chargor hereby covenants and undertakes with the
      Lender that at all times during the continuance of the Transition
      Documents and until the full and final discharge of all the Total
      Indebtedness, the Chargor
      shall:

            

    

     

    
      	
            	
              (i)

            	
              Punctual
      Payment punctually pay all amounts due owing or remaining unpaid
      under the Transaction Documents on the due dates thereof and in
      accordance. With the provisions of the Transaction Documents: and the
      Chargor shall also duly observe, perform and comply with all the terms,
      conditions, obligations, undertakings, stipulations and covenants to be
      observed and performed and complied with by it in accordance with the
      Transaction Document or any other documents called for by the terms of the
      Transaction Documents:

            

    

     

    
      	
            	
              (ii)

            	
              Payments: duly and
      punctually pay and discharge all rents rates assessments taxes and
      governmental charges and all outgoings and all charges payable in
      respect of its assets as soon as the same become due and in any event
      prior to the date on which penalties become attached thereto, unless and
      to the extent only that the same shall be contested in good faith and by
      appropriate proceedings and will produce to the Lender on demand all
      receipts for such payments and in default of payment or production as
      aforesaid it shall be lawful (but not obligatory) for the Lender to pay
      all or any of such rents rates assessments taxes and other outgoings and
      charges on behalf of the Chargor and thereupon the sums so paid by the
      Lender shall on demand be repaid to the Lender, and the Chargor will also
      make timely filings of all tax returns and got governmental reports
      required to be filed or submitted under any applicable laws or
      regulations:

            

    

     

    
      	
            	
              (iii)

            	
               Authorisations: maintain in full
      force and effect all governmental consents, licences,
      authorizations, approvals,
      declarations, filings and registrations obtained or made in connection
      with the Transaction Documents and every. document the execution and
      delivery of which is contemplated hereby (including without limitation
      foreign exchange and transfer permits regarding amounts due hereunder and
      thereunder) and take all such additional action as may be proper or
      advisable in connection therewith, and obtain or effect any new or
      additional governmental consents,
      licences,
      authorizations, approvals, declarations, filings or
      registrations as may become necessary for the performance of any of the
      terms and conditions of the Transaction
  Documents:

            

    

    

    
      	
            	
              (iv)

            	
              Adverse
      Change: promptly notify the
      Lender of any material adverse event or material change in its
      condition (financial or otherwise) and of any litigation, arbitration
      or administrative proceedings being threatened or initiated against it
      which is likely to affect materially and adversely its operations or
      financial condition, all such
      notification to be given to the Lender promptly upon the Chargor becoming
      aware of the said change or of the said litigation, arbitration
      or proceedings or threat thereof and the amount
      of contingent liability, if such
      amount is ascertainable:

            

    

    
      
         

      

      
        Page 5 of
23

        
          

        

      

      
         

      

    

     

    
      	
            	
              (v) 

            	
              Notification:
      promptly inform the Lender of any Event of Default or any event or the
      receipt of any notice which may affect the the fulfilment by the Chargor
      of any of its covenants or obligations hereunder, or may affect its
      ability to carry on its businesses or any
      application made or an order for the
      Chargor to be placed under judicial management or for the appointment of a
       judicial
      manager upon occurrence thereof;

            

    

     

    
      	
            	
              (vi) 

            	
              Subordination:
      ensure that all shareholders' and/or directors' loans or advances save and
      except for bonds issued by the Chargor to their shareholders (including
      interest payment relating thereto). whether now or hereafter owing from
      time to time by the Chargor to any shareholder or
      director including all such shareholders' and/or directors' loans or
      advances owing prior to the date or this Debenture shall henceforth at
       all times be
      subordinated to the Facility hereof and will procure all of its
      shareholders and/or directors which have granted such loans or advances to
      the Chargor to agree to subordinate their loans to the Facility
      hereof and
      to execute such deed of subordination in form and substance satisfactory
      to the Lender in favour of the Lender if the Lender so requires..

            

    

     

    
      	
            	
              (vii) 

            	
              Insurance: at
      its own expense, effect and maintain or cause to be effected and
      maintained insurance over all its assets and property charged or to be
      charged to the Lender in connection with the Facility with reputable
      insurer(s). All policies and all endorsements, supplements or amendments
      thereto shall at the Lender's request be delivered to the Lender with the
      receipt for every premium payable in respect thereof seven (7) days prior
      to the expiry of such policies and in default of such delivery or
      production it shall he lawful
      (but not obligatory)
      for the Lender to renew and or effect the insurance aforesaid in such sum
      as the Lender shall think fit at the Chargors
  expense:

            

    

     

    
      	
            	
              (viii) 

            	
              Further Acts:
      from time to time on reasonable request by the Lender do or procure the
      doing of all such acts and will execute or procure the execution of all
      such documents as the Lender may consider necessary or desirable for
      giving full effect to this Debenture and/or secure
      to the Lender the full benefits of all rights, powers and remedies
      conferred upon the Lender by this
Debenture.

            

    

     

    
      	
              (B) 

            	
              Negative
      Undertakings:
       The Chargor undertakes
      that at all times during the continuance of the Transaction Documents and
      until the full and final discharge of all the Total Indebtedness it shall
      not, save and except with the prior given consent of the Lender,
      such consent not to be unreasonably
withheld:

            

    

     

    
      	
            	
              (i)

            	
              undertake
      or permit or effect any re-organisation, amalgamation, reconstruction, or
      any other schemes of compromise or arrangement or otherwise affecting its
      present constitution:

            

    

     

    
      	
            	
              (ii)

            	
              create
      or permit to arise or subsist or have outstanding any mortgage, charge
      (whether fixed or floating), pledge, hypothecation, lien (other than a
      lien arising by operation of law) or any other encumbrance or security
      whatsoever on or over the whole or any part of its properties or
      assets, both present and future whatsoever and wheresoever situate
      (including without limitation any factoring of the Charger's
      Receivables);

            

    

     

    
      	
            	
              (iii)

            	
              permit
      or suffer any substantial
      change in the shareholding of the
Chargor:

            

    

     

    
      
         

      

      
        Page 6 of
23

        
          

        

      

      
         

      

    

     

    
      	
            	
               (iv) 

            	
              lease,
      let out, sublet or otherwise part with possession of any of the properties
      charged to theLender under the
      Transaction Documents;

            

    

     

    
      	
            	
              (v) 

            	
              make
      substantial alteration to the nature of its business or effect any
      alteration of the Chargor'sMemorandum and
      Articles of Association relating to its borrowing powers or principal
      business;

            

    

     

    
      	
            	
              (vi) 

            	
              declare
      make or pay any dividend or other distribution (in cash or in kind) in
      respect of any of itsshare capital in, or
      in respect of, any financial year
      or period; and

            

    

     

    
      	
            	
              (vii) 

            	
               place
      the Lender in a less favourable position in relation to other lenders,
      whether banks or otherfinancial
      institutions, in terms of security or
      support.

