Bayford Properties Limited

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ALL PRESENT AND FUTURE OBLIGATIONS DUE O R TO BECOME DUE FROM THE BORROWERS TO T HE CHARGEE AS AGENT AND TRUSTEE FOR THE SENIOR FINANCE PARTIES AND THE MEZZANINE FINANCE PARTIES (THE "SECURITY TRUSTEE" ) UNDER THE TERMS OF THE AFOREMENTIONED I NSTRUMENT CREATING OR EVIDENCING THE CHA RGE

ALL PRESENT AND FUTURE OBLIGATIONS AND L IABILITIES WETHER ACTUAL OR CONTINGENT A ND WHETHER OWED JOINTLY OR SEVERALLY OR IN ANY OTHER CAPACITY WHATSOEVER OF THE COMPANY TO: (A) EACH SENIOR FINANCE PART Y UNDER EACH SENIOR FINANCE DOCUMENT; AN D (B) EACH MEZZANINE FINANCE PARTY UNDER EACH OF THE MEZZANINE FINANCE DOCUMENTS (ALL TERMS AS DEFINED)

ALL AND ANY MONEYS, OBLIGATIONS AND LIAB ILITIES DUE OR TO BECOME DUE FROM THE CO MPANY AND/OR ANY OF THE CHARGORS (AS DEF INED) TO THE CHARGEE IN WHATEVER CURRENC Y DENOMINATED WHETHER ACTUALLY OR CONTIN GENTLY AND WHETHER ALONE OR JOINTLY WITH ANY OTHER PERSON AND WHETHER AS PRINCIP AL OR SURETY AND WHETHER ON ANY CURRENT OR OTHER ACCOUNT OR OTHERWISE AND ALL IN TEREST, COMMISSIONS, FEES AND ALL LEGAL AND OTHER COSTS CHARGES AND EXPENSES WHI CH THE CHARGEE MAY REASONABLY AND PROPER LY INCUR IN RELATION TO THE CHARGORS OR THE DEBENTURE OR ANY OTHER FINANCE DOCUM ENT OR PARTY THERETO OR THE CHARGED PROP ERTY ON A FULL INDEMNITY BASIS (THE "SEC URED LIABILITIES")

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