Lincourt Management Services Limited

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THE COMPANY HAS IRREVOCABLY AND UNCONDIT IONALLY GUARANTEED TO THE CHARGEE (ACTIN G FOR ITS OWN ACCOUNT AND AS TRUSTEE FOR THE OTHER SECURED CREDITORS) THE DUE P UNCTUAL OBSERVANCE AND PERFORMANCE BY P EVEREL FUNDING LIMITED (THE "ISSUER") O F THE ISSUERS OBLIGATIONS IN RESPECT OF THE ISSUER SECURED OBLIGATIONS AND AGREE D AS PRIMARY OBLIGATION TO INDEMNIFY TO THE CHARGEE (ON TRUST FOR THE NOTEHOLDER S) FROM TIME TO TIME ON DEMAND BY THE CH ARGEE FROM AND AGAINST ANY LOSS INCURRED BY THE CHARGEE OR ANY OTHER SECURED CRE DITOR AS A RESULT OF ANY OF THE OBLIGATI ONS OF THE ISSUER UNDER OR PURSUANT TO T HE FINANCE DOCUMENTS BEING OR BECOMING V OID,VOIDABLE UNENFORCABLE,OR INEFFECTIVE AS AGAINST THE ISSUER FOR ANY REASON WH ATSOEVER,WHETHER OR NOT KNOWN TO THE CHA RGEE OR ANY OTHER SECURED CREDITOR,THE A MOUNT OF SUCH LOSS BEING THE AMOUNT WHIC H THE CHARGEE (AS TRUSTEE FOR THE CREDIT ORS) WOULD OTHERWISE HAVE BEEN ENTITLED TO RECOVER FROM THE ISSUER

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