Document:

DATED      2008

     

    

     

    

     

    

     

    

     

    

     

    
      	 	
              CODA
                OCTOPUS (UK) HOLDINGS LIMITED

            	
              (1)

            
	 	
              And

            	 
	 	
              THE
                ROYAL BANK OF SCOTLAND PLC

            	
              (2)

            

    

    

     

     

     

    ____________________________________

     

    DEBENTURE

     

    ____________________________________

     

    

     

    

     

    

     

    

     

    

     

    Stuart
      Hodge Corporate Lawyers

    3
      Temple
      Row West

    Birmingham

     

     

    
      
        
        

      

      
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          1
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      	DATE OF DEBENTURE	
               2008

            

    

     

    BETWEEN:-

    
       

      
        	
                
                  (1)

                

              	
                
                  CODA
                    OCTOPUS (UK) HOLDINGS LIMITED (Company Number 5834897) whose
                    registered
                    office is at 14 Albany Road, Granby Industrial Estate, Weymouth,
                    Dorset
                    DT4 9TH (the “Company”);
                    and

                

              

        	 	 

        	(2)	THE
                ROYAL BANK OF SCOTLAND PLC (Registered Number 90312) acting through
                its
                London offices located at 135 Bishopsgate, London EC2M 3UR (the
                “Subscriber”);

      

       

    

    IT
      IS AGREED THAT:

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    
      	
              1.1

            	
              Unless
                the context otherwise requires the following expressions shall have
                the
                following meanings wherever used in this agreement and its
                introduction:

            

    

     

    
      	 	
              "Act"

            	
              means
                the Insolvency Act 1986.

            
	 	 	 
	 	
              “Agreed
                Form”

            	
              in
                relation to any document means the form agreed and for the purposes
                of
                identification only initialled by or on behalf of COGI and the
                Subscriber.

            
	 	 	 
	 	
              “Business
                Day”

            	
              means
                a day (excluding Saturdays, Sundays and any public holiday) on which
                banks
                are open for business in London for the transaction of normal banking
                business.

            
	 	 	 
	 	
              “Charged
                Property”

            	
              means
                all of the undertaking, assets, rights, revenues and property (present
                and
                future) of the Company charged to the Subscriber under paragraph
                4 of this
                Debenture.

            
	 	 	 
	 	
              “COGI”

            	
              Coda
                Octopus Group, Inc. incorporated in the State of Delaware, whose
                principal
                place of business is at 164 West 25th
                Street, New York, New York 10001.

            
	 	 	 
	 	
              “Completion”

            	
              means
                the carrying out by the parties of their obligations under Clauses
                3.1 to
                3.3 of the Subscription Agreement.

            
	 	 	 
	 	
              “Completion
                Date”

            	
              means
                the date hereof.

            
	 	 	 
	 	
              “Confidentiality
                Agreement”

            	
              means
                the agreement dated on or around the Completion Date between COGI
                and the
                Subscriber whereby the Subscriber agrees, inter alia, to keep certain
                information confidential.

            

    

     

    
      
        
        

      

      
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              “Debts”

            	
              means
                all present and future book and other debts and any other monies
                of any
                nature whatsoever due to the Company (and whether or not yet due
                and
                payable) now or at any time during the continuance of the security
                interest created under this Debenture. 

            
	 	 	 
	 	
              “Deed
                of Guarantee”

            	
              means
                a deed in the Agreed Form to be entered into at Completion whereby
                those
                Subsidiaries which are registered in the United Kingdom agree to
                guarantee
                the obligations of COGI under the Transaction Documents

            
	 	 	 
	 	
              “Equipment

            	
              means
                all plant, machinery, jigs, moulds, fixtures, fittings (not being
                landlord’s fixtures) furniture, equipment and tools now or at any time
                during the continuance of this security belonging to the
                Company.

            
	 	 	 
	 	
              “Floating
                Charges”

            	
              means
                the two floating charges to be granted on the date hereof in favour
                of the
                Subscriber, one floating charge to be granted by Coda Octopus Products
                Ltd
                and the other by Coda Octopus R & D Ltd and “Floating Charge” shall
                mean whichever of the Floating Charges as the context
                admits

            
	 	 	 
	 	
              “Goodwill”

            	
              means
                the goodwill of the Company’s business as carried on by the Company after
                the date of this Debenture;

            
	 	 	 
	 	
              “Intellectual
                Property” 

            	
              means
                all customer information, patterns, drawings, product names, intellectual
                property and design rights including (without limitation) trade marks
                or
                trade names (whether registered or not), all patents, patent applications,
                registered designs, copyright, letters patent, service marks, business
                names, inventions, trade secrets, confidential information and know-how
                (together with the benefit but subject to the burden of any licences
                consents or permissions relating to them) of or used by the Company
                in the
                Company’s business.

            
	 	 	 
	 	
              “Intercreditor
                Deed”

            	
              means
                a deed entered into on or around the Completion Date among COGI,
                the
                Subscriber and FGI regulating the priorities of the various charges
                and
                security interests held by the Subscriber and FGI.

            
	 	 	 
	 	
              “Loan
                Note Instrument”

            	
              means
                the loan note instrument executed by COGI on the Completion Date
                pursuant
                to which the Notes are constituted.

            

    

     

    
      
        
        

      

      
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          3
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              “Lock-up
                Agreements”

            	
              means
                certain agreements entered into on or around the date hereof between
                the
                directors and board members of COGI and the Subscriber undertaking
                (with
                certain exceptions) not to sell or transfer or otherwise dispose
                of any of
                their shares in COGI.

            
	 	 	 
	 	
              “Noteholder”

            	
              means
                the person for the time being entered in the Register as a holder
                of any
                part of the Notes. 

            
	 	 	 
	 	
              “Notes”

            	
              means
                USD 12,000,000 Convertible Loan Notes due 21 February 2015 constituted
                by
                the Loan Note Instrument, or, as the case may be the Principal Amount
                Outstanding (as defined in the Loan Note Instrument) represented
                by them,
                and each “Note” shall be for a nominal amount of USD 100,000.
                

            
	 	 	 
	 	
              “Permitted
                Encumbrance”

            	
              A
                debenture dated 30 October 2006 and registered on 7 November 2006
                granted
                by the Company in favour of Faunus Group International, Inc (“FGI”)
                a
                Delaware corporation whose principal place of business is 80 Pine
                Street,
                32nd
                Floor, New York, New York 10005.

            
	 	 	 
	 	
              “Securities”

            	
              means
                all stocks, shares, debentures, debenture stock, loan stock, bonds
                and
                securities issued by any company or person (other than the Company)
                and
                all other investments (as listed in Part II of Schedule 2 to the
                Financial
                Services and Markets Act 2000).

            
	 	 	 
	 	
              “Security
                Agreement”

            	
              means
                an agreement in the Agreed Form to be entered into at Completion
                whereby
                COGI and those of its Subsidiaries incorporated in the United States
                of
                America grant a continuing and first security interest in and over
                the
                assets of COGI and those of its Subsidiaries incorporated in the
                United
                States of America

            
	 	 	 
	 	
              "Stock"

            	
              means
                all stock in trade and raw materials now or at any time during the
                continuance of this security belonging to the Company.

            
	 	 	 
	 	
              “Subscription
                Agreement”

            	
              means
                the subscription agreement dated the Completion Date between the
                Subscriber and COGI. 

            
	 	 	 
	 	
              “Transaction
                Documents”

            	
              means
                the Subscription Agreement, the Loan Note Instrument, the Deed of
                Guarantee, this Debenture and the debenture to be granted on the
                Completion Date by Martech Systems (Weymouth) Ltd, the Floating Charges,
                the Lock-up Agreements, the Security Agreement, the Confidentiality
                Agreement, the Intercreditor Deed and all other documents entered
                into in
                connection with any of them. 

            

    

     

    
      
        
        

      

      
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              "VAT"

            	
              means
                Value Added Tax.

            
	 	 	 
	 	
              "Vehicles"

            	
              means
                all vehicles now or at any time during the continuance of this security
                owned by the Company.

            
	 	 	 
	 	
              "Work
                in Progress"

            	
              means
                all partly completed goods or services allocated by the Company from
                time
                to time to its contracts with its customers for the supply of goods
                or
                services.

            
	 	 	 
	 	
              "1925
                Act"

            	
              means
                the Law of Property Act 1925

            

    

    

     

    
      	
              1.2

            	
              In
                interpreting this agreement:

            

    

     

    
      	 	
              1.2.1

            	
              references
                to clauses and schedules are, unless otherwise stated, references
                to
                clauses, sub-clauses and schedules in or annexed to this
                agreement;

            

    

     

    
      	 	
              1.2.2

            	
              the
                headings used in this agreement are for convenience only and shall
                not
                affect its interpretation;

            

    

     

    
      	 	
              1.2.3

            	
              where
                any agreement, obligation, covenant, warranty, undertaking or
                representation is expressed to be made, undertaken or given by two
                or more
                persons they shall be jointly and severally responsible in respect
                of such
                matter;

            

    

     

    
      	 	
              1.2.4

            	
              reference
                to "a person" shall be construed so as to include any individual,
                firm,
                company or partnership (whether or not having a separate legal personality
                and whether incorporated or not);

            

    

     

    
      	 	
              1.2.5

            	
              references
                to any enactment shall be deemed to include references to such enactment
                as re-enacted, amended or extended.

            

    

     

    
      	
              2.