            

    

     

    
      	
              7.

            	
              EVENTS OF
      DEFAULT

            

    

     

    The Total
Indebtedness (whether subject to any specific agreement or otherwise) shall at
the option of the Lender (without giving prior notice) become immediately due
and payable upon the occurrence or declaration by the Lender of any of the
following events:

     

    
      	
            	
              (i) 

            	
              Non-payment:
      the Chargor fails to punctually pay the Total Indebtedness at such time
      and date as
      provided in the
      Transaction Documents: or

            

    

     

    
      	
            	
              (ii)

            	
              Breach
      of
      warranty: any
      representation, warranty. covenant or statement made by the Chargor in
      any Transaction Document or in any document delivered under it now
      or at any later date is not complied with or is incorrect, misleading or
      untrue or ceases to be correct, accurate or
      true in any material respect; or

            

    

     

    
      	
            	
              (iii)

            	
              Breach of obligation
      or undertaking: the Chargor commits or threatens to commit any breach of
      or fails to observe am of the obligations accepted or undertakings
      given by its execution and delivery of the Transaction Documents to which
      it is a party or any other document called for by the terms of the Transaction
      Documents or commits any breach of or fails to observe any of its
      obligations or undertakings under the Transaction Documents to which it is
      a party or in the reasonable judgment of the Lender threatens or is likely
      to commit any breach of or threatens or is likely not to observe any of
      the obligations or undertakings of the Chargor under the Transaction
      Documents and in the case of such breach or failure which in the
      reasonable opinion of the Lender is capable of being remedied, the Chargor
      fails to remedy such breach or failure to the satisfaction of the
      Lender within 30 days of
      its occurrence; or

            

    

     

    
      	
            	
              (iv)

            	
              Insolvency: the Chargor becomes
      insolvent, is unable to pay its debts as they fall due, stops,
      suspends or in the reasonable judgment of the Lender, threatens
      to stop or suspend its business or payment of its debts, begins
      negotiations or takes any proceedings or other step with a view to
      re-adjustment, rescheduling or deferral of its indebtedness or proposes or
      makes a general assignment or any statutory or other arrangement or
      composition with or for the benefit of its creditors or a moratorium is
      agreed or declared in respect of or affecting the indebtedness of the
      Chargor,  or

            

    

     

    
      	
            	
              (v)

            	
              Enforcement
      proceedings: a distress, writ of seizure and
      sale, attachment, encumbrance, execution
      or other legal process is levied, enforced or sued over on or against the
      assets of the Charger:
      or

            

    

     

    
      	
            	
              (vi)

            	
              Security
      enforceable: any present or future security on or offer the assets
      of the Chargor becomes nforceable
      and any step (including the taking of
      possession or the appointment of a Receiver or similar officer) is taken
      to enforce that security;
      or

            

    

     

    
      
         

      

      
        Page 7 of
23

        
          

        

      

      
         

      

    

    

     

    
      	
            	
              (vii)

            	
              Dissolution : any step is taken
      by any person for the dissolution (including judicial management)
      of the Chargor (including if a petition is presented, an order is
      made or a notice is given for the passing of a resolution for such
      dissolution (including judicial management), except for the purpose of and
      followed by a reconstruction,
      amalgamation or reorganisation on terms approved by the Lender before that
      step is taken); or for the appointment of a liquidator (including a
      provisional liquidator), Receiver, judicial manager,
      trustee, assignee,
      administrator, agent or
      similar officer of the Chargor over any part of the assets of the Chargor:
      or

            

    

     

    
      	
            	
              (viii) 

            	
              Change in
      ownership: any change occurs in the management, ownership or
      control of the Charger or a significant portion of its assets, which in
      the reasonable opinion of the Lender constitutes a material adverse change
      affecting the financial condition or operations of the Chargor:
      or

            

    

     

    
      	
            	
              (ix) 

            	
              Authorisation and
      consents: any governmental registration, consent, licence,
      authorisation, approval,
      act, condition or thing required in connection with the Transaction
      Documents (including without limitation required to ensure that the
      Transaction Document,:
      are legal, valid and binding on the Charger and any other party thereto,
      and admissible in evidence in the courts of Singapore), or any other
      document, the execution and delivery of which is contemplated therein,
      expires, is not done, complied with or obtained or is terminated, revoked,
      modified or restricted in any way unacceptable to the Lender, or any
      certificate or opinion furnished under any Transaction Document is shown
      to have been false or misleading as of its date in any material respect;
      or

            

    

     

    
      	
            	
              (x) 

            	
              Illegality: it
      is or will become unlawful for the Chargor or any party to the Transaction
      Documents to perform or comply with any one or more of its respective
      obligations under the Transaction Documents:
or

            

    

     

     

    
      	
            	
              (xi) 

            	
              Accounts: the
      audited accounts of the Chargor delivered to the Lender under paragraph
      1.7 of Schedule
      2 to the Facility Agreement are qualified in a manner or to an extent
      unacceptable to the Lender; or

            

    

     

    
      	
            	
              (xii) 

            	
              Transaction
      Decrement: any Transaction Document is not in full force and
      effect: or 

            

    

     

    
      	
            	
              (xiii) 

            	
              Legal
      Proceedings: any suit or action of any
      kind whatsoever (whether criminal or civil) shall be instituted or
      threatened against the Chargor which may have a material adverse effect on
      the financial condition or business of the Chargor,
  or

            

    

     

    
      	
            	
              (xiv) 

            	
              Analogous
      events: any event occurs which under the law of any relevant
      jurisdiction, has an analogous
      or equivalent effect to any of the events mentioned in this Clause 7;
      or

            

    

     

    
      	
            	
              (xv)

            	
              Compulsatory
      Acquisition: any notice or
      proposal for compulsory acquisition of any property or assets
      issued or made which in
      the reasonable
      opinion of the Lender has or may have a material adverse effect on the
      Chargor,  or

            

    

     

    
      	
            	
              (xvi) 

            	
              Materiel
      adverse change: any event occurs or circumstance arises which, in the
      reasonableopinion
      of the Lender, gives grounds for believing that the Chargor or any party
      to the Transaction Documents will or may not for may be unable to perform
      or comply with any one or more of their respective obligations under the
      Transaction Documents or any other documents called for by the Transaction
      Documents or is otherwise in jeopardy and notice thereof is given to the
      Chargor.

