Punch Taverns (Cpm) Limited

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THE OBLIGATIONS CONTAINED IN CLAUSE 2.2 OF THE DEBENTURE WHEREBY THE COMPANY AND PUBMASTER GROUP LIMITED JOINTLY AND SEV ERALLY COVENANTED AND GUARANTEED THAT IT WOULD ON DEMAND IN WRITING MADE TO IT B Y THE AGENT OR THE RELEVANT BENEFICIARIE S IN ACCORDANCE WITH THE TERMS GOVERNING THE SENIOR DEBT PAY TO HSBC INVESTMENT BANK PLC (AS SECURITY TRUSTEE) FOR THE A CCOUNT OF THOSE BENEFICIARIES ALL THE SE NIOR DEBT OWED BY PUBMASTER LIMITED (INC LUDING,FOR THE AVOIDANCE OF DOUBT,THE £9 ,500,000 OUTSTANDING ACQUISITION ADVANCE THAT HAS OR WILL PASS TO PUBMASTER LIMI TED UNDER THE NOVATION);AND; (A) WHETHER ACTUALLY OR CONTINGENTLY AND WHETHER SO LELY OR JOINTLY WITH ANY OTHER PERSON AN D WHETHER AS PRINCIPAL OR SURETY (UNDER ANY DOCUMENT WHETHER EXECUTED BEFORE,AT THE SAME TIME AS,OR AT ANY TIME AFTER EX ECUTION OF THE DEBENTURE); AND (B) WHETH ER OR NOT SUCH INDEBTEDNESS,OBLIGATIONS OR LIABILITIES SHALL HAVE BEEN INCURRED DIRECTLY TO THE BENEFICIARIES CONCERNED OR SUCH BENEFICIARY IS ENTITLED TO LODGE A CLAIM IN RESPECT THEREOF ONLY BY REAS ON OF THE SALE OR ASSIGNMENT OF SUCH IND EBTEDNESS OR LIABILITY TO IT BY THE PART Y ORIGINALLY ENTITLED; AND ON THE BASIS THAT INTEREST (IN THE ABSENCE OF EXPRESS AGREEMENT TO THE CONTRARY) SHALL BE COM PUTED AND COMPOUNDED ACCORDING TO THE PR OVISIONS OF THE FACILITIES AGREEMENT (OR THE USUAL PROVISIONS OR THE OVERDRAFT B ANK (AS THE CASE MAY BE))

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