            	
              COVENANT
                TO PAY

            

    

     

    The
      Company covenants to pay to the Subscriber on demand all sums which are due
      or
      which may after the date of this Debenture become due or owing to the Subscriber
      from the Company under the provisions of the Transaction Documents.

     

    
      	
              3.

            	
              LIABILITIES
                SECURED BY THE DEBENTURE

            

    

     

    This
      Debenture shall be continuing security to the Subscriber for payment or
      discharge on demand of the following:

     

    
      
        
        

      

      
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              3.1

            	
              all
                present and future indebtedness of the Company to the Subscriber
                and the
                Noteholders arising under the terms of the Transaction Documents;
                and

            

    

     

    
      	 	
              3.2

            	
              all
                costs, charges, expenses, claims and liabilities of any kind whatsoever
                and howsoever arising owed to or incurred directly or indirectly
                by the
                Subscriber and the Noteholders in relation to the enforcement of
                this
                security,

            

    

     

    (together
      the “Secured Liabilities”).

     

    
      	
              4.

            	
              PROPERTY
                CHARGED BY THE DEBENTURE

            

    

     

    The
      Company with full title guarantee (except for the Permitted Encumbrance) and
      with the intent that the security created by this Debenture shall rank as
      continuing security for payment and discharge of the Secured Liabilities
      described in paragraph 3 above:

     

    
      	 	
              4.1

            	
              charges
                by way of fixed charge all right, title and interest in any freehold
                or
                leasehold property now or at any time during the continuance of this
                security belonging to the Company, including all present future rights,
                licences, guarantees, rents, deposits and
                contracts;

            

    

     

    
      	 	
              4.2

            	
              charges
                by way of fixed charge all right, title and interest in any stocks,
                shares
                or other securities and monies standing to the credit of any bank
                account
                now or at any time during the continuance of this security belonging
                to
                the Company;

            

    

     

    
      	 	
              4.3

            	
              assigns
                by way of first fixed mortgage its rights in any policies of insurances,
                assurances present or future;

            

    

     

    
      	 	
              4.4

            	
              charges
                by way of fixed charge its Goodwill and Intellectual
                Property;

            

    

     

    
      	 	
              4.5

            	
              charges
                by fixed charge all its Equipment and Vehicles;
                and

            

    

     

    
      	 	
              4.6

            	
              charges
                by floating charge all of the Company’s undertaking and all Debts, stock
                and work in progress, and all other property, assets and rights now
                or at
                any time during the continuance of this security belonging to the
                Company
                not otherwise charged by the charges set out in paragraphs 4.1 to
                4.5
                inclusive.

            

    

     

    The
      charge on the property and assets described in Paragraph 4.6 (and also on such
      other property and assets of the Company both present and future as the
      Subscriber may have agreed in writing to exclude from the fixed charge or are
      otherwise not charged hereunder by way of fixed charge) is created as a floating
      charge until a demand has been made under Paragraph 7 or until the provisions
      of
      Paragraph 7 relating to enforcement without demand become operative when the
      floating charge shall crystallize and become a fixed charge. Any assets acquired
      by the Company after the floating charge has crystallized shall be treated
      as if
      charged by way of a fixed charge. 

     

    
      
        
        

      

      
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                5.

              	
                ACKNOWLEDGEMENT
                  OF PRIOR CHARGE

              

      

       

    

    The
      Subscriber hereby acknowledges the existence of the Permitted Encumbrance and
      that the Permitted Encumbrance has priority over the security of the Subscriber
      in all respects and the rights and powers of the Subscriber under this Debenture
      shall always be subject to the Permitted Encumbrance for so long as the
      Permitted Encumbrance remains outstanding. 

     

    
      	
              6.

            	
              COMPANY’S
                COVENANTS 

            

    

     

    The
      Company (subject to the rights of FGI under the Permitted Encumbrance) covenants
      with and undertakes to the Subscriber as follows:

     

    
      	 	
              6.1

            	
              in
                accordance with the terms of the Permitted Encumbrance the Company
                shall
                take all steps required by contract and law to satisfy its indebtedness
                to
                FGI secured by the Permitted Encumbrance no later than 31 January
                2009 and
                to secure the discharge of the registered charges no later than 28
                February 2009.

            

    

     

    
      	 	
              6.2

            	
              to
                register the Debenture with the Registrar of Companies for England
                and
                Wales no later than 21 days after the date of execution of this
                Debenture.

            

    

     

    
      	 	
              6.3

            	
              upon
                discharge of the Permitted Encumbrance the Company shall take all
                steps
                required under the laws of England and Wales to ensure that the Subscriber
                has a first ranking security interest in the Charged
                Property.

            

    

     

    
      	 	
              6.4

            	
              if
                required by the Subscriber to forthwith deposit with the Subscriber
                all or
                any documents, deeds, or other papers whatsoever relating to the
                Charged
                Property as the Subscriber may
                require;

            

    

     

    
      	 	
              6.5

            	
              to
                make timely payment of all lawful amounts in respect of the Charged
                Property when due including all rents, periodic charges and outgoings
                of
                any nature. 

            

    

     

    
      	 	
              6.6

            	
              to
                keep all of the Charged Property in a good state of repair and in
                proper
                and good working order and condition and to permit the Subscriber
                and such
                other persons as the Subscriber may from time to time appoint for
                the
                purpose to enter and view the Charged Property’s state and condition on
                reasonable notice;

            

    

     

    
      	 	
              6.7

            	
              to
                insure and keep insured all of the Charged Property which are of
                an
                insurable nature against loss or damage by fire and all other usual
                risks
                as the Subscriber may require in the full amount of their reinstatement
                value in such name and in such offices as the Subscriber shall approve
                in
                terms not permitting the insurers to cancel the policy of insurance
                without giving at least 14 days’ notice to the Company and to pay when due
                all premiums and any other charges necessary for effecting and maintaining
                such insurance and, if requested by the Subscriber, to have the interest
                of the Subscriber noted on any policy or policies and if required
                to
                deliver to the Subscriber such policy or policies and the receipt
                for
                every premium payable in respect of such policy or
                policies;

            

    

     

    
      
        
        

      

      
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              6.8

            	
              to
                hold all money received on any insurance whatsoever in respect of
                loss,
                damage or destruction of the Charged Property whether under the covenant
                in paragraph 6.7 or otherwise on trust for the Subscriber to be applied
                in
                making good the loss or damage in respect of which the money is received
                or in or towards discharge of the sums for the time being owing to
                the
                Subscriber under this Debenture as the Subscriber may in its absolute
                discretion require;

            

    

     

    
      	 	
              6.9

            	
              not
                without the previous written consent of the Subscriber to create
                or
                attempt to create any mortgage, pledge, fixed or floating charge
                or other
                encumbrance or security interest on or over any of the Charged
                Property;

            

    

     

    
      	 	
              6.10

            	
              except
                for the Permitted Encumbrance, not to take or omit to take any action
                that
                might or would have the result of materially impairing the security
                interests created by this Debenture. The Company will not grant to
                any
                person other than the Subscriber and the Noteholders any interest
                whatsoever in the Charged Property;

            

    

     

    
      	 	
              6.11

            	
              to
                inform the Subscriber immediately on becoming bound to complete the
                purchase of any estate or interest in any freehold or leasehold property
                after the date of this Debenture and to deposit with the Subscriber
                the
                deeds and documents of title relating to such property
                ;

            

    

     

    
      	 	
              6.12

            	
              to
                execute at any time upon request over all or any of the property
                referred
                to in paragraph 6.11, charge by way of legal mortgage in favour of
                the
                Subscriber in such form as the Subscriber shall
                require;

            

    

     

    
      	 	
              6.13

            	
              to
                execute and do all such assurances and things including (without
                prejudice
                to the generality of the foregoing) legal mortgages, charges and
                assignments as the Subscriber may require for perfecting the security
                constituted by this Debenture and for facilitating the realisation
                of the
                Charged Property and for exercising all powers, authorities and
                discretions conferred by this Debenture upon the Subscriber or any
                receiver appointed by the Subscriber and to give notice of any such
                assurance or other thing to any person the Subscriber may
                require;

            

    

     

    
      	 	
              6.14

            	
              to
                comply with any and all covenants and undertakings which the Company
                has
                entered into in the other Transaction
                Documents.

            

    

     

    
      	
              7.