            

    

     

    
      	
              8.

            	
              POWERS OF THE LENDER
      ON DEFAULT RV THE CHARGOR

            

    

     

    
      	
              (A)

            	
              Powers :
      Subject to the proviso in 8031 below, if any Event of Default shall have
      occurred or is declared, the
      Lender shall be entitled to, inter alia,
      exercise all or any of the following powers, that is to
    say:

            

    

    
      
         

      

      
        Page 8 of
23

        
          

        

      

      
         

      

    

    
      	
            	
              (i) 

            	
              Payment of Total
      Indebtedness: the Lender may by prior written notice of 5 Business
      Days to the Chargor declare the Total Indebtedness hereunder to be
      immediately due and payable, whereupon the some shall, notwithstanding any
      other provision of this Debenture, become so payable together with accrued
      interest thereon (including without limitation any
      default interest) and any other sums then owed by the Chargor or hereunder
      without further demand, presentment, protest or other notice whosoever,
      and without the consent, decree or authorisation of any court, all of
      which are hereby expressly waived by the
  Chargor.

            

    

     

    
      	
            	
              (ii) 

            	
              Cancellation of
      undisbursed Facilit : the Lender may by written notice to the
      Chargor, declare
      that any undisbursed portion of the Facility shall be cancelled, whereupon
      the same shall be cancelled notwithstanding
      any subsequent action by the Charger to remedy any of the Events of
      Default, and, or

            

    

     

    
      	
            	
              (iii) 

            	
              Give notice and sue for
      recovery: the Lender may from time to time at its discretion be at
      liberty to give any notice which may be deemed necessary by the Lender to
      any person or persons owing moneys to the Charger that all such moneys be
      paid to the Lender and the Chargor hereby irrevocably appoints the Lender
      to be its attorney in fact to demand sue for recover and take all
      appropriate legal proceedings to recover such moneys and to give a good
      receipt for the same and to give such notices to the debtors of the
      Chargor and to take all necessary steps to complete the assignment of such
      moneys to the Lender.

            

    

     

    
      
        	
                (B) 

              	
                Provided
      that no Event of Default under Clause 7 will occur if the failure to
      comply or breach is capable of remedy and is remedied within five (5)
      Business Days of the Lender giving notice to the Chargor of the failure to
      comply or breach. Such notice shall include reasonable details of the non
      compliance or breach.

              

      

    

     

    
      
        	
                (C) 

              	
                 Exercisable at Lenders
      Discretion: All or any of the rights, powers or remedies conferred
      by this Debenture shall be exercisable by the Lender at its discretion, or
      at any time and from time to time and in any order as may be determined by
      the Lender.

              

      

    

     

    
      	
              u

            	
              REPRESENTATIONS AND
      WARRANTIES

            

    

     

    The
Charger hereby represents and warrants to the Lender as follows:

     

    
      	
            	
              (i) 

            	
              Status: the
      Chargor is a company with
      limited liability and was duly incorporated in the Republic of Singapore
      and is validly existing under the laws of the Republic of Singapore with
      the power and authority to own assets and to conduct the business which it
      conducts and/or purports to
      conduct;

            

    

     

    
      	
            	
              (ii) 

            	
               Powers and authorisation:
      the Chargor has full power and authority to carry on the business
      currently carried on by it, to borrow monies and to enter into, exercise
      its rights and perform its obligations under the Transaction
      Documents;

            

    

     

    
      	
            	
              (iii)

            	
              Valid and binding
      obligations: the Transaction Documents have been validly authorised
      by the appropriate corporate actions of the Chargor and when executed and
      delivered will constitute legal valid and binding obligations of the
      Chargor and are enforceable against the Chargor in accordance with their
      respective terms;

            

    

     

    
      	
            	
              (iv)

            	
              Requirements
      fulfilled: all actions, conditions and things required to be taken,
      fulfilled and done
      (including without limitation the obtaining of any necessary consents and
      the like except for stamp duty on the Transaction Documents (where
      applicable and  any filings in relation thereto which will be
      done within the time agreed between  the Lender and the Chargor
      and in accordance with the requirements of.
      the law in order (i) to enable the Chargor lawfully to enter into,
      exercise its rights and perform and comply with its obligations under the
      Transaction Documents, (ii) to ensure that the said obligations are
      legally binding andenforceable, and (iii) to make the Transaction
      Documents admissible as evidence in the courts of Singapore have been
      taken, fulfilled and done;

            

    

     

    
      	
            	
              (v) 

            	
              No material adverse
      effect: the Chargor has not committed, under any agreement to which
      it is a party or by which it is bound, a default which might have a
      material adverse effect on the business, assets or financial condition of
      the Charger:

            

    

    
      
         

      

      
        Page 9 of
23

        
          

        

      

      
         

      

    

     

    

     

    
      	
            	
              (vi)

            	
              No
      litigation: save as disclosed
      by the Chargor to the Lender prior to the execution of this
      Debenture, there are
      no litigation, arbitration
      or administrative proceedings current or pending before any court or to
      the knowledge; of the Chargor threatened against or affecting the Charger
      and no proceedings are before any court,
      tribunal, government
      agency or administrative body pending or to the knowledge of the Chargor
      threatened against it which if adversely determined would materially and
      adversely affect the financial condition or operations of the Charter or
      impair the rights of the Chargor to carry on its business substantially as
      now conducted or the ability of the Chargor to observe and perform its
      obligations under the Transaction Documents, and to the
      best of the knowledge and belief of the Chargor, the Chargor has complied
      with all applicable laws statutes and regulations and with the requirements of
      all government authorities having jurisdiction over the Chargor;

            

    

     

    
      	
            	
              (vii) 

            	
              No dissolution:
      no legal procedure has been started nor have any legal proceedings been
      initiated or,
      to the best of the Chargor's knowledge and belief, threatened, for the
      dissolution, winding-up or reorganisation of, or for the appointment of a
      receiver, manager (including a judicial manager appointed under Part VIIIA
      of the Companies Act),
      trustee or similar officer of the Chargor or of any or all of its
      assets;

            

    

     

    
      	
            	
              (viii) 

