J & G ENGINEERING (N.I.) LIMITED

All monies.assignment of life policies all moneys payable from time to time to the company under:- 1.life policy number 2475/21A/das dated 1ST february 2000 held with allied dunbar assurance PLC on the life of harold mcdonald in the sum of #170,000. 2.life policy number 2476/21A/das dated 1ST februsry 2000 held with allied dunbar assurance PLC on the life of william eric willis in the sum of #170,000.

All monies debenture the companys undertaking property and assets whatsoever and wheresoever both present and future including goodwill and uncalled capital. The charge shall as regards all estate or interest legal or equitable in all freehold or lease- hold property all profits a prendre ease ments rights of way rights under coven- ants agreements undertakings and indem- nities and rights to compensation stat- utory or otherwise or income attaching thereto which shall at any time here- after during the continuance of this security become the property of the company and all present and future proceeds of insurance receivable by the company and its goodwill and uncalled capital for the time being be a specific charge and as regards all free- hold or leasehold property shall con- stitute a legal mortgage and shall as regards the other property hereby charged be a floating security but so that the company shall not be at liberty to create any mortgage or charge ranking in priority to or pari passu with these presents or sell or assign or grant any license to occupy any of the properties hereby charged without the prior written consent of the bank. The debenture further provides that the company shall not without the prior written consent of the bank assign or charge its book debts.

All monies.specific charge all the company's book debts and other receivables both present and future as a specific charge. The charge provides that the company shall not be at liberty to create any mortgage or charge ranking in priority to or pari passu with it.

All monies.debenture (1) a fixed charge over:- all the book debts and other debts now and from time to time due or owing to the company but so that the company shall pay into the company's account with the bank all monies which it may receive in respect of such debts and shall not without the prior consent in writing of the bank sell factor discount or otherwise charge or assign the same in favour of any other person or purport to do so and the company shall if called upon to do so by the bank from time to time execute legal assignments of such book debts and other debts to the bank. (2) a floating charge over:- all the undertaking of the company and all its property and assets for the time being both present and future including its goodwill and uncalled capital but so that the company shall not without the consent in writing of the bank create any mortgage or charge ranking in priority to or pari passu with this debenture.

All monies charge over all book debts all book debts and other debts now and from time to time hereafter due owing or incurred to the company.

All monies. Floating charge the undertaking of the company and all its property whatsoever and wheresoever both present and future including its uncalled capital for the time being. The company shall not be at liberty without the previous consent in writing of northern bank limited to create any mortgage or charge or confer any lien on its assets or any part thereof or to sell or deal with its book or other debts or securities for money otherwise than for the purpose of getting in and realising the same in the ordinary way of business.