            	
              DEFAULT

            

    

     

    Section
      103 of the 1925 Act shall not apply to this Debenture and all money secured
      by
      this Debenture shall be immediately payable on demand by the Subscriber in
      accordance with the provisions of the Loan Note Instrument and the other
      Transaction Documents and failing payment immediately of any money so demanded
      this security shall become immediately enforceable and the power of sale
      conferred upon mortgagees by the 1925 Act immediately exercisable without the
      restrictions contained in the 1925 Act as to the giving of notice or otherwise.
      All money secured by this Debenture shall also become payable without any demand
      and this security will become immediately enforceable in the same manner as
      if
      demanded on the occurrence of any of the following events:

     

    
      
        
        

      

      
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          8
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              7.1

            	
              if
                there is an Event of Default (as detailed in Condition 9.1 of the
                Loan
                Note Instrument) which has not been remedied as provided for in Condition
                9.2 of the Loan Note Instrument;

            

    

     

    
      	
            	7.2	
              if
                the Company
                fails to observe or commits any breach of any of the covenants,
                undertakings, conditions or provisions of this Debenture provided
                always
                that (save for a breach of Paragraphs 6.1 or 6.2 of this Debenture
                or a
                breach of Condition 9.1 (e) of the Loan Note Instrument) before this
                security becomes enforceable the Company shall have a period of 30
                days
                (or such longer period as is reasonable in the circumstances and
                which is
                agreed between the Company and the Subscriber, both parties acting
                reasonably) from the earlier of (i) the date the Company becomes
                aware, or
                ought reasonably to be aware, of the failure to observe or commission
                of
                the breach and (ii) the date the Company is given notice by either
                the
                Subscriber or a majority (by value) of the Noteholders in which to
                remedy
                any failure to observe or breach. If the Company remedies the failure
                to
                observe or breach in accordance with this Paragraph 7.2 then this
                security
                shall not become immediately enforceable as a result of the failure
                to
                observe or breach which has been
                remedied;

            

    

     

    
      	
            	7.3	
              if
                an order is made for the winding up of the Company by the court or
                if an
                effective resolution is passed for the members' or creditors' voluntary
                winding up of the Company;

            

    

     

    
      	
            	7.4	
              if
                a petition is presented for an administration order to be made in
                relation
                to the Company pursuant to the Act;
                or

            

    

     

    
      	
            	7.5	
              if
                a receiver is appointed of all or any part of the property and assets
                of
                the Company.

            

    

     

    
      	
              8.

            	
              APPOINTMENT
                OF A RECEIVER, ADMINISTRATOR, LIQUIDATOR OR PROVISIONAL
                LIQUIDATOR

            

    

     

    
      	
              8.1

            	
              Paragraph
                14 of Schedule B1 to the Act (the power by the holder of a floating
                charge
                to appoint an administrator of the Company) shall apply to this Debenture.
                At any time after the Subscriber has demanded payment of any of the
                liabilities secured by Paragraph 3, or any step or proceeding has
                been
                taken for the appointment of a receiver, administrator, liquidator
                or
                provisional liquidator, or with a view to seeking a moratorium or
                a
                voluntary arrangement, in respect of the Company, or if requested
                by the
                Company, the Subscriber may appoint by writing, insofar as permitted
                by
                law, any person or persons to be a receiver and manager of all or
                any of
                the Charged Property or an administrator or administrators; and this
                Debenture shall in any of such events become immediately
                enforceable.

            

    

     

    
      
        
        

      

      
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          9
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              8.2

            	
              Where
                the Subscriber appoints more than one person as receiver, liquidator
                or
                provisional liquidator or administrator, they shall have power to
                act
                separately unless the Subscriber specifies to the contrary in the
                appointment.

            

    

     

    
      	
              8.3

            	
              The
                Subscriber may from time to time determine the remuneration of the
                receiver, administrator, liquidator or provisional
                liquidator.

            

    

     

    
      	
              8.4

            	
              Once
                a receiver, administrator, liquidator or provisional liquidator is
                appointed, the Subscriber will not be precluded from making any subsequent
                appointment of a receiver, administrator, liquidator or provisional
                liquidator over any Charged Property, whether or not any receiver,
                administrator, liquidator or provisional liquidator previously appointed
                continues to act.

            

    

     

    
      	
              8.5

            	
              The
                receiver, administrator, liquidator or provisional liquidator will
                be the
                agent of the Company and the Company will be solely liable for his
                acts,
                defaults and remuneration unless the Company goes into liquidation,
                after
                which he shall act as principal and not become the agent of the
                Subscriber.

            

    

     

    
      	
              8.6

            	
              The
                receiver, administrator, liquidator or provisional liquidator will
                be
                entitled to exercise all the powers set out in Schedules 1 and 2
                to the
                Act. In addition, but without limiting these powers and without prejudice
                to the Subscriber’s powers (including the power of the Subscriber to sell
                or otherwise dispose of all or any part of the Charged Property (at
                the
                times, in the manner and on the terms it thinks fit) and to apply
                the
                proceeds of such sale or other disposal in paying the costs of that
                sale
                or disposal and in or towards the discharge of the Secured Liabilities).
                Such power of sale or other disposal shall operate as a variation
                and
                extension of the statutory power of sale under section 101 of the
                1925 Act
                and the receiver, administrator liquidator or provisional liquidator
                will
                have power with or without the concurrence of others and subject
                always to
                the rights under the Permitted
                Encumbrance:

            

    

     

    
      	 	
              8.6.1

            	
              to
                sell, let, lease or grant licences of, or vary the terms or terminate
                or
                accept surrenders of leases, tenancies or licences of, all or any
                of the
                Charged Property, or grant options over them, on any terms the Receiver
                thinks fit in his absolute discretion and any sale or disposition
                may be
                for cash, payable in a lump sum or by instalments, or other valuable
                consideration;

            

    

     

    
      	
            	8.6.2	
              to
                sever any fixtures from land and/or sell them
                separately;

            

    

     

    
      	
            	8.6.3	
              to
                promote a company to purchase all or any Charged Property or any
                interest
                in them;

            

    

     

    
      
        
        

      

      
        -
          10
          -

        
          

        

      

      
        
        

      

    

    
      	
            	8.6.4	
              to
                make and effect all repairs, renewals and improvements to the Charged
                Property and effect, renew or increase insurances on the terms and
                against
                the risks that he thinks fit;

            

    

     

    
      	 	
              8.6.5

            	
              to
                exercise all voting and other rights attaching to Securities and
                investments generally;

            

    

     

    
      	 	
              8.6.6

            	
              to
                redeem any prior encumbrance and settle and pass the accounts of
                the
                encumbrancer so that all accounts so settled and passed will (except
                for
                any manifest error) be conclusive and binding on the Company and
                the money
                so paid will be deemed to be an expense properly incurred by the
                receiver,
                administrator, liquidator or provisional
                liquidator;

            

    

     

    
      	
            	8.6.7	
              to
                pay the Subscriber’s proper charges for time spent by the Subscriber’s
                employees and agents in dealing with matters raised by the administrator,
                liquidator or provisional liquidator or relating to the administration;
                and

            

    

     

    
      	 	
              8.6.8

            	
              to
                do all other acts and things which he may consider incidental or
                conducive
                to any of the above matters or powers or to the preservation, improvement
                or realisation of the Charged
                Property.

            

    

     

    
      	
              8.7

            	
              Subject
                to section 45 of the Act, the Subscriber may at any time remove a
                receiver, administrator, liquidator or provisional liquidator from
                all or
                any of the Charged Property of which he is the receiver, administrator,
                liquidator or provisional
                liquidator.

            

    

     

    
      	
              9.

            	
              APPOINTMENT
                OF ATTORNEY

            

    

     

    The
      Company irrevocably by way of security appoints the Subscriber and any person
      nominated in writing by the Subscriber including any receiver appointed under
      this Debenture as attorney of the Company for the Company and in its name and
      on
      its behalf to execute seal and deliver and otherwise perfect and do any deed,
      assurance, agreement, instrument, act or thing which it ought to execute and
      do
      under the covenants undertakings and provisions of this Debenture or which
      may
      be required or deemed proper for any of the purposes of the
      Debenture.

     

    
      	
              10.

            	
              INDEMNITY

            

    

     

    
      	
              10.1

            	
              The
                Company shall indemnify the Subscriber and any receiver, administrator,
                liquidator, provisional liquidator, attorney manager, agent or other
                person appointed by the Subscriber under this Debenture out of the
                Charged
                Property in respect of all actions, proceedings, costs, claims,
                liabilities and demands (“Liabilities”) incurred or suffered directly or
                indirectly by any of them in the execution or purported execution
                of any
                of their powers, duties or functions under this Debenture or otherwise
                and
                against all actions, proceedings, costs, claims, liabilities and
                demands
                of any nature in respect of any thing done or omitted to be done
                in any
                way relating to their powers duties and
                functions.

            

    

     

    
      
        
        

      

      
        -
          11
          -

        
          

        

      

      
        
        

      

    

    
      	
              10.2

            	
              Any
                receiver, administrator, liquidator or provisional liquidator appointed
                under this Debenture may retain and pay all sums in respect of any
                of the
                liabilities and expenses referred to in paragraph out of any money
                received by him under the powers conferred by this
                Debenture.

            

    

     

    
      	
              10.3

            	
              The
                Company shall ratify and confirm all transactions entered into by
                the
                Subscriber or any receiver, administrator, liquidator or provisional
                liquidator in the exercise or purported exercise of the Subscriber’s or
                the receiver’s powers and all documents entered into or things done by the
                Subscriber or the receiver or other person acting under the Power
                of
                Attorney in paragraph 9.

            

    

     

    
      	
              11.

            	
              DEMANDS
                AND NOTICES

            

    

     

    Any
      demand or written notice to be served under this agreement may be delivered
      to
      Company at the address set out in this Debenture or to such other address as
      may
      previously have been notified in writing to the Subscriber or to the Company’s
      registered office or principal place of business. Notice shall either be
      delivered personally, sent by first class pre-paid post to an address within
      the
      United Kingdom and by Air Mail to an address outside the United Kingdom or
      by
      facsimile transmission and shall be deemed to have been received by the
      recipient party (notwithstanding that it may be returned undelivered) in the
      case of personal delivery on delivery and in the case of posting to an address
      in the United Kingdom at 10.00 am on the second Business Day following the
      day
      of posting and in the case of posting to an address outside of the United
      Kingdom at 10.00 am on the fifth Business Day following the day of posting
      and
      in the case of facsimile transmission on completion of the
      transmission.