            	
               Taxes: the Chargor has
      filed all tax returns which it is required by law to file and has paid and
      discharged
      all taxes, assessments, fees and other governmental charges (other than
      payroll taxes in the aggregate sum of $$113,353.00) assessed against it or
      upon any of its assets or adequate reserves have been established for the
      payment thereof Provided that this sub-Clause shall apply only to tax
      returns or payments (described as aforesaid) where the failure in file
      such tax returns and/or make such payments might, in the reasonable
      opinion of the Lender, have a material and adverse effect on the business
      or financial condition of the
Charger:

            

    

     

    
      	
            	
              (ix) 

            	
               No
      Default: the Chargor is not in default in the payment or performance of
      any of its obligationsfor
      borrowed money and no Event of Default has occurred or is continuing or is
      anticipated;

            

    

     

    
      	
            	
              (x)

            	
              Compliance: neither the
      execution and delivery of the Transaction Documents nor the performance
      of any of the terms thereof will:

            

    

     

    
      	
            	
              (a) 

            	
              contravenee
      or constitute a default under any provision contained in any
      agreement.Instrument,
      law, judgment, order, licence, permit or consent by which the Chargor is
      bound or affected: or

            

    

     

    
      	
            	
              (b) 

            	
              cause
      any limitation on the Chargor or the powers of its directors,
      whether imposed by or
      contained in its Memorandum and Articles of Association  or
      by-laws or in any law, judgment, agreement, instrument or otherwise, to be
      exceeded:

            

    

     

    
      
        	
              	
                (xi)

              	
                No security: saw
      as otherwise disclosed in the Accounting and Corporate Regulatory
      Authority and
      except for any security granted in favour of the Lender in relation to
      this Debenture, no security exists on or over the assets of the Chargor
      other than any lien arising by operation of
law:

              

      

    

     

    
      
         

      

      
        Page 10
of 23

        
          

        

      

      
         

      

    

    

     

     

    
      	
            	
              (xii)

            	
              Repetition:
      each of the above representations and warranties will be correct and
      complied with in all
      respects so long as any sum remains to be lent or remains payable under
      this Debenture as if repeated then by reference to the then existing
      circumstances.

            

    

     

    
      	
              10.

            	
              APPOINTMENT OF
      RECEIVER

            

    

     

    
      	
              (A)

            	
              Appointment :
      At any time after (i) any of the Total Indebtedness shall have become
      payable under Clause
      7 hereof or (ii) the Chargor shall have requested the Lender to appoint a
      Receiver hereunder, the Lender may appoint one or more persons to be a Receiver of
      the Charged Property.

            

    

     

    
      	
              (B)

            	
              Removal : The
      Lender may (i) remove any Receiver previously appointed hereunder and (ii)
      appoint another
      person or other persons as Receiver or Receivers, either in the place of a
      Receiver so removed or who has otherwise ceased to act or to act jointly
      with a Receiver or Receivers previously appointed hereunder. If at any
      time and by virtue of any such appointments) any two or more persons shall
      hold office as Receivers of the same assets, each one of such Receivers
      shall be entitled (unless the contrary shall be stated in any of the deeds
      or other instruments) appointing them to exercise all the powers and
      discretion hereby conferred an Receivers individually and to the exclusion
      of the other or others of them.

            

    

     

    
      	
              (C)

            	
              By Deed or in
      Writing : Every such appointment or removal, and every delegation,
      appointment or removal by the Lender in the exercise of any right to
      delegate powers or to remove delegates herein contained, may be made
      either by deed or by instrument in writing under the hand of any officer
      of the Lender or by any person authorized in writing in that behalf by any
      such officer.

            

    

     

    
      	
              11.

            	
              RECEIVER

            

    

     

    
      	
              (A)

            	
              Powers of
      Receiver : A Receiver so appointed shall be the agent of the
      Chargor and the Chargor shall be solely
      responsible for his acts and defaults and remuneration. Such Receiver
      shall have power:

            

    

     

    
      	
            	
              (i)

            	
              Entry onto land
      : to enter into and take possession of or control any land or premises of
      the Chargor or any part thereof
      or collect and get in any Charged Property and for that purpose to take
      any proceedings in the name of the Chargor or otherwise as may seem
      expedient:

            

    

     

    
      	
            	
              (ii)

            	
              Carry on
      business : to carry on, manage or concur in carrying on and
      managing the business of
      the Chargor or any part thereof including the power where the Chargor has
      one or more subsidiaries of supervising, controlling and financing such
      subsidiary or subsidiaries and its or their business or businesses and the
      conduct thereof and for any of those purposes to raise or borrow any money
      from the Lender or any other person
      to rank for payment in priority to the security constituted by or pursuant
      to this Debenture and with or without a mortgage or charge that may be
      required upon the security of the whole or any part of the Charged
      Property;

            

    

     

    
      	
            	
              (iii)

            	
              Call on Shares
      : where any capital in respect of any such capital or shares of the
      Chargor is outstanding
      and uncalled to require the directors of the Chargor forthwith to call up
      all or so much of such uncalled capital of the Chargor and to
      enforce payment of calls so made and any previous unpaid calls by taking
      proceedings in the name of the Chargor or his own name or otherwise as may
      seem expedient and as may be sufficient to pay to the Lender all moneys
      then due and owing hereunder,

            

    

     

    
      
         

      

      
        Page 11
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              (iv)

            	
              Sell or Lease
      Property : forthwith and without restriction to sell, lease,
      surrender or otherwise dispose of or agree in selling, leasing,
       accepting surrenders or otherwise disposing (obtaining only when and
      where necessary the leave of the Court) of the whole or any part of the
      Charged Property and for this purpose. (0 sever. if necessary, plant,
      machinery and other fixtures from the land) by public auction or by
      private contract on such term and conditions as he may think fit, with
      power to vary any contract for sale and to resell without being answerable
      for any loss occasioned thereby; any such sale may be for cash, shares or
      stocks, debenture stock or other valuable consideration to be paid or
      satisfied at such time or times as the Receiver shall think
      fit;

            

    

     

    
      	
            	
              (v) 

            	
              License
      Property: to lease, let, hire and license or agree in leasing,
      letting, hiring and licensing or accept surrenders of leases, tenancies or
      licences of all or any part of the land and premises of the Charged
      Property and assets on such terms and far such consideration as he may
      deem fit;

            

    

     

    
      	
            	
              (vi) 

            	
              Arrangement or
      compromise : to make
      any arrangement or enter into any compromise which he shall think
      expedient:

            

    

     

    
      	
            	
              (vii)

