Copper Beach Limited

Bath and West Finance Limited

The company with full title guarantee and as a continuing security for the monies and liabilities charges: (a) all freehold and leasehold property together with all buildings and fixtures thereon vested in the company; (b) all future freehold and leasehold property together with all buildings and fixtures thereon; (c) all book and other debts now or at any time hereafter due or owing to the company, together with the benefit of all guarantees, securities and indemnities thereof and all liens, reservations of title, rights of tracing and other rights enabling the company to enforce any such debts or claims; (d) all stocks, shares, debentures, loan capital, rights to subscribe for, convert other securities into or otherwise acquire any stocks, shares, debentures and loan capital of any other body corporate now or at any time hereafter belonging to the company, together with all dividends, interest and other income and other rights of whatsoever kind deriving from or incidental to any of the foregoing; (e) the goodwill of the company and its uncalled capital now or at any time hereafter in existence; (f) all copyrights, trademarks, patents, registered designs and other intellectual property rights now or at any time hereafter belonging to the company; (g) the whole of the company's undertaking and all its property and assets whatsoever or wheresoever, present or future, other than any property or assets from time to time or for the time being effectively charged to the bank by way of fixed charge pursuant to this debenture.