     

    
      	
              12.

            	
              COMPLIANCE
                WITH CONSTITUTIONAL DOCUMENTS

            

    

     

    The
      Company warrants that:

     

    
      	 	
              12.1

            	
              it
                is duly incorporated and validly existing in the United Kingdom and
                has
                full authority to enter into this Debenture and to perform its obligations
                hereunder;

            

    

     

    
      	 	
              12.2

            	
              this
                Debenture constitutes its legal, valid and binding obligation and
                is an
                effective security over the Charged
                Property;

            

    

     

    
      	 	
              12.3

            	
              that
                neither the execution of this Debenture nor the creation of any security
                under or pursuant to it contravenes or will contravene the provisions
                of
                the memorandum or articles of association of the Company or any equivalent
                constitutional documents governing the Company;

            

    

     

    
      	 	
              12.4

            	
              the
                Company is the sole legal and beneficial owner of the Charged Property
                subject to the Permitted Encumbrance or any other security interests
                disclosed in the Disclosure Letter;

            

    

     

    
      	 	
              12.5

            	
              the
                Company has not stopped payment on any debts and is not insolvent
                or
                unable to pay its debts for the purpose of Section 123 of the
                Act;

            

    

     

    
      
        
        

      

      
        -
          12
          -

        
          

        

      

      
        
        

      

    

    
      	 	
              12.6

            	
              all
                approvals required to be obtained whether under the provisions of
                the
                Companies Act 1985 or any other enactment have been duly obtained
                and that
                it is in a position to enter into this
                Debenture;

            

    

     

    and
      the
      Company agrees and undertakes to indemnify the Subscriber on a full indemnity
      basis from and against all and any Liabilities arising as a result of any breach
      of any of the warranties set out in this Paragraph 12. 

     

    
      	
              13.

            	
              FOREIGN
                CURRENCY

            

    

     

    If,
      for
      any reason, any amount payable by the Company is paid or recovered in a currency
      other than that in which it is required to be paid (the “Contractual
      Currency”)
      and,
      when converted into the contractual currency at the exchange rate applicable
      at
      the time, leaves the Subscriber with less than the amount payable in the
      contractual currency, the Company must make good the amount of the shortfall
      (without deduction) on demand.

     

    
      	14.	
              CONTINUING
                SECURITY

            

    

     

    This
      Debenture will be a continuing security for the liabilities detailed in
      Paragraph 3 notwithstanding any intermediate payment or settlement of all or
      any
      part of such liabilities or other matter or thing whatsoever and will be without
      prejudice and in addition to any other right, remedy or security of whatever
      sort which the Subscriber may hold at any time for such liabilities or any
      other
      obligation whatsoever and will not be affected by any release, reassignment
      or
      discharge of any other right remedy or security.

     

    
      	15.	
              ASSIGNMENT

            

    

     

    The
      Subscriber shall be entitled to assign the benefit of this Debenture to any
      party acting for the benefit of the Noteholders, provided such assignment is
      requested by an Extraordinary Resolution of the Noteholders in accordance with
      the provisions of the Loan Note instrument.

     

    
      	16.	
              SUBSCRIBER’S
                AND RECEIVER’S LIABILITY

            

    

     

    The
      Subscriber shall not nor shall any receiver appointed as aforesaid by reason
      of
      its or the receiver's entering into possession of the Charged Property or any
      part thereof be liable to account as mortgagee in possession or be liable for
      any loss on realisation or for any default or omission for which a mortgagee
      in
      possession might be liable but every receiver duly appointed by the Subscriber
      under this Debenture shall (subject always to the provisions of the Act) be
      deemed to be the agent of the Company for all purposes and shall as such agent
      for all purposes be deemed to be in the same position as a receiver duly
      appointed by a mortgagee under the 1925 Act and the Subscriber and every such
      receiver shall be entitled to all the rights powers privileges and immunities
      by
      the 1925 Act conferred on mortgagees and receivers when such receivers have
      been
      duly appointed under the 1925 Act.

     

    
      	17.	
              PROTECTION
                OF THIRD PARTIES

            

    

     

    
      
        
        

      

      
        -
          13
          -

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              17.1

            	
              No
                person paying or handing over monies to the Subscriber or a receiver
                and
                obtaining a discharge shall have any responsibility or liability
                to see to
                their correct application.

            

    

     

    
      	
            	17.2	
              No
                person dealing with the Subscriber or a receiver need
                enquire:

            

    

     

    
      	
            	17.2.1	
              whether
                any event has happened giving either the Subscriber or the receiver
                the
                right to exercise any of his
                powers;

            

    

     

    
      	
            	17.2.2	
              as
                to the propriety or regularity of any act purporting or intending
                to be an
                exercise of such powers; 

            

    

     

    
      	
            	17.2.3	
              as
                to the validity or regularity of the appointment of any receiver
                purporting to act or to have been appointed as such;
                or

            

    

     

    
      	
            	17.2.4	
              whether
                any money remains owing upon this
                security.

            

    

     

    
      	
            	17.3	
              All
                the protection to purchasers contained in Sections 104 and 107 of
                the Law
                of Property Act 1925 shall apply to any person purchasing from or
                dealing
                with the receiver or the Subscriber as if the liabilities secured
                by this
                Debenture had become due and the statutory power of sale and appointing
                a
                receiver in relation to the Charged Property had arisen on the date
                of
                this Deed.

            

    

     

    
      	
            	17.4	
              No
                person dealing with the Subscriber or the receiver shall be affected
                by
                express notice that any act is unnecessary or
                improper.

            

    

     

    
      	
              18.

            	
              THIRD
                PARTIES

            

    

     

    The
      Contracts (Rights of Third Parties) Act 1999 shall not apply to this Debenture
      and a person who is not a party to this Agreement shall not have nor acquire
      any
      right to enforce any term of it pursuant to that Act. This provision shall
      not
      affect any right or remedy of any third party which exists or is available
      otherwise than by reason of that Act and shall prevail over any other provision
      of this Debenture which is inconsistent with it.

     

    
      	
              19.

            	
              GENERAL
                LAW AND CONSTRUCTION

            

    

     

    
      	
              19.1

            	
              This
                Debenture shall be construed and governed in all respects in accordance
                with English law and shall be subject to the non-exclusive jurisdiction
                of
                the English courts.

            

    

     

    
      	
              19.2

            	
              The
                Company agrees that if any of the provisions in this Debenture is
                held to
                be invalid but would be valid if part of the wording were deleted
                or
                modified then such provision shall apply with such modification as
                may be
                necessary to make it enforceable.

            

    

     

    
      	
              19.3

            	
              No
                failure to exercise nor any delay in exercising, on the part of the
                Subscriber, any right or remedy under the terms of this Debenture
                shall
                operate as a waiver, nor shall any single or partial exercise of
                any right
                or remedy prevent its further exercise or the exercise of any other
                right
                or remedy. The rights and remedies provided in this Debenture are
                cumulative and not exclusive of any rights or remedies provided by
                law and
                nothing in this agreement shall operate to restrict or affect in
                any way
                any right of the Subscriber to be indemnified or to exercise a lien
                howsoever. 

            

    

     

    
      
        
        

      

      
        -
          14
          -

        
          

        

      

      
        
        

      

    

    AS
      WITNESS
      this
      Debenture has been executed and delivered as a deed by the Company on the date
      first above written

     

     

    
      	
              EXECUTED AS A DEED
                by
                `

              Coda Octopus (UK) Holdings Limited

              
                acting
                  by:-

              

            	)
              )
                

              )

            	 

    

     

    
      	 	 
	 	.........................................  
              Director 

            
	 	 
	 	 
	 	......................................... 
              Director/Secretary

            

    

     

    
      	 	 	 
	EXECUTED
              AS A DEED
              by
              ` 
              THE
                ROYAL BANK OF SCOTLAND PLC 

              acting
                by:- 

            	)
              )
                

              )

            	 

    

    
      	 	
              .........................................

            

    

     

    
      
        
        

      

      
        -
          15
          -DATED      2008

     

    

     

    

     

    

     

    

     

    

     

    
      	 	
              
                MARTECH
                  SYSTEMS (WEYMOUTH) LIMITED

              

            	
              (1)

            
	 	
              And

            	 
	 	
              
                THE
                  ROYAL BANK OF SCOTLAND PLC

              

            	
              (2)

            

    

    

     

     

    

      ____________________________________

       

      DEBENTURE

       

      ____________________________________

       

      

       

      

       

      

       

      

       

      

       

      Stuart
        Hodge Corporate Lawyers

      3
        Temple
        Row West

      Birmingham

      B2
        5NY

    

    
      
        
        

      

      
        -
          1
          -

        
          

        

      

      
        
        

      

    

     

     

    
      	
              DATE
                OF DEBENTURE

            	
               2008

            

    

     

    

      BETWEEN:-

       

      
        
           

          
            	
                    
                      (1)

                    

                  	
                    
                      
                        MARTECH
                          SYSTEMS (WEYMOUTH) LIMITED (Company Number 2300406) whose
                          registered
                          office is at 14 Albany Road, Granby Industrial Estate,
                          Weymouth, Dorset
                          DT4 9TH (the “Company”);
                          and

                      

                    

                  

            	 	 

            	(2)	
                    THE
                      ROYAL BANK OF SCOTLAND PLC (Registered Number 90312) acting
                      through its
                      London offices located at 135 Bishopsgate, London EC2M 3UR
                      (the
                      “Subscriber”);

                  

          

           

        

      

      IT
        IS AGREED THAT:

       

      
        	
                1.