            	
              Repair property
      : to repair
      and keep in repair and make and effect all or any improvements of the
      Charged Property and assets and for this purpose to apply in the name or the Chargor
      for such licences or approvals as may be required by any law or regulation
      and to take out maintain and renew all insurances in respect of the
      Charged Property and assets against loss or damage by fire or any
      other risk
      as he shall think fit:

            

    

     

    
      	
            	
              (viii)

            	
              Employ professional
      advisers : to employ, engage, appoint and terminate the services of
      such managers and other employees and professional advisors or otherwise
      on such terms and conditions as to remuneration or otherwise as he shall
      think fit including without limitation the power to engage his own firm in
      the conduct of the receivership;

            

    

     

    
      	
            	
              (ix)

            	
              Acquire share
      capital : to promote or otherwise acquire the share capital of any
      body corporate with a view to such body corporate becoming a subsidiary of
      the Charger and purchasing, leasing or otherwise acquiring an interest in
      the whole or any part of the Charged Property. or
      carrying on any business in succession to the Chargor or any subsidiary of
      the Chargor;

            

    

     

    
      	
            	
              (x)

            	
              Take
      proceedings : to take or defend proceedings in the name of the
      Charger including proceedings fur the compulsory winding-up of the Charger
      and to submit to arbitration, negotiate, compromise, abandon and settle
      any claims and proceedings concerning the Charged Property and to demand,
      receive, give sales receipt for or discharge the
  same:

            

    

     

    
      	
            	
              (xi)

            	
              Incidental acts
      : to execute and do all such acts, deeds and things as
      to him or the Lender may
      appear incidental or conducive to any of the powers vested in him or to be
      conducive to the realisation of the security constituted by or pursuant to
      this Debenture and which he /awfully may or can do as agent for the
      Chargor: and

            

    

     

    
      	
            	
              (xii)

            	
              General :
      generally to do or cause to be done such acts or things which the Charger
      may have
      done in the ordinary conduct of its business for the protection as well as
      for the improvement of
      the Charged Property;

            

    

     

    
      	
              (B)

            	
              Consideration for Sale
      or Disposal : In making any sale or other disposal of any of the
      Charged Property in
      the exercise of their respective powers (including a disposal by the
      Receiver to any such subsidiary as is referred to in sub-Clause (A) above, the
      Receiver or the Lender may accept, as and by way of
      consideration, or such sale or other disposal, cash,
      shares, loan capital or other obligations, including without limitation
      consideration fluctuating according to or depend upon profit or turnover
      and consideration the amount whereof is to be determined by a third party.
      Any such consideration may be receivable in a lump sum or by instalments
      and upon receipt by the Receiver shall ipso facto be and become charged
      with the payment of the Total Indebtedness. Any contract for any such sale
      or other disposal
      may contain conditions excluding or restricting the personal liability of
      the Receiver or the Lender.
      Plane machinery and other fixtures may be severed and sold in the exercise
      of their respective powers by the Receiver or the Lender separately from
      the premises to which they are
      attached without any consent being obtained from the
    Chargor.

            

    

     

    
      
         

      

      
        Page 12
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              12.

            	
              POWER OF
      ATTORNEY

            

    

     

    
      	
              (A)

            	
              Appointment :
      The Chargor hereby irrevocably appoints any and every Receiver appointed
      as aforesaid and
      his substitute or substitutes the attorney or
      attorneys in fact of the Chargor where more than one jointly and
      severally and on its behalf and as its acts and deeds to execute, sign,
      seal and deliver and otherwise perfect any deed, assurance, agreement,
      instrument or act which may be required or may be deemed proper for
      any of
      the purposes set out in the preceding Clause 11 hereof and with power for
      such attorney or attorneys to appoint or remove any substitute or
      substitutes.

            

    

     

    
      	
              (B)

            	
              Ratification :
      The Chargor
      hereby declares that such power of attorney has been given for
      valuable onsideration
      and shall be and remain irrevocable for as long as any part of the Total
      Indebtedness remains unpaid or outstanding. The Chargor hereby ratifies
      and confirms and agrees to ratify and confirm
      whatever any such attorney appointed pursuant to paragraph (A) above shall
      do or purport to do in the exercise or purported exercise of all or any of
      the powers, authorities and discretions referred to in paragraph (A)
      above.

            

    

     

    
      	
              13.

            	
              APPLICATION OF MONIES
      BY RECEIVER

            

    

     

    
      	
              (A)

            	
              Order of
      Application : All monies received by any Receiver appointed under
      this Debenture shall (subject to
      the rights and claims of any person having a security ranking in priority
      to  the security constituted by or pursuant to this Debenture)
      be applied in the following order:

            

    

     

    
      	
            	
              (i)

            	
               in
      the payment of the costs,
      charges and expenses of and incidental to the Receiver's appointment
      and the payment of his
remuneration;

            

    

     

    
      	
            	
              (ii) 

            	
              in
      the payment and discharge of any liabilities incurred by the Receiver
      on the Chargor's behalf
      in the exercise of any of the powers of the
  Receiver;

            

    

     

    
      	
            	
              (iii) 

            	
              in
      or towards payment of any debt or claim which are by statute payable in
      preference to the Total Indebtedness but only to the extent to which such
      debt or claim have such preference;

            

    

     

    
      	
            	
              (iv) 

            	
              in
      or towards the satisfaction of all interest remaining unpaid on the Total
      Indebtednessowing
      to the Lender.,

            

    

     

    
      	
            	
              (v) 

            	
              in
      or towards the satisfaction of all Total Indebtedness owing to the Lender,
      and

            

    

     

    
      	
            	
              (vi) 

            	
              any
      other fees or expenses accruing hereunder, and any surplus shall be Paid
      to the Chargor or other person entitled
thereto.

            

    

     

    
      	
              (B)

            	
              Remuneration :
      Every Receiver so appointed shall be entitled to reasonable remuneration
      for his services at
      a rate to be fixed by agreement between him and the Lender (or, failing
      such agreement, to be fixed by the Lender) appropriate to the work and
      responsibilities involved upon the basis of charging from time to time
      adopted in accordance with his current practice or the current practice of
      his firm.

            

    

     

    
      	
              (C)

            	
              Application :
      Only monies actually paid by the Receiver to the Lender in satisfaction
      or discharge
      of theTotal Indebtedness shall be capable of being applied in satisfaction
      thereof.

            

    

    
      
         

      

      
        Page 13
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              (D)

            	
              No Liability :
      Save as aforesaid the Lender shall be under no liability whatsoever to the
      Receiver for his Remuneration,
      costs, charges, expenses or
otherwise.

