Php Glen Spean Limited

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ALL INDEBTEDNESS AND MONIES AND ALL OBLI GATIONS AND LIABILITIES WHATSOEVER, IN W HATEVER CURRENCY DENOMINATED, WHETHER AC TUAL OR CONTINGENT, PRESENT OR FUTURE, W HICH MAY BE THEN OR THERE AFTER DUE, OWI NG OR INCURRED BY IT TO THE INVESTOR, UN DER OR IN CONNECTION WITH A LOAN NOTE IN STRUMENT DATED 13TH AUGUST 2001 ISSUED B Y THE CHARGOR CONSTITUTING £25,000,000 I N NOMINAL AMOUNT OF CONVERTIBLE SECURED LOAN STOCK 2006 (THE "LOAN NOTE INSTRUME NT") AND/OR THE LOAN NOTES OR UNDER THE DEED AND (WHETHER ON ANY CURRENT OR OTHE R ACCOUNT AND WHETHER ALONE OR JOINTLY A ND WHETHER AS PRINCIPAL OR SURETY). THE CHARGOR COVENANTS WITH AND GUARANTEES TO THE INVESTOR THAT IT WILL ON DEMAND PAY TO THE INVESTOR, PERFORM AND DISCHARGE SUCH OF THE OBLIGATIONS OF EACH OBLIGOR (EXCEPT SUCH OBLIGATIONS AS ARE INCURRED BY SUCH OBLIGOR TO THE EXTENT THAT IT I S GUARANTOR OF THE OBLIGOR CONCERNED). ( ALL TERMS AS DEFINED).

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