              	
                DEFINITIONS

              

      

       

      
        	
                1.1

              	
                Unless
                  the context otherwise requires the following expressions shall
                  have the
                  following meanings wherever used in this agreement and its
                  introduction:

              

      

       

      
        	 	
                "Act"

              	
                means
                  the Insolvency Act 1986.

              
	 	 	 
	 	
                “Agreed
                  Form”

              	
                in
                  relation to any document means the form agreed and for the purposes
                  of
                  identification only initialled by or on behalf of COGI and the
                  Subscriber.

              
	 	 	 
	 	
                “Business
                  Day”

              	
                means
                  a day (excluding Saturdays, Sundays and any public holiday) on
                  which banks
                  are open for business in London for the transaction of normal banking
                  business.

              
	 	 	 
	 	
                “Charged
                  Property”

              	
                means
                  all of the undertaking, assets, rights, revenues and property (present
                  and
                  future) of the Company charged to the Subscriber under paragraph
                  4 of this
                  Debenture.

              
	 	 	 
	 	
                “COGI”

              	
                Coda
                  Octopus Group, Inc. incorporated in the State of Delaware, whose
                  principal
                  place of business is at 164 West 25th
                  Street, New York, New York 10001.

              
	 	 	 
	 	
                “Completion”

              	
                means
                  the carrying out by the parties of their obligations under Clauses
                  3.1 to
                  3.3 of the Subscription Agreement.

              
	 	 	 
	 	
                “Completion
                  Date”

              	
                means
                  the date hereof.

              
	 	 	 
	 	
                “Confidentiality
                  Agreement”

              	
                means
                  the agreement dated on or around the Completion Date between COGI
                  and the
                  Subscriber whereby the Subscriber agrees, inter alia, to keep certain
                  information confidential.

              

      

       

      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

      
        	 	 	 
	 	
                “Debts”

              	
                means
                  all present and future book and other debts and any other monies
                  of any
                  nature whatsoever due to the Company (and whether or not yet due
                  and
                  payable) now or at any time during the continuance of the security
                  interest created under this Debenture. 

              
	 	 	 
	 	
                “Deed
                  of Guarantee”

              	
                means
                  a deed in the Agreed Form to be entered into at Completion whereby
                  those
                  Subsidiaries which are registered in the United Kingdom agree to
                  guarantee
                  the obligations of COGI under the Transaction Documents

              
	 	 	 
	 	
                “Equipment

              	
                means
                  all plant, machinery, jigs, moulds, fixtures, fittings (not being
                  landlord’s fixtures) furniture, equipment and tools now or at any time
                  during the continuance of this security belonging to the
                  Company.

              
	 	 	 
	 	
                “Floating
                  Charges”

              	
                means
                  the two floating charges to be granted on the date hereof in favour
                  of the
                  Subscriber, one floating charge to be granted by Coda Octopus Products
                  Ltd
                  and the other by Coda Octopus R & D Ltd and “Floating Charge” shall
                  mean whichever of the Floating Charges as the context
                  admits

              
	 	 	 
	 	
                “Goodwill”

              	
                means
                  the goodwill of the Company’s business as carried on by the Company after
                  the date of this Debenture;

              
	 	 	 
	 	
                “Intellectual
                  Property” 

              	
                means
                  all customer information, patterns, drawings, product names, intellectual
                  property and design rights including (without limitation) trade
                  marks or
                  trade names (whether registered or not), all patents, patent applications,
                  registered designs, copyright, letters patent, service marks, business
                  names, inventions, trade secrets, confidential information and
                  know-how
                  (together with the benefit but subject to the burden of any licences
                  consents or permissions relating to them) of or used by the Company
                  in the
                  Company’s business.

              
	 	 	 
	 	
                “Intercreditor
                  Deed”

              	
                means
                  a deed entered into on or around the Completion Date among COGI,
                  the
                  Subscriber and FGI regulating the priorities of the various charges
                  and
                  security interests held by the Subscriber and FGI.

              
	 	 	 
	 	
                “Loan
                  Note Instrument”

              	
                means
                  the loan note instrument executed by COGI on the Completion Date
                  pursuant
                  to which the Notes are constituted.

              

      

       

      
        
          
          

        

        
          -
            3
            -

          
            

          

        

        
          
          

        

      

      
        	 	 	 
	 	
                “Lock-up
                  Agreements”

              	
                means
                  certain agreements entered into on or around the date hereof between
                  the
                  directors and board members of COGI and the Subscriber undertaking
                  (with
                  certain exceptions) not to sell or transfer or otherwise dispose
                  of any of
                  their shares in COGI.

              
	 	 	 
	 	
                “Noteholder”

              	
                means
                  the person for the time being entered in the Register as a holder
                  of any
                  part of the Notes. 

              
	 	 	 
	 	
                “Notes”

              	
                means
                  USD 12,000,000 Convertible Loan Notes due 21 February 2015 constituted
                  by
                  the Loan Note Instrument, or, as the case may be the Principal
                  Amount
                  Outstanding (as defined in the Loan Note Instrument) represented
                  by them,
                  and each “Note” shall be for a nominal amount of USD 100,000.
                  

              
	 	 	 
	 	
                “Permitted
                  Encumbrance”

              	
                A
                  debenture dated 30 October 2006 and registered on 7 November 2006
                  granted
                  by the Company in favour of Faunus Group International, Inc (“FGI”)
                  a
                  Delaware corporation whose principal place of business is 80 Pine
                  Street,
                  32nd
                  Floor, New York, New York 10005.

              
	 	 	 
	 	
                “Securities”

              	
                means
                  all stocks, shares, debentures, debenture stock, loan stock, bonds
                  and
                  securities issued by any company or person (other than the Company)
                  and
                  all other investments (as listed in Part II of Schedule 2 to the
                  Financial
                  Services and Markets Act 2000).

              
	 	 	 
	 	
                “Security
                  Agreement”

              	
                means
                  an agreement in the Agreed Form to be entered into at Completion
                  whereby
                  COGI and those of its Subsidiaries incorporated in the United States
                  of
                  America grant a continuing and first security interest in and over
                  the
                  assets of COGI and those of its Subsidiaries incorporated in the
                  United
                  States of America

              
	 	 	 
	 	
                "Stock"

              	
                means
                  all stock in trade and raw materials now or at any time during
                  the
                  continuance of this security belonging to the Company.

              
	 	 	 
	 	
                “Subscription
                  Agreement”

              	
                means
                  the subscription agreement dated the Completion Date between the
                  Subscriber and COGI. 

              
	 	 	 
	 	
                “Transaction
                  Documents”

              	
                means
                  the Subscription Agreement, the Loan Note Instrument, the Deed
                  of
                  Guarantee, this Debenture and the debenture to be granted on the
                  Completion Date by Coda Octopus (UK) Holdings Ltd, the Floating
                  Charges,
                  the Lock-up Agreements, the Security Agreement, the Confidentiality
                  Agreement, the Intercreditor Deed and all other documents entered
                  into in
                  connection with any of them. 

              

      

       

      
        
          
          

        

        
          -
            4
            -

          
            

          

        

        
          
          

        

      

      
        	 	 	 
	 	
                "VAT"

              	
                means
                  Value Added Tax.

              
	 	 	 
	 	
                "Vehicles"

              	
                means
                  all vehicles now or at any time during the continuance of this
                  security
                  owned by the Company.

              
	 	 	 
	 	
                "Work
                  in Progress"

              	
                means
                  all partly completed goods or services allocated by the Company
                  from time
                  to time to its contracts with its customers for the supply of goods
                  or
                  services.

              
	 	 	 
	 	
                "1925
                  Act"

              	
                means
                  the Law of Property Act 1925

              

      

       

      
        	
                1.2

              	
                In
                  interpreting this agreement:

              

      

       

      
        	 	
                1.2.1

              	
                references
                  to clauses and schedules are, unless otherwise stated, references
                  to
                  clauses, sub-clauses and schedules in or annexed to this
                  agreement;

              

      

       

      
        	 	
                1.2.2

              	
                the
                  headings used in this agreement are for convenience only and shall
                  not
                  affect its interpretation;

              

      

       

      
        	 	
                1.2.3

              	
                where
                  any agreement, obligation, covenant, warranty, undertaking or
                  representation is expressed to be made, undertaken or given by
                  two or more
                  persons they shall be jointly and severally responsible in respect
                  of such
                  matter;

              

      

       

      
        	 	
                1.2.4

              	
                reference
                  to "a person" shall be construed so as to include any individual,
                  firm,
                  company or partnership (whether or not having a separate legal
                  personality
                  and whether incorporated or not);

              

      

       

      
        	 	
                1.2.5

              	
                references
                  to any enactment shall be deemed to include references to such
                  enactment
                  as re-enacted, amended or extended.

              

      

       

      
        	
                2.

              	
                COVENANT
                  TO PAY

              

      

       

      The
        Company covenants to pay to the Subscriber on demand all sums which are due
        or
        which may after the date of this Debenture become due or owing to the Subscriber
        from the Company under the provisions of the Transaction Documents.

       

      
        	
                3.