            

    

     

    
      	
              (E) 

            	
              Exclusions :
      The provisions of Sections 29(6) and (8) of the Conveying  Law
      of Property Act, Chapter 61.
      1994 Revised Edition Singapore shall not apply to this
      Debenture.

            

    

     

    
      	
              14.

            	
              APPOINTMENT OF
      RECEIVER NOT AFFECTING OTHER
POWERS

            

    

     

    
      The
powers of
appointment of a Receiver hereunder
shall be in addition to and not to the prejudice of any statutory and other
powers (whether of sale, receiving rents, distraining for rents or otherwise) of
the Lender or otherwise and so that such powers shall be and remain exercisable
by the Lender in respect of any of the Charged Property and of which no
appointment of a Receiver by the Lender shall from time to time be subsisting
and that notwithstanding that an appointment under the provisions hereof shall
hate subsisted and been withdrawn in respect of that
property or assets or shall be subsisting in respect of arty other Charged
Property.

    

     

    
      	
              15.

            	
              APPOINTMENT OF LENDER
      AS ATTORNEY IN FACT

            

    

     

    
      	
              (A)

            	
              Appointment :
      The Charger hereby irrevocably appoints the Lender and any attorney in
      fact for the time being
      of the
      Lender its attorney in fact and in its name and on its behalf and as its
      acts and deeds or otherwise to sign, seal, deliver and otherwise perfect
      any such legal or other mortgages, charges, assignments, transfers or
      agreements as aforesaid or without executing any such montage) any
      deed, assurance,
      instrument or act which may be required or may be deemed
      proper or expedient for the full
      exercise of all of any of the powers hereby conferred on the Lender or the
      Receiver for the purposes of enforcing or realising this security..

            

    

     

    
      	
              (B)

            	
              Ratification :
      The Charger hereby declares that such power of attorney has been given for
      valuable consideration
      and shall be and remain irrevocable for as long as any pan of the Total
      Indebtedness remains unpaid or outstanding. The Charger hereby ratifies
      and confirms and agrees to ratify and confirm whatever any such attorney
      appointed pursuant to paragraph (A) above shall do or purport to do in the
      exercise or purported exercise of all or any of the powers, authorities
      and discretions referred to in paragraph (A)
  above.

            

    

     

    
      	
              16.

            	
              NO ENQUIRY THIRD
      PARTY

            

    

     

    Any
person dealing with the Lender or any of its delegates or the Receiver appointed
hereunder shall not be bound to see or enquire whether any event has happened
upon which any of the powers contained in this Debenture are or may be
exercisable by the Lender or the Receiver or otherwise as to the propriety or
regularity of any exercise thereof or any act purporting or intended to be an
exercise thereof or whether any money remains owing upon this security or be
concerned to see whether any such delegation shall have lapsed for any reason or
been revoked.

     

    
      	
              17.

            	
              WAIVER NOT TO
      PREJUDICE, RIGHTS OF THE
LENDER

            

    

     

    The
Lender may from time to time and at any time waive either unconditionally or on
such terms and conditions as it may deem fit any breach by the Chargor of the
covenants, undertakings, stipulations, terms and conditions contained in the
Transaction Documents and any modification thereof but without prejudice to any
power, right and remedy for enforcement thereof, provided that:

     

    
      
         

      

      
        Page 14
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        Page 15
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              (i) 

            	
              no
      neglect or forbearance of the Lender to require and enforce payment of any
      money under any Transaction Document or the performance and observance of
      any covenant, undertaking, stipulation, term and condition contained in
      any Transaction Document, nor any time which may be given to the Chargor
      or any
      person shall in any way prejudice or affect any of the rights, powers or
      remedies of the Lender at any time afterwards to act strictly in
      accordance with the provisions hereof: and no
      such waiver of or any breach as aforesaid shall prejudice the rights of
      the Lender in respect of any other or subsequent breach of any of the
      covenants, undertakings, stipulations, terms or conditions
      aforesaid.

            

    

     

    
      	
              18.

            	
              INDULGENCE

            

    

     

    
      	
               (A) 

            	
               Time: The liability of
      the Chargor hereunder shall not be impaired or discharged by reason of any
      time or other
      indulgence being granted by or with the consent of the Lender to any
      person who or by which may be in any way liable to pay any of the Total
      Indebtedness or by reason of any arrangement being entered into or composition
      accepted by the Lender modifying the operation of law or
      otherwise its rights and remedies under the provisions of any Transaction
      Document.

            

    

     

    
      	
              (B)

            	
              Abstention :
      The Lender may at any time or times without discharging or in any way
      affecting the security
      created by or pursuant to this Debenture or any remedy in respect of such
      security grant to the Chargor time or indulgence or abstain from
      asserting, calling, exercising or enforcing any remedy, security,
      guarantee or other rights which it may now or hereafter have from or
      against the Chargor.

            

    

     

    
      	
              19.

            	
              RIGHTS OFTHE
      LENDER

            

    

     

    
      	
              (A)

            	
              Set-Off : The
      Chargor authorises the Lender (who shall not be obliged) to apply at any
      time and without prior
      notice to the Charge, any credit balance (whether or not then due) to which the Chargor
      is at any time beneficially entitled to any account of the Chargor at any
      office of the Lender (whether
      in Singapore or elsewhere) in or towards the immediate satisfaction of any
      plan of the Total Indebtedness whether matured or otherwise, whether
      contingent, unliquidated or joint and whether expressed in a currency
      different from the currency. on
      the account of the Chargor, and unpaid. For that purpose, the Lender is
      authorised to (i) withhold payment of all or any part of such credit
      balance and/or (ii) use all or any part of any such credit balance to buy
      such other currencies as may be necessary to effect such application. The
      Lender's rights under this Clause, which shall be without prejudice and in
      addition to any right of set-of combination of accounts, Lien or other
      right to which it is at any time otherwise omitted (whether by operation
      of law contract or otherwise).

            

    

     

    
      	
              (B)

            	
              Right to Debit
      : If any of the Total Indebtedness shall not be paid on the due date
      thereof the Lender shall be at liberty forthwith or any time thereafter to
      debit the same to any account of the Chargor then current without
      prejudice to the rights and remedies of the Lender against the Chargor and
      any other party liable to the Lender for the same and also without
      prejudice to any right of the Lender under this
  Debenture.

            

    

     

    
      	
              (C)

            	
              Right of
      Consolidation :

            

    

     

    
      	
            	
              (i) 

            	
              The
      provisions of Section 21(1) of the Conveyancing and Law of Property Act,
      Chapter 61,199-1
      Revised Edition, (restricting the right of consolidation)
      shall not apply to this Debenture.

