TAWNY CONSTRUCTION (NORTHERN) P.L.C

Debenture

Created on 01 Oct 1997

Delivered on 14 Oct 1997

Status outstanding

Persons Entitled

Reedham Factors Limited

Amount Secured

All monies due or to become due from the company to the chargee under a factoring agreement dated 1ST october 1997

Short Particulars

1. by way of first fixed charge all specified debts - (defined in the agreement as: "any debt (as defined in the agreement and assigned or purported to be assigned to the factor pursuant to the agreement) which fails to vest absolutely and effectively in the factor for any reason;") and other debts-(defined in the agreement as: "all amounts of indebtedness now or at any time hereafter owing or becoming due to the company on any account whatsoever (other than the specified debts) together with all associated rights (as defined in the agreement but so that for the purpose of that definition a "contract of sale" shall mean a contract giving rise to such indebtedness) pertaining to such amounts of indebtedness;"). 2. by way of floating charge the floating assets-defined in the agreement as: (I) the whole of the company's undertaking and all its property assets and rights whatsoever and wheresoever, both present and future, including its stock in trade and its uncalled capital other than the specified debts and the other debts; and (ii) the specified debts and the other debts to the extent only that the fixed charge created by clause 3(1) shall for any reason be ineffective as a fixed charge;").

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