              	
                LIABILITIES
                  SECURED BY THE DEBENTURE

              

      

       

      This
        Debenture shall be continuing security to the Subscriber for payment or
        discharge on demand of the following:

       

      
        
          
          

        

        
          -
            5
            -

          
            

          

        

        
          
          

        

      

      
        	 	
                3.1

              	
                all
                  present and future indebtedness of the Company to the Subscriber
                  and the
                  Noteholders arising under the terms of the Transaction Documents;
                  and

              

      

       

      
        	 	
                3.2

              	
                all
                  costs, charges, expenses, claims and liabilities of any kind whatsoever
                  and howsoever arising owed to or incurred directly or indirectly
                  by the
                  Subscriber and the Noteholders in relation to the enforcement of
                  this
                  security,

              

      

       

      (together
        the “Secured Liabilities”).

       

      
        	
                4.

              	
                PROPERTY
                  CHARGED BY THE DEBENTURE

              

      

       

      The
        Company with full title guarantee (except for the Permitted Encumbrance)
        and
        with the intent that the security created by this Debenture shall rank as
        continuing security for payment and discharge of the Secured Liabilities
        described in paragraph 3 above:

       

      
        	 	
                4.1

              	
                charges
                  by way of fixed charge all right, title and interest in any freehold
                  or
                  leasehold property now or at any time during the continuance of
                  this
                  security belonging to the Company, including all present future
                  rights,
                  licences, guarantees, rents, deposits and
                  contracts;

              

      

       

      
        	 	
                4.2

              	
                charges
                  by way of fixed charge all right, title and interest in any stocks,
                  shares
                  or other securities and monies standing to the credit of any bank
                  account
                  now or at any time during the continuance of this security belonging
                  to
                  the Company;

              

      

       

      
        	 	
                4.3

              	
                assigns
                  by way of first fixed mortgage its rights in any policies of insurances,
                  assurances present or future;

              

      

       

      
        	 	
                4.4

              	
                charges
                  by way of fixed charge its Goodwill and Intellectual
                  Property;

              

      

       

      
        	 	
                4.5

              	
                charges
                  by fixed charge all its Equipment and Vehicles;
                  and

              

      

       

      
        	 	
                4.6

              	
                charges
                  by floating charge all of the Company’s undertaking and all Debts, stock
                  and work in progress, and all other property, assets and rights
                  now or at
                  any time during the continuance of this security belonging to the
                  Company
                  not otherwise charged by the charges set out in paragraphs 4.1
                  to 4.5
                  inclusive.

              

      

       

      The
        charge on the property and assets described in Paragraph 4.6 (and also on
        such
        other property and assets of the Company both present and future as the
        Subscriber may have agreed in writing to exclude from the fixed charge or
        are
        otherwise not charged hereunder by way of fixed charge) is created as a floating
        charge until a demand has been made under Paragraph 7 or until the provisions
        of
        Paragraph 7 relating to enforcement without demand become operative when
        the
        floating charge shall crystallize and become a fixed charge. Any assets acquired
        by the Company after the floating charge has crystallized shall be treated
        as if
        charged by way of a fixed charge. 

       

      
        
          
          

        

        
          -
            6
            -

          
            

          

        

        
          
          

        

      

      
        	5.	
                ACKNOWLEDGEMENT
                  OF PRIOR CHARGE

              

      

       

      The
        Subscriber hereby acknowledges the existence of the Permitted Encumbrance
        and
        that the Permitted Encumbrance has priority over the security of the Subscriber
        in all respects and the rights and powers of the Subscriber under this Debenture
        shall always be subject to the Permitted Encumbrance for so long as the
        Permitted Encumbrance remains outstanding. 

       

      
        	
                6.

              	
                COMPANY’S
                  COVENANTS 

              

      

       

      The
        Company (subject to the rights of FGI under the Permitted Encumbrance) covenants
        with and undertakes to the Subscriber as follows:

       

      
        	 	
                6.1

              	
                in
                  accordance with the terms of the Permitted Encumbrance the Company
                  shall
                  take all steps required by contract and law to satisfy its indebtedness
                  to
                  FGI secured by the Permitted Encumbrance no later than 31 January
                  2009 and
                  to secure the discharge of the registered charges no later than
                  28
                  February 2009.

              

      

       

      
        	 	
                6.2

              	
                to
                  register the Debenture with the Registrar of Companies for England
                  and
                  Wales no later than 21 days after the date of execution of this
                  Debenture.

              

      

       

      
        	 	
                6.3

              	
                upon
                  discharge of the Permitted Encumbrance the Company shall take all
                  steps
                  required under the laws of England and Wales to ensure that the
                  Subscriber
                  has a first ranking security interest in the Charged
                  Property.

              

      

       

      
        	 	
                6.4

              	
                if
                  required by the Subscriber to forthwith deposit with the Subscriber
                  all or
                  any documents, deeds, or other papers whatsoever relating to the
                  Charged
                  Property as the Subscriber may
                  require;

              

      

       

      
        	 	
                6.5

              	
                to
                  make timely payment of all lawful amounts in respect of the Charged
                  Property when due including all rents, periodic charges and outgoings
                  of
                  any nature. 

              

      

       

      
        	 	
                6.6

              	
                to
                  keep all of the Charged Property in a good state of repair and
                  in proper
                  and good working order and condition and to permit the Subscriber
                  and such
                  other persons as the Subscriber may from time to time appoint for
                  the
                  purpose to enter and view the Charged Property’s state and condition on
                  reasonable notice;

              

      

       

      
        	 	
                6.7

              	
                to
                  insure and keep insured all of the Charged Property which are of
                  an
                  insurable nature against loss or damage by fire and all other usual
                  risks
                  as the Subscriber may require in the full amount of their reinstatement
                  value in such name and in such offices as the Subscriber shall
                  approve in
                  terms not permitting the insurers to cancel the policy of insurance
                  without giving at least 14 days’ notice to the Company and to pay when due
                  all premiums and any other charges necessary for effecting and
                  maintaining
                  such insurance and, if requested by the Subscriber, to have the
                  interest
                  of the Subscriber noted on any policy or policies and if required
                  to
                  deliver to the Subscriber such policy or policies and the receipt
                  for
                  every premium payable in respect of such policy or
                  policies;

              

      

       

      
        
          
          

        

        
          -
            7
            -

          
            

          

        

        
          
          

        

      

      
        	 	
                6.8

              	
                to
                  hold all money received on any insurance whatsoever in respect
                  of loss,
                  damage or destruction of the Charged Property whether under the
                  covenant
                  in paragraph 6.7 or otherwise on trust for the Subscriber to be
                  applied in
                  making good the loss or damage in respect of which the money is
                  received
                  or in or towards discharge of the sums for the time being owing
                  to the
                  Subscriber under this Debenture as the Subscriber may in its absolute
                  discretion require;

              

      

       

      
        	 	
                6.9

              	
                not
                  without the previous written consent of the Subscriber to create
                  or
                  attempt to create any mortgage, pledge, fixed or floating charge
                  or other
                  encumbrance or security interest on or over any of the Charged
                  Property;

              

      

       

      
        	 	
                6.10

              	
                except
                  for the Permitted Encumbrance, not to take or omit to take any
                  action that
                  might or would have the result of materially impairing the security
                  interests created by this Debenture. The Company will not grant
                  to any
                  person other than the Subscriber and the Noteholders any interest
                  whatsoever in the Charged Property;

              

      

       

      
        	 	
                6.11

              	
                to
                  inform the Subscriber immediately on becoming bound to complete
                  the
                  purchase of any estate or interest in any freehold or leasehold
                  property
                  after the date of this Debenture and to deposit with the Subscriber
                  the
                  deeds and documents of title relating to such property
                  ;

              

      

       

      
        	 	
                6.12

              	
                to
                  execute at any time upon request over all or any of the property
                  referred
                  to in paragraph 6.11, charge by way of legal mortgage in favour
                  of the
                  Subscriber in such form as the Subscriber shall
                  require;

              

      

       

      
        	 	
                6.13

              	
                to
                  execute and do all such assurances and things including (without
                  prejudice
                  to the generality of the foregoing) legal mortgages, charges and
                  assignments as the Subscriber may require for perfecting the security
                  constituted by this Debenture and for facilitating the realisation
                  of the
                  Charged Property and for exercising all powers, authorities and
                  discretions conferred by this Debenture upon the Subscriber or
                  any
                  receiver appointed by the Subscriber and to give notice of any
                  such
                  assurance or other thing to any person the Subscriber may
                  require;

              

      

       

      
        	 	
                6.14

              	
                to
                  comply with any and all covenants and undertakings which the Company
                  has
                  entered into in the other Transaction
                  Documents.

              

      

       

      
        	
                7.