            

    

    

    
      	
            	
              (ii) 

            	
              Without
      prejudice to any equitable right of consolidation it is hereby declared
      that no property of the Chargor which at the date hereof is or which at
      any time hereafter shall become subject to a mortgage or charge in favour
      of or vested in the Lender shall be redeemed except on payment not only of
      all moneys secured thereby but also of all Total
    Indebteness.

            

    

    
      
         

      

      
        Page 16
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              20. 

            	
              PAYMENT

            

    

     

    
      	
              (A) 

            	
              Manner
      of  Payment: Unless otherwise provided in this Debenture
      or otherwise specified by the Lender, payments to be made by the Chargor
      to the Lender under this Debenture, including all repayments of principal
      and payments of interest and any other sums due from the Chargor, shall be
      made by wire transfer in USD to the Lender at [please provide account
      details for wire transfer]or to such account or at such
      other  address as the Lender may designate from time to
      time.

            

    

     

    
      	
              (B)

            	
              Non-Business
      Day: Any payment to be made by the Chargor on a day which would
      otherwise be due on a
      non-Business Day shall instead be made on the next Business Day in the
      same calendar month (if there is one) or the preceding Business Day or
      there is none), and all calculations of interest shall be adjusted
      accordingly.

            

    

     

    
      	
              (C)

            	
              Free
      and Clear
      Payments: Clause 10 of the Facility Agreement shall
      apply.

            

    

     

    
      	
              (D)

            	
              Payments to be in Gross
      All moneys received by the Lender from the Chargor or from any other
      person or
      state or party capable of being applied in reduction of the Total
      Indebtedness shall be regarded for all purposes as payments in gross and
      if the Chargor or any petrson
      or party shall become bankrupt or insolvent or be wound up (either by order of court
      or by an effective resolution for winding up)the Lender may prove against
      the Charger or any such other person or party for the whole of the moneys
      then owing and no money received under such proof shall be considered as
      received in respect of this Debenture but the full amount of the Total
      Indebtedness shall be pay able until the Lender have received from all
      sources one hundred cents in the dollar and if the amount ultimately
      received by the Lender shall exceed the amount of the ultimate balance
      owing to the Lender the excess only over such ultimate balance shall be
      repaid to the person or party on whose account the same shall have been
      received by the Lender.

            

    

     

    
      	
              21.

            	
              REMEDIES AND
      WAIVERS

            

    

     

    Neither
the failure to exercise nor any delay in exercising on the part of the Lender
any right or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right or remedy prevent any further or other
exercise thereof or the exercise of any other right or remedy.

     

    
      	
              22.

            	
              INDEMNITY

            

    

     

    
      	
              (A) 

            	
              Indemnity : The Chargor
      acknowledges that the Facility is granted and extended by the Lender on
      the terms and conditions of the Transaction Documents and the security
      created therein. In connection therewith and without prejudice to any of
      the provisions herein, the Chargor shall keep the Lender fully and
      effectively indemnified from and against all actions, losses, claims,
      proceedings, costs, demands or liabilities which may he suffered or
      incurred by the Lender under or by virtue of the Charged Property, this
      Debenture and/or by virtue of the lender granting to the Charger any part
      of the Facility.

            

    

     

    
      	
              (13)

            	
              Tax indemnity :
      Without prejudice to the provisions of any Transaction Document, if the
      Lender is required
      by law to make any payment, whether on account of tax (not being a payment
      of tax of tax on its overall net income) or otherwise, on or calculated by
      reference to any sum received or receivable by it under any Transaction
      Document or any liability in respect of any such payment is asserted
      imposed,  levied or assessed against the Lender as a consequence
      of any credit deduction or refund obtained by the Lender in respect of
      interest paid under any Transaction Document being disallowed, the Chargor
      will on demand pay to that
      Lender free and clear of all withholdings and deductions en amount
      sufficient to indemnify it against
      such payment or liability, together with any interest penalty and expense
      payable
      or
      incurred in
      connection therewith.

            

    

     

    
      
         

      

      
        Page 17
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              (C)

            	
              Currency
      Indemnity : In respect
      of any sum payable by the
      Chargor under or in connection
      with any Transaction Instrument and any damages in relation thereto. USD
      (the “Currency of Account") shall be the sole currency of account and
      payment.

            

    

     

    
      	
            	
              (ii) 

            	
              Any
      amount received or recovered in a currency other than the Currency of
      Account (whether as a result of, or of the enforcement of a judgment or
      order of court of any jurisdiction, in the dissolution of the Chargor or
      otherwise) by the Lender in respect of any sum expressed to be due to it
      from the Chargor under arty Transaction
      Document shall only constitute a discharge to the Chargor to the extent of
      the amount of the Currency of Account which the recipient is able, in
      accordance with its usual practice, to purchase with the amount so
      received or recovered in that currency on the date of that receipt or
      recover; tor,
      if it is not practicable to make that purchase on that date, on the first
      date on which it is practicable to do
      50).

            

    

     

    
      	
            	
              (ii) 

            	
              If
      that amount in the Currency of Account is less than the amount of the
      Currency ofAccount
      expressed to be due to the
      recipient under any Transaction Document, the Charger shall indemnify it
      against any loss sustained by it as a result. In any event, the Chargor shall
      indemnify the recipient against the cost of making any such
      purchase.

            

    

     

    
      	
              (D)

            	
              Indemnities Separate
      and Independent : Each of the indemnities in this Debenture
      constitutes a separate and
      independent obligation from the other obligations in this Debenture, shall
      give rise to a separate and independent cause of action, shall apply
      irrespective of any indulgence strained by any Lender and shall continue
      in full force and effect despite any judgment, order, claim or proof for a
      liquidated amount in respect of any sum due under this Debenture or
      any judgment or order. No proof or evidence of any actual loss may be
      required.

            

    

     

    
      	
              23.

            	
              CALCULATIONS

            

    

     

    
      	
              (A)

            	
              Basis of
      Calculation: All interest and fees shall accrue from day to day and
      shall be calculated on the basis of a year of 365 days and the actual
      number of days elapsed.

            

    

     

    
      	
              24.

            	
              ASSIGNMENT

            

    

     

    
      	
              (A)

            	
              Benefit and Burden of
      this Debenture: This Debenture shall benefit and be binding on the
      parties, their respective
      successors and any permitted assignee or transferee of some or all of a
      party's rights or obligations under this Debenture. Any references in this
      Debenture to any party shall be construed
  accordingly.

            

    

     

    
      	
              (B)

            	
              Chargor: The
      Chargor may not assign or transfer all or any part of its
      rights or obligations under this Debenture.

            

    

     

    
      	
              (C)

            	
              Lender:

            

    

     

    
      	
            	
              (i)

            	
              The
      Lender may assign or transfer all or any part of its tights and/or
      obligations under this Debenture without the consent of the Chargor. Any
      such assignment or transfer shall alter such assignment or transfer be
      notified in writing by the Lender to the
  Chargor.

            

    

    
      
         

      

      
        Page 18
of 23

        
          

        

      

      
         

      

    

    

     

    
      	
            	
              (ii)

            	
              Any
      such assignee or transferee shall be and be treated as a Lender for all
      purposes of eachTransaction
      Document and shall be entitled to the full benefit of each Transaction
      Document to the same extent as if it were an original party in respect of
      the rights and obligations assigned or transferred to
  it.

            

    

     

    
      	
              25.

            	
              .NOTICES AND
      DISCLOSURE

            

    

     

    
      	
              (A)

            	
              Any
      notice or other communication given under this Debenture shall be in
      writing and shall be servedby
      delivering it personally or sending it by registered post or by registered
      air mail (if posted to a country other than where the serving Party is
      located) or courier or facsimile
      transmission to the address or electronic
      transmission to the answerback address and for the attention of the
      relevant party. Any such notice shall be deemed to have been
      received.

            

    

     

    
      	
            	
              a)

            	
              if
      delivered personally, at the time of
delivery;

            

    

     

    
      	
            	
              b) 

            	
              in
      the case of registered post or by courier. 48 hours from the date of
      posting or dispatch ;

            

    

     

    
      	
            	
              c) 

            	
              in
      the case of registered airmail, 5 days from the date of posting;
      and

            

    

     

    
      	
            	
              d)

            	
              in
      the ease of facsimile or electronic transmission; at the time of
      transmission

            

    

     

    Provided
that if deemed receipt occurs before 9 am on a Business Day the notice shall be
deemed to have been received at 9 am on that day, and if receipt occurs after 5
pm on a Business Day, or on a day which is not a Business Day, the notice shall
be deemed to have been received at 9 am on the non Business Day.

     

    
      	
              (B)

            	
              Addresses
      and fax numbers of the parties are:

            

    

    

    
      	
            	
              (a) 

            	
              In
      the ease of the Lender:

            

    

     

    
      
        	
              	
                (i)

              	
                Attn:              Mohan
      Raj Abraham

                Address:       19. Koppel
      Road #09-05, Jit Poh Building

                      
                                       
       Singapore 089058

                  Fax              
        +65 6323 0291

                  Email:       
          mohanZabraliamlaweffiee.com

                

              
	 	      
                and
 	 

      

    

     

    
      	
            	
              (ii) 

            	
              Attn:       
      Janet Cowgill

              
                Address: Wind
      Fields

                                 
      39850 Sniekersville Turnpike

                                 
      Middleburg VA 20117

                Fax:         
      703 940 4282

                Email.       
      janncowgill@aol.com

              

            

    

     

    

    

    
      	
            	
              b) 

            	
              In
      the case or the Chargor:

            

    

     

    
      	
            	
              (i)

            	
              Attn:             Anthony
      Harisson
      
                                     
      Address: 135 Joo Seng Road  #2-01, 

                                      Singapore
      368363

                Fax:        
            +65 6338 5373

                Email:          
      aharrison@astratagroup.com

              

            

    

     

    or such
other address or facsimile number as may be notified in writing from time to
time by the relevant puny to the other party.

    
      
         

      

      
        Page 19
of 23

        
          

        

      

      
         

      

    

    
      
         

      

      
        Page 20
of 23

        
          

        

      

      
         

      

    

    
      	
              (C)

            	
              Each
      party may change its address from time to time, provided notice of such
      change of address is  provided
      to the other party in accordance with this
  Clause.

            

    

     

    
      	
              (D)

            	
              Certification:
      Any document to be delivered to the Lender under the Transaction Documents
      shall be signed
      or certified by a director or authorised signatory) of the
      Chargor.

            

    

     

    
      	
              26.

            	
              PARTIAL
      INVALIDITY

            

    

     

    The
illegality, invalidity or unenforceability of any provision of this Debenture
under the law of any jurisdiction shall not affect its legality, validity or
enforceability under the law of any other jurisdiction nor the legality,
validity or enforceability of any other provision.

     

    
      	
              27.

            	
              COUNTERPARTS

            

    

     

    This
Debenture may be signed in any number of counterparts, all of which taken
together when delivered to the Lender shall constitute one and the same
instrument. Any party may enter into this Debenture by signing any such
counterpart.

     

    
      	
              28.

            	
              .GOVERNING LAW AND
      JURISDICTION

            

    

     

    
      	
              (A)

            	
              Govening Law :
      This Debenture shall be governed by and construed in accordance with the
      laws of  Singapore.

            

    

     

    
      	
              (B)

            	
              Jurisdiction
      :

            

    

     

    
      	
            	
              (i)

            	
              The
      courts in Singapore have non-exclusive jurisdiction to settle any dispute
      arising out of or in connection with this Debenture including disputes
      regarding the existence, validity or termination or this Debenture,
      (“Dispute”);

            

    

     

    
      	
            	
              (ii)

            	
              The
      parties agree that the courts of Singapore are the most appropriate and
      convenient courts to settle
      any Disputes and accordingly no party will argue to the
      contrary.

            

    

     

    (This
space is intentionally left blank)

     

     

    
      
        
           

        

        
          Page 21
of 23

          
            

          

        

        
           

        

      

    

     

    IN WITNESS WHEREOF
the Chargor has caused its C.ommon Seal to be hereunto affixed and the
authorised representavtive of the Lender has set his hand, the day and year
first abone written.

     

    THE
CHARGOR

     

    the
Common Seal of

    ASTRATA
(ASIA PACIFIC) PTE LTD

    was
hereunto affixed in

    the
presence of:

     

    

    ____________________________DIRECTOR

     

    

     

    __________________________SECRETARY

     

    

    THE LENDER

    

    Signed by
MOHAN R. ABRAHAM, Director

    for and
on behalf of

    FAME
TRADING LTD. the presence of:

    

    Tavil
Selvi Kvishnaroy

    Abraham
Advocates and Solicitors

     

     

    Page 22 of 23

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