              	
                DEFAULT

              

      

       

      Section
        103 of the 1925 Act shall not apply to this Debenture and all money secured
        by
        this Debenture shall be immediately payable on demand by the Subscriber in
        accordance with the provisions of the Loan Note Instrument and the other
        Transaction Documents and failing payment immediately of any money so demanded
        this security shall become immediately enforceable and the power of sale
        conferred upon mortgagees by the 1925 Act immediately exercisable without
        the
        restrictions contained in the 1925 Act as to the giving of notice or otherwise.
        All money secured by this Debenture shall also become payable without any
        demand
        and this security will become immediately enforceable in the same manner
        as if
        demanded on the occurrence of any of the following events:

       

      
        
          
          

        

        
          -
            8
            -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                7.1

              	
                if
                  there is an Event of Default (as detailed in Condition 9.1 of the
                  Loan
                  Note Instrument) which has not been remedied as provided for in
                  Condition
                  9.2 of the Loan Note Instrument;

              

      

       

      
        	
              	7.2	
                if
                  the Company
                  fails to observe or commits any breach of any of the covenants,
                  undertakings, conditions or provisions of this Debenture provided
                  always
                  that (save for a breach of Paragraphs 6.1 or 6.2 of this Debenture
                  or a
                  breach of Condition 9.1 (e) of the Loan Note Instrument) before
                  this
                  security becomes enforceable the Company shall have a period of
                  30 days
                  (or such longer period as is reasonable in the circumstances and
                  which is
                  agreed between the Company and the Subscriber, both parties acting
                  reasonably) from the earlier of (i) the date the Company becomes
                  aware, or
                  ought reasonably to be aware, of the failure to observe or commission
                  of
                  the breach and (ii) the date the Company is given notice by either
                  the
                  Subscriber or a majority (by value) of the Noteholders in which
                  to remedy
                  any failure to observe or breach. If the Company remedies the failure
                  to
                  observe or breach in accordance with this Paragraph 7.2 then this
                  security
                  shall not become immediately enforceable as a result of the failure
                  to
                  observe or breach which has been
                  remedied;

              

      

       

      
        	
              	7.3	
                if
                  an order is made for the winding up of the Company by the court
                  or if an
                  effective resolution is passed for the members' or creditors' voluntary
                  winding up of the Company;

              

      

       

      
        	
              	7.4	
                if
                  a petition is presented for an administration order to be made
                  in relation
                  to the Company pursuant to the Act;
                  or

              

      

       

      
        	
              	7.5	
                if
                  a receiver is appointed of all or any part of the property and
                  assets of
                  the Company.

              

      

       

      
        	
                8.

              	
                APPOINTMENT
                  OF A RECEIVER, ADMINISTRATOR, LIQUIDATOR OR PROVISIONAL
                  LIQUIDATOR

              

      

       

      
        	
                8.1

              	
                Paragraph
                  14 of Schedule B1 to the Act (the power by the holder of a floating
                  charge
                  to appoint an administrator of the Company) shall apply to this
                  Debenture.
                  At any time after the Subscriber has demanded payment of any of
                  the
                  liabilities secured by Paragraph 3, or any step or proceeding has
                  been
                  taken for the appointment of a receiver, administrator, liquidator
                  or
                  provisional liquidator, or with a view to seeking a moratorium
                  or a
                  voluntary arrangement, in respect of the Company, or if requested
                  by the
                  Company, the Subscriber may appoint by writing, insofar as permitted
                  by
                  law, any person or persons to be a receiver and manager of all
                  or any of
                  the Charged Property or an administrator or administrators; and
                  this
                  Debenture shall in any of such events become immediately
                  enforceable.

              

      

       

      
        
          
          

        

        
          -
            9
            -

          
            

          

        

        
          
          

        

      

      
        	
                8.2

              	
                Where
                  the Subscriber appoints more than one person as receiver, liquidator
                  or
                  provisional liquidator or administrator, they shall have power
                  to act
                  separately unless the Subscriber specifies to the contrary in the
                  appointment.

              

      

       

      
        	
                8.3

              	
                The
                  Subscriber may from time to time determine the remuneration of
                  the
                  receiver, administrator, liquidator or provisional
                  liquidator.

              

      

       

      
        	
                8.4

              	
                Once
                  a receiver, administrator, liquidator or provisional liquidator
                  is
                  appointed, the Subscriber will not be precluded from making any
                  subsequent
                  appointment of a receiver, administrator, liquidator or provisional
                  liquidator over any Charged Property, whether or not any receiver,
                  administrator, liquidator or provisional liquidator previously
                  appointed
                  continues to act.

              

      

       

      
        	
                8.5

              	
                The
                  receiver, administrator, liquidator or provisional liquidator will
                  be the
                  agent of the Company and the Company will be solely liable for
                  his acts,
                  defaults and remuneration unless the Company goes into liquidation,
                  after
                  which he shall act as principal and not become the agent of the
                  Subscriber.

              

      

       

      
        	
                8.6

              	
                The
                  receiver, administrator, liquidator or provisional liquidator will
                  be
                  entitled to exercise all the powers set out in Schedules 1 and
                  2 to the
                  Act. In addition, but without limiting these powers and without
                  prejudice
                  to the Subscriber’s powers (including the power of the Subscriber to sell
                  or otherwise dispose of all or any part of the Charged Property
                  (at the
                  times, in the manner and on the terms it thinks fit) and to apply
                  the
                  proceeds of such sale or other disposal in paying the costs of
                  that sale
                  or disposal and in or towards the discharge of the Secured Liabilities).
                  Such power of sale or other disposal shall operate as a variation
                  and
                  extension of the statutory power of sale under section 101 of the
                  1925 Act
                  and the receiver, administrator liquidator or provisional liquidator
                  will
                  have power with or without the concurrence of others and subject
                  always to
                  the rights under the Permitted
                  Encumbrance:

              

      

       

      
        	 	
                8.6.1

              	
                to
                  sell, let, lease or grant licences of, or vary the terms or terminate
                  or
                  accept surrenders of leases, tenancies or licences of, all or any
                  of the
                  Charged Property, or grant options over them, on any terms the
                  Receiver
                  thinks fit in his absolute discretion and any sale or disposition
                  may be
                  for cash, payable in a lump sum or by instalments, or other valuable
                  consideration;

              

      

       

      
        	
              	8.6.2	
                to
                  sever any fixtures from land and/or sell them
                  separately;

              

      

       

      
        	
              	8.6.3	
                to
                  promote a company to purchase all or any Charged Property or any
                  interest
                  in them;

              

      

       

      
        
          
          

        

        
          -
            10
            -

          
            

          

        

        
          
          

        

      

      
        	
              	8.6.4	
                to
                  make and effect all repairs, renewals and improvements to the Charged
                  Property and effect, renew or increase insurances on the terms
                  and against
                  the risks that he thinks fit;

              

      

       

      
        	 	
                8.6.5

              	
                to
                  exercise all voting and other rights attaching to Securities and
                  investments generally;

              

      

       

      
        	 	
                8.6.6

              	
                to
                  redeem any prior encumbrance and settle and pass the accounts of
                  the
                  encumbrancer so that all accounts so settled and passed will (except
                  for
                  any manifest error) be conclusive and binding on the Company and
                  the money
                  so paid will be deemed to be an expense properly incurred by the
                  receiver,
                  administrator, liquidator or provisional
                  liquidator;

              

      

       

      
        	
              	8.6.7	
                to
                  pay the Subscriber’s proper charges for time spent by the Subscriber’s
                  employees and agents in dealing with matters raised by the administrator,
                  liquidator or provisional liquidator or relating to the administration;
                  and

              

      

       

      
        	 	
                8.6.8

              	
                to
                  do all other acts and things which he may consider incidental or
                  conducive
                  to any of the above matters or powers or to the preservation, improvement
                  or realisation of the Charged
                  Property.

              

      

       

      
        	
                8.7

              	
                Subject
                  to section 45 of the Act, the Subscriber may at any time remove
                  a
                  receiver, administrator, liquidator or provisional liquidator from
                  all or
                  any of the Charged Property of which he is the receiver, administrator,
                  liquidator or provisional
                  liquidator.

              

      

       

      
        	
                9.

              	
                APPOINTMENT
                  OF ATTORNEY

              

      

       

      The
        Company irrevocably by way of security appoints the Subscriber and any person
        nominated in writing by the Subscriber including any receiver appointed under
        this Debenture as attorney of the Company for the Company and in its name
        and on
        its behalf to execute seal and deliver and otherwise perfect and do any deed,
        assurance, agreement, instrument, act or thing which it ought to execute
        and do
        under the covenants undertakings and provisions of this Debenture or which
        may
        be required or deemed proper for any of the purposes of the
        Debenture.

       

      
        	
                10.

              	
                INDEMNITY

              

      

       

      
        	
                10.1

              	
                The
                  Company shall indemnify the Subscriber and any receiver, administrator,
                  liquidator, provisional liquidator, attorney manager, agent or
                  other
                  person appointed by the Subscriber under this Debenture out of
                  the Charged
                  Property in respect of all actions, proceedings, costs, claims,
                  liabilities and demands (“Liabilities”) incurred or suffered directly or
                  indirectly by any of them in the execution or purported execution
                  of any
                  of their powers, duties or functions under this Debenture or otherwise
                  and
                  against all actions, proceedings, costs, claims, liabilities and
                  demands
                  of any nature in respect of any thing done or omitted to be done
                  in any
                  way relating to their powers duties and
                  functions.

              

      

       

      
        
          
          

        

        
          -
            11
            -

          
            

          

        

        
          
          

        

      

      
        	
                10.2

              	
                Any
                  receiver, administrator, liquidator or provisional liquidator appointed
                  under this Debenture may retain and pay all sums in respect of
                  any of the
                  liabilities and expenses referred to in paragraph out of any money
                  received by him under the powers conferred by this
                  Debenture.

              

      

       

      
        	
                10.3

              	
                The
                  Company shall ratify and confirm all transactions entered into
                  by the
                  Subscriber or any receiver, administrator, liquidator or provisional
                  liquidator in the exercise or purported exercise of the Subscriber’s or
                  the receiver’s powers and all documents entered into or things done by the
                  Subscriber or the receiver or other person acting under the Power
                  of
                  Attorney in paragraph 9.

              

      

       

      
        	
                11.

              	
                DEMANDS
                  AND NOTICES

              

      

       

      Any
        demand or written notice to be served under this agreement may be delivered
        to
        Company at the address set out in this Debenture or to such other address
        as may
        previously have been notified in writing to the Subscriber or to the Company’s
        registered office or principal place of business. Notice shall either be
        delivered personally, sent by first class pre-paid post to an address within
        the
        United Kingdom and by Air Mail to an address outside the United Kingdom or
        by
        facsimile transmission and shall be deemed to have been received by the
        recipient party (notwithstanding that it may be returned undelivered) in
        the
        case of personal delivery on delivery and in the case of posting to an address
        in the United Kingdom at 10.00 am on the second Business Day following the
        day
        of posting and in the case of posting to an address outside of the United
        Kingdom at 10.00 am on the fifth Business Day following the day of posting
        and
        in the case of facsimile transmission on completion of the
        transmission.

       

      
        	
                12.

              	
                COMPLIANCE
                  WITH CONSTITUTIONAL DOCUMENTS

              

      

       

      The
        Company warrants that:

       

      
        	 	
                12.1

              	
                it
                  is duly incorporated and validly existing in the United Kingdom
                  and has
                  full authority to enter into this Debenture and to perform its
                  obligations
                  hereunder;

              

      

       

      
        	 	
                12.2

              	
                this
                  Debenture constitutes its legal, valid and binding obligation and
                  is an
                  effective security over the Charged
                  Property;

              

      

       

      
        	 	
                12.3

              	
                that
                  neither the execution of this Debenture nor the creation of any
                  security
                  under or pursuant to it contravenes or will contravene the provisions
                  of
                  the memorandum or articles of association of the Company or any
                  equivalent
                  constitutional documents governing the Company;

              

      

       

      
        	 	
                12.4

              	
                the
                  Company is the sole legal and beneficial owner of the Charged Property
                  subject to the Permitted Encumbrance or any other security interests
                  disclosed in the Disclosure Letter;

              

      

       

      
        	 	
                12.5

              	
                the
                  Company has not stopped payment on any debts and is not insolvent
                  or
                  unable to pay its debts for the purpose of Section 123 of the
                  Act;

              

      

       

      
        
          
          

        

        
          -
            12
            -

          
            

          

        

        
          
          

        

      

      
        	 	
                12.6

              	
                all
                  approvals required to be obtained whether under the provisions
                  of the
                  Companies Act 1985 or any other enactment have been duly obtained
                  and that
                  it is in a position to enter into this
                  Debenture;

              

      

       

      and
        the
        Company agrees and undertakes to indemnify the Subscriber on a full indemnity
        basis from and against all and any Liabilities arising as a result of any
        breach
        of any of the warranties set out in this Paragraph 12. 

       

      
        	
                13.

              	
                FOREIGN
                  CURRENCY

              

      

       

      If,
        for
        any reason, any amount payable by the Company is paid or recovered in a currency
        other than that in which it is required to be paid (the “Contractual
        Currency”)
        and,
        when converted into the contractual currency at the exchange rate applicable
        at
        the time, leaves the Subscriber with less than the amount payable in the
        contractual currency, the Company must make good the amount of the shortfall
        (without deduction) on demand.

       

      
        	14.	
                CONTINUING
                  SECURITY

              

      

       

      This
        Debenture will be a continuing security for the liabilities detailed in
        Paragraph 3 notwithstanding any intermediate payment or settlement of all
        or any
        part of such liabilities or other matter or thing whatsoever and will be
        without
        prejudice and in addition to any other right, remedy or security of whatever
        sort which the Subscriber may hold at any time for such liabilities or any
        other
        obligation whatsoever and will not be affected by any release, reassignment
        or
        discharge of any other right remedy or security.

       

      
        	15.	
                ASSIGNMENT

              

      

       

      The
        Subscriber shall be entitled to assign the benefit of this Debenture to any
        party acting for the benefit of the Noteholders, provided such assignment
        is
        requested by an Extraordinary Resolution of the Noteholders in accordance
        with
        the provisions of the Loan Note instrument.

       

      
        	16.	
                SUBSCRIBER’S
                  AND RECEIVER’S LIABILITY

              

      

       

      The
        Subscriber shall not nor shall any receiver appointed as aforesaid by reason
        of
        its or the receiver's entering into possession of the Charged Property or
        any
        part thereof be liable to account as mortgagee in possession or be liable
        for
        any loss on realisation or for any default or omission for which a mortgagee
        in
        possession might be liable but every receiver duly appointed by the Subscriber
        under this Debenture shall (subject always to the provisions of the Act)
        be
        deemed to be the agent of the Company for all purposes and shall as such
        agent
        for all purposes be deemed to be in the same position as a receiver duly
        appointed by a mortgagee under the 1925 Act and the Subscriber and every
        such
        receiver shall be entitled to all the rights powers privileges and immunities
        by
        the 1925 Act conferred on mortgagees and receivers when such receivers have
        been
        duly appointed under the 1925 Act.

       

      
        	17.	
                PROTECTION
                  OF THIRD PARTIES

              

      

       

      
        
          
          

        

        
          -
            13
            -

          
            

          

        

        
          
          

        

      

      
        	
              	17.1	
                No
                  person paying or handing over monies to the Subscriber or a receiver
                  and
                  obtaining a discharge shall have any responsibility or liability
                  to see to
                  their correct application.

              

      

       

      
        	
              	17.2	
                No
                  person dealing with the Subscriber or a receiver need
                  enquire:

              

      

       

      
        	
              	17.2.1	
                whether
                  any event has happened giving either the Subscriber or the receiver
                  the
                  right to exercise any of his
                  powers;

              

      

       

      
        	
              	17.2.2	
                as
                  to the propriety or regularity of any act purporting or intending
                  to be an
                  exercise of such powers; 

              

      

       

      
        	
              	17.2.3	
                as
                  to the validity or regularity of the appointment of any receiver
                  purporting to act or to have been appointed as such;
                  or

              

      

       

      
        	
              	17.2.4	
                whether
                  any money remains owing upon this
                  security.

              

      

       

      
        	
              	17.3	
                All
                  the protection to purchasers contained in Sections 104 and 107
                  of the Law
                  of Property Act 1925 shall apply to any person purchasing from
                  or dealing
                  with the receiver or the Subscriber as if the liabilities secured
                  by this
                  Debenture had become due and the statutory power of sale and appointing
                  a
                  receiver in relation to the Charged Property had arisen on the
                  date of
                  this Deed.

              

      

       

      
        	
              	17.4	
                No
                  person dealing with the Subscriber or the receiver shall be affected
                  by
                  express notice that any act is unnecessary or
                  improper.

              

      

       

      
        	
                18.

              	
                THIRD
                  PARTIES

              

      

       

      The
        Contracts (Rights of Third Parties) Act 1999 shall not apply to this Debenture
        and a person who is not a party to this Agreement shall not have nor acquire
        any
        right to enforce any term of it pursuant to that Act. This provision shall
        not
        affect any right or remedy of any third party which exists or is available
        otherwise than by reason of that Act and shall prevail over any other provision
        of this Debenture which is inconsistent with it.

       

      
        	
                19.

              	
                GENERAL
                  LAW AND CONSTRUCTION

              

      

       

      
        	
                19.1

              	
                This
                  Debenture shall be construed and governed in all respects in accordance
                  with English law and shall be subject to the non-exclusive jurisdiction
                  of
                  the English courts.

              

      

       

      
        	
                19.2

              	
                The
                  Company agrees that if any of the provisions in this Debenture
                  is held to
                  be invalid but would be valid if part of the wording were deleted
                  or
                  modified then such provision shall apply with such modification
                  as may be
                  necessary to make it enforceable.

              

      

       

      
        	
                19.3

              	
                No
                  failure to exercise nor any delay in exercising, on the part of
                  the
                  Subscriber, any right or remedy under the terms of this Debenture
                  shall
                  operate as a waiver, nor shall any single or partial exercise of
                  any right
                  or remedy prevent its further exercise or the exercise of any other
                  right
                  or remedy. The rights and remedies provided in this Debenture are
                  cumulative and not exclusive of any rights or remedies provided
                  by law and
                  nothing in this agreement shall operate to restrict or affect in
                  any way
                  any right of the Subscriber to be indemnified or to exercise a
                  lien
                  howsoever. 

              

      

       

      
        
          
          

        

        
          -
            14
            -

          
            

          

        

        
          
          

        

      

      AS
        WITNESS
        this
        Debenture has been executed and delivered as a deed by the Company on the
        date
        first above written

       

      
         

        
          	
                  
                    
                      EXECUTED
                        AS A DEED
                        by
                        ` 

                      Martech
                        Systems (Weymouth) Limited 

                      acting
                        by:- 

                    

                  

                	)
                  )
                    

                  )

                	 

        

         

        
          	 	 
	 	.........................................  
                  Director 

                
	 	 
	 	 
	 	......................................... 
                  Director/Secretary

                

        

         

        
          	
                  EXECUTED
                    AS A DEED
                    by
                    ` 

                  THE
                    ROYAL BANK OF SCOTLAND PLC 

                  acting
                    by:- 

                	)
                  )
                    

                  )

                	 

        

        
          	 	
                  .........................................

                

        

      

       

    

    
      
        
        

      

      
        -
          15
          -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]